SEC Comment Letter 0000000000-24-012329 to Braze, Inc. (BRZE) (CIK 0001676238) (BRZE)
Braze, Inc. (BRZE) (CIK 0001676238)
Date: Nov. 6, 2024 · CIK: 0001676238 · Accession: 0000000000-24-012329
AI Filing Summary & Sentiment
File numbers found in text: 001-41065
Letter
November 6, 2024 Isabelle Winkles Chief Financial Officer Braze, Inc. 330 West 34th Street, Floor 18 New York, New York 10001 Re:Braze, Inc. Form 10-K for the Fiscal Year Ended January 31, 2024 Form 10-Q for the Period Ended July 31, 2024 File No. 001-41065 Dear Isabelle Winkles: We have limited our review of your filings to the financial statements and related disclosures and have the following comment. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 10-Q for the period ended July 31, 2024 Management's Discussion and Analysis Expanding within our Existing Customer Base, page 29 1.We note you disclose that your dollar-based net retention rate is an indication of the propensity of your customer relationships to expand over time. We also note that your dollar-based net retention rates for all customers and for customers with ARR greater than $500,000 have declined consistently over the past several quarters. Please revise and expand your disclosures to discuss material trends that contribute to the declining dollar-based net retention rates and related revenue implications. Refer to Item 303(b)(2) of Regulation S-K. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.
November 6, 2024 Page 2 Please contact Anastasia Kaluzienski at 202-551-3685 or Robert Littlepage at 202- 551-3361 with any questions. Sincerely, Division of Corporation Finance Office of Technology
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November 6, 2024
Isabelle Winkles
Chief Financial Officer
Braze, Inc.
330 West 34th Street, Floor 18
New York, New York 10001
Re:Braze, Inc.
Form 10-K for the Fiscal Year Ended January 31, 2024
Form 10-Q for the Period Ended July 31, 2024
File No. 001-41065
Dear Isabelle Winkles:
We have limited our review of your filings to the financial statements and related
disclosures and have the following comment.
Please respond to this letter within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe a
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this letter, we may have additional comments.
Form 10-Q for the period ended July 31, 2024
Management's Discussion and Analysis
Expanding within our Existing Customer Base, page 29
1.We note you disclose that your dollar-based net retention rate is an indication of
the propensity of your customer relationships to expand over time. We also note that
your dollar-based net retention rates for all customers and for customers with ARR
greater than $500,000 have declined consistently over the past several quarters. Please
revise and expand your disclosures to discuss material trends that contribute to the
declining dollar-based net retention rates and related revenue implications. Refer to
Item 303(b)(2) of Regulation S-K.
In closing, we remind you that the company and its management are responsible for
the accuracy and adequacy of their disclosures, notwithstanding any review, comments,
action or absence of action by the staff.
November 6, 2024
Page 2
Please contact Anastasia Kaluzienski at 202-551-3685 or Robert Littlepage at 202-
551-3361 with any questions.
Sincerely,
Division of Corporation Finance
Office of Technology