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REDWOOD CITY, Calif.--(BUSINESS WIRE)--Box, Inc. (NYSE:BOX), a leader in cloud content management, today announced financial results for the second quarter of fiscal year 2021, which ended July 31, 2020. The world is fundamentally different today than it was just a few months ago as organizations must support remote work and rethink their business processes in the cloud," said Aaron Levie, co-founder and CEO of Box. "Customers are leveraging the full power of Box by adopting products like Shield and Relay and our bundled Suite offering to securely manage, collaborate, and drive workflows around their most important content. Our market leadership enables us to meet the needs of our customers in todays environment and provides us a large growth opportunity going forward." Our strong Q2 results demonstrate the progress that weve made in delivering an excellent balance of growth and profitability, even in these uncertain times, said Dylan Smith, co-founder and CFO of Box. Our heightened focus on driving expansion and renewals in our existing customer base drove strong top line results, while our focus on overall cost discipline allowed us to significantly improve operating margins and cash flow. For FY21, we now expect our non-GAAP operating margin to be 12 to 13 percent of revenue, a significant improvement from 1 percent a year ago. Fiscal Second Quarter Financial Highlights For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the section titled, About Non-GAAP Financial Measures and Other Key Metrics, and the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures at the end of this press release. Business Highlights since Last Earnings Release Outlook All forward-looking non-GAAP financial measures contained in this section titled Outlook exclude estimates for stock-based compensation expense, intangible assets amortization, and as applicable, other special items. Box has provided a reconciliation of GAAP to non-GAAP net income (loss) per share guidance at the end of this press release. Webcast and Conference Call Information Boxs management team will host a conference call today beginning at 2:00 PM (PT) / 5:00 PM (ET) to discuss Boxs financial results, business highlights and future outlook. A live audio webcast of this call will be available through Boxs Investor Relations website at www.box.com/investors for a period of 90 days after the date of the call. The conference call can be accessed by registering online at http://www.directeventreg.com/registration/event/4866297, at which time registrants will receive dial-in information as well as a passcode and registrant ID. A telephonic replay of the call will be available approximately two hours after the call and will run for one week. The replay can be accessed by dialing: + 1-800-585-8367 (U.S. and Canada), conference ID: 4866297 + 1-416-621-4642 (international), conference ID: 4866297 Box has used, and intends to continue to use, its Investor Relations website (www.box.com/investors), as well as certain Twitter accounts (@box, @levie and @boxincir), as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Information on or that can be accessed through Boxs Investor Relations website, these Twitter accounts, or that is contained in any website to which a hyperlink is provided herein is not part of this press release, and the inclusion of Boxs Investor Relations website address, these Twitter accounts, and any hyperlinks are only inactive textual references. This press release, the financial tables, as well as other supplemental information including the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures, are also available on Boxs Investor Relations website. Box also provides investor information, including news and commentary about Boxs business and financial performance, Boxs filings with the Securities and Exchange Commission, notices of investor events and Boxs press and earnings releases, on Boxs Investor Relations website. Forward-Looking Statements This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding Boxs expectations regarding the size of its market opportunity, expectations regarding its leadership position in the cloud content management market, the demand for its products, expectations regarding the impact of the COVID-19 pandemic on its business, its ability to grow and scale its business and drive operating efficiencies, its ability to achieve revenue targets and billings expectations, expectations regarding its ability to achieve profitability on a quarterly or ongoing basis, its expectations regarding free cash flow, its ability to continue to grow unrecognized revenue and remaining performance obligations, the timing of recent and planned product introductions, enhancements and integrations, the short- and long-term success, market adoption and retention, capabilities, and benefits of such product introductions and enhancements, and the success of strategic partnerships, as well as expectations regarding its revenue, billings, gross margin, GAAP and non-GAAP net income (loss) per share, non-GAAP operating margins for future periods, the related components of GAAP and non-GAAP net income (loss) per share, and weighted-average outstanding share count expectations for Boxs fiscal third quarter and full fiscal year 2021 in the section titled Outlook above. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: (1) adverse changes in general economic or market conditions, including those caused by the COVID-19 pandemic; (2) delays or reductions in information technology spending; (3) factors related to Boxs highly competitive market, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by Boxs current or future competitors; (4) the development of the cloud content management market; (5) the risk that Boxs customers do not renew their subscriptions, expand their use of Boxs services, or adopt new products offered by Box on a timely basis, or at all; (6) Boxs ability to provide timely and successful enhancements, integrations, new features and modifications to its platform and services; (7) actual or perceived security vulnerabilities in Boxs services or any breaches of Boxs security controls; and (8) Boxs ability to realize the expected benefits of its third-party partnerships. Additional information on potential factors that could affect Boxs financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings Box makes with the Securities and Exchange Commission from time to time, including the Quarterly Report on Form 10-Q filed for the fiscal quarter ended April 30, 2020. These documents are available on the SEC Filings section of Boxs Investor Relations website located at www.box.com/investors. Box does not assume any obligation to update the forward-looking statements contained in this press release to reflect events that occur or circumstances that exist after the date on which they were made. About Non-GAAP Financial Measures and Other Key Metrics To supplement Boxs consolidated financial statements, which are prepared and presented in accordance with GAAP, Box provides investors with certain non-GAAP financial measures and other key metrics, including non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, billings, remaining performance obligations, and free cash flow. The presentation of these non-GAAP financial measures and key metrics is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures and key metrics, please see the reconciliation of these non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures at the end of this press release. Box uses these non-GAAP financial measures and key metrics for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Boxs management believes that these non-GAAP financial measures and key metrics provide meaningful supplemental information regarding Boxs performance by excluding certain expenses that may not be indicative of Boxs recurring core business operating results. Box believes that both management and investors benefit from referring to these non-GAAP financial measures and key metrics in assessing Boxs performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures and key metrics also facilitate management's internal comparisons to Boxs historical performance as well as comparisons to Boxs competitors' operating results. Box believes these non-GAAP financial measures and key metrics are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by Boxs institutional investors and the analyst community to help them analyze the health of Boxs business. A limitation of non-GAAP financial measures and key metrics is that they do not have uniform definitions. Further, Boxs definitions will likely differ from the definitions used by other companies, including peer companies, and therefore comparability may be limited. Thus, Boxs non-GAAP financial measures and key metrics should be considered in addition to, and not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. Additionally, in the case of stock-based compensation expense, if Box did not pay a portion of compensation in the form of stock-based compensation expense, the cash salary expense included in cost of revenue and operating expenses would be higher, which would affect Boxs cash position. Non-GAAP operating income (loss) and non-GAAP operating margin. Box defines non-GAAP operating income (loss) as operating income (loss) excluding expenses related to stock-based compensation (SBC), intangible assets amortization, and as applicable, other special items. Non-GAAP operating margin is defined as non-GAAP operating income (loss) divided by revenue. Although SBC is an important aspect of the compensation of Boxs employees and executives, determining the fair value of certain of the stock-based instruments Box utilizes involves a high degree of judgment and estimation and the expense recorded may bear little resemblance to the actual value realized upon the vesting or future exercise of the related stock-based awards. Furthermore, unlike cash compensation, the value of stock options, which is an element of Boxs ongoing stock-based compensation expense, is determined using a complex formula that incorporates factors, such as market volatility, that are beyond Boxs control. For restricted stock unit awards, the amount of stock-based compensation expenses is not reflective of the value ultimately received by the grant recipients. Management believes it is useful to exclude SBC in order to better understand the long-term performance of Boxs core business and to facilitate comparison of Boxs results to those of peer companies. Management also views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired companys developed technology and trade names, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period. Furthermore, Box excludes the following expenses as they are considered by management to be special items outside of Boxs core operating results: (1) fees related to shareholder activism, which include directly applicable third party advisory and professional service fees, (2) expenses related to certain litigation, and (3) expenses associated with restructuring activities, consisting primarily of severance and other personnel-related costs. There are no expenses related to litigation excluded from non-GAAP operating income (loss) in any of the periods presented. Non-GAAP net income (loss) and non-GAAP net income (loss) per share. Box defines non-GAAP net income (loss) as GAAP net income (loss) excluding expenses related to SBC, intangible assets amortization, and as applicable, other special items as described in the preceding paragraph. Box defines non-GAAP net income (loss) per share as non-GAAP net income (loss) divided by the weighted-average outstanding shares. Billings. Billings reflect, in any particular period, (1) sales to new customers, plus (2) subscription renewals and (3) expansion within existing customers, and represent amounts invoiced for all products and professional services. Box calculates billings for a period by adding changes in deferred revenue and contract assets in that period to revenue. Box believes that billings help investors better understand sales activity for a particular period, which is not necessarily reflected in revenue as a result of the fact that Box recognizes subscription revenue ratably over the subscription term. Box considers billings a significant performance measure. Box monitors billings to manage the business, make planning decisions, evaluate performance and allocate resources. Box believes that billings offers valuable supplemental information regarding the performance of the business and will help investors better understand the sales volumes and performance of the business. Although Box considers billings to be a significant performance measure, Box does not consider it to be a non-GAAP financial measure given that it is calculated using exclusively revenue, deferred revenue, and contract assets, all of which are financial measures calculated in accordance with GAAP. Remaining performance obligations. Remaining performance obligations (RPO) represent, at a point in time, contracted revenue that has not yet been recognized. RPO consists of deferred revenue and backlog, offset by contract assets. Backlog is defined as non-cancellable contracts deemed certain to be invoiced and recognized as revenue in future periods. Future invoicing is determined to be certain when we have an executed non-cancellable contract and invoicing is not dependent on a future event such as the delivery of a specific new product or feature, or the achievement of contractual contingencies. While Box believes RPO is a leading indicator of revenue as it represents sales activity not yet recognized in revenue, it is not necessarily indicative of future revenue growth as it is influenced by several factors, including seasonality, contract renewal timing, average contract terms and foreign currency exchange rates. Box monitors RPO to manage the business and evaluate performance. Box considers RPO to be a significant performance measure. Box does not consider RPO to be a non-GAAP financial measure as it is calculated in accordance with GAAP, specifically under ASC Topic 606. Free cash flow. Box defines free cash flow as cash flows from operating activities less purchases of property and equipment, principal payments of finance lease liabilities, capitalized internal-use software costs, and other items that did not or are not expected to require cash settlement and that management considers to be outside of Boxs core business. Box specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Box considers free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Box's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity. The accompanying tables have more details on the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures. About Box Box (NYSE:BOX) is a leading Cloud Content Management platform that enables organizations to accelerate business processes, power workplace collaboration, and protect their most valuable information, all while working with a best-of-breed enterprise IT stack. Founded in 2005, Box simplifies work for leading organizations globally, including AstraZeneca, General Electric, JLL, and Morgan Stanley. Box is headquartered in Redwood City, CA, with offices in the United States, Europe, and Asia. To learn more about Box, visit http://www.box.com. To learn more about how Box powers nonprofits to fulfill their missions, visit Box.org. BOX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) (Unaudited) July 31, January 31, 2020 2020 ASSETS Current assets: Cash and cash equivalents $ 271,874 $ 195,586 Accounts receivable, net 123,041 209,434 Prepaid expenses and other current assets 25,453 21,865 Deferred commissions 33,216 30,841 Total current assets 453,584 457,726 Property and equipment, net 186,609 190,976 Operating lease right-of-use assets, net 205,576 197,806 Goodwill 18,740 18,740 Deferred commissions, non-current 61,434 62,762 Other long-term assets 34,568 31,981 Total assets $ 960,511 $ 959,991 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Accounts payable $ 8,703 $ 16,752 Accrued compensation and benefits 23,052 32,516 Accrued expenses and other current liabilities 32,518 25,700 Finance lease liabilities 51,733 54,634 Operating lease liabilities 48,874 40,339 Deferred revenue 349,758 407,493 Total current liabilities 514,638 577,434 Debt, non-current 70,000 40,000 Finance lease liabilities, non-current 77,917 83,427 Operating lease liabilities, non-current 205,748 206,141 Deferred revenue, non-current 15,113 16,356 Other long-term liabilities 17,503 14,276 Total liabilities 900,919 937,634 Stockholders equity: Common stock (1) 16 15 Additional paid-in capital 1,373,580 1,302,072 Treasury stock (1,177 ) (1,177 ) Accumulated other comprehensive loss (1,375 ) (307 ) Accumulated deficit (1,311,452 ) (1,278,246 ) Total stockholders equity 59,592 22,357 Total liabilities and stockholders equity $ 960,511 $ 959,991 (1) As of July 31, 2020, there were 156,399 shares of Boxs Class A common stock outstanding. BOX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Data) (Unaudited) Three Months Ended Six Months Ended July 31, July 31, 2020 2019 2020 2019 Revenue $ 192,293 $ 172,549 $ 375,854 $ 335,523 Cost of revenue (1) 55,334 53,872 109,329 102,556 Gross profit 136,959 118,677 266,525 232,967 Operating expenses: Research and development (1) 50,115 49,693 103,229 95,937 Sales and marketing (1) 67,757 80,405 140,507 159,225 General and administrative (1) 26,597 24,856 54,539 49,463 Total operating expenses 144,469 154,954 298,275 304,625 Loss from operations (7,510 ) (36,277 ) (31,750 ) (71,658 ) Interest expense, net (1,765 ) (335 ) (3,132 ) (403 ) Other income (loss), net 1,952 693 2,216 (187 ) Loss before provision for income taxes (7,323 ) (35,919 ) (32,666 ) (72,248 ) Provision for income taxes 333 315 540 814 Net loss $ (7,656 ) $ (36,234 ) $ (33,206 ) $ (73,062 ) Net loss per share, basic and diluted $ (0.05 ) $ (0.25 ) $ (0.22 ) $ (0.50 ) Weighted-average shares used to compute net loss per share, basic and diluted 154,732 147,032 153,353 146,205 (1) Includes stock-based compensation expense as follows: Three Months Ended Six Months Ended July 31, July 31, 2020 2019 2020 2019 Cost of revenue $ 4,401 $ 4,360 $ 8,942 $ 7,971 Research and development 14,271 15,250 31,558 28,225 Sales and marketing 10,666 9,994 20,745 19,394 General and administrative 8,223 7,201 16,359 13,577 Total stock-based compensation $ 37,561 $ 36,805 $ 77,604 $ 69,167 BOX, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited) Three Months Ended Six Months Ended July 31, July 31, 2020 2019 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (7,656 ) $ (36,234 ) $ (33,206 ) $ (73,062 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 18,842 13,439 36,788 26,064 Stock-based compensation expense 37,561 36,805 77,604 69,167 Amortization of deferred commissions 8,620 6,071 16,779 11,710 Others (71 ) 25 3 (122 ) Changes in operating assets and liabilities: Accounts receivable, net (23,974 ) (24,248 ) 86,393 57,227 Deferred commissions (10,131 ) (8,878 ) (17,826 ) (14,954 ) Operating lease right-of-use assets, net 10,087 (457 ) 19,800 17,438 Prepaid expenses and other assets 3,029 8,878 (1,896 ) (4,839 ) Accounts payable (1,182 ) 6,472 (8,174 ) 3,285 Accrued expenses and other liabilities 11,156 2,516 (1,565 ) (9,311 ) Operating lease liabilities (10,478 ) (9,463 ) (21,480 ) (17,590 ) Deferred revenue (3,478 ) 389 (58,978 ) (44,207 ) Net cash provided by (used in) operating activities 32,325 (4,685 ) 94,242 20,806 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (2,671 ) (1,552 ) (4,114 ) (3,166 ) Capitalized internal-use software costs (2,102 ) (2,727 ) (5,393 ) (4,013 ) Proceeds from sales of property and equipment 3 36 6 Proceeds from the sale of a strategic equity investment 107 Net cash used in investing activities (4,773 ) (4,276 ) (9,364 ) (7,173 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings 30,000 Proceeds from exercise of stock options 7,546 1,045 8,511 2,244 Proceeds from issuances of common stock under employee stock purchase plan 11,906 13,605 Employee payroll taxes paid related to net share settlement of restricted stock units (17,232 ) (10,970 ) (27,444 ) (25,561 ) Principal payments of finance lease liabilities (14,219 ) (9,991 ) (31,575 ) (19,145 ) Acquisition related contingent consideration (936 ) (936 ) Net cash used in financing activities (23,905 ) (20,852 ) (8,602 ) (29,793 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 337 (134 ) 537 (107 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 3,984 (29,947 ) 76,813 (16,267 ) Cash, cash equivalents, and restricted cash, beginning of period 268,415 231,436 195,586 217,756 Cash, cash equivalents, and restricted cash, end of period $ 272,399 $ 201,489 $ 272,399 $ 201,489 BOX, INC. RECONCILIATION OF GAAP TO NON-GAAP DATA (In Thousands, Except Per Share Data and Percentages) (Unaudited) Three Months Ended Six Months Ended July 31, July 31, 2020 2019 2020 2019 GAAP operating loss $ (7,510 ) $ (36,277 ) $ (31,750 ) $ (71,658 ) Stock-based compensation 37,561 36,805 77,604 69,167 Fees related to shareholder activism 1,402 Non-GAAP operating income (loss) $ 30,051 $ 528 $ 47,256 $ (2,491 ) GAAP operating margin (4 )% (21 )% (8 )% (22 )% Stock-based compensation 20 21 21 21 Fees related to shareholder activism Non-GAAP operating margin 16 % % 13 % (1 )% GAAP net loss $ (7,656 ) $ (36,234 ) $ (33,206 ) $ (73,062 ) Stock-based compensation 37,561 36,805 77,604 69,167 Fees related to shareholder activism 1,402 Non-GAAP net income (loss) $ 29,905 $ 571 $ 45,800 $ (3,895 ) GAAP net loss per share, basic and diluted $ (0.05 ) $ (0.25 ) $ (0.22 ) $ (0.50 ) Stock-based compensation 0.24 0.25 0.51 0.47 Fees related to shareholder activism 0.01 Non-GAAP net income (loss) per share, basic $ 0.19 $ 0.00 $ 0.30 $ (0.03 ) Non-GAAP net income (loss) per share, diluted $ 0.18 $ 0.00 $ 0.29 $ (0.03 ) Weighted-average shares used to compute GAAP net loss per share, basic and diluted 154,732 147,032 153,353 146,205 Weighted-average shares used to compute Non-GAAP net income (loss) per share Basic 154,732 147,032 153,353 146,205 Diluted 163,741 153,191 160,690 146,205 Net cash provided by (used in) operating activities $ 32,325 $ (4,685 ) $ 94,242 $ 20,806 Purchases of property and equipment (2,671 ) (1,552 ) (4,114 ) (3,166 ) Principal payments of finance lease liabilities (14,219 ) (9,991 ) (31,575 ) (19,145 ) Capitalized internal-use software costs (2,102 ) (2,727 ) (5,393 ) (4,013 ) Free cash flow $ 13,333 $ (18,955 ) $ 53,160 $ (5,518 ) Net cash used in investing activities $ (4,773 ) $ (4,276 ) $ (9,364 ) $ (7,173 ) Net cash used in financing activities $ (23,905 ) $ (20,852 ) $ (8,602 ) $ (29,793 ) BOX, INC. RECONCILIATION OF GAAP REVENUE TO BILLINGS (In Thousands) (Unaudited) Three Months Ended Six Months Ended July 31, July 31, 2020 2019 2020 2019 GAAP revenue $ 192,293 $ 172,549 $ 375,854 $ 335,523 Deferred revenue, end of period 364,871 330,834 364,871 330,834 Less: deferred revenue, beginning of period (368,349 ) (330,445 ) (423,849 ) (375,041 ) Contract assets, beginning of period 3 Billings $ 188,815 $ 172,938 $ 316,876 $ 291,319 RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME PER SHARE GUIDANCE (In Thousands, Except Per Share Data) (Unaudited) Three Months Ended Fiscal Year Ended October 31, 2020 January 31, 2021 GAAP net loss per share range, basic and diluted $ (0.10 ) - $ (0.08 ) $ (0.39 ) - $ (0.35 ) Stock-based compensation 0.23 0.23 0.97 0.97 Non-GAAP net income per share range, basic $ 0.13 - $ 0.15 $ 0.58 - $ 0.62 Non-GAAP net income per share range, diluted $ 0.13 - $ 0.15 $ 0.56 - $ 0.60 Weighted-average shares used to compute GAAP net loss per share, basic and diluted 157,392 155,804 Weighted-average shares used to compute Non-GAAP net income per share: Basic 157,392 155,804 Diluted 163,404 162,587

Answer: Box Reports Revenue of $192 Million for Fiscal Second Quarter 2021, Up 11 Percent Year-Over-Year GAAP Operating Margin Improved 1700 Basis Points Year-Over-Year to Negative 4% Non-GAAP Operating Margin up 1500 Basis Points Year-Over-Year to 16% Cash Flow from Operations of $32.3 Million, up $37.0 Million Year-Over-Year Free Cash Flow of $13.3 Million, up $32.3 Million Year-Over-Year