Business
Braze Reports Fiscal Year and Fourth Quarter 2023 Results
Fourth quarter revenue grew 40% year-over-year to $98.7 million Achieved dollar-based net retention of 124% for the trailing 12 months Introduced first
About this update from Braze, Inc.
[{"type":"text","content":"\nFourth quarter revenue grew 40% year-over-year to $98.7 million\n\nAchieved dollar-based net retention of 124% for the trailing 12 months\n\nIntroduced first quarter and full year fiscal 2024 guidance\n\nEntered into an agreement to acquire North Star, Braze’s exclusive reseller in the Australia and New Zealand markets\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 year ended January 31, 2023.\n\n“In the past year, we continued to strengthen our position as a market leader by finding the opportunities in change, expanding our customer base by 29% and our revenue by nearly 50%,” said Bill Magnuson, cofounder and CEO of Braze. “Customer engagement is a universal business imperative, and Braze innovations such as Cloud Data Ingestion, native support for WhatsApp, and AI enhancements to our Predictive Suite enable our customers to evolve their strategies and expand to new use cases.”\n\nFiscal Fourth Quarter 2023 Financial Highlights\n\n\nRevenue was $98.7 million compared to $70.4 million in the fourth quarter of the fiscal year ended January 31, 2022, up 40% year-over year, driven primarily by new customers, upsells, and renewals.\n\n\nSubscription revenue in the quarter was $94.8 million compared to $65.9 million in the fourth quarter of the fiscal year ended January 31, 2022, and professional services and other revenue was $3.9 million compared to $4.5 million in the fourth quarter of the fiscal year ended January 31, 2022.\n\n\nRemaining performance obligations as of January 31, 2023 was $455.7 million, of which $312.6 million is current, which we define as less than one year.\n\n\nGAAP gross margin was 66.1% compared to 64.8% in the fourth quarter of the fiscal year ended January 31, 2022.\n\n\nNon-GAAP gross margin was 67.0% compared to 67.2% in the fourth quarter of the fiscal year ended January 31, 2022.\n\n\nDollar-based net retention for all customers for the trailing 12 months ended January 31, 2023 and January 31, 2022 was 124% and 128%, respectively; dollar-based net retention for customers with annual recurring revenue (ARR) of $500,000 or more was 126% compared to 136% for the fiscal year ended January 31, 2022.\n\n\nTotal customers increased to 1,77...