Dropbox S-1 メモ
2018年にIPOしたDropbox (DBX)のS-1について
Our Business
Our modern economy runs on knowledge. Today, knowledge lives in the cloud as digital content, and Dropbox is a global collaboration platform where more and more of this content is created, accessed, and shared with the world.
Dropbox was founded in 2007 with a simple idea: Life would be a lot better if everyone could access their most important information anytime from any device.
-> Our market opportunity has grown as we've expanded from keeping files in sync to keeping tems in sync. We've forcused on reducing the inordinate amount of time and energy the world wastes on "work about work" – tedious tasks like searching for content, switching between application, and managing workflows.
Prospectus summary
1. What sets us apart
- Simple and intuitive design. designed for the cloud era.
- Open ecosystem. work with other products.
- Viral, bottom-up adoption. Our 500M registered users are our best salepeople.
- Performance and security.
2. Industry trends in our favor
- Content is increasingly scattered.
- The tools people use are fragmented.
- Teams have become more fluid and global
- "Work about work" is wasteful and stifles creativity.
- Individual users are changing the way software is adopted and purchased.
3. Our solution
- Unified home for content.
- Global sharing network.
- new product experinces.
4. Our growth strategy
- Increase adoption and paid conversion.
- Upgrade our paying users.
- Apply insights to build new product experiences.
- Expand our ecosystem
5. Risk factor summary. (discussed later).
Key business Metrics
- paying users: 6.5M, 8.8M, 11.0M (2015,2016,2017)
- average revenue per paying user: $113.54, $110.54, $111.91 (2015,2016,2017)
Risks related to our business and our industry.
- 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.
-> Given the volume of our users, we do not track the retention rates of our individual users.
- Our future growth could be harmed if we fail to attract new users or convert users to paying users.
90% of our revenue is from self-serve channels.
2017: 500M registered, 11M paying users (2%!).
Turn our focus to converting registered users to paying users rather than growing the total number of registered users.
- Our revenue growth rate has declined in recent periods and may continue to slow in the future.
- We have history of net losses, we anticipate increaing expenes in the future, and we may not be able to achieve or maintain profitability.
Investment to scale our business (increasing amount of technical infrastructure to continue go satisfy the needs of our user base).
+ research and development expenses to increase as we plan to hire employees for our engineering, product, and design teams.
- Our business could be damaged, and we could be subject to liability if there is any unauthorized access to our data or our users' content, including through privacy and data security breaches.
- Our business could be harmed by any significant disruption of service on our platform or loss of content.
- We generate revenue from sales of subscriptions to our platform, and any decline in demand for our platform or for content collaboration solutions in general could negatively impact our business.
- Our business depends upon the interoperability of our platform across devices, oprating systems, and third-party applications that we do not control.
- We operate in competitive markets, and we must continue to compete effectively.
- We may not be able to respond to rapid technological changes, extend our platform, or develop new features.
- We may not successfully manage our growth or plan for future growth.
- Our lack of a significant outbound sales force may limit the potential growth of our business.
- We depend on our key personal and other highly qualified personnel, and if we fail to attract, integrate, and retain our personnel, and maintain our unique corporate culture, our business could be harmed.
