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Apr 30, 2023
Braze Q1 2024 Earnings Report
Reported first quarter revenue growth of 31.3% year-over-year, achieving dollar-based net retention of 122% and positive free cash flow.
Key Takeaways
Braze reported strong first quarter fiscal year 2024 results, with revenue up 31.3% year-over-year to $101.8 million and a dollar-based net retention rate of 122%. The company also generated $21.7 million in free cash flow.
Revenue was $101.8 million, up 31.3% year-over-year.
Subscription revenue was $97.1 million, compared to $72.8 million in the first quarter of the fiscal year ended January 31, 2023.
Dollar-based net retention was 122% for the trailing 12 months.
Free cash flow was $21.7 million.
Braze
Braze
Braze Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
Braze is initiating guidance for the fiscal second quarter ending July 31, 2023, and updating guidance for the fiscal year ending January 31, 2024.
Positive Outlook
- Revenue Q2 2024 Guidance: $108.0 - 109.0 million
- Revenue FY 2024 Guidance: $442.5 - 446.5 million
- Non-GAAP operating loss Q2 2024 Guidance: $(15.0) - (16.0) million
- Non-GAAP operating loss FY 2024 Guidance: $(54.0) - (58.0) million
- Non-GAAP operating loss margin will be negative 7% or better during the fourth quarter of the fiscal year ending January 31, 2024.
Challenges Ahead
- Non-GAAP net loss Q2 2024 Guidance: $(13.0) - (14.0) million
- Non-GAAP net loss FY 2024 Guidance: $(50.0) - (54.0) million
- Non-GAAP net loss per share Q2 2024 Guidance: $(0.13) - (0.14)
- Non-GAAP net loss per share FY 2024 Guidance: $(0.51) - (0.55)
- Weighted average shares outstanding ~97.4 million for Q2 2024 and ~97.8 million for FY 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income