Box Inc (BOX) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Box, Inc. Third Quarter Fiscal 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

各位女士、先生，感謝您稍候，歡迎參加 Box, Inc.2021 會計年度第三季財報電話會議。(接線員指示) 請注意，今日會議將被錄音。(接線員指示)

I would now like to hand the conference over to your speaker today, Alice Lopatto, Head of Investor Relations. Thank you. Please go ahead.

現在我想將會議交給今天的講者——投資人關係主管 Alice Lopatto。謝謝。請開始。

Good afternoon, and welcome to Box's Third Quarter Fiscal 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. 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 highlights of today's call on Twitter at the handle @boxincir.

各位下午好，歡迎參加 Box 2021 會計年度第三季財報電話會議。今天與會者包括我們的執行長 Aaron Levie，以及財務長 Dylan Smith。在我們的準備發言之後，我們將開放提問。今日會議將以網路直播方式進行，並可於我們的投資人關係網站 www.box.com/investors 觀看重播。本次網路直播僅提供音訊。不過，補充投影片目前已可自我們網站下載。我們也會在 Twitter（帳號 @boxincir）發布今日會議重點。

On this call, we will be making forward-looking statements, including our Q4 and FY '21 financial guidance and our expectations regarding our financial performance for fiscal 2021 and future periods; timing of and market adoption of our products; our markets and the size of our market opportunity; our operating leverage; our expectations regarding maintaining positive free cash flow, gross margins, operating margins, future profitability and unrecognized revenues, remaining performance obligations and billings; our planned investments and growth strategies; our ability to achieve our long-term revenue and other operating model targets; expected timing and benefits from our new products, pricing and partnerships; and our expectations regarding 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 2021 會計年度第四季與 2021 會計年度的財務指引，以及我們對 2021 會計年度與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；我們的營運槓桿；我們對維持正向自由現金流、毛利率、營業利益率、未來獲利能力與未認列收入、剩餘履約義務與帳單金額（billings）的預期；我們規劃的投資與成長策略；我們達成長期營收及其他營運模型目標的能力；新產品、定價與合作夥伴關係的預期時程與效益；以及我們對 COVID-19 疫情對本公司業務與營運結果影響的預期。這些陳述反映我們基於目前已知因素所作的最佳判斷，實際事件或結果可能會有重大差異。

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. These forward-looking statements are being made as of today, December 1, 2020, and we disclaim any obligation to update or revise them should they change or seek to be up to date.

有關可能導致實際結果與預期有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。這些前瞻性陳述係截至今日（2020 年 12 月 1 日）作出；若其後發生變動或為求保持最新，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，在今日會議中，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，而非作為替代，亦不應孤立解讀。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，我把時間交給 Aaron。

Thanks, Alice, and thanks, everyone, for joining the call today. We hope you and your families are all staying safe and healthy.

謝謝你，Alice，也謝謝各位今天加入電話會議。我們希望你和你的家人都平安健康。

I continue to be proud of our teams at Box globally who strive to provide tremendous support for our customers and for continuing to drive our product innovation during a challenging year. Our cloud content management product suite is gaining momentum with enterprises that are prioritizing digital transformation and building around best-of-breed applications. This growing demand was evident at our 10th Annual BoxWorks Conference where thousands of customers joined us virtually to learn about our innovations in security, compliance, collaboration and workflow, and a growing network of partner integrations, including Microsoft Teams, Slack and many more.

我持續為 Box 全球團隊感到自豪，他們在充滿挑戰的一年中，努力為客戶提供卓越支援，並持續推動產品創新。我們的雲端內容管理產品套件，正於優先推動數位轉型、並以最佳化（best-of-breed）應用程式為核心建構架構的企業客戶中加速成長。這股日益增長的需求在我們第 10 屆年度 BoxWorks 大會中表露無遺：數千名客戶以線上方式參與，了解我們在安全性、合規、協作與工作流程方面的創新，以及不斷擴大的合作夥伴整合網路，包括 Microsoft Teams、Slack 等眾多整合。

In Q3, we delivered revenue of $196 million, up 11% year-over-year. Non-GAAP operating margin of 18%, up significantly from just 0% a year ago. And non-GAAP EPS of $0.20, up from negative $0.01 a year ago and well above our guidance. We also generated more than $26 million in positive free cash flow, an improvement of $28 million versus a year ago. Growing demand for products like Box Shield and Box Relay drove more suite adoption, including a 35% attach rate for Suite in our 6-figure deals. Over 100,000 customers now rely on Box to power secure collaboration and critical business processes. And in Q3, we closed wins and expansions with leading organizations, including Intuit, Murata Manufacturing, Nationwide Insurance, USAA and the U.S. Air Force, to share just a few examples of the use cases we saw in Q3 deals.

在第三季，我們實現營收 1.96 億美元，年增 11%。非 GAAP 營業利益率為 18%，較一年前的 0% 大幅提升。非 GAAP 每股盈餘（EPS）為 0.20 美元，較一年前的負 0.01 美元成長，且顯著高於我們的指引。我們也產生超過 2,600 萬美元的正向自由現金流，較一年前改善 2,800 萬美元。Box Shield 與 Box Relay 等產品需求成長，帶動更多套件採用；在我們六位數金額的交易中，Suite 的附加率（attach rate）達 35%。目前已有超過 100,000 家客戶仰賴 Box 來支援安全協作與關鍵業務流程。在第三季，我們也與多家領先組織完成新案與擴張，包括 Intuit、Murata Manufacturing、Nationwide Insurance、USAA 以及美國空軍；以上僅列舉第三季交易中所見用例的部分例子。

One of the country's leading financial services companies who has been a Box customer since 2014 purchased a 7-figure ELA to support new use cases for Box, including claims processing in a more secure virtual environment. A multinational technology company also expanded its use of Box and purchased an ELA along with Box's GxP offering to support the manufacturing efforts of the COVID-19 vaccination currently in development. And a government agency selected Box to replace legacy systems like SharePoint and several of its own on-premises solutions to support a variety of use cases, including secure internal team collaboration, records management, secure mobile access to content and external collaboration with the agency's customers and partners. These challenging times have highlighted the strength of our full product suite. IT strategies are shifting from focusing primarily on secure file sharing, which is critical early in the pandemic, to now more broadly reimagining and migrating major business processes to the cloud so they can better fit in new normal, characterized by more virtual teams, remote work and digital operations.

美國一家領先的金融服務公司自 2014 年起即為 Box 客戶，近期購買了一份七位數金額的 ELA，以支援 Box 的新用例，包括在更安全的虛擬環境中進行理賠處理。一家跨國科技公司也擴大其 Box 使用範圍，並購買 ELA 及 Box 的 GxP 方案，以支援目前正在研發中的 COVID-19 疫苗製造工作。另有一家政府機構選擇 Box 以取代 SharePoint 等舊有系統，以及其多項自建的地端（on-premises）解決方案，支援多種用例，包括安全的內部團隊協作、檔案／紀錄管理、安全的行動內容存取，以及與該機構客戶與合作夥伴的外部協作。這些充滿挑戰的時期凸顯了我們完整產品套件的優勢。IT 策略正從主要聚焦於安全檔案分享（在疫情初期至關重要），轉向更廣泛地重新構想並將主要業務流程遷移至雲端，以更好地適應由更多虛擬團隊、遠距工作與數位化營運所構成的新常態。

While this has created tailwinds for our business, especially in enterprises that have large room for expansion, we are not immune to the adverse effects of an uncertain macro environment that our customers face. And as we have mentioned earlier this year, we expected to see softness from our professional services business and smaller business customers, both of which were evident in Q3. Looking forward, we believe the differentiation of our full product suite is well positioned to drive improved growth, and our profitability initiatives will put us in an even stronger position in the coming years.

雖然這為我們的業務帶來順風，尤其是在仍有大量擴張空間的企業客戶中，但我們也無法免於客戶所面臨不確定總體環境的負面影響。此外，如同我們今年稍早所提及，我們預期專業服務業務與小型企業客戶將出現疲弱，而這兩點在第三季皆有所體現。展望未來，我們相信完整產品套件的差異化優勢已具備良好定位，可帶動更佳成長；而我們的獲利能力提升計畫，將使我們在未來幾年處於更強勢的位置。

Over the past few years, we've methodically built the category defining cloud content management platform focused on 3 key differentiators: frictionless security and compliance, seamless internal and external collaboration and workflow, and world-class integrations and API that extend the value of Box into any application.

過去幾年，我們有系統地打造出類別定義（category-defining）的雲端內容管理平台，聚焦於三項關鍵差異化：無摩擦的安全性與合規、順暢的內外部協作與工作流程，以及世界級的整合與 API，將 Box 的價值延伸至任何應用程式。

And as I mentioned, in Q3, we hosted our 10th Annual BoxWorks Conference fully virtual this year, which brought together thousand of attendees with an incredible slate of speakers, including the CEOs of Cisco, IBM, Okta, ServiceNow, Slack and Zoom. And Box customers like Battelle, International Rescue Committee, Nike, Schneider Electric and USAA. We also announced new capabilities and integration to help customers bring content and business processes together on Box, reducing risk, improving collaboration and making it easier than ever to get work done securely. For example, to make it easier to collaborate across distributed teams on content in real time, we introduced all new annotations capabilities for the web and mobile. For Box Relay, we expanded the custom-built template users can create and announced API extensibility that enables customers connect workflows in Box to application like Salesforce or ServiceNow as well as their own custom applications.

如我所提及，第三季我們以全線上形式舉辦第 10 屆年度 BoxWorks 大會，匯聚數千名與會者，並邀請到堅強的講者陣容，包括 Cisco、IBM、Okta、ServiceNow、Slack 與 Zoom 的執行長。以及 Battelle、International Rescue Committee、Nike、Schneider Electric 與 USAA 等 Box 客戶。我們也宣布多項新功能與整合，協助客戶在 Box 上將內容與業務流程整合在一起，以降低風險、提升協作，並讓安全完成工作比以往更容易。例如，為了讓分散式團隊能更容易即時在內容上協作，我們推出全新的網頁與行動端註解功能。針對 Box Relay，我們擴充了使用者可建立的自訂範本，並宣布 API 延展性，使客戶能將 Box 中的工作流程連結至 Salesforce 或 ServiceNow 等應用程式，以及其自有的客製化應用程式。

For Box Shield, we announced the new policy exception capability and an integration with Microsoft Information Protection to protect the flow of information between Microsoft 365 and Box's ecosystem. And finally, we expanded our partnership with IBM, integrating more deeply with QRadar. Importantly, we announced enhancements to Box or Microsoft Teams, including new features that make it easier for users to find, share and access content from Box within the Microsoft Teams app. This integration enables users to unify content across teams and all their other apps into a single content platform, a key differentiator for Box. This integration follows the increased integration work that we've been doing with Slack to ensure that customers can have access to any of their content securely from their Slack channels seamlessly. We're incredibly excited about the momentum in this industry where customers are going to use multiple applications such as Slack, Salesforce, Teams, Webex and Zoom to get their work done, and they're going to need access to their content from those applications securely.

針對 Box Shield，我們宣布了新的政策例外處理能力，以及與 Microsoft Information Protection 的整合，以保護 Microsoft 365 與 Box 生態系之間的資訊流動。最後，我們擴大了與 IBM 的合作夥伴關係，並與 QRadar 進行更深度的整合。重要的是，我們也宣布了對 Box 與 Microsoft Teams 的強化，包括新功能，讓使用者能更容易在 Microsoft Teams 應用程式內從 Box 尋找、分享並存取內容。此整合讓使用者能將跨團隊及其所有其他應用程式的內容統一到單一內容平台中，這是 Box 的關鍵差異化優勢。此整合延續了我們與 Slack 持續增加的整合工作，以確保客戶能在其 Slack 頻道中無縫且安全地存取任何內容。我們對於這個產業的動能感到非常振奮：客戶將使用多種應用程式（如 Slack、Salesforce、Teams、Webex 與 Zoom）來完成工作，而他們將需要能從這些應用程式中安全地存取其內容。

Enterprise is more and more than ever before need a single source of truth for their content across their IT stack, and Box is the singular content layer that connects to these applications. With over 1,500 integrations, we continue to expand on our open and interoperable platform by creating a seamless experience for our customers.

企業比以往任何時候都更需要在其 IT 技術堆疊中，針對內容建立單一事實來源（single source of truth），而 Box 正是連結這些應用程式的唯一內容層。憑藉超過 1,500 項整合，我們持續透過打造無縫的客戶體驗，擴展我們開放且可互通的平台。

As a result of our continued product innovation, last month, we were named a leader in the Gartner Magic Quadrant for content services platforms once again out of 18 vendors evaluated in the market. In the past 3 years, Box has quickly taken market share from legacy systems and is now recognized by Gartner as having the highest growth rate of all content services platform vendors. In October, Box was also recognized as Gartner's customer choice vendor for the content collaboration tools market with 97% of customers willing to recommend Box. Looking ahead, we have an exciting road map of innovation and enhancements that will continue to drive adoption and enable our customers to work in all new ways.

由於我們持續的產品創新，上個月我們再次在 Gartner 內容服務平台魔力象限中被評為領導者，在市場上受評估的 18 家供應商中名列前茅。在過去 3 年，Box 迅速從傳統系統手中取得市占，且目前被 Gartner 認定為所有內容服務平台供應商中成長率最高。10 月，Box 也在內容協作工具市場中被評為 Gartner 的客戶首選供應商（customer choice），有 97% 的客戶願意推薦 Box。展望未來，我們有令人振奮的創新與強化路線圖，將持續推動採用並讓客戶以全新的方式工作。

Now turning to our business model. Last year, we laid the foundation to improve our balance between growth and profitability for FY '21 and beyond. Our focus was on delivering growth more efficiently and implementing significant cost discipline in the business. We continue to deliver on this commitment. To drive efficient and consistent revenue growth, we continue to execute on our multiproduct strategy and drive more efficiency into our land and expand strategy. We're focusing on landing new customers with a repeatable sales motion by leveraging our enhanced digital experiences, which has benefited us in this COVID environment and through our robust partnerships with key resellers. Our expand strategy is focused on growing existing accounts by driving add-on product adoption and seat expansion with Box Suites as well as efficiently driving new logo acquisition in key markets.

接下來談我們的商業模式。去年，我們為 2021 財年及之後改善成長與獲利之間的平衡奠定了基礎。我們的重點是以更高效率實現成長，並在業務中落實重大的成本紀律。我們持續履行這項承諾。為了推動高效率且一致的營收成長，我們持續執行多產品策略，並在「落地與擴張（land and expand）」策略中導入更多效率。我們透過強化的數位體驗來運用可複製的銷售模式以取得新客戶，這在 COVID 環境下以及透過與關鍵經銷商的強健合作夥伴關係，為我們帶來助益。我們的擴張策略著重於透過推動附加產品採用與席次擴增（以 Box Suites 為主），來成長既有客戶帳戶，同時也在關鍵市場中有效率地取得新客戶（new logo）。

To drive greater profitability, we are focused on 3 key initiatives: continuing to optimize workforce expenses, improving our gross margins by shifting more towards the public cloud and taking an ROI-based approach to all areas of spend. We have implemented greater cost discipline across the business, and this is evident in our significant gross margin, operating margin and cash flow improvements throughout the year.

為了提升獲利能力，我們聚焦於 3 項關鍵倡議：持續最佳化人力成本、透過更大幅度轉向公有雲來改善毛利率，以及對所有支出領域採取以投資報酬率（ROI）為基礎的方法。我們已在全公司推行更嚴格的成本紀律，這也反映在我們今年毛利率、營業利益率與現金流的顯著改善上。

As you can see from our operating margin of 18% in Q3, we have been executing well on these efficiency efforts. With our rigorous approach to overall cost discipline, we are now committed to delivering at least 14% operating margin versus our previous goal of 12% to 13% for the full fiscal year, up significantly from the 1% operating margin we reported in FY '20.

如同你們從第三季 18% 的營業利益率所見，我們在這些效率提升工作上執行得很到位。憑藉我們對整體成本紀律的嚴謹作法，我們現在承諾全年至少達成 14% 的營業利益率，相較於先前全年 12% 至 13% 的目標有所提高，也較我們在 2020 財年所報告的 1% 營業利益率大幅提升。

Before I conclude, I want to take a moment to talk about our commitment to ESG. Whether we are enabling our customers' business continuity as they work remotely, empowering nonprofits through Box.org, implementing diversity and inclusion programs or conducting company-wide gender pay analysis to commit to pay equity, we hold ourselves accountable to a high standard of social responsibility. Most recently, we hired a Vice President of Communities and Impact who will lead ESG improvements in partnership with the Investor Relations and legal teams, and our progress will be reviewed by our Nominating and Governance Committee. We also recently launched our ESG website that highlights the progress we are making on this front, which you can find in the About Us section of our corporate website.

在我結束之前，我想花點時間談談我們對 ESG 的承諾。無論是讓客戶在遠端工作時維持業務連續性、透過 Box.org 賦能非營利組織、推動多元與共融計畫，或是進行全公司性別薪酬分析以承諾同工同酬，我們都以高度的社會責任標準要求自己並承擔責任。最近，我們聘任了一位社群與影響力副總裁（Vice President of Communities and Impact），將與投資人關係與法務團隊合作，帶領 ESG 改善工作，而我們的進展將由提名與公司治理委員會審查。我們也在近期推出 ESG 網站，重點呈現我們在此方面的進展，你們可在公司官網的「關於我們」區域找到。

To conclude, in Q3, we continued to execute on our strategy to drive long-term profitable growth and further demonstrated the significant progress we've made in strengthening our competitive differentiation in the cloud content management market while also delivering increased value to our customers. At Box, we're going after one of the largest markets in software, attacking a total addressable market of $55 billion in spend on content management, collaboration, storage and data security with the leading cloud-based platform. I've never been more excited about the market opportunity in front of us and to power how the world works together.

總結來說，在第三季，我們持續執行推動長期且具獲利性的成長策略，並進一步展現我們在雲端內容管理市場中強化競爭差異化的重大進展，同時也為客戶帶來更高價值。在 Box，我們正進軍軟體領域中最大的市場之一，以領先的雲端平台切入內容管理、協作、儲存與資料安全等合計可服務市場（TAM）達 550 億美元的支出。我從未像現在這樣對眼前的市場機會感到興奮，也期待為全球如何共同工作提供動力。

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 Q3, we delivered strong revenue growth driven by momentum from our full cloud content management offering. We also achieved significant improvements in operating margin, EPS and cash flow driven by workforce expense optimization, improved gross margin and the overall cost discipline. We delivered revenue of $196.0 million in Q3, up 11% year-over-year, 28% of this revenue came from regions outside of the United States, up from 25% a year ago, fueled by continued strength in Japan.

在第三季，我們在完整的雲端內容管理產品帶動的動能下，實現了強勁的營收成長。我們也在最佳化人力成本、改善毛利率以及整體成本紀律的推動下，於營業利益率、每股盈餘（EPS）與現金流方面取得顯著改善。第三季營收為 1.96 億美元，年增 11%；其中 28% 的營收來自美國以外地區，高於一年前的 25%，主要受惠於日本市場持續強勁。

Our remaining performance obligations, or RPO, represent noncancelable contracts that we expect to recognize as revenue in future periods. This metric consists of deferred revenue and backlog, offset by contract assets. We ended Q3 with RPO of $755.9 million, up 19% year-over-year, driven by strong growth in our backlog from longer-term strategic deals. We expect to recognize approximately 64% 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。此指標由遞延收入與待履行合約（backlog）構成，並以合約資產抵銷。第三季末 RPO 為 7.559 億美元，年增 19%，主要由較長期的策略性交易帶動待履行合約的強勁成長。我們預期在未來 12 個月內將認列約 64% 的 RPO。

Third quarter billings came in at $185.5 million, representing 8% year-over-year growth. Our billings result was impacted by greater pressure on our professional services bookings than we expected. This pressure was driven by a greater proportion of sales coming from customer expansion, which tend to require less consulting services versus new deals as well as the economic challenges that many of our customers are facing due to the current pandemic. Note that customer contract durations have been increasing slightly as even in the current environment, our customers continue to view Box as a critical component of their long-term IT strategies.

第三季帳單金額（billings）為 1.855 億美元，年增 8%。我們的帳單表現受到專業服務訂單（bookings）壓力高於預期的影響。這項壓力來自銷售中有更高比例來自既有客戶擴張；相較於新案，這類擴張通常需要較少的顧問服務，此外也受到目前疫情導致許多客戶面臨經濟挑戰的影響。請注意，即使在目前環境下，客戶合約期限仍略有拉長，因為客戶持續將 Box 視為其長期 IT 策略中的關鍵組成。

In Q3, we closed 62 deals worth more than $100,000 versus 64 a year ago, 7 deals over $500,000, which is in line with a year ago and 3 deals over $1 million, also in line with a year ago.

在第三季，我們完成了 62 筆金額超過 10 萬美元的交易，相較一年前為 64 筆；完成 7 筆超過 50 萬美元的交易，與一年前相當；以及 3 筆超過 100 萬美元的交易，也與一年前相當。

Importantly, and as Aaron mentioned, we were extremely pleased to achieve a robust 35% attach rate for suites across our 6-figure deals. We ended Q3 with an annualized net retention rate of 103%, down from 104% a year ago and 106% in Q2. In Q3, our full churn rate was 5% on an annualized basis, in line with Q2 and an improvement from 6% in the year ago period.

重要的是，如 Aaron 所提到的，我們非常高興在六位數交易中，套件（suites）的附加採用率（attach rate）達到強勁的 35%。第三季末，我們的年化淨留存率為 103%，低於一年前的 104% 以及第二季的 106%。第三季我們的年化總流失率為 5%，與第二季一致，且較去年同期的 6% 有所改善。

Turning to margins. Non-GAAP gross margin came in at 73.4%, up 270 basis points from 70.7% a year ago and roughly in line with 73.5% in Q2. Our focus on reducing infrastructure costs and gaining economies of scale is paying off. Q3 gross profit of $143.9 million was up 15% year-over-year, outpacing our revenue growth by 400 basis points.

接著談毛利率。非 GAAP 毛利率為 73.4%，較一年前的 70.7% 上升 270 個基點，且大致與第二季的 73.5% 持平。我們專注於降低基礎設施成本並取得規模經濟，已開始見到成效。第三季毛利為 1.439 億美元，年增 15%，較我們的營收成長高出 400 個基點。

In Q3, we once again drove significant leverage across the business by executing on several cost and productivity initiatives, primarily around optimizing our workforce and infrastructure expenses. Total Q3 operating expenses represented 55% of revenue, a 1,600 basis point improvement and reduction from 71% a year ago. As a result, in Q3, we generated an 1,800 basis point improvement in our non-GAAP operating margin year-over-year, coming in at 18% versus roughly 0% a year ago.

在第三季，我們再次透過執行多項成本與生產力計畫，在整體業務上實現顯著的營運槓桿，主要聚焦於優化人力與基礎設施費用。第三季總營運費用占營收 55%，較一年前的 71% 改善並下降 1,600 個基點。因此，第三季我們的非 GAAP 營業利益率年增改善 1,800 個基點，達 18%，相較一年前約為 0%。

Sales and marketing expenses in the quarter were $56.5 million, representing 29% of revenue, down 1,300 basis points from 42% in the prior year. Note that this includes roughly $5 million in year-over-year savings from hosting our annual customer conference, BoxWorks, digitally versus in person. We are seeing success in achieving higher overall sales productivity driven by improvements in our enterprise segment and the reallocation of resources into higher-performing regions. We're also generating increased marketing leverage by shifting our focus towards more efficient digital channels.

本季銷售與行銷費用為 5,650 萬美元，占營收 29%，較前一年同期的 42% 下降 1,300 個基點。請注意，其中包含約 500 萬美元的年對年節省，來自我們將年度客戶大會 BoxWorks 由實體改為線上舉辦。我們看到整體銷售生產力提升的成效，主要受企業客群表現改善，以及將資源重新配置至表現較佳的區域所帶動。我們也透過將重心轉向更有效率的數位通路，帶來更高的行銷槓桿。

Research and development expenses were $34.9 million or 18% of revenue, down 100 basis points from 19% in the prior year. We achieved this leverage even while continuing to further differentiate our platform in Q3 with offerings such as custom-built templates in Box Relay and policy exception capabilities in Box Shield. We recently established our engineering Center of Excellence in Poland, which will contribute to our ability to generate additional leverage from our R&D investments going forward.

研發費用為 3,490 萬美元，占營收 18%，較前一年同期的 19% 下降 100 個基點。即便如此，我們仍在第三季持續強化平台差異化，例如在 Box Relay 推出客製化範本，以及在 Box Shield 提供政策例外處理能力。我們近期在波蘭成立工程卓越中心（Center of Excellence），將有助於我們未來從研發投資中進一步取得更多槓桿效益。

Our general and administrative costs were $17.3 million or 9% of revenue, down 100 basis points from 10% a year ago. We expect to drive leverage in G&A through greater operating discipline and evolving our workforce location strategy as we scale.

一般與行政費用為 1,730 萬美元，占營收 9%，較一年前的 10% 下降 100 個基點。隨著我們擴張規模，我們預期將透過更強的營運紀律，以及調整人力據點策略，在 G&A 方面持續提升槓桿。

Non-GAAP EPS came in at $0.20 and well above the high end of our third quarter guidance. This represents a very strong improvement from the negative $0.01 of non-GAAP EPS recorded a year ago.

非 GAAP 每股盈餘（EPS）為 0.20 美元，且明顯高於我們第三季財測區間上緣。相較一年前錄得的非 GAAP EPS 為負 0.01 美元，這代表非常強勁的改善。

Let me now move on to our balance sheet and cash flow. We ended the quarter with $275.8 million in cash, cash equivalents and restricted cash. During the quarter, we paid back $20 million on our revolving line of credit, which impacted Q3 cash from financing activities. Cash flow from operations was very strong at $45.1 million in Q3, a $36 million or 400% improvement from $8.9 million a year ago. Combined CapEx and capital lease payments were 9% of revenue in Q3. Total CapEx was $3.3 million versus $1.1 million a year ago.

接下來我談資產負債表與現金流。本季末我們持有的現金、約當現金與受限制現金合計為 2.758 億美元。本季我們償還了循環信用額度 2,000 萬美元，這影響了第三季來自籌資活動的現金流。第三季營運活動現金流非常強勁，為 4,510 萬美元，較一年前的 890 萬美元增加 3,600 萬美元或 400%。第三季資本支出（CapEx）與資本租賃付款合計占營收 9%。資本支出總額為 330 萬美元，相較一年前為 110 萬美元。

Capital lease payments, which we factor into our free cash flow calculation, were $14.6 million versus $7.1 million a year ago. This year-over-year increase reflects the impact of higher capital lease liabilities related to last year's migration to lower cost data center locations. As we head into next year, we expect to see minimal new capital lease payments. As our older capital lease liabilities gradually roll off the balance sheet, we expect capital lease payments to be lower both in dollar terms and as a percentage of revenue versus this year's payments. We expect CapEx and capital lease payments combined to be roughly 6% of revenue in Q4 and roughly 8% of revenue for the full year of FY '21.

資本租賃付款（我們在自由現金流計算中納入）為 1,460 萬美元，相較一年前為 710 萬美元。這項年對年增加反映了去年遷移至較低成本資料中心據點後，相關資本租賃負債較高所帶來的影響。展望明年，我們預期新增的資本租賃付款將非常有限。隨著較舊的資本租賃負債逐步自資產負債表到期退出，我們預期資本租賃付款無論以金額或占營收比重，都將低於今年的付款水準。我們預期第四季資本支出與資本租賃付款合計約占營收 6%，而 2021 會計年度全年約占營收 8%。

Finally, we delivered free cash flow in the third quarter of $26.2 million. Year-over-year free cash flow improvement was exceptionally strong, up $27.9 million from the negative $1.7 million recorded a year ago.

最後，我們第三季自由現金流為 2,620 萬美元。年對年自由現金流改善幅度異常強勁，較一年前錄得的負 170 萬美元增加 2,790 萬美元。

With that, let's now turn to our guidance. For the fourth quarter of fiscal 2021, we anticipate revenue of $196 million to $197 million. This guidance factors in the revenue impact of the lower professional services bookings that we noted previously, which creates a roughly $2 million headwind to our overall revenue expectations in the fourth quarter. We remain prudent in our growth expectations given the macroeconomic challenges that our customers are facing and as the headwinds we experienced this past year in our professional services business may persist.

接著我們來看財測。針對 2021 會計年度第四季，我們預期營收為 1.96 億至 1.97 億美元。此一指引已納入我們先前提到的專業服務訂單較低所造成的營收影響，這將對第四季整體營收預期帶來約 200 萬美元的逆風。鑑於客戶所面臨的總體經濟挑戰，以及我們今年在專業服務業務上遭遇的逆風可能持續，我們對成長預期仍維持審慎。

That said, we're seeing continued strength in our enterprise business and a recovery in SMB demand, both of which should benefit from the strong momentum we're seeing in suites and our newer products. As a result, we expect our Q4 revenue growth rate to stabilize and begin improving throughout the course of our upcoming fiscal year.

即便如此，我們仍看到企業業務持續強勁，以及中小企業（SMB）需求回升；兩者都可望受惠於套裝方案（Suites）與我們較新產品所展現的強勁動能。因此，我們預期第四季營收成長率將趨於穩定，並在接下來的會計年度期間開始逐步改善。

We expect our non-GAAP EPS to be in the range of $0.16 to $0.18 and GAAP EPS in the range of negative $0.08 to negative $0.06 on approximately 165 million and 159 million shares, respectively.

我們預期非 GAAP EPS 將介於 0.16 至 0.18 美元，GAAP EPS 將介於負 0.08 至負 0.06 美元；分別以約 1.65 億股與 1.59 億股為基礎計算。

For the full year of fiscal 2021 ending January 31, 2021, we expect our FY '21 revenue to be in the range of $768 million to $769 million, representing roughly 10% year-over-year growth at the midpoint of this range. We expect our FY '21 non-GAAP EPS to be in the range of $0.64 to $0.66 on approximately 162 million diluted shares. Our GAAP EPS is expected to be in the range of negative $0.32 to negative $0.30 on approximately 156 million shares. We now expect our non-GAAP operating margin to be at least 14% of revenue, an improvement from the 12% to 13% range that we provided on our last earnings call.

針對截至 2021 年 1 月 31 日止的 2021 會計年度全年，我們預期 FY '21 營收將介於 7.68 億至 7.69 億美元，以區間中點計算約為年增 10%。我們預期 FY '21 非 GAAP EPS 將介於 0.64 至 0.66 美元，以約 1.62 億股稀釋後股數計算。我們預期 GAAP EPS 將介於負 0.32 至負 0.30 美元，以約 1.56 億股為基礎計算。我們目前預期非 GAAP 營業利益率至少為營收的 14%，較我們上次法說會提供的 12% 至 13% 區間有所提升。

We remain committed to achieving a combined revenue growth rate plus free cash flow margin of 25% this year and 30% next year. Going forward, we will continue to improve on our strategy to deliver long-term profitable growth by executing against several initiatives to deliver efficiencies and cost savings.

我們仍致力於今年達成「營收成長率加上自由現金流利潤率」合計 25%，並在明年達成 30%。展望未來，我們將持續精進策略，透過推動多項提升效率與節省成本的計畫，實現長期且具獲利性的成長。

To drive efficient and consistent revenue growth, we expect to further improve sales productivity by driving continued momentum in Suite sales, building on the enhancements we've been making to our product offerings. We will continue to take a rigorous ROI-based approach to how we allocate sales head count by focusing our investments in higher-performing geographies and segments. We also expect the benefit from the investments we've been making in our revamped digital channels to drive efficiencies.

為了推動高效率且穩健一致的營收成長，我們預期將在套裝方案（Suite）銷售的持續動能上更進一步提升銷售生產力，並延續我們對產品供給所做的強化。我們將持續以嚴謹的投資報酬率（ROI）為基礎，來配置銷售人力編制，將投資聚焦於表現較佳的地理區域與市場區隔。我們也預期，來自我們在重新打造的數位通路上所做投資的效益，將帶動效率提升。

To drive greater profitability, we will be increasing hiring in lower-cost locations, and we expect to end next year with more than 100 full-time employees, primarily engineers in Poland. We expect to deliver continued gross margin improvement as we scale into our new, more efficient data center infrastructure while also increasingly leveraging our relationships with public cloud providers as we move additional workloads to the cloud.

為了提升獲利能力，我們將在較低成本的地點增加招募，並預期在明年年底前擁有超過 100 名全職員工，主要為波蘭的工程師。隨著我們擴大採用新的、更高效率的資料中心基礎設施，同時在將更多工作負載移轉至雲端的過程中，日益善用與公有雲供應商的合作關係，我們預期將持續帶來毛利率改善。

Lastly, we will continue to apply a rigorous approach to all areas of spend, and we expect to benefit from the investments we've been making this year in system automation.

最後，我們將持續以嚴謹的方法檢視各項支出領域，並預期可受惠於我們今年在系統自動化方面所做的投資。

In summary, in Q3, we delivered strong financial results highlighted by operating margin of 18%. Our product innovation around remote work, large market opportunity and resilient business model put us in a strong position to deliver healthy long-term revenue growth and profitability improvements as we continue to build on our leadership position.

總結來說，在第三季，我們交出強勁的財務表現，亮點是營業利益率達到 18%。我們圍繞遠距工作所做的產品創新、龐大的市場機會以及具韌性的商業模式，使我們處於有利位置；在持續鞏固領導地位的同時，得以帶動長期健康的營收成長並提升獲利能力。

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) And your first question comes from the line of Josh Baer from Morgan Stanley.

(接線員指示) 你們的第一個問題來自摩根士丹利的 Josh Baer。

Great. My question is on growth in demand that you're seeing. So obviously, there are some Proserv impacts. Current billings grew single digits, billings grew 8%, revenue 11% with the Proserv impacts. But then RPO grew 19%. Bookings-based RPO grew 31%. So I'm just wondering how you think about the growth in the underlying demand that you're seeing for Box in your business.

很好。我的問題是關於你們看到的需求成長。很明顯地，這裡有一些 Proserv 的影響。在 Proserv 影響下，當期帳單（current billings）為個位數成長，帳單成長 8%，營收成長 11%。但 RPO 成長了 19%。以訂單為基礎的 RPO 成長了 31%。所以我想請教，你們如何看待在 Box 業務中所看到的底層需求成長？

Yes. I'll kick that off, and then I'll let Dylan chime in as well. Overall, I think as we've talked about this year, this has been a super unusual environment for us because you just have different kind of puts and takes or headwinds and tailwinds in the model. Overall, I think the biggest tailwind we have is we see a lot of -- especially larger midsized or larger enterprises that are continuing to adopt and expand with Box. They're obviously buying into our Suite when you look at the 35% attach rate on 100,000 plus deals.

是的。我先回答，之後也讓 Dylan 補充。整體而言，正如我們今年談到的，對我們來說這是個非常不尋常的環境，因為模型中同時存在不同的取捨、逆風與順風。總體來看，我認為我們最大的順風是：我們看到許多——尤其是較大型的中型企業或大型企業——持續採用並擴大使用 Box。當你看到 10 萬美元以上交易的 Suite 附加率達 35% 時，就能看出他們顯然正在採購我們的 Suite。

We did a number of big deals within the quarter. So we are seeing really healthy kind of expansion from -- especially customers in areas like life sciences, financial services, federal government. At the same time, obviously, as we've noted and as you can see from the Q4 guidance, professional services has created a bit of a headwind for us, simply because as customers are expanding with Box, there's less of a need for some of the more advanced services that we have from a consulting standpoint.

我們在本季完成了多筆大型交易。因此，我們確實看到非常健康的擴張——尤其是來自生命科學、金融服務、聯邦政府等領域的客戶。同時，正如我們提到的、且你也可從第四季指引看到，專業服務對我們造成了一些逆風，原因很單純：當客戶擴大使用 Box 時，從顧問角度來看，他們對我們某些更進階服務的需求就降低了。

We have seen some different segment-based challenges and a little bit from an international standpoint. So that's moderated the growth that obviously we would have wanted to put up this year. But overall, I think when we look at the demand environment, and especially the broad shift to cloud content management from legacy systems, we feel very, very confident that we're going to be able to drive a lot more growth. So that's, I think, the macro view that we're seeing in the business right now, but I'll let Dylan kind of further build on that.

我們也看到一些不同客群分段的挑戰，以及國際市場方面的一些影響。因此，這些因素抑制了今年我們原本希望達到的成長。但整體而言，當我們觀察需求環境，尤其是從傳統系統轉向雲端內容管理的廣泛趨勢時，我們非常、非常有信心能夠推動更多成長。以上是我認為目前在業務中看到的宏觀觀點；接著我讓 Dylan 進一步補充。

Yes. So to build on that a bit, as Aaron mentioned, a lot of the trends that we're seeing in the underlying demands and the business are pretty similar to what we saw over the last couple of quarters with continued strength in enterprise customers. We are, especially over kind of through the midpoint of this year, we mentioned that at the tail end of Q2, which continued into this most recent quarter in Q3, we are seeing a recovery in demand from our smaller business customers, although that's still at pre-COVID levels and then really pleased with the momentum that we're seeing in suites and new product sales. So particularly around suites, for 35% of our 6-figure deals were Suite sales, which is a new high watermark, up from about 30% last quarter and in the kind of low to mid-20s prior to that.

是的。延續 Aaron 的說法，我們在底層需求與業務上看到的許多趨勢，與過去幾季相當類似，企業客戶持續展現強勁動能。特別是今年到中段左右，我們提到在第二季末端開始、並延續到最近第三季，我們看到小型企業客戶的需求正在復甦，雖然仍未回到 COVID 前的水準；同時我們也很高興看到 Suite 與新產品銷售的動能。尤其在 Suite 方面，我們 6 位數交易中有 35% 是 Suite 銷售，創下新高，較上季約 30% 再提升，而在更早之前約落在 20% 出頭到 20% 中段。

And then the only other note I make, as you asked about the RPO dynamics, that is up a very healthy 19% year-on-year, and that's driven primarily by strength in our backlog, long-term backlog in particular due to the volume of long-term strategic deals that we either signed or renewed in the third quarter. So if you kind of piece that apart, backlog was up about 30% year-on-year with deferred revenue up about 9% year-on-year.

另外你問到 RPO 的動態，年增達到非常健康的 19%，主要是由我們的待履約訂單（backlog）強勁所帶動，尤其是長期 backlog，原因在於第三季我們簽下或續約了大量長期策略性交易。因此若把它拆開來看，backlog 年增約 30%，而遞延收入年增約 9%。

That's great. And if I could just kind of follow up, connecting the dots between some of that strength in RPO and bookings. With, I think, relatively flat large deal number metrics, when you factor in the really strong attach rate of Suite, are those deals within those bands getting larger, like the deal sizes?

很棒。如果我可以再追問一下，把 RPO 與訂單（bookings）的強勁表現串起來看。在我認為大型交易數量指標相對持平的情況下，考量到 Suite 的附加率非常強，是否代表在那些區間內的交易變得更大，例如交易規模（deal sizes）變大？

Yes. That's exactly right. So while the overall Q3 big deal counts weren't quite as strong as we would have liked, we are seeing average contract values of those larger deals come in higher this year, and that was again the case in Q3, which is what supports those solid RPO and billings outcomes.

是的。完全正確。因此，雖然第三季大型交易筆數整體沒有我們希望的那麼強，但我們看到今年這些較大型交易的平均合約價值更高，而第三季也是如此，這也支撐了穩健的 RPO 與帳單表現。

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. As I think about your longer-term margin framework, I think you've talked in the past about having some room to flex the expense structure regardless of the revenue growth rate to meet those targets. So I guess can you remind us how you think about the mix of more variable expenses in your cost structure? And what are the key areas that you could see flexing up or down as you work towards those targets?

我是 Kevin，代 Brian 提問。談到你們較長期的利潤率架構，我記得你們過去提過，無論營收成長率如何，你們在費用結構上都有一些彈性空間，以達成那些目標。所以我想請你們提醒一下，你們如何看待成本結構中較具變動性的費用占比？以及在朝目標邁進時，你們認為哪些關鍵領域可以上調或下調？

Sure. So that's exactly right, and we remain committed to and confident in our ability to achieve the targets that we laid out at our Analyst Day just a few months ago. And as it relates to the areas of flex and kind of dials that we have, the majority of those are going to be on the go-to-market side, and in particular, the growth rate and where we're investing from a sales head count point of view, which is going to be closely tied to what we're seeing in terms of the underlying demand, the performance and productivity trends. And so that's the biggest lever. I mean there are a lot of other things that we're doing. And certainly, things like what we're spending on infrastructure is going to scale up or down depending on the size of the customer base and what they're buying. But the biggest lever that's going to be related directly to growth as we think about that balance between putting up healthy growth and continue to improve our profitability is going to be around the rate and location of where we're growing our sales force.

當然。你說得完全正確，我們仍然致力於、也有信心達成幾個月前在分析師日所提出的目標。至於可調整的領域與我們可操作的「旋鈕」，大多會在 go-to-market 端，特別是成長率以及我們在銷售人力編制上的投資方向，這會與我們看到的底層需求、績效與生產力趨勢緊密連動。因此這是最大的槓桿。當然我們也在做很多其他事情。而且像是我們在基礎設施上的支出，會隨著客戶基礎的規模以及他們購買的內容而上調或下調。但在我們思考如何在維持健康成長與持續提升獲利能力之間取得平衡時，與成長最直接相關、最大的槓桿，將會是我們擴編銷售團隊的速度與地點配置。

Okay. And just a quick follow-up. As we look to the fourth quarter, can you remind us of the typical mix for renewal activity between the enterprise and SMB segments? And would you expect to see any changes for that ratio here in the near term?

了解。再快速追問一下。展望第四季，你們能否提醒我們，續約活動在企業與 SMB 兩個區隔之間的典型組合比例？以及你們是否預期短期內這個比例會有任何變化？

So if you think about the overall volume, typically -- or if you think about the revenue composition, we have a little more than 70% of our business coming from enterprise customers and then a little less than 30% coming from SMB and online. And that's a little bit more pronounced in terms of the renewal dynamics and the proportion in the enterprise in Q4 just given the seasonality, but not dramatically different from the overall size of those businesses, and we don't expect that to change or be very different in terms of the volume and mix of the types of customers that are up for renewal this Q4 versus historical periods.

如果從整體量來看——或從營收組成來看——我們有略高於 70% 的業務來自企業客戶，略低於 30% 來自 SMB 與線上渠道。由於季節性因素，第四季在續約動態上，企業端的占比會更明顯一些，但與各業務本身的整體規模相比並沒有顯著差異；而且我們不預期在本次第四季相較於歷史期間，將要續約的客戶類型在數量與組合上會有改變或出現明顯不同。

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

您的下一個問題來自 Oppenheimer & Co. 的 Ittai Kidron。

A few for me. Aaron, you've talked about a little bit of a change in the use case from secure file sharing to migration to the cloud. Help me understand from a go-to-market standpoint, does this potentially extend sales cycles or the motion needs to be unchanged?

我這邊有幾個問題。Aaron，你談到使用情境從安全檔案分享，稍微轉向遷移到雲端。請幫我從 go-to-market 的角度理解，這是否可能拉長銷售週期，或銷售推進方式需要維持不變？

Yes. I think the motion is largely unchanged. I think it's more of a point of what we saw in the first couple of months of the pandemic environment was sort of that initial burst of just secure remote work. And obviously, people have been able to settle into that way of working throughout this year with obviously more of the attention being on video and communication sort of infrastructure that they had to set up.

是的。我認為推進方式大致不變。我認為更像是：我們在疫情環境的前幾個月看到的是一開始那波「安全遠端工作」的爆發。而且很明顯地，大家今年已經能夠適應那種工作方式；同時，注意力更多放在他們必須建置的視訊與通訊等基礎設施上。

So now I think what we're doing is actually moving back to more of our traditional sales motion, which is having a broader conversation with customers around the broader push toward digital transformation in their business. If I look at the deals that we did at a large financial services provider or the multiple large transactions we did in life sciences, these were not about sort of urgent standing up of remote worker users. This is really about being able to move off of legacy content management systems, be able to move to the cloud. So a bit more of our actual classic sales motion.

所以我認為我們現在做的，其實是回到更傳統的銷售推進方式，也就是與客戶進行更廣泛的對話，圍繞其業務更廣泛的數位轉型推動。如果我看我們在某家大型金融服務供應商做成的案子，或我們在生命科學領域完成的多筆大型交易，這些都不是在談緊急地讓遠端工作者上線。這真正是在談能夠從舊有的內容管理系統移轉出來，能夠移轉到雲端。所以更像是我們典型的銷售推進方式。

I think the particular unique headwind in this environment is really just around the budget environment and the fact that we can't necessarily go serve all of the same industries in the same way. So we are obviously much more concentrated in some of the higher growth industries that are spending on operating expenses right now, financial services, life sciences, federal government, professional services. So those are really where we're getting more of the growth from, and obviously, seeing less demand on a relative basis in some consumer sectors, obviously, almost nothing in hospitality, travel, et cetera. So I think similar sales cycles to probably what we had in the business maybe 9 or 12 months ago, obviously, with a much stronger product portfolio than what we had then and then really just dealing with those headwinds and tailwinds based on the kind of macro environment.

我認為在這個環境下特別獨特的逆風，主要在於預算環境，以及我們不一定能以同樣方式服務所有產業。因此我們顯然更集中在一些目前仍在支出營運費用、成長較快的產業：金融服務、生命科學、聯邦政府、專業服務。所以我們的成長主要來自這些領域；而在某些消費型產業的相對需求則較弱，顯然在旅宿、旅遊等領域幾乎沒有需求。所以我認為銷售週期大致類似於大約 9 或 12 個月前我們業務的狀況；當然，現在我們的產品組合比當時強很多，而我們主要就是在因應宏觀環境帶來的逆風與順風。

Got it. And then regarding the 35% attach rate of suites to 6-figure deals, I guess, it's a good number, but I mean, in reality, I don't know if it's a good number. You need to tell me. Like it's sort of -- I need to think about what was your internal target relative to this or are you willing to put a stake in the ground as to the end of fiscal '22? What do you think the attach rate of suites at the end of next year needs to be?

了解。另外，關於套件（Suites）在六位數交易中的 35% 搭售率（attach rate），我想這是個不錯的數字，但老實說，我不確定它到底算不算好。你需要告訴我。也就是說——我需要思考你們內部目標相對於這個數字是什麼，或者你們是否願意對 2022 財年末設下一個明確目標？你認為到明年年底，套件的搭售率需要達到多少？

Yes. It's a great question. I think -- oh, sorry. Go ahead, Dylan.

是的。這是個很好的問題。我想——喔，抱歉。你先說，Dylan。

Go ahead. No, go ahead, Aaron.

你先說。不，你先說，Aaron。

I think we -- I would say, in general, we want the majority of our 100,000 plus deals coming in through suites. So obviously, I hesitate to give the specific time frame, but you can imagine that, that's the push that we have, especially going into next year. In terms of the reason why that number is not large right now, I think it is just because, in some cases, we do have customers that are expanding some of the existing use cases that they have, which means that they obviously are going to stay on the current kind of product lineup, just purchasing more users within those plans. But overall, I think we've -- I would say that we've been incredibly encouraged and happy with the results of Suites. It has changed the sales motion to a positive by really helping customers see the full value of our platform, and we're going to continue to incrementally drive up that percentage of large deals coming in through either suites or that multiproduct bundling motion. And I would certainly want to have the majority of those larger deals, having that multiproduct characteristic going into next year.

我想我們——一般來說，我們希望我們 10 萬美元以上的交易，多數是透過套件成交。所以我當然會避免給出特定時間表，但你可以想像，這就是我們的推動方向，尤其是進入明年。至於為什麼目前這個數字還不高，我認為只是因為在某些情況下，我們確實有客戶在擴展他們既有的使用情境，這意味著他們顯然會維持在目前的產品組合上，只是在那些方案內購買更多使用者席次。但整體而言，我想我們——我會說，我們對 Suites 的成果感到非常振奮也很滿意。它以正向方式改變了銷售推進，真正幫助客戶看見我們平台的完整價值；我們也會持續逐步提高透過套件或多產品打包推進方式所帶來的大型交易占比。而我當然希望在進入明年時，那些較大型的交易多數都具備這種多產品的特性。

That's great. That's one of the -- Yes, go ahead...

很好。那是其中一個——是的，你繼續……

Sorry. If I can just build on that a bit, I would say that we are certainly pleased with the kind of traction that we're seeing with Suites and with our newer products. As mentioned, Shield has continued to perform as the kind of seeing the strongest momentum and traction we've ever seen out of any of our add-on products. And another metric that we've talked about in the past that we really pay a lot of attention to is just how much of our business is coming from customers who are using these more sophisticated and stickier solutions, how much is actually coming directly from the sale of these newer add-on products, which is clearly a pretty high percentage of the overall deal value when we're selling suites.

抱歉。如果我可以再補充一下，我會說我們確實對 Suites 以及我們較新的產品所展現的牽引力感到滿意。如先前提到，Shield 持續表現突出，呈現出我們在任何附加產品（add-on products）上所見過最強的動能與牽引力。另外，我們過去也談過、且非常關注的另一個指標是：我們的業務有多少來自使用這些更進階、更具黏著度解決方案的客戶；以及其中有多少是直接來自這些較新的附加產品的銷售——當我們銷售套件時，這顯然占整體交易價值相當高的比例。

And just to get a sense of that trajectory and how it's kind of fueling the growth. If you look at the kind of total revenue generated by all of our kind of add-on products collectively, that's up about 33% year-on-year and now about 23% of our total revenue directly coming from those products versus 19% a year ago. So as Aaron mentioned, still early days and certainly expect those numbers to continue increasing, but we are very pleased with the kind of trajectory that we've put up throughout the course of this year.

藉此了解那個走勢，以及它如何在推動成長。如果你看我們所有附加產品合計所帶來的總營收，年增約 33%，而且目前約有 23% 的總營收直接來自這些產品，相較於一年前的 19%。所以如 Aaron 所說，仍屬早期階段，我們也確實預期這些數字會持續上升；但我們對今年以來呈現的走勢非常滿意。

That's great. That's great. Maybe last one for me on the investment side. Help me understand -- your push for a higher margin is completely understandable, and you've done a very good job on that front. The correlating concern would be is that you're potentially under-investing somehow somewhere. So help me understand what is it that you look at internally to figure out if you're under-investing or not. What is that metric that you watch? How close are we to fully exploit demand effect?

很好。很好。我最後一個問題可能在投資面。請幫我理解——你們推動更高毛利完全可以理解，而且你們在這方面做得非常好。相對應的擔憂是，你們可能在某些地方、某些方面投資不足。所以請幫我理解，你們內部用什麼來判斷是否投資不足。你們觀察的那個指標是什麼？我們距離把需求效應完全發揮出來還有多近？

I agree. The biggest thing that we focus on is around a lot of the trends that we're seeing in sales productivity and take a very granular view of kind of what the -- how successfully and how quickly our sales force is ramping, looking at on a segment-by-segment, geography-by-geography basis, both how they're performing relative to other regions, our targets and all of those things is the biggest thing that we look at. And then certainly, in some of the other supporting areas of spend such as marketing programs, we also take a pretty program-by-program and rigorous-ROI approach in terms of how efficiently we're able to generate and then ultimately close demand. So those are a couple of the categories that we watch most closely as we're kind of deciding through what the right investment levels are in the key areas of our sales and marketing spend.

我同意。我們最關注的重點，是我們在銷售生產力上看到的許多趨勢，並以非常細緻的方式檢視——我們的銷售團隊爬坡（ramp）有多成功、速度有多快；我們會按不同客群分段、不同地理區域逐一檢視，包含他們相對於其他區域、相對於我們目標等各方面的表現——這是我們最主要看的事情。另外，在一些其他支援性的支出領域，例如行銷方案，我們也會以相當「逐一方案」且嚴謹的 ROI 方法，來衡量我們產生需求、並最終完成成交的效率。所以，當我們在決定銷售與行銷支出的關鍵領域應該投入到什麼水準時，這些是我們最密切追蹤的幾個類別。

Thanks, Ittai. And I'm surprised we didn't talk about Salesforce, Slack, but I'll let somebody else bring that up.

謝謝你，Ittai。我很驚訝我們沒有談到 Salesforce、Slack，但我就讓其他人來提吧。

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

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

This is Philip Rigby on for Rishi. So nice to see continued improvements in operating margin. I appreciate the color on further expansion initiatives. Can you help us think through how much of the benefits you saw in Q3 are long-lasting structural changes to the business versus maybe short-term COVID-driven benefits like virtual selling or Proserv mix?

我是代替 Rishi 發言的 Philip Rigby。很高興看到營業利益率持續改善。也感謝你們分享更多關於進一步擴張計畫的細節。你能否協助我們釐清：你們在第三季看到的效益，有多少屬於對業務的長期結構性改變， versus 可能是短期、由 COVID 帶動的效益，例如虛擬銷售或 Proserv 組合變化？

Yes. So I would say that most of the benefits that we're seeing as we kind of talk to our customers and all the dynamics in their environments do seem like they're more durable tailwind, especially when you think about the enterprises and how they're increasingly accelerating their adoption of remote work solutions given all of the kind of needs that Box serves from security to workflow automation to integration capabilities as I think more and more companies are increasingly both enabling distributed workforces but also introducing best-of-breed kind of platforms.

是的。我會說，當我們與客戶交流、並觀察其環境中的各種動態時，我們看到的大多數效益似乎更像是較為持久的順風，特別是當你想到企業客戶，以及他們在各種需求的推動下正加速採用遠端工作解決方案；而 Box 所提供的能力涵蓋從安全性、工作流程自動化到整合能力。我認為愈來愈多公司不僅在啟用分散式勞動力，也在導入同級最佳（best-of-breed）的平台。

And so as we look forward, I mean, we're very confident in the resiliency and the underlying demand in addition to the strength of our business model. And so these trends that we saw kind of beginning to pick up from a tailwind point in enterprise, in particular, had continued throughout the course of the year. And given just the overall deal cycles and kind of visibility that we have and kind of how close we are at our various customers, we're increasingly confident that this is not going to be a onetime shift and then these sorts of tailwinds subside once things get back a little bit more to normal.

因此展望未來，我們對於韌性、底層需求以及我們商業模式的強度都非常有信心。我們看到的這些趨勢，尤其是在企業端作為順風開始增強之後，整個年度都持續延續。考量整體交易週期、我們所掌握的能見度，以及我們與各客戶的緊密程度，我們愈來愈有信心這不會是一次性的轉變，然後在情況稍微回到正常後這些順風就消退。

Your next question comes from the line of Matt Coss from JPMorgan.

下一個問題來自 JPMorgan 的 Matt Coss。

Can you provide an update on some of your partnerships like with IBM or Fujitsu or AT&T, particularly has their contribution sort of changed or increased or waned? And then do you see additional opportunity for a similar type of reseller partnership either on the horizon or something that you hope to be working on soon?

你能否更新一下你們與 IBM、Fujitsu 或 AT&T 等合作夥伴的進展，特別是他們的貢獻是否有所改變、增加或減弱？另外，你們是否看到類似型態的經銷商（reseller）合作夥伴關係有更多機會，不論是在近期可望出現，或是你們希望很快能推動的？

Yes. We are -- we're continuing to see, I think, strong momentum from key partners like IBM. And obviously, in Japan, we have a number of very large channel and resellers. In the U.S., it's a little bit of a mixed environment. A lot of customers prefer to go direct with Box, but we have had success with other kind of key channels, especially those that can add value on top of the deployment of Box. So some of your classic system integrator-type relationships. And IBM, obviously, is one of the strongest in that mix where we have both technology solutions that we have in market with them between cloud infrastructure, QRadar, their advanced security capabilities, InstaScan for data classification. So we're able to co-sell with IBM very successfully. And then obviously, on an international basis, we do that with them as well. So overall, I think healthy volume on the channel front, but we expect that to remain relatively stable from a percentage standpoint. So no shift in the strategy in terms of doing more or less on the channel side.

是的。我們——我們持續看到像 IBM 這類關鍵合作夥伴帶來的強勁動能。而且很明顯地，在日本我們有多家非常大型的通路與經銷商。在美國，環境則稍微比較混合。許多客戶偏好直接向 Box 購買，但我們也在其他一些關鍵通路上取得成功，特別是那些能在 Box 部署之上提供附加價值的通路。也就是一些典型的系統整合商類型合作關係。而 IBM 顯然是其中最強的之一；我們與他們在市場上有多項技術解決方案合作，涵蓋雲端基礎設施、QRadar、其先進的安全能力，以及用於資料分類的 InstaScan。因此我們能與 IBM 非常成功地共同銷售（co-sell）。當然，在國際市場我們也同樣與他們這樣合作。整體而言，我認為通路端的量能是健康的，但我們預期從占比角度來看將維持相對穩定。因此在通路策略上，無論是做更多或更少，都沒有改變。

Great. That's helpful. And then maybe can you help us sort of temper expectations for margin expansion next year? You've clearly laid out sort of the opportunities for improving it further, but I'm guessing we won't see a step function next year like we saw this year. So maybe help us think about what our model should look like in terms of operating margin expansion going forward.

很好。這很有幫助。另外，你能否協助我們適度調整對明年利益率擴張的預期？你們已清楚說明進一步改善的機會，但我猜明年不會像今年一樣出現那種跳躍式（step function）的提升。所以能否談談，從現在往後在營業利益率擴張方面，我們的模型應該如何看待？

Yes. So I would say we'll certainly provide a lot more color and kind of granularity in the -- to both kind of growth as well as margin details on our Q4 call. What I would say is that we remain committed to delivering that combined outcome of revenue growth plus free cash flow margin of 30% for next year. So a 5% kind of solid improvement year-on-year, although certainly not as much of a step function on the bottom line that we saw this year.

是的。我會說，我們會在第四季電話會議上，針對成長以及利益率細節提供更多背景與更細的拆解。我想說的是，我們仍然致力於在明年達成「營收成長 + 自由現金流利益率 30%」的綜合成果。也就是年對年約 5% 的扎實改善，雖然確實不會像今年在底線所看到的那種跳躍式提升那麼大。

And in terms of how -- where we're going to be driving that profitability, very confident in the kind of trajectory that we're on and the things we've been doing in order to support those kind of higher-margin targets. First of which that we talked about, which is kind of a new lever for us, and we've not leveraged as much in the past, is around low-cost locations for our full-time employees. Again, mentioned that we expect that at least 100 people full-time employees on the ground in Poland by the end of next year and do expect to continue improving gross margins as well throughout the course of next year as we scale into our more efficient data centers and increasing leverage the public cloud partnerships that we have and move more and more services to the cloud.

至於我們將如何——以及在哪些方面推動獲利能力，我們對目前的軌跡以及為支持更高利益率目標所做的事情非常有信心。第一點是我們先前提到的，這對我們而言算是新的槓桿，過去並沒有大量運用：也就是在低成本地點配置全職員工。再次提到，我們預期到明年年底，至少會有 100 位全職員工在波蘭落地，也預期在明年持續改善毛利率，因為我們會擴大使用更有效率的資料中心，並進一步提高對公有雲合作夥伴的槓桿運用，把愈來愈多服務遷移到雲端。

And then the final thing I'd note is that while it won't be kind of seeing the same sort of step function increase from a bottom line point of view because of the dynamics of COVID, I would say that if you look at the improvement that we've driven in our op margin this year, bridging from the 9% to 10% expectations we laid out entering the year to the 14% plus expectations that we're giving now, under half of that was driven by things that are related to COVID. So less than kind of 2% of the operating margin improvement this year is coming from areas like T&E, facilities, marketing programs and such. And then even once the world's -- kind of returns a bit more to a normal state, we don't expect those areas to fully return to pre-COVID levels. So we do expect to continue driving leverage across all those areas of the business.

最後我想補充的是，雖然由於 COVID 的動態，我們不會在底線面看到同樣的跳躍式增幅，但如果你看我們今年推動的營業利益率改善——從年初提出的 9% 到 10% 的預期，提升到我們現在給出的 14% 以上預期——其中不到一半是由與 COVID 相關的因素所驅動。因此，今年營業利益率改善中，來自差旅與交際（T&E）、設施、行銷活動等領域的貢獻不到約 2%。而且即使世界——逐步回到較正常的狀態，我們也不預期這些領域會完全回到 COVID 前的水準。因此我們確實預期會在上述各業務領域持續推動槓桿效益。

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

下一個問題來自 Craig-Hallum 的 Chad Bennett。

Great. Dylan, maybe just a real quick one for you. It was great that you quantified the professional service impact in the fourth quarter guide. Can you give us the impact on the actual billings dollar amount this quarter, if it was meaningful enough?

很好。Dylan，我這邊可能很快問一個。你在第四季指引中量化了專業服務的影響，這點很好。你能否提供本季對實際帳單金額（billings）的影響，如果其影響程度夠顯著的話？

Yes. I would say that it's roughly in the ballpark of the Q4 revenue impact was the impact to kind of billings and the bookings in the third quarter. So it's a couple of million dollars.

是的。我會說，大致上第三季對帳單（billings）與訂單（bookings）的影響，約略與第四季營收影響在同一個範圍。大概是數百萬美元。

Okay. Got it. And then maybe one follow-up. Just on the 6-figure deal count performance in the quarter, I know on last quarter, the performance of 6-figure deals wasn't up to your expectations. And I think you indicated in this quarter, it wasn't either. And I think you mentioned on the last call that you expected 6-figure deal count to improve pretty materially year-over-year because of some slip deals or deals that weren't done in the second quarter. And actually, I think you indicated you made headway on some of those deals early in the third quarter. So just help me understand kind of -- what kind of happened from a close rate and kind of linearity of the quarter? And any type of color there behind the 6-figure deal count?

好的。了解。再追問一個。關於本季 6 位數交易筆數（6-figure deal count）的表現，我知道上季 6 位數交易的表現未達你們預期。而我想你也表示本季同樣沒有達到。我記得你在上次電話會議提到，由於第二季有一些延後成交或未完成的交易，你預期 6 位數交易筆數年對年會有相當明顯的改善。而且我想你也提到你們在第三季初期已在其中一些交易上取得進展。所以請協助我理解：從成交率（close rate）以及季度線性（linearity）的角度來看，究竟發生了什麼？以及關於 6 位數交易筆數背後的任何補充說明？

Yes. Good question. Overall, we are seeing -- we -- as I kind of mentioned, I think we're seeing healthy demand, especially in sectors like financial services, life sciences, some of the larger enterprises that drive more existing expansion from Box. We have seen some softness in other categories and even in the kind of high-end of the SMB market where we might normally see those 100,000 deal come -- volume come in. And in some cases, we didn't see that same level of volume. And then on an international basis, there's been a little bit of mixed performance depending on the particular international region.

是的。好問題。整體而言，我們看到——我們——如我先前稍微提到的，我認為我們看到健康的需求，特別是在金融服務、生命科學等產業，以及一些更大型的企業客戶，這些客戶帶動了 Box 更多既有客戶的擴張。我們也在其他類別看到一些疲軟，甚至在 SMB 市場的高端區隔——我們通常會看到那些 100,000 美元的交易——量進來。而在某些情況下，我們沒有看到同樣水準的量。另外在國際方面，依不同的國際區域而定，表現有些參差不齊。

So I would say that while we're overall happy about the general demand trends just in terms of the kind of customers that are expanding, the type of logos that we're able to expand with, there has been some softness on that big deal count relative to our expectations. We are continuing to drive pipeline, especially as we look at Q4. This is obviously a massive quarter for us and obviously shapes the kind of year going into next year. But overall, we still remain very committed to driving growth on that 100,000-plus deal category into next year. And obviously, this year, we haven't gotten the performance levels that we wanted, given some of the macro environment headwinds.

所以我會說，雖然就整體需求趨勢而言——就正在擴張的客戶類型、我們能夠擴張的客戶標誌（logos）類型——我們整體上是滿意的，但相較於我們的預期，大型交易的筆數確實有些疲軟。我們會持續推動銷售管線，特別是展望第四季。這顯然是我們非常關鍵的一季，也會形塑今年進入明年的走勢。但整體而言，我們仍然非常致力於在明年推動 100,000 美元以上交易類別的成長。而且很明顯地，今年在一些總體環境逆風之下，我們沒有達到我們想要的表現水準。

And then as Dylan mentioned, we did see the benefit of at least higher average contract value in those 100,000 plus deals. That was certainly a positive that we saw within the quarter.

另外，如 Dylan 提到的，我們確實看到至少在 100,000 美元以上交易中，平均合約價值（ACV）較高所帶來的好處。這確實是我們在本季看到的一個正面因素。

Yes. And then just one thing to chime in that I'd add, addressing a couple of things you asked about. We did in the third quarter see both stable close rates. So we've not seen any sort of deterioration in terms of what we actually win when we're working through different opportunities nor do we see any sort of unusual pacing in terms of when those deals actually fell in the third quarter.

是的。我再補充一點，回應你問到的幾個面向。我們在第三季看到成交率維持穩定。因此，無論是在推進不同機會時我們實際贏下的案子，並沒有看到任何惡化；同時，就第三季這些交易實際落點的節奏而言，我們也沒有看到任何不尋常的情況。

Okay. Then maybe one last one quick, if I may, for Dylan. Just from a seasonality standpoint in the fourth quarter here, Dylan, do you see any difference historically in the sequential increase that you typically see in terms of billings and deferreds in this fourth quarter?

好的。那最後再快速問一題，如果可以的話，給 Dylan。就第四季的季節性而言，Dylan，你是否看到與歷史相比，在帳單金額（billings）與遞延收入（deferreds）方面，通常會出現的環比增幅有任何不同？

No. So in terms of the overall seasonality of the business and kind of relative amount of the business that we closed in the fourth quarter, I don't expect we need to see anything too different versus the kind of historical weighting of billings and bookings in the fourth quarter.

沒有。所以就整體業務的季節性，以及我們在第四季完成結案的業務相對占比而言，我不預期會看到與歷史上第四季帳單（billings）與訂單（bookings）權重分布有太大的差異。

Your next question comes from the line of Erik Suppiger from JMP Securities.

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

A couple of questions. One, did you -- can you comment on just what you saw with your Fed business that has fiscal year-end strength? And then secondly, in some of the areas where you saw some softness in your larger deals, was that driven more by demand? Was there a healthy pipeline? Or was that driven more by logistics and extended procurement cycles with any challenges with employees being at home or getting signed off or things like that?

有幾個問題。第一，你能否評論一下你們的聯邦政府（Fed）業務——該業務在財政年度年末通常較強——你們看到了什麼？第二，在你們看到較大型交易出現一些疲軟的部分，是更多由需求所驅動嗎？銷售管線是否健康？還是更多由後勤/流程因素所驅動，例如採購週期拉長、員工在家辦公導致簽核或簽署不便之類的挑戰？

Yes. So on the Fed business, we did have a, I think, healthy Q3, obviously, with the September year-end in the federal government. And I called out at least one of the large transactions that we did in the quarter with a very large government agency that is replacing a lot of on-premises solutions, especially SharePoint and plugging into other software like Salesforce, et cetera. So we did some pretty meaningful transactions within Fed in the quarter that we were very happy about.

是的。就聯邦政府業務而言，考量到美國聯邦政府 9 月為年度結束，我們在第三季確實有一個——我認為——健康的 Q3。而且我也特別提到本季我們完成的至少一筆大型交易，對象是一個非常大型的政府機構，正在汰換大量地端（on-premises）解決方案，特別是 SharePoint，並且與 Salesforce 等其他軟體進行整合，等等。所以我們在本季於聯邦政府業務完成了一些相當有意義的交易，對此我們非常滿意。

In terms of the overall a number of large deals, I think the way I would characterize it is that we definitely had a healthy amount of demand. So it's a little bit less of a demand challenge. Obviously, we always want more pipeline. So clearly, more pipeline would have been even better, but we are seeing greater degrees of scrutiny on budget, which just means you have to have much more of the ROI proven out. You have to be able to work through more of the different stages that a customer goes through. And some of the more accelerated purchases that may be happened at the start of COVID were obviously not happening in the same way. I would say that's less about the remote work aspect of how business is getting done and much more of just the budget environment and the level of kind of steps and scrutiny that deals tend to have to pass-through. And that's not something that is unusual for us. I mean, obviously, we did over 60 transactions above $100,000 in the quarter. So we have that written down, but there can always be different things that maybe are unexpected in that process or in one of our markets. We saw -- because of the COVID wave in their region, we saw a bit of a slowdown just because companies were trying to evaluate how long was that going to last and how is that going to impact their businesses. So -- and that's an area where we expect to see a return in demand in Q4 based on how that region is doing from that macro standpoint. So I think it -- this has been a year where we've had to obviously have a lot rolling with the different punches that we're seeing with, obviously, just continue to drive strong performance in the process.

至於整體大型交易的數量，我會這樣描述：我們確實有健康的需求量。所以這比較不是需求面的挑戰。當然，我們永遠希望有更多的管線。所以很明顯，若管線更多會更好，但我們確實看到預算審視更為嚴格，這代表你必須更充分地證明投資報酬率（ROI）。你必須能夠走完客戶所經歷的更多不同階段。而在 COVID 初期可能出現的一些較快速的採購，顯然已不再以同樣方式發生。我會說，這與遠端工作如何影響業務進行的面向關係較小，更多是預算環境，以及交易必須通過的步驟與審查程度。而這對我們來說並不罕見。我的意思是，本季我們仍完成了超過 60 筆 100,000 美元以上的交易。所以我們確實有做到，但在這個流程中，或在我們某些市場中，總是可能出現一些意料之外的因素。我們看到——由於某個區域的 COVID 疫情升溫——出現了一些放緩，因為企業正在評估這波疫情會持續多久，以及會如何影響其業務。因此——而這也是我們預期在第四季需求會回升的領域，取決於該區域在總體面上的表現。所以我認為——今年我們顯然必須因應各種變化、隨機應變，同時也持續在流程上推動強勁表現。

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

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

I have 2. First, I'm not sure if you guys said this, but what was the paying user growth in the quarter? And then secondly, regarding the 35% revenue growth and free cash flow margin target, has that mix changed at all as you kind of got closer to fiscal year 2022? Or has that remained relatively constant?

我有兩個問題。第一，我不確定你們是否提過，但本季付費用戶成長是多少？第二，關於 35% 的營收成長與自由現金流利潤率目標，隨著你們逐步接近 2022 財年，這個組合是否有任何改變？還是大致維持不變？

Yes. So we'd say that -- were you asking the total number of users or paying customers? The total paying users?

是的。所以我們會說——你問的是用戶總數還是付費客戶數？是付費用戶總數嗎？

Yes, paying users.

是的，付費用戶。

Yes. So it's now 15 million paying users, which is up sequentially from about 14.6 million in Q2 in terms of the overall number of paying businesses -- business users. And then as it relates to the kind of shift, we have certainly seen a bit of a slowdown largely for the COVID-driven reasons that we've been talking about on the top line and sort of outperformance from a bottom line and some of the margin expansion we've been able to deliver. So I'd say that the overall mix shift has not changed materially in terms of how we're thinking about delivering against that target recently, although we'd say versus where we were several quarters ago prior to the pandemic, can expect to see a bit more of that to come from the bottom line from the free cash flow margin versus on the revenue growth side.

是的。所以目前是 1,500 萬名付費用戶，較第二季約 1,460 萬名環比增加，就整體付費企業——企業用戶——的數量而言。另外就組合變化而言，我們確實看到一些放緩，主要是我們一直在談的 COVID 所驅動的原因，反映在營收端（top line），同時在獲利端（bottom line）有相對更好的表現，以及我們能夠實現的一些利潤率擴張。所以我會說，就我們近期如何思考達成該目標而言，整體組合變化並沒有實質改變；不過，相較於疫情前、也就是幾個季度之前的狀況，可以預期其中會有更多來自獲利端——也就是自由現金流利潤率——而不是營收成長端。

Ladies and gentlemen, this concludes Box Inc.'s Third Quarter Fiscal 2021 Earnings Conference Call. Thank you for participating. You may now disconnect.

各位女士先生，Box Inc. 2021 財年第三季財報電話會議到此結束。感謝各位參與。您現在可以掛線。