Business Context and Reporting Period
Company: Box, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 1, 2017
Reporting Period: Fiscal quarter and year ended January 31, 2017.
Key Financial Metrics
This filing references a press release (Exhibit 99.1) containing the detailed financial results for the quarter and year ended January 31, 2017. The text of the 8-K itself does not provide specific values for revenue, profit, cash flow, margins, or liquidity. Specific debt covenant limits are detailed below.
Material Changes
On February 28, 2017, Box, Inc. entered into Amendment No. 2 to its Credit Agreement with HSBC Bank USA, National Association. Key changes include:
- Maturity Extension: The maturity date for borrowings was extended from December 4, 2017, to December 4, 2018.
- Debt Covenant Increase: The limit on Debt for capital leases and equipment financing was increased from $25,000,000 to $65,000,000 in aggregate principal amount.
Guidance, Outlook, and Management Commentary
The filing announces that management held a conference call on March 1, 2017, to discuss financial results. The full text of the press release containing guidance and commentary is attached as Exhibit 99.1 and is incorporated by reference. This 8-K filing does not contain specific guidance figures or risk disclosures within its body text.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, net income, and cash flow figures for the period ended January 31, 2017.
- Verify the terms of Amendment No. 2 to the Credit Agreement (Exhibit 10.1) to confirm the new $65 million debt limit for capital leases.
- Confirm the new maturity date of December 4, 2018, for the credit facility.
- Check the conference call transcript for updated forward-looking guidance not included in the press release.