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Braze(BRZE) - 2025 Q1 - Quarterly Results
BRZEBraze(BRZE)2024-06-06 20:07

Revenue Performance - Revenue for the first quarter of fiscal 2025 was 135.5million,a33.1135.5 million, a 33.1% increase year-over-year from 101.8 million[20] - Subscription revenue was 130.1million,upfrom130.1 million, up from 97.1 million in the same quarter last year[20] - Braze reported revenue of 135.5millionforthequarterendedApril30,2024,representinga33.1135.5 million for the quarter ended April 30, 2024, representing a 33.1% increase from 101.8 million in the same quarter of 2023[35] - The company provided guidance for Q2 FY 2025 revenue between 140.5millionand140.5 million and 141.5 million, and full-year revenue guidance of 577.0millionto577.0 million to 581.0 million[43] Customer Metrics - Total customers increased to 2,102 from 1,866 a year ago, with 212 customers having annual recurring revenue (ARR) of 500,000ormore[20]−Dollar−basednetretentionforallcustomerswas117500,000 or more[20] - Dollar-based net retention for all customers was 117%, down from 122% year-over-year[20] - Braze's dollar-based net retention rate was not explicitly stated but is calculated based on the annual recurring revenue (ARR) from existing customers[47] Financial Performance - GAAP gross margin was 67.1%, slightly down from 67.9% in the first quarter of fiscal 2024[20] - Non-GAAP gross margin was 67.9%, compared to 68.8% in the same quarter last year[20] - Gross profit for the quarter was 90.9 million, up from 69.1millionyear−over−year,resultinginagrossmarginofapproximately67.169.1 million year-over-year, resulting in a gross margin of approximately 67.1%[35] - Total operating expenses for the quarter were 131.0 million, up from 111.0millioninthesamequarterofthepreviousyear[35]LossesandCashFlow−GAAPoperatinglosswas111.0 million in the same quarter of the previous year[35] Losses and Cash Flow - GAAP operating loss was 40.1 million, an improvement from a loss of 41.9millionintheprioryear[20]−Non−GAAPoperatinglosswas41.9 million in the prior year[20] - Non-GAAP operating loss was 10.0 million, compared to a loss of 16.0millioninthefirstquarteroffiscal2024[20]−ThenetlossattributabletoBraze,Inc.was16.0 million in the first quarter of fiscal 2024[20] - The net loss attributable to Braze, Inc. was 35.6 million, compared to a net loss of 38.5millionintheprioryear,indicatingareductioninlosses[35]−Non−GAAPlossfromoperationswas38.5 million in the prior year, indicating a reduction in losses[35] - Non-GAAP loss from operations was (9,979,000), a significant improvement from (15,998,000)intheprioryear,reflectinga37.6(15,998,000) in the prior year, reflecting a 37.6% reduction in losses[55] - Non-GAAP net loss attributable to Braze, Inc. was (5,540,000), down from (12,555,000)year−over−year,indicatinga55.8(12,555,000) year-over-year, indicating a 55.8% improvement[55] - Free cash flow was 11.4 million, down from 21.7millioninthesamequarterlastyear[20]−Non−GAAPfreecashflowforthethreemonthsendedApril30,2024,was21.7 million in the same quarter last year[20] - Non-GAAP free cash flow for the three months ended April 30, 2024, was 11,441,000, a decrease from 21,657,000inthesameperiodlastyear[62]DeferredRevenueandObligations−RemainingperformanceobligationsasofApril30,2024,totaled21,657,000 in the same period last year[62] Deferred Revenue and Obligations - Remaining performance obligations as of April 30, 2024, totaled 657.3 million, with 419.8millionclassifiedascurrent[20]−Deferredrevenueincreasedto419.8 million classified as current[20] - Deferred revenue increased to 25,285,000 in Q1 2024, compared to 15,228,000inQ12023,reflectinga66.515,228,000 in Q1 2023, reflecting a 66.5% growth[59] Stock and Assets - Braze's total cash, cash equivalents, restricted cash, and marketable securities amounted to 487.7 million as of April 30, 2024, an increase from 480.0millionasofJanuary31,2024[42]−Braze′stotalassetsasofApril30,2024,were480.0 million as of January 31, 2024[42] - Braze's total assets as of April 30, 2024, were 816.1 million, compared to 810.9millionasofJanuary31,2024[52]−Thecompanyhadapproximately101.5millionweightedaveragesharesoutstandingforthequarter[43]Stock−BasedCompensation−Stock−basedcompensationexpenseforthethreemonthsendedApril30,2024,was810.9 million as of January 31, 2024[52] - The company had approximately 101.5 million weighted average shares outstanding for the quarter[43] Stock-Based Compensation - Stock-based compensation expense for the three months ended April 30, 2024, was 28,278,000, up from $24,146,000 in the prior year, marking a 17.6% increase[55]