Slide 1: Fourth Quarter and Fiscal FY25 Financial Results
Fourth Quarter and Fiscal FY25 Financial Results March 4, 2025
Slide 2: Forward-looking statements & non-GAAP financial measures
Forward-looking statements & non-GAAP financial measures This presentation contains forward-looking statements that involve risks, uncertainties, and assumptions, including statements regarding Box’s expectations regarding its growth and profitability, the size of its market opportunity, its investm
Slide 3: Revenue growth driven by Suites momentum
Revenue growth driven by Suites momentum $280 $276 $270 $263 $265 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Note: $ values are shown in millions. Box fiscal year ends January 31. 3
Slide 4: RPO supports enduring growth and revenue visibility
RPO supports enduring growth and revenue visibility Driven by strong contract durations partially offset by FX headwinds Total RPO up 12% YoY (up 14% in constant currency) $1,466 $1,305 $1,272 $1,282 $1,212 Long-Term RPO ($M) $651 +21% YoY $539 $549 $545 $496 Short-Term RPO ($M) $766 $716 $723 $737
Slide 5: Billings and deferred revenue
Billings and deferred revenue Billings up 5%* YoY Deferred revenue up 4%* YoY (up 7% in constant currency) (as reported and in constant currency) $399 $609 $379 $587 $514 $502 $491 $256 $265 $190 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Note: $ values are shown in millions. 5 *Rec
Slide 6: Delivering leverage through gross margin expansion
Delivering leverage through gross margin expansion Optimizations from public cloud migration strategy drive leverage through reduced infrastructure costs Non-GAAP gross margin Up 260 bps YoY 81.6% 81.9% 81.0% 80.2% 78.4% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Note: A reconciliation of non-GAAP gross margin t
Slide 7: Delivering operating margin improvements
Delivering operating margin improvements Operating discipline underpins year-over-year margin expansion Non-GAAP operating margin Up 60 bps YoY 29.1% 28.4% 27.3% 26.7% 26.6% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Note: A reconciliation of non-GAAP operating margin to the nearest GAAP financial measures can b
Slide 8: Cash, cash equivalents, restricted cash, and short-term investments
Cash, cash equivalents, restricted cash, and short-term investments $ 102 $ 42 $ 724 $ 699 $ 10 $ 25 Q3'25 CFO Shares Capitalized Other* Q4'25 Repurchased Software Note: $ values are shown in millions. 8 * ”Other” primarily consists of RSU taxes and payments of dividend to preferred stockholders.
Slide 9: Share repurchase program
Share repurchase program • In Q4, the Company repurchased approximately 1.3 million shares of Box’s Class A common stock for approximately $43 million. • As of January 31, 2025, the Company had approximately $52 million of remaining Board- approved buyback capacity under the current plan. • In fisca
Slide 10: Proven business model focused on driving growth and profitability
Proven business model focused on driving growth and profitability FY’23 FY’24 FY’25 Q1’25 Q2’25 Q3’25 Q4’25 Annual Revenue Growth + FCF 33% N/A N/A N/A N/A 37% 31% Margin 5% 5% 3% 5% 6% YoY Revenue Growth 13% 5% 81% 80% 82% 82% 81% Gross Margin 77% 77% 28% 28% 27% 28% S&M as a % of Revenue 28% 27% 2
Slide 11: Guidance and Outlook
box Guidance and Outlook
Slide 12: Q1 and fiscal year 2026 guidance
Q1 and fiscal year 2026 guidance Non-cash deferred Q1’26 Impact of Q1’25 Leap Non-cash deferred Q1’26 income tax FY26(4) (constant currency) Year (2) income tax expense (1) expense (1) Revenue $274 to $275 million -- -- 2.9 million $1.155 to $1.160 billion -- Year-over-Year growth +4% +5% at the hig
Slide 13: Estimated Q1 and fiscal year 2026 preferred share impact summary
Estimated Q1 and fiscal year 2026 preferred share impact summary Q1 FY26 FY26 Amortization of preferred share issuance costs $0.5M $2.1M Preferred stock dividend $3.7M $15.0M Undistributed earnings attributable to preferred $4.5M - $5.5M $23.5M - $24.5M shareholders The impact from the above items w
Slide 14: Delivering revenue growth at scale
Delivering revenue growth at scale Q1 FY26 revenue guidance up 4% YoY1 FY26 revenue guidance up 6% YoY1 (Up 5% YoY at the high end in constant currency) (Up 6% YoY in constant currency) $280 $1,155-$1,160 $276 $274-$275 $270 $1,090 $1,038 $265 $991 $874 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 FY22 FY23 FY24 F
Slide 15: Key customer metrics
box Key customer metrics
Slide 16: Stable net retention rate
Stable net retention rate Customer stickiness drives low full churn rate of 3% Quarterly net retention rate 101% 101% 102% 102% 102% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Note: Net retention rate is defined as the net percentage of Total Annual Recurring Revenue (Total ARR) retained from existing customers,
Slide 17: Customers increasingly adopting Suites
Customers increasingly adopting Suites Suites support high value use cases and reduce cost and complexity % of total revenue from Suites 59% 60% 58% 56% 55% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 17
Slide 18: Large customer growth demonstrates strength of business model
Large customer growth demonstrates strength of business model Steady growth in customers paying more than $100k annually 1,900 1,920 1,850 1,800 1,770 +8% YoY Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Customers >$100k in average contract value Note: Figures are rounded. Q3’25 number has been updated. 18
Slide 19: Strong Suites attach rates
Strong Suites attach rates Attach rates demonstrate platform’s enhanced strategic value Suites attach rate of 87%, up 600 bps YoY 87% 81% 100 85 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Number of new Suites deals > $100k Suites attach rate 19
Slide 20: Appendix
Appendix
Slide 21: GAAP Revenue to Billings Reconciliation
GAAP Revenue to Billings Reconciliation ($ in thousands) Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 GAAP revenue $262,878 $264,658 $270,039 $275,913 $279,520 Deferred revenue, end of period 586,871 513,572 502,104 491,304 608,600 Less: Deferred revenue, beginning (471,963) (586,871) (513,572) (502,104) (491
Slide 22: GAAP to Non-GAAP Reconciliation – Gross Margin
GAAP to Non-GAAP Reconciliation – Gross Margin As a % of As a % of As a % of As a % of As a % of ($ in thousands) Q4FY24 revenue Q1FY25 revenue Q2FY25 revenue Q3FY25 revenue Q4FY25 revenue GAAP gross margin $200,157 76.1% $206,406 78.0% $214,526 79.4% $220,357 79.9% $220,736 79.0% Add: Stock-based c
Slide 23: GAAP to Non-GAAP Reconciliation — Operating Expenses
GAAP to Non-GAAP Reconciliation — Operating Expenses As a % of As a % of As a % of As a % of ($ in thousands) Q1FY25 revenue Q2FY25 revenue Q3FY25 revenue Q4FY25 revenue GAAP research and development $65,673 24% $65,445 24% $67,865 25% $68,870 25% Less: Stock-based compensation (17,819) (19,676) (19
Slide 24: GAAP to Non-GAAP Reconciliation — Operating Expenses
GAAP to Non-GAAP Reconciliation — Operating Expenses As a % of As a % of As a % of ($ in thousands) FY23 revenue FY24 revenue FY25 revenue GAAP research and development $243,529 25% $248,767 24% $264,853 24% Less: Stock-based compensation (68,900) (70,240) (77,557) Less: Acquisition-related expenses
Slide 25: GAAP to Non-GAAP Reconciliation — Operating Margin
GAAP to Non-GAAP Reconciliation — Operating Margin As a % of As a % of As a % of As a % of As a % of ($ in thousands) Q4FY24 revenue Q1FY25 revenue Q2FY25 revenue Q3FY25 revenue Q4FY25 revenue GAAP operating margin $21,164 8.1% $18,007 6.8% $20,280 7.5% $23,411 8.5% $17,936 6.4% Add: Stock-based com
Slide 26: GAAP to Non-GAAP Reconciliation — Free Cash Flow
GAAP to Non-GAAP Reconciliation — Free Cash Flow As a % of As a % of As a % of ($ in thousands) FY23 revenue FY24 revenue FY25 revenue GAAP net cash provided by operating activities $297,982 30% $318,727 31% $332,257 30% Less: Purchases of property and equipment (5,034) (4,703) (2,573) Add: Proceeds
Slide 27: GAAP to Non-GAAP Reconciliation — EPS Outlook
GAAP to Non-GAAP Reconciliation — EPS Outlook Three Months Ended Fiscal Year Ended April 30, 2025 January 31, 2026 GAAP net income per share attributable to common stockholders, diluted $0.00 - $0.01 $0.10 - $0.14 Stock-based compensation 0.37 1.51 Acquired intangible assets amortization 0.01 0.03 E
Slide 28: GAAP to Non-GAAP Reconciliation — Operating Margin Outlook
GAAP to Non-GAAP Reconciliation — Operating Margin Outlook Three Months Ended Fiscal Year Ended April 30, 2025 January 31, 2026 GAAP operating margin 4.0% 7.5% Add: Stock-based compensation 20.5% 20.0% Add: Acquired intangible assets amortization 0.5% 0.5% Non-GAAP operating margin 25.0% 28.0% 28