Q4 2024 Backblaze Inc Earnings Call Transcript
Key Points
- Backblaze Inc (BLZE) reported an 18% year-over-year revenue growth, with B2 Cloud Storage growing by 22%.
- The company achieved a record sales booking quarter, surpassing the combined total of the previous three quarters.
- Backblaze Inc (BLZE) successfully completed an oversubscribed secondary offering, raising $37 million in net proceeds.
- The company has made significant progress in its go-to-market transformation, with ARR win rates and sales productivity doubling year-over-year.
- Backblaze Inc (BLZE) is seeing strong momentum in its AI customer segment, with a tenfold increase in data stored by AI companies.
- The consumer side of the computer backup business is in a long-term secular decline.
- Despite improvements, the company still reported negative adjusted free cash flows for the full year.
- Backblaze Inc (BLZE) experienced a larger customer loss in Q1, impacting growth numbers.
- The company faces competition from major cloud providers like Amazon, Google, and Microsoft, as well as other storage offerings from partners.
- There is a lag in translating leading indicators from the go-to-market transformation into revenue due to the nature of the business.
Thank you for standing by. And at this time, I would like to welcome everyone to today's Backblaze's fourth quarter and full-year 2024 earnings call. (Operator Instructions) After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)
I would now like to turn the call over to Mimi Kong, Head of Investor Relations. Please go ahead.
Thank you. Good afternoon, and welcome to Backblaze's fourth quarter full-year 2024 earnings call. On the call with me today are Gleb Budman Co-Founder, CEO and Chairperson of the Board; and Marc Suidan, Chief Financial Officer. Today, Backblaze will discuss the financial results that were distributed earlier this afternoon. Statements on this call include forward-looking statements about our future financial results, the impact of our [go-to-market] transformation, sales and marketing initiatives, cost-saving initiatives, results from new features, the impact of price changes, our ability to compete effectively and manage our
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