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Dropbox (NASDAQ:DBX) reported quarterly earnings of $0.40 per share which beat the analyst consensus estimate of $0.33 by 21.21 percent. This is a 81.82 percent increase over earnings of $0.22 per share from the same period last year. The company reported quarterly sales of $530.60 million which beat the analyst consensus estimate of $524.06 million by 1.25 percent. This is a 13.52 percent increase over sales of $467.40 million the same period last year.

Dropbox shares rose nearly 4% in extended trading.

Second Quarter Fiscal 2021 Results

• Total revenue was$530.6 million, an increase of 13.5% from the same period last year. On a constant currency basis, year-over-year growth would have been 11.4%.(1)

• Total ARR ended at$2.166 billion, an increase of$53.8 millionquarter-over-quarter and an increase of 12.2% year-over-year. On a constant currency basis, year-over-year growth would have been 10.6%.(2)

• Paying users ended at 16.14 million, as compared to 14.96 million for the same period last year. Average revenue per paying user was$133.15, as compared to$126.88for the same period last year.

• GAAP gross margin was 79.8%, as compared to 78.1% in the same period last year. Non-GAAP gross margin was 81.2%, as compared to 79.2% in the same period last year.

• GAAP operating margin was 15.9%, as compared to 2.7% in the same period last year. Non-GAAP operating margin was 31.9%, as compared to 20.6% in the same period last year.

• GAAP net income was$88.0 million, as compared to$17.5 millionin the same period last year. Non-GAAP net income was$160.5 million, as compared to$93.2 millionin the same period last year.

• Net cash provided by operating activities was$219.9 million, as compared to$145.9 millionin the same period last year. Free cash flow was$216.0 million, as compared to$119.8 millionin the same period last year.

• GAAP diluted net income per share attributable to common stockholders was$0.22, as compared to$0.04in the same period last year. Non-GAAP diluted net income per share attributable to common stockholders was$0.40, as compared to$0.22in the same period last year.(3)

• Cash, cash equivalents and short-term investments ended at$1.944 billion.