Dropbox uploads its biggest document yet: Read its IPO filing

Dropbox co-founders Drew Houston and Arash Ferdowski

Dropbox co-founders Drew Houston and Arash Ferdowski

In 2016, Dropbox said it had 500 million users and 150,000 Dropbox Business users, so while overall user growth is stagnant, more companies are paying for its product.

While Dropbox has been touting its scale - with more than 500 million registered users - and the fact that it is cash-flow positive, the filing gives a more in-depth look at its financials.

Dropbox, which was valued at $10 billion in its 2014 funding round, would be one of the biggest USA enterprise technology companies to list domestically in several years.

Now we know the first big tech company to go public in 2018. Last year, it lost $112 million, compared with $210 million the previous year. Dropbox said publicly February 23 that it has filed for an initial public offering after threatening to do so for more than five years.

The big question is whether the company will achieve the $10 billion valuation it raised in the private markets.

The bright side is that the company's losses have also decreased over the past three years. Houston and Ferdowsi haven't previously received equity awards since they founded the company, the filing said.

"Our business depends on our ability to retain and upgrade paying users, and any decline in renewals or upgrades could adversely affect our future results of operations", the company said in the filing when referring to one of its "risk factors".

Unlike the profitable Emoji Movie ($US86 million, or $108 million, domestic gross), Dropbox continues to lose money after 10 years in operation, though the company is showing impressive growth of late.

The company said it plans to have its common stock listed on the Nasdaq under the ticker symbol "DBX". In its filing, the company name-checked Amazon, Apple, Google and Microsoft as rivals in the cloud storage space, and Atlassian, Google and Microsoft as competitors when it comes to content collaboration.

Dropbox hopes to upload 500 million files to its account. Therefore, the company didn't need to hire a lot of sales and marketing staff.

Among institutional investors, Sequoia Capital, which led Dropbox's seed round in 2007 and first venture round the following year, owns 23 percent, followed by Accel at 5 percent and T. Rowe Price at 3.5 percent.

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