Box, Inc. (NYSE:BOX) Q3 2020 Earnings Conference Call - Final Transcript

Nov 26, 2019 • 05:00 pm ET

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Box, Inc. (NYSE:BOX) Q3 2020 Earnings Conference Call - Final Transcript

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Executive
Aaron Levie

achieved revenue of $177.2 million, up 14% year-over-year. Non-GAAP EPS improved to negative $0.01 versus negative $0.06 a year ago, and we delivered wins and expansions with thousands of customers, including the NHL, Los Angeles World Airports, DC Office of the Attorney General, Epic Games and impossible Foods.

This past quarter, we closed three deals worth more than $1 million in line with Q3 last year, seven deals over $500,000 versus 11 a year ago, and 64 deals greater than $100,000 versus 57 a year ago. While our six figure metric was impacted by slower than expected growth in EMEA, we are continuing to see progress in selling the full power of cloud content management to our customers broadly. As we laid out at our Investor Day in October, we're focused on driving a higher volume of deals with our existing customers, as such a key metric that we look at internally are the number of customers with total account value over $100,000, which has now surpassed 1,000 customers, up nearly 20% year-over-year.

Further, in this past quarter, more than 80% of our $100,000 plus deals included at least one add-on product, showing continued momentum of customers leveraging Box's advanced capabilities. A few examples of long time customers expanding their usage of Box to the full product platform and purchasing add-on products through our bundled offering Box Suites include, a six figure deal with a Fortune 500 insurance and financial services company where Box will replace a legacy ECM technology as part of the company's claims and collaboration project.

Box will integrate with its field adjusted mobile app and claims center working to improve capabilities for viewing, searching, and retrieving important content. A six figure suites expansion with an energy company that will now bring more regulated content in the Box, and they will start implementing additional use cases with Box Relay, Keysafe and Shield. Their use of Relay specifically will allow them to retire instances of SharePoint and other legacy ECM systems.

And finally, we got a six figure suites deal with a financial services organization that expanded their deployment of Box by adding Box Relay platform and Shield to address new use cases with the goal of retiring Documentum. We are building the category-defining cloud content management platform and in Q3 at BoxWorks, we announced several major updates that deliver on our three product differentiators. Frictionless security and compliance, collaboration and workflow, and best of breed integrations.

Starting with Box Shield, we showcased our breakthrough security products to help enterprises prevent accidental data leaks through intelligent classification policies and threat detection for content in Box. Unlike traditional data loss prevention tools Box Shield is natively integrated into the flow of work that happens on Box, delivering an unparalleled user experience and greater level of security controls. While we only really Shield at the end of last month, we are already seeing more early sales traction than any other add-on product in Box's history.

For example, one of the