Braze, Inc. Files Q1 FY25 10-Q Report

Ticker: BRZE · Form: 10-Q · Filed: Jun 7, 2024 · CIK: 1676238

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

**Braze Q1 FY25 10-Q filed. Financials out.**

AI Summary

Braze, Inc. filed its 10-Q for the period ending April 30, 2024. The company reported financial results for the first quarter of fiscal year 2025. Key financial data and operational details for the period are presented in this filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Braze, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a public company filing a quarterly report, there are inherent risks associated with financial performance, market conditions, and competitive pressures.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended April 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on June 7, 2024.

What was Braze, Inc.'s former company name?

Braze, Inc.'s former company name was Appboy, Inc.

What is the fiscal year end for Braze, Inc.?

Braze, Inc.'s fiscal year ends on January 31.

What is the Standard Industrial Classification code for Braze, Inc.?

The Standard Industrial Classification code for Braze, Inc. is 7372, which falls under SERVICES-PREPACKAGED SOFTWARE.

Filing Stats: 4,436 words · 18 min read · ~15 pages · Grade level 17.7 · Accepted 2024-06-06 17:42:58

Key Financial Figures

Filing Documents

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 66 Item 6. Exhibits 67 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following: the anticipated effects of unstable market and economic conditions that may have serious adverse consequences on our business, financial condition and share price; our expectations regarding our reve nue and the timing of revenue recognition under our customer contracts, ex penses and other operating results; our ability to acquire new customers and successfully retain existing customers; our ability to increase usage of our platform and upsell and cross-sell additional products; our ability to achieve or sustain our profitability; future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; the costs and success of our marketing efforts, and our ability to promote our brand; our reliance on key personnel and our ability to identify, recruit and retain skilled personnel; our growth strategies for our platform and ou

Financial Statements

Item 1. Financial Statements BRAZE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share amounts) April 30, 2024 January 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 74,801 $ 68,228 Restricted cash, current 3,373 3,373 Accounts receivable, net of allowance of $ 2,396 and $ 2,772 at April 30, 2024 and January 31, 2024, respectively 81,632 92,256 Marketable securities 408,957 407,898 Prepaid expenses and other current assets 30,180 29,366 Total current assets 598,943 601,121 Restricted cash, noncurrent 530 530 Property and equipment, net 39,328 29,358 Operating lease right-of-use assets 76,597 81,163 Deferred contract costs 66,012 63,661 Goodwill 28,448 28,448 Intangible assets, net 3,472 3,690 Other assets 2,796 2,970 TOTAL ASSETS $ 816,126 $ 810,941 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 4,689 $ 6,321 Accrued expenses and other current liabilities 56,267 63,264 Deferred revenue 229,330 204,269 Operating lease liabilities, current 15,360 15,585 Total current liabilities 305,646 289,439 Operating lease liabilities, noncurrent 72,173 75,027 Other long-term liabilities 2,074 2,050 TOTAL LIABILITIES 379,893 366,516 COMMITMENTS AND CONTINGENCIES (Note 13) Redeemable non-controlling interest (Note 4) 126 192 STOCKHOLDERS' EQUITY Class A common stock, $ 0.0001 par value; 2,000,000,000 and 2,000,000,000 shares authorized as of April 30, 2024 and January 31, 2024, respectively; 76,844,270 and 73,037,015 shares issued and outstanding as of April 30, 2024 and January 31, 2024, respectively 8 7 Class B common stock, $ 0.0001 par value; 110,000,000 and 110,000,000 shares authorized as of April 30, 2024 and January 31, 2024, respectively; 24,175,408 and 27,173,408 shares issued and outstanding as of April 30, 2024 and January 31, 2024, respectively 2 3 Additional paid-in capital 958,224 928,494 Accumulated

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