Box, Inc. has recently released its 10-Q report, providing a detailed insight into its financial condition and operational results. The company, headquartered in Redwood City, California, offers a cloud content management platform that enables organizations to manage and share their content securely from anywhere on any device. The Software-as-a-Service (SaaS) platform allows users to work with their content as needed, improving productivity and accelerating business processes. Box serves various industries, including financial services, healthcare, government, and legal services, both in the United States and internationally.
In its 10-Q report, Box, Inc. reported revenue of $270.0 million for the three months ended July 31, 2024, representing a 3% year-over-year growth. The remaining performance obligations as of July 31, 2024, stood at $1.272 billion, reflecting a 12% increase from the same period in 2023. The company's gross profit for the same period was $214.5 million, with a gross margin of 79.4%, compared to a gross profit of $194.4 million and a gross margin of 74.4% for the three months ended July 31, 2023. Box, Inc. also reported an operating income of $20.3 million and net cash provided by operating activities of $36.3 million for the three months ended July 31, 2024.
The company highlighted the impact of macroeconomic factors on its business, noting that worsening economic conditions, including impacts from inflation, higher interest rates, and geopolitical conflicts, may adversely affect its results of operations and financial performance. Box, Inc. also discussed key business metrics, including remaining performance obligations (RPO) and billings. The RPO as of July 31, 2024, was $1.272 billion, reflecting a 12% increase from the same period in 2023. Billings for the three months ended July 31, 2024, were $256.4 million, representing a 10% increase from the corresponding period in 2023.
Moreover, the company provided insights into its non-GAAP free cash flow, which was reported as $32.7 million for the three months ended July 31, 2024, indicating a significant increase of 59% from the same period in 2023. Box, Inc. also outlined its offerings, including Box Platform, Box Shield, Box Governance, Box KeySafe, Box Relay, Box Sign, Box Zones, Box Shuttle, and Box Canvas, along with professional services through Box Consulting, to enhance its customers' experience with the Intelligent Content Cloud.
As a result of these announcements, the company's shares have moved -1.0% on the market, and are now trading at a price of $32.6. Check out the company's full 10-Q submission here.
