0001505952false00015059522024-03-072024-03-07

 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): March 7, 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 March 7, 2024, Domo, Inc. (the "Company") issued a press release announcing its financial results for the fiscal quarter ended January 31, 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: March 7, 2024

By:

/s/ David Jolley
David Jolley
Chief Financial Officer




Exhibit 99.1
Domo Announces Fourth Quarter and Fiscal 2024 Financial Results

Silicon Slopes, Utah - March 7, 2024 - Domo, Inc. (Nasdaq: DOMO) today announced results for its fiscal fourth quarter ended January 31, 2024.

Fiscal Fourth Quarter Results
•Total revenue was $80.2 million, an increase of 1% year over year
•Subscription revenue was $71.9 million, an increase of 2% year over year
•Billings were $105.4 million, an increase of 1% year over year
•Net cash provided by operating activities was $5.4 million
•GAAP operating margin increased by 4 percentage points year over year
•Non-GAAP operating margin increased by 1 percentage point year over year
•GAAP net loss was $18.7 million, and GAAP net loss per share was $0.51, based on 36.8 million weighted-average shares outstanding
•Non-GAAP net loss was $1.9 million, and non-GAAP net loss per share was $0.05, based on 36.8 million weighted-average shares outstanding
•Cash, cash equivalents, and restricted cash were $60.9 million as of January 31, 2024

Full Year Fiscal 2024 Results
•Total revenue was $319.0 million, an increase of 3% year over year
•Subscription revenue was $285.5 million, an increase of 5% year over year
•Billings were $321.1 million, a decrease of 1% year over year
•Net cash provided by operating activities was $2.6 million
•GAAP operating margin increased by 12 percentage points year over year
•Non-GAAP operating margin increased by 5 percentage points year over year
•GAAP net loss was $75.6 million, and GAAP net loss per share was $2.10, based on 36.1 million weighted-average shares outstanding
•Non-GAAP net loss was $8.8 million, and non-GAAP net loss per share was $0.25, based on 36.1 million weighted-average shares outstanding

“The strategic investments we’re making this year will help customers capitalize on the new opportunities offered through artificial intelligence (AI) and data, making it easier and faster to scale Domo’s full suite of solutions across the entire organization,” said Josh James, founder and CEO, Domo. “We’re confident in our focus areas to build on our momentum, and to position Domo for growth in the coming year.”

1


Exhibit 99.1
Recent Highlights
We believe the following announcements and recognition demonstrate our commitment to product innovation and customer value:
•Domo received several 2023 Ventana Research Buyers Guides, including being named an Overall Leader in the Buyers Guide for Collaborative Analytics and an Exemplary Vendor in the Buyers Guides for: Analytics and Data; Augmented Analytics; Embedded Analytics; and Mobile Analytics.
•Domo was the number one vendor in the latest Dresner Advisory Wisdom of Crowds® Analytical Platforms Market Study.
•Domo's Domo.AI solution was named a finalist in the 2023 Cloud Awards' Best Use of AI category.
•For the twelfth consecutive year, Domo was named a Best Company to Work For by Utah Business Magazine.

Business Outlook
Based on information available as of March 7, 2024, Domo is providing the following guidance for its first fiscal quarter and full year fiscal 2025:
Q1 Fiscal 2025
•Revenue is expected to be in the range of $79.0 million to $80.0 million
•Non-GAAP net loss per share, basic and diluted, is expected to be between $0.21 and $0.25 based on 37.4 million weighted-average shares outstanding, basic and diluted
Full Year Fiscal 2025
•Revenue is expected to be in the range of $315.0 million to $323.0 million
•Non-GAAP net loss per share, basic and diluted, is expected to be between $0.36 and $0.46 based on 38.5 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 2024 fourth 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.

2


Exhibit 99.1
A replay will be available at (877) 660-6853 or (201) 612-7415 with the access ID# 13744597 following the completion of the conference call until 11:59p.m. (ET) April 7, 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 X, Facebook and LinkedIn.

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 @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, and proceeds from shares issued in connection with the employee stock purchase plan.

3


Exhibit 99.1
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 expenses 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.

During fiscal year 2024, we revised our definition for non-GAAP statement of operations line items to adjust for executive severance expenses. We have revised the prior period amounts to conform to our current period presentation.

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.

4


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 our future, expectations for RPO in the next 12 months, our financial outlook for our first fiscal quarter and full fiscal year 2025, 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, our most recent Quarterly Report on Form 10-Q filed with the SEC on December 8, 2023 and the Annual Report on Form 10-K for the year ended January 31, 2024 expected to be filed with the SEC on or about April 1, 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.
5

Domo, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months EndedYear Ended
January 31,January 31,
2023202420232024
Revenue:
Subscription$70,268 $71,906 $271,290 $285,500 
Professional services and other9,356 8,278 37,355 33,489 
Total revenue79,624 80,184 308,645 318,989 
Cost of revenue:
Subscription (1)10,574 12,457 43,295 46,045 
Professional services and other (1)7,616 6,578 29,783 29,425 
Total cost of revenue18,190 19,035 73,078 75,470 
Gross profit61,434 61,149 235,567 243,519 
Operating expenses:
Sales and marketing (1), (3)42,001 39,438 173,300 163,902 
Research and development (1)21,985 21,118 95,093 85,049 
General and administrative (1), (2), (3)13,533 13,940 56,047 49,449 
Total operating expenses77,519 74,496 324,440 298,400 
Loss from operations(16,085)(13,347)(88,873)(54,881)
Other expense, net (1)(3,116)(4,882)(15,499)(19,431)
Loss before income taxes(19,201)(18,229)(104,372)(74,312)
Provision for income taxes612 456 1,179 1,257 
Net loss$(19,813)$(18,685)$(105,551)$(75,569)
Net loss per share (basic and diluted)$(0.57)$(0.51)$(3.10)$(2.10)
Weighted-average number of shares (basic and diluted)34,681 36,759 34,092 36,050 
(1) Includes stock-based compensation expenses, as follows:
Cost of revenue:
Subscription$500 $852 $2,676 $2,810 
Professional services and other483 424 1,822 1,735 
Sales and marketing7,352 5,755 30,636 25,015 
Research and development5,139 5,306 24,335 19,520 
General and administrative5,361 3,923 23,680 14,565 
Other expense, net160 187 710 703 
  Total stock-based compensation expenses$18,995 $16,447 $83,859 $64,348 
(2) Includes amortization of certain intangible assets, as follows:
General and administrative$20 $20 $80 $80 
(3) Includes executive officer severance, as follows:
Sales and marketing$— $307 $620 $750 
General and administrative— — — 1,553 
Total executive officer severance$— $307 $620 $2,303 



Domo, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
January 31,January 31,
20232024
Assets
Current assets:
Cash, cash equivalents, and restricted cash$66,500 $60,939 
Accounts receivable, net78,958 67,197 
Contract acquisition costs15,908 16,006 
Prepaid expenses and other current assets7,447 9,602 
Total current assets168,813 153,744 
Property and equipment, net21,375 27,003 
Right-of-use assets15,255 11,746 
Contract acquisition costs, noncurrent22,299 19,542 
Intangible assets, net2,794 2,740 
Goodwill9,478 9,478 
Other assets2,102 1,407 
Total assets$242,116 $225,660 
Liabilities and stockholders' deficit
Current liabilities:
Accounts payable$12,120 $4,313 
Accrued expenses and other current liabilities49,306 43,430 
Lease liabilities4,905 4,807 
Current portion of deferred revenue182,273 185,250 
Total current liabilities248,604 237,800 
Lease liabilities, noncurrent15,271 11,135 
Deferred revenue, noncurrent3,609 2,736 
Other liabilities, noncurrent12,425 14,001 
Long-term debt108,607 113,534 
Total liabilities388,516 379,206 
Commitments and contingencies
Stockholders' deficit:
Common stock35 37 
Additional paid-in capital1,183,921 1,252,200 
Accumulated other comprehensive loss(322)(180)
Accumulated deficit(1,330,034)(1,405,603)
Total stockholders' deficit(146,400)(153,546)
Total liabilities and stockholders' deficit$242,116 $225,660 



Domo, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months EndedYear Ended
January 31,January 31,
2023202420232024
Cash flows from operating activities
Net loss $(19,813)$(18,685)$(105,551)$(75,569)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization1,201 1,884 5,290 6,622 
Non-cash lease expense1,365 1,083 4,727 4,318 
Amortization of contract acquisition costs4,118 4,416 16,943 17,770 
Stock-based compensation18,995 16,447 83,859 64,348 
Other, net3,741 1,092 6,768 4,735 
Changes in operating assets and liabilities:
Accounts receivable, net(25,644)(11,989)(14,809)11,761 
Contract acquisition costs(5,312)(4,403)(16,999)(15,324)
Prepaid expenses and other assets327 (1,420)2,390 (1,593)
Accounts payable(6,344)(6,008)6,947 (6,974)
Operating lease liabilities(2,801)(1,123)(6,179)(5,177)
Accrued and other liabilities2,469 (1,077)(9,403)(4,438)
Deferred revenue24,867 25,228 15,127 2,104 
Net cash (used in) provided by operating activities(2,831)5,445 (10,890)2,583 
Cash flows from investing activities
Purchases of property and equipment(2,923)(2,520)(7,996)(11,734)
Purchases of intangible assets— — — (26)
  Net cash used in investing activities(2,923)(2,520)(7,996)(11,760)
Cash flows from financing activities
Proceeds from shares issued in connection with employee stock purchase plan— — 1,563 3,406 
Proceeds from structured payables— — 6,624 — 
Payments on structured payables— — (6,624)— 
Proceeds from exercise of stock options— — 861 65 
Net cash provided by financing activities— — 2,424 3,471 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash1,172 627 (599)145 
Net (decrease) increase in cash, cash equivalents, and restricted cash(4,582)3,552 (17,061)(5,561)
Cash, cash equivalents, and restricted cash at beginning of period71,082 57,387 83,561 66,500 
Cash, cash equivalents, and restricted cash at end of period$66,500 $60,939 $66,500 $60,939 



Domo, Inc.
Reconciliation of Non-GAAP Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months EndedYear Ended
January 31,January 31,
2023202420232024
Reconciliation of Subscription Gross Margin on a GAAP Basis to Subscription Gross Margin on a Non-GAAP Basis:
Revenue:
Subscription$70,268 $71,906 $271,290 $285,500 
Cost of revenue:
Subscription10,574 12,457 43,295 46,045 
Subscription gross profit on a GAAP basis59,694 59,449 227,995 239,455 
Subscription gross margin on a GAAP basis85 %83 %84 %84 %
Stock-based compensation500 852 2,676 2,810 
Subscription gross profit on a non-GAAP basis$60,194 $60,301 $230,671 $242,265 
Subscription gross margin on a non-GAAP basis86 %84 %85 %85 %
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$77,519 $74,496 $324,440 $298,400 
Stock-based compensation(17,852)(14,984)(78,651)(59,100)
Amortization of certain intangible assets(20)(20)(80)(80)
Executive officer severance (1)— (307)(620)(2,303)
Total operating expenses on a non-GAAP basis$59,647 $59,185 $245,089 $236,917 
Reconciliation of Operating Loss on a GAAP Basis to Operating Income (Loss) on a Non-GAAP Basis:
Operating loss on a GAAP basis$(16,085)$(13,347)$(88,873)$(54,881)
Stock-based compensation18,835 16,260 83,149 63,645 
Amortization of certain intangible assets20 20 80 80 
Executive officer severance (1)— 307 620 2,303 
Operating income (loss) on a non-GAAP basis$2,770 $3,240 $(5,024)$11,147 
Reconciliation of Operating Margin on a GAAP Basis to Operating Margin on a Non-GAAP Basis:
Operating margin on a GAAP basis(20)%(17)%(29)%(17)%
Stock-based compensation23 21 27 19 
Executive officer severance (1)— — — 1 
Operating margin on a non-GAAP basis3 %4 %(2)%3 %
Reconciliation of Net Loss on a GAAP Basis to Net Loss on a Non-GAAP Basis:
Net loss on a GAAP basis$(19,813)$(18,685)$(105,551)$(75,569)
Stock-based compensation18,995 16,447 83,859 64,348 
Amortization of certain intangible assets20 20 80 80 
Executive officer severance (1)— 307 620 2,303 
Net loss on a non-GAAP basis$(798)$(1,911)$(20,992)$(8,838)
Reconciliation of Net Loss per Share on a GAAP Basis to Net Loss per Share on a Non-GAAP Basis:
Net loss per share on a GAAP basis$(0.57)$(0.51)$(3.10)$(2.10)
Stock-based compensation0.55 0.45 2.47 1.79 
Executive officer severance (1)— 0.01 0.01 0.06 
Net loss per share on a non-GAAP basis$(0.02)$(0.05)$(0.62)$(0.25)



Domo, Inc.
Reconciliation of Non-GAAP Financial Measures (Continued)
(in thousands, except per share data)
(unaudited)
Three Months EndedYear Ended
January 31,January 31,
2023202420232024
Billings:
Total revenue$79,624 $80,184 $308,645 $318,989 
Add:
Deferred revenue (end of period)182,273 185,250 182,273 185,250 
Deferred revenue, noncurrent (end of period)3,609 2,736 3,609 2,736 
Less:
Deferred revenue (beginning of period)(157,915)(158,522)(168,335)(182,273)
Deferred revenue, noncurrent (beginning of period)(3,100)(4,236)(2,420)(3,609)
Increase in deferred revenue (current and noncurrent)24,867 25,228 15,127 2,104 
Billings$104,491 $105,412 $323,772 $321,093 
Reconciliation of Net Cash (Used in) Provided by Operating Activities to Adjusted Free Cash Flow:
Net cash (used in) provided by operating activities$(2,831)$5,445 $(10,890)$2,583 
Proceeds from shares issued in connection with employee stock purchase plan— — 1,563 3,406 
Purchases of property and equipment(2,923)(2,520)(7,996)(11,734)
Adjusted free cash flow$(5,754)$2,925 $(17,323)$(5,745)

(1) During the current fiscal year, we revised our definition for non-GAAP statement of operations line items to adjust for executive severance expenses. We have revised the prior period amounts to conform to our current period presentation.

v3.24.0.1
Cover Page
Mar. 07, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 07, 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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