– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
First Quarter Revenue of $562.4 Million, Up 9.9% Year-over-year; on a constant currency basis, Up 9.7% Year-over-year
GAAP and Non-GAAP Operating Income of $89.5 Million and $170.3 Million, Up 110.6% and 14.6% Year-over-year
Net Cash Provided by Operating Activities of $141.4 Million and Free Cash Flow of $130.7 Million
SAN FRANCISCO--(BUSINESS WIRE)--Dropbox, Inc. (NASDAQ: DBX), today announced financial results for its first quarter ended March 31, 2022.
“2022 is off to a strong start as we launched new functionality and features across Backup, Shop and document workflows with HelloSign, DocSend and PDF editing; all designed to help customers organize, secure, and do more with their digital content,” said Dropbox Co-Founder and Chief Executive Officer Drew Houston. “I’m pleased with our team’s execution and performance in Q1, including strong profitability and improved user retention, reflecting our resilience in a challenging macro-environment. Looking ahead, I’m excited to build on this momentum as we continue to drive value for our customers and shareholders and work towards our vision of building one organized place for content and all the workflows around it.”
First Quarter Fiscal 2022 Results
| (1) We calculate constant currency revenue growth rates by applying the prior period weighted average exchange rates to current period results. |
| (2) We calculate total annual recurring revenue ("Total ARR") as the number of users who have active paid licenses for access to our platform as of the end of the period, multiplied by their annualized subscription price to our platform. We adjust our exchange rates used to calculate Total ARR on an annual basis, at the beginning of each fiscal year. We calculate constant currency Total ARR growth rates by applying the current period exchange rate to prior period results. |
| (3) Non-GAAP diluted net income per share attributable to common stockholders is calculated based upon 372.9 million and 405.4 million diluted weighted-average shares of common stock for the three months ended March 31, 2022 and 2021, respectively. |
Financial Outlook
Dropbox will provide forward-looking guidance in connection with this quarterly earnings announcement on its conference call, webcast, and on its investor relations website at http://investors.dropbox.com.
Conference Call Information
Dropbox plans to host a conference call today to review its first quarter financial results and to discuss its financial outlook. This call is scheduled to begin at 2:00 p.m. PT / 5:00 p.m. ET and can be accessed by dialing (877) 300-7844 from the United States or (786) 815-8440 internationally with reference to the company name and conference title, and a live webcast and replay of the conference call can be accessed from the Dropbox investor relations website at http://investors.dropbox.com. Following the completion of the call, a telephonic replay will be available through 5:00 p.m. PT / 8:00 p.m. ET on May 12, 2022 at (855) 859-2056 from the United States or (404) 537-3406 internationally with recording access code 5338719
Other Upcoming Events
During these events, a live webcast will be accessible from the Dropbox investor relations website at http://investors.dropbox.com. Following the event, a replay will be made available at the same location.
Dropbox is the one place to keep life organized and keep work moving. With more than 700 million registered users across 180 countries, we're on a mission to design a more enlightened way of working. Dropbox is headquartered in San Francisco, CA, and has offices around the world. For more information on our mission and products, visit http://dropbox.com.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "About Non-GAAP Financial Measures."
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among other things, our expectations regarding distributed work trends, related market opportunities and our ability to capitalize on those opportunities. Words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plans," and similar expressions are intended to identify forward-looking statements. Dropbox has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that Dropbox believes may affect its business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to risks, uncertainties, and assumptions including, but not limited to: (i) our ability to realize anticipated benefits to our business from our shift to a Virtual First work model as well as impacts to our financial results and business operations as a result of this shift, (ii) impacts to our financial results, business operations and the business of our customers, suppliers, partners and the economy as a result of the COVID-19 pandemic, and related public health measures, as well as the potential for a more permanent global shift to remote work, (iii) our ability to retain and upgrade paying users, and increase our recurring revenue; (iv) our ability to attract new users or convert registered users to paying users; (v) our future financial performance, including trends in revenue, costs of revenue, gross profit or gross margin, operating expenses, paying users, and free cash flow; (vi) our history of net losses and our ability to achieve or maintain profitability; (vii) our liability for any unauthorized access to our data or our users’ content, including through privacy and data security breaches; (viii) significant disruption of service on our platform or loss of content; (ix) any decline in demand for our platform or for content collaboration solutions in general; (x) changes in the interoperability of our platform across devices, operating systems, and third-party applications that we do not control; (xi) competition in our markets; (xii) our ability to respond to rapid technological changes, extend our platform, develop new features or products, or gain market acceptance for such new features or products, particularly in light of potential disruptions to the productivity of our employees that may result from our shift to a Virtual First work model; (xiii) our ability to manage our growth or plan for future growth; (xiv) our acquisition of other businesses and the potential of such acquisitions to require significant management attention, disrupt our business, or dilute stockholder value; (xv) our ability to attract and retain key personnel and highly qualified personnel; (xvi) our capital allocation plans with respect to our stock repurchase program and other investments; and (xvii) the dual class structure of our common stock and its effect of concentrating voting control with certain stockholders who held our capital stock prior to the completion of our initial public offering. Further information on risks that could affect Dropbox’s results is included in our filings with the Securities and Exchange Commission ("SEC"), including our Form 10-K for the year ended December 31, 2021. Additional information will be made available in our quarterly report on Form 10-Q for the quarter ended March 31, 2022 and other reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Dropbox assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by applicable law.
Dropbox, Inc. Condensed Consolidated Statements of Operations (In millions, except per share data) (Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Revenue |
$ |
562.4 |
|
|
$ |
511.6 |
|
Cost of revenue(1) |
|
112.9 |
|
|
|
109.3 |
|
Gross profit |
|
449.5 |
|
|
|
402.3 |
|
Operating expenses(1): |
|
|
|
||||
Research and development |
|
210.8 |
|
|
|
181.2 |
|
Sales and marketing |
|
95.7 |
|
|
|
102.7 |
|
General and administrative |
|
53.5 |
|
|
|
58.6 |
|
Impairment related to real estate assets(2) |
|
— |
|
|
|
17.3 |
|
Total operating expenses |
|
360.0 |
|
|
|
359.8 |
|
Income from operations |
|
89.5 |
|
|
|
42.5 |
|
Interest expense, net |
|
(1.4 |
) |
|
|
(1.2 |
) |
Other income, net |
|
5.7 |
|
|
|
5.1 |
|
Income before income taxes |
|
93.8 |
|
|
|
46.4 |
|
(Provision for) benefit from income taxes |
|
(14.1 |
) |
|
|
1.2 |
|
Net income |
$ |
79.7 |
|
|
$ |
47.6 |
|
Basic net income per share |
$ |
0.22 |
|
|
$ |
0.12 |
|
Diluted net income per share |
$ |
0.21 |
|
|
$ |
0.12 |
|
Weighted-average shares used in computing net income per share attributable to common stockholders, basic |
|
370.7 |
|
|
|
398.1 |
|
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted |
|
372.9 |
|
|
|
405.4 |
|
| (1) Includes stock-based compensation expense as follows: |
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
2021 |
||
Cost of revenue |
$ |
5.7 |
|
$ |
5.4 |
||
Research and development |
|
50.5 |
|
|
43.5 |
||
Sales and marketing |
|
4.5 |
|
|
6.9 |
||
General and administrative |
|
11.6 |
|
|
12.1 |
||
| (2) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. |
Dropbox, Inc. Condensed Consolidated Balance Sheets (In millions) (Unaudited) |
|||||||
|
As of |
||||||
|
March 31, 2022 |
|
December 31, 2021 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
445.5 |
|
|
$ |
533.0 |
|
Short-term investments |
|
1,050.1 |
|
|
|
1,185.1 |
|
Trade and other receivables, net |
|
44.6 |
|
|
|
49.6 |
|
Prepaid expenses and other current assets |
|
82.7 |
|
|
|
82.1 |
|
Total current assets |
|
1,622.9 |
|
|
|
1,849.8 |
|
Property and equipment, net |
|
316.1 |
|
|
|
322.0 |
|
Operating lease right-of-use asset |
|
420.3 |
|
|
|
413.9 |
|
Intangible assets, net |
|
50.0 |
|
|
|
53.6 |
|
Goodwill |
|
355.9 |
|
|
|
356.6 |
|
Other assets |
|
86.8 |
|
|
|
95.4 |
|
Total assets |
$ |
2,852.0 |
|
|
$ |
3,091.3 |
|
Liabilities and stockholders' deficit |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
24.4 |
|
|
$ |
25.7 |
|
Accrued and other current liabilities |
|
155.2 |
|
|
|
140.8 |
|
Accrued compensation and benefits |
|
44.6 |
|
|
|
139.1 |
|
Operating lease liability |
|
82.6 |
|
|
|
78.3 |
|
Finance lease obligation |
|
118.9 |
|
|
|
120.4 |
|
Deferred revenue |
|
691.7 |
|
|
|
671.5 |
|
Total current liabilities |
|
1,117.4 |
|
|
|
1,175.8 |
|
Operating lease liability, non-current |
|
632.3 |
|
|
|
632.0 |
|
Finance lease obligation, non-current |
|
156.6 |
|
|
|
167.7 |
|
Convertible senior notes, net, non-current |
|
1,371.2 |
|
|
|
1,370.3 |
|
Other non-current liabilities |
|
37.8 |
|
|
|
39.4 |
|
Total liabilities |
|
3,315.3 |
|
|
|
3,385.2 |
|
Stockholders' deficit: |
|
|
|
||||
Additional paid-in-capital |
|
2,419.7 |
|
|
|
2,448.1 |
|
Accumulated deficit |
|
(2,854.9 |
) |
|
|
(2,739.4 |
) |
Accumulated other comprehensive loss |
|
(28.1 |
) |
|
|
(2.6 |
) |
Total stockholders' deficit |
|
(463.3 |
) |
|
|
(293.9 |
) |
Total liabilities and stockholders' deficit |
$ |
2,852.0 |
|
|
$ |
3,091.3 |
|
Dropbox, Inc. Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
||||
Net income |
$ |
79.7 |
|
|
$ |
47.6 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
39.4 |
|
|
|
34.7 |
|
Stock-based compensation |
|
72.3 |
|
|
|
67.9 |
|
Impairment related to real estate assets |
|
— |
|
|
|
17.3 |
|
Amortization of debt issuance costs |
|
1.0 |
|
|
|
0.7 |
|
Amortization of deferred commissions |
|
9.0 |
|
|
|
7.7 |
|
Other |
|
1.8 |
|
|
|
(0.9 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Trade and other receivables, net |
|
4.8 |
|
|
|
(7.1 |
) |
Prepaid expenses and other current assets |
|
(9.7 |
) |
|
|
(12.3 |
) |
Other assets |
|
26.1 |
|
|
|
17.9 |
|
Accounts payable |
|
(1.0 |
) |
|
|
10.1 |
|
Accrued and other current liabilities |
|
19.1 |
|
|
|
6.3 |
|
Accrued compensation and benefits |
|
(94.5 |
) |
|
|
(70.6 |
) |
Deferred revenue |
|
19.5 |
|
|
|
28.9 |
|
Other non-current liabilities |
|
(27.0 |
) |
|
|
(34.1 |
) |
Tenant improvement allowance reimbursement |
|
0.9 |
|
|
|
1.6 |
|
Net cash provided by operating activities |
|
141.4 |
|
|
|
115.7 |
|
Cash flows from investing activities |
|
|
|
||||
Capital expenditures |
|
(10.7 |
) |
|
|
(6.9 |
) |
Business combinations, net of cash acquired |
|
— |
|
|
|
(125.4 |
) |
Purchases of short-term investments |
|
(81.6 |
) |
|
|
(513.9 |
) |
Proceeds from sales of short-term investments |
|
51.8 |
|
|
|
114.2 |
|
Proceeds from maturities of short-term investments |
|
137.5 |
|
|
|
129.9 |
|
Other |
|
4.0 |
|
|
|
3.3 |
|
Net cash provided by (used in) investing activities |
|
101.0 |
|
|
|
(398.8 |
) |
Cash flows from financing activities |
|
|
|
||||
Proceeds from issuance of convertible senior notes |
|
— |
|
|
|
1,389.1 |
|
Purchase of convertible note hedge in connection with issuance of convertible senior notes |
|
— |
|
|
|
(265.3 |
) |
Proceeds from sale of warrants in connection with issuance of convertible senior notes |
|
— |
|
|
|
202.9 |
|
Payments of debt issuance costs |
|
— |
|
|
|
(22.7 |
) |
Payments for taxes related to net share settlement of restricted stock units and awards |
|
(36.7 |
) |
|
|
(35.8 |
) |
Proceeds from issuance of common stock, net of taxes withheld |
|
0.2 |
|
|
|
2.9 |
|
Principal payments on finance lease obligations |
|
(32.4 |
) |
|
|
(24.6 |
) |
Common stock repurchases |
|
(259.9 |
) |
|
|
(431.9 |
) |
Net cash (used in) provided by financing activities |
|
(328.8 |
) |
|
|
814.6 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(1.1 |
) |
|
|
(0.9 |
) |
Change in cash and cash equivalents |
|
(87.5 |
) |
|
|
530.6 |
|
Cash and cash equivalents - beginning of period |
|
533.0 |
|
|
|
314.9 |
|
Cash and cash equivalents - end of period |
$ |
445.5 |
|
|
$ |
845.5 |
|
|
|
|
|
||||
Supplemental cash flow data: |
|
|
|
||||
Property and equipment acquired under finance leases |
$ |
19.7 |
|
|
$ |
24.0 |
|
Dropbox, Inc. Three Months Ended March 31, 2022 Reconciliation of GAAP to Non-GAAP results (In millions, except for percentages, which may not foot due to rounding) (Unaudited) |
|||||||||||||||||||
|
GAAP |
|
Stock-based
|
|
Acquisition-
|
|
Intangibles
|
|
Non-GAAP |
||||||||||
Cost of revenue |
$ |
112.9 |
|
|
$ |
(5.7 |
) |
|
$ |
— |
|
|
$ |
(2.0 |
) |
|
$ |
105.2 |
|
Cost of revenue margin |
|
20.1 |
% |
|
|
(1.0 |
%) |
|
|
— |
% |
|
|
(0.4 |
%) |
|
|
18.7 |
% |
Gross profit |
|
449.5 |
|
|
|
5.7 |
|
|
|
— |
|
|
|
2.0 |
|
|
|
457.2 |
|
Gross margin |
|
79.9 |
% |
|
|
1.0 |
% |
|
|
— |
% |
|
|
0.4 |
% |
|
|
81.3 |
% |
Research and development |
|
210.8 |
|
|
|
(50.5 |
) |
|
|
(3.2 |
) |
|
|
— |
|
|
|
157.1 |
|
Research and development margin |
|
37.5 |
% |
|
|
(9.0 |
%) |
|
|
(0.6 |
%) |
|
|
— |
% |
|
|
27.9 |
% |
Sales and marketing |
|
95.7 |
|
|
|
(4.5 |
) |
|
|
(1.7 |
) |
|
|
(1.5 |
) |
|
|
88.0 |
|
Sales and marketing margin |
|
17.0 |
% |
|
|
(0.8 |
%) |
|
|
(0.3 |
%) |
|
|
(0.3 |
%) |
|
|
15.6 |
% |
General and administrative |
|
53.5 |
|
|
|
(11.6 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
41.8 |
|
General and administrative margin |
|
9.5 |
% |
|
|
(2.1 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
7.4 |
% |
Income from operations |
$ |
89.5 |
|
|
$ |
72.3 |
|
|
$ |
5.0 |
|
|
$ |
3.5 |
|
|
$ |
170.3 |
|
Operating margin |
|
15.9 |
% |
|
|
12.9 |
% |
|
|
0.9 |
% |
|
|
0.6 |
% |
|
|
30.3 |
% |
Dropbox, Inc. Three Months Ended March 31, 2021 Reconciliation of GAAP to Non-GAAP results (In millions, except for percentages, which may not foot due to rounding) (Unaudited) |
|||||||||||||||||||||||||||
|
GAAP |
|
Stock-based
|
|
Acquisition-
|
|
Intangibles
|
|
Impairment
|
|
Workforce
|
|
Non-GAAP |
||||||||||||||
Cost of revenue |
$ |
109.3 |
|
|
$ |
(5.4 |
) |
|
$ |
— |
|
|
$ |
(1.0 |
) |
|
$ |
— |
|
|
$ |
(1.6 |
) |
|
$ |
101.3 |
|
Cost of revenue margin |
|
21.4 |
% |
|
|
(1.1 |
%) |
|
|
— |
% |
|
|
(0.2 |
%) |
|
|
— |
% |
|
|
(0.3 |
%) |
|
|
19.8 |
% |
Gross profit |
|
402.3 |
|
|
|
5.4 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
410.3 |
|
Gross margin |
|
78.6 |
% |
|
|
1.1 |
% |
|
|
— |
% |
|
|
0.2 |
% |
|
|
— |
% |
|
|
0.3 |
% |
|
|
80.2 |
% |
Research and development |
|
181.2 |
|
|
|
(43.5 |
) |
|
|
(4.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2.6 |
) |
|
|
130.8 |
|
Research and development margin |
|
35.4 |
% |
|
|
(8.5 |
%) |
|
|
(0.8 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
(0.5 |
%) |
|
|
25.6 |
% |
Sales and marketing |
|
102.7 |
|
|
|
(6.9 |
) |
|
|
(0.2 |
) |
|
|
(1.4 |
) |
|
|
— |
|
|
|
(6.3 |
) |
|
|
87.9 |
|
Sales and marketing margin |
|
20.1 |
% |
|
|
(1.3 |
%) |
|
|
— |
% |
|
|
(0.3 |
%) |
|
|
— |
% |
|
|
(1.2 |
%) |
|
|
17.2 |
% |
General and administrative |
|
58.6 |
|
|
|
(12.1 |
) |
|
|
(1.2 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2.3 |
) |
|
|
43.0 |
|
General and administrative margin |
|
11.5 |
% |
|
|
(2.4 |
%) |
|
|
(0.2 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
(0.4 |
%) |
|
|
8.4 |
% |
Impairment related to real estate assets |
|
17.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17.3 |
) |
|
|
— |
|
|
|
— |
|
Impairment related to real estate assets margin |
|
3.4 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(3.4 |
%) |
|
|
— |
% |
|
|
— |
% |
Income from operations |
$ |
42.5 |
|
|
$ |
67.9 |
|
|
$ |
5.7 |
|
|
$ |
2.4 |
|
|
$ |
17.3 |
|
|
$ |
12.8 |
|
|
$ |
148.6 |
|
Operating margin |
|
8.3 |
% |
|
|
13.3 |
% |
|
|
1.1 |
% |
|
|
0.5 |
% |
|
|
3.4 |
% |
|
|
2.5 |
% |
|
|
29.1 |
% |
| (1) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. |
| (2) Includes expenses related to workforce reduction such as severance, benefits, and other related items. |
Dropbox, Inc. Three Months Ended March 31, 2022 and 2021 Reconciliation of GAAP net income to Non-GAAP net income and Non-GAAP diluted net income per share (In millions, except per share data) (Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
GAAP net income |
$ |
79.7 |
|
|
$ |
47.6 |
|
Stock-based compensation |
|
72.3 |
|
|
|
67.9 |
|
Acquisition-related and other expenses |
|
5.0 |
|
|
|
5.7 |
|
Amortization of acquired intangible assets |
|
3.5 |
|
|
|
2.4 |
|
Impairment related to real estate assets |
|
— |
|
|
|
17.3 |
|
Workforce reduction expense |
|
— |
|
|
|
12.8 |
|
Income tax effects of non-GAAP adjustments |
|
(19.0 |
) |
|
|
(11.9 |
) |
Non-GAAP net income |
$ |
141.5 |
|
|
$ |
141.8 |
|
Non-GAAP diluted net income per share |
$ |
0.38 |
|
|
$ |
0.35 |
|
Weighted-average shares used to compute Non-GAAP diluted net income per share |
|
372.9 |
|
|
|
405.4 |
|
Dropbox, Inc. Three Months Ended March 31, 2022 and 2021 Reconciliation of free cash flow and supplemental cash flow disclosure (In millions, except for percentages) (Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Free cash flow reconciliation: |
|
|
|
||||
Net cash provided by operating activities |
$ |
141.4 |
|
|
$ |
115.7 |
|
Less: |
|
|
|
||||
Capital expenditures |
|
(10.7 |
) |
|
|
(6.9 |
) |
Free cash flow |
$ |
130.7 |
|
|
$ |
108.8 |
|
Free cash flow margin |
|
23.2 |
% |
|
|
21.3 |
% |
Supplemental disclosures: |
|
|
|
||||
Key employee holdback payments related to acquisitions(1) |
$ |
14.3 |
|
|
$ |
4.0 |
|
Payments related to workforce reduction(2) |
$ |
— |
|
|
$ |
12.4 |
|
| (1) For the first quarter ended March 31, 2022, we made payments in the amount of $14.3 million for the 2022 installments of deal consideration employee holdbacks pertaining to our acquisitions. The related expenses are recognized within research and development and sales and marketing expenses over the required service period. |
| (2) Includes payments made related to workforce reduction such as severance, benefits, and other related items. |
About Non-GAAP Financial Measures
To provide investors and others with additional information regarding Dropbox's results, we have disclosed the following non-GAAP financial measures: revenue growth and Total ARR growth excluding foreign exchange effect, which we refer to as on a constant currency basis, non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP operating expenses (including research and development, sales and marketing and general and administrative), non-GAAP income from operations, non-GAAP net income, free cash flow ("FCF") and non-GAAP diluted net income per share. Dropbox has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. Non-GAAP cost of revenue, gross profit, operating expenses, income from operations, and net income differ from GAAP in that they exclude stock-based compensation expense, amortization of acquired intangible assets, other acquisition-related expenses, which include third-party diligence costs and expenses related to key employee holdback agreements, impairment charges related to real estate assets, expenses related to our reduction in force and the income tax effect of the aforementioned adjustments. FCF differs from GAAP net cash provided by operating activities in that it treats capital expenditures as a reduction to net cash provided by operating activities. Free cash flow margin is calculated as FCF divided by revenue. For periods that we are in a GAAP net income position, the weighted average shares used in the computation are the same as the shares used in our non-GAAP diluted net income per share computation. In order to present revenue on a constant currency basis for the quarter ended March 31, 2022, Dropbox calculates constant currency revenue growth rates by applying the prior period weighted average exchange rates to current period results. Dropbox calculates constant currency Total ARR growth rates by applying the current period rate to prior period results. Dropbox presents constant currency information to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency rate fluctuations.
Dropbox's management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short and long-term operating plans, and to evaluate Dropbox's financial performance and the ability to generate cash from operations. Management believes these non-GAAP financial measures reflect Dropbox's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in Dropbox's business, as they exclude expenses that are not reflective of ongoing operating results. Management also believes that these non-GAAP financial measures provide useful supplemental information to investors and others in understanding and evaluating Dropbox's operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.
We believe that the non-GAAP financial measures, non-GAAP cost of revenue, gross profit, operating expenses, income from operations, net income, and diluted net income per share are meaningful to investors because they help identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude.
We believe that FCF is an indicator of our liquidity over the long term, and provides useful information regarding cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow our business. FCF is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. FCF has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities. Some of the limitations of FCF are that FCF does not reflect our future contractual commitments, excludes investments made to acquire assets under finance leases, includes capital expenditures, and may be calculated differently by other companies in our industry, limiting its usefulness as a comparative measure.
The use of non-GAAP cost of revenue, gross profit, operating expenses, income from operations, net income, free cash flow, and diluted net income per share measures has certain limitations as they do not reflect all items of income, expense, and cash expenditures, as applicable, that affect Dropbox's operations. Dropbox mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable GAAP financial measures. Additionally, we have provided supplemental disclosures in our reconciliation of net cash provided by operating activities to free cash flow to include expenses related to reduction in workforce and key employee holdback payments related to its acquisitions. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review Dropbox's financial information in its entirety and not rely on a single financial measure.
Выручка за первый квартал составила 562,4 млн долларов, увеличившись на 9,9% в годовом исчислении; в пересчете на постоянную валюту - на 9,7% в годовом исчислении
Операционная прибыль по GAAP и без учета GAAP составила $89,5 млн и $170,3 млн, увеличившись на 110,6% и 14,6% в годовом исчислении.
Чистые денежные средства, полученные от Операционной деятельности, составили 141,4 миллиона долларов, а Свободный денежный поток составил 130,7 миллиона долларов
САН-ФРАНЦИСКО - (ДЕЛОВАЯ ПЕРЕПИСКА) -Dropbox, Inc. (NASDAQ: DBX) сегодня объявила финансовые результаты за первый квартал, закончившийся 31 марта 2022 года.
“2022 год начинается с хорошего старта, поскольку мы запустили новые функции и функции для резервного копирования, хранения и документооборота с помощью HelloSign, DocSend и редактирования PDF; все это призвано помочь клиентам организовывать, защищать и делать больше со своим цифровым контентом”, - сказал соучредитель и главный исполнительный директор Dropbox Дрю Хьюстон. “Я доволен работой и результатами нашей команды в первом квартале, в том числе высокой прибыльностью и улучшением удержания пользователей, что отражает нашу устойчивость в сложных макроэкономических условиях. Заглядывая в будущее, я рад развить этот импульс, поскольку мы продолжаем повышать ценность для наших клиентов и акционеров и работаем над нашим видением создания единого организованного места для контента и всех связанных с ним рабочих процессов ”.
Результаты первого квартала 2022 финансового года
| (1) We calculate constant currency revenue growth rates by applying the prior period weighted average exchange rates to current period results. |
| (2) We calculate total annual recurring revenue ("Total ARR") as the number of users who have active paid licenses for access to our platform as of the end of the period, multiplied by their annualized subscription price to our platform. We adjust our exchange rates used to calculate Total ARR on an annual basis, at the beginning of each fiscal year. We calculate constant currency Total ARR growth rates by applying the current period exchange rate to prior period results. |
| (3) Non-GAAP diluted net income per share attributable to common stockholders is calculated based upon 372.9 million and 405.4 million diluted weighted-average shares of common stock for the three months ended March 31, 2022 and 2021, respectively. |
Финансовые перспективы
Dropbox предоставит прогнозные рекомендации в связи с этим квартальным объявлением о доходах на своей телефонной конференции, веб-трансляции и на своем веб-сайте по связям с инвесторами по адресу http://investors .Dropbox.com .
Информация о конференц-звонке
Dropbox планирует провести сегодня телефонную конференцию, чтобы рассмотреть финансовые результаты за первый квартал и обсудить свои финансовые перспективы. Начало этого звонка запланировано на 14:00 по Гринвичу / 17:00 по восточному времени, и к нему можно подключиться, набрав (877) 300-7844 из Соединенных Штатов или (786) 815-8440 на международном уровне со ссылкой на название компании и название конференции, а также прямую веб-трансляцию и повтор конференц-звонка. доступ осуществляется с веб-сайта Dropbox по связям с инвесторами по адресу http://investors .Dropbox.com . После завершения вызова повтор телефонного разговора будет доступен до 17:00 вечера по североамериканскому времени / 8:00 вечера по восточному времени 12 мая 2022 года по телефону (855) 859-2056 из Соединенных Штатов или (404) 537-3406 на международном уровне с кодом доступа для записи 5338719
Другие Предстоящие События
Во время этих мероприятий прямая трансляция будет доступна с веб-сайта Dropbox по связям с инвесторами по адресу http://investors .Dropbox.com . После события повтор будет доступен в том же месте.
Dropbox - это единственное место, где можно организовать жизнь и продолжать работать. Имея более 700 миллионов зарегистрированных пользователей в 180 странах, мы стремимся разработать более просвещенный способ работы. Штаб-квартира Dropbox находится в Сан-Франциско, Калифорния, и имеет офисы по всему миру. Для получения дополнительной информации о нашей миссии и продуктах посетите http://Dropbox.com .
Использование финансовых показателей, не относящихся к ОПБУ
Сверки финансовых показателей, не относящихся к GAAP, с наиболее непосредственно сопоставимыми финансовыми результатами, определенными в соответствии с GAAP, включены в конце этого пресс-релиза после прилагаемых финансовых данных. Описание этих финансовых показателей, не относящихся к GAAP, включая причины, по которым руководство использует каждую меру, см. в разделе таблиц, озаглавленном "О финансовых показателях, не относящихся к GAAP".
Прогнозные заявления
Настоящий пресс-релиз содержит прогнозные заявления по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года, включая, среди прочего, наши ожидания относительно тенденций распределенной работы, связанных с ними рыночных возможностей и нашей способности извлечь выгоду из этих возможностей. Такие слова, как "полагать", "возможно", "будет", "оценивать", "продолжать", "предвидеть", "намереваться", "ожидать", "планирует" и подобные выражения предназначены для обозначения прогнозных заявлений. Dropbox основала эти прогнозные заявления в основном на своих текущих ожиданиях и прогнозах относительно будущих событий и финансовых тенденций, которые, по мнению Dropbox, могут повлиять на ее бизнес, финансовое состояние и результаты деятельности. Эти прогнозные заявления действительны только на дату данного пресс-релиза и подвержены рискам, неопределенности и допущений, включая, но не ограничиваясь: (I) в нашей способности реализовать ожидаемые выгоды для нашего бизнеса переход на виртуальный первая работа модели, а также последствия для наших финансовых результатов и деловые операции в результате этого сдвига, и (II) воздействия на наши финансовые показатели, бизнес-операции и бизнес наших клиентов, поставщиков, партнеры и экономика в результате COVID-19 пандемией, и связанной с мерами общественного здравоохранения, а также потенциал для более постоянного, глобальный переход на удаленную работу, (III) в нашу способность сохранить и обновить платных пользователей, и увеличить наш доход; (IV) все наши возможности для привлечения новых пользователей или конвертировать зарегистрированным пользователям платных пользователей; (в) наше будущее финансовых показателях, включая тенденции в области доходов, расходов, выручки, валовой прибыли, или валовая прибыль, операционные расходы, платным пользователям свободный денежный поток; (ви) наша история продажи потерь и наша способность достичь или сохранить прибыльность; (VII), в нашей ответственности за любой несанкционированный доступ к данным или нашими пользователями контента, в том числе путем обеспечения конфиденциальности и безопасности данных нарушений; (VIII в) существенные сбои обслуживания на нашей платформе или утраты содержимого; (IX) любые снижение спроса на нашей платформе, или для содержания решения для совместной работы в целом; (х) изменяется в совместимости нашей платформы для всех устройств, операционных систем, и сторонних приложений, которые мы не контролируем; (Си) конкуренции на наших рынках; (ХІІ) наша способность реагировать на быстрые технологические изменения, продлить нашу платформу, разработки новых функций или продуктов, или завоевания рынка согласие на такие новые функции или продукции, особенно в свете возможных сбоев в производительности наших сотрудников, к которым может привести переход на виртуальный первая работа модели; (XIII), и нашей способности управлять нашим рост или план будущего роста; (XIV век) наш приобретения других предприятий, а также возможности такие приобретения требуют значительного внимания со стороны руководства, подорвать наш бизнес, или разбавить акционер значения; (XV) в нашу способность привлекать и удерживать ключевых сотрудников и высококвалифицированных кадров; (XVI в.) наших распределение капитала планы в отношении нашей программы выкупа акций и других инвестиций; и (XVII в.) двойной классовой структуры нашего общего запаса и его влияние концентрации голосования управления с отдельных акционеров, которые проводятся в нашей капитала до завершения нашего первоначального публичного предложения. Дополнительная информация о рисках, которые могут повлиять на результаты Dropbox, включена в наши заявки в Комиссию по ценным бумагам и биржам ("SEC"), включая нашу форму 10-K за год, закончившийся 31 декабря 2021 года. Дополнительная информация будет доступна в нашем ежеквартальном отчете по форме 10-Q за квартал, закончившийся 31 марта 2022 года, и в других отчетах, которые мы можем время от времени подавать в SEC, что может привести к тому, что фактические результаты будут отличаться от ожиданий. Если риски материализуются или предположения окажутся неверными, фактические результаты могут существенно отличаться от результатов, подразумеваемых в этих прогнозных заявлениях. Dropbox не берет на себя никаких обязательств и в настоящее время не намеревается обновлять какие-либо такие прогнозные заявления после даты этого выпуска, за исключением случаев, предусмотренных применимым законодательством.
Dropbox, Inc. Condensed Consolidated Statements of Operations (In millions, except per share data) (Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Revenue |
$ |
562.4 |
|
|
$ |
511.6 |
|
Cost of revenue(1) |
|
112.9 |
|
|
|
109.3 |
|
Gross profit |
|
449.5 |
|
|
|
402.3 |
|
Operating expenses(1): |
|
|
|
||||
Research and development |
|
210.8 |
|
|
|
181.2 |
|
Sales and marketing |
|
95.7 |
|
|
|
102.7 |
|
General and administrative |
|
53.5 |
|
|
|
58.6 |
|
Impairment related to real estate assets(2) |
|
— |
|
|
|
17.3 |
|
Total operating expenses |
|
360.0 |
|
|
|
359.8 |
|
Income from operations |
|
89.5 |
|
|
|
42.5 |
|
Interest expense, net |
|
(1.4 |
) |
|
|
(1.2 |
) |
Other income, net |
|
5.7 |
|
|
|
5.1 |
|
Income before income taxes |
|
93.8 |
|
|
|
46.4 |
|
(Provision for) benefit from income taxes |
|
(14.1 |
) |
|
|
1.2 |
|
Net income |
$ |
79.7 |
|
|
$ |
47.6 |
|
Basic net income per share |
$ |
0.22 |
|
|
$ |
0.12 |
|
Diluted net income per share |
$ |
0.21 |
|
|
$ |
0.12 |
|
Weighted-average shares used in computing net income per share attributable to common stockholders, basic |
|
370.7 |
|
|
|
398.1 |
|
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted |
|
372.9 |
|
|
|
405.4 |
|
| (1) Includes stock-based compensation expense as follows: |
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
2021 |
||
Cost of revenue |
$ |
5.7 |
|
$ |
5.4 |
||
Research and development |
|
50.5 |
|
|
43.5 |
||
Sales and marketing |
|
4.5 |
|
|
6.9 |
||
General and administrative |
|
11.6 |
|
|
12.1 |
||
| (2) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. |
Dropbox, Inc. Condensed Consolidated Balance Sheets (In millions) (Unaudited) |
|||||||
|
As of |
||||||
|
March 31, 2022 |
|
December 31, 2021 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
445.5 |
|
|
$ |
533.0 |
|
Short-term investments |
|
1,050.1 |
|
|
|
1,185.1 |
|
Trade and other receivables, net |
|
44.6 |
|
|
|
49.6 |
|
Prepaid expenses and other current assets |
|
82.7 |
|
|
|
82.1 |
|
Total current assets |
|
1,622.9 |
|
|
|
1,849.8 |
|
Property and equipment, net |
|
316.1 |
|
|
|
322.0 |
|
Operating lease right-of-use asset |
|
420.3 |
|
|
|
413.9 |
|
Intangible assets, net |
|
50.0 |
|
|
|
53.6 |
|
Goodwill |
|
355.9 |
|
|
|
356.6 |
|
Other assets |
|
86.8 |
|
|
|
95.4 |
|
Total assets |
$ |
2,852.0 |
|
|
$ |
3,091.3 |
|
Liabilities and stockholders' deficit |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
24.4 |
|
|
$ |
25.7 |
|
Accrued and other current liabilities |
|
155.2 |
|
|
|
140.8 |
|
Accrued compensation and benefits |
|
44.6 |
|
|
|
139.1 |
|
Operating lease liability |
|
82.6 |
|
|
|
78.3 |
|
Finance lease obligation |
|
118.9 |
|
|
|
120.4 |
|
Deferred revenue |
|
691.7 |
|
|
|
671.5 |
|
Total current liabilities |
|
1,117.4 |
|
|
|
1,175.8 |
|
Operating lease liability, non-current |
|
632.3 |
|
|
|
632.0 |
|
Finance lease obligation, non-current |
|
156.6 |
|
|
|
167.7 |
|
Convertible senior notes, net, non-current |
|
1,371.2 |
|
|
|
1,370.3 |
|
Other non-current liabilities |
|
37.8 |
|
|
|
39.4 |
|
Total liabilities |
|
3,315.3 |
|
|
|
3,385.2 |
|
Stockholders' deficit: |
|
|
|
||||
Additional paid-in-capital |
|
2,419.7 |
|
|
|
2,448.1 |
|
Accumulated deficit |
|
(2,854.9 |
) |
|
|
(2,739.4 |
) |
Accumulated other comprehensive loss |
|
(28.1 |
) |
|
|
(2.6 |
) |
Total stockholders' deficit |
|
(463.3 |
) |
|
|
(293.9 |
) |
Total liabilities and stockholders' deficit |
$ |
2,852.0 |
|
|
$ |
3,091.3 |
|
Dropbox, Inc. Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
||||
Net income |
$ |
79.7 |
|
|
$ |
47.6 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
39.4 |
|
|
|
34.7 |
|
Stock-based compensation |
|
72.3 |
|
|
|
67.9 |
|
Impairment related to real estate assets |
|
— |
|
|
|
17.3 |
|
Amortization of debt issuance costs |
|
1.0 |
|
|
|
0.7 |
|
Amortization of deferred commissions |
|
9.0 |
|
|
|
7.7 |
|
Other |
|
1.8 |
|
|
|
(0.9 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Trade and other receivables, net |
|
4.8 |
|
|
|
(7.1 |
) |
Prepaid expenses and other current assets |
|
(9.7 |
) |
|
|
(12.3 |
) |
Other assets |
|
26.1 |
|
|
|
17.9 |
|
Accounts payable |
|
(1.0 |
) |
|
|
10.1 |
|
Accrued and other current liabilities |
|
19.1 |
|
|
|
6.3 |
|
Accrued compensation and benefits |
|
(94.5 |
) |
|
|
(70.6 |
) |
Deferred revenue |
|
19.5 |
|
|
|
28.9 |
|
Other non-current liabilities |
|
(27.0 |
) |
|
|
(34.1 |
) |
Tenant improvement allowance reimbursement |
|
0.9 |
|
|
|
1.6 |
|
Net cash provided by operating activities |
|
141.4 |
|
|
|
115.7 |
|
Cash flows from investing activities |
|
|
|
||||
Capital expenditures |
|
(10.7 |
) |
|
|
(6.9 |
) |
Business combinations, net of cash acquired |
|
— |
|
|
|
(125.4 |
) |
Purchases of short-term investments |
|
(81.6 |
) |
|
|
(513.9 |
) |
Proceeds from sales of short-term investments |
|
51.8 |
|
|
|
114.2 |
|
Proceeds from maturities of short-term investments |
|
137.5 |
|
|
|
129.9 |
|
Other |
|
4.0 |
|
|
|
3.3 |
|
Net cash provided by (used in) investing activities |
|
101.0 |
|
|
|
(398.8 |
) |
Cash flows from financing activities |
|
|
|
||||
Proceeds from issuance of convertible senior notes |
|
— |
|
|
|
1,389.1 |
|
Purchase of convertible note hedge in connection with issuance of convertible senior notes |
|
— |
|
|
|
(265.3 |
) |
Proceeds from sale of warrants in connection with issuance of convertible senior notes |
|
— |
|
|
|
202.9 |
|
Payments of debt issuance costs |
|
— |
|
|
|
(22.7 |
) |
Payments for taxes related to net share settlement of restricted stock units and awards |
|
(36.7 |
) |
|
|
(35.8 |
) |
Proceeds from issuance of common stock, net of taxes withheld |
|
0.2 |
|
|
|
2.9 |
|
Principal payments on finance lease obligations |
|
(32.4 |
) |
|
|
(24.6 |
) |
Common stock repurchases |
|
(259.9 |
) |
|
|
(431.9 |
) |
Net cash (used in) provided by financing activities |
|
(328.8 |
) |
|
|
814.6 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(1.1 |
) |
|
|
(0.9 |
) |
Change in cash and cash equivalents |
|
(87.5 |
) |
|
|
530.6 |
|
Cash and cash equivalents - beginning of period |
|
533.0 |
|
|
|
314.9 |
|
Cash and cash equivalents - end of period |
$ |
445.5 |
|
|
$ |
845.5 |
|
|
|
|
|
||||
Supplemental cash flow data: |
|
|
|
||||
Property and equipment acquired under finance leases |
$ |
19.7 |
|
|
$ |
24.0 |
|
Dropbox, Inc. Three Months Ended March 31, 2022 Reconciliation of GAAP to Non-GAAP results (In millions, except for percentages, which may not foot due to rounding) (Unaudited) |
|||||||||||||||||||
|
GAAP |
|
Stock-based
|
|
Acquisition-
|
|
Intangibles
|
|
Non-GAAP |
||||||||||
Cost of revenue |
$ |
112.9 |
|
|
$ |
(5.7 |
) |
|
$ |
— |
|
|
$ |
(2.0 |
) |
|
$ |
105.2 |
|
Cost of revenue margin |
|
20.1 |
% |
|
|
(1.0 |
%) |
|
|
— |
% |
|
|
(0.4 |
%) |
|
|
18.7 |
% |
Gross profit |
|
449.5 |
|
|
|
5.7 |
|
|
|
— |
|
|
|
2.0 |
|
|
|
457.2 |
|
Gross margin |
|
79.9 |
% |
|
|
1.0 |
% |
|
|
— |
% |
|
|
0.4 |
% |
|
|
81.3 |
% |
Research and development |
|
210.8 |
|
|
|
(50.5 |
) |
|
|
(3.2 |
) |
|
|
— |
|
|
|
157.1 |
|
Research and development margin |
|
37.5 |
% |
|
|
(9.0 |
%) |
|
|
(0.6 |
%) |
|
|
— |
% |
|
|
27.9 |
% |
Sales and marketing |
|
95.7 |
|
|
|
(4.5 |
) |
|
|
(1.7 |
) |
|
|
(1.5 |
) |
|
|
88.0 |
|
Sales and marketing margin |
|
17.0 |
% |
|
|
(0.8 |
%) |
|
|
(0.3 |
%) |
|
|
(0.3 |
%) |
|
|
15.6 |
% |
General and administrative |
|
53.5 |
|
|
|
(11.6 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
41.8 |
|
General and administrative margin |
|
9.5 |
% |
|
|
(2.1 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
7.4 |
% |
Income from operations |
$ |
89.5 |
|
|
$ |
72.3 |
|
|
$ |
5.0 |
|
|
$ |
3.5 |
|
|
$ |
170.3 |
|
Operating margin |
|
15.9 |
% |
|
|
12.9 |
% |
|
|
0.9 |
% |
|
|
0.6 |
% |
|
|
30.3 |
% |
Dropbox, Inc. Three Months Ended March 31, 2021 Reconciliation of GAAP to Non-GAAP results (In millions, except for percentages, which may not foot due to rounding) (Unaudited) |
|||||||||||||||||||||||||||
|
GAAP |
|
Stock-based
|
|
Acquisition-
|
|
Intangibles
|
|
Impairment
|
|
Workforce
|
|
Non-GAAP |
||||||||||||||
Cost of revenue |
$ |
109.3 |
|
|
$ |
(5.4 |
) |
|
$ |
— |
|
|
$ |
(1.0 |
) |
|
$ |
— |
|
|
$ |
(1.6 |
) |
|
$ |
101.3 |
|
Cost of revenue margin |
|
21.4 |
% |
|
|
(1.1 |
%) |
|
|
— |
% |
|
|
(0.2 |
%) |
|
|
— |
% |
|
|
(0.3 |
%) |
|
|
19.8 |
% |
Gross profit |
|
402.3 |
|
|
|
5.4 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
410.3 |
|
Gross margin |
|
78.6 |
% |
|
|
1.1 |
% |
|
|
— |
% |
|
|
0.2 |
% |
|
|
— |
% |
|
|
0.3 |
% |
|
|
80.2 |
% |
Research and development |
|
181.2 |
|
|
|
(43.5 |
) |
|
|
(4.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2.6 |
) |
|
|
130.8 |
|
Research and development margin |
|
35.4 |
% |
|
|
(8.5 |
%) |
|
|
(0.8 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
(0.5 |
%) |
|
|
25.6 |
% |
Sales and marketing |
|
102.7 |
|
|
|
(6.9 |
) |
|
|
(0.2 |
) |
|
|
(1.4 |
) |
|
|
— |
|
|
|
(6.3 |
) |
|
|
87.9 |
|
Sales and marketing margin |
|
20.1 |
% |
|
|
(1.3 |
%) |
|
|
— |
% |
|
|
(0.3 |
%) |
|
|
— |
% |
|
|
(1.2 |
%) |
|
|
17.2 |
% |
General and administrative |
|
58.6 |
|
|
|
(12.1 |
) |
|
|
(1.2 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2.3 |
) |
|
|
43.0 |
|
General and administrative margin |
|
11.5 |
% |
|
|
(2.4 |
%) |
|
|
(0.2 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
(0.4 |
%) |
|
|
8.4 |
% |
Impairment related to real estate assets |
|
17.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17.3 |
) |
|
|
— |
|
|
|
— |
|
Impairment related to real estate assets margin |
|
3.4 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(3.4 |
%) |
|
|
— |
% |
|
|
— |
% |
Income from operations |
$ |
42.5 |
|
|
$ |
67.9 |
|
|
$ |
5.7 |
|
|
$ |
2.4 |
|
|
$ |
17.3 |
|
|
$ |
12.8 |
|
|
$ |
148.6 |
|
Operating margin |
|
8.3 |
% |
|
|
13.3 |
% |
|
|
1.1 |
% |
|
|
0.5 |
% |
|
|
3.4 |
% |
|
|
2.5 |
% |
|
|
29.1 |
% |
| (1) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. |
| (2) Includes expenses related to workforce reduction such as severance, benefits, and other related items. |
Dropbox, Inc. Three Months Ended March 31, 2022 and 2021 Reconciliation of GAAP net income to Non-GAAP net income and Non-GAAP diluted net income per share (In millions, except per share data) (Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
GAAP net income |
$ |
79.7 |
|
|
$ |
47.6 |
|
Stock-based compensation |
|
72.3 |
|
|
|
67.9 |
|
Acquisition-related and other expenses |
|
5.0 |
|
|
|
5.7 |
|
Amortization of acquired intangible assets |
|
3.5 |
|
|
|
2.4 |
|
Impairment related to real estate assets |
|
— |
|
|
|
17.3 |
|
Workforce reduction expense |
|
— |
|
|
|
12.8 |
|
Income tax effects of non-GAAP adjustments |
|
(19.0 |
) |
|
|
(11.9 |
) |
Non-GAAP net income |
$ |
141.5 |
|
|
$ |
141.8 |
|
Non-GAAP diluted net income per share |
$ |
0.38 |
|
|
$ |
0.35 |
|
Weighted-average shares used to compute Non-GAAP diluted net income per share |
|
372.9 |
|
|
|
405.4 |
|
Dropbox, Inc. Three Months Ended March 31, 2022 and 2021 Reconciliation of free cash flow and supplemental cash flow disclosure (In millions, except for percentages) (Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Free cash flow reconciliation: |
|
|
|
||||
Net cash provided by operating activities |
$ |
141.4 |
|
|
$ |
115.7 |
|
Less: |
|
|
|
||||
Capital expenditures |
|
(10.7 |
) |
|
|
(6.9 |
) |
Free cash flow |
$ |
130.7 |
|
|
$ |
108.8 |
|
Free cash flow margin |
|
23.2 |
% |
|
|
21.3 |
% |
Supplemental disclosures: |
|
|
|
||||
Key employee holdback payments related to acquisitions(1) |
$ |
14.3 |
|
|
$ |
4.0 |
|
Payments related to workforce reduction(2) |
$ |
— |
|
|
$ |
12.4 |
|
| (1) For the first quarter ended March 31, 2022, we made payments in the amount of $14.3 million for the 2022 installments of deal consideration employee holdbacks pertaining to our acquisitions. The related expenses are recognized within research and development and sales and marketing expenses over the required service period. |
| (2) Includes payments made related to workforce reduction such as severance, benefits, and other related items. |
О финансовых показателях, Не относящихся к GAAP
Чтобы предоставить инвесторам и другим лицам дополнительную информацию о результатах Dropbox, мы раскрыли следующие финансовые показатели, не относящиеся к GAAP: рост выручки и общий рост ARR без учета курсового эффекта, который мы называем на постоянной валютной основе, стоимость выручки, не относящаяся к GAAP, валовая прибыль, не относящаяся к GAAP, не- Операционные расходы по GAAP (включая исследования и разработки, продажи и маркетинг, а также общие и административные), доходы от операций, не предусмотренные GAAP, чистая прибыль, не соответствующая GAAP, свободный денежный поток ("FCF") и разводненная чистая прибыль на акцию, не соответствующая GAAP. Dropbox предоставил сверку каждого финансового показателя, не относящегося к GAAP, используемого в этом отчете о доходах, с наиболее непосредственно сопоставимым финансовым показателем GAAP. Стоимость выручки, валовая прибыль, операционные расходы, доходы от операций и чистая прибыль, не относящиеся к GAAP, отличаются от GAAP тем, что они исключают расходы на компенсацию, основанную на акциях, амортизацию приобретенных нематериальных активов, другие расходы, связанные с приобретением, которые включают затраты на проверку третьей стороной и расходы, связанные с соглашениями об удержании ключевых сотрудников, расходы на обесценение активов, связанных с недвижимостью, расходы, связанные с нашим сокращением срока действия, и влияние вышеупомянутых корректировок на налог на прибыль. FCF отличается от GAAP чистыми денежными средствами, полученными от операционной деятельности, тем, что он рассматривает капитальные затраты как уменьшение чистых денежных средств, полученных от операционной деятельности. Маржа свободного денежного потока рассчитывается как FCF, деленная на выручку. Для периодов, когда мы находимся в положении с чистой прибылью по GAAP, средневзвешенные доли, используемые при расчете, совпадают с долями, используемыми при расчете разводненной чистой прибыли на акцию без учета GAAP. Чтобы представить выручку в постоянной валюте за квартал, закончившийся 31 марта 2022 года, Dropbox рассчитывает темпы роста выручки в постоянной валюте путем применения средневзвешенных обменных курсов за предыдущий период к результатам текущего периода. Dropbox вычисляет общие темпы роста ARR в постоянной валюте, применяя курс текущего периода к результатам предыдущего периода. Dropbox представляет постоянную информацию о валюте, чтобы обеспечить основу для оценки того, как работает наш основной бизнес, исключая влияние колебаний курсов иностранных валют.
Руководство Dropbox использует эти финансовые показатели, не относящиеся к GAAP, для понимания и сравнения операционных результатов за отчетные периоды, для целей внутреннего составления бюджета и прогнозирования, для краткосрочных и долгосрочных операционных планов, а также для оценки финансовых показателей Dropbox и способности генерировать денежные средства от операций. Руководство считает, что эти финансовые показатели, не относящиеся к GAAP, отражают текущую деятельность Dropbox таким образом, чтобы можно было проводить значимые сравнения между периодами и анализировать тенденции в бизнесе Dropbox, поскольку они исключают расходы, которые не отражают текущие операционные результаты. Руководство также считает, что эти финансовые показатели, не относящиеся к GAAP, предоставляют инвесторам и другим лицам полезную дополнительную информацию для понимания и оценки операционных результатов и будущих перспектив Dropbox таким же образом, как и руководство, а также для сравнения финансовых результатов за отчетные периоды и с аналогичными компаниями.
Мы считаем, что финансовые показатели, не относящиеся к GAAP, стоимость выручки, не относящаяся к GAAP, валовая прибыль, операционные расходы, доход от операций, чистая прибыль и разводненная чистая прибыль на акцию имеют значение для инвесторов, поскольку они помогают выявить основные тенденции в нашем бизнесе, которые в противном случае могли бы быть замаскированы эффектом расходов это мы исключаем.
Мы считаем, что FCF является показателем нашей ликвидности в долгосрочной перспективе и предоставляет полезную информацию о денежных средствах, полученных от операционной деятельности, и денежных средствах, используемых для инвестиций в основные средства, необходимые для поддержания и развития нашего бизнеса. FCF представлен только в дополнительных информационных целях и не должен рассматриваться как замена финансовой информации, представленной в соответствии с GAAP. FCF имеет ограничения как аналитический инструмент, и его не следует рассматривать изолированно или в качестве замены для анализа других финансовых показателей GAAP, таких как чистые денежные средства, полученные от операционной деятельности. Некоторые ограничения FCF заключаются в том, что FCF не отражает наши будущие договорные обязательства, исключает инвестиции, сделанные для приобретения активов по договорам финансовой аренды, включает капитальные затраты и может рассчитываться другими компаниями в нашей отрасли по-разному, что ограничивает его полезность в качестве сравнительного показателя.
Использование показателей себестоимости выручки, валовой прибыли, операционных расходов, доходов от операций, чистой прибыли, свободного денежного потока и разводненной чистой прибыли на акцию, не относящихся к GAAP, имеет определенные ограничения, поскольку они не отражают все статьи доходов, расходов и денежных расходов, если применимо, которые влияют на Dropbox операции. Dropbox смягчает эти ограничения путем согласования финансовых показателей, не относящихся к GAAP, с наиболее сопоставимыми финансовыми показателями GAAP. Кроме того, мы предоставили дополнительную информацию при сверке чистых денежных средств, полученных от операционной деятельности, со свободным денежным потоком, чтобы включить расходы, связанные с сокращением численности персонала, и выплаты по удержанию ключевых сотрудников, связанные с их приобретениями. Эти финансовые показатели, не относящиеся к ОПБУ, следует рассматривать в дополнение, а не в качестве замены или в отрыве от показателей, подготовленных в соответствии с ОПБУ. Кроме того, эти показатели, не относящиеся к GAAP, могут отличаться от информации, не относящейся к GAAP, используемой другими компаниями, включая аналогичные компании, и поэтому сопоставимость может быть ограниченной. Руководство рекомендует инвесторам и другим лицам просматривать финансовую информацию Dropbox во всей ее полноте и не полагаться на какой-либо один финансовый показатель.
Показать большеПоказать меньше
