Ooma (NYSE: OOMA) reported Q2 EPS of $0.13, $0.06 better than the analyst estimate of $0.07. Revenue for the quarter came in at $41.4 million versus the consensus estimate of $40.22 million.

Second Quarter Fiscal 2021 Financial Highlights:

• Revenue: Total revenue was $41.4 million, up 11% year-over-year. Subscription and services revenue increased to $38.5 million and was 93% of total revenue, driven by 12% year-over-year growth in combined Ooma Business and Ooma Residential services.
• Net Income/Loss: GAAP net loss was $0.4 million, or $0.02 per basic and diluted share, compared to GAAP net loss of $5.0 million, or $0.24 per basic and diluted share, in the second quarter fiscal 2020. Non-GAAP net income was $3.1 million, or $0.13 per diluted share, compared to a non-GAAP net loss of $0.9 million, or $0.04 per basic and diluted share in the prior year period.
• Adjusted EBITDA: Adjusted EBITDA was $3.7 million, compared to negative $0.5 million in the second quarter fiscal 2020.

“Ooma delivered strong financial results for the second quarter of fiscal 2021, achieving 26% year-over-year subscription revenue growth for Ooma Business and solid non-GAAP profitability,” said Eric Stang, chief executive officer. “With our Office Pro feature set and the launch of Ooma Connect and now Ooma Wi-Fi, we bring an increasingly unique value proposition to our business customers, and see significant opportunity to capitalize on these innovative services.”

GUIDANCE:

Ooma sees Q3 2021 EPS of $0.07-$0.09, versus the consensus of $0.03. Ooma sees Q3 2021 revenue of $41-41.8 million, versus the consensus of $40.82 million.

Ooma sees FY2021 EPS of $0.34-$0.40, versus the consensus of $0.26. Ooma sees FY2021 revenue of $163-164.5 million, versus the consensus of $163.12 million.

Ooma provides guidance based on current market conditions and expectations. The Company emphasizes that the guidance is subject to cautionary factors referenced in the section discussing forward-looking statements below, including risks and uncertainties associated with the COVID-19 pandemic.

For the third quarter of fiscal 2021, Ooma expects to report:

• Total revenue in the range of $41.0 million to $41.8 million.
• GAAP net loss in the range of $1.3 million to $1.8 million and GAAP net loss per share in the range of $0.06 to $0.08.
• Non-GAAP net income in the range of $1.7 million to $2.2 million and non-GAAP earnings per share in the range of $0.07 to $0.09.

For the full fiscal year 2021, Ooma expects to report:

• Total revenue in the range of $163.0 million to $164.5 million.
• GAAP net loss in the range of $4.4 million to $5.9 million, and GAAP net loss per share in the range of $0.20 to $0.26.
• Non-GAAP net income in the range of $8.0 million to $9.5 million, and non-GAAP earnings per share in the range of $0.34 to $0.40.

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