Domo Inc (NASDAQ:DOMO) Q3 2020 Earnings Conference Call - Final Transcript
Dec 05, 2019 • 05:00 pm ET
Welcome to Domo's Third Quarter FY '20 Earnings Call. And with that, I will hand it over to Peter Lowry, Domo's Vice President of Investor Relations.
Peter Caldwell Lowry
Good afternoon and welcome. On the call today, we have Josh James, our Founder and CEO; Bruce Felt, our CFO; and Julie Kehoe, our Chief Communications Officer. Julie will lead off with the Safe Harbor statement and then onto the call. Julie?
Thanks, Pete. Our press release was issued after the market close and is posted in the Investor Relations section of our website where this call is also being webcast. Statements made on this call include forward-looking statements related to our business under federal securities laws, including statements about financial projections, the plans and expectations for our go-to-market strategy, our expectations for our sales and new business initiatives and our financial condition. These statements are subject to a variety of risks, uncertainties and assumptions.
For a discussion of these risks and uncertainties, please refer to documents we filed with the SEC, in particular today's press release and our most recently filed Annual Report on Form 10-K and our most recently filed Quarterly Report on Form 10-Q. These documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward-looking statements.
In addition, during today's call we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Domo's performance. Other than revenue, unless otherwise stated, we will be discussing our results of operations on a non-GAAP basis. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. Please refer to the tables in our earnings press release for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measure.
With that, let me hand it over to Josh. Josh?
Joshua G. James
Thank you, Julie. Hello, everyone, and thanks for joining us on the call today. Well, I'm excited to report that in Q3, we posted a 24% increase in subscription revenue, a 22% year-over-year increase in total revenue and a better-than-expected increase in billings and cash flow. These results were driven by solid core sales execution, including closing large enterprise deals.
We closed six deals within an ACV greater than $500,000, two of which had an ACV of over $1 million. Three were in our top five largest new logo deals in company history. I'll talk more about some of these wins in a minute, but as the large deals in the Q2 pipeline that didn't close in Q2, we closed five or about half of them in Q3, and the others remain in the pipeline. We did not lose any of the large deals that slipped from Q2 to the competition, they just are having a longer sales cycle.
I'm very pleased that we are once again able to make meaningful progress on reducing our cash burn. Coming in ahead of our guidance, we remain