Braze(NASDAQ:BRZE) 
Braze, Inc. operates a customer engagement platform that provides interactions between consumers and brands worldwide. It provides data ingestion products, such as Braze software development kits that automatically manage data ingestion and the delivery of mobile and web notifications, in-applicatio...
Website: http://www.braze.com
Founded: 2011
IPO Price: $65 (Nov 17, 2021)
Full Time Employees: 1,501 (Jan 2023)
CEO / Founder: Bill Magnuson
Sector: Technology
Industry: Software—Application
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At a glance:
Bull Thesis:
- Strong Market Position in Customer Engagement: Braze is a recognized leader in the rapidly growing customer engagement platform (CEP) market, particularly strong in mobile-first and real-time personalization. The increasing demand for personalized customer experiences across digital channels provides a significant tailwind for Braze's platform.
- High Customer Retention and Expansion: The company consistently reports high net retention rates, indicating strong customer satisfaction, low churn, and successful upselling/cross-selling of additional features and services to its existing client base. This demonstrates the stickiness and value of its product.
- Expanding Product Capabilities and TAM: Braze continues to innovate by adding new features, including AI-driven personalization, enhanced data orchestration, and deeper analytics. These advancements expand its total addressable market, strengthen its competitive moat, and attract new customer segments.
- Favorable Macro Tailwinds for Digital Engagement: Businesses are increasingly prioritizing direct, personalized, and real-time digital interactions with their customers to drive loyalty and revenue. This fundamental shift towards digital-first customer engagement directly benefits Braze's core offering and drives sustained demand for its platform.
Bear Thesis:
- Intense Competition in the CEP Market: Braze operates in a highly competitive landscape with well-established players like Salesforce (Marketing Cloud), Adobe (Experience Cloud), Twilio (Segment/Engage), and numerous specialized vendors. This intense competition could lead to pricing pressure, increased sales and marketing expenses, and challenges in market share growth.
- Path to Sustainable Profitability and Free Cash Flow: Despite strong revenue growth, Braze continues to report operating losses and negative free cash flow. While common for growth-stage software companies, investors will eventually demand a clear and accelerated path to consistent profitability and positive cash generation, which could be a challenge if growth slows.
- Macroeconomic Sensitivity to Marketing Spend: In an economic downturn or period of uncertainty, businesses may reduce discretionary marketing and software spending. This could impact Braze's new customer acquisition rates, slow down expansion within existing accounts, and potentially lead to higher churn, affecting revenue growth.
- Valuation Concerns for a Growth Stock: As a high-growth, yet unprofitable, software company, Braze's valuation can be sensitive to changes in broader market sentiment, interest rates, and investor appetite for risk. Any shift in these factors could lead to significant stock price volatility, especially if growth projections are not met.
Main Competitors:
- Salesforce ($CRM) (Marketing Cloud), Salesforce Marketing Cloud is a comprehensive suite of marketing automation and analytics tools, offering a broad range of capabilities including email, mobile, social, advertising, and customer data management. It competes with Braze by providing an end-to-end solution, often integrated with other Salesforce CRM products, targeting large enterprises seeking a unified platform. Its strength lies in its vast ecosystem and deep integration with sales and service clouds.
- Adobe ($ADBE) (Marketo Engage (part of Adobe Experience Cloud)), Adobe Marketo Engage is a leading marketing automation platform, particularly strong in B2B lead management, email marketing, and customer journey orchestration. It competes with Braze by offering robust campaign management, personalization, and analytics, often appealing to enterprises already invested in the Adobe ecosystem or those with complex B2B sales cycles.
- Iterable (Iterable Growth Marketing Platform), Iterable is a direct competitor to Braze, offering a similar modern, API-first customer engagement platform. Iterable focuses on cross-channel personalization, customer journey orchestration, and real-time data. It competes by providing a flexible, scalable solution for brands looking to create highly personalized customer experiences across email, push, in-app, SMS, and more, often appealing to tech-forward companies and mid-market to enterprise clients.
- Customer.io (Customer.io), Customer.io is a customer engagement platform known for its flexibility, powerful segmentation, and API-first approach. It allows businesses to send highly personalized messages (email, SMS, push, webhooks) based on real-time customer behavior. It competes with Braze by offering a robust, developer-friendly platform that enables sophisticated automation and personalization, often favored by startups and mid-market companies seeking granular control and customization.
- MoEngage (MoEngage Insights-led Engagement Platform), MoEngage is an insights-led customer engagement platform that combines analytics, segmentation, and multi-channel campaign execution (push, in-app, email, SMS, web push, WhatsApp). It competes with Braze by offering a strong focus on AI-powered personalization and optimization, particularly for mobile-first businesses and those in emerging markets, helping brands understand and engage users across their lifecycle.
Moat:
Braze operates in a highly competitive landscape, facing both large, established enterprise suites and agile, modern engagement platforms. Its core strength lies in its real-time customer data platform (CDP) capabilities combined with robust multi-channel messaging and personalization, particularly excelling in mobile-first engagement and developer-friendliness. Braze's moat is built on its ability to ingest and act on real-time data at scale, enabling highly personalized and timely customer experiences across various touchpoints. However, it faces competition from comprehensive suites like Salesforce Marketing Cloud and Adobe Marketo Engage, which offer broader ecosystems and deep integrations, often appealing to larger enterprises seeking a single vendor. Direct competitors like Iterable, Customer.io, and MoEngage offer similar modern, API-first approaches, often differentiating on specific features, pricing, or target market segments (e.g., mobile-first, developer-centric, or specific regional strengths). The ongoing challenge for Braze is to continuously innovate its platform, maintain its real-time data advantage, and expand its market share against both the giants and the nimble challengers in the ever-evolving customer engagement space.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-04-30 | 2026-01-31 | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 210,999,000 | 205,170,000 | 190,842,000 | 180,111,000 | 162,059,000 | 160,400,000 | 152,052,000 | 145,499,000 | 135,459,000 | 130,957,000 | 123,956,000 | 115,107,000 | 101,780,000 | 98,675,000 | 93,125,000 | 86,131,000 | 77,495,000 | 70,434,000 | 63,968,000 |
yoy | 30.20% | 27.91% | 25.51% | 23.79% | 19.64% | 22.48% | 22.67% | 26.40% | 33.09% | 32.72% | 33.11% | 33.64% | 31.34% | 40.10% | 45.58% | ||||
qoq | 2.84% | 7.51% | 5.96% | 11.14% | 1.03% | 5.49% | 4.50% | 7.41% | 3.44% | 5.65% | 7.69% | 13.09% | 3.15% | 5.96% | 8.12% | 11.14% | 10.02% | 10.11% | |
cost of revenue | 72,336,000 | 70,816,000 | 62,631,000 | 58,221,000 | 50,857,000 | 49,313,000 | 45,910,000 | 43,420,000 | 44,548,000 | 42,992,000 | 36,374,000 | 35,474,000 | 32,687,000 | 33,425,000 | 29,135,000 | 27,352,000 | 25,906,000 | 24,775,000 | 19,174,000 |
gross profit | 138,663,000 | 134,354,000 | 128,211,000 | 121,890,000 | 111,202,000 | 111,087,000 | 106,142,000 | 102,079,000 | 90,911,000 | 87,965,000 | 87,582,000 | 79,633,000 | 69,093,000 | 65,250,000 | 63,990,000 | 58,779,000 | 51,589,000 | 45,659,000 | 44,794,000 |
yoy | 24.69% | 20.94% | 20.79% | 19.41% | 22.32% | 26.29% | 21.19% | 28.19% | 31.58% | 34.81% | 36.87% | 35.48% | 33.93% | 42.91% | 42.85% | ||||
qoq | 3.21% | 4.79% | 5.19% | 9.61% | 0.10% | 4.66% | 3.98% | 12.28% | 3.35% | 0.44% | 9.98% | 15.25% | 5.89% | 1.97% | 8.87% | 13.94% | 12.99% | 1.93% | |
gross margin % | 65.72% | 65.48% | 67.18% | 67.67% | 68.62% | 69.26% | 69.81% | 70.16% | 67.11% | 67.17% | 70.66% | 69.18% | 67.88% | 66.13% | 68.71% | 68.24% | 66.57% | 64.83% | 70.03% |
operating expenses: | |||||||||||||||||||
sales and marketing | 89,188,000 | 81,690,000 | 88,596,000 | 82,599,000 | 74,127,000 | 69,262,000 | 74,658,000 | 68,569,000 | 69,827,000 | 63,051,000 | 66,395,000 | 60,417,000 | 57,262,000 | 52,792,000 | 52,841,000 | 50,007,000 | 46,044,000 | 45,726,000 | 29,568,000 |
research and development | 46,100,000 | 45,029,000 | 44,067,000 | 41,250,000 | 36,797,000 | 33,600,000 | 32,855,000 | 33,141,000 | 34,373,000 | 31,114,000 | 29,872,000 | 29,132,000 | 29,745,000 | 26,754,000 | 25,583,000 | 23,336,000 | 21,620,000 | 22,904,000 | 12,738,000 |
general and administrative | 30,889,000 | 35,872,000 | 33,093,000 | 36,794,000 | 40,500,000 | 29,784,000 | 31,199,000 | 28,319,000 | 26,791,000 | 26,093,000 | 26,448,000 | 25,453,000 | 23,983,000 | 22,224,000 | 22,430,000 | 20,543,000 | 23,574,000 | 19,617,000 | 12,936,000 |
total operating expenses | 166,177,000 | 162,591,000 | 165,756,000 | 160,643,000 | 151,424,000 | 132,646,000 | 138,712,000 | 130,029,000 | 130,991,000 | 120,258,000 | 122,715,000 | 115,002,000 | 110,990,000 | 101,770,000 | 100,854,000 | 93,886,000 | 91,238,000 | 88,247,000 | 55,242,000 |
income from operations | -27,514,000 | -28,237,000 | -37,545,000 | -38,753,000 | -40,222,000 | -21,559,000 | -32,570,000 | -27,950,000 | -40,080,000 | -32,293,000 | -35,133,000 | -35,369,000 | -41,897,000 | -36,520,000 | -36,864,000 | -35,107,000 | -39,649,000 | -42,588,000 | -10,448,000 |
yoy | -31.59% | 30.98% | 15.27% | 38.65% | 0.35% | -33.24% | -7.30% | -20.98% | -4.34% | -11.57% | -4.70% | 0.75% | 5.67% | -14.25% | 252.83% | ||||
qoq | -2.56% | -24.79% | -3.12% | -3.65% | 86.57% | -33.81% | 16.53% | -30.26% | 24.11% | -8.08% | -0.67% | -15.58% | 14.72% | -0.93% | 5.00% | -11.46% | -6.90% | 307.62% | |
operating margin % | -13.04% | -13.76% | -19.67% | -21.52% | -24.82% | -13.44% | -21.42% | -19.21% | -29.59% | -24.66% | -28.34% | -30.73% | -41.16% | -37.01% | -39.59% | -40.76% | -51.16% | -60.47% | -16.33% |
other income | 3,450,000 | 3,556,000 | 3,405,000 | 3,983,000 | 5,652,000 | 5,589,000 | 5,294,000 | 5,503,000 | 5,171,000 | 4,354,000 | 4,542,000 | 3,865,000 | 3,459,000 | 3,637,000 | 2,581,000 | 1,729,000 | 30,000 | 329,000 | -236,000 |
income before provision for income taxes | -24,064,000 | -24,681,000 | -34,140,000 | -34,770,000 | -34,570,000 | -15,970,000 | -27,276,000 | -22,447,000 | -34,909,000 | -27,939,000 | -30,591,000 | -31,504,000 | -38,438,000 | -32,883,000 | -34,283,000 | -33,378,000 | -39,619,000 | -42,226,000 | -10,666,000 |
provision for income taxes | 1,428,000 | 6,901,000 | 1,660,000 | -7,007,000 | 1,071,000 | 1,094,000 | 851,000 | 702,000 | 798,000 | 639,000 | 385,000 | 545,000 | 388,000 | 35,000 | 14,000 | 1,117,000 | -1,608,000 | ||
net income | -25,492,000 | -31,582,000 | -35,800,000 | -27,763,000 | -35,641,000 | -17,064,000 | -28,127,000 | -23,149,000 | -35,707,000 | -28,578,000 | -30,976,000 | -32,049,000 | -38,826,000 | -33,808,000 | -33,892,000 | -33,413,000 | -39,633,000 | -43,343,000 | -9,058,000 |
yoy | -28.48% | 85.08% | 27.28% | 19.93% | -0.18% | -40.29% | -9.20% | -27.77% | -8.03% | -15.47% | -8.60% | -4.08% | -2.04% | -22.00% | 274.17% | ||||
qoq | -19.28% | -11.78% | 28.95% | -22.10% | 108.87% | -39.33% | 21.50% | -35.17% | 24.95% | -7.74% | -3.35% | -17.45% | 14.84% | -0.25% | 1.43% | -15.69% | -8.56% | 378.51% | |
net income margin % | -12.08% | -15.39% | -18.76% | -15.41% | -21.99% | -10.64% | -18.50% | -15.91% | -26.36% | -21.82% | -24.99% | -27.84% | -38.15% | -34.26% | -36.39% | -38.79% | -51.14% | -61.54% | -14.16% |
net income attributable to redeemable non-controlling interest | 1,099,000 | 22,000 | 198,000 | 136,000 | 145,000 | 128,000 | -216,000 | -150,000 | -66,000 | -301,000 | -235,000 | -355,000 | -372,000 | -357,000 | -532,000 | -527,000 | -364,000 | -408,000 | -336,000 |
net loss attributable to braze, inc. | -26,591,000 | -31,604,000 | -35,998,000 | -27,899,000 | -35,786,000 | -17,192,000 | -27,911,000 | -22,999,000 | -35,641,000 | -28,277,000 | -30,741,000 | -31,694,000 | -38,454,000 | -33,451,000 | -33,360,000 | -32,886,000 | -39,269,000 | -42,935,000 | -8,722,000 |
net income per share | -0.24 | -0.29 | -0.33 | -0.26 | -0.34 | -0.17 | -0.27 | -0.23 | -0.35 | -0.29 | -0.31 | -0.33 | -0.4 | -0.35 | -0.35 | -0.35 | -0.42 | -0.53 | -0.42 |
weighted-average shares used for eps calculation | 110,797 | 107,906 | 107,627 | 106,807 | 104,572 | 102,189 | 102,146 | 101,449 | 100,788 | 98,096 | 97,880 | 97,180 | 96,353 | 94,569 | 94,469 | 94,103 | 93,250 | 34,897 | 20,717 |
operating expenses | |||||||||||||||||||
benefit for income taxes | -85,500 | -391,000 | |||||||||||||||||
other income: | |||||||||||||||||||
investment income | 33,000 | 18,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-04-30 | 2026-01-31 | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 |
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assets | |||||||||||||||||||
current assets: | |||||||||||||||||||
cash and cash equivalents | 145,289,000 | 124,342,000 | 97,815,000 | 80,979,000 | 231,499,000 | 83,062,000 | 61,312,000 | 79,119,000 | 74,801,000 | 68,228,000 | 60,470,000 | 77,302,000 | 116,932,000 | 68,587,000 | 45,390,000 | 80,881,000 | 90,610,000 | 478,937,000 | 41,976,000 |
restricted cash, current | 566,000 | 566,000 | 566,000 | 1,291,000 | 3,373,000 | 3,373,000 | 3,373,000 | 3,373,000 | 3,373,000 | ||||||||||
accounts receivable | 118,471,000 | 122,350,000 | 90,196,000 | 88,224,000 | 86,093,000 | 95,234,000 | 90,299,000 | 71,257,000 | 81,632,000 | 92,256,000 | 71,332,000 | 70,133,000 | 66,649,000 | 78,338,000 | 58,299,000 | 47,973,000 | 42,663,000 | 64,504,000 | 36,026,000 |
marketable securities | 242,232,000 | 287,580,000 | 285,451,000 | 282,626,000 | 307,795,000 | 430,457,000 | 431,258,000 | 424,900,000 | 408,957,000 | 407,898,000 | 407,500,000 | 394,946,000 | 385,869,000 | 410,083,000 | 428,223,000 | 425,754,000 | 439,486,000 | 35,156,000 | 34,906,000 |
prepaid expenses and other current assets | 40,117,000 | 33,088,000 | 28,012,000 | 31,385,000 | 33,752,000 | 35,273,000 | 30,452,000 | 31,146,000 | 30,180,000 | 29,366,000 | 24,077,000 | 28,281,000 | 25,285,000 | 26,163,000 | 24,244,000 | 26,296,000 | 26,006,000 | 29,588,000 | 17,691,000 |
total current assets | 546,675,000 | 567,926,000 | 502,040,000 | 484,505,000 | 659,139,000 | 644,026,000 | 613,321,000 | 606,422,000 | 598,943,000 | 601,121,000 | 566,752,000 | 574,035,000 | 598,108,000 | 583,171,000 | 556,156,000 | 580,904,000 | 598,765,000 | 608,185,000 | 130,599,000 |
restricted cash, noncurrent | 3,430,000 | 3,430,000 | 3,430,000 | 3,430,000 | 530,000 | 530,000 | 530,000 | 530,000 | 530,000 | 530,000 | 530,000 | 530,000 | 1,193,000 | 4,036,000 | 4,036,000 | 4,036,000 | 4,036,000 | 4,036,000 | 4,036,000 |
property and equipment | 42,426,000 | 43,517,000 | 41,050,000 | 40,089,000 | 38,803,000 | 38,550,000 | 39,910,000 | 39,590,000 | 39,328,000 | 29,358,000 | 22,853,000 | 20,680,000 | 20,433,000 | 20,339,000 | 20,154,000 | 16,276,000 | 9,497,000 | 7,393,000 | 6,293,000 |
operating lease right-of-use assets | 70,591,000 | 72,011,000 | 72,987,000 | 73,119,000 | 76,060,000 | 76,147,000 | 80,352,000 | 76,045,000 | 76,597,000 | 81,163,000 | 84,179,000 | 45,375,000 | 46,623,000 | 46,261,000 | 47,239,000 | 51,276,000 | 54,804,000 | ||
deferred contract costs | 103,755,000 | 100,738,000 | 86,048,000 | 82,168,000 | 79,320,000 | 76,766,000 | 72,388,000 | 68,672,000 | 66,012,000 | 63,661,000 | 59,251,000 | 55,456,000 | 51,229,000 | 48,451,000 | 45,664,000 | 45,272,000 | 44,488,000 | 41,689,000 | 35,176,000 |
goodwill | 262,120,000 | 261,857,000 | 266,981,000 | 267,778,000 | 28,448,000 | 28,448,000 | 28,448,000 | 28,448,000 | 28,448,000 | 28,448,000 | 28,112,000 | 28,045,000 | |||||||
intangible assets | 58,447,000 | 61,487,000 | 64,527,000 | 67,643,000 | 3,029,000 | 3,130,000 | 3,231,000 | 3,332,000 | 3,472,000 | 3,690,000 | 3,907,000 | 4,122,000 | |||||||
other assets | 3,595,000 | 2,791,000 | 4,222,000 | 3,805,000 | 3,805,000 | 3,401,000 | 3,832,000 | 2,536,000 | 2,796,000 | 2,970,000 | 3,331,000 | 3,897,000 | 3,707,000 | 3,148,000 | 4,169,000 | 4,329,000 | 4,708,000 | 4,959,000 | 7,982,000 |
total assets | 1,091,039,000 | 1,113,757,000 | 1,041,285,000 | 1,022,537,000 | 889,134,000 | 870,998,000 | 842,012,000 | 825,575,000 | 816,126,000 | 810,941,000 | 768,915,000 | 732,140,000 | 721,293,000 | 705,406,000 | 677,418,000 | 702,093,000 | 716,298,000 | 666,262,000 | 184,086,000 |
liabilities, redeemable non-controlling interest, and stockholders' equity | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
accounts payable | 5,607,000 | 1,562,000 | 3,577,000 | 1,114,000 | 1,304,000 | 2,150,000 | 2,912,000 | 4,473,000 | 4,689,000 | 6,321,000 | 5,947,000 | 1,882,000 | 3,571,000 | 3,101,000 | 2,062,000 | 2,889,000 | 2,680,000 | 2,083,000 | 1,203,000 |
accrued expenses and other current liabilities | 73,579,000 | 95,023,000 | 74,440,000 | 70,424,000 | 58,269,000 | 64,189,000 | 63,322,000 | 65,164,000 | 56,267,000 | 63,264,000 | 49,758,000 | 56,261,000 | 47,018,000 | 37,415,000 | 28,165,000 | 34,981,000 | 28,870,000 | 31,623,000 | 22,809,000 |
deferred revenue | 342,519,000 | 304,560,000 | 271,397,000 | 262,113,000 | 265,015,000 | 239,976,000 | 223,682,000 | 212,145,000 | 229,330,000 | 204,269,000 | 178,564,000 | 176,803,000 | 181,216,000 | 166,092,000 | 140,681,000 | 135,794,000 | 139,437,000 | 126,260,000 | 98,427,000 |
operating lease liabilities, current | 19,775,000 | 19,269,000 | 19,953,000 | 20,010,000 | 19,275,000 | 18,162,000 | 18,315,000 | 16,275,000 | 15,360,000 | 15,585,000 | 14,070,000 | 13,522,000 | 13,231,000 | 10,695,000 | 10,767,000 | 10,642,000 | 9,992,000 | ||
total current liabilities | 441,480,000 | 420,414,000 | 369,367,000 | 353,661,000 | 343,863,000 | 324,477,000 | 308,231,000 | 298,057,000 | 305,646,000 | 289,439,000 | 248,339,000 | 248,468,000 | 245,036,000 | 217,303,000 | 181,675,000 | 184,306,000 | 180,979,000 | 159,966,000 | 122,439,000 |
operating lease liabilities, noncurrent | 61,681,000 | 63,385,000 | 63,993,000 | 64,413,000 | 68,036,000 | 69,278,000 | 73,768,000 | 71,612,000 | 72,173,000 | 75,027,000 | 76,967,000 | 38,063,000 | 39,211,000 | 40,590,000 | 40,912,000 | 44,391,000 | 47,392,000 | ||
other long-term liabilities | 4,717,000 | 5,802,000 | 5,526,000 | 5,413,000 | 2,776,000 | 2,494,000 | 2,200,000 | 2,237,000 | 2,074,000 | 2,050,000 | 4,878,000 | 4,510,000 | 814,000 | 755,000 | 617,000 | 501,000 | 383,000 | 1,478,000 | 2,204,000 |
total liabilities | 507,878,000 | 489,601,000 | 438,886,000 | 423,487,000 | 414,675,000 | 396,249,000 | 384,199,000 | 371,906,000 | 379,893,000 | 366,516,000 | 330,184,000 | 291,041,000 | 285,061,000 | 258,648,000 | 223,204,000 | 229,198,000 | 228,754,000 | 161,444,000 | 124,700,000 |
commitments and contingencies | |||||||||||||||||||
redeemable non-controlling interest | 1,488,000 | 389,000 | 367,000 | 169,000 | 33,000 | -112,000 | -240,000 | -24,000 | 126,000 | 192,000 | 493,000 | 728,000 | 1,083,000 | 1,455,000 | 1,812,000 | 2,344,000 | 2,871,000 | 3,235,000 | 3,643,000 |
stockholders’ equity | |||||||||||||||||||
class a common stock, 0.0001 par value... | 11,000 | 11,000 | 10,000 | 10,000 | 9,000 | 8,000 | 8,000 | 8,000 | 8,000 | 7,000 | 7,000 | 6,000 | 6,000 | 6,000 | 5,000 | 5,000 | 5,000 | 8,000 | |
additional paid-in capital | 1,325,959,000 | 1,340,091,000 | 1,288,270,000 | 1,249,495,000 | 1,095,070,000 | 1,062,613,000 | 1,027,339,000 | 995,669,000 | 958,224,000 | 928,494,000 | 898,229,000 | 870,313,000 | 832,831,000 | 806,044,000 | 782,734,000 | 761,412,000 | 741,291,000 | 717,175,000 | 53,832,000 |
accumulated other comprehensive loss | 417,000 | 270,000 | -104,000 | 1,968,000 | -926,000 | 348,000 | -253,000 | -3,393,000 | -1,178,000 | -5,185,000 | -5,877,000 | -5,311,000 | -6,824,000 | -9,865,000 | -3,754,000 | -2,397,000 | -640,000 | -294,000 | |
accumulated deficit | -744,714,000 | -718,123,000 | -686,519,000 | -650,521,000 | -622,622,000 | -586,836,000 | -569,644,000 | -541,733,000 | -518,734,000 | -483,093,000 | -454,816,000 | -424,075,000 | -392,381,000 | -353,927,000 | -320,476,000 | -287,116,000 | -254,230,000 | -214,961,000 | -172,026,000 |
total stockholders’ equity | 581,673,000 | 623,767,000 | 602,032,000 | 598,881,000 | 474,426,000 | 474,861,000 | 458,053,000 | 453,693,000 | 436,107,000 | 444,233,000 | 438,238,000 | 440,371,000 | 435,149,000 | 445,303,000 | 452,402,000 | 470,551,000 | 484,673,000 | 501,583,000 | |
total liabilities, redeemable non-controlling interest, and stockholders’ equity | 1,091,039,000 | 1,113,757,000 | 1,041,285,000 | 1,022,537,000 | 889,134,000 | 870,998,000 | 842,012,000 | 825,575,000 | 816,126,000 | 810,941,000 | 768,915,000 | 732,140,000 | 721,293,000 | 705,406,000 | 677,418,000 | ||||
class b common stock, 0.0001 par value... | 1,000 | 1,000 | 1,000 | 2,000 | 2,000 | 2,000 | 2,000 | 3,000 | 3,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 1,000 | |||
accumulated other comprehensive gain | 1,788,000 | ||||||||||||||||||
total liabilities, redeemable non-controlling interest and stockholders’ equity | 702,093,000 | ||||||||||||||||||
liabilities, convertible preferred stock, redeemable non-controlling interest, and stockholders' equity | |||||||||||||||||||
total liabilities, convertible preferred stock, redeemable non-controlling interest and stockholders’ equity | 716,298,000 | 666,262,000 | |||||||||||||||||
deferred tax liabilities | 57,000 | ||||||||||||||||||
convertible preferred stock, 0.0001 par value... | 174,229,000 | ||||||||||||||||||
stockholders’ deficit | |||||||||||||||||||
preferred stock, 0.0001 par value... | |||||||||||||||||||
common stock, 0.0001 par value... | 2,000 | ||||||||||||||||||
liabilities, convertible preferred stock, redeemable non-controlling interest, and stockholders' deficit | |||||||||||||||||||
total stockholders’ deficit | -118,486,000 | ||||||||||||||||||
total liabilities, convertible preferred stock, redeemable non-controlling interest and stockholders’ deficit | 184,086,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-04-30 | 2026-01-31 | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||
net loss | -25,492,000 | -31,582,000 | -35,800,000 | -27,763,000 | -35,641,000 | -17,064,000 | -28,127,000 | -23,149,000 | -35,707,000 | -28,578,000 | -30,976,000 | -32,049,000 | -38,826,000 | -33,808,000 | -33,892,000 | -33,413,000 | -39,633,000 | -43,343,000 |
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||
stock-based compensation | 35,804,000 | 37,712,000 | 37,828,000 | 37,555,000 | 30,643,000 | 27,956,000 | 28,428,000 | 30,136,000 | 28,620,000 | 24,271,000 | 23,959,000 | 24,823,000 | 24,179,000 | 18,849,000 | 19,141,000 | 17,282,000 | 16,971,000 | 29,144,000 |
amortization of deferred contract costs | 12,280,000 | 11,335,000 | 10,481,000 | 10,030,000 | 9,421,000 | 9,010,000 | 9,025,000 | 8,666,000 | 8,313,000 | 8,104,000 | 7,743,000 | 7,281,000 | 6,660,000 | 6,391,000 | 6,264,000 | 5,577,000 | 5,407,000 | 4,537,000 |
depreciation and amortization | 6,284,000 | 5,969,000 | 5,987,000 | 4,766,000 | 2,606,000 | 2,747,000 | 2,636,000 | 2,606,000 | 2,126,000 | 1,881,000 | 2,237,000 | 1,319,000 | 1,526,000 | 1,692,000 | 1,026,000 | 935,000 | 965,000 | 650,000 |
provision for credit losses | -78,000 | 18,000 | 48,000 | 368,000 | 232,000 | 174,000 | 1,788,000 | -299,000 | 668,000 | 303,000 | 423,000 | 700,000 | 594,000 | 479,000 | 483,000 | -12,000 | -143,000 | |
value of common stock donated to charity | 500,000 | 691,000 | 672,000 | 751,000 | 1,109,000 | 1,012,000 | 1,417,000 | 1,371,000 | 1,427,000 | 0 | 0 | 0 | 4,260,000 | |||||
accretion of discount on marketable securities | -78,000 | |||||||||||||||||
non-cash foreign exchange loss | 288,000 | 116,000 | -398,000 | -18,000 | 227,000 | -231,000 | -317,000 | -190,000 | -295,000 | -13,000 | -37,000 | 200,000 | 310,000 | -57,000 | 1,374,000 | -210,000 | 505,000 | |
deferred tax asset | -263,000 | |||||||||||||||||
other | 6,000 | 19,000 | 9,000 | -153,000 | -286,000 | 7,000 | 280,000 | -485,000 | -358,000 | 474,000 | 20,000 | 795,000 | -264,000 | |||||
changes in operating assets and liabilities: | ||||||||||||||||||
accounts receivable | 3,848,000 | -32,214,000 | -2,050,000 | 2,441,000 | 9,108,000 | -5,136,000 | -20,916,000 | 10,813,000 | 9,876,000 | -21,277,000 | -1,657,000 | -2,120,000 | 11,046,000 | -20,527,000 | -10,745,000 | -5,362,000 | 21,984,000 | -28,664,000 |
prepaid expenses and other current assets | -6,961,000 | -4,394,000 | 2,927,000 | 1,889,000 | 3,147,000 | -5,264,000 | 639,000 | -1,020,000 | -984,000 | -5,359,000 | 3,975,000 | -2,774,000 | 745,000 | -1,494,000 | 1,980,000 | -505,000 | 3,615,000 | -13,179,000 |
deferred contract costs | -15,342,000 | -26,034,000 | -14,401,000 | -12,944,000 | -11,870,000 | -13,407,000 | -12,755,000 | -11,279,000 | -10,730,000 | -12,510,000 | -11,591,000 | -11,539,000 | -9,479,000 | -9,246,000 | -6,562,000 | -6,456,000 | -8,205,000 | -11,050,000 |
rou assets and liabilities | 273,000 | -499,000 | -320,000 | 96,000 | -410,000 | -184,000 | -184,000 | 785,000 | 1,522,000 | 2,372,000 | 912,000 | 286,000 | 705,000 | 865,000 | -127,000 | 1,738,000 | 879,000 | |
other assets | -805,000 | 6,987,000 | -416,000 | -8,048,000 | -403,000 | 477,000 | -1,176,000 | 393,000 | 277,000 | 553,000 | 635,000 | -579,000 | -380,000 | 678,000 | 512,000 | -93,000 | 614,000 | -730,000 |
accounts payable | 3,833,000 | -1,956,000 | 2,514,000 | -181,000 | -978,000 | -586,000 | -1,682,000 | 156,000 | -1,800,000 | 560,000 | 4,174,000 | -1,720,000 | 405,000 | 880,000 | -556,000 | 554,000 | 28,000 | 865,000 |
accrued expenses and other current liabilities | -20,889,000 | 20,258,000 | 4,715,000 | 8,421,000 | -7,203,000 | 1,589,000 | -1,247,000 | 10,703,000 | -7,351,000 | 11,669,000 | -5,976,000 | 5,933,000 | 9,364,000 | 8,474,000 | -7,818,000 | 6,949,000 | -2,530,000 | 9,959,000 |
deferred revenue | 38,211,000 | 33,174,000 | 9,470,000 | -10,054,000 | 24,547,000 | 16,370,000 | 11,689,000 | -17,457,000 | 25,285,000 | 25,745,000 | 1,892,000 | -8,757,000 | 15,228,000 | 25,473,000 | 4,718,000 | -3,474,000 | 13,177,000 | 27,833,000 |
other long-term liabilities | -3,293,000 | 25,000 | -132,000 | -121,000 | -1,000 | 195,000 | -130,000 | -50,000 | -81,000 | 442,000 | 627,000 | -479,000 | -19,000 | -15,000 | 8,000 | 7,000 | 10,000 | -733,000 |
net cash from operating activities | 28,126,000 | 19,375,000 | 20,967,000 | 6,952,000 | 24,144,000 | 17,083,000 | -11,410,000 | 11,612,000 | 19,395,000 | 3,821,000 | -2,003,000 | -17,517,000 | 22,549,000 | 12,000 | -23,920,000 | -16,321,000 | 17,921,000 | -24,530,000 |
capital expenditures | -1,335,000 | -5,485,000 | -3,188,000 | -3,419,000 | -1,272,000 | -1,878,000 | -2,838,000 | -4,378,000 | -7,954,000 | -7,360,000 | -3,908,000 | -1,175,000 | -892,000 | -1,934,000 | -4,144,000 | -8,361,000 | -2,266,000 | -1,423,000 |
free cash flows | 26,791,000 | 13,890,000 | 17,779,000 | 3,533,000 | 22,872,000 | 15,205,000 | -14,248,000 | 7,234,000 | 11,441,000 | -3,539,000 | -5,911,000 | -18,692,000 | 21,657,000 | -1,922,000 | -28,064,000 | -24,682,000 | 15,655,000 | -25,953,000 |
cash flows from investing activities: | ||||||||||||||||||
purchases of property and equipment | -108,000 | -4,820,000 | -1,942,000 | -2,609,000 | -217,000 | -1,087,000 | -1,923,000 | -3,309,000 | -6,915,000 | -6,322,000 | -3,012,000 | -387,000 | -40,000 | -1,381,000 | -4,222,000 | -7,884,000 | -1,960,000 | -1,200,000 |
capitalized internal-use software costs | -1,227,000 | -665,000 | -1,246,000 | -810,000 | -1,055,000 | -791,000 | -915,000 | -1,069,000 | -1,039,000 | -1,038,000 | -896,000 | -788,000 | -852,000 | -553,000 | 78,000 | -477,000 | -306,000 | -223,000 |
purchases of marketable securities | -26,662,000 | -39,722,000 | -36,804,000 | -22,751,000 | -52,364,000 | -38,430,000 | -37,446,000 | -82,449,000 | -59,650,000 | -56,137,000 | -70,530,000 | -75,095,000 | -46,297,000 | -23,343,000 | -70,998,000 | -122,343,000 | -421,537,000 | -4,026,000 |
maturities of marketable securities | 35,870,000 | 37,709,000 | 34,959,000 | 39,325,000 | 63,215,000 | 36,267,000 | 32,086,000 | 70,000,000 | 57,000,000 | 63,000,000 | 58,448,000 | 64,803,000 | 71,486,000 | 43,300,000 | 62,399,000 | 134,708,000 | 16,000,000 | 3,700,000 |
return of principal on marketable securities | 34,923,000 | 0 | -9,000 | 7,495,000 | 113,258,000 | |||||||||||||
net cash from investing activities | 42,796,000 | -7,463,000 | -5,731,000 | -160,550,000 | 122,837,000 | -841,000 | -8,198,000 | -16,827,000 | -10,604,000 | -497,000 | -15,991,000 | -27,785,000 | 24,297,000 | 18,023,000 | -12,743,000 | 4,004,000 | -407,803,000 | -1,749,000 |
cash flows from financing activities: | ||||||||||||||||||
proceeds from exercise of common stock options | 310,000 | 11,578,000 | 1,082,000 | 2,596,000 | 605,000 | 3,224,000 | 1,477,000 | 1,170,000 | 1,035,000 | 1,314,000 | -1,384,000 | 5,122,000 | 2,211,000 | 4,119,000 | 1,802,000 | 2,781,000 | 2,630,000 | 3,721,000 |
repurchase of common stock | -50,000,000 | |||||||||||||||||
net cash from financing activities | -49,690,000 | 13,795,000 | 1,082,000 | 7,478,000 | 605,000 | 6,177,000 | 1,477,000 | 5,922,000 | -1,881,000 | 4,103,000 | 1,673,000 | 5,122,000 | 2,211,000 | 4,119,000 | 1,802,000 | 2,781,000 | 2,630,000 | 463,306,000 |
effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash | -285,000 | 820,000 | -207,000 | -209,000 | 851,000 | -669,000 | 324,000 | 238,000 | -337,000 | 331,000 | -511,000 | -115,000 | -180,000 | 1,043,000 | -630,000 | -193,000 | -1,075,000 | -66,000 |
net change in cash, cash equivalents, and restricted cash | 20,947,000 | 26,527,000 | 16,111,000 | -146,329,000 | 148,437,000 | 21,750,000 | -17,807,000 | 945,000 | 6,573,000 | 7,758,000 | -16,832,000 | -40,295,000 | 48,877,000 | 23,197,000 | -35,491,000 | -9,729,000 | -388,327,000 | 436,961,000 |
cash, cash equivalents, and restricted cash, beginning of period | 128,338,000 | 0 | 0 | 0 | 83,592,000 | 0 | 0 | 0 | 72,131,000 | 0 | 0 | 0 | 72,623,000 | 0 | 0 | 0 | 482,973,000 | 0 |
cash, cash equivalents, and restricted cash, end of period | 149,285,000 | 26,527,000 | 16,111,000 | -146,329,000 | 232,029,000 | 21,750,000 | -17,807,000 | 945,000 | 78,704,000 | 7,758,000 | -16,832,000 | -40,295,000 | 121,500,000 | 23,197,000 | -35,491,000 | -9,729,000 | 94,646,000 | 436,961,000 |
fair value adjustments to contingent consideration | 0 | -86,000 | 0 | -137,000 | ||||||||||||||
fixed asset write offs | 42,000 | |||||||||||||||||
cash paid for acquisition, net of cash acquired | 35,000 | -689,000 | ||||||||||||||||
proceeds from stock associated with employee stock purchase plan | 2,217,000 | 0 | 2,953,000 | 0 | 2,789,000 | |||||||||||||
payments of deferred purchase consideration | 0 | 0 | 0 | -2,916,000 | 0 | |||||||||||||
amortization of (discount) premium on marketable securities | -168,000 | -255,000 | -399,000 | -474,000 | -562,000 | -556,000 | -487,000 | |||||||||||
fixed asset write off | ||||||||||||||||||
proceeds from issuance of common stock upon initial public offering, net of offering costs | ||||||||||||||||||
investment from redeemable non-controlling interest | 0 | |||||||||||||||||
payment of deferred offering costs | -2,673,000 | |||||||||||||||||
repurchase of shares related to early exercised options | -2,000 | |||||||||||||||||
amortization of discount/premium on marketable securities | 588,000 | 520,000 | 471,000 | 583,000 | 538,000 | 202,000 | 13,000 | 56,000 | ||||||||||
cash paid for acquisition; net of cash acquired | -1,000 | |||||||||||||||||
repurchase of common shares | ||||||||||||||||||
deferred income taxes | 4,000 | -57,000 | ||||||||||||||||
provision for bad debt | 186,000 | |||||||||||||||||
proceeds from issuance of common stock upon initial public offering, net of underwriting discounts | ||||||||||||||||||
unrealized foreign exchange loss |