Box on Wednesday reported its financial results for the first quarter of fiscal 2018, beating market expectations.
The cloud content management company reported a non-GAAP operating loss for Q1 of $16.6 million. Non-GAAP net loss per share came to 13 cents. A year prior, Box reported an adjusted loss of 18 cents per share. Revenues for the quarter reached $117.2 million, an increase of 30 percent from the first quarter of fiscal 2017.
Wall Street was looking for an adjusted loss of 14 cents per share on revenue of $115 million.
Billings for the quarter totaled $99.6 million, a year-over-year increase of 31 percent. After hitting its first positive free cash flow quarter in Q4 2017, Box reported a positive free cash flow for Q1 2018 of $4 million.
The company's paying customer base grew to more than 74,000 in the quarter (up from 71,000 in Q4 2017) and includes new or expanded deployments with major enterprises like McDonald's, Morningstar, the state of Nevada, Unitedhealth Group, and the United States Forest Service.
"Our strong fiscal first quarter results are a solid foundation for the year as we focus on innovation and our global go-to-market objectives to seize our massive market opportunity," said Aaron Levie, co-founder and CEO of Box, in a statement.
Dylan Smith, co-founder and CFO, added: "With our leadership position in cloud content management, loyalty of our install base, and roadmap for continued innovation, we are well positioned to achieve our $1 billion revenue target."
The company highlighted its efforts in Q1 to continue cultivating partnerships with other cloud companies. For instance, the company launched Box KeySafe with Amazon Web Services' (AWS) GovCloud, expanded its integration with Google and launched the Box for Workplace by Facebook integration.
Box also highlighted how its expanded product offerings are helping drive more business with existing customers. The company landed 25 deals over $100,000, up from 17 deals in the first quarter a year ago. Levie also pointed to the sales of add-on products like Box Governance, which grew 70 percent in Q1 year over year.
For Q2 2018, Box is expecting revenue in the range of $121 million to $122 million and non-GAAP loss in the range of 13 to 12 cents per share.
For the full 2018 fiscal year, Box expects revenue in the range of $502 million to $506 million and a non-GAAP loss in the range of 48 cents to 44 cents per share.