Business
Braze Reports Fiscal First Quarter 2023 Results
First quarter revenue grew 61.9% year-over-year to $77.5 million Achieved dollar-based net retention of 127% for the trailing 12 months Generated $15.7
About this update from Braze, Inc.
[{"type":"text","content":"\nFirst quarter revenue grew 61.9% year-over-year to $77.5 million\n\nAchieved dollar-based net retention of 127% for the trailing 12 months\n\nGenerated $15.7 million of Free Cash Flow in the first quarter\n\n NEW YORK--(BUSINESS WIRE)--\nBraze (Nasdaq: BRZE) a leading comprehensive customer engagement platform that powers interactions between consumers and brands they love, today announced results for its fiscal quarter ended April 30, 2022.\n\n“We are off to a great start to fiscal 2023 with the first quarter demonstrating robust demand for the Braze Customer Engagement Platform,” said Bill Magnuson, cofounder and CEO of Braze. \"Given our strong momentum, we are raising our 2023 outlook and remain committed to delivering best-in-class customer engagement at scale, while running our business with discipline and efficiency.”\n\nFiscal First Quarter 2023 Financial Highlights\n\n\nRevenue was $77.5 million compared to $47.9 million in the first quarter of the fiscal year ended January 31, 2022, up 61.9% year-over year, driven primarily by new customers, upsells and renewals.\n\n\nSubscription revenue in the quarter was $72.8 million compared to $44.7 million in the first quarter of the fiscal year ended January 31, 2022, and professional services and other revenue was $4.7 million compared to $3.2 million in the first quarter of the fiscal year ended January 31, 2022.\n\n\nRemaining performance obligations as of April 30, 2022 was $390.9 million, of which $255.1 million is current, which we define as less than one year.\n\n\nGAAP Gross Margin was 66.6% compared to 67.0% in the first quarter of the fiscal year ended January 31, 2022.\n\n\nNon-GAAP Gross Margin was 67.8% compared to 67.4% in the first quarter of the fiscal year ended January 31, 2022.\n\n\nDollar-based net retention for all customers for the trailing 12 months ended April 30, 2022 and April 30, 2021 was 127% and 124%, respectively; dollar-based net retention for customers with annual recurring revenue (ARR) of $500,000 or more was 133% compared to 134% in the first quarter of the fiscal year ended January 31, 2022.\n\n\nTotal customers increased to 1,503 as of April 30, 2022 from 1,002 as of April 30, 2021; 129 of our customers had ARR of $500,000 or more as of April 30, 2022, compared to 78 customers as of April 30, 2021.\n\n\nGAAP operating loss was $39.6 millio...