Box reported fourth quarter earnings that showed progress and illustrated its land and expand model.
The company, which went public in January, reported a net loss of $52.9 million, or $2.64 a share, on revenue of $62.6 million, up 61 percent.
Box said that billings for the fourth quarter were $82 million, up 33 percent from a year ago. The operating loss for the fourth quarter was $45.8 million. The net figure for the fourth quarter includes costs from preferred shares. The non-GAAP operating loss was $32.2 million.
For fiscal 2015, Box reported a GAAP operating loss of $166.7 million on revenue of $216.4 million, up 74 percent from a year ago.
In a statement, executives said they were making progress on improving margins. The company ended the quarter with $330.4 million in cash and equivalents.
As for the outlook, Box said revenue will be $63 million to $64 million in the fourth quarter with an non-GAAP operating loss of about 56 percent to 58 percent of revenue.
For fiscal 2016, Box said revenue will be $281 million to $285 million with a non-GAAP operating loss of 50 percent to 52 percent of revenue. In other words, Box expects to improve its cost picture over the year.
Box ended the quarter with 45,000 customers.
Wall Street estimates for Box were a moving target given the company was reporting its first quarter since going public. BMO Capital was looking for revenue of $57.46 million.
BMO analyst Brett Fodero said that the company is likely to be able to continue to upsell its current customers.
Last week, Box acquired Subspace, which will add security and compliance controls to its platform.
Box shares have bounced between $16 and $24 since going public. Box priced at $14 a share January 22.
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