{
  "docId": "019de510-9cce-76f9-8135-62902a46e840",
  "docSlug": "fc533b49cac28db9efbf65ff21190df5",
  "documentTitle": "Dropbox | Investor Presentation Deck | 38 slides",
  "authorId": "dropbox",
  "authorName": "Dropbox",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2021-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 26,
  "pageCount": 38,
  "prevPage": 25,
  "nextPage": 27,
  "slideType": "valuation_table",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "Includes a footnote regarding non-GAAP adjustments and FCF definition.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de510-9cce-76f9-8135-62902a46e840/26",
  "deckHref": "/decks/019de510-9cce-76f9-8135-62902a46e840",
  "deckJsonHref": "/decks/019de510-9cce-76f9-8135-62902a46e840.json",
  "deckAnchorHref": "/decks/019de510-9cce-76f9-8135-62902a46e840#slide-26",
  "components": [
    {
      "bbox": {
        "h": 0.035,
        "w": 0.915,
        "x": 0.057,
        "y": 0.938
      },
      "kind": "source-note",
      "text": "*Note: Margins and expenses exclude stock-based compensation expense and certain non-recurring adjustments. Free cash flow is GAAP net cash provided by operating activities less capital expenditures. See appendix for non-GAAP reconciliation.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fef8269c-83b2-46a1-a8a2-98821186b7bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.886,
        "x": 0.057,
        "y": 0.215
      },
      "kind": "table",
      "text": "Non-GAAP 2019 2020 Long-term target Gross Margin 76% 79% 78-80% R&D expense 30% 28% 23-25% S&M expense 23% 20% 18-20% G&A expense 11% 10% 8-10% Operating margin 12% 21% 28-30% Annual Free Cash Flow $392M $491M $1B+",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5641df8a-2886-4d7a-b1cb-debaece1857b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.245,
        "x": 0.057,
        "y": 0.083
      },
      "kind": "title",
      "text": "Target Model",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "45a5cc59-d921-4d37-ae55-fa77ddae1378",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 26,
      "from": 20,
      "beatId": "1a101288-f751-41d6-8ea5-f0641bba7d55",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Financials",
      "beatSlug": "sequoia-pitch-financials",
      "evidence": "The deck presents financial highlights, key metrics, and a target model, demonstrating strong performance at scale.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}