DBX First Quarter 2024 Investor Presentation

May 2024
First Quarter 2024
Financial Results

This presentation contains forward-looking statements. These statements may relate to, but are not limited to, plans for growth, technological capabilities and new features and products and the long-term financial targets of Dropbox, Inc.
(“Dropbox,” “we,” “us,” or similar terms), as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you
can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these
terms or other comparable terminology. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be
accurate indications of the times at, or by, which such performance or results will be achieved, if at all.
Forward-looking statements are based on information available at the time those statements are made or management’s good-faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and
uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. In light of these risks and uncertainties, the events and circumstances
contemplated by the forward-looking statements made in this presentation may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These risks and uncertainties are
described in greater detail under the heading “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2023 that we filed with the Securities and Exchange Commission (the “SEC”) on February 16, 2024,
and include, but are not limited to, the impact to our financial results, business operations, the business of our customers, suppliers, partners and the economy as a result of general macro economic, political and market uncertainty, as
well as the potential for a more permanent global shift to remote work; our ability to retain and upgrade paying users, and increase our recurring revenue; our ability to attract new users or convert registered users to paying users; our
future financial performance, including trends in revenue, costs of revenue, gross profit or gross margin, operating expenses, paying users, and free cash flow, including, in all respects, with respect to any future targets described herein;
our ability to achieve and maintain profitability; our liability for any unauthorized access to our data or our users’ content, including through privacy and data security breaches, significant disruption of service on our platform or loss of
content, particularly from any potential disruptions in the supply chain for hardware necessary to offer our services; any decline in demand for our platform or for content collaboration solutions in general; changes in the interoperability of
our platform across devices, operating systems, and third-party applications that we do not control; competition in our markets; our ability to respond to rapid technological changes, extend our platform, develop new features or products,
or gain market acceptance for such new features or products, our ability to manage our growth or plan for future growth; our acquisition of other businesses and the potential of such acquisitions to require significant management
attention, disrupt our business, or dilute stockholder value; our ability to attract and retain key personnel and highly qualified personnel; our capital allocation plans with respect to our stock repurchase program and other investments;
and the dual class structure of our common stock and its effect of concentrating voting control with certain stockholders who held our capital stock prior to the completion of our initial public offering. These factors could cause actual
results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. Additional information will be available in other future reports that we may file with the SEC from
time to time, which could cause actual results to vary from expectations. Except as required by law, Dropbox does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
In addition to financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes certain non-GAAP financial measures, including non-GAAP gross margin, non-GAAP
operating income, non-GAAP operating expenses (including research and development, sales and marketing and general and administrative), non-GAAP operating margin and free cash flow. These non-GAAP measures are presented for
supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. These non-GAAP measures have limitations as analytical tools, and they should not be
considered in isolation or as a substitute for analysis of other GAAP financial measures. The non-GAAP measures Dropbox uses may differ from the non-GAAP measures used by other companies.
This presentation also contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This
information may be based on many assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified the accuracy or completeness of the data contained in the industry
publications and other publicly available information. Dropbox does not undertake to update such data after the date of this presentation.
All third-party logos appearing in this presentation are trademarks or registered trademarks of their respective holders. Any such appearance does not necessarily imply any affiliation with or endorsement of Dropbox.
Safe Harbor Statement
2

Dropbox Today
Leader in file sync and share
Smart workspace for digital content collaboration
Addressing individual and team workflows
Leveraging virality and scale in go-to-market
Balanced growth and cash flow generation model

Global Collaboration
Platform at Scale
700M+
Registered Users(1)
18.16M
Paying Users(1)
1T+
Pieces of Content(1)
(1) As of 3/31/2024
5

Keeping Teams In Sync
Content & User Controls
Advanced Sharing Controls &
Analytics
Collaborative Workflows
Professional Delivery
Project Management
Contract Management
Video Editing & Review
Cloud & Device Backup
Template Libraries
AI Universal Search
Dropbox-
2007
Dropbox-
2024
Keeping Files in Sync
Content Backup
6

Product Portfolio
Individual
s
Teams
Basic
Plus
Family
Professiona
l
Essentials
Standard
Advanced
Enterprise
Education
Business
Business Plus
Dropbox Sign
Dropbox Sign API
Dropbox Forms*
Dropbox Fax
Personal
Standard
Advanced
Advanced Data Room
Premium Annual
Monthly
Subscription
7
* Available to purchasers of Dropbox Sign

Reinventing the Software Playbook
Traditional Playbook Dropbox Playbook
Designed For IT
Top-Down Distribution
Walled Garden
Rip-And-Replace
Designed For Users
Bottom-Up Adoption
Open Ecosystem
Live Side-By-Side
vs.
vs.
vs.
vs.
8

Efficient Go-to-Market
Land Expand
Adopt Organically Land Companies Expand Companies Wall-to-Wall
Deployment
9

Convert and Retain
Drive registered users to become paying users of
Individual and Team plans
Upsell
Prompt existing users to upgrade to premium plans or
purchase additional licenses and add-ons
Execute Innovate
New Product Experiences
Leverage scale and user insights to enhance existing
products and drive adoption of new ones
Expand into Workflows
Invest in integrations and native capabilities to enable
more workflows beyond FSS
Growth Drivers
10

New Features Help Organize Digital
Content
11
Dropbox provides streamlined automation tools for organized file systems
Introducing features such as:
• Automated Folders & Dashboards
• Multi-File Organize
• Naming Conventions
• Tagging
• Document Conversion
Managing digital content across work and
home has grown more complex

Dropbox Business
12
Tailor team content, collaborate efficiently, and ensure data security
Shared team workspace Data governance
and audit logs
Advanced security
alerts & notifications

13
Dropbox Business Teams Expansion
Simplified team collaboration invites for shared content
~575K
Business Teams(1)
~34%
Of Paying Users are
Business Teams(1)
(1) As of 3/31/24

14
Dropbox DocSend Update
• DocSend empowers professionals with real-time signal
on interest in their proposals and deal documents and
control of how/if their documents are distributed or
downloaded
• DocSend Standalone
• SKUs: Personal, Standard, Advanced, Advanced Data
Room
• Audiences: Capital Markets, Financial Services,
Professional Services
• Use case: Fundraising, Investor relations, Client
portal, Due diligence
• DocSend in Dropbox
• SKUs: Dropbox Essentials, Business, Business Plus
• Audience: Self-employed professionals, SMB Sales &
Marketing Teams
• Use case: Document tracking analytics (send and
track)
• Recent launches
• June 2023: DocSend website and standalone SKUs
available in 13 new languages
• Oct 2023: Advanced+ Beta launched to meet the
needs of customers looking for advanced security
controls for sending high volumes of sensitive
documents
• April 2024: Advanced Data Room--share multiple data

15
Dropbox Replay Update
• In 2023, Replay became available as a Freemium offering
across all Dropbox Plans and includes up to 10 free files
• It is also available as a paid Add-On for all our paid plans
(with the exception of Family plan) with more premium
security and collaboration features
• Recent feature launches include:
• Integration into Adobe After Effects
• Integration into Apple Final Cut Pro
• Integration into Avid Pro Tools
• Lossless Audio Playback
• Side-by-side version comparison

16
Dropbox Dash Update
• Dropbox Dash - your personal universal search tool that
allows you to search all your apps, all your tabs, all in one
place
• Access the info you need instantly. Search for content
across Google Workspace, Microsoft Outlook, Asana, Notion,
Salesforce, Zendesk, Airtable and more from a single
centralized place
• Save time and frustration. Find out what meetings to
attend, what files you’ll need, and which projects to
prioritize from one tab
• Get smart, AI-enhanced organization. Collect and organize
all your links in one place
• Dropbox Dash is in open Beta

17
Integrations
Partner integrations with vendor-neutral software capabilities

Governance
We’re committed to maintaining an
independent and diverse board of
directors. Since 2019, we’ve added
five directors who are women or
members of underrepresented
communities to our board.
Social
Our DEI initiatives, workforce
development programs, and
ethical business practices all play
a role in driving Social
Responsibility at Dropbox. In
addition, we also empower our
employees to give back by
providing paid volunteer time off,
matching donations, and making
product donations to nonprofits,
through our Dropbox for Good
program.
Environmental
Dropbox is committed to fighting
climate change and reducing our
carbon footprint. We're always
looking at ways we can make a
difference in our day-to-day
business practices and have set
meaningful sustainability goals that
we plan to accomplish by 2030. As
of Dec 2021, we’ve sourced 100%
renewable electricity for our
operations, including our data
centers
Environmental, Social, and Governance
18
Enhancing value through corporate responsibility
Additional content related to the Dropbox ESG program can be
here

Financial Highlights
Predictable and balanced financial model
Investing for continued revenue growth
Driving strong operating leverage
Significant share repurchases
20

21
Performance
Strong performance at scale
(1) Graphs presented in this illustration are not drawn to precise scale relative to each other.
(2) Non-GAAP gross margin and non-GAAP operating margin exclude stock-based compensation expense and certain non-recurring adjustments. See appendix for non-GAAP reconciliation.
(3) Free cash flow is GAAP net cash provided by operating activities less capital expenditures. See appendix for non-GAAP reconciliation.
(4) Free cash flow in 2023 is inclusive of payments of ~$39M related to the reduction in force and ~$28M for the termination of a part of real estate lease in San Francisco in Q4.
$2,158
$2,325
$2,502
2021 2022 2023
Revenue
($M)(1)
708
764 759
2021 2022 2023
Free Cash Flow
($M)(1)(3)(4)
81% 82% 83%
2021 2022 2023
Non-GAAP Gross
Margin(1)(2)
30%
31%
33%
2021 2022 2023
Non-GAAP Operating
Margin(1)(2)

22
Key Metrics
(2) Total ARR for 2021 and 2022 are revaluated using exchange rates set at the beginning of fiscal 2023.
CC ARR
($M)(1)(2) Paying Users
(M)(1)
ARPU ($)(1)
16.79
17.77 18.12
2021 2022 2023
$133.73 $134.51 $139.38
2021 2022 2023
$2,173
$2,430 $2,523
2021 2022 2023

23
Q1’24 Financial Highlights
Executing against growth and profitability in economic uncertainty
Revenue
($M)(1) Operating
Income ($M)(1)
Non-GAAP Operating
Income Margin (%)(1)
$611
$631
Q1 23 Q1 24
$175
$231
28.5%
36.5%
Q1 23 Q1 24

Operating Leverage
24
Structural competitive advantage, scalability, and increased profitability
Proprietary
Infrastructure
Virtual First Workforce Optimization

28
Free Cash Flow Reconciliation

30
Non-GAAP Reconciliation
Gross profit $ 494.3 $ 5.4 $ — $ 3.6 $ 503.3
Gross margin 81% 1% —% 1% 82%
Research and development 235.2 (52.9) (5.4) — 176.9
Research and development margin 38% (9%) (1%) —% 29%
Sales and marketing 119.2 (5.5) (1.7) (3.4) 108.6
Sales and marketing margin 20% (1%) —% (1%) 18%
General and administrative 55.8 (12.2) (0.3) — 43.3
General and administrative margin 9% (2%) —% —% 7%
Income from operations 84.1 76.0 7.4 7.0 174.5
Operating margin 14% 12% 1% 1% 29%
Note: % are rounded for presentation purposes
Three Months Ended March 31, 2023
GAAP
Stock based
compensation
Acquisition-
related and other
expenses
Amortization of
acquired
intangible assets Non-GAAP

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