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Ooma
🇺🇸 NYSE:OOMA
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•
Apr 30, 2023

Ooma Q1 2024 Earnings Report

Ooma's Q1 2024 revenue increased year-over-year, driven by growth in business services and strategic initiatives.

Key Takeaways

Ooma reported a solid start to fiscal year 2024 with Q1 revenue increasing to $56.9 million and non-GAAP net income of $4.0 million. Revenue growth was driven by a 27% year-over-year increase in business services revenue, which now constitutes 56% of total services revenue. The company is focused on investing in key strategic initiatives and developing new partnerships to drive profitable growth.

Total revenue was $56.9 million, up 13% year-over-year.

Subscription and services revenue increased to $53.0 million, comprising 93% of total revenue.

GAAP net loss was $0.3 million, or $0.01 per basic and diluted share.

Adjusted EBITDA was $4.8 million.

Total Revenue
$56.9M
Previous year: $50.3M
+12.9%
EPS
$0.16
Previous year: $0.12
+33.3%
Adjusted EBITDA
$4.8M
Previous year: $3.86M
+24.4%
Gross Profit
$36M
Previous year: $32M
+12.5%
Cash and Equivalents
$27.4M
Previous year: $21.7M
+26.5%
Free Cash Flow
-$90K
Previous year: -$640K
-85.9%
Total Assets
$138M
Previous year: $111M
+23.8%

Ooma

Ooma

Ooma Revenue by Segment

Forward Guidance

Ooma expects total revenue in the range of $57.4 million to $57.9 million for the second quarter of fiscal 2024. GAAP net loss is expected to be in the range of $0.6 million to $0.9 million, with a GAAP net loss per share in the range of $0.02 to $0.04. Non-GAAP net income is projected to be between $3.5 million and $3.8 million, resulting in a non-GAAP net income per share between $0.13 and $0.15.

Positive Outlook

  • Total revenue in the range of $57.4 million to $57.9 million.
  • Non-GAAP net income in the range of $3.5 million to $3.8 million.
  • Non-GAAP net income per share in the range of $0.13 to $0.15.
  • Total revenue in the range of $235.5 million to $238.5 million for the full fiscal year 2024.
  • Non-GAAP net income in the range of $14.5 million to $16.5 million for the full fiscal year 2024.

Challenges Ahead

  • GAAP net loss in the range of $0.6 million to $0.9 million for the second quarter of fiscal 2024.
  • GAAP net loss per share in the range of $0.02 to $0.04 for the second quarter of fiscal 2024.
  • GAAP net loss in the range of $0.9 million to $2.9 million for the full fiscal year 2024.
  • GAAP net loss per share in the range of $0.04 to $0.12 for the full fiscal year 2024.
  • Stock-based compensation and related taxes and Amortization of intangible assets.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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