Domo Announces Third Quarter Fiscal 2022 Financial Results

Domo, Inc. announced results for its fiscal third quarter ended October 31, 2021.

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Fiscal Third Quarter Results

• Total revenue was $65.1 million, an increase of 21% year over year
• Subscription revenue was $56.6 million, an increase of 21% year over year
• Subscription revenue represented 87% of total revenue
• Billings were $70.2 million or 26% year-over-year growth
• Remaining Performance Obligations (RPO) was $296.9 million as of October 31, 2021, an increase of 19% year over year
• RPO expected to be recognized as revenue in the next twelve months was $190.6 million as of October 31, 2021, an increase of 24% year over year
• Net cash provided by operating activities was $0.03 million
• GAAP subscription gross margin was 81%, an improvement of 1 percentage point from Q3 FY21
• Non-GAAP subscription gross margin was 83%, an improvement of 2 percentage points from Q3 FY21
• GAAP operating margin declined by 3 percentage points year over year
• Non-GAAP operating margin improved by 6 percentage points year over year
• GAAP net loss was $28.5 million, and GAAP net loss per share was $0.88, based on 32.4 million weighted-average shares outstanding
• Non-GAAP net loss was $10.3 million, and non-GAAP net loss per share was $0.32, based on 32.4 million weighted-average shares outstanding
• Cash and cash equivalents were $84.2 million as of October 31, 2021

“We delivered strong results for the quarter, driven by continued market demand for our core modern BI solution and fueled by increasing demand for data-enabled apps to help our customers run their businesses on the Domo platform,” said Josh James, founder and CEO, Domo.

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Recent Highlights
We believe the following recognition and research demonstrate our commitment to product innovation, go-to-market initiatives and customer success:

• Domo was named a Leader in Nucleus Research’s 2021 Value Matrix for Embedded Analytics Technology.
• Domo was named to Inc.’s first annual Best-Led Companies list — a select, data-driven list of the very strongest U.S. firms with revenue of $50 million to $2 billion.
• Domo was named to Constellation Research’s ShortList for Cloud-Based Business Intelligence and Analytics Platforms for Q3 2021 and for Marketing Analytics Solutions for Q3 2021.
• Domo launched Sandbox, a new development and testing environment built on the Domo platform, to help customers more easily create and promote content into production across the enterprise.

Business Outlook
Based on information available as of December 2, 2021, Domo is providing the following guidance for its fourth fiscal quarter and full year fiscal 2022:
Q4 Fiscal 2022

• Revenue is expected to be in the range of $66.5 million to $67.5 million
• Non-GAAP net loss per share is expected to be between $0.37 and $0.41 based on 32.8 million weighted-average shares outstanding

Full Year Fiscal 2022

• Revenue is expected to be in the range of $254.5 million to $255.5 million
• Non-GAAP net loss per share is expected to be between $1.26 and $1.30 based on 32.0 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.

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