Braze(BRZE) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter revenue increased by 33% year-over-year to $131.0 million, up from $98.7 million in the same quarter last year[2] - Fiscal year 2024 revenue reached $471.8 million, a 32.7% increase from $355.4 million in fiscal year 2023[11] - Braze reported revenue of $130,957,000 for the three months ended January 31, 2024, representing a 32.6% increase from $98,675,000 in the same period of 2023[29] - Gross profit for the same period was $87,965,000, up from $65,250,000 in 2023, indicating a gross margin improvement[29] - Net loss for the fiscal year ended January 31, 2024, was $130,429 million, an improvement from a net loss of $140,746 million in the previous year[42] - Braze reported a net loss of $28,578,000 for the three months ended January 31, 2024, an improvement from a net loss of $33,808,000 in the same period of 2023[29] Customer Metrics - Total customers grew to 2,044 as of January 31, 2024, compared to 1,770 a year earlier, with 202 customers having annual recurring revenue (ARR) of $500,000 or more[2] - Dollar-based net retention rate for the trailing 12 months was 117%, down from 124% in the previous year[2] Operating Expenses - Operating expenses totaled $120,258,000 for the three months ended January 31, 2024, compared to $101,770,000 in 2023, reflecting a 18.1% increase[29] - The company experienced a loss from operations of $32,293,000 for the three months ended January 31, 2024, compared to a loss of $36,520,000 in the same period of 2023[29] Profitability Metrics - GAAP gross margin improved to 67.2% from 66.1% in the same quarter last year[2] - GAAP net loss per share improved to $0.29 from $0.35 in the fourth quarter of the previous year[10] - Non-GAAP operating loss for the fourth quarter was $7.5 million, an improvement from a loss of $16.7 million in the previous year[10] - GAAP operating margin for the three months ended January 31, 2024, was (24.7)%, an improvement from (37.0)% in the same period last year[46] - Non-GAAP operating margin for the three months ended January 31, 2024, was (5.7)%, compared to (17.0)% in the prior year[46] Cash Flow and Assets - Cash and cash equivalents at the end of the period were $72,131 million, slightly down from $72,623 million at the beginning of the period[42] - The company reported a net cash provided by operating activities of $6,850 million, a significant recovery from a net cash used of $22,308 million in the previous year[42] - Net cash provided by operating activities for the three months ended January 31, 2024, was $3,821 thousand, a significant increase from $12 thousand in the same period last year[47] Future Guidance - Guidance for fiscal Q1 2025 revenue is projected between $131.0 million and $132.0 million, with full year guidance set at $570.0 million to $575.0 million[6] Product Development - New product features launched include AI Item Recommendations and Personalized Paths, enhancing the Sage AI by Braze offering[9] Stock-Based Compensation - Total stock-based compensation expense for the three months ended January 31, 2024, was $24,216,000, up from $18,825,000 in the same period of 2023[30] - Stock-based compensation for the fiscal year was $3,585 million, compared to $3,616 million in the previous year, showing a slight decrease[45]