– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Fourth Quarter Revenue of $565.5 Million, Up 12.2% Year-over-year; on a constant currency basis, Up 10.8% Year-over-year GAAP and Non-GAAP Operating Income of $70.2 Million and $168.0 Million, Up 120.3% and 31.7% Year-over-year Net Cash Provided by Operating Activities of $162.7 Million and Free Cash Flow of $161.4 Million
Fiscal 2021 Revenue of $2.158 Billion, Up 12.7% Year-over-year; on a constant currency basis, Up 11.1% Year-over-year Net Cash Provided by Operating Activities of $729.8 Million and Free Cash Flow of $707.7 Million
SAN FRANCISCO--(BUSINESS WIRE)--Dropbox, Inc. (NASDAQ: DBX), today announced financial results for its fourth quarter ended December 31, 2021.
“2021 was a strong year for Dropbox. I’m proud of the progress our team made on evolving our core offerings and expanding our product portfolio to align to our customers’ growing needs, all during our first year as a Virtual First company,” said Dropbox Co-Founder and Chief Executive Officer Drew Houston. “We improved our non-GAAP operating margin by nearly 9 points, grew free cash flow by over 40% year-over-year, and delivered our first full year of GAAP profitability. Looking ahead to 2022, I’m excited about the opportunity we have to help our customers organize their digital lives and deliver value to our shareholders.”
Fourth Quarter Fiscal 2021 Results
Full Year Fiscal 2021 Results
Share Repurchase Authorization
(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 rate to prior period results. |
(3) Non-GAAP diluted net income per share attributable to common stockholders is calculated based upon 386.5 million and 416.1 million diluted weighted-average shares of common stock for the three months ended December 31, 2021 and 2020, respectively. |
(4) Non-GAAP diluted net income per share attributable to common stockholders is calculated based upon 395.8 million and 419.3 million diluted weighted-average shares of common stock for the fiscal year ended December 31, 2021 and 2020, 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 fourth 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 8:00 PM ET on February 24, 2022 at (855) 859-2056 from the United States or (404) 537-3406 internationally with recording access code 7781474
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-Q for the quarter ended September 30, 2021. Additional information will be made available in our annual report on Form 10-K for the year ended December 31, 2021 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
|
|
Twelve Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Revenue |
$ |
565.5 |
|
|
$ |
504.1 |
|
|
$ |
2,157.9 |
|
|
$ |
1,913.9 |
|
|
Cost of revenue(1) |
|
115.8 |
|
|
|
105.8 |
|
|
|
444.2 |
|
|
|
414.6 |
|
|
Gross profit |
|
449.7 |
|
|
|
398.3 |
|
|
|
1,713.7 |
|
|
|
1,499.3 |
|
|
Operating expenses(1): |
|
|
|
|
|
|
|
|||||||||
Research and development |
|
201.9 |
|
|
|
176.6 |
|
|
|
755.9 |
|
|
|
727.5 |
|
|
Sales and marketing |
|
108.3 |
|
|
|
109.9 |
|
|
|
427.5 |
|
|
|
422.8 |
|
|
General and administrative |
|
55.3 |
|
|
|
60.2 |
|
|
|
224.6 |
|
|
|
227.8 |
|
|
Impairment related to real estate assets(2) |
|
14.0 |
|
|
|
398.2 |
|
|
|
31.3 |
|
|
|
398.2 |
|
|
Total operating expenses |
|
379.5 |
|
|
|
744.9 |
|
|
|
1,439.3 |
|
|
|
1,776.3 |
|
|
Income (loss) from operations |
|
70.2 |
|
|
|
(346.6 |
) |
|
|
274.4 |
|
|
|
(277.0 |
) |
|
Interest income (expense), net |
|
(1.4 |
) |
|
|
(0.9 |
) |
|
|
(5.2 |
) |
|
|
1.7 |
|
|
Other income, net |
|
17.0 |
|
|
|
2.0 |
|
|
|
30.1 |
|
|
|
25.1 |
|
|
Income (loss) before income taxes |
|
85.8 |
|
|
|
(345.5 |
) |
|
|
299.3 |
|
|
|
(250.2 |
) |
|
Benefit from (provision for) income taxes(3) |
|
38.8 |
|
|
|
(0.3 |
) |
|
|
36.5 |
|
|
|
(6.1 |
) |
|
Net income (loss) |
$ |
124.6 |
|
|
$ |
(345.8 |
) |
|
$ |
335.8 |
|
|
$ |
(256.3 |
) |
|
Basic net income (loss) per share |
$ |
0.33 |
|
|
$ |
(0.84 |
) |
|
$ |
0.87 |
|
|
$ |
(0.62 |
) |
|
Diluted net income (loss) per share |
$ |
0.32 |
|
|
$ |
(0.84 |
) |
|
$ |
0.85 |
|
|
$ |
(0.62 |
) |
|
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic |
|
380.1 |
|
|
|
411.4 |
|
|
|
388.0 |
|
|
|
414.3 |
|
|
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted |
|
386.5 |
|
|
|
411.4 |
|
|
|
395.8 |
|
|
|
414.3 |
|
|
(1) Includes stock-based compensation expense as follows (in millions): |
||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Cost of revenue |
$ |
5.9 |
|
|
$ |
4.5 |
|
|
$ |
23.2 |
|
|
$ |
17.1 |
|
|
Research and development |
|
48.4 |
|
|
|
43.0 |
|
|
|
190.1 |
|
|
|
174.1 |
|
|
Sales and marketing |
|
6.0 |
|
|
|
8.6 |
|
|
|
25.0 |
|
|
|
33.7 |
|
|
General and administrative(4) |
|
12.2 |
|
|
|
13.3 |
|
|
|
48.8 |
|
|
|
36.6 |
|
|
(2) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. |
||||||||||||||||
(3) Fourth quarter and full-year 2021 GAAP net income was impacted by a $38.1 million one-time income tax benefit from the release of a valuation allowance on our Irish deferred tax assets. |
||||||||||||||||
(4) On March 19, 2020, one of our co-founders resigned as a member of the board and as an officer of Dropbox, resulting in the reversal of $23.8 million in stock-based compensation expense. Of the total amount reversed, $21.5 million related to expense recognized prior to December 31, 2019. |
||||||||||||||||
Dropbox, Inc. |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(In millions) |
||||||||
(Unaudited) |
||||||||
|
As of December 31, |
|||||||
|
2021 |
|
2020 |
|||||
Assets |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
533.0 |
|
|
$ |
314.9 |
|
|
Short-term investments |
|
1,185.1 |
|
|
|
806.4 |
|
|
Trade and other receivables, net |
|
49.6 |
|
|
|
43.4 |
|
|
Prepaid expenses and other current assets |
|
82.1 |
|
|
|
62.8 |
|
|
Total current assets |
|
1,849.8 |
|
|
|
1,227.5 |
|
|
Property and equipment, net |
|
322.0 |
|
|
|
338.7 |
|
|
Operating lease right-of-use asset |
|
413.9 |
|
|
|
470.5 |
|
|
Intangible assets, net |
|
53.6 |
|
|
|
33.5 |
|
|
Goodwill |
|
356.6 |
|
|
|
236.9 |
|
|
Other assets |
|
95.4 |
|
|
|
80.1 |
|
|
Total assets |
$ |
3,091.3 |
|
|
$ |
2,387.2 |
|
|
Liabilities and stockholders' (deficit) equity |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
25.7 |
|
|
$ |
18.7 |
|
|
Accrued and other current liabilities |
|
140.8 |
|
|
|
156.7 |
|
|
Accrued compensation and benefits |
|
139.1 |
|
|
|
113.6 |
|
|
Operating lease liability |
|
78.3 |
|
|
|
88.7 |
|
|
Finance lease obligation |
|
120.4 |
|
|
|
99.6 |
|
|
Deferred revenue |
|
671.5 |
|
|
|
610.5 |
|
|
Total current liabilities |
|
1,175.8 |
|
|
|
1,087.8 |
|
|
Operating lease liability, non-current |
|
632.0 |
|
|
|
759.6 |
|
|
Finance lease obligation, non-current |
|
167.7 |
|
|
|
171.6 |
|
|
Convertible senior notes, net, non-current |
|
1,370.3 |
|
|
|
— |
|
|
Other non-current liabilities |
|
39.4 |
|
|
|
34.4 |
|
|
Total liabilities |
|
3,385.2 |
|
|
|
2,053.4 |
|
|
Stockholders' (deficit) equity: |
|
|
|
|||||
Additional paid-in-capital |
|
2,448.1 |
|
|
|
2,564.3 |
|
|
Accumulated deficit |
|
(2,739.4 |
) |
|
|
(2,241.4 |
) |
|
Accumulated other comprehensive (loss) income |
|
(2.6 |
) |
|
|
10.9 |
|
|
Total stockholders' (deficit) equity |
|
(293.9 |
) |
|
|
333.8 |
|
|
Total liabilities and stockholders' (deficit) equity |
$ |
3,091.3 |
|
|
$ |
2,387.2 |
|
|
Dropbox, Inc. |
||||||||||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||||||||||
(In millions) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
$ |
124.6 |
|
|
$ |
(345.8 |
) |
|
$ |
335.8 |
|
|
$ |
(256.3 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|||||||||
Depreciation and amortization |
|
41.1 |
|
|
|
38.8 |
|
|
|
151.4 |
|
|
|
159.3 |
|
|
Stock-based compensation |
|
72.5 |
|
|
|
69.4 |
|
|
|
287.1 |
|
|
|
261.5 |
|
|
Impairment related to real estate assets |
|
14.0 |
|
|
|
398.2 |
|
|
|
31.3 |
|
|
|
398.2 |
|
|
Amortization of debt issuance costs |
|
1.0 |
|
|
|
0.2 |
|
|
|
3.8 |
|
|
|
0.6 |
|
|
Net gains on equity investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17.5 |
) |
|
Amortization of deferred commissions |
|
8.7 |
|
|
|
6.9 |
|
|
|
32.3 |
|
|
|
24.4 |
|
|
Net gains on lease termination |
|
(13.6 |
) |
|
|
— |
|
|
|
(13.6 |
) |
|
|
— |
|
|
Other |
|
1.1 |
|
|
|
(1.7 |
) |
|
|
(4.4 |
) |
|
|
(2.6 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|||||||||
Trade and other receivables, net |
|
(8.8 |
) |
|
|
7.4 |
|
|
|
(6.2 |
) |
|
|
(5.5 |
) |
|
Prepaid expenses and other current assets |
|
(10.6 |
) |
|
|
(15.4 |
) |
|
|
(58.4 |
) |
|
|
(39.4 |
) |
|
Other assets |
|
(15.5 |
) |
|
|
6.4 |
|
|
|
50.5 |
|
|
|
61.4 |
|
|
Accounts payable |
|
2.9 |
|
|
|
(11.0 |
) |
|
|
7.6 |
|
|
|
(19.9 |
) |
|
Accrued and other current liabilities |
|
(37.4 |
) |
|
|
12.9 |
|
|
|
(34.6 |
) |
|
|
(9.8 |
) |
|
Accrued compensation and benefits |
|
30.3 |
|
|
|
19.8 |
|
|
|
23.5 |
|
|
|
11.7 |
|
|
Deferred revenue |
|
3.2 |
|
|
|
11.7 |
|
|
|
59.8 |
|
|
|
55.1 |
|
|
Other non-current liabilities |
|
(21.1 |
) |
|
|
(30.3 |
) |
|
|
(109.2 |
) |
|
|
(72.9 |
) |
|
Tenant improvement allowance reimbursement |
|
2.3 |
|
|
|
3.2 |
|
|
|
5.1 |
|
|
|
22.5 |
|
|
Cash paid for lease termination |
|
(32.0 |
) |
|
|
— |
|
|
|
(32.0 |
) |
|
|
— |
|
|
Net cash provided by operating activities |
|
162.7 |
|
|
|
170.7 |
|
|
|
729.8 |
|
|
|
570.8 |
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|||||||||
Capital expenditures |
|
(1.3 |
) |
|
|
(12.3 |
) |
|
|
(22.1 |
) |
|
|
(80.1 |
) |
|
Purchase of intangible assets |
|
(1.5 |
) |
|
|
— |
|
|
|
(6.8 |
) |
|
|
(0.2 |
) |
|
Business combinations, net of cash acquired |
|
(14.7 |
) |
|
|
— |
|
|
|
(140.0 |
) |
|
|
— |
|
|
Purchases of short-term investments |
|
(77.8 |
) |
|
|
(215.0 |
) |
|
|
(1,138.4 |
) |
|
|
(756.1 |
) |
|
Proceeds from sales of short-term investments |
|
23.3 |
|
|
|
15.8 |
|
|
|
293.6 |
|
|
|
198.8 |
|
|
Proceeds from maturities of short-term investments |
|
100.8 |
|
|
|
164.8 |
|
|
|
448.7 |
|
|
|
386.7 |
|
|
Other |
|
6.5 |
|
|
|
4.7 |
|
|
|
40.2 |
|
|
|
17.3 |
|
|
Net cash provided by (used in) investing activities |
|
35.3 |
|
|
|
(42.0 |
) |
|
|
(524.8 |
) |
|
|
(233.6 |
) |
|
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 |
|
— |
|
|
|
— |
|
|
|
(23.7 |
) |
|
|
— |
|
|
Payments for taxes related to net share settlement of restricted stock units and awards |
|
(26.6 |
) |
|
|
(25.7 |
) |
|
|
(124.8 |
) |
|
|
(92.2 |
) |
|
Proceeds from issuance of common stock, net of taxes withheld |
|
0.3 |
|
|
|
0.7 |
|
|
|
6.9 |
|
|
|
2.3 |
|
|
Principal payments on finance lease obligations |
|
(31.2 |
) |
|
|
(24.6 |
) |
|
|
(110.4 |
) |
|
|
(89.5 |
) |
|
Common stock repurchases |
|
(294.8 |
) |
|
|
(220.2 |
) |
|
|
(1,058.5 |
) |
|
|
(397.5 |
) |
|
Other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.8 |
) |
|
Net cash provided by (used in) financing activities |
|
(352.3 |
) |
|
|
(269.8 |
) |
|
|
16.2 |
|
|
|
(577.7 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(1.6 |
) |
|
|
3.3 |
|
|
|
(3.1 |
) |
|
|
4.1 |
|
|
Change in cash and cash equivalents |
|
(155.9 |
) |
|
|
(137.8 |
) |
|
|
218.1 |
|
|
|
(236.4 |
) |
|
Cash and cash equivalents - beginning of period |
|
688.9 |
|
|
|
452.7 |
|
|
|
314.9 |
|
|
|
551.3 |
|
|
Cash and cash equivalents - end of period |
$ |
533.0 |
|
|
$ |
314.9 |
|
|
$ |
533.0 |
|
|
$ |
314.9 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Supplemental cash flow data: |
|
|
|
|
|
|
|
|||||||||
Property and equipment acquired under finance leases |
$ |
16.2 |
|
|
$ |
39.9 |
|
|
$ |
127.3 |
|
|
$ |
145.8 |
|
|
Dropbox, Inc. |
||||||||||||||||||||||||
Three Months Ended December 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
|
|
Non-GAAP |
|||||||||||||
Cost of revenue |
$ |
115.8 |
|
|
$ |
(5.9 |
) |
|
$ |
— |
|
|
$ |
(1.8 |
) |
|
$ |
— |
|
|
$ |
108.1 |
|
|
Cost of revenue margin |
|
20.5 |
% |
|
|
(1.0 |
%) |
|
|
— |
% |
|
|
(0.3 |
%) |
|
|
— |
% |
|
|
19.1 |
% |
|
Gross profit |
|
449.7 |
|
|
|
5.9 |
|
|
|
— |
|
|
|
1.8 |
|
|
|
— |
|
|
|
457.4 |
|
|
Gross margin |
|
79.5 |
% |
|
|
1.0 |
% |
|
|
— |
% |
|
|
0.3 |
% |
|
|
— |
% |
|
|
80.9 |
% |
|
Research and development |
|
201.9 |
|
|
|
(48.4 |
) |
|
|
(5.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
148.2 |
|
|
Research and development margin |
|
35.7 |
% |
|
|
(8.6 |
%) |
|
|
(0.9 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
26.2 |
% |
|
Sales and marketing |
|
108.3 |
|
|
|
(6.0 |
) |
|
|
(1.7 |
) |
|
|
(1.9 |
) |
|
|
— |
|
|
|
98.7 |
|
|
Sales and marketing margin |
|
19.2 |
% |
|
|
(1.1 |
%) |
|
|
(0.3 |
%) |
|
|
(0.3 |
%) |
|
|
— |
% |
|
|
17.5 |
% |
|
General and administrative |
|
55.3 |
|
|
|
(12.2 |
) |
|
|
(0.6 |
) |
|
|
— |
|
|
|
— |
|
|
|
42.5 |
|
|
General and administrative margin |
|
9.8 |
% |
|
|
(2.2 |
%) |
|
|
(0.1 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
7.5 |
% |
|
Impairment related to real estate assets |
|
14.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14.0 |
) |
|
|
— |
|
|
Impairment related to real estate assets margin |
|
2.5 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(2.5 |
%) |
|
|
— |
% |
|
Income from operations |
$ |
70.2 |
|
|
$ |
72.5 |
|
|
$ |
7.6 |
|
|
$ |
3.7 |
|
|
$ |
14.0 |
|
|
$ |
168.0 |
|
|
Operating margin |
|
12.4 |
% |
|
|
12.8 |
% |
|
|
1.3 |
% |
|
|
0.7 |
% |
|
|
2.5 |
% |
|
|
29.7 |
% |
|
(1) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. |
||||||||||||||||||||||||
Dropbox, Inc. |
||||||||||||||||||||||||
Three Months Ended December 31, 2020 |
||||||||||||||||||||||||
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
|
|
Non-GAAP |
||||||||||||||||
Cost of revenue |
$ |
105.8 |
|
$ |
(4.5 |
) |
$ |
— |
|
$ |
(0.9 |
) |
|
$ |
— |
|
|
$ |
100.4 |
|
||||
Cost of revenue margin |
|
21.0 |
% |
(0.9 |
%) |
— |
% |
|
(0.2 |
%) |
|
|
— |
% |
|
|
19.9 |
% |
||||||
Gross profit |
|
398.3 |
|
4.5 |
|
— |
|
|
0.9 |
|
|
|
— |
|
|
|
403.7 |
|
||||||
Gross margin |
|
79.0 |
% |
0.9 |
% |
— |
% |
|
0.2 |
% |
|
|
— |
% |
|
|
80.1 |
% |
||||||
Research and development |
|
176.6 |
|
(43.0 |
) |
(4.2 |
) |
|
— |
|
|
|
— |
|
|
|
129.4 |
|
||||||
Research and development margin |
|
35.0 |
% |
(8.5 |
%) |
(0.8 |
%) |
|
— |
% |
|
|
— |
% |
|
|
25.7 |
% |
||||||
Sales and marketing |
|
109.9 |
|
(8.6 |
) |
— |
|
|
(1.5 |
) |
|
|
— |
|
|
|
99.8 |
|
||||||
Sales and marketing margin |
|
21.8 |
% |
(1.7 |
%) |
— |
% |
|
(0.3 |
%) |
|
|
— |
% |
|
|
19.8 |
% |
||||||
General and administrative |
|
60.2 |
|
(13.3 |
) |
— |
|
|
— |
|
|
|
— |
|
|
|
46.9 |
|
||||||
General and administrative margin |
|
11.9 |
% |
(2.6 |
%) |
|
— |
% |
|
— |
% |
|
|
— |
% |
|
|
9.3 |
% |
|||||
Impairment related to real estate assets |
|
398.2 |
|
— |
|
— |
|
|
— |
|
|
|
(398.2 |
) |
|
|
— |
|
||||||
Impairment related to real estate assets margin |
|
79.0 |
% |
— |
% |
— |
% |
|
— |
% |
|
|
(79.0 |
%) |
|
|
— |
% |
||||||
Income (loss) from operations |
$ |
(346.6 |
) |
$ |
69.4 |
|
$ |
4.2 |
|
$ |
2.4 |
|
|
$ |
398.2 |
|
|
$ |
127.6 |
|
||||
Operating margin |
|
(68.8 |
%) |
13.8 |
% |
0.8 |
% |
|
0.5 |
% |
|
|
79.0 |
% |
|
|
25.3 |
% |
||||||
(1) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. |
||||||||||||||||||||||||
Dropbox, Inc. |
||||||||||||||||||||||||||||
Twelve Months Ended December 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 |
$ |
444.2 |
|
|
$ |
(23.2 |
) |
|
$ |
— |
|
|
$ |
(6.0 |
) |
|
$ |
— |
|
|
$ |
(1.7 |
) |
|
$ |
413.3 |
|
|
Cost of revenue margin |
|
20.6 |
% |
|
|
(1.1 |
%) |
|
|
— |
% |
|
|
(0.3 |
%) |
|
|
— |
% |
|
|
(0.1 |
%) |
|
|
19.2 |
% |
|
Gross profit |
|
1,713.7 |
|
|
|
23.2 |
|
|
|
— |
|
|
|
6.0 |
|
|
|
— |
|
|
|
1.7 |
|
|
|
1,744.6 |
|
|
Gross margin |
|
79.4 |
% |
|
|
1.1 |
% |
|
|
— |
% |
|
|
0.3 |
% |
|
|
— |
% |
|
|
0.1 |
% |
|
|
80.8 |
% |
|
Research and development |
|
755.9 |
|
|
|
(190.1 |
) |
|
|
(19.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3.2 |
) |
|
|
542.9 |
|
|
Research and development margin |
|
35.0 |
% |
|
|
(8.8 |
%) |
|
|
(0.9 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
(0.1 |
%) |
|
|
25.2 |
% |
|
Sales and marketing |
|
427.5 |
|
|
|
(25.0 |
) |
|
|
(5.3 |
) |
|
|
(7.1 |
) |
|
|
— |
|
|
|
(6.9 |
) |
|
|
383.2 |
|
|
Sales and marketing margin |
|
19.8 |
% |
|
|
(1.2 |
%) |
|
|
(0.2 |
%) |
|
|
(0.3 |
%) |
|
|
— |
% |
|
|
(0.3 |
%) |
|
|
17.8 |
% |
|
General and administrative |
|
224.6 |
|
|
|
(48.8 |
) |
|
|
(1.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2.5 |
) |
|
|
171.5 |
|
|
General and administrative margin |
|
10.4 |
% |
|
|
(2.3 |
%) |
|
|
(0.1 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
(0.1 |
%) |
|
|
7.9 |
% |
|
Impairment related to real estate assets |
|
31.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(31.3 |
) |
|
|
— |
|
|
|
— |
|
|
Impairment related to real estate assets margin |
|
1.5 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(1.5 |
%) |
|
|
— |
% |
|
|
— |
% |
|
Income from operations |
$ |
274.4 |
|
|
$ |
287.1 |
|
|
$ |
26.8 |
|
|
$ |
13.1 |
|
|
$ |
31.3 |
|
|
$ |
14.3 |
|
|
$ |
647.0 |
|
|
Operating margin |
|
12.7 |
% |
|
|
13.3 |
% |
|
|
1.2 |
% |
|
|
0.6 |
% |
|
|
1.5 |
% |
|
|
0.7 |
% |
|
|
30.0 |
% |
|
(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. |
||||||||||||||||||||||||
Twelve Months Ended December 31, 2020 |
||||||||||||||||||||||||
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
|
|
Non-GAAP |
|||||||||||||
Cost of revenue |
$ |
414.6 |
|
|
$ |
(17.1 |
) |
|
$ |
— |
|
|
$ |
(3.9 |
) |
|
$ |
— |
|
|
$ |
393.6 |
|
|
Cost of revenue margin |
|
21.7 |
% |
|
|
(0.9 |
%) |
|
|
— |
% |
|
|
(0.2 |
%) |
|
|
— |
% |
|
|
20.6 |
% |
|
Gross profit |
|
1,499.3 |
|
|
|
17.1 |
|
|
|
— |
|
|
|
3.9 |
|
|
|
— |
|
|
|
1,520.3 |
|
|
Gross margin |
|
78.3 |
% |
|
|
0.9 |
% |
|
|
— |
% |
|
|
0.2 |
% |
|
|
— |
% |
|
|
79.4 |
% |
|
Research and development |
|
727.5 |
|
|
|
(174.1 |
) |
|
|
(16.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
536.6 |
|
|
Research and development margin |
|
38.0 |
% |
|
|
(9.1 |
%) |
|
|
(0.9 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
28.0 |
% |
|
Sales and marketing |
|
422.8 |
|
|
|
(33.7 |
) |
|
|
— |
|
|
|
(5.6 |
) |
|
|
— |
|
|
|
383.5 |
|
|
Sales and marketing margin |
|
22.1 |
% |
|
|
(1.8 |
%) |
|
|
— |
% |
|
|
(0.3 |
%) |
|
|
— |
% |
|
|
20.0 |
% |
|
General and administrative |
|
227.8 |
|
|
|
(36.6 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
191.1 |
|
|
General and administrative margin |
|
11.9 |
% |
|
|
(1.9 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
10.0 |
% |
|
Impairment related to real estate assets |
|
398.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(398.2 |
) |
|
|
— |
|
|
Impairment related to real estate assets margin |
|
20.8 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(20.8 |
%) |
|
|
— |
% |
|
Income (loss) from operations |
$ |
(277.0 |
) |
|
$ |
261.5 |
|
|
$ |
16.9 |
|
|
$ |
9.5 |
|
|
$ |
398.2 |
|
|
$ |
409.1 |
|
|
Operating margin |
|
(14.5 |
%) |
|
|
13.7 |
% |
|
|
0.9 |
% |
|
|
0.5 |
% |
|
|
20.8 |
% |
|
|
21.4 |
% |
|
(1) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. |
||||||||||||||||||||||||
Dropbox, Inc. |
||||||||||||||||
Three and Twelve Months Ended December 31, 2021 and 2020 |
||||||||||||||||
Reconciliation of GAAP net income (loss) to Non-GAAP net income and Non-GAAP diluted net income per share |
||||||||||||||||
(In millions, except per share data) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
GAAP net income (loss) |
$ |
124.6 |
|
|
$ |
(345.8 |
) |
|
$ |
335.8 |
|
|
$ |
(256.3 |
) |
|
Stock-based compensation |
|
72.5 |
|
|
|
69.4 |
|
|
|
287.1 |
|
|
|
261.5 |
|
|
Acquisition-related and other expenses |
|
7.6 |
|
|
|
4.2 |
|
|
|
26.8 |
|
|
|
16.9 |
|
|
Amortization of acquired intangible assets |
|
3.7 |
|
|
|
2.4 |
|
|
|
13.1 |
|
|
|
9.5 |
|
|
Impairment related to real estate assets |
|
14.0 |
|
|
|
398.2 |
|
|
|
31.3 |
|
|
|
398.2 |
|
|
Workforce reduction expense |
|
— |
|
|
|
— |
|
|
|
14.3 |
|
|
|
— |
|
|
Net gains on equity investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17.5 |
) |
|
Net gains on lease termination |
|
(13.6 |
) |
|
|
— |
|
|
|
(13.6 |
) |
|
|
— |
|
|
Income tax effects of non-GAAP adjustments |
|
(10.8 |
) |
|
|
(10.5 |
) |
|
|
(47.4 |
) |
|
|
(21.2 |
) |
|
Income tax benefit from the release of a valuation allowance on deferred tax assets |
|
(38.1 |
) |
|
|
— |
|
|
|
(38.1 |
) |
|
|
— |
|
|
Non-GAAP net income |
$ |
159.9 |
|
|
$ |
117.9 |
|
|
$ |
609.3 |
|
|
$ |
391.1 |
|
|
Non-GAAP diluted net income per share |
$ |
0.41 |
|
|
$ |
0.28 |
|
|
$ |
1.54 |
|
|
$ |
0.93 |
|
|
Weighted-average shares used to compute Non-GAAP diluted net income per share |
|
386.5 |
|
|
|
416.1 |
|
|
|
395.8 |
|
|
|
419.3 |
|
|
Dropbox, Inc. |
||||||||||||||||
Three and Twelve Months Ended December 31, 2021 and 2020 |
||||||||||||||||
Reconciliation of free cash flow and supplemental cash flow disclosure |
||||||||||||||||
(In millions, except for percentages) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|||||||||
Net cash provided by operating activities |
$ |
162.7 |
|
|
$ |
170.7 |
|
|
$ |
729.8 |
|
|
$ |
570.8 |
|
|
Less: |
|
|
|
|
|
|
|
|||||||||
Capital expenditures |
|
(1.3 |
) |
|
|
(12.3 |
) |
|
|
(22.1 |
) |
|
|
(80.1 |
) |
|
Free cash flow |
$ |
161.4 |
|
|
$ |
158.4 |
|
|
$ |
707.7 |
|
|
$ |
490.7 |
|
|
Free cash flow margin |
|
28.5 |
% |
|
|
31.4 |
% |
|
|
32.8 |
% |
|
|
25.6 |
% |
|
Supplemental disclosures: |
|
|
|
|
|
|
|
|||||||||
Key employee holdback payments related to the acquisition of HelloSign(1) |
$ |
4.1 |
|
|
$ |
4.1 |
|
|
$ |
16.2 |
|
|
$ |
28.3 |
|
|
Payments related to workforce reduction(2) |
$ |
0.2 |
|
|
$ |
— |
|
|
$ |
14.3 |
|
|
$ |
— |
|
|
(1) As part of our acquisition of HelloSign in 2019, we have employee holdback agreements with key HelloSign personnel consisting of $48.5 million in cash payments subject to ongoing employee service. The related expenses are recognized within research and development expenses over the required service period of three years. The payments began in the first quarter of 2020, and will be paid evenly in quarterly installments over the remaining 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, and expenses related to our reduction in force. Non-GAAP net income also excludes net gains and losses on equity investments and lease termination, and includes the income tax effect of the aforementioned adjustments, as well as the income tax benefit from the release of a valuation allowance on our Irish deferred tax assets. 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 December 31, 2021, 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 the acquisition of HelloSign. 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 в четвертом квартале составила 565,5 млн долларов США, что на 12,2% больше по сравнению с аналогичным периодом прошлого года; в постоянной валюте: увеличение на 10,8% по сравнению с аналогичным периодом прошлого года операционной прибыли по GAAP и без учета GAAP в размере 70,2 млн долларов США и 168,0 млн долларов США, увеличение на 120,3% и 31,7% годовых чистых денежных средств от операционной деятельности в размере 162,7 млн долларов США и бесплатно Денежный поток в размере 161,4 млн долларов США
Выручка за 2021 финансовый год составила 2,158 млрд долларов США, что на 12,7% больше по сравнению с аналогичным периодом прошлого года; в постоянной валюте, увеличение на 11,1% по сравнению с аналогичным периодом прошлого года чистых денежных средств, полученных от операционной деятельности, в размере 729,8 млн долларов США и свободного денежного потока в размере 707,7 млн долларов США.
САН-ФРАНЦИСКО – (BUSINESS WIRE) – Dropbox, Inc. (NASDAQ: DBX) сегодня объявила финансовые результаты за четвертый квартал, закончившийся 31 декабря 2021 года.
«2021 год был удачным для Dropbox. Я горжусь прогрессом, достигнутым нашей командой в развитии наших основных предложений и расширении портфеля продуктов для соответствия растущим потребностям наших клиентов, и все это в течение первого года нашей работы в качестве компании Virtual First», — сказал соучредитель и главный исполнительный директор Dropbox. Дрю Хьюстон. «Мы улучшили нашу операционную маржу не по GAAP почти на 9 пунктов, увеличили свободный денежный поток более чем на 40% по сравнению с прошлым годом и добились первого полного года рентабельности по GAAP. Заглядывая в 2022 год, я рад возможности, которая у нас есть, чтобы помочь нашим клиентам организовать свою цифровую жизнь и приносить пользу нашим акционерам».
Результаты за четвертый квартал 2021 финансового года
Результаты за полный 2021 финансовый год
Разрешение на выкуп акций
(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 rate to prior period results. |
(3) Non-GAAP diluted net income per share attributable to common stockholders is calculated based upon 386.5 million and 416.1 million diluted weighted-average shares of common stock for the three months ended December 31, 2021 and 2020, respectively. |
(4) Non-GAAP diluted net income per share attributable to common stockholders is calculated based upon 395.8 million and 419.3 million diluted weighted-average shares of common stock for the fiscal year ended December 31, 2021 and 2020, respectively. |
Финансовый прогноз
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-связи
Dropbox планирует сегодня провести телефонную конференцию, чтобы рассмотреть финансовые результаты за четвертый квартал и обсудить финансовые перспективы. Этот звонок запланирован на 14:00 по тихоокеанскому времени / 17:00 по восточному времени, и к нему можно получить доступ, набрав (877) 300-7844 из США или (786) 815-8440 из других стран со ссылкой на название компании и конференцию. заголовок, а прямую трансляцию и повтор телефонной конференции можно посмотреть на веб-сайте по связям с инвесторами Dropbox по адресу http://investors.Dropbox.com. После завершения разговора телефонный повтор будет доступен до 20:00 по восточному времени 24 февраля 2022 г. по телефону (855) 859-2056 из США или (404) 537-3406 из других стран с кодом доступа к записи 7781474.
Другие предстоящие события
Во время этих мероприятий будет доступна прямая веб-трансляция на веб-сайте по связям с инвесторами Dropbox по адресу http://investors.Dropbox.com. После мероприятия повтор будет доступен в том же месте.
Dropbox — это единственное место, где можно организовать жизнь и не останавливаться на достигнутом. Имея более 700 миллионов зарегистрированных пользователей в 180 странах, мы стремимся разработать более интеллектуальный 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 по GAAP
Сверка финансовых показателей, не относящихся к GAAP, с наиболее сопоставимыми финансовыми результатами, определенными в соответствии с GAAP, включена в конце этого пресс-релиза после прилагаемых финансовых данных. Описание этих финансовых показателей не по GAAP, включая причины, по которым руководство использует каждый показатель, см. в разделе таблиц под названием «О финансовых показателях не по GAAP».
Прогнозные заявления
Этот пресс-релиз содержит прогнозные заявления по смыслу Закона о реформе судебного разбирательства по частным ценным бумагам от 1995 года, включая, среди прочего, наши ожидания относительно тенденций распределенной работы, соответствующих рыночных возможностей и нашей способности извлечь выгоду из этих возможностей. Такие слова, как «полагать», «может», «будет», «оценивать», «продолжать», «предполагать», «намереваться», «ожидать», «планировать» и подобные выражения предназначены для обозначения прогнозных заявлений. . Dropbox основывает 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 положение и результаты операций. Эти прогнозные заявления действительны только на дату настоящего пресс-релиза и подвержены рискам, неопределенностям и предположениям, включая, помимо прочего: (i) нашу способность реализовать ожидаемые выгоды для нашего бизнеса от нашего перехода на виртуальную Первая рабочая модель, а также влияние на наши финансовые результаты и бизнес-операции в результате этого перехода, (ii) влияние на наши финансовые результаты, бизнес-операции и бизнес наших клиентов, поставщиков, партнеров и экономику в результате Пандемия COVID-19 и связанные с ней меры общественного здравоохранения, а также возможность более постоянного глобального перехода к удаленной работе, (iii) наша способность удерживать и повышать уровень платных пользователей и увеличивать нашу регулярную выручку; (iv) наша способность привлекать новых пользователей или превращать зарегистрированных пользователей в платных пользователей; (v) наши будущие финансовые показатели, включая тенденции доходов, затраты на доходы, валовую прибыль или валовую прибыль, операционные расходы, платящих пользователей и свободный денежный поток; (vi) наша история чистых убытков и наша способность достигать или поддерживать прибыльность; (vii) наша ответственность за любой несанкционированный доступ к нашим данным или контенту наших пользователей, в том числе посредством нарушения конфиденциальности и безопасности данных; (viii) значительное нарушение работы нашей платформы или потеря контента; (ix) любое снижение спроса на нашу платформу или решения для совместной работы над контентом в целом; (x) изменения совместимости нашей платформы с устройствами, операционными системами и сторонними приложениями, которые мы не контролируем; (xi) конкуренция на наших рынках; (xii) нашу способность реагировать на быстрые технологические изменения, расширять нашу платформу, разрабатывать новые функции или продукты или добиваться принятия рынком таких новых функций или продуктов, особенно в свете потенциальных сбоев в производительности наших сотрудников, которые могут возникнуть в результате наших переход на модель работы Virtual First; (xiii) наша способность управлять нашим ростом или планировать будущий рост; (xiv) приобретение нами других предприятий и вероятность того, что такие приобретения потребуют значительного внимания со стороны руководства, нарушат наш бизнес или разбавят акционерную стоимость; (xv) наша способность привлекать и удерживать ключевой и высококвалифицированный персонал; (xvi) наши планы распределения капитала в отношении нашей программы обратного выкупа акций и других инвестиций; и (xvii) структура двойного класса наших обыкновенных акций и ее влияние на концентрацию контроля над голосованием у определенных акционеров, которые владели нашим капиталом до завершения нашего первичного публичного предложения. Дополнительная информация о рисках, которые могут повлиять на результаты Dropbox, включена в наши документы, поданные в Комиссию по ценным бумагам и биржам («SEC»), включая нашу форму 10-Q за квартал, закончившийся 30 сентября 2021 г. Дополнительная информация будет доступна в нашем ежегодном отчет по форме 10-K за год, закончившийся 31 декабря 2021 г., и другие отчеты, 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 этими прогнозными заявлениями. Dropbox не берет на себя никаких обязательств и в настоящее время не намерен 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
|
|
Twelve Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Revenue |
$ |
565.5 |
|
|
$ |
504.1 |
|
|
$ |
2,157.9 |
|
|
$ |
1,913.9 |
|
|
Cost of revenue(1) |
|
115.8 |
|
|
|
105.8 |
|
|
|
444.2 |
|
|
|
414.6 |
|
|
Gross profit |
|
449.7 |
|
|
|
398.3 |
|
|
|
1,713.7 |
|
|
|
1,499.3 |
|
|
Operating expenses(1): |
|
|
|
|
|
|
|
|||||||||
Research and development |
|
201.9 |
|
|
|
176.6 |
|
|
|
755.9 |
|
|
|
727.5 |
|
|
Sales and marketing |
|
108.3 |
|
|
|
109.9 |
|
|
|
427.5 |
|
|
|
422.8 |
|
|
General and administrative |
|
55.3 |
|
|
|
60.2 |
|
|
|
224.6 |
|
|
|
227.8 |
|
|
Impairment related to real estate assets(2) |
|
14.0 |
|
|
|
398.2 |
|
|
|
31.3 |
|
|
|
398.2 |
|
|
Total operating expenses |
|
379.5 |
|
|
|
744.9 |
|
|
|
1,439.3 |
|
|
|
1,776.3 |
|
|
Income (loss) from operations |
|
70.2 |
|
|
|
(346.6 |
) |
|
|
274.4 |
|
|
|
(277.0 |
) |
|
Interest income (expense), net |
|
(1.4 |
) |
|
|
(0.9 |
) |
|
|
(5.2 |
) |
|
|
1.7 |
|
|
Other income, net |
|
17.0 |
|
|
|
2.0 |
|
|
|
30.1 |
|
|
|
25.1 |
|
|
Income (loss) before income taxes |
|
85.8 |
|
|
|
(345.5 |
) |
|
|
299.3 |
|
|
|
(250.2 |
) |
|
Benefit from (provision for) income taxes(3) |
|
38.8 |
|
|
|
(0.3 |
) |
|
|
36.5 |
|
|
|
(6.1 |
) |
|
Net income (loss) |
$ |
124.6 |
|
|
$ |
(345.8 |
) |
|
$ |
335.8 |
|
|
$ |
(256.3 |
) |
|
Basic net income (loss) per share |
$ |
0.33 |
|
|
$ |
(0.84 |
) |
|
$ |
0.87 |
|
|
$ |
(0.62 |
) |
|
Diluted net income (loss) per share |
$ |
0.32 |
|
|
$ |
(0.84 |
) |
|
$ |
0.85 |
|
|
$ |
(0.62 |
) |
|
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic |
|
380.1 |
|
|
|
411.4 |
|
|
|
388.0 |
|
|
|
414.3 |
|
|
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted |
|
386.5 |
|
|
|
411.4 |
|
|
|
395.8 |
|
|
|
414.3 |
|
|
(1) Includes stock-based compensation expense as follows (in millions): |
||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Cost of revenue |
$ |
5.9 |
|
|
$ |
4.5 |
|
|
$ |
23.2 |
|
|
$ |
17.1 |
|
|
Research and development |
|
48.4 |
|
|
|
43.0 |
|
|
|
190.1 |
|
|
|
174.1 |
|
|
Sales and marketing |
|
6.0 |
|
|
|
8.6 |
|
|
|
25.0 |
|
|
|
33.7 |
|
|
General and administrative(4) |
|
12.2 |
|
|
|
13.3 |
|
|
|
48.8 |
|
|
|
36.6 |
|
|
(2) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. |
||||||||||||||||
(3) Fourth quarter and full-year 2021 GAAP net income was impacted by a $38.1 million one-time income tax benefit from the release of a valuation allowance on our Irish deferred tax assets. |
||||||||||||||||
(4) On March 19, 2020, one of our co-founders resigned as a member of the board and as an officer of Dropbox, resulting in the reversal of $23.8 million in stock-based compensation expense. Of the total amount reversed, $21.5 million related to expense recognized prior to December 31, 2019. |
||||||||||||||||
Dropbox, Inc. |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(In millions) |
||||||||
(Unaudited) |
||||||||
|
As of December 31, |
|||||||
|
2021 |
|
2020 |
|||||
Assets |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
533.0 |
|
|
$ |
314.9 |
|
|
Short-term investments |
|
1,185.1 |
|
|
|
806.4 |
|
|
Trade and other receivables, net |
|
49.6 |
|
|
|
43.4 |
|
|
Prepaid expenses and other current assets |
|
82.1 |
|
|
|
62.8 |
|
|
Total current assets |
|
1,849.8 |
|
|
|
1,227.5 |
|
|
Property and equipment, net |
|
322.0 |
|
|
|
338.7 |
|
|
Operating lease right-of-use asset |
|
413.9 |
|
|
|
470.5 |
|
|
Intangible assets, net |
|
53.6 |
|
|
|
33.5 |
|
|
Goodwill |
|
356.6 |
|
|
|
236.9 |
|
|
Other assets |
|
95.4 |
|
|
|
80.1 |
|
|
Total assets |
$ |
3,091.3 |
|
|
$ |
2,387.2 |
|
|
Liabilities and stockholders' (deficit) equity |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
25.7 |
|
|
$ |
18.7 |
|
|
Accrued and other current liabilities |
|
140.8 |
|
|
|
156.7 |
|
|
Accrued compensation and benefits |
|
139.1 |
|
|
|
113.6 |
|
|
Operating lease liability |
|
78.3 |
|
|
|
88.7 |
|
|
Finance lease obligation |
|
120.4 |
|
|
|
99.6 |
|
|
Deferred revenue |
|
671.5 |
|
|
|
610.5 |
|
|
Total current liabilities |
|
1,175.8 |
|
|
|
1,087.8 |
|
|
Operating lease liability, non-current |
|
632.0 |
|
|
|
759.6 |
|
|
Finance lease obligation, non-current |
|
167.7 |
|
|
|
171.6 |
|
|
Convertible senior notes, net, non-current |
|
1,370.3 |
|
|
|
— |
|
|
Other non-current liabilities |
|
39.4 |
|
|
|
34.4 |
|
|
Total liabilities |
|
3,385.2 |
|
|
|
2,053.4 |
|
|
Stockholders' (deficit) equity: |
|
|
|
|||||
Additional paid-in-capital |
|
2,448.1 |
|
|
|
2,564.3 |
|
|
Accumulated deficit |
|
(2,739.4 |
) |
|
|
(2,241.4 |
) |
|
Accumulated other comprehensive (loss) income |
|
(2.6 |
) |
|
|
10.9 |
|
|
Total stockholders' (deficit) equity |
|
(293.9 |
) |
|
|
333.8 |
|
|
Total liabilities and stockholders' (deficit) equity |
$ |
3,091.3 |
|
|
$ |
2,387.2 |
|
|
Dropbox, Inc. |
||||||||||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||||||||||
(In millions) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
$ |
124.6 |
|
|
$ |
(345.8 |
) |
|
$ |
335.8 |
|
|
$ |
(256.3 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|||||||||
Depreciation and amortization |
|
41.1 |
|
|
|
38.8 |
|
|
|
151.4 |
|
|
|
159.3 |
|
|
Stock-based compensation |
|
72.5 |
|
|
|
69.4 |
|
|
|
287.1 |
|
|
|
261.5 |
|
|
Impairment related to real estate assets |
|
14.0 |
|
|
|
398.2 |
|
|
|
31.3 |
|
|
|
398.2 |
|
|
Amortization of debt issuance costs |
|
1.0 |
|
|
|
0.2 |
|
|
|
3.8 |
|
|
|
0.6 |
|
|
Net gains on equity investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17.5 |
) |
|
Amortization of deferred commissions |
|
8.7 |
|
|
|
6.9 |
|
|
|
32.3 |
|
|
|
24.4 |
|
|
Net gains on lease termination |
|
(13.6 |
) |
|
|
— |
|
|
|
(13.6 |
) |
|
|
— |
|
|
Other |
|
1.1 |
|
|
|
(1.7 |
) |
|
|
(4.4 |
) |
|
|
(2.6 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|||||||||
Trade and other receivables, net |
|
(8.8 |
) |
|
|
7.4 |
|
|
|
(6.2 |
) |
|
|
(5.5 |
) |
|
Prepaid expenses and other current assets |
|
(10.6 |
) |
|
|
(15.4 |
) |
|
|
(58.4 |
) |
|
|
(39.4 |
) |
|
Other assets |
|
(15.5 |
) |
|
|
6.4 |
|
|
|
50.5 |
|
|
|
61.4 |
|
|
Accounts payable |
|
2.9 |
|
|
|
(11.0 |
) |
|
|
7.6 |
|
|
|
(19.9 |
) |
|
Accrued and other current liabilities |
|
(37.4 |
) |
|
|
12.9 |
|
|
|
(34.6 |
) |
|
|
(9.8 |
) |
|
Accrued compensation and benefits |
|
30.3 |
|
|
|
19.8 |
|
|
|
23.5 |
|
|
|
11.7 |
|
|
Deferred revenue |
|
3.2 |
|
|
|
11.7 |
|
|
|
59.8 |
|
|
|
55.1 |
|
|
Other non-current liabilities |
|
(21.1 |
) |
|
|
(30.3 |
) |
|
|
(109.2 |
) |
|
|
(72.9 |
) |
|
Tenant improvement allowance reimbursement |
|
2.3 |
|
|
|
3.2 |
|
|
|
5.1 |
|
|
|
22.5 |
|
|
Cash paid for lease termination |
|
(32.0 |
) |
|
|
— |
|
|
|
(32.0 |
) |
|
|
— |
|
|
Net cash provided by operating activities |
|
162.7 |
|
|
|
170.7 |
|
|
|
729.8 |
|
|
|
570.8 |
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|||||||||
Capital expenditures |
|
(1.3 |
) |
|
|
(12.3 |
) |
|
|
(22.1 |
) |
|
|
(80.1 |
) |
|
Purchase of intangible assets |
|
(1.5 |
) |
|
|
— |
|
|
|
(6.8 |
) |
|
|
(0.2 |
) |
|
Business combinations, net of cash acquired |
|
(14.7 |
) |
|
|
— |
|
|
|
(140.0 |
) |
|
|
— |
|
|
Purchases of short-term investments |
|
(77.8 |
) |
|
|
(215.0 |
) |
|
|
(1,138.4 |
) |
|
|
(756.1 |
) |
|
Proceeds from sales of short-term investments |
|
23.3 |
|
|
|
15.8 |
|
|
|
293.6 |
|
|
|
198.8 |
|
|
Proceeds from maturities of short-term investments |
|
100.8 |
|
|
|
164.8 |
|
|
|
448.7 |
|
|
|
386.7 |
|
|
Other |
|
6.5 |
|
|
|
4.7 |
|
|
|
40.2 |
|
|
|
17.3 |
|
|
Net cash provided by (used in) investing activities |
|
35.3 |
|
|
|
(42.0 |
) |
|
|
(524.8 |
) |
|
|
(233.6 |
) |
|
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 |
|
— |
|
|
|
— |
|
|
|
(23.7 |
) |
|
|
— |
|
|
Payments for taxes related to net share settlement of restricted stock units and awards |
|
(26.6 |
) |
|
|
(25.7 |
) |
|
|
(124.8 |
) |
|
|
(92.2 |
) |
|
Proceeds from issuance of common stock, net of taxes withheld |
|
0.3 |
|
|
|
0.7 |
|
|
|
6.9 |
|
|
|
2.3 |
|
|
Principal payments on finance lease obligations |
|
(31.2 |
) |
|
|
(24.6 |
) |
|
|
(110.4 |
) |
|
|
(89.5 |
) |
|
Common stock repurchases |
|
(294.8 |
) |
|
|
(220.2 |
) |
|
|
(1,058.5 |
) |
|
|
(397.5 |
) |
|
Other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.8 |
) |
|
Net cash provided by (used in) financing activities |
|
(352.3 |
) |
|
|
(269.8 |
) |
|
|
16.2 |
|
|
|
(577.7 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(1.6 |
) |
|
|
3.3 |
|
|
|
(3.1 |
) |
|
|
4.1 |
|
|
Change in cash and cash equivalents |
|
(155.9 |
) |
|
|
(137.8 |
) |
|
|
218.1 |
|
|
|
(236.4 |
) |
|
Cash and cash equivalents - beginning of period |
|
688.9 |
|
|
|
452.7 |
|
|
|
314.9 |
|
|
|
551.3 |
|
|
Cash and cash equivalents - end of period |
$ |
533.0 |
|
|
$ |
314.9 |
|
|
$ |
533.0 |
|
|
$ |
314.9 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Supplemental cash flow data: |
|
|
|
|
|
|
|
|||||||||
Property and equipment acquired under finance leases |
$ |
16.2 |
|
|
$ |
39.9 |
|
|
$ |
127.3 |
|
|
$ |
145.8 |
|
|
Dropbox, Inc. |
||||||||||||||||||||||||
Three Months Ended December 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
|
|
Non-GAAP |
|||||||||||||
Cost of revenue |
$ |
115.8 |
|
|
$ |
(5.9 |
) |
|
$ |
— |
|
|
$ |
(1.8 |
) |
|
$ |
— |
|
|
$ |
108.1 |
|
|
Cost of revenue margin |
|
20.5 |
% |
|
|
(1.0 |
%) |
|
|
— |
% |
|
|
(0.3 |
%) |
|
|
— |
% |
|
|
19.1 |
% |
|
Gross profit |
|
449.7 |
|
|
|
5.9 |
|
|
|
— |
|
|
|
1.8 |
|
|
|
— |
|
|
|
457.4 |
|
|
Gross margin |
|
79.5 |
% |
|
|
1.0 |
% |
|
|
— |
% |
|
|
0.3 |
% |
|
|
— |
% |
|
|
80.9 |
% |
|
Research and development |
|
201.9 |
|
|
|
(48.4 |
) |
|
|
(5.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
148.2 |
|
|
Research and development margin |
|
35.7 |
% |
|
|
(8.6 |
%) |
|
|
(0.9 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
26.2 |
% |
|
Sales and marketing |
|
108.3 |
|
|
|
(6.0 |
) |
|
|
(1.7 |
) |
|
|
(1.9 |
) |
|
|
— |
|
|
|
98.7 |
|
|
Sales and marketing margin |
|
19.2 |
% |
|
|
(1.1 |
%) |
|
|
(0.3 |
%) |
|
|
(0.3 |
%) |
|
|
— |
% |
|
|
17.5 |
% |
|
General and administrative |
|
55.3 |
|
|
|
(12.2 |
) |
|
|
(0.6 |
) |
|
|
— |
|
|
|
— |
|
|
|
42.5 |
|
|
General and administrative margin |
|
9.8 |
% |
|
|
(2.2 |
%) |
|
|
(0.1 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
7.5 |
% |
|
Impairment related to real estate assets |
|
14.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14.0 |
) |
|
|
— |
|
|
Impairment related to real estate assets margin |
|
2.5 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(2.5 |
%) |
|
|
— |
% |
|
Income from operations |
$ |
70.2 |
|
|
$ |
72.5 |
|
|
$ |
7.6 |
|
|
$ |
3.7 |
|
|
$ |
14.0 |
|
|
$ |
168.0 |
|
|
Operating margin |
|
12.4 |
% |
|
|
12.8 |
% |
|
|
1.3 |
% |
|
|
0.7 |
% |
|
|
2.5 |
% |
|
|
29.7 |
% |
|
(1) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. |
||||||||||||||||||||||||
Dropbox, Inc. |
||||||||||||||||||||||||
Three Months Ended December 31, 2020 |
||||||||||||||||||||||||
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
|
|
Non-GAAP |
||||||||||||||||
Cost of revenue |
$ |
105.8 |
|
$ |
(4.5 |
) |
$ |
— |
|
$ |
(0.9 |
) |
|
$ |
— |
|
|
$ |
100.4 |
|
||||
Cost of revenue margin |
|
21.0 |
% |
(0.9 |
%) |
— |
% |
|
(0.2 |
%) |
|
|
— |
% |
|
|
19.9 |
% |
||||||
Gross profit |
|
398.3 |
|
4.5 |
|
— |
|
|
0.9 |
|
|
|
— |
|
|
|
403.7 |
|
||||||
Gross margin |
|
79.0 |
% |
0.9 |
% |
— |
% |
|
0.2 |
% |
|
|
— |
% |
|
|
80.1 |
% |
||||||
Research and development |
|
176.6 |
|
(43.0 |
) |
(4.2 |
) |
|
— |
|
|
|
— |
|
|
|
129.4 |
|
||||||
Research and development margin |
|
35.0 |
% |
(8.5 |
%) |
(0.8 |
%) |
|
— |
% |
|
|
— |
% |
|
|
25.7 |
% |
||||||
Sales and marketing |
|
109.9 |
|
(8.6 |
) |
— |
|
|
(1.5 |
) |
|
|
— |
|
|
|
99.8 |
|
||||||
Sales and marketing margin |
|
21.8 |
% |
(1.7 |
%) |
— |
% |
|
(0.3 |
%) |
|
|
— |
% |
|
|
19.8 |
% |
||||||
General and administrative |
|
60.2 |
|
(13.3 |
) |
— |
|
|
— |
|
|
|
— |
|
|
|
46.9 |
|
||||||
General and administrative margin |
|
11.9 |
% |
(2.6 |
%) |
|
— |
% |
|
— |
% |
|
|
— |
% |
|
|
9.3 |
% |
|||||
Impairment related to real estate assets |
|
398.2 |
|
— |
|
— |
|
|
— |
|
|
|
(398.2 |
) |
|
|
— |
|
||||||
Impairment related to real estate assets margin |
|
79.0 |
% |
— |
% |
— |
% |
|
— |
% |
|
|
(79.0 |
%) |
|
|
— |
% |
||||||
Income (loss) from operations |
$ |
(346.6 |
) |
$ |
69.4 |
|
$ |
4.2 |
|
$ |
2.4 |
|
|
$ |
398.2 |
|
|
$ |
127.6 |
|
||||
Operating margin |
|
(68.8 |
%) |
13.8 |
% |
0.8 |
% |
|
0.5 |
% |
|
|
79.0 |
% |
|
|
25.3 |
% |
||||||
(1) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. |
||||||||||||||||||||||||
Dropbox, Inc. |
||||||||||||||||||||||||||||
Twelve Months Ended December 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 |
$ |
444.2 |
|
|
$ |
(23.2 |
) |
|
$ |
— |
|
|
$ |
(6.0 |
) |
|
$ |
— |
|
|
$ |
(1.7 |
) |
|
$ |
413.3 |
|
|
Cost of revenue margin |
|
20.6 |
% |
|
|
(1.1 |
%) |
|
|
— |
% |
|
|
(0.3 |
%) |
|
|
— |
% |
|
|
(0.1 |
%) |
|
|
19.2 |
% |
|
Gross profit |
|
1,713.7 |
|
|
|
23.2 |
|
|
|
— |
|
|
|
6.0 |
|
|
|
— |
|
|
|
1.7 |
|
|
|
1,744.6 |
|
|
Gross margin |
|
79.4 |
% |
|
|
1.1 |
% |
|
|
— |
% |
|
|
0.3 |
% |
|
|
— |
% |
|
|
0.1 |
% |
|
|
80.8 |
% |
|
Research and development |
|
755.9 |
|
|
|
(190.1 |
) |
|
|
(19.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3.2 |
) |
|
|
542.9 |
|
|
Research and development margin |
|
35.0 |
% |
|
|
(8.8 |
%) |
|
|
(0.9 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
(0.1 |
%) |
|
|
25.2 |
% |
|
Sales and marketing |
|
427.5 |
|
|
|
(25.0 |
) |
|
|
(5.3 |
) |
|
|
(7.1 |
) |
|
|
— |
|
|
|
(6.9 |
) |
|
|
383.2 |
|
|
Sales and marketing margin |
|
19.8 |
% |
|
|
(1.2 |
%) |
|
|
(0.2 |
%) |
|
|
(0.3 |
%) |
|
|
— |
% |
|
|
(0.3 |
%) |
|
|
17.8 |
% |
|
General and administrative |
|
224.6 |
|
|
|
(48.8 |
) |
|
|
(1.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2.5 |
) |
|
|
171.5 |
|
|
General and administrative margin |
|
10.4 |
% |
|
|
(2.3 |
%) |
|
|
(0.1 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
(0.1 |
%) |
|
|
7.9 |
% |
|
Impairment related to real estate assets |
|
31.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(31.3 |
) |
|
|
— |
|
|
|
— |
|
|
Impairment related to real estate assets margin |
|
1.5 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(1.5 |
%) |
|
|
— |
% |
|
|
— |
% |
|
Income from operations |
$ |
274.4 |
|
|
$ |
287.1 |
|
|
$ |
26.8 |
|
|
$ |
13.1 |
|
|
$ |
31.3 |
|
|
$ |
14.3 |
|
|
$ |
647.0 |
|
|
Operating margin |
|
12.7 |
% |
|
|
13.3 |
% |
|
|
1.2 |
% |
|
|
0.6 |
% |
|
|
1.5 |
% |
|
|
0.7 |
% |
|
|
30.0 |
% |
|
(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. |
||||||||||||||||||||||||
Twelve Months Ended December 31, 2020 |
||||||||||||||||||||||||
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
|
|
Non-GAAP |
|||||||||||||
Cost of revenue |
$ |
414.6 |
|
|
$ |
(17.1 |
) |
|
$ |
— |
|
|
$ |
(3.9 |
) |
|
$ |
— |
|
|
$ |
393.6 |
|
|
Cost of revenue margin |
|
21.7 |
% |
|
|
(0.9 |
%) |
|
|
— |
% |
|
|
(0.2 |
%) |
|
|
— |
% |
|
|
20.6 |
% |
|
Gross profit |
|
1,499.3 |
|
|
|
17.1 |
|
|
|
— |
|
|
|
3.9 |
|
|
|
— |
|
|
|
1,520.3 |
|
|
Gross margin |
|
78.3 |
% |
|
|
0.9 |
% |
|
|
— |
% |
|
|
0.2 |
% |
|
|
— |
% |
|
|
79.4 |
% |
|
Research and development |
|
727.5 |
|
|
|
(174.1 |
) |
|
|
(16.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
536.6 |
|
|
Research and development margin |
|
38.0 |
% |
|
|
(9.1 |
%) |
|
|
(0.9 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
28.0 |
% |
|
Sales and marketing |
|
422.8 |
|
|
|
(33.7 |
) |
|
|
— |
|
|
|
(5.6 |
) |
|
|
— |
|
|
|
383.5 |
|
|
Sales and marketing margin |
|
22.1 |
% |
|
|
(1.8 |
%) |
|
|
— |
% |
|
|
(0.3 |
%) |
|
|
— |
% |
|
|
20.0 |
% |
|
General and administrative |
|
227.8 |
|
|
|
(36.6 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
191.1 |
|
|
General and administrative margin |
|
11.9 |
% |
|
|
(1.9 |
%) |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
10.0 |
% |
|
Impairment related to real estate assets |
|
398.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(398.2 |
) |
|
|
— |
|
|
Impairment related to real estate assets margin |
|
20.8 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(20.8 |
%) |
|
|
— |
% |
|
Income (loss) from operations |
$ |
(277.0 |
) |
|
$ |
261.5 |
|
|
$ |
16.9 |
|
|
$ |
9.5 |
|
|
$ |
398.2 |
|
|
$ |
409.1 |
|
|
Operating margin |
|
(14.5 |
%) |
|
|
13.7 |
% |
|
|
0.9 |
% |
|
|
0.5 |
% |
|
|
20.8 |
% |
|
|
21.4 |
% |
|
(1) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. |
||||||||||||||||||||||||
Dropbox, Inc. |
||||||||||||||||
Three and Twelve Months Ended December 31, 2021 and 2020 |
||||||||||||||||
Reconciliation of GAAP net income (loss) to Non-GAAP net income and Non-GAAP diluted net income per share |
||||||||||||||||
(In millions, except per share data) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
GAAP net income (loss) |
$ |
124.6 |
|
|
$ |
(345.8 |
) |
|
$ |
335.8 |
|
|
$ |
(256.3 |
) |
|
Stock-based compensation |
|
72.5 |
|
|
|
69.4 |
|
|
|
287.1 |
|
|
|
261.5 |
|
|
Acquisition-related and other expenses |
|
7.6 |
|
|
|
4.2 |
|
|
|
26.8 |
|
|
|
16.9 |
|
|
Amortization of acquired intangible assets |
|
3.7 |
|
|
|
2.4 |
|
|
|
13.1 |
|
|
|
9.5 |
|
|
Impairment related to real estate assets |
|
14.0 |
|
|
|
398.2 |
|
|
|
31.3 |
|
|
|
398.2 |
|
|
Workforce reduction expense |
|
— |
|
|
|
— |
|
|
|
14.3 |
|
|
|
— |
|
|
Net gains on equity investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17.5 |
) |
|
Net gains on lease termination |
|
(13.6 |
) |
|
|
— |
|
|
|
(13.6 |
) |
|
|
— |
|
|
Income tax effects of non-GAAP adjustments |
|
(10.8 |
) |
|
|
(10.5 |
) |
|
|
(47.4 |
) |
|
|
(21.2 |
) |
|
Income tax benefit from the release of a valuation allowance on deferred tax assets |
|
(38.1 |
) |
|
|
— |
|
|
|
(38.1 |
) |
|
|
— |
|
|
Non-GAAP net income |
$ |
159.9 |
|
|
$ |
117.9 |
|
|
$ |
609.3 |
|
|
$ |
391.1 |
|
|
Non-GAAP diluted net income per share |
$ |
0.41 |
|
|
$ |
0.28 |
|
|
$ |
1.54 |
|
|
$ |
0.93 |
|
|
Weighted-average shares used to compute Non-GAAP diluted net income per share |
|
386.5 |
|
|
|
416.1 |
|
|
|
395.8 |
|
|
|
419.3 |
|
|
Dropbox, Inc. |
||||||||||||||||
Three and Twelve Months Ended December 31, 2021 and 2020 |
||||||||||||||||
Reconciliation of free cash flow and supplemental cash flow disclosure |
||||||||||||||||
(In millions, except for percentages) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|||||||||
Net cash provided by operating activities |
$ |
162.7 |
|
|
$ |
170.7 |
|
|
$ |
729.8 |
|
|
$ |
570.8 |
|
|
Less: |
|
|
|
|
|
|
|
|||||||||
Capital expenditures |
|
(1.3 |
) |
|
|
(12.3 |
) |
|
|
(22.1 |
) |
|
|
(80.1 |
) |
|
Free cash flow |
$ |
161.4 |
|
|
$ |
158.4 |
|
|
$ |
707.7 |
|
|
$ |
490.7 |
|
|
Free cash flow margin |
|
28.5 |
% |
|
|
31.4 |
% |
|
|
32.8 |
% |
|
|
25.6 |
% |
|
Supplemental disclosures: |
|
|
|
|
|
|
|
|||||||||
Key employee holdback payments related to the acquisition of HelloSign(1) |
$ |
4.1 |
|
|
$ |
4.1 |
|
|
$ |
16.2 |
|
|
$ |
28.3 |
|
|
Payments related to workforce reduction(2) |
$ |
0.2 |
|
|
$ |
— |
|
|
$ |
14.3 |
|
|
$ |
— |
|
|
(1) As part of our acquisition of HelloSign in 2019, we have employee holdback agreements with key HelloSign personnel consisting of $48.5 million in cash payments subject to ongoing employee service. The related expenses are recognized within research and development expenses over the required service period of three years. The payments began in the first quarter of 2020, and will be paid evenly in quarterly installments over the remaining required service period. |
||||||||||||||||
(2) Includes payments made related to workforce reduction such as severance, benefits, and other related items. |
||||||||||||||||
О финансовых показателях не по 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 курсовых разниц, которые мы называем в постоянной валюте, стоимость не по GAAP выручка, валовая прибыль без учета GAAP, операционные расходы без учета GAAP (включая исследования и разработки, продажи и маркетинг, а также общие и административные расходы), доход от операционной деятельности без учета GAAP, чистая прибыль без учета GAAP, свободный денежный поток («FCF») и разводненная чистая прибыль на акцию не по GAAP. Dropbox предоставил сверку всех финансовых показателей, не относящихся к GAAP, использованных в этом отчете о прибылях и убытках, с наиболее сопоставимыми финансовыми показателями GAAP. Себестоимость выручки не по GAAP, валовая прибыль, операционные расходы, доход от операций и чистая прибыль отличаются от GAAP тем, что они не включают компенсационные расходы, связанные с акциями, амортизацию приобретенных нематериальных активов, другие расходы, связанные с приобретением, которые включают в себя расходы третьих сторон. затраты на осмотрительность и расходы, связанные с ключевыми соглашениями об удержании сотрудников, отчислениями от обесценения, связанными с активами недвижимости, и расходы, связанные с сокращением нашей силы. Чистая прибыль не по GAAP также не включает чистые прибыли и убытки от вложений в акционерный капитал и прекращения аренды и включает эффект налога на прибыль от вышеупомянутых корректировок, а также выгоду по налогу на прибыль от использования оценочной поправки на наши отложенные налоговые активы в Ирландии. Свободный денежный поток отличается от чистых денежных средств по GAAP, полученных от операционной деятельности, тем, что в нем капитальные затраты рассматриваются как уменьшение чистых денежных средств, полученных от операционной деятельности. Маржа свободного денежного потока рассчитывается как свободный денежный поток, деленный на выручку. Для периодов, когда мы находимся в состоянии чистой прибыли по GAAP, средневзвешенные доли, используемые в расчетах, совпадают с долями, используемыми в нашем расчете разводненной чистой прибыли на акцию не по GAAP. Чтобы представить выручку в постоянной валюте за квартал, закончившийся 31 декабря 2021 г., Dropbox рассчитывает темпы роста выручки в постоянной валюте путем применения средневзвешенных обменных курсов за предыдущий период к результатам текущего периода. Dropbox вычисляет темпы роста общей ARR в постоянной валюте, применяя курс текущего периода к результатам предыдущего периода. Dropbox представляет информацию о постоянной валюте, чтобы обеспечить основу для оценки эффективности нашей основной деятельности без учета влияния 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 бюджета и прогнозирования, для краткосрочных и долгосрочных операционных планов, а также для оценки финансовых показателей Dropbox и способности получать денежные средства от операций. Руководство полагает, что эти финансовые показатели не по GAAP отражают текущую деятельность Dropbox таким образом, что это позволяет проводить содержательные сравнения периодов и анализ тенденций в деятельности Dropbox, поскольку они исключают расходы, не отражающие 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 так же, как руководство, и для сравнения финансовых результатов за отчетные периоды и с аналогичными компаниями.
Мы считаем, что финансовые показатели не по GAAP, себестоимость выручки не по GAAP, валовая прибыль, операционные расходы, доход от операций, чистая прибыль и разводненная чистая прибыль на акцию имеют значение для инвесторов, поскольку они помогают определить основные тенденции в нашем бизнесе, которые в противном случае могли бы быть замаскированы эффектом расходов, которые мы исключаем.
Мы считаем, что свободный денежный поток является индикатором 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. Свободный денежный поток представлен только для дополнительных информационных целей и не должен рассматриваться как замена финансовой информации, представляемой в соответствии с GAAP. FCF имеет ограничения как аналитический инструмент, и его не следует рассматривать изолированно или вместо анализа других финансовых показателей GAAP, таких как чистые денежные средства, полученные от операционной деятельности. Некоторые из ограничений свободного денежного потока заключаются в том, что свободный денежный поток не отражает наши будущие договорные обязательства, исключает инвестиции, сделанные для приобретения активов в рамках 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 предусмотренных GAAP, имеет определенные ограничения, поскольку они не отражают все статьи доходов, расходов и денежные расходы, если применимо, которые влияют на операции Dropbox. Dropbox смягчает эти ограничения, сверяя финансовые показатели не по GAAP с наиболее сопоставимыми финансовыми показателями по GAAP. Кроме того, мы предоставили дополнительную информацию в нашей сверке чистых денежных средств, полученных от операционной деятельности, со свободным денежным потоком, чтобы включить расходы, связанные с сокращением рабочей силы, и выплаты основных сотрудников, связанные с приобретением HelloSign. Эти финансовые показатели, не относящиеся к GAAP, следует рассматривать в дополнение, а не как замену или отдельно от показателей, подготовленных в соответствии с GAAP. Кроме того, эти показатели, не относящиеся к GAAP, могут отличаться от информации, не относящейся к GAAP, используемой другими компаниями, в том числе компаниями-аналогами, и, следовательно, сопоставимость может быть ограничена. Руководство рекомендует инвесторам и другим лицам просматривать финансовую информацию Dropbox полностью и не полагаться на какой-то один финансовый показатель.
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