Dropbox CEO says the company now has $1 billion in annual sales

Dropbox CEO Drew Houston said on Monday that his online storage company recently surpassed $1 billion in annualized revenue.

Last year Dropbox started generating positive cash flow, and Houston told CNBC's "Power Lunch" on Monday that the company is under no immediate pressure to go public.

"One of the great things about having a healthy business is we have the flexibility to go public on our own timeline," Houston said.

Dropbox last raised private capital in early 2014 at a $10 billion valuation. With the market for emerging tech companies cooling last year, money managers including T. Rowe Price and Morgan Stanley slashed the per-share value of their holdings.