The company made public its filing on Friday, but noted that it submitted documents previous year in a confidential filing with the SEC under rules for "emerging" growth companies. Reports circulated last month that Dropbox had already filed confidentially, but the paperwork is in and it's shedding some light on the file sharing company's profitability and customer base. But as Dropbox matured over the years, it shifted its focus to business customers, and has since debuted paid versions of its online storage service as well as work collaboration software meant to make it more attractive to companies.
First Data Corp. went public at a market value of about $14 billion in 2015 - the biggest such IPO in the past five years. That's a sentiment the protagonists of The Emoji Movie - who learn to work together to accomplish their goals and self-actualise while giving back to the community they exist in - could nearly certainly empathise with. But the company still isn't profitable, according to the filing.
The group said it had 500m registered users, of which 100m had signed up since the start of 2017, and that it was generating around $112 in average revenue per paid user.
In its regulatory filing, Dropbox reported 2017 revenue of $1.11 billion, up 31 percent from $844.8 million a year earlier.
Dropbox competes with Box and Atlassian, two business-software companies valued on the public markets at $3.17 billion and $12.37 billion as of Friday afternoon.
Dropbox chief executive officer Drew Houston received restricted shares worth US$109.6 million and Arash Ferdowsi, who cofounded the firm with Houston, was handed stock worth US$46.7 million.
The company also said that it has 500 million registered users around the world, with 11 million of those paying for additional features like security and management tools.
What remains to be seen, Enderle noted, was whether Dropbox shrewdly spends the money it raises.
Dropbox noted in the filing that it is up against Amazon, Apple, Google and Microsoft in a competitive and fast-changing market. Therefore, the company didn't need to hire a lot of sales and marketing staff.
Former Hewlett Packard Enterprise Co CEO Meg Whitman, who joined Dropbox's board in September, received stock worth US$908,800.