Second quarter revenue grew 54.5%
year-over-year to $86.1 million
Achieved dollar-based net retention of 126% for
the trailing 12 months
Braze (Nasdaq: BRZE) a leading comprehensive customer engagement
platform that powers interactions between consumers and brands they
love, today announced results for its fiscal quarter ended July 31,
2022.
“We delivered a strong quarter of 55% revenue growth while
continuing to provide best-in-class omni-channel customer
engagement for our customers,” said Bill Magnuson, cofounder and
CEO of Braze. “We continue to execute on our long-term strategy,
introducing new, enhanced and differentiated products, and
expanding our engineering and go-to-market presence. Despite
macroeconomic headwinds and the challenges they present, we remain
confident in the durability of our business and the overall promise
of our customer engagement platform and a massive addressable
market.”
Fiscal Second Quarter 2023 Financial
Highlights
- Revenue was $86.1 million compared to $55.8 million in the
second quarter of the fiscal year ended January 31, 2022, up 54.5%
year-over year, driven primarily by new customers, upsells and
renewals.
- Subscription revenue in the quarter was $81.7 million compared
to $51.7 million in the second quarter of the fiscal year ended
January 31, 2022, and professional services and other revenue was
$4.4 million compared to $4.0 million in the second quarter of the
fiscal year ended January 31, 2022.
- Remaining performance obligations as of July 31, 2022 was
$410.5 million, of which $274.2 million is current, which we define
as less than one year.
- GAAP Gross Margin was 68.2% compared to 66.4% in the second
quarter of the fiscal year ended January 31, 2022.
- Non-GAAP Gross Margin was 69.3% compared to 66.7% in the second
quarter of the fiscal year ended January 31, 2022.
- Dollar-based net retention for all customers for the trailing
12 months ended July 31, 2022 and July 31, 2021 was 126% and 125%,
respectively; dollar-based net retention for customers with annual
recurring revenue (ARR) of $500,000 or more was 130% compared to
135% in the second quarter of the fiscal year ended January 31,
2022.
- Total customers increased to 1,599 as of July 31, 2022 from
1,119 as of July 31, 2021; 139 of our customers had ARR of $500,000
or more as of July 31, 2022, compared to 82 customers as of July
31, 2021.
- GAAP operating loss was $35.1 million compared to an operating
loss of $12.2 million in the second quarter of the fiscal year
ended January 31, 2022. Operating loss in the quarter included
$17.1 million of stock compensation expense.
- Non-GAAP operating loss was $17.5 million compared to a loss of
$6.5 million in the second quarter of the fiscal year ended January
31, 2022.
- GAAP net loss per basic and diluted share attributable to Braze
common stockholders was $(0.35) compared to $(0.60) in the second
quarter of the fiscal year ended January 31, 2022.
- Non-GAAP net loss per basic and diluted share attributable to
Braze common stockholders was $(0.16) compared to $(0.32) in the
second quarter of the fiscal year ended January 31, 2022.
- Net cash used in operating activities was $16.3 million
compared to net cash used in operating activities of $4.6 million
in the second quarter of the fiscal year ended January 31,
2022.
- Free cash flow was $(24.7) million compared to $(5.7) million
in the second quarter of the fiscal year end January 31, 2022.
- Total cash and cash equivalents, restricted cash, and
marketable securities was $510.7 million as of July 31, 2022
compared to $518.1 million as of January 31, 2022.
Recent Business
Highlights
- Notable new business wins and upsells in the quarter included
Roku, TelevisaUnivision, IBM, and Pizza Hut Australia.
- Launched Canvas Flow, our next generation, best-in-class
customer journey builder, strengthening our core product
offering.
- Continued to add talent to the team, increasing headcount
nearly 100 employees in Q2 bringing the total Braze team to over
1,350.
Investor Event at Forge
2022
- At 12:30 pm EDT on the afternoon of October 13, 2022, Braze
will host an investor event in tandem with its Forge 2022 Customer
Conference at Pier 59, Chelsea Piers in New York City.
- The event will be video cast live and archived on the company’s
Investor site at investors.braze.com.
Financial Outlook
Braze is initiating guidance for the fiscal third quarter ending
October 31, 2022 and updating guidance for the fiscal year ending
January 31, 2023.
Metric
(in millions, except
per share
amounts)
FY 2023 Q3 Guidance
FY 2023 Guidance
Revenue
$90.0 - 91.0
347.0 - 350.0
Non-GAAP operating loss
$(23.0) - (24.0)
$(76.0) - (78.0)
Non-GAAP net loss
$(21.0) - (22.0)
$(74.0) - (76.0)
Non-GAAP net loss per share
$(0.22) - (0.23)
$(0.77) - (0.79)
Weighted average shares outstanding
~97.4
~96.4
Braze has not reconciled its guidance as to non-GAAP operating
loss, non-GAAP net loss or non-GAAP net loss per share to their
most directly comparable GAAP measure as a result of uncertainty
regarding, and the potential variability of, reconciling items such
as stock-based compensation expense specific to equity compensation
awards that are directly impacted by unpredictable fluctuations in
Braze’s stock price. Accordingly, reconciliation is not available
without unreasonable effort, although it is important to note that
these factors could be material to Braze’s results calculated in
accordance with GAAP.
Conference Call
Information:
What: Braze Second Quarter Fiscal Year 2023 Financial
Results Conference Call When: Monday, September 12th at 5:00
pm EDT / 2:00 pm PDT Webcast & Supplemental Data:
investors.braze.com Replay: A webcast replay will be
available on Braze’s investor site at investors.braze.com.
Supplemental and Other Financial
Information
Supplemental information, including an accompanying financial
presentation and other information can be accessed through Braze’s
investor website at investors.braze.com.
Non-GAAP Financial
Measures
This press release and the accompanying tables contain the
following non-GAAP financial measures: non-GAAP gross profit and
margin, non-GAAP sales and marketing expense, non-GAAP research and
development expense, non-GAAP general and administrative expense,
non-GAAP operating loss, non-GAAP net loss, non-GAAP net loss per
share, basic and diluted, and non-GAAP free cash flow. Braze
defines non-GAAP gross profit and margin, non-GAAP sales and
marketing expense, non-GAAP research and development expense,
non-GAAP general and administrative expense, non-GAAP operating
loss and non-GAAP net loss as the respective GAAP balances,
adjusted for stock-based compensation expense, employer taxes
related to stock-based compensation and charitable contribution
expense. Prior to the first quarter of the fiscal year ended
January 31, 2023, Braze did not adjust non-GAAP gross profit and
margin, non-GAAP sales and marketing expense, non-GAAP research and
development expense, non-GAAP general and administrative expense,
non-GAAP operating loss or non-GAAP net loss for employer taxes
related to stock-based compensation or charitable contribution
expense, because these amounts were immaterial in prior periods.
Braze defines non-GAAP free cash flow as net cash used in operating
activities, minus purchases of property and equipment and minus
capitalized internal-use software costs. Investors are encouraged
to review the reconciliation of these historical non-GAAP financial
measures to their most directly comparable GAAP financial
measures.
Braze uses this non-GAAP financial information internally in
analyzing its financial results and believes that this non-GAAP
financial information, when taken collectively with GAAP financial
measures, may be helpful to investors because it provides
consistency and comparability with past financial performance and
assists in comparisons with other companies, some of which use
similar non-GAAP financial information to supplement their GAAP
results. The non-GAAP financial information is presented for
supplemental informational purposes only, and should not be
considered a substitute for financial information presented in
accordance with generally accepted accounting principles in the
United States (GAAP), and may be different from similarly-titled
non-GAAP measures used by other companies.
The principal limitation of these non-GAAP financial measures is
that they exclude significant expenses that are required by GAAP to
be recorded in Braze’s financial statements. In addition, they are
subject to inherent limitations as they reflect the exercise of
judgment by Braze’s management about which expenses are excluded or
included in determining these non-GAAP financial measures. A
reconciliation is provided below in the financial statement tables
included below in this press release for each non-GAAP financial
measure to the most directly comparable financial measure stated in
accordance with GAAP.
Braze encourages investors to review the related GAAP financial
measures and the reconciliation of these non-GAAP financial
measures to their most directly comparable GAAP financial measures,
which it includes in press releases announcing quarterly and fiscal
year financial results, including this press release, and not to
rely on any single financial measure to evaluate Braze’s
business.
Definition of Other Business
Metrics
Customer: Braze defines a customer, as of period end, as the
separate and distinct, ultimate parent-level entity that has an
active subscription with Braze to use its products. A single
organization could have multiple distinct contracting divisions or
subsidiaries, all of which together would be considered a single
customer.
Annual Recurring Revenue (ARR): Braze defines ARR as the
annualized value of customer subscription contracts, including
certain premium professional services that are subject to
contractual subscription terms, as of the measurement date,
assuming any contract that expires during the next 12 months is
renewed on its existing terms (including contracts for which Braze
is negotiating a renewal). Braze’s calculation of ARR is not
adjusted for the impact of any known or projected future events
(such as customer cancellations, expansion or contraction of
existing customers relationships or price increases or decreases)
that may cause any such contract not to be renewed on its existing
terms. ARR may decline or fluctuate as a result of a number of
factors, including customers’ satisfaction or dissatisfaction with
Braze’s products and professional services, pricing, competitive
offerings, economic conditions or overall changes in Braze’s
customers’ spending levels. ARR should be viewed independently of
revenue and does not represent Braze’s GAAP revenue on an
annualized basis or a forecast of revenue, as it is an operating
metric that can be impacted by contract start and end dates and
renewal rates.
Dollar-Based Net Retention Rate: Braze calculates dollar-based
net retention rate as of a period end by starting with the ARR from
a cohort of customers as of the as of 12 months prior to such
period-end (the Prior Period ARR). Braze then calculates the ARR
from the same cohort of customers as of the end of the current
period (the Current Period ARR). Current Period ARR includes any
expansion and is net of contraction or attrition over the last 12
months, but excludes ARR from new customers in the current period.
Braze then divides the total Current Period ARR by the total Prior
Period ARR to arrive at the point-in-time dollar-based net
retention rate. Braze then calculates the weighted average
point-in-time dollar-based net retention rates as of the last day
of each month in the current trailing 12-month period to arrive at
the dollar-based net retention rate.
Remaining Performance Obligations: The transaction price
allocated to remaining performance obligations represents amounts
under non-cancelable contracts expected to be recognized as revenue
in future periods, and may be influenced by several factors,
including seasonality, the timing of renewals, the timing of
service delivery and contract terms. Unbilled portions of the
remaining performance obligation are subject to future economic
risks including bankruptcies, regulatory changes and other market
factors.
Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding Braze’s financial outlook for the third
quarter of and full fiscal year ended January 31, 2023. These
forward-looking statements are based on current expectations,
estimates, forecasts and projections. Words such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “goal,” “hope,” “intend,”
“may,” might,” “potential,” “predict,” “project,” “shall,”
“should,” “target,” “will” “and variations of these terms and
similar expressions are intended to identify these forward-looking
statements, although not all forward-looking statements contain
these identifying words.
Forward-looking statements are based on Braze’s current
assumptions, expectations and beliefs and are subject to
substantial risks, uncertainties, assumptions and changes in
circumstances that may cause Braze’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These risks include, but are not
limited to, risks and uncertainties related to: (1) unstable market
and economic conditions may have serious adverse consequences on
Braze’s business, financial condition and share price; (2) Braze’s
recent rapid revenue growth may not be indicative of its future
revenue growth; (3) Braze’s history of operating losses; (4)
Braze’s limited operating history at its current scale; (5) Braze’s
ability to successfully manage its growth; (6) the accuracy of
estimates of market opportunity and forecasts of market growth and
the impact that global macroeconomic uncertainty, including from
the ongoing COVID-19 pandemic and ongoing conflict between Russia
and Ukraine, and general market, political, economic and business
conditions could have on Braze’s or its customers’ businesses,
financial condition and results of operations; (7) Braze’s ability
and the ability of its platform to adapt and respond to changing
customer or consumer needs, requirements or preferences; (8)
Braze’s ability to attract new customers and renew existing
customers; (9) the competitive markets in which Braze participates
and the intense competition that it faces; (10) Braze’s ability to
adapt and respond effectively to rapidly changing technology,
evolving cybersecurity and data privacy risks, evolving industry
standards or changing regulations; and (11) Braze’s reliance on
third-party providers of cloud-based infrastructure; as well as
other risks and uncertainties discussed in the “Risk Factors”
section of Braze’s Annual Report on Form 10-K for the fiscal year
ended January 31, 2022, filed with the Securities and Exchange
Commission (SEC) on March 31, 2022 and other subsequent filings
Braze makes with the SEC from time to time, including Braze’s
Quarterly Report on Form 10-Q for the fiscal quarter ended July 31,
2022 that will be filed with the SEC. The forward-looking
statements included in this press release represent Braze’s views
only as of the date of this press release and Braze assumes no
obligation, and does not intend to update these forward-looking
statements, except as required by law.
About Braze
Braze is a leading comprehensive customer engagement platform
that powers interactions between consumers and brands they love.
With Braze, global brands can ingest and process customer data in
real time, orchestrate and optimize contextually relevant,
cross-channel marketing campaigns and continuously evolve their
customer engagement strategies. Braze has been recognized as one of
Fortune's 2021 Best Workplaces in New York, Fortune's 2021 Best
Workplace for Millennials, and 2021 UK Best Workplaces for Women by
Great Place to Work. The company is headquartered in New York with
offices in Austin, Berlin, Chicago, London, San Francisco,
Singapore, and Tokyo. Learn more at braze.com.
Braze uses its Investor website at investors.braze.com as a
means of disclosing material non-public information, announcing
upcoming investor conferences and for complying with its disclosure
obligations under Regulation FD. Accordingly, you should monitor
its investor relations website in addition to following its press
releases, SEC filings and public conference calls and webcasts.
Selected Financial Data
BRAZE, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except
per share amounts)
Three Months Ended
July 31,
Six Months Ended
July 31,
2022
2021
2022
2021
Revenue
$
86,131
$
55,756
$
163,626
$
103,633
Cost of revenue
27,352
18,755
53,258
34,562
Gross profit
58,779
37,001
110,368
69,071
Operating expenses:
Sales and marketing
50,007
27,492
96,051
51,843
Research and development
23,336
11,595
44,956
23,392
General and administrative
20,543
10,064
44,117
19,011
Total operating expenses
93,886
49,151
185,124
94,246
Loss from operations
(35,107
)
(12,150
)
(74,756
)
(25,175
)
Other income (expense), net
1,729
(297
)
1,759
(265
)
Loss before provision for income taxes
(33,378
)
(12,447
)
(72,997
)
(25,440
)
Provision for income taxes
35
166
49
326
Net loss
(33,413
)
(12,613
)
(73,046
)
(25,766
)
Net loss attributable to redeemable
non-controlling interest
(527
)
(385
)
(891
)
(704
)
Net loss attributable to Braze, Inc.
$
(32,886
)
$
(12,228
)
$
(72,155
)
$
(25,062
)
Net loss per share attributable to Braze,
Inc. common stockholders, basic and diluted
$
(0.35
)
$
(0.60
)
$
(0.77
)
$
(1.25
)
Weighted-average shares used to compute
net loss per share attributable to Braze, Inc. common stockholders,
basic and diluted
94,103
20,329
93,668
20,004
(1) Includes stock-based compensation as follows:
Three Months Ended
July 31,
Six Months Ended
July 31,
2022
2021
2022
2021
Cost of revenue
$
911
$
177
$
1,831
$
367
Sales and marketing
5,439
1,957
11,106
4,295
Research and development
6,921
1,571
13,094
4,158
General and administrative
3,842
1,945
8,053
3,786
Total stock-based compensation expense
$
17,113
$
5,650
$
34,084
$
12,606
(2) Includes employer taxes related to stock-based compensation
as follows:
Three Months Ended
July 31,
Six Months Ended
July 31,
2022
2021
2022
2021
Cost of revenue
$
24
$
—
$
40
$
—
Sales and marketing
220
—
387
—
Research and development
124
—
251
—
General and administrative
164
—
229
—
Total employer taxes related to
stock-based compensation
$
532
$
—
$
907
$
—
(3) Includes charitable donation expense as follows:
Three Months Ended
July 31,
Six Months Ended
July 31,
2022
2021
2022
2021
General and administrative
$
—
$
—
$
4,260
$
—
BRAZE, INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (UNAUDITED) (in thousands, except share and
per share amounts)
July 31,
2022
January 31,
2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
80,881
$
478,937
Accounts receivable, net of allowance of
$829 and $743 at July 31, 2022 and January 31, 2022,
respectively
47,973
64,504
Marketable securities
425,754
35,156
Prepaid expenses and other current
assets
26,296
29,588
Total current assets
580,904
608,185
Restricted cash, noncurrent
4,036
4,036
Property and equipment, net
16,276
7,393
Operating lease right-of-use assets
51,276
—
Deferred contract costs
45,272
41,689
Other assets
4,329
4,959
TOTAL ASSETS
$
702,093
$
666,262
LIABILITIES, REDEEMABLE NON-CONTROLLING
INTEREST, AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable
$
2,889
$
2,083
Accrued expenses and other current
liabilities
34,981
31,623
Deferred revenue
135,794
126,260
Operating lease liabilities, current
10,642
—
Total current liabilities
184,306
159,966
Operating lease liabilities,
noncurrent
44,391
—
Other long-term liabilities
501
1,478
TOTAL LIABILITIES
229,198
161,444
COMMITMENTS AND CONTINGENCIES (Note
13)
Redeemable non-controlling interest (Note
4)
2,344
3,235
STOCKHOLDERS’ EQUITY
Class A common stock, $0.0001 par value;
2,000,000,000 shares authorized as of July 31, 2022 and January 31,
2022; 52,069,633 and 18,549,183 shares issued and outstanding as of
July 31, 2022 and January 31, 2022, respectively
5
1
Class B common stock, $0.0001 par value;
110,000,000 shares authorized as of July 31, 2022 and January 31,
2022; 42,647,593 and 74,418,847 shares issued and outstanding as of
July 31, 2022 and January 31, 2022, respectively
4
8
Additional paid-in capital
761,412
717,175
Accumulated other comprehensive loss
(3,754
)
(640
)
Accumulated deficit
(287,116
)
(214,961
)
TOTAL STOCKHOLDERS’ EQUITY
470,551
501,583
TOTAL LIABILITIES, REDEEMABLE
NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
$
702,093
$
666,262
BRAZE, INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
Six Months Ended
July 31,
2022
2021
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss (including amounts attributable
to redeemable non-controlling interests)
$
(73,046
)
$
(25,766
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Stock-based compensation
34,253
12,606
Amortization of deferred contract
costs
10,984
7,990
Depreciation and amortization
1,900
1,373
Provision for credit losses
(155
)
(174
)
Value of common stock donated to
charity
4,260
—
Amortization of discount/premium on
marketable securities
215
254
Non-cash foreign exchange loss
295
320
Other
(36
)
2
Changes in operating assets and
liabilities:
Accounts receivable
16,622
(178
)
Prepaid expenses and other current
assets
3,110
(2,124
)
Deferred contract costs
(14,661
)
(12,222
)
ROU assets and liabilities
2,617
—
Other assets
521
(2,095
)
Accounts payable
582
1,071
Accrued expenses and other current
liabilities
4,419
(5,812
)
Deferred revenue
9,703
16,428
Other long-term liabilities
17
(87
)
Net cash provided by/(used in) operating
activities
1,600
(8,414
)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment
(9,844
)
(755
)
Capitalized internal-use software
costs
(783
)
(1,172
)
Purchases of marketable securities
(543,880
)
(28,496
)
Maturities of marketable securities
150,708
49,308
Net cash (used in)/provided by investing
activities
(403,799
)
18,885
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from exercise of common stock
options
5,411
3,247
Payment of deferred offering costs
—
(660
)
Repurchase of shares related to early
exercised options
—
(3
)
Net cash provided by financing
activities
5,411
2,584
Effect of foreign currency exchange rate
changes on cash, cash equivalents, and restricted cash
(1,268
)
(172
)
Net change in cash, cash equivalents, and
restricted cash
(398,056
)
12,883
Cash, cash equivalents, and restricted
cash, beginning of period
482,973
33,018
Cash, cash equivalents, and restricted
cash, end of period
$
84,917
$
45,901
BRAZE, INC. U.S. GAAP RECONCILIATION
OF NON-GAAP ADJUSTED RESULTS (in thousands, except per share
amounts)
The following tables reconcile each non-GAAP financial measure
to its most directly comparable GAAP financial measure:
Reconciliation of GAAP to Non-GAAP
Gross Margin
Three Months Ended
July 31,
Six Months Ended
July 31,
2022
2021
2022
2021
Gross Profit
$
58,779
$
37,001
$
110,368
$
69,071
Plus:
Stock-based compensation expense
911
177
1,831
367
Employer taxes related to stock-based
compensation
24
—
40
—
Non-GAAP Gross Profit
$
59,714
$
37,178
$
112,239
$
69,438
GAAP Gross Margin
68.2
%
66.4
%
67.5
%
66.6
%
Non-GAAP Gross Margin
69.3
%
66.7
%
68.6
%
67.0
%
Reconciliation of GAAP to Non-GAAP
Operating Expenses
Three Months Ended
July 31,
Six Months Ended
July 31,
2022
2021
2022
2021
GAAP sales and marketing expense
$
50,007
$
27,492
$
96,051
$
51,843
Less:
Stock-based compensation expense
5,439
1,957
11,106
4,295
Employer taxes related to stock-based
compensation expense
220
—
387
—
Non-GAAP sales and marketing expense
$
44,348
$
25,535
$
84,558
$
47,548
GAAP research and development expense
$
23,336
$
11,595
$
44,956
$
23,392
Less:
Stock-based compensation expense
6,921
1,571
13,094
4,158
Employer taxes related to stock-based
compensation expense
124
—
251
—
Non-GAAP research and development
expense
$
16,291
$
10,024
$
31,611
$
19,234
GAAP general and administrative
expense
$
20,543
$
10,064
$
44,117
$
19,011
Less:
Stock-based compensation expense
3,842
1,945
8,053
3,786
Employer taxes related to stock-based
compensation expense
164
—
229
—
Charitable contribution expense
—
—
4,260
—
Non-GAAP general and administrative
expense
$
16,537
$
8,119
$
31,575
$
15,225
Reconciliation of GAAP to Non-GAAP
Operating Loss
Three Months Ended
July 31,
Six Months Ended
July 31,
2022
2021
2022
2021
Loss from operations
$
(35,107
)
$
(12,150
)
$
(74,756
)
$
(25,175
)
Plus:
Stock-based compensation expense
17,113
5,650
34,084
12,606
Employer taxes related to stock-based
compensation expense
532
—
907
—
Charitable contribution expense
—
—
4,260
—
Non-GAAP Operating loss
$
(17,462
)
$
(6,500
)
$
(35,505
)
$
(12,569
)
Reconciliation of GAAP to Non-GAAP Net
Loss
Three Months Ended
July 31,
Six Months Ended
July 31,
2022
2021
2022
2021
Net loss attributable to Braze, Inc.
$
(32,886
)
$
(12,228
)
$
(72,155
)
$
(25,062
)
Plus:
Stock-based compensation expense
17,113
5,650
34,084
12,606
Employer taxes related to stock-based
compensation expense
532
—
907
—
Charitable contribution expense
—
—
4,260
—
Non-GAAP net loss attributable to Braze,
Inc. (1)
$
(15,241
)
$
(6,578
)
$
(32,904
)
$
(12,456
)
Non-GAAP net loss per share attributable
to Braze, Inc. common stockholders, basic and diluted
$
(0.16
)
$
(0.32
)
$
(0.35
)
$
(0.62
)
Weighted-average shares used to compute
net loss per share attributable to Braze, Inc. common stockholders,
basic and diluted
94,103
20,329
93,668
20,004
(1) Assumes no tax impact due to the
Company’s net loss position and deferred tax assets.
Reconciliation of GAAP Cash Flow from
Operating Activities to Non-GAAP Free Cash Flow
Three Months Ended
July 31,
Six Months Ended
July 31,
2022
2021
2022
2021
Net cash provided by/(used in) operating
activities
$
(16,321
)
$
(4,607
)
$
1,600
$
(8,414
)
Less:
Purchases of property and equipment
(7,884
)
(457
)
(9,844
)
(755
)
Capitalized internal-use software
costs
(477
)
(674
)
(783
)
(1,172
)
Non-GAAP Free cash flow
$
(24,682
)
$
(5,738
)
$
(9,027
)
$
(10,341
)
Braze is a registered trademark of Braze, Inc. All product and
company names herein may be trademarks of their registered
owners.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220912005820/en/
Investors: Christopher Ferris IR@braze.com (609) 964-0585
Media: Meghan Halaszynski Press@braze.com
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