Box (BOX) Tops Q2 EPS by 2c, Slight Miss on Revenues; FY18 EPS Mid-Point Guide Above Consensus, FY18 Revenue Mid-Point Guide Below Consensus

Box (NYSE: BOX) reported Q2 EPS of ($0.11), $0.02 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $122.9 million versus the consensus estimate of $124.34 million.

Outlook

• Q3 FY18 Guidance: Revenue is expected to be in the range of $128 million to $129 million. GAAP and non-GAAP basic and diluted earnings per share are expected to be in the range of ($0.34) to ($0.33) and ($0.14) to ($0.13), respectively. Weighted average basic and diluted shares outstanding are expected to be approximately 135 million.
• Full Year FY18 Guidance: Revenue is expected to be in the range of $503 million to $506 million. GAAP and non-GAAP basic and diluted earnings per share are expected to be in the range of ($1.23) to ($1.21) and ($0.46) to ($0.44), respectively. Weighted average basic and diluted shares outstanding are expected to be approximately 134 million.

GUIDANCE:

Box sees FY2018 EPS of ($0.46)-($0.44), versus the consensus of ($0.46). Box sees FY2018 revenue of $503-506 million, versus the consensus of $505.65 million.

Fiscal Second Quarter 2018 Financial Highlights

• Revenue for the second quarter of fiscal 2018 was a record $122.9 million, an increase of 28% from the second quarter of fiscal 2017.
• Deferred revenue as of July 31, 2017, was $240.8 million, an increase of 32% from July 31, 2016.
• Billings for the second quarter of fiscal 2018 were $139.5 million, an increase of 31% from the second quarter of fiscal 2017.
• GAAP operating loss in the second quarter of fiscal 2018 was $39.0 million, or 32% of revenue. This compares to GAAP operating loss of $37.9 million, or 40% of revenue, in the second quarter of fiscal 2017.
• Non-GAAP operating loss in the second quarter of fiscal 2018 was $14.9 million, or 12% of revenue. This compares to a non-GAAP operating loss of $18.0 million, or 19% of revenue, in the second quarter of fiscal 2017.
• GAAP net loss per share, basic and diluted, in the second quarter of fiscal 2018 was $0.30 on 133 million shares outstanding, compared to a GAAP net loss per share of $0.30 in the second quarter of fiscal 2017 on 127 million shares outstanding.
• Non-GAAP net loss per share, basic and diluted, in the second quarter of fiscal 2018 was $0.11, compared to non-GAAP net loss per share of $0.14 in the second quarter of fiscal 2017.
• Net cash used in operating activities in the second quarter of fiscal 2018 totaled $9.5 million. This compares to net cash used in operating activities of $4.9 million in the second quarter of fiscal 2017.
• Free cash flow in the second quarter of fiscal 2018 was negative $14.7 million. This compares to negative $8.0 million in the second quarter of fiscal 2017.
• For earnings history and earnings-related data on Box (BOX) click here.

You May Also Be Interested In

• AeroVironment restates quarterly financials, citing $89M goodwill error
• AXT appoints Tracy Liu to its board of directors
• Hermès can regain momentum despite China weakness, Jefferies says