Box Reports Record Third Quarter Revenue of $102.8
Post# of 145
Posted On: 12/01/2016 11:38:36 AM
Box Reports Record Third Quarter Revenue of $102.8 Million, Up 31% Year-Over-Year
Deferred Revenue Up 36% Year-Over-Year
GAAP EPS of ($0.30) and Non-GAAP EPS of ($0.14) Improved Significantly
Cash Flow from Operations Improved by $10.5 Million Year-Over-Year
REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Box, Inc. (NYSE:BOX), a leading enterprise content platform, today announced financial results for the third quarter of fiscal 2017, which ended October 31, 2016.
"In the third quarter, we delivered record revenue of $102.8 million, up 31% year-over-year, and continued to improve operational efficiencies throughout the business," said Aaron Levie, co-founder and CEO of Box. "We reached a significant milestone with our first $100 million quarter. We also hosted our most successful BoxWorks to date and announced a new strategic partnership with Google. With our track record of product innovation and continued momentum with new and existing customers, Box is uniquely positioned to help businesses modernize how they manage information and transform how they work.”
“Our results this quarter were driven by our best-in-class retention rate, strong sales execution, and increased adoption of our newer products,” said Dylan Smith, co-founder and CFO of Box. “We also demonstrated significant progress in cash flow from operations, driving a year-over-year improvement of more than $10 million, and bringing us closer to achieving positive free cash flow in the current quarter.”
Fiscal Third Quarter Financial Highlights
Revenue for the third quarter of fiscal 2017 was a record $102.8 million, an increase of 31% from the third quarter of fiscal 2016.
Deferred revenue for the third quarter of fiscal 2017 ended at $192.6 million, an increase of 36% from the third quarter of fiscal 2016.
Billings in the third quarter of fiscal 2017 were $112.4 million, an increase of 26% from the third quarter of fiscal 2016.
GAAP operating loss in the third quarter of fiscal 2017 was $37.8 million, or 37% of revenue. This compares to GAAP operating loss of $55.0 million, or 70% of revenue, in the third quarter of fiscal 2016.
Non-GAAP operating loss in the third quarter of fiscal 2017 was $17.3 million, or 17% of revenue. This compares to non-GAAP operating loss of $37.9 million, or 48% of revenue, in the third quarter of fiscal 2016.
GAAP net loss per share, basic and diluted, in the third quarter of fiscal 2017 was $0.30 on 128.3 million shares outstanding, compared to $0.45 in the third quarter of fiscal 2016 on 121.8 million shares outstanding.
Non-GAAP net loss per share, basic and diluted, in the third quarter of fiscal 2017 was $0.14, compared to $0.31 in the third quarter of fiscal 2016.
Net cash used in operating activities in the third quarter of fiscal 2017 totaled $6.8 million. This was a $10.5 million, or 61%, improvement compared to net cash used in operating activities of $17.3 million in the third quarter of fiscal 2016.
Free cash flow in the third quarter of fiscal 2017 was negative $10.9 million, compared to negative $37.8 million, in the third quarter of fiscal 2016.
Cash, cash equivalents, and restricted cash were $194.9 million as of October 31, 2016, of which $27.1 million was restricted.
For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the section titled, “About Non-GAAP Financial Measures and Other Key Metrics,” and the reconciliations of non-GAAP measures and certain key metrics to their nearest comparable GAAP measures at the end of this press release.
Business Highlights since Last Earnings Release
Grew paying customer base to over 69,000 businesses including new or expanded deployments with leading enterprises such as Alexion Pharmaceuticals, the Consumer Financial Protection Bureau, Hertz, HULU, KONICA MINOLTA JAPAN, INC, Southwest Airlines, and the U.S. Department of the Treasury.
Announced a new strategic partnership with Google, including deep integrations with G-Suite (formerly Google Docs) and Google Springboard (enterprise search) to bring together Box’s secure content management with Google’s productivity applications and search capabilities.
Secured approval of European Union (EU) Binding Corporate Rules, making Box one of very few companies to meet the global gold standard for processing and transferring sensitive information outside of the EU.
Revealed an all new Box, which includes Box Relay, enhancements to the core product, and a new version of Box Notes. Box Relay, the first Box product co-developed with IBM, will make it simple for businesses to build, track and manage their workflows, drive productivity and standardize processes across the extended enterprise.
Enhanced Box Governance with security classification functionality, allowing users to automatically identify sensitive content in Box and enforce security policies based on a predetermined confidentiality level.
Hosted the most successful BoxWorks to date, which attracted over 170 CIOs representing Fortune 1000 companies and featured partners like Amazon, Google, IBM, and Microsoft.
Outlook
Issued Q4 FY17 Guidance: Revenue is expected to be in the range of $108 million to $109 million. GAAP and non-GAAP basic and diluted earnings per share is expected to be in the range of ($0.33) to ($0.32) and ($0.14) to ($0.13), respectively. Weighted average basic and diluted shares outstanding is expected to be approximately 130 million.
Raised Full Year FY17 Guidance: Revenue is expected to be in the range of $397 million to $398 million, raised from previous guidance of $394 million to $396 million. GAAP basic and diluted earnings per share is expected to be in the range of ($1.24) to ($1.23), raised from previous guidance of ($1.30) to ($1.28). Non-GAAP basic and diluted earnings per share is expected to be in the range of ($0.60) to ($0.59), raised from previous guidance of ($0.69) to ($0.67). Weighted average basic and diluted shares outstanding is expected to be approximately 127 million.
All forward-looking non-GAAP financial measures contained in this section titled “Outlook” exclude estimates for stock-based compensation expense, intangible assets amortization and certain legal settlement costs. Box has provided a reconciliation of GAAP to non-GAAP earnings per share guidance at the end of this press release.
http://www.boxinvestorrelations.com/news-and-...fault.aspx
Deferred Revenue Up 36% Year-Over-Year
GAAP EPS of ($0.30) and Non-GAAP EPS of ($0.14) Improved Significantly
Cash Flow from Operations Improved by $10.5 Million Year-Over-Year
REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Box, Inc. (NYSE:BOX), a leading enterprise content platform, today announced financial results for the third quarter of fiscal 2017, which ended October 31, 2016.
"In the third quarter, we delivered record revenue of $102.8 million, up 31% year-over-year, and continued to improve operational efficiencies throughout the business," said Aaron Levie, co-founder and CEO of Box. "We reached a significant milestone with our first $100 million quarter. We also hosted our most successful BoxWorks to date and announced a new strategic partnership with Google. With our track record of product innovation and continued momentum with new and existing customers, Box is uniquely positioned to help businesses modernize how they manage information and transform how they work.”
“Our results this quarter were driven by our best-in-class retention rate, strong sales execution, and increased adoption of our newer products,” said Dylan Smith, co-founder and CFO of Box. “We also demonstrated significant progress in cash flow from operations, driving a year-over-year improvement of more than $10 million, and bringing us closer to achieving positive free cash flow in the current quarter.”
Fiscal Third Quarter Financial Highlights
Revenue for the third quarter of fiscal 2017 was a record $102.8 million, an increase of 31% from the third quarter of fiscal 2016.
Deferred revenue for the third quarter of fiscal 2017 ended at $192.6 million, an increase of 36% from the third quarter of fiscal 2016.
Billings in the third quarter of fiscal 2017 were $112.4 million, an increase of 26% from the third quarter of fiscal 2016.
GAAP operating loss in the third quarter of fiscal 2017 was $37.8 million, or 37% of revenue. This compares to GAAP operating loss of $55.0 million, or 70% of revenue, in the third quarter of fiscal 2016.
Non-GAAP operating loss in the third quarter of fiscal 2017 was $17.3 million, or 17% of revenue. This compares to non-GAAP operating loss of $37.9 million, or 48% of revenue, in the third quarter of fiscal 2016.
GAAP net loss per share, basic and diluted, in the third quarter of fiscal 2017 was $0.30 on 128.3 million shares outstanding, compared to $0.45 in the third quarter of fiscal 2016 on 121.8 million shares outstanding.
Non-GAAP net loss per share, basic and diluted, in the third quarter of fiscal 2017 was $0.14, compared to $0.31 in the third quarter of fiscal 2016.
Net cash used in operating activities in the third quarter of fiscal 2017 totaled $6.8 million. This was a $10.5 million, or 61%, improvement compared to net cash used in operating activities of $17.3 million in the third quarter of fiscal 2016.
Free cash flow in the third quarter of fiscal 2017 was negative $10.9 million, compared to negative $37.8 million, in the third quarter of fiscal 2016.
Cash, cash equivalents, and restricted cash were $194.9 million as of October 31, 2016, of which $27.1 million was restricted.
For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the section titled, “About Non-GAAP Financial Measures and Other Key Metrics,” and the reconciliations of non-GAAP measures and certain key metrics to their nearest comparable GAAP measures at the end of this press release.
Business Highlights since Last Earnings Release
Grew paying customer base to over 69,000 businesses including new or expanded deployments with leading enterprises such as Alexion Pharmaceuticals, the Consumer Financial Protection Bureau, Hertz, HULU, KONICA MINOLTA JAPAN, INC, Southwest Airlines, and the U.S. Department of the Treasury.
Announced a new strategic partnership with Google, including deep integrations with G-Suite (formerly Google Docs) and Google Springboard (enterprise search) to bring together Box’s secure content management with Google’s productivity applications and search capabilities.
Secured approval of European Union (EU) Binding Corporate Rules, making Box one of very few companies to meet the global gold standard for processing and transferring sensitive information outside of the EU.
Revealed an all new Box, which includes Box Relay, enhancements to the core product, and a new version of Box Notes. Box Relay, the first Box product co-developed with IBM, will make it simple for businesses to build, track and manage their workflows, drive productivity and standardize processes across the extended enterprise.
Enhanced Box Governance with security classification functionality, allowing users to automatically identify sensitive content in Box and enforce security policies based on a predetermined confidentiality level.
Hosted the most successful BoxWorks to date, which attracted over 170 CIOs representing Fortune 1000 companies and featured partners like Amazon, Google, IBM, and Microsoft.
Outlook
Issued Q4 FY17 Guidance: Revenue is expected to be in the range of $108 million to $109 million. GAAP and non-GAAP basic and diluted earnings per share is expected to be in the range of ($0.33) to ($0.32) and ($0.14) to ($0.13), respectively. Weighted average basic and diluted shares outstanding is expected to be approximately 130 million.
Raised Full Year FY17 Guidance: Revenue is expected to be in the range of $397 million to $398 million, raised from previous guidance of $394 million to $396 million. GAAP basic and diluted earnings per share is expected to be in the range of ($1.24) to ($1.23), raised from previous guidance of ($1.30) to ($1.28). Non-GAAP basic and diluted earnings per share is expected to be in the range of ($0.60) to ($0.59), raised from previous guidance of ($0.69) to ($0.67). Weighted average basic and diluted shares outstanding is expected to be approximately 127 million.
All forward-looking non-GAAP financial measures contained in this section titled “Outlook” exclude estimates for stock-based compensation expense, intangible assets amortization and certain legal settlement costs. Box has provided a reconciliation of GAAP to non-GAAP earnings per share guidance at the end of this press release.
http://www.boxinvestorrelations.com/news-and-...fault.aspx
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