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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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