Dropbox (DBX) Financials

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-0.24 (-0.77%)

$12.5 B

DBX Mkt cap, 18-Jul-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 EV12 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

Geographic Segment

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

Dropbox Funding Rounds

	Date	Shares Issued	Share Price	Amount Raised	Post-money Valuation	Valuation Step-up
Seed	Jun 2007			15.0 k
Series A	Oct 2008	95,810,910	0.06	6.0 m	26.5 m
Series A	Oct 2008	78,023,640	0.02	1.3 m
Series B	Feb 2012	29,268,103	9.05	264.8 m	4.2 b
Series C	Jan 2014	23,558,728	19.1	450.0 m	10.0 b	2.4
Late	Apr 2014			500.0 m
Late	Mar 2017			600.0 m

Source: Sharespost, Stanford Venture Capital Initiative

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Annual

USD	FY, 2015	FY, 2016	FY, 2017
Revenue	603.8 m	844.8 m	1.1 b
Revenue growth, %		40%	31%
Cost of goods sold	407.4 m	390.6 m	368.9 m
Gross profit	196.4 m	454.2 m	737.9 m
Gross profit Margin, %	33%	54%	67%
Sales and marketing expense	193.1 m	250.6 m	314 m
R&D expense	201.6 m	289.7 m	380.3 m
General and administrative expense	107.9 m	107.4 m	157.3 m
Operating expense total	502.6 m	647.7 m	851.6 m
EBIT	(306.2 m)	(193.5 m)	(113.7 m)
EBIT margin, %	(51%)	(23%)	(10%)
Interest expense	15.2 m	16.4 m	11 m
Pre tax profit	(325.6 m)	(205 m)	(111.5 m)
Income tax expense	300 k	5.2 m	200 k
Net Income	(325.9 m)	(210.2 m)	(111.7 m)

Source: SEC Filings

Quarterly

USD	Q1, 2016	Q2, 2016	Q3, 2016	Q4, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q4, 2017	Q1, 2018
Revenue	185 m	200.8 m	221 m	238 m	247.9 m	266.7 m	286.7 m	305.5 m	316.3 m
Cost of goods sold	98.8 m	102.7 m	98.8 m	89.3 m	93.5 m	92.2 m	91.5 m	91.7 m	120.6 m
Gross profit	86.2 m	98.1 m	122.2 m	148.7 m	154.4 m	174.5 m	195.2 m	213.8 m	195.7 m
Gross profit Margin, %	47%	49%	55%	62%	62%	65%	68%	70%	62%
Sales and marketing expense	73.8 m	57.5 m	55.4 m	63.9 m	67.2 m	69.2 m	74.7 m	102.9 m	157 m
R&D expense	67.9 m	72.6 m	75.1 m	74.1 m	89.3 m	89.8 m	97.2 m	104 m	378.5 m
General and administrative expense	25.3 m	18.4 m	32.8 m	30.9 m	31.3 m	42.2 m	39.6 m	44.2 m	126.1 m
Operating expense total	167 m	148.5 m	163.3 m	168.9 m	187.8 m	201.2 m	211.5 m	251.1 m	661.6 m
EBIT	(81.8 m)	(50.4 m)	(41.1 m)	(20.2 m)	(33.4 m)	(26.7 m)	(16.3 m)	(37.3 m)	(465.9 m)
EBIT margin, %	(44%)	(25%)	(19%)	(8%)	(13%)	(10%)	(6%)	(12%)	(147%)
Interest expense									12 m
Pre tax profit									(463.7 m)
Income tax expense									(1.8 m)
Net Income									(465.5 m)

Source: SEC Filings

Annual

USD	FY, 2016	FY, 2017
Cash	352.7 m	430 m
Accounts Receivable	13.2 m	29.3 m
Prepaid Expenses	47.5 m	58.8 m
Current Assets	413.4 m	518.1 m
PP&E	444 m	341.9 m
Goodwill	96 m	98.9 m
Total Assets	1 b	1 b
Accounts Payable	15.5 m	31.9 m
Short-term debt	127.6 m	102.7 m
Current Liabilities	635.3 m	738.4 m
Long-term debt	129.6 m	71.6 m
Total Debt	257.2 m	174.3 m
Total Liabilities	881.4 m	917 m
Preferred Stock	615.3 m	615.3 m
Additional Paid-in Capital	446 m	533.1 m
Retained Earnings	(937.5 m)	(1 b)
Total Equity	122.8 m	102.9 m
Debt to Equity Ratio	2.1 x	1.7 x
Debt to Assets Ratio	0.3 x	0.2 x
Financial Leverage	8.2 x	9.9 x

Quarterly

USD	Q1, 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

Annual

USD	FY, 2015	FY, 2016	FY, 2017
Net Income	(325.9 m)	(210.2 m)	(111.7 m)
Depreciation and Amortization	149.6 m	191.6 m	181.8 m
Accounts Receivable	(9.9 m)	1 m	(14.4 m)
Accounts Payable	9.2 m	5.5 m	16.2 m
Cash From Operating Activities	14.8 m	252.6 m	330.3 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 m	14.9 m	10.8 m
Income Taxes Paid	200 k	1.5 m	3.4 m
Free Cash Flow	(63.9 m)	137.4 m	305 m

Quarterly

USD	Q1, 2018
Net Income	(465.5 m)
Depreciation and Amortization	35.9 m
Accounts Receivable	3.6 m
Accounts Payable	2.8 m
Cash From Operating Activities	61.8 m
Cash From Investing Activities	(193.1 m)
Long-term Borrowings	(29.8 m)
Cash From Financing Activities	365 m
Net Change in Cash	235.3 m
Free Cash Flow	51.9 m

USD	Y, 2018
EV/EBIT	-25.8 x
EV/CFO	194.4 x
EV/FCF	231.5 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's Registered Users was reported to be 500 m in Q1, 2018. Dropbox's Patent Applications was reported to be 600 in Feb, 2018. Dropbox's Connections was reported to be 4.5 b in Feb, 2018.

	Nov, 2015	FY, 2015	Mar, 2016	Jul, 2016	FY, 2016	Jan, 2017	Q1, 2017	FY, 2017	Feb, 2018	Q1, 2018	Jun, 2018
Paying Users		6.50 m			8.80 m		9.30 m	11 m		11.50 m
ARPU		$113.54			$110.54		$110.79	$111.91		$114.30
Registered Users			500 m						500 m	500 m
Paying Business Customers	150 k		150 k	200 k				300 k			300 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	12
Registered Developers								500 k