- Dropbox Inc (NASDAQ:DBX) reported Q1 2023 revenues growth of 8.7% Y/Y and 11.6% Y/Y constant currencies to $611.1 Million, beating the consensus of $601.1 million.
- Total ARR rose 7.8% Y/Y (+11.6% Y/Y in constant currencies) to $2.468 billion.
- Paying users stood at 17.90 million, vs. 17.09 million a year ago, and average revenue per paying user increased to $138.97 from $134.63 the prior year.
- Adjusted gross margin expanded to 82.4% from 81.3% a year ago. However, the adjusted operating margin contracted to 28.6% from 30.3% in Q1 2022.
- Adjusted EPS of $0.42 exceeded the consensus of $0.36.
- Net cash provided by operating activities stood at $139.9 million (vs. $141.4 million a year ago), and free cash flow came in at $138.0 million.
- Cash, cash equivalents and short-term investments stood at $1.253 billion at the end of the quarter.
- Outlook: The company maintained a long-term target of an adjusted gross margin of 80%-82%, adjusted operating margin of 30%-32% and annual free cash flow of over $1 billion.
- “While the economic backdrop remains tough for our existing businesses, the AI era of computing has arrived and we see a huge opportunity to apply AI/ML to our products to transform knowledge work. I’m committed to ensuring Dropbox is at the forefront of this era and excited to bring more AI-powered products to market for our customers,” said Drew Houston, Co-Founder and CEO.
- Price Action: DBX shares closed lower by 1.31% at $19.62 on Thursday.
HC Wainwright & Co. Maintains Buy on Celldex Therapeutics, Raises Price Target to $73
HC Wainwright & Co. analyst Joseph Hafling maintains Celldex Therapeutics (NASDAQ:CLDX) with a Buy and raises the price target from $60 to $73.
