Box Q3 2022 Earnings Report
Key Takeaways
Box, Inc. announced strong fiscal third quarter 2022 financial results, featuring a third consecutive quarter of accelerating growth with revenue up 14% year-over-year. Remaining Performance Obligations (RPO) and Billings also saw a 25% year-over-year increase. The company raised revenue and non-GAAP operating margin guidance for the full fiscal year 2022 and approved a new $200 million stock repurchase program.
Revenue for the third quarter of fiscal year 2022 was $224.0 million, an increase of 14% from the third quarter of fiscal year 2021.
Remaining performance obligations as of October 31, 2021, were $948.1 million, a 25% increase from the third quarter of fiscal year 2021.
Billings for the third quarter of fiscal year 2022 were $231.5 million, a 25% increase from the third quarter of fiscal year 2021.
Non-GAAP operating income in the third quarter of fiscal year 2022 was $46.4 million, or 21% of revenue.
Box
Box
Forward Guidance
Box provided guidance for Q4 FY22 and full year FY22. For Q4, revenue is expected to be in the range of $227 million to $229 million, up 15% year-over-year at the high-end. Non-GAAP diluted net income per share is expected to be in the range of $0.22 to $0.23. For the full year, revenue is expected to be in the range of $868 million to $870 million, up 13% year-over-year at the high-end. Non-GAAP diluted net income per share is expected to be in the range of $0.83 to $0.84.
Positive Outlook
- Revenue is expected to be in the range of $227 million to $229 million, up 15% year-over-year at the high-end of the range for Q4 FY22.
- Non-GAAP operating margin is expected to be approximately 21% for Q4 FY22.
- Non-GAAP diluted net income per share attributable to common stockholders is expected to be in the range of $0.22 to $0.23 for Q4 FY22.
- Revenue is expected to be in the range of $868 million to $870 million for full year FY22, up 13% 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 $0.83 to $0.84 for full year FY22.
Challenges Ahead
- GAAP operating margin is expected to be approximately 1% for Q4 FY22.
- GAAP basic and diluted net loss per share attributable to common stockholders are expected to be in the range of $0.06 to $0.05 for Q4 FY22.
- GAAP operating margin is expected to be approximately negative 3% for full year FY22.
- GAAP basic and diluted net loss per share attributable to common stockholders are expected to be in the range of $0.35 to $0.34 for full year FY22.
- All forward-looking non-GAAP financial measures exclude estimates for stock-based compensation expense, intangible assets amortization, and other special items.