Q1 22 EPS
$0.18
BEAT +5.88%
Est. $0.17
Q1 22 Revenue
$202.4M
BEAT +0.98%
Est. $200.5M
vs S&P Since Q1 22
-62.7%
TRAILING MARKET
BOX +11.9% vs S&P +74.6%
Market Reaction
Did BOX Beat Earnings? Q1 2022 Results
Box opened fiscal Q1 2022 with a clean beat on both top and bottom lines, reporting non-GAAP diluted EPS of $0.18 against a consensus estimate of $0.17, a 5.88% beat, while revenue climbed 10.3% year-over-year to $202.44 million, edging past the $200… Read more Box opened fiscal Q1 2022 with a clean beat on both top and bottom lines, reporting non-GAAP diluted EPS of $0.18 against a consensus estimate of $0.17, a 5.88% beat, while revenue climbed 10.3% year-over-year to $202.44 million, edging past the $200.48 million estimate. The standout driver behind the results was dramatic margin expansion, with non-GAAP operating margin nearly doubling to 17% from 9% a year earlier, reflecting disciplined cost management even as the company invested in product development. Free cash flow nearly doubled to $75.89 million, and billings surged 24% to $159.43 million, pointing to strengthening demand. A landmark $500 million KKR-led preferred stock investment added a major strategic dimension to the quarter, with Box positioning the partnership to support growth and capital returns. Management raised full-year FY22 revenue guidance to $845–$853 million and initiated non-GAAP operating margin guidance of 18%–18.5%, while Q2 expectations call for revenue of $211–$212 million with non-GAAP EPS of $0.17–$0.18.
Key Takeaways
- • Billings grew 24% year-over-year to $159.4 million
- • Remaining performance obligations grew 20% year-over-year to $864.8 million
- • Deferred revenue grew 15% year-over-year to $423.2 million
- • Non-GAAP operating margin expanded 8 percentage points year-over-year to 17%
- • Operating cash flow increased 53% year-over-year
- • Free cash flow nearly doubled year-over-year
BOX YoY Financials
Q1 2022 vs Q1 2021, source: SEC Filings
“Our vision for the Content Cloud is resonating with our customers. They recognize the strategic importance of securing, automating, integrating, and collaborating on content, and are investing in the full power of Box.”
— Aaron Levie, Q1 2022 Earnings Press Release
BOX Earnings Trends
BOX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BOX EPS Trend
Earnings per share: estimate vs actual
BOX Revenue Trend
Quarterly revenue: estimate vs actual
BOX Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 BEAT | $0.36 | $0.37 | +2.01% | $305.9M | +0.61% |
| Q4 26 BEAT FY | $0.34 | $0.49 | +45.92% | $305.9M | +0.08% |
| FY Full Year | — | $1.44 | — | $1.18B | — |
| Q3 26 MISS | $0.31 | $0.31 | -1.21% | $301.1M | +0.73% |
| Q2 26 BEAT | $0.31 | $0.33 | +6.38% | $294.0M | +1.31% |
| Q1 26 BEAT | $0.26 | $0.30 | +17.19% | $276.3M | +0.55% |
| Q4 25 MISS FY | $0.42 | $0.42 | -0.59% | $279.5M | +0.12% |
| FY Full Year | — | $1.71 | — | $1.09B | — |
| Q3 25 BEAT | $0.42 | $0.45 | +6.46% | $275.9M | +0.30% |
| Q2 25 BEAT | $0.40 | $0.44 | +10.00% | $270.0M | +0.32% |
| Q2 24 BEAT | $0.35 | $0.36 | +2.86% | $261.4M | +0.12% |
| Q4 23 BEAT FY | $0.34 | $0.37 | +8.82% | $256.5M | +0.16% |
| FY Full Year | — | $1.20 | — | $990.9M | — |
| Q2 22 BEAT | $0.19 | $0.21 | +10.53% | $214.5M | +0.96% |
| Q1 22 BEAT | $0.17 | $0.18 | +5.88% | $202.4M | +0.98% |