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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.
Ooma
Ooma
Ooma Revenue by Segment
Revenue by Segment
Subscription and Services Revenue
CapyFin.comProduct and Other Revenue
CapyFin.com 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