Ooma has released financial results for the first quarter fiscal 2019 ended April 30, 2018.
Highlights from the first quarter include:
- Revenue: Total revenue was $30.2 million, up 10 percent year-over-year. Subscription and services revenue increased to $27.3 million and was 90 percent of total revenue, driven by 20 percent year-over-year growth in business and residential subscription and services revenue.
- Net Loss: GAAP net loss was $3.7 million, or $0.19 per basic and diluted share, compared to GAAP net loss of $3.4 million, or $0.19 per basic and diluted share, in the first quarter fiscal 2018. Non-GAAP net loss was $0.8 million, or $0.04 per basic and diluted share, compared to non-GAAP net loss of $0.3 million, or $0.02 per basic and diluted share, in the prior year period.
- Adjusted EBITDA: Adjusted EBITDA was ($0.5) million compared to $0.1 million in the prior year period.
“We executed well in Q1 and once again achieved 20 percent year over year growth in core recurring revenue,” said Eric Stang, Chief Executive Officer of Ooma. “Our Q1 performance represents a solid start to our fiscal year 2019. Looking ahead, we remain committed to our three key FY19 strategic initiatives, which are to continue the fast growth of Ooma Office for small businesses, capitalize on our Voxter acquisition to serve larger businesses with custom UCaaS solutions, and bring our home security solution to fruition including integration of the Butterfleye video security camera.”
For the second quarter fiscal 2019, Ooma expects to report:
- Total revenue in the range of $30.5 million to $31.3 million.
- GAAP net loss in the range of $3.8 million to $4.3 million and GAAP net loss per share in the range of $0.19 to $0.22.
- Non-GAAP net loss in the range of $0.8 million to $1.3 million and non-GAAP net loss per share in the range of $0.04 to $0.07.
For the full fiscal year 2019, Ooma expects to report:
- Total revenue in the range of $124.5 million to $127.0 million.
- GAAP net loss in the range of $14.2 million to $16.7 million, and GAAP net loss per share in the range of $0.72 to $0.84.
- Non-GAAP net loss in the range of $2.5 million to $4.5 million, and non-GAAP net loss per share in the range of $0.13 to $0.23.
The following is a reconciliation of GAAP net loss to non-GAAP net loss and GAAP basic and diluted net loss per share to non-GAAP basic and diluted net loss per share guidance for the second fiscal quarter and the fiscal year ending January 31, 2019 (in millions, except per share data):
| Projected range | ||||
| Three Months Ending | Fiscal Year Ending | |||
| July 31, 2018 | January 31, 2019 | |||
| (unaudited) | ||||
| GAAP net loss | ($3.8)-($4.3) | ($14.2)-($16.7) | ||
| Stock-based compensation and related taxes | 2.8 | 10.6-11.0 | ||
| Acquisition-related costs and amortization of acquired intangible assets | 0.2 | 1.1-1.2 | ||
| Non-GAAP net loss | ($0.8)-($1.3) | ($2.5)-($4.5) | ||
| GAAP basic and diluted net loss per share | ($0.19)-($0.22) | ($0.72)-($0.84) | ||
| Stock-based compensation and related taxes | 0.14 | 0.53-0.55 | ||
| Acquisition-related costs and amortization of acquired intangible assets | 0.01 | 0.06 | ||
| Non-GAAP basic and diluted net loss per share | ($0.04)-($0.07) | ($0.13)-($0.23) | ||
| Weighted-average number of shares used in per share amounts: | ||||
| Basic and diluted | 19.5 | 19.9 | ||
Ooma held a conference call and live webcast for analysts and investors on May 22. The webcast will be accessible on Ooma’s investor relations website for a period of one year. A replay of the conference call will also be available through Tuesday, May 29, 2018. To access the replay, parties in the United States and Canada should call +1 (800) 585-8367 and use conference ID 7132779. International parties should call +1 (416) 621-4642 and enter conference ID 7132779.
