HUCK 8-K

Huckleberry.ai, Inc. (HUCK)

8-K 2020-03-10 For: 2020-03-10

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Exhibit No.						Description
99.1						Press Release of Domo, Inc. dated March 10, 2020


Domo, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

	Three Months Ended						Year Ended
	January 31,						January 31,
	2019		2020		2019		2020
Revenue:
Subscription	$	31,930	$	39,732	$	117,157	$	146,837
Professional services and other	7,478		6,439		25,307		26,558
Total revenue	39,408		46,171		142,464		173,395
Cost of revenue:
Subscription (1)	8,267		9,470		32,781		35,366
Professional services and other (1)	4,276		4,982		16,773		20,564
Total cost of revenue	12,543		14,452		49,554		55,930
Gross profit	26,865		31,719		92,910		117,465

Operating expenses:
Sales and marketing (1)	29,389		32,333		131,081		127,567
Research and development (1)	16,954		17,501		75,740		69,224
General and administrative (1), (2), (3)	8,270		9,059		30,176		35,941
Total operating expenses	54,613		58,893		236,997		232,732
Loss from operations	(27,748)		(27,174)		(144,087)		(115,267)

Other expense, net (1)	(1,786)		(2,460)		(8,974)		(9,635)
Loss before provision for income taxes	(29,534)		(29,634)		(153,061)		(124,902)
Provision for income taxes	339		225		1,248		754
Net loss	$	(29,873)	$	(29,859)	$	(154,309)	$	(125,656)

Net loss per share (basic and diluted)	$	(1.13)	$	(1.06)	$	(9.43)	$	(4.57)
Weighted-average number of shares (basic and diluted)	26,461		28,042		16,358		27,520


(1) Includes stock-based compensation expenses, as follows:
Cost of revenue:
Subscription	$	75	$	166	$	219	$	507
Professional services and other	42		128		154		404
Sales and marketing	1,897		2,586		7,387		10,770
Research and development	1,413		1,487		6,519		6,339
General and administrative	1,436		1,684		7,492		5,637
Other expense, net	25		48		30		190
Total stock-based compensation expenses	$	4,888	$	6,099	$	21,801	$	23,847

(2) Includes amortization of certain intangible assets, as follows:
General and administrative	$	20	$	20	$	80	$	80

(3) Includes reversal of contingent tax-related accrual, as follows:
General and administrative	$	—	$	—	$	(3,513)	$	(1,293)


Domo, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

	January 31,		January 31,
	2019		2020
Assets
Current assets:
Cash and cash equivalents	$	176,973	$	80,843
Short-term investments	—		17,967
Accounts receivable, net	48,421		47,967
Contract acquisition costs	10,425		12,676
Prepaid expenses and other current assets	10,935		12,809
Total current assets	246,754		172,262

Property and equipment, net	12,595		12,816
Contract acquisition costs, noncurrent	18,030		17,083
Intangible assets, net	4,415		3,865
Goodwill	9,478		9,478
Other assets	1,360		1,234
Total assets	$	292,632	$	216,738

Liabilities and stockholders' equity (deficit)
Current liabilities:
Accounts payable	$	2,609	$	2,298
Accrued expenses and other current liabilities	48,139		46,473
Current portion of deferred revenue	88,959		105,290
Total current liabilities	139,707		154,061

Deferred revenue, noncurrent	4,943		4,454
Other liabilities, noncurrent	6,210		6,329
Long-term debt	97,245		101,074
Total liabilities	248,105		265,918

Commitments and contingencies


Stockholders' equity (deficit):
Common stock	26		28
Additional paid-in capital	956,145		988,141
Accumulated other comprehensive income	438		389
Accumulated deficit	(912,082)		(1,037,738)
Total stockholders' equity (deficit)	44,527		(49,180)
Total liabilities and stockholders' equity (deficit)	$	292,632	$	216,738


Domo, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

	Three Months Ended						Year Ended
	January 31,						January 31,
	2019		2020		2019		2020
Cash flows from operating activities
Net loss	$	(29,873)	$	(29,859)	$	(154,309)	$	(125,656)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,035		1,610		8,787		6,917
Amortization of contract acquisition costs	2,418		3,274		8,168		11,777
Stock-based compensation	4,888		6,099		21,801		23,847
Other, net	652		1,143		(1,276)		1,959
Changes in operating assets and liabilities:
Accounts receivable, net	(18,616)		(13,916)		(12,937)		454
Contract acquisition costs	(6,434)		(4,161)		(15,677)		(13,178)
Prepaid expenses and other assets	(3,077)		(1,377)		(4,824)		(1,739)
Accounts payable	(2,175)		(596)		(8,651)		(292)
Accrued and other liabilities	4,647		3,726		4,605		(150)
Deferred revenue	17,833		18,779		22,946		15,842
Net cash used in operating activities	(27,702)		(15,278)		(131,367)		(80,219)

Cash flows from investing activities
Purchases of property and equipment	(1,700)		(1,606)		(6,373)		(6,466)
Purchases of securities available for sale	—		(8,753)		—		(102,084)
Proceeds from maturities of securities available for sale	—		13,300		—		84,800
Purchases of intangible assets	(1,603)		(65)		(1,603)		(65)

Net cash (used in) provided by investing activities	(3,303)		2,876		(7,976)		(23,815)

Cash flows from financing activities
Proceeds from initial public offering, net of underwriting discounts and commissions	—		—		206,627		—
Payments of costs related to initial public offering	10		—		(4,053)		—
Proceeds from issuance of convertible preferred stock, net of issuance costs	—		—		(87)		—
Proceeds from shares issued in connection with employee stock purchase plan	—		—		—		7,812
Shares repurchased for tax withholdings on vesting of restricted stock	—		(318)		—		(1,428)
Debt proceeds, net of issuance costs	(9)		—		49,642		—
Proceeds from exercise of stock options	1,974		99		2,250		1,600

Principal payments on capital lease obligations	—		—		(44)		—
Net cash provided by (used in) financing activities	1,975		(219)		254,335		7,984
Effect of exchange rate changes on cash and cash equivalents	4		(47)		9		(80)
Net (decrease) increase in cash and cash equivalents	(29,026)		(12,668)		115,001		(96,130)
Cash and cash equivalents at beginning of period	205,999		93,511		61,972		176,973
Cash and cash equivalents at end of period	$	176,973	$	80,843	$	176,973	$	80,843


Domo, Inc.
Reconciliation of Non-GAAP Financial Measures
(in thousands, except per share data)
(unaudited)

	Three Months Ended									Year Ended
	January 31,									January 31,
	2019			2020			2019			2020
Reconciliation of Subscription Gross Margin on a GAAP Basis to Subscription Gross Margin on a Non-GAAP Basis:
Revenue:
Subscription	$	31,930		$	39,732		$	117,157		$	146,837
Cost of revenue:
Subscription	8,267			9,470			32,781			35,366
Subscription gross profit on a GAAP basis	23,663			30,262			84,376			111,471
Subscription gross margin on a GAAP basis	74		%	76		%	72		%	76		%

Stock-based compensation	75			166			219			507
Subscription gross profit on a non-GAAP basis	$	23,738		$	30,428		$	84,595		$	111,978
Subscription gross margin on a non-GAAP basis	74		%	77		%	72		%	76		%

Reconciliation of Total Operating Expenses on a GAAP Basis to Total Operating Expenses on a Non-GAAP Basis:
Total operating expenses on a GAAP basis	$	54,613		$	58,893		$	236,997		$	232,732
Stock-based compensation	(4,746)			(5,757)			(21,398)			(22,746)
Amortization of certain intangible assets	(20)			(20)			(80)			(80)
Reversal of contingent tax-related accrual	—			—			3,513			1,293
Total operating expenses on a non-GAAP basis	$	49,847		$	53,116		$	219,032		$	211,199

Reconciliation of Operating Loss on a GAAP Basis to Operating Loss on a Non-GAAP Basis:
Operating loss on a GAAP basis	$	(27,748)		$	(27,174)		$	(144,087)		$	(115,267)
Stock-based compensation	4,863			6,051			21,771			23,657
Amortization of certain intangible assets	20			20			80			80
Reversal of contingent tax-related accrual	—			—			(3,513)			(1,293)
Operating loss on a non-GAAP basis	$	(22,865)		$	(21,103)		$	(125,749)		$	(92,823)

Reconciliation of Operating Margin on a GAAP Basis to Operating Margin on a Non-GAAP Basis:
Operating margin on a GAAP basis	(70)		%	(59)		%	(101)		%	(66)		%
Stock-based compensation	12			13			15			13
Amortization of certain intangible assets	—			—			—			—
Reversal of contingent tax-related accrual	—			—			(2)			(1)
Operating margin on a non-GAAP basis	(58)		%	(46)		%	(88)		%	(54)		%

Reconciliation of Net Loss on a GAAP Basis to Net Loss on a Non-GAAP Basis:
Net loss on a GAAP basis	$	(29,873)		$	(29,859)		$	(154,309)		$	(125,656)
Stock-based compensation	4,888			6,099			21,801			23,847
Amortization of certain intangible assets	20			20			80			80
Reversal of contingent tax-related accrual	—			—			(3,513)			(1,293)
Net loss on a non-GAAP basis	$	(24,965)		$	(23,740)		$	(135,941)		$	(103,022)

Reconciliation of Net Loss per Share on a GAAP Basis to Net Loss per Share on a Non-GAAP Basis:
Net loss per share on a GAAP basis	$	(1.13)		$	(1.06)		$	(9.43)		$	(4.57)
Stock-based compensation	0.19			0.21			1.33			0.88
Amortization of certain intangible assets	—			—			—			—
Reversal of contingent tax-related accrual	—			—			(0.21)			(0.05)
Net loss per share on a non-GAAP basis	$	(0.94)		$	(0.85)		$	(8.31)		$	(3.74)


x			Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
¨			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.