Box Inc (BOX) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Box, Inc. First 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，感謝您稍候並歡迎參加 Box, Inc. 2021 會計年度第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）

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

現在我想把會議交給今天的發言人——投資人關係主管 Alice Lopatto。謝謝。請開始。

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

各位下午好，歡迎參加 Box 2021 會計年度第一季財報電話會議。今天與會者包括我們的執行長 Aaron Levie，以及財務長 Dylan Smith。在我們的準備發言之後，將進行問答。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 上以帳號 @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 Q2 and FY '21 financial guidance and our expectations regarding our financial performance for fiscal 2021 and future periods; our timing of and market adoption of our products; our markets and market size; our operating leverage; our expectations regarding maintaining positive free cash flow, gross margins, operating margins, future profitability and unrecognized revenue and remaining performance obligations; 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，我們將發表前瞻性陳述，包括我們對 2021 會計年度第二季及 2021 會計年度的財務指引，以及我們對 2021 會計年度及未來期間財務表現的預期；我們產品推出時程及市場採用情況；我們的市場與市場規模；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、未認列收入及剩餘履約義務的預期；我們計畫中的投資與成長策略；我們達成長期營收及其他營運模式目標的能力；新產品、定價與合作夥伴關係預期的時程與效益；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有重大差異。

Please refer to the press release and the risk factors in documents we file with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, for information on risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are being made as of today, May 27, 2020, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

請參閱新聞稿以及我們向美國證券交易委員會提交的文件中的風險因素（包括我們最近一期的 Form 10-K 年度報告），以了解可能導致實際結果與預期有重大差異的風險與不確定性。本前瞻性陳述係截至今日（2020 年 5 月 27 日）作出；若其內容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 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，而不應作為替代或單獨使用。您可在我們的財報新聞稿及相關的 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引用均以非 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. Before we begin, I'd just like to say that I hope you and your families are all staying safe and healthy right now. These are challenging and unprecedented times, and it's a reminder that the health and safety of our families, our friends and our communities should always be our first priority.

謝謝你，Alice，也謝謝各位今天參加電話會議。在開始之前，我想先說，希望你和你的家人目前都平安健康。這是充滿挑戰且前所未有的時期，也提醒我們，家人、朋友與社區的健康與安全永遠應是我們的第一優先。

While there's no playbook or operating manual to follow, we've been actively monitoring COVID-19 developments, and we took early measures to protect the health and safety of our employees. In early March, we transitioned all of our nearly 2,000 Boxers to work from home smoothly. With nearly all of our IT stack in the cloud and integrations between Box and other best-of-breed technologies such as Zoom, Slack, IBM, Okta, Webex, Office 365, G Suite and Salesforce, we were ideally set up for remote work. We were immediately able to double down on support for our customers, both by ensuring the resiliency of our systems to deliver uninterrupted service and by making sure our customers have the resources they would need to enable secure remote work for their organization through Box. I'm extremely proud of all of our teams at Box globally, who have done an amazing job supporting our customers and continuing to drive innovation during this time.

雖然沒有可遵循的劇本或操作手冊，我們一直在積極監測 COVID-19 的發展，並及早採取措施以保護員工的健康與安全。3 月初，我們順利地讓近 2,000 名 Box 員工全面轉為居家工作。由於我們幾乎所有 IT 技術堆疊都在雲端，且 Box 與 Zoom、Slack、IBM、Okta、Webex、Office 365、G Suite 及 Salesforce 等一流技術之間具備整合，我們非常適合遠端工作。我們也立即加倍投入對客戶的支援，一方面確保系統具備韌性以提供不中斷的服務，另一方面確保客戶擁有所需資源，能透過 Box 為其組織啟用安全的遠端工作。我對 Box 全球各團隊深感自豪，他們在此期間出色地支援客戶，並持續推動創新。

While these have been very stressful and dynamic times, I'm proud to say that Box has not missed a beat. Our virtual all-hands meetings are getting record engagement. Teams are making decisions faster than ever. We can reach and connect with more customers virtually. And we're continuing to ship software and innovate more rapidly than ever.

儘管這段時間壓力很大且變化快速，我很自豪地說，Box 並未受到影響。我們的線上全員大會創下參與度新高。各團隊做決策的速度比以往更快。我們能以虛擬方式觸及並連結更多客戶。而且我們持續交付軟體，並以前所未有的速度加速創新。

To that point, we recently shared the news that all Boxers can work from anywhere until the end of the fiscal year if they so choose, providing increased flexibility and peace of mind for our nearly 2,000 employees globally. Even when our offices reopen, we will remain a digital-first organization, bridging the physical and virtual way of working through a digital workplace. We're at the beginning of what will be one of the most transformative periods in business history.

基於此，我們最近分享了一項消息：所有 Box 員工若願意，可在本會計年度結束前於任何地點工作，為我們全球近 2,000 名員工提供更高的彈性與安心。即使我們的辦公室重新開放，我們仍將維持以數位為先（digital-first）的組織，透過數位化工作場所連結實體與虛擬的工作方式。我們正處於商業史上最具變革性時期之一的開端。

Over the past couple of months, I've been speaking with dozens of CIOs and CEOs of Fortune 500 companies, and it's very clear that building toward a digital-first workplace will be a key pillar in a much broader new normal for how organizations operate going forward. The opportunities for flexible work, global and virtual teams and reimagined business processes have always been a key element in our vision. While there is an undoubtedly significant economic disruption in many sectors right now, there's also an unmistakable sense that this is an opportunity to accelerate digital transformation.

過去幾個月，我與數十位《財富》500 大企業的 CIO 與 CEO 交流，非常清楚的是，打造以數位為先的工作場所，將成為未來組織運作「新常態」中更廣泛的一個關鍵支柱。彈性工作、全球化與虛擬團隊，以及重新想像的業務流程，一直是我們願景中的重要元素。雖然目前許多產業無疑正面臨顯著的經濟衝擊，但也明顯感受到，這是一個加速數位轉型的機會。

Organizations are now beginning to refactor how they operate for the 21st century, eliminating paper-based processes, automating manual workflows and creating new digital customer experiences. We'll see manufacturers enable secure collaboration across global supply chains with complex networks of partners. Health care providers will fast track telemedicine experiences and build new ways to share data with their patients. Retailers can collaborate on advertising campaigns virtually and connect and evolve their digital and in-store experiences. Life sciences organizations can manage clinical trials and research across distributed teams. And banks can onboard clients without paper or manual processes.

各組織現在開始為 21 世紀重新改造其運作方式，淘汰紙本流程、自動化人工工作流程，並打造新的數位客戶體驗。我們將看到製造商在由複雜合作夥伴網路構成的全球供應鏈中，啟用安全協作。醫療服務提供者將加速推動遠距醫療體驗，並建立與病患分享資料的新方式。零售商可以以虛擬方式協作廣告活動，並連結與演進其數位與實體門市體驗。生命科學組織可在分散式團隊間管理臨床試驗與研究。而銀行則可在無紙化或無人工流程的情況下完成客戶開戶。

This future will be built on modern cloud platforms, and that's where Box comes in. Nearly 100,000 customers now rely on Box to power secure collaboration and critical processes across their businesses. And Q1 highlighted how important Box is to our customers, and just how much of a transformational impact we can have.

這個未來將建立在現代雲端平台之上，而這正是 Box 的用武之地。如今，近 100,000 家客戶仰賴 Box 來驅動安全協作與其業務中的關鍵流程。而第一季也凸顯了 Box 對客戶的重要性，以及我們能帶來多麼具轉型性的影響。

Just to give you a few examples. As we announced in the quarter, the USDA recently chose Box to power the organization's secure remote work initiatives and help digitize the operations within its 2,500 farm service centers across the country. Vistra Energy, which produces electricity from nearly 60 power plants across the country for 5 million customers leverage Box along with our tight integrations with Slack, Zoom, Office 365 and G Suite to quickly and smoothly transition teams to remote work. And Box enabled General Electric to keep employees connected both to each other and to their customers while also keeping them secure on more than 0.5 million connected devices. It's incredibly energizing to be such an essential and strategic part of how our customers are navigating this unprecedented time, and we're even more excited to see how we can partner with them to shape the future.

我舉幾個例子。正如我們在本季宣布的，美國農業部（USDA）近期選擇 Box 來推動該組織的安全遠端工作計畫，並協助其在全國 2,500 個農業服務中心內將營運數位化。Vistra Energy 為全國近 60 座發電廠、500 萬名客戶供電，該公司運用 Box，並結合我們與 Slack、Zoom、Office 365 及 G Suite 的緊密整合，快速且順暢地讓團隊轉為遠端工作。Box 也協助通用電氣（General Electric）在超過 50 萬台連網裝置上，讓員工彼此以及與客戶保持連結，同時確保安全。能在這段前所未有的時期成為客戶因應挑戰時不可或缺且具策略性的關鍵一環，令人振奮；我們也更加期待與他們攜手塑造未來。

Now let's dive into our results for the quarter. In Q1, revenue was $183.6 million, up 13% year-over-year. Non-GAAP EPS in Q1 was $0.10 compared to negative $0.03 a year ago. We delivered wins and expansions with thousands of customers in Q1, including the City of Berkeley, FLIR, NASA, National Bank of Canada, Toyota Financial Corporation, USDA and many more. We closed 40 deals greater than over $100,000 versus 33 a year ago, and nearly 80% of our $100,000-plus deals included at least one add-on product.

接下來讓我們深入說明本季業績。第一季營收為 1.836 億美元，年增 13%。第一季非 GAAP 每股盈餘（EPS）為 0.10 美元，相較於去年同期為負 0.03 美元。我們在第一季與數千家客戶達成簽約與擴張，包括柏克萊市（City of Berkeley）、FLIR、NASA、加拿大國家銀行（National Bank of Canada）、Toyota Financial Corporation、USDA 等等。我們完成了 40 筆超過 10 萬美元的交易，去年同期為 33 筆；且我們 10 萬美元以上交易中，近 80% 至少包含一項加購產品。

Over the past few years, we've methodically been building the category-defining cloud content management platform focused on 3 key differentiators: frictionless security and compliance; seamless external and internal collaboration and workflow; and world-class integrations and APIs that extend the value of Box into any application. In today's new work environment, this product strategy is incredibly relevant. And in Q1, we delivered several new innovations.

過去幾年，我們有系統地打造具類別定義性的雲端內容管理平台，聚焦於 3 項關鍵差異化優勢：無摩擦的安全性與合規；順暢的外部與內部協作與工作流程；以及世界級的整合與 API，將 Box 的價值延伸至任何應用程式。在今日新的工作環境中，這項產品策略極具相關性。而在第一季，我們也推出了多項新創新。

We announced new automated malware detection capabilities and controls in Box Shield. Box Shield is our fastest-growing add-on product in the company's history, and we have plans to continue to enhance and expand its capabilities to drive even further adoption. With the average cost of the cyberattack reaching $2.6 million or more, malware has become one of the costliest security incidents facing businesses. With malware detection, when users preview files with malware identified, Box Shield will now automatically alert the user, restrict downloads and sharing of malicious files and notify IT and security teams.

我們在 Box Shield 中宣布了新的自動化惡意軟體偵測能力與控制功能。Box Shield 是公司史上成長最快的加購產品，我們計畫持續強化並擴展其能力，以推動更進一步的採用。隨著網路攻擊的平均成本達到 260 萬美元或更高，惡意軟體已成為企業面臨成本最高的資安事件之一。透過惡意軟體偵測功能，當使用者預覽被識別為含有惡意軟體的檔案時，Box Shield 現在將自動提醒使用者、限制惡意檔案的下載與分享，並通知 IT 與資安團隊。

Earlier this month, we also introduced the All-New Box experience to increase productivity and enhance team collaboration. The All-New Box experience includes an updated simplified design and much faster performance; Box Collections, which provides the ability to organize files and folders around topics and work streams that are important to the user; and annotations, which will allow users to leave free-form markups and text comments directly in Box when previewing more than 100 different file types.

本月稍早，我們也推出了全新 Box 體驗，以提升生產力並強化團隊協作。全新 Box 體驗包含更新後的精簡設計與更快的效能；Box Collections，讓使用者能依其重視的主題與工作流程來整理檔案與資料夾；以及註解功能，讓使用者在預覽超過 100 種不同檔案類型時，可直接在 Box 中留下自由形式的標記與文字評論。

We also continue to expand our integrations with partners and leverage our open and interoperable platform. We delivered an enhanced integration with Microsoft Teams to make Box and Microsoft 365 experiences as easy as possible, building upon the many integrations we already have with Microsoft products.

我們也持續擴大與合作夥伴的整合，並善用我們開放且可互通的平台。我們交付了與 Microsoft Teams 的強化整合，在既有多項與 Microsoft 產品整合的基礎上，讓 Box 與 Microsoft 365 的使用體驗盡可能簡單易用。

At IBM Think, earlier this month, we joined Rob Thomas and Stewart Butterfield to discuss our shared vision for the future of work. And we announced an integration with Watson AI ops. We are incredibly excited about the work we're doing with IBM to enable IT organizations and businesses to get work done faster, simpler and more securely.

在本月稍早的 IBM Think 大會上，我們與 Rob Thomas 與 Stewart Butterfield 一同探討我們對未來工作型態的共同願景，並宣布與 Watson AI ops 的整合。我們對與 IBM 合作所推動的工作感到非常振奮，這將協助 IT 組織與企業以更快、更簡單且更安全的方式完成工作。

Additionally, we continue to expand our integration with Zoom, which allows users to create or join a Zoom meeting directly from Box. Unsurprisingly, the usage of Box and our Zoom integration has grown dramatically over the past few months. And ensuring users can collaborate with Zoom, Slack, Teams, Webex, G Suite, IBM and all the applications in our customers' IT stack remains critical in strengthening our remote work strategy.

此外，我們持續擴大與 Zoom 的整合，讓使用者可直接從 Box 建立或加入 Zoom 會議。不意外地，過去幾個月 Box 以及我們的 Zoom 整合使用量大幅成長。而確保使用者能透過 Zoom、Slack、Teams、Webex、G Suite、IBM 以及客戶 IT 技術堆疊中的所有應用程式進行協作，仍是強化我們遠端工作策略的關鍵。

Looking at the year ahead, we have an exciting road map of innovation and enhancements that will continue to drive adoption and enable our customers to work in new ways. And we'll be sharing some of these new advancements at this year's BoxWorks, which will be an all-digital event for the first time ever, taking place on September 17. We already have an incredible slate of speakers, including the CEOs of IBM, Cisco, Slack, Zoom, Okta and more to come. This is lining up to be the defining event for the future of work. We'll be announcing more great speakers over the summer, with CIOs and leaders from across our customer base joining to share their insights and experiences on the future of secure remote work and how they're transforming their organizations going forward.

展望未來一年，我們有令人振奮的創新與強化路線圖，將持續推動採用並協助客戶以新的方式工作。我們也將在今年的 BoxWorks 分享其中部分新進展；今年將首次以全數位形式舉辦，並於 9 月 17 日登場。我們已擁有非常強大的講者陣容，包括 IBM、Cisco、Slack、Zoom、Okta 等公司的執行長，後續還會有更多加入。這正逐步成為定義未來工作型態的指標性活動。我們將在夏季陸續公布更多重量級講者，並邀請來自我們客戶群的 CIO 與領導者一同分享他們對安全遠端工作的未來，以及其組織如何持續推動轉型的洞見與經驗。

We laid the foundation to improve our balance between growth and profitability for FY '21 and beyond. With a focus on delivering growth more efficiently and implementing significant cost discipline in the business. While the future macroeconomic impact of COVID-19 on the market remains uncertain, we believe we are in a strong position to achieve long-term healthy growth rates with increased profitability.

我們已為 FY '21 及之後改善成長與獲利之間的平衡奠定基礎，聚焦於以更高效率推動成長，並在業務中落實嚴格的成本紀律。儘管 COVID-19 對市場的未來總體經濟影響仍不確定，我們相信自己處於有利位置，能在提升獲利能力的同時，達成長期健康的成長率。

To drive efficient and consistent revenue growth, we will continue to execute on our multiproduct strategy and drive more efficiency into our go-to-market motion. We are going after one of the largest markets in enterprise software, and our focus is on growing existing accounts by continuing to drive add-on product adoption with Box Suites and seat expansion as well as efficiently driving new logo acquisition in key markets.

為了推動高效率且一致的營收成長，我們將持續執行多產品策略，並在我們的 go-to-market 推進方式中導入更多效率。我們正瞄準企業軟體中規模最大的市場之一，並專注於透過 Box Suites 的加購產品採用與席位擴張來成長既有客戶，同時也在關鍵市場中以高效率推動新客戶（new logo）取得。

While we expect to see softness in our small business segment due to the economic environment they're facing, we are seeing greater momentum from our enterprise customers expanding right now as they have greater needs for secure remote work solutions.

雖然我們預期小型企業客群會因其所面臨的經濟環境而出現需求走弱，但我們看到企業客戶目前的擴張動能更強，因為他們對安全遠端工作解決方案的需求更為迫切。

Due to our cloud technology stack, our global sales team was able to move to virtual selling smoothly, and our focus on our land-and-expand motion has enabled us to drive a strong run rate base of customer expansion right now.

由於我們的雲端技術堆疊，我們的全球銷售團隊得以順利轉向虛擬銷售；而我們對「先落地、再擴張」（land-and-expand）模式的聚焦，也使我們目前能推動強勁的客戶擴張經常性收入（run rate）基礎。

Further, in the quarter, we implemented new ways to expand our relationship with existing customers, including virtual selling programs specifically focused on secure remote work; virtual executive briefings to engage with key senior executives at our customers; a shift toward digital events to bring together IT decision-makers virtually; and launching a new sales program for enterprise-wide license agreements to help customers expand wall-to-wall.

此外，在本季我們也導入新的方式來擴大與既有客戶的關係，包括：專注於安全遠端工作的虛擬銷售方案；用以與客戶關鍵高階主管互動的虛擬高階簡報（virtual executive briefings）；轉向數位活動以在線上匯聚 IT 決策者；以及推出新的銷售方案，針對企業級授權合約協助客戶進行全公司範圍（wall-to-wall）的擴張。

Next, to drive greater profitability, as we discussed in our last call, we are focused on 3 key initiatives. We are optimizing our workforce expenses, improving gross margin and continuing to take an ROI-based approach to all areas of spend and are implementing greater cost discipline across the business, which is evident in Q1's improvement of non-GAAP EPS. We laid the foundation to significantly improve our margins a few quarters ago, and we are confident that this focus on efficient growth and cost discipline will be an advantage in today's uncertain environment.

接著，為了推動更高的獲利能力，如同我們在上次電話會議中所討論的，我們聚焦於 3 項關鍵措施：優化人力成本、提升毛利率，並持續以 ROI 為基礎檢視各項支出，同時在全公司推行更嚴格的成本紀律，這也反映在 Q1 非 GAAP EPS 的改善上。幾季前我們已為大幅提升利潤率奠定基礎，我們有信心，在當前不確定的環境下，這種對高效率成長與成本紀律的聚焦將成為優勢。

Before I conclude, I want to take a moment to share with you the progress we made continuing to build out a world-class board. This year, we've added 3 new directors to the Board, including Jack Lazar, Bethany Mayer, and earlier today, we announced Carl Bass, who brings over 30 years of technology experience, including most recently serving as the CEO of Autodesk. We're excited by the collective expertise our Board brings to Box, and I'm thrilled to be working with these new board members.

在我結語之前，我想花點時間與各位分享我們在持續打造世界級董事會方面所取得的進展。今年我們已新增 3 位董事加入董事會，包括 Jack Lazar、Bethany Mayer，以及今天稍早我們宣布的 Carl Bass；他擁有超過 30 年的科技產業經驗，最近曾擔任 Autodesk 的執行長。我們對董事會為 Box 帶來的整體專業能力感到振奮，也很高興能與這些新董事一同合作。

We are entering a new normal for business, and we are in the best position to help our customers emerge stronger than ever. The same goes for Box as well. Our Q1 results demonstrate the progress that we've made, and we believe that by powering secure remote work for enterprises of all sizes, we are positioned well for further execution going forward.

我們正進入企業經營的新常態，而我們處於最佳位置，能協助客戶比以往更強健地走出來。Box 也是如此。我們的 Q1 結果展現了我們所取得的進展；我們相信，透過為各種規模的企業提供安全遠端工作的支援，我們已為未來的持續執行奠定良好基礎。

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. Before we get into our quarterly results, I'd like to provide an overview of how we're managing our business during these unprecedented times. As Aaron mentioned, organizations are accelerating their remote work and digital strategies, and Box is in a strong position to help our customers remain secure, productive and innovative during these transformations. The combination of our business model and the recent actions we've taken have positioned us well to maintain our financial resiliency while we navigate through this dynamic situation.

謝謝你，Aaron。各位下午好，感謝大家今天加入。在進入季度業績之前，我想先概述我們在這段前所未有的時期如何管理業務。如 Aaron 所提，組織正加速推動遠端工作與數位化策略，而 Box 處於有利位置，能在這些轉型期間協助客戶維持安全、高效與創新。我們的商業模式與近期採取的行動相結合，使我們在面對這個動態情勢時，仍能維持財務韌性。

The nature of our business model creates financial stability, with recurring revenue representing more than 95% of our total revenue. We also have relatively low exposure to the market segments most impacted by COVID-19, with less than 10% of our revenue coming from the industries whose businesses have been hardest hit by COVID-19. While our business is not immune to the impact of this pandemic, our go-to-market motions are focused on where we're seeing the strongest demand. We headed into FY '21 with an increased emphasis on driving net expansion in our large existing customer base, which is a more efficient and predictable sales motion than sales to entirely new customers.

我們的商業模式本質上帶來財務穩定性，經常性收入占總營收超過 95%。我們對受 COVID-19 影響最嚴重的市場區隔之曝險也相對較低，來自受 COVID-19 重創產業的營收占比不到 10%。雖然我們的業務並非不受疫情影響，但我們的 go-to-market 推進方式聚焦於需求最強的領域。我們在 FY '21 開始時便更強調在龐大的既有大型客戶基礎中推動淨擴張（net expansion），相較於完全銷售給新客戶，這是一種更有效率且更可預測的銷售模式。

The heightened need for solutions like Box that power remote work have benefited sales to existing customers, which contributed more than 70% of new bookings in Q1. We're also seeing momentum in our revamped digital channel, which is enabling us to more efficiently acquire new customers.

對於像 Box 這類支援遠端工作的解決方案之需求提升，帶動了對既有客戶的銷售，並在 Q1 貢獻了超過 70% 的新增訂單（new bookings）。我們也看到改造後的數位通路動能正在提升，使我們能更有效率地取得新客戶。

In addition, we've continued to take a more rigorous approach to overall cost discipline, which began in the second half of last year. Even in these turbulent times, we have demonstrated significant improvements in profitability, and we expect to generate further improvements in FY '21 through our focus on optimizing workforce expenses, improving gross margin and driving cost discipline across the business by taking a rigorous ROI-based approach to all areas of spend.

此外，我們持續採取更嚴謹的整體成本紀律作法，這項作法自去年下半年開始。即使在這些動盪時期，我們仍展現了獲利能力的顯著改善；我們預期在 FY '21 透過聚焦於優化人力成本、提升毛利率，以及以嚴謹的 ROI 為基礎檢視各項支出、在全公司推動成本紀律，將帶來進一步改善。

For FY '21, we now expect our non-GAAP operating margin to be 11% to 12% of revenue, an improvement from the 9% to 10% range that we provided on our last earnings call.

針對 FY '21，我們目前預期非 GAAP 營業利益率將為營收的 11% 至 12%，較我們在上次財報電話會議提供的 9% 至 10% 區間有所提升。

Let's now move on to our quarterly results. In the first quarter, we delivered strong financial performance across the board. We delivered revenue of $183.6 million in Q1, up 13% year-over-year. 27% of this revenue came from regions outside of the United States, driven by continued strength in Japan. We delivered strong subscription revenue driven by high customer expansion rates in Q1, particularly with our larger enterprise customers. These larger companies are accelerating their adoption of remote work solutions and tend to have more pronounced needs for Box's differentiated security, workflow automation and integration capabilities as they digitize how work is being done across their increasingly distributed workforces.

接下來我們進入季度業績。在第一季，我們在各方面都交出強勁的財務表現。Q1 營收為 1.836 億美元，年增 13%。其中 27% 的營收來自美國以外地區，主要受日本持續強勁表現帶動。Q1 訂閱營收表現強勁，主要由高客戶擴張率所驅動，尤其是我們較大型的企業客戶。這些大型公司正加速採用遠端工作解決方案；在其工作型態於更分散的員工隊伍中持續數位化之際，對 Box 差異化的安全性、工作流程自動化與整合能力的需求也更為明顯。

While we saw solid revenue results, the COVID-19 environment is resulting in softness in our small business customers. Given the greater proportion of sales from customer expansion, our professional services bookings and revenue were also impacted in Q1.

雖然我們的營收結果穩健，但 COVID-19 的環境正導致我們的小型企業客戶需求走弱。由於銷售中客戶擴張占比提高，我們的專業服務訂單與營收在 Q1 也受到影響。

Finally, in Q1, we experienced a higher allowance for bad debt to account for potential customer collection delays, which created a headwind of roughly $1 million to Q1 revenue. 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 Q1 with RPO at $722.7 million, up 13% year-over-year. We expect to recognize approximately 65% of this RPO over the next 12 months.

最後，在 Q1，我們提高了呆帳準備以反映潛在的客戶收款延遲，對 Q1 營收造成約 100 萬美元的不利影響。我們的剩餘履約義務（remaining performance obligations，RPO）代表不可取消合約，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，並以合約資產相抵。Q1 期末 RPO 為 7.227 億美元，年增 13%。我們預期約 65% 的 RPO 將在未來 12 個月內認列。

First quarter billings came in at $128.1 million, representing 8% calculated and duration-adjusted billings growth year-over-year. As you'd expect, the dynamics of this economic environment have created a slight mix shift towards quarterly versus annual customer payment durations. As a result, we currently expect our billings growth rate to slightly lag our revenue growth rate for the remainder of this year. However, I would highlight that we have not seen customers seek to reduce their contract durations to date as they continue to view Box as a critical long-term component of their IT strategies.

第一季帳單金額為 1.281 億美元，代表按計算口徑並經期限調整後的帳單年增 8%。如你所預期，這樣的經濟環境動態使客戶付款期限的組合略微轉向按季而非按年。因此，我們目前預期今年剩餘期間帳單成長率將略低於營收成長率。不過我要強調的是，截至目前我們尚未看到客戶尋求縮短合約期限，因為他們仍將 Box 視為其 IT 策略中關鍵的長期組成部分。

In Q1, we saw solid growth in 6-figure deal volume, closing 40 deals worth more than $100,000 versus 33 a year ago, up 21% year-over-year. Additionally, we closed 5 deals over $500,000 versus 6 a year ago and 3 deals over $1 million, in line with a year ago. We ended Q1 with an annualized net retention rate of 107%, up from 106% a year ago and 104% last quarter. This increase was primarily attributable to improvements in our customer expansion rates. In Q1, our full churn rate was 5% on an annualized basis, stable versus a year ago and Q4.

在 Q1，我們看到六位數交易量穩健成長，成交 40 筆超過 10 萬美元的交易，去年同期為 33 筆，年增 21%。此外，我們成交 5 筆超過 50 萬美元的交易，去年同期為 6 筆；以及 3 筆超過 100 萬美元的交易，與去年同期持平。我們在 Q1 結束時的年化淨留存率為 107%，高於去年同期的 106% 與上季的 104%。此一提升主要歸因於客戶擴張率的改善。Q1 我們的整體流失率按年化計為 5%，相較去年同期與 Q4 皆維持穩定。

Turning to margins. Non-GAAP gross margin came in at 73.1% versus 72.3% a year ago and an improvement from our Q4 gross margin of 71.5%. Our focus on reducing infrastructure cost is paying off, and we expect this upward trend to continue in future years. Q1 was another successful quarter of driving leverage across the business as we continue to grow revenue faster than our expenses through numerous cost and productivity initiatives while we scale.

接著談毛利率。非 GAAP 毛利率為 73.1%，高於去年同期的 72.3%，也較我們 Q4 的 71.5% 改善。我們專注於降低基礎設施成本已見成效，並預期此上升趨勢在未來幾年將持續。Q1 也是我們在業務各面向持續提升槓桿的又一個成功季度；在擴張規模的同時，透過多項成本與生產力計畫，我們持續讓營收成長快於費用成長。

Total Q1 operating expenses represented 64% of revenue, a significant improvement from 74% a year ago. Sales and marketing expenses in the quarter were $62.7 million, representing 34% of revenue, down from 43% in the prior year. As a core part of our strategy, we are seeing success in achieving higher overall sales productivity by selling our broader product offerings to existing customers.

Q1 營運費用總額占營收 64%，較去年同期的 74% 顯著改善。本季銷售與行銷費用為 6,270 萬美元，占營收 34%，低於前一年的 43%。作為我們策略的核心部分，我們透過向既有客戶銷售更廣泛的產品組合，在提升整體銷售生產力方面已見成效。

Research and development expenses were $35.8 million or 20% of revenue, flat with last year as we continue to enhance our cloud content management product offerings to further differentiate our platform. In Q1, this included automated malware detection capabilities and controls in Box Shield and an All-New Box experience. Additionally, we plan to open our first engineering center of excellence outside the U.S. in the back half of this year in Poland, which will contribute to our ability to scale more efficiently going forward.

研發費用為 3,580 萬美元，占營收 20%，與去年持平；我們持續強化雲端內容管理產品組合，以進一步差異化我們的平台。Q1 內容包括在 Box Shield 中的自動化惡意軟體偵測能力與控管，以及全新的 Box 體驗。此外，我們計畫在今年下半年於美國以外的波蘭設立第一個工程卓越中心，這將有助於我們未來更有效率地擴張。

Our general and administrative costs were $18.4 million, or 10% of revenue, an improvement from 11% a year ago. We expect to drive continued leverage in G&A through greater operating discipline and automation as we scale.

一般與行政費用為 1,840 萬美元，占營收 10%，較去年同期的 11% 改善。隨著規模擴大，我們預期將透過更高的營運紀律與自動化，持續提升 G&A 的槓桿效益。

As a result, in Q1, we generated an 1,100 basis point improvement in our non-GAAP operating margin year-over-year, coming in at 9% versus negative 2% a year ago. Non-GAAP EPS came in at $0.10 compared with negative $0.03 a year ago and well above the high end of our guidance.

因此，Q1 我們的非 GAAP 營業利益率年增改善 1,100 個基點，達到 9%，去年同期為負 2%。非 GAAP 每股盈餘（EPS）為 0.10 美元，去年同期為負 0.03 美元，且明顯高於我們指引區間的上緣。

Let me now move on to our balance sheet and cash flow. We ended the quarter with $268.4 million in cash, cash equivalents and restricted cash. In Q1, we decided to make a $30 million drawdown on the revolver, which further bolsters our already strong balance sheet. Cash flows from operations was $61.9 million in Q1 compared to $25.5 million a year ago, an improvement of 143% year-over-year. Combined CapEx and capital lease payments were 10% of revenue in Q1.

接下來談資產負債表與現金流。我們在本季末持有現金、約當現金及受限制現金合計 2.684 億美元。Q1 我們決定自循環信貸額度（revolver）提用 3,000 萬美元，進一步強化我們本已穩健的資產負債表。Q1 營運活動現金流為 6,190 萬美元，去年同期為 2,550 萬美元，年增改善 143%。Q1 資本支出（CapEx）與資本租賃付款合計占營收 10%。

Total CapEx was $1.4 million versus $1.6 million a year ago. Capital lease payments, which we factor into our free cash flow calculation, were $17.4 million versus $9.2 million a year ago. Roughly half of this year-over-year increase reflects higher capital lease liabilities from our migration to lower-cost data center locations, with the other half resulting from the timing of capital lease payments.

資本支出總額為 140 萬美元，去年同期為 160 萬美元。資本租賃付款（我們在自由現金流計算中會納入）為 1,740 萬美元，去年同期為 920 萬美元。此年增幅約有一半反映我們遷移至成本較低的資料中心地點所帶來較高的資本租賃負債，另一半則源自資本租賃付款時點的影響。

We expect CapEx and capital lease payments combined to be 8% to 9% of revenue in Q2 and roughly 8% of revenue for the full year of FY '21. As a result, free cash flow in the first quarter was $39.8 million, a 196% improvement from free cash flow generation of $13.4 million a year ago.

我們預期 Q2 的資本支出與資本租賃付款合計將占營收 8% 至 9%，而 2021 財年全年約占營收 8%。因此，第一季自由現金流為 3,980 萬美元，較去年同期的 1,340 萬美元自由現金流增加 196%。

With that, let's now turn to our guidance. Our guidance is based on our observations and assumptions about the overall macroeconomic environment, and we are factoring in the dynamics as we see them today associated with COVID-19. Our revenue guidance reflects the continued strength of enterprise customers increasing their adoption of our solutions while taking into account the softness we expect from our smaller business customers and our professional services business. The pivot to a remote workforce has enabled us to accelerate how we can operate more efficiently, which is reflected in our EPS estimates.

接著我們來看指引。我們的指引係基於對整體總體經濟環境的觀察與假設，並將我們目前所見與 COVID-19 相關的動態納入考量。我們的營收指引反映企業客戶持續強勁地提高對我們解決方案的採用，同時也考量我們預期來自較小型企業客戶與專業服務業務的疲弱。轉向遠端工作型態使我們得以加速以更高效率運作，這也反映在我們的 EPS 預估中。

For the second quarter of fiscal 2021, we anticipate revenue of $189 million to $190 million, representing approximately 10% year-over-year growth. We expect our non-GAAP EPS to be in the range of $0.12 to $0.14 and GAAP EPS in the range of negative $0.13 to negative $0.11 on approximately 161 million and 154 million shares, respectively.

就 2021 財年第二季而言，我們預期營收為 1.89 億至 1.90 億美元，約為年增 10%。我們預期非 GAAP EPS 介於 0.12 至 0.14 美元；GAAP EPS 介於負 0.13 至負 0.11 美元，分別以約 1.61 億股與 1.54 億股為基礎。

For the full year of fiscal 2021, we are adjusting our FY '21 revenue guidance to be in the range of $760 million to $768 million, representing roughly 10% year-over-year growth at the midpoint of this range. We now expect our FY '21 non-GAAP EPS to be in the range of $0.47 to $0.52 on approximately 162 million diluted shares. Our GAAP EPS is expected to be in the range of negative $0.55 to negative $0.50 on approximately 155 million shares. We expect our non-GAAP operating margin to be in the range of 11% to 12% of revenue. We still expect to achieve a combined revenue growth rate plus free cash flow margin of 25% in FY '21.

就 2021 財年全年而言，我們將 FY '21 營收指引調整為 7.60 億至 7.68 億美元，在此區間中點約為年增 10%。我們目前預期 FY '21 非 GAAP EPS 介於 0.47 至 0.52 美元，稀釋後股數約 1.62 億股。GAAP EPS 預期介於負 0.55 至負 0.50 美元，股數約 1.55 億股。我們預期非 GAAP 營業利益率介於營收的 11% 至 12%。我們仍預期在 FY '21 達成「營收成長率加上自由現金流利潤率」合計 25% 的目標。

In summary, in Q1, we delivered strong financial results across the board. We would like to thank our Box employees and partners for their tremendous focus and effort, leading by example in delivering these results in such a dynamic and challenging environment. Our product innovation around remote work, combined with our resilient business model, put us in a strong position to partner closely with our customers and support them through this new era of digital transformation. Our strategy and execution delivered strong revenue growth and significant profitability improvements in our first fiscal quarter, and we are well positioned to drive further profitability improvements as we continue to build on our leadership position.

總結而言，Q1 我們在各方面都交出強勁的財務表現。我們要感謝 Box 的員工與合作夥伴在如此多變且具挑戰的環境中，以身作則、專注投入並付出巨大努力，促成這些成果。我們圍繞遠端工作的產品創新，加上具韌性的商業模式，使我們處於有利位置，能與客戶緊密合作並在這個數位轉型新時代支持他們。我們的策略與執行在本財年第一季帶來強勁的營收成長與顯著的獲利能力改善，而隨著我們持續鞏固領導地位，我們也已做好準備推動進一步的獲利能力提升。

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 Melissa Franchi with Morgan Stanley.

（接線員指示）第一個問題來自 Morgan Stanley 的 Melissa Franchi。

Great. Congrats in the quarter. Aaron, you mentioned strong customer expansion in the quarter. As you're looking into the pipeline for the rest of the year, can you talk about the level of upsell activity that you're anticipating? And is that coming really more so from seat expansion within your existing customers? Or is it more so around adding on additional functionality through some of the add-ons like Shield?

很好。恭喜本季表現。Aaron，你提到本季客戶擴張很強勁。當你展望今年剩餘時間的銷售管線時，能否談談你預期的加購（upsell）活動水準？這主要是來自既有客戶內部的席位（seat）擴張嗎？還是更多來自透過像 Shield 這類附加模組增加額外功能？

Yes. Thanks, Melissa, and great to hear from you. We -- as we've shared with investors in the past, we have a tremendous opportunity to expand Box throughout our customer base. In most large organizations, we're still, in some cases, only penetrated in 10% or 15% or 20% of the employee population that's available. So especially in this move to remote work or a work-from-anywhere strategy, enterprises need the ability to use technology across their organization.

是的。謝謝你，Melissa，也很高興聽到你的聲音。我們——如同過去與投資人分享的，我們有非常大的機會在既有客戶群中擴大 Box 的導入。在多數大型組織中，我們在某些情況下仍只滲透到可觸及員工總數的 10%、15% 或 20%。因此，特別是在轉向遠端工作或「隨處工作」策略的過程中，企業需要能在整個組織範圍內運用科技的能力。

So we saw that really pick up in Q1. That led to some pretty significant deals. In one case, we had a Fortune 500 company that was using Box in one subset of their organization, and then they decided to roll it out effectively enterprise-wide. And that turns what may have been normally a multi-quarter sales cycle into really under a couple of months. So I think we're starting to see that show up more in the pipeline.

所以我們看到這在 Q1 真的加速升溫，並促成一些相當重大的交易。有一個案例是，一家《財富》500 強公司原本只在其組織中的某個子部門使用 Box，之後他們決定幾乎在全企業範圍內推廣部署。這使得原本可能通常需要跨好幾季的銷售週期，縮短到實際上不到幾個月。我認為我們開始在銷售管線中更常看到這樣的情況。

I think you're going to see a mix of both seat expansion driving the revenue outcome going forward as well as add-on products. Our add-on product strategy is obviously the big differentiator of Box because we can pull together advanced security, advanced workflow, data governance, all-in-one solution for our customers. So I think you're going to see a mix of growth in both of those, especially in the enterprise segment.

我認為你將會看到未來營收結果同時由席位擴張以及加購產品共同驅動。我們的加購產品策略顯然是 Box 的主要差異化因素，因為我們能把進階安全、進階工作流程、資料治理整合起來，為客戶提供一體化解決方案。因此我認為這兩者都會呈現成長的組合，尤其是在企業客群。

And I'll let Dylan add any other color, if he'd like, on that mix shift.

我也讓 Dylan 視需要就這個組合變化再補充一些說明。

Yes. Thanks. To build on that, I would also note that while, as Aaron mentioned, a lot of the tailwinds that we saw in the first quarter were attributable to seat expansion, we are continuing to see strong momentum in the adoption of our add-on products, especially continued momentum and a very strong start with Shield and with Suites. And so when you look at the revenue attributable to the customers who have purchased at least one of our add-on products, that's come up about 35% year-on-year, and we're continuing to see momentum in the more sophisticated use cases being adopted by our customer base.

是的，謝謝。延續這點，我也想指出，正如 Aaron 提到的，我們在第一季看到的許多利多主要歸因於席位擴張；同時，我們也持續看到加購產品採用的強勁動能，尤其是 Shield 與 Suites 的動能延續且開局非常強勁。因此，當你看至少購買過我們一項加購產品的客戶所貢獻的營收時，年增約 35%，而我們也持續看到客戶群採用更複雜使用情境的動能。

We've talked about in the past the kind of different categories and implications of that. And when we look at our customers who have adopted at least one of our add-on products, they collectively now represent about 54% of our recurring revenue, and that's up from about 45% a year ago.

我們過去談過這方面不同類別及其影響。當我們看至少採用一項加購產品的客戶時，他們合計目前約占我們經常性收入的 54%，高於一年前約 45%。

Okay. Great. That's very helpful. And just one follow-up for you, Dylan. When we're looking at your revenue guide for the full year '21, can you help us quantify what the impact is from some of the assumptions around a lower SMB renewal rate versus professional services headwinds? Or any other factors that might be driving a lower outlook for the full year?

好的，很棒，這非常有幫助。再追問一題，Dylan。當我們看你們 2021 全年的營收指引時，你能否協助我們量化：一些關於 SMB（中小企業）續約率較低的假設，相較於專業服務逆風的影響？或是還有其他可能導致全年展望較低的因素？

Sure. So what I'd say is, first, that when we were looking to set our guidance for the year and then coming up with that, especially for the back half, we wanted to be cautious because of the uncertainty around the macroeconomic conditions later this year, which is also why we slightly widened our revenue guidance range, to accommodate for some of those things. I would say that if you think about the impact that we're seeing on our professional services revenue, expect that relative to our initial expectations for the year to be in the mid-single-digit million range in terms of the lowered expectations because of the dynamics that we mentioned.

當然。我會先說，首先，在我們為全年設定指引並形成該指引時，特別是針對下半年，我們希望保持審慎，因為今年稍晚的總體經濟狀況仍存在不確定性；這也是我們稍微擴大營收指引區間的原因，以便涵蓋其中一些因素。我會說，若你思考我們在專業服務營收上看到的影響，相較於我們年初的預期，因為前述動態，我們下修的預期大約會落在中個位數百萬美元的範圍。

Perfect.

完美。

And so you would think about, yes, the remainder being from the smaller business impact that you mentioned as well.

因此你可以這樣理解：是的，其餘部分也來自你提到的小型企業端影響。

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

下一個問題來自 Oppenheimer 的 Ittai Kidron。

Congrats on a good quarter. I guess I had a couple of questions. First, maybe, Aaron, you can talk about Suites. I don't even think you mentioned that in your prepared remarks, unless I missed it. So maybe this was like a very big change in the story. Help me think about where we are in customers understanding it, adopting it. How much are just still trying to pick off a menu versus willing to eat the whole enchilada, as they say?

恭喜繳出不錯的一季。我想我有幾個問題。首先，也許 Aaron 你可以談談 Suites。我甚至不記得你在事先準備的發言中提到它，除非我漏聽了。所以也許這是故事的一個很大轉變。請幫我理解：客戶對它的理解與採用目前到哪個階段？有多少客戶仍然只是從菜單上挑選幾樣，而不是像大家說的那樣願意整套都買？

Yes. Actually, I did mention it around our go-to-market model. And so the evolution of both driving seat expansion as well as add-on expansion through our Suite strategy. So it remains fundamentally at the center of our go-to-market motion. It's obviously enabling us to reduce the friction in the sales cycle by bringing together the full power of Box to a customer conversation. One of the deals that I mentioned in the quarter being a Fortune 500 company going effectively enterprise-wide was a major Suite deal, bringing together Shield and Relay in that transaction.

是的，其實我有在談到我們的 go-to-market（市場進入）模式時提到它。因此，透過我們的 Suite 策略，同時推動席位擴張與加購擴張的演進。它仍然是我們市場推進動作的核心。它顯然能透過把 Box 的完整能力帶入與客戶的對話，來降低銷售週期中的摩擦。我在本季提到的一筆交易，是一家《財富》500 強公司幾乎在全企業範圍導入，那就是一筆重要的 Suite 交易，在該交易中把 Shield 與 Relay 一起納入。

So we're seeing -- we're continuing to see really, really strong momentum with Suites overall. I think that will even be stronger throughout the year as we have a chance to even better position Suites in this new virtual selling environment. I think a lot of the deals that maybe initially kind of came out in Q1 were these sort of rapid-fire expansion deals, where a customer really needed more seats right away.

因此我們看到——我們持續看到 Suites 整體非常、非常強勁的動能。我認為隨著我們有機會在新的虛擬銷售環境中更好地定位 Suites，這股動能在今年會更強。第一季一開始出現的許多交易，可能是那種快速擴張型交易，客戶真的需要立刻增加更多席位。

And now we are going to obviously continue to put the Suite story right in front of that conversation to be able to bring Shield, Governance and Relay altogether. So we had around 1/4 of our 6-figure deals that had Suites involved in them, so the $100,000-plus deals, which was consistent with Q4. But again, a lot of the Q1 business was that rapid-fire expansion. So Suites remains fundamental to our whole strategy this year.

而現在我們顯然會持續把 Suite 的故事放在對話最前面，以便把 Shield、Governance 與 Relay 一起帶入。因此，我們約有 1/4 的六位數交易包含 Suites，也就是 10 萬美元以上的交易，這與第四季一致。但再次強調，第一季很多業務是那種快速擴張。因此，Suites 仍然是我們今年整體策略的基石。

Got it. Maybe I guess following up on that rapid-fire expansion. Do you feel that -- if you have to use baseball analogy, in what inning are we on having your customers kind of react very quickly to this and moving into more, I don't know, what is the new normal and somewhat new normal sales cycles? How do I think about that?

了解。那我想追問一下你提到的快速擴張。你覺得——如果用棒球來比喻，我們現在處於第幾局：客戶對這件事快速反應的階段，以及進入更……我不知道，所謂新常態、以及某種新常態銷售週期的階段？我該如何看待？

Yes. Well, I'm not the baseball expert on this call. Dylan is. But I would say our response is probably in one of the latter innings in terms of our ability to go and sell to customers, that virtual sales methodology, doing virtual events, having virtual executive briefings. We were able to move to that model within, really, honestly, a week or 2 in this environment.

是的。嗯，我不是這通電話裡的棒球專家，Dylan 才是。但我會說，就我們去向客戶銷售的能力而言——包含虛擬銷售方法、舉辦線上活動、進行虛擬高階主管簡報——我們大概已經進入後段幾局。我們在這個環境下，真的老實說在一到兩週內就切換到那個模式。

I think now the question is on the customer side, I think there are sort of 2 ways to think about the customers' response to this environment. The first was the immediate triage of I need my employees to be able to work from an unmanaged device on an unmanaged network and be able to get on video conferencing and be able to get on chat. I think we're largely well into the latter innings of that remote -- immediate triage. And now I think we're in the very early innings of what, to us, is we're really excited about, which is companies now starting to realize that they have to reevaluate what the future of their workplace looks like, what the future of their business processes look like. And that's where you can start to have more strategic conversations around how Box can be used across the enterprise, around how we can help them with their data security strategy with Box Shield or how we can automate workflows with Box Relay.

我想現在的問題在客戶端。我認為可以用兩種方式來看客戶對這個環境的反應。第一種是立即的緊急處置：我需要讓員工能在未受管理的裝置、未受管理的網路上工作，並能使用視訊會議、使用聊天。我認為在這種遠端——立即緊急處置方面，我們大致已進入後段幾局。接著我認為我們正處於非常早期的幾局，而這也是我們非常興奮的部分：企業開始意識到他們必須重新評估未來的工作場所會是什麼樣子、未來的業務流程會是什麼樣子。這時你就能展開更具策略性的對話，例如 Box 如何在全企業範圍被使用、我們如何透過 Box Shield 協助他們的資料安全策略，或我們如何透過 Box Relay 自動化工作流程。

So I think we're in the earliest of innings of more of the long-term impact of the business transformation in this market. But our response is quite mature at this stage in terms of how we can go and work with customers.

所以我認為，就這個市場中業務轉型的長期影響而言，我們仍在最早期的幾局。但就我們如何去與客戶合作的回應能力而言，目前已相當成熟。

I mean the only other final point I'd say is effectively all of the big transactions that we did in the quarter were done post pandemic kicking off. So they were being done completely remotely, completely virtually in driving those large deals. So our ability to sell to customers, drive adoption remains very, very resilient right now.

我想我最後再補充一點：本季我們完成的所有大型交易，基本上都是在疫情爆發之後完成的。也就是說，這些交易完全以遠端、完全以虛擬方式進行並推動成交。因此，我們向客戶銷售、推動採用的能力，目前仍非常、非常有韌性。

Got it. That makes sense. I guess tying it to Dylan. Dylan, if we take that $10 million that came in, in the last quarter that was supposed to come in this quarter, that $10 million in billings that shifted and moving it back to this quarter, you would have posted billings growth of 17%, which is extremely strong, especially for essentially weak quarter. And needless to say, given what Aaron mentioned, that makes sense, right? There's a lot of kind of immediate activity that happened. I guess is that the best way to kind of reconcile why with an effective billings growth of 17%, you're kind of guiding revenue for 10? Is that the right way to think about this?

了解，這很合理。我想把問題連到 Dylan。Dylan，如果我們把上一季進來、原本應該在本季進來的那 1,000 萬美元，亦即那 1,000 萬美元的帳單金額（billings）移轉，改回算到本季，你們的 billings 成長就會是 17%，這非常強，尤其對一個本來就偏弱的季度而言。更不用說，考量 Aaron 提到的，這也說得通，對吧？有很多即時的活動發生。我想問的是：這是否是最好的方式來解釋，為什麼在實質 billings 成長 17% 的情況下，你們卻給出 10% 的營收指引？這樣理解對嗎？

Yes, it is. And I think you're spot on that when we do account for that $10 million in additional Q4 billings from customers who've been originally set to renew in this past quarter in Q1, that is the type of impact you would have gotten on both calculated and adjusted billings growth. And I think when you look at kind of our expectation of what we've set for the remainder of the year, a lot of it does come down to just the different dynamics and uncertainties that we're seeing in the environment and wanting to be prudent on that front. But certainly, in terms of especially the enterprise traction that we've seen and the seat expansion and some of the tailwinds that we're seeing in the business and that have continued into May, we feel really confident in the setup for the remainder of the year.

是的，沒錯。而且你說得很精準：當我們把那 1,000 萬美元的額外第四季 billings（來自原本設定在本季第一季續約的客戶）納入考量時，這就是你在計算後與調整後 billings 成長上會看到的影響。我想當你看我們對今年剩餘期間所設定的預期時，其中很大一部分確實來自我們在環境中看到的不同動態與不確定性，因此我們希望在這方面保持審慎。不過，特別是就我們看到的企業端動能、席位擴張，以及我們在業務中看到並延續到 5 月的一些利多而言，我們對今年剩餘期間的布局感到非常有信心。

Our next question comes from the line of Phil Winslow with Wells Fargo.

我們的下一個問題來自 Wells Fargo 的 Phil Winslow。

I'm glad to hear that you're all well and hope it's the same here with your family and your teams. Actually, a question for Aaron and a follow-up for Dylan. Aaron, you talked about obviously a significant increase in users, but also just you talked about record upload volumes, call it, the number of files, the amount of data getting transferred to Box. So my question is about sort of engagement longer term because Box has always had a very high renewal rate to begin with. But now when you think about sort of the spider web of complexity of more users, more files, more engagement, do you think there's an opportunity to see that -- basically that retention rate potentially move higher or just stay higher? How are you thinking through that?

很高興聽到你們都一切安好，也希望你這邊的家人和團隊也都一樣。其實我有一個問題想問 Aaron，另外也想追問 Dylan。Aaron，你談到使用者數量顯著增加，另外也提到上傳量創新高——可以說是檔案數量、傳輸到 Box 的資料量。所以我的問題是關於較長期的參與度，因為 Box 一直以來本來就有很高的續約率。但現在當你想到更多使用者、更多檔案、更多互動所形成的那種複雜「蜘蛛網」，你覺得是否有機會看到——也就是留存率可能進一步提高，或至少維持在更高水準？你們是怎麼思考這件事的？

Yes. Thanks, Phil. Right out of the gate -- and we published this on our blog for any investors that are interested. Right out of the gate, we saw a pretty marked shift in the work patterns happening within our customers. There's sort of this moment in February transitioning to middle of March where you can see that collaboration is going up in a range of industries: public sector, life sciences, health care, marketing and advertising, tech companies, and then usage of things like integrations with Zoom and Webex and Slack and other tools.

是的。謝謝你，Phil。一開始——而且我們也在部落格上發布了這些內容，供有興趣的投資人參考——一開始我們就看到客戶內部的工作模式出現相當明顯的轉變。大概在 2 月到 3 月中旬之間有一個轉折點，你可以看到在多個產業協作都在上升：公部門、生命科學、醫療保健、行銷與廣告、科技公司；以及像是與 Zoom、Webex、Slack 等工具的整合使用也在增加。

So that shift in more collaboration, more sharing, more external collaboration of data has persisted throughout the quarter. We think this is a great opportunity to drive greater adoption within our customer base right now. And with that greater adoption, we have huge opportunity to be able to go and drive add-on product expansion with those customers. So if you take a core seat license and you're getting a lot of activity from that -- from a customer, that ability to go and add data security, add data governance, add workflow automation becomes that much more of an opportunity for us.

因此，更多協作、更多分享、更多對外資料協作的這種轉變，在整個季度都持續存在。我們認為這是目前在客戶群中推動更高採用率的絕佳機會。而隨著採用率提升，我們也有很大的機會能夠在這些客戶身上推動加購產品的擴張。所以如果你有一個核心的席位授權，而客戶在那上面有大量活動——那麼再去加上資料安全、加上資料治理、加上工作流程自動化，對我們而言就成為更大的機會。

So right now, and really kind of in Q1, especially, our focus was make sure customers can remain as successful as possible, make sure that they can drive adoption, make sure that we can help them expand very, very easily without any friction. And then we've got really, I think, significant opportunities to go and drive add-on product expansion, Suite expansion from there.

所以現在，尤其是在第一季，我們的重點是確保客戶能盡可能持續成功，確保他們能推動採用，確保我們能協助他們非常、非常容易且無摩擦地擴充。接著我們就有——我認為——相當可觀的機會，從那裡開始推動加購產品擴張、套件（Suite）擴張。

Great. And then, Dylan, a follow-up. One of the things about you, and Aaron referred to it, was your shift to a virtual sales cycle. Some of the things we've heard from software salespeople is, hey, I used to do 6 meetings a week, now I can do 6 meetings a day. Now obviously, maybe call it the velocity is higher, but maybe conversion is lower. But how are you kind of thinking through that, maybe even the longer-term ramifications on the positive side of just higher velocity engagement?

很好。接著 Dylan，我想追問一下。關於你——Aaron 也提到——你們轉向虛擬銷售流程。有些我們聽到的軟體業務人員說，嘿，我以前一週做 6 場會議，現在一天就能做 6 場。當然，或許可以說速度更快，但也可能轉換率更低。但你們怎麼思考這件事，甚至從長期來看，正面的一面是更高速度的互動所帶來的影響？

I'm personally -- sorry, go ahead.

我個人——抱歉，你先說。

No, go ahead.

不，你先說。

Yes, I was just going to say, we're very excited about that transition to more virtual selling. That ability to get more and more customers on video right away, I mean, it used to be that if we wanted to go have a conversation with a Fortune 500 company, that might be punted by 2, 3, 4 weeks out. You have to travel. You have to get the team together. And we're having those meetings get scheduled within a day or 2 of the initial kickoff. So that's one dimension. So the speed of conversations that are happening is fantastic.

是的，我只是想說，我們對轉向更多虛擬銷售感到非常興奮。能夠立刻讓更多客戶上視訊，這種能力——我的意思是，以前如果我們想和一家《財富》500 大公司對話，可能會被延後 2、3、4 週。你得出差，你得把團隊湊齊。而現在，這些會議在初次啟動後的一兩天內就能排定。所以這是一個面向。對話發生的速度非常棒。

The ability to be in multiple regions at once is also really great for any of our sales managers. So obviously, in sales territories, they can be spread throughout geographies. So you're spending less time on the road. You're able to get on video calls throughout the day with customers. That's also helpful.

同時能夠一次涵蓋多個地區，對我們的銷售主管也非常好。因為很明顯地，銷售區域可能分散在不同地理位置。所以你花在路上的時間更少，你能在一天之中和客戶進行多場視訊通話。這也很有幫助。

And then we've been able to engage our broader customer community way more effectively right now. So we hosted our customer advisory board a couple of weeks ago, and it brought together nearly 40 CIOs of more or less the Fortune 500. And that was a meeting where we were able to bring everybody on video, very seamlessly be able to share best practices, what people were seeing, share our product road map, get feedback. It was a 3-hour meeting, and it was incredibly effective to be able to engage with our customers. And so we're seeing that begin to emerge all throughout the business where we can get our customers engaged much more efficiently.

另外，我們現在也能更有效地與更廣泛的客戶社群互動。所以我們在幾週前舉辦了客戶顧問委員會，聚集了將近 40 位大致屬於《財富》500 大的 CIO。那是一場我們能把所有人都拉上視訊、非常順暢地分享最佳實務、分享大家看到的情況、分享我們的產品路線圖並取得回饋的會議。那是一場 3 小時的會議，而且能夠與客戶互動得非常有效。因此我們看到這種情況開始在整個業務中浮現：我們能更有效率地讓客戶參與。

One more final example on that is we just announced BoxWorks Digital this morning. And we have the CEOs of Cisco, IBM, Slack, Zoom, Okta and more to come. And we're going to expect tens of thousands of attendees to that virtual event because it's so much more efficient to be able to have people then dial in and tune in to a virtual conference. And so we can actually broaden the amount of customers that we're able to reach with an event like that and start to reach demographics and customers that maybe we wouldn't have been able to get to fly out to San Francisco to attend.

再舉最後一個例子：我們今天早上剛宣布 BoxWorks Digital。我們邀請到 Cisco、IBM、Slack、Zoom、Okta 的 CEO，後續還會有更多。我們預期這場虛擬活動會有數以萬計的與會者，因為讓大家撥入、收看虛擬大會要有效率得多。因此我們實際上可以擴大透過這類活動所能觸及的客戶數量，並開始觸及一些族群與客戶——他們可能不太可能飛到舊金山來參加。

So we think there's a lot of benefits to the push toward virtual selling and more digital marketing, and I think the big question is how much of this will remain in the kind of new normal kind of post-pain dynamic world. But right now, we're certainly making sure that we can operate very smoothly in a virtual way.

所以我們認為推動虛擬銷售與更多數位行銷有很多好處，而最大的問題是，在某種「新常態」、後疫情的世界裡，這些有多少會持續下去。但就目前而言，我們確保自己能以虛擬方式非常順暢地運作。

Yes. And then just to build on that, this is Dylan. I think in terms of how this impacts sales cycles and the dynamics longer term, it's a bit early tell but have certainly seen some deals, and even larger deals, come together very quickly and faster than the typical deal, especially given the urgency that customers are seeing right now to put remote working solutions in place.

是的。再補充一下，我是 Dylan。我認為就這對銷售週期以及長期動態的影響而言，現在下結論還有點早，但我們確實看到一些案子——甚至是較大型的案子——很快就談成，速度比典型交易更快，特別是因為客戶目前對於建立遠端工作解決方案有很強的急迫性。

So I think, ultimately, as a lot of the deals that are being created now in the pipeline have not yet come to fruition, it will be hard to see exactly where that shakes out. But overall, do expect, as Aaron mentioned, many of the positive trends that we are seeing in our go-to-market motions to persist even over the longer term.

所以我想，最終來看，由於目前管線中正在形成的許多交易尚未真正落地，要精確判斷最後會如何發展仍然不容易。但整體而言，我確實預期，如 Aaron 所提到的，我們在 go-to-market 推進方式中看到的許多正向趨勢，即使在更長期也會持續。

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

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

Congrats on the strong results. So Aaron, first one for you. I know this has been a big push over the last 2 years to really get more integrated into your customers' business processes. Obviously, that's still the case here. But I'm curious, when you talk to your customers, has the idea of compliance or endpoint security, has that come up a lot more than it has maybe 4 or 5 months ago? And does that lend itself to maybe higher upsell attach rates as we think about maybe the pipeline of opportunity for the next 12 to 18 months?

恭喜你們有很強勁的成果。Aaron，第一個問題給你。我知道過去兩年你們一直大力推動更深度地整合到客戶的業務流程中。很明顯這裡仍然如此。但我好奇的是，當你和客戶交談時，合規或端點安全這個概念，是否比大概 4、5 個月前更常被提起？而這是否意味著，當我們思考未來 12 到 18 個月的機會管線時，可能會帶來更高的加購附掛率（upsell attach rates）？

Yes. I think we're going to see a big shift toward the first phase being how do people work remotely. And then the question starts to emerge, how do we keep employees secure in this environment? How do we keep our compliance standards up to the levels that they need to be? How do we ensure data governance in this environment? So I think the focus on data security, compliance and privacy will remain core to our ability to grow with customers right now and very important for being able to drive expansion.

是的。我認為我們會看到一個很大的轉變：第一階段是人們如何遠端工作。接著問題就會浮現：我們如何在這個環境中確保員工安全？如何讓我們的合規標準維持在所需水準？如何在這個環境中確保資料治理？所以我認為，對資料安全、合規與隱私的關注，將仍然是我們目前與客戶一起成長的核心，也對推動擴張非常重要。

So that's where Box Shield comes in. That's where our Suite strategy comes into play. But that core differentiator is only becoming more important to our customer base right now.

這就是 Box Shield 發揮作用的地方。這也是我們 Suite 策略發揮作用的地方。但這個核心差異化優勢，現在對我們的客戶群只會變得更重要。

Got it. Understood. And I know a key topic of conversation a few years ago was around GDPR. I mean CCPA is obviously very topical right now. Any thoughts on that might -- how that might impact some of your customers and how that could be an influence for Box?

了解。明白。我也知道幾年前一個重要的討論主題是 GDPR。CCPA 現在顯然也非常熱門。你對這件事有什麼看法——它可能會如何影響你們的一些客戶，以及它可能如何成為 Box 的一個推力？

Yes. I think for obvious reasons, I think the first focal point of most customers right now is on data security as opposed to some of the longer-term data privacy challenges. But we're -- we know that customers are going to really care about how they manage their data over the long run. And that's where Box Governance comes into play. That's where our compliance posture with things like our GxP solution and our support for CCPA as well as GDPR are really important

是的。我想基於顯而易見的原因，我認為大多數客戶目前的第一個焦點是資料安全，而不是一些較長期的資料隱私挑戰。但我們——我們知道客戶長期而言會非常在意他們如何管理資料。而這就是 Box Governance 發揮作用的地方。這也是我們在例如 GxP 解決方案上的合規態勢，以及我們對 CCPA 與 GDPR 的支援非常重要的原因。

But I think the first phase is data security because you don't want people working from home and then accidentally having malicious files on their computers or having malicious actors be able to access data. So Box Shield is a really kind of core product area for us to continue to innovate on, to help drive threat detection and better security offerings to our customers right now.

但我認為第一階段是資料安全，因為你不希望人們在家工作時，卻不小心讓惡意檔案留在他們的電腦上，或讓惡意行為者能夠存取資料。所以 Box Shield 對我們而言是一個非常核心的產品領域，我們會持續在上面創新，以協助推動威脅偵測，並為客戶提供更好的安全方案。

Our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通（JPMorgan）的 Mark Murphy。

It's Adam on for Mark here. Awesome to see you guys execute against your financial targets. So first one, sales and marketing as a percentage of revenue has come down very nicely, and we're starting to see nice leverage in the model. Is there any additional color you can provide here on how you guys managed to achieve that? I think you guys briefly mentioned shuffling some resources and selling into the existing base, but just anything else to call out here?

我是 Adam，代替 Mark 提問。很高興看到你們達成財務目標、執行得很到位。第一個問題，銷售與行銷費用占營收比重下降得非常漂亮，我們也開始看到模型出現不錯的槓桿效應。你們能否補充一些細節，說明是如何做到的？我想你們簡單提到過重新調整一些資源、並向既有客戶群銷售，但還有沒有其他值得特別指出的地方？

Sure. So as I mentioned, I appreciate it is, is we have seen significant leverage in the sales and marketing line over the past year. It came in at 34% of revenue this past quarter versus 43% a year ago. And most of that is through some of the things we've done to drive both sales force productivity improvements as well as the reallocation of resources and sort of streamlining our overall go-to-market motions, as we had discussed on our last earnings call and entering the year.

當然。如我提到的，謝謝你的肯定。我們在過去一年確實在銷售與行銷費用這一項看到顯著的槓桿效應。本季該項費用占營收比重為 34%，相較一年前的 43% 明顯下降。這主要來自我們為提升銷售團隊生產力所做的一些措施，以及資源重新配置，並對整體 go-to-market 推進方式進行精簡；這些我們在上次財報電話會議以及年初時都有討論過。

At the same time, we are seeing certain expense reductions related to the current environments that have benefited our bottom line, particularly on travel. But that's not nearly as material. And on a go-forward basis, for all the reasons that we mentioned around our ability to successfully drive these deals and momentum in a different environment, we don't anticipate travel and events expenses returning to 100% of their pre-COVID levels.

同時，我們也看到與當前環境相關的某些費用下降，對獲利表現有所助益，尤其是差旅方面。但那並不是那麼關鍵的因素。展望未來，基於我們提到的各項原因——包括我們在不同環境下仍能成功推動交易與動能——我們不預期差旅與活動費用會回到 COVID 之前的 100% 水準。

Awesome. And as a quick follow-up, how do you guys kind of balance between selling to the existing base versus new business? I know you guys mentioned over 70% of bookings this quarter were to existing, which is super impressive. So just wanted to think about how you guys kind of divide those resources there.

很棒。再追問一下，你們如何在向既有客戶銷售與開拓新業務之間取得平衡？我知道你們提到本季超過 70% 的訂單（bookings）來自既有客戶，這非常令人印象深刻。想請你們談談資源在這兩者之間大概如何分配。

Yes. So from a resource allocation standpoint, just one note about the way that we've structured our sales force and overall incentive is most of our account executives actually are responsible for both acquiring new logos and accounts and customers might be prospects as well as the existing customer base. And we have the same compensation rates between those 2 categories. And so what we have done is we've set up our territories in a way that aligns kind of our top priorities, our biggest opportunities with the sellers' kind of capabilities to drive those conversations.

好的。就資源配置而言，先補充一點：我們的銷售團隊架構與整體激勵制度是這樣設計的——大多數客戶經理（account executives）同時負責開發新客戶（新 logo、新帳戶；也就是潛在客戶）以及既有客戶群。而且這兩類的佣金/獎酬比率是相同的。因此，我們所做的是以區域（territory）劃分方式來對齊我們的優先事項，讓最大的機會與銷售人員推動這些對話的能力相匹配。

And at the same time, as we've talked about heading into this year, we shifted our resources from lower-performing regions and segments into the higher-performing regions and segments. And in the latter, where we are seeing strength, we tend to have more mature, larger existing customer bases. So based on where we've allocated our go-to-market resources as well as the natural territory alignment is really what we've done proactively to move more and more of our sales from customer -- into customer expansion this year, which is both a more predictable and more efficient sale versus closing entirely new customers.

同時，如我們在今年初所談到的，我們把資源從表現較弱的地區與細分市場，轉移到表現較強的地區與細分市場。而在後者這些我們看到強勁需求的地方，通常既有客戶基礎更成熟、規模也更大。因此，基於我們對 go-to-market 資源的配置，以及自然的 territory 對齊方式，我們主動推動今年更多銷售來自既有客戶的擴張；相較於完全開發新客戶，這種銷售更可預測、也更有效率。

(Operator Instructions) Your next question comes from the line of Rishi Jaluria with D.A. Davidson.

（接線員指示）下一個問題來自 D.A. Davidson 的 Rishi Jaluria。

Nice to see that everyone is doing well and continue to execute. I wanted to start by asking about the margin guidance. So clearly, raising the margin guidance by about 200 basis points for the full year. Can you give us a sense for how much of that is a function of just expecting slower revenue growth because of COVID and maybe being a little bit more particular about the areas you invest in and alongside the natural cost savings you have from not having a physical conference and being able to do that virtually this year versus other areas where you've been opportunistically able to find cost efficiencies? And then I've got a follow-up.

很高興看到大家都表現良好並持續執行到位。我想先從利潤率指引（margin guidance）問起。你們顯然把全年利潤率指引上調了大約 200 個基點。你們能否說明其中有多少是因為 COVID 導致你們預期營收成長較慢、因此在投資領域上更為挑剔，再加上因為今年沒有實體大會、改為線上而帶來的自然成本節省？另外又有多少是你們在其他方面機會性找到的成本效率？我之後還有一個追問。

Sure. So I'd say the majority of the improvement in our operating margin expectations are not directly related to or driven by the specific dynamics of this environment such as on the travel and event side. That certainly contributes, but it's quite a bit less than 50%. However, a lot of what we've done and what has enabled these improvements have been changes that we made just further driving prioritization around both headcount and overall expenses, especially in light of the situation, although there's things again that are not directly driven by it. So -- and overall, it falls really into those 3 main categories that we've talked about earlier around managing workforce expenses, improving gross margin, and then just overall cost discipline. And all 3 contributed to the improvements between what we're expecting now for the year versus our initial expectations.

好的。我會說，我們對營業利益率（operating margin）預期的改善，多數並非直接與此環境的特定動態（例如差旅與活動）相關或由其驅動。那確實有貢獻，但遠低於 50%。不過，我們所做的許多事情，以及促成這些改善的因素，是我們進一步強化在人力與整體費用上的優先順序管理；尤其在此情勢下更是如此，雖然其中也有一些並非直接由此情勢所驅動。整體而言，主要落在我們先前提到的三大類：控管人力成本、提升毛利率，以及整體成本紀律。這三項都促成了我們目前對全年預期相較於最初預期的改善。

Okay. That's helpful. And then, Dylan, on the prepared remarks, you mentioned that you're seeing customers -- more customers opting for monthly versus annual deals. It's what's expected in this environment. Just how are you thinking about the potential impact on future churn numbers? What does it mean on the cash flow side? And maybe on a longer-term basis, would you expect them to see more collections out of these customers, given the fact that they're not getting the annual discount because they're going for monthly?

了解，這很有幫助。接著，Dylan，在你們的事先準備發言中，你提到你們看到客戶——更多客戶選擇月付而不是年約，這在目前環境下也合理。你們如何看待這對未來流失率（churn）數字的潛在影響？對現金流會有什麼意義？以及從更長期來看，考量到他們選擇月付而拿不到年付折扣，你們是否預期會從這些客戶身上看到更多收款（collections）？

Yes. So as you noted, we are seeing customers more focused on cash conservation in this environment, which is leading to that slight shift towards quarterly versus annual payment durations. And we're assuming that customers under financial strain, who are requesting payment extensions, you mentioned -- and duration changes will persist throughout the year, which is why we currently expect our billings growth rate to slightly lag revenue growth for the duration of FY '21.

是的。如你所說，我們確實看到客戶在此環境下更重視現金保留（cash conservation），因此付款期間從年付略微轉向季付。我們也假設，面臨財務壓力、並提出付款展延需求的客戶——以及你提到的付款期間變更——將在全年持續存在。這也是為什麼我們目前預期在 FY '21 期間，我們的帳單（billings）成長率會略微落後於營收成長。

One note I'd make in terms of the churn side of things and just the overall dynamics is a reminder that our contract durations haven't been impacted in this environment as we continue to be a critical part of our IT -- our customers' IT strategies. So we've actually seen the average contract duration, length of those commitments improving a bit over time. And that's, on average, about 18 months across our customer base. Our larger enterprise customers are much more likely to sign multiyear commitments with many of our smaller customers signing 1 year deals. But I just wanted to differentiate between the payment duration impact and the contract duration lack of impact.

關於流失（churn）面向與整體動態，我想提醒的是：在此環境下，我們的合約期間（contract durations）並未受到影響，因為我們仍是客戶 IT 策略中的關鍵一環。事實上，我們看到平均合約期間、也就是承諾長度，隨時間略有改善。以整體客戶群平均來看大約是 18 個月。較大型的企業客戶更可能簽署多年期承諾，而較小型的客戶多半簽 1 年期合約。我想在此區分付款期間的影響，以及合約期間未受影響這兩件事。

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

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

So just want to follow up on a question asked earlier on net expansion. I'm not sure what the answer was, but based on the accelerated net expansion rate of 107% this quarter, relative to your guide for the year, do you expect that 107% to be sustainable or to actually improve as we go throughout the year? Then I have a follow-up.

我想跟進先前有人問到的淨擴張（net expansion）問題。我不確定當時的回答是什麼，但基於本季淨擴張率加速至 107%，相較於你們對全年指引，你們認為 107% 是否可持續，或是隨著今年進行還有機會進一步提升？我之後還有一個追問。

Yes. So I think, certainly, we are seeing an acceleration and I think particular strength in the first quarter around seat expansion in our enterprise customers for the reasons we've discussed, and the urgency and importance of remote work solutions like Box. And we do expect to see strong expansion trends continue throughout the year, although at the same time, the dynamics of COVID-19 have created churn pressure in our smaller customers as we talked about.

是的。我認為我們確實看到加速，尤其第一季在企業客戶的席位擴張（seat expansion）方面表現特別強勁，原因如我們所討論的：像 Box 這類遠端工作解決方案的急迫性與重要性提升。我們也預期強勁的擴張趨勢將在全年持續；但同時，COVID-19 的動態也如我們所說，對較小型客戶帶來流失壓力。

So as a result, there are a bunch of moving pieces that go into this metric, but we do expect our net retention rate to end this year above where we ended FY '20. And we'll certainly continue to provide more color commentary and kind of drill into our expectations as we move throughout the year.

因此，這個指標牽涉到許多變動因素，但我們確實預期今年的淨留存率（net retention rate）將高於 FY '20 結束時的水準。我們也會在今年進行過程中持續提供更多說明，並更深入分享我們的預期。

Okay. And then, Dylan, could you elaborate any more on the -- I think you termed it the slight change in billing terms to quarterly from annual. Is there any kind of historical comparison you can give us?

好的。接著，Dylan，你能否再多談一些——我想你稱之為帳單條款（billing terms）從年付略微改為季付的變化。你們是否能提供任何歷史比較？

So we haven't given kind of a weighted contract duration, rates or anything like that. And it's also a little bit more qualitative as we did not see a pronounced impact in Q1. And as you saw, we were able to deliver very strong billings results in the quarter. So this was more based on the expectation that we're going to see customers requesting payment extensions. We are starting to see that in some conversations, but I did want to emphasize that it's not a material impact, and we just want to be prudent in terms of how this might then impact billings throughout the course of this year as we're going to do what we can to make sure that we support our customers and meet their needs during this challenging environment.

我們並沒有提供加權的合約期間、比率之類的數據。而且這也比較偏定性，因為我們在 Q1 並沒有看到明顯的影響。正如你所看到的，我們本季仍交出非常強勁的帳單（billings）表現。因此，這更多是基於我們預期客戶會提出付款展延的要求。我們在一些對話中開始看到這種情況，但我也想強調，這並不是重大的影響；我們只是希望在評估其可能如何影響今年整體帳單表現時保持審慎，因為我們會盡力確保在這個充滿挑戰的環境中支持客戶並滿足他們的需求。

There are no further questions at this time. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

目前沒有其他問題。各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。