      cloudedjudgement.substack.com · 2021-10-22
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Braze: Benchmarking the S-1 Data

This article analyzes Braze's S-1 IPO filing by extracting key financial metrics and benchmarking them against comparable public SaaS companies. Braze, a customer engagement platform, demonstrates 52% LTM revenue growth on $186M revenue with 65% gross margins and a -24% operating margin, presenting a detailed operational profile for pre-IPO SaaS evaluation.

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Metrics in this report

Addressable Market Size

16billion USD

Braze estimated TAM in United States alone

Annual Processed Data Points

7trillion

Braze platform volume in fiscal year 2021

CAC Payback Period

under 12months

Braze gross margin-adjusted CAC payback using quarterly S&M and net new ARR

Customer Base

1,000customers

Braze total customers as of July 2021

Gross Margin

65percent

Braze LTM GAAP gross margin

Gross Margin (GAAP)

65percent

Braze LTM, improving quarterly

Operating Margin

-24percent

Braze LTM GAAP operating margin

Operating Margin (GAAP)

-24percent

Braze LTM, stable across quarters

Platform Monthly Active Users

3.3billion

Braze platform reached users in July 2021

Revenue

186million USD

Braze LTM (Last Twelve Months)

Revenue (LTM)

186millions USD

Braze at IPO filing, October 2021

Revenue Growth (YoY)

52percent

Braze LTM growth rate

Revenue Growth Rate

52percent

Braze YoY growth, LTM