Domo Announces First Quarter Fiscal 2024 Financial Results

About this update from Domo, Inc.

[{"type":"text","content":" SILICON SLOPES, Utah--(BUSINESS WIRE)--\nDomo, Inc. (Nasdaq: DOMO) today announced results for its fiscal first quarter ended April 30, 2023.\n\n\nFiscal First Quarter Results\n\n\n\nTotal revenue was $79.5 million, an increase of 7% year over year\n\n\n\nSubscription revenue was $71.1 million, an increase of 10% year over year\n\n\n\nSubscription revenue represented 89% of total revenue\n\n\n\nBillings were $70.3 million, a decrease of 4% year-over-year\n\n\n\nRemaining Performance Obligations (RPO) was $356.7 million as of April 30, 2023, an increase of 1% year over year\n\n\n\nRPO expected to be recognized as revenue in the next 12 months was $237.5 million as of April 30, 2023, an increase of 6% year over year\n\n\n\nNet cash provided by operating activities was $0.8 million\n\n\n\nGAAP subscription gross margin was 85%, an improvement of 2 percentage points from Q1 FY23\n\n\n\nNon-GAAP subscription gross margin was 86%, an improvement of 1 percentage point from Q1 FY23\n\n\n\nGAAP operating margin increased by 14 percentage points year over year\n\n\n\nNon-GAAP operating margin increased by 3 percentage points year over year\n\n\n\nGAAP net loss was $24.4 million, and GAAP net loss per share was $0.69, based on 35.2 million weighted-average shares outstanding\n\n\n\nNon-GAAP net loss was $6.1 million, and non-GAAP net loss per share was $0.17, based on 35.2 million weighted-average shares outstanding\n\n\n\nCash, cash equivalents, and restricted cash were $66.0 million as of April 30, 2023\n\n\n\n“Domo helps companies of all sizes capitalize on the full potential of their data by empowering each employee to be a multiplier of business impact,” said Josh James, founder and CEO, Domo. “A relentless focus on customers is central to our plan to return to growth, and the feedback is extremely positive as we build momentum with businesses around the world. We have the right product, market opportunity and sales capacity to grow, and I am very confident in our future.”\n\n\nRecent Highlights\n\n\nWe believe the following announcements and recognition demonstrate our commitment to product innovation and customer value:\n\n\n\nDomo was named a Leader in Nucleus Research's 2023 Analytics Technology Value Matrix.\n\n\n\nDomo was the number one vendor in Dresner Advisory Services' 2023 Cloud Computing and Business Intelligence Market ...

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