Box Inc (BOX) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Box, Inc. Second Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

各位好，感謝您稍候，歡迎參加 Box, Inc. 2022 會計年度第二季財報電話會議。（接線員指示）請注意，今日會議將被錄音。（接線員指示）

I would now like to hand the conference over to your speaker today, Cynthia Hiponia. Please go ahead.

現在我想將會議交給今天的發言人 Cynthia Hiponia。請開始。

Good afternoon, and welcome to Box' Second Quarter Fiscal 2022 Earnings Conference Call. I'm Cynthia Hiponia, Vice President, Investor Relations.

各位下午好，歡迎參加 Box 2022 會計年度第二季財報電話會議。我是 Cynthia Hiponia，投資人關係副總裁。

On the call today, we have Aaron Levie, our CEO; and Dylan Smith, our 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 box.com/investors. Our webcast will be audio only. However, supplemental slides are now available for download from our website. We also post the highlights of today's call on Twitter at the handle @boxincir.

今天與會的有我們的執行長 Aaron Levie，以及我們的財務長 Dylan Smith。在我們完成事先準備的發言後，將進行問答。今天的電話會議將以網路直播方式進行，並可於 box.com/investors 的投資人關係網站收看重播。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 Q3 and fiscal year '22 financial guidance and 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, 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 having benefits from our new products, pricing and partnerships, the impact of our acquisitions on future Box product offerings, the impact of the COVID-19 pandemic on our business and operating results, the KKR-led investment in Box and any potential repurchase of our common stock.

在本次電話會議中，我們將發表前瞻性陳述，包括我們對 2022 會計年度第三季及 2022 會計年度的財務指引，以及我們對 2022 會計年度及未來期間財務表現的預期，包括我們的自由現金流、毛利率、營業利益率、營業槓桿、未來獲利能力、未認列收入、剩餘履約義務（RPO）與帳單金額（billings），以及我們對市場機會規模的預期、計畫中的投資與成長策略、達成長期營收及其他營運模型目標的能力、新產品、定價與合作夥伴關係的推出時程與市場採用及其效益、收購案對未來 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、KKR 主導對 Box 的投資，以及任何可能回購本公司普通股的情況。

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 filed 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, August 25, 2021, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

這些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。請參閱我們今日發布的財報新聞稿，以及我們向美國證券交易委員會提交的風險因素與文件（包括最近一期 Form 10-Q 季度報告），以了解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。本前瞻性陳述係截至今日（2021 年 8 月 25 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 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 can find disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release and in our related PowerPoint presentation, which can be found on the Investor Relations page of our website. Unless otherwise indicated, all reference 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，而不應作為替代，亦不應單獨解讀。您可在我們的財報新聞稿及相關 PowerPoint 簡報中找到關於這些非 GAAP 指標的揭露（包括與可比較 GAAP 結果的調節表），上述資料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。

Lastly, while we recognize there's been news around our upcoming annual meeting on September 9, the purpose of today's call is to discuss our financial results. We ask that during the Q&A portion of this call, you keep your questions focused on our performance.

最後，雖然我們注意到外界對於 9 月 9 日即將召開的年度股東大會有所報導，但今天電話會議的目的在於討論我們的財務結果。我們請您在問答環節中，將問題聚焦於我們的業績表現。

With that, let me hand the call over to Aaron.

接下來，我把電話交給 Aaron。

Thanks, Cynthia, and thank you all for joining the call today.

謝謝 Cynthia，也感謝各位今天加入電話會議。

We achieved strong second quarter results across all metrics, marking our fifth consecutive quarter of achieving both revenue and non-GAAP EPS above our guidance. We delivered second quarter revenue growth of 12% year-over-year, a second consecutive quarter of accelerating revenue growth, billings growth of 13% and RPO growth of 27%.

我們在第二季於各項指標上都取得強勁成果，這是我們連續第五個季度同時實現營收與非 GAAP 每股盈餘（EPS）高於指引。我們第二季營收年增 12%，連續第二個季度營收成長加速；帳單金額（billings）成長 13%，剩餘履約義務（RPO）成長 27%。

From our business performance and building momentum, it's clear that enterprises are increasingly making strategic long-term decisions on how to support a remote workforce and digital processes while still maintaining a high level of security and compliance policies. As a result, more customers are turning to the Box Content Cloud to deliver secure content management and collaboration built for this new way of working.

從我們的業務表現與動能累積來看，很明顯企業正日益做出策略性的長期決策，思考如何在維持高度安全性與合規政策的同時，支援遠端工作人力與數位化流程。因此，更多客戶轉向 Box Content Cloud，以提供符合這種新工作方式所需的安全內容管理與協作。

Our strong momentum is best illustrated by our customer deal metrics in the second quarter. Our net retention rate was 106%, up from 103% in the prior quarter. We had 74 new deals over $100,000, up 16% year-over-year, and we had a 73% attach rate of Suites on deals over $100,000 in the quarter, up from 49% in the prior quarter and up from 31% in Q2 fiscal '21. We view these strong customer metrics as evidence that we are executing on the right product strategy, one that is well aligned with the 3 major changes happening around the future of work in the enterprise.

我們的強勁動能，最能從第二季的客戶交易指標中看出。我們的淨留存率為 106%，高於前一季的 103%。我們新增了 74 筆超過 10 萬美元的新合約，年增 16%；此外，本季在超過 10 萬美元的交易中，Suites 的附加率（attach rate）達 73%，高於前一季的 49%，也高於 2021 會計年度第二季的 31%。我們將這些強勁的客戶指標視為證據，顯示我們正在執行正確的產品策略，且該策略與企業未來工作型態正在發生的三大變化高度一致。

First, hybrid work is going to be a necessity going forward. Second, digital transformation is driving significant change across all industries. And third, cybersecurity and privacy threats are increasing at a growing rate as we've seen with recent ransomware attacks. These trends have major implications for how companies work with their content. Content is at the heart of how leading life sciences firms discover, develop and deliver new drugs in treatment, how banks collaborate with and onboard new clients or close deals, and how consumer product organizations ideate on, manufacture and scale new products. Whether it's a CAD design, a sales presentation, marketing asset, research study, legal contract or financial data, content is our customers' business.

第一，混合式工作將成為未來的必要模式。第二，數位轉型正推動各行各業出現重大變革。第三，資安與隱私威脅正以更快速度增加，正如我們近期所見的勒索軟體攻擊。這些趨勢對企業如何處理其內容具有重大影響。內容是領先生命科學公司如何發現、開發並交付新藥與治療的核心；也是銀行如何與新客戶協作、完成客戶導入或促成交易的核心；同時也是消費性產品組織如何構思、製造並擴大新產品規模的核心。無論是 CAD 設計、銷售簡報、行銷素材、研究報告、法律合約或財務資料，內容就是我們客戶的業務。

Today, enterprises have to purchase and integrate a mix of solutions from disparate vendors to solve the entire content management life cycle. This leads to broken processes for users, security risks due to gaps between tools, fragmented data and increased cost for enterprise customers. Our vision for the Box Content Cloud is to integrate and power the complete content life cycle from the moment content is created through the entire content workflow. By leveraging our product leadership in content management, our Content Cloud will continue to extend into key elements of this life cycle, including e-signature, content publishing, deeper content workflows, new collaboration experiences, analytics, data privacy and advanced security.

如今，企業必須向不同供應商購買並整合各式解決方案，才能涵蓋完整的內容管理生命週期。這會導致使用者流程斷裂、因工具間落差而產生安全風險、資料碎片化，以及企業客戶成本上升。我們對 Box Content Cloud 的願景，是整合並驅動完整的內容生命週期，從內容建立的那一刻起，貫穿整個內容工作流程。藉由我們在內容管理方面的產品領導地位，我們的 Content Cloud 將持續延伸至此生命週期的關鍵要素，包括電子簽署、內容發布、更深入的內容工作流程、全新的協作體驗、分析、資料隱私與進階安全性。

Critical to our success is our ability to execute on our product road map, which expands our total addressable market and adds value to our core platform with new product innovation. This is why we were pleased to deliver on our product road map with the launch of Box Sign to select customers in late July, capitalizing on the trend of more transactions moving from paper-based manual workflows to the cloud, while also addressing an incremental multibillion-dollar market.

我們成功的關鍵，在於能否落實我們的產品藍圖；該藍圖可擴大我們的總可服務市場（TAM），並透過新產品創新為核心平台增添價值。這也是為什麼我們很高興能在 7 月下旬向部分客戶推出 Box Sign，交付我們的產品藍圖成果；此舉把握了更多交易從紙本、人工流程轉向雲端的趨勢，同時也切入一個新增的、規模達數十億美元的市場。

Box Sign was developed through the acquisition of SignRequest, a leading cloud-based electronic signature company and a good example of our disciplined approach to M&A. Our decision to acquire this particular technology versus developing internally was driven by time-to-market, with e-signature being the #1 requested feature from customers last year. Initial response from customers has been very positive, and we are rolling out Box Sign to all business and enterprise customers throughout this fall with a significant road map of innovation ahead.

Box Sign 是透過收購 SignRequest（一家領先的雲端電子簽名公司）所開發而成，也是我們在併購（M&A）上採取嚴謹紀律方法的良好例證。我們決定收購這項特定技術而非內部自行開發，主要考量是上市時程（time-to-market），因為電子簽名是客戶去年提出的第一大需求功能。客戶的初步反應非常正面，我們將在今年秋季把 Box Sign 推廣至所有商務與企業客戶，且後續還有一項重要的創新藍圖。

Also, over the quarter, we made meaningful updates to our Governance functionality to help support customers' legal hold and document retention needs as well as new features within Box Shield to protect the flow of content with advanced machine learning-based security features. Our security, compliance, data governance and privacy capabilities remain one of the most critical reasons customers choose the Box Content Cloud and our innovation here is only accelerating.

此外，在本季度期間，我們也對 Governance 功能進行了重要更新，以協助支援客戶的法律保全（legal hold）與文件留存需求；同時也在 Box Shield 中新增功能，透過先進的機器學習安全特性來保護內容流動。我們的安全性、合規、資料治理與隱私能力，仍是客戶選擇 Box Content Cloud 的最關鍵原因之一，而我們在此領域的創新也正持續加速。

In addition to these and many other product updates in the quarter, we continue to integrate deeply across the SaaS landscape, a key part of our Content Cloud value proposition, interoperability and strong partnerships with leading technology companies. This is critical to our success at scale. Building on the great work we've done with so many amazing partners, including Slack and Microsoft, in the second quarter, we announced a new integration with ServiceNow's Legal Service Delivery application to modernize legal operations, which benefits customers by bringing together ServiceNow's advanced workflow expertise to minimize manual processing while ensuring confidential legal content is secured on Box' Content Cloud. And we also announced new and deepened integrations with Box for Cisco Webex to make it easier for customers to work securely and effectively in the cloud.

除上述及本季度其他眾多產品更新外，我們也持續在 SaaS 生態系中進行深度整合，這是我們 Content Cloud 價值主張的重要一環，並透過互通性與與領先科技公司的強大合作夥伴關係來實現。這對我們在規模化成功至關重要。在我們與眾多優秀合作夥伴（包括 Slack 與 Microsoft）所完成的出色成果基礎上，我們在第二季宣布與 ServiceNow 的 Legal Service Delivery 應用程式推出新的整合，以推動法務營運現代化；此舉透過結合 ServiceNow 先進的工作流程專長，協助客戶降低人工處理，同時確保機密法務內容安全地存放於 Box 的 Content Cloud 上。我們也宣布針對 Box for Cisco Webex 的新整合與更深度整合，讓客戶能更容易在雲端中安全且有效率地工作。

And we're just getting started. To address our $50 billion-plus market opportunity, we are building the end-to-end platform for managing the life cycle of content and continue to be regarded by customers and analysts as the leading independent vendor for cloud content management. Of course, evolving our product strategy to meet today's enterprise remote and hybrid workforce needs and strengthening our partnerships with leading technology companies are only part of our strategy to drive growth. We have also been methodically enhancing our land-and-expand go-to-market model to deliver our full platform to our customers.

而我們才剛剛開始。為了把握我們超過500億美元的市場機會，我們正在打造用於管理內容生命週期的端到端平台，並持續被客戶與分析師視為雲端內容管理領域領先的獨立供應商。當然，調整我們的產品策略以滿足當今企業遠端與混合式勞動力需求，以及強化與領先科技公司的合作夥伴關係，只是我們推動成長策略的一部分。我們也一直有系統地強化我們的「落地並擴張」（land-and-expand）上市模式，將我們的完整平台交付給客戶。

To accelerate growth, over the past couple of years, we've been actively implementing a number of strategic go-to-market initiatives, including: optimizing pricing and packaging; improving sales segmentation and territory planning; driving efficient marketing programs and pipeline generation; increasing sales enablement and doubling down our focus on key verticals, such as life sciences and financial services in the federal government.

為了加速成長，在過去幾年裡，我們積極推動多項策略性的上市（go-to-market）計畫，包括：最佳化定價與方案組合；改善銷售分群與區域規劃；推動高效率的行銷計畫與商機管道（pipeline）生成；提升銷售賦能，並加倍聚焦於關鍵垂直領域，例如生命科學，以及聯邦政府中的金融服務。

And the success of our go-to-market initiatives and the growing demand for our more advanced capabilities drove our strong Suites adoption in the second quarter. This is why we've been working aggressively to sell the full Box platform through our Suites operating to bring all that Box has to offer to our customers. We know that when a customer adopts our multiproduct offerings, we see greater total account value, higher net retention, higher gross margin and a more efficient sales process.

我們的上市計畫成功，加上市場對更進階能力的需求持續成長，帶動第二季 Suites 的強勁採用。這也是為什麼我們一直積極透過 Suites 的方式銷售完整的 Box 平台，將 Box 的全部價值帶給客戶。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。

Building on the success of Suites, in late July, we also announced a new simplified product addition for our enterprise customers called Enterprise Plus, which includes Shield, Governance, Relay, Platform, Box Sign, the ability for large file uploads and enhanced important consulting credits. You can see the success of our go-to-market efforts most clearly when looking at our Q2 customer expansion. For instance, one of the largest banks in the world purchased a 7-figure deal with multiple products, including KeySafe, Governance, Relay, Shield and Platform to support new use cases for Box, including claims processing and loan origination in a more secure virtual environment. The bank has also standardized on Box for internal and external collaboration.

在 Suites 成功的基礎上，我們也在7月下旬宣布為企業客戶推出一項新的簡化產品加購方案，名為 Enterprise Plus，內容包含 Shield、Governance、Relay、Platform、Box Sign、大型檔案上傳能力，以及加強的重要顧問服務點數。從我們第二季的客戶擴張最能清楚看出上市努力的成果。例如，全球最大的銀行之一簽下了一筆七位數金額、涵蓋多項產品的交易，包括 KeySafe、Governance、Relay、Shield 與 Platform，用以支援 Box 的新使用情境，包括在更安全的虛擬環境中進行理賠處理與貸款起案（loan origination）。該銀行也已將 Box 標準化作為內部與外部協作的平台。

An innovative biopharmaceutical company did a 6-figure expansion with Box to support its growing workforce, following multiple acquisitions to help power its mission to transform the way that drugs are manufactured in the U.S. With Box, the company's workforce is able to improve collaboration, security and GST compliance, providing them with a scalable and secure foundation that allows them to work faster.

一家創新生物製藥公司在完成多起併購後，為支援其持續成長的員工規模，與 Box 進行了一筆六位數金額的擴張，以推動其改變美國藥品製造方式的使命。透過 Box，該公司的員工能提升協作、安全性與 GST 合規性，為其提供可擴充且安全的基礎，使其能更快速地工作。

And finally, a global leader in energy services that has been a Box customer since 2017, expanded its use of Box with a 6-figure ELA and the purchase of Enterprise Plus. This will enable them to have a proactive approach to internal threat detection on content, be more prescriptive with security controls around content and automate more than a dozen critical business workflows.

最後，一家能源服務領域的全球領導者自2017年起即為 Box 客戶，透過一份六位數金額的 ELA（企業授權合約）以及購買 Enterprise Plus 擴大其對 Box 的使用。這將使其能以更主動的方式偵測內容的內部威脅、更具規範性地設定內容相關的安全控管，並自動化十多項關鍵業務工作流程。

These deals showcase the simplicity and power of our business model. We are focused on expanding our customers through additional seed growth by going wider within organizations, as well as adding more value through additional feature enhancements and new products that drive up customer value and retention.

這些交易展現了我們商業模式的簡潔與強大。我們專注於透過額外的種子式成長（seed growth）在組織內部擴大滲透，同時也透過更多功能強化與新產品增加價值，以提升客戶價值與留存。

Over the past year, we have been executing on our strategy to reaccelerate growth while also driving continued operating margin improvements. And our results in the second quarter demonstrate that our strategy is working. As a result, we have raised our guidance for the full fiscal year 2022 and are reiterating our long-term targets of 12% to 16% revenue growth and 23% to 27% non-GAAP operating margin in FY '24.

過去一年，我們在執行重新加速成長的策略同時，也持續推動營業利益率改善。而第二季的成果證明我們的策略正在奏效。因此，我們上調了2022會計年度全年的財測指引，並重申我們在 FY '24 的長期目標：營收成長12%至16%，以及非GAAP營業利益率23%至27%。

Our strong second quarter results and our confidence in our outlook for this fiscal year and beyond are the direct result of the leadership of our Board and the hard work and execution we've been driving as a company. I could not be prouder of the team at Box. And while we still have so much we want to accomplish, I am confident that we have the right team and leadership to execute on our strategy and targets going forward, as well as a world-class Board of Directors that is focused on and committed to driving enhanced value for shareholders.

我們第二季的強勁成果，以及我們對本會計年度及未來展望的信心，直接來自董事會的領導，以及公司全體同仁的努力與執行。我對 Box 團隊感到無比自豪。雖然我們仍有許多想完成的目標，但我相信我們擁有正確的團隊與領導層，能在未來持續落實我們的策略與目標；同時也擁有世界級的董事會，專注並致力於為股東創造更高的價值。

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.

謝謝你，Aaron。各位下午好，感謝大家加入我們。

As Aaron mentioned, we are proud to have delivered strong top and bottom line results in Q2. We drove an acceleration across key metrics: revenue growth, net retention and operating profit, clearly demonstrating strong business momentum as we build on our Content Cloud vision.

如 Aaron 所提到的，我們很自豪在第二季交出強勁的營收與獲利表現。我們在關鍵指標上實現加速：營收成長、淨留存率與營業利潤，清楚展現出我們在推進 Content Cloud 願景過程中的強勁業務動能。

Revenue of $214 million was up 12% year-over-year, an acceleration from our Q1 revenue growth of 11% and above the high end of our guidance. Our Content Cloud offerings are increasingly resonating with our customers, as shown by the strong Suites traction and net retention rate we achieved in Q2.

營收2.14億美元，年增12%，較第一季11%的營收成長進一步加速，並高於我們指引區間的上緣。我們的 Content Cloud 產品日益獲得客戶共鳴，第二季 Suites 的強勁進展與我們達成的淨留存率即為明證。

As our customers are increasingly adopting products with more advanced capabilities, 61% of our revenue is now attributable to customers who have purchased at least 1 additional product, up from 56% a year ago. In Q2, we closed 74 deals worth more than $100,000, up 16% year-over-year. A record 73% of these 6-figure deals were sold as a suite, up from 49% in Q1 and from 31% in the year-ago period.

隨著客戶愈來愈多採用具備更進階能力的產品，目前我們61%的營收來自至少加購1項產品的客戶，高於一年前的56%。第二季，我們完成了74筆金額超過10萬美元的交易，年增16%。其中創紀錄的73%六位數交易以套裝（suite）形式售出，高於第一季的49%，也高於去年同期的31%。

Suites have enabled us to streamline our sales process and drive greater adoption of multiproduct solutions, resulting in customers who are larger, stickier and have a greater propensity to expand over time. We couldn't be more encouraged by our traction here.

Suites 讓我們得以精簡銷售流程並推動多產品解決方案的更高採用率，帶來規模更大、黏著度更高，且隨時間更有可能擴張的客戶。我們對目前的進展感到非常振奮。

We ended Q2 with remaining performance obligations, or RPO, of $922 million, up 27% year-over-year, an acceleration from the prior quarter's RPO growth rate of 20% and exceeding our revenue growth by 1,500 basis points. Q2's RPO growth is comprised of 16% deferred revenue growth and 37% backlog growth, demonstrating Box' stickiness as we continue to sign longer-term agreements to support our customers' content strategies. We expect to recognize more than 60% of our RPO over the next 12 months.

第二季結束時，我們的剩餘履約義務（RPO）為9.22億美元，年增27%，較前一季20%的RPO成長率進一步加速，並較營收成長高出1,500個基點。第二季RPO成長由16%的遞延收入成長與37%的未履約訂單（backlog）成長所構成，顯示 Box 的高黏著度，因為我們持續簽訂更長期的合約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。

Q2 billings of $213 million were up 13% year-over-year and well ahead of our previous expectations to deliver a growth rate in the mid-single-digit range. This billings result reflects the strong sales execution that we saw in enterprise and SMB, with both teams generating double-digit year-over-year sales productivity improvements.

第二季帳單金額（billings）為2.13億美元，年增13%，大幅優於我們先前對中個位數成長的預期。這項帳單表現反映了我們在企業與中小企業（SMB）市場看到的強勁銷售執行力，兩個團隊的銷售生產力皆實現年增雙位數的提升。

Our net retention rate at the end of Q2 was 106%, up 300 basis points from 103% in Q1. This result was driven by strength in customer expansion and a stable annualized full churn rate of 5%. Based on the strong momentum we're seeing in customer expansion and retention, we expect to deliver additional improvement in our net retention rate over the course of this fiscal year.

第二季末的淨留存率為106%，較第一季的103%提升300個基點。此結果主要來自客戶擴張的強勁表現，以及穩定的年化整體流失率（full churn rate）5%。基於我們在客戶擴張與留存方面看到的強勁動能，我們預期在本會計年度期間，淨留存率將進一步改善。

Turning to margins. Gross margin came in at 74.5%, up 100 basis points from 73.5% a year ago. Q2 gross profit of $160 million was up 13% year-over-year, exceeding our revenue growth rate. We continue to benefit from both our ongoing shift to cloud data centers and the hardware and software efficiencies we're generating in the infrastructure we manage. Our gross margin expectations for the full year of FY '22 continue to be approximately 74%.

接著談毛利率。毛利率為74.5%，較一年前的73.5%提升100個基點。第二季毛利1.60億美元，年增13%，超過營收成長率。我們持續受惠於向雲端資料中心的持續轉移，以及我們在所管理的基礎設施中所帶來的硬體與軟體效率提升。我們對 FY '22 全年毛利率的預期仍約為74%。

Our ongoing efforts to improve profitability are paying off as we continue to unlock leverage in our operating model. Q2 operating income increased 47% year-over-year to $44 million, which in turn drove a 500 basis point improvement in Q2 operating margin to 20.6%. We continue to deliver profitable growth and disciplined expense management. This year, we've made significant progress in building out our engineering center of excellence in Poland, which will help us drive additional operating leverage and efficiencies over time as we transition certain engineering functions away from the higher-cost California locations. This resulted in our delivering $0.21 of diluted non-GAAP EPS in Q2, above the high end of our guidance and up from $0.18 a year ago.

我們持續提升獲利能力的努力正在見效，因為我們不斷在營運模式中釋放槓桿效益。第二季營業利益年增47%至4,400萬美元，進而帶動第二季營業利益率提升500個基點至20.6%。我們持續實現獲利性成長並嚴格控管費用。今年，我們在波蘭建立工程卓越中心方面取得重大進展，隨著我們將部分工程職能自成本較高的加州據點轉移，該中心將在時間推進下協助我們帶來更多營運槓桿與效率提升。因此，我們第二季稀釋後非GAAP每股盈餘（EPS）達0.21美元，高於指引上緣，亦高於一年前的0.18美元。

I'll now turn to our cash flow and balance sheet. In Q2, we delivered cash flow from operations of $45 million, up 39% from the year-ago period. We also generated free cash flow of $30 million, a year-over-year improvement of 124%. Capital lease payments, which we include in our free cash flow calculation, were $13 million, down from $14 million in Q2 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 a result, we ended the quarter with $779 million in cash, cash equivalents and restricted cash.

接下來我將談談我們的現金流與資產負債表。在第二季，我們的營運活動現金流為4,500萬美元，較去年同期成長39%。我們也產生了3,000萬美元的自由現金流，年增改善124%。我們在自由現金流計算中納入的資本租賃付款為1,300萬美元，較去年第二季的1,400萬美元下降。就2022財年全年而言，我們仍預期資本支出（CapEx）與資本租賃付款合計約占營收的7%。因此，本季末我們的現金、約當現金及受限制現金合計為7.79億美元。

We completed our modified Dutch auction tender offer at the end of June for an aggregate cost of approximately $238 million, and our Board subsequently authorized a $260 million share repurchase program. As of August 24, 2021, we have repurchased 2.9 million shares of Class A common stock at a weighted average price of $23.89 for a total of $70 million. Combined with the modified Dutch auction tender, we have repurchased a total of 12.2 million shares for a total of $308 million.

我們於6月底完成修正荷蘭式拍賣（modified Dutch auction）要約收購，總成本約2.38億美元；其後董事會核准一項2.60億美元的股票回購計畫。截至2021年8月24日，我們已以加權平均價格每股23.89美元回購290萬股A類普通股，總額7,000萬美元。連同修正荷蘭式拍賣要約收購，我們合計已回購1,220萬股，總金額3.08億美元。

With that, I would like to turn to our guidance for Q3 and fiscal 2022. As we announced a few weeks ago, based on our strong Q2 results and our continued business momentum, we raised our full year revenue, operating margin and EPS guidance. Note that our share count and EPS expectations factor in only the shares that we have already repurchased to date. While we expect to opportunistically purchase additional shares through the remainder of the year under our ongoing share repurchase program, the amount could vary significantly based on market conditions and other factors. Therefore, we're taking a prudent approach and not assuming any future repurchases in our Q3 or FY '22 outlook.

接下來，我想談談我們對第三季與2022財年的財測。如同我們幾週前所宣布的，基於第二季的強勁表現以及持續的業務動能，我們上調了全年營收、營業利益率與每股盈餘（EPS）指引。請注意，我們的股數與EPS預期僅納入截至目前已回購的股份。雖然我們預期在今年剩餘期間，將在既有回購計畫下視情況把握機會額外回購，但金額可能會因市場狀況與其他因素而大幅波動。因此，我們採取審慎作法，在第三季或2022財年展望中不假設任何未來回購。

For the third quarter of fiscal 2022, we anticipate revenue of $218 million to $219 million, representing 12% year-over-year growth and a third consecutive quarter of revenue growth acceleration at the high end of this range. We expect our non-GAAP operating margin to be approximately 20%, representing a 200 basis point improvement year-over-year. We expect our non-GAAP EPS to be in the range of $0.20 to $0.21 and GAAP EPS to be in the range of negative $0.09 to $0.08 on approximately 162 million and 154 million shares, respectively. We expect our Q3 billings growth rate to be roughly in line with our revenue growth.

就2022財年第三季而言，我們預期營收為2.18億至2.19億美元，代表年增12%，且在此區間高端將是連續第三季營收成長加速。我們預期非GAAP營業利益率約為20%，較去年同期提升200個基點。我們預期非GAAP EPS介於0.20至0.21美元；GAAP EPS介於負0.09至0.08美元，分別以約1.62億股與1.54億股計算。我們預期第三季帳單（billings）成長率大致與營收成長相當。

For the full fiscal year ending January 31, 2022, we have raised our full year revenue guidance, and we expect FY '22 revenue to be in the range of $856 million to $860 million, up 11% year-over-year. This is an increase from last quarter's guidance of $845 million to $853 million and represents an acceleration from last year's revenue growth. We expect our non-GAAP operating margin to be approximately 19.5%, representing a 410 basis point improvement from last year's results of 15.4% and a sizable increase over our previous guidance of 18% to 18.5%.

就截至2022年1月31日止的完整財年而言，我們上調了全年營收指引，預期2022財年營收介於8.56億至8.60億美元，年增11%。這較上季指引的8.45億至8.53億美元有所提高，並代表相較去年營收成長的加速。我們預期非GAAP營業利益率約為19.5%，較去年15.4%的結果提升410個基點，且也顯著高於先前18%至18.5%的指引。

Due to our strong top and bottom line momentum, we now expect our FY '22 non-GAAP EPS to be in the range of $0.79 to $0.81 on approximately 166 million diluted shares. Our GAAP EPS is expected to be in the range of negative $0.34 to $0.32 on approximately 158 million shares. We continue to expect our billings growth rate to be above our revenue growth rate for the full year of FY '22 and for RPO growth to outpace both revenue and billings growth for the full year of FY '22. We will provide further details into our Q4 expectations on our Q3 earnings call. Finally, our FY '22 revenue growth rate combined with FY '22 free cash flow margin is now expected to be at least 32%, an increase over our previous guidance of at least 30%.

由於我們在營收端與獲利端皆展現強勁動能，我們目前預期2022財年非GAAP EPS介於0.79至0.81美元，稀釋後股數約1.66億股。我們預期GAAP EPS介於負0.34至0.32美元，股數約1.58億股。我們仍預期2022財年全年帳單成長率將高於營收成長率，且剩餘履約義務（RPO）成長將在2022財年全年超越營收與帳單成長。我們將在第三季財報電話會議中提供更多關於第四季預期的細節。最後，我們目前預期2022財年營收成長率加上2022財年自由現金流利潤率合計至少為32%，高於先前至少30%的指引。

Box today is not the Box of 2019. Our strong Q2 performance is the result of the business transformation we began 2 years ago. This year, we're delivering both revenue acceleration and increased operating leverage for our shareholders, proving that our Content Cloud platform is resonating with customers. We are well on our way to delivering against our previously stated target of 12% to 16% revenue growth and 23% to 27% operating margin in FY '24, 2 years from now. In FY '24, we're also committed to delivering revenue growth plus free cash flow margin of 40%.

今日的Box已不是2019年的Box。我們第二季的強勁表現，源自我們兩年前開始推動的業務轉型。今年，我們同時為股東帶來營收加速與更高的營運槓桿，證明我們的Content Cloud平台正獲得客戶共鳴。我們正穩步朝先前所述的目標邁進：在兩年後的2024財年達成12%至16%的營收成長，以及23%至27%的營業利益率。在2024財年，我們也承諾實現「營收成長率加上自由現金流利潤率」合計40%。

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

在我們結束之前，我會把時間交回給Aaron做幾點結語。

Thanks, Dylan.

謝謝你，Dylan。

Before we open it up to questions, we wanted to share that on October 6, we will be hosting tens of thousands of attendees at BoxWorks, which will be an all-digital event for the second year in a row. This year will be another incredible event where we'll share more on our vision for the Content Cloud and will showcase major product advancements. Attendees will also be hearing from an outstanding slate of speakers, including the CEOs of Okta, Slack and Zoom as well as IT leaders from enterprises like Lionsgate, State Street, USAA and World Fuel Services, among many others.

在開放提問之前，我們想分享：10月6日我們將在BoxWorks迎接數以萬計的與會者，這將是連續第二年舉辦的全數位活動。今年也將是另一場精彩的活動，我們將分享更多關於Content Cloud的願景，並展示重大的產品進展。與會者也將聽到一系列傑出講者的分享，包括Okta、Slack與Zoom的執行長，以及來自Lionsgate、State Street、USAA與World Fuel Services等企業的IT領導者等。

Q2 was a strong quarter, not only in terms of achieving quarterly revenue and non-GAAP operating results that were above our original guidance but also in our metrics that showed the power of our Content Cloud platform. Net retention rate, billings and RPO growth are all leading indicators that show the success of our strategy to not only retain customers but expand our solutions within our existing customer base to drive revenue growth and operating margin improvements and ultimately, shareholder value.

第二季表現強勁，不僅在季度營收與非GAAP營運成果方面超出我們原先指引，也反映在多項指標上，展現我們Content Cloud平台的威力。淨留存率、帳單（billings）與RPO成長皆為領先指標，顯示我們的策略成功：不僅留住客戶，還在既有客戶基礎中擴大解決方案採用，以推動營收成長與營業利益率改善，最終提升股東價值。

Dylan and I would be happy to take your questions. Operator?

Dylan和我很樂意回答各位的問題。接線員？

(Operator Instructions) We have our first question coming from the line of Brian Peterson with Raymond James.

（接線員指示）我們的第一個問題來自Raymond James的Brian Peterson。

So wanted to hit on the sales strength with large deals this quarter. Aaron and Dylan, could you maybe unpack that a little bit? And I'd be curious, how did that pipeline look for the back of the year? Because obviously, the execution has been strong, but what are you seeing in terms of pipeline generation? And how have those customer conversations maybe changed a little bit with the Suites offering?

我想談談本季大型交易帶動的銷售強勁表現。Aaron和Dylan，你們能否再多拆解一下？另外我也想了解，今年下半年的銷售管線（pipeline）看起來如何？因為很明顯執行力很強，但就管線生成而言你們看到了什麼？以及在推出Suites方案後，與客戶的對話是否有一些變化？

Yes. Thanks, Brian. This is Aaron. We are certainly very happy about the Q2 and overall the first half results when we look at our big deal metrics and our Suites adoption that we've seen. And as we look forward and as I think you can tell, evidenced in the revenue guide up, we're also feeling really confident about the back half of the year and the momentum that we're going to see on suite expansion, the large deals that we're now seeing in the pipeline.

是的，謝謝你，Brian。我是Aaron。就我們看到的大型交易指標以及Suites採用情況而言，我們對第二季以及整體上半年成果都非常滿意。展望未來，正如你所看到的、也反映在我們上調的營收指引中，我們對今年下半年的表現也非常有信心，包含套件擴張（suite expansion）的動能，以及我們目前在管線中看到的大型交易。

And even within the large deals of the $100,000-plus deals in Q2, we also saw a very healthy number and an increase on the $500,000-plus deals as well. So just nice set of trends within the customer base right now that we're seeing. And overall, customers are fully expanding into our multiproduct plans, and we're going to keep doubling down on that momentum.

而且即便是在第二季10萬美元以上的大型交易中，我們也看到非常健康的數量；同時，50萬美元以上的交易數量也有所增加。因此，我們目前在客戶基礎中看到一組很好的趨勢。整體而言，客戶正全面擴大採用我們的多產品方案，我們也會持續加碼投入、延續這股動能。

Got it. And that's a good segue into my next question. Just how are you guys thinking about incremental go-to-market investments going forward? I know sales productivity has been in focus. It looks like that's ramping up. Just curious how we're thinking about headcount investment going forward.

了解。這也正好銜接到我的下一個問題：你們如何看待未來逐步增加的市場進入（go-to-market）投資？我知道你們一直聚焦在銷售生產力上，看起來也正在提升。想請教你們對未來人力（headcount）投資的思考。

Yes. I think the message that we've had in the past couple of earnings calls, I would say, is consistent. We're incrementally investing in go-to-market capacity right now and we certainly saw that in Q2 over Q1. And I think the key is that we're going to be making investments into the highest productivity regions, the highest productivity segments, the areas where we're seeing increasing momentum. But in Q2, I think we saw that in a number of areas around the world and across segments.

是的。我認為我們在過去幾次財報電話會議傳達的訊息是一致的：我們目前正逐步增加市場進入能力的投資，而我們在第二季相較第一季也確實看到了這點。關鍵在於，我們會把投資放在生產力最高的區域、生產力最高的客群/分眾，以及我們看到動能持續增強的領域。不過在第二季，我認為我們在全球多個地區與不同分眾都看到了這樣的趨勢。

So we're really happy about the results, and we're going to incrementally invest on -- certainly consistent with our operating margin targets that we've called out. But we want to make sure that we're doubling down in the areas of growth rate now that we're seeing.

所以我們對這些成果真的非常滿意，並且會逐步增加投資——當然會與我們先前所提出的營業利益率目標保持一致。但我們也希望確保，既然現在看到成長率的機會，就要在這些成長領域加倍投入。

We have our next question coming from the line of Steve Enders with KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Steve Enders。

Just want to get a better sense for what you are seeing out there on the macro side. Impressive growth with RPO of 27% and bookings up 39% there. But I guess what would you kind of attribute the strength to in the quarter on that front? Do you think it's more the macro-driven and markets coming towards you? Or is this a proportion of better sales productivity, better execution on your front?

我想更了解你們在總體環境（macro）方面看到的情況。RPO 成長 27%、訂單（bookings）成長 39%，表現很亮眼。但我想問，這一季在這方面的強勁表現，你們會把它歸因於什麼？你們覺得比較像是宏觀驅動、整體市場趨勢正在往你們這邊靠攏？還是說更大比例來自你們端更好的銷售生產力與更好的執行？

Yes. Thanks, Steve. I think it's certainly been many quarters of work to get here. And we also are absolutely seeing very favorable mega trends within our customer base of major moves to the cloud, a massive push toward remote and hybrid work, significant issues around cybersecurity challenges and then broad digital transformation tailwinds. And so when you add up those 3 or 4 mega tailwinds in our market specifically and then having the right product that we're building out with the right message around the Content Cloud and then the right team that's able to deliver that product, I think all -- we're just seeing a confluence of events that are certainly contributing to these positive results.

是的，謝謝你，Steve。我認為能走到今天，確實是很多季累積下來的努力。同時，我們也確實在客戶基礎中看到非常有利的巨型趨勢：大規模上雲、遠距與混合辦公的強力推進、資安挑戰帶來的重大議題，以及整體數位轉型的順風。當你把這 3 到 4 個在我們市場中特別明顯的巨型順風加總起來，再加上我們正在打造的正確產品、圍繞 Content Cloud 的正確訊息，以及能夠交付該產品的正確團隊，我想我們看到的是多項因素匯聚，確實共同促成了這些正向成果。

On the macro front, we have seen, and I think we've seen this across our peer group, and I'm sure all of you have seen it as well, the macro environment has certainly improved markedly in the past year from a year ago. Customers were worried about the shutdowns that they were doing, the layoffs that they had to enact and that was causing a decrease in IT spending in some sectors of the IT environment. And a year later, with certainly a strong macro environment, but more importantly, very strong tailwinds in digital transformation and remote work, we are absolutely capitalizing on that with, again, the right team and the right product.

在宏觀面上，我們看到——我想我們的同業也都看到，而且我相信各位也同樣觀察到——相較於一年前，過去一年宏觀環境確實明顯改善。當時客戶擔心他們正在進行的停工、不得不實施的裁員，這導致在 IT 環境的某些領域 IT 支出下滑。而一年之後，在宏觀環境強勁之下，更重要的是數位轉型與遠距工作的強勁順風，我們確實正在把握這些機會——同樣是靠著正確的團隊與正確的產品。

And then when you get one level even more specific, if you look at our multiproduct plans, this is -- again, this has been a couple of years of that finally really coming together nicely. Box Shield is performing incredibly well. Box Relay is helping us advance our workflow story, having an open platform that customers can build on and integrate with. Many of our largest deals in the quarter on both our $500,000-plus deals and our 7-figure deals were customers that were buying into the entire suite of our technology, building custom applications, integrating us across their software landscape and fundamentally driving new digital experiences for their employees and their customers and partners. So I think we're benefiting from, again, the right platform and having this Content Cloud where the market is heading toward.

再更具體一點，如果你看我們的多產品方案（multiproduct plans），這——同樣地——是幾年努力終於開始很順利地整合到一起。Box Shield 表現非常出色。Box Relay 正在幫助我們推進工作流程的敘事，並且透過開放平台讓客戶可以在上面建置與整合。我們本季許多最大型的交易——不論是 50 萬美元以上的交易，或是 7 位數美元的交易——都是客戶買進我們整套技術，建立客製化應用，將我們整合到他們的軟體版圖中，並且從根本上為員工、客戶與合作夥伴推動新的數位體驗。所以我認為我們再次受益於正確的平台，以及我們所打造的 Content Cloud 正好符合市場前進的方向。

And just to build on that a bit, this is Dylan, because you asked about sales productivity is, as we've shared, our strategy has really been to focus our go-to-market and sales, in particular, investments in higher-performing regions and geographies. That strategy is definitely paying off and is the approach that we'll continue to take going forward.

再補充一點，我是 Dylan。你問到銷售生產力，如同我們分享過的，我們的策略一直是把 go-to-market 與銷售（特別是銷售）投資，聚焦在表現較佳的區域與地理市場。這個策略確實正在帶來成效，也會是我們未來持續採取的方法。

So for both enterprise and SMB, in Q1 and Q2, we saw a strong increase in the percentage of AEs achieving quota as well as a strong year-on-year improvement in sales force productivity. So we have been -- as Aaron mentioned, incrementally been adding to that sales force and remain on track to grow the size of that sales force in the low teens as a percentage this year.

因此，無論是企業端或 SMB，在第一季與第二季，我們都看到達成配額（quota）的 AE 比例大幅提升，同時銷售團隊生產力也有強勁的年對年改善。所以我們——如 Aaron 提到的——也在逐步擴增銷售團隊，並且仍按計畫在今年把銷售團隊規模以低十位數百分比的幅度成長。

Okay, perfect. Great to hear. And just on Box Sign, I know it's only been out for about a month now. But I guess, what have you seen in terms of adoption or interest within that product so far?

好的，完美。很高興聽到。再問一下 Box Sign，我知道它推出大概才一個月。不過到目前為止，你們在採用（adoption）或市場興趣方面看到了什麼？

Yes. The interest has absolutely been very strong and overwhelming. We are in the midst of rolling the product out to our customers throughout this fall. The select customers that we're getting it out to are starting to adopt it. I was on a call with a Fortune 500 customer yesterday, and this was the main topic of conversation was being able to roll out Box Sign to all of their end users and also through the API.

是的，市場興趣確實非常強烈，甚至可以說是超出預期。我們正在今年秋季期間把產品逐步推送給客戶。我們目前先提供給的部分客戶已經開始採用。昨天我和一家《財富》500 大客戶通話，主要討論的主題就是如何把 Box Sign 推廣到他們所有終端使用者，以及也透過 API 來導入。

So we're seeing a lot of great use cases emerge. It's getting us into new conversations. It's also helping drive further retention and renewals of customers because customers are getting a fuller suite of functionality in the same platform. And when you look at the categories that are adjacent to content sharing and collaboration, whether it's advanced data security, workflow automation, e-signature, content publishing, content analytics, you can see multiple categories that our platform is a natural fit to expand into. And as we laid out over the past year or so, our strategy is to really build out that entire content life cycle in a single architecture, and that message is resonating very well right now with customers. We're becoming a much more, I think, strategic vendor for them, and we're having much more strategic conversations because of that.

所以我們看到很多很棒的使用情境正在浮現。它讓我們進入新的對話，也因為客戶在同一平台上獲得更完整的一套功能，進一步幫助提升留存與續約。當你看與內容分享與協作相鄰的類別——不論是進階資料安全、工作流程自動化、電子簽章、內容發布、內容分析——你會看到多個類別都很適合由我們的平台自然延伸。而且如同我們在過去一年左右所闡述的，我們的策略是要在單一架構中真正打造完整的內容生命週期；這個訊息目前在客戶端引起非常好的共鳴。我認為我們正成為他們更具策略性的供應商，也因此能進行更具策略性的對話。

We have our next question coming from the line of Matthew Coss with JPMorgan.

下一個問題來自 JPMorgan 的 Matthew Coss。

Dylan, on the sales productivity, I think you mentioned last quarter, you expected the improvement in productivity to ramp at a more measured pace. And I just want to dig into this to see, did sales productivity truly exceed your expectations this quarter? And if so, what happened that you maybe changed that versus your expectations last quarter?

Dylan，關於銷售生產力，我記得你上季提到，你預期生產力改善會以較為循序、較為溫和的速度爬升。我想深入追問一下：本季銷售生產力是否真的超出你們的預期？如果是的話，發生了什麼，讓你們相較於上季的預期有所不同？

Sure. So last year, as a reminder, we improved overall sales force productivity by 13% year-over-year, and that was primarily driven by enterprise because of some of the challenges we saw with COVID in the SMB segment in the middle part of the year. In the first half of this year, we've seen even stronger growth in both enterprise and SMB, so that has outperformed our expectations.

當然。提醒一下，去年我們整體銷售團隊生產力年增 13%，主要是由企業端帶動，因為去年年中 SMB 區隔受到 COVID 影響而出現一些挑戰。今年上半年，我們在企業端與 SMB 兩邊都看到更強的成長，因此確實優於我們的預期。

And I think as Aaron had talked about, we're really seeing the traction of our newer products boosting that performance as well as a lot of the reasons that we've been investing in outperforming as well. And that's what gives us the confidence as we look at the business on a region-by-region, geography-by-geography basis in continuing to grow the sales force in most parts of the business certainly where the productivity trends have been strong and where we are seeing the greatest momentum in Suites and large deals.

而且我認為如 Aaron 所談到的，我們確實看到新產品帶來的動能也在推升這個表現，同時也反映了我們在各項投資上的成果。這也讓我們有信心，當我們以區域、以地理市場逐一檢視業務時，能在多數業務範圍內持續擴增銷售團隊——特別是在生產力趨勢強勁、以及我們在 Suites 與大型交易看到最大動能的地方。

So as mentioned, we do have more modest expectations for the rate of sales force productivity improvements going forward, but we do expect to continue improving that metric in both enterprise and SMB even as we grow the size of our sales force.

因此，如前所述，對於未來銷售團隊生產力改善的速度，我們仍抱持較為保守的預期；但即使我們擴大銷售團隊規模，我們仍預期企業端與 SMB 的該項指標都能持續改善。

Got it, okay. And then can you share how many of your reps are ramped currently maybe versus last quarter or this time last year?

了解，好的。那你們能否分享一下，目前你們有多少業務代表（reps）已經完成 ramp（到位/成熟）？也許相較於上季或去年同期？

Well, we don't break out the specific numbers but we'll say that we entered this year and have a higher percentage of reps who are ramped versus the same time a year ago, especially as in those higher-performing regions, we tend to see stronger sales force retention.

我們不會拆分揭露具體數字，但我們可以說：我們今年年初進入年度時，已完成 ramp 的業務代表占比，高於一年前的同一時間點；尤其是在那些表現較佳的區域，我們通常會看到更高的銷售團隊留任率。

Okay. And then last one for me. Can you help parse the demand that you're seeing now? How much of the demand can you attribute to maybe pent-up demand or business that might have normally closed? Last year, we're in a more normal environment versus anything where you're seeing, a secular surge that might suggest something is truly changing or maybe, Aaron, it's as simple as what you alluded to earlier, sort of the multiyear effort behind the product strategy is really taking hold. Just trying to figure out what's maybe pent-up versus what's secularly different.

好的。那我最後一個問題：你能否幫忙解析一下你們現在看到的需求？其中有多少需求可以歸因於可能的遞延需求（pent-up demand），或是一些在較正常環境下本來就會成交的案子？相較之下，你們是否看到某種結構性（secular）的激增，暗示真的有什麼正在改變？或者 Aaron，就像你先前提到的那樣，可能只是你們多年來在產品策略上的努力終於開始發揮效果。我只是想釐清，哪些是遞延的，哪些是結構性不同的。

Sure. Thanks, Matt. Yes. I mean, certainly, anecdotally, and given my dozens of CIO interactions in just the past month or so, hundreds in the first half of the year, I think we're seeing sustaining trends across the business. When I look at the sectors that are buying and expanding, financial services, life sciences, health care, the technology sector, professional services, federal government, and the trends are remarkably consistent across these CIO conversations.

當然。謝謝你，Matt。是的。我的意思是，確實，從一些軼事觀察來看，加上我在過去一個月左右與數十位 CIO 的互動、上半年更是與數百位 CIO 的互動，我認為我們正看到整個業務面持續性的趨勢。當我觀察正在採購並擴張的產業別——金融服務、生命科學、醫療保健、科技產業、專業服務、聯邦政府——這些 CIO 對話中的趨勢在各領域之間都高度一致。

Every single CIO, whether you're the CIO of a 500-person company or a 500,000-person company, you're trying to figure out what is the future of your workforce and what's your future of your workplace. You know that you're not going to have any analog processes going forward. You know that you're not going to have any on-premises infrastructure for the most part. I mean, there's certainly going to be some lag to that. But for the most part, you're moving to the cloud.

每一位 CIO，不論你是 500 人公司的 CIO，或是 50 萬人公司的 CIO，你都在試圖弄清楚你的勞動力未來會是什麼樣子，以及你的工作場所未來會是什麼樣子。你知道未來不會再有任何類比流程。你知道大多數情況下不會再有任何地端（on-premises）基礎架構。我的意思是，這當然會有一些落後期。但就大多數情況而言，你正在走向雲端。

You know that you're dealing with massive cybersecurity and ransomware and data privacy challenges. And so as you're thinking about this modern architecture, you have major vendors that you have to make sure work together. You've got a Microsoft stack, you've got a Google stack, you have a Salesforce stack, you have a Slack stack or a ServiceNow stack. And fundamentally, you need a platform that helps you manage content across those technologies.

你知道你正在面對龐大的資安、勒索軟體以及資料隱私方面的挑戰。因此，當你在思考這種現代化架構時，你有一些主要供應商必須確保能彼此協同運作。你有 Microsoft 的技術堆疊，你有 Google 的技術堆疊，你有 Salesforce 的技術堆疊，你有 Slack 的技術堆疊或 ServiceNow 的技術堆疊。而從根本上說，你需要一個平台，協助你在這些技術之間管理內容。

And when I look at the trends that we're seeing within our customer base, these are long-term architecturally driven trends that we believe will sustain and we're just seeing that tailwind pick up. And that's why, again, we are really focused on driving this continued performance.

當我觀察我們客戶群中正在出現的趨勢時，這些都是由長期架構性因素所驅動的趨勢，我們相信將會持續，而我們也正看到這股順風正在加速。這也是為什麼，再次強調，我們非常專注於推動這種持續的表現。

(Operator Instructions) We have our next question coming from the line of Chad Bennett with Craig-Hallum Capital.

（接線員指示）我們的下一個問題來自 Craig-Hallum Capital 的 Chad Bennett。

If we look at RPO, noncurrent RPO has grown significantly above, from a growth rate perspective, current RPO for, I think, on the order of 6 quarters now. And my guess is in this quarter, it was significant in terms of delta between the 2. You guys have talked about, from a strategic selling standpoint, moving to Suites and getting the sales force comfortable with that and kind of making sure the kind of repeatability of that sale improves. And it certainly looks like it did this quarter.

如果我們看 RPO，非流動 RPO 的成長率在我想大約已經連續 6 個季度顯著高於流動 RPO。我的猜測是，本季度兩者之間的差距（delta）也相當顯著。你們談到從策略性銷售的角度，轉向 Suites，並讓銷售團隊對此更熟悉，同時確保這類銷售的可重複性提升。而從表面上看，本季度確實做到了。

I guess, can you give us an update on how that impacts contract duration? Obviously, you're signing more multiyear deals, which show up in that longer-term RPO number. And since the attach rates went up so much this quarter, it'd be good to get some perspective on where they are now versus a year ago.

我想問的是，你能否更新一下這對合約期間的影響？顯然，你們簽了更多多年期合約，這會反映在較長期的 RPO 數字中。而且由於本季度的附加（attach）比率提升幅度很大，若能提供一些觀點，說明目前相較於一年前的水準，會很有幫助。

Sure. So as you see, we did generate improvements in our -- in all components of what contributes to RPO growth, both on a year-on-year and quarter-over-quarter basis. But to your point, a lot of that was really due to the outsized backlog growth, which was driven by the large multiyear contracts and the higher volume of those that we're seeing, especially as customers are increasingly signing those longer-term contracts.

當然。所以如你所見，我們確實在所有促成 RPO 成長的組成要素上都帶來了改善，不論是年對年或季對季。但如你所說，其中很大一部分確實來自於超出常態的積壓訂單（backlog）成長，而這是由大型多年期合約以及我們看到的更高簽約量所驅動，特別是客戶愈來愈多地簽署這些較長期的合約。

On average, we have seen, to your point, that, that's led contract durations to improve by a little more than a month over the past year because we do see longer contracts, as you'd expect, for our customers who are adopting more sophisticated solutions and our add-on products. And so as we see more of these customers adopt Suites and move into that category, that is one of the big things that's driving that mix shift, longer durations and then contributing to the backlog growth as well as overall RPO growth.

平均而言，正如你所指出的，這在過去一年使合約期間延長了略多於一個月，因為我們確實看到更長的合約——這也符合預期——尤其是那些採用更複雜解決方案與我們加購產品的客戶。因此，隨著更多這類客戶採用 Suites 並進入該類別，這是推動組合轉移（mix shift）的重要因素之一：更長的合約期間，並進一步促成積壓訂單成長以及整體 RPO 成長。

And that increase or impact of a month, Dylan, is there a rough -- are we at kind of 1.2, 1.4 just in terms of duration these days, just for some perspective?

而這個延長一個月的增幅或影響，Dylan，能否大概說一下——就合約期間而言，我們現在大概是在 1.2 年、1.4 年左右嗎？只是想要一些參考。

Yes. So it's a little more than 1.5 years on average for kind of total contract duration or average contract duration. But again, those Suites and core-plus customers tend to be on multiyear deals. And so while we also do see some variability quarter-to-quarter in those -- in our RPO growth, what this is also being driven on it by, and Aaron hit this, is there are some customers who are early renewing their contracts. We're setting those for longer durations once they really buy into that broader suite strategy, and it's really a function of bigger customers who are betting on us for the long term.

是的。所以平均而言，整體合約期間或平均合約期間略高於 1.5 年。但再次強調，那些 Suites 與 core-plus 客戶往往是多年期合約。因此，雖然我們的 RPO 成長在季度之間也會有一些波動，而這背後的另一個驅動因素——Aaron 也提到過——是有些客戶會提前續約。我們在他們真正認同更廣泛的套件策略後，會把續約設定為更長的期間；這其實反映的是更大型的客戶在長期上押注我們。

Okay. And then just in terms of when you speak of acceleration in the business, in particular, revenue growth, obviously, we want to be conservative in guide and expectations going forward. But I mean, the secondary metrics have looked really good relative to real-time revenue growth, let's just say, the last 2 quarters. And the guide forecasts kind of roughly the same type of growth rate you've seen this quarter and last quarter in the second half.

好的。那再來，就你們提到業務加速，特別是營收成長而言，顯然我們希望在未來的指引與預期上保持保守。但我的意思是，次要指標相對於即時的營收成長表現得非常好，至少可以這麼說，過去兩個季度都是如此。而指引預測在下半年大致會維持你們本季度與上季度所看到的那種成長率。

Is there anything that -- I know last year, I think this time, we were talking about maybe professional services being a headwind and SMB being a headwind. Is there anything in your guide that's a headwind to the revenue growth rate that we might not be seeing?

是否有任何因素——我知道去年大概這個時候，我們在談專業服務可能是逆風、SMB 可能是逆風——你們的指引中是否包含任何可能拖累營收成長率、但我們可能沒有看到的逆風？

Yes. So your point as revenue growth, as you know, reflects the prior 12 months of business performance. As the momentum that we're not seeing in our business flows through to revenue, we do expect to see a continued upward trend over time, so ending the year as implied in our guidance for Q3 and the full year at a higher growth rate than either our Q1 or Q2 actuals or Q3 guidance. And that's really what gives us the confidence in improving our growth rate over time.

是的。關於營收成長，你也知道，它反映的是前 12 個月的業務表現。隨著我們在業務中看到的動能逐步反映到營收上，我們確實預期隨時間推移會看到持續向上的趨勢，因此如我們對 Q3 與全年指引所隱含的那樣，年底的成長率將高於 Q1 或 Q2 的實際值，或 Q3 指引所對應的水準。這正是讓我們對隨時間改善成長率有信心的原因。

On the headwinds, we are continuing to see both, from a revenue point of view because it's trailing 12 months, some of the impacts of the middle of the year in COVID, at least from a near-term point of view going forward. And then we do, even now, continue to see some pressure on our professional services business. So that continues to be a slight headwind to the overall revenue growth.

至於逆風，我們仍然在看到兩方面的影響：從營收角度來看，因為它是前 12 個月的滯後反映，仍會受到年中 COVID 期間的一些影響，至少就短期的未來而言。然後即使到現在，我們的專業服務業務仍持續承受一些壓力。因此，這仍然是整體營收成長的一個輕微逆風。

Thank you. The call has now ended. I will now turn the call back over to Cynthia for any closing remarks.

謝謝。本次電話會議現在結束。我現在把電話交回給 Cynthia，請她做任何結語。

Great. Thank you, everyone, for joining us this afternoon, and we look forward to updating you again on our next earnings call.

很好。謝謝大家今天下午加入我們，我們期待在下一次財報電話會議上再次向各位更新。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。