Business
Dropbox Announces Fourth Quarter and Fiscal 2022 Results
Fourth Quarter Revenue of $598.8 Million, up 5.9% year-over-year; on a constant currency basis, up 9.2% year-over-year Net Cash Provided by Operating
About this update from Dropbox, Inc.
[{"type":"text","content":"\nFourth Quarter Revenue of $598.8 Million, up 5.9% year-over-year; on a constant currency basis, up 9.2% year-over-year\nNet Cash Provided by Operating Activities of $194.6 Million and Free Cash Flow of $181.7 Million\n\nFiscal 2022 Revenue of $2.325 Billion, up 7.7% year-over-year; on a constant currency basis, up 9.4% year-over-year\nNet Cash Provided by Operating Activities of $797.3 Million and Free Cash Flow of $763.5 Million\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nDropbox, Inc. (NASDAQ: DBX), today announced financial results for its fourth quarter and fiscal year ended December 31, 2022.\n\n\"2022 was a solid year for Dropbox amidst a challenging macroeconomic environment,” said Dropbox Co-Founder and Chief Executive Officer Drew Houston. \"We increased our profitability and free cash flow and continued to use M&A as an engine for growth, welcoming FormSwift to Dropbox. Looking ahead to 2023, we remain focused on executing against our strategic objectives, improving our operational efficiency, and continuing to leverage advancements in AI and ML into our product roadmap as we work towards our mission of designing a more enlightened way of working.\"\n\nFourth Quarter Fiscal 2022 Results\n\n\nTotal revenue was $598.8 million, an increase of 5.9% from the same period last year. On a constant currency basis, year-over-year growth would have been 9.2%.(1)\n\n\nTotal ARR ended at $2.514 billion, an increase of $82.8 million quarter-over-quarter and an increase of 11.2% year-over-year. On a constant currency basis, year-over-year growth would have been 11.8%.(2)\n\n\nPaying users ended at 17.77 million, as compared to 16.79 million for the same period last year. Average revenue per paying user was $134.53, as compared to $134.78 for the same period last year.\n\n\nGAAP gross margin was 80.7%, as compared to 79.5% in the same period last year. Non-GAAP gross margin was 82.0%, as compared to 80.9% in the same period last year.\n\n\nGAAP operating margin was (13.4%), as compared to 12.4% in the same period last year. In the fourth quarter of 2022, the Company recorded impairment charges related to real estate assets of $162.5 million as a result of adverse changes in the corporate real estate market in the San Francisco Bay area, which has impacted its subleasing strategy in conjunction with its shift to Virtual First. In the fourt...