Box Inc (BOX) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Box, Inc.'s Fourth Quarter Fiscal 2021 Earnings Conference Call. (Operator Instructions)

各位女士、先生，感謝您稍候，歡迎參加 Box, Inc. 2021 會計年度第四季財報電話會議。（接線員指示）

Please be advised that today's conference is being recorded. (Operator Instructions)

請注意，今天的會議將被錄音。（接線員指示）

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

現在我想把會議交給今天的發言人 Alice Lopatto。請開始。

Good afternoon, and welcome to Box's Fourth Quarter and Fiscal Year 2021 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 2021 會計年度第四季及全年財報電話會議。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。在我們完成事先準備的發言後，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'll 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。本次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 will be making forward-looking statements, including our Q1 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, and the impact of the COVID-19 pandemic on our business and operating results. These statements reflect our best judgment based on factors currently known to us, and actual events or results may differ materially.

在本次電話會議中，我們將作出前瞻性陳述，包括我們對 2022 會計年度第一季與全年（FY '22）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的規模；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、剩餘履約義務與帳單金額（billings）、我們規劃的投資與成長策略、我們達成長期營收及其他營運模型目標的能力；新產品、定價與合作夥伴關係的時程與效益；併購對未來 Box 產品供給的影響，以及 COVID-19 疫情對我們業務與營運結果的影響。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與之存在重大差異。

Please refer to the press release and the risk factors and documents we file with the Securities and Exchange Commission, including our most recent quarterly report on Form 10-Q, for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call. These forward-looking statements are being made as of today, March 2, 2021, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

有關可能導致實際結果與本次財報電話會議所作陳述存在重大差異之風險與不確定性，請參閱新聞稿，以及我們向美國證券交易委員會（SEC）提交的風險因素與文件，包括我們最近一期的 Form 10-Q 季度報告。本前瞻性陳述係截至今日（2021 年 3 月 2 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 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 財務衡量指標應與我們的 GAAP 結果一併考量，而非作為替代，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，所有財務衡量指標之提及均以非 GAAP 基礎呈現。

With that, let me hand it over to Aaron.

接下來，讓我把時間交給 Aaron。

Thanks, Alice. And thanks, everyone, for joining the call today. As always, we hope you and your families are staying safe and healthy.

謝謝你，Alice。也謝謝各位今天加入電話會議。一如往常，我們希望您與家人都平安健康。

I'm incredibly proud of the team at Box and the milestones we achieved in FY '21. This was a substantial year of progress across all facets of our business, strategically, operationally and financially. We exceeded our commitment to achieve a revenue growth rate, plus free cash flow margin of 25%, ultimately delivering 26.3% versus 13.4% just a year ago. In addition, we drove significant margin expansion with a 15% non-GAAP operating margin, up from 1% a year ago.

我對 Box 團隊以及我們在 2021 會計年度（FY '21）達成的里程碑感到無比自豪。這一年我們在業務的各個面向——策略、營運與財務——都取得了重大進展。我們超越了「營收成長率加上自由現金流利潤率達 25%」的承諾，最終交出 26.3%，而一年前僅為 13.4%。此外，我們也推動了顯著的利潤率擴張，非 GAAP 營業利益率達 15%，高於一年前的 1%。

This year, we delivered the category-defining cloud content management platform to the market by making significant product enhancements in security and compliance, collaboration and workflow and strengthening our ecosystem of partner integration. And to further expand our product portfolio at the start of this new fiscal year, we just recently announced Box Sign, our native e- signature product offering that will be coming out later this summer.

今年，我們透過在安全與合規、協作與工作流程方面進行重大產品強化，並強化合作夥伴整合生態系，將具類別定義意義的雲端內容管理平台帶給市場。為了在新會計年度開始之際進一步擴展我們的產品組合，我們也在近期宣布推出 Box Sign——我們原生的電子簽名（e-signature）產品，預計將於今年夏末推出。

In a year of immense market uncertainty, we delivered both revenue growth and improved profitability, advanced our long-term strategy, brought on 3 new amazing independent directors on to our Board; and maintained a relentless focus on enabling our customers to work in an all new, modern and digital way. With this foundation in place and the momentum we are seeing across the business, we are confident in our ability to achieve accelerated growth and higher operating margins in the years ahead.

在市場高度不確定的一年中，我們同時實現了營收成長與獲利能力提升，推進了長期策略，為董事會新增 3 位傑出的獨立董事，並持續以不懈的專注協助客戶以全新、現代化且數位化的方式工作。在此基礎與我們在業務各面向所見到的動能之下，我們對未來數年達成更快的成長與更高的營業利益率充滿信心。

Turning to our Q4 results. We delivered revenue of $199 million, up 8% year-over-year; non-GAAP operating margin of 18%, up significantly from 7% a year ago; and non-GAAP EPS of $0.22, up from $0.07 a year ago and well above our guidance. We also generated more than $41 million in positive free cash flow, a substantial improvement from breakeven last year.

接著談第四季（Q4）業績。我們實現營收 1.99 億美元，年增 8%；非 GAAP 營業利益率 18%，較一年前的 7% 大幅提升；非 GAAP 每股盈餘（EPS）為 0.22 美元，高於一年前的 0.07 美元，且明顯優於我們的指引。我們也產生超過 4,100 萬美元的正向自由現金流，較去年接近損益兩平有顯著改善。

Growing demand for our more advanced capabilities such as Box Shield and Box Relay drove further suite adoption, including a record 45% attach rate for Suites, as well as a 60% attach rate for Box Shield in our 6-figure deals. Over 100,000 customers now rely on Box to power secure content management and collaboration in the cloud. In Q4, we closed wins and expansions with leading organizations like Arena Pharmaceuticals, Asahi Group Holdings in Japan, Pan-American Life Insurance Group, Twilio and UPS. Our customers are choosing Box to power high-value use cases that are integral to how they run their businesses.

市場對 Box Shield 與 Box Relay 等更進階能力的需求成長，帶動套件（Suites）採用進一步提升，包括套件創紀錄的 45% 附加率（attach rate），以及在六位數交易中 Box Shield 的 60% 附加率。如今已有超過 100,000 家客戶仰賴 Box 在雲端提供安全的內容管理與協作。在第四季，我們與 Arena Pharmaceuticals、日本的 Asahi Group Holdings、Pan-American Life Insurance Group、Twilio 以及 UPS 等領先組織達成新案與擴張。我們的客戶選擇 Box 來支援高價值的使用情境，而這些情境對其企業營運至關重要。

Here are just a few examples from Q4. An innovative biopharmaceutical company purchased a 6-figure ELA with Box's GxP and KeySafe offerings to help power its mission to transform the way that drugs and therapies are manufactured in the U.S. A global leader in the insurance sector, who has been a Box customer since 2016, purchased Box Governance to support claims processes while meeting critical compliance requirements. And a Japanese manufacturing company moved to Box to address their need for a content platform to facilitate remote work as well as integrate with applications such as SAP, Salesforce and Google Workspace.

以下是第四季的幾個例子。一家創新生物製藥公司採購了六位數的 ELA（企業授權合約），並搭配 Box 的 GxP 與 KeySafe 方案，以協助其推動使命：改變美國藥品與療法的製造方式。一家保險產業的全球領導者，自 2016 年起即為 Box 客戶，採購了 Box Governance，以在支援理賠流程的同時滿足關鍵合規要求。另有一家日本製造業公司轉用 Box，以滿足其對內容平台的需求，促進遠端工作，並與 SAP、Salesforce 與 Google Workspace 等應用整合。

2020 was a dynamic year for all enterprises, and we are now seeing IT strategies shifting to support the long-term trend of virtual and distributed teams, digital operations and an increasingly complex and high-stakes security and compliance landscape. In this context, how organizations manage and collaborate on content is at the center of how they operate. Whether it's a life sciences company sharing highly regulated IP with their partners and regulators around the world, an insurance organization automating workflows around confidential claims and records or a government agency's need to digitize paper-based processes, all of these organizations across all industries run on content.

2020 年對所有企業而言都是充滿變動的一年，而我們現在看到 IT 策略正轉向，以支援虛擬與分散式團隊、數位化營運的長期趨勢，以及日益複雜且高風險的資安與合規環境。在此背景下，組織如何管理內容並在內容上協作，已成為其營運方式的核心。無論是生命科學公司與全球合作夥伴及監管機構分享高度受規範的智慧財產（IP），保險機構圍繞機密理賠與紀錄自動化工作流程，或政府機關需要將紙本流程數位化，所有產業的這些組織都以內容為運作基礎。

To power these processes, the days of fragmented on-prem content storage and enterprise content management systems no longer works. Customers fundamentally need a single content cloud connected across all their apps to power their end-to-end content workflows on a single platform. As the experts in content, our vision is to power the entire content journey, giving enterprises a secure platform for managing all of their content from the moment it's created to when it's uploaded, shared, edited, published, approved, signed, classified and retained. This is our vision for the Box Content Cloud.

為了支援這些流程，過去那種零散的地端內容儲存與企業內容管理系統已不再適用。客戶本質上需要一個可跨所有應用連結的單一內容雲，以在單一平台上支援端到端的內容工作流程。作為內容領域的專家，我們的願景是支援完整的內容旅程，為企業提供一個安全的平台，管理其所有內容——從內容被建立開始，到上傳、分享、編輯、發布、核准、簽署、分類與保存。這就是我們對 Box Content Cloud 的願景。

Having dramatically improved our overall balance between growth and profitability in FY '21, the next chapter for Box is to continue building on our leadership position and transform how enterprises work in the digital age. To accelerate this strategy, just last month we acquired SignRequest, a leading cloud-based electronic signature company to develop Box Sign, our new e-signature capability that will be natively embedded into Box. Every day, more and more transactions are moving from paper-based manual workflows to the cloud. E-signature is already in a multibillion-dollar market, and it's still in the earliest days, with digital transactions just beginning to become critical in every industry.

在 FY '21 大幅改善成長與獲利之間的整體平衡後，Box 的下一篇章將是在既有領導地位上持續深化，並在數位時代改變企業的工作方式。為加速此策略，就在上個月我們收購了 SignRequest——一家領先的雲端電子簽名公司——以開發 Box Sign，我們將原生嵌入 Box 的全新電子簽名能力。每天都有越來越多交易從紙本、手動的工作流程轉向雲端。電子簽名已是數十億美元規模的市場，但仍處於早期階段，數位交易才剛開始在各行各業變得至關重要。

When we surveyed hundreds of our customers in 2020, e-signature was the most requested new Box capability. There are an incredible number of use cases that Box Sign will address for our customers. For example, legal teams will be able to create and finalize contracts within Box, from drafting and co-editing to signing and retaining the agreement with Box Governance. HR teams will be able to initiate and complete offer letters using Box Relay together with Box Sign. Sales teams can initiate digital customer contracts for signature right from Salesforce. And compliance teams will be able to retain and protect executed agreements while securing sensitive content with Box Shield.

當我們在 2020 年調查數百位客戶時，電子簽名是最受期待的全新 Box 能力。Box Sign 將為客戶帶來大量使用情境。例如，法務團隊將能在 Box 內建立並完成合約，從起草與共同編輯，到簽署並透過 Box Governance 保存協議。人資團隊將能使用 Box Relay 搭配 Box Sign 發起並完成錄用通知書。銷售團隊可直接從 Salesforce 發起數位客戶合約以供簽署。而合規團隊將能在以 Box Shield 保護敏感內容的同時，保存並保護已簽署完成的協議。

Box Sign is expected to be generally available in the summer of 2021. It will be integrated into Box's existing subscription plans, with additional levels of functionality being available in our enterprise plans and suite offerings. We want to ensure all of our customers have access to the value of Box Sign while also enabling us to monetize the higher-end signature use cases that leverage advanced functionality and APIs. Adding e-signature is a significant step in building out the complete content cloud.

Box Sign 預計將於 2021 年夏季正式全面推出（generally available）。它將整合至 Box 現有的訂閱方案中，而在我們的企業方案與套裝產品中，將提供額外層級的功能。我們希望確保所有客戶都能使用 Box Sign 的價值，同時也讓我們能將運用進階功能與 API 的高階簽署使用情境變現。新增電子簽章是打造完整內容雲的重要一步。

Another exciting announcement we made last month was the availability of the all-new Box Shuttle. For many organizations, moving to the cloud has been a priority. But the cost of content migration, especially in complex content management environment, has been a major impediment to cloud adoption. The new Box Shuttle can migrate some of the most complex and large-scale content management environments at a lower cost and faster than ever. We wanted to be simple, fast and cost-effective as possible to retire legacy systems and move information from source platforms like network file shares, SharePoint, OneDrive, Documentum and OpenText to the Box Content Cloud. And with more high-value content in Box, our customers can empower their teams to collaborate more effectively and accelerate their digital transformation initiatives.

我們上個月另一項令人振奮的宣布，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，尤其是在複雜的內容管理環境中，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。我們希望它能盡可能簡單、快速且具成本效益，以便汰換舊有系統，並將資訊從網路檔案共享、SharePoint、OneDrive、Documentum 與 OpenText 等來源平台移轉至 Box Content Cloud。隨著更多高價值內容進入 Box，我們的客戶能賦能其團隊更有效地協作，並加速其數位轉型計畫。

In Q4, we also continued to stay at the center of our customers' digital experiences by deepening our integrations with Google Workspace, Slack and Webex. As more organizations use multiple applications such as Slack, Salesforce, Teams, Webex and Zoom to get their work done, they need to access their content from these applications securely and seamlessly. Box connects to these applications. And with over 1,500 integrations, we've created a seamless experience for our customers to work in new ways.

在第四季，我們也持續透過深化與 Google Workspace、Slack 與 Webex 的整合，站在客戶數位體驗的核心。隨著更多組織使用 Slack、Salesforce、Teams、Webex 與 Zoom 等多種應用程式來完成工作，他們需要能從這些應用程式安全且無縫地存取其內容。Box 可連結至這些應用程式。透過超過 1,500 項整合，我們為客戶打造了無縫體驗，以新的方式工作。

Overall, we're more excited than ever to continue to build out the complete content cloud. FY '22 will be our singular biggest year for product innovation, as we expand into new market adjacencies like e-signatures, while continuing to double down on product areas like Box Shield and Box Governance for advanced security and compliance, Box Relay for workflow automation, and our open platform to connect to all of our customers' applications. This product innovation will enable us to build on our leadership position, which has been validated by IDC, Gartner and Forrester.

整體而言，我們比以往任何時候都更期待持續打造完整的內容雲。2022 財年將是我們產品創新規模最大的一年；我們將擴展至電子簽章等新的相鄰市場，同時持續加碼 Box Shield 與 Box Governance 等產品領域，以提供進階安全與合規能力；加碼 Box Relay 以推動工作流程自動化；並強化我們的開放平台，以連結客戶的所有應用程式。這些產品創新將使我們能在既有領導地位上再接再厲，而此領導地位已獲 IDC、Gartner 與 Forrester 的肯定。

Next, to bring all of this value to our customers in FY '22, we're focused on continuing our land-and-expand strategy to drive growth with new and existing customers. In Q4, we saw tremendous success with Box Suites, our ELA licensing model and a significant improvement to our $100,000-plus deal growth. We continue to see significant headroom in expanding within current accounts. As just within our current customer base today, Box has a 7x potential increase in seats from upselling existing customers.

接下來，為了在 2022 財年將上述價值帶給客戶，我們聚焦於持續推進「落地並擴張」（land-and-expand）策略，透過新客戶與既有客戶帶動成長。在第四季，我們在 Box Suites、我們的 ELA 授權模式，以及 10 萬美元以上交易成長的顯著改善方面，取得了巨大的成功。我們仍看到在現有帳戶內擴張的可觀空間。僅以我們目前的客戶基礎而言，透過向既有客戶加售（upsell），Box 的席次（seats）仍有 7 倍的潛在提升空間。

To drive continued logo growth and customer expansion, we are focused on a number of priorities across our go-to-market engine. First, we are continuing to double down on our digital channels. This remains an area we will continue to invest in as we scale to efficiently bring in new logos and drive upsells across enterprises of all sizes.

為了推動持續的新增客戶（logo）成長與客戶擴張，我們在市場進入（go-to-market）引擎上聚焦多項優先事項。第一，我們持續加碼數位通路。這仍是我們將持續投資的領域，因為我們擴張規模時，需要以高效率導入新的客戶標誌（logos），並在各種規模的企業中推動加售。

Second, we know that driving strong partnerships with leading technology companies and system integrators is key to our success at scale. This is why we are excited to continue to partner with IBM, Google, Salesforce, Slack, Zoom, Cisco, Okta, Microsoft as well as many others, including leading system integrators to ensure we're delivering our content cloud solution to our customers at scale.

第二，我們知道，與領先的科技公司與系統整合商建立強而有力的合作夥伴關係，是我們規模化成功的關鍵。這也是為什麼我們很高興能持續與 IBM、Google、Salesforce、Slack、Zoom、Cisco、Okta、Microsoft 等眾多夥伴合作，並與領先的系統整合商攜手，確保我們能以規模化方式向客戶交付內容雲解決方案。

Third, we will continue to double down in key verticals like life sciences, federal government, financial services, media, consumer products and the technology sector, among other markets, where we continue to see substantial upside and a significant need for secure content management in the cloud.

第三，我們將持續加碼生命科學、聯邦政府、金融服務、媒體、消費性產品與科技產業等關鍵垂直領域，以及其他市場；在這些領域中，我們持續看到可觀的上行空間，且對雲端安全內容管理有顯著需求。

Finally, we see continued opportunity for efficient expansion in key international markets, especially in Japan, EMEA, Canada and Australia. To ensure that we're building a stronger presence and exist and consistent execution in EMEA, we've just built our previously vacant EMEA GM role with a world-class go-to-market leader. We're excited to share more about this new leader when we formally introduce this individual to our internal teams and public stakeholders.

最後，我們在關鍵國際市場仍看到持續且高效率擴張的機會，特別是在日本、EMEA、加拿大與澳洲。為確保我們在 EMEA 建立更強的市場存在感並進行一致的執行，我們剛任命一位世界級的市場進入領導者，填補先前空缺的 EMEA 總經理（GM）職位。我們很期待在正式向內部團隊與外部利害關係人介紹這位新領導者時，分享更多資訊。

As we look to FY '22 and beyond, we are focused on innovation and further opening new areas of growth while reinforcing our gains and profitability. As we shared at our most recent Analyst Day, we are committed to driving a revenue growth rate between 12% and 16%, with operating margin in the mid-20s by FY '24. Our FY '21 results demonstrate that our strategy is working and that we are making tremendous progress toward achieving our long-term goals. We are confident in our ability to achieve these results based from the customer momentum we're seeing, our product road map and the total market opportunity ahead.

展望 2022 財年及未來，我們聚焦於創新，進一步開拓新的成長領域，同時鞏固我們的成果與獲利能力。如同我們在最近一次分析師日所分享的，我們承諾推動營收成長率介於 12% 至 16%，並在 2024 財年達到約 20% 中段（mid-20s）的營業利益率。我們 2021 財年的成果證明，我們的策略正在奏效，且我們正朝長期目標取得重大進展。基於我們所看到的客戶動能、產品路線圖以及前方的整體市場機會，我們對達成這些成果充滿信心。

We are going after one of the largest markets in software, attacking a total addressable market of over $55 billion in spend on content management, collaboration, storage and data security annually. And with the new addition of e-signature capabilities, our market is only getting larger. We have built the leading content cloud, with well over 100,000 customers on our platform. And we have an exciting road map to continue pioneering in this industry going forward.

我們正切入軟體產業中最大的市場之一，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。隨著新增電子簽章能力，我們的市場只會更大。我們已打造領先的內容雲平台，平台客戶數超過 100,000 家。我們也擁有令人振奮的產品路線圖，將在未來持續引領這個產業的創新。

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 today.

謝謝你，Aaron。各位下午好，感謝大家今天加入我們。

In fiscal '21, we are proud to have delivered a strong balance of growth and profitability, achieving a non-GAAP operating margin of 15%, up significantly from 1% a year ago. We also exceeded our 25% commitment for revenue growth plus free cash flow margin, delivering 26.3%, a strong improvement from the 13.4% we recorded a year ago.

在 2021 財年，我們很自豪地在成長與獲利之間取得強勁平衡，非 GAAP 營業利益率達到 15%，較一年前的 1% 大幅提升。我們也超越了「營收成長加上自由現金流利潤率」25% 的承諾，達到 26.3%，相較一年前的 13.4% 有顯著改善。

In Q4, we delivered revenue of $199 million, up 8% year-over-year. Importantly, 29% of this revenue came from regions outside of the United States, up 400 basis points from 25% a year ago.

在第四季，我們實現 1.99 億美元營收，年增 8%。值得注意的是，其中 29% 的營收來自美國以外地區，較一年前的 25% 提升 400 個基點。

Our remaining performance obligations, or RPO, represent noncancelable contracts that we expect to recognize as revenue in future periods. We ended Q4 with RPO of $897 million, up 17% year-over-year, comprised of 10% deferred revenue growth and 21% backlog growth. Average customer contract durations have continued to lengthen, driven by a higher volume of longer-term strategic deals, which contributed to the strength we saw in our backlog growth. We expect to recognize approximately 61% of our RPO over the next 12 months.

我們的剩餘履約義務（remaining performance obligations，RPO）代表不可取消的合約，我們預期將在未來期間認列為營收。我們在第四季末的 RPO 為 8.97 億美元，年增 17%，其中包含遞延收入成長 10% 與訂單積壓（backlog）成長 21%。平均客戶合約期間持續拉長，主要由較高比例的長期策略性交易所帶動，這也促成我們在訂單積壓成長上所見的強勁表現。我們預期在未來 12 個月內認列約 61% 的 RPO。

Fourth quarter billings came in at $310 million, representing 10% year-over-year growth and ahead of our revenue growth. This acceleration was driven by strong sales execution in the quarter, reflecting continued momentum in our enterprise business and a clear recovery in our SMB business.

第四季帳單金額（billings）為 3.10 億美元，年增 10%，且增速高於我們的營收成長。這一加速主要由本季強勁的銷售執行所驅動，反映我們企業業務的持續動能，以及 SMB 業務的明顯復甦。

As Aaron mentioned, we were extremely pleased to achieve a record 45% attach rate for our suite offerings across 6-figure deals in Q4. This quarter, we closed 121 deals worth more than $100,000 versus 112 a year ago; 21 deals over $500,000 versus 14 a year ago; and 4 $1,000,000 deals, in line with a year ago. Our success in cross-selling our product portfolio is driving higher value use cases across our largest customers, improving the average contract value of our 6-figure deals in both Q4 and the full year.

如 Aaron 所提到，我們對於第四季在六位數交易中，套裝產品（suite offerings）達到創紀錄的 45% 附加採用率（attach rate）感到非常滿意。本季，我們完成 121 筆超過 10 萬美元的交易，較一年前的 112 筆增加；完成 21 筆超過 50 萬美元的交易，較一年前的 14 筆增加；以及 4 筆 100 萬美元交易，與一年前持平。我們在交叉銷售產品組合上的成功，正推動我們最大型客戶採用更高價值的使用情境，並在第四季與全年提升六位數交易的平均合約價值（ACV）。

Our land-and-expand strategy is generating momentum in large customer growth. We now have 1,216 customers paying more than $100,000 annually, up 10% year-over-year, and 99 $1,000,000 customers, up 24% year-over-year. Going forward, we will be reporting these cumulative customer counts on an annual basis in addition to the number of $100,000-plus deals that we close in each quarter.

我們的「落地並擴張」策略正在為大型客戶成長帶來動能。目前每年支付超過 10 萬美元的客戶數為 1,216 家，年增 10%；每年支付 100 萬美元的客戶數為 99 家，年增 24%。展望未來，除了每季完成的 10 萬美元以上交易筆數外，我們也將以年度為基礎，揭露這些累計客戶數。

In Q4, we drove very strong bookings from net new customers, up more than 25% year-over-year, which isn't reflected in our net retention rate. We ended Q4 with an annualized net retention rate of 102%, down slightly from 103% in Q3 due to the trailing 12-month nature of this metric.

在第四季，我們來自全新客戶（net new customers）的預訂（bookings）表現非常強勁，年增超過 25%，但這並未反映在我們的淨留存率（net retention rate）中。我們在第四季末的年化淨留存率為 102%，較第三季的 103% 略降，原因在於該指標採用過去 12 個月的滾動計算特性。

Note that the net retention rate of customers who have adopted at least one of our add-on products is approximately 20 points higher than the rate of our Core-only customers. So as our customers increasingly implement higher value use cases and adopt our add-on products, this will create a tailwind to our overall net retention rate. As such, we expect our net retention rate to stabilize in Q1 and improve by a couple of percentage points over the course of this year. In Q4, our full churn rate was 5% on an annualized basis, in line with Q3 and the prior year.

請注意，已採用至少一項加購產品（add-on products）的客戶，其淨留存率約比僅使用核心產品（Core-only）的客戶高出 20 個點。因此，隨著客戶愈來愈多地導入更高價值的使用情境並採用我們的加購產品，這將為整體淨留存率帶來順風（tailwind）。因此，我們預期淨留存率將在第一季趨於穩定，並在今年期間提升約數個百分點。第四季我們的全年流失率（full churn rate）以年化計為 5%，與第三季及去年同期一致。

Turning to margins. Non-GAAP gross margin came in at 73.2%, up 170 basis points from 71.5% a year ago and roughly in line with Q3. Our focus on reducing infrastructure costs and gaining economies of scale is paying off. Q4 gross profit of $146 million was up 11% year-over-year, outpacing our revenue growth. We expect gross margin to continue improving in the coming years and to land in the 74% range this year.

接著談毛利率。非 GAAP 毛利率為 73.2%，較一年前的 71.5% 提升 170 個基點，且大致與第三季持平。我們專注於降低基礎設施成本並取得規模經濟的策略正在見效。第四季毛利為 1.46 億美元，年增 11%，增速高於營收成長。我們預期毛利率在未來幾年將持續改善，並在今年落在約 74% 的區間。

Total Q4 operating expenses represented 55% of revenue, representing a significant 900 basis point improvement from the 64% recorded a year ago, demonstrating our commitment to efficient growth. As a result of our emphasis on revenue growth, gross margin expansion and operating expense leverage, in Q4 we generated an 1,100 basis point improvement in our non-GAAP operating margin year-over-year, coming in at 18% versus 7% a year ago.

第四季總營業費用占營收比重為 55%，較一年前的 64% 顯著改善 900 個基點，展現我們對高效率成長的承諾。由於我們強調營收成長、毛利率擴張與營業費用槓桿，第四季非 GAAP 營業利益率年增改善 1,100 個基點，達 18%，高於一年前的 7%。

Sales and marketing expenses in the quarter were $57.5 million, representing 29% of revenue, down 600 basis points from 35% in the prior year. Our go-to-market improvements enabled us to deliver efficient and consistent revenue growth. And we generated a 13% year-over-year improvement in sales force productivity, primarily driven by our enterprise sales force. We plan to grow our quota-carrying sales force in the low teens in FY '22 focusing on our higher-performing geographies and segments. We will also continue investing in our customer success organization to help our customers adopt higher-value use cases.

本季銷售與行銷費用為 5,750 萬美元，占營收 29%，較前一年 35% 下降 600 個基點。我們的上市策略（go-to-market）改善，使我們得以實現高效率且穩定的營收成長。同時，我們的銷售團隊生產力年增提升 13%，主要由企業銷售團隊帶動。我們計畫在 2022 會計年度將具配額（quota-carrying）的銷售人力以低十位數百分比成長，聚焦於表現較佳的地理區域與細分市場。我們也將持續投資客戶成功（customer success）組織，協助客戶採用更高價值的使用情境。

Research and development expenses were $33.6 million or 17% of revenue, down 200 basis points from 19% in the prior year. We have now opened our first offshore engineering center of excellence in Poland, where we expect to have more than 100 Boxers located by the end of the year. Going forward, this distributed development strategy will enable us to generate additional leverage from our R&D investments.

研發費用為 3,360 萬美元，占營收 17%，較前一年 19% 下降 200 個基點。我們已在波蘭設立第一個海外工程卓越中心，預期年底前將有超過 100 名 Boxers 在當地。展望未來，這項分散式開發策略將使我們能從研發投資中取得更多槓桿效益。

This past year, we drove both innovation and enhancements to our product portfolio, generating strong momentum in our customers' adoption of higher-value use cases. 59% of our revenue is attributable to customers who have adopted at least one of our add-on products, up from 52% a year ago. Strong Suites adoption is evidenced by the 36% of our revenue attributable to customers who have adopted multiple products, up from 24% a year ago.

過去一年，我們推動產品組合的創新與強化，帶動客戶在採用更高價值使用情境方面的強勁動能。我們 59% 的營收來自至少採用一項加購產品的客戶，高於一年前的 52%。Suite 的強勁採用也反映在：有 36% 的營收來自採用多項產品的客戶，高於一年前的 24%。

Our general and administrative costs were $18.2 million or 9% of revenue, down from 10% a year ago. We expect to drive leverage in G&A through greater operating discipline and by evolving our workforce location strategy as we scale.

一般與行政費用為 1,820 萬美元，占營收 9%，低於一年前的 10%。隨著規模擴大，我們預期將透過更高的營運紀律，以及調整人力配置地點策略，在 G&A 方面取得槓桿效益。

Non-GAAP EPS came in at $0.22 and well above the high end of our guidance. This represents an especially strong improvement from $0.07 a year ago.

非 GAAP 每股盈餘（EPS）為 0.22 美元，且明顯高於我們指引區間的上緣。相較一年前的 0.07 美元，這代表特別強勁的改善。

Let me now move on to our balance sheet and cash flow. We ended the quarter with $596 million in cash, cash equivalents and restricted cash. This includes net proceeds of $309 million raised through our Q4 offering of convertible notes. We delivered very strong cash flow from operations of $57.5 million in Q4, up $42.5 million or 280% improvement from the $15.0 million recorded a year ago.

接下來談資產負債表與現金流。我們在季末持有 5.96 億美元的現金、約當現金與受限制現金。其中包含我們在第四季發行可轉換公司債所募集的 3.09 億美元淨收益。我們在第四季繳出非常強勁的營運現金流 5,750 萬美元，較一年前的 1,500 萬美元增加 4,250 萬美元，改善幅度達 280%。

Combined CapEx and capital lease payments were 8% of revenue in Q4. Total CapEx was $1.7 million. And capital lease payments, which we factor into our free cash flow calculation, were $13.9 million. We expect capital lease payments to be lower, both in dollar terms and as a percentage of revenue, versus this past year's payments. We expect CapEx and capital lease payments combined to be roughly 8% of revenue in Q1 and roughly 7% of revenue for the full year of FY '22.

第四季資本支出（CapEx）與資本租賃付款合計占營收 8%。總 CapEx 為 170 萬美元。而資本租賃付款（我們在自由現金流計算中會納入）為 1,390 萬美元。相較於過去一年的付款水準，我們預期資本租賃付款將下降，無論以金額或占營收比重衡量皆然。我們預期第一季 CapEx 與資本租賃付款合計約占營收 8%，而 2022 會計年度全年約占營收 7%。

Finally, we delivered exceptionally strong free cash flow in the fourth quarter of $41.0 million, up meaningfully from essentially breakeven a year ago.

最後，我們在第四季創造了異常強勁的自由現金流 4,100 萬美元，較一年前幾乎打平的水準大幅提升。

Before we turn to our guidance, I want to remind you that as we noted at our most recent Investor Day, we're committed to delivering FY '24 revenue growth in the range of 12% to 16%, with non-GAAP operating margin in the mid-20% range. We're confident in achieving these targets as more of our customers continue to adopt multiple products, resulting in significantly higher contract values, price per seat and net retention. Sales force productivity will continue to improve as customers increasingly adopt these solutions and as we focus our investments in higher-performing regions and segments.

在進入指引之前，我想提醒各位：如同我們在最近一次投資人日所提到的，我們承諾在 2024 會計年度達成 12% 至 16% 的營收成長區間，且非 GAAP 營業利益率達到 20% 中段（mid-20%）水準。隨著更多客戶持續採用多項產品，帶動合約價值、每席位價格與淨留存率顯著提升，我們有信心達成這些目標。隨著客戶愈來愈多採用這些解決方案，以及我們將投資聚焦於表現較佳的地區與細分市場，銷售團隊生產力也將持續改善。

Q4's results demonstrate that the strategy is working with strong Suite sales and big deal metrics and with both RPO and billings growth exceeding our revenue growth. As we continue to drive revenue growth, we will also continue to generate operating leverage across the business, driven primarily by our lower-cost location strategy, continued gross margin improvements, and maintaining a rigorous ROI-based approach to all areas of our spending.

第四季的結果顯示該策略正在奏效：Suite 銷售強勁、大型交易指標亮眼，且 RPO 與帳單（billings）成長皆超過營收成長。當我們持續推動營收成長的同時，也將持續在全公司創造營運槓桿，主要動能來自我們的低成本據點策略、毛利率持續改善，以及在所有支出領域維持嚴謹、以投資報酬率（ROI）為基礎的方法。

With that, let's now turn to our guidance. We're well positioned to stabilize our revenue growth rate in FY '22 and to reaccelerate growth next year. While we remain prudent in our growth expectations, given the macroeconomic environment, we anticipate continued strength in our enterprise business, a recovery in SMB demand, and accelerated growth in our international markets. While we do expect certain COVID-related expenses to partially return over time, we don't expect our spend in these areas to return to pre-COVID levels even after we return to an office-based environment.

接著談指引。我們已做好準備在 2022 會計年度穩定營收成長率，並在明年重新加速成長。考量總體經濟環境，雖然我們對成長預期仍保持審慎，但我們預期企業業務將持續強勁、中小企業（SMB）需求將復甦，且國際市場成長將加速。雖然我們確實預期部分與 COVID 相關的費用會隨時間部分回升，但即使我們回到以辦公室為主的工作環境，我們也不預期這些領域的支出會回到 COVID 前的水準。

For the first quarter of fiscal 2022, we anticipate revenue of $200 million to $201 million, up 9.5% at the high end of this range and an improvement from the revenue growth that we delivered in Q4. We expect our non-GAAP EPS to be in the range of $0.16 to $0.17 and GAAP EPS in the range of negative $0.06 to negative $0.05, on approximately 166 million and 161 million shares, respectively.

就 2022 會計年度第一季而言，我們預期營收為 2.00 億至 2.01 億美元，在此區間上緣年增 9.5%，且較我們在第四季達成的營收成長有所改善。我們預期非 GAAP EPS 為 0.16 至 0.17 美元，GAAP EPS 為負 0.06 至負 0.05 美元，分別以約 1.66 億股與 1.61 億股計算。

For the full fiscal year ending January 31, 2022, we expect our FY '22 revenue to be in the range of $840 million to $848 million, representing 10% year-over-year growth at the high end of this range. We expect our FY '22 non-GAAP EPS to be in the range of $0.76 to $0.81 on approximately 169 million diluted shares. Our GAAP EPS is expected to be in the range of negative $0.25 to negative $0.20 on approximately 164 million shares.

就截至 2022 年 1 月 31 日的全年而言，我們預期 2022 會計年度營收為 8.40 億至 8.48 億美元，在此區間上緣代表年增 10%。我們預期 2022 會計年度非 GAAP EPS 為 0.76 至 0.81 美元，以約 1.69 億股稀釋後股數計算。我們預期 GAAP EPS 為負 0.25 至負 0.20 美元，以約 1.64 億股計算。

For the full year of FY '22, we expect billings growth to be slightly above revenue growth. We do expect variability in our billings growth rate on a quarterly basis, including in Q1 where we expect billings growth to be in the high teens, up from 10% this past quarter. We will provide further color around our upcoming quarter's billing expectations on future earnings calls.

在 2022 會計年度全年，我們預期帳單（billings）成長將略高於營收成長。我們也預期帳單成長率在季度間會有波動，包括第一季我們預期帳單成長將落在十位數百分比的高段（high teens），高於本季的 10%。我們將在未來的財報電話會議中，針對即將到來季度的帳單預期提供更多說明。

As we shared at our most recent Analyst Day, we remain committed to achieving a combined revenue growth rate plus free cash flow margin of 30% this year.

如同我們在最近一次分析師日所分享的，我們仍致力於在今年達成「營收成長率加上自由現金流利潤率」合計 30% 的目標。

In summary, in FY '21 we delivered strong financial results, balancing both growth and profitability, and capped off the year by exceeding our commitment to achieve revenue growth plus free cash flow margin of 25%. We are well positioned to deliver strong revenue and profitability growth as we continue to build on our leadership position in cloud content management.

總結而言，在 2021 會計年度我們交出強勁的財務成果，在成長與獲利之間取得平衡，並以超越我們承諾的「營收成長加上自由現金流利潤率 25%」作為年度收官。隨著我們持續鞏固在雲端內容管理領域的領導地位，我們已具備良好條件，得以實現強勁的營收與獲利成長。

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 the line of Phil Winslow from Wells Fargo.

（接線員指示）第一個問題來自 Wells Fargo 的 Phil Winslow。

Congrats on a strong close to the year. I just wanted to focus in on your Slides 17 and 28. That's the attach of Shield and Relay and Suites, but also the multiproduct contribution, obviously a big step function up in those metrics this year.

恭喜你們在年底有強勁的收官。我想聚焦在你們的第 17 與第 28 張投影片。那是 Shield、Relay 與 Suites 的附加銷售（attach），以及多產品貢獻度；很明顯今年這些指標都有很大的跳升。

When you think about the guidance for this coming year, how do you think about the ability to continue to drive those percentages higher, but also to potentially -- you just acquired net new customers. Because I did notice your comment about growing the sales force, I believe it was double digits. So just kind of help us through the growth algorithm, call it, increasing go-to-market capacity relative to attach of new products?

當你們思考明年的指引時，你們如何看待持續把這些百分比推得更高的能力，同時也可能——你們剛取得了淨新增客戶。因為我確實注意到你們提到要擴增銷售團隊，我記得是雙位數成長。所以請協助我們理解你們的成長算法：也就是提升上市（go-to-market）產能，相對於新產品附加銷售（attach）的關係？

Yes. So I would say that we do feel very confident, given the consistent trajectory we've seen in higher attach rates for our newer products as well as Suites, so all of our Suites offering. Box Relay and Box Shields delivered record attach rates in the fourth quarter, as I think we've now had enough time in the market and have really kind of built our go-to-market initiatives and the way that we communicate our value to customers to be more oriented around these much broader deployments that leverage these capabilities. So we do feel very confident in continuing to evolve and as more and more of our customers adopting these add-on products, and think that certainly, at least kind of stabilizing, if not improving, the attach rates we demonstrated in Q4 is what we'd expect to see in the coming year.

是的。因此我會說，鑑於我們在較新產品以及套件（也就是我們所有的 Suites 產品組合）上所看到的附加採用率（attach rates）持續走高的趨勢，我們確實非常有信心。Box Relay 和 Box Shields 在第四季創下了歷史新高的附加採用率；我認為我們現在在市場上已經有足夠的時間，也確實建立起我們的上市策略（go-to-market initiatives），以及我們向客戶傳達價值的方式，讓它更聚焦於這些能運用上述能力、更廣泛的部署。因此，我們對持續演進非常有信心；隨著越來越多客戶採用這些加購產品，我們認為至少能夠維持（甚至提升）我們在第四季所展現的附加採用率，這會是我們對來年所預期看到的情況。

To kind of frame up what that means from a business model point of view, we now have 59% of our revenue attributable to customers who've adopted at least one of our add-on products versus 52% a year ago. So it's definitely showing up in the overall kind of sophistication of what our typical customer is using Box for.

從商業模式的角度來界定這代表什麼：目前我們有 59% 的營收來自至少採用過一項加購產品的客戶，相較一年前是 52%。因此，這確實反映在整體上我們典型客戶使用 Box 的成熟度（sophistication）正在提升。

And then as it relates to growth going forward, you mentioned on the productivity side. We are expecting to, based on the strong productivity trends that we've been seeing especially over the back half of the year, we do expect to grow our sales force in the low teens, with a continued focus on our higher-performing regions and geographies that have higher sales force productivity. And at the same time, the sales force and the things you've done over the course of this past year have been ramping really nicely. So we also have a greater percentage of our sales force that is fully ramped versus where we were entering this past year. So overall, feel really good about both the underlying product trends as well as the capacity that we have to deliver against our growth targets for next year.

接著談到未來的成長，你提到生產力面向。我們預期，基於我們在今年下半年特別看到的強勁生產力趨勢，我們將以低十位數百分比（low teens）的幅度擴編銷售團隊，並持續聚焦在銷售生產力較高、表現較佳的區域與地理市場。同時，銷售團隊以及你們在過去一年所做的各項措施，爬坡（ramping）進展非常順利。因此，相較於去年年初，我們目前有更高比例的銷售人員已完成爬坡、進入完全產能。整體而言，無論是底層的產品趨勢，或是我們用以達成明年成長目標的產能，我們都感覺非常良好。

Got it, and then just more of a strategic follow-up for Aaron. Over the past, call it, 90 days or so, we've seen a lot of changes on the, call it, the communications side of the content collaboration and communications market with, for example, the announced acquisition Slack by Salesforce. Curious what customers are saying to you, if there's a belief that there's increased, call it or sort of, permanent fragmentation of the communications layer, what that means for, call it, the content layer of that stack and Box's position?

了解。接著是給 Aaron 的策略性追問。過去大約 90 天左右，我們在內容協作與通訊市場的「通訊」面向看到很多變化，例如 Salesforce 宣布收購 Slack。想請教客戶對你們怎麼說？是否有人認為通訊層會出現更高程度、或某種永久性的碎片化？這對該技術堆疊（stack）的內容層意味著什麼，以及 Box 的定位會如何？

Thanks, Phil. Yes, this is exactly what we're seeing where as there are more applications that enterprises are going to be deploying, whether those are communication applications or collaboration applications or business process applications, the more heterogeneity in those tools, the more you need a central, independent, neutral content platform or content cloud to manage the content across all those different ecosystems. And so with Slack pairing up with Salesforce, with obviously the success and growth of Microsoft Teams with other major technologies like ServiceNow and Webex and Zoom and other platforms, these all bolster our position as being that neutral content cloud that can connect to all the different applications that our customers have.

謝謝，Phil。是的，這正是我們所看到的：企業部署的應用程式越多——不論是通訊應用、協作應用或業務流程應用——工具越是異質化，就越需要一個中央、獨立且中立的內容平台或內容雲（content cloud），來管理跨所有不同生態系的內容。因此，Slack 與 Salesforce 結盟，加上 Microsoft Teams 的成功與成長，以及 ServiceNow、Webex、Zoom 等其他主要技術與平台，這些都強化了我們作為中立內容雲的定位，能連結客戶所使用的各種不同應用。

And we're seeing that show up day in and day out in our customer conversations, where we'll go to an enterprise. While there will be a lot of maybe Microsoft in that environment or Google in that environment or Salesforce in that environment, the fact that those customers might have 3 or 5 or 10 other cloud platforms that employees are working from, increases the need for having a central content cloud that connects all those tools.

而且我們每天在與客戶的對話中都看到這點：我們走進一家企業時，環境裡可能有很多 Microsoft、或很多 Google、或很多 Salesforce；但這些客戶同時可能還有 3 個、5 個、甚至 10 個其他雲端平台讓員工在其上工作，這反而更凸顯需要一個能連結所有工具的中央內容雲。

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

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

Kevin here on for Brian. I wanted to ask on Box Shuttle. Can you help us frame how to think about new business leads or seat expansions that you think potentially don't materialize due to complexity or friction surrounding the onboarding process? And how do you see that product playing a role in your funnel of opportunities across the enterprise segment?

我是 Kevin，代 Brian 提問。我想問 Box Shuttle。你們能否協助我們理解：由於上線導入（onboarding）流程的複雜度或摩擦，可能導致哪些新業務線索或席位擴張沒有實現？以及你們如何看待這個產品在企業客群機會漏斗（funnel of opportunities）中所扮演的角色？

Yes. Thanks, Kevin. So I think for the most part, we're not held back on sort of the volume of opportunities that we have due to data migration. Because we have had a strong partner ecosystem that we use for data migration services. However, there is a large number of enterprise environments where we haven't necessarily captured all the use cases that, that customer has. So we might come in, and certain departments will use Box for content management and collaboration, maybe in the sales team or in the supply chain or for client onboarding. But there'll still be legacy SharePoint sites or Documentum environment that, that enterprise has.

是的，謝謝你，Kevin。我認為大多數情況下，我們並不會因為資料遷移而在機會量（volume of opportunities）上受到限制，因為我們有一個強大的合作夥伴生態系，提供資料遷移服務。不過，在許多企業環境中，我們未必已經涵蓋該客戶所有的使用情境（use cases）。因此我們可能先切入，讓某些部門使用 Box 進行內容管理與協作，例如銷售團隊、供應鏈，或客戶上線導入（client onboarding）。但該企業仍可能保有既有的 SharePoint 站台或 Documentum 環境。

And so with the new Box Shuttle, we're going to be able to now take the momentum that we have with existing customers and help them actually migrate more of their data, more of their content into Box, which ultimately is going to lead to either more seats, more API volume, and then ultimately greater stickiness over time. So we see this as another significant lever to help our customers just continue to complete the full migration into having one single content cloud that is modern, secure and drives this new level of productivity. So we think this is going to be very, very important for our continued expansion within our customer base.

因此，透過新的 Box Shuttle，我們將能把既有客戶的動能延伸下去，協助他們把更多資料、更多內容遷移到 Box。最終這會帶來更多席位（seats）、更多 API 使用量，並在時間推移下帶來更高的黏著度（stickiness）。所以我們把這視為另一個重要槓桿，協助客戶持續完成全面遷移，打造單一的內容雲：現代化、安全，並帶來新的生產力水準。我們認為這對於我們在客戶基礎內持續擴張將非常、非常重要。

Got it. That's helpful. And then just a quick follow-up. I know you mentioned the high teens billings expectations for Q1. Just curious if you could talk through some of the drivers that you see driving that acceleration?

了解，這很有幫助。再快速追問一下：我知道你提到第一季帳單（billings）預期是高十位數（high teens）。想請你談談你看到哪些驅動因素促成這樣的加速？

Yes. So the primary driver that relates to the full year commentary around billings coming in slightly ahead, billings growth coming in slightly ahead of revenue growth, is really around a lot of the underlying momentum that we're seeing in the business. As mentioned and as always, we do see some variability quarter-to-quarter just due to things like when certain large deals renew, if we see early renewals as well as payment durations. But overall, nothing unusual going on either in Q1 or throughout the course of the year, and more a function of the strength we expect to see in the quarter as well as some of those dynamics around just the timing of some of the larger renewals.

是的。主要驅動因素，對應到我們對全年帳單的評論——也就是帳單成長會略高於營收成長——其實是我們在業務中看到的許多底層動能。如同先前提到、也一如既往，我們確實會看到季度之間的波動，原因包括某些大型合約何時續約、是否出現提前續約，以及付款期間長短等。但整體而言，不論第一季或全年都沒有任何不尋常的情況；更多是反映我們預期該季度的強勁表現，以及一些與大型續約時點相關的動態。

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

下一個問題來自 Morgan Stanley 的 Josh Baer。

I wanted to ask one on capital allocation, and I guess M&A and free cash flow in there too. But basically you've operated with $200 million, give or take, in cash on the balance sheet for at least 4 years. And now that's inflecting, and you're generating hundreds of millions in free cash flow.

我想問一個關於資本配置（capital allocation）的问题，也包含併購（M&A）與自由現金流（free cash flow）。基本上，你們資產負債表上的現金在至少 4 年來大約維持在 2 億美元上下。現在情況出現拐點（inflecting），你們正在產生數億美元的自由現金流。

So I was hoping you could review your capital allocation strategy. Obviously, we've seen recent M&A in e-signature solution. But just wanted your updated thinking around potential for more M&A or anything else to consider around capital allocation.

所以我希望你們能回顧一下資本配置策略。顯然我們看到你們近期在電子簽章（e-signature）解決方案方面有併購。但我想了解你們對於可能進一步併購，或其他資本配置考量的最新想法。

Sure. So going back to the convertible debt offering, we executed that as we saw it in a very opportunistic time to bolster our balance sheet through that offering, given the market environment and terms. So we're able to achieve a combination of a 0% coupon rate with no covenants. It's a flexible way to fund our future needs at a relatively low cost.

當然。回到可轉換公司債（convertible debt）發行，我們之所以執行，是因為在當時的市場環境與條款下，我們認為那是一個非常具機會性的時點，透過該次發行來強化資產負債表。因此我們得以達成 0% 票息（coupon rate）且無契約限制條款（no covenants）的組合。這是一種相當彈性的方式，以相對低成本為我們未來需求提供資金。

As mentioned, we are seeing a number of attractive tuck-in M&A opportunities to deliver more value to our customers by accelerating the innovation in our product road map. And the acquisition of SignRequest is a great example of that, which will become the foundation for a Box Sign launch this summer.

如同提到的，我們看到不少具吸引力的補強型（tuck-in）併購機會，可透過加速我們產品路線圖（product road map）的創新，為客戶帶來更多價值。收購 SignRequest 就是一個很好的例子，它將成為我們今年夏天推出 Box Sign 的基礎。

And anything we do acquire will have to be a logical fit with the business that doesn't disrupt our targets for revenue growth or operating margin expansion. And more broadly, we really look at using our capital to continue to fuel growth and capture even more of the market opportunity in front of us. And we look at our capital allocation strategy through the lens of what will deliver the most value to our shareholders.

而我們任何收購都必須在邏輯上與業務高度契合，且不會干擾我們對營收成長或營業利益率擴張（operating margin expansion）的目標。更廣泛來說，我們看待資本運用，是為了持續驅動成長，並掌握眼前更大的市場機會。我們也會以能為股東帶來最大價值的角度來檢視資本配置策略。

So there are certain things that we evaluate. Like a stock repurchase program is certainly one of the actions that we regularly look at as part of this. But more, I would say, just the overall orientation is around going after the market opportunity and delivering shareholder value.

因此，我們會評估一些選項，例如股票回購計畫（stock repurchase program）確實是我們經常納入考量的行動之一。但我會說，更核心的取向仍是把握市場機會並創造股東價值。

Great. That's helpful. And if I could just ask, you mentioned a couple of times around SMB stabilization, maybe improvement looking ahead. If you could just go a level deeper, like what are you seeing in the SMB customer base? Is this -- should we expect more new customers? Is this an improvement in spend from existing customers?

很好，這很有幫助。如果我可以再問一下：你提到幾次 SMB（中小企業）趨於穩定，甚至展望未來可能改善。能否再深入一層說明，你在 SMB 客戶基礎中看到了什麼？這是否意味著我們應該預期更多新客戶？還是既有客戶支出（spend）的提升？

Sure. So what we saw in our SMB business in the middle part of the year post-COVID, we did see a decrease in the demand levels and the bookings performance in that middle part of the year. Q2 was really the low points. We saw the beginnings of recovery and pipeline building in Q3. And then that resulted in a strong Q4 performance, with the bookings in our SMB business up about 15% year-on-year.

當然。就我們在年中、COVID 之後的 SMB 業務而言，我們確實看到年中那段期間需求水準與訂單表現有所下降。Q2 真的是低點。我們在 Q3 看到復甦與管線建立的開始。接著帶動了強勁的 Q4 表現，我們 SMB 業務的訂單年增約 15%。

And those trends that we saw in Q4 have really continued, and there isn't really anything different about the mix shift of new customers versus customer expansion. We've seen both of those components really bounce back to really kind of healthy levels and a very different type of volume of demand versus what we saw in the middle part of the year.

而我們在 Q4 看到的那些趨勢確實延續至今，新客與客戶擴張之間的組合轉移並沒有什麼不同。我們看到這兩個面向都明顯反彈，回到相當健康的水準，需求量也與年中時看到的情況非常不同。

Our next question comes from the line of Ittai Kidron from Oppenheimer.

下一題來自 Oppenheimer 的 Ittai Kidron。

Nice quarter, guys. Aaron, maybe you can talk about when you look at your fiscal '22, the growth that you've guided for, for fiscal '22 is pretty much on par as fiscal '21. I'm kind of wondering, if you're exiting the year on such good strong momentum, and it looks like you're going back to hiring quite nicely on the quota base, why shouldn't we see a better performance there?

各位這一季表現不錯。Aaron，也許你可以談談，當你看你們 2022 會計年度時，你們對 2022 會計年度所給的成長指引，基本上與 2021 會計年度相當。我有點想知道，如果你們在年底帶著這麼強的動能收官，而且看起來你們也在配額人力（quota base）上相當積極地恢復招募，為什麼我們不應該看到更好的表現？

And then also maybe you could talk -- Aaron or Dylan, maybe you can talk about the RPO. You talked about 17% year-over-year. Is there a way you can give us the growth rate duration adjusted, what that would have been?

另外也許你可以談談——Aaron 或 Dylan，也許你們可以談談 RPO。你們提到年增 17%。能否用期間調整後的成長率來提供一下，那會是多少？

Yes. Thanks, Ittai, so great question. Obviously, we are focused on driving a strong balance between growth and profitability going forward. And we've guided to or provided targets for that long-term growth rate of 12% to 16% by FY '24.

是的，謝謝你，Ittai，這是個很好的問題。顯然，我們接下來會專注於在成長與獲利之間取得強健的平衡。我們也已經指引或提供了到 2024 會計年度的長期成長率目標為 12% 到 16%。

And I think as we looked at last year, we did see some impact on our professional services business. This is really our consulting offering, where we help customers with deployments and expansion and because a lot of our bookings are coming from existing customers driving seat expansion or add-on product expansion. There was, in some cases, less need for that professional services.

我想回顧去年時，我們確實看到專業服務業務受到一些影響。這主要是我們的顧問服務，協助客戶部署與擴張；而由於我們許多訂單來自既有客戶推動席位擴張或加購產品擴張，在某些情況下，對這類專業服務的需求就比較少。

And so some of that flows through in terms of recognizable revenue in professional services coming into FY '22. And then we also saw obviously between the SMB business that Dylan just talked about in some of our segments, you saw some impact to that, which obviously was an impact in FY '22, but -- FY '21, but flows into FY '22. So we have -- we still have some of that impact flowing into the FY '22 numbers.

因此，這會反映在 2022 會計年度可認列的專業服務營收上。另外，Dylan 剛提到的 SMB 業務在我們某些區隔也受到一些影響，這顯然在 2021 會計年度造成影響，但也延續到 2022 會計年度。所以我們仍有部分影響會延續到 2022 會計年度的數字中。

However, as you just called out, with the momentum we're seeing in Q4, the fact that we're seeing really, really healthy expansion of Suites, Box Shield now in nearly 60% of our $100,000-plus deals; really, really healthy adoption rates of those products right now. We do believe that there's a lot momentum that we're going to be able to capture, which is why we want to make sure that we're, again, driving that balance of growth and profitability going forward.

不過，正如你剛指出的，隨著我們在 Q4 看到的動能，以及我們看到 Suites 的擴張非常健康、Box Shield 現在在接近 60% 的 10 萬美元以上交易中出現；這些產品目前的採用率也非常、非常健康。我們確實相信我們能夠掌握大量動能，這也是為什麼我們要確保在未來持續推動成長與獲利的平衡。

And then certainly, when you layer on things like Box Sign, where it's the #1 kind of new most requested product from our customers, we see a lot of momentum possible throughout this year. So we want to be prudent on our guidance and make sure that we're continuing to drive that balance in growth and profitability, but we're excited to see and keep executing through this year.

此外，當你再把 Box Sign 這類因素納入考量——它是我們客戶最常提出、排名第一的新產品需求——我們看到今年全年都有很大的動能潛力。因此我們希望在指引上保持審慎，並確保持續推動成長與獲利的平衡，但我們也很期待在今年持續執行並看到成果。

And to answer the question about the RPO dynamics, so as mentioned, we have seen a lengthening in contract durations because of just the volume of longer-term strategic deals that we're signing with our customers. And so now the average contract duration across our business is up and now about 19 months versus about 18 months a year ago. So the impacts, that's more on the backlog component of RPO. And the total impact to RPO because of that dynamic, specifically, is in the low single-digit range in terms of the percentage impact to the 17% RPO growth.

至於 RPO 動態的問題，如先前所提，我們看到合約期間拉長，原因在於我們與客戶簽下的長期策略性交易量增加。因此，目前我們全公司平均合約期間上升到約 19 個月，而一年前約為 18 個月。所以影響主要在 RPO 的待履約（backlog）部分。就這個動態而言，對 RPO 的總影響（以對 17% RPO 成長的百分比影響來看）大約落在低個位數的範圍。

Great. That's great. Aaron, maybe just as a follow-up, in your prepared remarks, you talked about how you see a 7x potential of upselling within your existing base. And then you've talked about hiring quota-based individuals and targeting new regions, customer success segment.

很好，這很棒。Aaron，或許追問一下，你在事先準備的談話中提到，你看到在既有客戶基礎內有 7 倍的加售（upsell）潛力。你也談到招募配額制人員並鎖定新區域、客戶成功（customer success）區隔。

It feels like -- would it be fair to say that, as you look at fiscal '22, you're taking perhaps a little bit more of balanced approach between going after new business versus expansion versus past year which was very expansion focused?

感覺上——這樣說是否公平：當你看 2022 會計年度時，你們可能在開拓新業務與既有客戶擴張之間採取更平衡的做法，相較於去年更偏重擴張？

I think, certainly, incrementally with our current product portfolio, and some of the updates with things like Box Sign. I think incrementally we are continuing to drive more differentiation and improvement on being able to attract new logos onto the platform. But equally with that 7x seat opportunity and with the product portfolio we have, we do want to make sure that we go and support all of our existing customers and expand them as much as possible.

我認為，確實，隨著我們目前的產品組合，以及像 Box Sign 這類更新，我們在吸引新客戶（new logos）上，確實逐步持續推動更多差異化與改善。但同樣地，考量到那 7 倍的席位機會以及我們現有的產品組合，我們也希望確保能夠支持所有既有客戶，並盡可能擴張他們的使用。

And so some of the go-to-market areas that we want to continue to support, those will even go into making sure that we can drive growth within the current installed base. So some of those investments will help us go deeper within today's installed base, not just go out and expand the new logos.

因此，我們希望持續支持的一些 go-to-market 領域，也會用來確保我們能在目前的已安裝基礎（installed base）內推動成長。所以其中一些投資將幫助我們在今天的 installed base 內做得更深，而不只是向外擴張新客戶。

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

下一題來自 KeyBanc Capital Markets 的 Steve Enders。

I just wanted to check, it sounded like you had a pretty solid performance in new customer bookings in the quarter. Just wanted to get a sense of how you're thinking about that strong performance there and, I guess, kind of expectations going forward when it comes to new customers onboarding?

我只是想確認一下，聽起來你們本季在新客戶訂單方面表現相當扎實。我想了解你們如何看待這項強勁表現，以及我想——未來在新客戶導入（onboarding）方面的預期是什麼？

Sure. So very pleased with the performance there. And I think it really comes down to a couple of drivers, the first of which is just as it relates to the overall improvement that I mentioned earlier on -- in the SMB business. While the ratio of new customer versus customer expansion wasn't too different from what we typically see, we do see a stronger mix and a greater contribution from net new customers in that part of the business, versus the enterprise, which is a little bit more concentrated in customer expansion.

當然。我們對這方面的表現非常滿意。我認為主要來自幾個驅動因素，第一個是我先前提到的——SMB 業務整體改善。雖然新客戶與客戶擴張的比例與我們通常看到的差異不大，但在那一塊業務中，我們確實看到新客戶的組合更強、淨新增客戶的貢獻更高；相較之下，企業端（enterprise）則更集中在客戶擴張。

And so as the SMB performance really continued, that was part of the reason that we saw such strong net new customer bookings growth. And then the other driver is a really strong quarter and outcome for our Japan business, signing up some pretty key new customers on the Box. So those are the 2 biggest kind of components that drove the net new customer growth.

因此，隨著 SMB 表現持續改善，這也是我們看到淨新增客戶訂單成長如此強勁的部分原因。另一個驅動因素是我們日本業務本季表現與成果非常強，成功讓一些相當關鍵的新客戶採用 Box。所以，這兩個是推動淨新增客戶成長的最大組成因素。

Okay, great. And then on -- you talked a little bit about kind of the new Box Sign product that you're rolling out. And I'm just kind of wondering how you're thinking about kind of the evolving strategy going forward with the Box Content Cloud. And what are kind of the incremental opportunities that, that strategy could open up for you?

好的，很好。接著——你們稍微談到正在推出的新 Box Sign 產品。我想請教你們如何看待 Box Content Cloud 未來策略的演進，以及這個策略可能為你們開啟哪些增量機會？

Yes, thanks. So the way that we've been driving our multiyear strategy, and we laid this out many years ago as we went to go and drive the cloud content management market and category broadly, was really being able to power the complete workflow or life cycle of content within a single multi-tenant cloud platform. And that's in the journey that we've been on as a platform now for well over a decade. And as we look at that life cycle for where content travels through business processes, it needs to be secured and classified, and then ultimately governed.

是的，謝謝。就我們推動多年策略的方式而言——我們在多年前就已經提出，當時我們要推動雲端內容管理市場與類別的廣泛發展——核心是能夠在單一的多租戶雲端平台上，支援內容完整的工作流程或生命週期。這也是我們作為平台走了十多年之久的旅程。當我們看內容在商業流程中流轉的生命週期時，它需要被保護與分類，並最終被治理（governed）。

Certainly over the past year, we've seen all new use cases that have increased in importance. So massive increase in digital transactions around content, so whether that's a contract management workflow or employee or compliance workflow. We know that e-signatures have really just propelled in growth in every large -- any enterprise around the world.

當然，在過去一年，我們看到一些全新的使用情境，其重要性大幅提升。例如圍繞內容的數位交易大幅增加，不論是合約管理工作流程、員工流程或法遵流程。我們知道電子簽章在全球各大型——任何企業中都已在成長上大幅加速。

And so we recognized that, okay, we really had to accelerate having e-signature capabilities natively built into the platform and really provide it to the market in a very disruptive compelling way. So that was -- obviously drove our acceleration into the e-signature market.

因此我們意識到，好，我們必須加速把電子簽章能力原生建置到平台中，並以非常具顛覆性、具吸引力的方式提供給市場。所以這——顯然也驅動了我們加速切入電子簽章市場。

Conversely, well we see all new use cases around being able to do new content workflows around content publishing, things like digital asset management and contract collaboration and sales enablement. So there's all new use cases that help us go deeper in every key vertical and line of business from a content management standpoint that we're very excited to be releasing throughout the year. So we want to power that complete life cycle of content in a single cloud platform, and that's what we are driving with our content cloud vision. And you'll see continued organic innovation on that front, and then of course when appropriate, areas where we can accelerate that innovation with what we did with the SignRequest tuck-in. So that's how we're going to be driving growth going forward.

相對地，我們也看到圍繞內容發佈的新內容工作流程等全新使用情境，例如數位資產管理、合約協作與銷售賦能（sales enablement）。因此，從內容管理的角度來看，這些全新使用情境能幫助我們在每個關鍵垂直產業與各業務線更深入，我們也非常期待在今年陸續推出。我們希望在單一雲端平台上支援內容完整的生命週期，這就是我們以內容雲（content cloud）願景所推動的方向。你將會看到我們在這方面持續的有機創新；當然，在適當時機，我們也會像透過 SignRequest 這類補強式併購（tuck-in）一樣，在可加速創新的領域採取行動。這就是我們未來推動成長的方式。

Your next question comes from the line of Rishi Jaluria from D.A. Davidson.

您的下一個問題來自 D.A. Davidson 的 Rishi Jaluria。

This is Phil Rigby on for Rishi Jaluria. I wanted to get a bit more color on the customer wins you highlighted, like the Japanese manufacturer and the biopharma. Anything you can tell us about what drove the displacements or wins there? I appreciate the commentary about the broad integrations, but just interested to hear any incremental thoughts on those.

我是代替 Rishi Jaluria 的 Phil Rigby。我想更深入了解一下您提到的客戶勝利，例如那家日本製造商以及生物製藥客戶。您能否分享是什麼因素促成了那裡的替換或勝出？我很感謝您對廣泛整合的評論，但也想聽聽是否還有任何額外的看法。

Yes, thanks. So we are, I think as we highlighted certainly in the past couple of analyst earnings calls, at the start of the year, maybe the first half of the year, we had a pretty robust set of conversations around just kind of secure remote work within our customer base. So companies calling us saying, "We need more licenses of Box because we have to enable work from anywhere," which was obviously great momentum we saw. Of course, there were equal headwinds in some parts of the segments that we serve, especially SMB and other parts of the business.

是的，謝謝。所以我們——我想正如我們在過去幾次分析師財報電話會議中所強調的——在年初，可能是上半年，我們在客戶群中就「安全的遠端工作」展開了相當大量的對話。也就是公司打電話給我們說：「我們需要更多 Box 授權，因為我們必須讓員工能在任何地方工作。」這顯然帶來了我們看到的很好的動能。當然，在我們所服務的某些細分市場也同時存在逆風，特別是 SMB 以及業務的其他部分。

As we came into the second half, we really kind of -- we saw a very noticeable shift in the kinds of conversations we were having with customers where it was no longer just around remote work enablement, but really around long-term digital transformation initiatives. So in the case of various customers in life sciences, really starting to think about revamping all operations around clinical drug trials and working with the FDA and collaborating with CRO partners or global manufacturers and CPG companies that need to be able to securely collaborate all around the globe with all of their partners.

進入下半年後，我們確實看到與客戶對話的類型出現非常明顯的轉變：不再只是圍繞遠端工作啟用，而是更聚焦於長期的數位轉型計畫。以生命科學領域的各類客戶為例，他們開始思考如何重塑所有與臨床藥物試驗相關的營運、如何與 FDA 合作，以及如何與 CRO 夥伴協作；或是全球製造商與 CPG 公司需要能夠在全球範圍內與所有合作夥伴進行安全協作。

And in all of these cases, there is a very consistent trend of the need for an extreme amount of data security, so that's where Box Shield comes in; the ability to have a single platform for the content workflows and collaboration, that's where obviously our core platform and Relay come into play; and then being able to have integrations with all of their IT stack, whether that's Microsoft Teams or Slack or Zoom or other major tools like Webex that they're using.

而在所有這些案例中，都有一個非常一致的趨勢：需要極高程度的資料安全性，這就是 Box Shield 發揮作用的地方；需要一個單一平台來支援內容工作流程與協作，這當然是我們的核心平台與 Relay 發揮作用的地方；以及需要能與他們整個 IT 技術堆疊整合，無論是 Microsoft Teams、Slack、Zoom，或他們正在使用的其他主要工具，例如 Webex。

And so when we bring in that full value proposition of data security, collaboration and workflow and an open platform, that's really what led to the acceleration of a large number of deals in Q4, including the ones that you highlighted. But frankly, I think these are trends that we're seeing across every segment, every industry and all around the world right now.

因此，當我們帶來資料安全、協作與工作流程，以及開放平台的完整價值主張時，這正是促成第四季大量交易加速推進的原因，其中也包括您提到的那些。不過坦白說，我認為這些趨勢目前正跨越每個細分市場、每個產業，並在全球各地同時發生。

Very helpful. Congrats on the quarter.

非常有幫助。恭喜本季表現。

Your next question comes from the line of Mark Murphy from JPMorgan.

您的下一個問題來自 JPMorgan 的 Mark Murphy。

Dylan, I think you alluded to this, but I'm just wondering to what extent you'll expect to see a structurally different cost structure on the real estate side and then the T&E expense profile post pandemic? In other words, just interested in how you're envisioning your own company's workforce location and then the trended business travel for this year and maybe into next year also.

Dylan，我想您有提到一些，但我想了解的是：在疫情之後，您預期在不動產方面以及差旅與招待（T&E）費用結構上，會在多大程度上出現結構性的不同？換句話說，我想知道您如何看待貴公司員工的工作地點安排，以及今年、甚至到明年，商務旅行的趨勢會如何發展。

Yes. So we'd say that certainly for the coming year, the current year based on the timing of when we expect to return to offices and just some of the other dynamics of COVID kind of gradually abating, we expect to stay at the kind of levels we've seen over the last few quarters for the first half of the year. Going forward once we do return to an office-based environment, as mentioned, we do expect some of these expenses to return. But I think based on some of the success in ways that we've been able to move certain types of conversations, demand generation, things we might have needed to travel for, has customer-based events for online, even steady state, we do expect that to be more efficient. So that, combined with the overall shift that we've talked about in location strategy, is really what's driving a lot of that kind of continued benefits -- those continued benefits and our ability to remain at pre-COVID levels versus anything dramatically different from a structural standpoint.

是的。我們會說，至少在接下來這一年、也就是本年度，基於我們預期返回辦公室的時間點，以及 COVID 逐步緩解的一些其他動態，我們預期在上半年會維持在過去幾個季度所看到的那種水準。往後，一旦我們回到以辦公室為主的環境，如前所述，我們確實預期其中一些費用會回升。但我認為，基於我們在某些方面的成功——例如把某些類型的對話、需求生成，以及過去可能需要出差才能進行的事情，或是以客戶為主的活動——轉到線上，即使在常態化之後，我們也預期會更有效率。因此，這再加上我們所談到的整體地點策略轉變，正是推動許多這類持續效益的原因——也就是這些持續效益，以及我們能夠維持在疫情前水準的能力，而不是在結構面上出現任何戲劇性的不同。

Okay. Understood. The other question I have here is I think in the past, you've had relatively little FX impact. But just given some of the recent volatility in rates, can you just clarify if -- was there any material FX impact one way or the other on revenue or deferred revenue in fiscal Q4? Or are those all the same numbers in constant currency terms?

好的，了解。我另外一個問題是：我想過去你們受到外匯（FX）影響相對不大。但考量近期匯率波動，能否說明一下——在第四財季，外匯對營收或遞延營收是否有任何重大影響（不論正負）？或者以固定匯率（constant currency）來看，這些數字其實都一樣？

And while I'm at it, I guess I'd ask the same. The short-term RPO, I think that grew 10%. And is that the kind of -- are those all kind of the same numbers in constant currency?

另外我也想問同樣的問題：短期 RPO 我記得成長了 10%。那以固定匯率來看，這些數字也都差不多嗎？

They are very similar. So as it relates to the Q4 outcome, there was an impact, a tailwind on billings and deferred revenue of kind of low single-digit millions, and then really an immaterial impact on revenue and expenses. And so those are very close in terms of the overall growth rates on the billings side, about a less than 1% impact, and even less pronounced when you look at items like deferred revenue or RPO. And all of those are related to the same dynamics that you mentioned.

非常接近。就第四季結果而言，外匯對帳單金額（billings）與遞延營收帶來了低個位數百萬美元等級的正面影響（順風），而對營收與費用的影響則基本不具重大性。因此，就帳單金額端的整體成長率而言，影響非常小，大約不到 1%；而當你看遞延營收或 RPO 等項目時，影響就更不明顯。這些都與您提到的相同動態有關。

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

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

So just on the billings commentary for the current quarter, I think you spoke about high teens. I mean I don't want to hold you to anything, but just looking forward from the current quarter -- including the current quarter, you really have pretty favorable comps on the billings side for this entire year. Is there anything or puts and takes, mainly puts, I guess, that would decelerate that billings growth rate in the last 3 quarters of the year?

關於本季的帳單金額（billings）評論，我想你提到的是高十幾%的成長。我不想把你們綁死在任何數字上，但如果從本季往後看——包含本季在內——你們今年整年在帳單金額端的比較基期其實相當有利。那麼，在今年最後三個季度，有沒有任何因素或正負面因素（主要是負面因素我猜）會讓帳單金額的成長率放緩？

No, there really isn't anything unusual that we'd anticipate. I mean, again, I feel really confident in the kind of commentary around FY '22 for that billings growth to exceed our revenue growth. And again, from quarter to quarter, we do see our billings outcome occasionally impacted by the timing of large customer renewals and things like that. But nothing unusual that would be creating the sort of strange compares for the coming year. We expect the underlying drivers to remain pretty consistent to what we saw in FY '21. And so really, the higher performance is more driven by the underlying business momentum that we expect to see.

沒有，我們並不預期會有任何不尋常的事情。我的意思是，再次強調，我對 FY '22 的評論非常有信心：帳單金額成長將會高於我們的營收成長。同樣地，從季度到季度，我們的帳單金額結果偶爾會受到大型客戶續約時點等因素影響。但對於接下來一年，不會有任何不尋常的情況造成那種奇怪的比較基期。我們預期基本驅動因素會與 FY '21 所看到的相當一致。因此，較高的表現更多是由我們預期將看到的基本業務動能所驅動。

Okay. And then just trying to, at least big picture-wise, put the pieces together on the guide for the year of about 10% growth, which is kind of similar growth to what you saw this past year. You guys talked about a $55 billion TAM. You talked about being a pretty significant player in digital transformation and cloud acceleration. You're still a sub-billion-dollar revenue company.

好的。接著我想從大方向把你們全年約 10% 成長的指引拼湊起來看，這大致上與你們去年看到的成長相近。你們提到 550 億美元的 TAM，也提到你們在數位轉型與雲端加速方面是相當重要的參與者。而你們的營收仍不到 10 億美元。

The software plays on these kind of secular trends that are very robust right now from a spend standpoint aren't growing at 10%, I guess, to put it bluntly. And even your target growth rate of 12% to 14%, if you took the midpoint, you'd argue that's fairly low.

坦白說，現在在支出面上受這些非常強勁的長期結構性趨勢（secular trends）帶動的軟體公司，成長並不是只有 10%。甚至你們的目標成長率 12% 到 14%，如果取中位數，也可以說相對偏低。

So it's -- I love the color on the attach rates and Box Shield and Suites and Relay and so forth. I mean they're all up and to the right, but our net expansion continues to decline. And even if you expected a couple more points on net expansion, it still seems that something's -- I'm missing something or maybe there's something kind of in the go to market that's not quite clicking yet. Can you provide any color there?

所以——我很喜歡你們對附加率（attach rates）以及 Box Shield、Suites、Relay 等的補充說明。它們都在上升、趨勢向右上，但我們的淨擴張率（net expansion）仍在下滑。即使你預期淨擴張率再多幾個百分點，仍然感覺好像有什麼——我漏掉了什麼，或者也許在 go-to-market 上還有某些地方尚未完全到位。你能否提供一些看法？

Yes. So first of all, I mean certainly a great question. I think if you look at the broader market in content management and document management and collaboration and data security around content, I think our growth rate would certainly be the highest, if not one of the highest growth rates of the category. And so it's a very large TAM, but certainly one that has to be migrated from on-premises systems and legacy systems into the cloud. So that's certainly a relevant nuance, which is we are really going out and disrupting the broader market; and by doing so, certainly driving one of the highest growth rates, again if not the largest growth rate, from an enterprise platform standpoint in this segment.

是的。首先，這確實是個很好的問題。我認為如果你看更廣泛的內容管理、文件管理、協作，以及圍繞內容的資料安全市場，我們的成長率肯定會是該類別中最高的，或至少是最高之一。因此，這是一個非常大的 TAM，但也確實需要從地端（on-premises）系統與傳統（legacy）系統遷移到雲端。這是一個重要的細節：我們實際上是在顛覆更廣泛的市場；而透過這樣做，我們確實推動了這個細分領域中，從企業平台角度來看最高的成長率之一——甚至可能是最高。

So I would just kind of factor that into as you think about this. It's very different from a kind of a net new market that many other cloud players or SaaS platforms are going after, where those markets are going from a smaller base because of the influx of just more of the cloud and SaaS adoption.

所以當你思考這件事時，我會把這點納入考量。這與許多其他雲端業者或 SaaS 平台所追逐的那種「全新市場」非常不同；那些市場是因為雲端與 SaaS 採用的湧入，從較小的基礎開始成長。

And then, obviously, we are working aggressively to make sure that we continue to expand our product portfolio to drive these higher growth rates. We want to be prudent in our long-term model, and not get ahead of ourselves, and kind of provide targets that get too far ahead of where we're growing today. But we also want to be ambitious and make sure that we're expanding our product portfolio and really helping our customers have that single content cloud to manage the full life cycle of their content.

然後，顯然地，我們正積極推進，確保持續擴展我們的產品組合，以帶動更高的成長率。我們希望在長期模型上保持審慎，不要操之過急，也不要提出超前於我們當前成長狀況太多的目標。但我們同時也希望具備企圖心，確保我們正在擴展產品組合，並真正協助客戶擁有一個單一的內容雲，以管理其內容的完整生命週期。

And that's, I think, what drives that kind of 12% to 16% growth number in the next couple of years. And we'll certainly keep the market up-to-date as we drive further growth on that front and see the results show up, but ultimately, clearly want to be prudent at this stage.

我認為這就是未來幾年約 12% 到 16% 成長數字的驅動因素。我們當然會在推動這方面進一步成長、並看到成果反映出來時，持續向市場更新；但歸根結底，在這個階段我們顯然希望保持審慎。

Yes. And then as it relates to FY '22 to build on that, as Aaron said, we do remain prudent as we expect to see some COVID-related headwinds in this -- continuing this year, for example, continued pressure on our professional services business and revenue. And then as the growth really reflects the prior 12 months of business performance, as momentum that we're seeing in our business flow through to revenue, we do expect to see a slight upward trends over time at the end of this year in Q4 at a higher growth rate than our Q1 guidance calls for. And then, as Aaron mentioned, based on the strong foundation that we've been building over the past years, the momentum we're seeing currently, we remain confident in the long-term targets that we laid out at our most recent Investor Day.

是的。接著談到 2022 財年（FY '22），在此基礎上延伸，如 Aaron 所說，我們仍然保持審慎，因為我們預期今年仍會看到一些與 COVID 相關的逆風持續存在，例如我們的專業服務業務與營收仍將承受持續壓力。另外，由於成長實際上反映的是前 12 個月的業務表現，隨著我們在業務端看到的動能逐步轉化為營收，我們確實預期到今年底，尤其在第四季（Q4），成長率會隨時間呈現些微上行趨勢，並高於我們對第一季（Q1）指引所暗示的成長率。再者，如 Aaron 提到的，基於我們過去幾年所建立的堅實基礎，以及目前看到的動能，我們仍對在最近一次投資人日所提出的長期目標充滿信心。

Your next question comes from the line of Brett Knoblauch from Berenberg Capital Markets.

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

Congrats on the quarter. Just maybe a couple on the headcount increases. I guess, first, what was the quota-carrying growth this year? And will the new hires be focused on existing expansion or kind of new customer acquisition?

恭喜本季表現。我想問幾個關於人員編制增加的問題。首先，今年配額承擔人員（quota-carrying）的成長是多少？另外，新聘人員會更聚焦於既有客戶擴張，還是偏向新客戶開發？

So -- sorry, the second part of the question was if the AEs or hires will be focused on customer expansion versus new logos?

所以——抱歉，問題的第二部分是：這些 AE 或新聘人員會聚焦於客戶擴張，還是新標誌客戶（new logos）？

Correct.

沒錯。

Okay. So to speak to the trends, the size of our sales force was down slightly over -- by -- over the course of this past year as we really looked to focus our investments and resource into the regions that we're performing better, where we did continue to grow sales headcount there. And then going forward if you think about that low teens growth that we mentioned that we expect to see, it really is focused on a combination of new logos and customer expansion. Pretty consistent with the ratios that we've been seeing in the business, particularly because as mentioned, we are going to be continuing to focus on segments and geographies where we see higher levels of performance. And those tend to have more mature customer bases and expansion opportunities.

好的。就趨勢而言，過去一年我們的銷售團隊規模在整體上略有下降，因為我們確實在檢視並將投資與資源更聚焦到表現較佳的區域；而在那些區域，我們仍持續增加銷售人力。展望未來，若您回想我們提到預期會看到的「低十位數」成長，這其實是同時聚焦於新客戶（new logos）與既有客戶擴張的組合。這與我們在業務中看到的比例相當一致，特別是因為如前所述，我們將持續聚焦在我們看到更高績效水準的細分市場與地理區域，而這些通常擁有更成熟的客戶基礎與擴張機會。

But the reps we'll be hiring in those regions are -- we'll be hiring in those regions, certainly, are going after pretty significant new customer acquisition opportunities as well. I mentioned Japan as a highlight, and that was the exact dynamic that we saw in Q4. But our sellers typically, just for context, have a combination of prospects and existing customers in each of their individual territories versus an explicit or pure hunter versus farmer model.

但我們在那些區域所聘用的業務代表——我們確實會在那些區域招募——同時也會鎖定相當可觀的新客戶開發機會。我提到日本作為亮點，而這正是我們在第四季（Q4）看到的動態。不過，為了提供一些背景，我們的銷售人員通常在各自的區域中同時負責潛在客戶與既有客戶，而不是明確或純粹的獵人（hunter）對農夫（farmer）模式。

Perfect. And then maybe just one on SignRequest. I guess can you disclose anything there from maybe deal terms to revenue contribution to billings as well? I guess you guided for billings growth to exceed revenue growth this year. Does SignRequest have a big factor to play in that?

很好。接著想問一下 SignRequest。你們能否披露一些資訊，例如交易條款、對營收的貢獻、以及對帳單金額（billings）的影響？你們指引今年帳單成長將超過營收成長。SignRequest 在其中會扮演很大的因素嗎？

No. So in terms of the total purchase price of SignRequest was $55 million. And then in terms of the contribution, we expect that to be immaterial to revenue and not to impact our bottom line commitments either.

不會。就 SignRequest 的總收購價格而言是 5,500 萬美元。至於貢獻方面，我們預期其對營收的影響不具重大性（immaterial），也不會影響我們對損益底線（bottom line）的承諾。

To get a sense of scale, there will be a little more than 20 SignRequest employees joining the Box team. And the strategy is really to leverage this technology and team as the foundation of our Box Sign offering, and that we're really excited about. As Aaron mentioned, that's the single biggest request that our customers have had in terms of a new feature. And so really, the reason we did this was in order to kind of fuel and build out those efforts as they'll show up as part of Box Sign in the future and really add to the functionality and differentiation of our Suites offerings as well. But the actual financial impact of the SignRequest business is immaterial.

從規模來看，將有略多於 20 位 SignRequest 員工加入 Box 團隊。我們的策略是把這項技術與團隊作為 Box Sign 產品的基礎，這點讓我們非常振奮。如 Aaron 所提到，這是客戶在新功能方面提出的單一最大需求。因此，我們進行這項收購的原因，是為了推動並建構這些工作，未來它們將以 Box Sign 的一部分呈現，並進一步提升我們 Suites 產品的功能性與差異化。不過，SignRequest 業務本身的實際財務影響並不具重大性。

And then you guys also have kind of like API integrated with DocuSign. So is this maybe a form of coopetition that you're going with? Or how will DocuSign and Box customers, I guess, choose between if they want to use Box Sign or DocuSign?

另外，你們也有透過 API 與 DocuSign 整合。所以這是否是一種你們採取的「競合」（coopetition）形式？或者 DocuSign 與 Box 的客戶要如何在想使用 Box Sign 或 DocuSign 時做選擇？

Yes. So we obviously are a very open and partner-centric platform. So we remain committed to our partnerships with DocuSign, with Adobe Sign and other players in the market. And any customer that chooses to use any other technology will be able to do so in a very seamless way, where there'll be no shortage of functionality or features that we would provide by our APIs to those partners. And in fact, we continue to make those integrations even more visible and available to our customers.

是的。我們顯然是一個非常開放、以合作夥伴為核心的平台。因此，我們仍致力於與 DocuSign、Adobe Sign 以及市場上其他業者的合作。任何選擇使用其他技術的客戶，都能以非常無縫的方式做到；我們透過 API 提供給這些合作夥伴的功能與特性不會有所不足。事實上，我們也持續讓這些整合對客戶而言更可見、也更容易取得。

At the same time, as we surveyed our customers throughout last year, we saw a tremendous amount of use cases where customers were not licensed for one of these third-party products. Or maybe they were only licensed in a very small subset of their employee base, where there were e-signature use cases that went beyond what they had already licensed in external services for -- external service for.

同時，當我們在去年一整年對客戶進行調查時，我們看到大量的使用情境：客戶並未取得這些第三方產品的授權；或者他們只在員工群中非常小的一部分取得授權，但電子簽章（e-signature）的使用情境其實超出了他們在外部服務——外部服務——上既有的授權範圍。

And so that's really the power of Box Sign is every seat on Box is going to be able to have native e-signature capabilities built directly into the product and through our APIs and our platform. So any customer that is certainly using Box broadly across their enterprise, or maybe they have an ELA with Box or maybe they're continuing to expand their use cases, Box Sign is now going to be built directly into the product, and you're going to be able to make native e-signature functionality available to all of those users. So we see that as very powerful, but certainly we will continue to be incredibly complementary to the other products in this market as well.

因此，Box Sign 的真正威力在於：Box 的每一個席位（seat）都將能擁有原生的電子簽章能力，直接內建在產品中，並透過我們的 API 與平台提供。任何在企業內廣泛使用 Box 的客戶，或許他們與 Box 有企業授權協議（ELA），或正在持續擴展使用情境，Box Sign 現在都會直接內建於產品中，讓你能把原生電子簽章功能提供給所有這些使用者。我們認為這非常有力；但我們也肯定會持續與這個市場中的其他產品形成高度互補。

Perfect. And then maybe just one last one, the paying users, I guess how many did you add in Q4? And that will be it for me.

很好。最後再問一個關於付費使用者（paying users）：第四季（Q4）新增了多少？我就問到這裡。

So we ended the quarter with 15.5 million paying users, up from 15.0 million last quarter.

本季結束時，我們的付費使用者為 1,550 萬人，較上一季的 1,500 萬人增加。

That's all the time we have for questions today. This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的提問時間就到這裡。今天的電話會議到此結束。感謝各位參與。您現在可以中斷連線。