Domo Announces First Quarter Fiscal 2021 Financial Results

SILICON SLOPES, Utah, June 8, 2020 – Domo, Inc. announced results for the fiscal 2021 first quarter ended April 30, 2020.

Fiscal First Quarter Results

• Total revenue was $48.6 million, an increase of 19% year over year
• Subscription revenue was $42.4 million, an increase of 23% year over year
• Subscription revenue represented 87% of total revenue
• Billings were $46.5 million or 13% year-over-year growth
• Net cash used in operating activities was $12.9 million, an improvement of 52% year over year
• Adjusted net cash used in operating activities was $9.3 million, an improvement of 58% year over year
• Subscription gross margin was 79%, an improvement of 2 percentage points from Q1 FY20
• GAAP operating margin improved by 36 percentage points year over year
• Non-GAAP operating margin improved by 34 percentage points year over year
• GAAP net loss was $24.9 million, and GAAP net loss per share was $0.88, based on 28.5 million weighted-average shares outstanding
• Non-GAAP net loss was $18.4 million, and non-GAAP net loss per share was $0.65, based on 28.5 million weighted-average shares outstanding
• Cash, cash equivalents and short-term investments were $88.1 million as of April 30, 2020

“Our company was built to deliver exactly what is needed today — real-time information packaged for easy consumption, for widespread distribution on any device, at massive scale, and available in record time,” said Josh James, founder and CEO, Domo. “We are pleased we could help the governors of three states have access to the actionable data they need to manage through the current health crisis. We are now applying the same capabilities to the private sector to help them manage their employee base and help them safely get back to work with apps and solutions built on our platform to address this specific opportunity.”

Recent Highlights

We believe the following points and accolades from the last quarter are additional indicators of what’s to come in our business through our commitment to product innovation, go-to-market initiatives and customer success:

• Domo introduced the Crisis Command Center and Get Back to Work solutions, which leverage the speed and scale of the Domo platform to rapidly bring together massive amounts of new data sources and new data types, making it consumable and actionable to a highly distributed group of decision makers.
• Domo also built and deployed several door opener apps, including its Global COVID-19 Tracker and its Zoom Productivity Tracker app, to introduce the power of the Domo platform to decision makers for whom speed and agility are imperative.
• Domo was honored as the Business Intelligence Solution of the Year in the 2020 Data Breakthrough Awards.
• Domo received the #1 vendor ranking for the fourth consecutive year in the Dresner Advisory Services 2020 Cloud Computing and Business Intelligence Market Study.
• Domo also received the #1 vendor ranking in the Dresner Advisory Services 2020 Self-Service Business Intelligence Market Study, and was named an overall leader for both customer experience and vendor credibility in the Dresner Advisory Services 2020 Wisdom of the Crowds Business Intelligence Market Study.
• For the third consecutive year, Domo was awarded with a Trust Radius Top Rated Award based on customer reviews for both BI tools, as well as data discovery and visualization platforms.
• Domo was also named to the Women Tech Council’s Shatter List for breaking the glass ceiling in technology for women.

Business Outlook

Based on information available as of June 4, 2020, Domo is providing the following guidance for Q2 and full year fiscal 2021:

Q2 Fiscal 2021

• Revenue is expected to be in the range of $48.5 million to $49.5 million
• Non-GAAP net loss per share is expected to be between $0.48 and $0.52 based on 29.0 million weighted-average shares outstanding

Full Year Fiscal 2021

• Revenue is expected to be in the range of $194.0 million to $200.0 million
• Non-GAAP net loss per share is expected to be between $1.96 and $2.06 based on 29.2 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.

To view the graphics associated with the release, visit https://www.domo.com/news/press/domo-announces-first-quarter-fiscal-2021-financial-results

About Domo

Domo is the Business Cloud, empowering organizations of all sizes with BI leverage at cloud scale in record time. With Domo, BI-critical processes that took weeks, months or more can now be done on-the-fly, in minutes or seconds, at unbelievable scale.  For more information about how Domo helps its customers go fast, go big and go bold, visit www.domo.com. You can also follow Domo on Twitter, Facebook and LinkedIn. 

Source: Domo