"Dropbox slightly reduced its sales and marketing costs and kept its G&A expenses constant while growing R&D spend," the analyst explained. "This would have led to lower operational costs of around $120 million had it not taken an impairment charge from real estate. However, it made up for that with a one-time tax benefit that almost doubled its income per share. So it's a similar story for Dropbox and the pressure is on Drew Houston to find a way to grow faster in 2023. Maybe the FormSwift acquisition can help with that."