Business
Braze Reports Fiscal Second Quarter 2023 Results
Second quarter revenue grew 54.5% year-over-year to $86.1 million Achieved dollar-based net retention of 126% for the trailing 12 months NEW YORK--(BUSINESS
About this update from Braze, Inc.
[{"type":"text","content":"\nSecond quarter revenue grew 54.5% year-over-year to $86.1 million\n\nAchieved dollar-based net retention of 126% for the trailing 12 months\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 July 31, 2022.\n\n“We delivered a strong quarter of 55% revenue growth while continuing to provide best-in-class omni-channel customer engagement for our customers,” said Bill Magnuson, cofounder and CEO of Braze. “We continue to execute on our long-term strategy, introducing new, enhanced and differentiated products, and expanding our engineering and go-to-market presence. Despite macroeconomic headwinds and the challenges they present, we remain confident in the durability of our business and the overall promise of our customer engagement platform and a massive addressable market.”\n\nFiscal Second Quarter 2023 Financial Highlights\n\n\nRevenue was $86.1 million compared to $55.8 million in the second quarter of the fiscal year ended January 31, 2022, up 54.5% year-over year, driven primarily by new customers, upsells and renewals.\n\n\nSubscription revenue in the quarter was $81.7 million compared to $51.7 million in the second quarter of the fiscal year ended January 31, 2022, and professional services and other revenue was $4.4 million compared to $4.0 million in the second quarter of the fiscal year ended January 31, 2022.\n\n\nRemaining performance obligations as of July 31, 2022 was $410.5 million, of which $274.2 million is current, which we define as less than one year.\n\n\nGAAP Gross Margin was 68.2% compared to 66.4% in the second quarter of the fiscal year ended January 31, 2022.\n\n\nNon-GAAP Gross Margin was 69.3% compared to 66.7% in the second quarter of the fiscal year ended January 31, 2022.\n\n\nDollar-based net retention for all customers for the trailing 12 months ended July 31, 2022 and July 31, 2021 was 126% and 125%, respectively; dollar-based net retention for customers with annual recurring revenue (ARR) of $500,000 or more was 130% compared to 135% in the second quarter of the fiscal year ended January 31, 2022.\n\n\nTotal customers increased to 1,599 as of July 31, 2022 from 1,119 as of July 31, 2021; 139 of our customers had ARR of $500,0...