Dropbox (DBX) Tops Q2 EPS by 5c, CFO Leaves

Dropbox (NASDAQ: DBX) reported Q2 EPS of $0.22, $0.05 better than the analyst estimate of $0.17. Revenue for the quarter came in at $467.4 million versus the consensus estimate of $465.29 million.

"Our Q2 results are a testament to our teams’ hard work supporting our customers in this new environment,” said Dropbox Co-founder and Chief Executive Officer Drew Houston. “Over the past quarter, we introduced a number of products to help facilitate distributed work, addressing both team and personal use cases. With solid revenue growth, robust margin expansion, and continued GAAP profitability, we remain confident in the resiliency of our business."

CFO Transition

Dropbox also announced that Ajay Vashee is stepping down as Chief Financial Officer after more than eight years at the company. He’ll remain in the role until September 15, 2020, at which point Tim Regan, the company’s current Chief Accounting Officer, will become the company’s new CFO. Ajay will remain as an advisor through mid-October to ensure a smooth transition.

“Being part of Dropbox has been an amazing experience, and I’m so proud of everything we’ve accomplished together,” said Ajay. “We’ve grown from a 100 employee private start-up when I first started, to a nearly 3,000 employee profitable public company. Thank you to Drew and the management team for the privilege of being part of the company’s incredible journey.”

“It’s always hard to see such beloved leaders like Ajay leave the company, but I’m grateful for the many years of commitment and dedication he’s given to Dropbox,” said Drew. “I’m also happy to welcome Tim as our new CFO. With his decades of experience and the impact he’s already had at Dropbox as our CAO, I’m confident in his ability to lead our finance organization to the next stage of growth.”

In his nearly four years at Dropbox, Tim has demonstrated exceptional leadership, discipline, and the operational skill needed to run the finance organization. Tim has over two decades of experience in finance prior to Dropbox, from his role as VP Finance and Controller at Pandora Media, Inc., to senior positions at Dolby Laboratories, Inc., and Ernst and Young, LLP.

“Thank you to Drew and the management team for this opportunity,” said Tim. “It was clear to me when I first joined Dropbox a few years ago that this was a special company with an even greater future in store. I’m excited to take on the role of CFO and continue the great work of the finance organization to build a sustainable, profitable business for the long-term.”

For earnings history and earnings-related data on Dropbox (DBX) click here.

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