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Thursday, August 26, 2021, 12:48 AM

Box reports strong financial results during the fiscal second quarter of 2022

Financial Highlights for the Second Quarter of the Fiscal Year

The revenue for the second quarter of fiscal year 2022 was $214. 5 million, representing a 12 percent increase over the revenue for the same period in fiscal year 2021. Revenue growth increased on a year-over-year basis for the second consecutive quarter, marking a significant acceleration.

As of July 31, 2021, the remaining performance commitments were $922. 4 million, representing a 27 percent increase over the same period in the previous fiscal year.

Deferred revenue was at $422. 0 million as of July 31, 2021, representing a 16 percent increase over the same period in the previous fiscal year.

During the second quarter of fiscal year 2022, billings were $213. 1 million, representing a 13 percent increase over the same period in fiscal year 2021. For the third quarter in a row, billings growth outpaced revenue growth in the United States.

For the second quarter of fiscal year 2022, the GAAP gross profit was $153. 7 million, accounting for 72 percent of total sales. As a comparison, in the second quarter of fiscal year 2021, the company earned a gross profit of $137. 0 million, or 71 percent of sales, under GAAP.

Non-GAAP gross profit for the second quarter of fiscal year 2022 was $159. 8 million, or 75% of sales, according to the company's financial statements. Contrast that with a non-GAAP gross profit of $141. 4 million, or 74 percent of sales, recorded during the second quarter of fiscal year 2021.

The GAAP operating loss for the second quarter of fiscal year 2022 was $6. 1 million, or 3 percent of sales, according to the company's financial statements. According to GAAP accounting standards, the company reported a GAAP operating loss of $7. 5 million (or 4 percent of sales) in the second quarter fiscal year 2021.

Non-GAAP operating income was $44. 2 million, or 21 percent of sales, in the second quarter of fiscal year 2022, according to the company. As a comparison, non-GAAP operating income of $30. 1 million, or 16 percent of sales, was generated in the second quarter of fiscal year 2021.

In the second quarter of fiscal year 2022, GAAP net loss per share attributable to common shareholders, basic and diluted, was $0. 08 on 161. 2 million weighted-average shares outstanding. Compared to a GAAP net loss per share attributable to common shareholders of $0. 05 in the second quarter of fiscal year 2021 on 154. 7 million weighted-average shares outstanding in the same period the previous year, this quarter's results are encouraging.

In the second quarter of fiscal year 2022, non-GAAP net income per share attributable to common shareholders, diluted, was $0. 21 per share attributable to common stockholders. Compared to a non-GAAP net income per share attributable to common shareholders, diluted, of $0. 18 in the second quarter of fiscal year 2021, this is a significant increase.

This represents a 39 percent increase over net cash provided by operating activities in the second quarter of fiscal year 2021, which was $32. 3 million. This represents a 39 percent increase over net cash provided by operating activities in the second quarter of fiscal year 2021, which was $32. 3 million.

The free cash flow for the second quarter of fiscal year 2022 was $29. 8 million in the positive direction. This contrasts to free cash flow of $13. 3 million in the second quarter of fiscal year 2021, which was a net positive figure.
For transactions above $100,000, suites are connected to 73 percent of the transactions, up from 49 percent in the first quarter of fiscal year 2022.
Net retention rose to 106 percent in the first quarter of fiscal year 2022, up from 103 percent in the same period the previous year.

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