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    Zuora Reports Third Quarter Fiscal 2025 Results

    12/9/24 4:10:00 PM ET
    $ZUO
    Computer Software: Prepackaged Software
    Technology
    Get the next $ZUO alert in real time by email

    Zuora, Inc. (NYSE:ZUO), a leading monetization suite for modern business, today announced financial results for its fiscal third quarter ended October 31, 2024.

    Third Quarter Fiscal 2025 Financial Results:

    • Revenue: Subscription revenue was $105.3 million, an increase of 7% year-over-year. Total revenue was $116.9 million, an increase of 6% year-over-year.
    • GAAP Loss from Operations: GAAP loss from operations was $11.7 million, compared to a loss from operations of $8.8 million in the third quarter of fiscal 2024.
    • Non-GAAP Income from Operations: Non-GAAP income from operations was $25.1 million, compared to non-GAAP income from operations of $16.0 million in the third quarter of fiscal 2024.
    • GAAP Net Loss: GAAP net loss was $32.2 million, or 28% of revenue, compared to a net loss of $5.5 million, or 5% of revenue, in the third quarter of fiscal 2024. GAAP net loss per share was $0.21 based on 152.3 million weighted-average shares outstanding, compared to a net loss per share of $0.04 based on 141.5 million weighted-average shares outstanding in the third quarter of fiscal 2024. The GAAP net loss reflects increased costs associated with our proposed acquisition, including a debt redemption liability of $20.2 million as of October 31, 2024 associated with our obligation to repurchase a portion of our 2029 Notes pursuant to our proposed acquisition, and $9.8 million of legal, consulting, and other transaction related costs. Refer below for further information on the proposed acquisition.
    • Non-GAAP Net Income: Non-GAAP net income was $24.8 million, compared to non-GAAP net income of $12.3 million in the third quarter of fiscal 2024. Non-GAAP net income per share was $0.16 based on 152.3 million weighted-average shares outstanding, compared to non-GAAP net income per share of $0.09 based on 141.5 million weighted-average shares outstanding in the third quarter of fiscal 2024.
    • Cash Flow: Net cash provided by operating activities was $22.4 million, compared to net cash used in operating activities of $55.7 million in the third quarter of fiscal 2024.
    • Adjusted Free Cash Flow: Adjusted free cash flow was $25.5 million compared to $12.7 million in the third quarter of fiscal 2024.
    • Cash and Investments: Cash and cash equivalents and short-term investments were $558.5 million as of October 31, 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.

    Proposed Acquisition; Conference Call and Guidance

    On October 17, 2024, we announced that Zuora entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with an affiliate of GIC Pte. Ltd. ("GIC"). The transaction is valued at $1.7 billion, with Silver Lake and GIC to acquire all outstanding shares of Zuora common stock for $10.00 per share in cash. The acquisition is expected to close in the first calendar quarter of 2024, subject to customary closing conditions and approvals, including the receipt of the required regulatory approvals. Upon completion of the transaction, Zuora will become a privately held company.

    Given the proposed acquisition of Zuora, we will not be holding a conference call or live webcast to discuss Zuora's third quarter of fiscal 2025 financial results, we will not be providing any forward looking guidance, and we are withdrawing all previously provided goals, outlook, and guidance.

    Key Operational and Financial Metrics:

    • Customers with annual contract value (ACV) equal to or greater than $250,000 were 451, compared to 453 as of October 31, 2023.
    • Dollar-based retention rate (DBRR) was 103%, compared to 108% as of October 31, 2023.
    • Annual recurring revenue (ARR) was $419.9 million compared to $396.0 million as of October 31, 2023, representing ARR growth of 6%.

    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.

    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 derivative and warrant liabilities. We exclude fair value adjustments related to the debt derivative 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. These expenses include gains or losses recognized on contingent consideration related to acquisitions, including costs associated with our proposed acquisition. 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:

    This press release contains 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 statements regarding the proposed acquisition of Zuora, including the expected timing of the closing of the acquisition, and expectations for Zuora following the completion of the acquisition. 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 August 29, 2024 as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2024. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the possibility that the closing conditions to the proposed acquisition are not satisfied (or waived), including the risk that required approvals from Zuora's stockholders for the proposed acquisition or required regulatory approvals to consummate the acquisition are not obtained in a timely manner (or at all); the outcome of the current complaint and any potential litigation relating to the proposed acquisition; uncertainties as to the timing of the consummation of the proposed acquisition; the ability of each party to consummate the proposed acquisition; 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.

    Important Information and Where to Find It

    In connection with the proposed acquisition, Zuora has filed with the Securities and Exchange Commission (the "SEC") a proxy statement in preliminary form on November 25, 2024, a definitive version of which will be mailed or otherwise provided to its stockholders. The Company and affiliates of the Company have jointly filed a transaction statement on Schedule 13E-3 (the Schedule 13E-3). Zuora may also file other documents with the SEC regarding the potential transaction. BEFORE MAKING ANY VOTING DECISION, ZUORA'S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT AND THE SCHEDULE 13E-3 IN THEIR ENTIRETY AND ANY OTHER DOCUMENTS FILED WITH THE SEC AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the proxy statement, the Schedule 13E-3 and other documents that Zuora files with the SEC from the SEC's website at www.sec.gov and Zuora's website at investor.zuora.com. In addition, the proxy statement, the Schedule 13E-3 and other documents filed by Zuora with the SEC (when available) may be obtained from Zuora free of charge by directing a request to Zuora's Investor Relations at [email protected].

    Participants in the Solicitation

    Zuora and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from Zuora's stockholders in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed to be participants in the solicitation of the stockholders of Zuora in connection with the proposed transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise will be set forth in the proxy statement and Schedule 13E-3 and other materials to be filed with the SEC. You may also find additional information about Zuora's directors and executive officers in Zuora's proxy statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on May 16, 2024 (the "Annual Meeting Proxy Statement"). To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information printed in the Annual Meeting Proxy Statement, such information has been or will be reflected in Zuora's Statements of Change in Ownership on Forms 3 and 4 filed with the SEC. You can obtain free copies of these documents from Zuora using the contact information above.

    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, The New York Times, 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

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenue:

     

     

     

     

     

     

     

    Subscription

    $

    105,253

     

     

    $

    98,048

     

     

    $

    308,263

     

     

    $

    283,232

     

    Professional services

     

    11,676

     

     

     

    11,801

     

     

     

    33,831

     

     

     

    37,760

     

    Total revenue

     

    116,929

     

     

     

    109,849

     

     

     

    342,094

     

     

     

    320,992

     

    Cost of revenue:

     

     

     

     

     

     

     

    Subscription1

     

    23,954

     

     

     

    20,378

     

     

     

    67,207

     

     

     

    62,304

     

    Professional services1

     

    14,383

     

     

     

    14,650

     

     

     

    43,483

     

     

     

    47,851

     

    Total cost of revenue

     

    38,337

     

     

     

    35,028

     

     

     

    110,690

     

     

     

    110,155

     

    Gross profit

     

    78,592

     

     

     

    74,821

     

     

     

    231,404

     

     

     

    210,837

     

    Operating expenses:

     

     

     

     

     

     

     

    Research and development1

     

    26,833

     

     

     

    27,504

     

     

     

    76,853

     

     

     

    79,428

     

    Sales and marketing1

     

    36,597

     

     

     

    40,245

     

     

     

    108,579

     

     

     

    124,488

     

    General and administrative1

     

    26,880

     

     

     

    15,893

     

     

     

    71,351

     

     

     

    54,160

     

    Total operating expenses

     

    90,310

     

     

     

    83,642

     

     

     

    256,783

     

     

     

    258,076

     

    Loss from operations

     

    (11,718

    )

     

     

    (8,821

    )

     

     

    (25,379

    )

     

     

    (47,239

    )

    Change in fair value of debt derivative and warrant liabilities

     

    (20,174

    )

     

     

    6,997

     

     

     

    (29,115

    )

     

     

    2,241

     

    Interest expense

     

    (7,045

    )

     

     

    (5,610

    )

     

     

    (20,781

    )

     

     

    (14,604

    )

    Interest and other income (expense), net

     

    6,505

     

     

     

    2,272

     

     

     

    19,988

     

     

     

    13,639

     

    Loss before income taxes

     

    (32,432

    )

     

     

    (5,162

    )

     

     

    (55,287

    )

     

     

    (45,963

    )

    Income tax (benefit) provision

     

    (226

    )

     

     

    340

     

     

     

    (2,152

    )

     

     

    1,396

     

    Net loss

     

    (32,206

    )

     

     

    (5,502

    )

     

     

    (53,135

    )

     

     

    (47,359

    )

    Comprehensive loss:

     

     

     

     

     

     

     

    Foreign currency translation adjustment

     

    462

     

     

     

    (696

    )

     

     

    386

     

     

     

    (1,383

    )

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

     

    248

     

     

     

    (18

    )

     

     

    63

     

     

     

    494

     

    Comprehensive loss

    $

    (31,496

    )

     

    $

    (6,216

    )

     

    $

    (52,686

    )

     

    $

    (48,248

    )

    Net loss per share, basic and diluted

    $

    (0.21

    )

     

    $

    (0.04

    )

     

    $

    (0.36

    )

     

    $

    (0.34

    )

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

     

    152,263

     

     

     

    141,488

     

     

     

    149,457

     

     

     

    138,789

     

    _____________________

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

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    Cost of subscription revenue

    $

    2,331

     

    $

    2,350

     

    $

    6,291

     

    $

    6,889

    Cost of professional services revenue

     

    2,598

     

     

    2,747

     

     

    7,359

     

     

    8,997

    Research and development

     

    7,697

     

     

    7,165

     

     

    21,680

     

     

    20,661

    Sales and marketing

     

    7,613

     

     

    8,191

     

     

    20,609

     

     

    24,857

    General and administrative

     

    4,694

     

     

    5,648

     

     

    13,163

     

     

    16,569

    Total stock-based compensation expense

    $

    24,933

     

    $

    26,101

     

    $

    69,102

     

    $

    77,973

    ZUORA, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands)

    (unaudited)

     

     

    October 31, 2024

     

    January 31, 2024

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    277,615

     

     

    $

    256,065

     

    Short-term investments

     

    280,909

     

     

     

    258,120

     

    Accounts receivable, net

     

    82,414

     

     

     

    124,602

     

    Deferred commissions, current portion

     

    15,995

     

     

     

    15,870

     

    Prepaid expenses and other current assets

     

    25,183

     

     

     

    23,261

     

    Total current assets

     

    682,116

     

     

     

    677,918

     

    Property and equipment, net

     

    27,403

     

     

     

    25,961

     

    Operating lease right-of-use assets

     

    20,591

     

     

     

    22,462

     

    Purchased intangibles, net

     

    23,146

     

     

     

    10,082

     

    Deferred commissions, net of current portion

     

    24,941

     

     

     

    27,250

     

    Goodwill

     

    73,903

     

     

     

    56,657

     

    Other assets

     

    4,972

     

     

     

    3,506

     

    Total assets

    $

    857,072

     

     

    $

    823,836

     

    Liabilities and stockholders' equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    761

     

     

    $

    3,161

     

    Accrued expenses and other current liabilities

     

    45,167

     

     

     

    32,157

     

    Accrued employee liabilities

     

    29,860

     

     

     

    37,722

     

    Deferred revenue, current portion

     

    177,436

     

     

     

    199,615

     

    Operating lease liabilities, current portion

     

    7,030

     

     

     

    6,760

     

    Total current liabilities

     

    260,254

     

     

     

    279,415

     

    Long-term debt

     

    368,348

     

     

     

    359,525

     

    Deferred revenue, net of current portion

     

    860

     

     

     

    2,802

     

    Operating lease liabilities, net of current portion

     

    32,573

     

     

     

    37,100

     

    Deferred tax liabilities

     

    4,066

     

     

     

    3,725

     

    Other long-term liabilities

     

    6,781

     

     

     

    7,582

     

    Total liabilities

     

    672,882

     

     

     

    690,149

     

    Stockholders' equity:

     

     

     

    Class A common stock

     

    15

     

     

     

    14

     

    Class B common stock

     

    1

     

     

     

    1

     

    Additional paid-in capital

     

    1,067,329

     

     

     

    964,141

     

    Accumulated other comprehensive loss

     

    (410

    )

     

     

    (859

    )

    Accumulated deficit

     

    (882,745

    )

     

     

    (829,610

    )

    Total stockholders' equity

     

    184,190

     

     

     

    133,687

     

    Total liabilities and stockholders' equity

    $

    857,072

     

     

    $

    823,836

     

    ZUORA, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (unaudited)

     

     

    Nine Months Ended

    October 31,

     

     

    2024

     

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

    Net loss

    $

    (53,135

    )

     

    $

    (47,359

    )

    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

     

     

     

    Depreciation, amortization and accretion

     

    14,715

     

     

     

    13,684

     

    Stock-based compensation

     

    69,102

     

     

     

    77,973

     

    Provision for credit losses

     

    2,117

     

     

     

    457

     

    Amortization of deferred commissions

     

    13,946

     

     

     

    14,415

     

    Reduction in carrying amount of right-of-use assets

     

    3,470

     

     

     

    4,876

     

    Change in fair value of debt derivative and warrant liabilities

     

    29,115

     

     

     

    (2,241

    )

    Other

     

    (2,418

    )

     

     

    2,630

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    40,149

     

     

     

    12,476

     

    Prepaid expenses and other assets

     

    (2,657

    )

     

     

    878

     

    Deferred commissions

     

    (12,107

    )

     

     

    (12,013

    )

    Accounts payable

     

    (2,529

    )

     

     

    (634

    )

    Accrued expenses and other liabilities

     

    6,843

     

     

     

    (82,904

    )

    Accrued employee liabilities

     

    (7,986

    )

     

     

    509

     

    Deferred revenue

     

    (24,439

    )

     

     

    (7,461

    )

    Operating lease liabilities

     

    (7,476

    )

     

     

    (10,962

    )

    Net cash provided by (used in) operating activities

     

    66,710

     

     

     

    (35,676

    )

    Cash flows from investing activities:

     

     

     

    Purchases of property and equipment

     

    (9,252

    )

     

     

    (6,913

    )

    Purchases of short-term investments

     

    (240,093

    )

     

     

    (66,665

    )

    Maturities of short-term investments

     

    222,279

     

     

     

    175,128

     

    Cash paid for acquisition, net of cash acquired

     

    (24,786

    )

     

     

    (4,524

    )

    Net cash (used in) provided by investing activities

     

    (51,852

    )

     

     

    97,026

     

    Cash flows from financing activities:

     

     

     

    Proceeds from issuance of common stock upon exercise of stock options

     

    3,372

     

     

     

    1,000

     

    Proceeds from issuance of common stock under employee stock purchase plan

     

    4,481

     

     

     

    4,765

     

    Payment for taxes related to net share settlement of stock options

     

    (1,547

    )

     

     

    —

     

    Proceeds from issuance of convertible senior notes, net of issuance costs

     

    —

     

     

     

    145,861

     

    Net cash provided by financing activities

     

    6,306

     

     

     

    151,626

     

    Effect of exchange rates on cash and cash equivalents

     

    386

     

     

     

    (1,383

    )

    Net increase in cash and cash equivalents

     

    21,550

     

     

     

    211,593

     

    Cash and cash equivalents, beginning of period

     

    256,065

     

     

     

    203,239

     

    Cash and cash equivalents, end of period

    $

    277,615

     

     

    $

    414,832

     

    ZUORA, INC.

    RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES

    (in thousands, except percentages)

    (unaudited)

     

    Subscription Gross Margin

     

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Reconciliation of cost of subscription revenue:

     

     

     

     

     

     

     

    GAAP cost of subscription revenue

    $

    23,954

     

     

    $

    20,378

     

     

    $

    67,207

     

     

    $

    62,304

     

    Less:

     

     

     

     

     

     

     

    Stock-based compensation

     

    (2,331

    )

     

     

    (2,350

    )

     

     

    (6,291

    )

     

     

    (6,889

    )

    Amortization of acquired intangibles

     

    (1,164

    )

     

     

    (607

    )

     

     

    (2,706

    )

     

     

    (2,083

    )

    Workforce reductions

     

    (228

    )

     

     

    —

     

     

     

    (796

    )

     

     

    (38

    )

    Acquisition-related expenses

     

    (12

    )

     

     

    —

     

     

     

    (103

    )

     

     

    —

     

    Asset impairment

     

    —

     

     

     

    (439

    )

     

     

    —

     

     

     

    (439

    )

    Shareholder matters

     

    —

     

     

     

    —

     

     

     

    (20

    )

     

     

    —

     

    Non-GAAP cost of subscription revenue

    $

    20,219

     

     

    $

    16,982

     

     

    $

    57,291

     

     

    $

    52,855

     

    GAAP subscription gross margin

     

    77

    %

     

     

    79

    %

     

     

    78

    %

     

     

    78

    %

    Non-GAAP subscription gross margin

     

    81

    %

     

     

    83

    %

     

     

    81

    %

     

     

    81

    %

    Professional Services Gross Margin

     

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Reconciliation of cost of professional services revenue:

     

     

     

     

     

     

     

    GAAP cost of professional services revenue

    $

    14,383

     

     

    $

    14,650

     

     

    $

    43,483

     

     

    $

    47,851

     

    Less:

     

     

     

     

     

     

     

    Stock-based compensation

     

    (2,598

    )

     

     

    (2,747

    )

     

     

    (7,359

    )

     

     

    (8,997

    )

    Acquisition-related expenses

     

    (22

    )

     

     

    —

     

     

     

    (22

    )

     

     

    —

     

    Shareholder matters

     

    —

     

     

     

    —

     

     

     

    (28

    )

     

     

    —

     

    Workforce reductions

     

    —

     

     

     

    —

     

     

     

    (5

    )

     

     

    (46

    )

    Non-GAAP cost of professional services revenue

    $

    11,763

     

     

    $

    11,903

     

     

    $

    36,069

     

     

    $

    38,808

     

    GAAP professional services gross margin

     

    (23

    )%

     

     

    (24

    )%

     

     

    (29

    )%

     

     

    (27

    )%

    Non-GAAP professional services gross margin

     

    (1

    )%

     

     

    (1

    )%

     

     

    (7

    )%

     

     

    (3

    )%

    ZUORA, INC.

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

    (in thousands, except percentages)

    (unaudited)

     

    Total Gross Margin

     

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Reconciliation of gross profit:

     

     

     

     

     

     

     

    GAAP gross profit

    $

    78,592

     

     

    $

    74,821

     

     

    $

    231,404

     

     

    $

    210,837

     

    Add:

     

     

     

     

     

     

     

    Stock-based compensation

     

    4,929

     

     

     

    5,097

     

     

     

    13,650

     

     

     

    15,886

     

    Amortization of acquired intangibles

     

    1,164

     

     

     

    607

     

     

     

    2,706

     

     

     

    2,083

     

    Workforce reductions

     

    228

     

     

     

    —

     

     

     

    801

     

     

     

    84

     

    Acquisition-related expenses

     

    34

     

     

     

    —

     

     

     

    125

     

     

     

    —

     

    Asset impairment

     

    —

     

     

     

    439

     

     

     

    —

     

     

     

    439

     

    Shareholder matters

     

    —

     

     

     

    —

     

     

     

    48

     

     

     

    —

     

    Non-GAAP gross profit

    $

    84,947

     

     

    $

    80,964

     

     

    $

    248,734

     

     

    $

    229,329

     

    GAAP gross margin

     

    67

    %

     

     

    68

    %

     

     

    68

    %

     

     

    66

    %

    Non-GAAP gross margin

     

    73

    %

     

     

    74

    %

     

     

    73

    %

     

     

    71

    %

    Operating (Loss) Income and Operating Margin

     

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Reconciliation of (loss) income from operations:

     

     

     

     

     

     

     

    GAAP loss from operations

    $

    (11,718

    )

     

    $

    (8,821

    )

     

    $

    (25,379

    )

     

    $

    (47,239

    )

    Add:

     

     

     

     

     

     

     

    Stock-based compensation

     

    24,933

     

     

     

    26,101

     

     

     

    69,102

     

     

     

    77,973

     

    Acquisition-related expenses

     

    10,299

     

     

     

    19

     

     

     

    17,100

     

     

     

    211

     

    Amortization of acquired intangibles

     

    1,164

     

     

     

    607

     

     

     

    2,706

     

     

     

    2,083

     

    Workforce reductions

     

    241

     

     

     

    —

     

     

     

    1,518

     

     

     

    265

     

    Shareholder matters

     

    181

     

     

     

    (3,508

    )

     

     

    4,240

     

     

     

    (3,265

    )

    Asset impairment

     

    —

     

     

     

    1,592

     

     

     

    —

     

     

     

    1,592

     

    Non-GAAP income from operations

    $

    25,100

     

     

    $

    15,990

     

     

    $

    69,287

     

     

    $

    31,620

     

    GAAP operating margin

     

    (10

    )%

     

     

    (8

    )%

     

     

    (7

    )%

     

     

    (15

    )%

    Non-GAAP operating margin

     

    21

    %

     

     

    15

    %

     

     

    20

    %

     

     

    10

    %

    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

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Reconciliation of net (loss) income:

     

     

     

     

     

     

     

    GAAP net loss

    $

    (32,206

    )

     

    $

    (5,502

    )

     

    $

    (53,135

    )

     

    $

    (47,359

    )

    Add:

     

     

     

     

     

     

     

    Stock-based compensation

     

    24,933

     

     

     

    26,101

     

     

     

    69,102

     

     

     

    77,973

     

    Change in fair value of debt derivative and warrant liabilities

     

    20,174

     

     

     

    (6,997

    )

     

     

    29,115

     

     

     

    (2,241

    )

    Acquisition-related expenses

     

    10,299

     

     

     

    19

     

     

     

    17,100

     

     

     

    211

     

    Amortization of acquired intangibles

     

    1,164

     

     

     

    607

     

     

     

    2,706

     

     

     

    2,083

     

    Workforce reductions

     

    241

     

     

     

    —

     

     

     

    1,518

     

     

     

    265

     

    Shareholder matters

     

    181

     

     

     

    (3,508

    )

     

     

    4,240

     

     

     

    (3,265

    )

    Asset impairment

     

    —

     

     

     

    1,592

     

     

     

    —

     

     

     

    1,592

     

    Non-GAAP net income

    $

    24,786

     

     

    $

    12,312

     

     

    $

    70,646

     

     

    $

    29,259

     

    GAAP net loss per share, basic and diluted1

    $

    (0.21

    )

     

    $

    (0.04

    )

     

    $

    (0.36

    )

     

    $

    (0.34

    )

    Non-GAAP net income per share, basic and diluted1

    $

    0.16

     

     

    $

    0.09

     

     

    $

    0.47

     

     

    $

    0.21

     

    _________________________________

    (1) For the three months ended October 31, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 152.3 million and 141.5 million basic and diluted weighted-average shares of common stock, respectively. For the nine months ended October 31, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 149.5 million and 138.8 million basic and diluted weighted-average shares of common stock, respectively.

    Adjusted Free Cash Flow

     

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Reconciliation of adjusted free cash flow:

     

     

     

     

     

     

     

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

    $

    22,408

     

     

    $

    (55,657

    )

     

    $

    66,710

     

     

    $

    (35,676

    )

    Add:

     

     

     

     

     

     

     

    Acquisition-related expenses

     

    5,587

     

     

     

    28

     

     

     

    7,300

     

     

     

    135

     

    Shareholder matters

     

    824

     

     

     

    71,377

     

     

     

    4,379

     

     

     

    72,130

     

    Less:

     

     

     

     

     

     

     

    Purchases of property and equipment

     

    (3,330

    )

     

     

    (3,075

    )

     

     

    (9,252

    )

     

     

    (6,913

    )

    Adjusted free cash flow (non-GAAP)

    $

    25,489

     

     

    $

    12,673

     

     

    $

    69,137

     

     

    $

    29,676

     

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

    $

    18,999

     

     

    $

    2,005

     

     

    $

    (51,852

    )

     

    $

    97,026

     

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

    $

    (1,295

    )

     

    $

    145,899

     

     

    $

    6,306

     

     

    $

    151,626

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241209614914/en/

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      Zuora Connector for Workday Financial Management integrates its monetization suite with Workday's comprehensive suite of financial management solutions Zuora, Inc. (NYSE:ZUO), a leading monetization suite for modern business, today announced it has signed a partnership agreement with Workday, Inc. (NASDAQ:WDAY), a leading provider of solutions to help organizations manage their people and money. Fewer than one-third of enterprises have fully automated order-to-cash, and 54% of CFOs agree that legacy ERP systems are not flexible enough to meet the demands of today's business environment. By utilizing the certified Zuora Connector for Workday Financial Management, businesses can significa

      1/14/25 9:00:00 AM ET
      $WDAY
      $ZUO
      EDP Services
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      Computer Software: Prepackaged Software

    $ZUO
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    • Zuora Reports Third Quarter Fiscal 2025 Results

      Zuora, Inc. (NYSE:ZUO), a leading monetization suite for modern business, today announced financial results for its fiscal third quarter ended October 31, 2024. Third Quarter Fiscal 2025 Financial Results: Revenue: Subscription revenue was $105.3 million, an increase of 7% year-over-year. Total revenue was $116.9 million, an increase of 6% year-over-year. GAAP Loss from Operations: GAAP loss from operations was $11.7 million, compared to a loss from operations of $8.8 million in the third quarter of fiscal 2024. Non-GAAP Income from Operations: Non-GAAP income from operations was $25.1 million, compared to non-GAAP income from operations of $16.0 million in the third quarter of f

      12/9/24 4:10:00 PM ET
      $ZUO
      Computer Software: Prepackaged Software
      Technology
    • Zuora Reports Second Quarter Fiscal 2025 Results

      Subscription revenue grew 9% year-over-year GAAP operating margin increased 8 percentage points year-over-year Non-GAAP operating margin increased 13 percentage points year-over-year Operating cash flow increased to $11.4 million compared to $5.4 million last year Adjusted free cash flow increased to $12.2 million compared to $4.0 million last year Zuora, Inc. (NYSE:ZUO), a leading monetization suite for modern business, today announced financial results for its fiscal second quarter ended July 31, 2024. "I'm proud of our ZEOs for delivering a solid second quarter," said Tien Tzuo, Founder and CEO at Zuora. "From our install base to the analyst community, we continue to be recognized fo

      8/21/24 4:08:00 PM ET
      $ZUO
      Computer Software: Prepackaged Software
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    • Zuora Announces Date for Its Second Quarter Fiscal 2025 Earnings Conference Call

      Zuora, Inc. (NYSE:ZUO), a leading monetization suite for modern business, today announced that it will report financial results for its second quarter fiscal 2025 ended on July 31, 2024 following the close of market on August 21, 2024. On that day, Zuora's management team will hold a conference call and webcast at 2:00 p.m. PT / 5:00 p.m. ET to discuss Zuora's financial results and business highlights. Event: Zuora Second Quarter Fiscal 2025 Earnings Conference Call When: Wednesday, August 21, 2024 Time: 2:00 p.m. PT / 5:00 p.m. ET Participant Toll-Free Dial-In Number: 1 (888) 596-4144 Participant Toll Dial-In Number: 1 (646) 968-2525 Conference ID: 8022374 Replay: 1 (800) 770-2030 or 1 (

      8/15/24 8:00:00 AM ET
      $ZUO
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    • SEC Form 4 filed by Director Slaa Ii (Gp), L.L.C.

      4 - ZUORA INC (0001423774) (Issuer)

      2/19/25 4:30:10 PM ET
      $ZUO
      Computer Software: Prepackaged Software
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    • Director Clayton Laura A. returned $755,350 worth of shares to the company (75,535 units at $10.00), closing all direct ownership in the company (SEC Form 4)

      4 - ZUORA INC (0001423774) (Issuer)

      2/14/25 4:06:00 PM ET
      $ZUO
      Computer Software: Prepackaged Software
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    • CLO and Corp. Secretary Cohen Andrew M. returned $1,935,270 worth of shares to the company (193,527 units at $10.00), closing all direct ownership in the company (SEC Form 4)

      4 - ZUORA INC (0001423774) (Issuer)

      2/14/25 4:05:58 PM ET
      $ZUO
      Computer Software: Prepackaged Software
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    $ZUO
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    • Zuora downgraded by Craig Hallum with a new price target

      Craig Hallum downgraded Zuora from Buy to Hold and set a new price target of $10.00

      7/8/24 8:18:06 AM ET
      $ZUO
      Computer Software: Prepackaged Software
      Technology
    • Zuora upgraded by Goldman with a new price target

      Goldman upgraded Zuora from Neutral to Buy and set a new price target of $12.00 from $10.00 previously

      1/23/24 8:15:34 AM ET
      $ZUO
      Computer Software: Prepackaged Software
      Technology
    • Robert W. Baird initiated coverage on Zuora with a new price target

      Robert W. Baird initiated coverage of Zuora with a rating of Neutral and set a new price target of $12.00

      7/13/23 7:37:46 AM ET
      $ZUO
      Computer Software: Prepackaged Software
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    $ZUO
    Large Ownership Changes

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    • SEC Form SC 13D filed by Zuora Inc.

      SC 13D - ZUORA INC (0001423774) (Subject)

      10/23/24 8:17:13 PM ET
      $ZUO
      Computer Software: Prepackaged Software
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    • Amendment: SEC Form SC 13D/A filed by Zuora Inc.

      SC 13D/A - ZUORA INC (0001423774) (Subject)

      10/17/24 9:47:27 PM ET
      $ZUO
      Computer Software: Prepackaged Software
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    • SEC Form SC 13G/A filed by Zuora Inc. (Amendment)

      SC 13G/A - ZUORA INC (0001423774) (Subject)

      6/10/24 3:02:07 PM ET
      $ZUO
      Computer Software: Prepackaged Software
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