S&P 500
7,437.20
+0.08%
Dow Jones
52,070.90
-0.12%
Nasdaq 100
29,910.80
+0.15%
Russell 2000
3,003.27
-0.03%
FTSE 100
10,475.00
-0.01%
Nikkei 225
72,533.80
+1.98%
Box

BOX Q2 2022 Earnings

Reported Aug 25, 2021 at 4:06 PM ET · SEC Source

Q2 22 EPS

$0.21

BEAT +10.53%

Est. $0.19

Q2 22 Revenue

$214.5M

BEAT +0.96%

Est. $212.5M

vs S&P Since Q2 22

-61.7%

TRAILING MARKET

BOX +2.6% vs S&P +64.3%

Market Reaction

Did BOX Beat Earnings? Q2 2022 Results

Box delivered a strong fiscal second quarter, posting non-GAAP diluted EPS of $0.21 against a $0.19 consensus estimate, a beat of 10.53%, while revenue of $214.49 million topped the $212.45 million estimate and grew 11.5% year-over-year, marking the … Read more Box delivered a strong fiscal second quarter, posting non-GAAP diluted EPS of $0.21 against a $0.19 consensus estimate, a beat of 10.53%, while revenue of $214.49 million topped the $212.45 million estimate and grew 11.5% year-over-year, marking the company's second consecutive quarter of accelerating top-line expansion. The standout driver behind the results was a sharp acceleration in Box's platform strategy: Suites attached to 73% of deals over $100K, up dramatically from 49% the prior quarter, reflecting strong customer appetite for bundled offerings that simultaneously lifted net retention rate to 106% from 103%. Non-GAAP operating margin expanded 500 basis points year-over-year to 21%, demonstrating that revenue gains are flowing through to profitability rather than being absorbed by costs. Looking ahead, Box guided Q3 FY22 revenue to $218–$219 million with non-GAAP operating margin of approximately 20%, and reiterated full-year FY22 revenue guidance of $856–$860 million, with management projecting revenue growth rate plus free cash flow margin of at least 32% for the year.

Key Takeaways

  • • Revenue growth accelerated for the second consecutive quarter, reaching 12% year-over-year
  • • Suites attach rate in $100K+ deals jumped to 73% from 49% in Q1
  • • Net retention rate improved to 106% from 103% in Q1
  • • Non-GAAP operating margin expanded 500 basis points year-over-year to 21%
  • • Remaining performance obligations grew 27% year-over-year to $922.4 million
  • • Billings growth of 13% exceeded revenue growth for the third consecutive quarter
24/7 Wall St

BOX YoY Financials

Q2 2022 vs Q2 2021, source: SEC Filings

“As companies implement strategies to support a remote workforce and digital processes in this hybrid world, more customers are turning to Box to secure content management and collaboration in the cloud. This momentum is reflected in our strong Q2 results and outlook for the full year. The strength of our platform strategy is resonating, as evidenced by a record attach rate of Suites in large deals. Increased customer satisfaction in the value we are adding to our Content Cloud platform can also be seen in our net retention rate of 106%, up from 103% in Q1. With the recent addition of Box Sign, our first native e-signature product offering, to the platform we continue to deliver on our vision for the Content Cloud by powering the complete content lifecycle.”

— Aaron Levie, Q2 2022 Earnings Press Release

Back to BOX Stock Page