Ooma, Inc. (OOMA) Files $86.3M Common Stock IPO

Ooma, Inc., (NYSE: OOMA) filed a registration with the U.S. SEC for an IPO of its Common Stock. The proposed maximum offering price is $86.25 million. The company plans to trade on the NYSE under the symbol, "OOMA."

Underwriters on the offering at Credit Suisse, BofA Merrill Lynch, JMP Securities, William Blair, and Wunderlich.

Financial summary: We have a predictable revenue model with growth in recurring revenue, with total revenue of $39.2 million, $53.7 million and $72.2 million in fiscal 2013, fiscal 2014 and fiscal 2015, respectively. Our total revenue for the three months ended April 30, 2014 and 2015 was $16.3 million and $19.9 million, respectively. Subscription and services revenue, which includes the recurring portion of our total revenue, has increased as a percentage of our total revenue over the last four years, from approximately 30% in fiscal 2011 to 75% in fiscal 2015. It has also increased as a percentage of our total revenue from 67% for the three months ended April 30, 2014 to 78% for the three months ended April 30, 2015. We have continued to make significant investments in research and development, brand marketing and channel development, incurring net losses of $(3.7) million, $(2.0) million and $(6.4) million in fiscal 2013, fiscal 2014 and fiscal 2015, respectively, and a net loss of $(3.9) million for the three months ended April 30, 2015. In addition, we had net income of $0.5 million for the three months ended April 30, 2014. Therefore, our Adjusted EBITDA was $(2.2) million, $(0.4) million and $(3.5) million in fiscal 2013, fiscal 2014 and fiscal 2015, respectively, and $1.0 million and $(1.9) million for the three months ended April 30, 2014 and 2015, respectively.

Ooma is a leading provider of innovative communications solutions and other connected services to small business, home and mobile users.

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