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Dropbox shares rose more than 9 percent on Thursday after the maker of collaboration software reported better-than-expected third-quarter earnings. The Fiscal Results reported that third-quarter revenue of $360.3 million. Based on non- GAAP, the Company made a net profit of $45 million, up from $23.5 million a year earlier.

Dropbox Announces Third Quarter Fiscal 2018 Results

Dropbox, which has more than 500 million registered users, had 12.3 million paying users in the third quarter, just above the 12.2 million estimated by StreetAccount.

“We’re not going to run out of people who need Dropbox anytime soon and we have hundreds of millions of people who have used Dropbox. So we’re operating at massive scale, Dropbox CEO Drew Houston told reporter on Thursday.
Here are the key numbers:

Earnings: 11 cents per share, excluding certain items, vs. 6 cents per share as expected by analysts, according to Refinitiv.
Revenue: $360.3 million, vs. $352.7 million as expected by analysts, according to Refinitiv.

Third Quarter Fiscal 2018 Results

• Total revenue was $360.3 million, an increase of 26% from the same period last year.
• Paying users totaled 12.3 million, as compared to 10.4 million for the same period last year. Average revenue per paying user was $118.60, as compared to $112.05 for the same period last year.
• GAAP gross margin was 75.0%, as compared to 68.1% in the same period last year. Non-GAAP gross margin was 75.9%, as compared to 69.1% in the same period last year.
• GAAP operating margin was (2.5%), as compared to (5.7%) in the same period last year. Non-GAAP operating margin was 12.8%, as compared to 8.2% in the same period last year.
• GAAP net loss was ($5.8) million, as compared to ($14.1) million in the same period last year. Non-GAAP net income was $45.0 million, as compared to $23.5 million in the same period last year.
• Net cash provided by operating activities was $128.0 million, as compared to $111.5 million in the same period last year. Free cash flow was $120.0 million, as compared to $108.3 million in the same period last year.
• GAAP basic and diluted net loss per share was ($0.01), as compared to ($0.07) in the same period last year. Non-GAAP diluted net income per share was $0.11, as compared to $0.07 in the same period last year.(1)
• Cash, cash equivalents and short-term investments were $1,039.1 million at the end of the third quarter of 2018.

(1) Non-GAAP diluted net income per share is calculated based upon 420.0 million and 350.4 million diluted weighted-average shares of common stock for the three months ended September 30, 2018 and 2017, respectively.

Financial Outlook

Dropbox will provide forward-looking guidance in connection with this quarterly earnings announcement on our conference call, webcast, and on our investor relations website at investors.dropbox.com.

See more in Dropbox Fiscal 2018 Third Quarter Results Announcement

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