Box Inc (BOX) 2022 Q1 法說會逐字稿

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

大家好，感謝您稍候。歡迎參加 Box, Inc. 2022 會計年度第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）

I would like to hand the conference over to your speaker today, Chris Foley, VP of Finance and Investor Relations. Thank you. Please go ahead.

我想將會議交給今天的發言人——財務與投資人關係副總裁 Chris Foley。謝謝。請開始。

Good afternoon, and welcome to Box' First quarter Fiscal Year 2022 Earnings Conference Call. On the call today, we have Aaron Levie, our CEO; and Dylan Smith, our CFO. Following our prepared remarks, we will take questions.

各位下午好，歡迎參加 Box 2022 會計年度第一季財報電話會議。今天與會者包括我們的執行長 Aaron Levie，以及我們的財務長 Dylan Smith。在我們的事先準備發言之後，我們將開放提問。

Today's call is being webcast and will also be available for replay on our Investor Relations website at www.box.com/investors. Our webcast will be audio only. However, supplemental slides are now available for download from our website. We will also post the highlights of today's call on Twitter at the handle @boxincir.

今天的電話會議將以網路直播方式進行，並將在我們的投資人關係網站 www.box.com/investors 提供重播。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）發布今天電話會議的重點摘要。

On this call, we'll be making forward-looking statements, including our Q2 and FY '22 financial guidance and our expectations regarding our financial performance for fiscal 2022 and future periods; timing of and market adoption of our products; our markets and the size of our market opportunity; and our expectations regarding our free cash flow, gross margins, operating margins, operating leverage, future profitability, unrecognized revenue, remaining performance obligations and billings; our planned investments and growth strategies; our ability to achieve our long-term revenue and other operating model targets; the timing of and 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 impact of 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 會計年度第二季及 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；我們產品的推出時程與市場採用情況；我們的市場以及市場機會規模；以及我們對自由現金流、毛利率、營業利益率、營運槓桿、未來獲利能力、未認列收入、剩餘履約義務（RPO）與帳單金額（billings）的預期；我們規劃中的投資與成長策略；我們達成長期營收及其他營運模型目標的能力；新產品、定價與合作夥伴關係的時程與效益；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；KKR 主導對 Box 的投資以及任何可能回購本公司普通股的影響。

These statements reflect our best judgment based on factors currently known to us, and actual events or results may differ materially. Please refer to the press release and the risk factors and documents we will file with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call.

這些陳述反映我們基於目前已知因素所做出的最佳判斷，而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，請參閱新聞稿以及我們將向美國證券交易委員會（SEC）提交的風險因素與文件，包括我們最近一期的 Form 10-K 年度報告。

These forward-looking statements are being made as of today, May 27, 2021, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

上述前瞻性陳述係截至今日（2021 年 5 月 27 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任何義務。

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 additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results, 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 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 指標的額外揭露（包括與可比 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。

With that, let me hand it over to Aaron.

接下來，我把時間交給 Aaron。

Thanks, Chris, and thanks, everyone, for joining the call today.

謝謝你，Chris，也謝謝各位今天加入本次電話會議。

I'm incredibly proud of our team in Box and our strong start to FY '22, delivering a 200 basis point improvement in our revenue growth rate versus the previous quarter, 24% billings growth and 20% growth in RPO year-over-year. With the strong momentum we're driving, we are confident in our ability to achieve accelerated growth and higher operating margin now and in the years ahead. As a result, we are raising our revenue guidance for the full year.

我為 Box 團隊感到無比自豪，也為我們在 2022 會計年度的強勁開局感到振奮：相較上一季，我們的營收成長率提升了 200 個基點；帳單金額（billings）成長 24%；RPO 年增 20%。在我們推動的強勁動能之下，我們對於現在以及未來數年達成更快成長與更高營業利益率的能力充滿信心。因此，我們上調了全年營收指引。

Dylan will go over the financial results and guidance in more detail. But before I hand it over to him, I'd like to talk about our strategy, the value that our Content Cloud brings to our customers and the positive impact we are seeing in the market as a result of our strong execution.

Dylan 將更詳細說明財務結果與指引。不過在把時間交給他之前，我想先談談我們的策略、我們的 Content Cloud 為客戶帶來的價值，以及我們因強勁執行而在市場上看到的正面影響。

Our strategy is well aligned to 3 major trends that are driving the future of work. First, work is being defined by hybrid work environments. In a recent Gartner study, more than 80% of company leaders surveyed said they plan to allow employees to continue working remotely at least some of the time. Even as offices open back up, traditional physical boundaries will continue to blur, and enterprises will need to empower collaboration, both internally, amongst virtual and distributed teams, and externally with partners, customers and suppliers to get work done from anywhere.

我們的策略與三大推動未來工作型態的趨勢高度一致。第一，工作正由混合式工作環境所定義。在近期一項 Gartner 研究中，受訪的企業領導者中有超過 80% 表示，他們計畫允許員工至少在部分時間持續遠端工作。即使辦公室重新開放，傳統的實體界線仍將持續模糊，企業需要賦能協作——無論是內部的虛擬與分散式團隊之間，或是與合作夥伴、客戶及供應商的外部協作——以便能在任何地方完成工作。

Second, we know that the future of business will be cloud and digital first. Customer and partner interaction will increasingly be executed digitally from the onboarding of employees to automating workflows with partners. These workflows must function using multiple cloud-based applications. Access to content in a single unified platform across a multicloud environment is critical to ensure productivity and business success.

第二，我們知道企業的未來將以雲端與數位優先。從員工到職（onboarding）到與合作夥伴自動化工作流程，客戶與合作夥伴互動將愈來愈多以數位方式執行。這些工作流程必須能在多個雲端應用程式之間運作。在多雲環境中，於單一整合平台上存取內容至關重要，才能確保生產力與企業成功。

And finally, data security, compliance and privacy remain more important than ever. Governments across the world are enacting new data privacy requirements. And as recent cyber attacks, such as the SolarWinds and Colonial Pipeline events have shown, cybersecurity threats are affecting all enterprises and creating significant business disruption.

最後，資料安全、法規遵循與隱私的重要性仍前所未有。全球各國政府正制定新的資料隱私要求。而正如近期的網路攻擊事件（例如 SolarWinds 與 Colonial Pipeline）所示，資安威脅正影響所有企業並造成重大的營運中斷。

Content integrity is an absolute requirement. Content is the lifeblood of a company, and any breach that threatens the security of content can cause irreversible damage to the enterprise. At the heart of these challenges is how companies work with their most valuable content. Great content is how the best movies get made, how the best sales pitches are done, how marketing campaigns drive customer engagement and how the next new product breakthrough is ideated and ultimately delivered to market.

內容完整性（content integrity）是絕對必要的要求。內容是企業的命脈，任何威脅內容安全的入侵都可能對企業造成不可逆的損害。這些挑戰的核心在於企業如何處理其最有價值的內容。優質內容成就最好的電影、促成最出色的銷售提案、讓行銷活動帶動客戶互動，也讓下一個新產品突破得以發想並最終推向市場。

Today, enterprises spend tens of billions of dollars every year just to store and manage content in fragmented legacy systems like network storage and document management systems. There is simply no way enterprises can get the value of the content that they have with these approaches. That's where Box comes in. Our platform offers more critical functionality designed for the multicloud, hybrid work environment and a seamless secure user experience than any other solution in the market today. We are building the leading content cloud for enterprises. Our strategy is to power, automate and integrate the complete content life cycle from the moment content is created through the entire content workflow in a single platform that enables our customers to thrive in a work-from-anywhere, digital-first, highly and secure world.

如今，企業每年僅為了在分散的傳統系統（如網路儲存與文件管理系統）中儲存與管理內容，就花費數百億美元。以這些方式，企業根本無法充分發揮其內容的價值。這正是 Box 的用武之地。我們的平台提供的關鍵功能——針對多雲、混合式工作環境以及無縫且安全的使用者體驗所設計——比當今市場上任何其他解決方案都更完整。我們正在打造企業級領先的內容雲（content cloud）。我們的策略是在單一平台上驅動、自动化並整合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，讓客戶能在隨處工作（work-from-anywhere）、數位優先且高度安全的世界中蓬勃發展。

Our content cloud moves beyond legacy content management systems by automating workflows between cloud-based applications through integrations with the apps our customers are using to get their work done, like Salesforce and Microsoft Teams. We're building deep functionality in the key areas of the content life cycle, such as our advanced workflow solution with Box Relay and e-signatures with Box Sign. We have natively built advanced security into the platform so that our customers' content stays safe and compliant. And now we are making it easier than ever for our customers to move content into Box with Box Shuttle. Combined with our cloud-first approach, Box is the only platform that enables customers to work in and across cloud-based applications without fragmented content architectures. Box provides us seamless, simple and intuitive experience that drives productivity for users every time wherever they are.

我們的內容雲透過與客戶用來完成工作的應用程式（如 Salesforce 與 Microsoft Teams）整合，將雲端應用程式之間的工作流程自動化，從而超越傳統內容管理系統。我們在內容生命週期的關鍵領域打造深度功能，例如透過 Box Relay 提供進階工作流程解決方案，以及透過 Box Sign 提供電子簽署。我們在平台中原生建置了進階安全能力，確保客戶內容安全且符合法規。現在，我們也透過 Box Shuttle 讓客戶比以往更容易將內容移轉至 Box。結合我們的雲端優先方法，Box 是唯一能讓客戶在雲端應用程式內及跨應用程式工作、且不需要分散式內容架構的平台。Box 為我們提供無縫、簡單且直覺的體驗，無論使用者身在何處、每一次都能提升生產力。

Our vision for the content cloud is resonating with customers. More and more, our customers are recognizing the strategic importance of consistent content availability and integrity, whether they are collaborating on a project in Zoom, closing a quarter using Salesforce or building a new product with Autodesk. This is illustrated in Q1 by the 48% year-over-year growth in enterprise deals over $100,000.

我們對內容雲的願景正引起客戶共鳴。愈來愈多客戶正認知到一致的內容可用性與完整性具有策略性重要性——無論他們是在 Zoom 上協作專案、使用 Salesforce 完成季度結帳，或是用 Autodesk 開發新產品。這在第一季的表現為：金額超過 10 萬美元的企業交易（enterprise deals）年增 48%。

Additionally, our multiproduct suite sales are gaining strength with our customers adopting and leveraging more of our content cloud functionality. As proof of this, we have experienced a record 49% attach rate of our suite this quarter in $100,000-plus deals, and we anticipate the growth of our multiproduct plans continuing in the future.

此外，隨著客戶採用並運用更多內容雲功能，我們的多產品套件銷售正持續增強。作為佐證，本季在 10 萬美元以上交易中，我們的套件附加率（attach rate）創下 49% 的紀錄；我們預期多產品方案的成長在未來仍將延續。

In Q1, we continued to build on our leadership position in cloud content management and transform how enterprises work. First, we expanded our product portfolio with the acquisition of SignRequest, a leading cloud-based electronic signature company to develop Box Sign. Box Sign is expected to be available this summer. It will be natively embedded in the Box and included in all Box business subscription plans, with additional levels of functionality being available in our enterprise plans and suites. This will enable all of our customers to have access to the value of Box Sign while also enabling us to monetize the higher end e-signature use cases that leverage advanced functionality and APIs.

在第一季，我們持續鞏固在雲端內容管理領域的領導地位，並改變企業的工作方式。首先，我們透過收購 SignRequest（一家領先的雲端電子簽名公司）擴充了產品組合，以開發 Box Sign。Box Sign 預計將於今年夏天推出。它將原生嵌入 Box，並納入所有 Box 商務訂閱方案；在我們的企業方案與套件中，將提供額外層級的功能。這將使我們所有客戶都能取得 Box Sign 的價值，同時也讓我們能將採用進階功能與 API 的高階電子簽名使用情境變現。

Another exciting announcement we made in Q1 was the availability of the all-new Box Shuttle. For many organizations, moving to the cloud has been a priority, but the cost and complexity of content migration has been a major impediment to cloud adoption. The new Box Shuttle can migrate some of the most complex and large-scale content management environment at a lower cost and faster than ever.

我們在第一季宣布的另一項令人振奮的消息，是全新 Box Shuttle 的推出。對許多組織而言，遷移至雲端一直是優先事項，但內容遷移的成本與複雜度一直是採用雲端的主要障礙。全新的 Box Shuttle 能以更低成本、比以往更快地遷移一些最複雜且大規模的內容管理環境。

We also announced significant updates to our security products this spring. Box Shield, which helps customers reduce risk and proactively identify potential insider threats or compromised accounts, remains the fastest-growing product in Box' history. We continue to rapidly innovate on Box Shield's advanced machine learning technology to help protect our customers' most important IP.

我們也在今年春季宣布對安全性產品進行重大更新。Box Shield 可協助客戶降低風險，並主動識別潛在的內部人員威脅或帳戶遭入侵的情況，仍是 Box 歷史上成長最快的產品。我們持續在 Box Shield 的先進機器學習技術上快速創新，以協助保護客戶最重要的智慧財產（IP）。

Finally, we announced updated partnerships with both Microsoft and Cisco. We continue to enhance our integrations with Microsoft Teams, Office and Microsoft's information protection suite. As customers adopt a multicloud strategy, they need to access and work with content across a range of applications, and Box helps bridge content management between Microsoft and other platforms. Similarly, we've updated our partnership with Cisco Webex to make it even easier for users to create workflows that span our 2 platforms.

最後，我們宣布與 Microsoft 與 Cisco 的合作夥伴關係更新。我們持續強化與 Microsoft Teams、Office 以及 Microsoft 資訊保護套件的整合。隨著客戶採用多雲策略，他們需要在各式應用程式之間存取並處理內容，而 Box 有助於在 Microsoft 與其他平台之間銜接內容管理。同樣地，我們也更新了與 Cisco Webex 的合作關係，讓使用者更容易建立橫跨我們兩個平台的工作流程。

Turning to our customers. We have seen some outstanding examples of how organizations are utilizing Box to run their businesses and drive productivity, such as a global leader in the financial sector who embedded Box deeper into its business with a 7-figure expansion in Q1. For this leading enterprise, Box manages its business-critical content empowers encrypted document sharing between clients and financial advisers at scale while adhering to the highest standards of data privacy, protection and security. And a government agency who selected Box in Q1 to power secure collaboration for their hybrid work environment as well as drive critical processes for the delivery and sharing of public health research.

接著談談我們的客戶。我們看到一些傑出的案例，展現組織如何運用 Box 來營運業務並提升生產力，例如金融領域的全球領導者在第一季以七位數規模擴大採用，將 Box 更深度地嵌入其業務。對這家領先企業而言，Box 管理其關鍵業務內容，並在遵循最高資料隱私、保護與安全標準的同時，賦能客戶與財務顧問之間的大規模加密文件分享。另有一家政府機構於第一季選擇 Box，為其混合辦公環境提供安全協作能力，同時推動公共衛生研究的交付與分享等關鍵流程。

Over 100,000 customers rely on Box to power secure collaboration and critical business processes across their organizations in Q1, and we closed wins and expansions with leading organizations such as D.A. Davidson companies, IQVIA, Isuzu Motors and Penguin Random House.

在第一季，超過 100,000 家客戶仰賴 Box 於其組織內推動安全協作與關鍵業務流程；我們也在 D.A. Davidson companies、IQVIA、五十鈴汽車（Isuzu Motors）與企鵝蘭登書屋（Penguin Random House）等領先組織中取得新案與擴張。

Our strategy is working, as demonstrated by our strong results, including the improvement in our revenue growth this quarter in addition to the very strong billings and RPO growth. We are committed to our FY '24 targets of delivering a growth rate of 12% to 16% and operating margin in the range of 23% to 27%. We are going after one of the largest markets in software, attacking the total addressable market of over $55 billion in spend on content management, collaboration, storage and data security annually. And with the addition of e-signature capabilities, our market is only getting larger.

我們的策略正在奏效，強勁的業績結果已充分證明，包括本季營收成長改善，以及非常強勁的帳單金額（billings）與剩餘履約義務（RPO）成長。我們致力於達成 2024 會計年度（FY '24）的目標：實現 12% 至 16% 的成長率，以及 23% 至 27% 的營業利益率。我們正進軍軟體領域最大的市場之一，鎖定每年在內容管理、協作、儲存與資料安全上的總可服務市場（TAM）支出超過 550 億美元。而隨著電子簽名能力的加入，我們的市場只會持續擴大。

We're also confident that we have the right team and Board of Directors to take full advantage of this opportunity and drive significant shareholder value going forward. With the addition of John Park, who brings significant software growth-investing experience and the expertise and resources of KKR, we have 8 independent directors who are former or current operators of high growth and highly profitable SaaS and enterprise software companies, including 3 former or current public software CEOs and 2 former public CFOs.

我們也有信心，我們擁有合適的團隊與董事會，能充分把握這個機會並在未來創造顯著的股東價值。隨著 John Park 的加入——他帶來豐富的軟體成長型投資經驗，以及 KKR 的專業與資源——我們目前有 8 位獨立董事，皆為高成長且高獲利的 SaaS 與企業軟體公司的前任或現任經營者，其中包括 3 位前任或現任上市軟體公司 CEO，以及 2 位前任上市公司 CFO。

Throughout this year, we will continue to build out our industry-leading content cloud. We will expand data migration and workflow automation, go deeper with our data security and compliance offerings, enable new ways to collaborate and publish content on Box and enhance insights and analytics so customers can get the most out of their content. With over 100,000 customers on our platform, an exciting road map and a strategy that is already yielding results, we are building on our leadership in cloud content management and driving the next phase of growth.

在今年全年，我們將持續打造業界領先的內容雲。我們將擴展資料遷移與工作流程自動化，深化資料安全與合規產品，開啟在 Box 上協作與發佈內容的新方式，並強化洞察與分析能力，讓客戶能最大化其內容價值。憑藉平台上超過 100,000 家客戶、令人振奮的產品藍圖，以及已開始產生成果的策略，我們正鞏固在雲端內容管理的領導地位並推動下一階段的成長。

With that, I'll hand 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。

In Q1, we are pleased to have exceeded our guidance across all key metrics. Our acceleration in revenue growth, billings growth, RPO growth and operating profit clearly demonstrates the strong trajectory of our business. As a result, we are raising our full year revenue guidance.

在第一季，我們很高興在所有關鍵指標上都超越了我們的指引。我們在營收成長、帳單金額成長、RPO 成長以及營業利益方面的加速，清楚展現了我們業務的強勁走勢。因此，我們上調了全年營收指引。

We delivered revenue of $202 million, up 10% year-over-year, a 200 basis point improvement from the 8% growth we delivered in the previous quarter. Our content cloud offerings are increasingly resonating with our customers as demonstrated by the strong add-on product traction and large deal growth we achieved in Q1.

我們實現營收 2.02 億美元，年增 10%，較前一季 8% 的成長提升了 200 個基點。我們的內容雲產品愈來愈能引起客戶共鳴，第一季強勁的加購產品動能與大型交易成長即為明證。

As Aaron mentioned, we're excited by the early customer response and demand for native e-signature capabilities in Box, and we're on track to make Box Sign generally available this summer.

如 Aaron 所提到的，我們對客戶對 Box 原生電子簽名能力的早期回饋與需求感到振奮，我們也按計畫將於今年夏季讓 Box Sign 正式全面上市（GA）。

As our customers are increasingly adopting products with more advanced capabilities, 60% of our revenue is now attributable to customers who have purchased at least 1 additional product, up from 54% a year ago. In Q1, we closed 59 deals worth more than $100,000, up 48% year-over-year. Importantly, 49% of these 6-figure deals included one of our multiproduct suite offerings, a new record for us and up significantly from 28% a year ago.

隨著客戶愈來愈多採用具備更進階能力的產品，目前我們 60% 的營收來自至少購買 1 項附加產品的客戶，高於一年前的 54%。第一季，我們完成了 59 筆金額超過 10 萬美元的交易，年增 48%。更重要的是，這些六位數交易中有 49% 包含我們的多產品套裝方案之一，創下新高，且較一年前的 28% 顯著提升。

We ended Q1 with remaining performance obligations, or RPO, of $865 million, up 20% year-over-year, exceeding our revenue growth by 1,000 basis points and an acceleration from the prior quarter's RPO growth rate. Q1's RPO growth is comprised of 15% deferred revenue growth and 23% 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.

第一季結束時，我們的剩餘履約義務（RPO）為 8.65 億美元，年增 20%，比營收成長高出 1,000 個基點，且較前一季的 RPO 成長率進一步加速。第一季的 RPO 成長由 15% 的遞延收入成長與 23% 的訂單積壓（backlog）成長所構成，顯示 Box 的高黏著度；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。

Q1 billings of $159 million were up 24% year-over-year and a significant improvement from Q4's growth rate. This result reflects the impact of a few early renewals from customers who had been set to renew in Q2, shifting roughly $5 million in billings from Q2 to Q1.

第一季帳單金額（billings）為 1.59 億美元，年增 24%，較第四季的成長率顯著改善。此結果反映部分原本預計在第二季續約的客戶提前續約的影響，約有 500 萬美元的帳單金額由第二季移轉至第一季。

Our net retention rate at the end of Q1 was 103%, up from 102% in Q4. 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 improvements in our net retention rate over the course of this year.

第一季末，我們的淨留存率為 103%，高於第四季的 102%。此結果主要由客戶擴張的強勁表現，以及穩定的年化總流失率 5% 所帶動。基於我們在客戶擴張與留存方面看到的強勁動能，我們預期今年內淨留存率將進一步改善。

Turning to margins. Our non-GAAP gross margin came in at 73.0%, in line with the same period a year ago. Q1 gross profit of $148 million was up 10% year-over-year, consistent with our revenue growth. We expect gross margin to increase over the course of this year and for it to come in at roughly 74% for the full year as we continue to deliver infrastructure efficiencies.

接著談毛利率。我們的非 GAAP 毛利率為 73.0%，與去年同期持平。第一季毛利為 1.48 億美元，年增 10%，與營收成長一致。我們預期毛利率將在今年逐步提升，並在持續帶來基礎設施效率的同時，使全年毛利率約為 74%。

Our ongoing efforts to improve profitability are paying off. In Q1, we delivered significant bottom line improvements through our continued focus on profitable growth and disciplined expense management. Additionally, our investments in building out our engineering center of excellence in Poland will help us drive additional operating leverage and efficiencies over time.

我們持續提升獲利能力的努力正在見效。第一季，我們透過持續聚焦於獲利性成長與嚴謹的費用管理，帶來顯著的獲利端改善。此外，我們在波蘭打造工程卓越中心的投資，將隨時間推進協助我們帶來更多營運槓桿與效率。

Q1 operating income doubled year-over-year to $34 million, which, in turn, drove a 760 basis point improvement in Q1 operating margin to 17.0%. As a result, in Q1, we delivered $0.18 of non-GAAP EPS, above the high end of our guidance and a strong 80% improvement from $0.10 a year ago.

第一季營業利益年增一倍至 3,400 萬美元，進而帶動第一季營業利益率提升 760 個基點至 17.0%。因此，第一季我們的非 GAAP 每股盈餘（EPS）為 0.18 美元，高於指引區間上緣，且較一年前的 0.10 美元大幅提升 80%。

I'll now turn to our cash flow and balance sheet. In Q1, we delivered record cash flow from operations of $95 million, up 53% from the year ago period. We also generated record free cash flow of $76 million, a year-over-year improvement of 91%. Capital lease payments, which we include in our free cash flow calculation, were $13 million versus $17 million in Q1 of last year. As a reminder, we expect our capital lease liabilities and payments to continue decreasing steadily in the coming years as we continue to drive infrastructure efficiencies and leverage our public cloud partnerships.

接下來談現金流與資產負債表。第一季，我們創下營運活動現金流 9,500 萬美元的紀錄，較去年同期成長 53%。我們也創下自由現金流 7,600 萬美元的紀錄，年增 91%。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，去年第一季為 1,700 萬美元。提醒一下，隨著我們持續提升基礎設施效率並運用公有雲合作夥伴關係，我們預期資本租賃負債與付款將在未來幾年持續穩定下降。

For the full year of FY '22, we continue to expect CapEx and capital lease payments combined to be roughly 7% of revenue. Cash from investing in Q1 reflects $57 million in M&A-related payments, primarily driven by the acquisition of SignRequest. As a result, we ended the quarter with $612 million in cash, cash equivalents and short-term investments.

就 2022 會計年度（FY '22）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%。第一季投資活動現金流反映了 5,700 萬美元的併購相關付款，主要來自收購 SignRequest。因此，我們在季末持有 6.12 億美元的現金、約當現金與短期投資。

Before I turn to guidance, I'd like to discuss the accounting impact resulting from the preferred stock issuance that we closed earlier this month, combined with our anticipated repurchase of common stock via a self-tender offer, which we expect to launch next week.

在我轉向財測指引之前，我想先討論本月稍早我們完成的優先股發行，以及我們預計透過自我公開收購（self-tender offer）回購普通股（預計下週啟動）所帶來的會計影響。

Due to the required accounting treatment for these transactions, based on our current expectations, this will result in the following EPS impacts: first, on a quarterly basis until conversion of the preferred stock into common stock, a roughly 2.5 cent reduction due to the noncash accounting impact related to the preferred stock dividend, which we anticipate settling in shares of common stock; second, for Q2 and FY '22, a $0.02 reduction due to a temporarily elevated share count during the period between our recent preferred stock issuance and the completion of our anticipated share repurchase.

由於這些交易所要求的會計處理方式，根據我們目前的預期，將對每股盈餘（EPS）造成以下影響：第一，在優先股轉換為普通股之前的每一季，因與優先股股利相關的非現金會計影響（我們預計以普通股股份結算），EPS 約減少 2.5 美分；第二，就 2022 會計年度第二季（Q2）及 2022 會計年度（FY '22）而言，由於在我們近期優先股發行與預期股份回購完成之間的期間，流通股數暫時偏高，EPS 將減少 0.02 美元。

Combined, these items will result in a $0.04 reduction to EPS in Q2 and a $0.09 reduction to EPS for the full year. This preferred stock dividend will appear below the net income line in our P&L and in the earnings per share note accompanying Box' financial statements. Note that this will have no impact on net income.

合併而言，這些項目將使 Q2 的 EPS 減少 0.04 美元，全年 EPS 減少 0.09 美元。這筆優先股股利將在我們損益表（P&L）的淨利之下列示，並呈現在 Box 財務報表所附的每股盈餘附註中。請注意，這對淨利不會有任何影響。

With that, I would like to turn to our guidance for Q2 and fiscal FY '22. Based on our strong Q1 results and forecast, we are raising our full year revenue guidance. Our underlying profitability expectations for FY '22 are also now higher than our initial expectations.

接下來，我想談談我們對 Q2 與 2022 會計年度 FY '22 的財測指引。基於我們強勁的 Q1 業績與預測，我們上調全年營收指引。我們對 FY '22 的基礎獲利能力預期也已高於最初的預期。

For the second quarter of fiscal 2022, we anticipate revenue of $211 million to $212 million, representing 10% year-over-year growth. We expect non-GAAP operating margin to be in the range of 18% to 18.5%, representing 150 basis point sequential improvement at the high end of this range. Including the $0.04 impact I just discussed, we expect our non-GAAP EPS to be in the range of $0.17 to $0.18 and GAAP EPS to be in the range of negative $0.13 to negative $0.12 on approximately 167 million and 160 million shares, respectively. We expect our billings growth rate to be in the mid single-digit range, which includes the $5 million impact from early renewals that I mentioned earlier. Combined with our strong Q1 billings results, this would result in year-over-year billings growth of roughly 13% for the first half of FY '22, ahead of revenue growth and an acceleration from our billings growth in the first half of last year.

就 2022 會計年度第二季而言，我們預期營收為 2.11 億至 2.12 億美元，年增 10%。我們預期非 GAAP 營業利益率介於 18% 至 18.5%，在此區間高端相較前一季改善 150 個基點。包含我剛才討論的 0.04 美元影響，我們預期非 GAAP EPS 介於 0.17 至 0.18 美元，GAAP EPS 介於負 0.13 至負 0.12 美元，分別以約 1.67 億股與 1.60 億股計算。我們預期帳單金額（billings）成長率為中個位數百分比，其中包含我先前提到的提前續約所帶來的 500 萬美元影響。結合我們強勁的 Q1 billings 表現，這將使 FY '22 上半年 billings 年增約 13%，高於營收成長，且相較去年上半年 billings 成長有所加速。

For the full year ending January 31, 2022, we are raising our full year revenue guidance, and we now expect our FY '22 revenue to be in the range of $845 million to $853 million, representing approximately 11% year-over-year growth at the high end of this range. We expect non-GAAP operating margin to be in the range of 18% to 18.5% above our initial FY '22 expectations.

就截至 2022 年 1 月 31 日的全年而言，我們上調全年營收指引，現在預期 FY '22 營收介於 8.45 億至 8.53 億美元，在此區間高端約為年增 11%。我們預期非 GAAP 營業利益率介於 18% 至 18.5%，高於我們最初對 FY '22 的預期。

The high end of this range represents a 320 basis point improvement from last year's results of 15.3%. Our stronger business performance drives a $0.04 improvement in our EPS expectations for FY '22 versus our initial guidance. At the same time, our full year EPS guidance incorporates the $0.09 reduction for the preferred stock accounting charges that I mentioned previously.

此區間的高端相較去年 15.3% 的結果改善 320 個基點。我們更強勁的業務表現，使 FY '22 的 EPS 預期相較最初指引提高 0.04 美元。同時，我們的全年 EPS 指引也納入我先前提到、因優先股會計費用而減少的 0.09 美元。

As a result of these various factors, we now expect our FY '22 non-GAAP EPS to be in the range of $0.71 to $0.76 on approximately 161 million diluted shares. Our GAAP EPS is expected to be in the range of negative $0.50 to negative $0.45 on approximately 154 million shares. We continue to expect billings growth to be slightly above revenue growth for the full year of FY '22. And for the back half of FY '22, our billings growth should be roughly in line with revenue growth. We expect RPO growth to outpace both revenue and billings growth for the full year of FY '22.

綜合上述各項因素，我們目前預期 FY '22 非 GAAP EPS 介於 0.71 至 0.76 美元，以約 1.61 億股稀釋後股數計算。我們預期 GAAP EPS 介於負 0.50 至負 0.45 美元，以約 1.54 億股計算。我們仍預期 FY '22 全年 billings 成長將略高於營收成長。而在 FY '22 下半年，billings 成長應大致與營收成長一致。我們預期 FY '22 全年剩餘履約義務（RPO）成長將超越營收與 billings 的成長。

Q1 was an excellent start to our fiscal year fueled by strong momentum in large deals and suite attach rates. Our results, most notably accelerated revenue, billings and RPO growth, combined with significant operating margin improvements, clearly indicate that our strategy is working as customers are placing more emphasis on the value of their content.

Q1 在大型交易與套件加購率（suite attach rates）的強勁動能帶動下，為我們的會計年度帶來非常出色的開局。我們的成果，尤其是營收、billings 與 RPO 成長加速，再加上顯著的營業利益率改善，清楚顯示我們的策略正在奏效，因為客戶正更加重視其內容的價值。

As the leading content cloud, Box is uniquely positioned to solve a wide variety of high-value use cases for our customers. As we build on this leadership position, we're very confident in achieving our FY '24 targets, 2 years from now, of a 12% to 16% growth rate and operating margin in the range of 23% to 27%.

作為領先的內容雲（content cloud），Box 具備獨特優勢，能為客戶解決各式各樣高價值的使用情境。隨著我們在此領導地位上持續深化，我們對於在兩年後達成 FY '24 目標非常有信心：成長率 12% 至 16%，以及營業利益率介於 23% 至 27%。

With that, I would like to open it up for questions. Operator?

接下來，我想開放提問。接線員？

(Operator Instructions) Your first question comes from George Iwanyc from Oppenheimer.

（接線員指示）第一個問題來自 Oppenheimer 的 George Iwanyc。

So Aaron, with the success you're showing with selling Suite, can you give us a sense of how you feel about your sales investment and whether you think you are at a point where you can maybe be a little bit more aggressive with hiring and kind of focusing on particular verticals and maybe regional expansion?

Aaron，鑑於你們在銷售 Suite 方面展現的成功，你能否談談你對銷售投資的看法？以及你是否認為目前已到了一個點，可以在招募上更積極一些，並更聚焦於特定垂直產業，或是進行區域性擴張？

Yes. Thanks for the call out. We are definitely seeing really healthy acceleration on things like our multiproduct selling. And as we call out with the $100,000-plus deal stat, nearly 50% growth year-over-year, which is, I think, the highest metric that I can at least recall in the past 2 years. So really great start of the year on that front.

是的，謝謝你的提問。我們確實看到像是多產品銷售等方面非常健康的加速成長。而且如同我們提到的 10 萬美元以上交易的統計，年增接近 50%，我認為這至少是我在過去兩年中所能回想起的最高指標。因此在這方面，今年有一個非常好的開局。

As it relates to our sales investment, and Dylan called this out last quarter, we're going to be definitely investing incrementally in sales capacity, in particular, in key regions and segments where we're seeing high productivity rates. We obviously want to drive efficient and profitable growth, but we do see an opportunity to invest more. And obviously, that's in the guidance from a top and bottom line standpoint.

至於銷售投資，Dylan 在上季也提到，我們將會逐步增加對銷售產能的投資，特別是在我們看到高生產力的關鍵地區與細分市場。我們當然希望推動高效率且具獲利性的成長，但我們確實看到可以加大投資的機會。而且很明顯地，從營收與獲利（top and bottom line）的角度，這也已反映在指引之中。

As you look at verticals, this is another area of increasing focus for us. So we see really tremendous momentum in areas like financial services, life sciences, public sector, both at the federal level and even state level, and then kind of any business doing kind of large global collaboration. So global manufacturing, professional services. The technology sector has been very attractive for us.

談到垂直產業，這也是我們日益聚焦的另一個領域。我們在金融服務、生命科學、公部門（包含聯邦層級甚至州層級）等領域看到非常強勁的動能，另外也包括任何需要大型全球協作的企業，例如全球製造業、專業服務業。科技產業對我們而言也一直非常具吸引力。

So I think you'll see us continue to incrementally invest in these high-growth verticals where data security matters, where protecting and enabling the collaboration and workflows around content is incredibly critical. So we will be making further investment in those areas.

因此我認為你會看到我們持續逐步加碼投資於這些高成長的垂直產業：在這些領域中，資料安全至關重要，而圍繞內容的協作與工作流程之保護與賦能也極其關鍵。所以我們會在這些方面進一步投資。

And this is Dylan. And just to build on that a bit, we do expect to continue improving sales force productivity for the trends that Aaron mentioned. As you said before, that was up overall 13% last year. And while we have more modest expectations for the rate of sales productivity improvements going forward, we do expect to continue making those improvements even as we grow our sales force. And in Q1, for both enterprise and SMB, we saw a strong increase in the percentage of AEs who achieved their quota as well as year-over-year improvement in average sales force attainment.

我是 Dylan。我再補充一點，我們確實預期會持續提升銷售團隊生產力，呼應 Aaron 提到的趨勢。如你先前所說，去年整體提升了 13%。雖然我們對未來銷售生產力改善的幅度預期較為保守，但即使在擴大銷售團隊的同時，我們仍預期能持續改善。而在 Q1，無論是企業客戶或 SMB，我們都看到達成配額的 AE（客戶經理）占比顯著提升，同時平均銷售達成率也較去年同期改善。

And just one quick follow-up to that. As you see that productivity kind of tick up and your retention rate kind of also tick up, with the growth that you're anticipating in the later part of the year, do you feel that, that's something that can maybe get back to the 105%, 106% type of level that you saw early last year?

再快速追問一下。當你看到生產力有所提升、留存率也有所上升時，配合你們預期在今年後段的成長，你是否覺得這有機會回到去年年初你們看到的 105%、106% 那種水準？

So we'd say that we -- based on the trends that we've been seeing from a customer expansion and churn rate, we do expect to deliver continued improvement or net retention rate this year. So we set the expectation that we'd end this year, making a year-on-year -- year-over-year improvement of a couple of points, so to 104%. And certainly, if we do continue to see these trends playing out, then there could be some upside to that certainly over time. But that's how we're thinking about net -- our net retention rate currently.

我們會說——基於我們在客戶擴張與流失率方面所看到的趨勢，我們確實預期今年能持續改善淨留存率（net retention rate）。我們先前設定的預期是，今年年底相較去年同期提升幾個百分點，達到 104%。當然，如果這些趨勢持續發展，隨著時間推移確實可能有上行空間。但目前我們對淨留存率的看法大致如此。

Our next question comes from Josh Baer from Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Josh Baer。

I was hoping to double-click on the hiring, actually. I think the growth in sales force that you're looking to do this year from what Dylan mentioned last quarter was low teens. So I'm just wondering if there's an update there, if that's still the right number, how that's been tracking. We've definitely been hearing about challenging hiring environment and some companies seeing longer time to ramp there. So just looking for an update on your hiring efforts.

我其實想更深入追問一下招募。我記得 Dylan 上季提到，你們今年計畫的銷售團隊人數成長大約是低十幾個百分點。我想確認是否有更新：這個數字是否仍然適當、目前進度如何。我們也確實聽到招募環境具挑戰性，有些公司需要更長時間才能讓新人上手（ramp）。所以想請你們更新一下招募工作的進展。

Yes. This is Aaron. We still intend for that metric to be the goal that we're executing on, and that will be throughout the year. So overall, definitely, it's an environment where there's really great opportunities for sales talent. And we think we have a very attractive opportunity, and we've been ramping up on the hiring side pretty aggressively in that front. So we do intend to hit that metric.

是的。我是 Aaron。我們仍然打算把那個指標作為我們執行的目標，而且會貫穿全年。所以整體而言，這確實是一個對銷售人才而言有非常好機會的環境。我們認為我們有一個非常具吸引力的機會，並且在那方面的人才招募上一直相當積極地加速推進。所以我們確實打算達成那個指標。

Got it. And with the commentary around RPO growth to outpace revenue and billings growth this year, sort of setting up for -- to see an acceleration in those revenue and billings growth metrics in the following year?

了解。那麼，關於今年 RPO 成長將超過營收與帳單（billings）成長的評論，這是否是在為——也就是為了在下一年看到那些營收與帳單成長指標加速做鋪墊？

Yes. I would think about that overall as being a leading indicator of top line growth. And the piece of the part and as we mentioned on the call, deferred revenues, up 15% year-on-year, backlog up 23% year-on-year. So would say that backlog, because most of that's driven from the long-term backlog and the long-term RPO, doesn't necessarily get an impact over revenue over the next 12 months. But the overall trends that we're seeing in RPO, including healthy growth in our short-term RPO of 14% year-on-year, does definitely indicate a lot of the momentum that we're seeing and part of what leads to the confidence that we have in improving our growth rates over time.

是的。我會把這整體視為營收成長的領先指標。而且如同我們在電話會議中提到的，遞延收入年增 15%，積壓訂單（backlog）年增 23%。所以我會說，積壓訂單因為多數是由長期 backlog 與長期 RPO 所驅動，不一定會在未來 12 個月內對營收產生影響。但我們在 RPO 看到的整體趨勢，包括短期 RPO 年增 14% 的健康成長，確實顯示我們所看到的許多動能，也構成我們對於隨時間推進、提升成長率的信心來源之一。

Our next question comes from Alex Sklar from Raymond James.

下一個問題來自 Raymond James 的 Alex Sklar。

Aaron, you touched on return to work at the outset of your prepared remarks as being a cental driver for the business. I'm curious what you've seen so far in terms of either late-stage or early-stage pipeline with some of your existing customers in terms of propensity to buy newer or incremental solutions from Box?

Aaron，你在事先準備的發言一開始提到重返辦公室是業務的一個核心驅動因素。我想了解的是，就你目前所見，在既有客戶方面，無論是後期或前期的銷售管線（pipeline），他們購買 Box 較新或額外增量解決方案的傾向如何？

Yes. So I think the way I would capture the 2 periods that we've been in would be at the kind of first half, to some extent, bleeding into Q3 of last year, it was really this remote work triage mode that customers were dealing with, with the backdrop of, obviously, a lot of economic disruption for most of businesses globally. And that's where we saw things like an SMB slowdown. We saw lower professional services slowdown as an example. And the use cases, customers were coming to us for really just basic remote work, kind of file sharing and access use cases.

是的。所以我想我會用我們所處的兩個時期來概括：在去年上半年、某種程度延續到第三季時，客戶處於一種遠端工作的緊急應對（triage）模式，同時背景是——很明顯地——全球多數企業都面臨大量的經濟擾動。那時我們看到例如 SMB 放緩、專業服務（professional services）也放緩等情況。客戶來找我們的使用情境，主要就是基本的遠端工作、檔案分享與存取等使用案例。

As we went into Q4 of last year and certainly Q1 of this year, our conversations with customers are much more around longer-term digital transformation and IT trends that we think align to our strategy. So remote work moving more into hybrid work. The benefit of that for Box is that companies are really going to need to look again at how they're managing their content as employees are working from multiple locations, as they need to be able to work from the office and from anywhere, be able to collaborate with their partners and employees and clients from all around the world. And so we're starting to see much longer-term IT transformation initiatives emerge within our pipeline as opposed to just the kind of rapid fire triage that we saw last year.

當我們進入去年第四季，當然也包括今年第一季，我們與客戶的對話更多圍繞在長期的數位轉型與 IT 趨勢，我們認為這些與我們的策略一致。因此，遠端工作正更多轉向混合辦公（hybrid work）。這對 Box 的好處在於：當員工在多個地點工作、需要能在辦公室與任何地方工作、並且能與全球各地的合作夥伴、員工與客戶協作時，公司確實需要重新檢視他們如何管理內容。因此，相較於去年那種快速的緊急應對，我們開始在管線中看到更長期的 IT 轉型計畫浮現。

So when you look at that metric in Q1 of nearly 50% growth in $100,000-plus deals, that's about as good as evidence as I think we could ever put up that shows customers are now being much more strategic about their long-term IT strategy, moving more content to the cloud, shutting down legacy fragmented architecture and moving more of that to Box. And we think we're really set up for being right at the center of these mega trends of remote and hybrid work, digital-first experiences and data security and compliance really driving a new way to manage content.

所以當你看到第一季那個指標——10 萬美元以上交易（$100,000-plus deals）成長接近 50%——我認為這幾乎是我們能提出的最佳證據，顯示客戶現在正以更具策略性的方式思考其長期 IT 策略：把更多內容移到雲端、關閉既有分散且老舊的架構，並把更多內容遷移到 Box。我們認為，我們正處於遠端與混合辦公、數位優先體驗，以及資料安全與合規等巨大趨勢的核心，這些正在驅動一種全新的內容管理方式。

Okay. Great. And then maybe just one on the partner channel. I know typically, it's been a source of strength internationally. But as you've kind of expanded the product portfolio here, some of the things we've already talked about and with DocSign coming here a little bit later, does the partnership channel look at incremental -- I'm just curious if it looking incrementally more or less strategic than it did previously.

好的，很好。接著可能再問一個關於合作夥伴通路的問題。我知道通常它在國際市場一直是強項。但隨著你們在這裡擴展產品組合，包含我們已經談到的一些內容，以及 DocSign 稍晚推出，合作夥伴通路是否在增量上——我只是好奇——相較於以前，看起來更具策略性還是較不具策略性？

Yes. It definitely looks a lot more strategic for us. So international has been very strong, in particular in Japan, where it's an environment where we have very strong kind of global partners there. As we look throughout this year -- because in particular, as Sign comes to market and has some new functionality around platform and workflow continues to come to market, I think you'll see us have incremental focus and investments on things like system integrators, both on a global and kind of industry basis.

是的。對我們而言，它看起來確實更具策略性。國際市場一直非常強勁，特別是在日本，那裡的環境是我們有非常強的全球合作夥伴。當我們看今年全年——尤其是 Sign 上市並帶來一些新的平台功能、以及工作流程（workflow）的新功能持續推出時——我認為你會看到我們在系統整合商（system integrators）等方面有更多的聚焦與投資，涵蓋全球層面以及產業層面。

And whether that's in Europe where we have a new president that's onboarding, that we'll have a focus in that area as well as well as we go deeper in industries like financial services, public sector, life sciences and other spaces, I think you'll see our system integrator partnerships be even more important to that strategy.

無論是在歐洲——我們有一位新任總裁正在到任（onboarding），我們也會在那個領域加強聚焦——或是當我們在金融服務、公部門、生命科學及其他領域更深入布局時，我認為你會看到我們與系統整合商的合作夥伴關係，對該策略將變得更加重要。

Your next question comes from Jason Ader from William Blair.

下一個問題來自 William Blair 的 Jason Ader。

You guys did very well with the $100,000-plus deals. Can you talk about what's happening with 7-figure deals? And also if you've seen any recovery in the commercial segment, kind of the sub-$100,000 segment.

你們在 10 萬美元以上的交易表現非常好。能否談談 7 位數交易（7-figure deals）的情況？另外，你們是否看到商業（commercial）部門，也就是 10 萬美元以下區間，有任何復甦？

Yes. So on the 7-figure deals, basically, steady on a year-over-year basis. I think what we're -- and what we pointed to in Q4, we wanted to move more to focusing the attention on customers with a total account value of certain threshold just because we think that's more indicative of our land-and-expand motion. So as an example, that 50% growth in $100,000-plus deals is a much more meaningful metric because it moves customers into different size buckets of total spend. So we're very excited about that.

是的。關於 7 位數交易，基本上與去年同期相比保持穩定。我想我們——以及我們在第四季指出的——希望把更多焦點放在總帳戶價值（total account value）達到某個門檻的客戶上，因為我們認為那更能反映我們的「先落地再擴張」（land-and-expand）模式。舉例來說，10 萬美元以上交易成長 50% 是一個更有意義的指標，因為它會把客戶帶入不同的總支出規模區間。所以我們對此非常興奮。

Do you mind repeating the second part of the question?

你介意重複一下問題的第二部分嗎？

Yes. Just the kind of sub-$100,000 deals in the commercial segment.

好的。就是商業部門中 10 萬美元以下交易的情況。

Yes, yes. Very strong momentum in the commercial segment in SMB. I think as we noted last year, there were some headwinds mostly around the economic environment. So you had SMBs that were really kind of dealing with just the impact of COVID, not spending a lot on kind of long-term IT infrastructure. In some cases, we saw higher churn rates in the low end of the market. But as we noted in Q4, really meaningful recovery starting in Q4. And in Q1, I mean, I don't think we could be happier about the momentum that we saw in that kind of SMB mid-market segment of the business.

是的，是的。商業部門的 SMB 動能非常強。我想如同我們去年提到的，當時有一些逆風主要來自經濟環境。因此 SMB 基本上是在應對 COVID 的影響，並沒有在長期 IT 基礎建設上投入太多。在某些情況下，我們也看到市場低端的流失率（churn rates）較高。但如同我們在第四季提到的，從第四季開始出現非常明顯的復甦。而在第一季，我的意思是，我們對於在 SMB 中型市場（mid-market）那一段業務所看到的動能，幾乎不可能更滿意了。

So really, really strong momentum. Obviously, we only cut out the $100,000-plus deal band, but very meaningful suite sales in the SMB and mid-market segment, below the $100,000 threshold. And again, really, I think that's a part of the market that's on fire for us right now.

所以動能真的非常、非常強。當然，我們只切出了 10 萬美元以上的交易區間，但在 SMB 與中型市場區間、低於 10 萬美元門檻的部分，也有非常顯著的套裝（Suite）銷售。再一次，我認為那是我們目前非常火熱的一個市場區塊。

Yes. And this is Dylan. The only thing I'd add is that even in that $100,000-plus deal count, up 48% year-on-year, there was a pretty material contribution even from those SMB and mid-market segments, up very dramatically from where we were a year ago. So because of Suites' largely for especially the customers that are at the higher end -- or the larger end of that segment where those -- where that sales force serves, that was a big driver of the strength that we saw.

是的，我是 Dylan。我唯一想補充的是，即使在 10 萬美元以上交易數量年增 48% 的情況下，SMB 與中型市場區段也有相當實質的貢獻，較一年前的水準大幅提升。因為 Suites 在很大程度上——特別是對於該區段中較高端或較大型的客戶——也就是那個銷售團隊所服務的客戶——是我們所看到強勁表現的一個重要驅動因素。

Great. And then one quick follow-up. Aaron, you guys are growing around 10% revenue this year. How do you articulate to an investor the bridge from the current kind of 10%-ish growth rate to the 12% to 16% that you hope to get to?

很好。接著一個快速追問。Aaron，你們今年營收成長大約 10%。你會如何向投資人說明，從目前約 10% 左右的成長率，銜接到你們希望達到的 12% 到 16%？

Yes. Sure. Well, firstly, we did just raise guidance coming in around 11% growth for the year. So that's the first bridge. Second, we did have a headwind that we noted on last quarter's call around professional services. That was really a flow-through from bookings last year where customers didn't need as much professional services, which obviously turns into revenue growth headwinds this year in professional services. And so that's something that obviously we're carrying this year on the growth rate.

是的，當然。首先，我們剛剛上調了財測指引，今年大約是 11% 的成長。這是第一個銜接點。第二，我們在上一季的電話會議中提到專業服務有一個逆風。那其實是去年訂單（bookings）的延伸影響：客戶不需要那麼多專業服務，這顯然會在今年轉化為專業服務營收成長的逆風。因此，這是我們今年成長率中正在承受的一項因素。

But when we look at our Q1 performance, as it relates to whether it's billings growth, Suites growth, customers moving into $100,000-plus deal segment, it's very evident that 12% to 16% growth rate can be achieved with our current strategy. And obviously, we want to continue to expand the markets that we're going after and the opportunity, but we feel very, very confident in achieving those long-term growth rates.

但當我們看第一季的表現，無論是帳單（billings）成長、Suites 成長、或客戶移入 10 萬美元以上交易區段，都非常明顯：以我們目前的策略，是可以達成 12% 到 16% 的成長率的。當然，我們也希望持續擴大我們所追逐的市場與機會，但我們對於達成那些長期成長率非常、非常有信心。

Your next question comes from Steve Enders from KeyBanc Capital Markets.

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

I guess I just want to get a better understanding of the billings pull forward that you mentioned in the quarter. Was there any -- I guess what would you consider kind of drove that? Was it any new product capabilities that were being outsold or any incentives that drove the contracts you landed this quarter instead of in 2Q?

我想我只是想更清楚了解您在本季提到的「帳單金額（billings）提前拉動」。是否有任何——我想，您認為是什麼因素驅動了這件事？是有任何新的產品能力被超額銷售，或是有任何激勵措施，促使您在本季而不是在第二季（2Q）簽下這些合約？

Sure. So no specific incentives. And really, the demand and I think just a desire to get onto some of these and adopt some of these more advanced capabilities faster and Suites, I would really call out as the main catalyst of those early renewals. We have a customer who would have ordinarily renewed in the second quarter. But given just kind of combination of kind of being sold on the value of some of the products and capabilities, they didn't yet have. And in a couple of cases, just a really strong seat growth within those companies that they were in overage is what drove those customers to ultimately renew and upsize those contracts earlier in Q1, which is what drove that $5 million of movement from expected Q2 billings into Q1.

好的。沒有特定的激勵措施。主要是需求，以及我認為客戶希望更快導入並採用一些更進階的能力與 Suites；我會把這視為這些提前續約的主要催化因素。我們有一位客戶原本通常會在第二季續約，但由於多種因素的組合——包括被說服認同一些他們尚未擁有的產品與能力的價值；另外在幾個案例中，則是這些公司內部席位（seat）成長非常強勁、導致超額使用（overage）——因此驅動這些客戶最終在第一季更早續約並擴大合約規模。這也使得原本預期在第二季入帳的帳單金額有 500 萬美元移轉到第一季。

Okay. Got you. That's helpful. And then just on -- just want to touch a little bit on the guide, at least on the op margin side. It looks like it's coming in kind of a point or more above about what you're expecting. Just -- or what the consensus was at. But just kind of wondering what you're seeing -- or what's leading to that uptick on the margin front that's providing that upside there?

好的，了解。這很有幫助。接著想稍微談一下指引（guide），至少在營業利益率（op margin）方面。看起來比你們原先預期——或比市場共識——高出大約 1 個百分點或更多。想請教你們看到什麼——或是什麼因素帶動了利益率端的上修，提供了這個上行空間？

Yes. So really, a combination of the stronger revenue outlook for the year based on the momentum that we're seeing as well as I've been really pleased with a lot of the kind of expense kind of management initiatives and especially around our infrastructure and workforce expenses as we've driven a lot of those savings. And so that's what translates into that roughly 1% improvement in our operating margin expectations.

是的。主要是兩個因素的組合：第一，基於我們看到的動能，今年的營收展望更強；第二，我對許多費用管理措施感到非常滿意，尤其是在基礎設施與人力成本方面，我們推動了不少節省。因此，這些因素轉化為我們對營業利益率預期約 1% 的提升。

Your next question comes from Brett Knoblauch from Berenberg.

您的下一個問題來自 Berenberg 的 Brett Knoblauch。

I guess on capital allocation, how are you guys thinking about that? I know the funds from KKR is going to use to repurchase shares. But I guess as we look beyond that, you do have a sizable cash position on the balance sheet. Do we think that should be more M&A-driven or maybe more repurchase-driven? Can you just maybe help outline your strategy there?

我想問資本配置（capital allocation）方面，你們是怎麼思考的？我知道來自 KKR 的資金將用於回購股票。但我想，若往後看，你們資產負債表上有相當可觀的現金部位。你們認為這應該更偏向併購（M&A）驅動，或是更偏向回購驅動？能否請你們概述一下策略？

Sure. So we certainly look at capital allocation through the lens of what's going to deliver the most value to our shareholders. We expect to use our capital primarily to fuel growth and capture more of the market opportunity ahead of us, including M&A when it makes sense for the business, and our strategy while still preserving a strong balance sheet and flexibility.

當然。我們看待資本配置時，會以能為股東帶來最大價值為出發點。我們預期主要會將資本用於推動成長、把握我們面前更大的市場機會，包括在對業務有意義時進行併購，同時仍維持強健的資產負債表與彈性。

But because of now our strong cash flow generation that we're seeing, we do also regularly have the conversations around things like share repurchases with the Board. And then as mentioned, because we did raise $500 million recently on top of an already strong balance sheet is why we expect to launch our self tender offer next week, and we'll announce all of those details at that time.

但由於我們目前看到強勁的現金流產生能力，我們也會定期與董事會討論例如股票回購等議題。另外，如先前所提，因為我們最近在原本就很強健的資產負債表之上又籌得 5 億美元，所以我們預期下週啟動自願要約收購（self tender offer），並會在當時公布所有細節。

Perfect. Maybe just one follow-up on Box Sign and SignRequest. I guess in your annual revenue guide, how much revenue is coming from SignRequest?

很好。再追問一個關於 Box Sign 和 SignRequest 的問題。在你們的年度營收指引中，有多少營收是來自 SignRequest？

On the SignRequest front, virtually nothing, so very immaterial to revenue. And certainly from Box Sign, once that's introduced and becomes generally available in the summer, we're very optimistic about the type of impact that can have, especially in terms of the contribution and adoption of Suites. But the stand-alone business, you can think about that as very immaterial.

就 SignRequest 而言，幾乎沒有，因此對營收的影響非常不重大（immaterial）。至於 Box Sign，一旦在夏季推出並正式全面可用（generally available），我們對其可能帶來的影響非常樂觀，尤其是在 Suites 的貢獻與採用方面。但若以獨立（stand-alone）業務來看，你可以把它視為非常不重大。

Is Box Sign currently in your updated guide? Or would that kind of just be an upside to your current guidance?

Box Sign 目前是否已納入你們更新後的指引？還是說那會是你們現有指引的上行空間？

That is incorporated into our current guidance.

已經納入我們目前的指引之中。

Your next question comes from Chad Bennett from Craig-Hallum.

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

So just on the billings front, your normalized billings growth indicated was 13% in the first half. So why -- considering the tax rates and success you've had with Suites and ancillary products, why would billings growth decelerate second half?

關於帳單金額（billings），你們提到上半年標準化（normalized）的帳單金額成長是 13%。那麼——考量稅率以及你們在 Suites 和附加產品（ancillary products）上的成功，為什麼下半年帳單金額成長會放緩？

I understand comps are a bit easier in the first half. But is there something that you're, I guess, seeing? Because everything -- it sounds like from a secondary metric standpoint, it seems like it would be accelerating. And so any kind of indication on seasonality or comps or anything that would kind of cause that?

我理解上半年的比較基期（comps）稍微容易一些。但是否有什麼你們正在看到的情況？因為從次要指標（secondary metric）的角度聽起來，一切似乎都在加速。因此，是否能提供一些關於季節性、比較基期或任何可能導致這種情況的因素？

Sure. So nothing in terms of the underlying business and continue to be very optimistic about the trajectory that the business is on. I would say that to your point, there is not just seasonality, but did see more challenging comps in the back half of last year. And then also, we just, given the timing, have a lot more confidence and predictability in terms of the sales cycles and everything that influences billings near in.

當然。就基本面而言沒有任何問題，我們也持續對業務的發展軌跡非常樂觀。我會說，正如你提到的，不僅是季節性因素，去年下半年也有較具挑戰性的比較基期。另外，我們也因為時點的關係，對於較近期間（near in）的銷售週期以及所有影響帳單金額的因素，擁有更高的信心與可預測性。

So we certainly do see upside to that growth, and we do expect billings growth to exceed revenue growth for the full year. But there's nothing in terms of the underlying trends that we're seeing in the business that drives that.

因此，我們確實看到該成長率存在上行空間，且我們預期全年帳單金額成長會高於營收成長。但我們在業務中看到的基本趨勢，並沒有任何因素會驅動你所說的那種放緩。

Okay. And then maybe one follow-up real quick. I think last quarter, you spoke of, Dylan, I think you gave kind of a net new bookings growth metric. I think it was up something like 24%. Is there any update to how that performed this quarter?

好的。再快速追問一下。我記得上季你們提到——Dylan，我想是你提供了一個淨新增預訂（net new bookings）成長的指標，好像成長約 24%。這一季該表現有更新嗎？

Not sure what you're referring to. Can you clarify which metric? We don't typically talk about our bookings for the business overall.

我不太確定你指的是哪一個。可以澄清一下是哪個指標嗎？我們通常不會談整體業務的 bookings。

Yes. I guess trying to get an indication of kind of net new logo bookings and how that trended in the quarter.

是的。我想了解的是淨新增客戶（net new logo）bookings 的趨勢，以及本季的走勢如何。

Okay. Got it. Yes. That's been pretty consistent, it's been the past few quarters. I think we did call out that in Q4, it was particularly strong because of some large net new wins and -- both in SMB as well as in Japan, and it's back at pretty normal levels where we tend to see about 70% or so of our bookings coming from our existing customers and about 30% coming from net new customers.

好的，了解。是的，這幾季都相當一致。我想我們確實提到第四季（Q4）特別強，因為有一些大型的淨新增贏單——涵蓋 SMB 以及日本——而現在已回到相當正常的水準；我們通常看到約 70% 左右的 bookings 來自既有客戶，約 30% 來自淨新增客戶。

Your next question comes from Erik Suppiger from JMP Securities.

您的下一個問題來自 JMP Securities 的 Erik Suppiger。

First off, you noted the billings growth will be faster than the revenue growth. Can you give us some flavor or context around the difference that you would anticipate? And will that -- obviously, that was meaningful in the first quarter here. But how is that going to be as we progress forward? And how is that difference going to evolve?

首先，你提到帳單金額成長會快於營收成長。你能否就你預期的差異提供一些說明或背景？而且——顯然第一季這個差異很明顯——但隨著我們往後推進，這會如何發展？這個差距會如何演變？

Yes. So I'd say that for now, we think about the billings growth in the back half of this year to be fairly consistent with our revenue growth in the back half. And so the slightly higher expectation that we're setting are based on the first half 13% year-on-year growth that we've seen. And then certainly, as we move and head into next quarter, we'll give more color into how our billings expectations are shaping up for the back half of the year.

是的。我會說，目前我們認為今年下半年帳單金額成長將與下半年營收成長大致一致。因此，我們設定的略高預期，是基於上半年我們看到的 13% 年增成長。當然，隨著我們進入下一季，我們會提供更多說明，讓大家了解我們對下半年帳單金額的預期如何成形。

And that was our last question at this time. I will turn the call back over to the presenters.

以上是目前最後一個問題。我將把電話會議交回給簡報人員。

Great. Well, thank you. We -- again, very excited about the momentum in Q1 and looking forward to following up with all of you soon.

很好。謝謝。我們——再次對第一季（Q1）的動能感到非常振奮，也期待很快再與各位後續交流。

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。