Domo Announces Second 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 second quarter ended July 31, 2023.\n\n\nFiscal Second Quarter Results\n\n\n\nTotal revenue was $79.7 million, an increase of 5% year over year\n\n\n\nSubscription revenue was $71.2 million, an increase of 6% year over year\n\n\n\nSubscription revenue represented 89% of total revenue\n\n\n\nBillings were $70.6 million, a decrease of 2% year-over-year\n\n\n\nRemaining Performance Obligations (RPO) was $357.6 million as of July 31, 2023, an increase of 2% year over year\n\n\n\nRPO expected to be recognized as revenue in the next 12 months was $232.1 million as of July 31, 2023, an increase of 3% year over year\n\n\n\nNet cash provided by operating activities was $0.6 million\n\n\n\nGAAP subscription gross margin was 84%, consistent with Q2 FY23\n\n\n\nNon-GAAP subscription gross margin was 85%, consistent with Q2 FY23\n\n\n\nGAAP operating margin increased by 21 percentage points year over year\n\n\n\nNon-GAAP operating margin increased by 12 percentage points year over year\n\n\n\nGAAP net loss was $16.1 million, and GAAP net loss per share was $0.45, based on 35.9 million weighted-average shares outstanding\n\n\n\nNon-GAAP net loss was $0.8 million, and non-GAAP net loss per share was $0.02, based on 35.9 million weighted-average shares outstanding\n\n\n\nCash, cash equivalents, and restricted cash were $63.9 million as of July 31, 2023\n\n\n\n“Domo’s data experience platform helps companies of all sizes put data to work for everyone so they can multiply their impact on the business with real-time insights and action,” said Josh James, founder and CEO, Domo.\n\n\nJames continued, “I’m excited about the momentum in consumption pricing; we believe this will drive improved relationships with customers and enable meaningful impact to our business model. I’m also thrilled with our advancements in AI and the new possibilities it will deliver for customers to innovate and grow. I feel confident we have the right priorities, roadmap and people to drive Domo’s long-term growth.”\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 ranked as the number one vendor in the Dresner Advisory Services’ 2023 Self-Service Busine...

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