Dropbox Results Presentation Deck

Long-Term Target Model Non-GAAP Gross Margin(¹) R&D expenses as % of revenue (¹) S&M expenses as % of revenue(¹) G&A expenses as % of revenue(¹) Operating Margin(¹) Annual Free Cash Flow(²) 2020 79% 28% 20% 10% 21% $491M 2021 81% 25% 18% 8% 30% $708M (1) Margins and expenses exclude stock-based compensation expense and certain non-recurring adjustments. See appendix for non-GAAP reconciliation. (2) Free cash flow is GAAP net cash provided by operating activities less capital expenditures. See appendix for non-GAAP reconciliation. (3) Inclusive of $36M in impact we presently expect from R&D tax legislation Dropbox 2022 82% 28% 16% 7% 31% $764M Long-Term Target 80-82% 23 - 25% 18 - 20% 8 - 10% 30-32% ~$964M+(3) 29

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