Ooma, Inc. (NYSE: OOMA), a smart communications platform for
businesses and consumers, today released financial results for the
fiscal fourth quarter and year ended January 31, 2022.
Fourth Quarter Fiscal 2022 Financial Highlights:
- Revenue: Total revenue was $50.5 million, up 14%
year-over-year. Subscription and services revenue increased to
$45.8 million from $41.1 million in the fourth quarter of fiscal
2021, and was 91% of total revenue, primarily driven by the growth
of Ooma Business.
- Net Income/Loss: GAAP net loss was $0.1 million, or
$0.00 per basic and diluted share, compared to GAAP net loss of
$0.6 million, or $0.03 per basic and diluted share, in the fourth
quarter of fiscal 2021. Non-GAAP net income was $3.2 million, or
$0.13 per diluted share, compared to non-GAAP net income of $2.8
million, or $0.12 per diluted share in the prior year period.
- Adjusted EBITDA: Adjusted EBITDA was $4.0 million,
compared to $3.6 million in the fourth quarter of fiscal 2021.
Full Year Fiscal 2022 Financial Highlights:
- Revenue: Total revenue was $192.3 million, up 14%
year-over-year. Subscription and services revenue increased to
$175.9 million from $156.9 million in fiscal 2021, and was 91% of
total revenue, primarily driven by the growth of Ooma
Business.
- Net Income/Loss: GAAP net loss was $1.8 million, or
$0.07 per basic and diluted share, compared to GAAP net loss of
$2.4 million, or $0.11 per basic and diluted share, in fiscal 2021.
Non-GAAP net income was $12.6 million, or $0.51 per diluted share,
compared to non-GAAP net income of $11.5 million, or $0.49 per
diluted share in the prior fiscal year.
- Adjusted EBITDA: Adjusted EBITDA was $15.6 million,
compared to $14.0 million in fiscal 2021.
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 achieved solid fourth quarter results, with revenue growth
of 14% year-over-year and continued ARPU expansion and non-GAAP
profitability,” said Eric Stang, chief executive officer of Ooma.
“For the full fiscal 2022 year, Ooma also delivered 14% revenue
growth, with business subscription and services revenue growing 23%
year-over-year and residential subscription services revenue
growing 3% year-over-year. Ooma made significant investments during
fiscal 2022, including for international expansion and new features
and products which we expect to capitalize on in the upcoming
fiscal year. Our priorities for fiscal 2023 include development of
new Ooma Office features supporting a higher tier of service,
expansion of our sales and marketing reach, increased focus on
select vertical markets for Ooma Enterprise, and execution of the
company’s growth plans for AirDial.”
Business Outlook:
For the first quarter of fiscal 2023, Ooma expects:
- Total revenue in the range of $49.5 million to $50.2
million.
- GAAP net loss in the range of $1.0 million to $1.6 million and
GAAP net loss per share in the range of $0.04 to $0.06.
- Non-GAAP net income in the range of $2.2 million to $2.8
million and non-GAAP net income per share in the range of $0.09 to
$0.11.
For the full fiscal year 2023, Ooma expects:
- Total revenue in the range of $209.5 million to $212.5
million.
- GAAP net loss in the range of $4.9 million to $6.9 million, and
GAAP net loss per share in the range of $0.19 to $0.27.
- Non-GAAP net income in the range of $8.5 million to $10.5
million, and non-GAAP net income per share in the range of $0.33 to
$0.41.
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 fiscal first
quarter ending April 30, 2022 and the fiscal year ending January
31, 2023 (in millions, except per share data):
Projected range Three Months Ending Fiscal Year
Ending April 30, 2022 January 31, 2023
(unaudited) GAAP net loss
($1.0)-($1.6)
($4.9)-($6.9)
Stock-based compensation and related taxes
3.5
14.1
Amortization of intangible assets
0.3
1.3
Non-GAAP net income
$2.2-$2.8
$8.5-$10.5
GAAP net loss per share
($0.04)-($0.06)
($0.19)-($0.27)
Stock-based compensation and related taxes
0.14
0.55
Amortization of intangible assets
0.01
0.05
Non-GAAP net income per share
$0.09-$0.11
$0.33-$0.41
Weighted-average number of shares used in per share
amounts: Basic
24.1
24.6
Diluted
25.1
25.7
Conference Call Information:
Ooma will host a conference call and live webcast for analysts
and investors at 5:00 p.m., Eastern time today March 3, 2022. 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
8:00 p.m. Eastern time on March 3, 2022 until 11:59 p.m. Eastern
time on Thursday, March 10, 2022. To access the replay, parties in
the United States and Canada should call +1 (800) 770-2030 and use
conference code 4726540. International parties should call +1 (647)
362-9199 and use conference code 4726540.
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 (if any), depreciation and amortization of
capital expenditures, amortization of intangible assets, and
stock-based compensation and related taxes.
Other non-GAAP financial measures exclude stock-based
compensation expense and related taxes and amortization of
intangible assets.
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 regarding future economic performance and financial
positions, expectations and objectives of management 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 October 31, 2021, filed
with the SEC on December 8, 2021. 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) provides leading communications services and
related technologies that bring unique features, ease of use, and
affordability to businesses of all sizes and residential customers
through a smart cloud-based SaaS platform. For businesses, Ooma
delivers 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) January
31, January 31,
2022
2021
Assets Current assets: Cash and cash equivalents
$
19,667
$
17,298
Short-term investments
11,613
11,013
Accounts receivable, net
7,310
5,228
Inventories
13,841
12,233
Other current assets
13,598
10,222
Total current assets
66,029
55,994
Property and equipment, net
6,481
5,071
Operating lease right-of-use assets
14,396
6,045
Intangible assets, net
4,208
5,513
Goodwill
4,264
4,264
Other assets
13,875
12,210
Total assets
$
109,253
$
89,097
Liabilities and stockholders' equity Current
liabilities: Accounts payable
$
7,507
$
7,499
Accrued expenses and other current liabilities
22,823
22,731
Deferred revenue
16,600
16,426
Total current liabilities
46,930
46,656
Long-term operating lease liabilities
11,194
2,815
Other liabilities
73
75
Total liabilities
58,197
49,546
Stockholders' equity: Common stock
4
4
Additional paid-in capital
179,860
166,577
Accumulated other comprehensive (loss) gain
(20
)
7
Accumulated deficit
(128,788
)
(127,037
)
Total stockholders' equity
51,056
39,551
Total liabilities and stockholders' equity
$
109,253
$
89,097
OOMA, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited, amounts in thousands, except share
and per share data) Three Months Ended Fiscal
Year Ended January 31, January 31, January
31, January 31,
2022
2021
2022
2021
Revenue: Subscription and services
$
45,781
$
41,124
$
175,942
$
156,873
Product and other
4,708
3,138
16,348
12,074
Total revenue
50,489
44,262
192,290
168,947
Cost of revenue: Subscription and services
12,624
11,812
49,563
46,134
Product and other
7,058
5,010
24,289
18,009
Total cost of revenue
19,682
16,822
73,852
64,143
Gross profit
30,807
27,440
118,438
104,804
Operating expenses: Sales and marketing
15,206
13,536
58,631
50,919
Research and development
10,003
9,228
38,193
36,079
General and administrative
5,725
5,235
23,544
20,581
Total operating expenses
30,934
27,999
120,368
107,579
Loss from operations
(127
)
(559
)
(1,930
)
(2,775
)
Interest and other income, net
28
49
179
419
Loss before income taxes
(99
)
(510
)
(1,751
)
(2,356
)
Income tax provision
—
(85
)
—
(85
)
Net loss
$
(99
)
$
(595
)
$
(1,751
)
$
(2,441
)
Net loss per share of common stock: Basic and diluted
$
(0.00
)
$
(0.03
)
$
(0.07
)
$
(0.11
)
Weighted-average shares of common stock outstanding: Basic and
diluted
23,845,659
22,774,263
23,473,849
22,361,312
OOMA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited, amounts in thousands) Three
Months Ended Fiscal Year Ended January 31,
January 31, January 31, January 31,
2022
2021
2022
2021
Cash flows from operating activities: Net loss
$
(99
)
$
(595
)
$
(1,751
)
$
(2,441
)
Adjustments to reconcile net loss to net cash provided by operating
activities: Stock-based compensation expense
2,934
3,056
12,682
12,275
Depreciation and amortization of capital expenditures
789
746
3,117
2,877
Amortization of intangible assets
326
326
1,304
1,304
Non-cash operating lease expense
709
807
2,939
3,198
Other
14
5
53
46
Changes in operating assets and liabilities: Accounts receivable,
net
(1,025
)
(238
)
(2,082
)
(637
)
Inventories
398
(2,010
)
(1,571
)
(3,378
)
Other assets
(247
)
(623
)
(4,609
)
(5,496
)
Accounts payable and other liabilities
(1,861
)
630
(3,599
)
(3,911
)
Deferred revenue
(155
)
99
172
530
Net cash provided by operating activities
1,783
2,203
6,655
4,367
Cash flows from investing activities: Proceeds from
maturities and sales of short-term investments
2,575
5,355
16,805
23,466
Purchases of short-term investments
(2,622
)
(4,273
)
(17,488
)
(20,077
)
Capital expenditures
(1,154
)
(879
)
(4,204
)
(3,160
)
Net cash (used in) provided by investing activities
(1,201
)
203
(4,887
)
229
Cash flows from financing activities: Proceeds from
issuance of common stock
126
85
2,706
2,905
Shares repurchased for tax withholdings on vesting of restricted
stock units
(481
)
(462
)
(2,105
)
(1,641
)
Payment of credit facility issuance costs
—
(242
)
—
(242
)
Net cash (used in) provided by financing activities
(355
)
(619
)
601
1,022
Net increase in cash and cash equivalents
227
1,787
2,369
5,618
Cash and cash equivalents at beginning of period
19,440
15,511
17,298
11,680
Cash and cash equivalents at end of period
$
19,667
$
17,298
$
19,667
$
17,298
OOMA, INC. Reconciliation of Non-GAAP Financial
Measures (Unaudited, amounts in thousands, except
percentages, shares and per share data) Three Months
Ended Fiscal Year Ended January 31, January
31, January 31, January 31,
2022
2021
2022
2021
Revenue
$
50,489
$
44,262
$
192,290
$
168,947
GAAP gross profit
$
30,807
$
27,440
$
118,438
$
104,804
Stock-based compensation and related taxes
231
257
1,026
1,054
Amortization of intangible assets
73
73
292
292
Non-GAAP gross profit
$
31,111
$
27,770
$
119,756
$
106,150
Gross margin on a GAAP basis
61
%
62
%
62
%
62
%
Gross margin on a Non-GAAP basis
62
%
63
%
62
%
63
%
GAAP operating loss
$
(127
)
$
(559
)
$
(1,930
)
$
(2,775
)
Stock-based compensation and related taxes
3,004
3,115
13,077
12,607
Amortization of intangible assets
326
326
1,304
1,304
Non-GAAP operating income
$
3,203
$
2,882
$
12,451
$
11,136
GAAP net loss
$
(99
)
$
(595
)
$
(1,751
)
$
(2,441
)
Stock-based compensation and related taxes
3,004
3,115
13,077
12,607
Amortization of intangible assets
326
326
1,304
1,304
Non-GAAP net income
$
3,231
$
2,846
$
12,630
$
11,470
GAAP basic and diluted net loss per share
$
(0.00
)
$
(0.03
)
$
(0.07
)
$
(0.11
)
Stock-based compensation and related taxes
0.13
0.14
0.55
0.56
Amortization of intangible assets
0.01
0.01
0.06
0.06
Non-GAAP net income per basic share
$
0.14
$
0.12
$
0.54
$
0.51
Non-GAAP net income per diluted share
$
0.13
$
0.12
$
0.51
$
0.49
GAAP weighted-average basic and diluted shares
23,845,659
22,774,263
23,473,849
22,361,312
Non-GAAP weighted-average diluted shares
25,120,348
23,894,792
24,910,303
23,554,838
GAAP net loss
$
(99
)
$
(595
)
$
(1,751
)
$
(2,441
)
Reconciling items: Interest and other income, net
(28
)
(49
)
(179
)
(419
)
Income tax provision
—
85
—
85
Depreciation and amortization of capital expenditures
789
746
3,117
2,877
Amortization of intangible assets
326
326
1,304
1,304
Stock-based compensation and related taxes
3,004
3,115
13,077
12,607
Adjusted EBITDA
$
3,992
$
3,628
$
15,568
$
14,013
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220303005911/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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