Domo, Inc. (Nasdaq: DOMO) today announced results for its fiscal
first quarter ended April 30, 2024.
Fiscal First Quarter Results
- Total revenue was $80.1 million, an increase of 1% year over
year
- Subscription revenue was $72.1 million, an increase of 1% year
over year
- Billings were $65.5 million, a decrease of 7% year over
year
- Net cash provided by operating activities was $1.9 million
- GAAP operating margin decreased by 2 percentage points year
over year
- Non-GAAP operating margin decreased by 7 percentage points year
over year
- GAAP net loss was $26.0 million, and GAAP net loss per share
was $0.69, based on 37.5 million weighted-average shares
outstanding
- Non-GAAP net loss was $12.3 million, and non-GAAP net loss per
share was $0.33, based on 37.5 million weighted-average shares
outstanding
- Cash, cash equivalents, and restricted cash were $61.2 million
as of April 30, 2024
“We’re hyper-focused on returning to growth, and feel optimistic
about early signals from our strategic initiatives such as partner
collaborations, consumption momentum and multi-use case customers,”
said Josh James, founder and CEO, Domo. “Domo is a compelling
solution for the current data and AI environment. We’re confident
that our strategic priorities will continue to reinforce our
competitive position.”
Recent Highlights
We believe the following announcements and recognition
demonstrate our commitment to product innovation and customer
value:
- Domo was the winner of five Dresner Advisory Services 2023
Technology Innovation Awards, as a top vendor in the following
Wisdom of Crowds® thematic market reports: Analytical Platforms,
Cloud Computing + BI, Embedded BI, Guided Analytics and
Self-Service BI.
- In addition, Domo was ranked the number one vendor in the
Dresner Advisory Services’ 2024 Wisdom of Crowds® Cloud Computing
and Business Intelligence (BI) Market Study for the eighth
consecutive year, as well as the number one vendor in Dresner
Advisory Services’ 2024 Self-Service Business Intelligence (BI)
Market Study for the sixth consecutive year.
- Domo was named to the Women Tech Council Shatter List, which
showcases technology companies that are working to break the glass
ceiling for women in tech, for the seventh consecutive year.
Business Outlook
Based on information available as of May 23, 2024, Domo is
providing the following guidance for its second quarter of fiscal
2025:
- Revenue is expected to be in the range of $76.0 million to
$77.0 million
- Non-GAAP net loss per share, basic and diluted, is expected to
be between $0.26 and $0.30 based on 38.4 million weighted-average
shares outstanding, basic and diluted
We have not reconciled guidance for non-GAAP metrics to their
most directly comparable GAAP measures because certain items that
impact these measures are not within our control or cannot be
reasonably predicted.
Earnings Call Details
Domo plans to host a conference call today to review its fiscal
2025 first quarter financial results and to discuss its financial
outlook. The call is scheduled to begin at 3:00 p.m. MT/ 5:00 p.m.
ET. A live webcast of the event will be available on the Domo
Investor Relations website at https://www.domo.com/ir and a live
dial-in is available at (877) 484-6065 or (201) 689-8846.
A replay will be available at (877) 660-6853 or (201) 612-7415
with the access ID# 13746630 following the completion of the
conference call until 11:59p.m. (ET) June 23, 2024.
About Domo
Domo puts data to work for everyone so they can multiply their
impact on the business. Our cloud-native data experience platform
goes beyond traditional business intelligence and analytics, making
data visible and actionable with user-friendly dashboards and apps.
Underpinned by AI, data science and a secure data foundation that
connects with existing cloud and legacy systems, Domo helps
companies optimize critical business processes at scale and in
record time to spark the bold curiosity that powers exponential
business results.
For more information, visit www.domo.com. You can also follow
Domo on You can also follow Domo on LinkedIn, X and Facebook.
Domo Disclosure Channels to Disseminate Information
Domo investors and others should note that we announce material
information to the public about our company, products and services,
and other issues through a variety of means, including Domo’s
website, press releases, SEC filings, blogs and social media, in
order to achieve broad, non-exclusionary distribution of
information to the public. We intend to use the Domo Facebook page,
the Domo LinkedIn page, the Domo blog, the @Domotalk X account and
the @JoshJames X account as a means of disclosing information about
the Company and its services and for complying with the disclosure
obligations under Regulation FD. The information we post through
these social media channels may be deemed material. Accordingly, we
encourage investors and others to monitor these social media
channels in addition to following our press releases, SEC filings
and public conference calls and webcasts. The social media channels
that we intend to use as a means of disclosing the information
described here may be updated from time to time as listed on our
investor relations webpage.
Use of Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements,
which are prepared and presented in accordance with Generally
Accepted Accounting Principles in the United States of America
(GAAP), we reference in this press release and the accompanying
tables the following non-GAAP financial measures: billings,
non-GAAP subscription gross margin, non-GAAP operating expenses,
non-GAAP operating loss, non-GAAP operating margin, non-GAAP net
loss, non-GAAP net loss per share, and adjusted free cash flow. In
computing these measures, we exclude the effects of certain items
including stock-based compensation expense, amortization of certain
intangible assets, severance of executive officers who report to
the Chief Executive Officer, remeasurement of warrant liability,
and proceeds from shares issued in connection with the employee
stock purchase plan.
As it relates to adjusted free cash flow, we add back amounts
equal to the proceeds from shares issued in connection with
employee stock purchase plan to reflect the non-cash nature of
these transactions. Because no cash is exchanged in these
transactions, showing proceeds in the financing section of the
statement of cash flows as required by GAAP results in a
corresponding decrease in the operating section, which management
believes is not indicative of actual cash used in or provided by
our operations. We believe that this non-GAAP cash metric is useful
because it provides investors with the same information that
management uses to consistently evaluate, forecast and measure the
Company’s actual cash flows and its ability to achieve and maintain
positive cash flows.
We use these non-GAAP financial measures for financial and
operational decision-making and as a means to evaluate
period-to-period comparisons. Our management believes that these
non-GAAP financial measures provide meaningful supplemental
information regarding our performance and liquidity by excluding
certain items that may not be indicative of our ongoing core
business operating results. We believe that both management and
investors benefit from referring to these non-GAAP financial
measures in assessing our performance and when analyzing historical
performance and liquidity and planning, forecasting, and analyzing
future periods.
For a reconciliation of these non-GAAP financial measures to
GAAP measures, please see the tables captioned "Reconciliation of
Non-GAAP Financial Measures" included at the end of this
release.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include statements of our Chief Executive Officer,
statements regarding competitive positions, our financial outlook
for our second fiscal quarter, and results for future periods.
Forward-looking statements are subject to risks and uncertainties
and are based on potentially inaccurate assumptions that could
cause actual results to differ materially from those expected or
implied by the forward-looking statements. Actual results may
differ materially from the results predicted, and reported results
should not be considered as an indication of future performance.
The potential risks and uncertainties that could cause actual
results to differ from the results predicted include, among others,
those risks and uncertainties included under the caption "Risk
Factors" and elsewhere in our filings with the SEC, including,
without limitation, the Annual Report on Form 10-K filed with the
SEC on March 27, 2023 and the Quarterly Report on Form 10-Q for the
year ended April 30, 2024 expected to be filed with the SEC on or
about June 10, 2024. All information provided in this release and
in the attachments is as of the date hereof, and we undertake no
duty to update this information unless required by law.
Domo is a registered trademark of Domo, Inc.
Domo, Inc. Condensed Consolidated Statements of
Operations (in thousands, except per share data)
(unaudited) Three Months Ended April
30,
2023
2024
Revenue: Subscription
$
71,090
$
72,110
Professional services and other
8,368
7,993
Total revenue
79,458
80,103
Cost of revenue: Subscription (1)
10,612
12,775
Professional services and other (1)
7,957
7,939
Total cost of revenue
18,569
20,714
Gross profit
60,889
59,389
Operating expenses: Sales and marketing (1), (3)
43,162
42,219
Research and development (1)
23,435
22,719
General and administrative (1), (2), (3)
14,001
15,901
Total operating expenses
80,598
80,839
Loss from operations
(19,709
)
(21,450
)
Other expense, net (1), (4)
(4,495
)
(4,431
)
Loss before income taxes
(24,204
)
(25,881
)
Provision for income taxes
199
126
Net loss
$
(24,403
)
$
(26,007
)
Net loss per share (basic and diluted)
$
(0.69
)
$
(0.69
)
Weighted-average number of shares (basic and diluted)
35,222
37,482
(1) Includes stock-based compensation expenses, as
follows: Cost of revenue: Subscription
$
618
$
798
Professional services and other
479
333
Sales and marketing
6,730
5,314
Research and development
4,975
4,422
General and administrative
3,508
3,084
Other expense, net
162
191
Total stock-based compensation expenses
$
16,472
$
14,142
(2) Includes amortization of certain intangible assets, as
follows: General and administrative
$
20
$
142
(3) Includes executive officer severance, as follows: Sales
and marketing
$
443
$
-
General and administrative
1,328
-
Total executive officer severance
$
1,771
$
-
(4) Includes remeasurement of warrant liability, as follows:
Other expense, net
$
-
$
(566
)
Domo, Inc. Condensed Consolidated Balance Sheets
(in thousands) (unaudited) January 31,
April 30,
2024
2024
Assets Current assets: Cash, cash equivalents, and
restricted cash
$
60,939
$
61,158
Accounts receivable, net
67,197
47,848
Contract acquisition costs
16,006
15,403
Prepaid expenses and other current assets
9,602
9,760
Total current assets
153,744
134,169
Property and equipment, net
27,003
27,240
Right-of-use assets
11,746
11,709
Contract acquisition costs, noncurrent
19,542
17,733
Intangible assets, net
2,740
2,550
Goodwill
9,478
9,478
Other assets
1,407
1,525
Total assets
$
225,660
$
204,404
Liabilities and stockholders' deficit Current
liabilities: Accounts payable
$
4,313
$
10,867
Accrued expenses and other current liabilities
43,430
41,139
Lease liabilities
4,807
5,385
Current portion of deferred revenue
185,250
170,813
Total current liabilities
237,800
228,204
Lease liabilities, noncurrent
11,135
10,319
Deferred revenue, noncurrent
2,736
2,566
Other liabilities, noncurrent
14,001
12,673
Long-term debt
113,534
114,123
Total liabilities
379,206
367,885
Commitments and contingencies Stockholders' deficit:
Common stock
37
38
Additional paid-in capital
1,252,200
1,268,516
Accumulated other comprehensive loss
(180
)
(426
)
Accumulated deficit
(1,405,603
)
(1,431,609
)
Total stockholders' deficit
(153,546
)
(163,481
)
Total liabilities and stockholders' deficit
$
225,660
$
204,404
Domo, Inc. Condensed Consolidated Statements of Cash
Flows (in thousands) (unaudited) Three
Months Ended April 30,
2023
2024
Cash flows from operating activities Net loss
$
(24,403
)
$
(26,007
)
Adjustments to reconcile net loss to net cash provided by operating
activities: Depreciation and amortization
1,491
2,356
Non-cash lease expense
1,149
1,080
Amortization of contract acquisition costs
4,568
4,301
Stock-based compensation
16,472
14,142
Remeasurement of warrant liability
-
(566
)
Other, net
1,517
1,058
Changes in operating assets and liabilities: Accounts receivable,
net
22,068
19,349
Contract acquisition costs
(3,073
)
(1,995
)
Prepaid expenses and other assets
(1,397
)
(345
)
Accounts payable
1,490
6,678
Operating lease liabilities
(1,597
)
(1,280
)
Accrued and other liabilities
(8,298
)
(2,263
)
Deferred revenue
(9,159
)
(14,607
)
Net cash provided by operating activities
828
1,901
Cash flows from investing activities Purchases of
property and equipment
(3,576
)
(2,526
)
Net cash used in investing activities
(3,576
)
(2,526
)
Cash flows from financing activities Proceeds from
shares issued in connection with employee stock purchase plan
2,032
1,121
Net cash provided by financing activities
2,032
1,121
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash
204
(277
)
Net (decrease) increase in cash, cash equivalents, and restricted
cash
(512
)
219
Cash, cash equivalents, and restricted cash at beginning of period
66,500
60,939
Cash, cash equivalents, and restricted cash at end of period
$
65,988
$
61,158
Domo, Inc. Reconciliation of Non-GAAP Financial
Measures (in thousands, except per share data)
(unaudited) Three Months Ended April
30,
2023
2024
Reconciliation of Subscription Gross Margin on a GAAP Basis to
Subscription Gross Margin on a Non-GAAP Basis: Revenue:
Subscription
$
71,090
$
72,110
Cost of revenue: Subscription
10,612
12,775
Subscription gross profit on a GAAP basis
60,478
59,335
Subscription gross margin on a GAAP basis
85
%
82
%
Stock-based compensation
618
798
Subscription gross profit on a non-GAAP basis
$
61,096
$
60,133
Subscription gross margin on a non-GAAP basis
86
%
83
%
Reconciliation of Total Operating Expenses on a GAAP
Basis to Total Operating Expenses on a Non-GAAP Basis: Total
operating expenses on a GAAP basis
$
80,598
$
80,839
Stock-based compensation
(15,213
)
(12,820
)
Amortization of certain intangible assets
(20
)
(142
)
Executive officer severance
(1,771
)
-
Total operating expenses on a non-GAAP basis
$
63,594
$
67,877
Reconciliation of Operating Loss on a GAAP Basis to
Operating Loss on a Non-GAAP Basis: Operating loss on a GAAP
basis
$
(19,709
)
$
(21,450
)
Stock-based compensation
16,310
13,951
Amortization of certain intangible assets
20
142
Executive officer severance
1,771
-
Operating loss on a non-GAAP basis
$
(1,608
)
$
(7,357
)
Reconciliation of Operating Margin on a GAAP Basis to
Operating Margin on a Non-GAAP Basis: Operating margin on a
GAAP basis
(25
)%
(27
)%
Stock-based compensation
21
18
Executive officer severance
2
-
Operating margin on a non-GAAP basis
(2
)%
(9
)%
Reconciliation of Net Loss on a GAAP Basis to Net Loss on
a Non-GAAP Basis: Net loss on a GAAP basis
$
(24,403
)
$
(26,007
)
Stock-based compensation
16,472
14,142
Amortization of certain intangible assets
20
142
Executive officer severance
1,771
-
Remeasurement of warrant liability
-
(566
)
Net loss on a non-GAAP basis
$
(6,140
)
$
(12,289
)
Reconciliation of Net Loss per Share on a GAAP Basis to
Net Loss per Share on a Non-GAAP Basis: Net loss per share on a
GAAP basis
$
(0.69
)
$
(0.69
)
Stock-based compensation
0.47
0.38
Executive officer severance
0.05
—
Remeasurement of warrant liability
—
(0.02
)
Net loss per share on a non-GAAP basis
$
(0.17
)
$
(0.33
)
Billings: Total revenue
$
79,458
$
80,103
Add: Deferred revenue (end of period)
173,646
170,813
Deferred revenue, noncurrent (end of period)
3,077
2,566
Less: Deferred revenue (beginning of period)
(182,273
)
(185,250
)
Deferred revenue, noncurrent (beginning of period)
(3,609
)
(2,736
)
Decrease in deferred revenue (current and noncurrent)
(9,159
)
(14,607
)
Billings
$
70,299
$
65,496
Reconciliation of Net Cash Provided by Operating
Activities to Adjusted Free Cash Flow: Net cash provided by
operating activities
$
828
$
1,901
Proceeds from shares issued in connection with employee stock
purchase plan
2,032
1,121
Purchases of property and equipment
(3,576
)
(2,526
)
Adjusted free cash flow
$
(716
)
$
496
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240523447895/en/
Media – Cynthia Cowen PR@domo.com
Investors – Peter Lowry IR@domo.com
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