Dropbox reports Q1 EPS 76c, consensus 70c

Reports Q1 revenue $629.5M, consensus $620M. Total ARR was $2.560 billion, an increase of 0.3%. Excluding FormSwift, Total ARR was $2.540 billion, an increase of 1.3%. On a constant currency basis, Total ARR excluding FormSwift decreased 0.1%. Total ARR on a constant currency basis decreased $2.8 million quarter-over-quarter; excluding FormSwift, it decreased $0.8 million.(2) Paying users totaled 18.09 million, as compared to 18.16 million. Average revenue per paying user was $141.18, as compared to $139.26. “We delivered a strong quarter, exceeding the high end of our guidance for revenue and operating margin, with revenue growing 0.8% year-over-year and 2% year-over-year excluding FormSwift,” said Drew Houston, Dropbox (DBX) Co-Founder and Chief Executive Officer. “This represents another quarter of positive revenue growth excluding FormSwift and reflects progress in strengthening our core business. We’re seeing encouraging signs from the focused work we’ve done to improve retention in Individuals, alongside funnel and product improvements in Teams. We’re also continuing to expand Dash in Dropbox thoughtfully across our existing user base as we invest with discipline in the platform capabilities that will support future growth.”