12/28/2022 0 Comments Dropvox earnings report![]() ![]() Before jumping into the quarter, I'd like to quickly reflect on 2020 as we approach the end of the year. #Dropvox earnings report updateI'll start by walking through some of the key elements of the third quarter, and then Tim will share the details of our financial performance and update our outlook for the remainder of the year. I'm excited to have Tim in this critical role and to have him join me today. Joining me today is Tim Regan, our longtime chief accounting officer and newly appointed chief financial officer. Good afternoon, everyone, and welcome to our Q3 2020 earnings call. These non-GAAP measures should be considered in addition to, and not as a substitute for, or in isolation from, our GAAP results. Our discussion today will include non-GAAP financial measures. ![]() All forward-looking statements that we make on this call are based on assumptions and beliefs as of today, and we undertake no obligation to update them, except as required by law. You should not rely on our forward-looking statements as predictions of future events. ![]() These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call, in particular, those described in our risk factors, included in our Form 10-Q for the quarter ended June 30, 2020, and the risk factors that will be included in our Form 10-Q for the quarter ended September 30, 2020. #Dropvox earnings report freeStatements on this call include forward-looking statements, including our expectations regarding anticipated benefits to our business and the impact to our financial results and business operations, including estimated impairment charges and subleasing income as a result of our shift to a Virtual First work model our expectations regarding remote work trends, related market opportunities and our ability to capitalize on those opportunities operational efficiencies we may achieve as a result of changes to our organizational structure expected performance of our business our capital allocation plans, including expected timing and volume of share repurchases future M&A opportunities and other investments future financial results, including our goals and expectations regarding future revenue growth, profitability and our ability to generate and sustain positive free cash flow our ability to extend our platform by developing and offering new products or features and through strategic partnerships our strategy, as well as the ability of our key employees to execute our strategy and overall future prospects. Today, Dropbox will discuss the quarterly financial results that were distributed earlier. ![]() Don't expect detailed numbers as the company is not required to disclose specific metrics for Spaces, but it is something investors should follow closely to see whether Dropbox is adapting to a world with more distributed workforces.Thank you, and good afternoon, and welcome to Dropbox's third-quarter 2020 earnings call. Released last November with the goal of providing users a virtual workspace in a work from home environment, Spaces is Dropbox's key catalyst to win customers in a post-COVID world. The most important update is the progress of Dropbox Spaces 2.0. While the company is not required to disclose usage, it would be great if investors got an update on HelloSign, which would indicate whether the acquisition was worthwhile for Dropbox to make. One is HelloSign, a digital signature company it acquired in 2019 for $230 million. Over the last few years, Dropbox has integrated new products onto its platform. Last quarter, Dropbox's trailing twelve-month free cash flow was around $500 million. Dropbox expects full-year 2020 free cash flow to be in the range of $480 million to $490 million, so the company will have to continue working over the next four years if it is to hit its 2024 free cash flow guidance. Management even has a long-term goal of hitting $1 billion in annual free cash flow by the fiscal year 2024 four years from now. Free cash flow, which is cash generated from business operations minus capital investments, is Dropbox's preferred metric for measuring profitability. ![]()
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