Box Inc (NYSE:BOX) stock rose 0.36% (As on May 31, 11:10:54 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 24. Remaining performance obligations (“RPO”) as of April 30, 2023, were $1.179 billion, a 17% increase from remaining performance obligations as of April 30, 2022 of $1.005 billion, or 19% growth on a constant currency basis. Billings for the first quarter of fiscal year 2024 were $191.9 million, an 11% increase from billings for the first quarter of fiscal year 2023 of $172.2 million, or 15% growth on a constant currency basis. Non-GAAP gross profit for the first quarter of fiscal year 2024 was $196.2 million, or 77.9% of revenue. This represents 8% growth from non-GAAP gross profit of $182.0 million, or 76.3% of revenue, in the first quarter of fiscal year 2023. Non-GAAP operating income in the first quarter of fiscal year 2024 was $57.4 million, or 22.8% of revenue. This represents 17% growth from non-GAAP operating income of $49.2 million, or 20.6% of revenue, in the first quarter of fiscal year 2023.

BOX in the first quarter of FY 24 has reported the adjusted earnings per share of $0.32, beating the analysts’ estimates for the adjusted earnings per share of $0.27. The company had reported the adjusted revenue growth of 6 percent to $252 million in the first quarter of FY 24, beating the analysts’ estimates for revenue of $249.58 million. Net cash provided by operating activities in the first quarter of fiscal year 2024 was $124.9 million, a 16% increase from net cash provided by operating activities of $107.7 million in the first quarter of fiscal year 2023. Non-GAAP free cash flow in the first quarter of fiscal year 2024 was $108.2 million, a 19% increase from non-GAAP free cash flow of $90.9 million in the first quarter of fiscal year 2023.

Box Inc expects Q2 2024 EPS to be in the range of $0.34-$0.35 versus the analyst consensus of $0.33. Box Inc expects Q2 2024 revenue to be in the range of $260.00M-$262.00M versus the analyst consensus of $260.30M.

Box Inc expects FY 2024 EPS to be in the range of $1.44-$1.50 versus the analyst consensus of $1.44. Box Inc expects FY 2024 revenue to be in the range of $1.05B-$1.06B versus the analyst consensus of $1.06B