$10.6 B

DBX Mkt cap, 18-Sep-2018

$316.3 M

Dropbox Revenue Q1, 2018
Dropbox Gross profit (Q1, 2018)195.7 M
Dropbox Gross profit margin (Q1, 2018), %61.9%
Dropbox Net income (Q1, 2018)-465.5 M
Dropbox EBIT (Q1, 2018)-465.9 M
Dropbox Cash, 31-Mar-2018665.3 M
Dropbox EV10.1 B

Dropbox Revenue

Dropbox revenue was $1.11 b in FY, 2017 which is a 31% year over year increase from the previous period.

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Dropbox Revenue Breakdown

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Dropbox revenue breakdown by geographic segment: 48.0% from International and 52.0% from United States

Dropbox Funding Rounds

DateShares IssuedShare PriceAmount RaisedPost-money ValuationValuation Step-up

Seed

Jun 200715.0 k

Series A

Oct 200895,810,9100.06 6.0 m26.5 m

Series A

Oct 200878,023,6400.02 1.3 m

Series B

Feb 201229,268,1039.05 264.8 m4.2 b

Series C

Jan 201423,558,72819.1 450.0 m10.0 b2.4

Late

Apr 2014500.0 m

Late

Mar 2017600.0 m
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Dropbox Income Statement

Annual

USDFY, 2015FY, 2016FY, 2017

Revenue

603.8 m844.8 m1.1 b

Revenue growth, %

40%31%

Cost of goods sold

407.4 m390.6 m368.9 m

Gross profit

196.4 m454.2 m737.9 m

Gross profit Margin, %

33%54%67%

Sales and marketing expense

193.1 m250.6 m314 m

R&D expense

201.6 m289.7 m380.3 m

General and administrative expense

107.9 m107.4 m157.3 m

Operating expense total

502.6 m647.7 m851.6 m

EBIT

(306.2 m)(193.5 m)(113.7 m)

EBIT margin, %

(51%)(23%)(10%)

Interest expense

15.2 m16.4 m11 m

Pre tax profit

(325.6 m)(205 m)(111.5 m)

Income tax expense

300 k5.2 m200 k

Net Income

(325.9 m)(210.2 m)(111.7 m)

Dropbox Balance Sheet

Annual

USDFY, 2016FY, 2017

Cash

352.7 m430 m

Accounts Receivable

13.2 m29.3 m

Prepaid Expenses

47.5 m58.8 m

Current Assets

413.4 m518.1 m

PP&E

444 m341.9 m

Goodwill

96 m98.9 m

Total Assets

1 b1 b

Accounts Payable

15.5 m31.9 m

Short-term debt

127.6 m102.7 m

Current Liabilities

635.3 m738.4 m

Long-term debt

129.6 m71.6 m

Total Debt

257.2 m174.3 m

Total Liabilities

881.4 m917 m

Preferred Stock

615.3 m615.3 m

Additional Paid-in Capital

446 m533.1 m

Retained Earnings

(937.5 m)(1 b)

Total Equity

122.8 m102.9 m

Debt to Equity Ratio

2.1 x1.7 x

Debt to Assets Ratio

0.3 x0.2 x

Financial Leverage

8.2 x9.9 x

Quarterly

USDQ1, 2018

Cash

665.3 m

Accounts Receivable

26.2 m

Prepaid Expenses

57.7 m

Current Assets

929.9 m

PP&E

345.6 m

Goodwill

99 m

Total Assets

1.4 b

Accounts Payable

29.4 m

Short-term debt

92.8 m

Current Liabilities

746.1 m

Long-term debt

77.2 m

Total Debt

170 m

Total Liabilities

928.5 m

Additional Paid-in Capital

2.1 b

Retained Earnings

(1.6 b)

Total Equity

510.2 m

Debt to Equity Ratio

0.3 x

Debt to Assets Ratio

0.1 x

Financial Leverage

2.8 x

Dropbox Cash Flow

Annual

USDFY, 2015FY, 2016FY, 2017

Net Income

(325.9 m)(210.2 m)(111.7 m)

Depreciation and Amortization

149.6 m191.6 m181.8 m

Accounts Receivable

(9.9 m)1 m(14.4 m)

Accounts Payable

9.2 m5.5 m16.2 m

Cash From Operating Activities

14.8 m252.6 m330.3 m

Cash From Investing Activities

(85.6 m)(118 m)(23.9 m)

Long-term Borrowings

(103 m)(139.5 m)(135.3 m)

Cash From Financing Activities

(89.6 m)(134.5 m)(231.7 m)

Net Change in Cash

(161.3 m)(4.2 m)77.3 m

Interest Paid

13.2 m14.9 m10.8 m

Income Taxes Paid

200 k1.5 m3.4 m

Free Cash Flow

(63.9 m)137.4 m305 m

Quarterly

USDQ1, 2017Q1, 2018

Net Income

(33.1 m)(465.5 m)

Depreciation and Amortization

48 m35.9 m

Accounts Receivable

(400 k)3.6 m

Accounts Payable

800 k(2.8 m)

Cash From Operating Activities

61.6 m61.8 m

Cash From Investing Activities

(4.1 m)(193.1 m)

Long-term Borrowings

(34.6 m)(29.8 m)

Cash From Financing Activities

(59.8 m)365 m

Net Change in Cash

(1.5 m)235.3 m

Free Cash Flow

56.5 m51.9 m

Dropbox Ratios

USDY, 2018

EV/EBIT

-21.7 x

EV/CFO

163.6 x

EV/FCF

194.8 x

Revenue/Employee

171 k

Debt/Equity

0.3 x

Debt/Assets

0.1 x

Financial Leverage

2.8 x
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Dropbox Operating Metrics

Dropbox's Registered Users was reported to be 500 m in Q1, 2018. Dropbox's Connections was reported to be 4.5 b in Feb, 2018.
Nov, 2015FY, 2015Mar, 2016Jul, 2016FY, 2016Jan, 2017Q1, 2017FY, 2017Feb, 2018Q1, 2018

Paying Users

6.50 m8.80 m9.30 m11 m11.50 m

ARPU

$113.54 $110.54 $110.79 $111.91 $114.30

Registered Users

500 m500 m500 m

Paying Business Customers

150 k150 k200 k300 k

Patents Issued

600

Patent Applications

600

Connections

4.50 b

Pieces of Content

400 b

Countries

180 180

API Calls per Month

50 b

API Calls per Year

500 b

Total Connections Made by Users

3.30 b

Annualized Net Revenue Retention

90%

Annualized Net Revenue Retention (Business Customers)

100%

Cost per User

$62.68 $44.39 $10.05 $33.54 $10.49

Languages

21

New Users

100 m

Offices

12

Registered Developers

500 k
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Dropbox Human Capital

Dropbox's employees are reported to be approximately 36% female and 64% male.

Ethnicity

Y, 2017Y, 2016
Asian32 %30 %
Hispanic6 %6 %
White55 %59 %
Other7 %5 %

Gender

Y, 2017Y, 2016Y, 2015
Male64 %67 %68 %
Female36 %33 %32 %

Job Roles

Q3, 2015
Male Engineers, percent89.1 %
Female Engineers, percent10.9 %
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