Box beats Q1 expectations, raises fiscal 2021 guidance

On a non-GAAP basis, Box's EPS was 18 cents on top of $202.4 million in revenue, up 10% year over year.

Box reported better-than-expected first quarter financial results on Thursday and raised its guidance for the fiscal year.

The cloud content management company posted a first quarter net loss of $14.5 million, or 9 cents per share. On a non-GAAP basis, Box's EPS was 18 cents with revenue of $202.4 million, up 10% year over year. Wall Street was expecting net income of 17 cents per share with $200.48 million in revenue. 

Box said Q1 billings were $159.4 million, up 24% year over year. Additionally, Box said deferred revenue as of April 30 was $423.2 million, an increase of 15% from the year prior. Free cash flow in Q1 was positive $94.8 million. 

"Q1 was an excellent start to the year, highlighted by strong billings, RPO, and revenue growth, in addition to increased profitability," said Box CFO Dylan Smith. "As we build on this momentum and continue to focus on driving profitable growth, we're well positioned to accelerate revenue growth over time and achieve our long-term financial targets."

In terms of guidance, Box is forecasting Q2 revenue in the range of $211 million to $212 million with earnings per share between 17 cents and 18 cents. Analysts are expecting earnings of 19 cents per share with revenue of $209.5 million.

For the full year, Box expects non-GAAP diluted net income per share in the range of 71 cents to 76 cents. Revenue is expected to be in the range of $845 million to $853 million. Wall Street is expecting revenue of $844.7 million with EPS of 80 cents.

Shares of Box were down around 1% after hours.

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