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Box
🇺🇸 NYSE:BOX
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Apr 30, 2022

Box Q1 2023 Earnings Report

Box's Q1 2023 financial results were reported, showcasing revenue growth and increased operating margin.

Key Takeaways

Box reported strong Q1 2023 financial results with revenue of $238.4 million, an 18% increase year-over-year. The company's GAAP operating margin was breakeven, while the non-GAAP operating margin was 21%. Box also raised the midpoint of its full-year revenue guidance and increased operating margin and EPS guidance.

Revenue for the first quarter of fiscal year 2023 was $238.4 million, an 18% increase year-over-year.

Remaining performance obligations as of April 30, 2022, were $1.0 billion, a 16% increase year-over-year.

Billings for the first quarter of fiscal year 2023 were $172.2 million, an 8% increase year-over-year.

GAAP operating income in the first quarter of fiscal year 2023 was $0.6 million, compared to a GAAP operating loss of $10.3 million in the first quarter of fiscal year 2022.

Total Revenue
$238M
Previous year: $202M
+17.8%
EPS
$0.23
Previous year: $0.18
+27.8%
Total Revenue Growth
18%
Gross Profit
$176M
Previous year: $141M
+24.5%
Cash and Equivalents
$391M
Previous year: $561M
-30.3%
Free Cash Flow
$90.9M
Previous year: $75.9M
+19.8%
Total Assets
$1.17B
Previous year: $1.31B
-10.6%

Box

Box

Forward Guidance

Box provided guidance for Q2 FY23 and full year FY23, including revenue, operating margin, and EPS expectations.

Positive Outlook

  • Revenue is expected to be in the range of $244 million to $246 million for Q2 FY23, up 15% year-over-year at the high-end of the range.
  • Non-GAAP operating margin is expected to be approximately 22% for Q2 FY23.
  • Non-GAAP diluted net income per share attributable to common stockholders is expected to be in the range of $0.27 to $0.28 for Q2 FY23.
  • Revenue is expected to be in the range of $992 million to $996 million for full year FY23, up 14% year-over-year at the high-end of the range.
  • Non-GAAP diluted net income per share attributable to common stockholders is expected to be in the range of $1.11 to $1.15 for full year FY23.

Challenges Ahead

  • GAAP operating margin is expected to be approximately 2.5% for Q2 FY23.
  • GAAP basic and diluted net loss per share attributable to common stockholders are expected to be in the range of $0.02 to $0.01 for Q2 FY23.
  • Revenue growth includes a negative impact of 2 percentage points from FX.
  • RPO growth includes a negative impact of 6 percentage points from FX.
  • Billings growth includes a negative impact of 9 percentage points from FX.

Company Overview

Full financial data and analysis

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