Q1 Fiscal 2024 Earnings Results June 8, 2023 Forward Looking Statements and Disclaimer Forward-Looking Statements This presentation contains, and statements made during this presentation contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Braze's financial outlook for the second quarter of and full fiscal year ended January 31, 2024. Words such as "anticipate," "be ...

[Cover Page & Corporate Information](index=1&type=section&id=Cover%20Page) This is the Form 10-Q quarterly report for Braze, Inc. for the period ended April 30, 2023 - This is a Quarterly Report on Form 10-Q for the quarterly period ended **April 30, 2023**, for Braze, Inc.[67](index=67&type=chunk) - Braze, Inc. is a Delaware corporation whose Class A Common Stock trades on Nasdaq under the symbol **BRZE**[53](index=53&type=chunk) Outstanding Shares as of June 1, 2023 | Class | Shares Outstanding | | :--- | :--- | | Class A Common Stock | 63,842,793 | | Class B Common Stock | 33,744,159 | [PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I) [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited financial statements for Q1 FY2024 show revenue of $101.8 million and a net loss of $38.8 million [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows total assets of $721.3 million and total liabilities of $285.1 million as of April 30, 2023 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | April 30, 2023 | January 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | **$598,108** | **$583,171** | | Cash and cash equivalents | $116,932 | $68,587 | | Marketable securities | $385,869 | $410,083 | | **Total Assets** | **$721,293** | **$705,406** | | **Total Current Liabilities** | **$245,036** | **$217,303** | | Deferred revenue | $181,216 | $166,092 | | **Total Liabilities** | **$285,061** | **$258,648** | | **Total Stockholders' Equity** | **$435,149** | **$445,303** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 FY2024, revenue grew 31.3% YoY to $101.8 million, while the net loss slightly improved to $38.8 million Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 FY2024 (ended Apr 30, 2023) | Q1 FY2023 (ended Apr 30, 2022) | | :--- | :--- | :--- | | **Revenue** | **$101,780** | **$77,495** | | Gross Profit | $69,093 | $51,589 | | Loss from Operations | $(41,897) | $(39,649) | | **Net Loss** | **$(38,826)** | **$(39,633)** | | Net Loss Per Share | $(0.40) | $(0.42) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was $22.5 million, driven by changes in marketable securities transactions Cash Flow Summary (in thousands) | Activity | Three Months Ended April 30, 2023 | Three Months Ended April 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $22,549 | $17,921 | | Net cash provided by/(used in) investing activities | $24,297 | $(407,803) | | Net cash provided by financing activities | $2,211 | $2,630 | | **Net change in cash, cash equivalents, and restricted cash** | **$48,877** | **$(388,327)** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail revenue disaggregation, RPO growth, stock compensation, and a subsequent acquisition Revenue by Type (in thousands) | Type | Three Months Ended April 30, 2023 | Three Months Ended April 30, 2022 | | :--- | :--- | :--- | | Subscription | $97,146 | $72,836 | | Professional services and other | $4,634 | $4,659 | | **Total** | **$101,780** | **$77,495** | Revenue by Geography (in thousands) | Geography | Three Months Ended April 30, 2023 | Three Months Ended April 30, 2022 | | :--- | :--- | :--- | | United States | $58,503 | $45,352 | | International | $43,277 | $32,143 | | **Total** | **$101,780** | **$77,495** | - Total Remaining Performance Obligations (RPO) as of April 30, 2023, were **$477.5 million**, of which $325.4 million is expected to be recognized as revenue in the next year[142](index=142&type=chunk) - In June 2023, the company acquired North Star Y, Pty Ltd for up to **$28.0 million** in cash and stock, with potential earn-out payments[193](index=193&type=chunk) - Stock-based compensation expense for the quarter was **$24.6 million**, up from $17.2 million in the prior-year period[163](index=163&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong revenue growth, key customer metrics, and positive operating cash flow amid market uncertainty [Factors Affecting Our Performance](index=23&type=section&id=Factors%20Affecting%20Our%20Performance) Performance is driven by customer acquisition, a land-and-expand model, and international expansion - The company's customer base grew to **1,866** as of April 30, 2023[197](index=197&type=chunk) Key Performance Metrics (as of April 30, 2023) | Metric | Value | | :--- | :--- | | Total Customers | 1,866 | | Customers with ARR > $500k | 164 | | Dollar-Based Net Retention Rate (All Customers) | 122% | | Dollar-Based Net Retention Rate (ARR > $500k) | 124% | | International Revenue % of Total | 43% | - The company's growth strategy focuses on a land-and-expand model, capitalizing on digital transformation in various industries, and expanding internationally, particularly in Europe and Asia-Pacific[196](index=196&type=chunk)[197](index=197&type=chunk)[218](index=218&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Revenue increased 31.3% YoY, gross margin improved to 67.9%, and operating expenses grew due to higher headcount Revenue Comparison (in thousands) | Period | Revenue | Change | % Change | | :--- | :--- | :--- | :--- | | Q1 FY2024 | $101,780 | $24,285 | 31.3% | | Q1 FY2023 | $77,495 | | | - The increase in subscription revenue was driven almost equally by growth from **existing customers (49.0%)** and **new customers (51.0%)**[266](index=266&type=chunk) Operating Expense Comparison (in thousands) | Expense Category | Q1 FY2024 | Q1 FY2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Sales and Marketing | $57,262 | $46,044 | $11,218 | 24.4% | | Research and Development | $29,745 | $21,620 | $8,125 | 37.6% | | General and Administrative | $23,983 | $23,574 | $409 | 1.7% | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds $507.4 million in liquid assets and generated $21.7 million in non-GAAP free cash flow - Principal sources of liquidity as of April 30, 2023, were cash, cash equivalents, and marketable securities totaling **$507.4 million**[257](index=257&type=chunk) Non-GAAP Free Cash Flow Reconciliation (in thousands) | Line Item | Three Months Ended April 30, 2023 | Three Months Ended April 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $22,549 | $17,921 | | Less: Purchases of property and equipment | (40) | (1,960) | | Less: Capitalized internal-use software costs | (852) | (306) | | **Non-GAAP free cash flow** | **$21,657** | **$15,655** | - A substantial source of operating cash is deferred revenue, which stood at **$181.2 million** as of April 30, 2023[258](index=258&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to market risks from interest rate and foreign currency exchange rate fluctuations - The company's primary market risk exposures are **interest rate risk** and **foreign currency exchange rate risk**[294](index=294&type=chunk) - As of April 30, 2023, the company held **$507.4 million** in cash, cash equivalents, and marketable securities, with investments subject to interest rate changes[280](index=280&type=chunk) - Foreign currency risk is mainly from operating expenses in countries like the United Kingdom, Singapore, and Japan, as sales are predominantly in U.S. dollars[320](index=320&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were deemed ineffective due to a material weakness in internal control over financial reporting - Management concluded that disclosure controls and procedures were **not effective** as of April 30, 2023, due to an unremediated material weakness[282](index=282&type=chunk) - The material weakness relates to the lack of properly designed controls for **revenue recognition**, including issues with IT General Controls and system data reviews[300](index=300&type=chunk)[323](index=323&type=chunk) - The company is implementing a remediation plan that includes developing user access controls, enhancing review procedures, and creating new reconciliation reporting[301](index=301&type=chunk)[325](index=325&type=chunk) [PART II - OTHER INFORMATION](index=35&type=section&id=PART%20II) [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material litigation that would adversely affect its business - As of the report date, Braze is not a party to any legal proceedings expected to have a **material adverse effect** on the company[328](index=328&type=chunk) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from economic conditions, competition, data privacy regulations, and internal control weaknesses [Risks Related to Growth, Business, and Competition](index=36&type=section&id=Risks%20Related%20to%20Growth,%20Business,%20and%20Competition) Risks include economic instability impacting customer spending, intense competition, and a history of net losses - Unstable market and economic conditions may adversely affect customer spending, extend sales cycles, and harm the business[332](index=332&type=chunk)[333](index=333&type=chunk) - The company has a history of operating losses, with an accumulated deficit of **$392.4 million** as of April 30, 2023, and may not achieve or sustain profitability[337](index=337&type=chunk) - Braze faces intense competition from legacy marketing clouds like **Adobe and Salesforce**, and point solutions like Airship and Iterable[341](index=341&type=chunk) [Risks Related to Third-Parties, Data, and Technology](index=47&type=section&id=Risks%20Related%20to%20Third-Parties,%20Data,%20and%20Technology) The business depends on third-party infrastructure like AWS and is subject to stringent data privacy laws like GDPR - The company outsources substantially all of its cloud infrastructure to **Amazon Web Services (AWS)**, and any disruption could adversely affect operations[405](index=405&type=chunk)[438](index=438&type=chunk) - The business is subject to stringent and changing privacy laws like **GDPR and CCPA**, where non-compliance can result in significant consequences[4](index=4&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk) - The company faces threats from cyberattacks; a security incident could lead to unauthorized access to customer data, disrupt services, and cause reputational harm[7](index=7&type=chunk)[411](index=411&type=chunk) [Risks Related to Legal, Tax, and Public Company Status](index=52&type=section&id=Risks%20Related%20to%20Legal,%20Tax,%20and%20Public%20Company%20Status) Risks include an unremediated material weakness, limited use of NOLs, and a dual-class stock structure - The company has an **unremediated material weakness** in internal control over financial reporting related to revenue recognition[511](index=511&type=chunk)[25](index=25&type=chunk) - The dual-class stock structure concentrates voting power, with Class B holders controlling approximately **84.2% of the voting power**[498](index=498&type=chunk) - The company had significant federal and state Net Operating Loss (NOL) carryforwards of approximately **$281.6 million** and **$182.4 million**, respectively, but their future use is subject to limitations[15](index=15&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period covered by the report - There were **no unregistered sales** of equity securities during the reporting period[520](index=520&type=chunk) [Item 6. Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including certifications and XBRL data - The Exhibit Index lists documents filed with the report, including **CEO/CFO certifications** (Exhibits 31.1, 31.2, 32) and **XBRL data files** (Exhibit 101)[532](index=532&type=chunk)[534](index=534&type=chunk)[546](index=546&type=chunk)

Braze, Inc. (NASDAQ:BRZE) Q4 2023 Earnings Conference Call March 30, 2023 5:00 PM ET Company Participants Christopher Ferris - Head of Investor Relations Isabelle Winkles - Chief Financial Officer Bill Magnuson - Co-Founder, Chairman & Chief Executive Officer Conference Call Participants DJ Hynes - Canaccord Ryan MacWilliams - Barclays Arjun Bhatia - William Blair Jake Titleman - Goldman Sachs Brian Peterson - Raymond James Taylor McGinnis - UBS Derrick Wood - Cowen Scott Berg - Needham Pat Walravens - JMP ...

We calculate the fair value of options granted by using the Black-Scholes option-pricing model with the following assumptions: The expected term of our stock options represents the period that the stock-based awards are expected to be outstanding. We have elected to use the simplified method to compute the expected term, which we believe is representative of future behavior. Our stock plans provide a contractual term of 10 years before the option is forfeited. 57 Some of our larger competitors use their bro ...

Braze, Inc. (NASDAQ:BRZE) Q3 2023 Earnings Conference Call December 13, 2022 5:00 PM ET Company Participants Christopher Ferris - Head, IR Bill Magnuson - Co-Founder and CEO Isabelle Winkles - CFO Conference Call Participants Ryan MacWilliams - Barclays Derrick Wood - Cowen Brian Peterson - Raymond James Jake Titeleman - Goldman Sachs Taylor McGinnis - UBS Brian Schwartz - Oppenheimer David Hynes - Canaccord Brent Bracelin - Piper Sandler Pinjalim Bora - JPMorgan Pat Walravens - JMP Securities Yun Kim - Loo ...

Q3 Fiscal 2023 Earnings Results December 13, 2022 Forward Looking Statements and Disclaimer Forward-Looking Statements This presentation contains, and statements made during this presentation contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Braze's financial outlook for the fourth quarter of and full fiscal year ended January 31, 2023. Words such as "anticipate, ...

PART I - FINANCIAL INFORMATION This section presents Braze's unaudited financial statements, management's analysis, market risk, and internal control findings [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents Braze's unaudited condensed consolidated financial statements for the quarter, with comprehensive explanatory notes [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents Braze's condensed consolidated balance sheets, detailing assets, liabilities, and stockholders' equity at key reporting dates Balance Sheet Items | Balance Sheet Items | October 31, 2022 (in thousands) | January 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$677,418** | **$666,262** | | Cash and cash equivalents | $45,390 | $478,937 | | Marketable securities | $428,223 | $35,156 | | **Total Liabilities** | **$223,204** | **$161,444** | | Deferred revenue | $140,681 | $126,260 | | **Total Stockholders' Equity** | **$452,402** | **$501,583** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section presents Braze's condensed consolidated statements of operations, detailing revenue, gross profit, and net loss for the specified periods Income Statement | Income Statement | Three Months Ended Oct 31, 2022 (in thousands) | Three Months Ended Oct 31, 2021 (in thousands) | Nine Months Ended Oct 31, 2022 (in thousands) | Nine Months Ended Oct 31, 2021 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$93,125** | **$63,968** | **$256,751** | **$167,601** | | Gross Profit | $63,990 | $44,794 | $174,358 | $113,865 | | Loss from Operations | $(36,864) | $(10,448) | $(111,620) | $(35,623) | | **Net Loss** | **$(33,892)** | **$(9,058)** | **$(106,938)** | **$(34,824)** | | Net Loss Per Share (basic & diluted) | $(0.35) | $(0.42) | $(1.12) | $(1.67) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents Braze's condensed consolidated statements of cash flows, summarizing operating, investing, and financing activities for the nine-month periods Cash Flow Summary | Cash Flow Summary | Nine Months Ended Oct 31, 2022 (in thousands) | Nine Months Ended Oct 31, 2021 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | $(22,320) | $(10,868) | | Net cash (used in)/provided by investing activities | $(416,542) | $19,789 | | Net cash provided by financing activities | $7,213 | $4,604 | | **Net change in cash, cash equivalents, and restricted cash** | **$(433,547)** | **$12,994** | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of accounting policies and specific financial statement items, including recent accounting standard adoptions - The company will cease to qualify as an **emerging growth company** as of the end of the fiscal year ending January 31, 2023[55](index=55&type=chunk) - The company early adopted new accounting standards for **Leases (Topic 842)** and **Financial Instruments—Credit Losses (Topic 326)** on February 1, 2022[72](index=72&type=chunk)[73](index=73&type=chunk) Revenue by Type | Revenue by Type | Three Months Ended Oct 31, 2022 (in thousands) | Nine Months Ended Oct 31, 2022 (in thousands) | | :--- | :--- | :--- | | Subscription | $88,982 | $243,545 | | Professional services and other | $4,143 | $13,206 | | **Total** | **$93,125** | **$256,751** | - As of October 31, 2022, remaining performance obligations (RPO) totaled **$408.7 million**, with **$283.3 million** expected to be recognized as revenue in less than one year[86](index=86&type=chunk) Stock-based Compensation Expense | Stock-based Compensation Expense | Three Months Ended Oct 31, 2022 (in thousands) | Nine Months Ended Oct 31, 2022 (in thousands) | | :--- | :--- | :--- | | Cost of revenue | $889 | $2,720 | | Sales and marketing | $6,512 | $17,618 | | Research and development | $8,060 | $21,154 | | General and administrative | $3,847 | $11,900 | | **Total** | **$19,308** | **$53,392** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations, analyzing performance drivers, liquidity, and accounting policies [Overview and Factors Affecting Performance](index=28&type=section&id=Overview%20and%20Factors%20Affecting%20Performance) This section provides an overview of the company's business model and key factors influencing its financial performance, including customer acquisition and expansion - The company employs a **land-and-expand business model**, growing with customers as they add channels, purchase more products, and increase their user base and message volume[144](index=144&type=chunk) - Key performance drivers include **acquiring new customers**, **expanding within the existing customer base**, **geographical expansion**, and **sustaining innovation**[146](index=146&type=chunk)[149](index=149&type=chunk)[154](index=154&type=chunk)[156](index=156&type=chunk) Key Metrics | Key Metrics | As of Oct 31, 2022 | As of Oct 31, 2021 | | :--- | :--- | :--- | | Total Customers | 1,715 | 1,247 | | Dollar-Based Net Retention Rate (All Customers) | 126% | 126% | | Dollar-Based Net Retention Rate (Customers with ARR > $500k) | 129% | 136% | | Customers with ARR > $500k | 148 | 97 | - International revenue accounted for approximately **42% of total revenue** for the nine months ended October 31, 2022, up from **40%** in the prior year period[155](index=155&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance for the three and nine months ended October 31, 2022, focusing on revenue, gross margin, and operating expenses - For the three months ended October 31, 2022, revenue increased **45.6% year-over-year** to **$93.1 million**, driven by **50.0% growth in subscription revenue** from existing (**50.8%**) and new (**49.2%**) customers[179](index=179&type=chunk) - Gross margin for Q3 2022 decreased slightly to **68.7%** from **70.0%** in Q3 2021, due to higher infrastructure and nonrecurring hosting migration costs[182](index=182&type=chunk) - Operating expenses for Q3 2022 increased significantly, with **sales and marketing up 78.7% to $52.8 million**, **R&D up 100.8% to $25.6 million**, and **G&A up 73.4% to $22.4 million**, driven by personnel, stock-based compensation, and marketing events[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's liquidity position, capital resources, and cash flow activities, assessing its ability to meet future financial obligations - As of October 31, 2022, the company's principal liquidity source was **$473.6 million** in cash, cash equivalents, and marketable securities[199](index=199&type=chunk) Cash Flow & Liquidity | Cash Flow & Liquidity | Nine Months Ended Oct 31, 2022 (in thousands) | Nine Months Ended Oct 31, 2021 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | $(22,320) | $(10,868) | | Non-GAAP Free cash flow | $(37,091) | $(13,820) | - Management believes current cash, cash equivalents, and marketable securities will be **sufficient to meet working capital and capital expenditure requirements for at least the next 12 months**[215](index=215&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's primary market risks, including interest rate fluctuations on investments and foreign currency exposures - The company's primary market risks are **interest rate risk** on its **$473.6 million** of cash, cash equivalents, and marketable securities, and **foreign currency exchange rate risk**[226](index=226&type=chunk)[228](index=228&type=chunk) - Foreign currency risk primarily relates to operating expenses in countries like the United Kingdom, Singapore, and Japan, as revenue is substantially denominated in U.S. dollars[230](index=230&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to three unremediated material weaknesses in internal control over financial reporting, with a remediation plan underway - Management concluded that disclosure controls and procedures were **not effective** as of October 31, 2022[235](index=235&type=chunk) - The ineffectiveness stems from three unremediated material weaknesses: **financial reporting close process**, **revenue recognition controls**, and **inadequate information technology controls**[238](index=238&type=chunk) - A **remediation plan is underway**, including hiring personnel, engaging external resources, and implementing new systems and policies to address the weaknesses[239](index=239&type=chunk) PART II - OTHER INFORMATION This section covers legal proceedings, risk factors, equity security sales, and other miscellaneous disclosures [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any litigation expected to have a material adverse effect on its business or financial condition - As of the report date, the company is **not involved in any material legal proceedings**[245](index=245&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) This section details numerous risks, including market instability, competition, operating losses, third-party reliance, data privacy, internal control weaknesses, and dual-class stock structure - Key risks include **unstable market/economic conditions**, **intense competition**, a **history of operating losses**, and **reliance on customer renewals**[247](index=247&type=chunk) - The company is substantially dependent on **third-party providers like Amazon Web Services (AWS)** for hosting and on **mobile operating systems (iOS, Android)** for message delivery[249](index=249&type=chunk)[331](index=331&type=chunk)[337](index=337&type=chunk) - The business is subject to stringent and changing laws related to **privacy and data security**, such as **GDPR and CCPA**, which could impose significant costs and restrictions[249](index=249&type=chunk)[347](index=347&type=chunk) - The **three identified material weaknesses in internal control over financial reporting** are a significant risk that could adversely affect financial reporting accuracy and timing[249](index=249&type=chunk)[426](index=426&type=chunk) - The **dual-class stock structure** concentrates voting control with executive officers, directors, and significant stockholders, limiting Class A common stockholders' influence[249](index=249&type=chunk)[436](index=436&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=72&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section confirms no unregistered equity sales and details the use of **$456.8 million** net IPO proceeds, with no material change in planned use - There were **no unregistered sales of equity securities** during the quarter ended October 31, 2022[465](index=465&type=chunk) - The company received net proceeds of **$456.8 million** from its Initial Public Offering in November 2021, with **no material change in the planned use of these proceeds**[466](index=466&type=chunk)[469](index=469&type=chunk) [Other Items (Items 3, 4, 5, 6)](index=73&type=section&id=Other%20Items) This section briefly notes no defaults on senior securities, no mine safety disclosures, no other material information, and lists exhibits - **Items 3 (Defaults Upon Senior Securities)**, **4 (Mine Safety Disclosures)**, and **5 (Other Information)** are noted as not applicable or having no information to report[471](index=471&type=chunk)[472](index=472&type=chunk)[473](index=473&type=chunk)

Q2 Fiscal 2023 Earnings Results September 12, 2022 Forward Looking Statements and Disclaimer Forward-Looking Statements This presentation contains, and statements made during this presentation contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Braze's financial outlook for the third quarter of and full fiscal year ended January 31, 2023. Words such as "anticipate, ...

Braze, Inc. (NASDAQ:BRZE) Q2 2023 Results Conference Call September 12, 2022 5:00 PM ET Company Participants Christopher Ferris - Head, IR Bill Magnuson - Co-Founder and CEO Isabelle Winkles - CFO Conference Call Participants Brent Bracelin - Piper Sandler Ryan MacWilliams - Barclays Arjun Bhatia - William Blair Andrew Sherman - Cowen Jake Titleman - Goldman Sachs Taylor McGinnis - UBS Yun Kim - Loop Capital Brian Schwartz - Oppenheimer Pinjalim Bora - JPMorgan Brian Peterson - Raymond James Operator Welcom ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________ FORM 10-Q ______________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission F ...