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Box CEO Aaron Levie. Photo: Michael Short/Bloomberg via Getty Images

Box CEO Aaron Levie tells Axios that yesterday's earnings report shows that the company can deliver long-term growth, and that last year's slowdown was a hiccup.

Why it matters: The online storage firm is in the midst of a proxy fight with activist investors who want a greater role on the company's board.

"We're firing on all cylinders," Levie said in an interview Wednesday, just after the company reported earnings. Levie noted that the company has 20% operating margins, up from nearly zero a year ago, while sales have shown accelerating growth the past two quarters as well.

All that, he said, adds up to evidence the company can reach its long-term goals of revenue growth in the range of 12% to 16% and its operating margins of around 23% to 27%.

  • Box also points to a report from advisory firm ISS that encourages shareholders to vote for the company's board nominees in the ongoing proxy battle.

Between the lines: The pandemic accelerated the broad shift towards digitization, but many of Box's small and midsize business customers found themselves scrambling in the early days of the pandemic, hurting business for part of last year."

Businesses have adapted," Levie said, with growth returning even in some of the hardest hit industries.

By the numbers:

  • Q2 revenue: $214.5 million, up 12% from the prior year and slightly ahead of analysts' consensus expectations.
  • Adjusted earnings: 21 cents per share, above consensus estimates of 17 cents per share, per Zacks.

Yes, but: Box shares fell slightly in after-hours trading following the report.

Go deeper

Oct 21, 2021 - Podcasts

Increasing drug prices

Indocin, an anti-inflammatory rectal suppository that treats arthritis, once cost $198 for a box of 30 in 2008. Today that same box now costs more than $10,000, 52 times higher over the span of 10 years. How does this happen?

Axios Re:Cap talks with Axios’ health care business reporter Bob Herman skyrocketing drug prices and why it matters.

2 hours ago - Sports

Unvaccinated athletes face 21-day quarantine at Beijing Olympics

Logos for the 2022 Winter Olympics at Yanqing Ice Festival in February 2021 in Beijing. Photo: Lintao Zhang/Getty Images)

Athletes, staff members and journalists at the 2022 Beijing Olympic and Paralympic Winter Games who have not been vaccinated against the coronavirus will be required to quarantine for three weeks, the International Olympic Committee (IOC) outlined in its newly-published "playbooks."

Why it matters: The quarantine period is longer than the Games themselves, meaning vaccinations or an earlier arrival date will be required to participate in or cover the Games.

Dan Primack, author of Pro Rata
5 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.