Business
Braze Reports Fiscal First Quarter 2024 Results
First quarter revenue grew 31.3% year-over-year to $101.8 million Achieved dollar-based net retention of 122% for the trailing 12 months Net cash provided by
About this update from Braze, Inc.
[{"type":"text","content":"\nFirst quarter revenue grew 31.3% year-over-year to $101.8 million\n\n\nAchieved dollar-based net retention of 122% for the trailing 12 months\n\n\nNet cash provided by operating activities of $22.5 million; $21.7 million of Free Cash Flow in the first quarter\n\n\n NEW YORK--(BUSINESS WIRE)--\nBraze (Nasdaq: BRZE), a leading comprehensive customer engagement platform that powers interactions between consumers and the brands they love, today announced results for its fiscal quarter ended April 30, 2023.\n\n\n“We are off to a great start to fiscal 2024, delivering impressive results driven by strong demand for the Braze Customer Engagement Platform,” said Bill Magnuson, cofounder and CEO of Braze. “As we move forward this year, we will continue developing exceptional, industry-leading solutions that drive high ROI for our customers while simultaneously upholding our commitment to cost-discipline and efficiency, driving value for our shareholders.”\n\n\nFiscal First Quarter 2024 Financial Highlights\n\n\n\nRevenue was $101.8 million compared to $77.5 million in the first quarter of the fiscal year ended January 31, 2023, up 31.3% year-over year, driven primarily by new customers, upsells and renewals.\n\n\n\nSubscription revenue in the quarter was $97.1 million compared to $72.8 million in the first quarter of the fiscal year ended January 31, 2023, and professional services and other revenue was $4.6 million compared to $4.7 million in the first quarter of the fiscal year ended January 31, 2023.\n\n\n\nRemaining performance obligations as of April 30, 2023 was $477.5 million, of which $325.4 million is current, which we define as less than one year.\n\n\n\nGAAP Gross Margin was 67.9% compared to 66.6% in the first quarter of the fiscal year ended January 31, 2023.\n\n\n\nNon-GAAP Gross Margin was 68.8% compared to 67.8% in the first quarter of the fiscal year ended January 31, 2023.\n\n\n\nDollar-based net retention for all customers for the trailing 12 months ended April 30, 2023 and April 30, 2022 was 122% and 127%, respectively; dollar-based net retention for customers with annual recurring revenue (ARR) of $500,000 or more was 124% compared to 133% in the first quarter of the fiscal year ended January 31, 2023.\n\n\n\nTotal customers increased to 1,866 as of April 30, 2023 from 1,503 as of April 30, 2022; 164 of our customer...