Slides
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FY26 Financial Analyst Day
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Cynthia Hiponia Welcome
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Agenda Welcome Corporate strategy Product strategy Go-to-Market strategy Sales strategy Partner Interview Financial strategy Executive Q&A Cynthia Hiponia, VP, Investor Relations Aaron Levie, CEO and Co -founder Ben Kus, Chief Technology Officer, Enterprise AI Diego Dugatkin, Chief Product Officer Olivia Nottebohm, Chief Operating Officer Mark Wayland, Chief Revenue Officer Matt Charlson, President and CEO, DataBank Dylan Smith, CFO and Co -founder Break 10 mins.
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This presentation contains forward-looking statements that involve risks, uncertainties, and assumptions, including statements regarding Box’s expectations regarding its growth and profitability, the size of its market opportunity, its go-to-market strategy,the demand for its products, the potential of AI and its impact on Box, thetiming of recent and planned product introductions, enhancements and integrations, the short- and long-term success, market adoption and retention,capabilities, and benefits of such product introductions and enhancements, the success of strategic partnerships and acquisitions, the impact of macroeconomic conditions on its business, its ability to grow and scale its business and drive operating efficiencies, the impact of fluctuations in foreign exchange rates on its future results, its net retention rate, its ability to achieve revenue targets and billings expectations, its revenue and billings growth rates, its ability to expand operating and gross margins,its long-term financial targets,its ability to maintain profitability on a quarterly or ongoing basis, its free cash flow, its ability to continue to grow unrecognized revenue and remaining performance obligations, its revenue, billings, GAAP and non-GAAP gross margin, GAAP and non-GAAP net income (loss) per share, GAAP and non- GAAP operating margins, the related components of GAAP and non-GAAP net income (loss) per share, weighted-average outstanding share count expectations, equity burn rate, any potential repurchases of its common stock, whether, when, in what amount and by what method any such repurchases would be consummated, and the share price of any such repurchases. There are a significant number of factors that could cause actual results to differ materially from statements made in this presentation, including: (1) adverse changes in general economic or market conditions, including those caused by the Russia-Ukraine conflict and the conflict in the Middle East, inflation and fluctuations in foreign currency exchange rates; (2) delays or reductions in information technology spending; (3) factors related to Box’s highly competitive market, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by Box’s current or future competitors; (4) the development of the intelligent content management market; (5) the risk that Box’s customers do not renew their subscriptions, expand their use of Box’s services, or adopt new products offered by Box on a timely basis, or at all; (6) Box’s ability to provide timely and successful enhancements, integrations, new features and modifications to its platform and services; (7) actual or perceived security vulnerabilities in Box’s services or any breaches of Box’s security controls; (8) Box’s ability to realize the expected benefits of its third-party partnerships; and (9)Box’s ability to successfully integrate acquired businesses and achieve the expected benefits from those acquisitions. Further information on these and other factors that could affect the forward-looking statements we make in this presentation can be found in the documents that we file with or furnish to the US Securities and Exchange Commission, including Box's most recent Annual Report on Form 10-K filed for the fiscal year ended January 31, 2025. You should not rely on any forward-looking statements, and we assume no obligation, nor do we intend, to update them. All information in this presentation is as of March 18, 2025. Forward looking statement
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The information in this presentation on new products, features, and functionality is intended to outline our general product direction and should not be relied upon in making a purchasing or investment decision. The information on new products, features, and functionality, such as Agentic AI, AI-powered metadata extraction, next-gen Relay, and new AI model capabilities, is for informational purposes only and shall not be incorporated into any contract. The information on new products, features, and functionality is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release, and timing of any product, features or functionality described for our products remain at our sole discretion. Future products, features and functionalities This presentation contains non-GAAP financial measures and key metrics relating to the company's past and expected future performance. You can find the reconciliation of these measures to the nearest comparable GAAP financial measures in the appendix at the end of this presentation. The company has not reconciled certain of the non-GAAP measures on a forward-looking basis (including its revenue plus free cash flow margin, its non-GAAP gross marginand certain non-GAAP operating margintargets) to their most directly comparable GAAP measures because certain adjustments cannot be predicted with a reasonable degree of certainty and the amount recognized can vary significantly. Accordingly, a reconciliation is not available without unreasonable efforts. Non-GAAP financial measures
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Aaron Levie Strategy overview
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Long-term strategy for driving profitable growth at Box Accelerating customer transformation with Enterprise Advanced augmented by partners, services, and consumption Attacking a $100B+ market opportunity with significant tailwinds in AI and unstructured data Building the leading ICM platform, powering secure intelligent workflows across the enterprise Driving double-digit growth and significant margin expansion to achieve rule of 45-50 target
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Our mission is to power how the world works together
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Fortune 500 Total customers 64% 120K
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But we’re just getting started
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We’re entering an AI–first era of business AI agents are joining the workforce In productivity impact due to AI Agents in the workplace $4.4T https://www.mckinsey.com/capabilities/mckinsey-digital/our- insights/superagency-in-the-workplace-empowering-people-to- unlock-ais-full-potential-at-work
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We’re entering an AI–first era of business AI agents are joining the workforce Any workflow can be automated of CIOs will leverage AI, automation, and analytics by 2028 80% https://www.idc.com/getdoc.jsp?containerId=prAP51917824&ut m_source=chatgpt.com
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We’re entering an AI–first era of business AI agents are joining the workforce Any workflow can be automated Instant intelligence from your data ZB of unstructured data in 2025 160+ https://www.congruity360.com/blog/the-future-of-data- unstructured-data-statistics-you-should-know/
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We’re entering an AI–first era of business AI agents are joining the workforce Any workflow can be automated Instant intelligence from your data Customers expect better experiences of consumers believe AI has become essential to modern customer service 81% https://www.zendesk.de/blog/customer-service-statistics/
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We’re entering a new era of software
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System of intelligence 2020’s and beyond System of engagement System of record 2000’s – 2020’s1980’s – 2000’s
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Unstructured data has grown exponentially Structured data Unstructured data 1980 Today
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90% Unstructured dataStructured data 10% And yet most of our content is underutilized
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And content is our most important data Product launches
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Employee onboarding And content is our most important data
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Clinical trial results And content is our most important data
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Application processing And content is our most important data
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Insurance claims And content is our most important data
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The way we manage content is fundamentally broken
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There is a better way
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Welcome to Intelligent Content Management
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Industry-leading Intelligent Content Management platform Global infrastructure Data protection and compliance Content services Box Web Mobile Desktop AI platform 1,500+ integrations APIs Custom APIs & SDKs Integrations UI Elements Multi-doc queries Transparency Unlimited end user AI Secure RAG Model-agnostic AI agent builder Files and folders Collaboration E-signature Publishing Metadata Workflow Analytics No-code apps Threat detection Ransomware protection Classifications PII scanning Data residency Audit trails Permissions Encryption Certification Retention Archive Unlimited storage Data ingestion Cloud-native High scalability High speed High availability
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Enterprises can fundamentally transform the value of their unstructured data
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How can we speed up our product roadmap? There are several delays in the product roadmap that I will highlight: 1. Your roadmap schedule includes a sequential QA and legal review process. Consider running these two processes concurrently to save review time. 2. Your product strategy includes customer focus groups for multiple features. Consider running one larger focus group rather than multiple shorter to speed up research steps 1 2 Generate instant insights
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Get intelligence from your data
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Automate any workflow
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Agents represent a massive opportunity and market expansionKnowledge workers AI agents
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Core offering Enterprise Advancedand platform monetization Advanced workflow automation, content intelligence and processing, and advanced data protection — all enabled by AI Add-ons and bundled Suites Advanced security, governance, compliance, and e-signature ANNUAL CONTRACT VALUE Secure file access, storage, and collaboration / ILLUSTRATIVE Future plans We will continue to introduce new plans, driving customer growth and higher ACV
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Long-term strategy for driving profitable growth at Box Attacking a $100B+ market opportunity with significant tailwinds in AI and unstructured data Accelerating customer transformation with Enterprise Advanced augmented by partners, services, and consumption Building the leading ICM platform, powering secure intelligent workflows across the enterprise Driving double-digit growth and significant margin expansion to achieve rule of 45-50 target
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Ben Kus AI strategy
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Content + AI Powering agentic AI for unstructured data in the enterprise
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How can we speed up our product roadmap? Generate instant insights Automate any workflow Get intelligence from your data There are several delays in the product roadmap that I will highlight: Your roadmap schedule includes a sequential QA and legal review process. Consider running these two processes concurrently to save review time. Your product strategy includes customer focus groups for multiple features. Consider running one larger focus group rather than multiple shorter to speed up research steps 1 2 AI is transforming how enterprises work with content
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Large technology enterprise Rolled out Box AI to over 100,000 internal employees as the first company-wide AI deployment Financial capital firm Processed 1 million documents as to extract structured data as part of compliance audit saving 1,000s of hours of manual work Travel tech provider Saved over 800 hours of the manual process of processing bespoke travel itineraries by leveraging custom AI extract agents
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Global infrastructure Data protection and compliance Content services Box Web Mobile Desktop AI platform 1,500+ integrations APIs Custom APIs & SDKs Integrations UI Elements Multi-doc queries Transparency Unlimited end user AI Secure RAG Model-agnostic AI agent builder Files and folders Collaboration E-signature Publishing Metadata Workflow Analytics No-code apps Threat detection Ransomware protection Classifications PII scanning Data residency Audit trails Permissions Encryption Certification Retention Archive Unlimited storage Data ingestion Cloud-native High scalability High speed High availability AI built directly into Box Platform
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AI experiences • Multimodal querying • AI-powered content generation • AI-powered extraction • Multi-doc querying Integrations For our users For our developers Tools Low-code and AI specialists • AI agent builder • CYOM • Agentic routine orchestration • AI playground • Model management Box AI Dev Zone • AI API management • CYOM-via-API • Q&A AI API • Extract AI API • T ext gen AI API AI Models Model flexibility • Document chunking • Vector embeddings • OCR • Generic LLMs • Reasoning models • Fine-tuned extract agents • Bring-your-own-model Trust Security, Privacy, and Governance • Secure Retrieval Augmented Generation (RAG) • Privacy access controls • Permissions-aware AI • Integration with native Box permissions • AI admin controls Content Unstructured AI platform Box provides industry-leading AI platform for content
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AI models continue to evolve rapidly 10x increase in AI models enterprise accuracy Cost for inference drops 240x New AI model capabilities
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• LLMs • Trained on Internet data AI models • Customizable • More capabilities • Can access some user data AI assistants • Participate in agentic workflows • More complex problems • Work as a team with other agents/assistants AI agents Capability Time
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As of sasaaMar Q1 FY26 AI agents will progressively become a larger part of enterprises Knowledge workersAI agents / ILLUSTRATIVE
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Preparing for the agentic future Customizable agentic orchestration Integrated with best-of- breed agentic ecosystem Utilizing latest models to power AI agents
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Agentic RAG Agentic context extraction Deep research Deep search Customizable agentic orchestration Exposing the power of agentic AI directly in platform CURRENT APPROACH FUTURE STATE
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More powerful agentic capabilities like deep research
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Box AI Agents Box AI Studio Agent Library Agent Library Contract Risk Assessor Meticulous and detail-oriented assistant for analyzing contracts Box AI Platform will allow customized agentic workflows Onboarding Assistant Designed to assist new hires with their onboarding process RFP Answers A knowledgeable and detail -oriented AI designed to assist teams in responding to Requests for Proposals (RFPs) Market Insights data-driven and analytical assistant for summarizing market research Legal Due Diligence Meticulous and precise assistant for legal professionals FOIA Response Meticulous and compliance -focused assistant for government agencies Production Intelligence Creative and detail -oriented assistant for media production teams Risk Compliance Analyst Precise and thorough assistant for financial risk assessment
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Box everywhere Agentic ecosystem AI agents cooperating across best-of-breed platforms in the enterprise For our users For our developers
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Enterprise data is at the center of agentic workflows Custom enterprise agents Enterprise data sources
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Example agentic workflow: Answering sales RFPs Salesperson Enterprise customer Agent supervisor Customer RFP Filled-out RFP Agentic routine RFP answer Send info Send info Question lookup Create formatted answers Fill out RFP for Acme Co. Box AI search agent Box AI content gen. agent Research ...Gather info. Format answers Generate doc ... Quality checks
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Example agentic workflow: Answering sales RFPs Register sales opportunity Create a follow-up email … …Answer RFP
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Commercializing AI across Box packages AI units for high-volume consumption Unlimited AI for seats Unlimited Box AI Q&A • Multi-doc/images, using advanced models • Al-powered content portals with intelligent Hubs • Track AI API usage and metadata extraction • Customize use cases for Q&A, text generation, and metadata • Build agents with Box AI Studio API • Choose models from OpenAI, Google, and Anthropic Box AI units
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Diego Dugatkin Product strategy
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Accelerating customer transformation with Enterprise Advanced augmented by partners, services, and consumption Attacking a $100B+ market opportunity with significant tailwinds in AI and unstructured data Driving double-digit growth and significant margin expansion to achieve Rule of 45-50 target Long-term strategy for driving profitable growth at Box Building the leading ICM platform, powering secure intelligent workflows across the enterprise
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Content and AI with a trusted partner
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Powering critical processes across enterprises Secure collaboration Agency collaboration Vendor engagement Virtual data room Document management Document management Asset archival Policy management Content workflows Contract management Client onboarding Case management Portals Digital asset library Client portal Benefits hub E-signature Nondisclosures Customer agreements Onboarding paperwork
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Flexible and interoperable platform Enterprise-grade artificial intelligence Advanced data protection and compliance Modern workflow and collaboration experiences Global, infinitely scalable cloud -native platform Intelligent Content Management
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Flexible and interoperable platform Advanced data protection and compliance Modern workflow and collaboration experiences Intelligent Content Management Enterprise-grade artificial intelligence AI-powered metadata extraction AI agents New models and capabilities Global, infinitely scalable cloud -native platform
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Modern workflow and collaboration experiences Metadata extraction Next-gen Relay Box Apps Box Hubs Intelligent Content Management Flexible and interoperable platform Advanced data protection and compliance Enterprise-grade artificial intelligence Global, infinitely scalable cloud -native platform
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Transforming workflows in the age of AI
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Box Relay Box Sign Automate end-to-end content workflows Send documents for signature Box AI AI-powered metadata extraction Box Doc GenBox Forms Box Apps Initiate form-driven business processes Generate custom documents on the fly Create intelligent, no-code apps to power business
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AI-powered metadata Extract information from content to fuel automation Coming soon
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Customize the extraction process Full taxonomy support Automation at scale Human feedback and review Metadata
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Next-gen Relay Enterprise content and workflow automation Coming soon
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Process automation at scale Serial and parallel workflows AI agent integration Smart actions Next-gen Relay
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Box Apps Custom enterprise applications for everything
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Unified app builder Manage metadata and extraction processes Integrated workflows AI-powered widgets Box Apps
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Box Hubs Intelligent content portals and publishing
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Increased limits Search + AI AI-generated Hubs Deep research Box Hubs + AI
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Intelligent Content Management Advanced data protection and compliance Enterprise-grade artificial intelligence Modern workflow and collaboration experiences Flexible and interoperable platform Box AI integrations Box for Salesforce Agentforce Box for Microsoft 365 Copilot integrations Global, infinitely scalable cloud -native platform
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Flexible and interoperable platform Box and AI integrations • Extend Box AI into integrations • Power Box with partner AI • Connect Box to AI partners
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Flexible and interoperable platform Box and AI integrations • Extend Box AI into integrations • Power Box with partner AI • Connect Box to AI partners Box for Salesforce: Agentforce • Access Hubs in Salesforce • Leverage Box AI • Connect AI agents • Automate workflows
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Flexible and interoperable platform Box and AI integrations • Extend Box AI into integrations • Power Box with partner AI • Connect Box to AI partners Box for Salesforce: Agentforce • Access Hubs in Salesforce • Leverage Box AI • Connect AI agents • Automate workflows Box for Microsoft 365 Copilot integrations • Copilot via Box connectorfor Graph • Enhanced insights with Box Copilot agent • Copilot in Box for Office 365 apps
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Intelligent Content Management Enterprise-grade artificial intelligence Modern workflow and collaboration experiences Flexible and interoperable platform Advanced data protection and compliance Shield AI Archive Data security posture management Global, infinitely scalable cloud -native platform
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Data protection in the age of AI
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Advanced data protection and compliance Shield AI • Automatically identify and secure sensitive content • Include attributes to guide AI • Tailor label definitions
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Advanced data protection and compliance Shield AI • Automatically identify and secure sensitive content • Include attributes to guide AI • Tailor label definitions Archive • Meet retention policies and combat content sprawl • Remove, preserve, and restore content • Build policy driven auto archiving
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Advanced data protection and compliance Shield AI • Automatically identify and secure sensitive content • Include attributes to guide AI • Tailor label definitions Archive • Meet retention policies and combat content sprawl • Remove, preserve and restore content • Build policy driven auto archiving Data security posture management • Discover all your sensitive and exposed content • Suggest and enact mitigation measures • Security posture reporting
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Intelligent Content Management Flexible and interoperable platform Enterprise-grade artificial intelligence Advanced data protection and compliance Modern workflow and collaboration experiences Shield AI Archive Data security posture management Global, infinitely scalable cloud -native platform • Billion files in a folder • 500GB files • Hyperscale platform accounts AI-powered metadata extraction AI agents New models and capabilities Metadata extraction Next-gen Relay Box Apps Box Hubs Box AI integrations Box for Salesforce Agentforce Box for Microsoft 365 Copilot integrations
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Box is becoming an AI-first enterprise Box AI is being used to increase the pace of innovation in R&D Research and analysis Faster market, customer, and competitive research with the help of multi-doc Q&A and deep research agents to get deep and accurate insights from Box content and the web seamlessly Reporting automation Automating some report generation with the help of Box AI agents to focus more on analyzing and applying data than on gathering data Training and onboarding Accelerating onboarding and organizational changes with the help of Box Hubs + AI and deep search agent to quickly answer questions and give targeted training materials
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Olivia Nottebohm Go-to-Market strategy
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Attacking a $100B+ market opportunity with significant tailwinds in AI and unstructured data Building the leading ICM platform, powering secure intelligent workflows across the enterprise Driving double-digit growth and significant margin expansion to achieve Rule of 45-50 target Long-term strategy for driving profitable growth at Box Accelerating customer transformation with Enterprise Advanced augmented by partners, services, and consumption
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Lookback FY25
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Expand into & monetize new categories Advance our platform opportunity Grow our partner ecosystem Invest in awareness and consideration FY25
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AI + Content Workflows ECM We expanded into new markets FY25 Notes AI and Preview AI Box Hubs and multi-doc AI AI Studio, APIs, and Agents AI Data Extraction Box Forms Box DocGen Box Apps Box Archive High-volume workloads
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Q4 Enterprise Advanced use cases Contract management Claims management Loan origination Digital Asset management Lease generation & management Approval workflows FY25 Enterprise Advanced initial use cases NOT EXHAUSTIVE
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How customers use Box AI FY25 Insights from Content Q&A on single/multiple files and Hubs Content summarization Generating content in Notes Helps new sellers onboard and customize pitch for customers Sales Portal Enable users to grasp key information without reading every detail Business decision-making Quickly create press release and blog drafts, personalized sales emails, action items and more with Box AI for Notes Content creation Loan processing AI-powered workflows Auto-extract critical info from content Use info to drive business decisions Automate workflows with metadata Reduce time spent combing through contracts, from hours or days, down to minutes Automate applications for submissions for government services Citizen Applications Hire-to-retire lifecycle management Managing resume collection and extraction, doc generation, e-signature, employee contract management, onboarding and benefits portals Purpose-built custom agents Build custom AI agents Choose right LLMs for use cases Integrate seamlessly into workflows Significantly reduce business risk with audits and regulatory submissions Audit readiness Streamline IT support tickets leveraging internal documentation Help desk support HR Information Assistant Replace legacy tools and intranet on employee policies to answer internal employee questions
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How customers drove business impact with Box AI FY25 Insights from Content AI-powered workflows Purpose-built custom agents ~800 hours saved annually on event mgmt. 1500+ hours saved annually on underwriting Improved regulatory compliance
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Expanded our platform opportunity FY25 • Launched new APIs for AI and document generation • Delivered enhanced UI elements for developers to build custom apps • Built improved and expanded sandbox capabilities • Partnered with leading AI frameworks FY 2022 FY 2023 FY 2024 FY 2025 Chart Title 20%+ YoY growth Core API calls
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Grew our partner ecosystem FY25
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Gartner Magic Quadrant Document management The Forrester Wave Content Platforms Increased our awareness and consideration IDC MarketScape Worldwide Intelligent Content Services FY25
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Year ahead FY26
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Establish Box as the leader of Content + AI Power secure, intelligent content workflows Deliver through platform and partners Nurture and advance the install base Deliver the leading ICM platform FY26
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Establish Box as leader in Content + AI Event engagements Customer storiesIndustry leadership Search optimization Box-led Media Industry events Modern influencer strategy Podcast interview Newsletter Product review Speaking engagement Reddit AMA LinkedIn Live Digital channels FY26
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Deliver value through intelligent content workflows Q4 Enterprise Advanced use cases Contract management Claims management Loan origination Digital Asset management Lease generation & management Approval workflows Additional Enterprise Advanced FY26 use cases Mortgage processing Quality management system Patient onboarding & processing Invoice processing Construction project management Digitizing field operations Client on-boarding FY26 NOT EXHAUSTIVE
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Continue to deliver through platform Build and deliver Box API catalog Build awareness in the AI developer ecosystem Deepen relationships with leading LLMs Document Generation APIs AI Units Sign APIs Core APIs FY26
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Further expand and deepen our partnerships FY26 Buy BuildResellers SIs ISVs & marketplaces Integrate
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• Co-marketing • Partner-dedicated headcount • Joint POCs Investments • GTM & Co-delivery with GSIs Results • Expand ecosystem • Deepen current partnerships • Develop repeatable industry and use case patterns Time to win • Partner sourced and developed sales motions, new logos • 360 relationships and joint deployments for large opportunities • Significant platform pull through 10x it Complexity Scale through Partners Y0 FY25 Y1 FY26 Y2 FY27 FY26
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Targeted FY2026 investments Content + AI Campaigns and thought leadership Events and sponsorships AI specialist resources Sales Sales capacity in key markets Dedicated vertical sales team Sales support roles Partner Dedicated headcount Co-Marketing POC development FY26
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Box is becoming an AI-first enterprise Box AI will increase efficiencies and drive productivity across GTM Sales RFX Responses Saves ~2 hours per RFP / RFI ingesting with the help of Metadata Extraction, response drafting, and customer due diligence Marketing Content Generation Streamline process of drafting, editing, and finalizing copy based on Box content, allowing marketing to more than double output of content Support Agent Assist Support Agents leverage Box AI to provide suggested resolution to support tickets, reducing cost of service, accelerating agent onboarding by 30%, and improving time to resolution Customer Success Knowledge Hub Consolidated Box Product hub provides GTM direct answers to customer questions and best practices, reducing time to respond to customers by 50%+ FY26
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Mark Wayland Sales strategy
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UNITED KINGDOM UNITED STATES JAPAN CANADA GERMANY FRANCE ANZ Geographic focus aimed at countries with highest TAM
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Workflow automation and intelligence • Direct Sales Motion • Sales Engineers + Specialist SEs for ECM and AI -powered content-workflows • Box Consulting supporting onboarding partners • Partners Managing and securing content • Direct Sales Motion • Sales Engineers • Box Consulting File sharing and storage • Direct Sales Motion • Sales Engineers Founding Today Our Sales motion has matured in line with the evolution of Box
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Enterprise Advanced FY26 Sales focus areas Industries FY26 Partners
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Industries Partners Enterprise Advanced FY26 Sales focus areas FY26
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Who they are Department of Motor Vehicles (DMV) of one of the largest states in the U.S. serving over 1.8 million customers annually across 16 centers How they use Box Enterprise Advanced Application Modernization: Replacing an expensive, high maintenance legacy ECM tool with Box. Metadata-driven dashboards built with Box Apps to power the Vehicle Title and Registration system enabling fast search and retrieval of automobile records and deliver faster service. Plan to implement a new grants management system and dealership e-licensing process. Business Impact Cost savings: $1M+ in savings from retiring ECM hardware, software, services and storage costs
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Who they are A leading independent global wealth management firm with over $77 billion in combined assets, offering financial advice and solutions to ultra high net worth clients How they use Box Enterprise Advanced Client engagement mgmt: Internal teams do research with a metadata-powered ‘Info Central’ app built with Box Apps. Client assets are tracked for review/approval in a ‘Advisor Central’ app, and published to the ‘Client Hub’ where clients can ask questions with Box AI. AI Studio gives the firm access to the latest LLMs, and the future ability to integrate their own trained models Business Impact Streamlined client engagement: End-to-end impact - from onboarding to research to delivery, improving team productivity and delivering superior client experiences
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Enterprise Advanced Partners FY26 Sales focus areas Industries FY26
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PUBLIC SECTOR M&EM&E RETAIL LIFE SCIENCES EDUCATION FINANCIAL SVCs Significant traction across industries
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Enterprise Advanced Industries FY26 Sales focus areas FY26 Partners
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Platform activation use cases through SI and ISV Partners Salesforce industry clouds Focus on Life Sciences and Insurance for content-heavy and compliant use cases AI + content workflow Integration with Box AI and Extract APIs SI AI accelerators ECM modernization Legacy system takeout in Life Sciences and Insurance Compliant archive (statements, utility bills, transcripts, insurance benefits) FY26
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Matt Charlson
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Dylan Smith Financial strategy
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Accelerating customer transformation with Enterprise Advanced augmented by partners, services, and consumption Attacking a $100B+ market opportunity with significant tailwinds in AI and unstructured data Building the leading ICM platform, powering secure intelligent workflows across the enterprise Long-term strategy for driving profitable growth at Box Driving double-digit growth and significant margin expansion to achieve Rule of 45-50 target
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Strong FY25 execution solidifies foundation to capture our massive market opportunity Enterprise Advanced and Box AI drive a clear path to double-digit revenue growth Profitable growth with a disciplined capital allocation strategy will generate significant shareholder value
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Strong FY25 execution solidifies foundation to capture our massive market opportunity
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$735 $766 $815 $510 $539 $651 $1,245 $1,305 $1,466 FY23 FY24 FY25 Remaining performance obligations ($M) Building the foundation for durable revenue growth Total RPO increased by 12% while longer contract durations strengthen revenue visibility Note: Remaining performance obligations (RPO) represent, at a point in time, contracted revenue that has not yet been recognized. RPO consists of deferred revenue and backlog. Box does not consider RPO to be a non-GAAP financial measure because it is calculated in accordance with GAAP. Reconciliations of billings to revenue, deferred revenue, and contract assets calculated in accordance with GAAP can be found in the Appendix of this presentation. Long-term RPO ($M) +21% YoY Short-term RPO ($M) +6% YoY $1,022 $1,057 $1,110 FY23 FY24 FY25 Billings ($M)
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77% 77% 81% FY23 FY24 FY25 Non-GAAP gross margin (%) Note: A reconciliation of non-GAAP gross margin and non-GAAP operating margin to the nearest GAAP financial measures can be found in the Appendix of this presentation. 23% 25% 28% FY23 FY24 FY25 Non-GAAP operating margin (%) Cloud infrastructure and cost discipline unlocking significant leverage Successful migration to public cloud drove outperformance versus FY25 gross margin expectations
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Revenue by geography Diversified customer base creates resilience and predictability in our business model Note: 1. All figures are as of ending FY25 and represent the percentage of Total ARR, not customer count, associated with each category. Total ARR by segment1 Total ARR by industry1 Online (4%) Commercial (32%) Enterprise (64%)US (64%) Japan (23%) Revenue by category Financial services Public sector Life sciences and healthcare Other industries (16%) Top industries (84%) Professional services Industrial goods and automotive Architecture, engineering, and constructionM&E Technology EMEA (8%) Other (5%) Subscription (97%) Services (3%)
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Customer economics remain strong in a challenging environment Notes: 1. Figures represent differences between ending FY25 and ending FY24, except for PPS which is calculated based on Suites release date. 2. Represents customers with total annual recurring revenue, or Total ARR, that exceeds $100K as of the end of the period. 3. Price per seat of total Box install base, shown in monthly price/seat; excludes Education customers, Platform product and customers on unlimited and starter packs. Price per seat3 has increased by a 4% CAGR since the introduction of Suites % of revenue from Suites increased by 5pts Full churn rate stable at best-in-class 3% Total number of $100K customers2 increased by 8%
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1,770 1,920 FY24 FY25 328 363 FY24 FY25 142 153 FY24 FY25 $1M+ customers$100K+ customers Large customer growth exceeding revenue growth as we continue to close larger deals Note: All figures are based on the number of customers and their Total ARR as of the end the period. $500K+ customers Land and expand model fueled growth across all categories in FY25
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46% 55% 60% 54% 45% 40% FY23 FY24 FY25 Suites customers represent 60% of our revenue Proven upsell motion results in stickier use cases and higher pricing Total ARR by product group (%) Non-Suites Suites
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108% 101% 102% 3% 3% 3% -20% -15% -10% -5% 0% 5% 10% 80% 85% 90% 95 % 100% 105% 110% 11 5% 120% 125% 130% FY23 FY24 FY25 Net retention (%) Net retention improving as upsells drive higher pricing Net retention (%) Full churn rate (%) Best-in-class full churn remained at 3% through FY25
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Enterprise Advanced and Box AI drive a clear path to double-digit revenue growth
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Enterprise Advanced and Box AI catalyze key growth drivers Increase price per seat by 5%+ annually and drive seat expansion by selling high-value ICM use cases Grow partner-touched ARR at a ~20% CAGR by curating high-quality relationships with key SIs, ISVs & marketplaces, and resellers Increase Platform Revenue at a ~30% CAGR by driving AI + AI Agent consumption and disrupting the legacy ECM market
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Enterprise Advanced use cases enable seat expansion Digital workers vs. business seats sold Business workers in the install base Business seats sold ~43x ~7x ~1x
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AI agents represent a new growth vector AI agent potential Digital workers vs. business seats sold Business workers in the install base Business seats sold
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Enterprise Advanced introduced Note: Price per seat of total Box install base, shown in monthly price/seat; excludes Education customers, Platform product and customers on unlimited and starter packs. Suites introduced Enterprise Plus introduced FY20 FY21 FY22 FY23 FY24 FY25 FY26 LT Price per seat Enterprise Advanced upsells will increase pricing by 20%-40% vs Enterprise Plus Strong track record of pricing uplifts underpins our ability to improve PPS CAGR to 5%+
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FY23 FY24 FY25 Long-term Partner-touched total ARR Ecosystem of high-quality relationships will drive leverage and increase ARR through partners SIs ISVs & marketplaces Resellers Note: Excludes impact from Japan partners.
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FY25 Long-term New use cases Current use cases 5% of Revenue ~10%+ of Revenue AI + AI agents will drive a ~30% CAGR in Platform revenue AI-powered data extraction, workflows, and document generation disrupt traditional ECM use cases Platform revenue
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Initial Purchase (FY14) Upgrade to Enterprise (FY18) Upgrade to Multi-product (FY19) Upgrade to Enterprise Plus (FY24) Upgrade to Enterprise Advanced (FY25) From Business to Enterprise ~25% PPS increase From Enterprise to Multi-product ~20% PPS increase From E+ to EA ~35% PPS increase From Multi-product to E+ ~20% PPS increase Driving customer ARR growth through upgrade cycles Upgraded to Enterprise Advanced to automate workflows for financial processes
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Profitable growth with a disciplined capital allocation strategy will generate significant shareholder value
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FY26 Revenue Growth Long-term Revenue Growth Key drivers of long-term revenue growth Key drivers • Enterprise Plus will continue driving growth • Enterprise Advanced will improve net retention primarily via through pricing uplifts • SI partner investments will land new customers by capitalizing on EA interest • International expansion will increase penetration in EMEA and emerging markets such as Canada & Australia • AI Units will drive platform consumption and monetization, with new SKUs expanding opportunities New customer acquisition Platform expansion +1 to 2 pts +1 to 2 pts +2 to 5 pts 6% 10-15% Upsells and seat expansion FY26E revenue growth Multiple paths to drive revenue acceleration Long-term revenue growth
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Notes: A reconciliation of non-GAAP operating margin to the nearest GAAP financial measure can be found in the Appendix of this presentation. Workforce and location strategy Infrastructure optimizations Key drivers • Location strategy will continue to shift headcount mix to lower cost regions • Infrastructure optimizations will enhance utilization and cost efficiency to further expand gross margin • AI-first architecture and processes will increase productivity • Cost discipline and scale will improve leverage across the business FY26E non-GAAP operating margin Long-term non-GAAP operating margin +3 to 4 pts +1 to 2 pts 28% 34-37% Operating Efficiency +2 to 3 pts Operating margin is on track to improve to 34-37% long-term Key drivers of long-term margin expansion
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Scaling lower cost regions for workforce leverage Targeting 30% of total full -time employees in lower cost regions 20% 30% FY25 Long-term 48% 60% FY25 Long-term % of R&D headcount% of total headcount
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Disciplined capital allocation will advance product innovation while returning capital to shareholders Robust cash flow generation Deliver consistent mid-teens FCF growth Share repurchases Continue to return capital to shareholders with $150M expansion of our buyback program Strategic acquisitions Accelerate product roadmap via M&A such as Crooze Stock-based compensation Reduce burn rate and SBC as a % of revenue over time
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$238 $269 $305 $267 2 $177 $212 $0 $5 0 $1 00 $1 50 $2 00 $2 50 $3 00 $3 50 $4 00 $4 50 $5 00 FY23 FY24 FY25 Non-GAAP free cash flow Share repurchase Non-GAAP free cash flow vs share repurchase ($M) Strong free cash flow generation supports a robust capital allocation strategy Returned $650M+ to shareholders over 3 years to reduce fully -diluted share count 1 Note: A reconciliation of non-GAAP free cash flow to the nearest GAAP financial measure can be found in the Appendix of this presentation. 1. Repurchases of common stock taken from our consolidated statement of cash flows from our 10-K filed on March 10, 2025, March 11, 2024, and March 13, 2023. 2. FY23 share repurchase activity was elevated due to a net cash infusion from Box's FY22 preferred financing.
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Accelerating revenue growth and expanding margins fuel mid-teens FCF CAGR Proven track record of delivering margin expansion at scale Note: A reconciliation of non-GAAP free cash flow to the nearest GAAP financial measure can be found in the Appendix of this presentation. $269 $305 26% 28% 35%-38% 0% 5% 10% 15% 20% 25% 30% 35% 40% $- $100 $200 $300 $400 $500 $600 $700 $800 $900 FY24 FY25 Long-term Mid-teens CAGR Non-GAAP free cash flow margin (%) Non-GAAP free cash flow ($M) Non-GAAP free cash flow ($M)
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Box is becoming an AI-first enterprise Box AI profoundly impacts how our G&A teams work Finance Generating code for data analytics and automating reports with AI results in faster insights Providing stakeholders with AI- powered on-demand access to information results in improved decision-making HR Using AI in Box Hubs to centralize key HR data results in faster candidate response times Automating ticketing workflows with AI results in streamlined open enrollment and new hire onboarding Legal Extracting key terms from contracts with AI results in more time to focus on closing deals Streamlining eDiscovery with AI results in lower litigation costs Security AI-generated incident response summaries and RFPs results in more time protecting our house Integrating Box AI and security operations tools results in faster incident detection and response
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Note: Gross margin, S&M as a % of revenue, R&D as a % of revenue, G&A as a percent of revenue, operating margin, and free cas h flow margin are non-GAAP financial measures. A reconciliation to their nearest GAAP financial measures, where applicable, can be found in the Appendix of this presentatio n. FY26 (guidance) Long-term target (FY29-FY31) Commentary Revenue Growth + FCF Margin -- 45%-50% Delivering top-tier financial profile through double-digit revenue growth and strong free cash flow generation Revenue Growth $1,155M-$1,160M (6.0%-6.4%) 10%-15% Continued E+ and EA adoption, SI investments, and capitalizing on new platform monetization opportunity Gross Margin ~81% 82%-83% Higher ARPU and infrastructure optimizations S&M as a % of Revenue -- 24%-26% AI-driven productivity and SI investments at scale R&D as a % of Revenue -- 15%-16% Achieving 60% of R&D headcount in lower cost regions G&A as a % of Revenue -- 7%-8% Continued shift to lower cost locations and driving productivity through AI Operating Margin ~28% 34%-37% Delivering 100-200bps average annual margin expansion We will deliver sustainable double-digit growth and significant margin expansion
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Long-term strategy for driving profitable growth at Box Accelerating customer transformation with Enterprise Advanced augmented by partners, services, and consumption Attacking a $100B+ market opportunity with significant tailwinds in AI and unstructured data Building the leading ICM platform, powering secure intelligent workflows across the enterprise Driving double-digit growth and significant margin expansion to achieve Rule of 45-50 target
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Appendix
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GAAP Revenue to Billings Reconciliation ($ in thousands) FY23 FY24 FY25 GAAP revenue $990,874 $1,037,741 $1,090,130 Deferred revenue, end of period 566,630 586,871 608,600 Less: Deferred revenue, beginning of period (534,242) (566,630) (586,871) Contract assets, beginning of period 1,111 1,900 2,452 Less: Contract assets, end of period (1,900) (2,452) (4,160) Billings $1,022,473 $1,057,430 $1,110,151
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GAAP to Non-GAAP Reconciliation – Gross Profit/Margin ($ in thousands) FY23 As a % of revenue FY24 As a % of revenue FY25 As a % of revenue GAAP gross margin $738,318 75% $777,129 75% $862,025 79% Add: Stock-based compensation 17,816 19,111 18,656 Add: Acquired intangible assets amortization 5,808 5,838 4,214 Add: Workforce reorganization - 912 - Non-GAAP gross margin $761,942 77% $802,990 77% $884,895 81%
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GAAP to Non-GAAP Reconciliation – Operating Profit/Margin ($ in thousands) FY23 As a % of revenue FY24 As a % of revenue FY25 As a % of revenue GAAP operating margin $36,840 4% $50,753 5% $79,634 7% Add: Stock-based compensation 185,632 198,783 219,003 Add: Acquired intangible assets amortization 5,808 5,838 4,214 Add; Acquisition-related expenses 53 120 378 Add: Fees related to shareholder activism (77) - - Add: Expenses related to litigation 722 361 419 Add: Workforce reorganization - 912 - Non-GAAP operating margin $228,978 23% $256,767 25% $303,648 28%
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GAAP to Non-GAAP Reconciliation – Free Cash Flow ($ in thousands) FY23 As a % of revenue FY24 As a % of revenue FY25 As a % of revenue GAAP net cash provided by operating activities $297,982 30% $318,727 31% $332,257 30% Less: Purchases of property and equipment (5,034) (4,703) (2,573) Add: Proceeds from sales of property and equipment 601 2,860 8,395 Less: Principal payments of finance lease liabilities (40,353) (30,176) (2,141) Less: Capitalized internal-use software costs (14,751) (17,742) (31,332) Free cash flow $238,445 24% $268,966 26% $304,606 28%
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GAAP to Non-GAAP Reconciliation – Gross Margin Outlook ($ in thousands) Fiscal Year Ended January 31, 2026 GAAP gross margin 79.0% Add: Stock-based compensation 1.5% Add: Acquired intangible assets amortization 0.5% Non-GAAP grossmargin 81.0%
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GAAP to Non-GAAP Reconciliation – Operating Margin Outlook ($ in thousands) Fiscal Year Ended January 31, 2026 GAAP operating margin 7.5% Add: Stock-based compensation 20.0% Add: Acquired intangible assets amortization 0.5% Non-GAAP operating margin 28.0%
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Source: Total addressable market sources