Box faces Make-or-Break Moment(nytimes.com)

    ## Risks Related to Our Business and Our Industry ##

    ### We have a history of cumulative losses, and we do not  
    expect to be profitable for the foreseeable future. ###

    We have incurred significant losses in each period since
    our inception in 2005. We incurred net losses of $50.3
    million in our fiscal year ended December 31, 2011, $112.6
    million in our fiscal year ended January 31, 2013, and
    $168.6 million in our fiscal year ended January 31, 2014.
    As of January 31, 2014, we had an accumulated deficit of
    $361.2 million. These losses and accumulated deficit
    reflect the substantial investments we made to acquire new
    customers and develop our services. We intend to continue
    scaling our business to increase our number of users and
    paying organizations and to meet the increasingly complex
    needs of our customers. We have invested, and expect to
    continue to invest, in our sales and marketing
    organizations to sell our services around the world and in
    our development organization to deliver additional features
    and capabilities of our cloud services to address our
    customers’ evolving needs. We also expect to continue to
    make significant investments in our datacenter
    infrastructure and in our professional service organization
    as we focus on customer success. As a result of our
    continuing investments to scale our business in each of
    these areas, we do not expect to be profitable for the
    foreseeable future. Furthermore, to the extent we are
    successful in increasing our customer base, we will also
    incur increased losses due to upfront costs associated with
    acquiring new customers, particularly as a result of the
    limited free trial version of our service and the nature of 
    subscription revenue, which is generally recognized ratably
    over the term of the subscription period, which is
    typically one year, although we also offer our services for
    terms ranging between one month to three years or more. We
    cannot assure you that we will achieve profitability in the
    future or that, if we do become profitable, we will sustain
    profitability.