Box Q2 FY2022 preliminary rev $214M (+11% YoY), beats guidance; raises FY outlook

BOX INC

2023-Q2 EPS reported -$0.17 revenue$416,927,000

Revenue $214M vs guidance $211-212M, up 11% YoY; GAAP op margin -3% vs guided -5% to -4.5%.
Non-GAAP op margin 20% vs guided 18-18.5%; billings $213M up 13% YoY vs mid-single digit growth guidance.
Net Retention Rate 106%, up 300 bps from Q1 (103%); Suites attach rate in >$100K deals over 70%, up from 49% in Q1.
Raised full-year FY2022 revenue and operating margin guidance; Q3 guidance also provided.
Repurchased $59M of stock at $23.68/share after Dutch auction; also completed $297M total repurchase including tender.

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