Box Inc (BOX) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to Box's Third Quarter Fiscal Year 2022 Earnings Conference Call. I'm Cynthia Hiponia, Vice President, Investor Relations. On the call today, we have Aaron Levie, Box Co-Founder and CEO; and Dylan Smith, Box Co-Founder and CFO. Following our prepared remarks, we will take your questions. Today's call is being webcast and will be available for a replay on our Investor Relations website at fox.com/investors. Our webcast will be audio only. However, supplemental slides are now available for download from our website. We'll also post the highlights of today's call on Twitter at the handle @boxincir.

各位下午好，歡迎參加 Box 2022 會計年度第三季財報電話會議。我是投資人關係副總裁 Cynthia Hiponia。今天與會者包括 Box 共同創辦人暨執行長 Aaron Levie，以及 Box 共同創辦人暨財務長 Dylan Smith。在我們的準備發言之後，我們將開放提問。今天的電話會議將以網路直播方式進行，並可於我們投資人關係網站 fox.com/investors 觀看重播。我們的網路直播僅提供音訊。不過，補充投影片現已可自我們網站下載。我們也會在 Twitter（帳號 @boxincir）發布今日電話會議的重點摘要。

On this call, we'll be making forward-looking statements, including our Q4 and fiscal '22 financial guidance, our expectations regarding our financial performance for fiscal 2022 and future periods, including our free cash flow, gross margins, operating margins, operating leverage, future profitability, net retention rate, unrecognized revenue, remaining performance obligations and billings and our expectations regarding the size of our market opportunity, our planned investments and growth strategies; our ability to achieve our long-term revenue and other operating model targets; the timing and market adoption of and benefits from our new products, pricing models and partnerships; the impact of our acquisitions on future Box product offerings; the impact of COVID-19 pandemic on our business and operating results and any potential repurchase of common stock.

在本次電話會議中，我們將作出前瞻性陳述，包括我們對第四季及 2022 會計年度的財務指引、我們對 2022 會計年度及未來期間財務表現的預期（包括自由現金流、毛利率、營業利益率、營運槓桿、未來獲利能力、淨留存率、未認列收入、剩餘履約義務（RPO）與帳單金額），以及我們對市場機會規模的預期、我們規劃的投資與成長策略；我們達成長期營收及其他營運模型目標的能力；新產品、定價模式與合作夥伴關係的推出時程、市場採用情況及其效益；我們的併購對未來 Box 產品供應的影響；COVID-19 疫情對我們業務與營運結果的影響，以及任何可能的普通股回購。

These statements reflect our best judgment based on factors currently known to us, and actual events or results may differ materially. Please refer to our earnings press release filed today and the risk factors and documents we file with the Securities and Exchange Commission, including our most recent quarterly report on Form 10-Q for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call. These forward-looking statements are being made as of today, November 30, 2021, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

上述陳述反映我們基於目前已知因素所作出的最佳判斷，實際事件或結果可能存在重大差異。關於可能導致實際結果與本次財報電話會議所述內容出現重大差異的風險與不確定性，請參閱我們今日提交的財報新聞稿，以及我們向美國證券交易委員會（SEC）提交的風險因素與相關文件，包括我們最近一期的 Form 10-Q 季度報告。本等前瞻性陳述係截至今日（2021 年 11 月 30 日）作出；若其後發生變更或不再為最新資訊，我們不承擔更新或修訂之義務。

In addition, during today's call, we will discuss our non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, our GAAP results. You'll find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures in our earnings press release and in the related PowerPoint presentation, which can be found on the Investor Relations page of our website. Unless otherwise indicated, all references to financial measures are on a non-GAAP basis.

此外，在今天的電話會議中，我們將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標應與我們的 GAAP 結果一併考量，而不應作為其替代，亦不應孤立解讀。關於這些非 GAAP 指標的更多揭露（包括與可比 GAAP 指標的調節表），請參閱我們的財報新聞稿及相關 PowerPoint 簡報，均可於我們網站的投資人關係頁面取得。除非另有說明，所有提及的財務衡量指標均以非 GAAP 基礎呈現。

With that, let me hand it over to Aaron.

接下來，我把時間交給 Aaron。

Thanks, Cynthia, and thank you all for joining the call today. We achieved strong third quarter results, marking yet another quarter of delivering both revenue and non-GAAP EPS above our guidance. We produced third quarter revenue growth of 14% year-over-year, a third consecutive quarter of accelerating revenue growth, operating margin of 21% and RPO growth of 25%, which is well in excess of our revenue growth and an important leading indicator of the strength of our business.

謝謝你，Cynthia，也感謝各位今天加入本次電話會議。我們第三季取得強勁成果，再次實現營收與非 GAAP 每股盈餘（EPS）雙雙高於指引。我們第三季營收年增 14%，為連續第三季營收成長加速；營業利益率為 21%；RPO 年增 25%，明顯高於我們的營收成長，且是衡量我們業務強勁程度的重要領先指標。

Our results show the success of our growth strategy, which is aligned with the 3 major trends that are driving the future of work. These trends are hybrid work styles, the pressures of digital transformation on businesses and the ongoing importance of data security, compliance and privacy. The old way of managing content just doesn't work anymore, and that's where the content cloud from Box comes in. With Box, users are more productive, enterprises are more secure and IT management is simplified and less expensive.

我們的成果展現了成長策略的成功，而該策略與推動未來工作型態的三大趨勢一致：混合式工作型態、企業數位轉型壓力，以及資料安全、合規與隱私的重要性持續提升。舊有的內容管理方式已不再適用，而這正是 Box 內容雲（Content Cloud）發揮作用之處。透過 Box，使用者更具生產力、企業更安全，且 IT 管理更簡化、成本更低。

Our strong customer metrics are key indicators of the success of our product and platform strategy as more customers are turning to the Box Content Cloud to deliver secure content management and collaboration built for the new way of working. In the third quarter, our net retention rate was 109%, up from 103% in the prior year and up from 106% in the second quarter. We had 97 deals over $100,000, up 56% year-over-year including a record number of multiproduct suite sales, which now includes our Enterprise Plus plan, with 61 Suites deals in Q3, deals over $100,000 up 177% year-over-year. We had a 63% attach rate of Suites over $100,000 in the quarter, up from 35% in Q3 fiscal '21.

我們強勁的客戶指標是產品與平台策略成功的關鍵訊號，因為愈來愈多客戶轉向 Box 內容雲，以提供符合新工作方式的安全內容管理與協作。第三季，我們的淨留存率為 109%，高於去年同期的 103%，也高於第二季的 106%。我們完成了 97 筆超過 10 萬美元的交易，年增 56%，其中包含創紀錄數量的多產品套裝（Suite）銷售；套裝現已包含我們的 Enterprise Plus 方案。第三季共有 61 筆套裝交易，且超過 10 萬美元的交易年增 177%。本季超過 10 萬美元交易的套裝附加率（attach rate）為 63%，高於 2021 會計年度第三季的 35%。

In North America and EMEA, Suites attach rates were in the mid-70s in Q3. While our Suites attach rate declined sequentially in Japan, we are continuing to educate our channel partners around our multiproduct plans in order to improve the attach rates in this region. We expect our overall attach rate number to improve in Q4.

在北美與 EMEA（歐洲、中東及非洲），第三季套裝附加率約在 70% 中段水準。雖然我們在日本的套裝附加率較前一季下降，但我們持續向通路合作夥伴宣導多產品方案，以提升該地區的附加率。我們預期第四季整體附加率將有所改善。

We continue to leverage our leadership position in core content management and collaboration to expand the full content life cycle by focusing on our 3 key product pillars, which are enabled by our highly scalable, enterprise-grade infrastructure. These 3 pillars are focused on: one, delivering the best security and compliance around content; two, enabling seamless collaboration and workflow in the cloud; and three, integrating into every app our customers' leverage, including the ones that they build themselves.

我們持續運用在核心內容管理與協作領域的領先地位，並藉由聚焦三大關鍵產品支柱來擴展完整的內容生命週期；這些支柱由我們高度可擴展、企業級的基礎架構所支援。三大支柱聚焦於：第一，提供圍繞內容的最佳安全性與合規能力；第二，在雲端實現無縫協作與工作流程；第三，整合至客戶所使用的每一個應用程式，包括他們自行開發的應用。

We embarked on our expanded vision for the Content Cloud over 2 years ago and have advanced major parts of the entire content life cycle. The launch of Box Shield and Box Relay broadened our reach into the data security and workflow automation markets. This year, we expanded our content ingestion and migration services with Box Shuttle, and integrated more deeply with Microsoft, Salesforce, Slack and Zoom as well as other leading platforms.

我們在兩年多前啟動了內容雲的擴展願景，並已推進內容生命週期的多個重要環節。Box Shield 與 Box Relay 的推出，擴大了我們在資料安全與工作流程自動化市場的觸及範圍。今年，我們透過 Box Shuttle 擴展了內容匯入與遷移服務，並與 Microsoft、Salesforce、Slack、Zoom 以及其他領先平台進行更深度的整合。

Building on the success of these offerings, we launched Box Sign to bring native e-signatures to Box. E-signature is one of the fastest-growing markets Box has ever entered, and we are seeing great momentum with customers already. Our initial U.S.-based rollout in October was followed quickly by the global launch of Box Sign, which also included new security and admin features. These new features include password protection for documents sent for signature, SMS-based 2-factor authentication to identify the signer, localized Box Sign user interfaces to enable senders and signers to transact in over 20 languages and robust admin reporting to provide enterprise-wide visibility and tracking of documents sent for signature.

在這些產品成功的基礎上，我們推出 Box Sign，將原生電子簽名（e-signature）帶入 Box。電子簽名是 Box 進入過的成長最快市場之一，我們已看到客戶端的強勁動能。我們於 10 月先在美國推出，隨後迅速完成 Box Sign 的全球上市，同時加入新的安全與管理功能。這些新功能包括：對送簽文件的密碼保護、以簡訊（SMS）為基礎的雙因素驗證以識別簽署者、在地化的 Box Sign 使用者介面以支援寄件者與簽署者以超過 20 種語言完成交易，以及強大的管理報表以提供企業範圍的可視性與送簽文件追蹤。

Just weeks after launching our offering, we were pleased to be named a major player in the IDC MarketScape Worldwide eSignature Software 2021 Vendor Assessment, which we view as a validation of our Box Sign solution. In this report, Box was recognized as one of the first multi-tenant SaaS vendors to offer a cloud content management solution delivering continuous innovation and continuous deployment of the content life cycle capabilities, in addition to its feature-rich collaboration and file sharing.

在推出後僅數週，我們很高興被 IDC MarketScape《Worldwide eSignature Software 2021 Vendor Assessment》評選為主要參與者（major player），我們視此為對 Box Sign 解決方案的肯定。該報告指出，Box 是最早提供雲端內容管理解決方案的多租戶 SaaS 供應商之一，能在具備功能豐富的協作與檔案分享能力之外，亦提供內容生命週期能力的持續創新與持續部署。

Since our GA rollout in October, we have seen early success in customer adoption and use of Box Sign. Third quarter customers include a premier commercial real estate finance company that expanded its use of Box with a 6-figure ELA and purchase of Enterprise Plus with additional Box API and Box Sign services. With Box, the organization has centralized all of their content and built a custom deal management portal that deeply integrates with Salesforce and MuleSoft. Box Sign will be replacing their incumbent signature solution, allowing them to digitize more of their paper-based use cases and expand e-signature use to the broader organization.

自 10 月正式全面上市（GA）以來，我們已在 Box Sign 的客戶採用與使用上看到初步成功。第三季客戶包括一家頂尖的商用不動產融資公司，該公司透過一份六位數的企業授權協議（ELA）擴大使用 Box，並採購 Enterprise Plus，另加購 Box API 與 Box Sign 服務。透過 Box，該組織已集中管理所有內容，並建立一個與 Salesforce 與 MuleSoft 深度整合的客製化交易管理入口網站。Box Sign 將取代其既有簽署解決方案，使其能將更多以紙本為主的使用情境數位化，並將電子簽名擴展至更廣泛的組織範圍。

A leading IT services vendor to the U.S. government rolled out the Box Salesforce integration to power their onboarding use case. They previously used an incumbent signature vendor, but to help reduce spend and streamline the onboarding process for their contractors and partners, they have now enabled Box Sign enterprise-wide.

一家為美國政府提供服務的領先 IT 服務供應商，已部署 Box 與 Salesforce 的整合以支援其入職（onboarding）使用情境。該公司先前使用既有的簽署供應商，但為了降低支出並簡化其承包商與合作夥伴的入職流程，現已在全企業範圍啟用 Box Sign。

And earlier this month, we announced that the General Services Administration has selected Box Sign technology for its native e-signature capability. Contracts and business agreements are critical to the work that the GSA oversees. So deploying e-signature technology was necessary to digitize their paper-based manual workflows for enhanced productivity and security. And we are just getting started with our e-signature product road map. We plan to continue rolling out advanced e-sign capabilities over the next several quarters to our customers.

而在本月稍早，我們宣布美國總務署（GSA）已選擇 Box Sign 技術作為其原生電子簽章能力。合約與商業協議對 GSA 所監督的工作至關重要。因此，部署電子簽章技術對於將其以紙本為主的手動工作流程數位化、以提升生產力與安全性而言是必要的。而我們的電子簽章產品路線圖才正要開始。我們計畫在未來數個季度持續向客戶推出更進階的電子簽章功能。

As we have been discussing over the last several quarters, security remains a critical driver of our biggest deals. Customers are increasingly focused on Box's security capabilities. To that end, in October, we announced new Malware Deep Scan capability in Box Shield to combat ransomware, as well as enhanced alerts and auto classification updates. Box Shield will be able to help customers reduce the risk of ransomware by scanning files at near real-time as they're uploaded to Box. Our natively embedded malware detection in the Box Content Cloud delivers a seamless user experience and real-time alerts for IT security teams while helping them avoid multi-solution, multi-vendor complexity.

正如我們在過去數個季度所討論的，安全性仍是我們最大型交易的關鍵驅動因素。客戶愈來愈重視 Box 的安全能力。為此，我們在 10 月於 Box Shield 中宣布全新的惡意軟體深度掃描（Malware Deep Scan）功能以對抗勒索軟體，並強化警示與自動分類更新。Box Shield 將能在檔案上傳至 Box 時以近乎即時的方式掃描，協助客戶降低勒索軟體風險。我們在 Box Content Cloud 中原生內嵌的惡意軟體偵測，為使用者提供無縫體驗，並為 IT 資安團隊提供即時警示，同時協助他們避免多解決方案、多供應商所帶來的複雜性。

Finally, an integral part of our product strategy is our ability to integrate deeply across the SaaS landscape, and we are pleased that our interoperability has enabled us to build strong partnerships with leading technology companies. At BoxWorks, in early October, Kirk Koenigsbauer, CVP and COO of the Experiences and Devices Group at Microsoft, spoke about the importance of openness and interoperability and Box's ongoing collaboration with Microsoft, which included strength and integrations with Microsoft Teams, Office and more.

最後，我們產品策略的一個重要部分，是能夠在整個 SaaS 生態中進行深度整合；我們也很高興，我們的互通性使我們得以與領先的科技公司建立強健的合作夥伴關係。在 10 月上旬的 BoxWorks 上，Microsoft 體驗與裝置事業群（Experiences and Devices Group）的 CVP 兼 COO Kirk Koenigsbauer 談到開放性與互通性的重要性，以及 Box 與 Microsoft 的持續合作，其中包括與 Microsoft Teams、Office 等產品的優勢與整合。

Further, in the third quarter, we enhanced integrations with Slack that will help enable Box to be a content layer within the Slack environment. We launched our integration between Box Sign and Salesforce, and announced our Box app for Zoom to make it even easier for our users to work together securely and effectively across distributed teams.

此外，在第三季，我們強化了與 Slack 的整合，將有助於讓 Box 成為 Slack 環境中的內容層。我們推出了 Box Sign 與 Salesforce 的整合，並宣布推出適用於 Zoom 的 Box 應用程式，讓使用者能更輕鬆地在分散式團隊之間安全且有效地協作。

We believe that our neutral platform will remain a critical reason customers select Box, especially as they want to work across Microsoft, Salesforce, Google and many other platforms. We are incredibly focused on bringing innovation and in-demand features to our platform rapidly, and we will continue to double down on the product capabilities and investments that we know are working. Going into next year, we see significant opportunity to expand our Content Cloud platform into differentiated and important areas that continue this strategy like further ransomware protection features, new ways to publish content to teams and departments, content analytics, improved native collaboration features, enhanced workflow automation, further integrations with products like Salesforce, platforms like Microsoft, Google, IBM and many others, further platform enhancements and much more.

我們相信，我們的中立平台仍將是客戶選擇 Box 的關鍵原因，特別是在他們希望跨 Microsoft、Salesforce、Google 以及許多其他平台工作的情況下。我們高度專注於快速為平台帶來創新與市場需求功能，並將持續加碼我們已知有效的產品能力與投資。展望明年，我們看到顯著機會將我們的 Content Cloud 平台擴展到具差異化且重要的領域，以延續此策略，例如更多勒索軟體防護功能、將內容發布到團隊與部門的新方式、內容分析、改良的原生協作功能、強化的工作流程自動化、與 Salesforce 等產品的進一步整合、與 Microsoft、Google、IBM 等眾多平台的進一步整合、更多平台強化，以及更多。

Switching to go-to-market. The strength in our third quarter results is also the result of a number of initiatives that we have implemented over the past several quarters. Our land and expand go-to-market model delivers optimized pricing and packaging offerings as we continue to double down on key verticals such as life sciences, financial services, the federal government and other sectors. Since rolling out our new simplified Suites offering called Enterprise Plus, we have seen even more new and existing customers recognize the full value of the Box Platform. As we have discussed on previous calls, we know that when a customer adopts our multiproduct offerings, we see greater total account value, higher net retention, higher gross margins and a more efficient sales process. You can see the success of our go-to-market efforts clearly reflected in our Q3 customer expansions.

接著談市場推進（go-to-market）。我們第三季成果的強勁，也來自於我們在過去數個季度所推動的一系列措施。我們的「落地並擴張」（land and expand）市場推進模式，透過最佳化的定價與包裝方案，並在生命科學、金融服務、聯邦政府及其他產業等關鍵垂直領域持續加碼。自從推出我們名為 Enterprise Plus 的全新簡化 Suites 方案後，我們看到更多新舊客戶認知到 Box 平台的完整價值。正如我們在先前電話會議中所討論的，我們知道當客戶採用我們的多產品方案時，我們會看到更高的整體帳戶價值、更高的淨留存率、更高的毛利率，以及更有效率的銷售流程。你可以從我們第三季客戶擴張的表現中，清楚看到我們市場推進工作的成功。

For instance, a large bank in the United States did a 6-figure expansion with the purchase of Enterprise Plus to replace their core security system and take advantage of Box's security posture, integrations and user experience. With Box, the organization can now securely collaborate on critical content with customers, vendors and partners.

例如，美國一家大型銀行透過購買 Enterprise Plus 進行了六位數規模的擴張，以取代其核心安全系統，並利用 Box 的安全態勢、整合能力與使用者體驗。透過 Box，該組織如今能與客戶、供應商與合作夥伴就關鍵內容進行安全協作。

An agency of the U.S. government expanded its use of Box with a 6-figure ELA and the purchase of Enterprise Plus. They selected Box to reduce threat exposure through a greater network of controls and to deploy Box Relay to streamline approval processes for new official policy and governance documents.

美國政府的一個機構透過一份六位數的 ELA（企業授權協議）以及購買 Enterprise Plus，擴大了其對 Box 的使用。他們選擇 Box 以透過更廣泛的控制網路降低威脅曝險，並部署 Box Relay 以簡化新官方政策與治理文件的核准流程。

And finally, a multinational pharmaceutical and biotech company purchased a 3-year ELA with Box and expanded its use of Box Governance to power secure collaborations company-wide and with external parties as they continued groundbreaking research of COVID-19.

最後，一家跨國製藥與生技公司與 Box 簽訂了為期 3 年的 ELA，並擴大使用 Box Governance，以支援全公司及與外部對象之間的安全協作，並持續進行 COVID-19 的突破性研究。

Our strategy is to continue to optimize our land and expand model to bring the full power of the Content Cloud to our customers, driving wider seat adoption, higher price per seat and greater stickiness and retention by making our customers wildly successful with Box.

我們的策略是持續最佳化「落地並擴張」模式，將 Content Cloud 的完整能力帶給客戶，透過讓客戶在 Box 上取得極大成功，推動更廣泛的席位採用、更高的每席位價格，以及更強的黏著度與留存。

Internally at Box, we kicked off fiscal '22 as our year of growth. It is a testament to our employees' hard work and dedication that Q3 was yet another strong quarter with continued sequential revenue growth reacceleration and operating margin improvement. As a result, we have raised our revenue and operating margin guidance for the full fiscal year 2022. The confluence of remote work, digital transformation and cybersecurity challenges is causing enterprises to rethink how they work with their content, and we believe Box is uniquely positioned to gain from this shift.

在 Box 內部，我們以成長之年揭開 2022 財年的序幕。員工的辛勤付出與投入，讓第三季再次成為強勁的一季，營收連續成長再加速，且營業利益率持續改善。基於此，我們上調了 2022 財年全年的營收與營業利益率指引。遠距工作、數位轉型與資安挑戰的交會，正促使企業重新思考如何處理其內容工作方式；我們相信 Box 具備獨特定位，能從這一轉變中受益。

With that, I'll turn it over to Dylan.

接下來我把時間交給 Dylan。

Thanks, Aaron. Good afternoon, everyone, and thank you for joining us. Q3 was a particularly strong quarter for Box across all metrics, marked by accelerating revenue growth, improvements in our net retention rate and record gross and operating profit. Revenue of $224 million was up 14% year-over-year, a third consecutive quarter of accelerating growth and above the high end of our guidance.

謝謝，Aaron。各位下午好，感謝大家加入我們。第三季對 Box 而言在所有指標上都特別強勁，呈現營收成長加速、淨留存率改善，以及創紀錄的毛利與營業利益。營收為 2.24 億美元，年增 14%，為連續第三個季度成長加速，且高於我們指引區間的上緣。

Customer demand for our expanded Content Cloud offerings and strong sales execution are driving results with $100,000-plus deals up 56% year-over-year and $100,000-plus Suites deals growing 177% from the prior year. As our customers are increasingly adopting products with more advanced capabilities, roughly 30% of our revenue is now attributable to customers who have purchased Suites, a significant increase from the high teens a year ago.

客戶對我們擴展後的 Content Cloud 產品組合的需求，以及強勁的銷售執行力，正推動成果：10 萬美元以上的交易年增 56%，而 10 萬美元以上的 Suites 交易較去年成長 177%。隨著客戶愈來愈多採用具更進階能力的產品，我們目前約 30% 的營收可歸因於已購買 Suites 的客戶，較一年前的十幾個百分點水準大幅提升。

We ended Q3 with remaining performance obligations, or RPO, of $948 million, a 25% year-over-year increase and exceeding our revenue growth by a full 11 percentage points. Q3's RPO growth demonstrates the increasing value we're delivering to customers, leading to longer-term agreements to support our customers' content strategies. We expect to recognize more than 60% of our RPO over the next 12 months.

第三季結束時，我們的剩餘履約義務（RPO）為 9.48 億美元，年增 25%，並比營收成長高出整整 11 個百分點。第三季 RPO 的成長顯示我們為客戶帶來的價值持續提升，進而促成更長期的協議，以支援客戶的內容策略。我們預期在未來 12 個月內認列超過 60% 的 RPO。

Q3 billings of $231 million grew 25% year-over-year and well ahead of our expectations to deliver a Q3 billings growth rate roughly in line with revenue growth. This outcome reflects the continued strong sales execution that we've been seeing in our enterprise and SMB markets.

第三季帳單金額（billings）為 2.31 億美元，年增 25%，且明顯優於我們的預期；原先我們預期第三季帳單成長率大致與營收成長相當。此結果反映我們在企業與中小企業（SMB）市場持續展現的強勁銷售執行力。

Our net retention rate at the end of Q3 was 109%, up from 106% in Q2 and up significantly from 103% in the year ago period. Strong Suites momentum is accelerating customer traction and adoption, driving an improvement in our customer expansion rates and a strong and stable annualized full churn rate of 5%. We are proud of the increase in net retention that we've achieved this year and we expect to deliver continued improvements in this metric on an annual basis.

第三季末的淨留存率為 109%，高於第二季的 106%，也較去年同期的 103% 顯著提升。強勁的 Suites 動能正在加速客戶觸及與採用，推動客戶擴張率改善，並使年化整體流失率（full churn rate）維持在 5% 的強勁且穩定水準。我們為今年在淨留存率上的提升感到自豪，並預期將以年度為基礎持續改善此指標。

Turning to margins. Gross margin came in at 74.7%, up 130 basis points from 73.4% a year ago. Q3 gross profit of $167 million was up 16% year-over-year, exceeding our revenue growth rate by 200 basis points. Our strategy to optimize our data center footprint and public cloud infrastructure continues to deliver hardware and software efficiencies, and we're well-positioned to deliver additional gross margin expansion over time.

接著談利潤率。毛利率為 74.7%，較一年前的 73.4% 提升 130 個基點。第三季毛利為 1.67 億美元，年增 16%，比營收成長率高出 200 個基點。我們最佳化資料中心佈局與公有雲基礎架構的策略，持續帶來硬體與軟體效率提升；我們也具備良好條件，能隨時間推進進一步擴大毛利率。

We continue to improve our profitability, and we are steadfastly committed to unlocking further leverage in our operating model. We are increasingly focusing our hiring in lower-cost locations to expand our talent pools and generate additional leverage. Most notably, we're steadily scaling our engineering center of excellence in Poland, where we're now approaching 100 full-time employees.

我們持續提升獲利能力，並堅定致力於在我們的營運模式中釋放更多槓桿。我們正日益將招募重心放在成本較低的地點，以擴大人才庫並創造額外的槓桿效益。最值得一提的是，我們正穩步擴大位於波蘭的工程卓越中心規模，目前全職員工人數已接近 100 人。

Q3 operating income increased 32% year-over-year to $46 million or 20.7% operating margin, a 270 basis point improvement from 18.0% a year ago. We delivered $0.22 of diluted non-GAAP EPS in Q3, above the high end of our guidance and up from $0.20 a year ago. Our Q3 GAAP EPS results included a onetime $0.07 impact from costs related to shareholder activism fees in the quarter.

第三季營業利益年增 32% 至 4,600 萬美元，或營業利益率 20.7%，較去年同期的 18.0% 提升 270 個基點。我們第三季稀釋後非 GAAP 每股盈餘為 0.22 美元，高於我們指引區間上緣，亦高於去年同期的 0.20 美元。我們第三季 GAAP 每股盈餘結果包含一次性影響 0.07 美元，係本季與股東行動主義相關費用所致。

I'll now turn to our cash flow and balance sheet. In Q3, we delivered cash flow from operations of $46 million, up 2% from the year ago period and up 33% year-to-date. We also generated free cash flow of $31 million, a year-over-year improvement of 19% and a significant increase of 73% year-to-date. Capital lease payments, which we include in our free cash flow calculation, were $12 million, down from $15 million in Q3 of last year. For the full year of FY '22, we continue to expect CapEx and capital lease payments combined to be roughly 7% of revenue as compared to 9% of revenue last year.

接下來我將說明我們的現金流量與資產負債表。第三季我們的營運活動現金流量為 4,600 萬美元，較去年同期成長 2%，年初至今成長 33%。我們亦產生自由現金流量 3,100 萬美元，年增 19%，年初至今大幅增加 73%。我們在自由現金流量計算中納入的資本租賃付款為 1,200 萬美元，低於去年第三季的 1,500 萬美元。就 2022 會計年度全年而言，我們仍預期資本支出（CapEx）與資本租賃付款合計約占營收 7%，相較去年為營收的 9%。

Let's now turn to our capital allocation strategy. We ended the quarter with $709 million in cash, cash equivalents, restricted cash and short-term investments. Over the last couple of years, we have been able to significantly improve our profitability and cash flow generation while continuing to make prudent investments to extend our leadership position and reaccelerate growth. We remain committed to opportunistically returning capital to our shareholders. As such, our Board of Directors recently authorized a new $200 million common stock repurchase program. Combined with our previously announced $500 million buyback authorizations, we now intend to opportunistically return $700 million to our investors in the form of stock buybacks. Including shares repurchased to date, we have approximately $260 million of remaining buyback capacity.

接著談我們的資本配置策略。本季末我們持有的現金、約當現金、受限制現金及短期投資合計為 7.09 億美元。過去幾年，我們在持續進行審慎投資以延伸領導地位並重新加速成長的同時，也大幅改善了獲利能力與現金流量創造。我們仍致力於把握機會將資本回饋給股東。因此，我們董事會近期核准一項新的 2 億美元普通股庫藏股回購計畫。加上先前已宣布的 5 億美元回購授權，我們目前擬以股票回購形式，視情況把握機會向投資人回饋合計 7 億美元。包含迄今已回購的股份在內，我們尚有約 2.6 億美元的剩餘回購額度。

In addition to a robust stock repurchase program, we intend to leverage our strong balance sheet and consistent cash flow generation to invest in key growth initiatives and to fund strategic M&A opportunities that will enhance and accelerate our product road map. Our SignRequest acquisition earlier this year highlights our disciplined approach to M&A as it accelerated our product innovation and enabled us to more rapidly deliver highly demanded features to our customers.

除強勁的股票回購計畫外，我們也打算運用強健的資產負債表與穩定的現金流量創造能力，投資於關鍵成長計畫，並為策略性併購（M&A）機會提供資金，以強化並加速我們的產品藍圖。我們今年稍早收購 SignRequest，凸顯了我們在併購上的紀律作法；該交易加速了產品創新，並使我們能更快速向客戶交付高度需求的功能。

With that, I would like to turn to our guidance for Q4 and fiscal 2022. For the fourth quarter of fiscal 2022, we anticipate revenue of $227 million to $229 million, representing 15% year-over-year growth at the high end of this range and a fourth consecutive quarter of revenue growth acceleration. We expect our non-GAAP operating margin to be approximately 21%, representing a 270 basis point improvement year-over-year. We expect our non-GAAP EPS to be in the range of $0.22 to $0.23 and GAAP EPS to be in the range of negative $0.06 to negative $0.05, on approximately 158 million and 150 million shares, respectively.

接下來我想談我們對第四季與 2022 會計年度的財測。就 2022 會計年度第四季而言，我們預期營收為 2.27 億至 2.29 億美元，在此區間上緣代表年增 15%，並將是連續第四季營收成長加速。我們預期非 GAAP 營業利益率約為 21%，年增提升 270 個基點。我們預期非 GAAP 每股盈餘介於 0.22 至 0.23 美元，GAAP 每股盈餘介於負 0.06 至負 0.05 美元，分別以約 1.58 億股與 1.50 億股為基礎。

We expect our Q4 billings growth to be in the high single-digit range. Q4 billings will be negatively impacted, both by currency exchange rates as well as one of our largest customers moving from annual billings to semiannual billings upon their Q4 invoicing. Combined, we expect these factors to result in a cumulative onetime downward impact of roughly 4 percentage points of billings growth. We continue to expect to deliver FY '22 billings growth at a rate above our revenue growth rate with roughly 15% year-over-year billings growth in FY '22, a full 6 percentage point improvement from the prior year.

我們預期第四季帳單（billings）成長將落在高個位數區間。第四季帳單將受到不利影響，原因包括匯率變動，以及我們最大客戶之一在第四季開立發票時，將計費方式由年度計費改為半年計費。綜合而言，我們預期這些因素將造成帳單成長累計一次性下修影響約 4 個百分點。我們仍預期 2022 會計年度帳單成長率將高於營收成長率，2022 會計年度帳單年增約 15%，較前一年度足足提升 6 個百分點。

For the full fiscal year ending January 31, 2022. As a result of our strong Q3 results, we are raising our revenue, operating margin and EPS guidance for the full fiscal year. We expect FY '22 revenue to be in the range of $868 million to $870 million, up 13% year-over-year at the high end of this range. This is an increase from last quarter's full year guidance of $856 million to $860 million and represents a 200 basis point acceleration from last year's revenue growth.

就截至 2022 年 1 月 31 日止的完整會計年度而言。由於第三季表現強勁，我們上調全年營收、營業利益率與每股盈餘指引。我們預期 2022 會計年度營收介於 8.68 億至 8.70 億美元，在此區間上緣代表年增 13%。相較上一季全年指引 8.56 億至 8.60 億美元有所上調，並代表相較去年營收成長率加速 200 個基點。

We expect our non-GAAP operating margin to be approximately 20%, representing a 460 basis point improvement from last year's results of 15.4% and an improvement over our previous guidance of 19.5%. We now expect our FY '22 non-GAAP EPS to be in the range of $0.83 to $0.84 on approximately 164 million diluted shares and up from $0.70 in the prior year. Our GAAP EPS is expected to be in the range of negative $0.35 to $0.34 on approximately 156 million shares.

我們預期非 GAAP 營業利益率約為 20%，較去年 15.4% 的結果提升 460 個基點，亦優於先前 19.5% 的指引。我們目前預期 2022 會計年度非 GAAP 每股盈餘介於 0.83 至 0.84 美元，以約 1.64 億股稀釋後股數計算，並高於前一年度的 0.70 美元。我們預期 GAAP 每股盈餘介於負 0.35 至 0.34 美元，以約 1.56 億股為基礎。

Finally, we continue to expect our FY '22 revenue growth rate, combined with our FY '22 free cash flow margin to be at least 32%, a significant 600 basis point improvement from last year's outcome of 26%. Our strong Q3 performance clearly demonstrates that our Content Cloud platform is resonating with customers as we execute on our strategy to drive long-term profitable growth. This year, we're on track to deliver 4 consecutive quarters of revenue acceleration while generating operating leverage across the business. We are well on our way to deliver against our target of generating revenue growth plus free cash flow margin of 40% in FY '24 2 years from now.

最後，我們仍預期 2022 會計年度營收成長率加上 2022 會計年度自由現金流量利潤率合計至少達 32%，較去年 26% 的結果顯著提升 600 個基點。我們第三季的強勁表現清楚顯示，隨著我們執行推動長期獲利成長的策略，我們的 Content Cloud 平台正獲得客戶共鳴。今年我們有望達成連續 4 季營收加速，同時在全公司範圍內產生營運槓桿。我們正穩步朝向 2 年後、亦即 2024 會計年度達成「營收成長加上自由現金流量利潤率為 40%」的目標邁進。

Before we conclude, I'll hand it back to Aaron for a few closing remarks.

在我們結束之前，我把時間交還給 Aaron 做幾點結語。

Thanks, Dylan, and thank you again, everyone, for joining us today. We'd also ask that you please save the date on Wednesday, March 16, for our Investor Day 2022. We will be providing more details on this event in the coming weeks, but we look forward to seeing you there.

謝謝你，Dylan，也再次感謝各位今天加入我們。我們也想請各位先把 2022 年投資人日（Investor Day 2022）的日期預留在 3 月 16 日（週三）。我們將在未來幾週提供更多活動細節，也期待到時與各位見面。

Overall, Q3 marked another significant step forward in the evolution of our Content Cloud strategy. As enterprises are now making increasingly strategic long-term decisions on how to support a remote workforce and digital processes, they need to maintain a high level of security and compliance. Our continued product innovation and our go-to-market initiatives are positioning Box as the leader in the content cloud market.

整體而言，第三季標誌著我們 Content Cloud 策略演進的另一個重要里程碑。隨著企業正就如何支援遠距工作人力與數位流程做出愈來愈具策略性的長期決策，他們需要維持高水準的安全性與合規性。我們持續的產品創新與市場推進（go-to-market）計畫，正使 Box 站穩內容雲市場的領導地位。

Thanks again for joining us this afternoon. Dylan and I would be happy to take your questions. Operator?

再次感謝各位今天下午加入。我和 Dylan 很樂意回答各位的問題。接線員？

(Operator Instructions) Your first question comes from the line of Jason Ader from William Blair.

（接線員指示）您的第一個問題來自 William Blair 的 Jason Ader。

Yes. I guess on the Q4 commentary on billings. I just -- I'm wondering, is there anything in Q3 that was unusual, kind of early renewals or anything like that, that drove the strength in Q3? Or was that just kind of organic just you felt -- you saw a really good bookings in the quarter?

是的。我想就第四季帳單的評論再問一下。我只是想知道，第三季是否有任何不尋常的因素，例如提前續約之類的，推動了第三季的強勁表現？還是那就是比較自然的結果，也就是你們覺得——你們在本季看到非常好的訂單（bookings）？

Sure. So there wasn't anything unusual in Q3. We saw the normal volume of run rate early renewals that we've been seeing throughout this year, largely driven by customers looking to adopt our broader capabilities such as Suites. So it was really the result of very strong execution in the third quarter, which also shows up in some of those metrics like the big deal counts and our RPO growth.

當然。第三季沒有任何不尋常的情況。我們看到的提前續約量與今年以來一直看到的正常水準一致，主要是由客戶希望採用我們更廣泛的能力（例如 Suites）所帶動。因此，這確實是第三季執行力非常強的結果，而這也反映在一些指標上，例如大型交易筆數以及我們的 RPO 成長。

Got you. Okay. And then, Aaron, as you think about how this year has progressed and I'm sure you're pleased with how it's progressed. But how has it impacted morale, retention, recruiting, all those sort of soft things that as a CEO, obviously, you focus on?

了解。好。接著，Aaron，當你回顧今年一路走來的進展，我相信你對這樣的進展感到滿意。但它對士氣、留任、招募，以及所有這些作為 CEO 你顯然會關注的「軟性」面向，帶來了什麼影響？

Yes, thanks and great to connect, Jason. Overall, I mean we are incredibly excited about the performance this year. We came out with a very clear strategy that this was the year of growth. That was our internal mantra, and it was really building on the past couple of years of strategic evolution in the company, both on driving accelerated top line performance as well as bottom line efficiency. And I think the morale has been very strong. I mean there's always the volatility that the hybrid work environment and the health care crisis presents. But overall, I've been incredibly happy about the strength of our culture and the commitment to world-class execution that we've seen this year. So these results are a testament to that, and we expect to continue to drive this kind of execution going forward.

是的，謝謝，也很高興能聯繫上你，Jason。整體而言，我們對今年的表現感到非常振奮。我們提出了一個非常清晰的策略：今年是成長之年。那是我們內部的口號，而這其實是建立在公司過去幾年策略演進的基礎上，同時推動營收端加速成長以及獲利端效率提升。我認為士氣一直非常強。當然，混合辦公環境與醫療保健危機總是帶來波動性。但整體來說，我對我們文化的韌性，以及今年所展現出的世界級執行力與承諾感到非常滿意。因此，這些成果就是最好的證明，而我們也預期未來會持續推動這樣的執行力。

Your next question comes from the line of Ittai Kidron of Oppenheimer & Company.

下一個問題來自 Oppenheimer & Company 的 Ittai Kidron。

This is George Iwanyc stepping in for Ittai. Aaron or Dylan, either one. Can you maybe give us a sense of the strong increase that you've seen in net retention, some of the drivers behind that? How much of that is user growth? How much is coming from the Suites momentum in adding new products into the mix?

我是 George Iwanyc，代替 Ittai 提問。Aaron 或 Dylan 任何一位都可以。你們能否談談你們看到淨留存率大幅提升的情況，以及背後的一些驅動因素？其中有多少來自使用者成長？又有多少是來自 Suites 的動能，也就是把新產品加入組合所帶來的？

Sure. So net retention rate is comprised, as a reminder, of customer net expansion, which includes both upsells and downsells and a strong and stable 5% full churn rate. So year-to-date, the improvement that we've seen from 102% entering the year to 109% in this most recent quarter is driven primarily by strong expansion within our existing customers and are seeing a pretty healthy mix between the kind of cross-sells and price per seat improvements as well as customers just buying more seats. So it's a pretty ratable mix across those 2. And then also have a little bit of a benefit as we lap the COVID impact that we saw in Q2 and Q3 of last year. So overall, really pleased with the trends that we're seeing, and it really demonstrates the stickiness and the demand for the Suites offering that we've been rolling out and driving traction around.

當然。提醒一下，淨留存率的構成包含客戶淨擴張（包括加購與降購），以及穩定且維持在 5% 的整體流失率。今年以來，我們看到的改善——從年初的 102% 提升到最近一季的 109%——主要是由既有客戶內部的強勁擴張所帶動。我們看到相當健康的組合：一方面是交叉銷售與每席位價格提升，另一方面則是客戶單純購買更多席位，兩者的占比相當平均。此外，隨著我們跨過去年 Q2、Q3 受到 COVID 影響的基期，也帶來一些助益。整體而言，我們對目前看到的趨勢非常滿意，這也充分展現我們推出並持續推動的 Suites 產品的黏著度與需求動能。

All right. And following up on that, also you're seeing good traction with larger customers or larger footprints. How do you feel about the room for expansion you have within, let's say, your G2K customer base? Is it still relatively low penetration and you have quite a bit of room to grow there?

好的。延續這點再追問一下，你們也看到在大型客戶或更大部署規模上有不錯的進展。你們怎麼看在例如 G2K 客戶基礎中的擴張空間？目前滲透率是否仍相對偏低，因此還有相當大的成長空間？

Yes. Great to connect. We are seeing that same kind of upside that we've talked about previously in that 6x to 7x range of seat expansion within our overall customer base. We haven't cut it by G2000 to this -- specific to your question, but we generally see a significant amount of upside across the Fortune 500 and even our largest customers that we have today. So overall, I feel very strong about the total upside we have within the customer base, both for seat expansion as well as price per seat improvement that will be driven by moving customers into our multiproduct plans.

是的，很高興聯繫。我們確實看到與先前談到相同的上行空間，也就是在整體客戶基礎中，席位擴張大約有 6 倍到 7 倍的潛力。針對你問的 G2000，我們沒有特別切分來看，但一般而言，我們在《財富》500 強，甚至在我們目前最大的客戶之中，都看到相當可觀的上行空間。整體來說，我對我們在客戶基礎內的總體上行潛力非常有信心，包含席位擴張，以及透過把客戶導入我們的多產品方案所帶動的每席位價格提升。

Your next question comes from the line of Brian Peterson of Raymond James.

下一個問題來自 Raymond James 的 Brian Peterson。

Congrats on the really strong quarter, guys. So Aaron, maybe one for you. I know when COVID started, I think there was a belief that all the trends really work in your favor, but not right away, right? Like I think Zoom was an application that was really adopted. I'm curious what you're hearing in terms of kind of broader market demand for kind of like content cloud and how much the improvement we saw in the third quarter was market-driven versus a lot of Box-specific dynamics like suites and productivity, et cetera. Any way to kind of parse that out?

恭喜各位這一季表現非常強勁。Aaron，我想問你一題。我記得 COVID 剛開始時，市場上有一種看法是所有趨勢都對你們有利，但不會立刻反映，對吧？例如 Zoom 是很快就被大量採用的應用。我想了解你們聽到的更廣泛市場對「內容雲」這類需求的情況，以及我們在第三季看到的改善，有多少是市場驅動、又有多少是 Box 自身的因素（像是 suites、提升生產力等）所帶來的？有沒有辦法把這兩者稍微拆解一下？

Yes. I don't think we'd be able to kind of quantify the 2 components as much as to say the execution you're seeing is a result of literally a couple of years of evolving both the strategy, the go-to-market model. We've talked a lot about our land and expand motion really being focused on simplifying and driving a much more repeatable sales motion to our customers. So that's now fully baked into the company.

是的。我不認為我們能精確量化這兩個部分各占多少；但可以說，你們看到的執行成果，確實是過去幾年我們在策略與 go-to-market 模式上持續演進的結果。我們也談過很多，我們的 land and expand 動能，重點在於簡化並推動更可重複的銷售動作來服務客戶。這些現在已經完全內化到公司運作之中。

Our product Suites, which now includes Enterprise Plus, has been a sort of further multiplier and force multiplier of that trend. And then our product road map of being able to double down in data security and compliance, our e-signature solution, have all been incredibly effective from a product evolution standpoint as well. So that's obviously the execution side that has gotten us to where we are today. And then it certainly is helped by the fact that customers are thinking a lot more about their long-term digital transformation and IT strategies.

我們的產品 Suites（現在也包含 Enterprise Plus）進一步放大了這個趨勢，成為一個乘數效應與加速器。此外，我們的產品路線圖也讓我們能在資料安全與合規上加碼投入，我們的電子簽章解決方案也都從產品演進的角度帶來非常好的成效。這些顯然是執行面的因素，讓我們走到今天的位置。同時，客戶也確實更積極思考他們長期的數位轉型與 IT 策略，這也對我們有所助益。

Last year, we noted that there was more of a triage mode that some customers were in. They may be needed sort of rapid seat expansion within their accounts. But this year, we've seen a lot more methodical long-term strategic planning around IT architectures and where content management fits in to those architectures, and that has led to just much more strategic conversations with customers. And I think that is shown in our big deal metrics. So 97 deals over $100,000, up 56% year-over-year. We see as a tremendous stat and really highlight the strength of the platform and the market environment that we're in.

去年我們提到，有些客戶更像是在「緊急應對」模式下運作；他們可能需要在既有帳戶中快速擴增席位。但今年我們看到更多是更有條理、以長期為導向的 IT 架構策略規劃，並思考內容管理在這些架構中的定位，這也帶來與客戶更具策略性的對話。我認為這也反映在我們的大型交易指標上：超過 10 萬美元的交易有 97 筆，年增 56%。我們認為這是一個非常亮眼的數據，也凸顯了平台的強度以及我們所處的市場環境。

Great. I appreciate the color, Aaron. And maybe just a follow-up to an earlier question. Obviously, I think the billings and the RPO numbers were better than we expected. I just want to make sure that didn't pull forward any demand from the fourth quarter. Typically, that's the seasonally strongest quarter for new business. So are you seeing the pipeline build and commensurate with the strong trends in the third quarter? Just curious to get some color on that.

很好，謝謝你提供這些細節，Aaron。我再追問一個先前的問題。顯然，帳單金額（billings）與 RPO 的數字都比我們預期更好。我只是想確認，這是否把第四季的一些需求提前拉到第三季。通常第四季是新業務季節性最強的一季。所以你們是否看到銷售管線在建立，並且與第三季的強勁趨勢相匹配？想請你分享一些看法。

Sure. So as we've shared previously, our billings results can be variable on a quarterly basis. So we've seen strong billings growth throughout the year. And for the full year, we continue to expect to deliver billings growth higher than our revenue growth at roughly 15%. As mentioned, there are a couple of items, both foreign exchange rates and then a payment duration change from annual to semiannual in one of our largest customers, which combined account for a cumulative onetime downward impact to the billings growth in Q4.

當然。如同我們先前分享的，我們的 billings 結果在季度之間可能會有波動。今年以來我們一直看到強勁的 billings 成長。就全年而言，我們仍預期 billings 成長將高於營收成長，約在 15% 左右。如前所述，有幾個因素：包含外匯匯率，以及我們最大客戶之一將付款週期從年度改為半年一次。兩者合計，會在 Q4 對 billings 成長造成一次性的累積下行影響。

And we also have a somewhat tougher comparison in Q4, which is last year when we generated the highest billings growth for that year. But overall, again, this isn't impacted by any sort of unusual volume of pull forwards or any softening in the strong underlying momentum that we're seeing in the business and really the combination of some of those more cosmetic factors. And then again, based on the factors that do tend to impact billings in any given quarter, as always, we want to be conservative with the expectations that we set.

此外，Q4 也會面臨相對更具挑戰的比較基期，因為去年我們在 Q4 創下當年度最高的 billings 成長。不過整體而言，這並不是因為有任何不尋常的提前拉貨（pull forward）量，或是我們看到的強勁基本動能出現轉弱；主要是一些較偏表面（cosmetic）的因素所致。同時，基於那些在任何單一季度都可能影響 billings 的因素，我們一如既往希望在設定預期時保持保守。

Your next question comes from the line of Chad Bennett from Craig-Hallum Capital.

下一個問題來自 Craig-Hallum Capital 的 Chad Bennett。

Nice job on the quarter, guys. So I guess in trying to kind of understand better, and I think a couple of people have asked this question in different ways, but I mean the $100,000 deal count was up significantly in the quarter and we've talked about Suites, I think, going on almost a couple of years now. And it seems like that's really obviously accelerating or becoming more real, I should say now. But is there a way to think about -- I know people have asked this in the past, whether it's Suites or now Enterprise Plus that's within the Suites, is there any way to look at the cohorts that have adopted Suites and say I know it's embedded in net expansion, but a lot of things are kind of what the uplift has been for Suite adoption and enterprise plans and so forth, just as a whole or as a cohort over the last couple of years?

這一季做得很不錯，各位。我想試著更好地理解——我知道有幾位用不同方式問過類似問題——本季 10 萬美元以上的交易筆數大幅增加，而我們談 Suites 也差不多談了快兩年了。看起來它現在顯然正在加速、或我應該說變得更具體、更落地。但有沒有一種方式可以思考——我知道過去大家也問過——不論是 Suites，或是現在 Suites 內的 Enterprise Plus，有沒有辦法看那些採用 Suites 的客戶群（cohorts），並說明雖然它已反映在淨擴張中，但從整體或過去幾年的 cohort 角度來看，Suite 採用、企業方案等帶來的提升幅度大概是什麼？

Sure. So this is Dylan. I can take that. I would say that as we think about the overall impact of customer economics when they begin to adopt our Suites, from a pure pricing standpoint, we tend to see a rough doubling versus what customers tend to pay for just the core Box service. So it's a significant impact and positive impact on everything from average contract values, price per seat and the net retention rate and gross margins. I would say that from a longer-term cohort view, it's probably a bit early to see how Suites plays out as -- especially with Enterprise Plus. We've just introduced that to the market a few months ago.

當然。所以我是 Dylan，我可以回答。我會說，當我們思考客戶在開始採用我們的 Suites 時，從客戶經濟性的整體影響來看，單就定價角度而言，我們通常會看到相較於客戶僅使用核心 Box 服務所支付的費用，大約翻倍。因此，這對平均合約價值、每席位價格、淨留存率以及毛利率等各方面，都帶來顯著且正面的影響。我會說，從較長期的同批客戶（cohort）視角來看，現在可能還稍早，尚難看出 Suites 的表現——尤其是 Enterprise Plus。我們幾個月前才把它推向市場。

But I would say that when our customers begin to adopt our more advanced capabilities that are much stickier, we do tend to see much higher net retention rates, which is a big part of what's driving the improvement that we've seen this year. And when you compare customers who have adopted our add-on products, including Suites, versus those who haven't, those customers have net retention rates of about 20 points higher than our customers who are just using the core Box service. And part of this mix shift and that impact is what gives us the confidence that we've shared in terms of the longer-term growth and the overall strength in net retention.

但我會說，當客戶開始採用我們更進階、黏著度更高的能力時，我們確實往往會看到更高的淨留存率，而這也是推動我們今年所見改善的重要因素之一。當你比較已採用我們加購產品（包含 Suites）的客戶，與尚未採用的客戶時，前者的淨留存率大約高出 20 個百分點，相較於僅使用核心 Box 服務的客戶。這種組合轉移（mix shift）及其影響，也是我們對長期成長與淨留存整體強勁表現所分享之信心來源。

Got it. And then, Dylan, just as of today, just again, referring to the significant growth in the $100,000 deals, what percentage of the revenue base now is paying you north of $100,000 a year in business?

了解。那 Dylan，截至今天，再次回到年付超過 10 萬美元的大型交易顯著成長這點，目前在你的營收基礎中，有多少比例是每年支付超過 10 萬美元的企業客戶？

Yes. So I would say it's incrementing up from the last time that we reported this, although it hasn't changed materially. So you can think about kind of 60% to 65% of our total revenue is now attributable to our 6-figure plus customers.

是的。我會說，相較於我們上次披露這個數字時確實有增加，但並沒有出現實質性的變化。你可以把它想成，我們總營收中大約 60% 到 65% 現在是由年付六位數以上的客戶所貢獻。

Got it. Perfect. Okay. And then one last, if I could, real quick. Just the customer that the large customer, I should say, that changed their billing duration from annual to semiannual. Is there -- any color behind kind of why they would make that change? It seems like people go the other direction these days. And then I'll hop off.

了解。完美。好。最後一個問題，如果可以的話，很快問一下。就是那位大型客戶——我應該說是大客戶——把其帳單週期從年繳改為半年繳。這背後有沒有什麼原因可以分享？感覺現在大家多半是往相反方向走。問完我就下線。

Sure. No, nothing really to read into there. It was just something where that customer had some sensitivities around that. But I would note that, that contract and that customer has actually been increasing their annual contract value pretty steadily over time, and they are under a multiyear contract duration, even though the payment durations came in a bit or we expect them to come in a bit upon their Q4 renewal. So to your point, that is not something that we regularly see, but they did have some unique circumstances that we wanted to accommodate in the spirit of the partnership.

當然。沒有什麼特別需要過度解讀的。只是那位客戶在這方面有一些顧慮。不過我也要指出，該合約與該客戶其實一直隨時間相當穩定地提高其年度合約價值，而且他們是在多年期合約期間之下，即便付款週期在他們第四季續約時縮短了一些，或我們預期會縮短一些。所以如你所說，這不是我們經常看到的情況，但他們確實有一些特殊狀況，我們也希望本著合作夥伴關係的精神予以配合。

Your next question comes from the line of Steve Enders of KeyBanc.

下一個問題來自 KeyBanc 的 Steve Enders。

Great. Just want to touch on what you're seeing on the sales side and how rep productivity has been trending this year. And then on top of that, how you're seeing the current and hiring environment to bring in new reps at this point?

很好。我想先談談你們在銷售端看到的情況，以及今年業務代表生產力的趨勢如何。另外，在目前的招募環境下，你們對於引進新業務代表的現況與招募環境觀察如何？

Sure. So we've been really pleased with the improvements that we've seen in sales force productivity really over the last couple of years. As a reminder, last year, that grew by about 13%, primarily driven by our enterprise sales force. And year-to-date, this year, we've seen double-digit improvements in both our enterprise and SMB sellers. And that's really being driven by the traction from our newer products, and Suites that we've talked about, and from our strategy to really focus our go-to-market investments in higher-performing regions and geographies, which is paying off and which is the approach that we'll continue to take going forward.

當然。我們對過去幾年在銷售團隊生產力方面看到的改善感到非常滿意。提醒一下，去年生產力成長約 13%，主要由我們的企業銷售團隊所帶動。而今年截至目前，我們在企業與 SMB 銷售人員兩端都看到雙位數的改善。這主要是由我們較新產品的動能所驅動，包括我們談到的 Suites，以及我們的策略：將 go-to-market 投資更聚焦在表現較佳的區域與地理市場。這正在帶來成效，也是我們未來會持續採取的方法。

And then in terms of the overall growth in the sales force, we remain on track to grow the size of our sales force in the low teens percentage range this year. And despite a challenging hiring environment that I think we're seeing across the industry, we have been able to steadily grow that sales force towards those targets over the past couple of quarters.

至於銷售團隊整體規模的成長，我們仍按計畫在今年將銷售團隊規模以低十位數百分比的幅度擴張。儘管我認為整個產業都面臨具挑戰性的招募環境，但在過去幾個季度，我們仍能穩定地朝這些目標擴編銷售團隊。

Okay. Perfect. That's great to hear. And then just on Box Sign. It sounded like you called out some pretty solid wins there in the quarter. Just wondering kind of what -- if these were competitive engagements, what was kind of the biggest differentiator for Box Sign versus maybe some of the other providers out there?

好的。完美。很高興聽到。接著想問 Box Sign。聽起來你們在本季提到了一些相當不錯的勝出案例。想了解一下，如果這些是競爭型的案子，Box Sign 相較於市面上其他供應商，最大的差異化是什麼？

Yes. So as I mentioned, a couple of them were replacing incumbent solutions or at least anticipated to replace incumbent solutions. And in almost all cases, if there's any kind of competitive dynamic with another player. It's really the strength of having the embedded e-signature in Box as our main differentiator. So whether it's the end user interface where within one click, you can then launch into an e-signature process without transferring any files and going through another system or through our APIs, where it's now a first-class API directly in the Box platform, both of these represent very, very seamless ways to get e-signature included in your content that's already in Box.

是的。如我提到的，其中有幾個是在取代既有解決方案，或至少預期會取代既有解決方案。而在幾乎所有情況下，只要存在與其他業者的競爭態勢，我們最主要的差異化就在於：在 Box 內嵌入式的電子簽章（e-signature）的優勢。無論是終端使用者介面——只要點一下，就能啟動電子簽章流程，而不需要傳輸任何檔案、也不必切換到另一個系統——或是透過我們的 API，現在它已是 Box 平台中的一級（first-class）API。這兩者都提供非常、非常無縫的方式，讓電子簽章直接整合到你已經放在 Box 裡的內容之中。

So if you just think about the tens of billions of assets and files that we have within the platform, a significant portion or a meaningful portion of those, those assets are contracts and NDAs and other kinds of documents that are really intended to get signed. And so we can simplify and streamline those processes with native e-signature capabilities. So we're really happy that customers are already gravitating towards the solution. This is a very, very large market. So we certainly wouldn't -- and it's not a goal of ours to be kind of head-to-head competitive with any particular product in the space. It's really about expanding the value of our platform for our customers to be able to drive greater seat growth, price per seat improvement as well as higher net retention rates.

所以如果你想想我們平台內有數百億個資產與檔案，其中相當大的一部分或有意義的一部分，其實是合約、保密協議（NDA）以及其他真正需要簽署的文件。因此，我們可以用原生電子簽章能力來簡化並加速這些流程。我們很高興客戶已經開始傾向採用這個解決方案。這是一個非常、非常大的市場。所以我們當然不會——而且我們的目標也不是在這個領域與任何特定產品進行正面對決式競爭。我們更關注的是擴大平台對客戶的價值，進而帶動更高的席位成長、每席位價格提升，以及更高的淨留存率。

Your next question comes from the line of Josh Baer from Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Josh Baer。

Great. Congrats on a good quarter. Aaron, you had a long list of focus areas as far as innovation looking ahead from ransomware to content analytics, I think, and many others. Just wondering what future area or opportunity are you most excited about?

很好。恭喜本季表現不錯。Aaron，你在談到未來創新時列了很長一串重點領域，從勒索軟體到內容分析，我想還有很多其他項目。想請教你，未來你最感到興奮的領域或機會是什麼？

Yes. That's always dangerous. But I would say that there are sort of 3 big areas that we're doubling down in. And obviously, for any folks that have seen our presentations on our strategy, we're really focused on building out the complete content cloud. So the entire life cycle that content goes through, we want to make sure we have core native capabilities that can support that set of functionality and use case.

是的。這個問題總是有點危險。但我會說，我們正在加倍投入的大方向大概有三個。而且很明顯地，對於看過我們策略簡報的朋友，我們非常專注於打造完整的 content cloud。也就是內容在其整個生命週期中所經歷的一切，我們希望確保具備核心的原生能力，能支援那一整套功能與使用情境。

And so there's 3 areas in particular that most of that functionality falls into: one is on security and compliance, two is on workflow and collaboration, and then three is really on our platform and our open APIs. So some of the things that I get most excited about when we're looking at our road map.

因此，這些功能大多落在三個特定領域：第一是安全與合規；第二是工作流程與協作；第三則是我們的平台與開放 API。這些也是我在看我們產品路線圖時最感到興奮的一些方向。

Obviously, the advancements in e-signature and all of the capabilities around workflows around e-sign, doubling down in data security with Box Shield. We know that the environment around ransomware and threat detection is increasingly important for customers. Compliance and data privacy and governance starts to now fall into that space as well. And then, of course, doubling down in really how customers collaborate and share information, whether that's within Box or within our partner ecosystem.

很明顯地，電子簽章的進展，以及所有圍繞 e-sign 的工作流程能力；在資料安全方面透過 Box Shield 加倍投入。我們知道，勒索軟體與威脅偵測相關的環境對客戶而言正變得愈來愈重要。合規、資料隱私與治理也開始落入這個範疇。當然，我們也會加倍投入在客戶如何協作與分享資訊上，無論是在 Box 內，或是在我們的合作夥伴生態系之中。

So I think you'll see us writing multiple market tailwinds, all of which are really coming together to help transform how customers think about their content. And content, we believe, is going to increasingly be a strategic part of a customer's IT stack. And we believe that we have the most advanced platform for solving those challenges for customers.

所以我認為你會看到我們乘著多股市場順風而行，而這些順風正匯聚在一起，協助改變客戶對其內容的思考方式。我們相信，內容將愈來愈成為客戶 IT 技術堆疊中的策略性組成。我們也相信，我們擁有最先進的平台，能為客戶解決這些挑戰。

Got it. And one on Japan. You highlighted the decline in Suites' attach. I think, usually, Japan is a highlight. Just wondering any more color there on the cause? Is it a concern like more broadly than the Suites' attach? Was there -- are you kind of saying that there was weakness in that region? Or should we have another takeaway?

了解。還有一題關於日本。你提到 Suites 的附加率（attach）下滑。我想通常日本是亮點。想請問能否再多補充一些造成原因？這是否是比 Suites 附加率更廣泛的擔憂？是否——你是在說該地區出現疲弱嗎？還是我們應該有其他解讀？

No. Yes, just to be incredibly precise, it was a very strong quarter for Japan, including the $100,000-plus deal metrics. Because Japan is so channel-driven, there's some sensitivity of the attach rate of certain new products and efforts that we're driving that relate to the enablement and education of our channel partners. And that's something that we're extremely focused on right now, and we expect that metric to improve in Q4 and beyond. So overall, very strong and healthy demand in Japan. It was just that one kind of metric of attach rate.

不。是的，為了非常精準地說明，日本這一季表現非常強勁，包括 10 萬美元以上交易的指標。由於日本非常依賴通路，因此某些新產品與我們正在推動的相關措施，其附加率對通路夥伴的賦能與教育程度會比較敏感。我們目前對此非常專注，並預期該指標在第四季及之後會改善。所以整體而言，日本需求非常強勁且健康；只是那一項附加率指標而已。

And in fact, when we even look at the deals that were coming in from Japan, many of the deals had multiple add-on products. They just weren't packaged as a suite. And so it's really a commercial mechanic in that case that we were seeing. But again, we do expect this to improve in Q4 and beyond.

而且事實上，當我們看日本進來的交易時，很多交易都有多個加購產品，只是沒有被打包成套裝（suite）。所以在那個情況下，我們看到的其實是商務操作機制上的因素。但同樣地，我們確實預期這會在第四季及之後改善。

Your next question comes from the line of Pinjalim Bora of JPMorgan.

下一題來自摩根大通（JPMorgan）的 Pinjalim Bora。

Congrats on the quarter. You obviously have very strong $100,000. I wanted to ask how many of these adds that you're seeing are net new lands versus expansions because I heard a number of 6-figure transactions that you did. So is that the 6-figure lands versus expansions into 6-figure? Is that ratio kind of going higher?

恭喜本季表現。你們顯然有非常強勁的 10 萬美元（以上）交易。我想問的是，你們看到的這些新增中，有多少是全新落地（net new lands）相較於擴張（expansions）？因為我聽到你們做了不少六位數交易。所以這些是六位數的落地，還是擴張到六位數？這個比例是否在上升？

Sure. So I would say the deal count metrics that we disclosed are the new contract value that we add. So for example, if we had a customer paying $80,000 per year and then grew to $130,000, they would not be included with that -- in that metric. So it's just new contract value of at least $100,000 is what is included.

好的。我會說我們披露的交易數量指標，是我們新增的「新合約價值」（new contract value）。例如，如果某客戶原本每年付 8 萬美元，之後成長到 13 萬美元，那他不會被納入那個——該指標中。該指標只包含至少 10 萬美元的新合約價值。

And in terms of the proportion of new customers versus expansion, it moves around a bit each quarter, but we tend to see roughly 70% to 75% of both our bookings and 6-figure deals coming from existing customers, and then the remaining 25% to 30% from net new customers buying Box for the first time.

至於新客戶與擴張的占比，每季會有些波動，但我們通常看到大約 70% 到 75% 的訂單（bookings）與六位數交易來自既有客戶，其餘約 25% 到 30% 來自首次購買 Box 的淨新增客戶。

Got it. One quick follow-up, Dylan. Obviously, some of your leading indicators that we see are running ahead of revenue growth if we look at deferred revenue, RPO, CRPO. I mean is there a scenario that, that revenue growth could start to catch up to these leading indicators over the next years?

了解。Dylan，我再追問一個。顯然，如果看遞延收入、RPO、CRPO，我們看到你們的一些領先指標跑在營收成長之前。我的意思是，未來幾年是否存在一種情境，讓營收成長開始追上這些領先指標？

Yes. So as mentioned, we are certainly seeing strong momentum in the business and are focused on continuing to drive as much revenue growth as possible. I would note that strong RPO growth is driven by several factors. So in addition to the strong underlying bookings growth that we're seeing that translates directly into revenue growth, we are continuing to see a higher volume of large multiyear deals, which boosts our backlog and total RPO without necessarily translating directly into forward revenue. And then we've also seen a significant portion of our smallest customers moving from monthly to annual contracts, which benefits short-term deferred and total RPO. So there are a few kind of more cosmetic and accounting items that are positively impacting our reported RPO growth. But certainly, given the momentum that we're driving, we do see the ability to continue improving our growth rate.

是的。如同先前提到的，我們確實看到業務動能強勁，並專注於持續推動盡可能多的營收成長。我會指出，強勁的 RPO 成長由多個因素驅動。除了我們看到的強勁基本訂單成長（會直接轉化為營收成長）之外，我們也持續看到更多大型多年期交易，這會推升我們的待履約訂單與總 RPO，但不一定會直接轉化為未來期間的營收。此外，我們也看到相當一部分最小型客戶從月繳轉為年約，這有利於短期遞延收入與總 RPO。因此，有一些較偏表面與會計處理的項目，正面影響了我們所報告的 RPO 成長。不過，鑑於我們正在推動的動能，我們確實看到持續改善成長率的能力。

Your next question comes from the line of Edward Magi from Berenberg.

下一題來自 Berenberg 的 Edward Magi。

Congrats on another great quarter. Just a few questions for me. We're seeing growth of both RPO and revenue continuing to accelerate here showing perhaps there's plenty left in the tank. You spoke about sales force hiring. But can you dive a little deeper for us into the investments the company has made into go-to-market and strategy in previous quarters? And how are you just beginning to shine through, perhaps with stronger net retention and new adoption of the platform?

恭喜再度繳出很棒的一季。我這邊有幾個問題。我們看到 RPO 與營收的成長都持續加速，顯示可能還有很大的成長空間。你提到銷售團隊招募。但你能否更深入說明公司在前幾季對 go-to-market 與策略所做的投資？以及這些投資如何才剛開始顯現成效，例如更強的淨留存率與平台的新採用？

Sure. So I'd say that a lot of the big areas that we're focused on in terms of driving the go-to-market execution first really starts with the product innovation and the way that's impacted sales force productivity and a lot of the momentum that we're seeing. As you mentioned, a big direct driver of that as well that we kind of tune our plans around is our AE hiring rate. And so we do expect to continue driving some improvements in sales force productivity even as we grow our sales force, but we are expecting really to continue growing, and we'll give more color into next year's expectations on our Q4 earnings call. And then outside of the actual sales force based on a lot of the improvements we've made to our digital marketing, demand gen channels and just other ways to drive interest in a really efficient way, we have invested in that kind of digital demand generation as well to drive efficiencies and growth in addition to the pure sales force productivity improvements.

好的。我會說，我們在推動 go-to-market 執行方面所聚焦的許多重大領域，首先是從產品創新開始，以及它如何影響銷售團隊生產力與我們看到的許多動能。如你所提到的，我們也會圍繞一個重要的直接驅動因素來調整計畫，那就是 AE 的招募速度。因此，即使我們擴大銷售團隊，我們也預期能持續提升銷售生產力；同時我們也預期會持續成長，並會在第四季財報電話會議上提供更多關於明年預期的說明。除此之外，在實際銷售團隊以外，基於我們對數位行銷、需求開發（demand gen）渠道以及其他以非常高效率方式帶動興趣的方法所做的多項改善，我們也投資於這類數位需求生成，以在純粹的銷售生產力提升之外，進一步帶動效率與成長。

Great. That's helpful. And just another one here. Third quarter NRR was 109%, up from 106% last quarter. It continues to show a nice recovery from where it was just last year. Can you discuss how you think about the mix shift of net new versus net expansion in terms of the long-term outlook for growth, perhaps beyond 2023, 2024, 2025?

很好，這很有幫助。我再問一題。第三季 NRR 為 109%，高於上季的 106%。相較於去年，持續呈現不錯的復甦。你能否談談你如何看待淨新增與淨擴張的組合變化，對於長期成長展望（也許是 2023、2024、2025 之後）的影響？

Sure. So we'd say that for the foreseeable future, so over that time frame, the next few years, we do expect to see a relatively stable contribution from net new and -- versus expansion in terms of bookings with the latter, the expansion, as mentioned, making up about 70% to 75% of our new business. And so that's kind of how I think about that overall growth rate and the contribution going forward as well.

好的。我們會說在可預見的未來，也就是你提到的那段期間、接下來幾年，我們預期在訂單（bookings）方面，淨新增與——相較於擴張的貢獻會相對穩定；如前所述，後者也就是擴張，約占我們新業務的 70% 到 75%。因此，我會用這樣的方式來看待整體成長率以及未來的貢獻。

There are no further questions at this time. I would now like to turn the call over back to Aaron for closing remarks.

目前沒有其他問題。我現在想把電話交回 Aaron 作結語。

Awesome. Thank you very much for attending this call and really looking forward to chatting you throughout -- with you throughout the quarter and beyond.

太棒了。非常感謝各位參與本次電話會議，也很期待在本季以及之後的時間，持續與各位交流。

This concludes today's conference call. You may now disconnect. Thank you.

今天的電話會議到此結束。各位現在可以掛線。謝謝。