Samsara Inc. (NYSE:IOT) Q4 2023 Earnings Conference Call March 2, 2023 5:00 PM ET

Company Participants

Mike Chang - Vice President, Corporate Development and Investor Relations

Sanjit Biswas - Co-Founder and Chief Executive Officer

Dominic Phillips - Chief Financial Officer

Conference Call Participants

Sterling Auty - MoffettNathanson

Keith Weiss - Morgan Stanley

Alex Zukin - Wolfe Research

Matt Pfau - William Blair

Derrick Wood - TD Cowen

Matt Hedberg - RBC

Kash Rangan - Goldman Sachs

Peter Burkly - Evercore

Alexei Gogolev - JPMorgan

Dan Jester - BMO

Mike Chang

Good afternoon and welcome to Samsara’s Fourth Quarter Fiscal 2023 Earnings Call. I am Mike Chang, Samsara’s Vice President of Corporate Development and Investor Relations. Joining me today are Samsara Co-Founder and Chief Executive Officer, Sanjit Biswas; and our Chief Financial Officer, Dominic Phillips.

In addition to our prepared remarks on this call, additional information can be found in our shareholder letter, press release, investor presentation and SEC filings on our Investor Relations website at investors.samsara.com. The matters we will discuss today include forward-looking statements. Actual results may differ materially from those contained in the forward-looking statements and are subject to risks and uncertainties described more fully in our SEC filings. Any forward-looking statements that we make on this call are based on assumptions as of today, March 2, 2023 and we undertake no obligation to update these statements as a result of new information or future events, unless required by law.

During today’s call, some of our discussions will include our fourth quarter fiscal 2023 financial results. We would like to point out that the company reports non-GAAP results in addition to and not as a substitute for or superior to financial measures calculated in accordance with GAAP. All financial figures we will discuss today are non-GAAP except for revenues and revenue growth. Reconciliations of GAAP to non-GAAP financial measures are provided with our press release and investor presentation. We will make opening remarks, dive into highlights for Q4 and then open the call up for Q&A.

With that, I will hand over the call to Sanjit.

Sanjit Biswas

Thanks, Mike and thank you everyone for joining us today. FY ‘23 was a year of durable and efficient growth for Samsara and our continued momentum reflects the strength of our platform and large market opportunity ahead of us. We ended FY ‘23 with ARR of $795 million growing 42% year-over-year. During the year, we added 431 large customers with more than $100,000 of ARR, bringing us to over 1,200 large customers in total. To support customer demand, we grew our team to over 2,200 Samsarians representing approximately 40% increase in headcount year-over-year.