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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Box Inc | NYSE:BOX | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.14 | -0.44% | 32.02 | 32.16 | 31.56 | 31.96 | 825,159 | 01:00:00 |
From Dec 2024 to Dec 2024
Revenue of $276 Million, up 5% Year-Over-Year, up 6% in Constant Currency
Remaining Performance Obligations of $1.3 Billion, up 13% Year-Over-Year, up 14% in Constant Currency
Record GAAP Operating Margin of 8.5% and Record Non-GAAP Operating Margin of 29.1%
GAAP Net Income Per Share of $0.05 and Record Non-GAAP Net Income Per Share of $0.45
Box, Inc. (NYSE:BOX), the leading Intelligent Content Management (ICM) platform, today announced preliminary financial results for the third quarter of fiscal year 2025, which ended October 31, 2024.
“We delivered strong Q3 financial results and unveiled the most transformational product line-up in Box history,” said Aaron Levie, co-founder and CEO of Box. “Now businesses of all sizes will be able to realize the full value of their content and leverage the data inside their files to drive innovation, automate processes, and secure their most important information as we drive a new era of Intelligent Content Management.”
“Third quarter revenue growth of 5% year-over-year, or 6% in constant currency, came in at the high-end of our guidance,” said Dylan Smith, co-founder and CFO of Box. “With operational discipline built into the core of our company, we drove record gross and operating margins in the quarter. Our efficient cost structure enables us to continue to make meaningful investments in our sales and marketing programs and product roadmap as we deliver the leading Intelligent Content Cloud for the enterprise.”
Fiscal Third Quarter Financial Highlights
Growth on a constant currency basis and impact from foreign exchange is determined by comparing current period reported results with the current results calculated using the equivalent rates in the prior period.
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.
Recent Business Highlights
Outlook
As a reminder, approximately one third of Box’s revenue is generated outside of the U.S., of which approximately 65% is in Japanese Yen. The following guidance includes the expected impact of FX headwinds, assuming present foreign currency exchange rates.
Additionally, as we have become consistently profitable in our international business, in the fourth quarter of fiscal year 2024 we released the valuation allowance against our deferred tax assets in the United Kingdom. Accordingly, in fiscal year 2025 we are recognizing deferred tax expense in the United Kingdom. This non-cash expense is reflected in our GAAP and non-GAAP diluted net income per share guidance for the fourth quarter of fiscal year 2025 and full fiscal year 2025.
Q4 FY25 Guidance
Full Year FY25 Guidance
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, other special items. Box has provided a reconciliation of GAAP to non-GAAP net income per share and operating margin 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 p.m. (PT) / 5:00 p.m. (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 https://www.boxinvestorrelations.com for a period of 90 days after the date of the call. Prepared remarks will be available on the Box Investor Relations website after the call ends.
The conference call can be accessed by registering online at https://events.q4inc.com/attendee/640324096 at which time registrants will receive dial-in information as well as a conference ID.
A live webcast will be accessible from the Box investor relations website at www.boxinvestorrelations.com. A replay will be available at the same webcast link until 11:59 p.m. on December 2, 2025.
Box has used, and intends to continue to use, its Investor Relations website (www.box.com/investors), as well as certain X 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 X 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 X 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, uncertainties, and assumptions, including statements regarding Box’s expectations regarding its growth and profitability, the size of its market opportunity, its investments in go-to-market programs, the demand for its products, the potential of AI and its impact on Box, the timing of recent and planned product introductions, enhancements and integrations, the short- and long-term success, market adoption and retention, capabilities, and benefits of such product introductions and enhancements, the success of strategic partnerships and acquisitions, the impact of macroeconomic conditions on its business, its ability to grow and scale its business and drive operating efficiencies, the impact of fluctuations in foreign currency exchange rates on its future results, its net retention rate, its ability to achieve revenue targets and billings expectations, its revenue and billings growth rates, its ability to expand operating margins, its revenue growth rate plus free cash flow margin in fiscal year 2025 and beyond, its long-term financial targets, its ability to maintain profitability on a quarterly or ongoing basis, its free cash flow, its ability to continue to grow unrecognized revenue and remaining performance obligations, its revenue, billings, GAAP and non-GAAP gross margins, GAAP and non-GAAP net income per share, GAAP and non-GAAP operating margins, the related components of GAAP and non-GAAP net income per share, weighted-average outstanding share count expectations for Box’s fiscal fourth quarter and full fiscal year 2025 in the section titled “Outlook” above, equity burn rate, any potential repurchase of its common stock, whether, when, in what amount and by what method any such repurchase would be consummated, and the share price of any such repurchase. 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, including those caused by the Russia-Ukraine conflict and the conflict in the Middle East, inflation, and fluctuations in foreign currency exchange rates; (2) delays or reductions in information technology spending; (3) factors related to Box’s highly competitive market, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by Box’s current or future competitors; (4) the development of the cloud content management market; (5) the risk that Box’s customers do not renew their subscriptions, expand their use of Box’s services, or adopt new products offered by Box on a timely basis, or at all; (6) Box’s ability to provide timely and successful enhancements, integrations, new features and modifications to its platform and services; (7) actual or perceived security vulnerabilities in Box’s services or any breaches of Box’s security controls; (8) Box’s ability to realize the expected benefits of its third-party partnerships; and (9) Box’s ability to successfully integrate acquired businesses and achieve the expected benefits from those acquisitions. In addition, the preliminary financial results set forth in this release are estimates based on information currently available to Box. While Box believes these estimates are meaningful, they could differ from the actual amounts that Box ultimately reports in its Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024. Box assumes no obligations and does not intend to update these estimates prior to filing its Form 10-Q for the fiscal quarter ended October 31, 2024.
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, 2024. These documents are available on the SEC Filings section of Box’s Investor Relations website located at www.boxinvestorrelations.com. 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 gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to common stockholders, non-GAAP net income per share attributable to common stockholders, billings, remaining performance obligations, non-GAAP free cash flow and free cash flow margin. 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 (including for purposes of determining variable compensation of members of management and other employees) 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 they (1) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) 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. 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.
Non-GAAP gross profit and non-GAAP gross margin. Box defines non-GAAP gross profit as GAAP gross profit excluding expenses related to stock-based compensation (“SBC”) included in cost of revenue, intangible assets amortization, and as applicable, other special items. Non-GAAP gross margin is defined as non-GAAP gross profit 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 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. 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 acquired 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 that is not typically affected by operations during any particular period. Box also excludes expenses associated with a non-recurring workforce reorganization from non-GAAP gross profit as they are considered by management to be special items outside of Box’s core operating results.
Non-GAAP operating income and non-GAAP operating margin. Box defines non-GAAP operating income as operating income excluding expenses related to SBC, intangible assets amortization, and as applicable, other special items. Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue. Box excludes the following expenses as they are considered by management to be special items outside of Box’s core operating results: (1) fees related to shareholder activism (2) expenses related to certain litigation, (3) expenses associated with a non-recurring workforce reorganization, consisting primarily of severance and other personnel-related costs, and (4) expenses related to acquisitions.
Non-GAAP net income attributable to common stockholders and non-GAAP net income per share attributable to common stockholders. Box defines non-GAAP net income attributable to common stockholders as GAAP net income attributable to common stockholders excluding expenses related to SBC, intangible assets amortization, amortization of debt issuance costs, the income tax benefit from the release of a valuation allowance on deferred tax assets, induced conversion of convertible notes, undistributed earnings attributable to preferred stockholders, and as applicable, other special items as described in the preceding paragraph. Box defines non-GAAP net income per share attributable to common stockholders as non-GAAP net income attributable to common stockholders divided by the weighted-average outstanding shares.
Billings. Billings reflect, in any particular period, (1) sales to new customers, plus (2) subscription renewals and (3) expansion within existing customers, and represent amounts invoiced for all products and professional services. Box calculates billings for a period by adding changes in deferred revenue and contract assets in that period to revenue. Box believes that billings help investors better understand sales activity for a particular period, which is not necessarily reflected in revenue as a result of the fact that Box recognizes subscription revenue ratably over the subscription term. Box considers billings a significant performance measure. Box monitors billings to manage the business, make planning decisions, evaluate performance and allocate resources. Box believes that billings offers valuable supplemental information regarding the performance of the business and helps 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 because it is calculated using exclusively revenue, deferred revenue, and contract assets, all of which are financial measures calculated in accordance with GAAP.
Remaining performance obligations. Remaining performance obligations (“RPO”) represent, at a point in time, contracted revenue that has not yet been recognized. RPO consists of deferred revenue and backlog. Backlog is defined as non-cancellable contracts deemed certain to be invoiced and recognized as revenue in future periods. Future invoicing is determined to be certain when we have an executed non-cancellable contract or a significant penalty that is due upon cancellation. While Box believes RPO is a leading indicator of revenue as it represents sales activity not yet recognized in revenue, it is not necessarily indicative of future revenue growth as it is influenced by several factors, including seasonality, contract renewal timing, average contract terms and foreign currency exchange rates. Box monitors RPO to manage the business and evaluate performance. Box considers RPO to be a significant performance measure. Box does not consider RPO to be a non-GAAP financial measure because it is calculated in accordance with GAAP, specifically under ASC Topic 606.
Non-GAAP free cash flow and free cash flow margin. Box defines non-GAAP free cash flow as cash flows from operating activities less purchases of property and equipment, principal payments of finance lease liabilities, capitalized internal-use software costs, and other items that did not or are not expected to require cash settlement and that management considers to be outside of Box’s core business. Free cash flow margin is calculated as non-GAAP free cash flow divided by revenue. Box specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Box considers non-GAAP 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.
About Box
Box (NYSE:BOX) is the leading Intelligent Content Management provider, a single platform that enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including AstraZeneca, JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions.
BOX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
October 31,
January 31,
2024
2024
ASSETS
Current assets:
Cash and cash equivalents
$
608,765
$
383,742
Short-term investments
89,150
96,948
Accounts receivable, net
188,495
281,487
Deferred commissions
43,192
45,817
Other current assets
32,988
34,186
Total current assets
962,590
842,180
Operating lease right-of-use assets, net
83,283
99,354
Goodwill
78,733
76,750
Deferred commissions, non-current
57,470
63,541
Deferred tax assets
72,352
75,665
Other long-term assets
99,892
83,673
Total assets
$
1,354,320
$
1,241,163
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable, accrued expenses and other current liabilities
$
53,416
$
52,737
Accrued compensation and benefits
32,629
36,872
Operating lease liabilities
25,590
26,812
Deferred revenue
475,469
562,859
Total current liabilities
587,104
679,280
Debt, net, non-current
651,675
370,822
Operating lease liabilities, non-current
75,992
94,165
Other liabilities, non-current
25,754
35,863
Total liabilities
1,340,525
1,180,130
Series A convertible preferred stock
493,677
492,095
Stockholders’ deficit:
Common stock
14
14
Additional paid-in capital
686,216
785,374
Accumulated other comprehensive loss
(9,959
)
(9,686
)
Accumulated deficit
(1,156,153
)
(1,206,764
)
Total stockholders’ deficit
(479,882
)
(431,062
)
Total liabilities, convertible preferred stock and stockholders’ deficit
$
1,354,320
$
1,241,163
BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
Nine Months Ended
October 31,
October 31,
2024
2023
2024
2023
Revenue
$
275,913
$
261,537
$
810,610
$
774,863
Cost of revenue (1)
55,556
69,227
169,321
197,891
Gross profit
220,357
192,310
641,289
576,972
Operating expenses:
Research and development (1)
67,865
61,026
195,983
186,860
Sales and marketing (1)
95,407
87,930
283,315
262,745
General and administrative (1)
33,674
31,975
100,293
97,778
Total operating expenses
196,946
180,931
579,591
547,383
Income from operations
23,411
11,379
61,698
29,589
Interest and other (expense) income, net
(6,119
)
1,801
2,438
7,412
Income before provision for income taxes
17,292
13,180
64,136
37,001
Provision for income taxes
4,399
2,524
13,525
7,204
Net income
$
12,893
$
10,656
$
50,611
$
29,797
Accretion and dividend on series A convertible preferred stock
(4,282
)
(4,280
)
(12,832
)
(12,811
)
Undistributed earnings attributable to preferred stockholders
(985
)
(729
)
(4,302
)
(1,938
)
Net income attributable to common stockholders
$
7,626
$
5,647
$
33,477
$
15,048
Net income per share attributable to common stockholders
Basic
$
0.05
$
0.04
$
0.23
$
0.10
Diluted
$
0.05
$
0.04
$
0.23
$
0.10
Weighted-average shares used to compute net income per share attributable to common stockholders
Basic
143,479
143,915
144,275
144,296
Diluted
149,071
147,625
148,002
149,351
(1) Includes stock-based compensation expense as follows:
Three Months Ended
Nine Months Ended
October 31,
October 31,
2024
2023
2024
2023
Cost of revenue
$
4,640
$
4,973
$
13,992
$
14,688
Research and development
19,925
17,731
57,420
53,455
Sales and marketing
19,635
16,810
56,591
49,674
General and administrative
11,384
11,380
33,854
33,700
Total stock-based compensation
$
55,584
$
50,894
$
161,857
$
151,517
BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
October 31,
October 31,
2024
2023
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
12,893
$
10,656
$
50,611
$
29,797
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
5,926
14,513
15,910
38,996
Stock-based compensation expense
55,584
50,894
161,857
151,517
Amortization of deferred commissions
12,839
13,434
39,377
40,803
Induced conversion expense
10,139
—
10,139
—
Other
(4,898
)
1,024
(2,496
)
2,729
Changes in operating assets and liabilities:
Accounts receivable, net
(12,537
)
(3,029
)
90,764
93,280
Deferred commissions
(11,572
)
(11,042
)
(30,860
)
(28,361
)
Operating lease right-of-use assets, net
4,821
10,452
18,171
26,302
Other assets
569
1,934
(26
)
707
Accounts payable, accrued expenses and other liabilities
3,880
(3,002
)
(10,519
)
(9,138
)
Operating lease liabilities
(6,332
)
(11,545
)
(21,658
)
(35,731
)
Deferred revenue
(8,730
)
(2,507
)
(91,186
)
(81,513
)
Net cash provided by operating activities
62,582
71,782
230,084
229,388
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments
(34,221
)
(40,644
)
(90,676
)
(106,389
)
Maturities of short-term investments
21,500
29,000
97,396
79,000
Sales of short-term investments
—
—
3,567
—
Purchases of property and equipment
(271
)
(2,461
)
(1,945
)
(4,461
)
Proceeds from sales of property and equipment
2,404
418
8,395
1,671
Capitalized internal-use software costs
(7,354
)
(3,985
)
(19,031
)
(12,362
)
Other
(3,525
)
—
(3,525
)
(190
)
Net cash used in investing activities
(21,467
)
(17,672
)
(5,819
)
(42,731
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible notes, net of issuance costs
448,953
—
448,953
—
Partial repurchase of convertible notes
(191,713
)
—
(191,713
)
—
Purchase of capped calls related to convertible notes
(52,486
)
—
(52,486
)
—
Settlement of capped calls related to convertible notes
30,313
—
30,313
—
Repurchases of common stock
(29,965
)
(51,016
)
(168,651
)
(155,922
)
Principal payments on borrowings
(30,000
)
—
(30,000
)
—
Payments of dividends to preferred stockholders
(3,750
)
(3,750
)
(11,250
)
(11,193
)
Proceeds from exercise of stock options
817
362
16,170
1,157
Proceeds from issuances of common stock under employee stock purchase plan
10,233
10,815
25,910
26,860
Employee payroll taxes paid for net settlement of stock awards
(20,306
)
(16,272
)
(58,089
)
(58,298
)
Principal payments of finance lease liabilities
—
(7,179
)
(2,141
)
(26,131
)
Other
—
(419
)
(2,022
)
(3,989
)
Net cash provided by (used in) financing activities
162,096
(67,459
)
4,994
(227,516
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(881
)
(4,874
)
(3,470
)
(9,710
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
202,330
(18,223
)
225,789
(50,569
)
Cash, cash equivalents, and restricted cash, beginning of period
407,716
396,694
384,257
429,040
Cash, cash equivalents, and restricted cash, end of period
$
610,046
$
378,471
$
610,046
$
378,471
BOX, INC.
RECONCILIATION OF GAAP TO NON-GAAP DATA
(In Thousands, Except Per Share Data and Percentages)
(Unaudited)
Three Months Ended
Nine Months Ended
October 31,
October 31,
2024
2023
2024
2023
GAAP gross profit
$
220,357
$
192,310
$
641,289
$
576,972
Stock-based compensation
4,640
4,973
13,992
14,688
Acquired intangible assets amortization
1,073
1,452
3,206
4,356
Workforce reorganization
—
912
—
912
Non-GAAP gross profit
$
226,070
$
199,647
$
658,487
$
596,928
GAAP gross margin
79.9
%
73.5
%
79.1
%
74.5
%
Stock-based compensation
1.6
1.9
1.7
1.9
Acquired intangible assets amortization
0.4
0.6
0.4
0.5
Workforce reorganization
—
0.3
—
0.1
Non-GAAP gross margin
81.9
%
76.3
%
81.2
%
77.0
%
GAAP operating income
$
23,411
$
11,379
$
61,698
$
29,589
Stock-based compensation
55,584
50,894
161,857
151,517
Acquired intangible assets amortization
1,073
1,452
3,206
4,356
Acquisition-related expenses
50
—
343
14
Expenses related to litigation
72
(10
)
176
309
Workforce reorganization
—
912
—
912
Non-GAAP operating income
$
80,190
$
64,627
$
227,280
$
186,697
GAAP operating margin
8.5
%
4.4
%
7.6
%
3.8
%
Stock-based compensation
20.2
19.4
20.0
19.6
Acquired intangible assets amortization
0.4
0.6
0.4
0.6
Acquisition-related expenses
—
—
—
—
Expenses related to litigation
—
—
—
—
Workforce reorganization
—
0.3
—
0.1
Non-GAAP operating margin
29.1
%
24.7
%
28.0
%
24.1
%
GAAP net income attributable to common stockholders
$
7,626
$
5,647
$
33,477
$
15,048
Stock-based compensation
55,584
50,894
161,857
151,517
Acquired intangible assets amortization
1,073
1,452
3,206
4,356
Acquisition-related expenses
50
—
343
14
Expenses related to litigation
72
(10
)
176
309
Workforce reorganization
—
912
—
912
Amortization of debt issuance costs
651
475
1,604
1,423
Induced conversion expense
10,139
—
10,139
—
Undistributed earnings attributable to preferred stockholders
(7,733
)
(6,145
)
(20,192
)
(18,090
)
Non-GAAP net income attributable to common stockholders
$
67,462
$
53,225
$
190,610
$
155,489
GAAP net income per share attributable to common stockholders, diluted
$
0.05
$
0.04
$
0.23
$
0.10
Stock-based compensation
0.37
0.34
1.09
1.01
Acquired intangible assets amortization
0.01
0.01
0.02
0.03
Acquisition-related expenses
—
—
—
—
Expenses related to litigation
—
—
—
—
Workforce reorganization
—
0.01
—
0.01
Amortization of debt issuance costs
—
—
0.01
0.01
Induced conversion expense
0.07
—
0.07
—
Undistributed earnings attributable to preferred stockholders
(0.05
)
(0.04
)
(0.13
)
(0.12
)
Non-GAAP net income per share attributable to common stockholders, diluted
$
0.45
$
0.36
$
1.29
$
1.04
Weighted-average shares used to compute GAAP net income per share attributable to common stockholders, diluted
149,071
147,625
148,002
149,351
Weighted-average shares used to compute non-GAAP net income per share attributable to common stockholders, diluted
149,499
147,625
148,311
149,351
GAAP net cash provided by operating activities
$
62,582
$
71,782
$
230,084
$
229,388
Proceeds from sales of property and equipment, net of purchases
2,133
(2,043
)
6,450
(2,790
)
Principal payments of finance lease liabilities
—
(7,179
)
(2,141
)
(26,131
)
Capitalized internal-use software costs
(7,354
)
(4,243
)
(21,053
)
(13,334
)
Non-GAAP free cash flow
$
57,361
$
58,317
$
213,340
$
187,133
GAAP net cash used in investing activities
$
(21,467
)
$
(17,672
)
$
(5,819
)
$
(42,731
)
GAAP net cash provided by (used in) financing activities
$
162,096
$
(67,459
)
$
4,994
$
(227,516
)
BOX, INC.
RECONCILIATION OF GAAP REVENUE TO BILLINGS
(In Thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
October 31,
October 31,
2024
2023
2024
2023
GAAP revenue
$
275,913
$
261,537
$
810,610
$
774,863
Deferred revenue, end of period
491,304
471,963
491,304
471,963
Less: deferred revenue, beginning of period
(502,104
)
(479,293
)
(586,871
)
(566,630
)
Contract assets, beginning of period
5,481
3,477
2,452
1,900
Less: contract assets, end of period
(5,909
)
(3,944
)
(5,909
)
(3,944
)
Billings
$
264,685
$
253,740
$
711,586
$
678,152
BOX, INC.
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME PER SHARE GUIDANCE
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
Fiscal Year Ended
January 31, 2025
January 31, 2025
GAAP net income per share attributable to common stockholders, diluted
$
0.07
$
0.30
Stock-based compensation
0.36
1.46
Acquired intangible asset amortization
0.01
0.03
Amortization of debt issuance costs
0.01
0.02
Other (1)
—
0.07
Undistributed earnings attributable to preferred stockholders
(0.04
)
(0.18
)
Non-GAAP net income per share attributable to common stockholders, diluted
$
0.41
$
1.70
Weighted-average shares, diluted
151,500
149,000
(1)
Other includes induced conversion expense, acquisition-related expenses, and expenses related to litigation.
BOX, INC.
RECONCILIATION OF GAAP TO NON-GAAP OPERATING MARGIN GUIDANCE
(Unaudited)
Three Months Ended
Fiscal Year Ended
January 31, 2025
January 31, 2025
GAAP operating margin
7.5
%
7.5
%
Stock-based compensation
19.5
20.0
Acquired intangible assets amortization
0.5
0.5
Non-GAAP operating margin
27.5
%
28.0
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20241202375629/en/
Investors: Cynthia Hiponia and Elaine Gaudioso +1 650-209-3463 ir@box.com
Media: Kait Conetta and Sheridan Hoover press@box.com
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