Le Lézard
Classified in: Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Box Reports Strong Fiscal First Quarter 2023 Financial Results


Box, Inc. (NYSE:BOX), the leading Content Cloud, today announced preliminary financial results for the first quarter of fiscal year 2023, which ended April 30, 2022.

"Our strong first quarter results demonstrate the continued execution of our growth strategy as we execute against a $74 billion market opportunity," said Aaron Levie, co-founder and CEO of Box. "Today, more customers than ever are leveraging our Content Cloud to transform their businesses. Our product strategy is to build on this momentum by adding new capabilities that further expand the value and impact of Box, powering the full lifecycle of content for our customers in a single, secure cloud platform. The announcement in Q1 of Box Canvas, our native real-time visual collaboration and virtual white boarding solution, is the latest example of our innovation and industry leadership as we shape the future of work."

"We had an excellent start to the year, with a fifth consecutive quarter of accelerating revenue growth," said Dylan Smith, co-founder and CFO of Box. "Our strong multi-product suites momentum drove a Net Retention Rate of 111%, up 800 basis points from 103% in the year ago period. Despite significant FX headwinds, our underlying business remains strong as we continue to execute on our Content Cloud platform strategy to ensure that we will drive further annual revenue acceleration and continued margin expansion in FY23."

Fiscal First Quarter Financial Highlights

For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the section titled, "About Non-GAAP Financial Measures and Other Key Metrics," and the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures at the end of this press release.

Business Highlights Since Last Earnings Release

Outlook

The following guidance includes GAAP and non-GAAP financial measures. Since March 2, 2022, the U.S. dollar has strengthened resulting in a larger foreign exchange ("FX") headwind in both Q2 FY23 and full year FY23 (total FX impact estimated to be approximately a 3 percentage point currency headwind for FY23 revenue growth and a $0.14 currency headwind to FY23 GAAP and non-GAAP EPS). The guidance provided includes the impact of any FX headwinds in the period.

Q2 FY23 Guidance

Full Year FY23 Guidance

All forward-looking non-GAAP financial measures contained in this section titled "Outlook" exclude estimates for stock-based compensation expense, intangible assets amortization, and as applicable, other special items. Box has provided a reconciliation of GAAP to non-GAAP net income (loss) per share guidance at the end of this press release.

Webcast and Conference Call Information

Box's management team will host a conference call today beginning at 2:00 PM (PT) / 5:00 PM (ET) to discuss Box's financial results, business highlights and future outlook. A live audio webcast of this call will be available through Box's Investor Relations website at www.box.com/investors for a period of 90 days after the date of the call. Prepared remarks will be available on the Box Investor Relations website after the call ends.

The conference call can be accessed by registering online at https://conferencingportals.com/event/xgkBSAEo at which time registrants will receive dial-in information as well as a passcode and registrant ID. A telephonic replay of the call will be available approximately two hours after the call and will run for one week. The replay can be accessed by dialing:

+ 1-800-770-2030 (toll-free), conference ID: 23531

+ 1-647-362-9199 (toll), conference ID: 23531

Box has used, and intends to continue to use, its Investor Relations website (www.box.com/investors), as well as certain Twitter accounts (@box, @levie and @boxincir), as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Information on or that can be accessed through Box's Investor Relations website, these Twitter accounts, or that is contained in any website to which a hyperlink is provided herein is not part of this press release, and the inclusion of Box's Investor Relations website address, these Twitter accounts, and any hyperlinks are only inactive textual references.

This press release, the financial tables, as well as other supplemental information including the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures, are also available on Box's Investor Relations website. Box also provides investor information, including news and commentary about Box's business and financial performance, Box's filings with the Securities and Exchange Commission, notices of investor events and Box's press and earnings releases, on Box's Investor Relations website.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties, and assumptions, including statements regarding Box's expectations regarding the size of its market opportunity, sales productivity, its leadership position in the cloud content management market, the demand for its products, the timing of recent and planned product introductions, enhancements and integrations, the short- and long-term success, market adoption and retention, capabilities, and benefits of such product introductions and enhancements, the success of strategic partnerships, the impact of its acquisitions on future Box product offerings, the benefits to its customers from completing acquisitions, the time needed to integrate acquired businesses into Box, the impact of the COVID-19 pandemic or the Russian invasion of Ukraine on its business, its ability to grow and scale its business and drive operating efficiencies, the impact of fluctuations in foreign currency exchange rates on its future results, its net retention rate, its ability to achieve revenue targets and billings expectations, its revenue and billings growth rates, its ability to expand operating margins, its revenue growth rate plus free cash flow margin in fiscal year 2023 and beyond, its long-term financial targets for fiscal year 2025 and beyond, its ability to achieve profitability on a quarterly or ongoing basis, its free cash flow, its ability to continue to grow unrecognized revenue and remaining performance obligations, its revenue, billings, GAAP and non-GAAP gross margin, GAAP and non-GAAP net income (loss) per share, GAAP and non-GAAP operating margins, the related components of GAAP and non-GAAP net income (loss) per share, weighted-average outstanding share count expectations for Box's fiscal second quarter and full fiscal year 2023 in the section titled "Outlook" above, equity burn rate, any potential repurchase of its common stock, whether, when, in what amount and by what method any such repurchase would be consummated, and the share price of any such repurchase. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: (1) adverse changes in general economic or market conditions, including those caused by the COVID-19 pandemic, the Russian invasion of Ukraine, inflation, and fluctuations in foreign currency exchange rates; (2) delays or reductions in information technology spending; (3) factors related to Box's highly competitive market, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by Box's current or future competitors; (4) the development of the cloud content management market; (5) the risk that Box's customers do not renew their subscriptions, expand their use of Box's services, or adopt new products offered by Box on a timely basis, or at all; (6) Box's ability to provide timely and successful enhancements, integrations, new features and modifications to its platform and services; (7) actual or perceived security vulnerabilities in Box's services or any breaches of Box's security controls; (8) Box's ability to realize the expected benefits of its third-party partnerships; and (9) Box's ability to successfully integrate acquired businesses and achieve the expected benefits from those acquisitions. In addition, the preliminary financial results set forth in this release are estimates based on information currently available to Box. While Box believes these estimates are meaningful, they could differ from the actual amounts that Box ultimately reports in its Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2022. Box assumes no obligations and does not intend to update these estimates prior to filing its Form 10-Q for the fiscal quarter ended April 30, 2022.

Additional information on potential factors that could affect Box's financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings Box makes with the Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K filed for the fiscal year ended January 31, 2022. These documents are available on the SEC Filings section of Box's Investor Relations website located at www.box.com/investors. Box does not assume any obligation to update the forward-looking statements contained in this press release to reflect events that occur or circumstances that exist after the date on which they were made.

About Non-GAAP Financial Measures and Other Key Metrics

To supplement Box's consolidated financial statements, which are prepared and presented in accordance with GAAP, Box provides investors with certain non-GAAP financial measures and other key metrics, including non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, billings, remaining performance obligations, and free cash flow. The presentation of these non-GAAP financial measures and key metrics is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures and key metrics, please see the reconciliation of these non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures at the end of this press release.

Box uses these non-GAAP financial measures and key metrics for financial and operational decision-making (including for purposes of determining variable compensation of members of management and other employees) and as a means to evaluate period-to-period comparisons. Box's management believes that these non-GAAP financial measures and key metrics provide meaningful supplemental information regarding Box's performance by excluding certain expenses that may not be indicative of Box's recurring core business operating results. Box believes that both management and investors benefit from referring to these non-GAAP financial measures and key metrics in assessing Box's performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures and key metrics also facilitate management's internal comparisons to Box's historical performance as well as comparisons to Box's competitors' operating results. Box believes these non-GAAP financial measures and key metrics are useful to investors both because they (1) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) are used by Box's institutional investors and the analyst community to help them analyze the health of Box's business.

A limitation of non-GAAP financial measures and key metrics is that they do not have uniform definitions. Further, Box's definitions will likely differ from the definitions used by other companies, including peer companies, and therefore comparability may be limited. Thus, Box's non-GAAP financial measures and key metrics should be considered in addition to, and not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. Additionally, in the case of stock-based compensation expense, if Box did not pay a portion of compensation in the form of stock-based compensation expense, the cash salary expense included in cost of revenue and operating expenses would be higher, which would affect Box's cash position. The accompanying tables have more details on the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures.

Non-GAAP operating income (loss) and non-GAAP operating margin. Box defines non-GAAP operating income (loss) as operating income (loss) excluding expenses related to stock-based compensation ("SBC"), intangible assets amortization, and as applicable, other special items. Non-GAAP operating margin is defined as non-GAAP operating income (loss) divided by revenue. Although SBC is an important aspect of the compensation of Box's employees and executives, determining the fair value of certain of the stock-based instruments Box utilizes involves a high degree of judgment and estimation and the expense recorded may bear little resemblance to the actual value realized upon the vesting or future exercise of the related stock-based awards. Management believes it is useful to exclude SBC in order to better understand the long-term performance of Box's core business and to facilitate comparison of Box's results to those of peer companies. Management also views amortization of acquired intangible assets, such as the amortization of the cost associated with an acquired company's developed technology and trade names, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense that is not typically affected by operations during any particular period. Furthermore, Box excludes the following expenses as they are considered by management to be special items outside of Box's core operating results: (1) fees related to shareholder activism (2) expenses related to certain litigation, (3) expenses associated with restructuring activities, consisting primarily of severance and other personnel-related costs, and (4) expenses related to acquisitions, including transaction and discrete tax costs. There are no expenses related to litigation excluded from non-GAAP operating income (loss) in any of the periods presented.

Non-GAAP net income (loss) and non-GAAP net income (loss) per share. Box defines non-GAAP net income (loss) as GAAP net income (loss) excluding expenses related to SBC, intangible assets amortization, and as applicable, other special items as described in the preceding paragraph. Box defines non-GAAP net income (loss) per share as non-GAAP net income (loss) divided by the weighted-average outstanding shares.

Billings. Billings reflect, in any particular period, (1) sales to new customers, plus (2) subscription renewals and (3) expansion within existing customers, and represent amounts invoiced for all products and professional services. Box calculates billings for a period by adding changes in deferred revenue and contract assets in that period to revenue. Box believes that billings help investors better understand sales activity for a particular period, which is not necessarily reflected in revenue as a result of the fact that Box recognizes subscription revenue ratably over the subscription term. Box considers billings a significant performance measure. Box monitors billings to manage the business, make planning decisions, evaluate performance and allocate resources. Box believes that billings offers valuable supplemental information regarding the performance of the business and helps investors better understand the sales volumes and performance of the business. Although Box considers billings to be a significant performance measure, Box does not consider it to be a non-GAAP financial measure because it is calculated using exclusively revenue, deferred revenue, and contract assets, all of which are financial measures calculated in accordance with GAAP.

Remaining performance obligations. Remaining performance obligations ("RPO") represent, at a point in time, contracted revenue that has not yet been recognized. RPO consists of deferred revenue and backlog, offset by contract assets. Backlog is defined as non-cancellable contracts deemed certain to be invoiced and recognized as revenue in future periods. Future invoicing is determined to be certain when we have an executed non-cancellable contract and invoicing is not dependent on a future event such as the delivery of a specific new product or feature, or the achievement of contractual contingencies. While Box believes RPO is a leading indicator of revenue as it represents sales activity not yet recognized in revenue, it is not necessarily indicative of future revenue growth as it is influenced by several factors, including seasonality, contract renewal timing, average contract terms and foreign currency exchange rates. Box monitors RPO to manage the business and evaluate performance. Box considers RPO to be a significant performance measure. Box does not consider RPO to be a non-GAAP financial measure because it is calculated in accordance with GAAP, specifically under ASC Topic 606.

Free cash flow. Box defines free cash flow as cash flows from operating activities less purchases of property and equipment, principal payments of finance lease liabilities, capitalized internal-use software costs, and other items that did not or are not expected to require cash settlement and that management considers to be outside of Box's core business. Box specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Box considers free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Box's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

About Box

Box (NYSE:BOX) is the leading Content Cloud, a single platform that empowers organizations to manage the entire content lifecycle, work securely from anywhere, and integrate across best-of-breed apps. Founded in 2005, Box simplifies work for leading global organizations, including AstraZeneca, JLL, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions.

BOX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

(Unaudited)

 

 

April 30,

 

 

January 31,

 

 

 

2022

 

 

2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

391,377

 

 

$

416,274

 

Short-term investments

 

 

127,889

 

 

 

170,000

 

Accounts receivable, net

 

 

117,146

 

 

 

256,312

 

Prepaid expenses and other current assets

 

 

33,987

 

 

 

27,953

 

Deferred commissions

 

 

45,021

 

 

 

46,025

 

Total current assets

 

 

715,420

 

 

 

916,564

 

Property and equipment, net

 

 

92,043

 

 

 

105,755

 

Operating lease right-of-use assets, net

 

 

163,674

 

 

 

172,808

 

Goodwill

 

 

72,855

 

 

 

74,466

 

Deferred commissions, non-current

 

 

69,335

 

 

 

72,884

 

Other long-term assets

 

 

58,260

 

 

 

49,532

 

Total assets

 

$

1,171,587

 

 

$

1,392,009

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable, accrued expenses and other current liabilities

 

$

46,459

 

 

$

58,942

 

Accrued compensation and benefits

 

 

23,972

 

 

 

54,705

 

Finance lease liabilities

 

 

38,455

 

 

 

41,235

 

Operating lease liabilities

 

 

45,741

 

 

 

44,608

 

Deferred revenue

 

 

458,084

 

 

 

519,485

 

Total current liabilities

 

 

612,711

 

 

 

718,975

 

Debt, net, non-current

 

 

367,934

 

 

 

367,463

 

Finance lease liabilities, non-current

 

 

13,278

 

 

 

20,836

 

Operating lease liabilities, non-current

 

 

156,096

 

 

 

168,192

 

Deferred revenue, non-current

 

 

10,266

 

 

 

14,757

 

Other long-term liabilities

 

 

6,916

 

 

 

8,993

 

Total liabilities

 

 

1,167,201

 

 

 

1,299,216

 

Series A convertible preferred stock

 

 

488,351

 

 

 

487,880

 

Stockholders' deficit:

 

 

 

 

 

 

Common stock

 

 

15

 

 

 

15

 

Additional paid-in capital

 

 

892,067

 

 

 

972,020

 

Accumulated other comprehensive loss

 

 

(8,769

)

 

 

(4,543

)

Accumulated deficit

 

 

(1,367,278

)

 

 

(1,362,579

)

Total stockholders' deficit

 

 

(483,965

)

 

 

(395,087

)

Total liabilities, convertible preferred stock and stockholders' deficit

 

$

1,171,587

 

 

$

1,392,009

 

BOX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, Except Per Share Data)

(Unaudited)

 

 

Three Months Ended

 

 

 

April 30,

 

 

 

2022

 

 

2021

 

Revenue

 

$

238,432

 

 

$

202,441

 

Cost of revenue (1)

 

 

62,209

 

 

 

60,947

 

Gross profit

 

 

176,223

 

 

 

141,494

 

Operating expenses:

 

 

 

 

 

 

Research and development (1)

 

 

61,733

 

 

 

50,859

 

Sales and marketing (1)

 

 

83,067

 

 

 

69,811

 

General and administrative (1)

 

 

30,799

 

 

 

31,087

 

Total operating expenses

 

 

175,599

 

 

 

151,757

 

Income (loss) from operations

 

 

624

 

 

 

(10,263

)

Interest and other expense, net

 

 

(4,157

)

 

 

(3,999

)

Loss before provision for income taxes

 

 

(3,533

)

 

 

(14,262

)

Provision for income taxes

 

 

1,166

 

 

 

311

 

Net loss

 

$

(4,699

)

 

$

(14,573

)

Dividend on series A convertible preferred stock

 

 

(3,695

)

 

 

?

 

Accretion of series A convertible preferred stock

 

 

(527

)

 

 

?

 

Net loss attributable to common stockholders

 

$

(8,921

)

 

$

(14,573

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.06

)

 

$

(0.09

)

Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted

 

 

144,725

 

 

 

161,733

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation expense as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

April 30,

 

 

 

2022

 

 

2021

 

Cost of revenue

 

$

4,355

 

 

$

5,340

 

Research and development

 

 

17,726

 

 

 

15,453

 

Sales and marketing

 

 

15,289

 

 

 

11,551

 

General and administrative

 

 

9,740

 

 

 

9,446

 

Total stock-based compensation

 

$

47,110

 

 

$

41,790

 

BOX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

(Unaudited)

 

 

Three Months Ended

 

 

 

April 30,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(4,699

)

 

$

(14,573

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

18,536

 

 

 

19,380

 

Stock-based compensation expense

 

 

47,110

 

 

 

41,790

 

Amortization of deferred commissions

 

 

13,145

 

 

 

10,517

 

Other

 

 

299

 

 

 

443

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

136,876

 

 

 

116,835

 

Prepaid expenses and other assets

 

 

(15,368

)

 

 

(8,816

)

Deferred commissions

 

 

(9,059

)

 

 

(7,927

)

Operating lease right-of-use assets, net

 

 

9,992

 

 

 

10,852

 

Accounts payable, accrued expenses and other liabilities

 

 

(18,450

)

 

 

(11,906

)

Operating lease liabilities

 

 

(11,866

)

 

 

(13,927

)

Deferred revenue

 

 

(58,786

)

 

 

(47,896

)

Net cash provided by operating activities

 

 

107,730

 

 

 

94,772

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of short-term investments

 

 

(37,883

)

 

 

(50,000

)

Maturities of short-term investments

 

 

80,000

 

 

 

?

 

Purchases of property and equipment, net of sale proceeds

 

 

(558

)

 

 

(1,145

)

Capitalized internal-use software costs

 

 

(2,532

)

 

 

(1,178

)

Acquisitions, net of cash acquired

 

 

(300

)

 

 

(56,642

)

Other

 

 

(315

)

 

 

?

 

Net cash provided by (used in) investing activities

 

 

38,412

 

 

 

(108,965

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Repurchases of common stock

 

 

(117,240

)

 

 

?

 

Payments of dividends to preferred stockholders

 

 

(3,750

)

 

 

?

 

Proceeds from issuances of common stock under employee equity plans

 

 

14,464

 

 

 

13,866

 

Employee payroll taxes paid for net settlement of stock awards

 

 

(41,839

)

 

 

(15,684

)

Principal payments of finance lease liabilities

 

 

(11,503

)

 

 

(13,262

)

Other

 

 

(2,323

)

 

 

(3,768

)

Net cash used in financing activities

 

 

(162,191

)

 

 

(18,848

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

 

(8,501

)

 

 

(211

)

Net decrease in cash, cash equivalents, and restricted cash

 

 

(24,550

)

 

 

(33,252

)

Cash, cash equivalents, and restricted cash, beginning of period

 

 

416,888

 

 

 

595,511

 

Cash, cash equivalents, and restricted cash, end of period

 

$

392,338

 

 

$

562,259

 

BOX, INC.

RECONCILIATION OF GAAP TO NON-GAAP DATA

(In Thousands, Except Per Share Data and Percentages)

(Unaudited)

 

 

Three Months Ended

 

 

 

April 30,

 

 

 

 

2022

 

 

 

2021

 

 

GAAP gross profit

 

$

176,223

 

 

 

$

141,494

 

 

Stock-based compensation

 

 

4,355

 

 

 

 

5,340

 

 

Acquired intangible assets amortization

 

 

1,452

 

 

 

 

901

 

 

Non-GAAP gross profit

 

$

182,030

 

 

 

$

147,735

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

73.9

 

%

 

 

69.9

 

%

Stock-based compensation

 

 

1.8

 

 

 

 

2.6

 

 

Acquired intangible assets amortization

 

 

0.6

 

 

 

 

0.5

 

 

Non-GAAP gross margin

 

 

76.3

 

%

 

 

73.0

 

%

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

 

$

624

 

 

 

$

(10,263

)

 

Stock-based compensation

 

 

47,110

 

 

 

 

41,790

 

 

Acquired intangible assets amortization

 

 

1,452

 

 

 

 

901

 

 

Acquisition-related expenses

 

 

53

 

 

 

 

920

 

 

Fees related to shareholder activism

 

 

(77

)

 

 

 

1,050

 

 

Non-GAAP operating income

 

$

49,162

 

 

 

$

34,398

 

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

 

0.3

 

%

 

 

(5.1

)

%

Stock-based compensation

 

 

19.7

 

 

 

 

20.6

 

 

Acquired intangible assets amortization

 

 

0.6

 

 

 

 

0.5

 

 

Acquisition-related expenses

 

 

?

 

 

 

 

0.5

 

 

Fees related to shareholder activism

 

 

?

 

 

 

 

0.5

 

 

Non-GAAP operating margin

 

 

20.6

 

%

 

 

17.0

 

%

 

 

 

 

 

 

 

 

 

GAAP net loss attributable to common stockholders

 

$

(8,921

)

 

 

$

(14,573

)

 

Stock-based compensation

 

 

47,110

 

 

 

 

41,790

 

 

Acquired intangible assets amortization

 

 

1,452

 

 

 

 

901

 

 

Acquisition-related expenses

 

 

53

 

 

 

 

920

 

 

Fees related to shareholder activism

 

 

(77

)

 

 

 

1,050

 

 

Amortization of debt issuance costs

 

 

471

 

 

 

 

469

 

 

Undistributed earnings attributable to preferred stockholders

 

 

(4,552

)

 

 

 

?

 

 

Non-GAAP net income attributable to common stockholders

 

$

35,536

 

 

 

$

30,557

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss per share attributable to common stockholders, basic and diluted

 

$

(0.06

)

 

 

$

(0.09

)

 

Stock-based compensation

 

 

0.33

 

 

 

 

0.26

 

 

Acquired intangible assets amortization

 

 

0.01

 

 

 

 

?

 

 

Acquisition-related expenses

 

 

?

 

 

 

 

0.01

 

 

Fees related to shareholder activism

 

 

?

 

 

 

 

0.01

 

 

Amortization of debt issuance costs

 

 

?

 

 

 

 

?

 

 

Undistributed earnings attributable to preferred stockholders

 

 

(0.03

)

 

 

 

?

 

 

Non-GAAP net income per share attributable to common stockholders, basic

 

$

0.25

 

 

 

$

0.19

 

 

Non-GAAP net income per share attributable to common stockholders, diluted

 

$

0.23

 

 

 

$

0.18

 

 

Weighted-average shares used to compute GAAP net loss per share, basic and diluted

 

 

144,725

 

 

 

 

161,733

 

 

Weighted-average shares used to compute non-GAAP net income per share

 

 

 

 

 

 

 

 

Basic

 

 

144,725

 

 

 

 

161,733

 

 

Diluted

 

 

152,845

 

 

 

 

169,221

 

 

 

 

 

 

 

 

 

 

 

GAAP net cash provided by operating activities

 

$

107,730

 

 

 

$

94,772

 

 

Purchases of property and equipment, net of proceeds from sales

 

 

(558

)

 

 

 

(1,145

)

 

Principal payments of finance lease liabilities

 

 

(11,503

)

 

 

 

(13,262

)

 

Capitalized internal-use software costs

 

 

(4,805

)

 

 

 

(4,475

)

 

Non-GAAP free cash flow

 

$

90,864

 

 

 

$

75,890

 

 

GAAP net cash provided by (used in) investing activities

 

$

38,412

 

 

 

$

(108,965

)

 

GAAP net cash used in financing activities

 

$

(162,191

)

 

 

$

(18,848

)

 

BOX, INC.

RECONCILIATION OF GAAP REVENUE TO BILLINGS

(In Thousands)

(Unaudited)

 

 

Three Months Ended

 

 

 

April 30,

 

 

 

2022

 

 

2021

 

GAAP revenue

 

$

238,432

 

 

$

202,441

 

Deferred revenue, end of period

 

 

468,350

 

 

 

423,249

 

Less: deferred revenue, beginning of period

 

 

(534,242

)

 

 

(465,613

)

Contract assets, beginning of period

 

 

1,111

 

 

 

25

 

Less: contract assets, end of period

 

 

(1,491

)

 

 

(677

)

Billings

 

$

172,160

 

$

159,425

BOX, INC.

RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME PER SHARE GUIDANCE

(In Thousands, Except Per Share Data)

(Unaudited)

 

 

Three Months Ended

 

 

Fiscal Year Ended

 

 

 

July 31, 2022

 

 

January 31, 2022

 

GAAP net loss per share attributable to common stockholders range, basic and diluted

 

$

(0.02

)

-

$

(0.01

)

 

$

(0.05

)

-

$

(0.01

)

Stock-based compensation

 

 

0.32

 

 

 

0.32

 

 

 

1.29

 

 

 

1.29

 

Acquired intangible asset amortization

 

 

0.01

 

 

 

0.01

 

 

 

0.04

 

 

 

0.04

 

Amortization of debt issuance costs

 

 

?

 

 

 

?

 

 

 

0.01

 

 

 

0.01

 

Undistributed earnings attributable to preferred stockholders

 

 

(0.04

)

 

 

(0.04

)

 

 

(0.14

)

 

 

(0.14

)

Non-GAAP net income per share attributable to common stockholders range, basic

 

$

0.28

 

-

$

0.29

 

 

$

1.16

 

-

$

1.20

 

Non-GAAP net income per share attributable to common stockholders range, diluted

 

$

0.27

 

-

$

0.28

 

 

$

1.11

 

-

$

1.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used to compute GAAP net loss per share attributable to common stockholders, basic and diluted

 

 

 

 

 

145,700

 

 

 

 

 

 

147,000

 

Weighted-average shares used to compute non-GAAP net income per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

145,700

 

 

 

 

 

 

147,000

 

Diluted

 

 

 

 

 

152,000

 

 

 

 

 

 

153,500

 

Note: figures may not sum due to rounding.

BOX, INC.

RECONCILIATION OF GAAP TO NON-GAAP OPERATING MARGIN GUIDANCE

(Unaudited)

 

 

Three Months Ended

 

 

 

Fiscal Year Ended

 

 

 

 

July 31, 2022

 

 

 

January 31, 2022

 

 

GAAP operating margin

 

2.5

 

%

 

3.0

 

%

Stock-based compensation

 

19.0

 

 

 

19.0

 

 

Acquired intangible assets amortization

 

0.5

 

 

 

0.5

 

 

Non-GAAP operating margin

 

22.0

 

%

 

22.5

 

%

 


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