Box Inc. 10-Q Filing: Financials and Debt Disclosures

TL;DR

Box Inc. 10-Q filed. Financials look steady, check debt details.

AI Summary

Box Inc. filed its 10-Q for the period ending April 30, 2024, reporting on its financial performance. The filing details various financial activities and disclosures, including information on common stock, debt instruments, and sales revenue. Specific financial data points such as retained earnings and selling and marketing expenses are also presented for the periods ending January 31, 2023, and April 30, 2024, respectively.

Why It Matters

This filing provides investors and analysts with a detailed look into Box Inc.'s financial health and operational activities during the reported quarter, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing contains information on debt instruments and credit concentration risks, which can indicate potential financial vulnerabilities.

Key Numbers

• 0131 — Fiscal Year End (Indicates the end of the company's annual accounting cycle.)
• 0430 — Reporting Period End Date (Specifies the end date for the financial data presented in this 10-Q.)
• 0131 — Previous Fiscal Year End (Provides a comparative point for financial analysis.)

Key Players & Entities

• BOX INC (company) — Filer of the 10-Q
• 2024-04-30 (date) — End of the reporting period
• 2024-01-31 (date) — Fiscal year end
• Wells Fargo Bank (company) — Mentioned in relation to a debt facility
• K K R Credit Advisors US LLC (company) — Mentioned in relation to Series A Convertible Preferred Stock

FAQ

Key Financial Figures

• $0.0001 — hich registered Class A Common Stock, $0.0001 par value per share BOX New York S

Filing Documents

• box-20240430.htm (10-Q) — 1708KB
• box-ex10_1.htm (EX-10.1) — 32KB
• box-ex31_1.htm (EX-31.1) — 16KB
• box-ex31_2.htm (EX-31.2) — 16KB
• box-ex32_1.htm (EX-32.1) — 12KB
• 0000950170-24-066563.txt ( ) — 6516KB
• box-20240430.xsd (EX-101.SCH) — 1066KB
• box-20240430_htm.xml (XML) — 826KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets as of April 30, 2024 and January 31, 2024 5 Condensed Consolidated Statements of Operations for the Three Months Ended April 30, 2024 and 2023 6 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended April 30, 2024 and 2023 7 Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit for the Three Months Ended April 30, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows for the Three Months Ended April 30, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 31

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57 Item 5. Other Information 57 Item 6. Exhibits 57

Signatures

Signatures 59 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: our future financial and operating results; including expectations regarding revenue, deferred revenue, billings, remaining performance obligations, gross margins, operating income, and net retention rate; our ability to maintain an adequate rate of revenue and billings growth and our expectations regarding such growth; our market opportunity, business plan and ability to effectively manage our growth; the effects of global economic conditions on our business and the impact of foreign exchange rates on our business; our ability to maintain profitability and expand or maintain positive cash flow; our ability to achieve our long-term and short-term gross and operating margin objectives; our ability to grow our remaining performance obligations; our expectations regarding our revenue mix; our ability to maintain, protect and enhance our brand and intellectual property; costs associated with defending intellectual property infringement and other claims and the frequency of such

— FINANC IAL INFORMATION

PART I — FINANC IAL INFORMATION

Financ ial Statements

Item 1. Financ ial Statements BOX, INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (In thousands, except per share data) (Unaudited) April 30, January 31, 2024 2024 ASSETS Current assets: Cash and cash equivalents $ 449,507 $ 383,742 Short-term investments 116,616 96,948 Accounts receivable, net 143,053 281,487 Deferred commissions 43,922 45,817 Other current assets 35,575 34,186 Total current assets 788,673 842,180 Operating lease right-of-use assets, net 92,762 99,354 Goodwill 76,416 76,750 Deferred commissions, non-current 59,426 63,541 Deferred tax assets 72,161 75,665 Other long-term assets 86,659 83,673 Total assets $ 1,176,097 $ 1,241,163 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable, accrued expenses and other current liabilities $ 51,316 $ 52,737 Accrued compensation and benefits 21,590 36,872 Operating lease liabilities 25,529 26,812 Deferred revenue 493,003 562,859 Total current liabilities 591,438 679,280 Debt, net, non-current 371,323 370,822 Operating lease liabilities, non-current 88,318 94,165 Other long-term liabilities 30,307 35,863 Total liabilities 1,081,386 1,180,130 Commitments and contingencies (Note 5) Series A convertible preferred stock, par value of $ 0.0001 per share; 500 shares authorized, issued and outstanding as of April 30 and January 31, 2024 492,585 492,095 Stockholders' deficit: Class A common stock, par value $ 0.0001 per share; 1,000,000 shares authorized; 145,588 shares and 144,353 shares issued and outstanding as of April 30 and January 31, 2024, respectively 15 14 Additional paid-in capital 803,449 785,374 Accumulated other comprehensive loss ( 11,796 ) ( 9,686 ) Accumulated deficit ( 1,189,542 ) ( 1,206,764 ) Total stockholders' deficit ( 397,874 ) ( 431,062 )

View Full Filing

View this 10-Q filing on SEC EDGAR