Posted on Friday, Oct 9th 2020
Dropbox (Nasdaq: DBX) recently announced its second quarter results that continued to outpace market expectations. But the company recently announced the exit of its CFO Ajay Vashee who has been with the company for more than eight years. The market was not impressed by the departure and the stock fell 7% in the after-hours trading session.
Revenues for the second quarter grew 16% to $467.4 million, ahead of the market’s forecast of $466 million. Net income was $17.5 million compared with a net loss of $21.4 million a year ago. On an adjusted basis, EPS was $0.22 per share compared with the market’s expectations of $0.17.
Among operating metrics, ARR grew 17% to $1.931 billion. Paying users grew from 13.6 million a year ago to 15 million and average revenue per paying user increased from $120.48 to $126.88.
For the third quarter, Dropbox forecast revenues of $481-$484 million with non-GAAP operating margin of 17.5%-18%. It expects to end the year with revenues of $1.89-$1.9 billion.
Dropbox’s Product Expansion
During the quarter, Dropbox released several new products that featured improved security. It launched Dropbox Passwords that allows users to store login credentials and sync them across all of their devices with zero-knowledge encryption. Dropbox Passwords ensures that documents and data are securely protected and can be accessed only by the users.
Additionally, it released Vault, a secure folder with an extra layer of security, that can only be accessed with a PIN code. Vault is focused on allowing users to protect their most important personal files like insurance cards and personal financial information. Users can also designate access to friends or family members they trust to access the Vault in the event of emergency. It also released a computer backup capability, which allows folders to back up onto PCs or Macs directly into their Dropbox.
Dropbox has also begun integrating HelloSign into its offerings. HelloSign has been embedded into Dropbox product surfaces so that when users open a file, it quickly identifies the sections that need to be signed, and sends the file out for e-signature. Once the recipient signs the file, the document is automatically saved into the appropriate Dropbox folder. HelloSign has now become the primary e-signature tool for all Dropbox users. Dropbox launched HelloSign in 21 additional languages as it works to bring the e-signature functionality to the global scale. Dropbox
had acquired HelloSign last year for an estimated $230 million.
Finally, it also launched the Dropbox App Center, a place where its users can discover, learn about, and connect the app to their Dropbox account, creating more engaging, higher value, and retentive experience within the platform. The tool is a simpler way to allow customers to link tools like Canva, Smartsheet and Google to their Dropbox accounts.
Dropbox’s PaaS Strategy: Platform or API
offers SDKs for several popular programming languages along with several pre-built components to allow developers to build applications on its platform. They can leverage APIs to build custom solutions as well. Dropbox’s PaaS Strategy: Developer Community
Dropbox has partnered with several technology players for services ranging from project management to IT security. Developers can build integrations to help organizations connect their teams with Dropbox. Of late, it has enhanced its integrations with services such as Zoom, Atlassian and Slack for content-based collaboration.
Dropbox’s PaaS Strategy: Marketplace and Metrics
Dropbox does not yet have a marketplace of products from developers. It could be the next step of its PaaS strategy. Meanwhile, it would help if it
opens up about its API usage statistics to help investors understand their platform strategy better.
Its stock is trading at $19.28 with a market capitalization of $8.1 billion. It had climbed to a year high of $24.14 in June. It had fallen to a year low of $14.55 in December last year.
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