- GAAP Operating Margin Up 4 Percentage
Points and Non-GAAP Operating Margin Up 5 Percentage Points
Year-Over-Year
- First Quarter Cash Flow from Operations
of $25.5 Million, Up $7.1 Million Year-Over-Year
- First Quarter Free Cash Flow of $13.4
Million, Up $6.2 Million Year-Over-Year
- Record Add-On Product Attach Rates
Box, Inc. (NYSE:BOX), a leader in cloud content management,
today announced financial results for the first quarter of fiscal
year 2020, which ended April 30, 2019.
“In the first quarter, we drove record add-on product attach
rates of more than 90% across our six-figure deals. Customers are
increasingly adopting Box as a platform for secure content
management, workflow, and collaboration,” said Aaron Levie,
co-founder and CEO of Box. “While we are encouraged by the demand
for these larger, more strategic deployments, these deals often
have longer sales cycles, which is reflected in our updated
guidance. Our go-to-market initiatives, in combination with our
expanded product portfolio, will enable us to improve sales
productivity and meet the demand for Cloud Content Management.”
“We continued to drive operational efficiencies in the first
quarter, with strong improvements in free cash flow and operating
margin,” said Dylan Smith, co-founder and CFO of Box. “We remain
focused on driving long-term growth as enterprises adopt more
robust implementations of our expanded product portfolio. In Q1,
89% of our total recurring revenue base came from customers paying
at least $5,000 annually. Of this base, more than half of our
recurring revenue came from customers who have purchased at least
one add-on product. We will continue to focus on opportunities to
drive further operating margin improvement in the future, with a
non-GAAP operating margin target of 6-7% in FY21.”
Adoption of the New Lease Standard - ASC Topic 842
Box adopted the new lease standard, Accounting Standards
Codification Topic 842 (“ASC 842”), on a modified retrospective
basis, effective February 1, 2019. Financial results for
reporting periods in Box’s fiscal year ending January 31, 2020 are
presented in compliance with the new lease standard. Historical
financial results for reporting periods prior to fiscal year 2020
are presented in conformity with amounts previously disclosed under
the prior lease standard, Accounting Standards Codification Topic
840 (“ASC 840”). The adoption of ASC 842 did not have a material
effect on our condensed consolidated statements of operations and
cash flows, however, did materially increase our assets and
liabilities on the condensed consolidated balance sheet.
Fiscal First Quarter Financial Highlights
- Revenue for the first quarter of fiscal
year 2020 was $163.0 million, an increase of 16% from the first
quarter of fiscal year 2019.
- Remaining performance obligations as of
April 30, 2019 were $637.4 million, an increase of 16% from the
first quarter of fiscal year 2019.
- Deferred revenue as of April 30, 2019
was $330.4 million, an increase of 15% from the first quarter of
fiscal year 2019.
- Billings for the first quarter of
fiscal year 2020 were $118.4 million, an increase of 1% from the
first quarter of fiscal year 2019.
- GAAP operating loss in the first
quarter of fiscal year 2020 was $35.4 million, or 22% of revenue.
This compares to a GAAP operating loss of $35.9 million, or 26% of
revenue, in the first quarter of fiscal year 2019.
- Non-GAAP operating loss in the first
quarter of fiscal year 2020 was $3.0 million, or 2% of revenue.
This compares to a non-GAAP operating loss of $9.2 million, or 7%
of revenue, in the first quarter of fiscal year 2019.
- GAAP net loss per share, basic and
diluted, in the first quarter of fiscal year 2020 was
$0.25 on 145.3 million weighted average shares
outstanding. This compares to a GAAP net loss per share of
$0.26 in the first quarter of fiscal year 2019
on 138.5 million weighted average shares
outstanding.
- Non-GAAP net loss per share, basic and
diluted, in the first quarter of fiscal year 2020 was $0.03.
This compares to a non-GAAP net loss per share of $0.07 in the
first quarter of fiscal year 2019.
- Net cash provided by operating
activities in the first quarter of fiscal year 2020 totaled $25.5
million. This compares to net cash provided by operating activities
of $18.4 million in the first quarter of fiscal year 2019.
- Free cash flow in the first quarter of
fiscal year 2020 was positive $13.4 million. This compares to
positive $7.3 million in the first quarter of fiscal year
2019.
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
- Delivered wins and expansions with
leading enterprises such as Blackboard, BT Group, ChargePoint,
Dignity Health, Fanatics, and Rémy Cointreau Group.
- Announced an all new Box Relay, a
powerful workflow engine, to simplify and accelerate business
processes across any organization’s extended enterprise of
employees, partners and customers.
- Launched new product integrations with
best-of-breed partners, including Autodesk AutoCAD, Google Calendar
and Microsoft Outlook, allowing customers to leverage Box as a
unified, secure content hub across all of their applications.
- Launched Box KeySafe support for AWS
KMS Customer Key Store, providing control and protection of
dedicated hardware devices without requiring customers to manage
hardware to secure their encryption keys.
- Launched enhancements to Box’s core
security features with two-factor authentication for external
users, enabling a frictionless experience for admins to setup
powerful controls to add and verify external collaborators.
- Received a top score of 100 on the 2019
Human Rights Campaign Corporate Equality Index (CEI).
- Recognized as one of LinkedIn’s Top 50
Companies: Where the U.S. Wants to Work Now for 2019.
- Welcomed Peter Leav, former President
and CEO of BMC Software, to Box’s Board of Directors, effective as
of the end of Box’s upcoming Annual Meeting of Stockholders.
Outlook
- Q2 FY20 Guidance: Revenue
is expected to be in the range of $169 million to $170 million.
GAAP and non-GAAP basic and diluted net loss per share are expected
to be in the range of $0.29 to $0.28 and $0.02 to $0.01,
respectively. Weighted average basic and diluted shares outstanding
are expected to be approximately 147 million.
- Full Year FY20
Guidance: Revenue is expected to be in the range of $688
million to $692 million. GAAP basic and diluted net loss per share
are expected to be in the range of $1.05 to $1.03. Non-GAAP basic
and diluted net income per share are expected to be in the range of
$0.00 to $0.02. The weighted average basic and diluted shares
outstanding are expected to be approximately 148 million and 155
million, respectively.
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, certain legal settlement and related costs. 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.
The access details for the live conference call are:+
1-833-231-7240 (U.S. and Canada), conference ID: 3887679+
1-647-689-4084 (international), conference ID: 3887679
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:+ 1-800-585-8367 (U.S. and Canada),
conference ID: 3887679+ 1-416-621-4642 (international), conference
ID: 3887679
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 and uncertainties, including statements regarding
Box’s expectations regarding the size of its market opportunity,
expectations regarding its leadership position in the cloud content
management market, the demand for its products, its ability to
scale its business and drive operating efficiencies, its ability to
achieve revenue targets, expectations regarding its ability to
achieve profitability on a quarterly or ongoing basis, its
expectations regarding free cash flow, its ability to continue to
grow unrecognized revenue and remaining performance obligations,
the timing of recent and planned product introductions and
enhancements, the short- and long-term success, market adoption and
retention, capabilities, and benefits of such product introductions
and enhancements, and the success of strategic partnerships, as
well as expectations regarding its revenue, gross margin, GAAP and
non-GAAP net income (loss) per share, non-GAAP operating margins
for future periods, the related components of GAAP and non-GAAP net
income (loss) per share, and weighted average outstanding share
count expectations for Box’s fiscal second quarter and full fiscal
year 2020 in the section titled “Outlook” above. 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; (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, 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; and (8) Box’s ability to realize the expected benefits of
its third-party partnerships.
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, 2019.
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 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 (1) they allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision-making and (2) they 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.
Non-GAAP operating income (loss) and non-GAAP operating margin.
Box defines non-GAAP operating income (loss) as operating 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. Furthermore, unlike cash
compensation, the value of stock options, which is an element of
Box’s ongoing stock-based compensation expense, is determined using
a complex formula that incorporates factors, such as market
volatility, that are beyond Box’s control. For restricted stock
unit awards, the amount of stock-based compensation expenses is not
reflective of the value ultimately received by the grant
recipients. 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
acquisition-related 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, one that is
not typically affected by operations during any particular period.
Box further excludes expenses related to certain litigation because
they are considered by management to be special items outside Box’s
core operating results.
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. 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 will help 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 given that 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 as 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.
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.
About Box
Box (NYSE:BOX) is a leading Cloud Content Management platform
that enables organizations to accelerate business processes, power
workplace collaboration and protect their most valuable
information, all while working with a best-of-breed enterprise IT
stack. Founded in 2005, Box works with 70 percent of the Fortune
500, including AstraZeneca, General Electric, JLL, and Nationwide,
to drive business outcomes. Box is headquartered in Redwood City,
CA, with offices across the United States, Europe and Asia. To
learn more about Box, visit http://www.box.com.
BOX, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands)
April 30, January 31,
2019 *
2019 **
(Unaudited) ASSETS
Current assets: Cash and cash equivalents $ 231,436 $ 217,518
Accounts receivable, net
93,655 175,130 Prepaid expenses and other current assets 19,653
14,223 Deferred commissions 22,829 21,683 Total
current assets 367,573 428,554 Property and equipment, net 153,049
137,703 Operating lease right-of-use assets, net 220,795 — Goodwill
18,740 18,740 Restricted cash — 238 Deferred commissions,
non-current 53,171 53,880 Other long-term assets 12,393
11,046 Total assets $ 825,721 $ 650,161
LIABILITIES AND
STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $
12,690 $ 15,431 Accrued compensation and benefits 17,498 34,484
Accrued expenses and other current liabilities 32,875 31,378
Finance lease liabilities 32,064 28,317 Operating lease liabilities
36,701 — Deferred revenue 312,902 353,590 Total
current liabilities 444,730 463,200 Debt, non-current 40,000 40,000
Finance lease liabilities, non-current 53,407 44,597 Operating
lease liabilities, non-current 232,810 — Deferred revenue,
non-current 17,543 21,451 Other long-term liabilities 6,693
49,508 Total liabilities 795,183 618,756
Stockholders’ equity: Common stock (1) 15 14 Additional paid-in
capital 1,202,315 1,166,443 Treasury stock (1,177 ) (1,177 )
Accumulated other comprehensive income 111 23 Accumulated deficit
(1,170,726 ) (1,133,898 ) Total stockholders’ equity
30,538 31,405 Total liabilities and stockholders’
equity $ 825,721 $ 650,161 (1) As of April 30, 2019,
there were 146,497 shares of Box’s Class A common stock
outstanding. * As reported and disclosed under ASC Topic 842 ** As
reported and disclosed under ASC Topic 840
BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In Thousands, Except Per Share
Data)
(Unaudited)
Three Months Ended April 30,
2019 *
2018 ** Revenue $ 162,974 $ 140,507
Cost of revenue(1)(2) 48,684 39,068 Gross profit
114,290 101,439 Operating expenses: Research and development(2)
46,244 38,248 Sales and marketing(1)(2) 78,820 76,998 General and
administrative(1)(2) 24,607 22,053 Total operating
expenses 149,671 137,299 Loss from operations (35,381
) (35,860 ) Interest expense, net (68 ) (70 ) Other loss, net
(880 ) (343 ) Loss before provision for income taxes
(36,329 ) (36,273 ) Provision for income taxes 499
364 Net loss $ (36,828 ) $ (36,637 ) Net loss per share, basic and
diluted $ (0.25 ) $ (0.26 ) Weighted-average shares used to compute
net loss per share, basic and diluted 145,275 138,524
(1) Includes intangible assets amortization as follows:
Three Months Ended April 30, 2019
2018 Cost of revenue $ — $ — Sales and marketing — 1 General
and administrative — 13 Total intangible assets
amortization $ — $ 14 (2) Includes stock-based compensation
expense as follows:
Three Months Ended April
30, 2019 2018 Cost of revenue $ 3,611 $ 3,121
Research and development 12,975 10,148 Sales and marketing 9,400
8,061 General and administrative 6,376 5,283 Total
stock-based compensation $ 32,362 $ 26,613 * As
reported and disclosed under ASC Topic 842 ** As reported and
disclosed under ASC Topic 840
BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended April 30,
2019 *
2018 **
CASH FLOWS FROM OPERATING
ACTIVITIES: Net loss $ (36,828 ) $ (36,637 ) Adjustments to
reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 12,625 11,395 Stock-based
compensation expense 32,362 26,613 Amortization of deferred
commissions 5,639 3,675 Others (147 ) (21 ) Changes in operating
assets and liabilities: Accounts receivable, net 81,475 71,690
Deferred commissions (6,076 ) (4,716 ) Prepaid expenses and other
assets (4,382 ) (5,200 ) Operating lease right-of-use assets, net
8,560 — Accounts payable (3,187 ) 475 Accrued expenses and other
liabilities (11,827 ) (24,674 ) Operating lease liabilities (8,127
) — Deferred revenue (44,596 ) (24,160 ) Net cash
provided by operating activities 25,491 18,440
CASH FLOWS FROM
INVESTING ACTIVITIES: Purchases of property and equipment
(1,614 ) (4,040 ) Capitalized internal-use software costs (1,286 )
— Proceeds from sales of property and equipment 3 1
Net cash used in investing activities (2,897 ) (4,039 )
CASH
FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of
stock options 1,199 3,362 Proceeds from issuances of common stock
under employee stock purchase plan 13,605 11,846 Employee payroll
taxes paid related to net share settlement of restricted stock
units (14,591 ) (13,295 ) Principal payments of finance lease
liabilities (9,154 ) (7,150 ) Net cash used in
financing activities (8,941 ) (5,237 )
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash
27 (124 )
Net increase in cash, cash equivalents, and
restricted cash 13,680 9,040
Cash, cash equivalents, and restricted
cash, beginning of period
217,756 208,426
Cash, cash equivalents, and
restricted cash, end of period $ 231,436 $ 217,466 *
As reported and disclosed under ASC Topic 842 ** As reported
and disclosed under ASC Topic 840
BOX, INC.
RECONCILIATION OF GAAP
TO NON-GAAP DATA
(In Thousands, Except Per Share Data
and Percentages)
(Unaudited)
Three Months Ended April 30,
2019 2018 GAAP operating loss $ (35,381
) $ (35,860 ) Stock-based compensation 32,362 26,613 Intangible
assets amortization — 14 Non-GAAP operating loss $
(3,019 ) $ (9,233 ) GAAP operating margin (22 ) % (26 ) %
Stock-based compensation 20 19 Intangible assets amortization
— — Non-GAAP operating margin (2 ) % (7
) % GAAP net loss $ (36,828 ) $ (36,637 ) Stock-based
compensation 32,362 26,613 Intangible assets amortization —
14 Non-GAAP net loss $ (4,466 ) $ (10,010 ) GAAP net
loss per share, basic and diluted $ (0.25 ) $ (0.26 ) Stock-based
compensation 0.22 0.19 Intangible assets amortization —
— Non-GAAP net loss per share, basic and diluted $ (0.03 ) $
(0.07 ) Weighted-average shares used to compute net loss per share,
basic and diluted 145,275 138,524 Net cash
provided by operating activities $ 25,491 $ 18,440 Purchases of
property and equipment (1,614 ) (4,040 ) Principal payments of
finance lease liabilities (9,154 ) (7,150 ) Capitalized
internal-use software costs (1,286 ) — Free cash flow
$ 13,437 $ 7,250 Net cash used in investing activities $ (2,897 ) $
(4,039 ) Net cash used in financing activities $ (8,941 ) $ (5,237
)
BOX, INC.
RECONCILIATION OF GAAP REVENUE TO
BILLINGS
(In Thousands)
(Unaudited)
Three Months Ended April 30,
2019 2018 GAAP revenue $ 162,974 $ 140,507
Deferred revenue, end of period 330,445 286,949 Less: deferred
revenue, beginning of period (375,041 ) (311,109 ) * Contract
assets, beginning of period 3 582 Less: contract assets, end of
period — (195 ) Billings $ 118,381 $ 116,734 *
Balance as of February 1, 2018 upon the adoption of ASC Topic 606
RECONCILIATION OF GAAP NET LOSS
TO NON-GAAP NET (LOSS) INCOME PER SHARE GUIDANCE
(In Thousands, Except Per Share
Data)
(Unaudited)
For the Three MonthsEnded July
31, 2019
For the Year EndedJanuary 31,
2020*
GAAP net loss per share range, basic and diluted $(0.29-0.28)
$(1.05-1.03) Stock-based compensation 0.27 1.05 Non-GAAP net (loss)
income per share range, basic and diluted $(0.02-0.01) $0.00-0.02
Weighted-average shares used to compute GAAP net loss per
share, basic and diluted 147,041 147,851 Weighted-average shares
used to compute Non-GAAP net (loss) income per share Basic 147,041
147,851
Diluted 147,041 154,680 * For the fiscal year ended
January 31, 2020, the guidance for non-GAAP net (loss) income per
share is based on the basic and diluted weighted-average shares
outstanding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190603005742/en/
Investors:Alice Kousoum Lopatto and Elaine Gaudioso+1
650-209-3467ir@box.com
Media:Denis Roy and Rachel Levine+1
650-543-6926press@box.com
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