Box Inc (NYSE:BOX), the leading Intelligent Content Management (ICM) platform, stock fell 7.91% (As on December 4, 11:16:50 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 25. Remaining performance obligations (“RPO”) as of October 31, 2024 were $1.282 billion, a 13% increase from RPO as of October 31, 2023 of $1.131 billion, or 14% growth on a constant currency basis. Billings for the third quarter of fiscal 2025 were $264.7 million, a 4% increase from billings for the third quarter of fiscal 2024 of $253.7 million, or 3% growth on a constant currency basis. Third quarter billings were impacted by a roughly 100 basis point tailwind from FX versus our prior expectations of 210 basis point tailwind. Non-GAAP gross profit for the third quarter of fiscal 2025 was a record $226.1 million, or 81.9% of revenue. This compares to a non-GAAP gross profit of $199.6 million, or 76.3% of revenue, in the third quarter of fiscal 2024. Non-GAAP operating income in the third quarter of fiscal 2025 was a record $80.2 million, or 29.1% of revenue. This compares to a non-GAAP operating income of $64.6 million, or 24.7% of revenue, in the third quarter of fiscal 2024. Net cash provided by operating activities in the third quarter of fiscal 2025 was $62.6 million, a 13% decrease from net cash provided by operating activities of $71.8 million in the third quarter of fiscal 2024. Non-GAAP free cash flow in the third quarter of fiscal 2025 was $57.4 million, a 2% decrease from non-GAAP free cash flow of $58.3 million in the third quarter of fiscal 2024.
BOX in the third quarter of FY 25 has reported the adjusted earnings per share of 45 cents, beating the analysts’ estimates for the adjusted earnings per share of 42 cents. The company had reported the adjusted revenue growth of 5 percent to $276 million in the third quarter of FY 25, beating the analysts’ estimates for revenue of $275.44 million.
Additionally, the company delivered wins or expansions with leading organizations across a variety of industries, including Aerospace (Blue Origin), Financial Services (Citadel Enterprise Americas and Moelis & Company), Legal (Gibson Dunn and Morgan Lewis), Life Sciences (Biogen and Catalent Pharma Solutions), Public Sector (Food & Drug Administration and Naval Air Systems Command), Manufacturing (Veeco Instruments and Vulcan Materials), and Media and Entertainment (Lionsgate, San Antonio Spurs and Serviceplan).
For fourth quarter 2025, revenue is expected to be approximately $279 million, up 6% year-over-year, or 7% growth on a constant currency basis. Non-GAAP diluted net income per share attributable to common stockholders is expected to be approximately $0.41.
For fiscal 2025, revenue is expected to be approximately $1.090 billion, up 5% year-over-year, or 7% growth on a constant currency basis. Non-GAAP diluted net income per share attributable to common stockholders is expected to be approximately $1.70.