Business
Braze Reports Fiscal Year and Fourth Quarter 2022 Results
Grew fourth quarter revenue 64% year-over-year to $70.4 million Achieved dollar-based net retention of 128% for the trailing 12 months Introduced first
About this update from Braze, Inc.
[{"type":"text","content":"\nGrew fourth quarter revenue 64% year-over-year to $70.4 million\n\nAchieved dollar-based net retention of 128% for the trailing 12 months\n\nIntroduced first quarter and full year fiscal 2023 guidance\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 year ended January 31, 2022.\n\n“We finished our first fiscal year as a public company on an exceptional note, achieving new high watermarks for bookings, renewals, and net retention,” said Bill Magnuson, cofounder and CEO of Braze. “Demand for the Braze Customer Engagement Platform remains robust due to the growing value of first-party data and the high ROI enabled by our solution. We look forward to building on our momentum in fiscal 2023 as brands increasingly seek to build meaningful relationships with their customers.”\n\nFiscal Fourth Quarter 2022 Financial Highlights\n\n\nRevenue was $70.4 million compared to $42.9 million in the fourth quarter of the fiscal year ended January 31, 2021, up 64% year-over year, driven by new customers, upsells, and renewals.\n\n\nSubscription revenue in the quarter was $65.9 million compared to $40.6 million in the fourth quarter of the fiscal year ended January 31, 2021, and professional services and other revenue was $4.5 million compared to $2.4 million in the fourth quarter of the fiscal year ended January 31, 2021.\n\n\nRemaining performance obligations as of January 31, 2022 was $373.6 million, up 59.5% year-over-year, of which $237.8 million is current, which we define as less than one year.\n\n\nGAAP Gross Margin was 64.8% compared to 64.4% in the fourth quarter of the fiscal year ended January 31, 2021.\n\n\nNon-GAAP Gross Margin was 67.2% compared to 65.0% in the fourth quarter of the fiscal year ended January 31, 2021.\n\n\nDollar-based net retention for all customers for the trailing 12 months ended January 31, 2022 and January 31, 2021 was 128% and 123%, respectively; dollar-based net retention for customers with annual recurring revenue (ARR) of $500,000 or more was 136% compared to 133% for the fiscal year ended January 31, 2021.\n\n\nTotal customers increased to 1,375 as of January 31, 2022 from 890 as of January 31, 2021; 107 of our customers had ARR of $500,000 or mo...