Domo, Inc. (Nasdaq: DOMO) today announced results for its fiscal first quarter ended April 30, 2021.
Fiscal First Quarter Results
- Total revenue was $60.1 million, an increase of 24% year over year
- Subscription revenue was $52.1 million, an increase of 23% year over year
- Subscription revenue represented 87% of total revenue
- Billings were $58.2 million or 25% year-over-year growth
- Remaining performance obligations (RPO) was $284.3 million as of April 30, 2021, an increase of 24% year over year
- RPO expected to be recognized as revenue in the next twelve months was $180.8 million as of April 30, 2021, an increase of 22% year over year
- Net cash used in operating activities was $2.7 million, while adjusted net cash provided by operating activities was $1.4 million
- GAAP subscription gross margin was 83%, an improvement of 4 percentage points from Q1 FY21
- Non-GAAP subscription gross margin was 83%, an improvement of 4 percentage points from Q1 FY21
- GAAP operating margin improved by 20 percentage points year over year
- Non-GAAP operating margin improved by 24 percentage points year over year
- GAAP net loss was $18.1 million, and GAAP net loss per share was $0.58, based on 31.0 million weighted-average shares outstanding
- Non-GAAP net loss was $8.0 million, and non-GAAP net loss per share was $0.26, based on 31.0 million weighted-average shares outstanding
- Cash and cash equivalents were $84.8 million as of April 30, 2021
“With a record Q1 across many metrics including new business and retention, our performance this quarter puts us in a great position to execute well for the remainder of FY22,” said Josh James, founder and CEO, Domo. “On average we’ve been growing our billings 25%. I think it’s wonderful we achieved that growth profile the last four quarters, and I’m excited to see what we can deliver in the future.”
Recent Highlights
We believe the following recognition and research demonstrate our commitment to product innovation, go-to-market initiatives and customer success:
- Domo released a recently commissioned Total Economic Impact™ (TEI) study conducted by Forrester Consulting which found that organizations leveraging Domo’s modern BI platform achieved an overall ROI of 345 percent over three years and recouped their investment in less than six months.
- Domo won both the Webby Award and the Webby People’s Voice Award for its COVID-19 tracker in the Apps and Software: Data Management category.
- Domo and CHOICE Humanitarian were selected as finalists in Fast Company’s 2021 World Changing Ideas Awards in the Developing-World Technology category. Domo’s COVID-19 tracker was also selected as an honorable mention in the category of Pandemic Response.
- Domo was ranked as the #1 vendor in Dresner Advisory Services’ 2021 Cloud Computing and Business Intelligence Market Study for the fifth consecutive year.
- Domo achieved Amazon Web Services (AWS) Machine Learning Competency status in the new Applied Artificial Intelligence (Applied AI) category. Domo also announced a new native integration for Amazon Redshift and access to 1,000s of data products with AWS Data Exchange in Domo.
- Domo was rated an Exemplary Vendor in Ventana Research’s 2021 Analytics and Data Value Index, Mobile Analytics and Data Value Index, Embedded Analytics and Data Value Index, and Collaborative Analytics and Data Value Index.
- Domo announced its fourth consecutive inclusion to the Women Tech Council’s (WTC) 2021 Shatter List, an annual recognition of companies that develop and successfully implement measures that help to break the glass ceiling for women in technology.
Business Outlook
Based on information available as of May 27, 2021, Domo is providing the following guidance for its second fiscal quarter and full year fiscal 2022:
Q2 Fiscal 2022
- Revenue is expected to be in the range of $60.0 million to $61.0 million
- Non-GAAP net loss per share is expected to be between $0.35 and $0.39 based on 31.8 million weighted-average shares outstanding
Full Year Fiscal 2022
- Revenue is expected to be in the range of $246.0 million to $252.0 million
- Non-GAAP net loss per share is expected to be between $1.33 and $1.41 based on 31.9 million weighted-average shares outstanding
We have not reconciled guidance for non-GAAP metrics to their most directly comparable GAAP measures because such 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 2022 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. Participants can register for the call in advance by visiting http://www.directeventreg.com/registration/event/9892449. Instructions will be shared on how to join the call after registering.
A replay will be available at (800) 585-8367 or (416) 621-4642 with conference ID #9892449 following the completion of the conference call until 11:59 p.m. (ET) June 10, 2021.
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