ZUORA INC: restructuring charge — Zuora Q3 FY2023 revenue $101.1M (+13% YoY); workforce reduction of 11%

Total revenue was $101.1 million, an increase of 13% year-over-year and 17% on a constant currency basis. • GAAP Loss from Operations: GAAP loss from operations was $33.9 million, compared to a loss from operations of $21.6 million in the third quarter of fiscal 2022. • Non-GAAP Income (Loss) from Operations: Non-GAAP income from operations was $0.6 million, compared to a non-GAAP loss from operations of $1.2 million in the third quarter of fiscal 2022. • GAAP Net Loss: GAAP net loss was $37.0 million, or 37% of revenue, compared to a net loss of $22.9 million, or 26% of revenue, in the third quarter of fiscal 2022. GAAP net loss per share was $0.28 based on 132.6 million weighted-average shares outstanding, compared to a net loss per share of $0.18 based on 125.1 million weighted-average shares outstanding in the third quarter of fiscal 2022.

On November 30, 2022, Zuora committed to a workforce reduction plan, impacting 11% of our workforce, to improve operational efficiencies and operating costs and better align our workforce with current business needs, priorities, and near term growth expectations, in light of macroeconomic uncertainties. We expect to incur charges of approximately $9.5 million consisting primarily of termination benefits to the impacted employees, including severance payments and healthcare benefits.