Dropbox, Inc. (NASDAQ:DBX) Q1 2024 Earnings Conference Call May 9, 2024 5:00 PM ET

Company Participants

Peter Stabler - IR
Andrew Houston - Co-Founder, Interim President, CEO & Chairman
Timothy Regan - CFO

Conference Call Participants

Steven Enders - Citigroup
Matthew Bullock - Bank of America Merrill Lynch
Richard Hilliker - UBS
Sonak Kolar - JPMorgan Chase & Co.
Patrick Walravens - JMP Securities
Luv Sodha - Jefferies

Operator

Good day, and thank you for standing by. Welcome to the Q1 2024 Dropboxs' Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker Peter Stabler, Head of Investor Relations. Please go ahead.

Peter Stabler

Thank you. Good afternoon, and welcome to Dropbox's First Quarter 2024 Earnings Call. Before we get started, I'd like to remind you that our remarks today will include forward-looking statements, such as our financial guidance and expectations, including our long-term objectives and forecast for our second quarter and fiscal year 2024 and our expectations regarding our revenue growth, profitability, operating margin and free cash flow as well as our expectations regarding our business, assets, products, strategies, technology, employees, users in the macroeconomic environment.

These statements are subject to risks and uncertainties that could cause actual results to differ materially. They are also based on assumptions as of today, and we undertake no obligation to update them as a result of new information or future events. Factors and risks that could cause our actual results to differ materially from these forward-looking statements are set forth in today's earnings release and in our quarterly report on Form 10-Q filed with the SEC. We'll also discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. A reconciliation of GAAP and non-GAAP results is provided in our earnings release and on our website at investors.dropbox.com.

I'll now turn the call over to Dropboxs' Co-Founder and CEO, Drew Houston. Drew?

Andrew Houston

Thanks, Peter, and good afternoon, everyone. Welcome to our Q1 2024 earnings conference call. Joining me today is Tim Regan, our Chief Financial Officer. I'll first provide an overview of recent business and product highlights, and then Tim will review the details of our Q1 financial results and update our outlook for the remainder of the year. Revenue for the quarter was in line with our expectations. However, we still have work to do to return our core FSS business to a growth rate that's more representative of the opportunity we see. As our teams work on initiatives to achieve that, and I'll share more about those efforts in a moment, we continue to manage our expenses carefully and we're pleased to have delivered better-than-anticipated profitability in the quarter.