Dropbox (DBX) FY2020 results: revenue $1.9 billion, up 15.2% on the year
Dropbox, Inc. (DBX) reported revenue of $1.9 billion for fiscal 2020, the year ended 31 December 2020, up 15.2% on the year before. Net income was -$256 million, and diluted earnings per share $-0.62. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$1.9 billion
+15.2% on the year
FY2016FY2020
Operating margin
-14.5%
-4.8% a year earlier
FY2016FY2020
Net income
-$256 million
FY2016FY2020
Diluted EPS
-$0.62
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,914
1,661
1,392
+15.2%
Cost of revenue
415
411
395
+0.9%
Gross profit
1,499
1,250
997
+19.9%
Gross margin
78.3%
75.3%
71.6%
Research and development
728
662
768
+9.9%
Operating income
-277
-80.5
-494
Operating margin
-14.5%
-4.8%
-35.5%
Pre-tax income
-250
-52.0
-480
Income tax
6.1
0.7
4.8
+771.4%
Net income
-256
-52.7
-485
Net margin
-13.4%
-3.2%
-34.8%
Diluted EPS
-$0.62
-$0.13
-$1.35
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
571
528
425
+8.0%
Capital expenditure
80.1
136
63.0
-41.1%
Free cash flow
491
392
362
+25.1%
Free cash flow margin
25.6%
23.6%
26.0%
Cash from investing
-234
-320
-634
Cash from financing
-578
-177
301
Depreciation and amortisation
159
174
165
-8.2%
Share-based compensation
262
261
650
+0.1%
Buybacks
398
0.0
0.0
Diluted shares, weighted
414m
412m
n/a
+0.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
334
808
677
-58.7%
Debt
0.0
0.0
0.0
Operating lease liabilities
760
712
n/a
+6.7%
Finance lease liabilities
172
138
n/a
+24.2%
Other liabilities
1,122
1,041
1,017
+7.8%
Total liabilities and equity
2,387
2,699
1,694
-11.6%
Fixed assets
339
445
311
-23.9%
Goodwill
237
234
96.5
+1.0%
Intangible assets
33.5
47.4
14.7
-29.3%
Investments
806
608
570
+32.7%
Cash and equivalents
315
551
519
-42.9%
Receivables
43.4
36.7
28.6
+18.3%
Other assets
613
776
154
-21.0%
Total assets
2,387
2,699
1,694
-11.6%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.