Box, Inc. (NYSE: BOX), a leading content cloud platform, achieved fourth-quarter revenue growth of 10% year-over-year (15% growth on a constant currency basis), with a marginal rise in operating expenses by 4%.
Unadjusted net profit was $143.37 million, vs. an $8.65 million loss in Q4 2022. Unadjusted EPS was $0.10, compared to a loss of $0.06 last year. Adjusted earnings increased to $0.37 per share from $0.24 per share last year.
“As expected, our Q4 net retention rate was down year-over-year, impacted by pressure from customers’ lower headcount growth and greater budget scrutiny on internal transformation initiatives,” said Box’s CEO Aaron Levie at the post-earnings conference call.
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Cash flow from operations of $92.2 million was higher than the $49.2 million reported in the prior-year period. Capital lease payment came in at $11 million, down from $12 million in the fourth quarter of last year. During the quarter, around 300,000 shares were repurchased for approximately $9 million. As a consequence, there is a fall in total diluted share outstanding by more than 3% since the last Q4.