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Dropbox (DBX)

Dropbox is one place to keep life organized and keep work moving. With more than 700 million registered users across 180 countries, the Company is on a mission to design a more enlightened way of working. Dropbox is headquartered in San Francisco, CA.

Company profile

Ticker
DBX
Exchange
Website
CEO
Andrew Houston
Employees
Incorporated
Location
Fiscal year end
Former names
Evenflow, Inc.
SEC CIK
Subsidiaries
Dropbox Canada Limited • Dropbox Holding, LLC • Hypertools, Inc. • Orcinus Holdings, LLC • CloudOn, Inc. • CloudOn, Ltd. • DocSend, Inc. • Dropbox Australia Pty Ltd. • Dropbox Germany GmbH • Dropbox International Unlimited Company ...

DBX stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 352.1M 352.1M 352.1M 352.1M 352.1M 352.1M
Cash burn (monthly) 31.13M 44.43M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 91.96M 131.25M n/a n/a n/a n/a
Cash remaining 260.14M 220.85M n/a n/a n/a n/a
Runway (months of cash) 8.4 5.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
23 Sep 22 Timothy H. Young Class A Common Stock Sell Dispose S No Yes 20.0625 15,000 300.94K 1,554,623
12 Sep 22 Regan Timothy Class A Common Stock Sell Dispose S No Yes 22.87 5,000 114.35K 503,787
12 Sep 22 Bart Volkmer Class A Common Stock Sell Dispose S No Yes 23.029 11,000 253.32K 293,618
24 Aug 22 Timothy H. Young Class A Common Stock Sell Dispose S No Yes 22.696 15,000 340.44K 1,569,623
16 Aug 22 Bart Volkmer Class A Common Stock Sell Dispose S No Yes 24.2604 11,270 273.41K 304,618
15 Aug 22 Bart Volkmer Class A Common Stock Payment of exercise Dispose F No No 24.84 15,255 378.93K 315,888
13F holders Current Prev Q Change
Total holders 428 469 -8.7%
Opened positions 41 69 -40.6%
Closed positions 82 60 +36.7%
Increased positions 143 156 -8.3%
Reduced positions 171 159 +7.5%
13F shares Current Prev Q Change
Total value 7.04B 7.44B -5.4%
Total shares 239.56M 241.65M -0.9%
Total puts 3.49M 3.29M +5.9%
Total calls 2.36M 3.76M -37.2%
Total put/call ratio 1.5 0.9 +68.6%
Largest owners Shares Value Change
Vanguard 30.89M $648.41M -0.6%
BLK Blackrock 19.14M $401.84M -6.3%
AMP Ameriprise Financial 16.2M $339.95M +5.8%
Accel X 14.46M $295.45M 0.0%
Pictet Asset Management 10.77M $226.01M +0.6%
Renaissance Technologies 9.58M $201.09M +16.7%
Baupost 7.82M $164.14M -26.0%
STT State Street 5.95M $124.98M -11.8%
Citadel Advisors 4.62M $96.99M +1428.5%
Thrivent Financial For Lutherans 4.5M $94.35M +32.4%
Largest transactions Shares Bought/sold Change
Citadel Advisors 4.62M +4.32M +1428.5%
Baupost 7.82M -2.75M -26.0%
MS Morgan Stanley 3.05M +2M +190.6%
Renaissance Technologies 9.58M +1.37M +16.7%
First Trust Advisors 3.7M -1.31M -26.2%
BLK Blackrock 19.14M -1.28M -6.3%
Panagora Asset Management 1.72M +1.25M +265.0%
Skandinaviska Enskilda Banken AB 951.55K -1.24M -56.5%
Two Sigma Investments 699.28K -1.16M -62.3%
Thrivent Financial For Lutherans 4.5M +1.1M +32.4%

Financial report summary

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Risks
  • Our business depends on our ability to retain and upgrade paying users, and any decline in renewals or upgrades could adversely affect our future results of operations.
  • Our future growth could be harmed if we fail to attract new users or convert registered users to paying users.
  • Our business could be damaged, and we could be subject to liability, if there is any unauthorized access to our data or our users’ content, including through privacy and data security breaches or incidents.
  • We have a limited history of operating with a Virtual First workforce and the long-term impact on our financial results and business operations are uncertain.
  • We operate in competitive markets, and we must continue to compete effectively.
  • Our business depends upon the interoperability of our platform across devices, operating systems, and third-party applications that we do not control.
  • Our business could be harmed by any significant disruption of service on our platform or loss of content.
  • We generate revenue from sales of subscriptions to our platform, and any decline in demand for our platform or for content collaboration solutions in general could negatively impact our business.
  • Failure to respond to rapid technological changes, extend our platform, or develop new features or products may harm our ability to compete effectively which would adversely affect our business.
  • The full extent of the impacts of the COVID-19 pandemic on our business is currently unknown, but it may adversely affect our financial results as well as our business operations.
  • We may not successfully manage our growth or successfully execute our plan for future growth.
  • We depend on our key personnel and other highly qualified personnel, and if we fail to attract, integrate, and retain our personnel, and maintain our unique corporate culture, our business could be harmed.
  • Our lack of a significant outbound sales force may limit the potential growth of our business.
  • We may expand sales to large organizations, which could lengthen sales cycles and result in greater deployment challenges.
  • Any failure to offer high-quality customer support may harm our relationships with our users and our financial results.
  • Our business depends on a strong brand, and if we are unable to maintain and enhance our brand, our ability to expand our base of users will be impaired and our business, results of operations, and financial condition will be harmed.
  • We are continuing to expand our operations outside the United States, where we may be subject to increased business and economic risks that could impact our results of operations.
  • We depend on our infrastructure and third-party datacenters, and any disruption in the operation of these facilities or failure to renew the services could adversely affect our business.
  • We have relationships with third parties to provide, develop, and create applications that integrate with our platform, and our business could be harmed if we are unable to continue these relationships.
  • Our use of open source software could negatively affect our ability to offer and sell subscriptions to our platform and subject us to possible litigation.
  • Our ability to sell subscriptions to our platform could be harmed by real or perceived material defects or errors in our platform.
  • We have acquired, and may in the future acquire, other businesses, and we may also receive offers to be acquired, any of which could require significant management attention, disrupt our business, or dilute stockholder value.
  • Our business may be significantly impacted by a change in general economic, political, and market conditions, including any resulting effect on consumer or business spending.
  • Our current and future indebtedness may limit our operating flexibility or otherwise affect our business.
  • Our operations may be interrupted and our business, results of operations, and financial condition could be adversely affected if we default on our leasing or credit obligations.
  • Our revenue growth rate has declined in recent periods and may continue to slow in the future.
  • We have a history of net losses, we may increase expenses in the future, and we may not be able to achieve or maintain profitability.
  • Servicing our 2026 Notes and 2028 Notes may require a significant amount of cash, and we may not have sufficient cash flow or the ability to raise the funds necessary to satisfy our obligations under the 2026 Notes or 2028 Notes.
  • Our quarterly results may fluctuate significantly and may not fully reflect the underlying performance of our business.
  • Our results of operations may not immediately reflect downturns or upturns in sales because we recognize revenue from our users over the term of their subscriptions with us.
  • Our results of operations, which are reported in U.S. dollars, could be adversely affected if currency exchange rates fluctuate substantially in the future.
  • We are subject to counterparty risk with respect to the convertible note hedge transactions.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • Our operating results may be harmed if we are required to collect sales or other related taxes for our subscription services in jurisdictions where we have not historically done so.
  • Our results of operations and financial condition could be materially affected by the enactment of legislation implementing changes in the U.S. or foreign taxation of international business activities or the adoption of other tax reform policies.
  • We have publicly disclosed market opportunity estimates, growth forecasts, and key metrics, including the key metrics included in this Quarterly Report on Form 10-Q which could prove to be inaccurate, and any real or perceived inaccuracies may harm our reputation and negatively affect our business.
  • We are subject to a variety of U.S. and international laws that could subject us to claims, increase the cost of operations, or otherwise harm our business due to changes in the laws, changes in the interpretations of the laws, greater enforcement of the laws, or investigations into compliance with the laws.
  • We are subject to export and import control laws and regulations that could impair our ability to compete in international markets or subject us to liability if we violate such laws and regulations.
  • Our actual or perceived failure to comply with privacy, data protection, and information security laws, regulations, and obligations could harm our business.
  • Our business could be adversely impacted by changes in internet access for our users or laws specifically governing the internet.
  • We are currently, and may be in the future, party to intellectual property rights claims and other litigation matters and, if resolved adversely, they could have a significant impact on our business, results of operations, or financial condition.
  • Our failure to protect our intellectual property rights and proprietary information could diminish our brand and other intangible assets.
  • The trading price of our Class A common stock may be volatile, and you could lose all or part of your investment.
  • The multi-class structure of our common stock has the effect of concentrating voting control with those stockholders who held our capital stock prior to the completion of our IPO, and it may depress the trading price of our Class A common stock.
  • Substantial future sales could depress the market price of our Class A common stock.
  • Transactions relating to our 2026 Notes and 2028 Notes may dilute the ownership interest of stockholders, or may otherwise depress the price of our common stock.
  • Delaware law and provisions in our restated certificate of incorporation and restated bylaws could make a merger, tender offer, or proxy contest difficult, thereby depressing the market price of our Class A common stock.
  • Our amended and restated bylaws designate a state or federal court located within the State of Delaware as the exclusive forum for substantially all disputes between us and our stockholders, and also provide that the federal district courts will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act, each of which could limit our stockholders’ ability to choose the judicial forum for disputes with us or our directors, officers, or employees.
  • We cannot guarantee that our stock repurchase program will be fully implemented or that it will enhance long-term stockholder value.
  • We do not intend to pay dividends for the foreseeable future.
  • Our business could be disrupted by catastrophic events.
  • We may have exposure to greater than anticipated tax liabilities, which could adversely impact our results of operations.
  • If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
  • Our reported results of operations may be adversely affected by changes in accounting principles generally accepted in the United States.
  • We may need additional capital, and we cannot be certain that additional financing will be available on favorable terms, or at all.
  • Our Class A common stock market price and trading volume could decline if securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business.
Management Discussion
  • (2) Includes impairment charges related to real estate assets as a result of our decision to shift to a Virtual First work model. See Note 9 "Leases" for further information.
  • *Percentages may not foot due to rounding.
  • Revenue increased $42.1 million or 7.9% during the three months ended June 30, 2022, as compared to the three months ended June 30, 2021. The increase in revenue was driven primarily by an increase in paying users and an increased mix of sales towards our higher-priced subscription plans offset by the impact of unfavorable foreign exchange rates across multiple currencies.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Good
New words: affirmed, Cooperation, foot, macroeconomic, petitioned, plaintiff, rounding, Supreme
Removed: award, aware, center, disposal, establishment, FDII, GILTI, Inclusive, marked, member, momentum, project, regime, situation, test, update