Zuora Reports Third Quarter Fiscal 2023 Results
Zuora, Inc. (NYSE: ZUO), a leading monetization platform provider for recurring revenue businesses, today announced financial results for its fiscal third quarter ended October 31, 2022
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Dec 6, 2022--
Zuora, Inc. (NYSE: ZUO), a leading monetization platform provider for recurring revenue businesses, today announced financial results for its fiscal third quarter ended October 31, 2022.
“We delivered third quarter results at the high end of guidance as companies across industries continue to lean into recurring revenue models. At the same time we’re making adjustments to our business to deliver meaningful profitability improvement in fiscal 2024,” said Tien Tzuo, founder and CEO of Zuora.
“We posted third quarter total revenue at the high end of our outlook, and we exceeded guidance for subscription revenue and non-GAAP operating income despite the economic environment, which has changed over the past 90 days. The macroeconomic dynamic has led us to make the difficult decision to reduce our workforce by 11% to align our expenses to our near-term growth profile and improve profitability in the near-term,” said Todd McElhatton, Chief Financial Officer at Zuora.
Third Quarter Fiscal 2023 Financial Results:
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:
Financial Outlook:
As of December 6, 2022, we are providing guidance for the fourth quarter and full fiscal year 2023, as well as a preliminary view of our expected fiscal year 2024 results, 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 fourth quarter and full fiscal year 2023, Zuora currently expects the following results:
Fourth Quarter
Fiscal 2023
Subscription revenue
$87.5M - $88.5M
$336.5M - $337.5M
Professional services revenue
$12.0M - $13.0M
$56.0M - $57.0M
Total revenue
$99.5M - $101.5M
$392.5M - $394.5M
Non-GAAP income from operations
$0M - $1.0M
$0M - $1.0M
Non-GAAP net loss per share 1
($0.07) - ($0.06)
($0.16) - ($0.15)
ARR growth 2
15%
Dollar-based Retention Rate 2
107%
Free Cash Flow 3
($36.5M) - ($33.5M)
(1) Non-GAAP net loss per share includes an estimated $4.0 million tax-related impact from the acquisition of Zephr. Non-GAAP net loss per share was computed assuming 134.4 million and 131.5 million weighted-average shares outstanding for the fourth quarter and full fiscal year 2023, respectively.
(2) Refer to the "Operating Metrics" section below for how we define ARR and Dollar-based Retention Rate. ARR growth is calculated by dividing the annual recurring revenue (ARR) as of a period end by the ARR for the corresponding period end of the prior fiscal year.
(3) Expected free cash flow has been updated to reflect the impact of tax-related and acquisition-related expenses associated with the acquisition of Zephr, the impact of the workforce reduction, and the impact of lower billings related to the macroeconomic environment including extended deal cycles.
Zuora is providing the following preliminary view of our expected results for fiscal year 2024 in the current economic environment, with the low end of the subscription revenue growth range reflecting expectations if current macroeconomic conditions worsen:
Fiscal 2024
Subscription revenue growth
11% to 14%
Non-GAAP operating margin
6% or higher
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.
Zuora has not reconciled its guidance for non-GAAP income from operations to GAAP loss from operations, non-GAAP net loss per share to GAAP net loss per share, or non-GAAP operating margin to GAAP operating margin because stock-based compensation expense cannot be reasonably calculated or predicted at this time. Additionally, 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.
Webcast and Conference Call Information:
Zuora will host a conference call for investors on December 6, 2022 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 December 13, 2022. The call can also be accessed live via phone by the toll-free dial-in number: 1-888-440-5655 or toll dial-in number: 1-646-960-0338 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 1-647-362-9199 with conference ID 8022374 available from December 6, 2022 at 4:00 p.m. PT to December 13, 2022 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: subscription revenue and total revenue that exclude the impact of foreign currency exchange rate fluctuations (constant currency basis); non-GAAP cost of subscription revenue; non-GAAP cost of professional services revenue; non-GAAP gross profit; non-GAAP total gross margin; non-GAAP subscription gross margin; non-GAAP professional services gross margin; non-GAAP research and development expense; non-GAAP sales and marketing expense; non-GAAP general and administrative expense; non-GAAP operating margin; non-GAAP income (loss) from operations; non-GAAP net loss; non-GAAP net loss per share; and 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:
Additionally, Zuora’s management believes that the free cash flow non-GAAP measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures, net of insurance recoveries, as these net expenditures are considered to be a necessary component of ongoing operations. Insurance recoveries include amounts paid to us for property and equipment that were damaged in January 2020 at our corporate headquarters.
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.
Operating 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.
Dollar-based Retention Rate. We calculate our dollar-based retention rate 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.
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,” “estimates,” “potential,” “continues,” “anticipates,” “intends,” “expects,” “could,” “would,” “projects,” “plans,” “targets,” and variations of such words and similar expressions are intended to identify forward-looking statements. 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 September 1, 2022 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: adverse changes in general economic or market conditions, including the impact that inflation or a slowdown in the economy or market conditions may have on our business and our customers; we may be unable to attract new customers and expand sales to existing customers; we may not be able to manage our future growth effectively; the shift by companies to subscription business models may develop slower than we expect; the risk of currency exchange rate fluctuations; we may not achieve the benefits of the workforce reduction and there may be possible changes in the size and timing of charges related to such reduction; the risk of loss of key employees; the anticipated impact of the expected acquisition of Zephr on Zuora's business and future financial and operating results, the ability of Zuora to successfully integrate Zephr's operations and technology, and the expected amount and timing of synergies and benefits from the acquisition; future responses to and effects of the ongoing COVID-19 pandemic, including the pandemic's impact on the economy, our customers and our businesses; we have a history of net losses and may not achieve or sustain profitability; we face intense competition in our markets and may not be able to compete effectively; our products may fail to gain market acceptance or our product development efforts may be unsuccessful; our products may fail to gain, or lose, market acceptance; customers may fail to successfully deploy our solution after entering into a subscription agreement with us; we may not be able to develop and release new products and services, or successful enhancements, new features and modifications to our existing products and services; our sales and product initiatives may not be successful or the expected benefits of such initiatives may not be achieved in a timely manner; challenges related to growing our relationships with strategic partners such as systems integrators and their effectiveness in selling our products; our security measures may be breached or our products may be perceived as not being secure; we may be unable to adequately protect our intellectual property; we may experience interruptions or performance problems, including a service outage, associated with our technology; current and future litigation including our current shareholder litigation could have a material adverse impact on our financial condition; general political or destabilizing events, including war, conflict or acts of terrorism, such as the ongoing conflict in Ukraine; 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 platform for recurring revenue businesses across all industries, enabling companies to unlock customer-centric business models. After starting with Zuora Billing in 2007, Zuora’s award-winning multi-product portfolio now includes Zuora Revenue, Zuora Collect, and Zephr, a Zuora Company. 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 U.S., EMEA and APAC. To learn more about the Zuora monetization platform, please visit www.zuora.com.
© 2022 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)
(unaudited)
Three Months Ended
October 31,
Nine Months Ended
October 31,
2022
2021
2022
2021
Revenue:
Subscription
$
86,567
$
73,775
$
248,878
$
210,415
Professional services
14,505
15,455
44,168
45,631
Total revenue
101,072
89,230
293,046
256,046
Cost of revenue:
Subscription
21,727
17,279
60,024
50,190
Professional services
18,553
18,416
55,140
54,218
Total cost of revenue
40,280
35,695
115,164
104,408
Gross profit
60,792
53,535
177,882
151,638
Operating expenses:
Research and development
28,413
21,738
77,639
61,565
Sales and marketing
46,973
37,004
132,576
105,130
General and administrative
19,327
16,370
55,433
46,931
Total operating expenses
94,713
75,112
265,648
213,626
Loss from operations
(33,921
)
(21,577
)
(87,766
)
(61,988
)
Change in fair value of warrant liability
452
—
9,348
—
Interest expense
(4,444
)
(39
)
(10,647
)
(111
)
Interest and other income (expense), net
1,187
(663
)
98
(923
)
Loss before income taxes
(36,726
)
(22,279
)
(88,967
)
(63,022
)
Income tax provision
308
610
1,145
1,221
Net loss
(37,034
)
(22,889
)
(90,112
)
(64,243
)
Comprehensive loss:
Foreign currency translation adjustment
(973
)
(127
)
(1,648
)
(386
)
Unrealized loss on available-for-sale securities
(337
)
(27
)
(1,013
)
(61
)
Comprehensive loss
$
(38,344
)
$
(23,043
)
$
(92,773
)
$
(64,690
)
Net loss per share, basic and diluted
$
(0.28
)
$
(0.18
)
$
(0.69
)
$
(0.52
)
Weighted-average shares outstanding used in calculating net loss per share, basic and diluted
132,579
125,141
130,461
123,230
ZUORA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
October 31, 2022
January 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
182,261
$
113,507
Short-term investments
218,341
101,882
Accounts receivable, net
75,835
82,263
Deferred commissions, current portion
15,735
15,080
Prepaid expenses and other current assets
19,537
15,603
Total current assets
511,709
328,335
Property and equipment, net
28,978
27,676
Operating lease right-of-use assets
27,583
32,643
Purchased intangibles, net
13,930
3,452
Deferred commissions, net of current portion
26,875
26,727
Goodwill
52,618
17,632
Other assets
4,500
4,787
Total assets
$
666,193
$
441,252
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
10,612
$
6,785
Accrued expenses and other current liabilities
22,903
14,225
Accrued employee liabilities
32,926
32,425
Debt, current portion
—
1,660
Deferred revenue, current portion
152,321
152,740
Operating lease liabilities, current portion
9,636
11,462
Total current liabilities
228,398
219,297
Debt, net of current portion
208,393
—
Deferred revenue, net of current portion
639
771
Operating lease liabilities, net of current portion
40,103
45,633
Deferred tax liabilities
3,255
3,243
Other long-term liabilities
1,501
1,701
Total liabilities
482,289
270,645
Stockholders’ equity:
Class A common stock
13
12
Class B common stock
1
1
Additional paid-in capital
840,218
734,149
Accumulated other comprehensive loss
(2,769
)
(108
)
Accumulated deficit
(653,559
)
(563,447
)
Total stockholders’ equity
183,904
170,607
Total liabilities and stockholders’ equity
$
666,193
$
441,252
ZUORA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended October 31,
2022
2021
Cash flows from operating activities:
Net loss
$
(90,112
)
$
(64,243
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation, amortization and accretion
13,725
12,642
Stock-based compensation
80,045
51,778
Provision for credit losses
1,403
1,859
Donation of common stock to charitable foundation
1,000
1,000
Amortization of deferred commissions
14,250
11,956
Reduction in carrying amount of right-of-use assets
5,859
7,230
Change in fair value of warrant liability
(9,348
)
—
Change in fair value of contingent consideration
(1,800
)
—
Other
575
678
Changes in operating assets and liabilities:
Accounts receivable
5,666
4,645
Prepaid expenses and other assets
(2,454
)
(559
)
Deferred commissions
(15,418
)
(14,887
)
Accounts payable
3,415
1,196
Accrued expenses and other liabilities
2,819
2,781
Accrued employee liabilities
282
1,513
Deferred revenue
(2,607
)
1,152
Operating lease liabilities
(9,979
)
(10,421
)
Net cash (used in) provided by operating activities
(2,679
)
8,320
Cash flows from investing activities:
Purchases of property and equipment
(8,471
)
(6,044
)
Insurance proceeds for damaged property and equipment
—
344
Purchase of intangible assets
—
(1,349
)
Purchases of short-term investments
(205,464
)
(77,386
)
Maturities of short-term investments
89,013
82,592
Cash paid for acquisition, net of cash acquired
(41,000
)
—
Net cash used in investing activities
(165,922
)
(1,843
)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes, net of issuance costs
233,901
—
Proceeds from issuance of common stock upon exercise of stock options
2,097
15,692
Proceeds from issuance of common stock under employee stock purchase plan
4,485
4,005
Principal payments on debt
(1,480
)
(3,333
)
Net cash provided by financing activities
239,003
16,364
Effect of exchange rates on cash and cash equivalents
(1,648
)
(386
)
Net increase in cash and cash equivalents
68,754
22,455
Cash and cash equivalents, beginning of period
113,507
94,110
Cash and cash equivalents, end of period
$
182,261
$
116,565
ZUORA, INC.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(in thousands, except percentages and per share data)
(unaudited)
Three Months Ended October 31, 2022
GAAP
Stock-based Compensation
Amortization of Acquired Intangibles
Certain Litigation
Change in Fair Value of Warrant Liability
Acquisition-related Transactions
Workforce Reduction
Non-GAAP
Cost of revenue:
Cost of subscription revenue
$
21,727
$
(2,437
)
$
(586
)
$
—
$
—
$
—
$
(147
)
$
18,557
Cost of professional services revenue
18,553
(3,479
)
—
—
—
—
(399
)
14,675
Gross profit
60,792
5,916
586
—
—
—
546
67,840
Operating expenses:
Research and development
28,413
(7,536
)
—
—
—
—
(512
)
20,365
Sales and marketing
46,973
(10,188
)
—
—
—
—
(2,390
)
34,395
General and administrative
19,327
(5,367
)
—
(16
)
—
(1,268
)
(212
)
12,464
(Loss) income from operations
(33,921
)
29,007
586
16
—
1,268
3,660
616
Net loss
$
(37,034
)
$
29,007
$
586
$
16
$
(452
)
$
1,268
$
3,660
$
(2,949
)
Net loss per share, basic and diluted 1
$
(0.28
)
$
(0.02
)
Gross margin
60
%
67
%
Subscription gross margin
75
%
79
%
Professional services gross margin
(28
) %
(1
) %
Operating margin
(34
) %
1
%
Three Months Ended October 31, 2021
GAAP
Stock-based Compensation
Amortization of
Acquired Intangibles
Certain Litigation
Non-GAAP
Cost of revenue:
Cost of subscription revenue
$
17,279
$
(1,580
)
$
(554
)
$
—
$
15,145
Cost of professional services revenue
18,416
(2,822
)
—
—
15,594
Gross profit
53,535
4,402
554
—
58,491
Operating expenses:
Research and development
21,738
(5,774
)
—
—
15,964
Sales and marketing
37,004
(6,298
)
—
—
30,706
General and administrative
16,370
(3,438
)
—
114
13,046
Loss from operations
(21,577
)
19,912
554
(114
)
(1,225
)
Net loss
$
(22,889
)
$
19,912
$
554
$
(114
)
$
(2,537
)
Net loss per share, basic and diluted 1
$
(0.18
)
$
(0.02
)
Gross margin
60
%
66
%
Subscription gross margin
77
%
79
%
Professional services gross margin
(19
) %
(1
) %
Operating margin
(24
) %
(1
) %
(1) GAAP and Non-GAAP net loss per share are calculated based upon 132.6 million and 125.1 million basic and diluted weighted-average shares of common stock for the three months ended October 31, 2022 and 2021, respectively.
ZUORA, INC.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
(in thousands, except percentages and per share data)
(unaudited)
Nine Months Ended October 31, 2022
GAAP
Stock-based Compensation
Amortization of Acquired Intangibles
Charitable Contribution
Certain Litigation
Change in Fair Value of Warrant Liability
Acquisition-related Transactions
Workforce Reduction
Non-GAAP
Cost of revenue:
Cost of subscription revenue
$
60,024
$
(6,517
)
$
(1,512
)
—
$
—
$
—
$
—
$
(147
)
$
51,848
Cost of professional services revenue
55,140
(10,186
)
—
—
—
—
—
(399
)
44,555
Gross profit
177,882
16,703
1,512
—
—
—
—
546
196,643
Operating expenses:
Research and development
77,639
(20,967
)
—
—
—
—
—
(512
)
56,160
Sales and marketing
132,576
(27,603
)
—
—
—
—
—
(2,390
)
102,583
General and administrative
55,433
(14,772
)
—
(1,000
)
(246
)
—
(1,612
)
(212
)
37,591
(Loss) income from operations
(87,766
)
80,045
1,512
1,000
246
—
1,612
3,660
309
Net loss
$
(90,112
)
$
80,045
$
1,512
1,000
$
246
$
(9,348
)
$
1,612
$
3,660
$
(11,385
)
Net loss per share, basic and diluted 2
$
(0.69
)
$
(0.09
)
Gross margin
61
%
67
%
Subscription gross margin
76
%
79
%
Professional services gross margin
(25
) %
(1
) %
Operating margin
(30
) %
—
%
Nine Months Ended October 31, 2021 1
GAAP
Stock-based Compensation
Amortization of Acquired Intangibles
Charitable Contribution
Certain Litigation
Non-GAAP
Cost of revenue:
Cost of subscription revenue
$
50,190
$
(4,157
)
$
(1,496
)
$
—
$
—
$
44,537
Cost of professional services revenue
54,218
(7,487
)
—
—
—
46,731
Gross profit
151,638
11,644
1,496
—
—
164,778
Operating expenses:
Research and development
61,565
(15,546
)
—
—
—
46,019
Sales and marketing
105,130
(15,993
)
—
—
—
89,137
General and administrative
46,931
(8,595
)
—
(1,000
)
(169
)
37,167
Loss from operations
(61,988
)
51,778
1,496
1,000
169
(7,545
)
Net loss
$
(64,243
)
$
51,778
$
1,496
$
1,000
$
169
$
(9,800
)
Net loss per share, basic and diluted 2
$
(0.52
)
$
(0.08
)
Gross margin
59
%
64
%
Subscription gross margin
76
%
79
%
Professional services gross margin
(19
) %
(2
) %
Operating margin
(24
) %
(3
) %
(1) Beginning with the second quarter ended July 31, 2021, we no longer exclude non-cash adjustments for capitalization and amortization of internal-use software from our non-GAAP financial measures. We believe that this change more closely aligns our reported financial measures with current industry practice. Our non-GAAP financial measures for the nine months ended October 31, 2021 were recast to conform to the updated methodology for comparison purposes.
(2) GAAP and Non-GAAP net loss per share are calculated based upon 130.5 million and 123.2 million basic and diluted weighted-average shares of common stock for the nine months ended October 31, 2022 and 2021, respectively.
ZUORA, INC.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
(in thousands)
(unaudited)
Free Cash Flow
Three Months Ended
October 31,
2022
2021
Net cash (used in) provided by operating activities
$
(4,861
)
$
692
Less:
Purchases of property and equipment
(2,387
)
(2,347
)
Free cash flow
$
(7,248
)
$
(1,655
)
Net cash (used in) provided by investing activities
$
(19,416
)
$
7,017
Net cash provided by financing activities
$
575
$
4,394
Constant Currency Revenue
Three Months Ended
October 31,
Nine Months Ended
October 31,
2022
2021
Growth Rates
2022
2021
Growth Rates
Subscription revenue (GAAP)
$
86,567
$
73,775
17
%
$
248,878
$
210,415
18
%
Effects of foreign currency rate fluctuations
2,319
4,132
Subscription revenue on a constant currency basis (Non-GAAP)
$
88,886
20
%
$
253,010
20
%
Total revenue (GAAP)
$
101,072
$
89,230
13
%
$
293,046
$
256,046
14
%
Effects of foreign currency rate fluctuations
3,061
5,850
Total revenue on a constant currency basis (Non-GAAP)
$
104,133
17
%
$
298,896
17
%
View source version on businesswire.com:https://www.businesswire.com/news/home/20221206006004/en/
CONTACT: Investor Relations Contact:
Luana Wolk
investorrelations@zuora.com
650-419-1377Media Relations Contact:
Margaret Pack
press@zuora.com
619-609-3919
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY FINANCE FINTECH ELECTRONIC COMMERCE ACCOUNTING PROFESSIONAL SERVICES SOFTWARE DIGITAL CASH MANAGEMENT/DIGITAL ASSETS RETAIL ONLINE RETAIL
SOURCE: Zuora, Inc.
Copyright Business Wire 2022.
PUB: 12/06/2022 04:15 PM/DISC: 12/06/2022 04:17 PM
http://www.businesswire.com/news/home/20221206006004/en
