BOX - Box Non-GAAP EPS of $0.28 in-line revenue of $246M in-line

• Box press release ( NYSE: BOX ): Q2 Non-GAAP EPS of $0.28 in-line.
• Revenue of $246M (+14.7% Y/Y) in-line.
• Shares -2% PM.

• Q3 FY23 Guidance

  • Revenue is expected to be in the range of $250 million to $252 million, up 13% year-over-year at the high-end of the range. Revenue growth expectations include a negative impact of 4 percentage points from FX.
  • GAAP operating margin is expected to be approximately 4%, and non-GAAP operating margin is expected to be approximately 23%.
  • GAAP net income per share attributable to common stockholders is expected to be in the range of $0.01 to $0.02.
  • Non-GAAP diluted net income per share attributable to common stockholders is expected to be in the range of $0.29 to $0.30.
  • Weighted-average basic and diluted shares outstanding are expected to be approximately 143 million and 151 million, respectively.

• Full Year FY23 Guidance

  • Re-affirms revenue in the range of $992 million to $996 million, up 14% year-over-year at the high-end of the range and represents an acceleration from last year’s growth rate of 13%. Revenue growth expectations include a negative impact of 4 percentage points from FX.
  • GAAP operating margin is expected to be approximately 3%, and non-GAAP operating margin is expected to be approximately 22.5%.
  • GAAP net loss per share attributable to common stockholders is expected to be in the range of $0.03 to zero cents. This represents an improvement from Box’s previous guidance provided on May 25, 2022, which was basic and diluted net loss per share of $0.05 to $0.01. FY23 GAAP EPS guidance includes an expected negative impact from FX of $0.19.
  • Non-GAAP diluted net income per share attributable to common stockholders is expected to be in the range of $1.13 to $1.16. This represents an increase from Box’s previous guidance provided on May 25, 2022, which was $1.11 to $1.15. FY23 Non-GAAP EPS guidance includes an expected negative impact from FX of $0.19.
  • Weighted-average basic and diluted shares outstanding are expected to be approximately 144.5 million and 151.5 million, respectively.

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