Domo Announces Second Quarter Fiscal 2025 Financial Results
Business Wire 29-Aug-2024 4:05 PM
Domo, Inc. (NASDAQ:DOMO) today announced results for its fiscal second quarter ended July 31, 2024.
Fiscal Second Quarter Results
-
Total revenue was $78.4 million, a decrease of 2% year over year
-
Subscription revenue was $70.9 million
-
Billings were $68.6 million, a decrease of 3% year over year
-
Remaining Performance Obligations (RPO) was $358.9 million as of July 31, 2024
-
Net cash used in operating activities was $6.2 million
-
Adjusted free cash flow was negative $5.6 million
-
GAAP operating margin decreased by 5 percentage points year over year
-
Non-GAAP operating margin decreased by 3 percentage points year over year
-
GAAP net loss was $19.5 million, and GAAP net loss per share was $0.51, based on 38.4 million weighted-average shares outstanding
-
Non-GAAP net loss was $2.7 million, and non-GAAP net loss per share was $0.07, based on 38.4 million weighted-average shares outstanding
-
Cash, cash equivalents, and restricted cash were $55.7 million as of July 31, 2024
"We've made great progress with ecosystem partnerships and consumption customers in Q2, and are already seeing these strategic initiatives deliver exciting new opportunities for Domo," said Josh James, founder and CEO, Domo. "We are now better positioned than ever to compete in today's data and AI landscape, and I'm incredibly optimistic about our future."
Recent Highlights
We believe the following announcements and recognition demonstrate our commitment to product innovation and customer value:
-
Domo was named a leader in Nucleus Research's 2024 Business Intelligence and Analytics Technology Value Matrix for the fourth consecutive year. Additionally, Domo and customer, Manulife Financial Corporation, were honored with a 2024 Nucleus Research ROI Award for achieving a total ROI of 184% through the adoption of the Domo platform.
-
Domo was the top-ranked vendor in the Dresner Advisory Services' 2024 Collective Insights report, placing ahead of 14 other vendors, and was named an overall leader in Dresner's 2024 Wisdom of Crowds® Industry Excellence Awards. In addition, Domo was named a leader in the Customer Experience and Vendor Credibility Models and received its eighth consecutive perfect recommendation score in Dresner's 2024 Wisdom of Crowds® Business Intelligence (BI) Market Study in which Domo is ranked as a "High Value/Low TCO" platform.
-
Domo was named to the Q3 2024 Constellation ShortList™ for Multicloud Analytics and Business Intelligence Platforms and the Q3 2024 ShortList for Marketing Analytics Solutions for the ninth consecutive year. In addition, Domo was named to the Q3 2024 Embedded Analytics ShortList.
-
At the Forrester B2B Summit North America 2024, Domo was recognized as a B2B Program of the Year winner for improving functional performance in engagement, set apart for the company's ability to cultivate a user community, Domo Central, that transformed customer relationships through strategic community engagements.
-
Domo was named to the 2024 Parity.Org Best Companies for Women to AdvanceTM, a program recognizing organizations that are creating the culture and conditions in which all employees have an equal opportunity to compete and advance, for the fifth consecutive year.
Business Outlook
Based on information available as of August 29, 2024, Domo is providing the following guidance for its third quarter of fiscal 2025 and full year fiscal 2025:
Q3 Fiscal 2025
-
Revenue is expected to be in the range of $77.0 million to $78.0 million
-
Non-GAAP net loss per share, basic and diluted, is expected to be between $0.14 and $0.18 based on 38.9 million weighted-average shares outstanding, basic and diluted
Full Year Fiscal 2025
-
Revenue is expected to be in the range of $313.0 million to $315.0 million
-
Non-GAAP net loss per share, basic and diluted, is expected to be between $0.69 and $0.77 based on 38.5 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 2025 second 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 and a live dial-in is available at (877) 484-6065 or (201) 689-8846.
A replay will be available at (877) 660-6853 or (201) 612-7415 with the access ID# 13748360 following the completion of the conference call until 11:59 p.m. (ET) September 27, 2024.
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 LinkedIn, X and Facebook
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, SEC filings, 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, remeasurement of warrant liability, net change to structured payables, and proceeds from shares issued in connection with the employee stock purchase plan.
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 also add back the net change to structured payables to adjusted free cash flow. 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 items 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.
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.
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 competitive positions, our financial outlook for our third fiscal quarter, 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 28, 2024 and the Quarterly Report on Form 10-Q for the quarter ended July 31, 2024 expected to be filed with the SEC on or about September 9, 2024. 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.
| Domo, Inc. |
| Condensed Consolidated Statements of Operations |
| (in thousands, except per share data) |
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
July 31,
|
|
July 31,
|
|
|
|
2023
|
|
|
|
2024
|
|
|
|
2023
|
|
|
|
2024
|
|
| Revenue: |
|
|
|
|
|
|
|
|
| Subscription |
|
$
|
71,211
|
|
|
$
|
70,921
|
|
|
$
|
142,301
|
|
|
$
|
143,031
|
|
| Professional services and other |
|
|
8,461
|
|
|
|
7,486
|
|
|
|
16,829
|
|
|
|
15,479
|
|
| Total revenue |
|
|
79,672
|
|
|
|
78,407
|
|
|
|
159,130
|
|
|
|
158,510
|
|
| Cost of revenue: |
|
|
|
|
|
|
|
|
| Subscription (1) |
|
|
11,453
|
|
|
|
13,301
|
|
|
|
22,065
|
|
|
|
26,076
|
|
| Professional services and other (1) |
|
|
7,637
|
|
|
|
6,823
|
|
|
|
15,594
|
|
|
|
14,762
|
|
| Total cost of revenue |
|
|
19,090
|
|
|
|
20,124
|
|
|
|
37,659
|
|
|
|
40,838
|
|
| Gross profit |
|
|
60,582
|
|
|
|
58,283
|
|
|
|
121,471
|
|
|
|
117,672
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
| Sales and marketing (1), (3) |
|
|
41,040
|
|
|
|
36,627
|
|
|
|
84,202
|
|
|
|
78,846
|
|
| Research and development (1) |
|
|
20,767
|
|
|
|
21,969
|
|
|
|
44,202
|
|
|
|
44,688
|
|
| General and administrative (1), (2), (3) |
|
|
9,378
|
|
|
|
14,174
|
|
|
|
23,379
|
|
|
|
30,075
|
|
| Total operating expenses |
|
|
71,185
|
|
|
|
72,770
|
|
|
|
151,783
|
|
|
|
153,609
|
|
| Loss from operations |
|
|
(10,603
|
)
|
|
|
(14,487
|
)
|
|
|
(30,312
|
)
|
|
|
(35,937
|
)
|
|
|
|
|
|
|
|
|
|
| Other expense, net (1), (4) |
|
|
(5,124
|
)
|
|
|
(4,752
|
)
|
|
|
(9,619
|
)
|
|
|
(9,183
|
)
|
| Loss before income taxes |
|
|
(15,727
|
)
|
|
|
(19,239
|
)
|
|
|
(39,931
|
)
|
|
|
(45,120
|
)
|
| Provision for income taxes |
|
|
341
|
|
|
|
251
|
|
|
|
540
|
|
|
|
377
|
|
| Net loss |
|
$
|
(16,068
|
)
|
|
$
|
(19,490
|
)
|
|
$
|
(40,471
|
)
|
|
$
|
(45,497
|
)
|
|
|
|
|
|
|
|
|
|
| Net loss per share (basic and diluted) |
|
$
|
(0.45
|
)
|
|
$
|
(0.51
|
)
|
|
$
|
(1.14
|
)
|
|
$
|
(1.20
|
)
|
| Weighted-average number of shares (basic and diluted) |
|
|
35,884
|
|
|
|
38,389
|
|
|
|
35,558
|
|
|
|
37,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Includes stock-based compensation expenses, as follows: |
|
|
|
|
|
|
|
|
| Cost of revenue: |
|
|
|
|
|
|
|
|
| Subscription |
|
$
|
670
|
|
|
$
|
807
|
|
|
$
|
1,288
|
|
|
$
|
1,605
|
|
| Professional services and other |
|
|
473
|
|
|
|
314
|
|
|
|
952
|
|
|
|
647
|
|
| Sales and marketing |
|
|
6,166
|
|
|
|
5,170
|
|
|
|
12,896
|
|
|
|
10,484
|
|
| Research and development |
|
|
4,618
|
|
|
|
4,069
|
|
|
|
9,593
|
|
|
|
8,491
|
|
| General and administrative |
|
|
2,960
|
|
|
|
5,911
|
|
|
|
6,468
|
|
|
|
8,995
|
|
| Other expense, net |
|
|
173
|
|
|
|
202
|
|
|
|
335
|
|
|
|
393
|
|
| Total stock-based compensation expenses |
|
$
|
15,060
|
|
|
$
|
16,473
|
|
|
$
|
31,532
|
|
|
$
|
30,615
|
|
|
|
|
|
|
|
|
|
|
| (2) Includes amortization of certain intangible assets, as follows: |
|
|
|
|
|
|
|
|
| General and administrative |
|
$
|
20
|
|
|
$
|
142
|
|
|
$
|
40
|
|
|
$
|
284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (3) Includes executive officer severance, as follows: |
|
|
|
|
|
|
|
|
| Sales and marketing |
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
443
|
|
|
$
|
-
|
|
| General and administrative |
|
|
225
|
|
|
|
-
|
|
|
|
1,553
|
|
|
|
-
|
|
| Total executive officer severance |
|
$
|
225
|
|
|
$
|
-
|
|
|
$
|
1,996
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
| (4) Includes remeasurement of warrant liability, as follows: |
|
|
|
|
|
|
|
|
| Other expense, net |
|
$
|
-
|
|
|
$
|
144
|
|
|
$
|
-
|
|
|
$
|
(422
|
)
|
|
|
|
|
|
|
|
|
|
| Domo, Inc. |
| Condensed Consolidated Balance Sheets |
| (in thousands) |
| (unaudited) |
|
|
|
|
|
January 31,
|
|
July 31,
|
|
|
2024
|
|
|
|
2024
|
|
| Assets |
|
|
|
| Current assets: |
|
|
|
| Cash, cash equivalents, and restricted cash |
$
|
60,939
|
|
|
$
|
55,704
|
|
| Accounts receivable, net |
|
67,197
|
|
|
|
48,688
|
|
| Contract acquisition costs |
|
16,006
|
|
|
|
15,266
|
|
| Prepaid expenses and other current assets |
|
9,602
|
|
|
|
9,171
|
|
| Total current assets |
|
153,744
|
|
|
|
128,829
|
|
|
|
|
|
| Property and equipment, net |
|
27,003
|
|
|
|
27,195
|
|
| Right-of-use assets |
|
11,746
|
|
|
|
10,942
|
|
| Contract acquisition costs, noncurrent |
|
19,542
|
|
|
|
17,339
|
|
| Intangible assets, net |
|
2,740
|
|
|
|
2,409
|
|
| Goodwill |
|
9,478
|
|
|
|
9,478
|
|
| Other assets |
|
1,407
|
|
|
|
1,565
|
|
| Total assets |
$
|
225,660
|
|
|
$
|
197,757
|
|
|
|
|
|
| Liabilities and stockholders' deficit |
|
|
|
| Current liabilities: |
|
|
|
| Accounts payable |
$
|
4,313
|
|
|
$
|
18,418
|
|
| Accrued expenses and other current liabilities |
|
43,430
|
|
|
|
39,004
|
|
| Lease liabilities |
|
4,807
|
|
|
|
5,597
|
|
| Current portion of deferred revenue |
|
185,250
|
|
|
|
161,601
|
|
| Total current liabilities |
|
237,800
|
|
|
|
224,620
|
|
|
|
|
|
| Lease liabilities, noncurrent |
|
11,135
|
|
|
|
9,110
|
|
| Deferred revenue, noncurrent |
|
2,736
|
|
|
|
1,997
|
|
| Other liabilities, noncurrent |
|
14,001
|
|
|
|
13,180
|
|
| Long-term debt |
|
113,534
|
|
|
|
115,211
|
|
| Total liabilities |
|
379,206
|
|
|
|
364,118
|
|
|
|
|
|
| Commitments and contingencies |
|
|
|
|
|
|
|
| Convertible preferred stock |
|
-
|
|
|
|
-
|
|
| Stockholders' deficit: |
|
|
|
| Common stock |
|
37
|
|
|
|
38
|
|
| Additional paid-in capital |
|
1,252,200
|
|
|
|
1,284,781
|
|
| Accumulated other comprehensive loss |
|
(180
|
)
|
|
|
(80
|
)
|
| Accumulated deficit |
|
(1,405,603
|
)
|
|
|
(1,451,100
|
)
|
| Total stockholders' deficit |
|
(153,546
|
)
|
|
|
(166,361
|
)
|
| Total liabilities and stockholders' deficit |
$
|
225,660
|
|
|
$
|
197,757
|
|
| Domo, Inc. |
| Condensed Consolidated Statements of Cash Flows |
| (in thousands) |
| (unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
July 31,
|
|
July 31,
|
|
|
2023
|
|
|
|
2024
|
|
|
|
2023
|
|
|
|
2024
|
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
| Net loss |
$
|
(16,068
|
)
|
|
$
|
(19,490
|
)
|
|
$
|
(40,471
|
)
|
|
$
|
(45,497
|
)
|
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
| Depreciation and amortization |
|
1,611
|
|
|
|
2,507
|
|
|
|
3,102
|
|
|
|
4,863
|
|
| Non-cash lease expense |
|
1,023
|
|
|
|
1,098
|
|
|
|
2,172
|
|
|
|
2,178
|
|
| Amortization of contract acquisition costs |
|
4,388
|
|
|
|
4,426
|
|
|
|
8,956
|
|
|
|
8,727
|
|
| Stock-based compensation |
|
15,060
|
|
|
|
16,473
|
|
|
|
31,532
|
|
|
|
30,615
|
|
| Remeasurement of warrant liability |
|
-
|
|
|
|
143
|
|
|
|
-
|
|
|
|
(423
|
)
|
| Other, net |
|
1,054
|
|
|
|
886
|
|
|
|
2,571
|
|
|
|
1,944
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
| Accounts receivable, net |
|
4,704
|
|
|
|
(840
|
)
|
|
|
26,772
|
|
|
|
18,509
|
|
| Contract acquisition costs |
|
(3,832
|
)
|
|
|
(3,809
|
)
|
|
|
(6,905
|
)
|
|
|
(5,804
|
)
|
| Prepaid expenses and other assets |
|
933
|
|
|
|
621
|
|
|
|
(464
|
)
|
|
|
276
|
|
| Accounts payable |
|
(3,454
|
)
|
|
|
4,825
|
|
|
|
(1,964
|
)
|
|
|
11,503
|
|
| Operating lease liabilities |
|
(1,220
|
)
|
|
|
(1,328
|
)
|
|
|
(2,817
|
)
|
|
|
(2,608
|
)
|
| Accrued and other liabilities |
|
5,545
|
|
|
|
(1,902
|
)
|
|
|
(2,753
|
)
|
|
|
(4,165
|
)
|
| Deferred revenue |
|
(9,109
|
)
|
|
|
(9,781
|
)
|
|
|
(18,268
|
)
|
|
|
(24,388
|
)
|
| Net cash provided by (used in) operating activities |
|
635
|
|
|
|
(6,171
|
)
|
|
|
1,463
|
|
|
|
(4,270
|
)
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
| Purchases of property and equipment |
|
(2,924
|
)
|
|
|
(2,204
|
)
|
|
|
(6,500
|
)
|
|
|
(4,730
|
)
|
| Purchases of intangible assets |
|
(26
|
)
|
|
|
-
|
|
|
|
(26
|
)
|
|
|
-
|
|
| Net cash used in investing activities |
|
(2,950
|
)
|
|
|
(2,204
|
)
|
|
|
(6,526
|
)
|
|
|
(4,730
|
)
|
|
|
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
| Proceeds from shares issued in connection with employee stock purchase plan |
|
-
|
|
|
|
-
|
|
|
|
2,032
|
|
|
|
1,121
|
|
| Shares repurchased for tax withholdings on vesting of restricted stock |
|
-
|
|
|
|
(208
|
)
|
|
|
-
|
|
|
|
(208
|
)
|
| Proceeds from structured payables |
|
-
|
|
|
|
2,782
|
|
|
|
-
|
|
|
|
2,782
|
|
| Proceeds from exercise of stock options |
|
3
|
|
|
|
-
|
|
|
|
3
|
|
|
|
-
|
|
| Net cash provided by (used in) financing activities |
|
3
|
|
|
|
2,574
|
|
|
|
2,035
|
|
|
|
3,695
|
|
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
176
|
|
|
|
347
|
|
|
|
380
|
|
|
|
70
|
|
| Net decrease in cash, cash equivalents, and restricted cash |
|
(2,136
|
)
|
|
|
(5,454
|
)
|
|
|
(2,648
|
)
|
|
|
(5,235
|
)
|
| Cash, cash equivalents, and restricted cash at beginning of period |
|
65,988
|
|
|
|
61,158
|
|
|
|
66,500
|
|
|
|
60,939
|
|
| Cash, cash equivalents, and restricted cash at end of period |
$
|
63,852
|
|
|
$
|
55,704
|
|
|
$
|
63,852
|
|
|
$
|
55,704
|
|
|
|
|
|
|
|
|
|
| Domo, Inc. |
| Reconciliation of Non-GAAP Financial Measures |
| (in thousands, except per share data) |
| (unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
July 31,
|
|
July 31,
|
|
|
2023
|
|
|
|
2024
|
|
|
|
2023
|
|
|
|
2024
|
|
| Reconciliation of Subscription Gross Margin on a GAAP Basis to Subscription Gross Margin on a Non-GAAP Basis: |
|
|
|
|
|
|
|
| Revenue: |
|
|
|
|
|
|
|
| Subscription |
$
|
71,211
|
|
|
$
|
70,921
|
|
|
$
|
142,301
|
|
|
$
|
143,031
|
|
| Cost of revenue: |
|
|
|
|
|
|
|
| Subscription |
|
11,453
|
|
|
|
13,301
|
|
|
|
22,065
|
|
|
|
26,076
|
|
| Subscription gross profit on a GAAP basis |
|
59,758
|
|
|
|
57,620
|
|
|
|
120,236
|
|
|
|
116,955
|
|
| Subscription gross margin on a GAAP basis |
|
84
|
%
|
|
|
81
|
%
|
|
|
84
|
%
|
|
|
82
|
%
|
|
|
|
|
|
|
|
|
| Stock-based compensation |
|
670
|
|
|
|
807
|
|
|
|
1,288
|
|
|
|
1,605
|
|
| Subscription gross profit on a non-GAAP basis |
$
|
60,428
|
|
|
$
|
58,427
|
|
|
$
|
121,524
|
|
|
$
|
118,560
|
|
| Subscription gross margin on a non-GAAP basis |
|
85
|
%
|
|
|
82
|
%
|
|
|
85
|
%
|
|
|
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 |
$
|
71,185
|
|
|
$
|
72,770
|
|
|
$
|
151,783
|
|
|
$
|
153,609
|
|
| Stock-based compensation |
|
(13,744
|
)
|
|
|
(15,150
|
)
|
|
|
(28,957
|
)
|
|
|
(27,970
|
)
|
| Amortization of certain intangible assets |
|
(20
|
)
|
|
|
(142
|
)
|
|
|
(40
|
)
|
|
|
(284
|
)
|
| Executive officer severance |
|
(225
|
)
|
|
|
-
|
|
|
|
(1,996
|
)
|
|
|
-
|
|
| Total operating expenses on a non-GAAP basis |
$
|
57,196
|
|
|
$
|
57,478
|
|
|
$
|
120,790
|
|
|
$
|
125,355
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Operating Loss on a GAAP Basis to Operating Loss on a Non-GAAP Basis: |
|
|
|
|
|
|
|
| Operating loss on a GAAP basis |
$
|
(10,603
|
)
|
|
$
|
(14,487
|
)
|
|
$
|
(30,312
|
)
|
|
$
|
(35,937
|
)
|
| Stock-based compensation |
|
14,887
|
|
|
|
16,271
|
|
|
|
31,197
|
|
|
|
30,222
|
|
| Amortization of certain intangible assets |
|
20
|
|
|
|
142
|
|
|
|
40
|
|
|
|
284
|
|
| Executive officer severance |
|
225
|
|
|
|
-
|
|
|
|
1,996
|
|
|
|
-
|
|
| Operating loss on a non-GAAP basis |
$
|
4,529
|
|
|
$
|
1,926
|
|
|
$
|
2,921
|
|
|
$
|
(5,431
|
)
|
|
|
|
|
|
|
|
|
| Reconciliation of Operating Margin on a GAAP Basis to Operating Margin on a Non-GAAP Basis: |
|
|
|
|
|
|
|
| Operating margin on a GAAP basis |
|
(13
|
)%
|
|
|
(18
|
)%
|
|
|
(19
|
)%
|
|
|
(23
|
)%
|
| Stock-based compensation |
|
19
|
|
|
|
20
|
|
|
|
20
|
|
|
|
20
|
|
| Executive officer severance |
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
| Operating margin on a non-GAAP basis |
|
6
|
%
|
|
|
2
|
%
|
|
|
2
|
%
|
|
|
(3
|
)%
|
|
|
|
|
|
|
|
|
| Reconciliation of Net Loss on a GAAP Basis to Net Loss on a Non-GAAP Basis: |
|
|
|
|
|
|
|
| Net loss on a GAAP basis |
$
|
(16,068
|
)
|
|
$
|
(19,490
|
)
|
|
$
|
(40,471
|
)
|
|
$
|
(45,497
|
)
|
| Stock-based compensation |
|
15,060
|
|
|
|
16,473
|
|
|
|
31,532
|
|
|
|
30,615
|
|
| Amortization of certain intangible assets |
|
20
|
|
|
|
142
|
|
|
|
40
|
|
|
|
284
|
|
| Executive officer severance |
|
225
|
|
|
|
-
|
|
|
|
1,996
|
|
|
|
-
|
|
| Remeasurement of warrant liability |
|
-
|
|
|
|
144
|
|
|
|
-
|
|
|
|
(422
|
)
|
| Net loss on a non-GAAP basis |
$
|
(763
|
)
|
|
$
|
(2,731
|
)
|
|
$
|
(6,903
|
)
|
|
$
|
(15,020
|
)
|
|
|
|
|
|
|
|
|
| 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 |
$
|
(0.45
|
)
|
|
$
|
(0.51
|
)
|
|
$
|
(1.14
|
)
|
|
$
|
(1.20
|
)
|
| Stock-based compensation |
|
0.42
|
|
|
|
0.43
|
|
|
|
0.89
|
|
|
|
0.81
|
|
| Executive officer severance |
|
0.01
|
|
|
|
—
|
|
|
|
0.06
|
|
|
|
—
|
|
| Remeasurement of warrant liability |
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
(0.01
|
)
|
| Net loss per share on a non-GAAP basis |
$
|
(0.02
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(0.40
|
)
|
|
|
|
|
|
|
|
|
| Billings: |
|
|
|
|
|
|
|
| Total revenue |
$
|
79,672
|
|
|
$
|
78,407
|
|
|
$
|
159,130
|
|
|
$
|
158,510
|
|
| Add: |
|
|
|
|
|
|
|
| Deferred revenue (end of period) |
|
164,882
|
|
|
|
161,601
|
|
|
|
164,882
|
|
|
|
161,601
|
|
| Deferred revenue, noncurrent (end of period) |
|
2,732
|
|
|
|
1,997
|
|
|
|
2,732
|
|
|
|
1,997
|
|
| Less: |
|
|
|
|
|
|
|
| Deferred revenue (beginning of period) |
|
(173,646
|
)
|
|
|
(170,813
|
)
|
|
|
(182,273
|
)
|
|
|
(185,250
|
)
|
| Deferred revenue, noncurrent (beginning of period) |
|
(3,077
|
)
|
|
|
(2,566
|
)
|
|
|
(3,609
|
)
|
|
|
(2,736
|
)
|
| Decrease in deferred revenue (current and noncurrent) |
|
(9,109
|
)
|
|
|
(9,781
|
)
|
|
|
(18,268
|
)
|
|
|
(24,388
|
)
|
| Billings |
$
|
70,563
|
|
|
$
|
68,626
|
|
|
$
|
140,862
|
|
|
$
|
134,122
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow: |
|
|
|
|
|
|
|
| Net cash provided by (used in) operating activities |
$
|
635
|
|
|
$
|
(6,171
|
)
|
|
$
|
1,463
|
|
|
$
|
(4,270
|
)
|
| Proceeds from shares issued in connection with employee stock purchase plan |
|
-
|
|
|
|
-
|
|
|
|
2,032
|
|
|
|
1,121
|
|
| Purchases of property and equipment |
|
(2,924
|
)
|
|
|
(2,204
|
)
|
|
|
(6,500
|
)
|
|
|
(4,730
|
)
|
| Proceeds from structured payables |
|
-
|
|
|
|
2,782
|
|
|
|
-
|
|
|
|
2,782
|
|
| Adjusted free cash flow |
$
|
(2,289
|
)
|
|
$
|
(5,593
|
)
|
|
$
|
(3,005
|
)
|
|
$
|
(5,097
|
)
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240829900426/en/
