Box (BOX) Earnings Call Transcript 4Q 2015

Box (BOX) CEO Aaron Levie said company’s continue to shift to the cloud to enhance productivity

“Enterprise IT is experiencing an once-in-a-lifetime shift to the cloud. And as businesses everywhere make this transition, they are increasingly recognizing the value of Box’s enterprise content management platform and our ability to make their organizations more collaborative, productive and secure.”

Continuing to gain momentum of their cloud products amongst the Fortune 500

“More than 3,000 new customers chose Box in Q4. We now have over 57,000 total paying customers.  We had major wins and expansions with leading companies like AIG, Bain Capital, Campbell Soup Company, The GAP, Genentech, The Home Depot, Intuit, Unilever and USAA.  Our growing list of new Fortune 500 customers is proof that we are broadening our reach as more and more organizations recognize the need for digitization, security and collaboration for their business processes.”

Company is benefitting from companies rationalizing and streamlining their corporate IT environment

“Our opportunity at Box is massive. Companies in every industry are going digital, adopting new mobile work styles and reimagining their business processes. To be successful in this transition, enterprises need new platforms and a new approach to IT. We believe that in this future, content need to be centralized and secured in a platform that underlies all the applications that a company’s employees, partners and customers use on a daily basis.”

Increased partnership efforts with IBM

“With IBM, we continue to enhance our go-to-market efforts with a couple of our largest customer wins in the quarter, driven by this partnership. Based on overwhelmingly positive interest from customers and prospects for the joint solutions we brought to market to-date and the many to come in the future, we extended the duration of our partnership agreement and gained additional sales commitments from IBM.”

Seeing good growth amongst a variety of sectors

So we are seeing the traction across multiple industries. So I don’t think we’re at a stage where we have the heavy concentration emerging in any particular industry. One of our bigger deals in the quarter was with a major real estate commercial and residential real estate organization. Another deal was with a legal technology company, the quarter prior our biggest deal was with a large financial services firm, so essentially any business that is trying to digitize its collaboration and sharing of content to its customers or to its partners is a very relevant potential customer of our Platform.