Business
Braze Reports Fiscal Third Quarter 2024 Results
Third quarter revenue grew 33.1% year-over-year to $124.0 million Achieved dollar-based net retention of 118% for the trailing 12 months Recently passed $500
About this update from Braze, Inc.
[{"type":"text","content":"\nThird quarter revenue grew 33.1% year-over-year to $124.0 million\n\n\nAchieved dollar-based net retention of 118% for the trailing 12 months\n\n\nRecently passed $500 million of Committed Annual Recurring Revenue\n\n\n NEW YORK--(BUSINESS WIRE)--\nBraze (Nasdaq: BRZE) the leading comprehensive customer engagement platform that powers interactions between consumers and the brands they love, today announced results for its fiscal quarter ended October 31, 2023.\n\n\n\"We delivered another strong quarter, demonstrating our ability to balance high growth with operational efficiency,\" said Bill Magnuson, cofounder and CEO of Braze. \"We are confidently on track to meet our profitability targets for the fourth quarter of fiscal 2024 and for fiscal 2025. Our focus remains on propelling our technology forward and empowering brands to execute meaningful customer experiences at scale.\"\n\n\nFiscal Third Quarter 2024 Financial Highlights\n\n\n\nRevenue was $124.0 million compared to $93.1 million in the third quarter of the fiscal year ended January 31, 2023, up 33.1% year-over year, driven primarily by new customers, upsells and renewals.\n\n\n\nSubscription revenue in the quarter was $118.4 million compared to $89.0 million in the third quarter of the fiscal year ended January 31, 2023, and professional services and other revenue was $5.6 million compared to $4.1 million in the third quarter of the fiscal year ended January 31, 2023.\n\n\n\nRemaining performance obligations as of October 31, 2023 were $560.1 million, of which $369.9 million is current, which we define as less than one year.\n\n\n\nGAAP Gross Margin was 70.7% compared to 68.7% in the third quarter of the fiscal year ended January 31, 2023.\n\n\n\nNon-GAAP Gross Margin was 71.4% compared to 69.7% in the third 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 October 31, 2023 and October 31, 2022 was 118% and 126%, respectively; dollar-based net retention for customers with annual recurring revenue (ARR) of $500,000 or more was 121% compared to 129% in the third quarter of the fiscal year ended January 31, 2023.\n\n\n\nTotal customers increased to 2,011 as of October 31, 2023 from 1,715 as of October 31, 2022; 189 of our customers had ARR of $500,000 or more as of October 31, 2023, co...