Ooma, Inc. (NYSE: OOMA), a smart communications platform for
businesses and consumers, today released financial results for the
fiscal second quarter ended July 31, 2023.
Fiscal Second Quarter 2024 Financial Highlights:
- Revenue: Total revenue was $58.4 million, up 11%
year-over-year. Subscription and services revenue increased to
$54.7 million from $48.0 million in the second quarter of fiscal
2023, and was 94% of total revenue, primarily driven by the growth
of Ooma Business and the acquisition of OnSIP in July 2022.
- Net Income: GAAP net income was $0.3 million, or $0.01
per basic and diluted share, compared to GAAP net income of $0.3
million, or $0.01 per basic and diluted share, in the second
quarter of fiscal 2023. GAAP net income in the second quarter of
fiscal 2024 included a $1.0 million gain for consolidation of
facilities and GAAP net income in the second quarter of fiscal 2023
included a tax benefit for the release of a $2.0 million valuation
allowance from recording of certain intangible assets, both of
which resulted from the acquisition of OnSIP. Non-GAAP net income
was $3.8 million, or $0.14 per diluted share, compared to non-GAAP
net income of $3.0 million, or $0.12 per diluted share in the prior
year period.
- Adjusted EBITDA: Adjusted EBITDA was $4.9 million,
compared to $4.0 million in the second quarter of fiscal 2023.
For more information about non-GAAP net income and Adjusted
EBITDA, see the section below titled "Non-GAAP Financial Measures"
and the reconciliation provided in this release.
“Ooma performed well in Q2 with 14% year-over-year subscription
and services revenue growth, driven by 27% year-over-year growth in
business services revenue,” said Eric Stang, chief executive
officer of Ooma. “Revenue in Q2 reached $58.4 million and cash flow
from operations was strong at $3.6 million. Operationally, we
launched new features for Office Pro+, prepared for regional
expansion with our largest customer, and developed new capabilities
and partnerships for AirDial, which continues to see expanding
potential. We believe our key strategic initiatives are developing
well and remain focused on continued execution.”
Business Outlook:
For the third quarter of fiscal 2024, Ooma expects:
- Total revenue in the range of $59.0 million to $59.6
million.
- GAAP net loss in the range of $0.3 million to $0.6 million and
GAAP net loss per share in the range of $0.01 to $0.03.
- Non-GAAP net income in the range of $3.8 million to $4.1
million and non-GAAP net income per share in the range of $0.14 to
$0.16.
For the full fiscal year 2024, Ooma expects:
- Total revenue in the range of $235.5 million to $237.0
million.
- GAAP net loss in the range of $0.4 million to $1.4 million, and
GAAP net loss per share in the range of $0.00 to $0.04.
- Non-GAAP net income in the range of $15.5 million to $16.5
million, and non-GAAP net income per share in the range of $0.59 to
$0.63.
The following is a reconciliation of GAAP net loss to non-GAAP
net income and GAAP basic and diluted net loss per share to
non-GAAP diluted net income per share guidance for the third fiscal
quarter ending October 31, 2023 and the fiscal year ending January
31, 2024 (in millions, except per share data):
Projected range Three Months Ending Fiscal Year
Ending October 31, 2023 January 31, 2024
(unaudited) GAAP net loss
($0.3)-($0.6)
($0.4)-($1.4)
Stock-based compensation and related taxes
3.7
14.6
Amortization of intangible assets and acquisition-related costs
0.7
2.8
Facilities consolidation gain
—
(1.0)
Legal settlement costs
—
0.3
Non-GAAP net income
$3.8-$4.1
$15.5-$16.5
GAAP net loss per share
($0.01)-($0.03)
($0.00)-($0.04)
Stock-based compensation and related taxes
0.14
0.55
Amortization of intangible assets
0.03
0.11
Facilities consolidation gain
—
(0.04)
Legal settlement costs
—
0.01
Non-GAAP net income per share
$0.14-$0.16
$0.59-$0.63
Weighted-average number of shares used in per share
amounts: Basic
25.7
25.6
Diluted
26.3
26.4
Conference Call Information:
Ooma will host a conference call and live webcast for analysts
and investors today at 5:00 p.m. Eastern time. The news release
with the financial results will be accessible from the company's
website prior to the conference call.
Parties in the United States and Canada can access the call by
dialing +1 (888) 550-5744, using conference ID 4726540.
International parties can access the call by dialing +1 (646)
960-0223, using conference ID 4726540.
The webcast will be accessible on the Events and Presentations
page of Ooma’s investor relations website,
https://investors.ooma.com, for a period of at least one year. A
telephonic replay of the conference call will be available from
approximately two hours after the call is completed or about 8:00
p.m. Eastern time on August 23, 2023 until 11:59 p.m. Eastern time
Wednesday, August 30, 2023. To access the replay, parties in the
United States and Canada should call +1 (800) 770-2030.
International parties should call +1 (647) 362-9199.
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in
accordance with U.S. generally accepted accounting principles
(“GAAP”), this press release and the accompanying tables contain
certain non-GAAP financial measures, including: non-GAAP net
income, non-GAAP net income per share, non-GAAP gross profit and
gross margin, non-GAAP operating income, and Adjusted EBITDA.
Adjusted EBITDA represents the net income before interest and other
income, income tax provision, depreciation and amortization of
capital expenditures, amortization of intangible assets, certain
litigation settlement costs, non-recurring gains and stock-based
compensation expense and related taxes.
Other non-GAAP financial measures exclude stock-based
compensation expense and related taxes, certain non-recurring
charges and gains, and amortization of intangible assets. Non-GAAP
weighted-average diluted shares include the effect of potentially
dilutive securities from the company’s stock-based benefit
plans.
These non-GAAP financial measures are presented to provide
investors with additional information regarding our financial
results and core business operations. Ooma considers these non-GAAP
financial measures to be useful measures of the operating
performance of the company, because they contain adjustments for
unusual events or factors that do not directly affect what
management considers to be Ooma's core operating performance and
are used by the company's management for that purpose. Management
also believes that these non-GAAP financial measures allow for a
better evaluation of the company's performance by facilitating a
meaningful comparison of the company's core operating results in a
given period to those in prior and future periods. In addition,
investors often use similar measures to evaluate the operating
performance of a company.
Non-GAAP financial measures are presented for supplemental
informational purposes only to aid an understanding of the
company's operating results. The non-GAAP financial measures should
not be considered a substitute for financial information presented
in accordance with GAAP and may be different from non-GAAP
financial measures presented by other companies. A limitation of
the non-GAAP financial measures presented is that the adjustments
relate to items that the company generally expects to continue to
recognize. The adjustment of these items should not be construed as
an inference that the adjusted gains or expenses are unusual,
infrequent or non-recurring. Therefore, both GAAP financial
measures of Ooma's financial performance and the respective
non-GAAP measures should be considered together. Please see the
reconciliation of non-GAAP financial measures to the most directly
comparable GAAP measure in the tables below.
Disclosure Information
Ooma uses the investor relations section on its website as a
means of complying with its disclosure obligations under Regulation
FD. Accordingly, investors should monitor Ooma's investor relations
website in addition to following Ooma's press releases, Securities
and Exchange Commission (“SEC”) filings, and public conference
calls and webcasts.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements under the
Private Securities Litigation Reform Act of 1995. In particular,
the financial projections under “Business Outlook” and the
statements contained in the quotations of our Chief Executive
Officer with respect to expectations regarding the Company’s
strategic initiatives and AirDial opportunities may constitute
forward-looking statements. Forward-looking statements can be
identified by the fact that they do not relate strictly to
historical facts and generally contain words such as "believes”,
"expects”, "may”, "will”, "should”, "seeks”, "approximately”,
"intends”, "plans”, "estimates”, "anticipates”, and other
expressions that are predictions of or indicate future events.
Although the forward-looking statements contained in this press
release are based upon information available at the time the
statements are made and reflect management's good faith beliefs,
forward-looking statements inherently involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results, performance or achievements to differ materially from
anticipated future results. Important factors that could cause
actual results to differ materially from expectations include,
among others: our inability to attract new customers on a
cost-effective basis; our inability to retain customers; our
inability to realize expected returns from our investments made in
connection with our international expansion efforts and development
of new product features; failure to realize AirDial opportunities;
intense competition; loss of key retailers and reseller
partnerships; our reliance on vendors to manufacture the on-premise
appliances and end-point devices we sell; our reliance on third
parties for our network connectivity and co-location facilities;
our reliance on third parties for some of our software development,
quality assurance and operations; our reliance on third parties to
provide the majority of our customer service and support
representatives; and interruptions to our service. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date hereof. We do not undertake to update or
revise any forward-looking statements after they are made, whether
as a result of new information, future events, or otherwise, except
as required by applicable law.
The forward-looking statements contained in this press release
are also subject to other risks and uncertainties, including those
more fully described in our filings which we make with the SEC from
time to time, including the risk factors contained in our Quarterly
Report on Form 10-Q for the quarter ended April 30, 2023, filed
with the SEC on June 8, 2023. The forward-looking statements in
this press release are based on information available to Ooma as of
the date hereof, and Ooma disclaims any obligation to update any
forward-looking statements, except as required by law.
About Ooma, Inc.
Ooma (NYSE: OOMA) creates powerful connected experiences for
businesses and consumers, delivered from its smart cloud-based SaaS
platform. For businesses of all sizes, Ooma provides advanced voice
and collaboration features including messaging, intelligent virtual
attendants, and video conferencing to help them run more
efficiently. For consumers, Ooma’s residential phone service
provides PureVoice HD voice quality, advanced functionality and
integration with mobile devices. Learn more at www.ooma.com or
www.ooma.ca in Canada.
OOMA, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited, amounts in thousands)
July 31, January 31,
2023
2023
Assets Current assets: Cash and cash equivalents
$
28,979
$
24,137
Short-term investments
495
2,723
Accounts receivable, net
8,612
7,131
Inventories
22,806
26,246
Other current assets
14,508
14,368
Total current assets
75,400
74,605
Property and equipment, net
9,253
7,996
Operating lease right-of-use assets
16,129
12,702
Intangible assets, net
9,030
10,463
Goodwill
8,655
8,655
Other assets
17,722
16,584
Total assets
$
136,189
$
131,005
Liabilities and stockholders' equity Current
liabilities: Accounts payable
$
12,505
$
13,462
Accrued expenses and other current liabilities
22,379
26,726
Deferred revenue
17,391
17,216
Total current liabilities
52,275
57,404
Long-term operating lease liabilities
12,692
10,426
Other liabilities
17
31
Total liabilities
64,984
67,861
Stockholders' equity: Common stock
5
5
Additional paid-in capital
203,703
195,605
Accumulated other comprehensive loss
(5
)
(23
)
Accumulated deficit
(132,498
)
(132,443
)
Total stockholders' equity
71,205
63,144
Total liabilities and stockholders' equity
$
136,189
$
131,005
OOMA, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited, amounts in thousands, except share
and per share data) Three Months Ended Six
Months Ended July 31,2023 July 31,2022 July
31,2023 July 31,2022 Revenue: Subscription and
services
$
54,726
$
47,995
$
107,775
$
94,718
Product and other
3,627
4,658
7,430
8,272
Total revenue
58,353
52,653
115,205
102,990
Cost of revenue: Subscription and services
15,456
12,675
30,181
25,884
Product and other
6,309
6,161
12,484
11,337
Total cost of revenue
21,765
18,836
42,665
37,221
Gross profit
36,588
33,817
72,540
65,769
Operating expenses: Sales and marketing
18,842
17,432
36,832
33,583
Research and development
11,768
11,119
23,721
21,617
General and administrative
5,972
6,912
12,589
12,974
Total operating expenses
36,582
35,463
73,142
68,174
Income (loss) from operations
6
(1,646
)
(602
)
(2,405
)
Interest and other income, net
532
17
947
50
Income (loss) before income taxes
538
(1,629
)
345
(2,355
)
Income tax (provision) benefit
(267
)
1,967
(400
)
1,927
Net income (loss)
$
271
$
338
$
(55
)
$
(428
)
Net income (loss) per share of common stock: Basic and
diluted
$
0.01
$
0.01
$
(0.00
)
$
(0.02
)
Weighted-average shares of common stock outstanding: Basic
25,575,962
24,388,275
25,327,255
24,254,465
Diluted
25,935,018
24,873,764
25,883,010
24,254,465
OOMA, INC. CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited, amounts in thousands)
Three Months Ended Six Months Ended July
31,2023 July 31,2022 July 31,2023 July
31,2022 Cash flows from operating activities: Net income
(loss)
$
271
$
338
$
(55
)
$
(428
)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: Stock-based compensation expense
3,624
3,505
7,124
6,842
Depreciation and amortization of capital expenditures
1,125
889
2,188
1,739
Amortization of intangible assets
692
372
1,433
698
Amortization of operating lease right-of-use assets
813
732
1,460
1,449
Facilities consolidation gain
(956
)
—
(956
)
—
Deferred income tax benefit
—
(2,043
)
—
(2,043
)
Other
(2
)
11
(4
)
26
Changes in operating assets and liabilities: Accounts receivable,
net
122
(715
)
(1,481
)
973
Inventories and deferred inventory costs
2,382
(6,665
)
3,347
(7,158
)
Prepaid expenses and other assets
(730
)
355
(1,485
)
(2,326
)
Accounts payable, accrued expenses and other liabilities
(4,544
)
4,641
(6,896
)
2,690
Deferred revenue
755
743
161
520
Net cash provided by operating activities
3,552
2,163
4,836
2,982
Cash flows from investing activities: Proceeds from
maturities and sales of short-term investments
500
4,325
2,250
9,125
Purchases of short-term investments
—
(489
)
—
(3,869
)
Capital expenditures
(2,144
)
(1,353
)
(3,518
)
(2,812
)
Business acquisition
—
(9,771
)
300
(9,771
)
Net cash used in investing activities
(1,644
)
(7,288
)
(968
)
(7,327
)
Cash flows from financing activities: Proceeds from
issuance of common stock
164
—
1,888
1,554
Shares repurchased for tax withholdings on vesting of restricted
stock units
(483
)
(336
)
(914
)
(684
)
Net cash (used in) provided by financing activities
(319
)
(336
)
974
870
Net increase (decrease) in cash and cash equivalents
1,589
(5,461
)
4,842
(3,475
)
Cash and cash equivalents at beginning of period
27,390
21,653
24,137
19,667
Cash and cash equivalents at end of period
$
28,979
$
16,192
$
28,979
$
16,192
OOMA, INC.
Reconciliation of Non-GAAP Financial Measures (Unaudited,
amounts in thousands, except percentages, shares and per share
data) Three Months Ended Six Months Ended
July 31,2023 July 31,2022 July 31,2023 July
31,2022 Revenue
$
58,353
$
52,653
$
115,205
$
102,990
GAAP gross profit
$
36,588
$
33,817
$
72,540
$
65,769
Stock-based compensation and related taxes
260
248
520
496
Amortization of intangible assets
82
79
192
152
Non-GAAP gross profit
$
36,930
$
34,144
$
73,252
$
66,417
Gross margin on a GAAP basis
63
%
64
%
63
%
64
%
Gross margin on a Non-GAAP basis
63
%
65
%
64
%
64
%
GAAP operating income (loss)
$
6
$
(1,646
)
$
(602
)
$
(2,405
)
Stock-based compensation and related taxes
3,695
3,567
7,290
7,007
Amortization of intangible assets and acquisition-related costs
692
1,173
1,433
1,499
Facilities consolidation gain
(956
)
—
(956
)
—
Legal settlement costs
300
—
300
—
Non-GAAP operating income
$
3,737
$
3,094
$
7,465
$
6,101
GAAP net income (loss)
$
271
$
338
$
(55.0
)
$
(428
)
Stock-based compensation and related taxes
3,695
3,567
7,290
7,007
Amortization of intangible assets and acquisition-related costs
501
1,173
1,433
1,499
Facilities consolidation gain
(956
)
—
(956
)
—
Legal settlement costs
300
—
300
—
Acquisition-related income tax benefit
—
(2,043
)
—
(2,043
)
Non-GAAP net income
$
3,811
$
3,035
$
8,012
$
6,035
GAAP basic and diluted net income (loss) per share
$
0.01
$
0.01
$
—
$
(0.02
)
Stock-based compensation and related taxes
0.14
0.14
0.28
0.29
Amortization of intangible assets and acquisition-related costs
0.02
0.05
0.06
0.06
Facilities consolidation gain
(0.04
)
—
(0.04
)
—
Legal settlement costs
0.01
—
0.01
—
Acquisition-related income tax benefit
—
(0.08
)
—
(0.08
)
Non-GAAP net income per basic share
$
0.14
$
0.12
$
0.31
$
0.25
Non-GAAP net income per diluted share
$
0.14
$
0.12
$
0.31
$
0.24
GAAP weighted-average basic shares
25,575,962
24,388,275
25,327,255
24,254,465
GAAP weighted-average diluted shares
25,935,018
24,873,764
25,883,010
24,254,465
Non-GAAP weighted-average diluted shares
25,935,018
24,873,764
25,883,010
24,908,575
GAAP net income (loss)
$
271
$
338
$
(55
)
$
(428
)
Reconciling items: Interest and other income, net
(532
)
(17
)
(947
)
(50
)
Income taxes
267
(1,967
)
400
(1,927
)
Depreciation and amortization of capital expenditures
1,125
889
2,188
1,739
Facilities consolidation gain
(956
)
—
(956
)
—
Legal settlement costs
300
—
300
—
Amortization of intangible assets and acquisition-related costs
692
1,173
1,433
1,499
Stock-based compensation and related taxes
3,695
3,567
7,290
7,007
Adjusted EBITDA
$
4,862
$
3,983
$
9,653
$
7,840
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230823424898/en/
INVESTOR CONTACT: Matthew S. Robison Director of IR and
Corporate Development Ooma, Inc. ir@ooma.com (650) 300-1480
MEDIA CONTACT: Mike Langberg Director of Corporate
Communications Ooma, Inc. press@ooma.com (650) 566-6693
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