BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Braze Charts Impressive Growth in Fiscal Year and Fourth Quarter 2024
NEW YORK, March 27, 2024 — Braze (Nasdaq: BRZE), a leader in the customer engagement platform space, has announced its financial results for the fiscal year and fourth quarter ended January 31, 2024, showcasing significant year-over-year growth and setting positive expectations for the coming fiscal year.
Fiscal Year 2024 Performance Highlights
Braze ended the fiscal year 2024 on a high note, with fourth-quarter revenue surging to $131.0 million, marking a 33% increase year-over-year. This growth is attributed to the platform's adoption by over 2,000 global brands, leveraging Braze to enhance customer engagement through personalized marketing campaigns. The company orchestrated the delivery of over 2.6 trillion actions, including message sends and webhook executions, underscoring the scalability and reliability of its platform.
For the fiscal year, Braze reported a total revenue of $471.8 million, up by 32.7% from the previous year. This growth was primarily driven by the acquisition of new customers, along with upsells and renewals, reinforcing Braze's market-leading position.
Key Financial Indicators
- Subscription Revenue: In Q4, subscription revenues rose to $125.9 million from $94.8 million in the prior year, with the full year seeing an increase to $451.1 million from $338.4 million.
- Gross Margin: The GAAP gross margin for Q4 stood at 67.2%, with the non-GAAP gross margin slightly higher at 67.9%. The annual figures followed suit, showing a healthy profitability margin.
- Net Retention Rate: Braze maintained a robust dollar-based net retention rate of 117% for the trailing 12 months, indicating strong customer loyalty and increased spending.
- Operating and Net Loss: The GAAP operating loss narrowed to $32.3 million in Q4, with a significant improvement in the non-GAAP operating loss to $7.5 million. The annual non-GAAP operating loss also saw a substantial reduction, signaling improving operational efficiency.
- Cash Position: Ending the fiscal year with $480.0 million in cash and marketable securities, Braze remains well-capitalized to support its growth initiatives.
Looking Ahead: Fiscal 2025 Guidance
Braze has provided optimistic guidance for the first quarter and full fiscal year 2025. The company expects Q1 revenue to be between $131.0 and $132.0 million and has set the full-year revenue target between $570.0 and $575.0 million. Despite projecting a non-GAAP operating loss, the company is poised for strategic growth, focusing on expanding its market reach and enhancing its product offerings.
Leadership's Perspective
Bill Magnuson, cofounder and CEO, expressed satisfaction with the fiscal 2024 outcomes and optimism for the future, citing the company's strengthened balance sheet and commitment to delivering innovative customer engagement solutions. The positive outlook is further supported by strategic wins with key clients such as AB InBev and DoorDash, along with the launch of new AI features to bolster its Sage AI offering.
As Braze continues to lead in customer engagement, its focus on leveraging rich data, advanced machine learning, and artificial intelligence positions it for continued success and growth in the ever-evolving digital marketing landscape.
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