UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number:
(Exact Name of Registrant as Specified in its Charter)
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices)
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of each exchange on which registered |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes ☐ No ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of August 30, 2024, there were
TABLE OF CONTENTS
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Item 1. |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
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Item 4. |
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Item 1. |
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Item 1A. |
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Item 2. |
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities |
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Item 5. |
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Item 6. |
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Ooma | FY2025 Form 10-Q | 2
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
OOMA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, amounts in thousands)
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July 31, |
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January 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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Accounts receivable, net |
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Inventories |
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Other current assets |
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Total current assets |
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Property and equipment, net |
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Operating lease right-of-use assets |
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Intangible assets, net |
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Goodwill |
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Other assets |
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Total assets |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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Accrued expenses and other current liabilities |
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Deferred revenue |
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Total current liabilities |
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Long-term operating lease liabilities |
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Debt, net of current portion |
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Deferred revenue, non-current |
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Total liabilities |
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Stockholders’ equity: |
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Common stock |
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Additional paid-in capital |
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Accumulated other comprehensive loss |
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Accumulated deficit |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
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$ |
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$ |
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See notes to condensed consolidated financial statements
Ooma | FY2025 Form 10-Q | 3
OOMA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, amounts in thousands, except share and per share data)
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Three Months Ended |
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Six Months Ended |
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July 31, |
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July 31, |
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July 31, |
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July 31, |
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Revenue: |
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Subscription and services |
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$ |
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Product and other |
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Total revenue |
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Cost of revenue: |
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Subscription and services |
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Product and other |
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Total cost of revenue |
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Gross profit |
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Operating expenses: |
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Sales and marketing |
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Research and development |
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General and administrative |
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Total operating expenses |
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(Loss) income from operations |
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Interest and other (expense) income, net |
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(Loss) income before income taxes |
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Income tax provision |
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Net (loss) income |
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$ |
( |
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$ |
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$ |
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$ |
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Net (loss) income per share of common stock: |
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Basic and diluted |
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$ |
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$ |
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$ |
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$ |
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Weighted-average shares of common stock outstanding: |
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Basic |
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Diluted |
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See notes to condensed consolidated financial statements
Ooma | FY2025 Form 10-Q | 4
OOMA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, amounts in thousands)
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Six Months Ended |
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July 31, |
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July 31, |
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Cash flows from operating activities: |
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Net loss |
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$ |
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( |
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$ |
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( |
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Adjustments to reconcile net loss to net cash provided by operating activities: |
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Stock-based compensation expense |
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Depreciation and amortization of capital expenditures |
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Amortization of intangible assets |
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Amortization of operating lease right-of-use assets |
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Gain on note conversion |
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( |
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— |
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Facilities consolidation gain |
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— |
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( |
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Other |
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( |
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Changes in operating assets and liabilities: |
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Accounts receivable, net |
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( |
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Inventories and deferred inventory costs |
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Prepaid expenses and other assets |
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( |
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Accounts payable, accrued expenses and other liabilities |
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Deferred revenue |
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Net cash provided by operating activities |
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Cash flows from investing activities: |
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Proceeds from maturities of short-term investments |
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— |
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Capital expenditures |
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( |
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( |
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Business acquisition, working capital adjustments |
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— |
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Net cash used in investing activities |
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( |
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Cash flows from financing activities: |
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Proceeds from issuance of common stock |
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Shares repurchased for tax withholdings on vesting of restricted stock units ("RSU") |
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( |
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Payments for repurchases of common stock |
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( |
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— |
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Repayments of long-term debt |
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( |
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— |
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Net cash (used in) provided by financing activities |
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( |
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Net (decrease) increase in cash and cash equivalents |
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( |
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Cash and cash equivalents at beginning of period |
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Cash and cash equivalents at end of period |
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$ |
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$ |
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See notes to condensed consolidated financial statements
Ooma | FY2025 Form 10-Q | 5
OOMA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, amounts in thousands)
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Common stock |
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Accumulated |
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Stockholders' |
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Fiscal 2025 |
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and APIC (1) |
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AOCL (2) |
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Deficit |
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Equity |
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BALANCE - February 1, 2024 |
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$ |
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$ |
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( |
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$ |
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( |
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$ |
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Issuance of common stock under equity-based plans |
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— |
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— |
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Shares repurchased for tax withholdings on RSU vesting |
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( |
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— |
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— |
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( |
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Stock-based compensation |
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— |
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— |
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Net loss |
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— |
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— |
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( |
) |
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( |
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BALANCE - April 30, 2024 |
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$ |
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$ |
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( |
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$ |
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( |
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$ |
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Issuance of common stock under equity-based plans |
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— |
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— |
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Shares repurchased for tax withholdings on RSU vesting |
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( |
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— |
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— |
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( |
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Repurchases of common stock |
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( |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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Changes in other comprehensive loss |
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— |
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— |
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Net loss |
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— |
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— |
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( |
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( |
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BALANCE - July 31, 2024 |
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$ |
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$ |
— |
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$ |
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( |
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$ |
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Common stock |
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Accumulated |
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Stockholders' |
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Fiscal 2024 |
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and APIC |
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AOCL |
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Deficit |
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Equity |
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BALANCE - February 1, 2023 |
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$ |
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$ |
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$ |
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$ |
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Issuance of common stock under equity-based plans |
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— |
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— |
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Shares repurchased for tax withholdings on RSU vesting |
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( |
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— |
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— |
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Stock-based compensation |
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— |
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Changes in other comprehensive loss |
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Net loss |
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— |
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— |
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BALANCE - April 30, 2023 |
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$ |
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$ |
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$ |
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$ |
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Issuance of common stock under equity-based plans |
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— |
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— |
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Shares repurchased for tax withholdings on RSU vesting |
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( |
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— |
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— |
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Stock-based compensation |
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Changes in other comprehensive loss |
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Net income |
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BALANCE - July 31, 2023 |
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$ |
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$ |
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$ |
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$ |
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(1)
(2)
See notes to condensed consolidated financial statements
Ooma | FY2025 Form 10-Q | 6
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1: Overview and Basis of Presentation
Ooma, Inc. and its wholly-owned subsidiaries (collectively, “Ooma” or the “Company”) provides leading communications services and related technologies for businesses and consumers, delivered from its smart SaaS and unified communications platforms. The Company is headquartered in Sunnyvale, California.
Fiscal Year. The Company’s fiscal year ends on January 31. References to fiscal 2025 and fiscal 2024 refer to the fiscal years ended January 31, 2025 and January 31, 2024, respectively.
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of January 31, 2024 included herein was derived from the audited financial statements as of that date, but does not include all the disclosures required by GAAP. Therefore, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2024 filed with the SEC on April 2, 2024 (“Annual Report”).
The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that management believes are necessary for a fair presentation of the interim periods presented. The results for the three and six months ended July 31, 2024 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending January 31, 2025.
Principles of Consolidation. The condensed consolidated financial statements include the accounts of Ooma, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Comprehensive Loss. For all periods presented, comprehensive loss approximated net loss in the condensed consolidated statements of operations and differences were not material. Therefore, the condensed consolidated statements of comprehensive loss have been omitted.
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Significant estimates include, but are not limited to, those related to revenue recognition, inventory valuation, deferred sales commissions, valuation of goodwill and intangible assets, operating lease assets and liabilities, regulatory fees and indirect tax accruals, loss contingencies, stock-based compensation and income taxes (including valuation allowances). The Company bases its estimates and assumptions on historical experience, where applicable, and other factors that it believes to be reasonable under the circumstances. These estimates are based on information available as of the date of the consolidated financial statements, and assumptions are inherently subjective in nature. Therefore, actual results could differ from management’s estimates.
Significant Accounting Policies. There have been no material changes to the Company’s significant accounting policies from those disclosed in the Annual Report.
Recent Accounting Pronouncements Not Yet Adopted. In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the new standard.
In December 2023, the FASB issued ASU 2023-09, which focuses on income tax disclosures by requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation, provide information for reconciling items that meet a quantitative threshold, and certain information about income taxes paid. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is evaluating the new standard.
Ooma | FY2025 Form 10-Q | 7
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 2: Revenue and Deferred Revenue
The Company derives its revenue from
Subscription and Services Revenue is derived from recurring subscription fees related to service plans such as Ooma Business, Ooma Residential and other communications services. Service plans are generally sold as monthly subscriptions; however, certain plans are also offered as annual or multi-year subscriptions. Subscription revenue is generally recognized ratably over the contractual service term. A small portion of revenue is recognized on a point-in-time basis from services such as: prepaid international calls, and advertisements displayed through the Talkatone mobile application.
Product and Other Revenue is generated primarily from the sale of on-premise devices and end-point devices, including Ooma AirDial, and to a lesser extent from porting fees that enable customers to transfer their existing phone numbers. The Company recognizes product and other revenue from sales to direct end-customers and channel partners at the point-in-time that control is transferred.
Revenue disaggregated by revenue source consisted of the following (in thousands):
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Three Months Ended |
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Six Months Ended |
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July 31, |
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July 31, |
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July 31, |
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July 31, |
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Subscription and services revenue |
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$ |
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$ |
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$ |
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$ |
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Product and other revenue |
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Total revenue |
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$ |
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$ |
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$ |
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$ |
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The Company derived approximately
Customers who represented 10% or more of net accounts receivable were as follows:
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As of |
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July 31, |
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January 31, |
Customer A |
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Deferred Revenue primarily consists of billings or payments received in advance of meeting revenue recognition criteria. Deferred services revenue is recognized on a ratable basis over the term of the contract as the services are provided.
|
|
|
|
As of |
||||
|
|
|
|
July 31, |
|
January 31, |
||
Subscription and services |
|
|
|
$ |
|
$ |
||
Product and other |
|
|
|
|
|
|
||
Total deferred revenue |
|
|
|
$ |
|
|
||
Less: current deferred revenue |
|
|
|
|
|
|
||
Deferred revenue, non-current |
|
|
|
$ |
|
$ |
||
During the three and six months ended July 31, 2024, the Company recognized revenue of approximately $
Remaining Performance Obligations. As of July 31, 2024, contract revenue that had not yet been recognized for open contracts with an original expected length of greater than one year was approximately $
Ooma | FY2025 Form 10-Q | 8
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 3: Fair Value Measurements
The Company estimates and categorizes fair value by applying the following hierarchy:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2: Observable prices based on inputs not quoted in active markets but are corroborated by market data.
Level 3: Unobservable inputs that are supported by little or no market activity.
The Company had $
Non-Marketable Equity Investments. As of July 31, 2024, the total amount of non-marketable equity investments in privately held companies included in other assets in the Company's condensed consolidated balance sheets was $
The Company’s non-marketable equity investments do not have readily determinable fair values. Under the measurement alternative election, the Company accounts for these non-marketable equity securities at cost and remeasures to fair value upon observable price changes in orderly transactions for the identical or similar investment of the same issuer or upon impairment. These investments are not eligible for the net-asset-value practical expedient from fair value measurement. The measurement alternative election is reassessed each reporting period to determine whether the non-marketable equity investments continue to be eligible for this election. The Company classifies these non-marketable equity investments as Level 3 within the fair value hierarchy.
Ooma | FY2025 Form 10-Q | 9
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 4: Balance Sheet Components
The following sections and tables provide details of selected balance sheet items (in thousands):
Inventories
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|
|
|
As of |
||||
|
|
|
|
July 31, |
|
January 31, |
||
Finished goods |
|
|
|
$ |
|
$ |
||
Raw materials |
|
|
|
|
|
|
||
Total inventory |
|
|
|
$ |
|
$ |
||
Other current and non-current assets
|
|
|
|
As of |
||||
|
|
|
|
July 31, |
|
January 31, |
||
Deferred sales commissions, current |
|
|
|
$ |
|
$ |
||
Prepaid expenses and other |
|
|
|
|
|
|
||
Convertible note receivable (see "GTC" below) |
|
|
|
|
|
|
||
Other current assets |
|
|
|
|
|
|
||
Total other current assets |
|
|
|
$ |
|
$ |
||
|
|
|
|
|
|
|
|
|
Deferred sales commissions, non-current |
|
|
|
$ |
|
$ |
||
Other assets |
|
|
|
|
|
|
||
Total other non-current assets |
|
|
|
$ |
|
$ |
||
Customer Acquisition Costs. Amortization of deferred sales commissions was $
Global Telecom Corporation. In December 2018, the Company invested $
On March 8, 2024 ("Financing Date"), GTC completed an equity financing which qualified as a conversion event under the convertible promissory note. Per the terms of the note, in the event of an equity financing all of the outstanding principal and accrued but unpaid interest would be converted to a number of shares of standard preferred stock equal to the Conversion Amount divided by the Conversion Price. "Conversion Amount" is defined as outstanding principal plus unpaid accrued interest. "Conversion Price" is
Ooma | FY2025 Form 10-Q | 10
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Accrued expenses and other current liabilities
|
|
|
|
As of |
||||
|
|
|
|
July 31, |
|
January 31, |
||
Payroll and related expenses |
|
|
|
$ |
|
$ |
||
Regulatory fees and taxes |
|
|
|
|
|
|
||
-term operating lease liabilities |
|
|
|
|
|
|
||
Customer-related liabilities |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Total accrued expenses and other current liabilities |
|
|
|
$ |
|
$ |
||
Note 5: Acquired Intangible Assets
The gross value, accumulated amortization and carrying values of acquired intangible assets were as follows (in thousands):
|
|
|
|
|
As of July 31, 2024 |
|
As of January 31, 2024 |
||||||||||||||
|
|
Estimated life |
|
Gross |
|
Accumulated Amortization |
|
Carrying |
|
Gross |
|
Accumulated Amortization |
|
Carrying |
|||||||
Developed technology |
|
|
|
$ |
|
$ |
( |
|
$ |
|
$ |
|
$ |
( |
|
$ |
|||||
Customer relationships |
|
|
|
|
|
|
( |
|
|
|
|
|
|
( |
|
|
|||||
Trade names |
|
|
|
|
|
|
( |
|
|
|
|
|
|
( |
|
|
|||||
Total intangible assets |
|
|
|
|
$ |
|
$ |
( |
|
$ |
|
$ |
|
$ |
( |
|
$ |
||||
Amortization expense was $
At July 31, 2024, the estimated future amortization expense for intangible assets is as follows (in thousands):
Fiscal Years Ending January 31, |
|
|
|
|
Total |
|
2025 remainder |
|
|
|
|
$ |
|
2026 |
|
|
|
|
|
|
2027 |
|
|
|
|
|
|
2028 |
|
|
|
|
|
|
2029 |
|
|
|
|
|
|
Thereafter |
|
|
|
|
|
|
Total |
|
|
|
|
$ |
|
Ooma | FY2025 Form 10-Q | 11
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 6: Operating Leases
Supplemental balance sheet information related to leases was as follows (in thousands):
|
|
|
|
|
|
|
|
|
As of |
|||
|
|
|
|
|
|
|
|
July 31, |
|
January 31, |
||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
|
|
|
|
|
$ |
|
$ |
||
Total leased assets |
|
|
|
|
|
|
|
$ |
|
$ |
||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Short-term operating lease liabilities |
|
|
|
|
|
|
|
$ |
|
$ |
||
Long-term operating lease liabilities |
|
|
|
|
|
|
|
|
|
|
||
Total lease liabilities |
|
|
|
|
|
|
|
$ |
|
$ |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average remaining lease term |
|
|
|
|
|
|
|
|
|
|
||
Weighted-average discount rate |
|
|
|
|
|
|
|
|
|
|
||
Operating lease right-of-use assets and long-term operating lease liabilities are included on the face of the consolidated balance sheet. Short-term operating lease liabilities are presented within accrued expenses and other current liabilities.
The Company incurred total lease costs in its condensed consolidated statements of operations of $
Supplemental cash flow information related to leases was as follows (in thousands):
|
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
||||||||||||
|
|
July 31, |
|
|
July 31, |
|
|
July 31, |
|
|
July 31, |
|
||||||||
Cash payments for operating leases |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
||||
Right-of-use assets recognized in exchange for new operating lease obligations |
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
||
As of July 31, 2024, maturities of operating lease liabilities were as follows (in thousands):
Fiscal Years Ending January 31, |
|
|
|
|
|
|
|
|
|
|
July 31, 2024 |
|
2025 remainder |
|
|
|
|
|
|
|
|
|
|
$ |
|
2026 |
|
|
|
|
|
|
|
|
|
|
|
|
2027 |
|
|
|
|
|
|
|
|
|
|
|
|
2028 |
|
|
|
|
|
|
|
|
|
|
|
|
2029 |
|
|
|
|
|
|
|
|
|
|
|
|
Thereafter |
|
|
|
|
|
|
|
|
|
|
|
|
Total future minimum lease payments |
|
|
|
|
|
|
|
|
|
|
|
|
Less: imputed interest |
|
|
|
|
|
|
|
|
|
|
|
( |
Present value of lease liabilities |
|
|
|
|
|
|
|
|
|
|
$ |
|
Ooma | FY2025 Form 10-Q | 12
Ooma, Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 7: Stockholders’ Equity
The Company has a stock-based compensation plan, the 2015 Equity Incentive Plan, pursuant to which it has granted incentive and nonstatutory stock options and restricted stock units. Additionally, the Company's 2015 Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of common stock at a discounted price through payroll deductions.
Stock Options. Stock option activity for the six months ended July 31, 2024 was as follows:
|
|
|
|
|
Weighted-Average |
|
Aggregate |
||
|
|
Shares |
|
Exercise Price |
|
Intrinsic Value |
|||
|
|
(in thousands) |
|
Per Share |
|
(in thousands) |
|||
Balance as of January 31, 2024 |
|
|
|
$ |
|
$ |
|||
Granted |
|
|
— |
|
$ |
— |
|
|
|
Exercised |
|
|
( |
|
$ |
|
|
|
|
Canceled |
|
|
( |
|
$ |
|
|
|
|
Balance as of July 31, 2024 |
|
|
|
$ |
|
$ |
|||
Vested and exercisable as of July 31, 2024 |
|
|
|
$ |
|
$ |
|||
The aggregate intrinsic value of vested options exercised during the six months ended July 31, 2024 and 2023 was $
Restricted Stock Units.
|
|
Shares |
|
Weighted-Average |
||
Balance as of January 31, 2024 |
|
|
|
$ |
||
Granted |
|
|
|
$ |
||