0001505952false00015059522024-05-232024-05-23

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 23, 2024
DOMO, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-38553
27-3687433
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification Number)
802 East 1050 South
American Fork, UT 84003
(Address of principal executive offices, and Zip Code)
Registrant’s telephone number, including area code: (801) 899-1000
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class B Common Stock, par value $0.001 per shareDOMOThe Nasdaq Global Market
☐Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.





Item 2.02. Results of Operations and Financial Condition.
On May 23, 2024, Domo, Inc. (the "Company") issued a press release announcing its financial results for the fiscal quarter ended April 30, 2024 and certain other information. The full text of the press release is set forth in Exhibit 99.1 hereto and incorporated by reference herein. The information in this Current Report on Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission.
The information in Item 2.02 of this Current Report on Form 8-K (including the accompanying Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No.		Description
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DOMO, INC.
Date: May 23, 2024

By:

/s/ David Jolley
David Jolley
Chief Financial Officer




Exhibit 99.1
Domo Announces First Quarter Fiscal 2025 Financial Results

Silicon Slopes, Utah - May 23, 2024 - Domo, Inc. (Nasdaq: DOMO) today announced results for its fiscal first quarter ended April 30, 2024.

Fiscal First Quarter Results
•Total revenue was $80.1 million, an increase of 1% year over year
•Subscription revenue was $72.1 million, an increase of 1% year over year
•Billings were $65.5 million, a decrease of 7% year over year
•Net cash provided by operating activities was $1.9 million
•GAAP operating margin decreased by 2 percentage points year over year
•Non-GAAP operating margin decreased by 7 percentage points year over year
•GAAP net loss was $26.0 million, and GAAP net loss per share was $0.69, based on 37.5 million weighted-average shares outstanding
•Non-GAAP net loss was $12.3 million, and non-GAAP net loss per share was $0.33, based on 37.5 million weighted-average shares outstanding
•Cash, cash equivalents, and restricted cash were $61.2 million as of April 30, 2024

“We’re hyper-focused on returning to growth, and feel optimistic about early signals from our strategic initiatives such as partner collaborations, consumption momentum and multi-use case customers,” said Josh James, founder and CEO. “Domo is a compelling solution for the current data and AI environment. We’re confident that our strategic priorities will continue to reinforce our competitive position.”

Recent Highlights
We believe the following announcements and recognition demonstrate our commitment to product innovation and customer value:
•Domo was the winner of five Dresner Advisory Services 2023 Technology Innovation Awards, as a top vendor in the following Wisdom of Crowds® thematic market reports: Analytical Platforms, Cloud Computing + BI, Embedded BI, Guided Analytics and Self-Service BI.
•In addition, Domo was ranked the number one vendor in the Dresner Advisory Services’ 2024 Wisdom of Crowds® Cloud Computing and Business Intelligence (BI) Market Study for the eighth consecutive year, as well as the number one vendor in Dresner Advisory Services’ 2024 Self-Service Business Intelligence (BI) Market Study for the sixth consecutive year.
•Domo was named to the Women Tech Council Shatter List, which showcases technology companies that are working to break the glass ceiling for women in tech, for the seventh consecutive year.
1


Exhibit 99.1
Business Outlook
Based on information available as of May 23, 2024, Domo is providing the following guidance for its second quarter of fiscal 2025:
•Revenue is expected to be in the range of $76.0 million to $77.0 million
•Non-GAAP net loss per share, basic and diluted, is expected to be between $0.26 and $0.30 based on 38.4 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 first 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# 13746630 following the completion of the conference call until 11:59p.m. (ET) June 23, 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, filings with the U.S. Securities and Exchange Commission (SEC), 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
2


Exhibit 99.1
@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, 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 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.

3


Exhibit 99.1
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 second 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 27, 2023 and the Quarterly Report on Form 10-Q for the year ended April 30, 2024 expected to be filed with the SEC on or about June 10, 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.
4

Domo, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
April 30,
20232024
Revenue:
Subscription$71,090 $72,110 
Professional services and other8,368 7,993 
Total revenue79,458 80,103 
Cost of revenue:
Subscription (1)10,612 12,775 
Professional services and other (1)7,957 7,939 
Total cost of revenue18,569 20,714 
Gross profit60,889 59,389 
Operating expenses:
Sales and marketing (1), (3)43,162 42,219 
Research and development (1)23,435 22,719 
General and administrative (1), (2), (3)14,001 15,901 
Total operating expenses80,598 80,839 
Loss from operations(19,709)(21,450)
Other expense, net (1), (4)(4,495)(4,431)
Loss before income taxes(24,204)(25,881)
Provision for income taxes199 126 
Net loss$(24,403)$(26,007)
Net loss per share (basic and diluted)$(0.69)$(0.69)
Weighted-average number of shares (basic and diluted)35,222 37,482 
(1) Includes stock-based compensation expenses, as follows:
Cost of revenue:
Subscription$618 $798 
Professional services and other479 333 
Sales and marketing6,730 5,314 
Research and development4,975 4,422 
General and administrative3,508 3,084 
Other expense, net162 191 
  Total stock-based compensation expenses$16,472 $14,142 
(2) Includes amortization of certain intangible assets, as follows:
General and administrative$20 $142 
(3) Includes executive officer severance, as follows:
Sales and marketing$443 $— 
General and administrative1,328 — 
Total executive officer severance$1,771 $— 
(4) Includes remeasurement of warrant liability, as follows:
Other expense, net$— $(566)



Domo, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
January 31,April 30,
20242024
Assets
Current assets:
Cash, cash equivalents, and restricted cash$60,939 $61,158 
Accounts receivable, net67,197 47,848 
Contract acquisition costs16,006 15,403 
Prepaid expenses and other current assets9,602 9,760 
Total current assets153,744 134,169 
Property and equipment, net27,003 27,240 
Right-of-use assets11,746 11,709 
Contract acquisition costs, noncurrent19,542 17,733 
Intangible assets, net2,740 2,550 
Goodwill9,478 9,478 
Other assets1,407 1,525 
Total assets$225,660 $204,404 
Liabilities and stockholders' deficit
Current liabilities:
Accounts payable$4,313 $10,867 
Accrued expenses and other current liabilities43,430 41,139 
Lease liabilities4,807 5,385 
Current portion of deferred revenue185,250 170,813 
Total current liabilities237,800 228,204 
Lease liabilities, noncurrent11,135 10,319 
Deferred revenue, noncurrent2,736 2,566 
Other liabilities, noncurrent14,001 12,673 
Long-term debt113,534 114,123 
Total liabilities379,206 367,885 
Commitments and contingencies
Stockholders' deficit:
Common stock37 38 
Additional paid-in capital1,252,200 1,268,516 
Accumulated other comprehensive loss(180)(426)
Accumulated deficit(1,405,603)(1,431,609)
Total stockholders' deficit(153,546)(163,481)
Total liabilities and stockholders' deficit$225,660 $204,404 



Domo, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
April 30,
20232024
Cash flows from operating activities
Net loss $(24,403)$(26,007)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization1,491 2,356 
Non-cash lease expense1,149 1,080 
Amortization of contract acquisition costs4,568 4,301 
Stock-based compensation16,472 14,142 
Remeasurement of warrant liability— (566)
Other, net1,517 1,058 
Changes in operating assets and liabilities:
Accounts receivable, net22,068 19,349 
Contract acquisition costs(3,073)(1,995)
Prepaid expenses and other assets(1,397)(345)
Accounts payable1,490 6,678 
Operating lease liabilities(1,597)(1,280)
Accrued and other liabilities(8,298)(2,263)
Deferred revenue(9,159)(14,607)
Net cash provided by operating activities828 1,901 
Cash flows from investing activities
Purchases of property and equipment(3,576)(2,526)
  Net cash used in investing activities(3,576)(2,526)
Cash flows from financing activities
Proceeds from shares issued in connection with employee stock purchase plan2,032 1,121 
Net cash provided by financing activities2,032 1,121 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash204 (277)
Net (decrease) increase in cash, cash equivalents, and restricted cash(512)219 
Cash, cash equivalents, and restricted cash at beginning of period66,500 60,939 
Cash, cash equivalents, and restricted cash at end of period$65,988 $61,158 



Domo, Inc.
Reconciliation of Non-GAAP Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended
April 30,
20232024
Reconciliation of Subscription Gross Margin on a GAAP Basis to Subscription Gross Margin on a Non-GAAP Basis:
Revenue:
Subscription$71,090 $72,110 
Cost of revenue:
Subscription10,612 12,775 
Subscription gross profit on a GAAP basis60,478 59,335 
Subscription gross margin on a GAAP basis85 %82 %
Stock-based compensation618 798 
Subscription gross profit on a non-GAAP basis$61,096 $60,133 
Subscription gross margin on a non-GAAP basis86 %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$80,598 $80,839 
Stock-based compensation(15,213)(12,820)
Amortization of certain intangible assets(20)(142)
Executive officer severance(1,771)— 
Total operating expenses on a non-GAAP basis$63,594 $67,877 
Reconciliation of Operating Loss on a GAAP Basis to Operating Loss on a Non-GAAP Basis:
Operating loss on a GAAP basis$(19,709)$(21,450)
Stock-based compensation16,310 13,951 
Amortization of certain intangible assets20 142 
Executive officer severance1,771 — 
Operating loss on a non-GAAP basis$(1,608)$(7,357)
Reconciliation of Operating Margin on a GAAP Basis to Operating Margin on a Non-GAAP Basis:
Operating margin on a GAAP basis(25)%(27)%
Stock-based compensation21 18 
Executive officer severance2 — 
Operating margin on a non-GAAP basis(2)%(9)%
Reconciliation of Net Loss on a GAAP Basis to Net Loss on a Non-GAAP Basis:
Net loss on a GAAP basis$(24,403)$(26,007)
Stock-based compensation16,472 14,142 
Amortization of certain intangible assets20 142 
Executive officer severance1,771 — 
Remeasurement of warrant liability— (566)
Net loss on a non-GAAP basis$(6,140)$(12,289)
Reconciliation of Net Loss per Share on a GAAP Basis to Net Loss per Share on a Non-GAAP Basis:
Net loss per share on a GAAP basis$(0.69)$(0.69)
Stock-based compensation0.47 0.38 
Executive officer severance0.05 — 
Remeasurement of warrant liability— (0.02)
Net loss per share on a non-GAAP basis$(0.17)$(0.33)



Domo, Inc.
Reconciliation of Non-GAAP Financial Measures (Continued)
(in thousands, except per share data)
(unaudited)
Three Months Ended
April 30,
20232024
Billings:
Total revenue$79,458 $80,103 
Add:
Deferred revenue (end of period)173,646 170,813 
Deferred revenue, noncurrent (end of period)3,077 2,566 
Less:
Deferred revenue (beginning of period)(182,273)(185,250)
Deferred revenue, noncurrent (beginning of period)(3,609)(2,736)
Decrease in deferred revenue (current and noncurrent)(9,159)(14,607)
Billings$70,299 $65,496 
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow:
Net cash provided by operating activities$828 $1,901 
Proceeds from shares issued in connection with employee stock purchase plan2,032 1,121 
Purchases of property and equipment(3,576)(2,526)
Adjusted free cash flow$(716)$496 



v3.24.1.1.u2
Cover Page
May 23, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 23, 2024
Entity Registrant Name DOMO, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38553
Entity Tax Identification Number 27-3687433
Entity Address, Address Line One 802 East 1050 South
Entity Address, City or Town American Fork
Entity Address, State or Province UT
Entity Address, Postal Zip Code 84003
City Area Code 801
Local Phone Number 899-1000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class B Common Stock, par value $0.001 per share
Trading Symbol DOMO
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001505952
Amendment Flag false
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