Dropbox Investor Presentation Deck

Target model Non-GAAP Gross margin R&D expense as % of revenue S&M expense as % of revenue G&A expense as % of revenue Operating margin Annual Free Cash Flow 2019 76% 30% 23% 11% 12% $392M Note: Margin framework excludes stock-based compensation expense and certain non-recurring adjustments. See appendix for non-GAAP reconciliation. Long-term target 78-80% 23-25% 18-20% 8-10% 28-30% $1B+

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