In 2020, customers relied even more on Dropbox to get their work done as we saw elevated engagement across our products early in the year. When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. This margin guidance excludes approximately $15 million related to the severance and benefits paid to employees impacted by a reduction in force in Q1. OK. Sure. Everybody has a need to keep all their content organized. And what we realize is that there's enough room for a dedicated experience and one that where cloud content is a little bit more in the foreground instead of just files and it's a workspace for a project more than a folder full of content or files. We crossed $2 billion in ARR, and we meaningfully increased our profitability. A reconciliation of GAAP to non-GAAP results may be found in our earnings release, which was furnished with our Form 8-K filed today with the SEC and may also be found in the supplemental investor materials posted on our Investor Relations website at investors.dropbox.com. We, therefore, remain committed to our target model and our 2024 free cash flow goal of $1 billion. On a constant-currency basis, relative to the average rates across 2019, year-over-year growth would have been 16%. So again, we may see more variability in our net new paying users this year, where, overall, we continue to focus on our most efficient and profitable go-to-market strategies while investing in our existing and new products. In 2020, we also added $146 million to our finance lease lines for data center equipment. Sales and marketing expense was $100 million in Q4 or 20% of revenue, which decreased compared to 22% of revenue in the fourth quarter of 2019. ... At the top line, revenues have rebounded from a dip in 2Q20, gaining 8.5% to reach $2.17 billion by Q4. This is especially helpful to customers as they were forced to transition quickly to remote work and needed to securely migrate their traditional file storage solutions to the cloud. Yeah, yeah. Davidson. The stock exceeded the $21 price at which it sold shares in its initial public offering in 2018. I would now like to turn the call back over to Drew Houston for closing remarks. We crossed $2 billion in ARR, and we meaningfully increased our profitability. Capital expenditures were $14 million, yielding free cash flow of $187 million or 38% of revenue. And then I have a follow-up. Your line is now open. And throughout the course of the year, we remain focused on launching new features and products to help people organize their lives, both at home and at work. So I think HelloSign is a great example of where that's worked well. This also excludes the aforementioned severance benefits paid in Q1. 1000heads approached Dropbox as part of their strategy to secure and consolidate their data and empower their workforce in their creative and operational processes. And these types of competing dynamics between ARPU and paying users is indicative of why we do focus on ARR as our key metric. And as you pointed out, we have a number of levers to drive conversion. I'd now like to introduce our 2021 first-quarter and full-year guidance. So if you're -- storage is one hurdle, or you might start using it at home and then start using at work and then you join a team. I believe last time I looked in the K, 90% of revenue was through self-service channels. DBX Financial Model 47.6 KB. Here are the core principles of our investment thesis: doubling free cash flow to $1 billion annually by 2024, investing for continued revenue growth, driving annual improvements in operating margins targeting 28% to 30%, allocating capital to organic initiatives and acquisitions that align with our strategic and financial objectives, and returning capital to shareholders by allocating a significant portion of our annual free cash flow to share repurchases with the goal of reducing our share count. So what we're looking for with Spaces is to give teams one place for all their Google docs and Dropbox files and Airtable and everything else. The new Spaces experience is currently in private beta, but we're excited to roll it out more broadly to our users this year. Then I'll hand the call over to Tim, who will review financial results for the fourth quarter and full year, give guidance for Q1 and fiscal-year 2021, and share some thoughts on our long-term model. View All Events Events. On a revenue basis, our individual revenue mix grew in 2020 as a result of the Plus pricing initiative. Thanks. They turned to Dropbox to transform how they provide a secure cloud-based content storage solution for their on-site and field workers. Since our founding, millions of customers have trusted Dropbox to store and share their most important content. In addition to this formal guidance, I wanted to share some further thoughts on our expectations for 2021. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Overall, we will continue to focus on our strengths that allow us to engage in our most efficient go-to-market strategies while investing in our existing and new products. And then as teams expand, that's another lever, and the list goes on. I can tell you that, at a high level, net revenue retention now is in the low 90s, in line with historical levels, where pricing increase do drive some ebbs and flows. With this context, I'd like to talk through our fourth-quarter and full-year 2020 results, which demonstrate our continued progress against our long-term targets. Separately, as related to capital expenditures, we expect our additions to our finance leases to be approximately 6% of revenue, and we expect cash capex to be in the range of $25 million to $35 million in 2021. Before I turn to the P&L, I wanted to highlight some customer wins we had in the fourth quarter, where the team had success driving the adoption of new add-on products that we introduced in 2020. Net of repayments, our finance lease balance increased by $56 million. I see. So when you look at some of the things we launched last year, we've launched a portfolio of new features around, for example, helping individuals keep their content secure, so computer backup, Passwords, Vault, things like that. Our discussion today will include non-GAAP financial measures. Timothy's elevation to President will help us focus on our customers through closer collaboration and coordination between our engineering, design, product, and customer-facing teams. The context and information we all need is scattered across a variety of different files and tools and messaging apps, leaving it up to each of us to piece everything together. And while we don't formally guide to paying users, I did provide some additional commentary in my prepared remarks, where this year we may see some variability in our net new paying user additions, stemming from a few things: our strategy to minimize the pursuit of larger deals that may carry lower ASPs, higher acquisition costs and greater degrees of customization. Moving on to cash balance and cash flow. As we consider this and as part of the strategy behind our workforce reduction, we are prioritizing our land-and-expand and self-serve go-to-market motions, which are most efficient across our individual, small business, and mid-market customers. Are we just getting deeper into the base and that there's a segment that's just never going to pay for the service? They can also automatically map access rights and file structures to Dropbox, saving our customers time by reducing friction. As far as the competitive environment, one aspect of HelloSign that's really valuable to us is they have a similar customer base and similar go-to-market motion. DBX: Get the latest Dropbox stock price and detailed information including DBX news, historical charts and realtime prices. So all that said, Spaces is pretty early. Q4 2020 Dropbox Earnings Conference Call. Thank you, Drew. I believe we have the right plan in place to set us up for success, and now we're focused on executing against our strategy for 2021. ET. Everybody has a need to keep all their content organized. OK. We adapted quickly to the new environment ourselves, and we reoriented our product road map to address many of the new challenges and opportunities that distributed work presents. Yahoo. First, we're pleased to announce that we signed one of the largest energy providers in the United States as a Dropbox customer. Hundreds of millions of people already trust us to store and share their most important files. These steps resulted in strong growth in HelloSign's ARR, end-user paid seats, and more than a 70% increase in end-user signature requests. Feb 18, 2021, 5:00 p.m. Users can also grant emergency access to their Vault to trusted friends or family, so they can access the protected content when needed. Well, we're really excited about HelloSign. We expect these combined actions to continue improving our profitability and free cash flow. So thank you again for your remarks. Currency exchange rates assumed in this guidance account for an approximate 2 points of growth at the midpoint of guidance this year and are based on a combination of recent and historical average rates. As far as focus on businesses and teams, I mean, as we've shared, 80% of our subscribers are using Dropbox at work. And we'd started experimenting in this area with the new desktop app, so adding more collaborative features and shared folders and things like that. I would now like to turn the call over to Dropbox's co-founder and chief executive officer, Drew Houston. Thank you, and good afternoon, and welcome to Dropbox's fourth-quarter 2020 earnings call. This article is a transcript of this conference call produced for The Motley Fool. Dropbox, Inc. (NASDAQ:DBX) Q4 2020 Earnings Call Feb 18, 2021, 5:00 p.m. Jack Nichols -- KeyBanc Capital Markets -- Analyst. As part of moving to a Virtual First work model, we are taking steps to de-cost our real estate portfolio by subleasing our existing facilities. I wanted to start by going to a comment made during prepared remarks, Drew, which was about M&A as a potential opportunity. Turning to our operating expenses, I'd like to note that all expense categories benefited from lower facilities-related costs, driven by our employees working from home, as well as a reduction in depreciation as a result of the writedown in our real estate assets stemming from the impairment. We still plan to exhaust our previously authorized $600 million share repurchase program in the first quarter of 2021. It's very fragmented and distracting and overwhelming experience now. And to be able to organize their work around projects. For the first quarter of 2021, we expect revenue to be in the range of $504 million to $506 million. Can you talk about the expectation built in around the mix of personal versus business accounts? Analysts had expected earnings of 14 cents per share on revenue of $443 million. Thank you. With Passwords, our users can store passwords in one secure place, sync across devices, and access passwords from anywhere with zero-knowledge encryption. So while this past year meant changes to our product road map, leadership, and team structure, we believe we're set up for stability and execution in 2021. 18 Feb 2021 at 2:00 PM PST. Dropbox Q4 2020 Earnings Preview. Davidson. In 2021, we'll build on our early success with HelloSign to serve an increasingly distributed workforce. Sure. So I mean, we start with customer value, just building a great product experience, adding more. We believe these new features will drive better engagement and retention across our user base. Dropbox, which belongs to the Zacks Internet - Services industry, posted revenues of $504.10 million for the quarter ended December 2020, surpassing the Zacks Consensus Estimate by 1.20%. You guys gave, I believe, a value of 90% around the time of IPO and update of 95% at the analyst day in 2019, I believe. And then I have a follow-up. Dropbox Family lets up to six family members share as much as 2 terabytes of data in one plan with a single bill. Can you give us an update on what that is for the overall business, as well as for the customers that are on business plan? The improvement in our gross margin is primarily a result of unit cost efficiency gains with our infrastructure hardware. I was hoping to dig in a little bit more on the net revenue retention rate. Good afternoon, everyone, and welcome to our Q4 2020 earnings call. So did that have any positive impact if any? We also launched HelloSign in 21 additional languages to better address the globally e-signature market and to help cross-sell into our Dropbox user base. Is that due to an uptick in churn from one particular segment? And finally, in 2020, we expanded our add-on offerings with our new creative tools and data migration products. We expect non-GAAP operating margin to be in the range of 27.5% to 28%. Cash flow from operations for 2020 was $571 million. So we see it's pretty early innings, both for HelloSign, specifically in the category in particular, and there's a number of natural adjacencies around e-signature and just drop document workflow and better handling the document life cycle in general. So in addition to being able to store and share and access your content, being able to handle the e-signature workflows and more broadly document workflows, is a natural adjacency for us. We also launched HelloSign in 21 additional languages to better address the globally e-signature market and to help cross-sell into our Dropbox user base. Key highlights from Dick’s Sporting Goods (DKS) Q4 2020 earnings results Dick’s Sporting Goods, Inc. (NYSE: DKS) reported fourth-quarter 2020 earnings results today. They're driven by self-serve. As a reminder, our objective is to drive growth in ARR in profitable and efficient ways without over-indexing on specifically growing either paying users or ARPU. In addition to lower overhead, G&A benefited from nonrecurring releases of certain non-income tax reserves. The middle of the range, $453 million, is … Our next question comes from Brent Thill with Jefferies. I wanted to start by going to a comment made during prepared remarks, Drew, which was about M&A as a potential opportunity. And as a reminder, a few factors that do contribute to AN and RR include the migration of existing paying users to premium plans, the mix shift to teams, and team expansion, where we are focused on driving this metric in a positive direction. Rob Bradley -- Head of Investor Relations. And more specifically on the go-to-market motion, would these changes mean that you're less focused on teams users in the future? So there are time constants involved. SAN FRANCISCO--(BUSINESS WIRE)--Dropbox, Inc. (NASDAQ: DBX) announced today that it will report financial results for the third quarter ended September 30, 2020 … Moving on to cash balance and cash flow. OK. And then a question on Spaces. Returns as of 03/14/2021. Was there any benefit from the branding campaign? 2020 was a transformational year for Dropbox as the world abruptly shifted to working from home due to the pandemic. So there are a number of different levers that we -- and we optimize basically all of them. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call, in particular, those described in our risk factors included in our Form 10-Q for the quarter ended September 30, 2020, and the risk factors that will be included in our Form 10-K for the year ended December 31, 2020. Again, I'd look to our revenue guidance for our expectations. We will have more to share on it in the coming quarters. Dropbox, along with Paper and the Creative Tools Add-On, will be a critical part of 1000heads' creative workflows. Are we just getting deeper into the base and that there's a segment that's just never going to pay for the service? So will that be kind of a tailwind to net new paid users? So all that said, Spaces is pretty early. Turning to our operating expenses, I'd like to note that all expense categories benefited from lower facilities-related costs, driven by our employees working from home, as well as a reduction in depreciation as a result of the writedown in our real estate assets stemming from the impairment. The Creative Tools Add-On simplifies viewing, facilitates remote collaboration with frame-based commenting, and allows flexible workflow management, all while making transfers of large files simple and secure. I think you had previously given us some insight into trends with trials and conversion rates. Hi. Q3 2020 DBX Investor Presentation 5.9 MB. Sure. You should not rely on our forward-looking statements as predictions of future events. Before we continue with further discussion of our P&L, I would like to note that, unless otherwise indicated, all income statement measures mentioned are non-GAAP and excludes stock-based compensation, amortization of purchased intangibles, certain expenses related to the acquisition of HelloSign, and an impairment of our real estate assets. We’ll then work through Dropbox and Sprout Social. DBX earnings call for the period ending December 31, 2020. And it also often takes time for freezers to convert. And we see Dropbox -- and compared to smaller competitors, we see Dropbox's scale and HelloSign's scale as a big advantage as now is the time when a lot of folks are going to be making decisions about which solution they go with. ... is scheduled to report fourth-quarter 2020 results on Feb 18. Has that changed materially over the last year? Finally, we expect diluted weighted average shares outstanding to be in the range of 409 million to 414 million shares based on our trailing 30-day average share price. This margin guidance excludes approximately $15 million related to the severance and benefits paid to employees impacted by a reduction in force in Q1. I know you've made some smaller acquisitions in the past, mostly technological. Like what are the levers that you can pull to reaccelerate that free user conversion? And I think HelloSign is a great example of that. For the quarter, the company expects revenues between $442 million and $444 million. I remember you guys initiated it at the end of Q3. First is evolving our core product. Dropbox will reveal its outlook for 2020 in its conference call, which takes place at 5:00 p.m. Eastern Time. With Passwords, our users can store passwords in one secure place, sync across devices, and access passwords from anywhere with zero-knowledge encryption. We believe our opportunity is growing as the lines between home and work continue to blur, and there's increased demand for a more seamless collaboration experience. Like what are the levers that you can pull to reaccelerate that free user conversion? Sure. How do you envision that balance when we look across the multiyear framework? • The … View on seekingalpha.com Thank you. Finally, we expect 2021 diluted weighted average shares outstanding to be in the range of 402 million to 407 million shares. Rishi Jaluria -- D.A. View Webcast. I will now turn it over to Mr. And as you know, we've worked through the Plus pricing increase at this point. Or do you think there could be some periods where that ARPU growth is sort of crossing above the paid user growth at some point? While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Dropbox stock traded up about 20% on Friday, at $22.52 in a 52-week range of $16.08 to $26.20. So there is some -- we're basically -- there are a number of levers, and it can take some time for folks to convert, and we're optimizing for a balance of driving more engagement and growth of the user base with monetizing them as effectively and quickly as possible. And importantly, how do you think it will net out this year? In the fourth quarter, we incurred an impairment charge related to our real estate assets of $398 million. I can take this. M&A will continue to be an important lever for us as we add to our team and product portfolio while being disciplined in our approach. ET. Excluding headquarter spend, net of tenant improvement allowances for $26 million, and the payout of HelloSign deal consideration holdback of $28 million, free cash flow would have been $545 million or 28% of revenue. I want to begin with a reminder of our investment thesis and our financial North Star as this provides the context for what we focus on and where we are headed. This concludes the question-and-answer session. So it's really a refinement more than a major shift in strategy, incremental dollars going into the area of highest return. As a result, we may see more variability in our paying user additions in the future. It has much more to do with pricing where we've worked through that pricing increase, and now we're back to our historical levels absent pricing changes. I was hoping to dig in a little bit more on the net revenue retention rate. And I know you're trying to deemphasize too much scrutiny on that. Sales and marketing expense was $100 million in Q4 or 20% of revenue, which decreased compared to 22% of revenue in the fourth quarter of 2019. Creative Tools was the most exciting piece of the puzzle for 1000heads, as 90% of all their creative content is created in-house. So we think it's a huge opportunity for us. Is it that the triggers have become less effective? Dropbox, along with Paper and the Creative Tools Add-On, will be a critical part of 1000heads' creative workflows. Our next question comes from Jack Nichols with KeyBanc Capital Markets. Paying users increased to 14.3 million from 14 million in the previous quarter, with average revenue per user rising 1.5% to … And I think the pandemic really accelerated the adoption of e-signature as a category. Capital expenditures of $12 million during the quarter resulted in free cash flow of $158 million or 31% of revenue. For example, as the need for e-signature increased, we introduced a deeper integration with HelloSign, making it easier to sign documents without ever leaving Dropbox. And with the new data migration add-on, business customers can seamlessly migrate files and permissions from local storage or other cloud storage solutions onto Dropbox. Our next question comes from Rishi Jaluria with D.A. I believe last time I looked in the K, 90% of revenue was through self-service channels. Thank you. This reduction in our share count reflects our commitment to and the impact of our share repurchase program. Dropbox, Inc. (NASDAQ: DBX) Q4 2020 Earnings Conference Call February 18, 2021 5:00 PM ET. We, therefore, remain committed to our target model and our 2024 free cash flow goal of $1 billion. So I mean, we start with customer value, just building a great product experience, adding more. So if you're -- storage is one hurdle, or you might start using it at home and then start using at work and then you join a team. [Operator instructions] As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of Dropbox's website following this call. Dropbox shares rose as much as 16% in extended trading on Thursday after the company reported better-than-expected fourth-quarter results. I'll start our call today by recapping our accomplishments from 2020 and providing an overview of our priorities for 2021. Our next question comes from DJ Hynes with Canaccord. It's a self-serve viral go-to-market motion, which is really efficient and scalable. Q3 2020 Dropbox Earnings Conference Call. So it's really a refinement more than a major shift in strategy, incremental dollars going into the area of highest return. Well, Spaces is pretty early in its evolution. So I guess the question is there's still this huge free user base out there. The goal of the new Spaces app is to simplify and organize this experience, bringing projects and teams together in a single virtual workspace, where they can quickly kick off projects, find and add any kind of content and easily track progress. As far as focus on businesses and teams, I mean, as we've shared, 80% of our subscribers are using Dropbox at work. We expect gross margin to be approximately 1 point higher than fiscal 2020. The context and information we all need is scattered across a variety of different files and tools and messaging apps, leaving it up to each of us to piece everything together. And what we realize is that there's enough room for a dedicated experience and one that where cloud content is a little bit more in the foreground instead of just files and it's a workspace for a project more than a folder full of content or files. Our next question comes from Brent Thill with Jefferies. And I think I would have to just point back to the commentary that I gave to Mark on what we expect from an NNPU perspective and then just look to our revenue guidance for how this should all play out as far as SMB. Like sometimes, it can take some time for you to fill up your Dropbox. Excluding headquarter spend, net of tenant improvement allowances for $26 million, and the payout of HelloSign deal consideration holdback of $28 million, free cash flow would have been $545 million or 28% of revenue. The Motley Fool has no position in any of the stocks mentioned. The creative community relies heavily on Dropbox to get their work done. OK. So we don't update this metric quarterly. Committed to finding a solution that would ensure their IT security was best in class, the company selected Dropbox, along with our Data Governance Add-On, to modernize how teams such as project managers and field technicians work and collaborate on large and highly sensitive files. Then I'll hand the call over to Tim, who will review financial results for the fourth quarter and full year, give guidance for Q1 and fiscal-year 2021, and share some thoughts on our long-term model. Dropbox to Announce Third Quarter 2020 Earnings Results. Gross margin was 80% for the quarter, representing an increase of 2 percentage points on a year-over-year basis. Separately, as related to capital expenditures, we expect our additions to our finance leases to be approximately 6% of revenue, and we expect cash capex to be in the range of $25 million to $35 million in 2021.
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