$10.3 B

DBX Mkt cap, 09-Nov-2018

$339.2 M

Dropbox Revenue Q2, 2018
Dropbox Gross profit (Q2, 2018)249.7 M
Dropbox Gross profit margin (Q2, 2018), %73.6%
Dropbox Net income (Q2, 2018)-4.1 M
Dropbox EBIT (Q2, 2018)-7.2 M
Dropbox Cash, 30-Jun-2018504.1 M
Dropbox EV9.9 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 200878,023,6400.02 1.3 m

Series A

Nov 200895,810,9100.06 6.0 m26.5 m

Series B

Feb 201229,268,1039.05 264.8 m4.2 b158.1

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

603.8m844.8m1.1b

Revenue growth, %

40%31%

Cost of goods sold

407.4m390.6m368.9m

Gross profit

196.4m454.2m737.9m

Gross profit Margin, %

33%54%67%

Sales and marketing expense

193.1m250.6m314.0m

R&D expense

201.6m289.7m380.3m

General and administrative expense

107.9m107.4m157.3m

Operating expense total

502.6m647.7m851.6m

EBIT

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

EBIT margin, %

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

Interest expense

15.2m16.4m11.0m

Pre tax profit

(325.6m)(205.0m)(111.5m)

Income tax expense

300.0k5.2m200.0k

Net Income

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

Dropbox Balance Sheet

Annual

USDFY, 2016FY, 2017

Cash

352.7m430.0m

Accounts Receivable

13.2m29.3m

Prepaid Expenses

47.5m58.8m

Current Assets

413.4m518.1m

PP&E

444.0m341.9m

Goodwill

96.0m98.9m

Total Assets

1.0b1.0b

Accounts Payable

15.5m31.9m

Short-term debt

127.6m102.7m

Current Liabilities

635.3m738.4m

Long-term debt

129.6m71.6m

Total Debt

257.2m174.3m

Total Liabilities

881.4m917.0m

Preferred Stock

615.3m615.3m

Additional Paid-in Capital

446.0m533.1m

Retained Earnings

(937.5m)(1.0b)

Total Equity

122.8m102.9m

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, 2018Q2, 2018

Cash

665.3m504.1m

Accounts Receivable

26.2m31.2m

Prepaid Expenses

57.7m86.8m

Current Assets

929.9m1.1b

PP&E

345.6m330.8m

Goodwill

99.0m97.8m

Total Assets

1.4b1.6b

Accounts Payable

29.4m24.0m

Short-term debt

92.8m87.1m

Current Liabilities

746.1m793.3m

Long-term debt

77.2m73.1m

Total Debt

170.0m160.2m

Total Liabilities

928.5m971.5m

Additional Paid-in Capital

2.1b2.2b

Retained Earnings

(1.6b)(1.6b)

Total Equity

510.2m630.9m

Debt to Equity Ratio

0.3 x0.3 x

Debt to Assets Ratio

0.1 x0.1 x

Financial Leverage

2.8 x2.5 x

Dropbox Cash Flow

Annual

USDFY, 2015FY, 2016FY, 2017

Net Income

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

Depreciation and Amortization

149.6m191.6m181.8m

Accounts Receivable

(9.9m)1.0m(14.4m)

Accounts Payable

9.2m5.5m16.2m

Cash From Operating Activities

14.8m252.6m330.3m

Cash From Investing Activities

(85.6m)(118.0m)(23.9m)

Long-term Borrowings

(103.0m)(139.5m)(135.3m)

Cash From Financing Activities

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

Net Change in Cash

(161.3m)(4.2m)77.3m

Interest Paid

13.2m14.9m10.8m

Income Taxes Paid

200.0k1.5m3.4m

Free Cash Flow

(63.9m)137.4m305.0m

Quarterly

USDQ1, 2017Q2, 2017Q1, 2018Q2, 2018

Net Income

(33.1m)(59.9m)(465.5m)(469.6m)

Depreciation and Amortization

48.0m94.4m35.9m75.9m

Accounts Receivable

(400.0k)(9.1m)3.6m(1.9m)

Accounts Payable

800.0k2.6m(2.8m)(8.5m)

Cash From Operating Activities

61.6m147.7m61.8m173.7m

Cash From Investing Activities

(4.1m)(7.7m)(193.1m)(497.6m)

Long-term Borrowings

(34.6m)(69.3m)(29.8m)(58.3m)

Cash From Financing Activities

(59.8m)(98.4m)365.0m399.4m

Net Change in Cash

(1.5m)43.0m235.3m74.1m

Free Cash Flow

56.5m138.9m51.9m154.1m

Dropbox Ratios

USDY, 2018

EV/EBIT

-1.4 k x

EV/CFO

57.2 x

EV/FCF

64.5 x

Debt/Equity

0.3 x

Debt/Assets

0.1 x

Financial Leverage

2.5 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.

Job Roles

FY, 2017FY, 2016Q3, 2015
Male Management Percent24.8 %22.9 %
Female employees in the Technical Department8.6 %15.7 %
Male employees in the Technical Department28.9 %59 %
Female Management Percent14.7 %25.4 %
Female Engineers, percent10.9 %
Male Engineers, percent89.1 %

Ethnicity

FY, 2017FY, 2016
Asian31.7 %30 %
Hispanic5.9 %6 %
White54.5 %59 %
Other7.9 %5 %
FY, 2017FY, 2016FY, 2015
Female36 %33 %32 %
Male64 %67 %68 %
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Dropbox Employee Rating

4.2376 votes
Culture & Values
4.3
Work/Life Balance
4.2
Senior Management
3.8
Salary & Benefits
4.3
Career Opportunities
3.8
Source