it is interesting to continue watching Dropbox and its financial statementsfor the past year and here is what I learned:

1/ revenue increasing 13.5%, cost around the same. revenue in 2021H1 is 135 million. (market cap is around 12 billion)
2/ The revenue growth can be decomposed into: paid user growth around 7.8%, ARPU around 7%.
This is different from what we learned a year ago. Half of the revenue comes from ARPU growth. (back then we learned from Ravi that revenue is driven by # of paid users)
3/ I have cleared out my position, since I think the price has arrived at the level appropriate for next 2 years.