Summary
Domo closed fiscal 2022 with fourth quarter revenue of $69.99 million, up 23.1% year over year. Gross profit rose 21.6% to $51.47 million, while gross margin slipped 0.9 percentage points to 73.5%. The company reported an operating loss of $29.94 million, a wider loss than the prior-year quarter. Net loss was $33.25 million, also a wider loss. Operating margin fell 13.1 percentage points to -42.8%. Deferred revenue ended the quarter at $170.76 million, up 29.1% year over year. Operating cash flow was $0.91 million, down 74.4%. Capital expenditures were $1.55 million, up 7.3%.
For the full fiscal year, revenue reached $257.96 million, up 22.7%. Gross profit increased 24.4% to $190.82 million, and gross margin improved 1.0 percentage point to 74.0%. The full-year operating loss widened to $88.47 million. Net loss widened to $102.11 million. Diluted loss per share was $3.19, a wider loss than the prior fiscal year. Operating margin was -34.3%, up 0.5 percentage points. Operating cash flow was $0.38 million, up 102.4%. Capital expenditures were $6.52 million, up 14.2%.
Non-GAAP results showed a narrower loss. Fourth-quarter non-GAAP net loss was $13.6 million, or $0.41 per share. Non-GAAP operating margin declined by 2 percentage points year over year. Non-GAAP subscription gross margin was 83%, an improvement of 1 percentage point. For the full year, non-GAAP net loss was $41.5 million, or $1.30 per share. Non-GAAP operating margin improved by 8 percentage points year over year. Non-GAAP subscription gross margin was 83%, an improvement of 2 percentage points.
Operational momentum showed in billings, which rose 30% year over year to $108.0 million in the fourth quarter. Full-year billings were $296.5 million, up 27%. The ARR net retention rate was 110% for the fourth quarter of fiscal 2022, compared with 106% for the fourth quarter of fiscal 2021. Gross retention rate was 90% for the 12 months ended January 31, 2022. Domo ended the year with over 2,300 customers, and its customer count increased 14% from January 31, 2021 to January 31, 2022. The company also announced a leadership transition: John Mellor became CEO, Catherine Wong became COO, Carine Clark became Executive Chair, and John Pestana joined the board as Josh James stepped down as CEO and director.
Guidance points to continued growth. For the first quarter of fiscal 2023, Domo expects revenue of $73.5 million to $74.5 million and a non-GAAP net loss per share of $0.38 to $0.42 based on 33.3 million weighted-average shares outstanding. For the full fiscal year 2023, the company expects revenue of $314.0 million to $319.0 million and a non-GAAP net loss per share of $1.43 to $1.53 based on 34.2 million weighted-average shares outstanding. Management said it has not reconciled guidance for non-GAAP metrics to their most directly comparable GAAP measures because certain items are not within its control or cannot be reasonably predicted.
Risks remain material. Domo has incurred significant net losses since inception. The COVID-19 pandemic continues to create uncertainty. Customers in travel and hospitality, sports and leisure, and retail have been severely impacted, and existing or potential customers may reduce or delay technology spending. Some customers have pursued concessions such as lengthened payment terms or reduced contract length. The company also faces competition, and it expects its revenue growth rate may decline due to business maturation, slowing demand, or lower renewal and upsell rates. Domo's credit facility is fully drawn, and the agreement includes a minimum unrestricted cash covenant of $10.0 million and a debt ratio covenant of 0.550 on January 31, 2022 and April 30, 2022. Domo said it was in compliance with the covenant terms at January 31, 2022.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2022 | Q3 FY2022 | QoQ | Q4 FY2021 | YoY |
|---|---|---|---|---|---|
| Revenue | $70.0M | $65.1M | +7.5% | $56.8M | +23.1% |
| Gross profit | $51.5M | $47.9M | +7.4% | $42.3M | +21.6% |
| Gross margin | 73.5% | 73.7% | -0.1 pp | 74.5% | -0.9 pp |
| Research & development | $23.5M | $22.0M | +7.0% | $16.6M | +41.7% |
| Sales & marketing | $39.4M | $37.5M | +5.0% | $31.2M | +26.1% |
| General & administrative | $18.5M | $13.4M | +37.8% | $11.4M | +63.0% |
| Total operating expenses | $81.4M | $72.9M | +11.6% | $59.2M | +37.5% |
| Operating income (loss) | -$29.9M | -$25.0M | -19.9% | -$16.9M | -77.5% |
| Operating margin | -42.8% | -38.4% | -4.4 pp | -29.7% | -13.1 pp |
| Net income (loss) | -$33.3M | -$28.5M | -16.6% | -$19.6M | -69.5% |
| Net margin | -47.5% | -43.8% | -3.7 pp | -34.5% | -13.0 pp |
| Diluted EPS | -$1.04 | — | — | — | — |
Risks
FY2022 net loss was $102.11 million, loss widened versus FY2021, and operating loss was $88.47 million, loss widened. The $100 million credit facility was fully drawn and no amounts remained available to draw, so additional financing may be needed and may not be available on favorable terms.
The credit facility contains restrictive covenants, is secured by substantially all assets, and requires a minimum unrestricted cash balance of $10.0 million plus a debt-to-ARR ratio stepping down to 0.500 by January 31, 2023. Non-compliance could cause outstanding principal, interest, and fees to become due immediately.
A majority of Domo's annual recurring revenue is up for renewal during the fiscal year ending January 31, 2023. Gross retention rate improved to 90% for the 12 months ended January 31, 2022, but renewal rates may decline or fluctuate due to customer budget cuts, leadership changes, or deteriorating economic conditions.
Enterprise sales cycles run from approximately six months to multiple years, and quarterly sales are weighted toward the last few weeks and days of the quarter. This makes forecasting and timely revenue recognition difficult, and Domo plans to keep hiring sales representatives, which may hurt near-term productivity.
The ongoing COVID-19 pandemic, the Russian invasion of Ukraine, inflation, and economic downturns could reduce business intelligence spending, lengthen sales cycles, or lead customers to seek concessions. MD&A notes customers in travel, hospitality, sports, leisure, and retail were severely impacted, and some sought lengthened payment terms or reduced contract length.
Domo expects to continue hiring and investing in growth, and stock-based compensation has increased as part of that effort. Failure to attract, integrate, train, and retain employees, especially direct sales personnel, could reduce sales and customer confidence.
Domo faces intense competition from large software companies such as Microsoft, Oracle, SAP, and IBM, and analytics providers including Tableau, Qlik, Looker, Sisense, TIBCO, Salesforce, and Infor. Competitors may bundle products at significant discounts or no charge, pressuring pricing, gross margins, and market share.
Domo's Mr. Roboto uses machine learning, predictive analytics, and other AI, and flawed algorithms, insufficient or biased datasets, or controversial data practices could undermine outputs and subject Domo to competitive harm, legal liability, and reputational damage. IoT write-back capabilities add security, privacy, and execution risks.
Domo ceased to be an emerging growth company on January 31, 2021, so its independent registered public accounting firm must attest to internal control over financial reporting under Section 404. Compliance costs are expected to increase, and any material weakness could cause stock price declines or SEC sanctions.
SaaS KPIs
All quarters →Total Customers
Remaining Performance Obligations (RPO)
Current Remaining Performance Obligations (cRPO)
Customers under multi-year contracts (dollar-weighted)
Summary, forecast, risks and KPIs are extracted from Huckleberry.ai, Inc.'s SEC filings for Q4 FY2022 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.