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0001505952false00015059522023-11-302023-11-30

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 30, 2023
DOMO, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-38553
27-3687433
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification Number)
772 East Utah Valley Drive
American Fork, UT 84003
(Address of principal executive offices, and Zip Code)
Registrant’s telephone number, including area code: (801) 899-1000
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Class B Common Stock, par value $0.001 per share DOMO The Nasdaq Global Market
☐ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.





Item 2.02. Results of Operations and Financial Condition.
On November 30, 2023, Domo, Inc. (the "Company") issued a press release announcing its financial results for the fiscal quarter ended October 31, 2023 and certain other information. The full text of the press release is set forth in Exhibit 99.1 hereto and incorporated by reference herein. The information in this Current Report on Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission.
The information in Item 2.02 of this Current Report on Form 8-K (including the accompanying Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No.		 Description
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DOMO, INC.
Date: November 30, 2023

By:

/s/ David Jolley
David Jolley
Chief Financial Officer


EX-99.1 2 domofy24q3earningsrelease.htm EX-99.1 Document


Exhibit 99.1
Domo Announces Third Quarter Fiscal 2024 Financial Results

Silicon Slopes, Utah - November 30, 2023 - Domo, Inc. (Nasdaq: DOMO) today announced results for its fiscal third quarter ended October 31, 2023.

Fiscal Third Quarter Results
•Total revenue was $79.7 million, an increase of 1% year over year
•Subscription revenue was $71.3 million, an increase of 3% year over year
•Subscription revenue represented 89% of total revenue
•Billings were $74.8 million, an increase of 1% year-over-year
•Remaining Performance Obligations (RPO) was $367.2 million as of October 31, 2023, an increase of 4% year over year
•RPO expected to be recognized as revenue in the next 12 months was $230.8 million as of October 31, 2023, consistent with Q3 FY23
•Net cash used in operating activities was $4.3 million
•GAAP subscription gross margin was 84%, consistent with Q3 FY23
•Non-GAAP subscription gross margin was 85%, consistent with Q3 FY23
•GAAP operating margin increased by 9 percentage points year over year
•Non-GAAP operating margin increased by 5 percentage points year over year
•GAAP net loss was $16.4 million, and GAAP net loss per share was $0.45, based on 36.3 million weighted-average shares outstanding
•Non-GAAP net loss was $24.0 thousand, and non-GAAP net loss per share was $0.00, based on 36.3 million weighted-average shares outstanding
•Cash, cash equivalents, and restricted cash were $57.4 million as of October 31, 2023

“In Q3, we exceeded guidance for key top-line metrics and delivered record operating margin. I am confident we are focused on the right initiatives--such as driving consumption and offering a true freemium model--to help accelerate our path to long-term, profitable growth,” said Josh James, founder and CEO, Domo. “Customers continue to realize significant value from our platform, and I’m incredibly proud of the talent and dedication of our team in helping us deliver on our mission to put data to work for everyone.”

Recent Highlights
We believe the following announcements and recognition demonstrate our commitment to product innovation and customer value:
•Domo was a leader in Nucleus Research’s 2023 Embedded Analytics Technology Value Matrix for the third consecutive year.
1


Exhibit 99.1
•Domo and customer Regional One Health received a Nucleus Research ROI Award for achieving a total ROI of 190% through the adoption of Domo's data experience platform.
•Domo was ranked as an Overall Experience Leader in Dresner Advisory Services' 2023 Small and Midsize Enterprise Business Intelligence Market Study and was named an Overall Leader in Dresner Advisory Services’ 2023 Industry Excellence Awards.
•Domo was named to the 2023 Constellation ShortList™ for Marketing Analytics Solutions, its ninth placement on this ShortList.

Business Outlook
Based on information available as of November 30, 2023, Domo is providing the following guidance for its fourth fiscal quarter and full year fiscal 2024:
Q4 Fiscal 2024
•Revenue is expected to be in the range of $79.0 million to $80.0 million
•Non-GAAP net loss per share, basic and diluted, is expected to be between $0.05 and $0.09 based on 36.8 million weighted-average shares outstanding, basic and diluted
Full Year Fiscal 2024
•Revenue is expected to be in the range of $317.8 million to $318.8 million, representing year-over-year growth of 2-4%.
•Non-GAAP net loss per share, basic and diluted, is expected to be between $0.24 and $0.28 based on 36.1 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 2024 third 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 https://conferencingportals.com/event/UamMeXVB. Instructions will be shared on how to join the call after registering.

A replay will be available at (800) 770-2030 or (647) 362-9199 with conference ID #41576 following the completion of the conference call until 11:59 p.m. (ET) December 14, 2023.
2


Exhibit 99.1

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 X, Facebook and LinkedIn.

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, filings with the U.S. Securities and Exchange Commission (SEC), 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, and proceeds from shares issued in connection with the employee stock purchase plan.

3


Exhibit 99.1
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 expenses 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.

During the current fiscal year, we revised our definition for non-GAAP statement of operations line items to adjust for executive severance expenses. We have revised the prior period amounts to conform to our current period presentation.

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.

4


Exhibit 99.1
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 our future, expectations for RPO in the next 12 months, our financial outlook for our fourth fiscal quarter and full fiscal year 2024, 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 fiscal quarter ended October 31, 2023 expected to be filed with the SEC on or about December 11, 2023. 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.
5

Domo, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
October 31, October 31,
2022 2023 2022 2023
Revenue:
Subscription $ 69,041  $ 71,293  $ 201,022  $ 213,594 
Professional services and other 9,985  8,382  27,999  25,211 
Total revenue 79,026  79,675  229,021  238,805 
Cost of revenue:
Subscription (1) 11,342  11,523  32,721  33,588 
Professional services and other (1) 7,572  7,253  22,167  22,847 
Total cost of revenue 18,914  18,776  54,888  56,435 
Gross profit 60,112  60,899  174,133  182,370 
Operating expenses:
Sales and marketing (1), (3) 41,012  40,262  131,299  124,464 
Research and development (1) 24,583  19,729  73,108  63,931 
General and administrative (1), (2), (3) 13,029  12,130  42,514  35,509 
Total operating expenses 78,624  72,121  246,921  223,904 
Loss from operations (18,512) (11,222) (72,788) (41,534)
Other expense, net (1) (5,032) (4,930) (12,383) (14,549)
Loss before income taxes (23,544) (16,152) (85,171) (56,083)
Provision for income taxes 167  261  567  801 
Net loss $ (23,711) $ (16,413) $ (85,738) $ (56,884)
Net loss per share (basic and diluted) $ (0.69) $ (0.45) $ (2.53) $ (1.59)
Weighted-average number of shares (basic and diluted) 34,392  36,310  33,893  35,812 
(1) Includes stock-based compensation expenses, as follows:
Cost of revenue:
Subscription $ 667  $ 670  $ 2,176  $ 1,958 
Professional services and other 308  359  1,339  1,311 
Sales and marketing 7,336  6,364  23,284  19,260 
Research and development 5,909  4,621  19,196  14,214 
General and administrative 4,807  4,174  18,319  10,642 
Other expense, net 180  181  550  516 
  Total stock-based compensation expenses $ 19,207  $ 16,369  $ 64,864  $ 47,901 
(2) Includes amortization of certain intangible assets, as follows:
General and administrative $ 20  $ 20  $ 60  $ 60 
(3) Includes executive officer severance, as follows:
Sales and marketing $ 113  $ —  $ 620  $ 443 
General and administrative —  —  —  1,553 
Total executive officer severance $ 113  $ —  $ 620  $ 1,996 



Domo, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
January 31, October 31,
2023 2023
Assets
Current assets:
Cash, cash equivalents, and restricted cash $ 66,500  $ 57,387 
Accounts receivable, net 78,958  55,208 
Contract acquisition costs 15,908  15,794 
Prepaid expenses and other current assets 7,447  7,881 
Total current assets 168,813  136,270 
Property and equipment, net 21,375  26,130 
Right-of-use assets 15,255  12,333 
Contract acquisition costs, noncurrent 22,299  19,601 
Intangible assets, net 2,794  2,760 
Goodwill 9,478  9,478 
Other assets 2,102  1,647 
Total assets $ 242,116  $ 208,219 
Liabilities and stockholders' deficit
Current liabilities:
Accounts payable $ 12,120  $ 10,451 
Accrued expenses and other current liabilities 49,306  43,510 
Lease liabilities 4,905  4,407 
Current portion of deferred revenue 182,273  158,522 
Total current liabilities 248,604  216,890 
Lease liabilities, noncurrent 15,271  12,161 
Deferred revenue, noncurrent 3,609  4,236 
Other liabilities, noncurrent 12,425  13,448 
Long-term debt 108,607  112,255 
Total liabilities 388,516  358,990 
Commitments and contingencies
Stockholders' deficit:
Common stock 35  36 
Additional paid-in capital 1,183,921  1,236,895 
Accumulated other comprehensive loss (322) (784)
Accumulated deficit (1,330,034) (1,386,918)
Total stockholders' deficit (146,400) (150,771)
Total liabilities and stockholders' deficit $ 242,116  $ 208,219 



Domo, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
October 31, October 31,
2022 2023 2022 2023
Cash flows from operating activities
Net loss $ (23,711) $ (16,413) $ (85,738) $ (56,884)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 1,269  1,636  4,089  4,738 
Non-cash lease expense 987  1,063  3,362  3,235 
Amortization of contract acquisition costs 4,247  4,398  12,825  13,354 
Stock-based compensation 19,207  16,369  64,864  47,901 
Other, net 1,135  1,072  3,027  3,643 
Changes in operating assets and liabilities:
Accounts receivable, net (4,166) (3,022) 10,835  23,750 
Contract acquisition costs (4,405) (4,016) (11,687) (10,921)
Prepaid expenses and other assets 1,282  291  2,063  (173)
Accounts payable 384  998  13,291  (966)
Operating lease liabilities (1,239) (1,237) (3,378) (4,054)
Accrued and other liabilities 3,527  (608) (11,872) (3,361)
Deferred revenue (4,999) (4,856) (9,740) (23,124)
Net cash used in operating activities (6,482) (4,325) (8,059) (2,862)
Cash flows from investing activities
Purchases of property and equipment (1,657) (2,714) (5,073) (9,214)
Purchases of intangible assets —  —  —  (26)
  Net cash used in investing activities (1,657) (2,714) (5,073) (9,240)
Cash flows from financing activities
Proceeds from shares issued in connection with employee stock purchase plan —  1,374  1,563  3,406 
Proceeds from structured payables 6,624  —  6,624  — 
Payments on structured payables (6,624) —  (6,624) — 
Proceeds from exercise of stock options 56  62  861  65 
Net cash provided by financing activities 56  1,436  2,424  3,471 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (729) (862) (1,771) (482)
Net decrease in cash, cash equivalents, and restricted cash (8,812) (6,465) (12,479) (9,113)
Cash, cash equivalents, and restricted cash at beginning of period 79,894  63,852  83,561  66,500 
Cash, cash equivalents, and restricted cash at end of period $ 71,082  $ 57,387  $ 71,082  $ 57,387 



Domo, Inc.
Reconciliation of Non-GAAP Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
October 31, October 31,
2022 2023 2022 2023
Reconciliation of Subscription Gross Margin on a GAAP Basis to Subscription Gross Margin on a Non-GAAP Basis:
Revenue:
Subscription $ 69,041  $ 71,293  $ 201,022  $ 213,594 
Cost of revenue:
Subscription 11,342  11,523  32,721  33,588 
Subscription gross profit on a GAAP basis 57,699  59,770  168,301  180,006 
Subscription gross margin on a GAAP basis 84  % 84  % 84  % 84  %
Stock-based compensation 667  670  2,176  1,958 
Subscription gross profit on a non-GAAP basis $ 58,366  $ 60,440  $ 170,477  $ 181,964 
Subscription gross margin on a non-GAAP basis 85  % 85  % 85  % 85  %
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 $ 78,624  $ 72,121  $ 246,921  $ 223,904 
Stock-based compensation (18,052) (15,159) (60,799) (44,116)
Amortization of certain intangible assets (20) (20) (60) (60)
Executive officer severance (1) (113) —  (620) (1,996)
Total operating expenses on a non-GAAP basis $ 60,439  $ 56,942  $ 185,442  $ 177,732 
Reconciliation of Operating Loss on a GAAP Basis to Operating Income (Loss) on a Non-GAAP Basis:
Operating loss on a GAAP basis $ (18,512) $ (11,222) $ (72,788) $ (41,534)
Stock-based compensation 19,027  16,188  64,314  47,385 
Amortization of certain intangible assets 20  20  60  60 
Executive officer severance (1) 113  —  620  1,996 
Operating income (loss) on a non-GAAP basis $ 648  $ 4,986  $ (7,794) $ 7,907 
Reconciliation of Operating Margin on a GAAP Basis to Operating Margin on a Non-GAAP Basis:
Operating margin on a GAAP basis (23) % (14) % (32) % (17) %
Stock-based compensation 24  20  28  19 
Executive officer severance (1) —  —  1  1 
Operating margin on a non-GAAP basis 1  % 6  % (3) % 3  %
Reconciliation of Net Loss on a GAAP Basis to Net Loss on a Non-GAAP Basis:
Net loss on a GAAP basis $ (23,711) $ (16,413) $ (85,738) $ (56,884)
Stock-based compensation 19,207  16,369  64,864  47,901 
Amortization of certain intangible assets 20  20  60  60 
Executive officer severance (1) 113  —  620  1,996 
Net (loss) income on a non-GAAP basis $ (4,371) $ (24) $ (20,194) $ (6,927)
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) $ (0.45) $ (2.53) $ (1.59)
Stock-based compensation 0.56  0.45  1.91  1.34 
Executive officer severance (1) —  —  0.01  0.06 
Net loss per share on a non-GAAP basis $ (0.13) $ —  $ (0.61) $ (0.19)



Domo, Inc.
Reconciliation of Non-GAAP Financial Measures (Continued)
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
October 31, October 31,
2022 2023 2022 2023
Billings:
Total revenue $ 79,026  $ 79,675  $ 229,021  $ 238,805 
Add:
Deferred revenue (end of period) 157,915  158,522  157,915  158,522 
Deferred revenue, noncurrent (end of period) 3,100  4,236  3,100  4,236 
Less:
Deferred revenue (beginning of period) (163,454) (164,882) (168,335) (182,273)
Deferred revenue, noncurrent (beginning of period) (2,560) (2,732) (2,420) (3,609)
Decrease in deferred revenue (current and noncurrent) (4,999) (4,856) (9,740) (23,124)
Billings $ 74,027  $ 74,819  $ 219,281  $ 215,681 
Reconciliation of Net Cash Used in Operating Activities to Adjusted Free Cash Flow:
Net cash used in operating activities $ (6,482) $ (4,325) $ (8,059) $ (2,862)
Proceeds from shares issued in connection with employee stock purchase plan —  1,374  1,563  3,406 
Purchases of property and equipment (1,657) (2,714) (5,073) (9,214)
Adjusted free cash flow $ (8,139) $ (5,665) $ (11,569) $ (8,670)

(1) During the current fiscal year, we revised our definition for non-GAAP statement of operations line items to adjust for executive severance expenses. We have revised the prior period amounts to conform to our current period presentation.