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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Zuora Inc | NYSE:ZUO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.02 | -0.19% | 10.42 | 10.51 | 10.34 | 10.47 | 1,240,216 | 00:27:01 |
Full year subscription revenue grew 13% year-over-year, 15% on a constant currency basis
Zuora, Inc. (NYSE: ZUO), a leading monetization suite for modern businesses, today announced financial results for its fiscal fourth quarter and full year ended January 31, 2024.
“Fiscal 2024 was a year of balanced growth and profitability where we accelerated new customer acquisition by focusing on smaller, faster lands,” said Tien Tzuo, Founder and CEO at Zuora. “We improved adjusted free cash flow by $72 million and expanded our non-GAAP operating margin by 10 percentage points, putting Zuora in a stronger position as we enter a new fiscal year.”
Fourth Quarter Fiscal 2024 Financial Results:
Full Year Fiscal 2024 Financial Results:
Descriptions of non-GAAP financial measures are contained in the section titled "Explanation of Non-GAAP Financial Measures" below and reconciliations of GAAP and non-GAAP financial measures are contained in the tables below.
Fourth Quarter Key Metrics and Business Highlights:
Financial Outlook:
As of February 28, 2024, we are providing guidance for the first quarter and full fiscal year 2025 based on current market conditions and expectations. We emphasize that the guidance is subject to various important cautionary factors referenced in the section entitled “Forward-Looking Statements” below.
For the first quarter and full fiscal year 2025, Zuora currently expects the following results:
First Quarter
Fiscal 2025
Subscription revenue
$98.0M - $99.0M
$410.0M - $414.0M
Professional services revenue
$9.8M - $10.8M
$41.0M - $45.0M
Total revenue
$107.8M - $109.8M
$451.0M - $459.0M
Non-GAAP income from operations1
$14.0M - $16.0M
$79.0M - $81.0M
Non-GAAP net income per share1,2
$0.06 - $0.07
$0.40 - $0.42
ARR growth3
8% - 10%
Dollar-based Retention Rate3
104% - 106%
Adjusted Free Cash Flow1
$80.0M+
(1) For information on how we derive our non-GAAP financial measures, see the section titled "Explanation of Non-GAAP Financial Measures" below. Zuora has not reconciled its guidance for non-GAAP income from operations to GAAP loss from operations or non-GAAP net income per share to GAAP net loss per share because stock-based compensation expense cannot be reasonably calculated or predicted at this time. Additionally, adjusted free cash flow has not been reconciled to operating cash flows as it cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation of these non-GAAP measures is not available without unreasonable effort.
(2) Non-GAAP net income per share was computed assuming 146.9 million and 151.5 million weighted-average shares outstanding for the first quarter and full fiscal year 2025, respectively.
(3) Refer to the "Explanation of Key Operational and Financial Metrics" section below for how these metrics are calculated.
These statements are forward-looking and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Explanation of Key Operational and Financial Metrics:
Annual contract value (ACV). We define ACV as the subscription revenue we would contractually expect to recognize from a customer over the next twelve months, assuming no increases or reductions in their subscriptions. We define the number of customers at the end of any particular period as the number of parties or organizations that have entered into a distinct subscription contract with us and for which the term has not ended. Each party with whom we have entered into a distinct subscription contract is considered a unique customer, and in some cases, there may be more than one customer within a single organization.
Dollar-based Retention Rate (DBRR). We calculate DBRR as of a period end by starting with the sum of the ACV from all customers as of twelve months prior to such period end, or prior period ACV. We then calculate the sum of the ACV from these same customers as of the current period end, or current period ACV. Current period ACV includes any upsells and also reflects contraction or attrition over the trailing twelve months but excludes revenue from new customers added in the current period. We then divide the current period ACV by the prior period ACV to arrive at our dollar-based retention rate.
Annual Recurring Revenue (ARR). ARR represents the annualized recurring value at the time of initial booking or contract modification for all active subscription contracts at the end of a reporting period. ARR excludes the value of non-recurring revenue such as professional services revenue as well as contracts with new customers with a term of less than one year. ARR should be viewed independently of revenue and deferred revenue, and is not intended to be a substitute for, or combined with, any of these items. ARR growth is calculated by dividing the ARR as of a period end by the ARR for the corresponding period end of the prior fiscal year.
Webcast and Conference Call Information:
Zuora will host a conference call for investors on February 28, 2024 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results and business highlights. Investors are invited to listen to a live webcast of the conference call by visiting https://investor.zuora.com. A replay of the webcast will be available through February 28, 2025. The call can also be accessed live via phone by the toll-free dial-in number: 1 (888) 596-4144 or toll dial-in number: 1 (646) 968-2525 with conference ID 8022374. An audio replay will be available shortly after the call and can be accessed by dialing 1 (800) 770-2030 or 1 (609) 800-9909 with conference ID 8022374 available from February 28, 2024 at 4:00 p.m. PT to March 6, 2024 at 11:59 p.m. PT.
Explanation of Non-GAAP Financial Measures:
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain non-GAAP financial measures, including: non-GAAP cost of subscription revenue; non-GAAP subscription gross margin; non-GAAP cost of professional services revenue; non-GAAP professional services gross margin; non-GAAP gross profit; non-GAAP gross margin; non-GAAP income from operations; non-GAAP operating margin; non-GAAP net income (loss); non-GAAP net income (loss) per share; adjusted free cash flow; and subscription revenue and total revenue that exclude the impact of foreign currency exchange rate fluctuations (constant currency basis). The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.
We use non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our Board of Directors concerning our financial performance. We believe these non-GAAP measures provide investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our operating results. We also believe these non-GAAP measures are useful in evaluating our operating performance compared to that of other companies in our industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance.
We exclude the following items from one or more of our non-GAAP financial measures:
Additionally, we disclose "adjusted free cash flow", which is a non-GAAP measure that excludes acquisition-related costs (including integration-related charges) and expenses related to non-ordinary course litigation (including settlement charges) from GAAP operating cash flows, and includes capital expenditures. We believe this measure is meaningful to investors because management reviews cash flows generated from operations excluding such expenditures that are not related to our ongoing operations.
Zuora also provides subscription revenue and total revenue, including year-over-year growth rates, adjusted to remove the impact of foreign currency rate fluctuations, which we refer to as constant currency. We believe providing revenue on a constant currency basis helps our investors to better understand our underlying performance. We calculate constant currency in a given period by applying the average currency exchange rates in the comparable period of the prior year to the local currency revenue in the current period.
Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. The non-GAAP measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures.
Forward-Looking Statements:
Zuora’s Financial Outlook and other statements in this release, other than statements of historical fact, that refer to future plans and expectations are forward-looking statements that involve a number of risks and uncertainties. Words such as “may,” “will,” “potential,” “anticipates,” “expects,” “could,” “would,” "when," “projects,” “plans,” “targets,” "may affect," "assuming" and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include our financial outlook for the first quarter and full year fiscal 2025 and statements regarding our top line growth and international expansion. Forward-looking statements are based on management's expectations as of the date of this filing and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our Form 10-Q filed with the Securities and Exchange Commission on December 7, 2023 as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: our ability to attract new customers and expand sales to existing customers; trends in revenue, cost of revenue and gross margin; adverse changes on our business and financial condition due to macroeconomic or market conditions, as well as geopolitical conditions and destabilizing events, including inflation, rising interest rates, banking system instability, debt ceiling negotiations, potential government shutdowns and wars; managing our future growth and profitability plans effectively; market acceptance of monetization platform software and related solutions, as well as consumer adoption of products and services that are provided through such solutions; trends and expectations in our operating and financial metrics, including customers with annual contract value equal to or greater than $250,000, Dollar-based Retention Rate, Annual Recurring Revenue, and growth of and within our customer base; future acquisitions, the anticipated benefits of such acquisitions and our ability to integrate the operations and technology of any acquired company; industry trends, projected growth, or trend analysis, including the shift to subscription business models; our investments in our platform and the cost of third-party hosting fees; the expansion and functionality of our technology offering, including expected benefits of such products and technology, and the timeliness of production of such products and technology; challenges related to growing our relationships with strategic partners such as systems integrators and their effectiveness in selling our products; the risk of loss of key employees; trends in operating expenses, including research and development expense, sales and marketing expense, and general and administrative expense, and expectations regarding these expenses as a percentage of revenue; our ability to compete effectively; our history of net losses and our ability to achieve or sustain profitability; currency exchange rate fluctuations; our products not gaining market acceptance or losing market acceptance; our product development efforts may be unsuccessful; our debt obligations; our ability to develop and release new products and services, or successful enhancements, new features and modifications to our existing products and services; our ability to effectively develop and use artificial intelligence in our platform and business; our customers successfully deploying our solution; our sales and product initiatives may not be successful or the expected benefits of such initiatives may not be achieved in a timely manner; our security measures may be breached or our products may be perceived as not being secure; our ability to adequately protect our intellectual property; the impact of actions we are taking to improve operational efficiencies and operating costs; we may experience interruptions or performance problems, including a service outage, associated with our technology; litigation and related costs; other business effects, including those related to industry, market, economic, political, regulatory and global health conditions and other risks and uncertainties. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
About Zuora, Inc.
Zuora provides a leading monetization suite for modern businesses across all industries, enabling companies to unlock and grow customer-centric business models. Zuora serves as an intelligent hub that monetizes and orchestrates the complete quote to cash and revenue recognition process at scale. Through its industry leading technology and expertise, Zuora helps more than 1,000 companies around the world, including BMC Software, Box, Caterpillar, General Motors, Penske Media Corporation, Schneider Electric, Siemens and Zoom nurture and monetize direct, digital customer relationships. Headquartered in Silicon Valley, Zuora operates offices around the world in the Americas, EMEA and APAC. To learn more about the Zuora monetization suite, please visit www.zuora.com.
© 2024 Zuora, Inc. All Rights Reserved. Zuora, Subscribed, Subscription Economy, Powering the Subscription Economy, Subscription Economy Index, Zephr, and Subscription Experience Platform are trademarks or registered trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of Zuora, Inc. or any aspect of this press release.
SOURCE: Zuora Financial
ZUORA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands, except per share data)
Three Months Ended January 31,
Fiscal Year Ended January 31,
2024
2023
2024
2023
(unaudited)
(unaudited)
(unaudited)
Revenue:
Subscription
$
100,164
$
89,513
$
383,396
$
338,391
Professional services
10,505
13,528
48,265
57,696
Total revenue
110,669
103,041
431,661
396,087
Cost of revenue:
Subscription1
22,295
21,070
84,599
81,094
Professional services1
14,524
16,995
62,375
72,135
Total cost of revenue
36,819
38,065
146,974
153,229
Gross profit
73,850
64,976
284,687
242,858
Operating expenses:
Research and development1
28,860
24,925
108,288
102,564
Sales and marketing1
41,727
41,295
166,215
173,871
General and administrative1
20,431
23,445
74,591
78,878
Litigation settlement
—
75,000
—
75,000
Total operating expenses
91,018
164,665
349,094
430,313
Loss from operations
(17,168
)
(99,689
)
(64,407
)
(187,455
)
Change in fair value of debt conversion and warrant liabilities
(4,475
)
(134
)
(2,234
)
9,214
Interest expense
(6,876
)
(4,486
)
(21,480
)
(15,133
)
Interest and other income (expense), net
8,440
5,888
22,079
5,986
Loss before income taxes
(20,079
)
(98,421
)
(66,042
)
(187,388
)
Income tax provision
755
9,437
2,151
10,582
Net loss
(20,834
)
(107,858
)
(68,193
)
(197,970
)
Comprehensive loss:
Foreign currency translation adjustment
711
1,187
(672
)
(461
)
Unrealized gain (loss) on available-for-sale securities
238
663
732
(350
)
Comprehensive loss
$
(19,885
)
$
(106,008
)
$
(68,133
)
$
(198,781
)
Net loss per share, basic and diluted
$
(0.14
)
$
(0.80
)
$
(0.49
)
$
(1.51
)
Weighted-average shares outstanding used in calculating net loss per share, basic and diluted
144,175
134,349
140,147
131,441
_____________________
(1) Stock-based compensation expense was recorded in the following cost and expense categories:
Three Months Ended January 31,
Fiscal Year Ended January 31,
2024
2023
2024
2023
Cost of subscription revenue
$
2,090
$
1,624
$
8,979
$
8,141
Cost of professional services revenue
2,570
2,111
11,567
12,297
Research and development
6,631
4,852
27,292
25,819
Sales and marketing
7,259
5,472
32,116
33,075
General and administrative
4,529
2,297
21,098
17,069
Total stock-based compensation expense
$
23,079
$
16,356
$
101,052
$
96,401
ZUORA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
January 31, 2024
January 31, 2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
256,065
$
203,239
Short-term investments
258,120
183,006
Accounts receivable, net of allowance for credit losses of $2,142 and $4,001 as of January 31, 2024 and January 31, 2023, respectively
124,602
91,740
Deferred commissions, current portion
15,870
16,282
Prepaid expenses and other current assets
23,261
24,285
Total current assets
677,918
518,552
Property and equipment, net
25,961
27,159
Operating lease right-of-use assets
22,462
22,768
Purchased intangibles, net
10,082
13,201
Deferred commissions, net of current portion
27,250
28,250
Goodwill
56,657
53,991
Other assets
3,506
4,677
Total assets
$
823,836
$
668,598
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
3,161
$
1,073
Accrued expenses and other current liabilities
32,157
103,678
Accrued employee liabilities
37,722
30,483
Deferred revenue, current portion
199,615
167,145
Operating lease liabilities, current portion
6,760
9,240
Total current liabilities
279,415
311,619
Long-term debt
359,525
210,403
Deferred revenue, net of current portion
2,802
442
Operating lease liabilities, net of current portion
37,100
37,924
Deferred tax liabilities
3,725
3,717
Other long-term liabilities
7,582
7,333
Total liabilities
690,149
571,438
Stockholders’ equity:
Class A common stock
14
13
Class B common stock
1
1
Additional paid-in capital
964,141
859,482
Accumulated other comprehensive loss
(859
)
(919
)
Accumulated deficit
(829,610
)
(761,417
)
Total stockholders’ equity
133,687
97,160
Total liabilities and stockholders’ equity
$
823,836
$
668,598
ZUORA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Fiscal Year Ended January 31,
2024
2023
(unaudited)
Cash flows from operating activities:
Net loss
$
(68,193
)
$
(197,970
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and accretion
18,214
18,738
Stock-based compensation
101,052
96,401
Provision for credit losses
858
2,245
Donation of common stock to charitable foundation
—
1,000
Amortization of deferred commissions
18,959
19,291
Reduction in carrying amount of right-of-use assets
6,090
7,363
Asset impairment
3,811
4,537
Change in fair value of debt conversion and warrant liabilities
2,234
(9,213
)
Change in fair value of contingent consideration
—
(380
)
Other
1,335
(391
)
Changes in operating assets and liabilities:
Accounts receivable
(34,230
)
(11,081
)
Prepaid expenses and other assets
885
(7,379
)
Deferred commissions
(18,051
)
(22,802
)
Accounts payable
2,082
(6,084
)
Accrued expenses and other liabilities
(82,746
)
88,353
Accrued employee liabilities
7,239
(2,161
)
Deferred revenue
34,830
12,020
Operating lease liabilities
(13,136
)
(13,131
)
Net cash used in operating activities
(18,767
)
(20,644
)
Cash flows from investing activities:
Purchases of property and equipment
(9,987
)
(10,634
)
Purchases of short-term investments
(286,394
)
(234,246
)
Maturities of short-term investments
216,628
154,806
Cash paid for acquisition, net of cash acquired
(4,524
)
(41,000
)
Net cash used in investing activities
(84,277
)
(131,074
)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes, net of issuance costs
145,861
233,901
Proceeds from issuance of common stock upon exercise of stock options
2,280
2,471
Proceeds from issuance of common stock under employee stock purchase plan
8,401
7,019
Principal payments on debt
—
(1,480
)
Net cash provided by financing activities
156,542
241,911
Effect of exchange rates on cash and cash equivalents
(672
)
(461
)
Net increase in cash and cash equivalents
52,826
89,732
Cash and cash equivalents, beginning of year
203,239
113,507
Cash and cash equivalents, end of year
$
256,065
$
203,239
ZUORA, INC.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(in thousands, except percentages)
(unaudited)
Subscription Gross Margin
Three Months Ended January 31,
Fiscal Year Ended January 31,
2024
2023
2024
2023
Reconciliation of cost of subscription revenue:
GAAP cost of subscription revenue
$
22,295
$
21,070
$
84,599
$
81,094
Less:
Stock-based compensation
(2,090
)
(1,624
)
(8,979
)
(8,141
)
Amortization of acquired intangibles
(607
)
(724
)
(2,690
)
(2,236
)
Asset impairment
(176
)
—
(615
)
—
Workforce reduction
(1,740
)
(400
)
(1,778
)
(547
)
Non-GAAP cost of subscription revenue
$
17,682
$
18,322
$
70,537
$
70,170
GAAP subscription gross margin
78
%
76
%
78
%
76
%
Non-GAAP subscription gross margin
82
%
80
%
82
%
79
%
Professional Services Gross Margin
Three Months Ended January 31,
Fiscal Year Ended January 31,
2024
2023
2024
2023
Reconciliation of cost of professional services revenue:
GAAP cost of professional services revenue
$
14,524
$
16,995
$
62,375
$
72,135
Less:
Stock-based compensation
(2,570
)
(2,111
)
(11,567
)
(12,297
)
Asset impairment
(291
)
—
(291
)
—
Workforce reduction
(72
)
(247
)
(118
)
(646
)
Non-GAAP cost of professional services revenue
$
11,591
$
14,637
$
50,399
$
59,192
GAAP professional services gross margin
(38
)%
(26
)%
(29
)%
(25
)%
Non-GAAP professional services gross margin
(10
)%
(8
)%
(4
)%
(3
)%
ZUORA, INC.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
(in thousands, except percentages)
(unaudited)
Total Gross Margin
Three Months Ended January 31,
Fiscal Year Ended January 31,
2024
2023
2024
2023
Reconciliation of gross profit:
GAAP gross profit
$
73,850
$
64,976
$
284,687
$
242,858
Add:
Stock-based compensation
4,660
3,735
20,546
20,438
Amortization of acquired intangibles
607
724
2,690
2,236
Asset impairment
467
—
906
—
Workforce reduction
1,812
647
1,896
1,193
Non-GAAP gross profit
$
81,396
$
70,082
$
310,725
$
266,725
GAAP gross margin
67
%
63
%
66
%
61
%
Non-GAAP gross margin
74
%
68
%
72
%
67
%
Operating (Loss) Income and Operating Margin
Three Months Ended January 31,
Fiscal Year Ended January 31,
2024
2023
2024
2023
Reconciliation of (loss) income from operations:
GAAP loss from operations
$
(17,168
)
$
(99,689
)
$
(64,407
)
$
(187,455
)
Add:
Stock-based compensation
23,079
16,356
101,052
96,401
Amortization of acquired intangibles
607
724
2,690
2,236
Asset impairment
2,219
4,537
3,811
4,537
Charitable contribution
—
—
—
1,000
Shareholder litigation
153
76,022
(3,112
)
76,268
Acquisition-related transactions
—
1,541
211
3,153
Workforce reduction
6,984
2,709
7,249
6,369
Non-GAAP income from operations
$
15,874
$
2,200
$
47,494
$
2,509
GAAP operating margin
(16
)%
(97
)%
(15
)%
(47
)%
Non-GAAP operating margin
14
%
2
%
11
%
1
%
ZUORA, INC.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
(in thousands, except per share data)
(unaudited)
Net (Loss) Income and Net (Loss) Income Per Share
Three Months Ended January 31,
Fiscal Year Ended January 31,
2024
2023
2024
2023
Reconciliation of net (loss) income:
GAAP net loss
$
(20,834
)
$
(107,858
)
$
(68,193
)
$
(197,970
)
Add:
Stock-based compensation
23,079
16,356
101,052
96,401
Amortization of acquired intangibles
607
724
2,690
2,236
Asset impairment
2,219
4,537
3,811
4,537
Charitable contribution
—
—
—
1,000
Shareholder litigation
153
76,022
(3,112
)
76,268
Change in fair value of debt conversion and warrant liabilities
4,475
134
2,234
(9,214
)
Acquisition-related transactions
—
1,541
211
3,153
Workforce reduction
6,984
2,709
7,249
6,369
Non-GAAP net income (loss)
$
16,683
$
(5,835
)
$
45,942
$
(17,220
)
GAAP net loss per share, basic and diluted1
$
(0.14
)
$
(0.80
)
$
(0.49
)
$
(1.51
)
Non-GAAP net income (loss) per share, basic and diluted1
$
0.12
$
(0.04
)
$
0.33
$
(0.13
)
_________________________________
(1) For the three months ended January 31, 2024 and 2023, GAAP and Non-GAAP net income (loss) per share are calculated based upon 144.2 million and 134.3 million basic and diluted weighted-average shares of common stock, respectively. For the twelve months ended January 31, 2024 and 2023, GAAP and Non-GAAP net income (loss) per share are calculated based upon 140.1 million and 131.4 million basic and diluted weighted-average shares of common stock, respectively.
ZUORA, INC.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
(in thousands, except percentages)
(unaudited)
Adjusted Free Cash Flow
Three Months Ended January 31,
Fiscal Year Ended January 31,
2024
2023
2024
2023
Net cash provided by (used in) operating activities (GAAP)
$
16,909
$
(17,965
)
$
(18,767
)
$
(20,644
)
Add:
Shareholder litigation
783
14
72,913
251
Acquisition-related costs
—
3,186
135
3,186
Less:
Purchases of property and equipment
(3,074
)
(2,163
)
(9,987
)
(10,634
)
Adjusted free cash flow (non-GAAP)
$
14,618
$
(16,928
)
$
44,294
$
(27,841
)
Net cash (used in) provided by investing activities (GAAP)
$
(181,303
)
$
34,848
$
(84,277
)
$
(131,074
)
Net cash provided by financing activities (GAAP)
$
4,916
$
2,908
$
156,542
$
241,911
Constant Currency Revenue
Three Months Ended January 31,
Fiscal Year Ended January 31,
2024
2023
% Change
2024
2023
% Change
Subscription revenue (GAAP)
$
100,164
$
89,513
12%
$
383,396
$
338,391
13%
Effects of foreign currency rate fluctuations
(176
)
5,418
Subscription revenue on a constant currency basis (Non-GAAP)
$
99,988
12%
$
388,814
15%
Total revenue (GAAP)
$
110,669
$
103,041
7%
$
431,661
$
396,087
9%
Effects of foreign currency rate fluctuations
(189
)
5,403
Total revenue on a constant currency basis (Non-GAAP)
$
110,480
7%
$
437,064
10%
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228482298/en/
Investor Relations Contact:
Luana Wolk investorrelations@zuora.com 650-419-1377
Media Relations Contact:
Margaret Pack press@zuora.com 619-609-3919
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