Box Q1 2021 Earnings Report
Key Takeaways
Box, Inc. reported revenue of $183.6 million for the first quarter of fiscal year 2021, a 13% increase year-over-year. The company's GAAP operating margin increased by 9 percentage points, and the non-GAAP operating margin increased by 11 percentage points year-over-year. First quarter cash flow from operations was $61.9 million, up $36.4 million year-over-year, and first quarter free cash flow was $39.8 million, up $26.4 million year-over-year.
Revenue for the first quarter of fiscal year 2021 was $183.6 million, an increase of 13% from the first quarter of fiscal year 2020.
Remaining performance obligations as of April 30, 2020 were $722.7 million, an increase of 13% from the first quarter of fiscal year 2020.
GAAP operating loss in the first quarter of fiscal year 2021 was $24.2 million, or 13% of revenue.
Non-GAAP operating income in the first quarter of fiscal year 2021 was $17.2 million, or 9% of revenue.
Box
Box
Forward Guidance
Box’s revenue guidance incorporates its current assessment of the impact that COVID-19 could have on its business, including its expectations that enterprise customers will continue to increase their adoption of Box’s solutions, while also taking into account some softness the company expects from its small business customers and professional services revenue. Box’s pivot to a remote workforce has enabled it to accelerate how it operates more efficiently and, as a result, has allowed the company to forecast stronger GAAP and non-GAAP EPS guidance.
Positive Outlook
- Revenue is expected to be in the range of $189.0 million to $190.0 million.
- GAAP basic and diluted net loss per share are expected to be in the range of $0.13 to $0.11.
- Non-GAAP diluted net income per share is expected to be in the range of $0.12 to $0.14.
- Revenue is expected to be in the range of $760.0 million to $768.0 million.
- Non-GAAP diluted net income per share is expected to be in the range of $0.47 to $0.52.
Challenges Ahead
- GAAP basic and diluted net loss per share are expected to be in the range of $0.55 to $0.50.
- Expects softness from its small business customers
- Expects softness from professional services revenue.
- COVID-19 could have an impact on its business
- Weighted-average basic and diluted shares outstanding are expected to be approximately 154 million and 161 million, respectively.