- Revenue of $129.3 Million, Up 26
Percent Year-Over-Year
- Billings of $141.5 Million, Up 26
Percent Year-Over-Year
- Cash Flow from Operations of $14.1
million, up $20.9 Million Year-Over-Year
- Free Cash Flow of $6.3 million, Up
$17.2 Million Year-Over-Year
Box, Inc. (NYSE:BOX), a leader in cloud content management,
today announced financial results for the third quarter of fiscal
2018, which ended October 31, 2017.
“In Q3, we continued to extend our lead in cloud content
management by innovating on our core products and by unveiling new
capabilities like Box Skills and Box Graph that will help
enterprises bring AI and machine learning to their content in
Box,” said Aaron Levie, co-founder and CEO of Box. “By making Box
the most intelligent and secure cloud content management platform,
we are becoming more and more critical to powering our customers as
they modernize their businesses and drive digital
transformation.”
“We are driving operational efficiencies across our business as
evidenced by a year-over-year improvement of $21 million in our
cash flow from operations to $14 million,” said Dylan Smith,
co-founder and CFO of Box. “With our ability to balance innovation,
growth and profitability, we are well-positioned to achieve our $1
billion revenue target in the coming years.”
Fiscal Third Quarter 2018 Financial Highlights
- Revenue for the third quarter of fiscal
2018 was a record $129.3 million, an increase of 26% from the third
quarter of fiscal 2017.
- Deferred revenue as of October 31,
2017, was $253.0 million, an increase of 31% from October 31,
2016.
- Billings for the third quarter of
fiscal 2018 were $141.5 million, an increase of 26% from the third
quarter of fiscal 2017.
- GAAP operating loss in the third
quarter of fiscal 2018 was $42.6 million, or 33% of revenue. This
compares to GAAP operating loss of $37.8 million, or 37% of
revenue, in the third quarter of fiscal 2017.
- Non-GAAP operating loss in the third
quarter of fiscal 2018 was $17.0 million, or 13% of revenue. This
compares to a non-GAAP operating loss of $17.3 million, or 17% of
revenue, in the third quarter of fiscal 2017.
- GAAP net loss per share, basic and
diluted, in the third quarter of fiscal 2018 was
$0.32 on 135 million shares outstanding, compared to a
GAAP net loss per share of $0.30 in the third quarter of
fiscal 2017 on 128 million shares outstanding.
- Non-GAAP net loss per share, basic and
diluted, in the third quarter of fiscal 2018 was
$0.13, compared to non-GAAP net loss per share of $0.14 in the
third quarter of fiscal 2017.
- Net cash provided by operating
activities in the third quarter of fiscal 2018 totaled $14.1
million. This compares to net cash used in operating activities of
$6.8 million in the third quarter of fiscal 2017.
- Free cash flow in the third quarter of
fiscal 2018 was positive $6.3 million. This compares to negative
$10.9 million in the third quarter of fiscal 2017.
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 measures and certain key
metrics to their nearest comparable GAAP measures at the end of
this press release.
Business Highlights since Last Earnings Release
- Grew paying customer base to 80,000
businesses, including new or expanded deployments with leading
organizations such as Conair, Foster Farms, HGST, LionsGate,
Nuclear Regulatory Commission and U.S. Food and Drug
Administration.
- Hosted the most successful BoxWorks to
date, which attracted a record number of attendees representing
Fortune 1000 companies and featured partners such as Google, IBM
and Microsoft.
- Announced that Box using Azure is
generally available. Box using Azure is the first product milestone
in the expanded partnership between Box and Microsoft, which also
enables both companies to co-sell Box offerings that leverage
Azure.
- Unveiled Box Skills, a framework for
applying state-of-the-art machine learning tools such as computer
vision, video indexing and sentiment analysis to content stored in
Box. At BoxWorks 2017, Box showcased skills powered by Google
Cloud, IBM Watson and Microsoft Cognitive Services.
- Announced Box Skills Kit, a set of
developer resources for building custom skills for Box.
- Introduced Box Graph, an intelligent
network of content, relationships and activity that will power new
experiences and services for Box users and enterprises. The first
new experience, Feed, is a personalized activity feed that
leverages machine learning to recommend content for each user.
- Announced the general availability of
Box Relay, a new workflow product co-developed with IBM that allows
users to easily build, manage and track their own workflows.
- Released Box's integration with Apple's
new Files app as part of iOS 11.
- Announced that Box was positioned as a
visionary in the Content Services Platform Magic
Quadrant report by Gartner.
Outlook
- Q4 FY18 Guidance: Revenue is
expected to be in the range of $136 million to $137 million. GAAP
and non-GAAP basic and diluted earnings per share are expected to
be in the range of ($0.27) to ($0.26) and ($0.08) to ($0.07),
respectively. Weighted average basic and diluted shares outstanding
are expected to be approximately 137 million.
- Full Year FY18 Guidance: Revenue
is expected to be in the range of $505 million to $506 million.
GAAP and non-GAAP basic and diluted earnings per share are expected
to be in the range of ($1.19) to ($1.18) and ($0.45) to ($0.44),
respectively. Weighted average basic and diluted shares outstanding
are expected to be approximately 134 million.
All forward-looking non-GAAP financial measures contained in
this section titled “Outlook” exclude estimates for stock-based
compensation expense, intangible assets amortization and certain
legal settlement and related costs. Box has provided a
reconciliation of GAAP to non-GAAP earnings 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:+
1-866-393-4306 (U.S. and Canada), conference ID: 2475079+
1-734-385-2616 (international), conference ID: 2475079
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:+ 1-855-859-2056 (U.S. and Canada),
conference ID: 2475079+ 1-404-537-3406 (international), conference
ID: 2475079
Box has used, and intends to continue to use, its Investor
Relations website (www.box.com/investors), as well as certain
Twitter accounts (@boxhq, @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
measures and certain key metrics to their nearest comparable GAAP
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,
the demand for its products, its ability to scale its business and
drive operating efficiencies, its ability to achieve its revenue
target of $1 billion in the coming years, expectations regarding
its ability to achieve positive free cash flow for its fourth
quarter and for its full fiscal year ending January 31, 2018,
profitability, the timing of recent and planned product
introductions and enhancements, the short- and long-term success,
market adoption and benefits of such product introductions and
enhancements, and the success of strategic partnerships, as well as
expectations regarding its revenue, GAAP and non-GAAP earnings per
share, the related components of GAAP and non-GAAP earnings per
share, and weighted average basic and diluted outstanding share
count expectations for Box’s fiscal fourth quarter and full fiscal
year 2018 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) risks
associated with Box’s ability to manage its rapid growth
effectively; (6) Box’s limited operating history, which makes it
difficult to predict future results; (7) 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; (8) Box’s
ability to provide timely and successful enhancements, new features
and modifications to its platform and services; (9) actual or
perceived security vulnerabilities in Box’s services or any
breaches of Box’s security controls; and (10) 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 Quarterly
Report on Form 10-Q filed for the fiscal quarter ended July 31,
2017. 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 loss, non-GAAP operating
margin, non-GAAP net loss, non-GAAP net loss per share, billings
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 measures
and certain key metrics to their nearest comparable GAAP 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 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 loss and non-GAAP operating margin. Box
defines non-GAAP operating 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 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 loss and non-GAAP net loss per share. Box defines
non-GAAP net loss as net loss excluding expenses related to SBC,
intangible assets amortization, and as applicable, other special
items. Box defines non-GAAP net loss per share as non-GAAP net loss
divided by the weighted average outstanding shares. Box excludes
expenses related to certain litigation because they are considered
by management to be special items outside Box’s core operating
results.
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 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 and, after
adjusting for any shifts in relative payment frequencies, a leading
indicator of future revenue. 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 and deferred revenue, both of which are
financial measures calculated in accordance with GAAP.
Free cash flow. Box defines free cash flow as cash provided
by (used in) operating activities less purchases of property and
equipment, principal payments of capital lease obligations, 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. Historically, these items have included restricted
cash used to guarantee a significant letter of credit
for Box's Redwood City headquarters. 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 measures and certain key metrics to their nearest
comparable GAAP measures.
About Box
Box (NYSE:BOX) is the cloud content management company that
empowers enterprises to revolutionize how they work by
securely connecting their people, information and applications.
Founded in 2005, Box powers 80,000 businesses globally, including
AstraZeneca, General Electric, P&G, and The GAP. 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)
October 31, January 31, 2017
2017 (unaudited) ASSETS Current assets: Cash
and cash equivalents $ 172,857 $ 177,391 Accounts receivable, net
95,868 120,113 Prepaid expenses and other current assets 13,915
10,826 Deferred commissions 13,331 13,771
Total current assets 295,971 322,101 Property and equipment,
net 118,278 117,176 Intangible assets, net 63 543 Goodwill 16,293
16,293 Restricted cash 26,543 26,781 Other long-term assets
9,621 10,780 Total assets $ 466,769 $
493,674
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable $ 11,334 $ 6,658 Accrued compensation
and benefits 22,098 30,415 Accrued expenses and other current
liabilities 18,074 17,713 Capital lease obligations 18,071 13,748
Deferred revenue 225,194 228,656 Deferred rent 2,147
751 Total current liabilities 296,918 297,941 Debt,
non-current 40,000 40,000 Capital lease obligations, non-current
26,667 21,697 Deferred revenue, non-current 27,812 13,328 Deferred
rent, non-current 45,943 44,207 Other long-term liabilities
3,129 1,769 Total liabilities 440,469
418,942 Stockholders’ equity: Common stock (1)
13 13 Additional paid-in capital 1,033,917 960,144 Treasury stock
(1,177 ) (1,177 ) Accumulated other comprehensive loss (30 ) (120 )
Accumulated deficit (1,006,423 ) (884,128 ) Total
stockholders’ equity 26,300 74,732
Total liabilities and stockholders’ equity $ 466,769 $
493,674
(1) As of October 31, 2017, the number of shares of the
registrant’s Class A common stock outstanding was 118,867 and the
number of shares of the registrant’s Class B common stock
outstanding was 17,223.
BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In Thousands, Except Per Share
Data)
(Unaudited)
Three Months Ended Nine Months Ended
October 31, October 31, 2017
2016 2017 2016 Revenue $ 129,304 $
102,811 $ 369,467 $ 288,679 Cost of revenue(1)(2) 34,471
27,115 99,972 82,576
Gross profit 94,833 75,696 269,495 206,103 Operating
expenses: Research and development(2) 34,812 29,652 102,388 84,824
Sales and marketing(2) 81,670 66,796 225,604 186,454 General and
administrative(1)(2) 20,910 16,999
63,037 49,087 Total operating expenses
137,392 113,447 391,029
320,365 Loss from operations (42,559 ) (37,751 )
(121,534 ) (114,262 ) Interest expense, net (287 ) (222 ) (802 )
(587 ) Other income (loss), net 277 (22 )
560 609 Loss before provision for
income taxes (42,569 ) (37,995 ) (121,776 ) (114,240 ) Provision
for income taxes 355 238 519
670 Net loss $ (42,924 ) $ (38,233 ) $
(122,295 ) $ (114,910 ) Net loss per common share, basic and
diluted $ (0.32 ) $ (0.30 ) $ (0.92 ) $ (0.91 ) Weighted-average
shares used to compute net loss per
share, basic and diluted
134,636 128,275 133,044
126,712 (1) Includes intangible assets
amortization as follows:
Three Months Ended Nine
Months Ended October 31, October 31, 2017
2016 2017 2016 (in thousands) (in
thousands) Cost of revenue $ — $ 506 $ 365 $ 2,804 General and
administrative 39 39 116
116 Total intangible assets amortization $ 39
$ 545 $ 481 $ 2,920 (2) Includes
stock-based compensation expense as follows:
Three Months
Ended Nine Months Ended October 31, October
31, 2017 2016 2017 2016 (in
thousands) (in thousands) Cost of revenue $ 2,814 $
1,986 $ 7,945 $ 5,328 Research and development 9,705 7,730 28,419
21,602 Sales and marketing 8,208 6,744 23,882 18,390 General and
administrative 4,796 3,457
12,290 9,750 Total stock-based compensation $
25,523 $ 19,917 $ 72,536 $ 55,070
BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
(unaudited)
Three Months Ended Nine Months Ended
October 31, October 31, 2017
2016 2017 2016 CASH FLOWS FROM
OPERATING ACTIVITIES: Net loss $ (42,924 ) $ (38,233 ) $
(122,295 ) $ (114,910 )
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 9,913 8,710 29,250 31,515 Stock-based
compensation expense 25,523 19,917 72,536 55,070 Amortization of
deferred commissions 5,393 4,251 15,751 13,627 Other (124 ) 13 (83
) 96 Changes in operating assets and liabilities: Accounts
receivable, net 12,023 (10,825 ) 24,245 13,547 Deferred commissions
(4,616 ) (3,667 ) (13,235 ) (10,073 ) Prepaid expenses, restricted
cash and other assets 2,746 1,670 (2,959 ) 4,107 Accounts payable
(2,592 ) 2,353 4,469 2,069 Accrued expenses and other liabilities
(4,828 ) (1,036 ) (8,721 ) (20,250 ) Deferred rent 1,413 424 3,132
3,078 Deferred revenue 12,167 9,594
11,022 6,185
Net cash provided by (used in) operating
activities
14,094 (6,829 ) 13,112 (15,939 )
CASH FLOWS FROM INVESTING
ACTIVITIES: Sales of marketable securities — — — 240 Maturities
of marketable securities — — — 7,057 Purchases of property and
equipment (3,003 ) (1,892 ) (4,800 ) (13,639 ) Proceeds from sale
of property and equipment 2 8 31
84 Net cash used in investing activities
(3,001 ) (1,884 ) (4,769 ) (6,258 )
CASH FLOWS FROM FINANCING
ACTIVITIES: Payment of borrowing costs — — — (93 )
Proceeds from exercise of stock options,
net of repurchases of early exercised stock options
4,002 3,388 9,415 7,603
Proceeds from issuances of common stock
under employee stock purchase plan
8,640 6,710 17,521 15,726
Employee payroll taxes paid related to net
share settlement of restricted stock units
(11,284 ) (4,726 ) (26,219 ) (13,594 ) Acquisition related
contingent consideration — — (991 ) — Payments of capital lease
obligations (4,781 ) (2,178 ) (12,693 )
(5,439 )
Net cash (used in) provided by financing
activities
(3,423 ) 3,194 (12,967 ) 4,203
Effect of exchange rate changes on cash
and cash equivalents
(88 ) (12 ) 90 53
Net
increase (decrease) in cash and cash equivalents 7,582 (5,531 )
(4,534 ) (17,941 )
Cash and cash equivalents, beginning of
period 165,275 173,331
177,391 185,741
Cash and cash equivalents,
end of period $ 172,857 $ 167,800 $ 172,857
$ 167,800
BOX, INC.
RECONCILIATION OF GAAP TO NON-GAAP
DATA
(In thousands, except per share
data)
(unaudited)
Three Months Ended Nine Months Ended
October 31, October 31, 2017
2016 2017 2016 GAAP
operating loss $ (42,559 ) $ (37,751 ) $ (121,534 ) $ (114,262 )
Stock-based compensation 25,523 19,917 72,536 55,070 Intangible
assets amortization 39 545 481 2,920 Expenses related to a legal
verdict(1) — — —
(1,664 ) Non-GAAP operating loss $ (16,997 ) $ (17,289 ) $ (48,517
) $ (57,936 ) GAAP operating margin (33 ) % (37 ) % (33 ) %
(40 ) % Stock-based compensation 20 19 20 19 Intangible assets
amortization — 1 — 1 Expenses related to a legal verdict(1)
— — — (1 ) Non-GAAP
operating margin (13 ) % (17 ) % (13 ) %
(21 ) % GAAP net loss $ (42,924 ) $ (38,233 )
$ (122,295 ) $ (114,910 ) Stock-based compensation 25,523 19,917
72,536 55,070 Intangible assets amortization 39 545 481 2,920
Expenses related to a legal verdict(1) — —
— (1,664 ) Non-GAAP net loss $ (17,362
) $ (17,771 ) $ (49,278 ) $ (58,584 )
GAAP net loss per share, basic and
diluted
$ (0.32 ) $ (0.30 ) $ (0.92 ) $ (0.91 ) Stock-based compensation
0.19 0.16 0.55 0.43 Intangible assets amortization — — — 0.02
Expenses related to a legal verdict(1) — —
— —
Non-GAAP net loss per share, basic and
diluted
$ (0.13 ) $ (0.14 ) $ (0.37 ) $ (0.46 )
Weighted-average shares outstanding, basic
and diluted
134,636 128,275 133,044
126,712
GAAP net cash provided by (used in)
operating activities
$ 14,094 $ (6,829 ) $ 13,112 $ (15,939 )
Purchases of property and equipment
(3,003 ) (1,892 ) (4,800 ) (13,639 ) Payments of capital lease
obligations (4,781 ) (2,178 ) (12,693 )
(5,439 ) Free cash flow $ 6,310 $ (10,899 ) $ (4,381 ) $
(35,017 ) Net cash used in investing activities $ (3,001 ) $ (1,884
) $ (4,769 ) $ (6,258 )
Net cash (used in) provided by financing
activities
$ (3,423 ) $ 3,194 $ (12,967 ) $ 4,203
(1) Included in general and administrative expenses in the
condensed consolidated statements of operations.
BOX, INC.
RECONCILIATION OF GAAP REVENUE TO
BILLINGS
(In thousands)
(unaudited)
Three Months Ended Nine Months Ended
October 31, October 31, 2017
2016 2017 2016 GAAP revenue $ 129,304 $
102,811 $ 369,467 $ 288,679 Deferred revenue, end of period 253,006
192,598 253,006 192,598 Less: deferred revenue, beginning of period
(240,839 ) (183,004 ) (241,984 )
(186,413 ) Billings $ 141,471 $ 112,405 $ 380,489
$ 294,864
RECONCILIATION OF GAAP NET LOSS TO
NON-GAAP NET LOSS PER SHARE GUIDANCE
(In thousands)
(unaudited)
For the Three MonthsEnded
January 31, 2018
For the Year EndedJanuary 31,
2018
GAAP net loss per share range, basic and diluted $(0.27-0.26)
$(1.19-1.18) Stock-based compensation 0.19 0.74 Intangible assets
amortization - - Non-GAAP net loss per share range, basic and
diluted $(0.08-0.07) $(0.45-0.44) Weighted average shares
outstanding, basic and diluted 136,667
133,970
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171129006092/en/
Box, Inc.Investors:Stephanie Wakefield, +1 650-209-3463VP,
Investor Relationsswakefield@box.comorAlice Kousoum Lopatto, +1
650-209-3467Director, Investor Relationsalopatto@box.comorMedia:Denis Roy, +1
650-543-6926press@box.com
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