Domo Reports 14% Revenue Growth in Q4

2023-12-30

Domo, a leading data platform company, recently held its Q4 fiscal year 2023 earnings conference call to discuss its financial performance and future prospects. The call was attended by key participants including John Mellor, Josh James (Founder and CEO), Julie Kehoe (Chief Communications Officer), and David Jolley (Chief Financial Officer).

During the call, Domo reported a total revenue growth of 14% in Q4, with subscription revenue growth at 18%. Despite the challenging macro environment, the company remains optimistic about its long-term prospects and believes there have been no material changes to the competitive landscape.

Domo emphasized its focus on driving ongoing innovation for customers and maintaining a disciplined go-to-market strategy. The company also highlighted key personnel changes, with Josh James being reappointed as the CEO and David Jolley appointed as the new CFO. Jeff Skousen has taken on the role of Chief Revenue Officer.

Domo's market opportunity lies in helping companies improve customer experiences, enhance employee satisfaction, and manage data efficiently. The company plans to deliver new data experiences by providing personalized insights and connecting them to other internal systems for more efficient action.

Domo's vision is to be a key player and market disruptor in the industry. The company aims to be a fully integrated stack that eliminates the need for large teams to implement and manage underlying technologies, allowing for more efficient and effective work processes.

The call also discussed Domo's financial performance, including the increase in the number of customers paying over $1 million and between $500,000 and $1 million. The company is focused on pricing and packaging changes, aiming to normalize different pricing metrics and move towards a compute model based on real usage.

Retention rates were also a topic of discussion, with a focus on improving renewal rates through building relationships, aligning customer service and client services, and driving adoption. Domo aims to keep renewal rates around 89% to 90%.

Overall, the Q4 fiscal year 2023 earnings conference call provided insights into Domo's financial performance, strategic focus, and plans for future growth. The company remains committed to driving innovation, delivering value to customers, and positioning itself as a leader in the data platform industry.