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Jul 31, 2022
Box Q2 2023 Earnings Report
Reported strong financial results with revenue growth and operating profitability.
Key Takeaways
Box reported a 15% year-over-year revenue increase, reaching $246.0 million for the second quarter of fiscal year 2023. The company achieved operating profitability on both GAAP and non-GAAP bases, with margins of 1% and 22%, respectively. Box is raising GAAP and non-GAAP EPS guidance, while maintaining FY23 revenue guidance despite FX headwinds.
Revenue for the second quarter of fiscal year 2023 was $246.0 million, a 15% increase year-over-year.
Remaining performance obligations (RPO) were $1.05 billion, a 14% increase year-over-year.
Billings for the second quarter of fiscal year 2023 were $235.0 million, a 10% increase year-over-year.
GAAP operating income in the second quarter of fiscal year 2023 was $3.1 million, compared to a GAAP operating loss of $6.1 million in the second quarter of fiscal year 2022.
Forward Guidance
The U.S. dollar has strengthened resulting in a larger FX headwind in both Q3 FY23 and full year FY23. The following guidance includes the impact of any expected FX headwinds, assuming present foreign currency exchange rates.
Positive Outlook
- Revenue is expected to be in the range of $250 million to $252 million, up 13% year-over-year at the high-end of the range.
- GAAP operating margin is expected to be approximately 4%, and non-GAAP operating margin is expected to be approximately 23%.
- GAAP net income per share attributable to common stockholders is expected to be in the range of $0.01 to $0.02.
- Non-GAAP diluted net income per share attributable to common stockholders is expected to be in the range of $0.29 to $0.30.
- Revenue is expected to be in the range of $992 million to $996 million, up 14% year-over-year at the high-end of the range and represents an acceleration from last year’s growth rate of 13%.
Challenges Ahead
- Revenue growth expectations include a negative impact of 4 percentage points from FX.
- Weighted-average basic and diluted shares outstanding are expected to be approximately 143 million and 151 million, respectively.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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