![]() ![]() We also saw increased adoption of some of our newer products, Dropbox Backup and Capture, and we announced the pricing and packaging update for standard and advanced plans in June, delivering more value to our team's customers around security and data protection. ![]() We saw continued growth in our professional and teams plans and strong performance in our managed sales business. ![]() I'm really pleased with the resilience of our business and our execution in Q2, especially against the challenging macroeconomic backdrop. And I'll first share our business and product highlights from the quarter, and then Tim will review our Q2 financial results, provide guidance for the third quarter and update our outlook for the remainder of the year. Joining me today is Tim Regan, our chief financial officer. Thanks, Karen, and good afternoon, everyone. A reconciliation of GAAP and non-GAAP results is provided in our earnings release and on our website at. We will also discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. Factors and risks that could cause our actual results to differ materially from these forward-looking statements are set forth in today's earnings release and in our quarterly report on Form 10-Q filed with the SEC. They are also based on assumptions as of today, and we undertake no obligation to update them as a result of new information or future events. These statements are subject to risks and uncertainties that could cause actual results to differ materially. Before we get started, I'd like to remind you that our remarks today will include forward-looking statements, such as our financial guidance and expectations, including our long-term objectives and forecasts for our third quarter and fiscal year 2022 regarding our revenue growth, profitability, operating margin, and free cash flow as well as our expectations regarding our business, assets, products, strategies, technology, employees, users, demand and markets. Good afternoon, and welcome to Dropbox's second quarter 2022 earnings call. Investing activities Net cash used.Thank you. Read moreĪdditionally, sales and marketing expenses. General and administrative General and administrative expense decreased $3.2 million or 1% during the year ended December 31, 2021, as compared to the year ended December 31, 2020, primarily due to decreases of $16.4 million in allocated overhead, which includes facilities-related costs for our corporate headquarters, $2.3 million in non-income-based taxes and $1.7 million in legal fees. These costs, which we refer to as infrastructure costs, include depreciation of our servers located in co-location facilities that we lease and operate, rent and facilities expense for those datacenters, network and bandwidth costs, support and maintenance costs for our infrastructure equipment, and payments to third-party datacenter service providers. The following table sets forth our results of operations for each of the periods presented as a percentage of revenue: Year ended Decem2020 As a percentage of revenue Revenue 100 100 Cost of revenue 21 22 Gross profit 79 78 Operating expenses: Research and development 35 38 Sales and marketing 20 22 General and administrative 10 12 Impairment related to real estate assets 21 Total operating expenses 68 93 Income (loss) from operations 13 (14) Interest income, net Other income, net Income (loss) before income taxes 14 (13) Benefit from (provision for) income taxes Net income (loss) 16 (13) Comparison of the year ended Decemand 2020 Revenue Revenue increased $244.0 million or 13% during the year ended December 31, 2021, as compared to the year ended December 31, 2020. The increase in revenue was driven primarily by an increase in paying users, an increased mix of sales towards our higher-priced subscription plans and favorable foreign exchange rates across multiple currencies. Sales commissions earned by our outbound sales team and the related payroll taxes, as well as commissions earned by third-party resellers that we consider to be incremental and recoverable costs of obtaining a contract with a customer, are deferred and are typically amortized over an estimated period of benefit of five years. Other Inside Dropbox, Inc.'s 10-K Annual Report: ![]()
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