2/24/2018 S-1 Table of Contents DROPBOX, INC. CONSOLIDATED BALANCE SHEETS (In millions, except for par value) Pro forma stockholders’ equity as of As of December 31, December 31, 2016 2017 2017 (unaudited) Assets Current assets: Cash and cash equivalents $ 352.7 $ 430.0 Trade and other receivables, net 13.2 29.3 Prepaid expenses and other current assets 47.5 58.8 Total current assets 413.4 518.1 Property and equipment, net 444.0 341.9 Intangible assets, net 24.2 17.0 Goodwill 96.0 98.9 Other assets 26.6 44.0 Total assets $1,004.2 $ 1,019.9 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 15.5 $ 31.9 Accrued and other current liabilities 97.9 129.8 Accrued compensation and benefits 41.3 56.1 (1) Capital lease obligation 127.6 102.7 Deferred revenue 353.0 417.9 Total current liabilities 635.3 738.4 (1) Capital lease obligation, non­current 129.6 71.6 Deferred rent, non­current 72.5 69.8 Other non­current liabilities 44.0 37.2 Total liabilities 881.4 917.0 Commitments and contingencies (Note 10) Stockholders’ equity: Convertible preferred stock, $0.00001 par value; 226.8 shares authorized as of December 31, 2016 and 2017; 221.4 shares issued and outstanding as of December 31, 2016 and 2017; no shares authorized, issued and outstanding pro forma (unaudited); liquidation preference of $624.7 as of December 31, 2016 and 2017 615.3 615.3 $ — Common stock $0.00001 par value; 1,500.0 shares authorized; Class A common stock ­ 800.0 shares (2) authorized; 8.3 and 13.4 shares issued and outstanding as of December 31, 2016 and 2017, respectively; 17.7 shares issued and outstanding pro forma (unaudited); Class B common stock ­ 700.0 shares authorized, 272.5 and 281.9 shares issued and outstanding as of December 31, 2016 and 2017, respectively; 522.8 shares issued and outstanding pro forma (unaudited) — — — Additional paid­in capital 446.0 533.1 1,564.0 Accumulated deficit (937.5) (1,049.7) (1,465.3) Accumulated other comprehensive income (loss) (1.0) 4.2 4.2 Total stockholders’ equity 122.8 102.9 $ 102.9 Total liabilities and stockholders’ equity $1,004.2 $ 1,019.9 (1) Includes amounts attributable to related party transactions. See Note 15 for further details. (2) Class A shares issued and outstanding as of December 31, 2017 exclude 22.1 million unvested restricted stock awards granted to the Company’s co­founders. See Note 11 for further details. See accompanying Notes to Consolidated Financial Statements. F­3 https://www.sec.gov/Archives/edgar/data/1467623/000119312518055809/d451946ds1.htm 193/235