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Box
🇺🇸 NYSE:BOX
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Jan 31, 2023

Box Q4 2023 Earnings Report

Box reported strong results driven by revenue growth and expanded operating margins.

Key Takeaways

Box's Q4 2023 revenue reached $256.5 million, a 10% increase year-over-year, with GAAP operating margin at 8% and non-GAAP operating margin at 26%.

Revenue for the fourth quarter of fiscal year 2023 was $256.5 million, a 10% increase year-over-year.

GAAP operating income in the fourth quarter of fiscal year 2023 was $19.7 million, or 7.7% of revenue.

Non-GAAP operating income in the fourth quarter of fiscal year 2023 was $66.6 million, or 26.0% of revenue.

Non-GAAP free cash flow in the fourth quarter of fiscal year 2023 was $74.7 million, an increase of 124% year-over-year.

Total Revenue
$256M
Previous year: $233M
+9.9%
EPS
$0.37
Previous year: $0.24
+54.2%
Total Billings
$357M
Previous year: $338M
+5.7%
Gross Profit
$196M
Previous year: $169M
+15.9%
Cash and Equivalents
$428M
Previous year: $416M
+2.9%
Free Cash Flow
$74.7M
Previous year: $33.3M
+124.3%
Total Assets
$1.21B
Previous year: $1.39B
-13.3%

Box

Box

Forward Guidance

Box provided guidance for Q1 FY24 and full year FY24, including revenue, operating margin, and EPS expectations.

Positive Outlook

  • Revenue is expected to be in the range of $248 million to $250 million, up 5% year-over-year at the high end of the range, or 10% growth on a constant currency basis.
  • GAAP operating margin is expected to be approximately 0.5%, and non-GAAP operating margin is expected to be approximately 21%.
  • GAAP net loss per share attributable to common stockholders is expected to be in the range of $0.04 to $0.03.
  • Non-GAAP diluted net income per share attributable to common stockholders is expected to be in the range of $0.26 to $0.27.
  • Revenue is expected to be in the range of $1.050 billion to $1.060 billion, up 7% year-over-year at the high end of the range, or 10% growth on a constant currency basis.

Challenges Ahead

  • Q1 FY24 GAAP EPS guidance includes an expected negative impact of $0.06 from unfavorable foreign exchange rates.
  • Q1 FY24 Non-GAAP EPS guidance includes an expected negative impact of $0.06 from unfavorable foreign exchange rates.
  • Full Year FY24 GAAP EPS guidance includes an expected negative impact of $0.14 from unfavorable foreign exchange rates.
  • Full Year FY24 Non-GAAP EPS guidance includes an expected negative impact of $0.14 from unfavorable foreign exchange rates.
  • Weighted-average basic and diluted shares outstanding are expected to be approximately 145 million and 153 million, respectively.

Company Overview

Full financial data and analysis

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