Q1 2025 Dropbox Earnings and Investor Presentation

Financial Results &
Investor Presentation
Q1 2025
1

This presentation contains forward-looking statements. These statements may relate to, but are not limited to, plans for growth, technological capabilities and new features and products and the long-term financial
targets of Dropbox, Inc. ("Dropbox," "we," "us," or similar terms), as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot
be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "intend,"
"potential," "would," "continue," “ongoing” or the negative of these terms or other comparable terminology. You should not put undue reliance on any forward-looking statements. Forward-looking statements should
not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.
Forward-looking statements are based on information available at the time those statements are made or management’s good-faith beliefs and assumptions as of that time with respect to future events, and are
subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. In light of these risks and
uncertainties, the events and circumstances contemplated by the forward-looking statements made in this presentation may not occur and actual results could differ materially from those anticipated or implied in
the forward-looking statements. These risks and uncertainties are described in greater detail under the heading “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2024 that we
filed with the Securities and Exchange Commission (the “SEC”) on February 21, 2025, and include, but are not limited to, the impact to our financial results, business operations, the business of our customers,
suppliers, partners and the economy as a result of general macro economic, political and market uncertainty, as well as the potential for a more permanent global shift to remote work; our ability to retain and
upgrade paying users, and increase our recurring revenue; our ability to attract new users or convert registered users to paying users; our future financial performance, including trends in revenue, costs of revenue,
gross profit or gross margin, operating expenses, paying users, and free cash flow, including, in all respects, with respect to any future targets described herein; our ability to maintain profitability; our liability for any
unauthorized access to our data or our users’ content, including through privacy and data security breaches, significant disruption of service on our platform or loss of content, particularly from any potential
disruptions in the supply chain for hardware necessary to offer our services; any decline in demand for our platform or for content collaboration solutions in general; changes in the interoperability of our platform
across devices, operating systems, and third-party applications that we do not control; competition in our markets; our ability to respond to rapid technological changes, extend our platform, develop new features or
products, or gain market acceptance for such new features or products, our ability to manage our growth or plan for future growth; our acquisition of other businesses and the potential of such acquisitions to
require significant management attention, disrupt our business, or dilute stockholder value; our ability to attract and retain key personnel and highly qualified personnel; our capital allocation plans with respect to
our stock repurchase program and otherinvestments; and the dual class structure of our common stock and its effect of concentrating voting control with certain stockholders who held our capital stock prior to the
completion of our initial public offering. These factors could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements.
Additional information will be available in other future reports that we may file with the SEC from time-to-time, which could cause actual results to vary from expectations. Except as required by law, Dropbox does
not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
In addition to financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes certain non-GAAP financial measures, including non-GAAP gross
margin, non-GAAP operating income, non-GAAP operating expenses (including research and development, sales and marketing and general and administrative), non-GAAP operating margin, free cash flow, and
unlevered free cash flow. These non-GAAP measures are presented for supplemental informational purposes only and have limitations as analytical tools; as such, these non-GAAP measures should not be considered
in isolation or as a substitute for financial information presented in accordance with GAAP. The non-GAAP measures Dropbox uses may differ from the non-GAAP measures used by other companies.
This presentation also contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal
sources. This information may be based on many assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified the accuracy or completeness
of the data contained in the industry publications and other publicly available information. Dropbox does not undertake to update such data after the date of this presentation.
All third-party logos appearing in this presentation are trademarks or registered trademarks of their respective holders. Any such appearance does not necessarily imply any affiliation with or endorsement of Dropbox.
Safe Harbor Statement
2

$2.542 billion 0.8% 83.6% 37.7%
18.16M
$859M
Financial Performance
TTM¹ revenue TTMrevenuegrowth TTMNon-GAAP
grossmargin
TTMNon-GAAP
operatingmargin
TTMFCF² Payingusers³
(1) TTM: Trailing Twelve Months
(2) FCF: Free Cash Flow, defined as Operating Cash Flow less Capital Expenditures
(3) Paying users as of 3/31/2025 3

1 Scaled platform driven by our core File,
Sync, and Share product offering
2 Subscription-based, recurring
revenue model
3 Loyal users with a high retention profile
4 High margin business supported
by self-serve model
5
Strong free cash flow conversion
6
Self-funded investments for high-growth
opportunities
7
Consistent capital return to shareholders
Investment
Highlights
4

Design a more
enlightened way
of working
DROPBOX MISSION
6

Our Journey
Dropbox Launches
in 2008
File, Sync, and Share
WHERE WE STARTED DROPBOX TODAY
Organize and Secure
All Cloud Content
DROPBOX TOMORROW
Business Overview
(1) Content Sharing and Collaboration applications are classified as applications that enable users to store, synchronize, and share file-based content and folders across designated devices, people, and
applications.
1 2 3
•
•
•
Multi-device usage and universal file sharing in its
infancy
Migration to online cloud storage begins
Flagship product: File, Sync, and Share
•
•
•
A leader in the $12bn content sharing and
collaboration applications category¹
Large-scale infrastructure to support 700m+
registered users and 18.16m paying customers
Collaborative working tools and advanced security
features
•
•
•
•
Dropbox evolves from syncing your files to
organizing all your cloud content
The proliferation of SaaS tools and content
platforms has created new challenges for end users
around finding, organizing, securing, and sharing
content
Solving for fragmented content experiences in a
cloud-first workplace
Leveraging AI to solve for cloud content
organization, security, real-time suggestions,
knowledge management, and data insights
7

Secure Organize Share
Secure, streamlined
content management with
robust scalable solutions
Enhances where and how
you work with seamless integrations
and intuitive content organizations
Effortless sharing and
collaboration across teams
and external partners
A workplace for digital collaboration
DROPBOX TODAY
Business Overview
8

File Sync and Share (FSS) Plans
FOR BUSINESS TEAMS
Business Overview
Standard
$18.00/user/month
$180.00/user/year
3usersminimum
Advanced
5TB of storage
(pooled)
15TB of storage
(pooled)
$30.00/user/month
$288.00/user/year
3usersminimum
Enterprise
As much storage as
needed
Negotiatedpricing
Dropbox Today
FOR INDIVIDUALS
Basic Plus
$11.99/month
$119.88/year
Professional
$19.99/month
$198.96/year
Free
2GB of storage 2TB of storage 3TB of storage
Simple
$6.99/month
500GB of storage
(1) Only available to purchase via mobile channel and in select regions
(1)
9

•
•
•
•
•
Compliance for Files and Data
Two-factor Authentication
Device Approval and Management
File Permissions and Locking
Version History and File Recovery
Business Overview
Our robust security features
protect proprietary information
and provide peace of mind to
customers as they build
relationships with their own
teams, clients, and partners.
Secure
Dropbox Today
10
10

Organize
•
•
•
•
•
File naming, sorting, tagging,
and starring
Smart-search
Automatic file backup and sync
Microsoft co-authoring
PDF annotation
Business Overview
We make file organization effortless
and intuitive with easy-to-use
folder structures and seamless
integrations, allowing customers to
quickly find what they need so they
can get more time to focus more
on high-value work.
Dropbox Today
11
11

•
•
•
•
•
•
Advanced sharing controls
Assign to-dos
Large file sharing and file
transfer
Digital watermarking
Password protection
Folder permission
management
Business Overview
Sharing is key to growth, so we've
focused on creating a simple and
efficient experience for sending
large files, managing access,
tracking document activity, and
syncing edits in real-time, helping
teams work together more
effectively.
Share
Dropbox Today
12
12

•
•
•
•
Secure sharing
Document analytics
Video analytics
Dynamic watermarking
Business Overview
DocSend gives teams a single, scalable deal
platform that maximizes file sharing security
and minimizes file viewing friction all while
delivering instant alerts that track engagement
with documents. We remain focused on
making execution faster, data-driven, and
more secure.
Sign makes agreements easy with simple and
secure eSignatures. With Sign, anyone can
set up a document for signature, eSign, and
track the agreement process for their most
important documents
•
•
•
•
Advanced data rooms
Secure client portals
eSignature
One-click NDA
•
•
•
Standalone or integrated into
Dropbox FSS
Unlimited signatures
Tamper-proof documents
•
•
•
•
•
AES 256-bit encryption
Signer fields with data validation
Template links
Audit trail
22 languages 13
Dropbox Today

15.48
15.48
16.79
16.79
17.77
17.77
18.12
18.12
18.22
18.22
2020 2021 2022 2023 2024
$128.50
$133.73
$134.51
$139.38
Paying Users
ARPU
Scaled
User Base
700M+
Registered Users
18.16M
Paying Users
Business Overview
Q1'25 User Metrics
575k
Paying Teams
~
Dropbox Today
$140.23
$139.26
ARPU
14

Globally recognized brand in 180 countries
57%
Q1'25
United States
Revenue
43%
Q1'25
International
Revenue
Business Overview
more revenue less revenue
Dropbox Today
15

Business Overview Dropbox Today
Sydney
Tokyo
Singapore
Taipei
Stockholm
Oslo
Berlin
Frankfurt
Amsterdam
London
Milan
Paris
Madrid
Atlanta
Ashburn
New York
Chicago
Toronto
Dallas
Miami
Seattle
Hillsboro
Palo Alto
San Jose
Los Angeles
Denver
Served by scaled infrastructure
Network Point
of Presence (POP) Public Data Center
Core Data Center
Incheon
16

2020 2021 2022 2023 2024
2,100
2,800
3,700
4,600 4,700
Total Customer Storage (Petabytes)¹
Securing and organizing
1T+ pieces of content
Business Overview
(1) Petabytes are rounded to the nearest hundred
Dropbox Today
17

Our FSS business:
a category leader
Business Overview
Total Market:
$11.6B
(1) Source: IDC, May 2024
(2) Content Sharing and Collaboration applications are classified as applications that enable users to store, synchronize, and share file-based content and folders across designated devices, people, and applications.
Dropbox Today
RestofMarket
15.9%
Apple
8.6%
Box
8.8%
Google
16.4%
Microsoft
29.4%
Dropbox
20.9%
18

Ranked by G2 as a leader in customer satisfaction and market presence
CloudContentCollaborationSoftware:All
Business Overview
G2 scores products and sellers based on reviews gathered from our user community, as well as data aggregated from online sources and social networks.
Dropbox Today
19

Business Overview
Growth Drivers
Convert
Drive registered users to become paying users
of Individual and Team plans
Activate
Drive top-of-funnel engagement through increased
sharing and signup activity
Upsell
Prompt existing users to upgrade to premium
plans, additional licenses and add-ons, and new
product experiences such as Dash
Retain
Enhance the core sync experience with a focus on
performance and reliability
File, Sync, and Share
Dropbox Today
20

Why customers
choose Dropbox
We can’t imagine doing any of this without Dropbox… We
just wouldn’t be able to stay organized the way we do
now—it’s completely integrated into our workflow."
"
Ausolan's added value comes from the professionalism of our
staff and the differentiation of our services. Dropbox plays a key
role in the technological infrastructure we need to meet that goal,
helping us to work faster and better, in both our internal and
external processes. We know how important it is to complete our
work on time and to the highest quality for our clients. And during
the pandemic, that would not have been possible without
Dropbox.”
"
– Ausolan
– DeMuro Das
Ease of use
Security
Seamless Collaboration
Speed & Reliability
Neutral platform
Storage Capacity
21
21

Forces Impacting the Landscape
Cloud Content Collaboration
•
•
•
Rise of comprehensive platform ecosystems
Teams seek multi-cloud networking solutions and ways to search and organize their cloud
content
Content modernization and a shift to public cloud solutions will be a sustaining growth factor
with the share of public cloud solutions growing from 77.9% in 2023 to 87.3% in 2028¹
Software Proliferation
•
•
•
Knowledge workers seek efficiency and organization as they continue to adopt additional software tools
As of May, 2023, The average number of applications a knowledge worker used was 11, compared to six
applications in 2019²
More than two-thirds of workers say they waste up to 60 minutes at work navigating between apps, and
68 percent of workers toggle between apps up to 10 times an hour³
Security & Compliance
•
•
•
Material driver of user adoption and customer purchase decisions
Growing significance as teams adopt new tools
and look to AI-enabled solutions.
72% of security executives have increased their risk management investment in AI governance and
67% say GenAI increases their cyber attack vector⁴
Artificial Intelligence
•
•
•
•
OpenAI’s ChatGPT release triggered industry-wide development of LLMs
Platforms integrate AI and ML for enhanced content management, search, and collaboration
Early stages of long-term implementation
More Than 80% of Enterprises Will Have Used Generative AI APIs or Deployed Generative AI-Enabled
Applications by 2026⁵
Business Overview
(1) Source: IDC, Worldwide Content Services Applications Forecast, 2024–2028, May 2024
(2) Source: Gartner, Digital Workers Struggle to Find the Information Needed to Effectively Perform Their Jobs
(3) Source: RingCentral, From Workplace Chaos to Zen
(4) Source: PWC, 2025 Global Digital Trust Insights
(5) Source: Gartner, 2023 Gartner Hype Cycle for Generative AI
Dropbox Today
22

23
Find anything.
Protect everything.
Dropbox Dash for Business combines universal search and organization with
content access control. Find, organize, share, and secure content across all your
apps effortlessly—so you can focus on the work that matters most.
Dash for Business
Announced October 15th, 2024

Centralize company data and enable teams to work
smarter, faster, and more securely. Dash combines AI-
powered search, organization, and content control to
save time and boost efficiency.
Business Overview
24
Unlock the power of your data
Dropbox Tomorrow
Find
AI-powereduniversalsearch helps teams find content quickly, saving
time for more valuable work. New advanced search features now
include ability to search for image, video, and audio files.
Secure
ProtectandControlcontent governance tools enable teams to manage
access permissions and prevent unauthorized sharing across all platforms
in seconds.
Organize & Share
Stacksareshareablecontent collections that can include files, apps, links,
and more. They simplify organizing and sharing to improve team alignment,
with detailed permissions for secure internal and external access.
Create
SuiteofAIwritingtoolsenables users to query content and generate actionable
summaries. Dash writing tools draft emails, briefs, proposals, and reports using
content from strategy docs, budgets, and more—eliminating hours of manual
compiling.

Save time, save money
Enlist AI to take over low-value tasks and free up time for employees
to do more work that impacts the business.
Speed decision-making
Give employees all the company information and knowledge they
need to make better informed business outcomes.
Provide a consistent experience
Create a cohesive internal culture by giving all team
members a unified starting point for their workday.
Y
our company
will feel the
impact daily
Establish a source of truth
Always be in control of the latest company data and
content with a centralized platform.
Protect and control your cloud data
Helps to ensure that employees and external partners see only the right
content, and that sensitive company data isn’t surfaced unintentionally.
Our data access governance tools helps keep your company data secure.
Dropbox Tomorrow
Business Overview
25

$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2023 2024 2025 2026 2027 2028
$6.5
$8.1
$10.5
$13.6
$17.4
$21.6
Business Overview Dropbox Today
Worldwide Search and Knowledge Discovery Software* TAM
Category tailwind for Dash for Business: AI-powered universal search
+27% CAGR
Note: $ USD in Billions
Source: IDC, Worldwide Search and Knowledge Discovery Software Forecast, 2024–2028
*Search and knowledge discovery software is software that can find, locate, and provide answers, products, or information for users. 26

Media
Manufacturing
Professional

ser vices
T
echnology
AE
C
Our Go-To-Market approach
Core FSS
•
•
•
•
Leadwithaself-servesalesmotion,
complementwithmanagedsales
Ease of use
Low onboarding friction
Platform neutrality
Viral expansion
Dropbox Dash for Business
•
•
•
Leadwithmanagedsales
Target installed base of Teams
customers
SMBs between 100 - 1000 employees
Expand to include self-serve motion
PRODUCTS OTHER DISTRIBUTION CHANNELS
KEY INDUSTRIES
•
•
•
•
•
•
•
Distributors
Direct Market Resellers
Value-Added Resellers
System Integrators
Managed
Service Providers
Independent
Software Vendors (ISVs)
OEMs/Telcos
(architecture, engineering,
construction)
Dropbox Tomorrow
Business Overview
27

Dropbox Dash
for Business
Cross-sell
Create an integrated and bundled experience within our
existing install base of 575k paying teams customers
Develop Self-serve Motion
Build Dash for self-serve teams to reach the broader SMB market and
individuals
Create Standalone Purchasing Options
Add net new (non-FSS) users to the Dropbox ecosystem by selling
standalone licenses of Dash for Business
Feature Innovation
Enhance the Dash user experience by leveraging user feedback, improving
existing features, and introducing new functionalities
Dropbox Tomorrow
Business Overview
28

2022 2023 2024
$2,325
$2,502 $2,548
Revenue (as reported)
($M)⁽¹⁾
2022 2023 2024
82% 83% 84%
Non-GAAP
Gross Margin⁽¹⁾⁽²⁾
2022 2023 2024
31% 33%
36%
Non-GAAP
Operating Margin⁽¹⁾⁽²⁾
2022 2023 2024
$764 $759
$872
Free Cash Flow
($M)⁽¹⁾⁽³⁾⁽⁴⁾
(1) Graphs presented in this illustration are not drawn to precise scale relative to each other.
(2) Non-GAAP gross margin and non-GAAP operating margin exclude stock-based compensation expense and certain non-recurring adjustments. See appendix for non-GAAP reconciliation.
(3) Free cash flow is GAAP net cash provided by operating activities less capital expenditures. See appendix for non-GAAP reconciliation.
(4) Free cash flow in 2023 is inclusive of payments of ~$39M related to the reduction in force and ~$28M for the termination of a part of real estate lease in San Francisco
(5) Free cash flow in 2024 is inclusive of payments of ~$52M related to the reduction in force and ~$15M for the termination of a part of real estate lease in San Francisco
Financial Highlights
Annual Performance
Strong performance at scale
(5)
30

Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
$166.3
$224.7
$270.1
$210.5
$153.7
Free Cash Flow ($)
Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
$631.3 $634.5 $638.8 $643.6
$624.7
Revenue (as reported)
($M)
Non-GAAP Operating Income ($M)
Quarterly Performance
Non-GAAP Operating Margin
Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
230.7 227.9 231.5 237.4
260.5
(2) Non-GAAP operating margin excludes stock-based compensation expense and certain non-recurring adjustments. See appendix for non-GAAP reconciliation.
(3) Free cash flow is GAAP net cash provided by operating activities less capital expenditures. See appendix for non-GAAP reconciliation.
(4) Free cash flow in Q4'24 is inclusive of ~$52M from the reduction in force, primarily consisting of severance, pro-rata bonuses, employee benefits and related costs.
(5) Free cash flow in Q1'25 is inclusive of ~$36M for the termination of a part of real estate lease in San Francisco, $21M of interest payments related to our December 2024 term loan transaction, and ~$10M from the reduction in force,
primarily consisting of severance, pro-rata bonuses, employee benefits and related costs.
(6) Q1'25 revenue includes a 70 basis point headwind to year-over-year growth from the decision to significantly reduce investment in FormSwift.
36.5% 41.7%
35.9% 36.2% 36.9%
(2)
(2)
(3)
(1)
(4)(5)
(6)
31

(2) Total ARR for 2022, 2023, and 2024 are revaluated using exchange rates set at the beginning of fiscal 2025.
2022 2023 2024
$134.51
$139.38 $140.23
ARPU ($)⁽¹⁾
2022 2023 2024
$2,445
$2,537 $2,571
Constant Currency ARR ($M)⁽¹⁾⁽²⁾
2022 2023 2024
17.77 18.12 18.22
Paying Users (M)⁽¹⁾
Annual Key Metrics
32

Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
$139.59
$139.93
$139.05
$140.06
$139.26
Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
$2,553
$2,570
$2,575 $2,571
$2,552
Quarterly Key Metrics
Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
18.16
18.22
18.24
18.22
18.16
ARPU ($)⁽¹⁾
Constant Currency ARR ($M)⁽¹⁾⁽²⁾ Paying Users (M)⁽¹⁾
(2) Total ARR for 2024 are revaluated using exchange rates set at the beginning of fiscal 2025. 33

Liquidity Overview
Note: Amounts shown in USD in Millions ($M)
(1) Cash and Investments includes cash and cash equivalents and short term investments
(2) DDTL: Delayed Draw Term Loan
Q1'25 Cash and
Investments Total
Liquidity
$1,180
$2,180
(1)
$1,000
Remaining Availability on
DDTL
$2.2 billion
Available Liquidity
(2)
34

Gross Debt : $2.7 billion
Net Debt : $1.5 billion
T TM Gross Debt / Adj. EBITD
A : 2.5x
T TM Net Debt / Adj. EBITD
A : 1.4x
Term Loan
Debt Maturities
$998M (SOFR + 3.75%)
$696M (0% Coupon)
$693M (0% Coupon)
2025 2026
Convertible Notes
2027 2028
Convertible Notes
2029
Term Loan
$696 $693
$998
Note: Amounts shown in USD in Millions ($M)
(1) Includes total debt and finance leases
(2) Includes total debt and finance leases less cash and cash equivalents and short term investments
(3) Adjusted EBITDA is a Non-GAAP measures that includes certain adjustments to GAAP Net Income. See Appendix for Non-GAAP reconciliation.
Maturity
2029
Additional $1.0B
accessible via delayed
draw (1% ticking fee)
Convertible Notes Maturity
2026
2028
(1)
(2)
Leverage Ratios
(3)
35

Share Repurchase
Program
Share Repurchase Summary
2020 2021 2022 2023 2024
398
1,059
795
543
1,240
419 396 363 346 323
Share Repurchases ($M) Diluted WASO (M)
•
•
•
In FY'24, The Company
repurchased approximately 50M shares
for ~$1.2B
On December 11, 2024, the Board of
Directors authorized the repurchase of an
additional $1.2 billion of Class A common
stock
As of March 31, 2025 the Company had
approximately $870M available under the
current Board authorization
Note Amounts shown in USD in Millions ($M)
WASO: Weighted Average Shares Outstanding, shown in millions (M)
$
$
$
$
$
FY'25 Share Repurchase
Activity
• In Q1'25, the Company repurchased
approximately 18M shares for ~$500M
36

GAAP Revenue
Constant Currency Revenue
Non-GAAP Gross Margin
Non-GAAP Operating Margin
Unlevered Free Cash Flow
Capital Expenditures
Payments related to reduction in force
Lease buyout
Diluted weighted average shares outstanding
$616-619
$617-620
~37.5%
279M - 284M
$2,475-$2,490
$2,483-$2,498
38.0% - 38.5%
276M - 281M
$36
~$13
$25-$30
at or above $950
~82.0%
Q2 2025 FISCAL 2025
FY25 Guidance
Amounts shown in USD ($) in Millions
37

Non-GAAP reconciliation
39

40

Free Cash Flow & Unlevered Free Cash
Flow reconciliation
41

Free Cash Flow & Unlevered Free Cash
Flow reconciliation
42

43

44

470.3
(9.7)
57.9
MARCH 31, 2025
$
8.0
335.6
670.5
144.0
$
NetIncome-GAAP
Other (income) / expense, net
Interest (income) / expense, net
Tax provision
Depreciation & Amortization
EBITDA - Non-GAAP
Stock-based compensation
TRAILING TWELVE MONTHS ENDED
20.1
Acquisition-related and other expenses
0.1
Net (gain) loss on real estate assets
49.5
Workforce reduction expense
1,075.8
$
Adjusted EBITDA - Non-GAAP
45

Q1 2025 Dropbox Earnings and Investor Presentation

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