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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended
July 31,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from
to
Commission File Number:
001-37493
Ooma, Inc.
(Exact Name of Registrant as Specified in its Charter)
|
|
|
Delaware
|
06-1713274
|
|
(State or other jurisdiction
of incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
525 Almanor Avenue,
Suite 200,
Sunnyvale,
California
94085
(Address of principal executive offices)
(650)
566-6600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the
Act:
|
|
|
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
|
Common Stock, par value $0.0001
|
OOMA
|
The New York Stock Exchange
|
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer,
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
|
|
|
|
|
|
|
|
Large Accelerated Filer
|
|
☐
|
|
Accelerated Filer
|
|
☒
|
|
|
|
|
|
|
Non-Accelerated Filer
|
|
☐
|
|
Smaller reporting company
|
|
☐
|
|
|
|
|
|
|
|
|
|
Emerging growth company
|
|
☐
|
|
|
|
|
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.
Yes
☐
No
☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
☒
As of August 31, 2022, there were
24.3
million shares of the registrant’s common stock
outstanding.
TABLE OF CONTENTS
Ooma | FY2023 Form 10-Q |
2
PART I — FINANCIAL
INFORMATION
Item 1. Financial
Statements
OOMA, INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Unaudited, amounts in thousands, except share and per share
data)
|
|
|
|
|
|
|
|
|
|
July 31,
2022
|
|
January 31,
2022
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
16,192
|
|
$
|
19,667
|
|
Short-term investments
|
|
|
6,277
|
|
|
11,613
|
|
Accounts receivable, net
|
|
|
6,592
|
|
|
7,310
|
|
Inventories
|
|
|
21,075
|
|
|
13,841
|
|
Other current assets
|
|
|
14,968
|
|
|
13,598
|
|
Total current assets
|
|
|
65,104
|
|
|
66,029
|
|
Property and equipment, net
|
|
|
7,698
|
|
|
6,481
|
|
Operating lease right-of-use assets
|
|
|
14,663
|
|
|
14,396
|
|
Intangible assets, net
|
|
|
11,690
|
|
|
4,208
|
|
Goodwill
|
|
|
8,695
|
|
|
4,264
|
|
Other assets
|
|
|
15,132
|
|
|
13,875
|
|
Total assets
|
|
$
|
122,982
|
|
$
|
109,253
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
12,968
|
|
$
|
7,507
|
|
Accrued expenses and other current liabilities
|
|
|
22,904
|
|
|
22,823
|
|
Deferred revenue
|
|
|
17,686
|
|
|
16,600
|
|
Total current liabilities
|
|
|
53,558
|
|
|
46,930
|
|
Long-term operating lease liabilities
|
|
|
11,076
|
|
|
11,194
|
|
Other long-term liabilities
|
|
|
48
|
|
|
73
|
|
Total liabilities
|
|
|
64,682
|
|
|
58,197
|
|
Commitments and
contingencies (Note
11)
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
Common stock
|
|
|
5
|
|
|
4
|
|
Additional paid-in capital
|
|
|
187,571
|
|
|
179,860
|
|
Accumulated other comprehensive loss
|
|
|
(60)
|
|
|
(20)
|
|
Accumulated deficit
|
|
|
(129,216)
|
|
|
(128,788)
|
|
Total stockholders’ equity
|
|
|
58,300
|
|
|
51,056
|
|
Total liabilities and stockholders’ equity
|
|
$
|
122,982
|
|
$
|
109,253
|
See notes to condensed consolidated financial statements
Ooma | FY2023 Form 10-Q |
3
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,
2022
|
|
July 31,
2021
|
|
July 31,
2022
|
|
July 31,
2021
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription and services
|
|
$
|
47,995
|
|
$
|
43,537
|
|
$
|
94,718
|
|
$
|
85,502
|
|
Product and other
|
|
|
4,658
|
|
|
3,520
|
|
|
8,272
|
|
|
7,127
|
|
Total revenue
|
|
|
52,653
|
|
|
47,057
|
|
|
102,990
|
|
|
92,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription and services
|
|
|
12,675
|
|
|
12,326
|
|
|
25,884
|
|
|
24,665
|
|
Product and other
|
|
|
6,161
|
|
|
5,428
|
|
|
11,337
|
|
|
10,579
|
|
Total cost of revenue
|
|
|
18,836
|
|
|
17,754
|
|
|
37,221
|
|
|
35,244
|
|
Gross profit
|
|
|
33,817
|
|
|
29,303
|
|
|
65,769
|
|
|
57,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
17,432
|
|
|
14,331
|
|
|
33,583
|
|
|
28,347
|
|
Research and development
|
|
|
11,119
|
|
|
9,416
|
|
|
21,617
|
|
|
18,723
|
|
General and administrative
|
|
|
6,912
|
|
|
6,014
|
|
|
12,974
|
|
|
11,739
|
|
Total operating expenses
|
|
|
35,463
|
|
|
29,761
|
|
|
68,174
|
|
|
58,809
|
|
Loss from operations
|
|
|
(1,646)
|
|
|
(458)
|
|
|
(2,405)
|
|
|
(1,424)
|
|
Interest and other income, net
|
|
|
17
|
|
|
19
|
|
|
50
|
|
|
98
|
|
Loss before income taxes
|
|
|
(1,629)
|
|
|
(439)
|
|
|
(2,355)
|
|
|
(1,326)
|
|
Income tax benefit
|
|
|
1,967
|
|
|
—
|
|
|
1,927
|
|
|
—
|
|
Net income (loss)
|
|
$
|
338
|
|
$
|
(439)
|
|
$
|
(428)
|
|
$
|
(1,326)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share of common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
0.01
|
|
$
|
(0.02)
|
|
$
|
(0.02)
|
|
$
|
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of common stock outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
24,388,275
|
|
|
23,359,715
|
|
|
24,254,465
|
|
|
23,209,151
|
|
Diluted
|
|
|
24,873,764
|
|
|
23,359,715
|
|
|
24,254,465
|
|
|
23,209,151
|
See notes to condensed consolidated financial statements
Ooma | FY2023 Form 10-Q |
4
OOMA, INC.
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Unaudited, amounts in thousands)
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
July 31,
2022
|
|
|
July 31,
2021
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(428)
|
|
$
|
(1,326)
|
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
6,842
|
|
|
6,515
|
|
Depreciation and amortization of capital expenditures
|
|
|
1,739
|
|
|
1,548
|
|
Amortization of intangible assets
|
|
|
698
|
|
|
652
|
|
Amortization of operating lease right-of-use assets
|
|
|
1,449
|
|
|
1,531
|
|
Deferred income tax benefit
|
|
|
(2,043)
|
|
|
—
|
|
Other
|
|
|
26
|
|
|
24
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
973
|
|
|
400
|
|
Inventories and deferred inventory costs
|
|
|
(7,158)
|
|
|
(1,600)
|
|
Prepaid expenses and other assets
|
|
|
(2,326)
|
|
|
(3,007)
|
|
Accounts payable, accrued expenses and other liabilities
|
|
|
2,690
|
|
|
(2,127)
|
|
Deferred revenue
|
|
|
520
|
|
|
384
|
|
Net cash provided by operating activities
|
|
|
2,982
|
|
|
2,994
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Proceeds from maturities and sales of short-term
investments
|
|
|
9,125
|
|
|
9,900
|
|
Purchases of short-term investments
|
|
|
(3,869)
|
|
|
(8,859)
|
|
Capital expenditures
|
|
|
(2,812)
|
|
|
(1,742)
|
|
Business acquisition
|
|
|
(9,771)
|
|
|
—
|
|
Net cash used in investing activities
|
|
|
(7,327)
|
|
|
(701)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock
|
|
|
1,554
|
|
|
1,621
|
|
Shares repurchased for tax withholdings on vesting of restricted
stock units ("RSU")
|
|
|
(684)
|
|
|
(1,145)
|
|
Net cash provided by financing activities
|
|
|
870
|
|
|
476
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(3,475)
|
|
|
2,769
|
|
Cash and cash equivalents at beginning of period
|
|
|
19,667
|
|
|
17,298
|
|
Cash and cash equivalents at end of period
|
|
$
|
16,192
|
|
$
|
20,067
|
See notes to condensed consolidated financial statements
Ooma | FY2023 Form 10-Q |
5
OOMA, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
Accumulated
|
|
Stockholders'
|
|
Fiscal 2023
|
|
and APIC
(1)
|
|
AOCL
(2)
|
|
Deficit
|
|
Equity
|
|
BALANCE - February 1, 2022
|
|
$
|
179,864
|
|
$
|
(20)
|
|
$
|
(128,788)
|
|
$
|
51,056
|
|
Issuance of common stock under equity-based plans
|
|
|
1,554
|
|
|
—
|
|
|
—
|
|
|
1,554
|
|
Shares repurchased for tax withholdings on RSU vesting
|
|
|
(348)
|
|
|
—
|
|
|
—
|
|
|
(348)
|
|
Stock-based compensation
|
|
|
3,337
|
|
|
—
|
|
|
—
|
|
|
3,337
|
|
Changes in other comprehensive loss
|
|
|
—
|
|
|
(39)
|
|
|
—
|
|
|
(39)
|
|
Net loss
|
|
|
—
|
|
|
—
|
|
|
(766)
|
|
|
(766)
|
|
BALANCE - April 30, 2022
|
|
$
|
184,407
|
|
$
|
(59)
|
|
$
|
(129,554)
|
|
$
|
54,794
|
|
Shares repurchased for tax withholdings on RSU vesting
|
|
|
(336)
|
|
|
—
|
|
|
—
|
|
|
(336)
|
|
Stock-based compensation
|
|
|
3,505
|
|
|
—
|
|
|
—
|
|
|
3,505
|
|
Changes in other comprehensive loss
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
Net income
|
|
|
—
|
|
|
—
|
|
|
338
|
|
|
338
|
|
BALANCE - July 31, 2022
|
|
$
|
187,576
|
|
$
|
(60)
|
|
$
|
(129,216)
|
|
$
|
58,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
Accumulated
|
|
Stockholders'
|
|
Fiscal 2022
|
|
and APIC
|
|
AOCI
|
|
Deficit
|
|
Equity
|
|
BALANCE - February 1, 2021
|
|
$
|
166,581
|
|
$
|
7
|
|
$
|
(127,037)
|
|
$
|
39,551
|
|
Issuance of common stock under equity-based plans
|
|
|
1,469
|
|
|
—
|
|
|
—
|
|
|
1,469
|
|
Shares repurchased for tax withholdings on RSU vesting
|
|
|
(485)
|
|
|
—
|
|
|
—
|
|
|
(485)
|
|
Stock-based compensation
|
|
|
3,194
|
|
|
—
|
|
|
—
|
|
|
3,194
|
|
Changes in other comprehensive income
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
(4)
|
|
Net loss
|
|
|
—
|
|
|
—
|
|
|
(887)
|
|
|
(887)
|
|
BALANCE - April 30, 2021
|
|
$
|
170,759
|
|
$
|
3
|
|
$
|
(127,924)
|
|
$
|
42,838
|
|
Issuance of common stock under equity-based plans
|
|
|
152
|
|
|
—
|
|
|
—
|
|
|
152
|
|
Shares repurchased for tax withholdings on RSU vesting
|
|
|
(660)
|
|
|
—
|
|
|
—
|
|
|
(660)
|
|
Stock-based compensation
|
|
|
3,321
|
|
|
—
|
|
|
—
|
|
|
3,321
|
|
Changes in other comprehensive income
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
(2)
|
|
Net loss
|
|
|
—
|
|
|
—
|
|
|
(439)
|
|
|
(439)
|
|
BALANCE - July 31, 2021
|
|
$
|
173,572
|
|
$
|
1
|
|
$
|
(128,363)
|
|
$
|
45,210
|
(1)
Additional paid-in capital
(2)
Accumulated other comprehensive (loss) income
See notes to condensed consolidated financial statements
Ooma | FY2023 Form 10-Q |
6
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note
1: Overview
Ooma, Inc. and its wholly-owned subsidiaries (collectively, “Ooma”
or the “Company”) provides leading communications services and
related technologies for businesses and consumers, delivered from
its smart software-as-a-service (“SaaS”) and unified communications
platforms. The Company is headquartered in Sunnyvale,
California.
On July 22, 2022, the Company completed the acquisition of Junction
Networks, Inc., which does business as OnSIP, a provider of
cloud-based phone and unified communications services for small and
mid-size businesses. See Note 13:
Business Acquisition.
Fiscal Year.
The Company’s fiscal year ends on January 31. References to fiscal
2023 and fiscal 2022 refer to the fiscal year ending January 31,
2023 and the fiscal year ended January 31, 2022,
respectively.
Basis of Presentation.
The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with U.S. generally
accepted accounting principles (“GAAP”) and applicable rules and
regulations of the Securities and Exchange Commission (“SEC”)
regarding interim financial reporting. Certain information and note
disclosures normally included in the financial statements prepared
in accordance with GAAP have been condensed or omitted pursuant to
such rules and regulations. The condensed consolidated balance
sheet as of January 31, 2022 included herein was derived from the
audited financial statements as of that date, but does not include
all the disclosures required by GAAP. Therefore, the information
included in this Quarterly Report on Form 10-Q should be read in
conjunction with the audited consolidated financial statements and
related notes included in the Company’s Annual Report on Form 10-K
for the year ended January 31, 2022 filed with the SEC on April 8,
2022 (“Annual Report”).
The accompanying condensed consolidated financial statements
reflect all normal recurring adjustments that management believes
are necessary for a fair presentation of the interim periods
presented. The results for the three and six months ended July 31,
2022 are not necessarily indicative of the results to be expected
for any subsequent quarter or for the fiscal year ending January
31, 2023.
Principles of Consolidation.
The condensed consolidated financial statements include the
accounts of Ooma, Inc. and its wholly-owned subsidiaries. All
intercompany transactions and balances have been eliminated in
consolidation.
Comprehensive Income (Loss).
For all periods presented, comprehensive income (loss) approximated
net income (loss) in the condensed consolidated statements of
operations and differences were not material. Therefore, the
condensed consolidated statements of comprehensive income (loss)
have been omitted.
Use of Estimates.
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect
the Company’s condensed consolidated financial statements and notes
thereto. Significant estimates include, but are not limited to,
those related to revenue recognition, inventory valuation, deferred
sales commissions, valuation of goodwill and intangible assets,
operating lease assets and liabilities, regulatory fees and
indirect tax accruals, loss contingencies, stock-based compensation
and income taxes (including valuation allowances). The Company
bases its estimates and assumptions on historical experience, where
applicable, and other factors that it believes to be reasonable
under the circumstances. These estimates are based on information
available as of the date of the consolidated financial statements,
and assumptions are inherently subjective in nature. Therefore,
actual results could differ from management’s estimates.
Ooma | FY2023 Form 10-Q |
7
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Significant Accounting Policies.
Except for the addition of business combinations below, there have
been no material changes to the Company’s significant accounting
policies from those disclosed in the Annual Report.
Business Combinations.
The Company accounts for its business combinations using the
acquisition method of accounting. The purchase consideration is
allocated to the assets acquired and liabilities assumed from the
acquiree based on their respective fair values as of the
acquisition date. The excess of the fair value of purchase
consideration over the fair value of these assets acquired and
liabilities assumed is recorded as goodwill. Management is required
to make significant estimates and assumptions in determining fair
values, especially with respect to intangible assets. Significant
judgments and estimates in valuing intangible assets include, but
are not limited to, the selection of valuation methodologies,
expected future revenue and cash flows, expected customer attrition
rates from acquired customers, future changes in technology, and
discount rates. Fair value estimates are based on the assumptions
that management believes a market participant would use in pricing
the asset or liability. These
estimates are inherently uncertain and, therefore, actual results
may differ from the estimates made. As a result, during the
measurement period of up to one year from the acquisition date, the
Company may record adjustments to the assets acquired and
liabilities assumed with the corresponding offset to goodwill as
information on the facts and circumstances that existed as of the
acquisition date becomes available. Upon the conclusion of the
measurement period or final determination of the fair value of the
purchase price of an acquisition, whichever comes first, any
subsequent adjustments are recorded in the consolidated statements
of operations.
Ooma | FY2023 Form 10-Q |
8
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 2: Revenue and Deferred Revenue
The Company derives its revenue from
two
sources:
Subscription and Services Revenue
is derived primarily from recurring subscription fees related to
service plans such as Ooma Business, Ooma Residential and other
communications services. Service plans are generally sold as
monthly subscriptions; however, certain plans are also offered as
annual and multi-year subscriptions, typically ranging up to three
years. Subscription revenue is generally recognized ratably over
the contractual service term.
Product and Other Revenue
is generated primarily from the sale of on-premise appliances and
end-point devices, including shipping and handling fees for direct
customers. The Company recognizes product and other revenue from
sales to direct end-customers and channel partners at the
point-in-time that control transfers, which is typically when it
delivers the product.
Revenue disaggregated by revenue source consisted of the following
(in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
July 31,
2022
|
|
|
July 31,
2021
|
|
July 31,
2022
|
|
July 31,
2021
|
|
Subscription and services revenue
|
|
$
|
47,995
|
|
$
|
43,537
|
|
$
|
94,718
|
|
$
|
85,502
|
|
Product and other revenue
|
|
|
4,658
|
|
|
3,520
|
|
|
8,272
|
|
|
7,127
|
|
Total revenue
|
|
$
|
52,653
|
|
$
|
47,057
|
|
$
|
102,990
|
|
$
|
92,629
|
The Company derived approximately
50%
and
48%
of its total revenue from Ooma Business and approximately
47%
and
50%
from Ooma Residential for the three months ended July 31, 2022 and
2021, respectively.
The Company derived approximately
50%
and
47%
of its total revenue from Ooma Business and approximately
47%
and
50%
from Ooma Residential for the six months ended July 31, 2022 and
2021, respectively.
No
individual country outside of the United States, and
no
single customer, represented 10% or more of total revenue for the
periods presented.
Customers who represented 10% or more of net accounts receivable
were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
|
July 31,
2022
|
|
|
January 31,
2022
|
|
Customer A
|
|
|
|
|
16%
|
|
|
19%
|
|
Customer B
|
|
|
|
|
*
|
|
|
11%
|
|
* Less than
10%
of net accounts receivable for the period indicated.
|
Deferred Revenue
primarily consists of billings or payments received in advance of
meeting revenue recognition criteria. Deferred services revenue is
recognized on a ratable basis over the term of the contract as the
services are provided.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
July 31,
2022
|
|
January 31,
2022
|
|
Subscription and services
|
|
|
|
$
|
17,671
|
|
$
|
16,614
|
|
Product and other
|
|
|
|
|
63
|
|
|
59
|
|
Total deferred revenue
|
|
|
|
$
|
17,734
|
|
|
16,673
|
|
Less: current deferred revenue
|
|
|
|
|
17,686
|
|
|
16,600
|
|
Non-current deferred revenue included in other long-term
liabilities
|
|
|
|
$
|
48
|
|
$
|
73
|
During the three and six months ended July 31, 2022, the Company
recognized revenue of approximately $3.0
million and $13.0
million, respectively, pertaining to amounts deferred as of January
31, 2022. As of July 31, 2022, deferred revenue was primarily
composed of subscription contracts invoiced during the first half
of fiscal 2023, as well as amounts recorded during fiscal 2022 for
annual contracts.
Remaining Performance Obligations.
As of July 31, 2022, contract revenue that had not yet been
recognized for open contracts with an original expected length of
greater than one year was approximately $10.5
million. The Company expects to recognize revenue on
approximately
52%
of this amount over the next
12
months, with the balance to be recognized thereafter.
Ooma | FY2023 Form 10-Q |
9
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 3: Fair Value Measurements
The Company estimates and categorizes fair value by applying the
following hierarchy:
Level 1: Quoted prices (unadjusted) for identical assets or
liabilities in active markets.
Level 2: Observable prices based on inputs not quoted in active
markets, but are corroborated by market data.
Level 3: Unobservable inputs that are supported by little or no
market activity.
Financial assets measured at fair value on a recurring basis by
level were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of July 31, 2022
|
|
|
|
Level 1
|
|
Level 2
|
|
Total
|
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
$
|
6,609
|
|
$
|
—
|
|
$
|
6,609
|
|
U.S. treasury securities
|
|
|
1,001
|
|
|
—
|
|
|
1,001
|
|
Total cash equivalents
|
|
$
|
7,610
|
|
$
|
—
|
|
|
7,610
|
|
Cash
|
|
|
|
|
|
|
|
|
8,582
|
|
Total cash and cash equivalents
|
|
|
|
|
$
|
16,192
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments:
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury securities
|
|
$
|
2,462
|
|
$
|
—
|
|
$
|
2,462
|
|
Corporate debt securities
|
|
|
—
|
|
|
3,815
|
|
|
3,815
|
|
Total short-term investments
|
|
$
|
2,462
|
|
$
|
3,815
|
|
$
|
6,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 31, 2022
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Total
|
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
$
|
2,275
|
|
$
|
—
|
|
$
|
2,275
|
|
Total cash equivalents
|
|
$
|
2,275
|
|
$
|
—
|
|
|
2,275
|
|
Cash
|
|
|
|
|
|
|
|
|
17,392
|
|
Total cash and cash equivalents
|
|
|
|
|
$
|
19,667
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments:
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury securities
|
|
$
|
7,065
|
|
$
|
—
|
|
$
|
7,065
|
|
Commercial paper
|
|
|
—
|
|
|
4,548
|
|
|
4,548
|
|
Total short-term investments
|
|
$
|
7,065
|
|
$
|
4,548
|
|
$
|
11,613
|
The Company classifies its cash equivalents and short-term
investments within Level 1 or Level 2 because it uses quoted market
prices or alternative pricing sources and models utilizing market
observable inputs to determine their fair value. The Company
has
no
Level 3 assets or liabilities. For the periods presented, the
amortized cost of cash equivalents and marketable securities
approximated their fair value and there were no material realized
or unrealized gains or losses, either individually or in the
aggregate.
Contractual maturities of short-term investments were as follows
(in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
|
|
July 31,
2022
|
|
January 31,
2022
|
|
Due in one year or less
|
|
|
|
|
$
|
5,793
|
|
$
|
10,377
|
|
Due after one year to two years
|
|
|
|
|
|
484
|
|
|
1,236
|
|
Total
|
|
|
|
|
$
|
6,277
|
|
$
|
11,613
|
Ooma | FY2023 Form 10-Q |
10
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 4: Balance Sheet Components
The following sections and tables provide details of selected
balance sheet items (in thousands):
Inventories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
July 31,
2022
|
|
January 31,
2022
|
|
Finished goods
|
|
|
|
$
|
12,196
|
|
$
|
10,452
|
|
Raw materials
|
|
|
|
|
8,879
|
|
|
3,389
|
|
Total inventory
|
|
|
|
$
|
21,075
|
|
$
|
13,841
|
Other current and non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
July 31,
2022
|
|
January 31,
2022
|
|
Deferred sales commissions, current
|
|
|
|
$
|
7,036
|
|
$
|
6,395
|
|
Inventory prepayments
|
|
|
|
|
2,516
|
|
|
1,462
|
|
Convertible note receivable (see "GTC" below)
|
|
|
|
|
1,865
|
|
|
1,773
|
|
Prepaid expenses and other
|
|
|
|
|
3,551
|
|
|
3,968
|
|
Total other current assets
|
|
|
|
$
|
14,968
|
|
$
|
13,598
|
|
|
|
|
|
|
|
|
|
|
|
Deferred sales commissions, non-current
|
|
|
|
$
|
13,396
|
|
$
|
13,228
|
|
Other assets
|
|
|
|
|
1,736
|
|
|
647
|
|
Total other non-current assets
|
|
|
|
$
|
15,132
|
|
$
|
13,875
|
Customer Acquisition Costs.
Amortization expense for deferred sales commissions was
$1.8
million and $1.4
million for the three months ended July 31, 2022 and 2021,
respectively, and $3.6
million and $2.8
million for the six months ended July 31, 2022 and 2021,
respectively. There was
no
impairment in relation to the costs capitalized for the periods
presented.
Global Telecom Corporation (“GTC”).
In December 2018, the Company invested $1.3
million in cash in GTC, a privately-held technology company, in
exchange for a convertible promissory note that will convert to
shares of GTC stock upon the occurrence of certain future events.
As amended, the promissory note and accrued interest is due and
payable upon the Company’s demand at any time after September 30,
2022. GTC is a variable interest entity for accounting purposes and
the Company does not consolidate GTC into its financial statements
because the Company is not the primary beneficiary. As of July 31,
2022, the Company’s maximum exposure to loss is equal to the
carrying value of the convertible note receivable of
$1.9
million, including accrued interest.
During the six months ended July 31, 2022, the Company made total
payments to GTC of approximately $2.3
million
for inventory purchases and related shipping costs.
As of July 31, 2022, the Company did
not
have any non-cancelable inventory purchase commitments to
GTC.
Accrued expenses and other current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
July 31,
2022
|
|
January 31,
2022
|
|
Payroll and related expenses
|
|
|
|
$
|
8,907
|
|
$
|
10,853
|
|
Regulatory fees and taxes
|
|
|
|
|
3,991
|
|
|
3,933
|
|
Short-term operating lease liabilities
|
|
|
|
|
3,711
|
|
|
3,260
|
|
Customer-related liabilities
|
|
|
|
|
1,457
|
|
|
1,587
|
|
Other
|
|
|
|
|
4,838
|
|
|
3,190
|
|
Total accrued expenses and other current liabilities
|
|
|
|
$
|
22,904
|
|
$
|
22,823
|
Ooma | FY2023 Form 10-Q |
11
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 5: Acquired Intangible Assets and Goodwill
For the three and six months ended July 31, 2022, the Company
recognized intangibles of $8.2
million and goodwill of $4.4
million in connection with a business acquisition completed in July
2022. See Note 13:
Business Acquisition.
The carrying amount of goodwill was $8.7
million and $4.3
million as of July 31, 2022 and January 31, 2022,
respectively.
The gross value, accumulated amortization and carrying values of
intangible assets were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of July 31, 2022
|
|
As of January 31, 2022
|
|
|
|
Estimated life
(in years)
|
|
Gross
Value
|
|
Accumulated Amortization
|
|
Carrying
Value
|
|
Gross
Value
|
|
Accumulated Amortization
|
|
Carrying
Value
|
|
Customer relationships
|
|
|
5-7
|
|
$
|
14,395
|
|
$
|
(3,467)
|
|
$
|
10,928
|
|
$
|
6,735
|
|
$
|
(2,921)
|
|
$
|
3,814
|
|
Developed technology
|
|
|
2-5
|
|
|
2,209
|
|
|
(1,688)
|
|
|
521
|
|
|
1,809
|
|
|
(1,584)
|
|
|
225
|
|
Trade names
|
|
|
2-5
|
|
|
684
|
|
|
(443)
|
|
|
241
|
|
|
564
|
|
|
(395)
|
|
|
169
|
|
Total intangible assets
|
|
|
|
|
$
|
17,288
|
|
$
|
(5,598)
|
|
$
|
11,690
|
|
$
|
9,108
|
|
$
|
(4,900)
|
|
$
|
4,208
|
Amortization expense for acquired intangible assets was
$0.4
million and $0.3
million for the three months ended July 31, 2022 and 2021,
respectively, and $0.7
million for each of the six months ended July 31, 2022 and
2021.
At July 31, 2022, the estimated future amortization expense for
intangible assets is as follows (in thousands):
|
|
|
|
|
|
|
|
Fiscal Years Ending January 31,
|
|
|
|
|
Total
|
|
2023 remainder
|
|
|
|
|
$
|
1,548
|
|
2024
|
|
|
|
|
|
2,732
|
|
2025
|
|
|
|
|
|
2,507
|
|
2026
|
|
|
|
|
|
2,365
|
|
2027
|
|
|
|
|
|
1,810
|
|
Thereafter
|
|
|
|
|
|
728
|
|
Total
|
|
|
|
|
$
|
11,690
|
Ooma | FY2023 Form 10-Q |
12
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 6: Operating Leases
The Company leases its headquarters located in Sunnyvale,
California, as well as office and data center space in various
locations under non-cancelable operating lease
agreements.
Supplemental balance sheet information related to leases was as
follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
|
|
|
|
July 31,
2022
|
|
January 31,
2022
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets
|
|
|
|
|
|
|
|
$
|
14,663
|
|
$
|
14,396
|
|
Total leased assets
|
|
|
|
|
|
|
|
$
|
14,663
|
|
$
|
14,396
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|