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     133  0 Kommentare Zuora Reports First Quarter Fiscal 2025 Results

    Zuora, Inc. (NYSE: ZUO), a leading monetization suite for modern business, today announced financial results for its fiscal first quarter ended April 30, 2024.

    “Our first quarter speaks to the quality of our install base and ability to drive strong expansion with innovations including the recent acquisition of Togai,” said Tien Tzuo, Founder and CEO at Zuora. “As more companies look to monetize with subscription, usage and other business models, they continue to look to our offerings to accelerate their Total Monetization strategies.”

    First Quarter Fiscal 2025 Financial Results:

    • Revenue: Subscription revenue was $99.0 million, an increase of 10% year-over-year. Total revenue was $109.8 million, an increase of 6% year-over-year.
    • GAAP Loss from Operations: GAAP loss from operations was $4.0 million, compared to a loss from operations of $20.2 million in the first quarter of fiscal 2024.
    • Non-GAAP Income from Operations: Non-GAAP income from operations was $18.6 million, compared to non-GAAP income from operations of $6.1 million in the first quarter of fiscal 2024.
    • GAAP Net Loss: GAAP net loss was $13.7 million, or 12% of revenue, compared to a net loss of $19.3 million, or 19% of revenue, in the first quarter of fiscal 2024. GAAP net loss per share was $0.09 based on 146.7 million weighted-average shares outstanding, compared to a net loss per share of $0.14 based on 136.2 million weighted-average shares outstanding in the first quarter of fiscal 2024.
    • Non-GAAP Net Income: Non-GAAP net income was $16.8 million, compared to non-GAAP net income of $6.9 million in the first quarter of fiscal 2024. Non-GAAP net income per share was $0.11 based on 146.7 million weighted-average shares outstanding, compared to non-GAAP net income per share of $0.05 based on 136.2 million weighted-average shares outstanding in the first quarter of fiscal 2024.
    • Cash Flow: Net cash provided by operating activities was $32.9 million, compared to net cash provided by operating activities of $14.6 million in the first quarter of fiscal 2024.
    • Adjusted Free Cash Flow: Adjusted free cash flow was $31.4 million compared to $13.0 million in the first quarter of fiscal 2024.
    • Cash and Investments: Cash and cash equivalents and short-term investments were $547.2 million as of April 30, 2024.

    Descriptions of our 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.

    Key Metrics and Business Highlights:

    • Customers with annual contract value (ACV) equal to or greater than $250,000 were 451, up from 436 as of April 30, 2023.
    • Dollar-based retention rate (DBRR) was 104%, compared to 108% as of April 30, 2023.
    • Annual Recurring Revenue (ARR) was $404.4 million compared to $373.9 million as of April 30, 2023, representing ARR growth of 8%.
    • Announced the planned acquisition of Togai, a leading metering and rating solution, to enhance Zuora's usage-based offerings. The acquisition closed in early May.
    • Announced that Ubisoft has adopted Zuora to power its Ubisoft+ and Rocksmith+ subscription services.
    • Released Zuora's latest Subscription Economy Index (SEI) report, which found that companies in the SEI have experienced 3.4x faster growth rates than the S&P 500 over the past 12 years.
    • New customers and go-lives included Mitsubishi Electric, The Asahi Shimbun Company, AVEVA and The Atlantic.

    Financial Outlook:

    As of May 22, 2024, we are providing guidance for the second quarter and full fiscal year 2025 based on current market conditions and expectations. For the full fiscal year 2025, we are maintaining our topline outlook and raising our non-GAAP operating income range while absorbing the operating expense impact of Togai. We emphasize that the guidance is subject to various important cautionary factors referenced in the section entitled “Forward-Looking Statements” below.

    For the second quarter and full fiscal year 2025, Zuora currently expects the following results:

     

    Second Quarter

     

    Fiscal 2025

    Subscription revenue

    $101.0M - $102.0M

     

    $410.0M - $414.0M

    Professional services revenue

    $10.5M - $11.5M

     

    $41.0M - $45.0M

    Total revenue

    $111.5M - $113.5M

     

    $451.0M - $459.0M

    Non-GAAP income from operations1

    $17.5M - $19.5M

     

    $80.0M - $82.0M

    Non-GAAP net income per share1,2

    $0.09 - $0.10

     

    $0.41 - $0.43

    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 149.4 million and 151.0 million weighted-average shares outstanding for the second 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 May 22, 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 May 22, 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 May 22, 2024 at 4:00 p.m. PT to May 29, 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; non-GAAP net income per share; and adjusted free cash flow. 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:

    • Stock-based compensation expense. We exclude stock-based compensation expense, which is a non-cash expense, because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, stock-based compensation expense is not comparable across companies given it is calculated using a variety of valuation methodologies and subjective assumptions.
    • Amortization of acquired intangible assets. We exclude amortization of acquired intangible assets, which is a non-cash expense, because we do not believe it has a direct correlation to the operation of our business.
    • Charitable contributions. We exclude expenses associated with charitable donations of our common stock. We believe that excluding these non-cash expenses allows investors to make more meaningful comparisons between our operating results and those of other companies.
    • Shareholder matters. We exclude non-recurring charges and benefits, net of insurance recoveries, including litigation expenses, settlements and other legal, consulting and advisory fees, related to shareholder matters that are outside of the ordinary course of our business, including expenses related to a cooperation agreement. We believe these charges and benefits do not have a direct correlation to the operations of our business and may vary in size depending on the timing, results and resolution of such litigation, settlements, agreements or other shareholder matters.
    • Asset impairment. We exclude non-cash charges for impairment of assets, including impairments related to internal-use software, office leases, and acquired intangible assets. Impairment charges can vary significantly in terms of amount and timing and we do not consider these charges indicative of our current or past operating performance. Moreover, we believe that excluding the effects of these charges allows investors to make more meaningful comparisons between our operating results and those of other companies.
    • Change in fair value of debt conversion and warrant liabilities. We exclude fair value adjustments related to the debt conversion and warrant liabilities, which are non-cash gains or losses, as they can fluctuate significantly with changes in Zuora's stock price and market volatility, and do not reflect the underlying cash flows or operational results of the business.
    • Acquisition-related expenses. We exclude acquisition-related expenses (including integration-related charges) that are not related to our ongoing operations, including expenses we incurred and gains or losses recognized on contingent consideration, related to our acquisitions. We do not consider these transaction expenses as reflective of our core business or ongoing operating performance.
    • Workforce reductions. We exclude charges related to workforce reduction plans, including severance, health care and related expenses. We believe these charges are not indicative of our continuing operations.

    Additionally, we disclose "adjusted free cash flow," which is a non-GAAP measure that includes adjustments to operating cash flows for cash impacts related to Shareholder matters and Acquisition-related expenses described above, and net purchases of property and equipment. We include the impact of net purchases of property and equipment in our adjusted free cash flow calculation because we consider these capital expenditures to be a necessary component of our ongoing operations. 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.

    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 that refer to future plans and expectations are forward-looking statements that involve a number of risks and uncertainties. Words such as “believes,” “may,” “will,” “determine,” “estimates,” “potential,” “continues,” “anticipates,” “intends,” “expects,” “could,” “would,” “projects,” “plans,” “targets,” “strategy,” “likely,” 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 second quarter and full year fiscal 2025. 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-K filed with the Securities and Exchange Commission on March 26, 2024 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 retain and expand sales to existing customers; our ability to manage our future revenue and profitability plans effectively; adoption of monetization platform software and related solutions, as well as consumer adoption of products and services that are provided through such solutions; our ability to develop and release new products and services, or successful enhancements, new features and modifications; challenges related to growing our relationships with strategic partners; loss of key employees; our ability to compete in our markets; adverse impacts on our business and financial condition due to macroeconomic or market conditions; the impact of actions to improve operational efficiencies and operating costs; our history of net losses and ability to achieve or sustain profitability; market acceptance of our products; the success of our product development efforts; risks associated with currency exchange rate fluctuations; risks associated with our debt obligations; successful deployment of our solutions by customers after entering into a subscription agreement with us; the success of our sales and product initiatives; our security measures; our ability to adequately protect our intellectual property; interruptions or performance problems; litigation and other shareholder related costs; the anticipated benefits of acquisitions and ability to integrate operations and technology of any acquired company; geopolitical conflicts or destabilizing events; 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 to build, run and grow a modern business through a dynamic mix of usage-based models, subscription bundles and everything in between. From pricing and packaging, to billing, payments and revenue accounting, Zuora’s flexible, modular software platform is designed to help companies evolve monetization strategies with customer demand. More than 1,000 customers around the world, including BMC Software, Box, Caterpillar, General Motors, Penske Media Corporation, Schneider Electric and Zoom use Zuora’s leading combination of technology and expertise to turn recurring relationships and recurring revenue into recurring growth. Zuora is headquartered in Silicon Valley with offices in the Americas, EMEA and APAC. To learn more, please visit 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, Inc.

    ZUORA, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

    (in thousands, except per share data)

    (unaudited)

     

     

    Three Months Ended

    April 30,

     

    2024

     

    2023

    Revenue:

     

     

     

    Subscription

    $

    98,959

     

     

    $

    89,711

     

    Professional services

     

    10,810

     

     

     

    13,384

     

    Total revenue

     

    109,769

     

     

     

    103,095

     

    Cost of revenue:

     

     

     

    Subscription1

     

    20,689

     

     

     

    20,588

     

    Professional services1

     

    14,372

     

     

     

    16,758

     

    Total cost of revenue

     

    35,061

     

     

     

    37,346

     

    Gross profit

     

    74,708

     

     

     

    65,749

     

    Operating expenses:

     

     

     

    Research and development1

     

    23,566

     

     

     

    25,668

     

    Sales and marketing1

     

    35,845

     

     

     

    41,444

     

    General and administrative1

     

    19,269

     

     

     

    18,816

     

    Total operating expenses

     

    78,680

     

     

     

    85,928

     

    Loss from operations

     

    (3,972

    )

     

     

    (20,179

    )

    Change in fair value of debt conversion and warrant liabilities

     

    (7,928

    )

     

     

    30

     

    Interest expense

     

    (6,771

    )

     

     

    (4,387

    )

    Interest and other income (expense), net

     

    5,315

     

     

     

    5,710

     

    Loss before income taxes

     

    (13,356

    )

     

     

    (18,826

    )

    Income tax provision

     

    352

     

     

     

    469

     

    Net loss

     

    (13,708

    )

     

     

    (19,295

    )

    Comprehensive loss:

     

     

     

    Foreign currency translation adjustment

     

    (247

    )

     

     

    (283

    )

    Unrealized (loss) gain on available-for-sale securities

     

    (487

    )

     

     

    340

     

    Comprehensive loss

    $

    (14,442

    )

     

    $

    (19,238

    )

    Net loss per share, basic and diluted

    $

    (0.09

    )

     

    $

    (0.14

    )

    Weighted-average shares outstanding used in calculating net loss per share, basic and diluted

     

    146,670

     

     

     

    136,190

     

    _____________________

    (1) Stock-based compensation expense was recorded in the following cost and expense categories:

     

    Three Months Ended

    April 30,

     

    2024

     

    2023

    Cost of subscription revenue

    $

    1,583

     

    $

    2,359

    Cost of professional services revenue

     

    2,038

     

     

     

    3,021

     

    Research and development

     

    5,903

     

     

     

    6,744

     

    Sales and marketing

     

    5,475

     

     

     

    7,977

     

    General and administrative

     

    3,462

     

     

     

    5,123

     

    Total stock-based compensation expense

    $

    18,461

     

     

    $

    25,224

     

    ZUORA, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands)

    (unaudited)

     

     

    April 30, 2024

     

    January 31, 2024

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    265,712

     

     

    $

    256,065

     

    Short-term investments

     

    281,442

     

     

     

    258,120

     

    Accounts receivable, net

     

    77,399

     

     

     

    124,602

     

    Deferred commissions, current portion

     

    15,934

     

     

     

    15,870

     

    Prepaid expenses and other current assets

     

    25,624

     

     

     

    23,261

     

    Total current assets

     

    666,111

     

     

     

    677,918

     

    Property and equipment, net

     

    26,218

     

     

     

    25,961

     

    Operating lease right-of-use assets

     

    21,270

     

     

     

    22,462

     

    Purchased intangibles, net

     

    9,474

     

     

     

    10,082

     

    Deferred commissions, net of current portion

     

    25,952

     

     

     

    27,250

     

    Goodwill

     

    56,147

     

     

     

    56,657

     

    Other assets

     

    4,574

     

     

     

    3,506

     

    Total assets

    $

    809,746

     

     

    $

    823,836

     

    Liabilities and stockholders’ equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    153

     

     

    $

    3,161

     

    Accrued expenses and other current liabilities

     

    41,308

     

     

     

    32,157

     

    Accrued employee liabilities

     

    28,465

     

     

     

    37,722

     

    Deferred revenue, current portion

     

    184,278

     

     

     

    199,615

     

    Operating lease liabilities, current portion

     

    5,929

     

     

     

    6,760

     

    Total current liabilities

     

    260,133

     

     

     

    279,415

     

    Long-term debt

     

    362,310

     

     

     

    359,525

     

    Deferred revenue, net of current portion

     

    1,411

     

     

     

    2,802

     

    Operating lease liabilities, net of current portion

     

    35,276

     

     

     

    37,100

     

    Deferred tax liabilities

     

    3,726

     

     

     

    3,725

     

    Other long-term liabilities

     

    7,592

     

     

     

    7,582

     

    Total liabilities

     

    670,448

     

     

     

    690,149

     

    Stockholders’ equity:

     

     

     

    Class A common stock

     

    14

     

     

     

    14

     

    Class B common stock

     

    1

     

     

     

    1

     

    Additional paid-in capital

     

    984,194

     

     

     

    964,141

     

    Accumulated other comprehensive loss

     

    (1,593

    )

     

     

    (859

    )

    Accumulated deficit

     

    (843,318

    )

     

     

    (829,610

    )

    Total stockholders’ equity

     

    139,298

     

     

     

    133,687

     

    Total liabilities and stockholders’ equity

    $

    809,746

     

     

    $

    823,836

     

    ZUORA, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (unaudited)

     

     

    Three Months Ended

    April 30,

     

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

    Net loss

    $

    (13,708

    )

     

    $

    (19,295

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:

     

     

     

    Depreciation, amortization and accretion

     

    4,235

     

     

     

    4,290

     

    Stock-based compensation

     

    18,461

     

     

     

    25,224

     

    Provision for credit losses

     

    501

     

     

     

    1,117

     

    Amortization of deferred commissions

     

    4,554

     

     

     

    4,970

     

    Reduction in carrying amount of right-of-use assets

     

    1,192

     

     

     

    1,584

     

    Change in fair value of debt conversion and warrant liabilities

     

    7,928

     

     

     

    (30

    )

    Other

     

    78

     

     

     

    140

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    46,702

     

     

     

    7,531

     

    Prepaid expenses and other assets

     

    (2,745

    )

     

     

    (112

    )

    Deferred commissions

     

    (3,375

    )

     

     

    (3,607

    )

    Accounts payable

     

    (3,002

    )

     

     

    4,703

     

    Accrued expenses and other liabilities

     

    1,234

     

     

     

    (2,000

    )

    Accrued employee liabilities

     

    (9,257

    )

     

     

    (3,823

    )

    Deferred revenue

     

    (16,728

    )

     

     

    (2,527

    )

    Operating lease liabilities

     

    (3,200

    )

     

     

    (3,572

    )

    Net cash provided by operating activities

     

    32,870

     

     

     

    14,593

     

    Cash flows from investing activities:

     

     

     

    Purchases of property and equipment

     

    (2,655

    )

     

     

    (1,657

    )

    Purchases of short-term investments

     

    (90,399

    )

     

     

    (61,745

    )

    Maturities of short-term investments

     

    68,486

     

     

     

    88,228

     

    Cash paid for acquisition

     

     

     

     

    (4,524

    )

    Net cash (used in) provided by investing activities

     

    (24,568

    )

     

     

    20,302

     

    Cash flows from financing activities:

     

     

     

    Proceeds from issuance of common stock upon exercise of stock options

     

    1,592

     

     

     

    537

     

    Net cash provided by financing activities

     

    1,592

     

     

     

    537

     

    Effect of exchange rates on cash and cash equivalents

     

    (247

    )

     

     

    (283

    )

    Net increase in cash and cash equivalents

     

    9,647

     

     

     

    35,149

     

    Cash and cash equivalents, beginning of period

     

    256,065

     

     

     

    203,239

     

    Cash and cash equivalents, end of period

    $

    265,712

     

     

    $

    238,388

     

    ZUORA, INC.

    RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES

    (in thousands, except percentages)

    (unaudited)

     

    Subscription Gross Margin

    Three Months Ended

    April 30,

     

    2024

     

    2023

    Reconciliation of cost of subscription revenue:

     

     

     

    GAAP cost of subscription revenue

    $

    20,689

     

     

    $

    20,588

     

    Less:

     

     

     

    Stock-based compensation

     

    (1,583

    )

     

     

    (2,359

    )

    Amortization of acquired intangibles

     

    (608

    )

     

     

    (738

    )

    Workforce reductions

     

    (166

    )

     

     

    (38

    )

    Non-GAAP cost of subscription revenue

    $

    18,332

     

     

    $

    17,453

     

    GAAP subscription gross margin

     

    79

    %

     

     

    77

    %

    Non-GAAP subscription gross margin

     

    81

    %

     

     

    81

    %

     

    Professional Services Gross Margin

     

    Three Months Ended

    April 30,

     

    2024

     

    2023

    Reconciliation of cost of professional services revenue:

     

     

     

    GAAP cost of professional services revenue

    $

    14,372

     

     

    $

    16,758

     

    (Less) Add:

     

     

     

    Stock-based compensation

     

    (2,038

    )

     

     

    (3,021

    )

    Workforce reductions

     

    6

     

     

     

     

    Non-GAAP cost of professional services revenue

    $

    12,340

     

     

    $

    13,737

     

    GAAP professional services gross margin

     

    (33

    )%

     

     

    (25

    )%

    Non-GAAP professional services gross margin

     

    (14

    )%

     

     

    (3

    )%

    ZUORA, INC.

    RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)

    (in thousands, except percentages)

    (unaudited)

     

    Total Gross Margin

     

    Three Months Ended

    April 30,

     

    2024

     

    2023

    Reconciliation of gross profit:

     

     

     

    GAAP gross profit

    $

    74,708

     

     

    $

    65,749

     

    Add:

     

     

     

    Stock-based compensation

     

    3,621

     

     

     

    5,380

     

    Amortization of acquired intangibles

     

    608

     

     

     

    738

     

    Workforce reductions

     

    160

     

     

     

    38

     

    Non-GAAP gross profit

    $

    79,097

     

     

    $

    71,905

     

    GAAP gross margin

     

    68

    %

     

     

    64

    %

    Non-GAAP gross margin

     

    72

    %

     

     

    70

    %

     
    Operating (Loss) Income and Operating Margin

     

    Three Months Ended

    April 30,

     

    2024

     

    2023

    Reconciliation of (loss) income from operations:

     

     

     

    GAAP loss from operations

    $

    (3,972

    )

     

    $

    (20,179

    )

    Add:

     

     

     

    Stock-based compensation

     

    18,461

     

     

     

    25,224

     

    Shareholder matters

     

    2,765

     

     

     

    35

     

    Workforce reduction

     

    700

     

     

     

    219

     

    Amortization of acquired intangibles

     

    608

     

     

     

    738

     

    Acquisition-related expenses

     

     

     

     

    34

     

    Non-GAAP income from operations

    $

    18,562

     

     

    $

    6,071

     

    GAAP operating margin

     

    (4

    )%

     

     

    (20

    )%

    Non-GAAP operating margin

     

    17

    %

     

     

    6

    %

    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

    April 30,

     

    2024

     

    2023

    Reconciliation of net (loss) income:

     

     

     

    GAAP net loss

    $

    (13,708

    )

     

    $

    (19,295

    )

    Add:

     

     

     

    Stock-based compensation

     

    18,461

     

     

     

    25,224

     

    Change in fair value of debt conversion and warrant liabilities

     

    7,928

     

     

     

    (30

    )

    Shareholder matters

     

    2,765

     

     

     

    35

     

    Workforce reductions

     

    700

     

     

     

    219

     

    Amortization of acquired intangibles

     

    608

     

     

     

    738

     

    Acquisition-related expenses

     

     

     

     

    34

     

    Non-GAAP net income

    $

    16,754

     

     

    $

    6,925

     

    GAAP net loss per share, basic and diluted1

    $

    (0.09

    )

     

    $

    (0.14

    )

    Non-GAAP net income per share, basic and diluted1

    $

    0.11

     

     

    $

    0.05

     

    _________________________________

    (1) For the three months ended April 30, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 146.7 million and 136.2 million basic and diluted weighted-average shares of common stock, respectively.

    Adjusted Free Cash Flow

     

    Three Months Ended

    April 30,

     

    2024

     

    2023

    Net cash provided by operating activities (GAAP)

    $

    32,870

     

     

    $

    14,593

     

    Add:

     

     

     

    Shareholder matters

     

    1,188

     

     

     

    27

     

    Acquisition-related expenses

     

     

     

     

    16

     

    Less:

     

     

     

    Purchases of property and equipment

     

    (2,655

    )

     

     

    (1,657

    )

    Adjusted free cash flow (non-GAAP)

    $

    31,403

     

     

    $

    12,979

     

    Net cash (used in) provided by investing activities (GAAP)

    $

    (24,568

    )

     

    $

    20,302

     

    Net cash provided by financing activities (GAAP)

    $

    1,592

     

     

    $

    537

     

     


    The Zuora Registered (A) Stock at the time of publication of the news with a raise of +8,67 % to 10,25USD on Lang & Schwarz stock exchange (22. Mai 2024, 22:14 Uhr).


    Business Wire (engl.)
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    Zuora Reports First Quarter Fiscal 2025 Results Zuora, Inc. (NYSE: ZUO), a leading monetization suite for modern business, today announced financial results for its fiscal first quarter ended April 30, 2024. “Our first quarter speaks to the quality of our install base and ability to drive strong …