Box, Inc. (NYSE:BOX) Q1 2018 Earnings Conference Call - Preliminary Transcript

May 31, 2017 • 05:00 pm ET


Box, Inc. (NYSE:BOX) Q1 2018 Earnings Conference Call - Preliminary Transcript


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Good afternoon. My name is Mike and I will be your conference operator today. At this time, I would like to welcome everyone to the Box Inc. first quarter fiscal 2018 conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. I will now turn the call over to Stephanie Wakefield, Vice President of Investor Relations. You may begin your conference

Stephanie Wakefield

Good afternoon and welcome to Box's first quarter fiscal year 2018 earnings conference call. On the call today, we have Aaron Levie, our CEO and Dylan Smith, our CFO. Following our prepared remarks, we will take questions.

Today's call is being webcast and also be available for replay on our Investor Relations website at Our webcast will be audio only. However, supplemental slides are now available for download from our website. We will also post the highlights of today's call on Twitter at the handle @Boxincir.

On this call, we will be making forward-looking statements, including our Q2 and fiscal year 2018 financial guidance, market adoption for our products, our market size, our operating leverage, our expectations regarding achieving and maintaining positive free cash flow and future profitability, our planned investments and growth strategies, our ability to achieve our long-term revenue and other operating model targets and expected benefits from our new products and partnerships. These statements reflect our best judgment based on factors currently known to us and actual events or results may differ materially.

Please refer to the press release and the risk factors in the documents we file with the SEC, including our most recent Annual Report on Form 10-K for information on risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are being made as of today, May 31, 2017 and we disclaim any obligation to update or revise these statements should they change or cease to be up-to-date.

In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for or in isolation from, our GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results, in our earnings press release and in the related PowerPoint presentation, which can be found on the Investor Relations page of our website. Unless otherwise indicated, all reference to financial measures are on a non-GAAP basis.

With that, let me hand it over to Aaron.

Aaron Levie

Thanks Stephanie and thanks everyone for joining the call. The first quarter was a strong start to our fiscal 2018. We delivered year-over-year revenue growth of 30%, grew billings 31% and generated positive free cash flow. These results demonstrate the significant need for cloud content management in all industries and the inherent leverage in our business model. We also continued our streak of exceeding our guidance since we have gone public and feel confident that the improvements we made in the business over