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Customer Engagement

Braze Reports Fiscal Third Quarter 2022 Results

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Third quarter revenue grew 62.6% year-over-year to $64.0 million Achieved dollar-based net retention of 126% for the trailing 12 months Introduces fourth quarter and full year fiscal 2022 guidance
user engagement,

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 October 31, 2021.

“Brands increasingly recognize that building direct relationships with customers through memorable and personalized experiences is essential for long-term success, and they’re turning to Braze to succeed at that imperative,” said Bill Magnuson, cofounder and CEO of Braze. “Exemplary execution combined with strong demand allowed us to deliver outstanding third quarter results, demonstrating high growth at scale. We are in the early stages of addressing a large market opportunity in the customer engagement space, and we believe Braze can help all brands create valuable customer experiences that drive growth and retention.”

Fiscal Third Quarter Financial Highlights

  • Revenue was $64.0 million compared to $39.3 million in the third quarter of the fiscal year ended January 31, 2021, up 62.6% year-over year, driven primarily by new customers, upsells and renewals.
  • Subscription revenue in the quarter was $59.3 million compared to $36.8 million in the third quarter of the fiscal year ended January 31, 2021, and professional services and other revenue was $4.7 million compared to $2.5 million in the third quarter of the fiscal year ended January 31, 2021.
  • Remaining performance obligations as of October 31, 2021 was $304.0 million, of which $199.1 million is current.
  • GAAP Gross Margin was 70.0% compared to 63.3% in the third quarter of the fiscal year ended January 31, 2021
  • Non-GAAP Gross Margin was 70.3% compared to 63.8% in the third quarter of the fiscal year ended January 31, 2020.
  • Dollar-based net retention for all customers for the trailing 12 months ended October 31, 2021 and October 31, 2020 was 126% and 124%, respectively; dollar-based net retention for customers with annual recurring revenue (ARR) of $500,000 or more was 136% compared to 134% in the third quarter of the fiscal year ended January 31, 2021.
  • Total customers increased to 1,247 as of October 31, 2021 from 841 as of October 31, 2020; 97 of our customers had ARR of $500,000 or more as of October 31, 2021, compared to 67 customers as of October 31, 2020.
  • GAAP operating loss was $10.4 million compared to a loss of $8.8 million in the third quarter of the fiscal year ended January 31, 2021.
  • Non-GAAP operating loss was $5.0 million compared to a loss of $6.5 million in the third quarter of the fiscal year ended January 31, 2021.
  • GAAP net loss per basic and diluted share attributable to Braze common stockholders was $(0.42) compared to $(0.47) in the third quarter of the fiscal year ended January 31, 2021.
  • Non-GAAP net loss per basic and diluted share attributable to Braze common stockholders was $(0.16) compared to $(0.35) in the third quarter of the fiscal year ended January 31, 2021.
  • Free cash flow was $(3.5) million compared to $(6.8) million in the third quarter of the fiscal year end January 31, 2021.
  • Total cash and cash equivalents, restricted cash, and marketable securities was $80.9 million as of October 31, 2021 compared to $91.0 million as of October 31, 2020.

Recent Business Highlights

  • Recognized as a leader in The Forrester Wave™: Cross-Channel Campaign Management (Independent Platforms), Q3 2021 report; Braze received the highest score of all vendors in the Strategy category.
  • Continued to acquire talent, growing headcount by more than 300 employees year-to-date this fiscal year, bringing the total Braze team to over 1,000 as of the end of the third fiscal quarter.
  • Named one of the Best Places to Work in NYC by Crains; named one of the Best Medium-Sized Workplaces by Fortune and Great Places to Work; named a 2021 U.K. Best Workplaces for Women; and ranked #23 on the Forbes Cloud 100 list.
  • Completed its initial public offering of 8,800,000 shares of Braze’s Class A common stock at a price to the public of $65.00 per share, which consisted of 7,500,000 shares issued and sold by Braze and 1,300,000 shares sold by the selling stockholders. Net proceeds to Braze from the initial public offering totaled approximately $457.1 million, and Braze did not receive any proceeds from the shares sold by the selling stockholders.

Financial Outlook

Braze is initiating guidance for the fiscal fourth quarter and fiscal year ending January 31, 2022.

Metric

(in millions, except per share amounts)

FY 2022 Q4 Guidance

FY 2022 Guidance

Revenue

$65.0 – 66.0

$232.5 – 233.5

Non-GAAP operating loss

$(15.5) – (16.5)

$(33.5) – (34.5)

Non-GAAP net loss

$(15.0) – (16.0)

$(31.5) – (32.5)

Non-GAAP net loss per share

$(0.19) – (0.20)

$(0.90) – (0.93)

Weighted average shares outstanding(1)

~79.8

~35.1

(1) Includes (i) the issuance of shares of Class A common stock by Braze in its initial public offering, and (ii) the conversion of all then outstanding shares of convertible preferred stock, common stock and common stock warrants (following the exercise thereof) into outstanding shares of Class B common shares in connection with the initial public offering.

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