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Apr 30, 2023
Zuora Q1 2024 Earnings Report
Zuora's first quarter of fiscal year 2024 exceeded expectations, demonstrating solid execution and progression towards profitability with balanced growth.
Key Takeaways
Zuora reported a strong start to fiscal year 2024, with revenue exceeding guidance and significant progress towards profitability. Subscription revenue grew by 14% year-over-year (18% on a constant currency basis), and total revenue increased by 11% year-over-year (14% on a constant currency basis). The company also achieved its lowest churn rates in history.
Subscription revenue increased by 14% year-over-year, reaching $89.7 million.
Total revenue grew by 11% year-over-year, totaling $103.1 million.
GAAP loss from operations improved to $20.2 million, compared to $23.7 million in the first quarter of fiscal 2023.
Adjusted free cash flow increased to $13.0 million, compared to $3.7 million in the first quarter of fiscal 2023.
Forward Guidance
Zuora provided guidance for the second quarter and full fiscal year 2024, based on current market conditions and expectations.
Positive Outlook
- Second Quarter Fiscal 2024 Subscription revenue is expected to be between $95.0M - $96.0M
- Second Quarter Fiscal 2024 Professional services revenue is expected to be between $13.0M - $13.5M
- Second Quarter Fiscal 2024 Total revenue is expected to be between $108.0M - $109.5M
- Second Quarter Fiscal 2024 Non-GAAP income from operations is expected to be between $7.0M - $8.0M
- Second Quarter Fiscal 2024 Non-GAAP net income per share is expected to be between $0.03 - $0.04
Challenges Ahead
- Full Fiscal Year 2024 Subscription revenue is expected to be between $377.0M - $384.0M
- Full Fiscal Year 2024 Professional services revenue is expected to be between $54.0M - $56.0M
- Full Fiscal Year 2024 Total revenue is expected to be between $431.0M - $440.0M
Historical Earnings Impact
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Avg. Return Before/After Earnings
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