Exhibit 99.1

Box Reports Record Revenue of $155.9 Million, Up 21 Percent Year-Over-Year, for Fiscal Third Quarter 2019

 

Revenue of $155.9 Million, Up 21 Percent Year-Over-Year

 

GAAP and Non-GAAP Operating Margin Up 8 Percentage Points Year-Over-Year

 

More than 40 Percent Growth in Deals Greater than $100K and Strong Add-On Product Attach Rates Demonstrate Progress in Solution Selling

 

REDWOOD CITY, Calif. – November 28, 2018 –

Box, Inc. (NYSE:BOX), a leader in cloud content management, today announced financial results for the third quarter of fiscal 2019, which ended October 31, 2018.

 

“Our solution selling strategy continues to gain momentum with strong attach rates for add-on products and large deal growth in the third quarter. With more than 90,000 customers, including BBVA Compass, National Bank of Canada, and Shiseido Company, Box continues to expand its role as a strategic technology partner to power digital transformation for enterprises,” said Aaron Levie, co-founder and CEO of Box. “Businesses need a single, open platform for cloud content management with enterprise-grade security and powerful workflow capabilities, and Box is the only solution with this uncompromising focus.”

 

“In the third quarter, we delivered solid revenue growth and continued to drive operational efficiencies, and we're on track to deliver our first quarter of non-GAAP profitability in Q4,” said Dylan Smith, co-founder and CFO of Box. “With more than 40% growth in deals worth more than $100K and our attach rate for add-on products increasing to over 80% of these deals, we are capturing our market opportunity while driving continued leverage for long-term growth.”

 

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 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 ended October 31, 2018 under ASC 605 for comparison to the prior year.

 

Fiscal Third Quarter Financial Highlights

 

Revenue for the third quarter of fiscal 2019 was a record $155.9 million, an increase of 21% (ASC 606 in fiscal 2019 compared to ASC 605 in fiscal 2018) and 23% (ASC 605 in fiscal 2019 compared to ASC 605 in fiscal 2018) from the third quarter of fiscal 2018.

 

Deferred revenue as of October 31, 2018 was $301.2 million, an increase of 19% (ASC 606 to ASC 605) and 20% (ASC 605 to ASC 605) from October 31, 2017.

 

Billings for the third quarter of fiscal 2019 were $155.6 million, an increase of 10% (ASC 606 to ASC 605 and ASC 605 to ASC 605) from the third quarter of fiscal 2018.

 

GAAP operating loss in the third quarter of fiscal 2019 was $39.5 million, or 25% of revenue (ASC 606), and $42.3 million, or 27% of revenue (ASC 605). This compares to GAAP operating loss of $42.6 million, or 33% of revenue, in the third quarter of fiscal 2018.

 

Non-GAAP operating loss in the third quarter of fiscal 2019 was $7.7 million, or 5% of revenue (ASC 606), and $10.5 million, or 7% of revenue (ASC 605). This compares to non-GAAP operating loss of $17.0 million, or 13% of revenue, in the third quarter of fiscal 2018.

 

GAAP net loss per share, basic and diluted, in the third quarter of fiscal 2019 was $0.28 (ASC 606) and $0.30 (ASC 605) on 142.4 million shares outstanding. This compares to GAAP net loss per share of $0.32 in the third quarter of fiscal 2018 on 134.6 million shares outstanding.

 

Non-GAAP net loss per share, basic and diluted, in the third quarter of fiscal 2019 was $0.06 (ASC 606) and $0.08 (ASC 605). This compares to non-GAAP net loss per share of $0.13 in the third quarter of fiscal 2018.

 

Net cash provided by operating activities in the third quarter of fiscal 2019 totaled $6.8 million. This compares to net cash provided by operating activities of $14.1 million in the third quarter of fiscal 2018.

 


The following information was filed by Box Inc (BOX) on Wednesday, November 28, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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