(State or other jurisdiction of incorporation) | (Commission File Number) | (I. R. S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||
(Nasdaq Global Select Market) | ||||
Dropbox, Inc. |
/s/ Ajay Vashee |
Ajay Vashee |
Chief Financial Officer |
• | Total revenue was $467.4 million, an increase of 16% from the same period last year. On a constant currency basis, year-over-year growth would have been 18%.(1) |
• | Total ARR ended at $1.931 billion, an increase of $67.3 million quarter-over-quarter and an increase of 17% year-over-year. On a constant currency basis, year-over-year growth would have been 18%.(2) |
• | Paying users ended at 15.0 million, as compared to 13.6 million for the same period last year. Average revenue per paying user was $126.88, as compared to $120.48 for the same period last year. |
• | GAAP gross margin was 78.1%, as compared to 74.4% in the same period last year. Non-GAAP gross margin was 79.2%, as compared to 75.8% in the same period last year. |
• | GAAP operating margin was 2.7%, as compared to (8.5)% in the same period last year. Non-GAAP operating margin was 20.6%, as compared to 10.1% in the same period last year. |
• | GAAP net income (loss) was $17.5 million, as compared to ($21.4) million in the same period last year. Non-GAAP net income was $93.2 million, as compared to $42.0 million in the same period last year. |
• | Net cash provided by operating activities was $145.9 million, as compared to $128.8 million in the same period last year. Free cash flow was $119.8 million, as compared to $95.1 million in the same period last year. |
• | GAAP basic and diluted net income (loss) per share was $0.04, as compared to ($0.05) in the same period last year. Non-GAAP diluted net income per share was $0.22, as compared to $0.10 in the same period last year.(3) |
• | Cash, cash equivalents and short-term investments were $1.118 billion at the end of the second quarter of 2020. |
• | Ajay Vashee, Chief Financial Officer, will be presenting at the Canaccord Genuity Growth Conference on Wednesday, August 12th. |
• | Tim Regan, Chief Accounting Officer, will be presenting at the Citi 2020 Global Technology Conference on Tuesday, September 8th. |
• | Lev Finkelstein, VP Corporate Finance & Strategy, will be presenting at the D.A. Davidson 19th Annual Software & Internet Virtual Conference on Wednesday, September 9th. |
• | Lev Finkelstein, VP Corporate Finance & Strategy, will be presenting at the Jefferies Virtual Software Conference on Tuesday, September 15th. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue | $ | 467.4 | $ | 401.5 | $ | 922.4 | $ | 787.1 | |||||||
Cost of revenue(1) | 102.5 | 102.9 | 205.6 | 201.3 | |||||||||||
Gross profit | 364.9 | 298.6 | 716.8 | 585.8 | |||||||||||
Operating expenses(1): | |||||||||||||||
Research and development | 185.8 | 162.4 | 367.6 | 312.4 | |||||||||||
Sales and marketing | 102.8 | 107.3 | 207.1 | 208.8 | |||||||||||
General and administrative | 63.5 | 62.9 | 102.5 | 119.9 | |||||||||||
Total operating expenses | 352.1 | 332.6 | 677.2 | 641.1 | |||||||||||
Income (loss) from operations | 12.8 | (34.0 | ) | 39.6 | (55.3 | ) | |||||||||
Interest income, net | 0.1 | 3.2 | 2.5 | 6.9 | |||||||||||
Other income, net | 9.0 | 10.0 | 19.6 | 14.2 | |||||||||||
Income (loss) before income taxes | 21.9 | (20.8 | ) | 61.7 | (34.2 | ) | |||||||||
Benefit from (provision for) income taxes | (4.4 | ) | (0.6 | ) | (4.9 | ) | 5.1 | ||||||||
Net Income (loss) | $ | 17.5 | $ | (21.4 | ) | $ | 56.8 | $ | (29.1 | ) | |||||
Net Income (loss) per share attributable to common stockholders, basic and diluted | $ | 0.04 | $ | (0.05 | ) | $ | 0.14 | $ | (0.07 | ) | |||||
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: | |||||||||||||||
Basic | 414.1 | 412.4 | 415.7 | 411.5 | |||||||||||
Diluted | 420.5 | 412.4 | 419.7 | 411.5 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Cost of revenue | $ | 4.5 | $ | 4.7 | $ | 8.0 | $ | 7.7 | |||||||
Research and development | 47.0 | 37.7 | 84.2 | 68.2 | |||||||||||
Sales and marketing | 9.5 | 8.8 | 16.2 | 15.9 | |||||||||||
General and administrative(2) | 15.6 | 16.9 | 8.0 | 31.9 |
As of | |||||||
June 30, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 334.1 | $ | 551.3 | |||
Short-term investments | 783.5 | 607.7 | |||||
Trade and other receivables, net | 45.6 | 36.7 | |||||
Prepaid expenses and other current assets | 59.1 | 47.5 | |||||
Total current assets | 1,222.3 | 1,243.2 | |||||
Property and equipment, net | 475.6 | 445.3 | |||||
Operating lease right-of-use asset | 701.6 | 657.9 | |||||
Intangible assets, net | 40.5 | 47.4 | |||||
Goodwill | 234.7 | 234.5 | |||||
Other assets | 67.6 | 70.9 | |||||
Total assets | $ | 2,742.3 | $ | 2,699.2 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 26.3 | $ | 40.7 | |||
Accrued and other current liabilities | 134.5 | 161.9 | |||||
Accrued compensation and benefits | 71.1 | 101.4 | |||||
Operating lease liability | 82.6 | 79.9 | |||||
Finance lease obligation | 83.8 | 76.7 | |||||
Deferred revenue | 583.5 | 554.2 | |||||
Total current liabilities | 981.8 | 1,014.8 | |||||
Operating lease liability, non-current | 771.3 | 711.9 | |||||
Finance lease obligation, non-current | 152.1 | 138.2 | |||||
Other non-current liabilities | 33.7 | 25.9 | |||||
Total liabilities | 1,938.9 | 1,890.8 | |||||
Stockholders’ equity: | |||||||
Additional paid-in-capital | 2,560.4 | 2,531.3 | |||||
Accumulated deficit | (1,764.4 | ) | (1,726.2 | ) | |||
Accumulated other comprehensive income | 7.4 | 3.3 | |||||
Total stockholders’ equity | 803.4 | 808.4 | |||||
Total liabilities and stockholders’ equity | $ | 2,742.3 | $ | 2,699.2 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Cash flow from operating activities | |||||||||||||||
Net Income (loss) | $ | 17.5 | $ | (21.4 | ) | $ | 56.8 | $ | (29.1 | ) | |||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 40.1 | 46.1 | 79.6 | 91.9 | |||||||||||
Stock-based compensation | 76.6 | 68.1 | 116.4 | 123.7 | |||||||||||
Net gains on equity investments | (6.5 | ) | (7.4 | ) | (17.5 | ) | (7.4 | ) | |||||||
Amortization of deferred commissions | 5.7 | 4.2 | 10.8 | 8.1 | |||||||||||
Other | (1.3 | ) | (3.2 | ) | (0.1 | ) | (7.6 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||||||
Trade and other receivables, net | (7.6 | ) | (3.4 | ) | (8.8 | ) | (8.5 | ) | |||||||
Prepaid expenses and other current assets | (7.7 | ) | (4.3 | ) | (22.4 | ) | (18.5 | ) | |||||||
Other assets | 15.3 | 15.0 | 33.1 | 26.2 | |||||||||||
Accounts payable | (5.0 | ) | 3.4 | (12.8 | ) | (1.8 | ) | ||||||||
Accrued and other current liabilities | (14.8 | ) | 0.5 | (24.7 | ) | 10.5 | |||||||||
Accrued compensation and benefits | 29.4 | 21.1 | (30.3 | ) | (24.8 | ) | |||||||||
Deferred revenue | 6.5 | 9.4 | 28.7 | 28.0 | |||||||||||
Other non-current liabilities | (9.7 | ) | (14.0 | ) | (26.2 | ) | (27.2 | ) | |||||||
Tenant improvement allowance reimbursement | 7.4 | 14.7 | 16.6 | 28.5 | |||||||||||
Net cash provided by operating activities | 145.9 | 128.8 | 199.2 | 192.0 | |||||||||||
Cash flow from investing activities | |||||||||||||||
Capital expenditures | (26.1 | ) | (33.7 | ) | (53.9 | ) | (63.4 | ) | |||||||
Business combinations, net of cash acquired | — | 0.5 | — | (171.6 | ) | ||||||||||
Purchases of short-term investments | (308.7 | ) | (236.7 | ) | (429.2 | ) | (389.7 | ) | |||||||
Proceeds from sales of short-term investments | 80.2 | 70.8 | 145.3 | 181.0 | |||||||||||
Proceeds from maturities of short-term investments | 71.2 | 95.0 | 138.9 | 161.6 | |||||||||||
Other | 5.5 | 6.9 | 9.3 | 11.6 | |||||||||||
Net cash used in investing activities | (177.9 | ) | (97.2 | ) | (189.6 | ) | (270.5 | ) | |||||||
Cash flow from financing activities | |||||||||||||||
Shares repurchased for tax withholdings on release of restricted stock units and awards | (25.1 | ) | (22.6 | ) | (44.0 | ) | (48.1 | ) | |||||||
Proceeds from issuance of common stock, net of repurchases | 0.8 | 1.1 | 1.5 | 2.0 | |||||||||||
Principal payments on finance lease obligations | (21.7 | ) | (24.4 | ) | (43.4 | ) | (50.6 | ) | |||||||
Common stock repurchases | (75.8 | ) | — | (139.8 | ) | — | |||||||||
Other | (0.1 | ) | (0.5 | ) | (0.5 | ) | (0.7 | ) | |||||||
Net cash used in financing activities | (121.9 | ) | (46.4 | ) | (226.2 | ) | (97.4 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 1.6 | (0.8 | ) | (0.6 | ) | 0.2 | |||||||||
Change in cash and cash equivalents | (152.3 | ) | (15.6 | ) | (217.2 | ) | (175.7 | ) | |||||||
Cash and cash equivalents - beginning of period | 486.4 | 359.2 | 551.3 | 519.3 | |||||||||||
Cash and cash equivalents - end of period | $ | 334.1 | $ | 343.6 | $ | 334.1 | $ | 343.6 | |||||||
Supplemental cash flow data: | |||||||||||||||
Property and equipment acquired under finance leases | $ | 29.7 | $ | 35.5 | $ | 64.4 | $ | 75.4 |
GAAP | Stock-based compensation | Acquisition-related and other expenses | Intangibles amortization | Non-GAAP | |||||||||||||||
Cost of revenue | $ | 102.5 | $ | (4.5 | ) | $ | — | $ | (1.0 | ) | $ | 97.0 | |||||||
Cost of revenue margin | 21.9 | % | (0.9 | )% | — | % | (0.2 | )% | 20.8 | % | |||||||||
Gross profit | 364.9 | 4.5 | — | 1.0 | 370.4 | ||||||||||||||
Gross margin | 78.1 | % | 0.9 | % | — | % | 0.2 | % | 79.2 | % | |||||||||
Research and development | 185.8 | (47.0 | ) | (4.3 | ) | — | 134.5 | ||||||||||||
Research and development margin | 39.8 | % | (10.1 | )% | (0.9 | )% | — | % | 28.8 | % | |||||||||
Sales and marketing | 102.8 | (9.5 | ) | — | (1.4 | ) | 91.9 | ||||||||||||
Sales and marketing margin | 22.0 | % | (2.0 | )% | — | % | (0.3 | )% | 19.7 | % | |||||||||
General and administrative | 63.5 | (15.6 | ) | (0.1 | ) | — | 47.8 | ||||||||||||
General and administrative margin | 13.6 | % | (3.4 | )% | — | % | — | % | 10.2 | % | |||||||||
Income from operations | $ | 12.8 | $ | 76.6 | $ | 4.4 | $ | 2.4 | $ | 96.2 | |||||||||
Operating margin | 2.7 | % | 16.5 | % | 0.9 | % | 0.5 | % | 20.6 | % |
GAAP | Stock-based compensation | Acquisition-related and other expenses | Intangibles amortization | Non-GAAP | |||||||||||||||
Cost of revenue | $ | 102.9 | $ | (4.7 | ) | $ | — | $ | (0.9 | ) | $ | 97.3 | |||||||
Cost of revenue margin | 25.6 | % | (1.2 | )% | — | % | (0.2 | )% | 24.2 | % | |||||||||
Gross profit | 298.6 | 4.7 | — | 0.9 | 304.2 | ||||||||||||||
Gross margin | 74.4 | % | 1.2 | % | — | % | 0.2 | % | 75.8 | % | |||||||||
Research and development | 162.4 | (37.7 | ) | (4.1 | ) | — | 120.6 | ||||||||||||
Research and development margin | 40.4 | % | (9.4 | )% | (1.0 | )% | — | % | 30.0 | % | |||||||||
Sales and marketing | 107.3 | (8.8 | ) | — | (1.4 | ) | 97.1 | ||||||||||||
Sales and marketing margin | 26.7 | % | (2.2 | )% | — | % | (0.3 | )% | 24.2 | % | |||||||||
General and administrative | 62.9 | (16.9 | ) | — | — | 46.0 | |||||||||||||
General and administrative margin | 15.7 | % | (4.3 | )% | — | % | — | % | 11.5 | % | |||||||||
Income (loss) from operations | $ | (34.0 | ) | $ | 68.1 | $ | 4.1 | $ | 2.3 | $ | 40.5 | ||||||||
Operating margin | (8.5 | )% | 17.1 | % | 1.0 | % | 0.5 | % | 10.1 | % |
GAAP | Stock-based compensation | Acquisition-related and other expenses | Intangibles amortization | Non-GAAP | |||||||||||||||
Cost of revenue | $ | 205.6 | $ | (8.0 | ) | $ | — | $ | (2.0 | ) | $ | 195.6 | |||||||
Cost of revenue margin | 22.3 | % | (0.9 | )% | — | % | (0.2 | )% | 21.2 | % | |||||||||
Gross profit | 716.8 | 8.0 | — | 2.0 | 726.8 | ||||||||||||||
Gross margin | 77.7 | % | 0.9 | % | — | % | 0.2 | % | 78.8 | % | |||||||||
Research and development | 367.6 | (84.2 | ) | (8.5 | ) | — | 274.9 | ||||||||||||
Research and development margin | 39.9 | % | (9.2 | )% | (0.9 | )% | — | % | 29.8 | % | |||||||||
Sales and marketing | 207.1 | (16.2 | ) | — | (2.7 | ) | 188.2 | ||||||||||||
Sales and marketing margin | 22.5 | % | (1.8 | )% | — | % | (0.3 | )% | 20.4 | % | |||||||||
General and administrative | 102.5 | (8.0 | ) | (0.1 | ) | — | 94.4 | ||||||||||||
General and administrative margin | 11.1 | % | (0.9 | )% | — | % | — | % | 10.2 | % | |||||||||
Income from operations | $ | 39.6 | $ | 116.4 | $ | 8.6 | $ | 4.7 | $ | 169.3 | |||||||||
Operating margin | 4.3 | % | 12.6 | % | 0.9 | % | 0.5 | % | 18.4 | % |
GAAP | Stock-based compensation | Acquisition-related and other expenses | Intangibles amortization | Non-GAAP | |||||||||||||||
Cost of revenue | $ | 201.3 | $ | (7.7 | ) | $ | — | $ | (1.5 | ) | $ | 192.1 | |||||||
Cost of revenue margin | 25.6 | % | (1.0 | )% | — | % | (0.2 | )% | 24.4 | % | |||||||||
Gross profit | 585.8 | 7.7 | — | 1.5 | 595.0 | ||||||||||||||
Gross margin | 74.4 | % | 1.0 | % | — | % | 0.2 | % | 75.6 | % | |||||||||
Research and development | 312.4 | (68.2 | ) | (6.4 | ) | — | 237.8 | ||||||||||||
Research and development margin | 39.7 | % | (8.7 | )% | (0.8 | )% | — | % | 30.2 | % | |||||||||
Sales and marketing | 208.8 | (15.9 | ) | — | (2.2 | ) | 190.7 | ||||||||||||
Sales and marketing margin | 26.5 | % | (2.0 | )% | — | % | (0.3 | )% | 24.2 | % | |||||||||
General and administrative | 119.9 | (31.9 | ) | (1.0 | ) | — | 87.0 | ||||||||||||
General and administrative margin | 15.2 | % | (4.1 | )% | (0.1 | )% | — | % | 11.1 | % | |||||||||
Income (loss) from operations | $ | (55.3 | ) | $ | 123.7 | $ | 7.4 | $ | 3.7 | $ | 79.5 | ||||||||
Operating margin | (7.0 | )% | 15.7 | % | 0.9 | % | 0.5 | % | 10.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
GAAP net income (loss) | $ | 17.5 | $ | (21.4 | ) | $ | 56.8 | $ | (29.1 | ) | |||||
Stock-based compensation | 76.6 | 68.1 | 116.4 | 123.7 | |||||||||||
Acquisition-related and other expenses | 4.4 | 4.1 | 8.6 | 7.4 | |||||||||||
Amortization of acquired intangible assets | 2.4 | 2.3 | 4.7 | 3.7 | |||||||||||
Net gains on equity investments | (6.5 | ) | (7.4 | ) | (17.5 | ) | (7.4 | ) | |||||||
Income tax effects of non-GAAP adjustments | (1.2 | ) | (3.7 | ) | (6.0 | ) | (14.6 | ) | |||||||
Non-GAAP net income | $ | 93.2 | $ | 42.0 | $ | 163.0 | $ | 83.7 | |||||||
Non-GAAP diluted net income per share | $ | 0.22 | $ | 0.10 | $ | 0.39 | $ | 0.20 | |||||||
Weighted-average shares used to compute Non-GAAP diluted net income per share | 420.5 | 418.7 | 419.7 | 418.1 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Free cash flow reconciliation: | |||||||||||||||
Net cash provided by operating activities | $ | 145.9 | $ | 128.8 | $ | 199.2 | $ | 192.0 | |||||||
Less: | |||||||||||||||
Capital expenditures | (26.1 | ) | (33.7 | ) | (53.9 | ) | (63.4 | ) | |||||||
Free cash flow | $ | 119.8 | $ | 95.1 | $ | 145.3 | $ | 128.6 | |||||||
Free cash flow margin | 25.6 | % | 23.7 | % | 15.8 | % | 16.3 | % | |||||||
Supplemental disclosures: | |||||||||||||||
Capital expenditures related to our new corporate headquarters, net of tenant improvement allowances(1) | $ | 8.2 | $ | 14.4 | $ | 20.9 | $ | 21.9 | |||||||
Key employee holdback payments related to the acquisition of HelloSign(2) | $ | 4.0 | $ | — | $ | 20.2 | $ | — |
Document and Entity Information Document |
Aug. 06, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 06, 2020 |
Entity Registrant Name | DROPBOX, INC. |
Entity Central Index Key | 0001467623 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38434 |
Entity Tax Identification Number | 26-0138832 |
Entity Address, Address Line One | 1800 Owens St. |
Entity Address, City or Town | San Francisco |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94158 |
City Area Code | 415 |
Local Phone Number | 857-6800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.00001 per share |
Trading Symbol | DBX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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