Dropbox is headquartered in San Francisco, CA, and has employees around the world. With more than 700 million registered users across approximately 180 countries, we're on a mission to design a more enlightened way of working. Following the event, a replay will be made available at the same location.ĭropbox is the one place to keep life organized and keep work moving. ĭrew Houston, Co-Founder and Chief Executive Officer, will be presenting at the Goldman Sachs Communacopia + Technology Conference on Tuesday, September 5th, 2023.ĭuring these events, a live webcast will be accessible from the Dropbox investor relations website at. ET and can be accessed by using the web link at. This call is scheduled to begin at 2:00 p.m. ĭropbox plans to host a conference call today to review its second quarter financial results and to discuss its financial outlook. GAAP and Non-GAAP diluted net income per share attributable to common stockholders is calculated based upon 343.8 million and 365.7 million diluted weighted-average shares of common stock for the three months ended Jand 2022, respectively.ĭropbox will provide forward-looking guidance in connection with this quarterly earnings announcement on its conference call, webcast, and on its investor relations website at. We calculate constant currency Total ARR growth rates by applying the current period exchange rate to prior period results. We adjust our exchange rates used to calculate Total ARR on an annual basis, at the beginning of each fiscal year. We calculate total annual recurring revenue ("Total ARR") as the number of users who have active paid licenses for access to our platform as of the end of the period, multiplied by their annualized subscription price to our platform. We calculate constant currency revenue growth rates by applying the prior period weighted average exchange rates to current period results. (3)Ĭash, cash equivalents and short-term investments ended at $1.228 billion. Non-GAAP diluted net income per share attributable to common stockholders was $0.51, as compared to $0.38 in the same period last year. GAAP diluted net income per share attributable to common stockholders was $0.13, as compared to $0.17 in the same period last year. Cash flows in the second quarter of 2023 included $34.0 million of expenditures relating to the reduction in workforce.
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Free cash flow was $184.6 million, as compared to $205.9 million for the same period last year.
Net cash provided by operating activities was $187.6 million, as compared to $209.9 million for the same period last year. Non-GAAP net income was $174.0 million, as compared to $138.1 million for the same period last year. GAAP net income was $43.2 million, as compared to $62.0 million for the same period last year due to expenses related to the reduction in workforce in the second quarter of 2023, such as severance, benefits and other related items. Non-GAAP operating margin was 34.2%, as compared to 31.9% for the same period last year. GAAP operating margin was 9.1%, as compared to 14.5% for the same period last year, with such change partially due to $37.5 million in expenses related to the Company's reduction in workforce, such as severance, benefits and other related items, which were incurred in the second quarter of 2023. Non-GAAP gross margin was 82.7%, as compared to 83.0% for the same period last year. GAAP gross margin was 80.7%, as compared to 81.5% for the same period last year. Average revenue per paying user was $138.94, as compared to $133.34 for the same period last year. Paying users ended at 18.04 million, as compared to 17.37 million for the same period last year. On a constant currency basis, Total ARR grew $32.6 million quarter-over-quarter, and year-over-year growth would have been 10.9%. Total ARR ended at $2.500 billion, an increase of 7.2% from the same period last year. On a constant currency basis, year-over-year growth would have been 11.2%. Total revenue was $622.5 million, an increase of 8.7% from the same period last year. "As we navigate this period of economic uncertainty, we remain focused on improving the product experience within core Dropbox and creating more value across workflows and AI driven capabilities."
"In Q2, we delivered a solid quarter beating our guidance across all metrics, and introduced exciting AI-powered product experiences to our customers, including Dropbox Dash and Dropbox AI," said Co-Founder and Chief Executive Officer Drew Houston. (NASDAQ: DBX), today announced financial results for its second quarter ended June 30, 2023. SAN FRANCISCO, August 03, 2023-( BUSINESS WIRE)-Dropbox, Inc. Net Cash Provided by Operating Activities of $187.6 Million and Free Cash Flow of $184.6 Million Second Quarter Revenue of $622.5 Million, up 8.7% year-over-year on a constant currency basis, up 11.2% year-over-year
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