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Emoji happyBox: Fiscal 2Q22 Preliminary Financial Results

$214 million revvenue, up 11% Y/Y

(in $ million) 2Q21 2Q22
Revenue 192 214
Growth   11%

Box, Inc. announced preliminary financial results for the second quarter of fiscal year 2022, which ended July 31, 2021.

Our strong second quarter preliminary results reflect the acceleration we are continuing to see across the business and we are raising our outlook for the full fiscal year,” said Aaron Levie, co-founder and CEO. “Customers are recognizing the strategic importance of our comprehensive Content Cloud, as reflected in our Net Retention Rate of 106%, up 300 basis points from the first quarter. We were pleased to close 133 new deals over $100K in the first half of fiscal 2022, up 28% year over year. We also continued to deliver on our long-term vision for the Content Cloud with the launch of Box Sign, adding native e-signature capability to our platform. We are extending our leading position in cloud content management and driving our next phase of growth and value creation through the rest of fiscal 2022 and beyond.

2FQ22 Preliminary Results:
• Revenue of $214 million, up 11% Y/Y, as compared to guidance of $211 million to $212 million, representing 2 consecutive quarters of accelerating revenue growth rates;
• GAAP operating margin of approximately negative 3%, as compared to guidance of a negative 5% to negative 4.5%;
• Non-GAAP operating margin of approximately 20%, as compared to guidance of 18% to 18.5%;
• Billings of approximately $213 million, up 13% Y/Y, as compared to guidance of mid-single digit growth Y/Y;
• Net Retention Rate of approximately 106%, up Q/Q from 103% in 1FQ22;
• An attach rate of over 70% on Suites in deals over $100,000, up from a 49% attach rate in 1FQ22 and a 45% attach rate in 4FQ21; and
• As of August 11, 2021, since the completion of the Modified Dutch Auction Tender Offer, repurchased 2.5 million shares of class A common stock at a weighted average price of $23.68, for a total of $59 million.

Outlook
The company will provide additional guidance when it reports full 2FQ22 financial results on August 25, 2021.

3FQ22 Guidance:
• Revenue is expected to be in the range of $218 million to $219 million, up 11% to 12% Y/Y, representing the third quarter of continued revenue growth acceleration;
• GAAP operating margin is expected to be approximately negative 3.5%; and
• Non-GAAP operating margin is expected to be approximately 20%.

Full Year FY22 Guidance:
• Revenue is expected to be in the range of $856 million to $860 million, up 11% Y/Y, an increase over previous guidance of $845 million to $853 million and a revenue growth acceleration over the prior year;
• GAAP operating margin is expected to be approximately negative 3.0%, an improvement over previous guidance of negative 4%;
• Non-GAAP operating margin is expected to be approximately 19.5%, an increase over previous guidance of 18% to 18.5%; and
• FY22 revenue growth rate combined with FY22 free cash flow margin is expected to be at least 32%, an increase over previous guidance of at least 30%.

 

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Comments

FY revenue and losses in $ million

Period Revenue Y/Y growth Net income (loss)
FY11 21.1 NA (53.3)
FY12 NA NA NA
FY13 58.8 NA (112.6)
FY14 124.2 112% (168.6)
FY15 216.4 74% (168.2)
FY16 302.7 40% (202.9)
FY17 398.6 32% (150.8)
FY18 506.1 27% (155.0)
FY19 608.4 20% (134.6)
FY20 696.2 14% (144.3)
1FQ21 183.6 13% 2.6
2FQ21 192.3 11% (7.7)
3FQ21 196.0 11% (5.3)
4FQ21 198.9 8% (4.9)
FY21 770.8 11% (43.4)
1FQ22 202.4 2% (14.6)
2FQ22 214 11% NA
3FQ22* 218-219 11%-12% NA
FY22* 845-853 10%-11% NA

* Estimations
Note: IPO in 2015 raising $175 million

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