We calculate constant currency revenue growth rates by applying the prior period weighted average exchange rates to current period results. (3)Ĭash, cash equivalents and short-term investments ended at $1.228 billion. Non-GAAP diluted net income per share attributable to common stockholders was $0.51, as compared to $0.38 in the same period last year. GAAP diluted net income per share attributable to common stockholders was $0.13, as compared to $0.17 in the same period last year. Cash flows in the second quarter of 2023 included $34.0 million of expenditures relating to the reduction in workforce. Free cash flow was $184.6 million, as compared to $205.9 million for the same period last year. Net cash provided by operating activities was $187.6 million, as compared to $209.9 million for the same period last year. Non-GAAP net income was $174.0 million, as compared to $138.1 million for the same period last year. GAAP net income was $43.2 million, as compared to $62.0 million for the same period last year due to expenses related to the reduction in workforce in the second quarter of 2023, such as severance, benefits and other related items. Non-GAAP operating margin was 34.2%, as compared to 31.9% for the same period last year. GAAP operating margin was 9.1%, as compared to 14.5% for the same period last year, with such change partially due to $37.5 million in expenses related to the Company's reduction in workforce, such as severance, benefits and other related items, which were incurred in the second quarter of 2023. Non-GAAP gross margin was 82.7%, as compared to 83.0% for the same period last year. GAAP gross margin was 80.7%, as compared to 81.5% for the same period last year. Average revenue per paying user was $138.94, as compared to $133.34 for the same period last year. Paying users ended at 18.04 million, as compared to 17.37 million for the same period last year. On a constant currency basis, Total ARR grew $32.6 million quarter-over-quarter, and year-over-year growth would have been 10.9%. Total ARR ended at $2.500 billion, an increase of 7.2% from the same period last year. On a constant currency basis, year-over-year growth would have been 11.2%. Total revenue was $622.5 million, an increase of 8.7% from the same period last year. "As we navigate this period of economic uncertainty, we remain focused on improving the product experience within core Dropbox and creating more value across workflows and AI driven capabilities." "In Q2, we delivered a solid quarter beating our guidance across all metrics, and introduced exciting AI-powered product experiences to our customers, including Dropbox Dash and Dropbox AI," said Co-Founder and Chief Executive Officer Drew Houston. (NASDAQ: DBX), today announced financial results for its second quarter ended June 30, 2023. SAN FRANCISCO, August 03, 2023-( BUSINESS WIRE)-Dropbox, Inc. Net Cash Provided by Operating Activities of $187.6 Million and Free Cash Flow of $184.6 Million Second Quarter Revenue of $622.5 Million, up 8.7% year-over-year on a constant currency basis, up 11.2% year-over-year
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