Le Lézard
Classified in: Science and technology, Business
Subjects: EARNINGS, Conference Call, Webcast

Box Reports Fiscal Fourth Quarter and Fiscal Year 2024 Financial Results


Box, Inc. (NYSE:BOX), the leading Content Cloud, today announced preliminary financial results for the fourth quarter and fiscal year 2024, which ended January 31, 2024.

"With advancements in AI, companies are accelerating their adoption of the cloud and transforming how they work with their content," said Aaron Levie, co-founder and CEO of Box. "Box is at the center of some of the most important trends in technology history as companies look to digitize and automate their businesses, accelerate innovation with the power of AI and protect their most important data. With Box AI and our exciting roadmap, we are uniquely positioned to enable enterprises to address these trends and power the full life cycle of work in the enterprise."

"In fiscal 2024 we surpassed a billion dollars in annual revenue and significantly expanded our operating margin," said Dylan Smith, co-founder and CFO of Box. "Despite the macroeconomic pressures on IT budgets that persisted throughout FY24, our operating discipline and efficient cost structure enable us to continue to make meaningful investments in our sales and marketing programs and product roadmap as we deliver the leading Content Cloud for the enterprise."

Fiscal Fourth Quarter Financial Highlights

Fiscal Year 2024 Financial Highlights

For the purpose of this press release, growth on a constant currency basis and impact from foreign exchange is determined by comparing current period reported results with the current results calculated using the equivalent rates in the prior period.

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.

Recent Business Highlights

Update on Share Repurchase Plan

On March 4, 2024, the Board of Directors authorized an expansion of its stock repurchase program by $100 million.

Outlook

As a reminder, approximately one third of Box's revenue is generated outside of the U.S., of which approximately 60% is in Japanese Yen. The following guidance includes the expected impact of FX headwinds, assuming present foreign currency exchange rates. Due to the strengthening of the U.S. dollar versus the Yen, we now expect FX to be a 170 basis point headwind to full fiscal year 2025 revenue growth, 70 basis points higher than our previous expectations. For full fiscal year 2025 GAAP and non-GAAP operating margin, we now expect FX to be a headwind slightly more than 100 basis points, incrementally higher than our previous expectations.

Additionally, as we have become consistently profitable in our international business, in the fourth quarter of fiscal year 2024 we released the valuation allowance against our deferred tax assets in the United Kingdom. Accordingly, in fiscal year 2025 we will be recognizing deferred tax expense in the United Kingdom. This non-cash expense is reflected in our GAAP and non-GAAP diluted net income per share guidance for the first quarter of fiscal year 2025 and full fiscal year 2025.

Q1 FY25 Guidance

Full Year FY25 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 per share and operating margin 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://events.q4inc.com/attendee/453103508 at which time registrants will receive dial-in information as well as a conference 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
+1-609-800-9909 (U.S. toll), conference ID: 23531
+ 1-647-362-9199 (Canada 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 X 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 X 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 X 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 its growth and profitability, the size of its market opportunity, its investments in go-to-market programs, the demand for its products, the potential of AI and its impact on Box, 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 macroeconomic conditions 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 2025 and beyond, its long-term financial targets, its ability to maintain 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 first quarter and full fiscal year 2025 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 Hamas-Israel and Russia-Ukraine conflicts, 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 Annual Report on Form 10-K for the fiscal year ended January 31, 2024. Box assumes no obligations and does not intend to update these estimates prior to filing its Form 10-K for the fiscal year ended January 31, 2024.

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 Quarterly Report on Form 10-Q filed for the fiscal quarter ended October 31, 2023. 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 gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss) attributable to common stockholders, non-GAAP net income (loss) per share attributable to common stockholders, billings, remaining performance obligations, non-GAAP free cash flow and free cash flow margin. 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 gross profit and non-GAAP gross margin. Box defines non-GAAP gross profit as GAAP gross profit excluding expenses related to stock-based compensation ("SBC") included in cost of revenue, intangible assets amortization, and as applicable, other special items. Non-GAAP gross margin is defined as non-GAAP gross profit 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 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. Box also excludes expenses associated with a non-recurring workforce reorganization from non-GAAP gross profit as they are considered by management to be special items outside of Box's core operating results.

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 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. 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 a non-recurring workforce reorganization, consisting primarily of severance and other personnel-related costs, and (4) expenses related to acquisitions.

Non-GAAP net income (loss) attributable to common stockholders and non-GAAP net income (loss) per share attributable to common stockholders. Box defines non-GAAP net income (loss) attributable to common stockholders as GAAP net income (loss) attributable to common stockholders excluding expenses related to SBC, intangible assets amortization, amortization of debt issuance costs, the income tax benefit from the release of a valuation allowance on deferred tax assets, undistributed earnings attributable to preferred stockholders, and as applicable, other special items as described in the preceding paragraph. Box defines non-GAAP net income (loss) per share attributable to common stockholders as non-GAAP net income (loss) attributable to common stockholders 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. 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 or a significant penalty that is due upon cancellation. 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.

Non-GAAP free cash flow and free cash flow margin. Box defines non-GAAP 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. Free cash flow margin is calculated as non-GAAP free cash flow divided by revenue. Box specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Box considers non-GAAP 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, Morgan Stanley, 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)

 

 

January 31,

 

 

January 31,

 

 

 

 

2024

 

 

2023

 

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

383,742

 

 

$

428,465

 

 

Short-term investments

 

 

96,948

 

 

 

32,783

 

 

Accounts receivable, net

 

 

281,487

 

 

 

264,515

 

 

Deferred commissions

 

 

45,817

 

 

 

48,040

 

 

Other current assets

 

 

34,186

 

 

 

32,960

 

 

Total current assets

 

 

842,180

 

 

 

806,763

 

 

Property and equipment, net

 

 

31,353

 

 

 

69,972

 

 

Operating lease right-of-use assets, net

 

 

99,354

 

 

 

131,172

 

 

Goodwill

 

 

76,750

 

 

 

73,863

 

 

Deferred commissions, non-current

 

 

63,541

 

 

 

71,999

 

 

Deferred tax assets

 

 

75,665

 

 

 

?

 

 

Other long-term assets

 

 

52,320

 

 

 

53,396

 

 

Total assets

 

$

1,241,163

 

 

$

1,207,165

 

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other current liabilities

 

$

52,737

 

 

$

79,810

 

 

Accrued compensation and benefits

 

 

36,872

 

 

 

44,086

 

 

Operating lease liabilities

 

 

26,812

 

 

 

47,752

 

 

Deferred revenue

 

 

562,859

 

 

 

544,179

 

 

Total current liabilities

 

 

679,280

 

 

 

715,827

 

 

Debt, net, non-current

 

 

370,822

 

 

 

369,351

 

 

Operating lease liabilities, non-current

 

 

94,165

 

 

 

118,001

 

 

Other long-term liabilities

 

 

35,863

 

 

 

37,847

 

 

Total liabilities

 

 

1,180,130

 

 

 

1,241,026

 

 

Series A convertible preferred stock

 

 

492,095

 

 

 

489,990

 

 

Stockholders' deficit:

 

 

 

 

 

 

 

Common stock

 

 

14

 

 

 

14

 

 

Additional paid-in capital

 

 

785,374

 

 

 

818,996

 

 

Accumulated other comprehensive loss

 

 

(9,686

)

 

 

(7,065

)

 

Accumulated deficit

 

 

(1,206,764

)

 

 

(1,335,796

)

 

Total stockholders' deficit

 

 

(431,062

)

 

 

(523,851

)

 

Total liabilities, convertible preferred stock and stockholders' deficit

 

$

1,241,163

 

 

$

1,207,165

 

 

BOX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)

 

 

Three Months Ended

 

 

Fiscal Year Ended

 

 

January 31,

 

 

January 31,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

Revenue

 

$

262,878

 

 

$

256,476

 

 

$

1,037,741

 

 

$

990,874

 

 

Cost of revenue (1)

 

 

62,721

 

 

 

61,014

 

 

 

260,612

 

 

 

252,556

 

 

Gross profit

 

 

200,157

 

 

 

195,462

 

 

 

777,129

 

 

 

738,318

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development (1)

 

 

61,907

 

 

 

60,724

 

 

 

248,767

 

 

 

243,529

 

 

Sales and marketing (1)

 

 

85,893

 

 

 

83,325

 

 

 

348,638

 

 

 

331,400

 

 

General and administrative (1)

 

 

31,193

 

 

 

31,703

 

 

 

128,971

 

 

 

126,549

 

 

Total operating expenses

 

 

178,993

 

 

 

175,752

 

 

 

726,376

 

 

 

701,478

 

 

Income from operations

 

 

21,164

 

 

 

19,710

 

 

 

50,753

 

 

 

36,840

 

 

Interest and other income (expense), net

 

 

4,421

 

 

 

3,802

 

 

 

11,833

 

 

 

(2,433

)

 

Income before income taxes

 

 

25,585

 

 

 

23,512

 

 

 

62,586

 

 

 

34,407

 

 

(Benefit from) provision for income taxes

 

 

(73,650

)

 

 

2,983

 

 

 

(66,446

)

 

 

7,624

 

 

Net income

 

$

99,235

 

 

$

20,529

 

 

$

129,032

 

 

$

26,783

 

 

Accretion and dividend on series A convertible preferred stock

 

 

(4,294

)

 

 

(4,306

)

 

 

(17,105

)

 

 

(17,110

)

 

Undistributed earnings attributable to preferred stockholders

 

 

(10,859

)

 

 

(1,853

)

 

 

(12,780

)

 

 

(1,106

)

 

Net income attributable to common stockholders

 

$

84,082

 

 

$

14,370

 

 

$

99,147

 

 

$

8,567

 

 

Net income per share attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.58

 

 

$

0.10

 

 

$

0.69

 

 

$

0.06

 

 

Diluted

 

$

0.57

 

 

$

0.10

 

 

$

0.67

 

 

$

0.06

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

143,925

 

 

 

143,555

 

 

 

144,203

 

 

 

143,592

 

 

Diluted

 

 

146,295

 

 

 

150,518

 

 

 

148,586

 

 

 

150,192

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Fiscal Year Ended

 

 

January 31,

January 31,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

Cost of revenue

 

$

4,423

 

 

$

4,343

 

 

$

19,111

 

 

$

17,816

 

 

Research and development

 

 

16,785

 

 

 

16,523

 

 

 

70,240

 

 

 

68,900

 

 

Sales and marketing

 

 

16,212

 

 

 

14,201

 

 

 

65,886

 

 

 

58,448

 

 

General and administrative

 

 

9,846

 

 

 

9,917

 

 

 

43,546

 

 

 

40,468

 

 

Total stock-based compensation

 

$

47,266

 

 

$

44,984

 

 

$

198,783

 

 

$

185,632

 

 

BOX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)

 

 

Three Months Ended

 

 

Fiscal Year Ended

 

 

 

 

January 31,

 

 

January 31,

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

99,235

 

 

$

20,529

 

 

$

129,032

 

 

$

26,783

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

12,245

 

 

 

12,582

 

 

 

51,241

 

 

 

65,988

 

 

Stock-based compensation expense

 

 

47,266

 

 

 

44,984

 

 

 

198,783

 

 

 

185,632

 

 

Amortization of deferred commissions

 

 

13,424

 

 

 

13,644

 

 

 

54,227

 

 

 

53,522

 

 

Deferred income taxes

 

 

(75,366

)

 

 

860

 

 

 

(75,292

)

 

 

1,647

 

 

Other

 

 

(251

)

 

 

(613

)

 

 

2,478

 

 

 

2,312

 

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(115,156

)

 

 

(83,094

)

 

 

(21,876

)

 

 

(8,931

)

 

Deferred commissions

 

 

(16,121

)

 

 

(17,587

)

 

 

(44,482

)

 

 

(54,987

)

 

Operating lease right-of-use assets, net

 

 

8,872

 

 

 

9,859

 

 

 

35,174

 

 

 

40,155

 

 

Other assets

 

 

6,334

 

 

 

1,312

 

 

 

7,256

 

 

 

(5,710

)

 

Accounts payable, accrued expenses and other liabilities

 

 

8,248

 

 

 

10,612

 

 

 

(1,179

)

 

 

(1,899

)

 

Operating lease liabilities

 

 

(13,618

)

 

 

(11,450

)

 

 

(49,349

)

 

 

(44,555

)

 

Deferred revenue

 

 

114,227

 

 

 

90,549

 

 

 

32,714

 

 

 

38,025

 

 

Net cash provided by operating activities

 

 

89,339

 

 

 

92,187

 

 

 

318,727

 

 

 

297,982

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of short-term investments

 

 

(63,027

)

 

 

(14,835

)

 

 

(169,416

)

 

 

(102,088

)

 

Maturities of short-term investments

 

 

28,950

 

 

 

27,000

 

 

 

107,950

 

 

 

240,000

 

 

Purchases of property and equipment, net of sale proceeds

 

 

947

 

 

 

(1,609

)

 

 

(1,843

)

 

 

(4,433

)

 

Capitalized internal-use software costs

 

 

(4,199

)

 

 

(5,054

)

 

 

(16,561

)

 

 

(12,064

)

 

Other

 

 

(2,732

)

 

 

(285

)

 

 

(2,922

)

 

 

(815

)

 

Net cash (used in) provided by investing activities

 

 

(40,061

)

 

 

5,217

 

 

 

(82,792

)

 

 

120,600

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchases of common stock

 

 

(21,209

)

 

 

(9,320

)

 

 

(177,131

)

 

 

(274,172

)

 

Payments of dividends to preferred stockholders

 

 

(3,750

)

 

 

(3,807

)

 

 

(14,943

)

 

 

(15,057

)

 

Proceeds from issuance of common stock under employee equity plans

 

 

186

 

 

 

6,528

 

 

 

28,203

 

 

 

32,187

 

 

Employee payroll taxes paid for net settlement of restricted stock units

 

 

(16,353

)

 

 

(19,132

)

 

 

(74,651

)

 

 

(93,910

)

 

Principal payments of finance lease liabilities

 

 

(4,045

)

 

 

(10,515

)

 

 

(30,176

)

 

 

(40,353

)

 

Other

 

 

(209

)

 

 

(68

)

 

 

(4,198

)

 

 

(5,190

)

 

Net cash used in financing activities

 

 

(45,380

)

 

 

(36,314

)

 

 

(272,896

)

 

 

(396,495

)

 

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

 

 

1,888

 

 

 

9,145

 

 

 

(7,822

)

 

 

(9,935

)

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

 

5,786

 

 

 

70,235

 

 

 

(44,783

)

 

 

12,152

 

 

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

 

 

378,471

 

 

 

358,805

 

 

 

429,040

 

 

 

416,888

 

 

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

 

$

384,257

 

 

$

429,040

 

 

$

384,257

 

 

$

429,040

 

 

BOX, INC.

RECONCILIATION OF GAAP TO NON-GAAP DATA
(In Thousands, Except Per Share Data and Percentages)
(Unaudited)

 

 

Three Months Ended

 

 

Fiscal Year Ended

 

 

 

 

January 31,

 

 

January 31,

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

GAAP gross profit

 

$

200,157

 

 

$

195,462

 

 

$

777,129

 

 

$

738,318

 

 

Stock-based compensation

 

 

4,423

 

 

 

4,343

 

 

 

19,111

 

 

 

17,816

 

 

Acquired intangible assets amortization

 

 

1,482

 

 

 

1,452

 

 

 

5,838

 

 

 

5,808

 

 

Workforce reorganization

 

 

?

 

 

 

?

 

 

 

912

 

 

 

?

 

 

Non-GAAP gross profit

 

$

206,062

 

 

$

201,257

 

 

$

802,990

 

 

$

761,942

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

76.1

 

%

 

76.2

 

%

 

74.9

 

%

 

74.5

 

%

Stock-based compensation

 

 

1.7

 

 

 

1.7

 

 

 

1.8

 

 

 

1.8

 

 

Acquired intangible assets amortization

 

 

0.6

 

 

 

0.6

 

 

 

0.6

 

 

 

0.6

 

 

Workforce reorganization

 

 

?

 

 

 

?

 

 

 

0.1

 

 

 

?

 

 

Non-GAAP gross margin

 

 

78.4

 

%

 

78.5

 

%

 

77.4

 

%

 

76.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income

 

$

21,164

 

 

$

19,710

 

 

$

50,753

 

 

$

36,840

 

 

Stock-based compensation

 

 

47,266

 

 

 

44,984

 

 

 

198,783

 

 

 

185,632

 

 

Acquired intangible assets amortization

 

 

1,482

 

 

 

1,452

 

 

 

5,838

 

 

 

5,808

 

 

Acquisition-related expenses

 

 

106

 

 

 

?

 

 

 

120

 

 

 

53

 

 

Fees related to shareholder activism

 

 

?

 

 

 

?

 

 

 

?

 

 

 

(77

)

 

Expenses related to litigation

 

 

52

 

 

 

415

 

 

 

361

 

 

 

722

 

 

Workforce reorganization

 

 

?

 

 

 

?

 

 

 

912

 

 

 

?

 

 

Non-GAAP operating income

 

$

70,070

 

 

$

66,561

 

 

$

256,767

 

 

$

228,978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

 

8.1

 

%

 

7.7

 

%

 

4.9

 

%

 

3.7

 

%

Stock-based compensation

 

 

18.0

 

 

 

17.5

 

 

 

19.2

 

 

 

18.7

 

 

Acquired intangible assets amortization

 

 

0.6

 

 

 

0.6

 

 

 

0.6

 

 

 

0.6

 

 

Acquisition-related expenses

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

Fees related to shareholder activism

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

Expenses related to litigation

 

 

?

 

 

 

0.2

 

 

 

?

 

 

 

0.1

 

 

Workforce reorganization

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

Non-GAAP operating margin

 

 

26.7

 

%

 

26.0

 

%

 

24.7

 

%

 

23.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income attributable to common stockholders

 

$

84,082

 

 

$

14,370

 

 

$

99,147

 

 

$

8,567

 

 

Stock-based compensation

 

 

47,266

 

 

 

44,984

 

 

 

198,783

 

 

 

185,632

 

 

Acquired intangible assets amortization

 

 

1,482

 

 

 

1,452

 

 

 

5,838

 

 

 

5,808

 

 

Acquisition-related expenses

 

 

106

 

 

 

?

 

 

 

120

 

 

 

53

 

 

Fees related to shareholder activism

 

 

?

 

 

 

?

 

 

 

?

 

 

 

(77

)

 

Expenses related to litigation

 

 

52

 

 

 

415

 

 

 

361

 

 

 

722

 

 

Workforce reorganization

 

 

?

 

 

 

?

 

 

 

912

 

 

 

?

 

 

Amortization of debt issuance costs

 

 

476

 

 

 

473

 

 

 

1,899

 

 

 

1,888

 

 

Benefit from the release of a valuation allowance on deferred tax assets

 

 

(75,240

)

 

 

?

 

 

 

(75,240

)

 

 

?

 

 

Undistributed earnings attributable to preferred stockholders

 

 

2,958

 

 

 

(5,405

)

 

 

(15,147

)

 

 

(22,187

)

 

Non-GAAP net income attributable to common stockholders

 

$

61,182

 

 

$

56,289

 

 

$

216,673

 

 

$

180,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income per share attributable to common stockholders, diluted

 

$

0.57

 

 

$

0.10

 

 

$

0.67

 

 

$

0.06

 

 

Stock-based compensation

 

 

0.33

 

 

 

0.31

 

 

 

1.34

 

 

 

1.29

 

 

Acquired intangible assets amortization

 

 

0.01

 

 

 

0.01

 

 

 

0.04

 

 

 

0.04

 

 

Acquisition-related expenses

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

Fees related to shareholder activism

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

Expenses related to litigation

 

 

?

 

 

 

?

 

 

 

?

 

 

 

0.01

 

 

Workforce reorganization

 

 

?

 

 

 

?

 

 

 

0.01

 

 

 

?

 

 

Amortization of debt issuance costs

 

 

?

 

 

 

0.01

 

 

 

0.01

 

 

 

0.01

 

 

Benefit from the release of a valuation allowance on deferred tax assets

 

 

(0.51

)

 

 

?

 

 

 

(0.51

)

 

 

?

 

 

Undistributed earnings attributable to preferred stockholders

 

 

0.02

 

 

 

(0.04

)

 

 

(0.10

)

 

 

(0.15

)

 

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

 

$

0.42

 

 

$

0.37

 

 

$

1.46

 

 

$

1.20

 

 

Weighted-average shares used to compute net income per share attributable to common stockholders, diluted

 

 

146,295

 

 

 

150,518

 

 

 

148,586

 

 

 

150,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net cash provided by operating activities

 

$

89,339

 

 

$

92,187

 

 

$

318,727

 

 

$

297,982

 

 

Purchases of property and equipment, net of proceeds from sales

 

 

947

 

 

 

(1,894

)

 

 

(1,843

)

 

 

(4,433

)

 

Principal payments of finance lease liabilities

 

 

(4,045

)

 

 

(10,515

)

 

 

(30,176

)

 

 

(40,353

)

 

Capitalized internal-use software costs

 

 

(4,408

)

 

 

(5,122

)

 

 

(17,742

)

 

 

(14,751

)

 

Non-GAAP free cash flow

 

$

81,833

 

 

$

74,656

 

 

$

268,966

 

 

$

238,445

 

 

GAAP net cash (used in) provided by investing activities

 

$

(40,061

)

 

$

5,217

 

 

$

(82,792

)

 

$

120,600

 

 

GAAP net cash used in financing activities

 

$

(45,380

)

 

$

(36,314

)

 

$

(272,896

)

 

$

(396,495

)

 

BOX, INC.

RECONCILIATION OF GAAP REVENUE TO BILLINGS
(In Thousands)
(Unaudited)

 

 

Three Months Ended

 

 

Fiscal Year Ended

 

 

 

January 31,

 

 

January 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

GAAP revenue

 

$

262,878

 

 

$

256,476

 

 

$

1,037,741

 

 

$

990,874

 

Deferred revenue, end of period

 

 

586,871

 

 

 

566,630

 

 

 

586,871

 

 

 

566,630

 

Less: deferred revenue, beginning of period

 

 

(471,963

)

 

 

(467,080

)

 

 

(566,630

)

 

 

(534,242

)

Contract assets, beginning of period

 

 

3,944

 

 

 

2,969

 

 

 

1,900

 

 

 

1,111

 

Less: contract assets, end of period

 

 

(2,452

)

 

 

(1,900

)

 

 

(2,452

)

 

 

(1,900

)

Billings

 

$

379,278

 

 

$

357,095

 

 

$

1,057,430

 

 

$

1,022,473

 

BOX, INC.

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME PER SHARE GUIDANCE
(In Thousands, Except Per Share Data)
(Unaudited)

 

 

Three Months Ended

 

 

Fiscal Year Ended

 

 

 

 

April 30, 2024

 

 

January 31, 2025

 

 

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

 

$

0.04

 

-

$

0.05

 

 

$

0.22

 

-

$

0.26

 

 

Stock-based compensation

 

 

0.34

 

 

 

0.34

 

 

 

1.40

 

 

 

1.40

 

 

Acquired intangible asset amortization

 

 

0.01

 

 

 

0.01

 

 

 

0.04

 

 

 

0.04

 

 

Expenses related to litigation

 

 

?

 

 

 

?

 

 

 

0.02

 

 

 

0.02

 

 

Amortization of debt issuance costs

 

 

?

 

 

 

?

 

 

 

0.01

 

 

 

0.01

 

 

Undistributed earnings attributable to preferred stockholders

 

 

(0.04

)

 

 

(0.04

)

 

 

(0.16

)

 

 

(0.16

)

 

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

 

$

0.35

 

-

$

0.36

 

 

$

1.53

 

-

$

1.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares, diluted

 

 

 

 

 

147,500

 

 

 

 

 

 

149,000

 

 

BOX, INC.

RECONCILIATION OF GAAP TO NON-GAAP OPERATING MARGIN GUIDANCE
(Unaudited)

 

 

Three Months Ended

 

 

 

Fiscal Year Ended

 

 

 

 

April 30, 2024

 

 

 

January 31, 2025

 

 

GAAP operating margin

 

 

5.5

 

%

 

 

7.0

 

%

Stock-based compensation

 

 

19.0

 

 

 

 

19.0

 

 

Acquired intangible assets amortization

 

 

0.5

 

 

 

 

0.5

 

 

Expenses related to litigation

 

 

?

 

 

 

 

0.5

 

 

Non-GAAP operating margin

 

 

25.0

 

%

 

 

27.0

 

%

 


These press releases may also interest you

at 04:14
Melospeech Inc. Achieves BBB4Good Verification, Highlighting Its Role as a Tech-Driven, Community-Focused Leader
The Better Business Bureau Serving the...

at 03:55
Think Together Recognizes Colton Joint Unified School District as its 2024 Champion of Change
Think Together, California's leading nonprofit provider of afterschool, expanded learning and school improvement programs, is proud to announce it has recognized Colton Joint Unified School District with its Champion of Change Award at the district's...

at 03:04
Announcing Samantha Alleyne, First-Ever Female Stormtrooper in Star Wars Movies - Keynote Speaker Experts Live Europe 2024
Experts Live Europe, a premier conference for IT professionals and technology enthusiasts, is thrilled to announce Samantha Alleyne as the keynote speaker for its upcoming event in Budapest. Taking place on September 23-25, 2024, the conference...

3 mai 2024
/C O R R E C T I O N -- Nomic DAO Foundation/
In the news release, Nomic Unveils Bitcoin Liquid Staking Token Powered by Babylon's Bitcoin Staking Protocol, issued 10-Apr-2024 by Nomic DAO Foundation over PR Newswire, we are advised by the company that the dateline should read "GEORGE TOWN,...

3 mai 2024
United Imaging to Unveil Industry-Leading MRI Advancements at ISMRM 2024
United Imaging, a global leader in manufacturing advanced medical imaging and radiotherapy equipment, will unveil its latest MRI technology, boasting incredible advancements across various fronts, as a Gold sponsor at this year's ISMRM meeting. The...

3 mai 2024
Affiliated Dermatologists Notifies of Data Security Incident
Affiliated Dermatologists (AD) is providing notice of a recent data security incident. At this time, AD is not aware of any misuse of any personal information in connection with this incident. What Happened? On March 5, 2024, AD detected it was the...

More news about Science and technology...


News published on and distributed by: