News Article | March 1, 2017
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Box, Inc. (NYSE:BOX), a leader in cloud content management, today announced financial results for the fiscal fourth quarter and full fiscal year 2017, which ended January 31, 2017. “Fiscal 2017 was a milestone year for Box as we achieved record revenue with growth of 32% year-over-year and delivered on our commitment to generate positive free cash flow for the first time in the fourth quarter," said Aaron Levie, co-founder and CEO of Box. "Box is raising the bar in cloud content management. We’ve consistently delivered innovative new products, set the standard for security and compliance, and helped customers in every industry move to the cloud with confidence. We are driving towards a $1 billion long-term revenue target, and this year we plan to invest for scale while continuing to drive operating leverage.” "We generated free cash flow of $10 million, improving more than $30 million year-over-year, and delivered the promise we made two years ago to achieve positive free cash flow by Q4 of our 2017 fiscal year," said Dylan Smith, co-founder and CFO of Box. "These results demonstrate the strength of our business model and our operating discipline as we work towards the goal of achieving positive free cash flow for the full year of fiscal 2018." For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the section titled, “About Non-GAAP Financial Measures and Other Key Metrics,” and the reconciliations of non-GAAP measures and certain key metrics to their nearest comparable GAAP measures at the end of this press release. All forward-looking non-GAAP financial measures contained in this section titled “Outlook” exclude estimates for stock-based compensation expense, intangible assets amortization and certain legal settlement and related costs. Box has provided a reconciliation of GAAP to non-GAAP earnings per share guidance at the end of this press release. Box’s management team will host a conference call today beginning at 2:00 PM (PT) / 5:00 PM (ET) to discuss Box’s financial results, business highlights and future outlook. A live audio webcast of this call will be available through Box’s Investor Relations website at www.box.com/investors for a period of 90 days after the date of the call. The access details for the live conference call are: + 1-877-201-0168, (U.S. and Canada), conference ID: 51055301 + 1-647-788-4901 (international), conference ID: 51055301 A telephonic replay of the call will be available approximately two hours after the call and will run for one week. The replay can be accessed by dialing: + 1-855-859-2056 (U.S. and Canada), conference ID: 51055301 + 1-404-537-3406 (international), conference ID: 51055301 Box has used, and intends to continue to use, its Investor Relations website (www.box.com/investors), as well as certain Twitter accounts (@boxhq, @levie and @boxincir), as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Information on or that can be accessed through Box’s Investor Relations website, these Twitter accounts, or that is contained in any website to which a hyperlink is provided herein is not part of this press release, and the inclusion of Box’s Investor Relations website address, these Twitter accounts, and any hyperlinks are only inactive textual references. This press release, the financial tables, as well as other supplemental information including the reconciliations of non-GAAP measures and certain key metrics to their nearest comparable GAAP measures, are also available on Box’s Investor Relations website. Box also provides investor information, including news and commentary about Box’s business and financial performance, Box’s filings with the Securities and Exchange Commission, notices of investor events and Box’s press and earnings releases, on Box’s Investor Relations website. This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding Box’s expectations regarding the size of its market opportunity, the demand for its products, its ability to scale its business and drive operating leverage, its long-term revenue target expectations, its ability to maintain positive free cash flow for the full fiscal year ending January 31, 2018, profitability, recent and planned product introductions and enhancements, benefits of such product introductions and enhancements, and success of strategic partnerships, as well as expectations regarding its revenue, GAAP and non-GAAP earnings per share, the related components of GAAP and non-GAAP earnings per share, and weighted average basic and diluted outstanding share count expectations for Box’s fiscal first quarter and full fiscal year 2018 in the section titled “Outlook” above. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: (1) adverse changes in general economic or market conditions; (2) delays or reductions in information technology spending; (3) factors related to Box’s intensely competitive market, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by Box’s current or future competitors; (4) the development of the Cloud Content Management market; (5) risks associated with Box’s ability to manage its rapid growth effectively; (6) Box’s limited operating history, which makes it difficult to predict future results; (7) the risk that Box’s customers do not renew their subscriptions, expand their use of Box’s services, or adopt new products offered by Box; (8) Box’s ability to provide timely and successful enhancements, new features and modifications to its platform and services; (9) actual or perceived security vulnerabilities in Box’s services or any breaches of Box’s security controls; and (10) Box’s ability to realize the expected benefits of its third-party partnerships. Additional information on potential factors that could affect Box’s financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings Box makes with the Securities and Exchange Commission from time to time, including the Quarterly Report on Form 10-Q filed for the fiscal quarter ended October 31, 2016. These documents are available on the SEC Filings section of Box’s Investor Relations website located at www.box.com/investors. Box does not assume any obligation to update the forward-looking statements contained in this press release to reflect events that occur or circumstances that exist after the date on which they were made. About Non-GAAP Financial Measures and Other Key Metrics To supplement Box’s consolidated financial statements, which are prepared and presented in accordance with GAAP, Box provides investors with certain non-GAAP financial measures and other key metrics, including non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share, billings and free cash flow. The presentation of these non-GAAP financial measures and key metrics is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures and key metrics, please see the reconciliation of these non-GAAP measure and certain key metrics to their nearest comparable GAAP measures at the end of this press release. Box uses these non-GAAP financial measures and key metrics for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Box’s management believes that these non-GAAP financial measures and key metrics provide meaningful supplemental information regarding Box’s performance by excluding certain expenses that may not be indicative of Box’s recurring core business operating results. Box believes that both management and investors benefit from referring to these non-GAAP financial measures and key metrics in assessing Box’s performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures and key metrics also facilitate management's internal comparisons to Box’s historical performance as well as comparisons to Box’s competitors' operating results. Box believes these non-GAAP financial measures and key metrics are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by Box’s institutional investors and the analyst community to help them analyze the health of Box’s business. A limitation of non-GAAP financial measures and key metrics is that they do not have uniform definitions. Further, Box’s definitions will likely differ from the definitions used by other companies, including peer companies, and therefore comparability may be limited. Thus, Box’s non-GAAP measures and key metrics should be considered in addition to, and not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. Additionally, in the case of stock-based compensation expense, if Box did not pay a portion of compensation in the form of stock-based compensation expense, the cash salary expense included in cost of revenue and operating expenses would be higher, which would affect Box’s cash position. Non-GAAP operating loss and non-GAAP operating margin. Box defines non-GAAP operating loss as operating loss excluding expenses related to stock-based compensation (“SBC”), intangible assets amortization, and as applicable, other special items. Non-GAAP operating margin is defined as non-GAAP operating loss divided by revenue. Although SBC is an important aspect of the compensation of Box’s employees and executives, determining the fair value of certain of the stock-based instruments Box utilizes involves a high degree of judgment and estimation and the expense recorded may bear little resemblance to the actual value realized upon the vesting or future exercise of the related stock-based awards. Furthermore, unlike cash compensation, the value of stock options, which is an element of Box’s ongoing stock-based compensation expense, is determined using a complex formula that incorporates factors, such as market volatility, that are beyond Box’s control. For restricted stock unit awards, the amount of stock-based compensation expenses is not reflective of the value ultimately received by the grant recipients. Management believes it is useful to exclude SBC in order to better understand the long-term performance of Box’s core business and to facilitate comparison of Box’s results to those of peer companies. Management also views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s developed technology and trade names, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period. Box further excludes expenses related to certain litigation because they are considered by management to be special items outside Box’s core operating results. Non-GAAP net loss and non-GAAP net loss per share. Box defines non-GAAP net loss as net loss excluding expenses related to SBC, intangible assets amortization, and as applicable, other special items. Box defines non-GAAP net loss per share as non-GAAP net loss divided by the weighted average outstanding shares. Box excludes expenses related to certain litigation because they are considered by management to be special items outside Box’s core operating results. Billings. Billings reflect, in any particular period, (1) sales to new customers, plus (2) subscription renewals and (3) expansion within existing customers, and represent amounts invoiced for all products and professional services. Box calculates billings for a period by adding changes in deferred revenue in that period to revenue. Box believes that billings help investors better understand sales activity for a particular period, which is not necessarily reflected in revenue as a result of the fact that Box recognizes subscription revenue ratably over the subscription term. Box considers billings a significant performance measure and, after adjusting for any shifts in relative payment frequencies, a leading indicator of future revenue. Box monitors billings to manage the business, make planning decisions, evaluate performance and allocate resources. Box believes that billings offers valuable supplemental information regarding the performance of the business and will help investors better understand the sales volumes and performance of the business. Although Box considers billings to be a significant performance measure, Box does not consider it to be a non-GAAP financial measure given that it is calculated using exclusively revenue and deferred revenue, both of which are financial measures calculated in accordance with GAAP. Free cash flow. Box defines free cash flow as cash (used in) provided by operating activities less purchases of property and equipment, principal payments of capital lease obligations, and other items that did not or are not expected to require cash settlement and that management considers to be outside of Box’s core business. Box specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Historically, these items have included restricted cash used to guarantee a significant letter of credit for Box's Redwood City headquarters. Box considers free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Box's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity. The accompanying tables have more details on the reconciliations of non-GAAP measures and certain key metrics to their nearest comparable GAAP measures. Box (NYSE:BOX) is the cloud content management company that empowers enterprises to revolutionize how they work by securely connecting their people, information and applications. Founded in 2005, Box powers more than 71,000 businesses globally, including AstraZeneca, General Electric, P&G, and The GAP. Box is headquartered in Redwood City, CA, with offices across the United States, Europe and Asia. To learn more about Box, visit http://www.box.com/.
Hughes D.,Box |
Current Opinion in Microbiology | Year: 2012
Much of what we currently know about the genetics and evolution of antibiotic-resistance is based on selections with lethal drug concentrations that allow the detection of rare mutants with strong phenotypes. These data may be misleading with regard to the evolution of antibiotic resistance in natural environments, because bacteria are frequently exposed to concentration gradients of antibiotics. A significant part of antibiotic-resistance evolution may occur when bacteria are exposed to non-lethal concentrations of drug. High-resolution competition assays show that resistance mutations are rapidly enriched, and selected de novo, at very low antibiotic concentrations. Genomic analysis is providing a better understanding of how frequent and small-effect mutations selected at very low antibiotic concentrations contribute to the step-wise development of antibiotic resistance. © 2012 Elsevier Ltd.
Andersson D.I.,Box |
Drug Resistance Updates | Year: 2012
Human use of antimicrobials in the clinic, community and agricultural systems has driven selection for resistance in bacteria. Resistance can be selected at antibiotic concentrations that are either lethal or non-lethal, and here we argue that selection and enrichment for antibiotic resistant bacteria is often a consequence of weak, non-lethal selective pressures - caused by low levels of antibiotics - that operates on small differences in relative bacterial fitness. Such conditions may occur during antibiotic therapy or in anthropogenically drug-polluted natural environments. Non-lethal selection increases rates of mutant appearance and promotes enrichment of highly fit mutants and stable mutators. © 2012 Elsevier Ltd. All rights reserved.
Hamilton A.J.S.,Box |
Avelino P.P.,University of Porto
Physics Reports | Year: 2010
If you fall into a real astronomical black hole (choosing a supermassive black hole, to make sure that the tidal forces do not get you first), then you will probably meet your fate not at a central singularity, but rather in the exponentially growing, relativistic counter-streaming instability at the inner horizon first pointed out by Poisson & Israel (1990), who called it mass inflation. The chief purpose of this paper is to present a clear exposition of the physical cause and consequence of inflation in spherical, charged black holes. Inflation acts like a particle accelerator in that it accelerates cold ingoing and outgoing streams through each other to prodigiously high energies. Inflation feeds on itself: the acceleration is powered by the gravity produced by the streaming energy. The paper: (1) uses physical arguments to develop simple approximations that follow the evolution of inflation from ignition, through inflation itself, to collapse; (2) confirms that the simple approximations capture accurately the results of fully nonlinear one- and two-fluid self-similar models; (3) demonstrates that, counter-intuitively, the smaller the accretion rate, the more rapidly inflation exponentiates; (4) shows that in single perfect fluid models, inflation occurs only if the sound speed equals the speed of light, supporting the physical idea that inflation in single fluids is driven by relativistic counter-streaming of waves; (5) shows that what happens during inflation up to the Planck curvature depends not on the distant past or future, but rather on events happening only a few hundred black hole crossing times into the past or future; (6) shows that, if quantum gravity does not intervene, then the generic end result of inflation is not a general relativistic null singularity, but rather a spacelike singularity at zero radius. © 2010 Elsevier B.V.
Flyer A.N.,Box |
Si C.,Box |
Nature Chemistry | Year: 2010
The cortistatins are a recently identified class of marine natural products characterized by an unusual steroidal skeleton, which have been found to inhibit differentially the proliferation of various mammalian cells in culture by an unknown mechanism. We describe a comprehensive route for the synthesis of cortistatins from a common precursor, which in turn is assembled from two fragments of similar structural complexity. Cortistatins A and J, and for the first time K and L, have been synthesized in parallel processes from like intermediates prepared from a single compound. With the identification of facile laboratory transformations linking intermediates in the cortistatin L synthetic series with corresponding intermediates to cortistatins A and J, we have been led to speculate that somewhat related paths might occur in nature, offering potential sequencing and chemical detail for cortistatin biosynthetic pathways. © 2010 Macmillan Publishers Limited. All rights reserved.
Forest Ecology and Management | Year: 2010
Fires are considered the most important disturbance regime in many ecosystems, including boreal forest. Fires usually reduce the abundances of soil living animals, but the duration of the fire effect and the recovery rate of soil fauna communities after fire are poorly understood. The species-rich group of microarthropods (collembolans, mites and proturans) constitutes an important part of the soil food-web, contributing to important ecosystem services like decomposition and nutrient mobilization. Recovery rates of microarthropods after fire reported in the literature differ considerable between sites and studies. Here, I examine if variation in fire severity can explain part of the variation in recovery of microarthropods after fire observed among studies. To do so, I have chosen studies done in boreal forests and in which the post-fire situation was described in such a way that fire severity (depth of burn) could be estimated. I also selected studies that used real abundance data and that sampled for animals for at least 2 years after fire. More severe fires were more determinal to soil fauna. Collembola (springtails) recovered within a few years at sites burnt with low severity, but the time frame in most studies (2-5 years) was too short to detect recovery at moderate or severely burnt sites. For mesostigmata and oribatida the recovery patterns were harder to interpret. I argue that fire severity is the most important factor explaining differences in microarthropod responses to fire, and that this is probably true also for other soil dwelling organisms. Because fire severity is often not taken into account when the effects of fire are investigated, generalizations about fire effects are hard to make. © 2010 Elsevier B.V. All rights reserved.
News Article | November 4, 2015
The tech industry is in a weird spot right now. There are over 100 private companies valued at $1 billion or more. This is leading a lot of people to say that we're in the middle of a big tech bubble. But while those companies are richly valued, the public markets are being fairly rational — arguably even cruel — to technology companies. As Sam Altman, leader of startup school Y Combinator, points out, Apple trades at "a single-digit ex-cash forward P/E." And you can ask Box, Twitter, King Digital, or just about any public-ad tech company if we're in a tech bubble. When they stop laughing at you, they'll say no. At the same time that the big public companies are being — for the most part — rationally valued, Altman argues that early-stage companies aren't getting overvalued, and that mid-stage companies are having the hardest time in four years raising money. Therefore, Altman thinks that all of the bubble talk comes down to the late-stage investments, where we're seeing companies go above $1 billion in valuation and higher. And he says that those valuations are being fueled by debt. Except — and here's the secret — it's not being called debt. "I saw terms recently that had a 2x liquidation preference (i.e. the investors got the first 2x their money out of the company when it exited) and a 3x liquidation cap (i.e. after they made 3x their money, they didn't get any more of the proceeds)," says Altman. In case you don't follow, that means that if I invest $1 in Startupco, when it sells I am guaranteed to get as much as $2 back ahead of everyone else if it sells at a lower price than its valuation. But if it sells for a higher price, I can only get $3 back. "This is hardly an equity instrument at all," says Altman. "Investors are buying debt but dressing it up close enough to equity to maintain their venture capital fund exemption status. In a world of 0 percent interest rates, people become pretty focused on finding new sources for fixed income." There are a lot of reasons startups are willing to take on deals like this. As valuations have soared, being able to say you're worth a lot can be a good recruiting tool. If investors say your company is worth $10 billion, it's a sign you're pretty stable. It's also nice for a founder's ego. Altman argues that because these fundings are more debt than equity, we're not really in a tech bubble. We're not so sure we agree with that. If valuations are inflated, it doesn't matter either way.
News Article | November 4, 2015
LOS ALTOS, Calif.--(BUSINESS WIRE)--Box (NYSE:BOX) today announced Chris Yeh, SVP of Product, will participate in the UBS Global Technology Conference in San Francisco on Wednesday, November 18, 2015. UBS Global Technology Conference Date and Time: Wednesday, November 18, 2015 at 11:45 AM PT Location: The Ritz Carlton, San Francisco Speakers: Chris Yeh, SVP of Product The event will be webcast live at https://www.box.com/investors and will be available for replay beginning approximately one hour after the live event for ninety (90) days. Founded in 2005, Box (NYSE:BOX) is transforming the way people and organizations work so they can achieve their greatest ambitions. As the world's leading enterprise content management and collaboration platform, Box helps businesses of all sizes in every industry securely access and manage their critical information in the cloud. Box is headquartered in Los Altos, CA, with offices across the United States, Europe and Asia. To learn more about Box, visit www.box.com. During the course of the event, Box will make forward-looking statements regarding future events or the future financial performance of the company. Statements including words such as "anticipate", "believe", "estimate" or "expect" and statements in the future tense are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual events or actual future results to differ materially from those set forth in the forward-looking statements. Please refer to Box's Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2015 for a discussion of important factors that could cause actual events or actual results to differ materially from those discussed during this event. These forward-looking statements speak only as of the date of the event; Box assumes no obligation to, and does not necessarily intend to, update these forward-looking statements.
News Article | November 4, 2015
In Silicon Valley, you can't escape bubble talk. On one side of the ring, Benchmark investor Bill Gurley, who was an investor during the dot-com bubble, has been sounding the alarm that companies are overvalued. In a few years, Gurley has predicted that we'll have a lot of dead unicorns on our hands. "Unicorn" is the current Silicon Valley term for a startup valued at more than $1 billion. On the other side is Netscape founder Marc Andreessen, who cofounded his venture firm, Andreessen Horowitz, in 2009, right after the bursting of the debt bubble sent the economy into a tailspin. In an appearance at the Fortune Global Forum, Andreessen reiterated that tech is not in a bubble. Rather, these valuations are still startlingly low for the potential of some of these companies. "I think we're in a bust. We're in a long-term technology bust. I think technology has been undervalued since 2000, and we're still undervalued," Andreessen said. "The entire basket of unicorns is worth half of Microsoft." In Silicon Valley, people are excited about new tech companies, whereas outsiders — especially the stock market — are still depressed, following the equity bust and then the economic downturn, according to Andreessen. "The public market just doesn't like tech," Andreessen said. That's created the situation we see now, Andreessen said, where we have a lot of companies staying private. For one, there's no incentives to go public because a lot of shareholder bases don't allow companies to continue innovating and evolving who they are. The exceptions are companies like Google — or Alphabet — and Facebook. The lack of a warm embrace from the public markets has created three paths to exit. Some will go public, some will get acquired, but some will create more inventive private trading so investors can cash out and other investors can come in. "The innovation is going to have to come from the private side," Andreessen said. Andreessen is not the only tech investor calling the current situation a tech bust rather than a tech bubble. Y Combinator President Sam Altman made a similar argument in his own blog post on the tech bust. Altman's argument is similar — just ask Box or Twitter if there's a tech bubble and they'll laugh you out of the room. He also said these humongous late-stage rounds are really more like debt dressed up as equity, so the valuations can become a recruitment tool.
News Article | February 23, 2017
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Box, Inc. (NYSE:BOX), today announced that Aaron Levie, co-founder and CEO and Dylan Smith, co-founder and CFO, will participate in the Morgan Stanley Technology, Media & Telecom Conference in San Francisco on Thursday, March 2, 2017. Morgan Stanley Technology, Media & Telecom Conference Date and Time: Thursday, March 2, 2017 at 8:45 AM PT Location: Palace Hotel, San Francisco Speakers: Aaron Levie, co-founder and CEO and Dylan Smith, co-founder and CFO The event will be webcast live at https://www.box.com/investors and will be available for replay beginning approximately one hour after the live event for ninety (90) days. Founded in 2005, Box (NYSE:BOX) is transforming the way people and organizations work so they can achieve their greatest ambitions. As a leading enterprise content platform, Box helps more than 69,000 businesses, including AstraZeneca, General Electric, P&G and The GAP securely access and manage their critical information in the cloud. Box is headquartered in Redwood City, CA, with offices across the United States, Europe and Asia. To learn more about Box, visit www.box.com. During the course of the event, Box will make forward-looking statements regarding future events or the future financial performance and plans of the company. Statements including words such as "anticipate", "believe", "estimate" or "expect" and statements in the future tense are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual events or actual future results to differ materially from those set forth in the forward-looking statements. Please refer to Box's Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2016 for a discussion of important factors that could cause actual events or actual results to differ materially from those discussed during this event. These forward-looking statements speak only as of the date of the event; Box assumes no obligation to, and does not necessarily intend to, update these forward-looking statements.