DROPBOX INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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Consolidated Statements of Operations
(In millions, except per share data)
| Year EndedDecember 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenue | $2,548.2 | $2,501.6 | $2,324.9 |
| Cost of revenue(1)(2) | 445.1 | 478.5 | 444.2 |
| Gross profit | 2,103.1 | 2,023.1 | 1,880.7 |
| Operating expenses: | |||
| Research and development(1)(2) | 914.9 | 936.5 | 891.9 |
| Sales and marketing(1)(2) | 460.7 | 466.0 | 409.4 |
| General and administrative(1)(2) | 241.2 | 237.1 | 222.9 |
| Net loss (gain) on real estate assets(3) | 0.1 | (155.2) | 175.2 |
| Total operating expenses | 1,616.9 | 1,484.4 | 1,699.4 |
| Income from operations | 486.2 | 538.7 | 181.3 |
| Interest income, net | 13.9 | 19.4 | 3.3 |
| Other income (loss), net | 9.7 | (3.7) | 8.1 |
| Income before income taxes | 509.8 | 554.4 | 192.7 |
| (Provision for) benefit from income taxes(4) | (57.5) | (100.8) | 360.5 |
| Net income | $452.3 | $453.6 | $553.2 |
| Net income per share-basic and diluted: | |||
| Basic net income per share | $1.42 | $1.33 | $1.53 |
| Diluted net income per share | $1.40 | $1.31 | $1.52 |
| Weighted-average shares used in computing net income per share attributable to common stockholders, basic | 318.2 | 341.2 | 361.2 |
| Weighted-average shares used in computing net income per share attributable to common stockholders, diluted | 323.4 | 345.6 | 363.3 |
(1) Includes stock-based compensation as follows:
| Year EndedDecember 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cost of revenue | $22.9 | $23.3 | $24.7 |
| Research and development(5) | 247.6 | 237.6 | 232.3 |
| Sales and marketing | 23.7 | 22.0 | 22.4 |
| General and administrative | 52.3 | 55.1 | 51.3 |
| Total stock-based compensation | $346.5 | $338.0 | $330.7 |
(2) Includes expenses related to the Company's reduction in workforce such as severance, benefits and other related items during the years ended December 31, 2024 and 2023. See Note 1, "Description of the Business and Summary of Significant Accounting Policies - Reduction in Workforce" for additional information.
(3) Includes a one-time gain of $158.8 million related to the partial termination of the Company's lease for its San Francisco, California corporate headquarters for the year ended December 31, 2023 and impairment charges related to real estate assets for the years ended December 31, 2024, 2023, and 2022.
(4) Results of Operations for the year ended December 31, 2022 includes a one-time benefit from income taxes of $420.2 million due to the release of a valuation allowance on the U.S. federal and certain state deferred tax assets.
(5)On March 15, 2023, the former President resigned, resulting in the reversal of $6.7 million in stock-based compensation expense. Of the total amount reversed, $4.4 million related to expense recognized prior to January 1, 2023.
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