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Jul 31, 2023
Ooma Q2 2024 Earnings Report
Ooma's Q2 2024 financial results were released, demonstrating revenue growth and strategic initiative development.
Key Takeaways
Ooma reported total revenue of $58.4 million, an 11% increase year-over-year, driven by subscription and services revenue growth. GAAP net income was $0.3 million, or $0.01 per share, while non-GAAP net income was $3.8 million, or $0.14 per share. Adjusted EBITDA reached $4.9 million, and the company launched new features and developed capabilities for regional expansion and AirDial.
Total revenue increased by 11% year-over-year, reaching $58.4 million.
Subscription and services revenue grew to $54.7 million, accounting for 94% of total revenue.
GAAP net income was $0.3 million, or $0.01 per share, while non-GAAP net income was $3.8 million, or $0.14 per share.
Adjusted EBITDA was $4.9 million, compared to $4.0 million in the same quarter of the previous year.
Ooma
Ooma
Ooma Revenue by Segment
Revenue by Segment
Subscription and Services Revenue
CapyFin.comProduct and Other Revenue
CapyFin.com Forward Guidance
For the third quarter of fiscal 2024, Ooma expects total revenue in the range of $59.0 million to $59.6 million, GAAP net loss in the range of $0.3 million to $0.6 million, and non-GAAP net income in the range of $3.8 million to $4.1 million.
Positive Outlook
- Total revenue in the range of $59.0 million to $59.6 million.
- Non-GAAP net income in the range of $3.8 million to $4.1 million
- Non-GAAP net income per share in the range of $0.14 to $0.16.
- Total revenue in the range of $235.5 million to $237.0 million for the full fiscal year 2024
- Non-GAAP net income in the range of $15.5 million to $16.5 million for the full fiscal year 2024
Challenges Ahead
- GAAP net loss in the range of $0.3 million to $0.6 million.
- GAAP net loss per share in the range of $0.01 to $0.03.
- GAAP net loss in the range of $0.4 million to $1.4 million for the full fiscal year 2024
- GAAP net loss per share in the range of $0.00 to $0.04 for the full fiscal year 2024
- Facilities consolidation gain
Revenue & Expenses
Visualization of income flow from segment revenue to net income