Business
Dropbox Announces Fourth Quarter and Fiscal 2019 Results
Fourth Quarter Revenue of $446.0 Million, Up 19% Year-over-year Net Cash Provided by Operating Activities of $186.8 Million and Free Cash Flow of $161.3
About this update from Dropbox, Inc.
[{"type":"text","content":"\nFourth Quarter Revenue of $446.0 Million, Up 19% Year-over-year\nNet Cash Provided by Operating Activities of $186.8 Million and Free Cash Flow of $161.3 Million\n\n\nFiscal 2019 Revenue of $1.661 Billion, Up 19% Year-over-year\nNet Cash Provided by Operating Activities of $528.5 Million and Free Cash Flow of $392.4 Million\n\n\nThe Board of Directors authorized Dropbox to repurchase up to $600 Million of its Class A shares\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nDropbox, Inc. (NASDAQ: DBX), the world's first smart workspace, today announced financial results for its fourth quarter and fiscal year ended December 31, 2019.\n\n\n“Our strong Q4 marked the end of an exciting year for Dropbox as we launched our vision for the smart workspace,” said Dropbox Co-founder and Chief Executive Officer Drew Houston. “We closed the year with more than $1.6 billion in revenue, over 450,000 Dropbox business teams, and millions of people using our new foreground app that keeps Dropbox at the center of our users' workflows. Moving into 2020, I’m confident in the team we have on board and the opportunity ahead.”\n\n\nFourth Quarter Fiscal 2019 Results\n\n\n\nTotal revenue was $446.0 million, an increase of 19% from the same period last year. On a constant currency basis, year-over-year growth would have been 20%.(1)\n\n\nAnnual recurring revenue ended at $1.820 billion, an increase of 19% from the end of the prior year.(2)\n\n\nPaying users ended at 14.3 million, as compared to 12.7 million as of the end of the prior year. Average revenue per paying user was $125.00, as compared to $119.61 for the same period last year.\n\n\nGAAP gross margin was 76.5%, as compared to 74.9% in the same period last year. Non-GAAP gross margin was 77.6%, as compared to 75.7% in the same period last year.\n\n\nGAAP operating margin was (1.5%), as compared to (3.2%) in the same period last year. Non-GAAP operating margin was 15.6%, as compared to 11.0% in the same period last year.\n\n\nGAAP net loss was ($6.6) million, as compared to ($9.5) million in the same period last year. Non-GAAP net income was $67.4 million, as compared to $42.3 million in the same period last year.\n\n\nNet cash provided by operating activities was $186.8 million, as compared to $123.7 million in the same period last year. Free cash flow was $161.3 million, as compared to $88.3 million in th...