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As expansion continues, summer drivers to see new looks at Hampton Roads Bridge-Tunnel

As expansion continues, summer drivers to see new looks at Hampton Roads Bridge-Tunnel

Yahoo10 hours ago

As the summer travel season picks up, visitors will have a much different view — and some different routes — at the Hampton Roads Bridge-Tunnel as a result of the ongoing expansion project.
Traffic counts at the primary route between the Peninsula and South Hampton Roads have grown steadily ever since it opened in the 1950s. In 2011, for example, the state transportation department reported that on a daily basis, more than 44,000 vehicles used the artery each way, and projected that number to rise to about 56,000 by 2040. Last year, according to the department, roughly 100,000 vehicles used it daily during the tourism season, which begins on Memorial Day weekend.
As the $4 billion project continues this summer, there will three primary traffic shifts that motorists will see, the two biggest of which will come in August. Early that month, motorists heading west on Interstate 64 between Willoughby Spit and the South Island and will be moved onto a temporary bridge to allow crews to demolish the existing bridge and continue construction of the new portion of the bridge, according to Ryan Banas, project director for the HRBT Expansion Project.
In late August, eastbound I-64 traffic from the South Island to Willoughby Spit will be shifted onto the new eight-lane bridge which will allow for the demolition of portions of the existing eastbound structure and continue. However, only two of the future eight lanes will be open to traffic, Banas said.
'We'll only have two new lanes up there, it ultimately has the capacity for eight, but in our current staging of construction we're only going to have two new lanes up on that bridge,' Banas said. 'No additional capacity across the harbor until substantial completion, which for us is February 2027.'
However, he added, opening this portion of the bridge to traffic will offer a great deal of shoulder width which will allow for easier management of incidents such as accidents and breakdowns — and therefore lessen congestion.
'By having those shoulders it allows us to get them out of an active lane and keep traffic moving through on the existing lanes that we have,' Banas said. 'I do think that will be very helpful for us in high volume situations where we don't have to worry about someone breaking down because they've been sitting in traffic because of congestion, and then that breakdown can just lead to even more exacerbated delays.'
Starting around the end of this month, motorists on I-64 from Willoughby Spit down to Patrol Road will shift from the left edge of the eastbound roadway to the right edge, now only newly widened pavement, to allow crews to do more construction work in the median.
As for the project's main feature, the new tunnels, the enormous tunnel drilling machine doing the bulk of the heavy lifting for the HRBT project, has completed 65% of the way through her second tunnel as of Friday. She's expected to complete it by September, several weeks faster than she completed the first leg of her journey, according to Banas.
Gavin Stone, 757-712-4806, gavin.stone@virginiamedia.com

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Braze Reports Fiscal First Quarter 2026 Results
Braze Reports Fiscal First Quarter 2026 Results

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Braze Reports Fiscal First Quarter 2026 Results

Hires Seasoned Veteran SaaS Revenue Leader as Chief Revenue Officer Completes acquisition of OfferFit, an AI decisioning company NEW YORK, June 05, 2025--(BUSINESS WIRE)--Braze (Nasdaq: BRZE) the leading customer engagement platform that empowers brands to Be Absolutely Engaging™, today announced results for its fiscal quarter ended April 30, 2025. "We are off to a good start in fiscal year 2026, delivering strong revenue growth, profitability, and free cash flow in an ever-changing environment," said Bill Magnuson, Cofounder and CEO of Braze. "I'm also excited to announce that Ed McDonnell will be joining Braze in July to lead all aspects of our global revenue operations. McDonnell has a strong track record of delivering results at high-growth public SaaS businesses, and we believe his extensive background in Software and Customer Engagement will further solidify Braze as the leading customer engagement platform and accelerate growth in the coming years." Fiscal First Quarter 2026 Financial Highlights Revenue was $162.1 million compared to $135.5 million in the first quarter of the fiscal year ended January 31, 2025, up 19.6% year-over year, driven primarily by new customers, upsells, and renewals. Subscription revenue in the quarter was $154.9 million compared to $130.1 million in the first quarter of the fiscal year ended January 31, 2025, and professional services and other revenue was $7.2 million compared to $5.4 million in the first quarter of the fiscal year ended January 31, 2025. Remaining performance obligations as of April 30, 2025 were $829.3 million, of which $522.2 million is current, which the company defines as less than one year. GAAP gross margin was 68.6% compared to 67.1% in the first quarter of the fiscal year ended January 31, 2025. Non-GAAP gross margin was 69.3% compared to 67.9% in the first quarter of the fiscal year ended January 31, 2025. Dollar-based net retention for all customers for the trailing 12 months ended April 30, 2025 and April 30, 2024 was 109% and 117%, respectively; dollar-based net retention for customers with annual recurring revenue (ARR) of $500,000 or more was 112% compared to 119% in the first quarter of the fiscal year ended January 31, 2025. Total customers increased to 2,342 as of April 30, 2025 from 2,102 as of April 30, 2024; 262 of the company's customers had ARR of $500,000 or more as of April 30, 2025, compared to 212 customers as of April 30, 2024. GAAP operating loss was $40.2 million compared to an operating loss of $40.1 million in the first quarter of the fiscal year ended January 31, 2025. A primary contributor to the operating loss in the quarter included $30.4 million of stock-based compensation expense. Non-GAAP operating income was $2.8 million compared to a loss of $10.0 million in the first quarter of the fiscal year ended January 31, 2025. GAAP net loss per share attributable to Braze common stockholders, basic and diluted, of $0.34 based on 104.6 million weighted average shares outstanding in the first quarter of the fiscal year ended January 31, 2026, compared to GAAP net loss per share attributable to Braze common stockholders, basic and diluted, of $0.35, based on 100.8 million weighted average shares outstanding in the first quarter of the fiscal year ended January 31, 2025. Non-GAAP net income per share attributable to Braze common stockholders, diluted, was $0.07 based on 108.0 million weighted average shares outstanding in the first quarter of the fiscal year ended January 31, 2026, compared to non-GAAP net loss per share attributable to Braze common stockholders, basic and diluted, of $0.05 based on 100.8 million weighted average shares outstanding in the first quarter of the fiscal year ended January 31, 2025. Net cash provided by operating activities was $24.1 million compared to net cash provided by operating activities of $19.4 million in the first quarter of the fiscal year ended January 31, 2025. Free cash flow was $22.9 million compared to $11.4 million in the first quarter of the fiscal year ended January 31, 2025. Total cash and cash equivalents, restricted cash, and marketable securities was $539.8 million as of April 30, 2025 compared to $514.0 million as of January 31, 2025. Recent Business Highlights Notable new business wins in the quarter included Beyond, Inc., Chamberlain Group, an intelligence access leader, Evite, Freshket, Fubo, LUSH Cosmetics, Njuškalo, and ThredUp. Closed the acquisition of AI Decisioning Engine OfferFit, which will allow brands to benefit from complementary products and frontier technologies that can transform customer relationships and deliver value to their businesses. Introduced two dynamic new messaging channels - RCS and Banners - and a new Canvas step to help marketers create more immersive and responsive customer journeys. Announced hiring of Ed McDonnell as Chief Revenue Officer, effective early July. Science Based Target Initiative officially approved Braze's near-term emissions reduction targets, reinforcing its commitment to aligning with globally recognized standards for carbon emissions reductions and further advancing Braze's sustainability program. Financial Outlook Braze is initiating guidance for the fiscal second quarter ending July 31, 2025, and updating guidance for the fiscal year ending January 31, 2026. Metric (in millions, except per share amounts) FY 2026 Q2 Guidance FY 2026 Guidance Revenue $171.0 - 172.0 $702.0 - 706.0 Non-GAAP operating income $0.5 - 1.5 $5.5 - 9.5 Non-GAAP net income $2.5 - 3.5 $17.0 - 21.0 Non-GAAP net income per share, diluted $0.02 - 0.03 $0.15 - 0.18 Weighted average common shares used in computing non-GAAP net income per share, diluted ~113.0 ~115.0 Braze has not reconciled its guidance as to non-GAAP operating income (loss), non-GAAP net income or non-GAAP net income per share to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in Braze's stock price. Accordingly, reconciliations are not available without unreasonable effort, although it is important to note that these factors could be material to Braze's results calculated in accordance with GAAP. Conference Call Information: What: Braze Fiscal First Quarter 2026 Financial Results Conference CallWhen: Thursday, June 5th at 4:30 pm EDT / 1:30 pm PDTWebcast & Supplemental Data: A webcast replay will be available on Braze's investor site at Supplemental and Other Financial Information Supplemental information, including an accompanying financial presentation and other information can be accessed through Braze's investor website at Non-GAAP Financial Measures This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, basic and diluted, and non-GAAP free cash flow. Braze defines non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP operating margin, and non-GAAP net income (loss) as the respective GAAP balances, adjusted for stock-based compensation expense, employer taxes related to stock-based compensation, charitable contribution expense, contingent consideration adjustments, acquisition related expense, and amortization of intangible assets. Braze defines non-GAAP free cash flow as net cash provided by (used in) operating activities, minus purchases of property and equipment and minus capitalized internal-use software costs. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures. Braze uses this non-GAAP financial information internally in analyzing its financial results and believes that this non-GAAP financial information, when taken collectively with GAAP financial measures, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles in the United States (GAAP), and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in Braze's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by Braze's management about which expenses are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below in the financial statement tables included below in this press release for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Braze encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly and fiscal year financial results, including this press release, and not to rely on any single financial measure to evaluate Braze's business. Definition of Other Business Metrics Customer: Braze defines a customer, as of period end, as the separate and distinct, ultimate parent-level entity that has an active subscription with Braze to use its products. A single organization could have multiple distinct contracting divisions or subsidiaries, all of which together would be considered a single customer. Annual Recurring Revenue (ARR): Braze defines ARR as the annualized value of customer subscription contracts, including certain premium professional services that are subject to contractual subscription terms, as of the measurement date, assuming any contract that expires during the next 12 months is renewed on its existing terms (including contracts for which Braze is negotiating a renewal). Braze's calculation of ARR is not adjusted for the impact of any known or projected future events (such as customer cancellations, expansion or contraction of existing customers relationships or price increases or decreases) that may cause any such contract not to be renewed on its existing terms. ARR may decline or fluctuate as a result of a number of factors, including customers' satisfaction or dissatisfaction with Braze's products and professional services, pricing, competitive offerings, economic conditions or overall changes in Braze's customers' spending levels. ARR should be viewed independently of revenue and does not represent Braze's GAAP revenue on an annualized basis or a forecast of revenue, as it is an operating metric that can be impacted by contract start and end dates and renewal rates. Dollar-Based Net Retention Rate: Braze calculates dollar-based net retention rate as of a period end by starting with the ARR from a cohort of customers as of 12 months prior to such period-end (the Prior Period ARR). Braze then calculates the ARR from the same cohort of customers as of the end of the current period (the Current Period ARR). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months, but excludes ARR from new customers in the current period. Braze then divides the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time dollar-based net retention rate. Braze then calculates the weighted average point-in-time dollar-based net retention rates as of the last day of each month in the current trailing 12-month period to arrive at the dollar-based net retention rate. Remaining Performance Obligations: The transaction price allocated to remaining performance obligations represents amounts under non-cancelable contracts expected to be recognized as revenue in future periods, and may be influenced by several factors, including seasonality, the timing of renewals, the timing of service delivery and contract terms. Unbilled portions of the remaining performance obligation are subject to future economic risks including bankruptcies, regulatory changes and other market factors. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Braze's financial outlook for the second quarter of and the full fiscal year ended January 31, 2026 and the anticipated benefits from the acquisition of OfferFit, Inc. by Braze. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as "anticipate," "believe," "could," "estimate," "expect," "goal," "hope," "intend," "may," might," "potential," "predict," "project," "shall," "should," "target," "will" and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on Braze's current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Braze's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: (1) the extent to which Braze achieves anticipated financial targets; (2) the impact of management and organizational changes on OfferFit's business; (3) the impact on OfferFit employees and Braze's ability to retain key personnel; (4) the effectiveness in integrating the OfferFit platform and operations with our business; (5) Braze's ability to realize its broader strategic and operating objectives; (6) unstable market and economic conditions may have serious adverse consequences on Braze's business, financial condition and share price; (7) Braze's recent rapid revenue growth may not be indicative of its future revenue growth; (8) Braze's history of operating losses; (9) Braze's limited operating history at its current scale; (10) Braze's ability to successfully manage its growth; (11) the accuracy of estimates of market opportunity and forecasts of market growth and the impact of global and domestic socioeconomic events on Braze's business; (12) Braze's ability and the ability of its platform to adapt and respond to changing customer or consumer needs, requirements or preferences; (13) Braze's ability to attract new customers and renew existing customers; (14) the competitive markets in which Braze participates and the intense competition that it faces; (15) Braze's ability to adapt and respond effectively to rapidly changing technology, evolving cybersecurity and data privacy risks, evolving industry standards or changing regulations; and (16) Braze's reliance on third-party providers of cloud-based infrastructure; as well as other risks and uncertainties discussed in the "Risk Factors" section of Braze's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 31, 2025 and other subsequent filings Braze makes with the SEC from time to time, including Braze's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2025 that will be filed with the SEC. The forward-looking statements included in this press release represent Braze's views only as of the date of this press release and Braze assumes no obligation, and does not intend to update these forward-looking statements, except as required by law. About Braze Braze is the leading customer engagement platform that empowers brands to Be Absolutely Engaging.™ Braze allows any marketer to collect and take action on any amount of data from any source, so they can creatively engage with customers in real time, across channels from one platform. From cross-channel messaging and journey orchestration to Al-powered experimentation and optimization, Braze enables companies to build and maintain absolutely engaging relationships with their customers that foster growth and loyalty. The company has been recognized as a 2024 U.S. News & World Report Best Companies to Work For, 2024 Best Small & Medium Workplaces in Europe by Great Place to Work®, 2024 Fortune Best Workplaces for Women™ by Great Place to Work® and was named a Leader by Gartner® in the 2024 Magic Quadrant™ for Multichannel Marketing Hubs and a Strong Performer in The Forrester Wave™: Email Marketing Service Providers, Q3 2024. Braze is headquartered in New York with 15 offices across AMER, LATAM, EMEA, and APAC. Learn more at Braze uses its Investor website at as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor its investor relations website in addition to following its press releases, blog posts on its website ( SEC filings and public conference calls and webcasts. BRAZE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts) Three Months Ended April 30, 2025 2024 Revenue $ 162,059 $ 135,459 Cost of revenue (1)(2) 50,857 44,548 Gross Profit 111,202 90,911 Operating expenses: Sales and marketing (1)(2) 74,127 69,827 Research and development (1)(2) 36,797 34,373 General and administrative (1)(2)(3)(4)(5)(6) 40,500 26,791 Total operating expenses 151,424 130,991 Loss from operations (40,222 ) (40,080 ) Other income, net 5,652 5,171 Loss before provision for income taxes (34,570 ) (34,909 ) Provision for income taxes 1,071 798 Net loss (35,641 ) (35,707 ) Net income (loss) attributable to redeemable non-controlling interest 145 (66 ) Net loss attributable to Braze, Inc. $ (35,786 ) $ (35,641 ) Net loss per share attributable to Braze, Inc. common stockholders, basic and diluted $ (0.34 ) $ (0.35 ) Weighted-average shares used to compute net loss per share attributable to Braze, Inc. common stockholders, basic and diluted 104,572 100,788 (1) Includes stock-based compensation as follows: Three Months Ended April 30, 2025 2024 Cost of revenue $ 1,077 $ 964 Sales and marketing 10,011 9,445 Research and development 11,336 10,832 General and administrative 7,975 7,037 Total stock-based compensation expense $ 30,399 $ 28,278 (2) Includes employer taxes related to stock-based compensation as follows: Three Months Ended April 30, 2025 2024 Cost of revenue $ 60 $ 68 Sales and marketing 413 541 Research and development 744 836 General and administrative 213 297 Total employer taxes related to stock-based compensation expense $ 1,430 $ 1,742 (3) Includes 1% Pledge charitable donation expense as follows: Three Months Ended April 30, 2025 2024 General and administrative $ 1,109 $ — (4) Includes acquisition related expense as follows: Three Months Ended April 30, 2025 2024 General and administrative $ 10,020 $ — (5) Includes amortization of intangible assets acquired in the acquisition expense as follows: Three Months Ended April 30, 2025 2024 General and administrative $ 101 $ 218 (6) Includes adjustment to the fair value of the contingent consideration liability as follows: Three Months Ended April 30, 2025 2024 General and administrative $ — $ (137 ) BRAZE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share amounts) April 30, 2025 January 31, 2025 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 231,499 $ 83,062 Accounts receivable, net of allowance of $3,231 and $2,563 at April 30, 2025 and January 31, 2025, respectively 86,093 95,234 Marketable securities 307,795 430,457 Prepaid expenses and other current assets 33,752 35,273 Total current assets 659,139 644,026 Restricted cash, noncurrent 530 530 Property and equipment, net 38,803 38,550 Operating lease right-of-use assets 76,060 76,147 Deferred contract costs 79,320 76,766 Goodwill 28,448 28,448 Intangible assets, net 3,029 3,130 Other assets 3,805 3,401 TOTAL ASSETS $ 889,134 $ 870,998 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,304 $ 2,150 Accrued expenses and other current liabilities 58,269 64,189 Deferred revenue 265,015 239,976 Operating lease liabilities, current 19,275 18,162 Total current liabilities 343,863 324,477 Operating lease liabilities, noncurrent 68,036 69,278 Other long-term liabilities 2,776 2,494 TOTAL LIABILITIES 414,675 396,249 COMMITMENTS AND CONTINGENCIES (Note 13) Redeemable non-controlling interest (Note 4) 33 (112 ) 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, 2025 and January 31, 2025, respectively; 91,844,313 and 87,934,059 shares issued and outstanding as of April 30, 2025 and January 31, 2025, respectively 9 8 Class B common stock, $0.0001 par value; 110,000,000 and 110,000,000 shares authorized as of April 30, 2025 and January 31, 2025, respectively; 13,022,634 and 16,017,314 shares issued and outstanding as of April 30, 2025 and January 31, 2025, respectively 1 2 Additional paid-in capital 1,095,070 1,062,613 Accumulated other comprehensive income (loss) 1,968 (926 ) Accumulated deficit (622,622 ) (586,836 ) TOTAL STOCKHOLDERS' EQUITY 474,426 474,861 TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY $ 889,134 $ 870,998 BRAZE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) Three Months Ended April 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss (including amounts attributable to redeemable non-controlling interests) $ (35,641 ) $ (35,707 ) Adjustments to reconcile net loss to net cash provided by operating activities: Stock-based compensation 30,643 28,620 Amortization of deferred contract costs 9,421 8,313 Depreciation and amortization 2,606 2,126 Provision for credit losses 232 668 Value of common stock donated to charity 1,109 — (Accretion) amortization of (discount) premium on marketable securities (399 ) (487 ) Non-cash foreign exchange (gain) loss 227 (295 ) Fair value adjustments to contingent consideration — (137 ) Other 9 280 Changes in operating assets and liabilities: Accounts receivable 9,108 9,876 Prepaid expenses and other current assets 3,147 (984 ) Deferred contract costs (11,870 ) (10,730 ) ROU assets and liabilities (410 ) 1,522 Other assets (403 ) 277 Accounts payable (978 ) (1,800 ) Accrued expenses and other current liabilities (7,203 ) (7,351 ) Deferred revenue 24,547 25,285 Other long-term liabilities (1 ) (81 ) Net cash provided by operating activities 24,144 19,395 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (217 ) (6,915 ) Capitalized internal-use software costs (1,055 ) (1,039 ) Purchases of marketable securities (52,364 ) (59,650 ) Maturities of marketable securities 63,215 57,000 Return of principal on marketable securities 113,258 — Net cash provided by/(used in) investing activities 122,837 (10,604 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of common stock options 605 1,035 Payments of deferred purchase consideration — (2,916 ) Net cash provided by/(used in) financing activities 605 (1,881 ) Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash 851 (337 ) Net change in cash, cash equivalents, and restricted cash 148,437 6,573 Cash, cash equivalents, and restricted cash, beginning of period 83,592 72,131 Cash, cash equivalents, and restricted cash, end of period $ 232,029 $ 78,704 BRAZE, INC. U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (in thousands, except per share amounts) The following tables reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure: Reconciliation of GAAP to Non-GAAP Gross Margin Three Months Ended April 30, 2025 2024 Gross profit $ 111,202 $ 90,911 Plus: Stock-based compensation expense 1,077 964 Employer taxes related to stock-based compensation expense 60 68 Non-GAAP gross profit $ 112,339 $ 91,943 GAAP gross margin 68.6 % 67.1 % Non-GAAP gross margin 69.3 % 67.9 % Reconciliation of GAAP to Non-GAAP Operating Expenses Three Months Ended April 30, 2025 2024 GAAP sales and marketing expense $ 74,127 $ 69,827 Less: Stock-based compensation expense 10,011 9,445 Employer taxes related to stock-based compensation expense 413 541 Non-GAAP sales and marketing expense $ 63,703 $ 59,841 GAAP research and development expense $ 36,797 $ 34,373 Less: Stock-based compensation expense 11,336 10,832 Employer taxes related to stock-based compensation expense 744 836 Non-GAAP research and development expense $ 24,717 $ 22,705 GAAP general and administrative expense $ 40,500 $ 26,791 Less: Stock-based compensation expense 7,975 7,037 Employer taxes related to stock-based compensation expense 213 297 1% Pledge charitable contribution expense 1,109 — Acquisition related expense 10,020 — Amortization of intangibles expense 101 218 Contingent consideration adjustment — (137 ) Non-GAAP general and administrative expense $ 21,082 $ 19,376 Reconciliation of GAAP to Non-GAAP Operating Income (Loss) Three Months Ended April 30, 2025 2024 Loss from operations $ (40,222 ) $ (40,080 ) Plus: Stock-based compensation expense 30,399 28,278 Employer taxes related to stock-based compensation expense 1,430 1,742 1% Pledge charitable contribution expense 1,109 — Acquisition related expense 10,020 — Amortization of intangibles expense 101 218 Contingent consideration adjustment — (137 ) Non-GAAP income (loss) from operations $ 2,837 $ (9,979 ) GAAP operating margin (24.8 )% (29.6 )% Non-GAAP operating margin 1.8 % (7.4 )% Reconciliation of GAAP to Non-GAAP Net Income (Loss) Three Months Ended April 30, 2025 2024 Net loss attributable to Braze, Inc. $ (35,786 ) $ (35,641 ) Plus: Stock-based compensation expense 30,399 28,278 Employer taxes related to stock-based compensation expense 1,430 1,742 1% Pledge charitable contribution expense 1,109 — Acquisition related expense 10,020 — Amortization of intangibles expense 101 218 Contingent consideration adjustment — (137 ) Non-GAAP net income (loss) attributable to Braze, Inc. (1) $ 7,273 $ (5,540 ) Non-GAAP net income (loss) per share attributable to Braze, Inc. common stockholders, basic $ 0.07 $ (0.05 ) Non-GAAP net income (loss) per share attributable to Braze, Inc. common stockholders, diluted $ 0.07 $ (0.05 ) Weighted-average shares used to compute net income (loss) per share attributable to Braze, Inc. common stockholders, basic 104,572 100,788 Weighted-average shares used to compute net income (loss) per share attributable to Braze, Inc. common stockholders, diluted 107,977 100,788 (1) Assumes no non-GAAP tax expenses associated with the non-GAAP adjustment due to the Company's historical non-GAAP net loss position and available deferred tax assets sufficient to offset such non-GAAP tax expense. Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow Three Months Ended April 30, 2025 2024 Net cash provided by operating activities $ 24,144 $ 19,395 Less: Purchases of property and equipment (217 ) (6,915 ) Capitalized internal-use software costs (1,055 ) (1,039 ) Non-GAAP free cash flow $ 22,872 $ 11,441 Braze is a registered trademark of Braze, product and company names herein may be trademarks of their registered owners. View source version on Contacts Investors:Christopher FerrisIR@ (609) 964-0585 Media:Katelyn BryantPress@

Braze Inc (BRZE) Q1 2026 Earnings Call Highlights: Strong Revenue Growth and Strategic ...
Braze Inc (BRZE) Q1 2026 Earnings Call Highlights: Strong Revenue Growth and Strategic ...

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Braze Inc (BRZE) Q1 2026 Earnings Call Highlights: Strong Revenue Growth and Strategic ...

Revenue: $162.1 million, up nearly 20% year-over-year. Non-GAAP Operating Margin: Increased by over 900 basis points year-over-year. Non-GAAP Net Income: Over $7 million. Free Cash Flow: Nearly $23 million in the quarter. Customer Count: 2,342, up 46 sequentially and up 240 year-over-year. Large Customers ($500,000+ ARR): 262, up 24% year-over-year. Dollar-Based Net Retention: 109% overall; 112% for large customers. Non-GAAP Gross Margin: 69.3%, up from 67.9% in the prior year quarter. Non-GAAP Sales and Marketing Expenses: $64 million or 39% of revenue. Non-GAAP R&D Expense: $25 million or 15% of revenue. Non-GAAP G&A Expense: $21 million or 13% of revenue. Cash and Equivalents: Approximately $540 million. Cash Provided by Operations: $24 million. Guidance for Q2 FY2026 Revenue: $171 million to $172 million. Guidance for FY2026 Revenue: $702 million to $706 million. Warning! GuruFocus has detected 3 Warning Signs with BRZE. Release Date: June 05, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Braze Inc (NASDAQ:BRZE) reported strong first-quarter results with a revenue of $162.1 million, marking a nearly 20% year-over-year increase. The company achieved its fourth consecutive quarter of non-GAAP net income profitability, with over $7 million in net income and nearly $23 million in free cash flow. Customer count increased to 2,342, up 46 sequentially and 240 year-over-year, with large customers ($500,000+ ARR) rising 24% to 262. Braze Inc (NASDAQ:BRZE) successfully closed the acquisition of OfferFit, enhancing its AI capabilities and positioning it for future growth. The company continues to replace legacy marketing clouds and win against point solutions, indicating strong competitive positioning and market demand for its offerings. Despite strong results, Braze Inc (NASDAQ:BRZE) faces an uneven macroeconomic environment, which has impacted sequential growth and net retention rates. The company noted elevated churn levels, particularly in the enterprise segment, due to seasonality and macroeconomic factors. There are concerns about the impact of switching costs on enterprise deal cycles, which can delay new growth initiatives. Braze Inc (NASDAQ:BRZE) anticipates a temporary departure from its operating income margin framework due to the OfferFit acquisition, impacting short-term profitability. The company faces regional comparative weakness, particularly in Southeast Asia, affecting overall growth momentum in the APAC region. Q: When do you think the positive company-specific dynamics will start to offset the uneven macro environment, and what metrics should we track? A: Isabelle Winkles, CFO, mentioned that CRPO is sensitive to renewal volumes and isn't a leading indicator. Revenue acceleration is the key metric to watch for macro stabilization. CEO Bill Magnuson added that competitive results are strong, with good momentum in the Americas and EMEA, and efforts to manage churn are expected to improve results. Q: What is the performance or ROI delta for customers using Project Catalyst compared to traditional Canvas flows? A: Bill Magnuson, CEO, explained that Project Catalyst is in private beta, but early results from similar technologies show significant uplift. For example, a customer using reinforcement learning for decision-making saw a 5x uplift compared to manual segmentation. Project Catalyst aims to automate decision-making at higher levels, enhancing customer engagement strategies. Q: Can you discuss the linearity of the quarter and the impact of OfferFit on your business? A: Isabelle Winkles, CFO, stated that Q1 linearity was normal, with no unusual patterns. Bill Magnuson, CEO, noted that OfferFit has been integrated well, with strong customer interest and a lead-rich environment. The focus is on qualifying opportunities and scaling OfferFit's capabilities across Braze's customer base. Q: How are you pricing OfferFit, and will it integrate with Braze's AI capabilities? A: Bill Magnuson, CEO, explained that OfferFit is currently priced separately, with costs around $250,000 to $300,000 annually, including expert services. The goal is to integrate OfferFit's reinforcement learning capabilities with Braze's platform, offering a broad range of AI-driven optimization capabilities. Q: How does the new pricing and packaging model impact customer reception and overall spend levels? A: Bill Magnuson, CEO, stated that the new pricing model, which relaxes data point limits, has been well-received, reducing negotiation times and increasing flexibility for customers. It allows for more experimentation and expansion across Braze's feature set, supporting customer value creation and expansion. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio

Bond buyers' shocking strike leaves BlackRock struggling
Bond buyers' shocking strike leaves BlackRock struggling

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time34 minutes ago

  • Yahoo

Bond buyers' shocking strike leaves BlackRock struggling

Bond buyers' shocking strike leaves BlackRock struggling originally appeared on TheStreet. Long-dated sovereign bonds, with maturities of 20 years or more, are experiencing a buyers' strike. A Bloomberg measure of global yields of 20 years or more currently stands at levels last observed in 2008, following a string of under-subscribed auctions in the US, South Korea, Australia, and Japan. Japan's 30-year auction on June 5 produced its weakest bid-to-cover ratio since 2023, following subdued demand at a prior 40-year auction. This echoes the same demand signals to keep an eye on ahead of next week's US 10-year and 30-year Treasury bill auctions, according to Reuters. Institutional giants are voting with their feet. BlackRock says ultra-long Treasuries are becoming "hard to sell" and is underweight US duration due to a mushrooming federal deficit and record issuance. DoubleLine Capital's Jeffrey Gundlach is even more forthright: he said at the beginning of August that his firm is either avoiding 30-year paper altogether or outright shorting it, according to Bloomberg. Higher coupons might lure some yield hunters, but pension funds and insurers, formerly captive buyers, can now lock in attractive returns at shorter tenors while taking minimal interest-rate risk. At the heart of the sell-off is the fiscal sprawl. Washington's divisive "big beautiful bill" could lead to trillions of new debt, while Europe escalates defense spending and Tokyo prepares to offer tariff relief. Investors are now worried that governments will continue to supply so much that gross market supply will be excessive, forcing yields to rise. That withdrawal from the so-called "risk-free" asset space is echoing through crypto communities. Bitcoin is currently hovering around $102,963.79, down nearly 2% in the last 24 hours, according to Kraken. "There is a small possibility that some institutions might consider Bitcoin due to its global liquidity and 24*7 market as an alternative to long-dated bonds. However, we believe that in the current regulatory environment, such a shift will be very institutions might lean toward Bitcoin for its liquidity and robust OTC market, but right now, Bitcoin is mainly being seen as a diversification tool rather than a direct replacement for bonds. Institutions certainly are zealous about Bitcoin as a trading and digital gold, but BTC replacing bonds will take some time." believes Bitfinex analysts. However, Bitcoin has liquidity 24/7, carries no counterparty risk, and has a fixed supply of 21 million coins. Some portfolio managers are still attaching their portfolios to those radical characteristics, almost like "a hedge" against sovereign profligacy. Bond buyers' shocking strike leaves BlackRock struggling first appeared on TheStreet on Jun 6, 2025 This story was originally reported by TheStreet on Jun 6, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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