Box (BOX) Tops Q1 EPS by 6c; Guides FY Loss Smaller Than Expected, Revs In-Line

Box (NYSE: BOX) reported Q1 EPS of ($0.18), $0.06 better than the analyst estimate of ($0.24). Revenue for the quarter came in at $90 million versus the consensus estimate of $88.65 million.

“First quarter revenue was strong at $90 million, representing 37% growth year-over-year. We also continued to drive operational efficiency, with GAAP and non-GAAP EPS improving by 9 and 10 cents, respectively, year-over-year,” said Aaron Levie, co-founder and CEO of Box. “We won more than 5,000 new customers and added or expanded deployments with leading enterprises like Airbnb, Brooks Brothers and The Whirlpool Corporation. We also introduced Box Zones, achieved FedRAMP certification and launched strategic partnerships with Adobe, Cognizant and others, continuing to expand our addressable market.”

“In the first quarter, we achieved a marked improvement in cash flow from operations of negative $4.2 million and, excluding a payment related to a litigation settlement, would have achieved near breakeven cash flow from operations of negative $500,000,” said Dylan Smith, co-founder and CFO of Box. “We are confident in our growth opportunity, driven by our product differentiation and expanding market, and we remain committed to achieving positive free cash flow in the fourth quarter of this fiscal year.”

GUIDANCE:

Box sees Q2 2017 EPS of ($0.20)-($0.19), versus the consensus of ($0.22). Box sees Q2 2017 revenue of $94-95 million, versus the consensus of $94.8 million.

Box sees FY2017 EPS of $0.78-$0.75, versus the consensus of ($0.84). Box sees FY2017 revenue of $391-395 million, versus the consensus of $393.1 million.

For earnings history and earnings-related data on Box (BOX) click here.

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