Box Inc. Files Q3 2024 10-Q, Details Share Repurchases

TL;DR

BOX Q3 10-Q out. Share buybacks and stock plans detailed. Convertible notes still on the books.

AI Summary

Box Inc. filed its 10-Q for the period ending October 31, 2024. The company reported on its financial performance and ongoing business activities, including details on its share repurchase plan and employee stock plans. Key financial instruments like convertible senior notes and convertible preferred stock were also noted.

Why It Matters

This filing provides investors with an update on Box Inc.'s financial health and strategic initiatives, including capital allocation through share buybacks.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational updates.

Key Numbers

• 01-31 — Fiscal Year End (Indicates the end of the company's fiscal year.)
• 2024-10-31 — Reporting Period End (The end date for the financial information presented in the 10-Q.)

Key Players & Entities

• BOX INC (company) — Filer
• 2024-10-31 (date) — Reporting period end date
• 900 JEFFERSON AVE (address) — Company business address
• REDWOOD CITY, CA (address) — Company business city and state
• 0000950170-24-133239 (filing_id) — Accession Number
• 001-36805 (cik) — SEC File Number
• 2021-06-30 (date) — Date related to convertible senior notes
• 2023-10-31 (date) — Date related to 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-20241031.htm (10-Q) — 2649KB
• box-ex31_1.htm (EX-31.1) — 17KB
• box-ex31_2.htm (EX-31.2) — 17KB
• box-ex32_1.htm (EX-32.1) — 13KB
• 0000950170-24-133239.txt ( ) — 8446KB
• box-20241031.xsd (EX-101.SCH) — 1160KB
• box-20241031_htm.xml (XML) — 1213KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets as of October 31, 2024 and January 31, 2024 5 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended October 31, 2024 and 2023 6 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended October 31, 2024 and 2023 7 Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit for the Three and Nine Months Ended October 31, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended October 31, 2024 and 2023 10 Notes to Condensed Consolidated Financial Statements 11 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 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 35

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61 Item 5. Other Information 61 Item 6. Exhibits 62

Signatures

Signatures 63 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) October 31, January 31, 2024 2024 ASSETS Current assets: Cash and cash equivalents $ 608,765 $ 383,742 Short-term investments 89,150 96,948 Accounts receivable, net 188,495 281,487 Deferred commissions 43,192 45,817 Other current assets 32,988 34,186 Total current assets 962,590 842,180 Operating lease right-of-use assets, net 83,283 99,354 Goodwill 78,733 76,750 Deferred commissions, non-current 57,470 63,541 Deferred tax assets 72,352 75,665 Other long-term assets 99,892 83,673 Total assets $ 1,354,320 $ 1,241,163 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable, accrued expenses and other current liabilities $ 53,416 $ 52,737 Accrued compensation and benefits 32,629 36,872 Operating lease liabilities 25,590 26,812 Deferred revenue 475,469 562,859 Total current liabilities 587,104 679,280 Debt, net, non-current 651,675 370,822 Operating lease liabilities, non-current 75,992 94,165 Other liabilities, non-current 25,754 35,863 Total liabilities 1,340,525 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 October 31 and January 31, 2024 493,677 492,095 Stockholders' deficit: Class A common stock, par value $ 0.0001 per share; 1,000,000 shares authorized; 143,949 shares and 144,353 shares issued and outstanding as of October 31 and January 31, 2024, respectively 14 14 Additional paid-in capital 686,216 785,374 Accumulated other comprehensive loss ( 9,959 ) ( 9,686 ) Accumulated deficit ( 1,156,153 ) ( 1,206,764 ) Total stockholders' deficit ( 479,882 ) ( 431,0

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View this 10-Q filing on SEC EDGAR