- Fourth Quarter Revenue of $163.7
Million, Up 20 Percent Year-Over-Year
- Fourth Quarter Billings of $237.7
Million, Up 16 Percent Year-Over-Year
- Fourth Quarter GAAP Net Loss Per Share
was $0.14
- Fourth Quarter Non-GAAP Net Income Per
Share of $0.06; First Ever Quarter of Positive Non-GAAP Net Income
Per Share
- Fourth Quarter Cash Flow from
Operations of $31.3 Million, Up $8.8 Million Year-Over-Year
- Fourth Quarter Free Cash Flow of $21.0
Million, Up $8.8 Million Year-Over-Year
Box, Inc. (NYSE:BOX), a leader in cloud content management,
today announced financial results for the fiscal fourth quarter and
full fiscal year 2019, which ended January 31, 2019.
“In fiscal 2019, we made progress in our transition to solution
selling as demonstrated by strong add-on product attach rates and
solid growth in six-figure deals throughout the year,” said Aaron
Levie, co-founder and CEO of Box. “While our Q4 billings results
were below our expectations -- driven by underperformance in EMEA
and longer sales cycles for some seven-figure deals -- we are
encouraged by overall customer momentum and demand for cloud
content management. Looking to FY20, we are confident that our
leadership position enables us to disrupt the legacy content
management market and help our customers accelerate their digital
transformation.”
“In the fourth quarter, we continued to drive operational
efficiencies, including achieving our first quarter of non-GAAP
profitability,” said Dylan Smith, co-founder and CFO of Box. “We
remain focused on long-term growth on our path to a billion dollars
in revenue and beyond, while driving continued leverage in our
business model and targeting our first full year of non-GAAP
profitability in FY20.”
Adoption of the New Revenue Recognition Standard – ASC Topic
606
Box adopted the new revenue recognition accounting standard
Accounting Standards Codification Topic 606 (“ASC 606”) on a
modified retrospective basis, effective February 1, 2018. Financial
results for reporting periods in Box’s fiscal year ending January
31, 2019 are presented in compliance with the new revenue
recognition standard. Historical financial results for reporting
periods prior to fiscal year 2019 are presented in conformity with
amounts previously disclosed under the prior revenue recognition
standard Accounting Standards Codification Topic 605 (“ASC 605”).
This press release includes additional information regarding Box’s
financial results for the quarter and fiscal year ended January 31,
2019 under ASC 605 for comparison to the prior year.
Fiscal Fourth Quarter 2019 Financial Highlights
- Revenue for the fourth quarter of
fiscal year 2019 was a record $163.7 million, an increase of 20%
(ASC 606 in fiscal year 2019 compared to ASC 605 in fiscal year
2018) and 21% (ASC 605 in fiscal year 2019 compared to ASC 605 in
fiscal year 2018) from the fourth quarter of fiscal year 2018.
- Deferred revenue as of January 31, 2019
was $375.0 million, an increase of 17% (ASC 606 to ASC 605 and ASC
605 to ASC 605) from the fourth quarter of fiscal year 2018.
- Billings for the fourth quarter of
fiscal year 2019 were $237.7 million, an increase of 16% (ASC 606
to ASC 605 and ASC 605 to ASC 605) from the fourth quarter of
fiscal year 2018.
- GAAP operating loss in the fourth
quarter of fiscal year 2019 was $21.7 million, or 13% of revenue
(ASC 606), and $26.4 million, or 16% of revenue (ASC 605). This
compares to GAAP operating loss of $32.5 million, or 24% of
revenue, in the fourth quarter of fiscal year 2018.
- Non-GAAP operating income in the fourth
quarter of fiscal year 2019 was $8.5 million, or 5% of revenue (ASC
606), and $3.8 million, or 2% of revenue (ASC 605). This compares
to a non-GAAP operating loss of $7.5 million, or 5% of revenue, in
the fourth quarter of fiscal year 2018.
- GAAP net loss per share, basic and
diluted, in the fourth quarter of fiscal year 2019 was
$0.14 (ASC 606) and $0.17 (ASC 605) on 144 million
weighted average shares outstanding. This compares to a GAAP net
loss per share of $0.24 in the fourth quarter of fiscal year
2018 on 137 million weighted average shares
outstanding.
- Non-GAAP net income per share, diluted,
in the fourth quarter of fiscal year 2019 was $0.06 (ASC 606)
and $0.03 (ASC 605) on 150 million weighted average diluted shares
outstanding. This compares to non-GAAP net loss per share of
$0.06 in the fourth quarter of fiscal year 2018.
- Net cash provided by operating
activities in the fourth quarter of fiscal year 2019 totaled $31.3
million. This compares to net cash provided by operating activities
of $22.5 million in the fourth quarter of fiscal year 2018.
- Free cash flow in the fourth quarter of
fiscal year 2019 was positive $21.0 million. This compares to
positive $12.1 million in the fourth quarter of fiscal year
2018.
Fiscal Year 2019 Financial Highlights
- Revenue in fiscal year 2019 was a
record $608.4 million, an increase of 20% (ASC 606 in fiscal year
2019 compared to ASC 605 in fiscal year 2018) and 22% (ASC 605 in
fiscal year 2019 compared to ASC 605 in fiscal year 2018) from
fiscal year 2018.
- Billings for fiscal year 2019 were
$672.9 million, an increase of 15% (ASC 606 to ASC 605 and ASC 605
to ASC 605) from fiscal year 2018.
- GAAP operating loss in fiscal year 2019
was $134.2 million, or 22% of revenue (ASC 606), and $146.1
million, or 24% of revenue (ASC 605). This compares to GAAP
operating loss of $154.0 million, or 30% of revenue, in fiscal year
2018.
- Non-GAAP operating loss in fiscal year
2019 was $14.9 million, or 2% of revenue (ASC 606), and $26.8
million, or 4% of revenue (ASC 605). This compares to a non-GAAP
operating loss of $56.0 million, or 11% of revenue, in fiscal year
2018.
- GAAP net loss per share, basic and
diluted, in fiscal year 2019 was $0.95 (ASC 606) and $1.04
(ASC 605) on 141 million weighted average shares outstanding.
This compares to a GAAP net loss per share of $1.16 in fiscal
year 2018 on 134 million weighted average shares
outstanding.
- Non-GAAP net loss per share, diluted,
in fiscal year 2019 was $0.12 (ASC 606) and $0.21 (ASC 605).
This compares to non-GAAP net loss per share of $0.43 in
fiscal year 2018.
- Net cash provided by operating
activities in fiscal year 2019 totaled $55.3 million. This compares
to net cash provided by operating activities of $35.4 million in
fiscal year 2018.
- Free cash flow in fiscal year 2019 was
positive $13.8 million. This compares to positive $7.5 million in
fiscal year 2018.
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
- Grew paying customer base to more than
92,000 organizations, including new or expanded deployments with
leading enterprises such as Allina Health System, Intuit, Live
Nation, MGM Studios, Red Robin International, Inc., Silicon Valley
Bank, ServiceNow, State Street, and Vistra Energy.
- Announced the general availability of
the Box for G Suite Integration, giving customers the power to
create and manage Google Docs, Sheets, and Slides from within
Box.
- Announced the general availability of
Box Skills Kit, enabling enterprise customers, third party
developers, and system integrators to build custom AI integrations
with Box.
- Launched an expanded integration with
VMware, powering a more seamless and efficient experience for
customers to work with content in Box Drive on VMware App
Volumes.
- Announced the general availability of
the Box and ServiceNow integration, allowing customers to build
content-related workflows on the ServiceNow Platform.
- Introduced new Box Sidebar Element and
Box Platform developer tools to simplify the application
development experience.
- Announced a new, dedicated UK Zone as
an expansion of Box’s data residency offering, Box Zones.
- Recognized as a 2019 Gartner Peer
Insights Customers' Choice for Content Services Platforms.
- Recognized as one of FORTUNE’S 100 Best
Companies to Work For for 2019.
- Welcomed Lakshmi Hanspal as Box’s Chief
Information Security Officer, leading Box’s cyber security
practice, security operations, and data and platform
protection.
Outlook
- Q1 FY20 Guidance: Revenue is
expected to be in the range of $161 million to $162 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 $0.06 to $0.05, respectively.
Weighted average basic and diluted shares outstanding are expected
to be approximately 145 million.
- Full Year FY20 Guidance: Revenue
is expected to be in the range of $700 million to $704 million.
GAAP basic and diluted net loss per share are expected to be in the
range of $1.06 to $1.02. Non-GAAP basic and diluted net (loss)
income per share are expected to be in the range of $(0.03) to
$0.01. The weighted average basic and diluted shares outstanding
are expected to be approximately 148 million and 156 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: 7075752+
1-647-689-4084 (international), conference ID: 7075752
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: 7075752+ 1-416-621-4642 (international), conference
ID: 7075752
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 cloud content
management market, 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, expectations regarding
its ability to achieve profitability on a quarterly or ongoing
basis, its expectations regarding free cash flow, 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, the related components of GAAP and
non-GAAP net income (loss) per share, and weighted average
outstanding share count expectations for Box’s fiscal first 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; (6) Box’s ability to provide timely and
successful enhancements, new features, integrations 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 Quarterly
Report on Form 10-Q filed for the fiscal quarter ended October 31,
2018. 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 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 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, deferred revenue, and contract assets, all of
which are financial measures calculated in accordance with
GAAP.
Free cash flow. Box defines free cash flow as cash flows
from operating activities less purchases of property and equipment,
principal payments of capital lease obligations, 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. Prior to the adoption of Accounting Standards Update
2016-18, Restricted Cash, historically, these adjusting items
include the use and release of restricted cash 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 financial measures and certain key metrics to their
nearest comparable GAAP financial 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 more than 92,000 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)
January 31, January 31, 2019 *
2018 ** (Unaudited) ASSETS Current
assets: Cash and cash equivalents $ 217,518 $ 208,076 Accounts
receivable, net 175,130 162,133 Prepaid expenses and other current
assets 14,223 11,391 Deferred commissions 21,683
17,589
Total current assets
428,554 399,189 Property and equipment, net 137,703 123,977
Intangible assets, net — 24 Goodwill 18,740 16,293 Restricted cash
238 350 Deferred commissions, non-current 53,880 8,330 Other
long-term assets 11,046 5,403 Total assets $ 650,161
$ 553,566
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable $ 15,431 $ 17,036 Accrued
compensation and benefits 34,484 37,707 Accrued expenses and other
current liabilities 27,708 26,198 Capital lease obligations 28,317
18,844 Deferred revenue 353,590 291,902 Deferred rent 3,670
2,280 Total current liabilities 463,200 393,967 Debt,
non-current 40,000 40,000 Capital lease obligations, non-current
44,597 26,980 Deferred revenue, non-current 21,451 29,021 Deferred
rent, non-current 45,034 45,882 Other long-term liabilities
4,474 2,748 Total liabilities 618,756 538,598
Stockholders’ equity: Common stock (1) 14 13 Additional paid-in
capital 1,166,443 1,054,932 Treasury stock (1,177 ) (1,177 )
Accumulated other comprehensive income 23 288 Accumulated deficit
(1,133,898 ) (1,039,088 ) Total stockholders’ equity
31,405 14,968 Total liabilities and stockholders'
equity $ 650,161 $ 553,566
(1) As of January 31, 2019, there were
144,311 shares of Box’s Class A common stock outstanding.
* As reported under ASC Topic 606
** As reported under ASC Topic 605
BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In Thousands, Except Per Share
Data)
(Unaudited)
Three Months Ended Fiscal Year Ended
January 31, January 31, 2019 *
2018 ** 2019 * 2018
** Revenue $ 163,713 $ 136,675 $ 608,386 $ 506,142 Cost of
revenue(1)(2) 47,197 35,276 173,594
135,248 Gross profit 116,516 101,399 434,792 370,894 Operating
expenses: Research and development(2) 41,362 34,403 163,750 136,791
Sales and marketing(1)(2) 73,738 77,715 312,210 303,319 General and
administrative(1)(2) 23,110 21,768 93,069
84,805 Total operating expenses 138,210
133,886 569,029 524,915 Loss from operations (21,694
) (32,487 ) (134,237 ) (154,021 ) Interest expense, net (108 ) (211
) (316 ) (1,013 ) Other income, net 2,582 229
1,339 789 Loss before provision for income taxes (19,220 )
(32,469 ) (133,214 ) (154,245 ) Provision for income taxes
474 196 1,398 715 Net loss $ (19,694 ) $
(32,665 ) $ (134,612 ) $ (154,960 ) Net loss per share, basic and
diluted $ (0.14 ) $ (0.24 ) $ (0.95 ) $ (1.16 )
Weighted-average shares used to compute
net loss per share, basic and diluted
143,703 136,566 141,351 133,932
(1) Includes intangible assets amortization as follows:
Three Months Ended Fiscal Year Ended January
31, January 31, 2019 2018 2019
2018 Cost of revenue $ — $ — $ — $ 365 Sales and marketing —
— 9 — General and administrative — 38 15
154 Total intangible assets amortization $ — $ 38 $ 24 $ 519
(2) Includes stock-based compensation expense as follows:
Three Months Ended Fiscal Year Ended
January 31, January 31, 2019 2018
2019 2018 Cost of revenue $ 3,785 $ 2,797 $ 14,065 $
10,742 Research and development 11,521 9,314 45,189 37,733 Sales
and marketing 9,163 7,860 36,864 31,742 General and administrative
5,741 4,978 23,178 17,268 Total
stock-based compensation $ 30,210 $ 24,949 $ 119,296 $ 97,485
* As reported under ASC Topic 606
** As reported under ASC Topic 605
BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended Fiscal Year Ended
January 31, January 31, 2019 *
2018 (asadjusted)
**
2019 *
2018 (asadjusted)
**
CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (19,694
) $ (32,665 ) $ (134,612 ) $ (154,960 )
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization 11,643 10,862 46,320 40,112
Stock-based compensation expense 30,210 24,949 119,296 97,485
Amortization of deferred commissions 5,092 5,725 17,323 21,476
(Gain) loss on disposal of property and equipment (1 ) — 585 — Gain
on investment in strategic equity securities (2,035 ) — (2,035 ) —
Other 17 (18 ) 4 (101 ) Changes in operating assets and liabilities
Accounts receivable (69,416 ) (66,265 ) (12,415 ) (42,020 )
Deferred commissions (14,504 ) (12,898 ) (37,561 ) (26,133 )
Prepaid expenses and other assets (416 ) 756 (4,999 ) (2,441 )
Accounts payable 1,901 2,431 1,655 6,900 Accrued expenses and other
liabilities 14,442 21,651 (2,714 ) 12,930 Deferred rent 293 72 542
3,204 Deferred revenue 73,800 67,917 63,932
78,939 Net cash provided by operating activities 31,332
22,517 55,321 35,391
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (2,195 ) (7,022 ) (14,808 )
(11,822 ) Capitalized internal-use software costs (1,418 ) — (2,761
) — Proceeds from sale of property and equipment — 76 2 107 Sales
of strategic equity securities 1,874 — 1,874 — Acquisitions
— — (458 ) — Net cash used in investing
activities (1,739 ) (6,946 ) (16,151 ) (11,715 )
CASH FLOWS FROM
FINANCING ACTIVITIES: Proceeds from borrowings, net of
borrowing costs — 39,930 — 39,930 Principal payments on borrowings
— (40,000 ) — (40,000 ) Proceeds from exercise of stock options
1,350 5,123 16,326 14,538
Proceeds from issuances of common stock
under employee stock purchase plan
— — 21,861 17,521
Employee payroll taxes paid related to net
share settlement of restricted stock units
(6,923 ) (8,557 ) (43,824 ) (34,776 ) Payments of capital lease
obligations (6,738 ) (3,359 ) (23,930 ) (16,052 ) Acquisition
related contingent consideration — — —
(991 ) Net cash used in financing activities (12,311 ) (6,863 )
(29,567 ) (19,830 )
Effect of exchange rate changes on
cash, cash equivalents, and restricted cash
132 318 (273 ) 408
Net increase in cash, cash equivalents,
and restricted cash
17,414 9,026 9,330 4,254
Cash, cash equivalents, and restricted
cash, beginning of period
200,342 199,400 208,426 204,172
Cash, cash equivalents, and restricted cash, end of period $
217,756 $ 208,426 $ 217,756 $ 208,426
* As reported under ASC Topic 606
** As reported under ASC Topic 605 and
adjusted due to the adoption of ASU 2016-18
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, 2019 *
2018 ** 2019 * 2018
** GAAP operating loss $ (21,694 ) $ (32,487 ) $ (134,237 )
$ (154,021 ) Stock-based compensation 30,210 24,949 119,296 97,485
Intangible assets amortization — 38 24
519 Non-GAAP operating income (loss) $ 8,516 $ (7,500 ) $ (14,917 )
$ (56,017 ) GAAP operating margin (13 ) % (24 ) % (22 ) %
(30 ) % Stock-based compensation 18 19 20 19 Intangible assets
amortization — — — — Non-GAAP operating
margin 5 % (5 ) % (2 ) % (11 ) %
GAAP net loss $ (19,694 ) $ (32,665 ) $ (134,612 ) $ (154,960 )
Stock-based compensation 30,210 24,949 119,296 97,485 Intangible
assets amortization — 38 24 519 Gain on investment in strategic
equity securities (2,035 ) — (2,035 ) —
Non-GAAP net income (loss) $ 8,481 $ (7,678 ) $ (17,327 ) $ (56,956
) GAAP net loss per share, basic and diluted $ (0.14 ) $
(0.24 ) $ (0.95 ) $ (1.16 ) Stock-based compensation 0.21 0.18 0.84
0.73 Intangible assets amortization — — — — Gain on investment in
strategic equity securities (0.01 ) — (0.01 )
— Non-GAAP net income (loss) per share, basic $ 0.06 $ (0.06
) $ (0.12 ) $ (0.43 ) Non-GAAP net income (loss) per share, diluted
$ 0.06 $ (0.06 ) $ (0.12 ) $ (0.43 )
Weighted-average shares used to compute
GAAP net loss per share, basic and diluted
143,703 136,566 141,351 133,932
Weighted-average shares used to compute
Non-GAAP net income (loss) per share
Basic 143,703 136,566 141,351 133,932 Diluted 150,009 136,566
141,351 133,932 Net cash provided by operating activities $
31,332 $ 22,517
*** $ 55,321 $ 35,391
*** Purchases
of property and equipment (2,195 ) (7,022 ) (14,808 ) (11,822 )
Payments of capital lease obligations (6,738 ) (3,359 ) (23,930 )
(16,052 ) Capitalized internal-use software costs (1,418 )
— (2,761 ) — Free cash flow $ 20,981 $ 12,136
*** $ 13,822 $ 7,517
*** Net cash used in investing
activities $ (1,739 ) $ (6,946 ) $ (16,151 ) $ (11,715 ) Net cash
used in financing activities $ (12,311 ) $ (6,863 ) $ (29,567 ) $
(19,830 )
* As reported under ASC Topic 606
** As reported under ASC Topic 605
*** Adjusted due to the adoption of ASU
2016-18
BOX, INC.
RECONCILIATION OF GAAP REVENUE TO
BILLINGS
(In Thousands)
(Unaudited)
Three Months Ended Fiscal Year Ended
January 31, January 31, 2019 *
2018 ** 2019 * 2018
** GAAP revenue $ 163,713 $ 136,675 $ 608,386 $ 506,142
Deferred revenue, end of period 375,041 320,923 375,041 320,923
Less: deferred revenue, beginning of period (301,241 ) (253,006 )
(311,109 )
*** (241,984 ) Contract assets, beginning of
period**** 216 — 582 — Less: contract assets, end of period****
(3 ) — (3 ) — Billings $ 237,726 $
204,592 $ 672,897 $ 585,081
* As reported under ASC Topic 606
** As reported under ASC Topic 605
*** Balance as of February 1, 2018 upon
the adoption of ASC Topic 606
**** Contract assets are reported as part
of accounts receivable 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 Months EndedApril
30, 2019
For the Year EndedJanuary 31,
2020*
GAAP net loss per share range, basic and diluted $(0.29-0.28)
$(1.06-1.02) Stock-based compensation 0.23 1.03 Non-GAAP net (loss)
income per share range, basic and diluted $(0.06-0.05) $(0.03)-0.01
Weighted-average shares used to compute GAAP net loss per
share, basic and diluted 145,393 148,066 Weighted-average shares
used to compute Non-GAAP net (loss) income per share Basic 145,393
148,066 Diluted 145,393 155,821
* 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/20190227005835/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
Box (NYSE:BOX)
Historical Stock Chart
From Apr 2024 to May 2024
Box (NYSE:BOX)
Historical Stock Chart
From May 2023 to May 2024