Dropbox Investor Presentation Deck

Long-Term 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 2020 79% 28% 20% 10% 21% $491M 2021 81% 25% 18% 8% 30% $708M 2022 82% 28% 16% 7% 31% $764M Long-Term target 80 - 82% 23 - 25% 18 - 20% 8 - 10% 30-32% $1B+ *Note: Margins and expenses exclude stock-based compensation expense and certain non-recurring adjustments. Free cash flow is GAAP net cash provided by operating activities less capital expenditures. See 28 appendix for non-GAAP reconciliation.

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