Business
Braze Reports Fiscal Third Quarter 2023 Results
Third quarter revenue grew 45.6% year-over-year to $93.1 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":"\nThird quarter revenue grew 45.6% year-over-year to $93.1 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 October 31, 2022.\n\n“We reported another strong quarter, achieving 46% revenue growth, demonstrating our ability to drive high growth at scale,” said Bill Magnuson, cofounder and CEO of Braze. “We remain focused on building technology that achieves our customers’ goals, helping them to seamlessly create and scale meaningful customer engagement strategies that advance loyalty and retention. Over the long term, our vision is to define the customer engagement space through continued robust investment and engagement with our customer community, creating a generational brand.”\n\nFiscal Third Quarter 2023 Financial Highlights\n\n\nRevenue was $93.1 million compared to $64.0 million in the third quarter of the fiscal year ended January 31, 2022, up 45.6% year-over year, driven primarily by new customers, upsells and renewals.\n\n\nSubscription revenue in the quarter was $89.0 million compared to $59.3 million in the third quarter of the fiscal year ended January 31, 2022, and professional services and other revenue was $4.1 million compared to $4.7 million in the third quarter of the fiscal year ended January 31, 2022.\n\n\nRemaining performance obligations as of October 31, 2022 were $408.7 million, of which $283.3 million is current, which we define as less than one year.\n\n\nGAAP Gross Margin was 68.7% compared to 70.0% in the third quarter of the fiscal year ended January 31, 2022.\n\n\nNon-GAAP Gross Margin was 69.7% compared to 70.3% in the third quarter of the fiscal year ended January 31, 2022.\n\n\nDollar-based net retention for all customers for the trailing 12 months ended October 31, 2022 and October 31, 2021 was 126% and 126%, respectively; dollar-based net retention for customers with annual recurring revenue (ARR) of $500,000 or more was 129% compared to 136% in the third quarter of the fiscal year ended January 31, 2022.\n\n\nTotal customers increased to 1,715 as of October 31, 2022 from 1,247 as of October 31, 2021; 148 of our customers had ARR of $500,000 ...