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Dropbox Tops Expectations

November 09, 2018

Dropbox reported financial results for its third fiscal quarter ended September 30, 2018.

The firm noted earnings of 11 cents per share, not counting certain items, against 6 cents per share investors sought. Dropbox delivered revenue of $360.3 million while $352.7 million which was expected.

"We delivered another quarter of strong execution in Q3, driving healthy top line growth and expanding free cash flow margins," said Dropbox Co-founder and Chief Executive Officer Drew Houston. "We’re shipping product features and updates our users love, based on a deep understanding of our customers and the tools they need to do their best work. Combined with our ecosystem of best-in-class partners, Dropbox is becoming an even more central part of our customers’ workflows."

Third Quarter Fiscal 2018 Results

  • Total revenue was $360.3 million, an increase of 26% from the same period last year.
  • Paying users totaled 12.3 million, as compared to 10.4 million for the same period last year. Average revenue per paying user was $118.60, as compared to $112.05 for the same period last year.
  • GAAP gross margin was 75.0%, as compared to 68.1% in the same period last year. Non-GAAP gross margin was 75.9%, as compared to 69.1% in the same period last year.
  • GAAP operating margin was (2.5%), as compared to (5.7%) in the same period last year. Non-GAAP operating margin was 12.8%, as compared to 8.2% in the same period last year.
  • GAAP net loss was ($5.8) million, as compared to ($14.1) million in the same period last year. Non-GAAP net income was $45.0 million, as compared to $23.5 million in the same period last year.
  • Net cash provided by operating activities was $128.0 million, as compared to $111.5 million in the same period last year. Free cash flow was $120.0 million, as compared to $108.3 million in the same period last year.
  • GAAP basic and diluted net loss per share was ($0.01), as compared to ($0.07) in the same period last year. Non-GAAP diluted net income per share was $0.11, as compared to $0.07 in the same period last year.(1)
  • Cash, cash equivalents and short-term investments were $1,039.1 million at the end of the third quarter of 2018.

Non-GAAP diluted net income per share is calculated based upon 420.0 million and 350.4 million diluted weighted-average shares of common stock for the three months ended September 30, 2018 and 2017, respectively.

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