Box, Inc (BOX): Progressing Towards Profitability - Stifel
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Stifel analyst, Aaron Rakers, reiterated his Hold on Box, Inc. (NYSE: BOX) but noted the continued progress towards profitability. Details of the quarter include:
Box reported F2Q17 upside - revenue at $95.713M (+30% y/y; recurring revenue = ~95% of total) and a non-GAAP EPS loss of -$0.14/sh. Billings grew +34% y/y to $106.5M; reflecting ~$3M of pull-forward from earlier-than-expected renewals (Box reiterated expectations that billings growth would trail revenue growth in F2017). Box added 4,000 new paying organizations during F2Q17 vs. +5,000 in F1Q17; total paying organization customer base at ~66,000; equates to ~$6,300 in annualized billings per paying organization vs. prior TTM average of ~$6,600. Box now has ~6.6M paying registered users, which equates to ~100 per paying organization (vs. ~85/org. in F2Q16). Box now has deployments at ~60% of Fortune 500 (vs. 52% in F2Q16). More notably, Box reported that it closed 45 +$100k deals in F2Q17 (vs. 17 in F1Q17); 5 +$500k deals in F2Q17 (vs. no such deals in F1Q17).
The analyst noted positive trends in his review of the quarter but did not discuss what was necessary to upgrade to a buy rating from the current hold. He also does not have a published price target on the company.
Shares of Box, Inc. closed at $13.74 yesterday.
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