Braze(BRZE) - 2025 Q1 - Quarterly Results

Revenue Performance - Revenue for the first quarter of fiscal 2025 was $135.5 million, a 33.1% increase year-over-year from $101.8 million[20] - Subscription revenue was $130.1 million, up from $97.1 million in the same quarter last year[20] - Braze reported revenue of $135.5 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 $140.5 million and $141.5 million, and full-year revenue guidance of $577.0 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 $500,000 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 $69.1 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 $111.0 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 $41.9 million in the prior year[20] - Non-GAAP operating loss was $10.0 million, compared to a loss of $16.0 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 $38.5 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) 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, indicating a 55.8% improvement[55] - Free cash flow was $11.4 million, down from $21.7 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 $21,657,000 in the same period last year[62] Deferred Revenue and Obligations - Remaining performance obligations as of April 30, 2024, totaled $657.3 million, with $419.8 million classified as current[20] - Deferred revenue increased to $25,285,000 in Q1 2024, compared to $15,228,000 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 $480.0 million as of January 31, 2024[42] - Braze's total assets as of April 30, 2024, were $816.1 million, compared to $810.9 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]