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Box Announces First Quarter Fiscal 2016 Results 

June 11, 2015

LOS ALTOS, Calif., June 11 -- Box, Inc., the leading enterprise software platform for secure content collaboration, has announced financial results for the first quarter of fiscal 2016, which ended April 30, 2015.

"Faced with rapid technological change, enterprises today are going digital by adopting cloud platforms like Box to reimagine how they engage with customers and transform how their employees work," said Aaron Levie, co-founder and CEO of Box. “As evident from our healthy customer adoption and strong billings growth of 58 percent year over year, Box has a significant opportunity to help organizations in every industry navigate this shift."

"We are proud to have achieved revenue growth of 45 percent year over year, driven by our continued success moving up market and closing more enterprise deals," said Dylan Smith, co-founder and CFO of Box. "While we continue to focus on investing in technology innovation and growth, we also remain committed to achieving positive free cash flow. Our Q1 results show the progress we have made toward this milestone as we demonstrated significant improvement in our operating cash flow.”

Fiscal First Quarter Financial Highlights

  • Revenue for the first quarter of fiscal 2016 was $65.6 million, an increase of 45% from the first quarter of fiscal 2015.
  • Billings in the first quarter of fiscal 2016 were $69.8 million, an increase of 58% from the first quarter of fiscal 2015.
  • Non-GAAP operating loss in the first quarter of fiscal 2016 was $32.6 million, or 50% of revenue. This compares to non-GAAP operating loss of $31.3 million, or 69% of revenue, in the first quarter of fiscal 2015. GAAP operating loss in the first quarter of fiscal 2016 was $46.6 million, or 71% of revenue. This compares to GAAP operating loss of $37.8 million, or 83% of revenue, in the first quarter of fiscal 2015.
  • Non-GAAP net loss per share attributable to common stockholders, basic and diluted, in the first quarter of fiscal 2016 was $0.28 on 119.4 million shares outstanding, compared to a net loss per share of $2.32 in the first quarter of fiscal 2015 on 13.7 million shares outstanding. GAAP net loss per share attributable to common stockholders, basic and diluted, in the first quarter of fiscal 2016 was $0.40, compared to a net loss per share of $2.81 in the first quarter of fiscal 2015.
  • Net cash used in operating activities in the first quarter of fiscal 2016 totaled $7.2 million, excluding $25.0 million in restricted cash used to secure a line of credit for the newly leased Redwood City headquarters. This compares to $23.5 million in the first quarter of fiscal 2015.
  • Cash, cash equivalents and marketable securities were $284.0 million as of April 30, 2015. In addition, we have restricted cash of $28.4 million primarily related to our leased facilities.

Business Highlights (for the quarter ended April 30, 2015 unless otherwise noted)

  • Healthy Customer Growth:
    • Added 2,000+ customers and now have more than 47,000 customers globally.
    • Grew paying customers to include more than 51% of the Fortune 500 and more than 27% of the Global 2000.
    • Surpassed 37 million registered users. The number of paying users grew 70% compared to the first quarter of fiscal 2015 and now makes up more than 10% of total users.
  • Execution in Box for Industries:
  • Enterprise Innovation and Investment:
    • Launched Box Enterprise Key Management, a patent-pending solution that enables organizations to collaborate in the cloud, while maintaining full control over the encryption keys.
    • Completed acquisition of Subspace to help extend content securely to all devices.
    • Announced the acquisition of Verold, a cloud-based 3D rendering technology that extends Box’s capabilities to interactive 3D content and new use cases in industries like manufacturing, retail, consumer products, and more.
  • Box Platform Developments:
    • Held Box Dev, the company’s second annual developer conference, attracting third-party developers from around the world.
    • Introduced Box Developer Edition, which for the first time enables Box customers and developers to tap the full power of the Box platform and create apps for millions of new users.
    • Introduced the Box Platform Partner Program and announced up to $40 million to be invested by Bessemer Venture Partners and Emergence Capital Partners in startups building on the Box platform.
  • Expanding Partner Ecosystem:
  • Technology Leadership:
    • Announced T3, a new framework to speed the development of large-scale JavaScript applications; built by the Box Engineering team and open sourced for the benefit of the broader tech community.

Outlook

  • Q2 FY16 Guidance: Revenue is expected to be in the range of $69 to $70 million, and non-GAAP operating margin is expected to be in the range of (49%) to (51%). Weighted average diluted shares outstanding is expected to be approximately 120 million.
  • Full Year FY16 Guidance: Revenue is expected to be in the range of $286 to $290 million, compared to previous guidance of $281 to $285 million. Non-GAAP operating margin is expected to be in the range of (49%) to (51%), compared to previous guidance of (50%) to (52%). Weighted average diluted shares outstanding is expected to be approximately 122 million.

About Box

Founded in 2005, Box is transforming the way people and organizations work so they can achieve their greatest ambitions. As the world's leading enterprise software platform for content collaboration, Box helps businesses of all sizes in every industry securely access and manage their critical information in the cloud. Box is headquartered in Los Altos, CA, with offices across the United States, Europe and Asia. To learn more about Box, visit www.box.com.

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Source: Box

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