2022 Q4 Form 10-Q Financial Statement

#000095017022026294 Filed on December 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2021 Q4
Revenue $56.68M $49.17M
YoY Change 15.27% 14.44%
Cost Of Revenue $20.76M $18.93M
YoY Change 9.69% 16.25%
Gross Profit $35.92M $30.25M
YoY Change 18.76% 13.32%
Gross Profit Margin 63.37% 61.51%
Selling, General & Admin $24.88M $21.16M
YoY Change 17.57% 15.93%
% of Gross Profit 69.25% 69.95%
Research & Development $12.50M $9.467M
YoY Change 32.02% 5.66%
% of Gross Profit 34.79% 31.3%
Depreciation & Amortization $1.792M $1.106M
YoY Change 62.03% 11.72%
% of Gross Profit 4.99% 3.66%
Operating Expenses $37.37M $30.63M
YoY Change 22.03% 12.55%
Operating Profit -$1.453M -$379.0K
YoY Change 283.38% -27.12%
Interest Expense $94.00K $53.00K
YoY Change 77.36% -51.82%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.761M -$326.0K
YoY Change 746.93% -21.07%
Income Tax $49.00K $0.00
% Of Pretax Income
Net Earnings -$2.810M -$326.0K
YoY Change 761.96% -21.07%
Net Earnings / Revenue -4.96% -0.66%
Basic Earnings Per Share -$0.11 -$0.01
Diluted Earnings Per Share -$114.2K -$13.80K
COMMON SHARES
Basic Shares Outstanding 24.61M 23.62M
Diluted Shares Outstanding 24.61M 23.62M

Balance Sheet

Concept 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.53M $31.04M
YoY Change -20.96% 12.37%
Cash & Equivalents $20.04M $19.44M
Short-Term Investments $4.495M $11.60M
Other Short-Term Assets $14.55M $1.025M
YoY Change 1319.51% 726.61%
Inventory $22.02M $14.20M
Prepaid Expenses $4.377M $4.456M
Receivables $7.125M $6.285M
Other Receivables $0.00 $1.729M
Total Short-Term Assets $68.23M $65.11M
YoY Change 4.78% 21.89%
LONG-TERM ASSETS
Property, Plant & Equipment $20.44M $20.23M
YoY Change 1.04% 79.86%
Goodwill $8.900M
YoY Change
Intangibles $11.26M
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.64M $13.95M
YoY Change 12.09% 27.13%
Total Long-Term Assets $56.29M $42.99M
YoY Change 30.94% 32.96%
TOTAL ASSETS
Total Short-Term Assets $68.23M $65.11M
Total Long-Term Assets $56.29M $42.99M
Total Assets $124.5M $108.1M
YoY Change 15.19% 26.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.83M $9.183M
YoY Change 28.79% 23.93%
Accrued Expenses $24.81M $13.01M
YoY Change 90.63% -39.28%
Deferred Revenue $17.48M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $54.11M $48.26M
YoY Change 12.13% 6.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.58M $11.25M
YoY Change -5.97% 260.58%
Total Long-Term Liabilities $10.58M $11.25M
YoY Change -5.97% 260.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.11M $48.26M
Total Long-Term Liabilities $10.58M $11.25M
Total Liabilities $64.69M $59.51M
YoY Change 8.71% 23.28%
SHAREHOLDERS EQUITY
Retained Earnings -$132.0M
YoY Change
Common Stock $5.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $59.83M $48.59M
YoY Change
Total Liabilities & Shareholders Equity $124.5M $108.1M
YoY Change 15.19% 26.06%

Cashflow Statement

Concept 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$2.810M -$326.0K
YoY Change 761.96% -21.07%
Depreciation, Depletion And Amortization $1.792M $1.106M
YoY Change 62.03% 11.72%
Cash From Operating Activities $2.489M $1.878M
YoY Change 32.53% -24.88%
INVESTING ACTIVITIES
Capital Expenditures -$1.095M -$1.308M
YoY Change -16.28% 69.87%
Acquisitions
YoY Change
Other Investing Activities $1.775M -$1.677M
YoY Change -205.84% -171.67%
Cash From Investing Activities $680.0K -$2.985M
YoY Change -122.78% -290.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $676.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 676.0K 480.0K
YoY Change 40.83% -14.29%
NET CHANGE
Cash From Operating Activities 2.489M 1.878M
Cash From Investing Activities 680.0K -2.985M
Cash From Financing Activities 676.0K 480.0K
Net Change In Cash 3.845M -627.0K
YoY Change -713.24% -113.54%
FREE CASH FLOW
Cash From Operating Activities $2.489M $1.878M
Capital Expenditures -$1.095M -$1.308M
Free Cash Flow $3.584M $3.186M
YoY Change 12.49% -2.57%

Facts In Submission

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StockholdersEquity
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StockholdersEquity
39551000
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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,58,93,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Use of Estimates.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the Company’s condensed consolidated financial statements and notes thereto. 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.</span></p>
CY2022Q4 ooma Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
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0
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CapitalizedContractCostImpairmentLoss
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ooma Number Of Countries Outside That Exceeded Ten Percentage Of Revenue
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0
ooma Number Of Countries Outside That Exceeded Ten Percentage Of Revenue
NumberOfCountriesOutsideThatExceededTenPercentageOfRevenue
0
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0
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17515000
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16673000
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ContractWithCustomerLiabilityRevenueRecognized
2700000
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RevenueRemainingPerformanceObligation
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CashAndCashEquivalentsFairValueDisclosure
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us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
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FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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InventoryFinishedGoodsNetOfReserves
13732000
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InventoryFinishedGoodsNetOfReserves
10452000
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InventoryRawMaterialsNetOfReserves
8289000
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InventoryRawMaterialsNetOfReserves
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InventoryNet
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InventoryNet
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ConvertibleNoteReceivable
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PrepaidInventoryDeposits
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PrepaidInventoryDeposits
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OtherAssetsNoncurrent
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AmortizationOfDeferredSalesCommissions
2000000.0
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AmortizationOfDeferredSalesCommissions
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AmortizationOfDeferredSalesCommissions
5500000
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AmortizationOfDeferredSalesCommissions
4300000
CY2022Q4 us-gaap Employee Related Liabilities Current
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10657000
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10853000
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3685000
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3933000
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OperatingLeaseLiabilityCurrent
3671000
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3260000
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1007000
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1587000
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5785000
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OtherAccruedLiabilitiesCurrent
3190000
CY2022Q4 ooma Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
24805000
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AccruedExpensesAndOtherCurrentLiabilities
22823000
CY2022Q4 us-gaap Goodwill
Goodwill
8900000
CY2022Q1 us-gaap Goodwill
Goodwill
4300000
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FiniteLivedIntangibleAssetsGross
17648000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6392000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
11256000
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
9108000
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4900000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4208000
CY2022Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000
CY2021Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000.0
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2136000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2435000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1880000
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company leases its headquarters located in Sunnyvale, California, as well as office and data center space in various locations under non-cancelable operating lease agreements.
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
12782000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
14396000
CY2022Q4 ooma Operating Lease Asset
OperatingLeaseAsset
12782000
CY2022Q1 ooma Operating Lease Asset
OperatingLeaseAsset
14396000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3671000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3260000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10539000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11194000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
14210000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
14454000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y9M18D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.037
CY2022Q4 us-gaap Lease Cost
LeaseCost
1300000
CY2021Q4 us-gaap Lease Cost
LeaseCost
1200000
us-gaap Lease Cost
LeaseCost
3800000
us-gaap Lease Cost
LeaseCost
3600000
CY2022Q4 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1300000
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1300000
CY2022Q4 us-gaap Asset Impairment Charges
AssetImpairmentCharges
100000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
100000
CY2022Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
954000
CY2021Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
986000
us-gaap Operating Lease Payments
OperatingLeasePayments
2601000
us-gaap Operating Lease Payments
OperatingLeasePayments
2950000
CY2022Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
238000
CY2021Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
728000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1955000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
10555000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
963000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3690000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3616000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
14210000
CY2022Q4 ooma Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
3555000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15644000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1434000
CY2022Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y
ooma Operating Lease Rental Payments
OperatingLeaseRentalPayments
6900000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1325000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.93
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
12064000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
95000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
16.69
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
113000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.28
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1307000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.81
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
8459000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1109000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
8.85
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
8215000
CY2022Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3541000
CY2021Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3233000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10383000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9748000
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
27500000
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
49000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1900000
CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1900000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2100000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
9200000
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
-2810000
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
-326000
us-gaap Net Income Loss
NetIncomeLoss
-3238000
us-gaap Net Income Loss
NetIncomeLoss
-1652000
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24608685
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23619406
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24373836
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23348529
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000
CY2021Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1300000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1400000
CY2022Q4 us-gaap Purchase Obligation
PurchaseObligation
12400000
CY2022Q1 us-gaap Purchase Obligation
PurchaseObligation
19400000
CY2022Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2020 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
600000

Files In Submission

Name View Source Status
ooma-20221031_cal.xml Edgar Link unprocessable
ooma-20221031_pre.xml Edgar Link unprocessable
ooma-20221031_lab.xml Edgar Link unprocessable
0000950170-22-026294-index-headers.html Edgar Link pending
0000950170-22-026294-index.html Edgar Link pending
0000950170-22-026294.txt Edgar Link pending
0000950170-22-026294-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
ooma-20221031.htm Edgar Link pending
ooma-20221031.xsd Edgar Link pending
ooma-ex31_1.htm Edgar Link pending
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report.css Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
ooma-20221031_def.xml Edgar Link unprocessable