Dropbox Announces Fourth Quarter and Fiscal 2020 Results

Fourth Quarter Revenue of $504.1 Million, Up 13% Year-over-year
Net Cash Provided by Operating Activities of $170.7 Million and Free Cash Flow of $158.4 Million
Surpasses $2 Billion in Total Annual Recurring Revenue

Fiscal 2020 Revenue of $1.914 Billion, Up 15% Year-over-year
Net Cash Provided by Operating Activities of $570.8 Million and Free Cash Flow of $490.7 Million

SAN FRANCISCO, Calif. - February 18, 2021 - Dropbox, Inc. (NASDAQ: DBX), today announced financial results for its fourth quarter and fiscal year ended December 31, 2020.

“2020 was a transformational year for Dropbox and I’m proud of the team for their resilience and focus in addressing our customers’ evolving needs,” said Dropbox Co-founder and Chief Executive Officer Drew Houston. “We ended the year with strong margin expansion, free cash flow, and more than $2B in ARR as we continued to make progress toward our long-term financial targets. Going into 2021, we’re focused on executing against our strategy and building essential products for the new era of distributed work.”

Fourth Quarter Fiscal 2020 Results

Total revenue was $504.1 million, an increase of 13% from the same period last year. On a constant currency basis, year-over-year growth would have been 13%.(1)

Total ARR ended at $2.022 billion, an increase of $41.2 million quarter-over-quarter and an increase of 11% year-over-year. On a constant currency basis, year-over-year growth would have been 12%.(2)

Paying users ended at 15.48 million, as compared to 14.31 million for the same period last year. Average revenue per paying user was $130.17, as compared to $125.00 for the same period last year.

GAAP gross margin was 79.0%, as compared to 76.5% in the same period last year. Non-GAAP gross margin was 80.1%, as compared to 77.6% in the same period last year.

GAAP operating margin was (68.8%), as compared to (1.5%) in the same period last year due to non-recurring impairment charges in the fourth quarter of 2020. Non-GAAP operating margin was 25.3%, as compared to 15.6% in the same period last year.

GAAP net loss was ($345.8) million, as compared to ($6.6) million in the same period last year due to non-recurring impairment charges in the fourth quarter of 2020. Non-GAAP net income was $117.9 million, as compared to $67.4 million in the same period last year.

Net cash provided by operating activities was $170.7 million, as compared to $186.8 million in the same period last year. Free cash flow was $158.4 million, as compared to $161.3 million in the same period last year.

GAAP basic and diluted net loss per share attributable to common stockholders was ($0.84), as compared to ($0.02) in the same period last year due to non-recurring impairment charges in the fourth quarter of 2020. Non-GAAP diluted net income per share attributable to common stockholders was $0.28, as compared to $0.16 in the same period last year.(3)

Cash, cash equivalents and short-term investments ended at $1.121 billion.

Full Year Fiscal 2020 Results

Total revenue was $1.914 billion, an increase of 15% year over year. On a constant currency basis, year-over-year growth would have been 16%.(1)

Average revenue per paying user was $128.50, as compared to $123.07 in the prior year.

GAAP gross margin was 78.3%, as compared to 75.3% in the prior year. Non-GAAP gross margin was 79.4%, as compared to 76.4% in the prior year.


The following information was filed by Dropbox, Inc. (DBX) on Thursday, February 18, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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