DROPBOX INC
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 16, 2024
DBX$32.40-0.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year EndedDecember 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flow from operating activities | |||
| Net income | $453.6 | $553.2 | $335.8 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 170.0 | 157.1 | 151.4 |
| Stock-based compensation | 338.0 | 330.7 | 287.1 |
| Net (gain) loss on real estate assets | (155.2) | 175.2 | 17.7 |
| Amortization of debt issuance costs | 4.2 | 4.2 | 3.8 |
| Net gains on equity investments | — | (5.0) | — |
| Amortization of deferred commissions | 38.6 | 39.5 | 32.3 |
| Non-cash operating lease expense | 43.5 | 63.8 | 76.3 |
| Deferred taxes | 38.4 | (396.3) | (37.5) |
| Other | (0.6) | (0.8) | (4.4) |
| Changes in operating assets and liabilities: | |||
| Trade and other receivables, net | (14.5) | (5.5) | (6.2) |
| Prepaid expenses and other current assets | (41.1) | (50.0) | (58.4) |
| Other assets | 23.3 | (9.7) | 11.7 |
| Accounts payable | 1.2 | 13.0 | 7.6 |
| Accrued and other current liabilities | (20.8) | 4.7 | (28.6) |
| Accrued compensation and benefits | (22.6) | (6.8) | 23.5 |
| Deferred revenue | 21.6 | 25.6 | 59.8 |
| Other non-current liabilities | (1.5) | (17.9) | (13.1) |
| Operating lease liabilities | (65.4) | (86.4) | (102.1) |
| Tenant improvement allowance reimbursement | 1.1 | 8.7 | 5.1 |
| Cash paid for lease termination | (28.1) | — | (32.0) |
| Net cash provided by operating activities | 783.7 | 797.3 | 729.8 |
| Cash flow from investing activities | |||
| Capital expenditures | (24.3) | (33.8) | (22.1) |
| Purchase of intangible assets | (0.3) | (1.1) | (6.8) |
| Business combinations, net of cash acquired | — | (75.4) | (140.0) |
| Purchases of short-term investments | (208.7) | (571.2) | (1,138.4) |
| Proceeds from sales of short-term investments | 352.4 | 213.7 | 293.6 |
| Proceeds from maturities of short-term investments | 252.2 | 389.1 | 448.7 |
| Proceeds from sales of equity investments | — | 10.6 | — |
| Other | 23.9 | 19.6 | 40.2 |
| Net cash provided by (used in) investing activities | 395.2 | (48.5) | (524.8) |
| Cash flow from financing activities | |||
| Proceeds from issuance of convertible senior notes | — | — | 1,389.1 |
| Purchases of convertible note hedge in connection with issuance of convertible senior notes | — | — | (265.3) |
| Proceeds from sale of warrants in connection with issuance of convertible senior notes | — | — | 202.9 |
| Payments of debt issuance costs | (0.1) | — | (23.7) |
| Year EndedDecember 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Payments for taxes related to net share settlement of restricted stock units and awards | (135.1) | (119.4) | (124.8) |
| Proceeds from issuance of common stock, net of taxes withheld | 2.5 | 0.5 | 6.9 |
| Principal payments on finance lease obligations | (126.6) | (127.5) | (110.4) |
| Common stock repurchases | (539.9) | (795.4) | (1,058.5) |
| Net cash (used in) provided by financing activities | (799.2) | (1,041.8) | 16.2 |
| Effect of exchange rate changes on cash and cash equivalents | 2.4 | (7.2) | (3.1) |
| Change in cash and cash equivalents | 382.1 | (300.2) | 218.1 |
| Cash and cash equivalents - beginning of period | 232.8 | 533.0 | 314.9 |
| Cash and cash equivalents - end of period | $614.9 | $232.8 | $533.0 |
| Supplemental cash flow data: | |||
| Cash paid during the period for: | |||
| Interest | $10.5 | $8.2 | $8.5 |
| Income taxes | $68.2 | $27.6 | $4.2 |
| Non-cash investing and financing activities: | |||
| Property and equipment received and accrued in accounts payable and accrued liabilities | $2.0 | $2.6 | $5.6 |
| Property and equipment acquired under finance leases | $144.7 | $105.8 | $127.3 |
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