DROPBOX INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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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.
FY2024 · Filed Feb 21, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flow from operating activities | |||
| Net income | $452.3 | $453.6 | $553.2 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 137.3 | 170.0 | 157.1 |
| Stock-based compensation | 346.5 | 338.0 | 330.7 |
| Net loss (gain) on real estate assets | 0.1 | (155.2) | 175.2 |
| Amortization of debt issuance costs | 4.6 | 4.2 | 4.2 |
| Net loss (gain) on equity investments | 0.2 | — | (5.0) |
| Amortization of deferred commissions | 30.3 | 38.6 | 39.5 |
| Non-cash operating lease expense | 35.9 | 43.5 | 63.8 |
| Deferred taxes | (5.4) | 38.4 | (396.3) |
| Other | 3.8 | (0.6) | (0.8) |
| Changes in operating assets and liabilities: | |||
| Trade and other receivables, net | (2.4) | (14.5) | (5.5) |
| Prepaid expenses and other current assets | (5.4) | (41.1) | (50.0) |
| Other assets | 6.4 | 23.3 | (9.7) |
| Accounts payable | (4.5) | 1.2 | 13.0 |
| Accrued and other current liabilities | (24.7) | (20.8) | 4.7 |
| Accrued compensation and benefits | (4.1) | (22.6) | (6.8) |
| Deferred revenue | 1.5 | 21.6 | 25.6 |
| Other non-current liabilities | (6.4) | (1.5) | (17.9) |
| Operating lease liabilities | (57.0) | (65.4) | (86.4) |
| Tenant improvement allowance reimbursement | — | 1.1 | 8.7 |
| Cash paid for lease termination | (14.9) | (28.1) | — |
| Net cash provided by operating activities | 894.1 | 783.7 | 797.3 |
| Cash flow from investing activities | |||
| Capital expenditures | (22.5) | (24.3) | (33.8) |
| Purchase of intangible assets | (0.2) | (0.3) | (1.1) |
| Business combinations, net of cash acquired | (57.8) | — | (75.4) |
| Purchases of short-term investments | (62.3) | (208.7) | (571.2) |
| Proceeds from sales of short-term investments | 241.7 | 352.4 | 213.7 |
| Proceeds from maturities of short-term investments | 313.7 | 252.2 | 389.1 |
| Proceeds from sales of equity investments | — | — | 10.6 |
| Other | 31.2 | 23.9 | 19.6 |
| Net cash provided by (used in) investing activities | 443.8 | 395.2 | (48.5) |
| Cash flow from financing activities | |||
| Proceeds from term loan facility | 1,000.0 | — | — |
| Payments of debt issuance costs | (50.1) | (0.1) | — |
| Payments for taxes related to net share settlement of restricted stock units and awards | (148.7) | (135.1) | (119.4) |
| Proceeds from issuance of common stock, net of taxes withheld | 0.9 | 2.5 | 0.5 |
| Year EndedDecember 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Principal payments on finance lease obligations | (129.4) | (126.6) | (127.5) |
| Common stock repurchases | (1,241.6) | (539.9) | (795.4) |
| Payment of acquisition-related indemnification holdback | (17.7) | — | — |
| Net cash used in financing activities | (586.6) | (799.2) | (1,041.8) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (5.7) | 2.4 | (7.2) |
| Change in cash, cash equivalents, and restricted cash | 745.6 | 382.1 | (300.2) |
| Cash, cash equivalents, and restricted cash - beginning of period | 614.9 | 232.8 | 533.0 |
| Cash, cash equivalents, and restricted cash - end of period | $1,360.5 | $614.9 | $232.8 |
| Reconciliation of cash, cash equivalents, and restricted cash to amounts on consolidated balance sheets - end of period | |||
| Cash and cash equivalents | 1,328.3 | 614.9 | 232.8 |
| Restricted cash, current included in prepaid expenses and other current assets | 1.1 | — | — |
| Restricted cash, non-current included in other assets | 31.1 | — | — |
| Total cash, cash equivalents, and restricted cash | $1,360.5 | $614.9 | $232.8 |
| Supplemental cash flow data: | |||
| Cash paid during the period for: | |||
| Interest | $15.2 | $10.5 | $8.2 |
| Income taxes | $61.0 | $68.2 | $27.6 |
| Non-cash investing and financing activities: | |||
| Property and equipment received and accrued in accounts payable and accrued liabilities | $— | $2.0 | $2.6 |
| Property and equipment acquired under finance leases | $171.6 | $144.7 | $105.8 |
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