UPDATE: Box (BOX) Tops Q1 EPS by 3c; Guides Q2, FY16 Revenue Above Consensus
Box (NYSE: BOX) reported Q1 EPS of ($0.28), $0.03 better than the analyst estimate of ($0.31). Revenue for the quarter came in at $65.6 million versus the consensus estimate of $63.7 million.
"Faced with rapid technological change, enterprises today are going digital by adopting cloud platforms like Box to reimagine how they engage with customers and transform how their employees work," said Aaron Levie, co-founder and CEO of Box. “As evident from our healthy customer adoption and strong billings growth of 58 percent year over year, Box has a significant opportunity to help organizations in every industry navigate this shift."
Cash, cash equivalents and marketable securities were $284.0 million as of April 30, 2015. In addition, we have restricted cash of $28.4 million primarily related to our leased facilities.
"We are proud to have achieved revenue growth of 45 percent year over year, driven by our continued success moving up market and closing more enterprise deals," said Dylan Smith, co-founder and CFO of Box. "While we continue to focus on investing in technology innovation and growth, we also remain committed to achieving positive free cash flow. Our Q1 results show the progress we have made toward this milestone as we demonstrated significant improvement in our operating cash flow.”
- Outlook
- Q2 FY16 Guidance: Revenue is expected to be in the range of $69 to $70 million, and non-GAAP operating margin is expected to be in the range of (49%) to (51%). Weighted average diluted shares outstanding is expected to be approximately 120 million. (The Street sees Q2 revenue of $67 million)
- Full Year FY16 Guidance: Revenue is expected to be in the range of $286 to $290 million, compared to previous guidance of $281 to $285 million. Non-GAAP operating margin is expected to be in the range of (49%) to (51%), compared to previous guidance of (50%) to (52%). Weighted average diluted shares outstanding is expected to be approximately 122 million. (The Street sees FY16 revenue of $283 million.)
For earnings history and earnings-related data on Box (BOX) click here.