Domo Announces Third 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 third quarter ended October 31, 2023.\n\n\nFiscal Third Quarter Results\n\n\n\nTotal revenue was $79.7 million, an increase of 1% year over year\n\n\n\nSubscription revenue was $71.3 million, an increase of 3% year over year\n\n\n\nSubscription revenue represented 89% of total revenue\n\n\n\nBillings were $74.8 million, an increase of 1% year-over-year\n\n\n\nRemaining Performance Obligations (RPO) was $367.2 million as of October 31, 2023, an increase of 4% year over year\n\n\n\nRPO expected to be recognized as revenue in the next 12 months was $230.8 million as of October 31, 2023, consistent with Q3 FY23\n\n\n\nNet cash used in operating activities was $4.3 million\n\n\n\nGAAP subscription gross margin was 84%, consistent with Q3 FY23\n\n\n\nNon-GAAP subscription gross margin was 85%, consistent with Q3 FY23\n\n\n\nGAAP operating margin increased by 9 percentage points year over year\n\n\n\nNon-GAAP operating margin increased by 5 percentage points year over year\n\n\n\nGAAP net loss was $16.4 million, and GAAP net loss per share was $0.45, based on 36.3 million weighted-average shares outstanding\n\n\n\nNon-GAAP net loss was $24.0 thousand, and non-GAAP net loss per share was $0.00, based on 36.3 million weighted-average shares outstanding\n\n\n\nCash, cash equivalents, and restricted cash were $57.4 million as of October 31, 2023\n\n\n\n“In Q3, we exceeded guidance for key top-line metrics and delivered record operating margin. I am confident we are focused on the right initiatives--such as driving consumption and offering a true freemium model--to help accelerate our path to long-term, profitable growth,” said Josh James, founder and CEO, Domo. “Customers continue to realize significant value from our platform, and I’m incredibly proud of the talent and dedication of our team in helping us deliver on our mission to put data to work for everyone.”\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 a leader in Nucleus Research’s 2023 Embedded Analytics Technology Value Matrix for the third consecutive year.\n\n\n\nDomo and customer Regional One Health received a Nucleus Research ROI Award for achieving a ...

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