Q4 2024 Earnings and Investor Presentation

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Financial Results &
Investor Presentation
Q4 2024
1

This presentation contains forward-looking statements. These statements may relate to, but are not limited to, plans for g...

$2.548 billion 1.9% 84.0% 36.4%
18.22M
$872M
Financial Performance
TTM¹ revenue TTM revenue growth TTM Non-GAAP
gross marg...

1 Scaled platform driven by our core File,
Sync, and Share product offering
2 Subscription-based, recurring
revenue model
...

Business Overview
5

Design a more
enlightened way
of working
DROPBOX MISSION
6

Our Journey
Dropbox Launches
in 2008
File, Sync, and Share
WHERE WE STARTED DROPBOX TODAY
Organize and Secure
All Cloud Co...

Secure Organize Share
Secure, streamlined
content management with
robust scalable solutions
Enhances where and how
you wor...

File Sync and Share (FSS) Plans
FOR BUSINESS TEAMS
Business Overview
Standard
$18.00 / user / month
$180.00 / user / year
...

•
•
•
•
•
Compliance for Files and Data
Two-factor Authentication
Device Approval and Management
File Permissions and Lock...

Organize
•
•
•
•
•
File naming, sorting, tagging,
and starring
Smart-search
Automatic file backup and sync
Microsoft co-au...

•
•
•
•
•
•
Advanced sharing controls
Assign to-dos
Large file sharing and file
transfer
Digital watermarking
Password pro...

•
•
•
•
Secure sharing
Document analytics
Video analytics
Dynamic watermarking
Business Overview
DocSend gives teams a sin...

15.48
15.48
16.79
16.79
17.77
17.77
18.12
18.12
18.22
18.22
2020 2021 2022 2023 2024
$128.50
$133.73
$134.51
$139.38
Payin...

Business Overview Dropbox Today
Sydney
Tokyo
Singapore
Taipei
Stockholm
Oslo
Berlin
Frankfurt
Amsterdam
London
Milan
Paris...

2020 2021 2022 2023 2024
2,100
2,800
3,700
4,600 4,700
Total Customer Storage (Petabytes)¹
Securing and organizing
1T+ pie...

Our FSS business:
a category leader
Business Overview
Total Market:
$11.6B
(1) Source: IDC, May 2024
(2) Content Sharing a...

Ranked by G2 as a leader in customer satisfaction and market presence
Cloud Content Collaboration Software: All
Business O...

Business Overview
Growth Drivers
Convert
Drive registered users to become paying users
of Individual and Team plans
Activa...

Why customers
choose Dropbox
We can’t imagine doing any of this without Dropbox…
We just wouldn’t be able to stay organize...

Forces Impacting the Landscape
Cloud Content Collaboration
•
•
•
Rise of comprehensive platform ecosystems
Teams seek mult...

23
Find anything.
Protect everything.
Dropbox Dash for Business combines universal search and organization with
content ac...

Centralize company data and enable teams to work
smarter, faster, and more securely. Dash combines AI-
powered search, org...

Save time, save money
Enlist AI to take over low-value tasks and free up time for employees
to do more work that impacts t...

$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2023 2024 2025 2026 2027 2028
$6.5
$8.1
$10.5
$13.6
$17.4
$21.6
Business Overview Dropbo...

Media
Manufacturing
Professional

ser vices
T
echnology
AE
C
Our Go-To-Market approach
Our Go-To-Market approach
Core FSS...

Dropbox Dash
for Business
Cross-sell
Create an integrated and bundled experience within our existing
install base of 575k ...

Financial Highlights
30

2022 2023 2024
$2,325
$2,502 $2,548
Revenue (as reported)
($M)⁽¹⁾
2022 2023 2024
82% 83% 84%
Non-GAAP
Gross Margin⁽¹⁾⁽²⁾
2...

Q4'23 Q1'24 Q2'24 Q3'24 Q4'24
$190.3
$166.3
$224.7
$270.1
$210.5
Free Cash Flow ($)
Q4'23 Q1'24 Q2'24 Q3'24 Q4'24
$635.0
$...

(1) Graphs presented in this illustration are not drawn to precise scale relative to each other.
(2) Total ARR for 2021 an...

Q4'23 Q1'24 Q2'24 Q3'24 Q4'24
$138.83
$139.59
$139.93
$139.05
$140.06
Q4'23 Q1'24 Q2'24 Q3'24 Q4'24
$2,540
$2,556
$2,573
$...

Financial Highlights
Liquidity Overview
Note: Amounts shown in USD in Millions ($M)
(1) Cash and Investments includes cash...

Gross Debt : $2.7 billion
Net Debt : $1.1 billion
T TM Gross Debt / Adj. EBITD
A : 2.6x
T TM Net Debt / Adj. EBITD
A : 1.1...

Share Repurchase
Program
Financial Highlights
Share Repurchase Summary
2020 2021 2022 2023 2024
398
1,059
795
543
1,240
41...

GAAP Revenue
Constant Currency Revenue
Non-GAAP Gross Margin
Non-GAAP Operating Margin
Unlevered Free Cash Flow
Capital Ex...

03
Appendix
39

Income from operations - GAAP
Stock-based compensation
Acquisition-related and other expenses
Amortization of acquired int...

127.8
92.3
7.0
SEPTEMBER 30, 2024
$
4.4
36.2
231.5
—
$
%
Income from operations - GAAP
Stock-based compensation
Acquisitio...

$ 759.4
$ 871.6
$
Net Cash provided by operating activities
Capital expenditures
Free cash flow
797.3
(33.8)
2022
Financia...

$ 224.7
$ 270.1
$
Net Cash provided by operating activities
Capital expenditures
Free cash flow
175.5
(9.2)
Financial High...

Gross margin
Research and development margin
Sales and marketing
Sales and marketing margin
General and administrative
Gen...

Gross margin
Research and development margin
Sales and marketing
Sales and marketing margin
General and administrative
Gen...

Gross margin
Research and development margin
Sales and marketing
Sales and marketing margin
General and administrative
Gen...

Gross margin
Research and development margin
Sales and marketing
Sales and marketing margin
General and administrative
Gen...

452.3
(9.7)
57.5
DECEMBER 31, 2024
$
(13.9)
346.5
623.5
137.3
$
Net Income - GAAP
Other (income) / expense, net
Interest (...

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