Box, Inc. (NYSE:BOX) Q3 2020 Earnings Conference Call - Final Transcript
Nov 26, 2019 • 05:00 pm ET
top hospitals in the US purchased Box Shield in Q3 to monitor all sensitive content in Box including PHI data as it moves across their organization. And a global professional services firm that handle highly sensitive client information purchased Shield to make its business units more productive while adding a layer of security and control. Next, we unveiled new features in Box Relay, including the ability to add custom metadata values to workflows, download activity history, and approve and reject to complete a task on from any mobile device. These new features enable enterprises to better streamline routine collaborative business processes in Box.
And finally, our third major focus area is building upon our open platform and deep integrations with third-party applications. The future of work relies on being able to seamlessly connect applications and data together from disparate platforms. And we're building the most open and interoperable cloud content platform in the world. This is why we were excited at BoxWorks to share that we've made significant product and integration updates with Microsoft Teams and Slack, given the growing popularity of both of these platforms for real-time communication and work, we want to ensure that customers can get access to their mission critical content from anywhere, especially these applications.
These are integrations along with enhanced partnerships with Adobe, Splunk, and IBM. We'll provide an enhanced and more tightly integrated experience for our customers to ensure seamless and secure collaboration across their entire IT stack. Overall, our full cloud content management product suite is gaining more and more traction in the market, and we've made it incredibly easy for our customers to adopt these products via our multi-product suites. We are seeing an enthusiastic response from our sales teams and customer base. And we're confident that selling suites will be one of the primary ways we go to market in the future.
Finally, as a result of our continued product innovation, Box has been recognized by independent industry analyst firms as an undisputed leader in cloud content management. Most recently, Gartner and IDC named Box as a leader in their evaluation of our execution and vision. We are consistently recognized for our unique position to help our customers transform how they run their businesses in the cloud.
Before I conclude, I wanted to take a moment to build on our new financial framework that we laid out at our Investor Breakout Session at BoxWorks. As we shared in October, we are focused on driving a balance of long-term growth and improved profitability as measured by the combination of revenue growth plus free cash flow margin. On this combined metric, we expect to deliver a significant increase in FY '21 to at least 25% and eventually reaching at least 35% in FY '23. To drive efficient and consistent revenue growth going forward, we are focused on our multi-product strategy and driving substantially more repeatability in our sales motion.
We have an incredibly large market opportunity within our existing customer base alone.