Domo Announces Third Quarter Fiscal 2023 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 third quarter ended October 31, 2022.\n\nFiscal Third Quarter Results\n\n\nTotal revenue was $79.0 million, an increase of 21% year over year\n\n\nSubscription revenue was $69.0 million, an increase of 22% year over year\n\n\nSubscription revenue represented 87% of total revenue\n\n\nBillings were $74.0 million or 5% year-over-year growth\n\n\nRemaining Performance Obligations (RPO) was $354.3 million as of October 31, 2022, an increase of 19% year over year\n\n\nRPO expected to be recognized as revenue in the next twelve months was $230.3 million as of October 31, 2022, an increase of 21% year over year\n\n\nNet cash used in operating activities was $6.5 million\n\n\nGAAP subscription gross margin was 84%, an improvement of 2 percentage points from Q3 FY22\n\n\nNon-GAAP subscription gross margin was 85%, an improvement of 2 percentage points from Q3 FY22\n\n\nGAAP operating margin increased by 15 percentage points year over year\n\n\nNon-GAAP operating margin increased by 11 percentage points year over year\n\n\nGAAP net loss was $23.7 million, and GAAP net loss per share was $0.69, based on 34.4 million weighted-average shares outstanding\n\n\nNon-GAAP net loss was $4.5 million, and non-GAAP net loss per share was $0.13, based on 34.4 million weighted-average shares outstanding\n\n\nCash, cash equivalents, and restricted cash were $71.1 million as of October 31, 2022\n\n\n“Domo helps companies of all sizes better leverage data so every employee can be a multiplier of business impact,” said John Mellor, CEO, Domo. “I'm proud of the team for their continued focus on delivering customer value while operating the business with efficiency. Based on the size and health of the pipeline and the strong demand at the top of the funnel, we remain bullish on our long-term prospects.”\n\nDomo also announced today that Bruce Felt is transitioning out as the company's Chief Financial Officer. Felt will remain in his current role until a successor is named. He is also an active member of the search team to find a replacement and is committed to a seamless transition once his successor is identified. Domo has initiated an executive search with the assistance of Heidrick & Struggles, a leading executive search firm.\n\nMellor remarked, “On...

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