Q4 2022 Domo Inc Earnings Call
Welcome to Domo fourth quarter fiscal year, 2022, and year end earnings conference call. All lines have been placed on mute to prevent any background noise.
After the Speakers' remarks, there will be a question and answer session. If he would like to ask a question. During this time. Please press star followed by the number one on your telephone keypad. If you would like to withdraw your question Press Star. One again, thank you and with that I will hand, it over to Peter Lowry Domo, Vice President of Investor Relations.
Good afternoon, and welcome on the call today, we have John Miller, our CEO , Bruce felt our CFO and Julie Kehoe, Our Chief Communications Officer, our founder and former CEO , Josh James will also make some brief prepared remarks, Julie will lead off with our Safe Harbor statement and then onto the call Julie.
Press release was issued after the market close and is posted on the Investor Relations section of our website, where this call is also being webcast state.
Statements made on this call include forward looking statements related to our business under federal Securities laws, including statements about financial projections, the plans and expectations for our go to market strategy, our expectations for our sales and new business initiatives the impact of COVID-19 on our business.
Our financial condition. These statements are subject to a variety of risks uncertainties and assumptions for a discussion of these risks and uncertainties. Please refer to the documents we filed with the SEC in particular today's press release and most recently filed annual report on Form 10-K , and our most recently filed quarterly report on form 10.
10-Q, these documents contain and identify important risk factors.
And other information that may cause our actual results to differ materially from those contained in our forward looking statements.
In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of delmas performance other than revenue unless otherwise stated we will be discussing our results of operations on a non-GAAP basis. These non-GAAP measures should be considered in addition to and not as a substitute.
For or in isolation from GAAP results. Please refer to the tables in our earnings press release for a reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measure.
With that I'll turn it over to Josh Josh.
Hi, everyone by.
By now I'm sure you've heard the news that I'm stepping down as CEO .
I wanted to say I could not be more proud of the entire domo team.
They turned this business from a vision I founded 11 years ago to one that was next struggling to emerge and grow but then finally now it's become a very successful sustainable business.
As you'll hear more from the team in a few minutes, we delivered a 30% billings growth this last quarter.
It's a cash flow positive business and the recurring revenue business that enjoys 90% retention with sales productivity that has been holding strong and even improving.
I couldnt be more excited about the future.
As you saw on the press release, John Mellor is taking over as CEO and Catherine Wong is being promoted to COO.
I started working with John and relying on his wisdom and advice 20 years ago.
I was lucky enough to start working with Catherine and even before that the company is in great hands.
But as John spoke to drive now and Im thrilled to watch him captain the ship.
I, obviously have an aligned and substantial interest in domo doing well and I will continue to be the biggest cheerleader.
And to that end.
The jump off this call now and let the rest of it would be about the new management team and the company's performance and the company's future.
Alright, John the floor is yours.
Thank you Josh before I talk about our Q4 results and business highlights I wanted to take a minute to introduce myself to all of you on the call today.
I've met many of you over the years and I'm looking forward to spending more time with you over the coming months and quarters.
I have been almost chief strategy officer, since 2019, driving our corporate strategy positioning and marketing.
Came to demo after nine years at Adobe, where he was vice president of strategy and business operations for Adobe experience cloud business unit.
I was there we grew that business from 300 million to nearly 3 billion in annual revenue.
Executing on both organic growth as well as acquisitions.
I came to Adobe in 2009 through its acquisition of Omniture.
At Omniture I was executive Vice President of strategy and business development.
And in that role I focused on advancing the company from its hyper growth phase two its IPO and ultimately through its sale to Adobe.
What initially attracted me to domo with the strength and differentiation of its platform the caliber of its management team and importantly, the engagement patterns across their customer base.
Im optimistic about our future and ready to lead <unk> through this next phase of growth and innovation.
Now, let's talk about the quarter.
I am very pleased that we closed our fiscal 2022 with such strong results driven by demand for the domo platform to power the modern business.
We posted 30% billings growth and 23% revenue growth year on year.
Bruce of course will go into more detail, but we're continuing to see strength in the underlying metrics that drive future revenue growth.
Today I'll talk about what's driving the current demand while we believe we are better positioned than ever.
And I'll also talk about some customer wins from this quarter that illustrate downloads unique value proposition.
Domo is at the center of one of today's most ubiquitous business and trends digital transformation.
Companies are driving digital transformation across all areas of their organizations to become more agile in meeting customer expectations dealing with supply chain disruptions talent shortages and other forces that are impacting the competitive situation.
It's no surprise that digital transformation remains a top.
Spending category.
Dell most focus is on leveraging the data to improve the millions of decisions and business processes that happen across organizations.
This is from the CEO to the frontline worker. It also extend externally with customers and partners. This is why we continue to attract new customers and expand to new use cases across our customer base.
The 2021 Gartner view from the Board of Directors Survey also indicates that analytics is a top game changing technology to emerge stronger from the COVID-19 crisis.
In line with this we saw the ability to deploy apps, which we've talked about in previous earnings calls that.
But we deploy these apps is a key solution for companies needing to move fast because while data continues to explode across the organization.
The utilization of that data is still limited to a fraction of an organization typically via dashboards, which is the traditional <unk> model.
Dell most apps break the traditional model because they combined data with workflow packaged into an experience that can be put right at the point where work gets done.
Or can be embedded within software applications used inside of the company or exposed externally to customers and partners.
This puts the power of data to work for the entire organization to drive action breaking.
Breaking free from the small percentage of adoption of traditional bi.
We're going to be talking a lot about this at our upcoming customer event Domo Palooza later this month.
Now, let me talk about a few of our new customer wins cut.
Customers continue to choose demo based on our speed scale and the flexibility of our platform.
From the industry's most robust data integration capabilities to being able to easily extend data to customers and partners at scale through our domo everywhere solution.
It is also notable to mention that some of our larger wins this quarter came from partners.
On last quarter's call, we talked about a big three auto manufacturer that was conducting a proof of concept or POC to optimize their global marketing performance and improve the customer experience.
Very pleased to say that the POC was successfully completed in Q4 and this POC has been converted into a well over seven figure subscription contract and this happened much faster than our historical experience with these size deals.
Another new logo win was a big four accounting firm selected domo for delivering new personalized financial insights to its SMB clients.
After a short POC, we were chosen because with domo platform. They did in days, what they were expecting to take months, particularly with the new data integrations that were needed to deliver the solution.
A third notable new logo and Domo everywhere win was a professional services firm that replaced its legacy analytics and visualization solution with domo to provide security assessment data to its thousands of customers and a better more modern way.
They initially chose domo because of our platform's consumer friendly interface, but also realized that domo can support its hybrid data model leveraging data in their cloud warehouse as well as day to day kept in other systems.
In addition to new logos, we continued to drive upsell and engagement with existing customers, who are expanding their use of domo across their organizations.
One of our top clients a hospital network with over 90000 employees signed a seven figure consulting services contract to bring together all other data, including operations HR finance and marketing.
To drive additional enterprise wide analytics use cases.
Another significant up sell this quarter was with a software company that started with an initial sales operations use case and is now using domo to combine data across on premise and cloud systems accessing marketing HR and professional services data.
This customer now generates ACB is more than 10 X. The ACB of its initial use case a year earlier this demonstrates the power of our land expand and retain strategy.
Regardless of the use case, the common thread that runs through all of these new customer wins and expansions is that they are in support of business users who are using domo to drive business outcomes.
Before I hand, this over to Bruce I have a few more highlights to touch on starting with some exciting changes and additions we have made to our leadership team here at del Amo.
As you know today, we announced that Catherine Wong was promoted to Chief operating Officer and will also remain executive Vice President of engineering.
Domo will benefit significantly from her experience as we embark on our next phase of growth and I'm excited to work closely with her.
In January we also announced that Muhammad author joined US from Mckinsey <unk> company as our Chief data officer. He will play an important role in helping customers better align their data strategy with business outcomes.
Most importantly help them discover the art of the possible using the domo platform to digitally transform their business.
From an ESG perspective diversity equity and inclusion have always been important to us and last quarter, we named Nicky Walker to be our director of diversity.
For three years. She has led community engagement for Domo stepping into this role. She will also lead our newly formed dei Council, which will represent multiple voices from around our company.
In Q4, we were named to glass doors best companies to work for list and for the 10th year in a row, we were named by Utah business as a best companies to work for which is meaningful because it is heavily influenced by employee feedback.
In closing I am extremely grateful for the entire domo team, whose focus on customer value and success drives all they do is because of their commitment that we have achieved another incredible quarter and why I have confidence in the massive opportunity ahead of us and our ability to execute on it now.
Now I'll hand, it over to Bruce to go deeper into the numbers and provide guidance for the year ahead.
Thank you John .
We finished fiscal 2022 with a strong Q4 closing out with 30% billings growth.
The highest growth in the last 14 quarters.
Some of the foundation of growth drivers, we have been investing and contribute the billings in the quarter and these important drivers should also help us achieve our fiscal year 2023 growth objectives.
One of the key drivers of sales hiring.
We grew our direct sales force by over 25% in fiscal 'twenty two.
Our sales productivity per ramped rep with over $1 million and first year contract value and FY 'twenty two.
We're very pleased with this level of production, particularly since it occurred while we accelerated sales hiring.
This gives us the confidence to continue hiring the reps at a pace at least as high as last year's pace.
The other key drivers are improving gross retention.
Better market positioning and awareness higher yields on marketing spend and improved partner contribution.
We had a year of accelerating new logo growth, while continuing to see significant engagement and up selling into our existing customers.
The new logo growth is primarily driven from our corporate group, which has become a heck of a new business machine.
We're finding that the complete platform pitch resonates extremely well with those customers because of the overwhelming amount of functionality and ease of use we bring to the market compared to all of the tool provider competitors.
We plan to continue to lean into this category as we believe it can drive sustained cost effective high growth.
At the same time, we're making very good progress with great enterprise brands, which we expect can lead to even higher growth rates as we improve our new logo and upsell objectives with that part of the business.
Enterprise deals tend to take longer because of the complexity of their infrastructure.
We're getting better at finding the hook.
To integrate and the complex infrastructure.
And is that in crew and.
In our messaging around it improves we should see acceleration in that business as well.
Also our partner strategy, which includes channel partners technology partners and App application solution partners will begin to focus more on enterprise customers and as that gets traction. It should also improve our momentum.
We delivered Q4 billings of $108 million.
A strong year over year increase of 30% driven by new customer additions expansions.
Expansions to existing customers and then over 90% gross retention rate.
Net retention was about 105% on a revenue basis.
Close to 110%.
On a contracted.
Basis.
Our current RPI.
$222 million.
Grew 24% year over year.
Our total Arps grew.
<unk> grew 20%.
On a dollar weighted measure we now have 62% of our customers under multiyear contracts at the end of Q4 up from 60%.
A year ago.
Q4, total revenue was $70 million a year over year increase of 23%.
This is a nice beat against our 18% guidance.
And there is an acceleration from 21% growth in Q3.
Subscription revenue grew 19% year over year and represented 85% of total revenue.
International revenue in the quarter represented 22% of total revenue down from 24% last quarter.
Due to the strength in our North America business.
Had a very strong services revenue quarter, driven by some of the large deals we talked about last quarter.
Some of these have already converted or to a larger subscription deals and over the next few quarters. We would expect to start to see to start to see subscription revenue growth surpassed services growth.
There are many factors that cause billings and revenue growth to diverge at times.
Having said that because we have sustained 25% billings growth rates for so many quarters, our revenue should begin to approach 25% growth.
In fact, we expect to exit FY 'twenty, three with subscription revenue growth of about 25%.
As long as we can sustain 25% or better billings quarters revenue should also be able to be sustained at those levels.
Our subscription gross margin was 83% up slightly from Q4 of last year and roughly in line with Q3.
In Q4 operating expenses increased 26% from last year, primarily as we invest in our sales capacity and in part due to compensation expenses related to our strong Q4.
Our net losses start seems like $6 million up from nine point at $9 8 million a year ago and our net loss per share was <unk> 41.
This is based on $32 8 million weighted average shares outstanding basic and diluted.
In Q4, we remain operating cash flow positive.
Our cash balance was approximately $84 million down slightly from last quarter.
Now to discuss why we expect in Q1 and the full year FY 'twenty three.
Q1, we're guiding to year over year billings growth of approximately 23%.
We expect our Q2 billings amount to be roughly in line with Q1 because of a tough compare due to the impact of large billings last year.
And then expect modest acceleration in billings growth for the remainder of the year.
For the current fiscal year, we're guiding the billings growth of about 22% year over year.
But as we have communicated before striving for higher growth.
On expenses, we're planning for Q1 operating expenses to increase in Q4 level <unk>.
Primarily as a result of cost associated with our annual user conference in Q1, and as we continue to invest in our growth initiatives, particularly on the sales hiring.
Given all of our growth and.
And our confidence in achieving enhanced growth results.
We're planning for Q1, and FY 'twenty adjusted net cash provided by operations to be slightly positive.
Now to guidance for GAAP metrics for the first quarter of FY 'twenty three we expect GAAP revenue to be in the range of $73 5 million to $74 5 million.
If we're able to deliver more of the backlog generated in Q4, we should be able to deliver more revenue than the guided amount.
We expect non-GAAP net loss per share basic and diluted.
38 to 42 assess this defense 33, 3 million weighted average shares outstanding basic and diluted.
For the full year of FY 'twenty, three we expect GAAP revenue to be in the range of $314 million.
$319 million.
Representing year over year growth.
22% to 24%.
non-GAAP net loss per share basic and diluted of $1 43 to $1 53. This assumes 34 2 million weighted average shares outstanding basic and diluted.
In closing, we're pleased with our strong performance in Q4 and continue to believe we are well positioned to execute against our growth plans.
With that we'll open the call for questions.
Operator.
At this time I would like to remind everyone in order to ask a question. Please press star followed by the number one on your telephone keypad.
Your first question comes from the line of Sandeep Singh with Morgan Stanley . Your line is open.
Thank you for taking the questions and congrats on the really strong Q4 guidance fantastic as well I just wanted to sort.
So to start with the obvious I don't know, who IC dresses too but.
Well, one thing before John how he's thinking about 2022 and beyond but just in terms of just stepping down from the role starting to see him go I think it just in terms of the handoff of the transition is there any sort of color you can provide there.
Josh.
We're stepping off the board as well honestly.
Exiting the company and so just in terms of the timing of the transition given where the business is today in a really good spot I think what I'm sort of struggled with is.
Josh you may not be around just to give some jobs the metro ship in its first year as CEO , that's sort of the first question I had a question for you John Thank you.
Well the big promotion.
If you think about the strategy of the company.
Sort of architecture that strategy right.
What should we expect to double the change will not change.
Going into into next fiscal year and beyond those are my first.
First two questions.
Okay.
Great Sanjay and good good talking to you.
Appreciate the questions as you as you saw Josh has stepped down from the board has stepped down as CEO .
And.
It's actually a really exciting time for the business. This is an opportunity to leverage the breadth and the depth of the management team.
This this team.
Here today as the team has delivered these results and we've got a passionate vision about how to continue to execute.
On those on those results and I appreciate the question about.
My perspective because.
Domo has such a unique value proposition in this market.
And we've got an opportunity I think my style is really about simplicity and focus on execution.
Are we are we going after the right big strategic targets, which I think we've proven that we're really making progress there.
Are we investing in the right systems to run the business as it scales, we're making decisions now that are need to be on the path of $1 billion revenue business.
And then of course, a big priority for me is employee experience as we add more people in particular due to the sales organization, how do we do that with consistency how do we do that in a way that maintains culture and inclusivity and just build a high performance team.
So there was kind of a lot there I hope that I hope that answered your question.
Yes, I appreciate it I appreciate the thoughts and then maybe one for Bruce just in terms of the quarter and particularly the conversion of the <unk>.
That's for the services contracts to subscription contracts.
The trend is that going to be going forward is that sort of large enterprise customers, starting with the sizable proof of concepts converting seven figure or.
Hopefully six figure type wins is that kind of a new motion that we should expect going forward.
Services revenue is essentially going to tell us become a leading indicator of.
Features such as revenue growth or is that kind of more bespoke.
The large deals that you guys have been executing over the past over the past year.
Okay.
The.
The trend of having proof of concepts converted at a very high rate and the close deals has been here for quite some time.
We have very high close rates what makes this unique is.
It was just much larger dollars just because of the size and scale as a customer.
And we may see more of those because it's highly comforting to large enterprises to know the product is going to work and the use case they have in mind before they fully commit.
So as we as our enterprise motion gets higher and more traction it wouldn't be surprising to see that.
Not necessarily conclude that services is a leading indicator generally.
I think proof of concepts are.
We really do believe we're in the subscription business, we do everything we can to maximize that our services organization is there to insure.
A smooth start and successful start and we know that's critical to having high renewal rates.
As always going to be a big part of our business, we actually would like to see more and more come from partners partner source would be one of our big focus areas and that large.
Auto manufacturer actually what <unk>.
Partner source deal.
So we hope that we hope that is a trend that we see more of them in the large enterprises, but.
Just continuing to have a high success rate with POC turning in.
Clothes business.
That's been here for quite some time.
Got it.
Sure.
Your next question comes from the line of Derrick Wood with Cowen Your line is open.
Great.
Just want to whats Josh success in his next chapter.
First question.
I guess John for you.
We knew Ian and work we're focused on closing out a strong Q4, you guys did a great job.
But I think that there is maybe some go to market tweaks expected become.
With Wolfe at the helm in and now you add.
Just curious on a few things first it sounds like you want to have a balance of transactional and large deal activity.
Thank the incremental effort sounds like it'll be more around how do you drive more large deal conversions would love to hear your thoughts there and then just thoughts about verticalizing, the sales force or what kind of new development.
You can see on the partner side would be helpful.
Sure Great and thanks, Terry I appreciate the question so yes.
The go to market engine.
I think it's constantly in a state of.
Tweak certainly.
There's some some really good traction that the team has seen is we've seen over the last few few quarters.
You've got parts of the business as we talked about the corporate business for that engine is really working I mean, you hear the excitement from the team and even the excitement from Bruce.
And that engine is working and we've got an opportunity to continue to focus on that business, while starting to really push some more focus on the enterprise.
And that's where it gets exciting and I know that that wolf and Ian or both.
Excited about the opportunities there because as you as you mentioned Verticalizing. These solutions helps us align with our strategy of putting data to work for everyone in an organization.
That's slightly different when you are talking about retail or when youre talking about financial services or manufacturing being able to Chris really talk about the value of domo in each of those those industries or verticals.
It's something that we see as an opportunity for incremental improvement with lead generation deal closure et cetera. It really helps to speak the language of the customer.
Great. Thanks, maybe one for Bruce certainly encouraging to see the strong top line guide and the confidence in revenue growth converging to the anr growth levels you've been seeing.
But I wanted to talk about the bottom line.
EPS is expected to be lower in fiscal 'twenty three versus 22.
How much of a factor is that come.
Coming from maybe a higher PFS mix in some some pressure on gross margin and how much is coming just from the Opex investment sales hiring and back to work expenses and things like that.
What does that really imply on the on the op margin side.
Yes.
First of all we've got a lot of questions during last year about what is our posture.
On investing going forward and our response was well we just have to see how this year work.
Closes out.
And we were pretty clear that if we really saw the unit economics, working and the momentum there.
We would.
Our strong preference is to take any available extra investment dollars and put them towards growth.
And by that we mean, whatever is generally generated and cash flow beyond our breakeven status.
And as I sit here right now.
Just very bullish on the business.
I think we have incredible.
Travel a number of initiatives working for us.
Underlying the billings growth was even stronger new ATV growth.
Supporting that was even stronger.
Recurring ATV growth.
And with <unk>.
<unk> in the mix and an extremely engaged who built the engine to really make this happened this last year.
Combination of that talent.
Is certainly working together on making sure that we just keep this keep this momentum going.
And when we say we want to invest more it really will be in sales hiring first.
The supporting infrastructure to make sure that we can maintain these productivity levels.
We'll try to get as much leverage we can out of the other line items to frankly affords more more investment and growth.
And we're just setting up the infrastructure to have.
Many many quarters of nice sustained growth at rates.
<unk>.
We've always been striving to get and if we really keep it up then we can go into even a higher zip code of growth.
So.
Now this year, we'll have to see how it plays out but I have well I have a.
A lot more confidence as I sit here at the beginning of this year.
And at the beginning of last year I mean at the beginning of last year, our guidance was something like 16% growth.
And now we're well into the Twenty's and Theres a lot of.
There's a lot of drivers in play that have yet to be realized.
More to come when we get to the user conference coming up we'll go through those drivers again, just like we did last year.
But that's the thinking behind that philosophy of investing and trying to stay cash flow positive while we while we really take advantage of everything we see in front of us.
Yes, that's really great to hear and just to clarify you are expecting positive operating cash flow for the year.
Yes.
Okay.
That's great. Thanks for taking my questions.
Youre welcome Thanks Derek.
Okay.
Your next question comes from the line of <unk> <unk> with William Blair. Your line is open.
Thanks for taking my question, Jonathan Congratulations on the promotion.
I'd like to hear your thoughts on the product roadmap longer term how are you thinking about the evolution of the domo platform over the next few years and what are some of the holes in the product portfolio today.
How do you think about prioritizing R&D investments or any color you can provide there great.
Yes sure.
We've got a lot queued up for our annual customer event coming up here in just a few weeks at Domo Palooza.
So I won't steal too much of the team's thunder from that but I will say that as we've talked about in a few earnings calls one of the the real interesting areas that we're seeing is this concept of apps that are driven by data focused on taking action.
So this is.
It really kind of breaks the mold of traditional <unk>.
<unk> and allows data to be combined with workflow wrapped and an experienced and put right in the hands, meaning right on the phone on a tablet device of people, making decisions, which.
It breaks out of traditional <unk>, because instead of low digit percent adoption of <unk> in an organization you move to the whole company, having an opportunity to use data to really drive their business and truly take action. So that's that's a really big big push in one of the exciting situations that.
The demos and given it's given its success with with customers and especially big customers is those folks tend to be the best drivers of roadmap.
Making your customers happy.
Happy tends to really make your products better and it makes your product more approachable and better for other customers.
And I think if you heard Kathryn long.
Our EVP of product and now Chief operating officer talk about the big customer. She has embraced the customers that scary because thats. Those are the customers that gives you real roadmap acceleration.
That's helpful. Thanks, and then maybe one for Bruce.
Great to hear about the productivity improvements.
<unk> continued to step up.
Quota carrying head count throughout the year thinking out longer term. How are you think about the pace of margin expansion relative to investments back in the business. If we see more of the same in productivity do you plan to continue to accelerate quota carrying head count growth or is there a point, where maybe you let some of those strong sales.
Flow through the model and expand free cash flow margin.
Yeah.
Yes.
The basic.
More or less so our philosophy on timeframe was.
As soon as productivity hit a level that we were we thought it was quite respectable.
Let's let's definitely lean into that well in the first year, which is last year.
And see how that goes and certainly another full year of that which is the year where ed.
As just.
Supplying good baseline foundational growth for the business that gives us the time to keep developing the other drivers which are more yield out of marketing certainly the partner area.
We still think we have a lot of.
Upside and what we get out of the large enterprise business, just landing crafts landing more and expanding faster.
Better positioning in the market, we are still the one <unk>.
Platform agnostic.
Software company in the space.
We're going to accrue benefits for being a SaaS.
And keep building out the platform with very interesting at <unk>.
Keep expanding the use of domo everywhere and that might take pressure off that.
That should take pressure ultimately of needing to.
Scale with just sales hiring so.
Our hope is yes, we get these other drivers working and we start getting leverage out of it so.
So that gives us more more room to allow some of it to flow through on the margin line.
But let me point out we're now getting to a point where.
This year, we will charge through $300 million of IRR.
I don't have to tell you how profitable that is in the SaaS business.
Is highly profitable.
We could allow.
Much as we want to flow through we just happened to be in this very unique time, where we've had challenged growth in the past. We finally see the economics working in our favor we think we're extremely well positioned.
Are they extremely energized management team as I sit here right now.
We think that we should turn that lots of growth points and it will cost us a little bit of money, but in the long run with a recurring revenue model you know it puts us in a position to allow that to become profit at any point in time. So that's the basic philosophy as we sit here right now.
That's great color Bruce Thanks, and congrats again on the strong results and a strong year.
Well thank you.
There are no further questions at this time. This does conclude today's conference call. Thank you for joining you may now disconnect.
Please wait the conference will begin shortly.
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