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The Ox

From: Glenn Petersen	2/23/2018 3:58:56 PM
	1 Recommendation of 1685

Dropbox files to go public with over $1.1 billion in annual revenue Cloud storage company Dropbox filed to raise $500 million in a public offering on Friday. Revenue was $1.11 billion in 2017, up 31 percent from the prior year. Net loss was $111.7 million in 2017 Anita Balakrishnan \| @MsABalakrishnan Published 26 Mins Ago Updated 1 Min Ago CNBC.com David Paul Morris \| Bloomberg \| Getty Images Dropbox CEO and co-founder Drew Houston --------------------------------------------------------------------- Cloud storage company Dropbox filed to raise $500 million in a public offering on Friday, giving investors a first look at the books of a coveted unicorn start-up that was previously valued at $10 billion. Here's what the filing said: Revenue: $1.11 billion in 2017, up 31 percent from the prior year Net loss: $111.7 million in 2017, narrower than 2016's loss of $210.2 million Average revenue per paid user: $111.91, up from 2016 but down from 2015 500 million registered users, 100 million signed up since the beginning of 2017 Dropbox will list on the Nasdaq under the ticker "DBX." Dropbox's plans to go public were unsealed by the SEC on Friday, after previously filing the documents confidentially. Dropbox's expenses have been driven by a swelling R&D budget, but the company became free-cash-flow positive in 2016. Unlike many cloud companies that rely on enterprise sales teams, over 90 percent of DropBox's revenue comes from users purchasing their own subscription, the company said. Still, the loss-making company has about $1.7 billion in contractual obligations, like leases, outstanding. Proceeds from the IPO will be used to fund an expansion plan of upgrading more users to subscriptions and expanding integration with third-party software. Shares of Box, a rival service, rose 2.7 percent after the release of Dropbox's prospectus. Dropbox is a 5-time CNBC Disruptor 50 company. The full Dropbox IPO document is here. https://www.cnbc.com/2018/02/23/dropbox-ipo-form-s-1-prospectus-filing-full-text.html

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