(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Metric (in millions, except per share amounts) | FY 2024 Q3 Guidance | FY 2024 Guidance | ||||||
Revenue | $116.5 - 117.5 | $451.5 - 454.5 | ||||||
Non-GAAP operating loss | $(15.5) - (16.5) | $(47.0) - (49.0) | ||||||
Non-GAAP net loss | $(13.0) - (14.0) | $(37.0) - (39.0) | ||||||
Non-GAAP net loss per share | $(0.13) - (0.14) | $(0.37) - (0.39) | ||||||
Weighted average shares outstanding | ~100.2 | ~98.8 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $ | 115,107 | $ | 86,131 | $ | 216,887 | $ | 163,626 | |||||||||||||||
Cost of revenue (1)(2) | 35,474 | 27,352 | 68,161 | 53,258 | |||||||||||||||||||
Gross profit | 79,633 | 58,779 | 148,726 | 110,368 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing (1)(2)(6) | 60,417 | 50,007 | 117,679 | 96,051 | |||||||||||||||||||
Research and development (1)(2) | 29,132 | 23,336 | 58,877 | 44,956 | |||||||||||||||||||
General and administrative (1)(2)(3)(4)(5)(6) | 25,453 | 20,543 | 49,436 | 44,117 | |||||||||||||||||||
Total operating expenses | 115,002 | 93,886 | 225,992 | 185,124 | |||||||||||||||||||
Loss from operations | (35,369) | (35,107) | (77,266) | (74,756) | |||||||||||||||||||
Other income, net | 3,865 | 1,729 | 7,324 | 1,759 | |||||||||||||||||||
Loss before provision for income taxes | (31,504) | (33,378) | (69,942) | (72,997) | |||||||||||||||||||
Provision for income taxes | 545 | 35 | 933 | 49 | |||||||||||||||||||
Net loss | (32,049) | (33,413) | (70,875) | (73,046) | |||||||||||||||||||
Net loss attributable to redeemable non-controlling interest | (355) | (527) | (727) | (891) | |||||||||||||||||||
Net loss attributable to Braze, Inc. | $ | (31,694) | $ | (32,886) | $ | (70,148) | $ | (72,155) | |||||||||||||||
Net loss per share attributable to Braze, Inc. common stockholders, basic and diluted | $ | (0.33) | $ | (0.35) | $ | (0.72) | $ | (0.77) | |||||||||||||||
Weighted-average shares used to compute net loss per share attributable to Braze, Inc. common stockholders, basic and diluted | 97,180 | 94,103 | 97,023 | 93,668 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of revenue | $ | 901 | $ | 911 | $ | 1,790 | $ | 1,831 | |||||||||||||||
Sales and marketing | 7,807 | 5,439 | 15,655 | 11,106 | |||||||||||||||||||
Research and development | 9,929 | 6,921 | 19,772 | 13,094 | |||||||||||||||||||
General and administrative | 6,139 | 3,842 | 11,705 | 8,053 | |||||||||||||||||||
Total stock-based compensation expense | $ | 24,776 | $ | 17,113 | $ | 48,922 | $ | 34,084 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of revenue | $ | 30 | $ | 24 | $ | 52 | $ | 40 | |||||||||||||||
Sales and marketing | 247 | 220 | 364 | 387 | |||||||||||||||||||
Research and development | 266 | 124 | 522 | 251 | |||||||||||||||||||
General and administrative | 65 | 164 | 155 | 229 | |||||||||||||||||||
Total employer taxes related to stock-based compensation | $ | 608 | $ | 532 | $ | 1,093 | $ | 907 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
General and administrative | $ | 964 | $ | — | $ | 964 | $ | 4,260 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
General and administrative | $ | 678 | $ | — | $ | 1,946 | $ | — |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
General and administrative | $ | 148 | $ | — | $ | 148 | $ | — |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sales and marketing | $ | 541 | $ | — | $ | 541 | $ | — | |||||||||||||||
General and administrative | 103 | — | 103 | $ | — | ||||||||||||||||||
Total restructuring costs | $ | 644 | $ | — | $ | 644 | $ | — |
July 31, 2023 | January 31, 2023 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 77,302 | $ | 68,587 | |||||||
Restricted cash, current | 3,373 | — | |||||||||
Accounts receivable, net of allowance of $2,414 and $1,613 at July 31, 2023 and January 31, 2023, respectively | 70,133 | 78,338 | |||||||||
Marketable securities | 394,946 | 410,083 | |||||||||
Prepaid expenses and other current assets | 28,281 | 26,163 | |||||||||
Total current assets | 574,035 | 583,171 | |||||||||
Restricted cash, noncurrent | 530 | 4,036 | |||||||||
Property and equipment, net | 20,680 | 20,339 | |||||||||
Operating lease right-of-use assets | 45,375 | 46,261 | |||||||||
Deferred contract costs | 55,456 | 48,451 | |||||||||
Goodwill | 28,045 | — | |||||||||
Intangible assets, net | 4,122 | 500 | |||||||||
Other assets | 3,897 | 2,648 | |||||||||
TOTAL ASSETS | $ | 732,140 | $ | 705,406 | |||||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable | $ | 1,882 | $ | 3,101 | |||||||
Accrued expenses and other current liabilities | 56,261 | 37,415 | |||||||||
Deferred revenue | 176,803 | 166,092 | |||||||||
Operating lease liabilities, current | 13,522 | 10,695 | |||||||||
Total current liabilities | 248,468 | 217,303 | |||||||||
Operating lease liabilities, noncurrent | 38,063 | 40,590 | |||||||||
Other long-term liabilities | 4,510 | 755 | |||||||||
TOTAL LIABILITIES | 291,041 | 258,648 | |||||||||
COMMITMENTS AND CONTINGENCIES (Note 13) | |||||||||||
Redeemable non-controlling interest (Note 4) | 728 | 1,455 | |||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
Class A common stock, $0.0001 par value; 2,000,000,000 and 2,000,000,000 shares authorized as of July 31, 2023 and January 31, 2023, respectively; 66,542,527 and 61,585,973 shares issued and outstanding as of July 31, 2023 and January 31, 2023, respectively | 6 | 6 | |||||||||
Class B common stock, $0.0001 par value; 110,000,000 and 110,000,000 shares authorized as of July 31, 2023 and January 31, 2023, respectively; 31,687,453 and 34,389,453 shares issued and outstanding as of July 31, 2023 and January 31, 2023, respectively | 4 | 4 | |||||||||
Additional paid-in capital | 870,313 | 806,044 | |||||||||
Accumulated other comprehensive loss | (5,877) | (6,824) | |||||||||
Accumulated deficit | (424,075) | (353,927) | |||||||||
TOTAL STOCKHOLDERS’ EQUITY | 440,371 | 445,303 | |||||||||
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY | $ | 732,140 | $ | 705,406 |
Six Months Ended July 31, | |||||||||||
2023 | 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net loss (including amounts attributable to redeemable non-controlling interests) | $ | (70,875) | $ | (73,046) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Stock-based compensation | 49,002 | 34,253 | |||||||||
Amortization of deferred contract costs | 13,941 | 10,984 | |||||||||
Depreciation and amortization | 2,845 | 1,900 | |||||||||
Provision for credit losses | 1,294 | (155) | |||||||||
Value of common stock donated to charity | 964 | 4,260 | |||||||||
Amortization of discount/premium on marketable securities | 991 | 215 | |||||||||
Non-cash foreign exchange loss | 510 | 295 | |||||||||
Other | 494 | (36) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 8,926 | 16,622 | |||||||||
Prepaid expenses and other current assets | (2,029) | 3,110 | |||||||||
Deferred contract costs | (21,018) | (14,661) | |||||||||
ROU assets and liabilities | 991 | 2,617 | |||||||||
Other assets | (959) | 521 | |||||||||
Accounts payable | (1,315) | 582 | |||||||||
Accrued expenses and other current liabilities | 15,297 | 4,419 | |||||||||
Deferred revenue | 6,471 | 9,703 | |||||||||
Other long-term liabilities | (498) | 17 | |||||||||
Net cash provided by operating activities | 5,032 | 1,600 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Cash paid for acquisition; net of cash acquired | (16,318) | — | |||||||||
Purchases of property and equipment | (427) | (9,844) | |||||||||
Capitalized internal-use software costs | (1,640) | (783) | |||||||||
Purchases of marketable securities | (121,392) | (543,880) | |||||||||
Maturities of marketable securities | 136,289 | 150,708 | |||||||||
Net cash used in investing activities | (3,488) | (403,799) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from exercise of common stock options | 7,333 | 5,411 | |||||||||
Net cash provided by financing activities | 7,333 | 5,411 | |||||||||
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash | (295) | (1,268) | |||||||||
Net change in cash, cash equivalents, and restricted cash | 8,582 | (398,056) | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 72,623 | 482,973 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 81,205 | $ | 84,917 |
Reconciliation of GAAP to Non-GAAP Gross Margin | Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gross profit | $ | 79,633 | $ | 58,779 | $ | 148,726 | $ | 110,368 | |||||||||||||||
Plus: | |||||||||||||||||||||||
Stock-based compensation expense | 901 | 911 | 1,790 | 1,831 | |||||||||||||||||||
Employer taxes related to stock-based compensation expense | 30 | 24 | 52 | 40 | |||||||||||||||||||
Non-GAAP gross profit | $ | 80,564 | $ | 59,714 | $ | 150,568 | $ | 112,239 | |||||||||||||||
GAAP gross margin | 69.2 | % | 68.2 | % | 68.6 | % | 67.5 | % | |||||||||||||||
Non-GAAP gross margin | 70.0 | % | 69.3 | % | 69.4 | % | 68.6 | % |
Reconciliation of GAAP to Non-GAAP Operating Expenses | Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
GAAP sales and marketing expense | $ | 60,417 | $ | 50,007 | $ | 117,679 | $ | 96,051 | |||||||||||||||
Less: | |||||||||||||||||||||||
Stock-based compensation expense | 7,807 | 5,439 | 15,655 | 11,106 | |||||||||||||||||||
Employer taxes related to stock-based compensation expense | 247 | 220 | 364 | 387 | |||||||||||||||||||
Restructuring expense | 541 | — | 541 | — | |||||||||||||||||||
Non-GAAP sales and marketing expense | $ | 51,822 | $ | 44,348 | $ | 101,119 | $ | 84,558 | |||||||||||||||
GAAP research and development expense | $ | 29,132 | $ | 23,336 | $ | 58,877 | $ | 44,956 | |||||||||||||||
Less: | |||||||||||||||||||||||
Stock-based compensation expense | 9,929 | 6,921 | 19,772 | 13,094 | |||||||||||||||||||
Employer taxes related to stock-based compensation expense | 266 | 124 | 522 | 251 | |||||||||||||||||||
Non-GAAP research and development expense | $ | 18,937 | $ | 16,291 | $ | 38,583 | $ | 31,611 | |||||||||||||||
GAAP general and administrative expense | $ | 25,453 | $ | 20,543 | $ | 49,436 | $ | 44,117 | |||||||||||||||
Less: | |||||||||||||||||||||||
Stock-based compensation expense | 6,139 | 3,842 | 11,705 | 8,053 | |||||||||||||||||||
Employer taxes related to stock-based compensation expense | 65 | 164 | 155 | 229 | |||||||||||||||||||
1% Pledge charitable contribution expense | 964 | — | 964 | 4,260 | |||||||||||||||||||
Acquisition related expense | 678 | — | 1,946 | — | |||||||||||||||||||
Amortization of intangibles expense | 148 | — | 148 | — | |||||||||||||||||||
Restructuring expense | 103 | — | 103 | — | |||||||||||||||||||
Non-GAAP general and administrative expense | $ | 17,356 | $ | 16,537 | $ | 34,415 | $ | 31,575 |
Reconciliation of GAAP to Non-GAAP Operating Loss | Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Loss from operations | $ | (35,369) | $ | (35,107) | $ | (77,266) | $ | (74,756) | |||||||||||||||
Plus: | |||||||||||||||||||||||
Stock-based compensation expense | 24,776 | 17,113 | 48,922 | 34,084 | |||||||||||||||||||
Employer taxes related to stock-based compensation expense | 608 | 532 | 1,093 | 907 | |||||||||||||||||||
1% Pledge charitable contribution expense | 964 | — | 964 | 4,260 | |||||||||||||||||||
Acquisition related expense | 678 | — | 1,946 | — | |||||||||||||||||||
Amortization of intangibles expense | 148 | — | 148 | — | |||||||||||||||||||
Restructuring expense | 644 | — | 644 | — | |||||||||||||||||||
Non-GAAP operating loss from operations | $ | (7,551) | $ | (17,462) | $ | (23,549) | $ | (35,505) | |||||||||||||||
GAAP operating margin | (30.7) | % | (40.8) | % | (35.6) | % | (45.7) | % | |||||||||||||||
Non-GAAP operating margin | (6.6) | % | (20.3) | % | (10.9) | % | (21.7) | % |
Reconciliation of GAAP to Non-GAAP Net Loss | Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss attributable to Braze, Inc. | $ | (31,694) | $ | (32,886) | $ | (70,148) | $ | (72,155) | |||||||||||||||
Plus: | |||||||||||||||||||||||
Stock-based compensation expense | 24,776 | 17,113 | 48,922 | 34,084 | |||||||||||||||||||
Employer taxes related to stock-based compensation expense | 608 | 532 | 1,093 | 907 | |||||||||||||||||||
1% Pledge charitable contribution expense | 964 | — | 964 | 4,260 | |||||||||||||||||||
Acquisition related expense | 678 | — | 1,946 | — | |||||||||||||||||||
Amortization of intangibles expense | 148 | — | 148 | — | |||||||||||||||||||
Restructuring expense | 644 | — | 644 | — | |||||||||||||||||||
Non-GAAP net loss attributable to Braze, Inc. (1) | $ | (3,876) | $ | (15,241) | $ | (16,431) | $ | (32,904) | |||||||||||||||
Non-GAAP net loss per share attributable to Braze, Inc. common stockholders, basic and diluted | $ | (0.04) | $ | (0.16) | $ | (0.17) | $ | (0.35) | |||||||||||||||
Weighted-average shares used to compute net loss per share attributable to Braze, Inc. common stockholders, basic and diluted | 97,180 | 94,103 | 97,023 | 93,668 |
Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow | Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net cash provided by/(used in) operating activities | $ | (17,517) | $ | (16,321) | $ | 5,032 | $ | 1,600 | |||||||||||||||
Less: | |||||||||||||||||||||||
Purchases of property and equipment | (387) | (7,884) | (427) | (9,844) | |||||||||||||||||||
Capitalized internal-use software costs | (788) | (477) | (1,640) | (783) | |||||||||||||||||||
Non-GAAP free cash flow | $ | (18,692) | $ | (24,682) | $ | 2,965 | $ | (9,027) |
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M(AW
Cover |
Sep. 07, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Sep. 07, 2023 |
Entity Registrant Name | Braze, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-41065 |
Entity Tax Identification Number | 45-2505271 |
Entity Address, Address Line One | 330 West 34th Street |
Entity Address, Address Line Two | Floor 18 |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10001 |
City Area Code | 609 |
Local Phone Number | 964-0585 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A common stock, par value $0.0001 per share |
Trading Symbol | BRZE |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001676238 |
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