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August 27, 2021

Domo Announces Second Quarter Fiscal 2022 Financial Results

SILICON SLOPES, Utah, Aug. 27, 2021 — Domo, Inc. announced results for its fiscal second quarter ended July 31, 2021.

Fiscal Second Quarter Results

  • Total revenue was $62.8 million, an increase of 23% year over year
  • Subscription revenue was $54.7 million, an increase of 23% year over year
  • Subscription revenue represented 87% of total revenue
  • Billings were $60.0 million or 26% year-over-year growth
  • Remaining performance obligations (RPO) was $286.8 million as of July 31, 2021, an increase of 24% year over year
  • RPO expected to be recognized as revenue in the next twelve months was $183.1 million as of July 31, 2021, an increase of 23% year over year
  • Net cash provided by operating activities was $2.2 million
  • GAAP subscription gross margin was 82%, an improvement of 2 percentage points from Q2 FY21
  • Non-GAAP subscription gross margin was 83%, an improvement of 2 percentage points from Q2 FY21
  • GAAP operating margin remained flat year over year
  • Non-GAAP operating margin improved by 6 percentage points year over year
  • GAAP net loss was $22.2 million, and GAAP net loss per share was $0.70, based on 31.9 million weighted-average shares outstanding
  • Non-GAAP net loss was $9.6 million, and non-GAAP net loss per share was $0.30, based on 31.9 million weighted-average shares outstanding
  • Cash and cash equivalents were $86.4 million as of July 31, 2021

“We have seen the demand for modern BI continue as companies look to unlock and democratize data for every person and every action that moves their business forward,” said Josh James, founder and CEO, Domo. “As the first cloud-native, modern BI platform, Domo was built to help companies put data to work in new ways with the speed and scale that most organizations haven’t seen to date. I am confident in Domo’s ability to execute on this mission for the remainder of FY22.”

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 The Forrester Wave: Augmented Business Intelligence (BI) Platforms, Q3 2021.
  • Domo was named an Overall Leader in the Dresner Advisory Services 2021 Wisdom of Crowds BI Market Study, and received for the fifth consecutive year, a perfect recommendation score from customers. Domo was also named an Overall Leader in Dresner Advisory Services’ 2021 Industry Excellence Awards and was recognized as best in class in integration with third-party technologies and in ease of installation.
  • Domo launched our new Domo Everywhere offering that allows organizations to quickly build and deliver powerful differentiated data experiences for their customers and partners via low and no code software capabilities.

Business Outlook

Based on information available as of August 26, 2021, Domo is providing the following guidance for its third fiscal quarter and full-year fiscal 2022:

Q3 Fiscal 2022

  • Revenue is expected to be in the range of $63.5 million to $64.5 million
  • Non-GAAP net loss per share is expected to be between $0.33 and $0.37 based on 32.4 million weighted-average shares outstanding

Full Year Fiscal 2022

  • Revenue is expected to be in the range of $252.0 million to $256.0 million
  • Non-GAAP net loss per share is expected to be between $1.31 and $1.39 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.

About Domo

Domo is the Business Cloud, transforming the way business is managed by delivering Modern BI for All. With Domo, 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, visit www.domo.com.

Source: Domo, Inc.

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