reports
- William Fitzsimmons
Our Long-Term Thesis Is Unaffected by Dropbox’s 1Q Results; Shares S...
No-moat Dropbox reported its first quarter as a publicly traded company and we maintain our $14 per share fair value estimate, as we believe the reported numbers support our thesis that both growth and margin expansion are going to be fall short of longer-term market expectations. For the quarter, Dropbox posted revenue of $316 million, demonstrating 27.6% year-over-year topline growth. The firm reported a $465 million loss, largely due to one-time stock-based compensation expenses. Dropbox adde...
Dropbox Announces Fiscal 2018 First Quarter Results
SAN FRANCISCO--(BUSINESS WIRE)-- Dropbox, Inc. (NASDAQ: DBX), a leading global collaboration platform, today announced financial results for its first fiscal quarter ended March 31, 2018. “2018 has already been a banner year for Dropbox, and we're proud of our strong first quarter as a public company,” said Dropbox Co-Founder and Chief Executive Officer Drew Houston. “Growth in paying users and increased adoption of premium plans helped drive first quarter revenue of $316 million, up 28% year-over-year. We continued to add va...
Dropbox to Announce First Quarter 2018 Earnings Results
SAN FRANCISCO--(BUSINESS WIRE)-- Dropbox (NASDAQ: DBX) announced today that it will report financial results for the first quarter ended March 31, 2018 after market close on Thursday, May 10, 2018. The company will also hold a conference call on the same day at 2:00 PM Pacific Time (5:00 PM Eastern Time) to discuss its financial results with the investment community. The conference call can be accessed by dialing (877) 300-7844 from the United States or (786) 815-8440 internationally with reference to the company name and con...
Dropbox Announces Full Exercise of Underwriters’ Option to Purchase ...
SAN FRANCISCO--(BUSINESS WIRE)-- Dropbox (NASDAQ: DBX) today announced that the underwriters of its initial public offering exercised in full their option to purchase an additional 5,400,000 shares of Class A common stock at the initial public offering price of $21.00 per share, less underwriting discounts. A total of 46,161,905 shares of common stock have now been sold in connection with the offering, including 26,822,409 shares by Dropbox and 9,177,591 shares by selling stockholders in the initial public offering that closed on Marc...
- William Fitzsimmons
Initiating Coverage of Dropbox With a $14 FVE and No-Moat Rating; Shar...
We are launching coverage of Dropbox with a no-moat Rating and $14 per share fair value estimate. We believe the reported IPO price of $21 fails to account for increased customer acquisition costs as it pursues enterprise customers, slowing growth, increased competition, and an undifferentiated offering. We see shares as overvalued and would caution investors to wait for a wider margin of safety. Dropbox's cloud storage, syncing, and collaboration services were revolutionary when the firm was fo...
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