The document provides financial results and guidance for Box for Q3 FY17. Key highlights include 31% revenue growth to $102.8M, improved operating margins and reduced losses, and guidance for Q4 FY17 revenue of $108-109M and FY17 revenue of $397-398M. Box continues to see strong growth driven by new products, large customer base, and high retention rates.

1. 1
November 30, 2016
Third Quarter FY17
Financial Results

2. 2
Investor Disclosure: Forward‐Looking Statements and
Non‐GAAP Measures
• This presentation contains forward‐looking statements that involve risks and uncertainties, including statements regarding
Box’s expectations regarding the size of its market opportunity, the demand for its products, its ability to scale its business, its
ability to achieve positive free cash flow, profitability, planned product enhancements, and the success of strategic
partnerships, as well as expectations regarding revenue, GAAP and non‐GAAP earnings per share, the related components of
GAAP and non‐GAAP earnings per share, and weighted average basic and diluted outstanding share count expectations for
Box’s fiscal fourth quarter and full fiscal year 2017.
• There are a significant number of factors that could cause actual results to differ materially from statements made in this
presentation, including: (1) adverse changes in general economic or market conditions; (2) delays or reductions in information
technology spending; (3) factors related to Box’s intensely competitive market, including but not limited to pricing pressures,
industry consolidation, entry of new competitors and new applications and marketing initiatives by Box’s current or future
competitors; (4) the development of the cloud‐based Enterprise Content market; (5) risks associated with Box’s ability to
manage its rapid growth effectively; (6) Box’s limited operating history, which makes it difficult to predict future results; (7)
the risk that Box’s customers do not renew their subscriptions or expand their use of Box’s services; (8) Box’s ability to provide
successful enhancements, new features and modifications to its platform and services; (9) actual or perceived security
vulnerabilities in Box’s services or any breaches of Box’s security controls; and (10) Box’s ability to realize the expected
benefits of its third‐party partnerships. Further information on these and other factors that could affect the forward‐looking
statements we make in this presentation can be found in the documents that we file with or furnish to the US Securities and
Exchange Commission, including our most recent Quarterly Report on Form 10‐Q filed for the fiscal quarter ended July 31,
2016.
• You should not rely on any forward‐looking statements, and we assume no obligation, nor do we intend, to update them. All
information in this presentation is as of November 30, 2016.
• This presentation contains non‐GAAP financial measures and key metrics relating to the company's past and expected future
performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in the appendix at
the end of this presentation. You can also find information regarding our use of non‐GAAP financial measures in our earnings
release dated November 30, 2016.

3. 3
The Leading Enterprise Content Platform
• Sustained strong revenue growth
• ~95% recurring revenue, SaaS product
• 69,000 customers, 63% of Fortune 500
• Significant new products (Governance, KeySafe, Zones,
Shuttle, Relay, & Platform)
• Focus on positive FCF & Op Margin improvement
• Key alliances with Google, IBM and Microsoft
• 1,400+ Employees, HQ in Redwood City, CA
$59
$124
$216
$303
$398*
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
Revenue Growth ($M)
*High end of guidance as of November 30, 2016

4. 4
Cross‐enterprise
workflows
Advanced
insights
Productive
anywhere
Flatter
organizations
The New Way to Work

5. 5
Analytics
Compliance
Data protection policies
Workflow automation
Key management
Information governance
Data residency
Files
Collaboration
Search
Metadata
Box is the World’s Only Modern Content Platform

6. 6
Connects to all the apps your
enterprise uses today
End‐users love
Box – fast adoption
One extensible platform for internal
and customer‐facing scenarios
Box is Where All Your Work Comes Together

7. 7
Fortune 500
63%
69K
Customers
Box Transforms Work Across All Industries

8. 8
Enterprise File Sync and Share Enterprise Content Management
Inflection Point in Growth and Innovation
New Products Provide Further Competitive Differentiation
Core Box
CY 2005‐ 2014
2015: Starting to replace
legacy ECM solutions
New Cross Sell Opportunities
B2B2B & B2B2C
Box Platform expands
addressable market to
hundreds of millions of
potential new users
CY 2016
KeySafe
Encryption Key Management
Governance
Data Retention &
Classification
Core Box
Zones
In‐Region Data
Shuttle
Data Migration
KeySafe
Encryption Key Management
Governance
Data Retention &
Classification
CY 2015
Core Box
CY 2017
KeySafe
Encryption Key Management
Governance
Data Retention &
Classification
Core Box with
Launch of Box for
Desktop
Zones
In‐Region Data
Shuttle
Data Migration
Relay
Workflow

9. 9
Third Quarter Fiscal 2017 Financial Highlights
Strong Sales Execution, Increased Adoption of New Products and Continued
Operational Efficiencies
Q3FY17 Q3FY16 Y/Y Growth
Revenue $102.8M $78.7M 31%
Billings $112.4M $89.4M 26%
Deferred Revenue $192.6M $141.1M 36%
GAAP EPS (30¢) (45¢) 15¢
Non‐GAAP EPS (14¢) (31¢) 17¢
Cash Flow from Operations ($6.8M) ($17.3M) $10.5M
Free Cash Flow ($10.9M) ($37.8M) $26.9M

10. 10
$78.7
$85.0
$90.2
$95.7
$102.8
Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
Strong Revenue Growth of 31% YoY in Q3FY17
Driven by Best‐In‐Class Retention Rate

11. 11
$89.4
$130.2
$75.9
$106.5
$112.4
Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
Billings & Deferred Revenue
Strong Execution and New Product Traction
$141.1
$186.4
$172.2
$183.0
$192.6
Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
Billings
Deferred Revenue

12. 12
21% 13%
25% 21%
75%
58%
Non‐GAAP Op Expense
As a % of Revenue
G&A R&D S&M
Q3’16 Q3’17
GAAP and Non‐GAAP Gross Margin and Op Expense
Gross Margin Improvement QoQ and Continued Operating Leverage
GAAP Gross Margin 73.6%, Non‐GAAP 76.1%
GAAP Op Expense $113M, Non‐GAAP $95M
Note: Expenses and operating margin shown on a non‐GAAP basis (reconciliations to
the GAAP basis can be found in the Appendix of this presentation).
• S&M improved 17 percentage pts YoY,
demonstrating leverage in model;
includes annual Q3 BoxWorks expenses
in both periods.
• R&D improved 4 percentage pts YoY, even
including product offering expansion.
• G&A improved 8 percentage pts YoY due
to efficiency improvements and lower
legal expenses.
73.4% 73.2% 72.4% 74.0% 76.1%
Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
Non‐GAAP Gross Margin
Improved 29 pts
• QoQ increase driven by lower
infrastructure expenses due to shifting
launch date of a more efficient data
center, the change in the useful life of
certain data center servers and driving
ongoing optimizations.

13. 13
Best‐in‐Class Retention Rate
Low Churn Continues to Demonstrate Product Stickiness
1. Net expansion defined as the net increase in contract value from our existing customers, who had $5K+ in TAV 12 months ago.
2. Retention rate defined as the net % of Total Account Value (“TAV”) retained from existing customers, including expansion. This metric is calculated by
dividing current TAV of customers who 12 months ago had $5K+ in TAV by their TAV 12 months ago.
Retention Rate(2)
115%18%3%
Net Expansion(1)Churn
Product stickiness Continued growth
within existing
customers
Best‐in‐class

14. 14
$194.9
($6.8) ($1.9) $3.1
$200.5
Q2 Cash &
Equivalents,
Marketable
Securities (1)
CFO(2) CAPX Other Q3 Cash and
Equivalents (1)
Cash, Cash Equivalents & Restricted Cash
Healthy Cash Balances for Long Term Growth
• Cash from operations of
($6.8M), compared to
($17.3M) a year ago – an
improvement of 61%.
• ~$1.9M of CAPEX
materially lower than
$20M a year ago, following
completion of move to
Redwood City HQ.
• “Other” primarily
consists of proceeds from
exercise of options and
issuance of common stock
under ESPP (cash from
financing).
(Millions)
1. Balance includes ~$27 million in restricted cash for Q2FY17 and Q3FY17

15. 15
‐48%
‐25%
‐18%
‐8% ‐11%
Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
Substantial YoY Improvement in Free Cash Flow Margin(1)
Excluding $6 million in BoxWorks costs, FCF margin improved sequentially
FCF improvement due to:
• Improvements in non‐GAAP operating loss from prior quarter
• Cash flow from operations improving with tighter working capital
management
• End of significant HQ move costs
1. Free Cash Flow Margin = Free Cash Flow as a percentage of Revenue. Free Cash Flow is defined as cash (used in) provided by operating activities less
purchases of property and equipment, principal payments of capital lease obligations, and other items that did not or are not expected to require cash
settlement and which management considers to be outside of Box’s core business. Refer to the Appendix for the reconciliation of Free Cash Flow to the
nearest GAAP measure.

16. 16
Q4 and Fiscal Year 2017 Guidance Ranges
Q4 FY17 Guidance
Revenue GAAP EPS Non‐GAAP EPS
Weighted Average
Shares Outstanding
Low High Low High Low High
$108 M $109 M ($0.33) ($0.32) ($0.14) ($0.13) 130 million
FY 17 Guidance
Revenue GAAP EPS Non‐GAAP EPS
Weighted Average
Shares Outstanding
Low High Low High Low High
$397 M $398 M ($1.24) ($1.23) ($0.60) ($0.59) 127 million

17. 17
Appendix

18. 18
GAAP Revenue to Billings Reconciliation
($ in thousands) Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17
GAAP revenue $78,651 $84,982 $90,155 $95,713 $102,811
Deferred revenue, end of period 141,147 186,413 172,184 183,004 192,598
Less: deferred revenue, beginning of
period
(130,349) (141,147) (186,413) (172,184) (183,004)
Billings $89,449 $130,248 $75,926 $106,533 $112,405

19. 19
GAAP to Non‐GAAP Reconciliation – Gross Margin
($ in thousands) Q3FY16
As a % of
revenue Q4FY16
As a % of
revenue Q1FY17
As a % of
revenue Q2FY17
As a % of
revenue Q3FY17
As a % of
revenue
GAAP gross margin $55,021 70.0% $59,301 69.8% $62,296 69.1% $68,111 71.2% $75,696 73.6%
Add: Stock‐based
compensation 1,272 1,500 1,512 1,830 1,986
Add: Intangible assets
amortization 1,431 1,433 1,420 878 506
Non‐GAAP gross margin $57,724 73.4% $62,234 73.2% $65,228 72.4% $70,819 74.0% $78,188 76.1%

20. 20
GAAP to Non‐GAAP Reconciliation – Operating Expenses
($ in thousands) Q3FY16
As a % of
revenue Q2FY17
As a % of
revenue Q3FY17
As a % of
revenue
GAAP research and development $26,324 33% $28,265 30% $29,652 29%
Less: stock‐based compensation (6,455) (7,348) (7,730)
Non‐GAAP research and development $19,869 25% $20,917 22% $21,922 21%
GAAP sales and marketing $63,972 81% $60,186 63% $66,796 65%
Less: stock‐based compensation (5,005) (6,416) (6,744)
Non‐GAAP sales and marketing $58,967 75% $53,770 56% $60,052 58%
GAAP general and administrative $19,757 25% $17,579 18% $16,999 17%
Less: stock‐based compensation (2,672) (3,470) (3,457)
Less: Intangible assets amortization (39) (38) (39)
Less: Expenses related to a legal verdict (299) ‐ ‐
Non‐GAAP general and administrative $16,747 21% $14,071 15% 13,503 13%

21. 21
GAAP to Non‐GAAP Reconciliation – Operating Margin
($ in thousands) Q3FY16
As a % of
revenue Q2FY17
As a % of
revenue Q3FY17
As a % of
revenue
GAAP operating margin ($55,032) (70%) ($37,919) (40%) ($37,751) (37%)
Less: stock‐based compensation 15,404 19,064 19,917
Less: Intangible assets amortization 1,470 916 545
Less: Expenses related to a legal verdict 299 ‐ ‐
Non‐GAAP operating margin ($37,859) (48%) ($17,939) (19%) ($17,289) (17%)

22. 22
GAAP to Non‐GAAP Reconciliation – Free Cash Flow
($ in thousands) Q3FY16
As a % of
revenue Q4FY16
As a % of
revenue Q1FY17
As a % of
revenue Q2FY17
As a % of
revenue Q3FY17
As a % of
revenue
GAAP net cash (used in)
provided by operating
activities
($17,343) (22%) $4,865 6% ($4,231) (5%) ($4,879) (5%) ($6,829) (7%)
Less: purchases of property and
equipment (19,998) (25,097) (10,976) (771) (1,892)
Less: Payments of capital lease
obligations (508) (1,108) (949) (2,312) (2,178)
Free cash flow ($37,849) (48%) ($21,340) (25%) ($16,156) (18%) ($7,962) (8%) ($10,899) (11%)

23. 23
GAAP to Non‐GAAP Reconciliation – EPS Outlook
For the Three Months
Ended January 31, 2016
For the Year Ended
January, 31, 2017
GAAP net loss per share range, basic and diluted $(0.33‐0.32) $(1.24‐1.23)
Stock based compensation 0.19 0.62
Intangible assets amortization 0.00 0.03
Expense (income) related to a legal verdict 0.00 (0.01)
Non‐GAAP net loss per share range, basic and diluted $(0.14‐0.13) $(0.60‐0.59)
Weighted average shares outstanding, basic and diluted 129,853 127,475