Ooma Reports First Quarter Fiscal Year 2019 Financial Results

Ooma Inc (NYSE:OOMA), a smart communications platform for businesses and consumers released financial results for the first quarter fiscal 2019 ended April 30, 2018.

The company said that its total revenue was $30.2 million which is up 10 percent year-over-year. The subscription and services revenue for the company increased to $27.3 million and was 90 percent of total revenue.

As quoted in the press release:

• 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% 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.”

Business Outlook

Our guidance below includes the effects of the new accounting standard ASC 606 and the impact of our recent acquisitions.

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.

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