Seeking Alpha

Box releases public S-1

  • Enterprise cloud storage/file-syncing upstart Box, reported in January to have confidentially filed for an IPO, has released its public S-1.
  • Box is looking to raise $250M under the symbol (you guessed it) BOX. The underwriters: Morgan Stanley, Credit Suisse, JPMorgan, Canaccord, Pac Crest, Raymond James, BMO, and Wells Fargo.
  • During the fiscal year ending Jan. 31, Box had revenue of $124.2M (+111% Y/Y), and a net loss of $168.9M. Even after backing out stock compensation expenses of $5M, sales/marketing spend totaled $166.2M, exceeding revenue by 34%. R&D spend totaled $42.8M excluding stock compensation.
  • Box has 25M registered users, and counts over 40% of the Fortune 500 and 20% of the Global 2000 among its clients. Rivals include Dropbox (more consumer/SMB-focused, valued at $10B), EMC's Syncplicity unit, Citrix's ShareFile unit, Microsoft, and Google.
  • A late-2013 funding round valued Box at ~$2B. VC firms Draper Fisher Jurvetson and U.S. Venture Partners respectively own 25.5% and 13% of the company, and CEO Aaron Levie owns 4.1%.
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Comments (3)
  • Philip Marlowe
    , contributor
    Comments (1243) | Send Message
     
    If your revenue is less than the advertising expenses, why do you even bother?
    24 Mar 2014, 05:14 PM Reply Like
  • Archman Investor
    , contributor
    Comments (2748) | Send Message
     
    Another bubble about to come public.

     

    100 million in revenue. So let's give it a 2 Billion dollar market cap.
    Bravo to Wall St. & all those playing the game. For average Americans: The lesson will continue.
    24 Mar 2014, 05:18 PM Reply Like
  • chopchop0
    , contributor
    Comments (3994) | Send Message
     
    All of these names sound like good shorts. Cloud storage sounds like a commodity play that's ready to lose a lot of people a lot of money
    24 Mar 2014, 05:29 PM Reply Like
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