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Apr 30, 2021
Box Q1 2022 Earnings Report
Box's first quarter of fiscal year 2022 financial results were strong, with revenue guidance raised and non-GAAP operating profit expectations increased for the fiscal year.
Key Takeaways
Box reported a strong start to fiscal year 2022, with revenue increasing by 10% year-over-year to $202.4 million. The company also saw growth in remaining performance obligations and billings, as well as increased profitability.
Revenue reached $202.4 million, a 10% increase year-over-year.
Remaining Performance Obligations (RPO) increased by 20% year-over-year, totaling $864.8 million.
GAAP operating margin improved by 8 percentage points year-over-year, although remained negative at -5%.
Free cash flow was $75.9 million, up $36.0 million year-over-year.
Box
Box
Forward Guidance
Box provided guidance for Q2 FY22 and full year FY22, including revenue, operating margin, and net income per share expectations.
Positive Outlook
- Q2 FY22 Revenue is expected to be in the range of $211 million to $212 million.
- Q2 FY22 Non-GAAP operating margin is expected to be in the range of 18% to 18.5%.
- Q2 FY22 Non-GAAP diluted net income per share is expected to be in the range of $0.17 to $0.18.
- Full Year FY22 Revenue is expected to be in the range of $845 million to $853 million.
- Full Year FY22 Non-GAAP operating margin is expected to be in the range of 18% to 18.5%.
Challenges Ahead
- Q2 FY22 GAAP operating margin is expected to be in the range of negative 5% to negative 4.5%.
- Q2 FY22 GAAP basic and diluted net loss per share are expected to be in the range of $0.13 to $0.12.
- Q2 FY22 Weighted-average basic and diluted shares outstanding are expected to be approximately 160 million and 167 million, respectively.
- Full Year FY22 GAAP operating margin is expected to be negative 4%.
- Full Year FY22 GAAP basic and diluted net loss per share are expected to be in the range of $0.50 to $0.45.