-
Revenue of $117 Million, Up 30 Percent Year-Over-Year
-
Billings of $100 Million, Up 31 Percent Year-Over-Year
-
Cash Flow from Operations of $8.5 Million, Free Cash Flow of $4.0
Million
REDWOOD CITY, Calif.--(BUSINESS WIRE)--
Box, Inc. (NYSE:BOX), a leader in cloud content management, today
announced financial results for the first quarter of fiscal 2018, which
ended April 30, 2017.
"Companies around the world are in the midst of digital transformation.
The winners will be organizations that use technology to power new ways
to connect and collaborate around their information," said Aaron Levie,
co-founder and CEO of Box. "Box's cloud content management platform is a
powerful change agent for our 74,000 paying customers worldwide. Our
strong fiscal first quarter results are a solid foundation for the year
as we focus on innovation and our global go-to-market objectives to
seize our massive market opportunity."
"Our strong revenue and billings growth, in combination with generating
positive free cash flow, demonstrates our competitive differentiation
and the strength of our business model,” said Dylan Smith, co-founder
and CFO of Box. "With our leadership position in cloud content
management, loyalty of our install base, and roadmap for continued
innovation, we are well positioned to achieve our $1 billion revenue
target."
Fiscal First Quarter Financial Highlights
-
Revenue for the first quarter of fiscal 2018 was a record $117.2
million, an increase of 30% from the first quarter of fiscal 2017.
-
Deferred revenue as of April 30, 2017 was $224.3 million, an increase
of 30% from April 30, 2016.
-
Billings for the first quarter of fiscal 2018 were $99.6 million, an
increase of 31% from the first quarter of fiscal 2017.
-
GAAP operating loss in the first quarter of fiscal 2018 was $40.0
million, or 34% of revenue. This compares to GAAP operating loss of
$38.6 million, or 43% of revenue, in the first quarter of fiscal 2017.
-
Non-GAAP operating loss in the first quarter of fiscal 2018 was $16.6
million, or 14% of revenue. This compares to a non-GAAP operating loss
of $22.7 million, or 25% of revenue, in the first quarter of fiscal
2017.
-
GAAP net loss per share, basic and diluted, in the first quarter of
fiscal 2018 was $0.30 on 131.5 million shares outstanding, compared to
a GAAP net loss per share of $0.31 in the first quarter of fiscal 2017
on 124.9 million shares outstanding.
-
Non-GAAP net loss per share, basic and diluted, in the first quarter
of fiscal 2018 was $0.13, compared to non-GAAP net loss per share of
$0.18 in the first quarter of fiscal 2017.
-
Net cash provided by operating activities in the first quarter of
fiscal 2018 totaled $8.5 million. This was a $12.8 million improvement
compared to net cash used in operating activities of $4.2 million in
the first quarter of fiscal 2017.
-
Free cash flow in the first quarter of fiscal 2018 was $4.0 million, a
$20.2 million improvement compared to negative $16.2 million in the
first 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 more than 74,000 businesses, including
new or expanded deployments with leading enterprises such as Komatsu,
McDonald’s, Morningstar, Inc., Saipem, State of Nevada, Unitedhealth
Group and the United States Forest Service.
-
Announced that Box was positioned as a Leader in "The
Forrester Wave™: Enterprise Content Management- Business Content
Services, Q2 2017" report by Forrester Research.
-
In partnership with IBM, added
the United Kingdom to Box's robust data residency offering, Box
Zones. Customers are now able to store data locally in eight countries
across North America, Europe, Asia and Australia.
-
Launched Box
KeySafe with Amazon Web Services’ (AWS) GovCloud to enable
government agencies to self-manage encryption keys, providing control
and visibility into their data residing in the cloud.
-
Announced that the Defense Information Systems Agency (DISA) has authorized
Box as a trusted platform at the Department of Defense (DoD) SRG
Level 4, allowing the DoD to use Box for export-controlled data,
privacy information, as well as other controlled unclassified
information.
-
Introduced a new Groups
experience to make provisioning individual users and groups around
the right content easier than ever.
-
Introduced a new resource-based
pricing model for Box Platform. Customers will pay only for
resources based on expected consumption, offering both flexibility and
predictability to meet the needs of businesses and organizations of
all sizes.
-
Announced that AWS users can license Box
Platform on the AWS Marketplace, easily integrating Box Platform
APIs into their applications and leveraging their existing AWS payment
terms.
-
Launched the Box
for Workplace by Facebook integration, which makes it easier for
teams using Workplace to share ideas and collaborate on their content
in Box.
-
Expanded integration with Google, including building
on Hangouts Chat, a communication app built for teams in G Suite.
-
Announced Fujitsu
as an official Box reseller in Japan. The reseller relationship
enables Fujitsu, a leading Japanese information and communication
technology company, to help accelerate sales of Box in the country.
Outlook
-
Q2 FY18 Guidance: Revenue is expected to be in the range of
$121 million to $122 million. GAAP and non-GAAP basic and diluted
earnings per share are expected to be in the range of ($0.32) to
($0.31) and ($0.13) to ($0.12), respectively. Weighted average basic
and diluted shares outstanding are expected to be approximately 132
million.
-
Full Year FY18 Guidance: Revenue is expected to be in the
range of $502 million to $506 million. GAAP and non-GAAP basic and
diluted earnings per share are expected to be in the range of ($1.25)
to ($1.21) and ($0.48) 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:
+ 1-877-201-0168, (U.S. and Canada), conference ID: 83210484
+
1-647-788-4901 (international), conference ID: 83210484
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: 83210484
+
1-404-537-3406 (international), conference ID: 83210484
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 investments in go-to-market efforts, its ability
to scale its business and drive operating leverage, its ability to
achieve its long-term revenue target of $1 billion, expectations
regarding its ability to maintain positive free cash flow for the full
fiscal year ending January 31, 2018, profitability, recent and planned
product introductions and enhancements, benefits of such product
introductions and enhancements, and 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 second 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 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 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 Annual Report on Form 10-K
filed for the fiscal year ended January 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 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
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 more than 74,000 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)
|
|
|
|
|
|
|
|
|
|
April 30,
|
|
January 31,
|
|
|
|
2017
|
|
2017
|
|
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
183,691
|
|
|
$
|
177,391
|
|
|
Accounts receivable, net
|
|
|
82,767
|
|
|
|
120,113
|
|
|
Prepaid expenses and other current assets
|
|
|
14,836
|
|
|
|
10,826
|
|
|
Deferred commissions
|
|
|
12,776
|
|
|
|
13,771
|
|
|
Total current assets
|
|
|
294,070
|
|
|
|
322,101
|
|
|
Property and equipment, net
|
|
|
117,568
|
|
|
|
117,176
|
|
|
Intangible assets, net
|
|
|
140
|
|
|
|
543
|
|
|
Goodwill
|
|
|
16,293
|
|
|
|
16,293
|
|
|
Restricted cash
|
|
|
26,781
|
|
|
|
26,781
|
|
|
Other long-term assets
|
|
|
9,023
|
|
|
|
10,780
|
|
|
Total assets
|
|
$
|
463,875
|
|
|
$
|
493,674
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
13,829
|
|
|
$
|
6,658
|
|
|
Accrued compensation and benefits
|
|
|
16,329
|
|
|
|
30,415
|
|
|
Accrued expenses and other current liabilities
|
|
|
20,034
|
|
|
|
17,713
|
|
|
Capital lease obligations
|
|
|
15,663
|
|
|
|
13,748
|
|
|
Deferred revenue
|
|
|
208,615
|
|
|
|
228,656
|
|
|
Deferred rent
|
|
|
1,084
|
|
|
|
751
|
|
|
Total current liabilities
|
|
|
275,554
|
|
|
|
297,941
|
|
|
Debt, non-current
|
|
|
40,000
|
|
|
|
40,000
|
|
|
Capital lease obligations, non-current
|
|
|
24,644
|
|
|
|
21,697
|
|
|
Deferred revenue, non-current
|
|
|
15,700
|
|
|
|
13,328
|
|
|
Deferred rent, non-current
|
|
|
45,329
|
|
|
|
44,207
|
|
|
Other long-term liabilities
|
|
|
2,804
|
|
|
|
1,769
|
|
|
Total liabilities
|
|
|
404,031
|
|
|
|
418,942
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
Common stock
|
|
|
13
|
|
|
|
13
|
|
|
Additional paid-in capital
|
|
|
985,313
|
|
|
|
960,144
|
|
|
Treasury stock
|
|
|
(1,177
|
)
|
|
|
(1,177
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(91
|
)
|
|
|
(120
|
)
|
|
Accumulated deficit
|
|
|
(924,214
|
)
|
|
|
(884,128
|
)
|
|
Total stockholders’ equity
|
|
|
59,844
|
|
|
|
74,732
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
463,875
|
|
|
$
|
493,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
April 30,
|
|
|
|
2017
|
|
2016
|
|
Revenue
|
|
$
|
117,222
|
|
|
$
|
90,155
|
|
|
Cost of revenue(1)(2)
|
|
|
32,723
|
|
|
|
27,859
|
|
|
Gross profit
|
|
|
84,499
|
|
|
|
62,296
|
|
|
Operating expenses:
|
|
|
|
|
|
Research and development(2)
|
|
|
33,534
|
|
|
|
26,907
|
|
|
Sales and marketing(2)
|
|
|
70,663
|
|
|
|
59,472
|
|
|
General and administrative(1)(2)
|
|
|
20,281
|
|
|
|
14,509
|
|
|
Total operating expenses
|
|
|
124,478
|
|
|
|
100,888
|
|
|
Loss from operations
|
|
|
(39,979
|
)
|
|
|
(38,592
|
)
|
|
Interest expense, net
|
|
|
(279
|
)
|
|
|
(176
|
)
|
|
Other income, net
|
|
|
16
|
|
|
|
441
|
|
|
Loss before provision for income taxes
|
|
|
(40,242
|
)
|
|
|
(38,327
|
)
|
|
(Benefit) provision for income taxes
|
|
|
(156
|
)
|
|
|
248
|
|
|
Net loss
|
|
$
|
(40,086
|
)
|
|
$
|
(38,575
|
)
|
|
Net loss per common share, basic and diluted
|
|
$
|
(0.30
|
)
|
|
$
|
(0.31
|
)
|
Weighted-average shares used to compute net loss per
share,
basic and diluted
|
|
|
131,469
|
|
|
|
124,932
|
|
|
|
|
|
|
|
|
(1) Includes intangible assets amortization as follows:
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
April 30,
|
|
|
|
2017
|
|
2016
|
|
Cost of revenue
|
|
$
|
365
|
|
|
$
|
1,420
|
|
|
General and administrative
|
|
|
39
|
|
|
|
39
|
|
|
Total intangible assets amortization
|
|
$
|
404
|
|
|
$
|
1,459
|
|
|
|
|
|
|
|
|
(2) Includes stock-based compensation expense as follows:
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
April 30,
|
|
|
|
2017
|
|
2016
|
|
Cost of revenue
|
|
$
|
2,468
|
|
|
$
|
1,512
|
|
|
Research and development
|
|
|
9,160
|
|
|
|
6,524
|
|
|
Sales and marketing
|
|
|
7,740
|
|
|
|
5,230
|
|
|
General and administrative
|
|
|
3,578
|
|
|
|
2,823
|
|
|
Total stock-based compensation
|
|
$
|
22,946
|
|
|
$
|
16,089
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
April 30,
|
|
|
|
2017
|
|
2016
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net loss
|
|
$
|
(40,086
|
)
|
|
$
|
(38,575
|
)
|
|
Adjustments to reconcile net loss to net cash provided by (used
in) operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
9,572
|
|
|
|
12,084
|
|
|
Stock-based compensation expense
|
|
|
22,946
|
|
|
|
16,089
|
|
|
Amortization of deferred commissions
|
|
|
4,990
|
|
|
|
4,771
|
|
|
Other
|
|
|
22
|
|
|
|
108
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable, net
|
|
|
37,346
|
|
|
|
41,927
|
|
|
Deferred commissions
|
|
|
(2,784
|
)
|
|
|
(2,257
|
)
|
|
Prepaid expenses and other assets, current and noncurrent
|
|
|
(2,541
|
)
|
|
|
(227
|
)
|
|
Accounts payable
|
|
|
7,182
|
|
|
|
266
|
|
|
Accrued expenses and other liabilities
|
|
|
(10,967
|
)
|
|
|
(26,698
|
)
|
|
Deferred rent
|
|
|
530
|
|
|
|
2,510
|
|
|
Deferred revenue
|
|
|
(17,669
|
)
|
|
|
(14,229
|
)
|
|
Net cash provided by (used in) operating activities
|
|
|
8,541
|
|
|
|
(4,231
|
)
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
Maturities of marketable securities
|
|
|
—
|
|
|
|
6,586
|
|
|
Purchases of property and equipment
|
|
|
(784
|
)
|
|
|
(10,976
|
)
|
|
Proceeds from sale of property and equipment
|
|
|
27
|
|
|
|
4
|
|
|
Net cash used in investing activities
|
|
|
(757
|
)
|
|
|
(4,386
|
)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
Payment of borrowing costs
|
|
|
—
|
|
|
|
(93
|
)
|
|
Proceeds from exercise of stock options, net of repurchases of
early exercised stock options
|
|
|
2,456
|
|
|
|
2,246
|
|
|
Proceeds from issuances of common stock under employee stock
purchase plan
|
|
|
8,881
|
|
|
|
9,016
|
|
|
Employee payroll taxes paid related to net share settlement of
restricted stock units
|
|
|
(9,114
|
)
|
|
|
(4,768
|
)
|
|
Payments of capital lease obligations
|
|
|
(3,736
|
)
|
|
|
(949
|
)
|
|
Net cash (used in) provided by financing activities
|
|
|
(1,513
|
)
|
|
|
5,452
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
29
|
|
|
|
114
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
6,300
|
|
|
|
(3,051
|
)
|
|
Cash and cash equivalents, beginning of period
|
|
|
177,391
|
|
|
|
185,741
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
183,691
|
|
|
$
|
182,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOX, INC.
RECONCILIATION OF GAAP TO NON-GAAP DATA
(In Thousands, Except Per Share Data and Percentages)
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
April 30,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
GAAP operating loss
|
|
$
|
(39,979
|
)
|
|
|
$
|
(38,592
|
)
|
|
|
Stock-based compensation
|
|
|
22,946
|
|
|
|
|
16,089
|
|
|
|
Intangible assets amortization
|
|
|
404
|
|
|
|
|
1,459
|
|
|
|
Expenses related to a legal verdict(1)
|
|
|
—
|
|
|
|
|
(1,664
|
)
|
|
|
Non-GAAP operating loss
|
|
$
|
(16,629
|
)
|
|
|
$
|
(22,708
|
)
|
|
|
|
|
|
|
|
|
|
|
GAAP operating margin
|
|
|
(34
|
)
|
%
|
|
|
(43
|
)
|
%
|
|
Stock-based compensation
|
|
|
20
|
|
|
|
|
18
|
|
|
|
Intangible assets amortization
|
|
|
—
|
|
|
|
|
2
|
|
|
|
Expenses related to a legal verdict(1)
|
|
|
—
|
|
|
|
|
(2
|
)
|
|
|
Non-GAAP operating margin
|
|
|
(14
|
)
|
%
|
|
|
(25
|
)
|
%
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(40,086
|
)
|
|
|
$
|
(38,575
|
)
|
|
|
Stock-based compensation
|
|
|
22,946
|
|
|
|
|
16,089
|
|
|
|
Intangible assets amortization
|
|
|
404
|
|
|
|
|
1,459
|
|
|
|
Expenses related to a legal verdict(1)
|
|
|
—
|
|
|
|
|
(1,664
|
)
|
|
|
Non-GAAP net loss
|
|
$
|
(16,736
|
)
|
|
|
$
|
(22,691
|
)
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share, basic and diluted
|
|
$
|
(0.30
|
)
|
|
|
$
|
(0.31
|
)
|
|
|
Stock-based compensation
|
|
|
0.17
|
|
|
|
|
0.13
|
|
|
|
Intangible assets amortization
|
|
|
—
|
|
|
|
|
0.01
|
|
|
|
Expenses related to a legal verdict(1)
|
|
|
—
|
|
|
|
|
(0.01
|
)
|
|
|
Non-GAAP net loss per share, basic and diluted
|
|
$
|
(0.13
|
)
|
|
|
$
|
(0.18
|
)
|
|
|
Weighted-average shares outstanding, basic and diluted
|
|
|
131,469
|
|
|
|
|
124,932
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net cash used in operating activities
|
|
$
|
8,541
|
|
|
|
$
|
(4,231
|
)
|
|
|
Purchases of property and equipment
|
|
|
(784
|
)
|
|
|
|
(10,976
|
)
|
|
|
Payments of capital lease obligations
|
|
|
(3,736
|
)
|
|
|
|
(949
|
)
|
|
|
Free cash flow
|
|
$
|
4,021
|
|
|
|
$
|
(16,156
|
)
|
|
|
(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
|
|
|
|
April 30,
|
|
|
|
2017
|
|
2016
|
|
GAAP revenue
|
|
$
|
117,222
|
|
|
$
|
90,155
|
|
|
Deferred revenue, end of period
|
|
|
224,315
|
|
|
|
172,184
|
|
|
Less: deferred revenue, beginning of period
|
|
|
(241,984
|
)
|
|
|
(186,413
|
)
|
|
Billings
|
|
$
|
99,553
|
|
|
$
|
75,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS PER SHARE
GUIDANCE
(In Thousands, Except Per Share Data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended July 31, 2017
|
|
For the Year Ended
January 31, 2018
|
|
GAAP net loss per share range, basic and diluted
|
|
$(0.32-0.31)
|
|
$(1.25-1.21)
|
|
Stock-based compensation
|
|
0.19
|
|
0.77
|
|
Intangible assets amortization
|
|
-
|
|
-
|
|
Non-GAAP net loss per share range, basic and diluted
|
|
$(0.13-0.12)
|
|
$(0.48-0.44)
|
|
Weighted average shares outstanding, basic and diluted
|
|
131,964
|
|
133,595
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170531006274/en/
Source: Box, Inc.