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Box Inc. Class A (BOX+0.13%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing indicates that Box Inc. generated revenue of $275.9 million for the three months ended October 31, 2024, an increase from $261.5 million in the same period the previous year. This growth was primarily driven by seat expansion in existing customers and strong performance in Japan.
Cost of revenue decreased to $55.6 million from $69.2 million in the previous year, attributed to reduced data center expenses following a migration to public cloud infrastructure.
Operating expenses rose to $196.9 million from $180.9 million, with increases in research and development, and sales and marketing expenses due to higher headcount and associated costs.
Net income for the quarter was $12.9 million, compared to $10.7 million in the prior year. After accounting for preferred stock dividends and undistributed earnings, net income attributable to common stockholders was $7.6 million, up from $5.6 million.
Cash provided by operating activities was $62.6 million, compared to $71.8 million in the previous year, reflecting a decrease of 13%.
Box's remaining performance obligations totaled $1.282 billion as of October 31, 2024, representing a 13% increase from the previous year.
The company completed a $460 million issuance of convertible senior notes due 2029, with proceeds partially used to repurchase $140 million of its 2026 convertible notes.
Box repurchased 6.3 million shares of its Class A common stock during the nine months ended October 31, 2024, for a total of $169 million, with $94.6 million remaining authorized for future repurchases.
The filing also discusses risks related to market competition, data security, and regulatory compliance, emphasizing the importance of maintaining robust security measures and adapting to evolving legal standards.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Box Inc. Class A quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.