Jeffrey D. Allred, Deseret News
FILE - Domo Technologies vice president of communications Julie Kehoe looks over information on the wall board in American Fork Wednesday, March 30, 2016.

AMERICAN FORK — After suffering a wave of criticism in the lead-up to its public stock offering in June, Utah business analytics platform Domo had mostly positive news to share in its first earnings report as a publicly held company.

In a phone call Thursday with media representatives and industry analysts, Domo CEO Josh James was upbeat about the company's performance numbers.

"While we're early in our journey of fulfilling our vision and realizing our full value, we're off to a great start," James said. "We're delivering on our top two priorities of focusing on customers and growing the top line, which we've grown by more than 30 percent, and we're doing so more efficiently."

James reported the company had billings that outperformed the same quarter last year by 35 percent and revenues that grew by 32 percent over the same period. He also highlighted "notable growth" among international clients and a decrease in expenses related to sales and marketing, addressing a red flag raised by analysts before the company went public.

James said one of the keys to Domo's growth has been the ability to expand the volume of business with clients it already has. The company's annual recurring revenues sourcing from its top 20 clients, James said, has expanded by 1,000 percent since the acquisition of those customers. He also noted the company's expectation that it would be able to increase the pace at which it's been signing on new customers.

"As our unique capabilities are more widely recognized and used throughout our customer base, we believe our growth will accelerate," James said. "We are particularly proud that more than 400 CEOs, including Fortune 500 CEOs, are using Domo to manage their business, with more than half doing so from their mobile device."

Domo, which specializes in a cloud-based software platform that provides businesses with data intelligence and analysis, was founded in 2010 by James, who is a successful, serial entrepreneur. He previously co-founded and ran web analytics company Omniture, which was purchased in 2009 by Adobe for nearly $2 billion.

A required, pre-IPO filing with the U.S. Securities and Exchange Commission in early June detailed some of the financial challenges facing the company as it prepared to go public. That included an accumulation of over $800 million in debt since its founding in 2010. Also, a recognition that it had tapped out its credit options and, without the cash infusion of an IPO, could be looking at widespread cost slashing.

"To the extent additional capital is not obtained through an IPO, management will seek other forms of financing," read a section of the S-1 form. "If other equity or debt financing is not available by August 2018, management will then begin to implement plans to significantly reduce operating expense."

James was ridiculed by industry watchers for other information detailed in the filing, including Domo financial transactions that benefitted other companies he was involved with and for a stock structuring that, after going public, has left him with 90 percent of the voting power. That's thanks to his retention of Class A stock that carries 40 votes per share, versus the publicly offered Class B stock, worth only a single vote per share.

While Domo at one point had earned a valuation hovering around $2 billion, it's pre-IPO value had been down-adjusted to about $500 million.

Domo raised about $200 million in its IPO and its stock sailed out of the gates on its first market day, seeing a 28 percent bump from the $21 per share opening to about $27 a share. That trend did not hold up, however, and the stock was on a steady downtrend until late July, dipping briefly below $16 a share. Since then, the stock has been climbing and on Friday was trading at $19.26 at the close of regular trading.

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Domo Chief Financial Officer Bruce Felt reported the company had about $239 million in cash on hand, versus the $71.9 million in its accounts at the end of April. Felt underscored that the company was "outperforming" on both revenue generation and cost reductions. And, while Domo's losses are still outstripping its revenues, Felt said there was a plan in place to reach positive cashbflow, though it would be a "multiyear" effort. Like James, Felt also had positive prognostications for continued high performance.

"Q2 was a strong quarter for us," Felt said. "We improved execution across all functions of the organization. We are pleased with the productivity gains from sales and marketing. We believe, as we displayed this quarter, there is leverage throughout the entire organization to efficiently drive growth."