- Deferred Revenue Up 36%
Year-Over-Year
- GAAP EPS of ($0.30) and Non-GAAP EPS of
($0.14) Improved Significantly
- Cash Flow from Operations Improved by
$10.5 Million Year-Over-Year
Box, Inc. (NYSE:BOX), a leading enterprise content platform,
today announced financial results for the third quarter of fiscal
2017, which ended October 31, 2016.
"In the third quarter, we delivered record revenue of $102.8
million, up 31% year-over-year, and continued to improve
operational efficiencies throughout the business," said Aaron
Levie, co-founder and CEO of Box. "We reached a significant
milestone with our first $100 million quarter. We also hosted our
most successful BoxWorks to date and announced a new strategic
partnership with Google. With our track record of product
innovation and continued momentum with new and existing customers,
Box is uniquely positioned to help businesses modernize how they
manage information and transform how they work.”
“Our results this quarter were driven by our best-in-class
retention rate, strong sales execution, and increased adoption of
our newer products,” said Dylan Smith, co-founder and CFO of Box.
“We also demonstrated significant progress in cash flow from
operations, driving a year-over-year improvement of more than $10
million, and bringing us closer to achieving positive free cash
flow in the current quarter.”
Fiscal Third Quarter Financial Highlights
- Revenue for the third quarter of fiscal
2017 was a record $102.8 million, an increase of 31% from the third
quarter of fiscal 2016.
- Deferred revenue for the third quarter
of fiscal 2017 ended at $192.6 million, an increase of 36% from the
third quarter of fiscal 2016.
- Billings in the third quarter of fiscal
2017 were $112.4 million, an increase of 26% from the third quarter
of fiscal 2016.
- GAAP operating loss in the third
quarter of fiscal 2017 was $37.8 million, or 37% of revenue. This
compares to GAAP operating loss of $55.0 million, or 70% of
revenue, in the third quarter of fiscal 2016.
- Non-GAAP operating loss in the third
quarter of fiscal 2017 was $17.3 million, or 17% of revenue. This
compares to non-GAAP operating loss of $37.9 million, or 48% of
revenue, in the third quarter of fiscal 2016.
- GAAP net loss per share, basic and
diluted, in the third quarter of fiscal 2017 was
$0.30 on 128.3 million shares outstanding, compared to
$0.45 in the third quarter of fiscal 2016
on 121.8 million shares outstanding.
- Non-GAAP net loss per share, basic and
diluted, in the third quarter of fiscal 2017 was
$0.14, compared to $0.31 in the third quarter of fiscal
2016.
- Net cash used in operating activities
in the third quarter of fiscal 2017 totaled $6.8 million. This was
a $10.5 million, or 61%, improvement compared to net cash used in
operating activities of $17.3 million in the third quarter of
fiscal 2016.
- Free cash flow in the third quarter of
fiscal 2017 was negative $10.9 million, compared to negative $37.8
million, in the third quarter of fiscal 2016.
- Cash, cash equivalents, and restricted
cash were $194.9 million as of October 31, 2016, of which $27.1
million was restricted.
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 over 69,000 businesses including new or expanded
deployments with leading enterprises such as Alexion
Pharmaceuticals, the Consumer Financial Protection Bureau,
Hertz, HULU, KONICA MINOLTA JAPAN, INC, Southwest Airlines, and the
U.S. Department of the Treasury.
- Announced a new strategic
partnership with Google, including deep integrations with
G-Suite (formerly Google Docs) and Google Springboard (enterprise
search) to bring together Box’s secure content management with
Google’s productivity applications and search capabilities.
- Secured approval of European Union
(EU) Binding Corporate Rules, making Box one of very few
companies to meet the global gold standard for processing and
transferring sensitive information outside of the EU.
- Revealed an all new Box,
which includes Box Relay, enhancements to the core product, and a
new version of Box Notes. Box Relay, the first Box product
co-developed with IBM, will make it simple for businesses to build,
track and manage their workflows, drive productivity and
standardize processes across the extended enterprise.
- Enhanced Box Governance with
security classification functionality, allowing users to
automatically identify sensitive content in Box and enforce
security policies based on a predetermined confidentiality
level.
- Hosted the most successful BoxWorks
to date, which attracted over 170 CIOs representing Fortune
1000 companies and featured partners like Amazon, Google, IBM, and
Microsoft.
Outlook
- Issued Q4 FY17 Guidance: Revenue
is expected to be in the range of $108 million to $109 million.
GAAP and non-GAAP basic and diluted earnings per share is expected
to be in the range of ($0.33) to ($0.32) and ($0.14) to ($0.13),
respectively. Weighted average basic and diluted shares outstanding
is expected to be approximately 130 million.
- Raised Full Year FY17 Guidance:
Revenue is expected to be in the range of $397 million to $398
million, raised from previous guidance of $394 million to $396
million. GAAP basic and diluted earnings per share is expected to
be in the range of ($1.24) to ($1.23), raised from previous
guidance of ($1.30) to ($1.28). Non-GAAP basic and diluted earnings
per share is expected to be in the range of ($0.60) to ($0.59),
raised from previous guidance of ($0.69) to ($0.67). Weighted
average basic and diluted shares outstanding is expected to be
approximately 127 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 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 Box’s third quarter of fiscal 2017 earnings 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:+
1-877-201-0168, (U.S. and Canada), conference ID: 12535958+
1-647-788-4901 (international), conference ID: 12535958
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: 12535958+ 1-404-537-3406 (international), conference
ID: 12535958
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 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, its
ability to achieve positive free cash flow, profitability, planned
product enhancements, benefits of such product enhancements, and
success of strategic partnerships, as well as expectations
regarding 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
2017 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 intensely 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-based Enterprise 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 or expand their use of
Box’s services; (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,
2016. 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 measure
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 expense, if Box did not
pay a portion of compensation in the form of stock-based 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 stock-based compensation 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 stock-based
compensation 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
other special items because they are considered by management to be
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. 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 (used in
) provided by 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 which 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
Founded in 2005, Box (NYSE:BOX) is transforming the way people
and organizations work so they can achieve their greatest
ambitions. As a leading enterprise content platform, Box helps more
than 69,000 businesses, including AstraZeneca, General Electric,
P&G and The GAP securely access and manage their critical
information in the cloud. 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, 2016
2016 (unaudited)
ASSETS Current assets: Cash
and cash equivalents $ 167,800 $ 185,741 Marketable securities —
7,379 Accounts receivable, net 85,995 99,542 Prepaid expenses and
other current assets 12,770 14,729 Deferred commissions
10,599 12,603 Total current assets 277,164
319,994 Property and equipment, net 113,379 120,492 Intangible
assets, net 975 3,895 Goodwill 16,293 14,301 Restricted cash 27,134
27,952 Other long-term assets 8,427 10,854
Total assets $ 443,372 $ 497,488
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable $ 9,926 $ 9,862 Accrued compensation and benefits
19,172 35,631 Accrued expenses and other current liabilities 20,425
31,926 Capital lease obligations 10,769 4,698 Deferred revenue
179,456 168,051 Deferred rent 410 298
Total current liabilities 240,158 250,466 Debt, non-current 40,000
40,000 Capital lease obligations, non-current 14,707 7,316 Deferred
revenue, non-current 13,142 18,362 Deferred rent, non-current
44,640 41,674 Other long-term liabilities 1,851
1,769 Total liabilities 354,498
359,587 Stockholders’ equity: Common stock 13 12 Additional
paid-in capital 937,317 871,491 Treasury stock (1,177 ) (1,177 )
Accumulated other comprehensive loss (28 ) (84 ) Accumulated
deficit (847,251 ) (732,341 ) Total stockholders’
equity 88,874 137,901 Total liabilities
and stockholders’ equity $ 443,372 $ 497,488
BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) (unaudited)
Three Months Ended Nine Months
Ended October 31, October 31, 2016
2015 2016
2015 Revenue $ 102,811 $ 78,651 $
288,679 $ 217,722 Cost of revenue(1)(2) 27,115
23,630 82,576 61,419 Gross
profit 75,696 55,021 206,103 156,303 Operating expenses: Research
and development(2) 29,652 26,324 84,824 75,911 Sales and
marketing(2) 66,796 63,972 186,454 178,927 General and
administrative(1)(2) 16,999 19,757
49,087 52,904 Total operating expenses
113,447 110,053 320,365
307,742 Loss from operations (37,751 ) (55,032 )
(114,262 ) (151,439 ) Interest expense, net (222 ) (30 ) (587 )
(773 ) Other (expense) income, net (22 ) 165
609 57 Loss before provision for income
taxes (37,995 ) (54,897 ) (114,240 ) (152,155 ) Provision for
income taxes 238 220 670
420 Net loss $ (38,233 ) $ (55,117 ) $ (114,910 ) $
(152,575 ) Net loss per common share, basic and diluted $ (0.30 ) $
(0.45 ) $ (0.91 ) $ (1.27 ) Weighted-average shares used to compute
net loss per share, basic and diluted 128,275
121,796 126,712 120,537
(1) Includes intangible assets amortization as follows:
Three
Months Ended Nine Months Ended October 31,
October 31, 2016 2015
2016 2015 Cost of
revenue $ 506 $ 1,431 $ 2,804 $ 4,010 General and administrative
39 39 116 117
Total intangible assets amortization $ 545 $ 1,470
$ 2,920 $ 4,127 (2) Includes
stock-based compensation expense as follows:
Three Months
Ended Nine Months Ended October 31, October
31, 2016 2015
2016 2015 Cost of revenue $
1,986 $ 1,272 $ 5,328 $ 3,164 Research and development 7,730 6,455
21,602 18,021 Sales and marketing 6,744 5,005 18,390 14,030 General
and administrative 3,457 2,672
9,750 7,632 Total stock-based compensation $
19,917 $ 15,404 $ 55,070 $ 42,847
BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In
thousands) (unaudited) Three Months
Ended Nine Months Ended October 31,
October 31, 2016
2015 2016
2015 CASH FLOWS FROM OPERATING ACTIVITIES: Net
loss $ (38,233 ) $ (55,117 ) $ (114,910 ) $ (152,575 ) Adjustments
to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 8,710 9,936 31,515 28,967 Stock-based
compensation expense 19,917 15,404 55,070 42,847 Amortization of
deferred commissions 4,251 3,974 13,627 11,502 Other 13 457 96 557
Changes in operating assets and liabilities, net of effects of
acquisitions: Accounts receivable, net (10,825 ) (10,321 ) 13,547
(10,194 ) Deferred commissions (3,667 ) (3,729 ) (10,073 ) (11,896
) Prepaid expenses and other assets, current and noncurrent 1,670
1,565 4,107 (25,547 ) Accounts payable 2,353 (6,989 ) 2,069 1,879
Accrued expenses and other liabilities (1,036 ) (937 ) (20,250 )
626 Deferred rent 424 17,616 3,078 21,558 Deferred revenue
9,594 10,798 6,185 21,090
Net cash used in operating activities (6,829 ) (17,343 )
(15,939 ) (71,186 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities — — — (112,521 ) Sales of
marketable securities — 63,062 240 66,911 Maturities of marketable
securities — 13,492 7,057 20,145 Purchases of property and
equipment (1,892 ) (19,998 ) (13,639 ) (47,842 ) Proceeds from sale
of property and equipment 8 — 84 —
Acquisitions and purchases of intangible
assets, net of cash acquired
— (53 ) — (271 ) Net cash
(used in) provided by investing activities (1,884 ) 56,503 (6,258 )
(73,578 )
CASH FLOWS FROM FINANCING ACTIVITIES: Payment of
initial public offering costs — — — (2,172 ) Payment of borrowing
costs — — (93 ) —
Proceeds from exercise of stock options,
net of repurchases of early exercised stock options
3,388 2,734 7,603 5,148
Proceeds from issuances of common stock
under employee stock purchase plan
6,710 10,282 15,726 10,282
Employee payroll taxes paid related to net
share settlement of restricted stock units
(4,726 ) (2,105 ) (13,594 ) (8,292 ) Payments of capital lease
obligations (2,178 ) (508 ) (5,439 )
(928 ) Net cash provided by financing activities 3,194 10,403 4,203
4,038
Effect of exchange rate changes on cash and cash
equivalents (12 ) 13 53
(15 )
Net (decrease) increase in cash and cash
equivalents (5,531 ) 49,576 (17,941 ) (140,741 )
Cash and
cash equivalents, beginning of period 173,331
140,119 185,741 330,436
Cash and cash equivalents, end of period $ 167,800 $
189,695 $ 167,800 $ 189,695
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, 2016
2015 2016
2015 (in thousands) (in
thousands) GAAP operating loss $ (37,751 ) $ (55,032 ) $
(114,262 ) $ (151,439 ) Stock-based compensation 19,917 15,404
55,070 42,847 Intangible assets amortization 545 1,470 2,920 4,127
Expenses related to a legal verdict(1) — 299
(1,664 ) 1,277 Non-GAAP operating loss
$ (17,289 ) $ (37,859 ) $ (57,936 ) $ (103,188 ) GAAP
operating margin (37 )% (70 )% (40 )% (70 )% Stock-based
compensation 19 20 19 20 Intangible assets amortization 1 2 1 2
Expenses related to a legal verdict(1) — —
(1 ) 1 Non-GAAP operating margin
(17 )% (48 )% (21 )% (47 )% GAAP
net loss $ (38,233 ) $ (55,117 ) $ (114,910 ) $ (152,575 )
Stock-based compensation 19,917 15,404 55,070 42,847 Intangible
assets amortization 545 1,470 2,920 4,127 Expenses related to a
legal verdict(1) — 299 (1,664 )
1,277 Non-GAAP net loss $ (17,771 ) $ (37,944 ) $
(58,584 ) $ (104,324 )
GAAP net loss per share, basic and
diluted
$ (0.30 ) $ (0.45 ) $ (0.91 ) $ (1.27 ) Stock-based compensation
0.16 0.13 0.43 0.36 Intangible assets amortization — 0.01 0.02 0.03
Expenses related to a legal verdict(1) — —
— 0.01 Non-GAAP net loss per
share, basic and diluted $ (0.14 ) $ (0.31 ) $ (0.46 ) $ (0.87 )
Weighted-average shares outstanding, basic
and diluted
128,275 121,796 126,712
120,537 GAAP net cash used in operating
activities $ (6,829 ) $ (17,343 ) $ (15,939 ) $ (71,186 )
Restricted cash used to guarantee a letter
of credit for Redwood City HQ
— — — 25,000 Purchases of property and equipment (1,892 ) (19,998 )
(13,639 ) (47,842 ) Payments of capital lease obligations
(2,178 ) (508 ) (5,439 ) (928 ) Free cash flow
$ (10,899 ) $ (37,849 ) $ (35,017 ) $ (94,956 ) (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, 2016
2015 2016
2015 GAAP revenue $ 102,811 $ 78,651 $ 288,679 $
217,722 Deferred revenue, end of period 192,598 141,147 192,598
141,147 Less: deferred revenue, beginning of period (183,004
) (130,349 ) (186,413 ) (120,057 ) Billings $
112,405 $ 89,449 $ 294,864 $ 238,812
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS PER
SHARE GUIDANCE (In thousands) (unaudited)
For the Three Months For the Year Ended
Ended January 31, 2017 January 31, 2017 GAAP net loss
per share range, basic and diluted $ (0.33-0.32 ) $ (1.24-1.23 )
Stock-based compensation 0.19 0.62 Intangible assets amortization —
0.03 Expenses related to legal verdict (1) —
(0.01 ) Non-GAAP net loss per share range, basic and diluted $
(0.14-0.13 ) $ (0.60-0.59 ) Weighted average shares outstanding,
basic and diluted 129,853 127,475
(1) Included in general and administrative expenses in the
condensed consolidated statements of operations.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161130006282/en/
Box, Inc.Investors:Stephanie Wakefield, +1 650-209-3463VP,
Investor Relationsswakefield@box.comorAlice Kousoum Lopatto, +1
650-209-3467Sr. Manager, Investor
Relationsalopatto@box.comorMedia:Denis Roy, +1
650-543-6926press@box.com
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