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Jan 31, 2024
Box Q4 2024 Earnings Report
Box's Q4 performance was marked by revenue growth and exceeded expectations for GAAP and non-GAAP operating margin and net income per share.
Key Takeaways
Box, Inc. reported its Q4 and Fiscal Year 2024 financial results, with Q4 revenue reaching $263 million and FY24 revenue surpassing $1 billion. The company's GAAP and non-GAAP operating margins exceeded guidance, and a new $100 million stock repurchase program was announced.
Q4 revenue reached $263 million, a 2% increase year-over-year.
Remaining performance obligations (RPO) were $1.305 billion, a 5% increase year-over-year.
GAAP operating margin was 8%, and non-GAAP operating margin was 26.7%.
GAAP net income per share was $0.57, and non-GAAP net income per share was $0.42.
Box
Box
Forward Guidance
Box provided guidance for Q1 FY25 and full fiscal year 2025, including revenue, operating margin, and net income per share expectations. The guidance includes the expected impact of FX headwinds and the recognition of deferred tax expenses in international countries.
Positive Outlook
- Q1 FY25 revenue is expected to be in the range of $261 million to $263 million, up 4% year-over-year at the high-end of the range, or 7% growth on a constant currency basis.
- Q1 FY25 GAAP operating margin is expected to be approximately 5.5%, and non-GAAP operating margin is expected to be approximately 25%.
- Q1 FY25 GAAP net income per share attributable to common stockholders is expected to be in the range of $0.04 to $0.05.
- Q1 FY25 Non-GAAP diluted net income per share attributable to common stockholders is expected to be in the range of $0.35 to $0.36.
- Full Year FY25 revenue is expected to be in the range of $1.08 billion to $1.085 billion, up 5% year-over-year at the high-end of the range, or 6% growth on a constant currency basis.
Challenges Ahead
- FX is expected to be a 170 basis point headwind to full fiscal year 2025 revenue growth.
- FX is expected to be a headwind slightly more than 100 basis points to full fiscal year 2025 GAAP and non-GAAP operating margin.
- In fiscal year 2025, the company will be recognizing deferred tax expense in the United Kingdom.
- Q1 FY25 GAAP EPS guidance includes an expected negative impact of $0.04 from unfavorable exchange rates and $0.02 from the recognition of deferred tax expenses in international countries.
- Q1 FY25 Non-GAAP EPS guidance includes an expected negative impact of $0.04 from unfavorable exchange rates and $0.02 from the recognition of deferred tax expenses in international countries.