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Delaware |
001-38553 |
27-3687433 |
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(State or other jurisdiction of
incorporation or organization)
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(Commission
File Number)
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(I.R.S. Employer
Identification Number)
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| 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. | ||||
| Exhibit No. |
Description | ||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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| DOMO, INC. | ||||||||||||||
Date: May 23, 2024 |
By:
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/s/ David Jolley
|
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David Jolley |
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Chief Financial Officer |
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| 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) | |||||||||||||
| Domo, Inc. | |||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures (Continued) | |||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| Three Months Ended | |||||||||||||||||
| April 30, | |||||||||||||||||
| 2023 | 2024 | ||||||||||||||||
| 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 | |||||||||||||