Box Inc (BOX) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Box, Inc. Fourth Quarter Fiscal 2020 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.2020 會計年度第四季財報電話會議。（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, ma'am.

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。女士，請開始。

Good afternoon, and welcome to Box's Fourth Quarter and Fiscal 2020 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 2020 會計年度第四季及全年財報電話會議。今天與會的有我們的執行長 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。今天的電話會議將以網路直播，並可於 www.box.com/investors 的投資人關係網站回放。我們的網路直播僅提供音訊。不過，補充投影片現已可自我們網站下載。我們也會在 Twitter（帳號 @boxincir）發布今天電話會議的重點摘要。

On this call, we will be making forward-looking statements, including our Q1 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 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; and expected timing and benefits from our new products, pricing and partnerships.

在本次電話會議中，我們將作出前瞻性陳述，包括我們對 2021 會計年度第一季與 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；我們產品的推出時程與市場採用情況；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、未來獲利能力以及未認列收入與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型目標的能力；以及新產品、定價與合作夥伴關係所帶來效益的預期時程與利益。

These statements reflect our best judgment based on factors currently known to us, and actual events or results may differ materially. Please refer to the press release and the risk factors in 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.

這些陳述反映我們基於目前已知因素所作出的最佳判斷，而實際事件或結果可能有重大差異。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，請參閱我們發布的新聞稿，以及我們向美國證券交易委員會（SEC）提交之文件中的風險因素，包括我們最近一期的 Form 10-Q 季度報告。

These forward-looking statements are being made as of today, February 26, 2020, and we disclaim any obligation to update or revise them should they change or cease to be up-to-date. 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.

上述前瞻性陳述係截至今日（2020 年 2 月 26 日）作出；若其後有所變更或不再符合最新情況，我們不承擔更新或修訂之義務。此外，在今天的電話會議中，我們將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標應與我們的 GAAP 結果一併考量，而不應作為替代，亦不應單獨使用。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，所有提及的財務衡量指標均以非 GAAP 基礎呈現。

With that, let me hand it over to Aaron.

接下來，我把時間交給 Aaron。

Thanks, Alice. And thanks, everyone, for joining the call today.

謝謝你，Alice。也謝謝各位今天參加電話會議。

Before we go into our quarterly results, I'd first like to share a few thoughts about what we accomplished as a business in FY '20. Overall, FY '20 was a critical year for us in fully building out our multiproduct platform to address the broad needs of our nearly 100,000 customers and driving more efficient and profitable growth. In the year, we launched our powerful native workflow solution, Box Relay, and the most advanced content security technology, Box Shield.

在進入本季業績之前，我想先分享幾點我們在 2020 會計年度作為一家企業所達成的成果。整體而言，2020 會計年度對我們而言是關鍵的一年：我們完整建構多產品平台，以滿足近 10 萬名客戶的廣泛需求，並推動更有效率且更具獲利性的成長。在這一年中，我們推出了強大的原生工作流程解決方案 Box Relay，以及最先進的內容安全技術 Box Shield。

These 2 major products as well as hundreds of other platform enhancements we deployed in the year have enabled us to deliver the leading cloud content management platform in the market. With a more comprehensive product portfolio in place, we launched our Enterprise Suites to bring together our advanced capabilities in a single bundled package. And we expanded our integration partnerships with Microsoft, IBM, Splunk, Adobe, Google and many others to enable our customers to experience the full power of Box.

這兩項主要產品，以及我們在年度內部署的數百項其他平台強化功能，使我們得以提供市場上領先的雲端內容管理平台。在更完整的產品組合到位後，我們推出 Enterprise Suites，將我們的進階能力整合為單一的套裝方案。同時，我們也擴大與 Microsoft、IBM、Splunk、Adobe、Google 等眾多夥伴的整合合作，讓客戶能體驗 Box 的完整威力。

At the same time, in the year, we made meaningful progress toward driving more profitability and leverage through more efficiency and focus across our operations. As mentioned on our last earnings call, we have implemented a more stringent, ROI-based approach to all areas of the business in order to significantly improve our balance between growth and profitability. Overall, our changes to drive greater efficiency are starting to yield positive results, and we expect them to have a meaningful impact to our financial performance in FY '21 and beyond.

同時，在這一年中，我們也透過提升營運效率與聚焦，朝向更高獲利能力與槓桿效益取得實質進展。如同我們在上一季財報電話會議中提到的，我們已在業務各領域導入更嚴謹、以投資報酬率（ROI）為基礎的方法，以大幅改善成長與獲利之間的平衡。整體而言，我們為提升效率所做的調整已開始帶來正面成果，並預期將在 2021 會計年度及其後對我們的財務表現產生實質影響。

Now switching to the results from the quarter. In Q4, revenue was $183.6 million, up 12% year-over-year, above the high end of our guidance. Billings was $281.9 million, up 19% year-over-year. Non-GAAP EPS in Q4 was $0.07 compared to $0.06 a year ago and also above the high end of our guidance. And we delivered on our commitments to achieve our first full year of non-GAAP profitability in fiscal year '20 with non-GAAP EPS of positive $0.03 versus negative $0.12 a year ago.

現在轉到本季的業績。第四季營收為 1.836 億美元，年增 12%，高於我們指引區間的上緣。帳單金額（Billings）為 2.819 億美元，年增 19%。第四季非 GAAP 每股盈餘（EPS）為 0.07 美元，去年同期為 0.06 美元，同樣高於我們指引區間的上緣。此外，我們也兌現承諾，在 2020 會計年度達成首次全年非 GAAP 獲利：全年非 GAAP EPS 為正 0.03 美元，相較去年為負 0.12 美元。

We delivered wins and expansions with thousands of customers in Q4, including U.S. Forest Service, Macquarie Bank, ATB Financial, VICE Media, Sekisui House in Japan and many more. We closed 112 deals greater than $100,000 versus 94 a year ago; 14 deals over $500,000 versus 12 a year ago; and 4 deals over $1 million versus 2 a year ago. And more than 80% of our $100,000-plus deals include at least one add-on product. We also delivered a record quarter in add-on product bookings of over 60% year-over-year growth. And we're thrilled to share that Box Shield is already exceeding our expectations, growing faster at this point in its rollout than any other add-on product in our history.

第四季我們在數千家客戶中取得新案與擴張成果，包括美國林務局（U.S. Forest Service）、麥格理銀行（Macquarie Bank）、ATB Financial、VICE Media、日本積水住宅（Sekisui House）等眾多客戶。我們完成了 112 筆超過 10 萬美元的交易（去年同期為 94 筆）；14 筆超過 50 萬美元的交易（去年同期為 12 筆）；以及 4 筆超過 100 萬美元的交易（去年同期為 2 筆）。而我們 10 萬美元以上的交易中，超過 80% 至少包含一項加購產品。我們也創下加購產品訂單（bookings）單季新高，年增超過 60%。我們很高興分享，Box Shield 目前已超出我們的預期，在推出初期的成長速度快於我們歷史上任何其他加購產品。

Further, our Enterprise Suites continue to be successful in making it easier for new and existing customers to adopt the full power of Box. For example, a multinational technology company, who has been a customer since 2016, renewed their contract in Q4 with $100,000-plus Box Suites deal. Through this expansion, they will add Box core licenses and extend Box Relay, Shield and Platform to their entire Box instance. The deployment of these add-on products will bolster security of their most sensitive information and further integrate their IT applications and infrastructure.

此外，我們的 Enterprise Suites 持續成功，讓新舊客戶更容易採用 Box 的完整能力。例如，一家跨國科技公司自 2016 年起即為客戶，並於第四季以 10 萬美元以上的 Box Suites 交易續約。透過此次擴張，他們將新增 Box 核心授權，並把 Box Relay、Shield 與 Platform 延伸至其整個 Box 環境。這些加購產品的部署將強化其最敏感資訊的安全性，並進一步整合其 IT 應用與基礎架構。

A North American financial services company purchased the suite in a 6-figure deal to reduce cost by becoming completely paperless, improve operational efficiency, manage enterprise risk and create an engaging digital client experience portal for clients and agents to collaborate in by leveraging the Box Platform and Box Shield. And finally, an international information technology company purchased a 6-figure suite deal that will extend its use of core Box to Box Governance, Platform and Relay for its entire organization, including employees in 150 countries.

一家北美金融服務公司以六位數金額購買該套件，透過運用 Box Platform 與 Box Shield，藉由全面無紙化來降低成本、提升營運效率、管理企業風險，並打造具吸引力的數位客戶體驗入口網站，供客戶與代理人協作。最後，一家國際資訊科技公司也購買了一筆六位數金額的套件交易，將其核心 Box 的使用範圍擴展至 Box Governance、Platform 與 Relay，涵蓋其整個組織，包括分布於 150 個國家的員工。

Over the past few years, we've been methodically building out the category-defining cloud content management platform focused on our 3 key differentiators: frictionless security and compliance, secure external and internal collaboration and workflow and world-class integrations and APIs that extend the value of Box Platform to every application. We are glad to say that we met a significant milestone in that journey by being named the cloud content management leader by all 3 major analyst firms, Gartner, Forrester and IDC. We remain excited by the size of the market we're going after, and we're in the best position to go after the tens of billions of dollars spent every year on content management, collaboration and security around content as it moves to the cloud.

在過去幾年中，我們一直有系統地打造這個具類別定義性的雲端內容管理平台，聚焦於我們的 3 項關鍵差異化優勢：無摩擦的安全性與合規、可安全進行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 Platform 的價值延伸到每一個應用程式。我們很高興地表示，在這段旅程中我們達成了一個重要里程碑：獲得三大主要分析機構 Gartner、Forrester 與 IDC 一致評選為雲端內容管理領導者。我們仍對所瞄準市場的規模感到振奮，而我們也處於最佳位置，去爭取每年在內容管理、協作，以及內容移轉至雲端過程中的內容安全相關領域所支出的數百億美元。

And these trends driving enterprises to move to the cloud are only accelerating. Every enterprise is going through significant digital transformation to better serve customers and employees. Content is growing exponentially. More apps are being deployed over time. Collaboration is becoming more cross-enterprise. And cybersecurity threats and compliance challenges prove difficult to overcome.

而推動企業移轉至雲端的這些趨勢只會持續加速。每一家企業都正在進行重大的數位轉型，以更好地服務客戶與員工。內容正以指數級速度成長。隨著時間推移，部署的應用程式越來越多。協作正變得更加跨企業。而資安威脅與合規挑戰也證明難以克服。

The legacy approach to managing, securing, governing, storing and driving workflows on content no longer works, and basic file sharing tools can't solve the problems that enterprises are dealing with. We're building the only platform that can truly disrupt how companies work with their content. And our pace of innovation is only increasing as we scale. For example, in Q4, we launched automated classification within Box Relay, our workflow product. This capability enables organizations to automatically secure content right when it's created by incorporating security classifications into automated workflows. Together, Box Relay and Shield now enable organizations to integrate content security in an easy and consistent way that feels natural in the flow of work.

以往在內容上進行管理、安全防護、治理、儲存與推動工作流程的傳統做法已不再奏效，而基本的檔案分享工具也無法解決企業所面臨的問題。我們正在打造唯一能真正顛覆企業處理內容方式的平台。而隨著規模擴大，我們的創新速度只會持續提升。例如在第四季，我們在 Box Relay（我們的工作流程產品）中推出了自動化分類功能。此能力可將安全分類納入自動化工作流程，使組織能在內容建立的當下就自動加以保護。Box Relay 與 Shield 的結合，現在可讓組織以簡單且一致的方式整合內容安全，並且在工作流程中自然地運作。

Also in Q4, we expanded our partnership with Zoom to power secure content management for video collaboration. The all-new Zoom integration for Box allows users to easily share Box content in Zoom, enabling easy collaboration on files without having to leave the Zoom app. We now provide a single secure content layer for more than 1,400 applications, including Office 365 and Microsoft Teams, Slack, G Suite and Apple's iWork, just to name a few.

同樣在第四季，我們擴大了與 Zoom 的合作夥伴關係，為視訊協作提供安全的內容管理。全新的 Box Zoom 整合讓使用者能在 Zoom 中輕鬆分享 Box 內容，使檔案協作更容易，且無需離開 Zoom 應用程式。我們目前為超過 1,400 個應用程式提供單一且安全的內容層，包括 Office 365 與 Microsoft Teams、Slack、G Suite 以及 Apple 的 iWork 等等，僅舉幾例。

Finally, earlier this month, we launched a new Box Shield and Splunk integration first announced at BoxWorks. Now with the new Shield and Splunk integration, security teams using Shield can leverage the benefits of Splunk's cloud-based monitoring and the ability to investigate several security incidents such as data exfiltration, insider threats and anomalous behavior. To defend against increasingly sophisticated risks, organizations need a best-in-class security stack that works well together. And that is what we're delivering.

最後，在本月稍早，我們推出了在 BoxWorks 首次宣布的全新 Box Shield 與 Splunk 整合。透過新的 Shield 與 Splunk 整合，使用 Shield 的資安團隊可運用 Splunk 的雲端監控優勢，並具備調查多種安全事件的能力，例如資料外洩（exfiltration）、內部威脅與異常行為。為了防禦日益精密的風險，組織需要一套彼此能良好協作的同級最佳（best-in-class）安全技術堆疊。而這正是我們正在交付的成果。

We're thrilled with the product delivery we saw in FY '20, and FY '21 is setting up to be a banner year for innovation at Box. Throughout FY '21, we will be delivering significant innovation by expanding our security and compliance offerings with more intelligent solutions, expanding our workflow and collaboration capabilities and continuing to embed into the world's leading SaaS applications and build out our platform APIs.

我們對 FY '20 所看到的產品交付成果感到非常振奮，而 FY '21 也正蓄勢待發，將成為 Box 創新的亮眼年度。在 FY '21 全年，我們將透過擴展安全與合規產品（以更智慧的解決方案）、擴展工作流程與協作能力，並持續嵌入全球領先的 SaaS 應用程式與建置我們的平台 API，來交付重大的創新。

Now looking ahead to FY '21. As we laid out at Investor Day in October, we are focused on driving a greater balance of growth and profitability as we scale. For the full year, we are targeting a combination of revenue growth and free cash flow margin of at least 25%. We are committed to achieving this goal and have already implemented several initiatives to drive growth and achieve greater profitability.

現在展望 FY '21。如同我們在 10 月投資人日所說明的，隨著規模擴大，我們專注於推動成長與獲利能力之間更佳的平衡。就全年而言，我們的目標是營收成長與自由現金流利潤率（free cash flow margin）的合計至少達到 25%。我們致力於達成此目標，並已實施多項措施以推動成長並提升獲利能力。

To drive efficient and consistent revenue growth, we will continue to execute on our multiproduct strategy and drive more efficiency in our go-to-market motion. We are going after one of the largest markets in SaaS, and our strategy is to focus on growing existing accounts by continuing to drive product adoption and seat expansion as well as efficiently driving new logo acquisition in key markets for growth. Just within our customer base today, we have billions of revenue opportunity by selling more seats and products.

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，並提升我們的市場進入（go-to-market）動能效率。我們正進軍 SaaS 中最大的市場之一，而我們的策略是聚焦於成長既有客戶帳戶：持續推動產品採用與席位（seat）擴張，同時也在關鍵成長市場中以高效率方式取得新客戶（new logo acquisition）。僅就我們目前的客戶基礎而言，透過銷售更多席位與產品，我們就擁有數十億美元的營收機會。

We are continuing to optimize our go-to-market motion for scale, including better aligning compensation and incentives to drive higher renewals and expanding customers by selling suites and add-on products. Further, to drive higher productivity levels across sales, in the past few months, we have shifted investments from lower-performing segments and regions to higher productivity segments in the business.

我們持續為規模化而優化市場進入動能，包括更好地調整薪酬與激勵機制，以推動更高的續約率，並透過銷售套件與加購產品來擴大客戶規模。此外，為了提升整體銷售生產力，在過去幾個月中，我們已將投資從表現較弱的區隔與地區，轉移至業務中生產力較高的區隔。

Next, to drive greater profitability, as we discussed in our last call, we are focused on 3 key initiatives: first is optimizing workforce expenses by further optimizing headcount investments and our location strategy; second is improving gross margins through our public cloud strategy and more efficient infrastructure utilization across our platform; and third is taking an ROI-based approach to all areas of spend, including greater cost discipline across the business. We are already executing on all 3 of these areas, and we see more opportunity ahead to drive even greater efficiency, improving the combination of revenue growth and free cash flow margin of at least 25% in FY '21 to at least 35% in FY '23. Dylan will provide more detail on these efforts shortly.

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討論的，我們聚焦於 3 項關鍵措施：第一，透過進一步優化人力編制投資與據點策略來最佳化人力成本；第二，透過公有雲策略以及在整個平台上更有效率地使用基礎設施來提升毛利率；第三，對所有支出領域採取以投資報酬率（ROI）為基礎的方法，包括在全公司範圍內加強成本紀律。我們已在這 3 個領域全面展開執行，並且看到未來仍有更多機會進一步提升效率，將 FY '21 營收成長與自由現金流利潤率合計至少 25% 的目標，提升至 FY '23 至少 35%。Dylan 稍後將就這些工作提供更多細節。

Before I conclude, I want to take a moment to share with you the progress we've made in building and maintaining an unparalleled culture at Box. Box is built, first and foremost, on the amazing talent of our Boxers, and this continues to be a key driver of our evolution. Together with the Box community, our Board and leadership team have been dedicated to cultivating an open, inclusive and collaborative environment where employees can do their best work. Just last week, we were recognized for the second year in a row as one of Fortune Magazine's top 100 places to work. And just as we are focused on continuing to bring on world-class talent in the business, as we did last year, we are also continuing to build out a world-class Board. We've added 3 seasoned operators as directors in the past couple of years, and we will continue to evolve the board as we shape the company for the future.

在我結束之前，我想花點時間與各位分享我們在建立並維持 Box 無與倫比的企業文化方面所取得的進展。Box 首先且最重要的是建立在我們 Boxers 的卓越人才之上，而這仍然是推動我們演進的關鍵動力。與 Box 社群一同，我們的董事會與領導團隊一直致力於培養一個開放、包容且協作的環境，讓員工能發揮最佳表現。就在上週，我們連續第二年獲《Fortune》雜誌評選為「百大最佳工作場所」之一。同樣地，正如我們專注於持續延攬世界級人才（如同去年所做的），我們也持續打造世界級的董事會。在過去幾年中，我們新增了 3 位經驗豐富的營運專家擔任董事，並將在塑造公司未來的同時，持續演進董事會。

While there is more work to be done, we are focused on delivering long-term healthy growth rates and to drive significantly more profitability in our business going forward. We have made tremendous progress in this past year in laying the foundation to achieve major near-term milestones for FY '21.

儘管仍有更多工作要做，我們專注於交付長期且健康的成長率，並在未來推動公司獲利能力顯著提升。在過去一年中，我們已取得巨大進展，為 FY '21 達成多項近期重要里程碑奠定基礎。

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. In the fourth quarter, we continued to demonstrate momentum in our cloud content management strategy, exceeding the high end of our ranges for top and bottom line guidance. For the full year of FY '20, we delivered on our commitment to generate our first year of non-GAAP profitability.

謝謝你，Aaron。各位下午好，感謝大家今天加入我們。在第四季，我們持續展現雲端內容管理策略的動能，營收與獲利（top and bottom line）指引皆超越我們區間的上緣。就 FY '20 全年而言，我們兌現了承諾，實現了第一個年度的非 GAAP 獲利。

As Aaron mentioned, in FY '21, we remain committed to achieving at least 25% of combined revenue growth plus free cash flow margin. In particular, we plan to significantly improve our profitability this year, delivering non-GAAP operating margin of 9% to 10% versus our prior target of 8% and up from 1% in FY '20. As we continue to drive cost discipline and leverage throughout FY '21, we expect to exit the year with Q4 operating margin in the low teens.

如 Aaron 所提到的，在 2021 財年，我們仍致力於達成「合併營收成長率加上自由現金流利潤率」至少 25%。尤其是，我們計畫在今年大幅提升獲利能力，實現 9% 至 10% 的非 GAAP 營業利潤率，高於先前 8% 的目標，且較 2020 財年的 1% 明顯提升。隨著我們在 2021 財年持續推動成本紀律與規模槓桿，我們預期年底時第 4 季的營業利潤率將達到 10% 出頭（low teens）。

To accomplish this, we'll continue to focus on profitability improvements in 3 key areas. First, we are optimizing our workforce expenses by eliminating nonstrategic roles, reducing headcount in lower-performing geographies and hiring in more productive or lower-cost locations. As a result, we exited Q4 with 60 fewer employees than we had at the end of Q3.

為了達成此目標，我們將持續聚焦於 3 個關鍵領域的獲利改善。第一，我們將透過取消非策略性職務、在表現較弱的地區縮減人力，並在生產力更高或成本更低的地點招募，以最佳化人力成本。因此，我們在第 4 季結束時的員工人數較第 3 季末減少 60 人。

Second, we're improving gross margin by optimizing our data center footprint and other costs to deliver our service. We're on track to complete our data center migration in the coming months, with the majority of duplicative costs now behind us. We've also renegotiated key contracts to reduce our public cloud cost structure. Finally, our R&D organization is working on several projects that drive further efficiencies in delivering our service to customers.

第二，我們將透過最佳化資料中心佈局及其他服務交付成本來提升毛利率。我們正按計畫在未來幾個月完成資料中心遷移，目前大部分重複性成本已經過去。我們也重新協商了關鍵合約，以降低公有雲成本結構。最後，我們的研發組織正推動多項專案，以進一步提升向客戶交付服務的效率。

Third, we're driving cost discipline across the business by continuing to take a more rigorous ROI-based approach to all spending. For example, we've been rationalizing our marketing programs and events, reducing our outside consulting spend, streamlining T&E and leveraging systems and automation to drive efficiencies as we scale.

第三，我們將持續以更嚴謹、以投資報酬率（ROI）為基礎的方法來管理所有支出，從而在全公司推動成本紀律。例如，我們一直在精簡行銷方案與活動、降低外部顧問支出、簡化差旅與娛樂（T&E）費用，並運用系統與自動化在規模擴張時提升效率。

Let's now move on to our quarterly results. We delivered revenue of $183.6 million in Q4, up 12% year-over-year and above the high end of our guidance. 25% of our Q4 revenue came from regions outside of the United States, driven by continued strength in Japan, which now accounts for more than 10% of global 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 Q4 with RPO at $767.8 million, up 12% year-over-year. We expect to recognize approximately 65% of this RPO over the next 12 months.

接下來我們來看季度業績。第 4 季營收為 1.836 億美元，年增 12%，且高於我們指引區間的上緣。第 4 季營收中有 25% 來自美國以外地區，主要受日本持續強勁帶動；日本目前占全球營收超過 10%。我們的剩餘履約義務（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訂單（backlog）構成，並以合約資產抵減。第 4 季末 RPO 為 7.678 億美元，年增 12%。我們預期其中約 65% 將在未來 12 個月內認列。

Fourth quarter billings came in at $281.9 million, representing 19% calculated and 18% duration-adjusted billings growth year-over-year. In Q4, a handful of large customers originally set to renew in Q1 decided to expand their Box footprint by purchasing additional products and seats. These early renewals and expansion drove roughly $10 million of additional billings in Q4 that would have normally been billed in Q1 of FY '21. Even adjusting for this impact, in Q4, we would have achieved our strongest billings growth for any quarter in FY '20.

第 4 季帳單金額（billings）為 2.819 億美元，年增 19%（計算口徑）及 18%（期間調整後口徑）。在第 4 季，少數原本預計於第 1 季續約的大型客戶，決定透過購買額外產品與席位來擴大其 Box 使用範圍。這些提前續約與擴張，帶動第 4 季額外約 1,000 萬美元的帳單金額；原本通常會在 2021 財年第 1 季開立帳單。即使將此影響調整後，第 4 季仍將是我們在 2020 財年各季度中帳單成長最強的一季。

For the full year of FY '21, after adjusting for the previously mentioned early renewals, we expect billings growth to track roughly in line with revenue growth.

就 2021 財年全年而言，在調整前述提前續約因素後，我們預期帳單成長率將大致與營收成長率一致。

As Aaron mentioned, we're seeing increasing momentum in customers adopting our cloud content management portfolio, driven by the recent introductions of Box Relay, Box Shield and Suites. Total add-on product bookings in Q4 were up more than 60% year-on-year with add-on products now representing 17% of our total recurring revenue.

如 Aaron 所提到的，受近期推出 Box Relay、Box Shield 與 Suites 的帶動，我們看到客戶採用我們雲端內容管理產品組合的動能持續增強。第 4 季加購產品（add-on）訂單金額年增超過 60%，且加購產品目前占我們總經常性收入的 17%。

We're also seeing continued improvement in closing large deals. In Q4, we closed 112 deals worth more than $100,000 versus 94 a year ago, up 19% year-over-year. Additionally, we closed 14 deals over $500,000 versus 12 a year ago and 4 deals over $1 million versus 2 a year ago.

我們也看到大型交易的成交表現持續改善。第 4 季，我們完成 112 筆金額超過 10 萬美元的交易，較去年同期的 94 筆增加，年增 19%。此外，我們完成 14 筆超過 50 萬美元的交易（去年同期為 12 筆），以及 4 筆超過 100 萬美元的交易（去年同期為 2 筆）。

Turning to margins. Non-GAAP gross margin came in at 71.5% versus 73.5% a year ago, an improvement from our Q3 gross margin of 70.7%. As we mentioned previously, throughout FY '20, the migration of our data center footprint to more scalable, lower cost regions involve temporary higher costs as we supported duplicative data centers. We expect Q1 gross margin to be roughly in line with Q4 of FY '20, and we expect FY '21 gross margin to be in the range of 72% to 73%. As we consolidate our data center footprint and benefit from the other optimizations we've discussed, we expect this upward trend to continue in future years, landing at roughly 75% by FY '23.

接著談利潤率。非 GAAP 毛利率為 71.5%，低於去年同期的 73.5%，但較第 3 季的 70.7% 有所改善。如先前所述，在 2020 財年期間，我們將資料中心佈局遷移至更具擴展性、成本更低的區域；由於需同時支援重複的資料中心，短期內產生較高的暫時性成本。我們預期第 1 季毛利率將大致與 2020 財年第 4 季相當，並預期 2021 財年毛利率落在 72% 至 73% 區間。隨著我們整併資料中心佈局並受益於前述其他最佳化措施，我們預期此上升趨勢將在未來幾年延續，並於 2023 財年達到約 75%。

Q4 was another successful quarter of driving leverage across the business as we continue to scale and focus on our cost and productivity initiatives. Sales and marketing expenses in the quarter were $64.9 million, representing 35% of revenue, down from 39% in the prior year. In the coming year, we will focus on achieving more consistent execution while driving higher efficiency by selling our broader product offerings to existing customers. In combination with the headcount reductions we already made in nonstrategic roles and low-performing regions, in FY '21, we expect to decrease sales and marketing expenses in absolute dollars, generating at least 6 points of leverage year-over-year as a percentage of revenue.

第 4 季是我們在持續擴張規模、聚焦成本與生產力計畫的同時，進一步在全公司推動槓桿效益的又一個成功季度。本季銷售與行銷費用為 6,490 萬美元，占營收 35%，低於去年同期的 39%。在接下來一年，我們將聚焦於更一致的執行力，並透過向既有客戶銷售更廣泛的產品組合來提升效率。結合我們已在非策略性職務與低績效地區進行的人力縮減，於 2021 財年我們預期銷售與行銷費用的絕對金額將下降，並以營收占比計至少帶來 6 個百分點的年對年槓桿改善。

We're entering FY '21 with quota-carrying sales reps up 2% year-over-year. Note that we expect quota-carrying sales headcount to remain roughly flat over the course of the next year with the greater proportion of these reps in high-performing regions. This provides us with sufficient sales capacity to deliver against our FY '21 growth targets.

我們進入 2021 財年時，具配額（quota-carrying）的業務代表人數年增 2%。請注意，我們預期未來一年具配額的銷售人力將大致持平，但其中更高比例將配置於高績效地區。這將為我們提供足夠的銷售產能，以達成 2021 財年的成長目標。

Research and development expenses were $35.2 million or 19% of revenue, up from 18% last year as we significantly enhanced our cloud content management product offerings, including the continued development of Box Shield and Box Relay. In FY '21, we will continue to enhance these products, features and capabilities to further differentiate our platform while also executing on software efficiency projects to improve our gross margin. As such, in FY '21, we expect R&D to remain roughly flat year-over-year as a percentage of revenue.

研發費用為 3,520 萬美元，占營收 19%，高於去年的 18%；主要因我們大幅強化雲端內容管理產品組合，包括持續開發 Box Shield 與 Box Relay。在 2021 財年，我們將持續強化這些產品、功能與能力，以進一步差異化我們的平台，同時執行軟體效率專案以改善毛利率。因此，在 2021 財年，我們預期研發費用占營收比重將與去年大致持平。

Our general and administrative costs were $18.8 million or 10% of revenue, a reduction of 1 percentage point from a year ago. We expect to drive continued leverage in G&A through greater operating discipline and automation as we scale. For FY '21, we expect G&A spending as a percentage of revenue to decrease by roughly 1 percentage point.

一般與行政（G&A）成本為 1,880 萬美元，占營收 10%，較去年同期下降 1 個百分點。隨著規模擴張，我們預期將透過更強的營運紀律與自動化，持續在 G&A 上取得槓桿效益。就 2021 財年而言，我們預期 G&A 支出占營收比重將再下降約 1 個百分點。

Total Q4 operating expenses represented 64% of revenue compared to 68% a year ago. So despite the temporary 2% reduction in gross margin, we were able to drive our Q4 non-GAAP operating margin to a 2 percentage point improvement year-over-year, coming in at 7% versus 5% a year ago. Non-GAAP EPS came in at $0.07 compared with $0.06 a year ago and above the high end of our guidance.

第四季總營運費用占營收的64%，相較於一年前的68%。因此，儘管毛利率暫時下滑2%，我們仍能推動第四季非GAAP營業利益率年增2個百分點，達到7%，高於一年前的5%。非GAAP每股盈餘（EPS）為0.07美元，較一年前的0.06美元提升，且高於我們財測區間的上緣。

The cost discipline initiatives that Aaron and I discussed are already well underway, which will show up more fully in our bottom line results throughout FY '21.

我和Aaron所討論的成本紀律措施已經在積極推進中，並將在2021財年（FY '21）全年更充分地反映在我們的最終損益表現上。

In Q4, our full churn rate was 4% on an annualized basis, stable versus Q3. We ended Q4 with an annualized net retention rate of 104%, down from 105% last quarter. These calculations exclude customers paying us less than $5,000 who currently represent roughly 10% of our recurring revenue. Going forward, we will be including all customers in our churn and net retention calculations, both of which will be year-over-year measures.

在第四季，我們的完整流失率（full churn rate）以年化計為4%，與第三季持平。第四季結束時，我們的年化淨留存率為104%，較上季的105%略降。上述計算不包含付費低於5,000美元的客戶，這些客戶目前約占我們經常性收入的10%。展望未來，我們將把所有客戶納入流失率與淨留存率的計算，且兩者都將以年對年（YoY）作為衡量基準。

Given our increased focus on driving an efficient land-and-expand go-to-market motion, we're seeing large enterprise customers start with sub $5,000 deployments and expand significantly over time. This new methodology will provide a more comprehensive view of how existing customers contribute to our overall revenue growth.

鑑於我們更加聚焦於推動高效率的「先落地、再擴張」（land-and-expand）市場推進模式，我們看到大型企業客戶開始以低於5,000美元的部署起步，並隨時間顯著擴張。這套新方法將更全面地呈現既有客戶如何為我們整體營收成長做出貢獻。

Under this new methodology, our Q4 full churn rate was just over 5% on an annualized basis, and our net retention in Q4 was still 104%. As we lap the impact of the single large customer reduction we saw in the first quarter of last year, we expect to see an improvement in our net retention rate beginning in Q1 of this year.

在這套新方法下，我們第四季的完整流失率以年化計略高於5%，而第四季的淨留存率仍為104%。隨著我們跨過去年第一季所見單一大型客戶縮減的影響，我們預期自今年第一季（Q1）起，淨留存率將有所改善。

With respect to pricing trends, once again, we saw an improvement in our price per seat on a year-over-year basis, reflecting the strong customer uptake of our add-on products. We now have 13.6 million paid users.

就定價趨勢而言，我們再次看到每席位價格（price per seat）年對年改善，反映客戶對我們加購產品（add-on products）的強勁採用。我們目前有1,360萬名付費用戶。

Let me now move on to our balance sheet and cash flow. We ended the quarter with $195.6 million in cash, cash equivalents and restricted cash. Cash flow from operations was $15.0 million in Q4 compared to $31.3 million a year ago. This was impacted by the prepayment to a public cloud provider that we mentioned on our last earnings call; customer payments that we had expected to collect in Q4, which we ultimately collected in February; and elevated capital lease payments associated with our data center migration. Collectively, these 3 factors amounted to a roughly $18 million impact. As a result, free cash flow in the fourth quarter was essentially 0 compared to positive $21.0 million a year ago.

接下來我談談資產負債表與現金流。本季末我們持有的現金、約當現金及受限制現金為1.956億美元。第四季營運活動現金流為1,500萬美元，低於一年前的3,130萬美元。這受到三項因素影響：我們在上次財報電話會議提到對公有雲供應商的預付款；原本預期在第四季收取、但最終於2月才收回的客戶款項；以及與資料中心遷移相關、偏高的資本租賃付款。合計而言，這三項因素約造成1,800萬美元的影響。因此，第四季自由現金流基本上為0，相較一年前為正的2,100萬美元。

In Q4, total CapEx was $1.2 million versus $2.2 million a year ago. Capital lease payments, which we factor into our free cash flow calculation, were $12.3 million versus $6.7 million a year ago as we invested in equipment related to our data center migration project. Combined, CapEx and capital lease payments were 7% of revenue. We expect CapEx and capital lease payments combined to be roughly 8% of revenue in Q1 and 7% to 8% of revenue for the full year of FY '21.

第四季總資本支出（CapEx）為120萬美元，低於一年前的220萬美元。我們在自由現金流計算中納入的資本租賃付款為1,230萬美元，高於一年前的670萬美元，因我們投資於與資料中心遷移專案相關的設備。合計資本支出與資本租賃付款占營收的7%。我們預期第一季資本支出與資本租賃付款合計約占營收的8%，而2021財年全年約占營收的7%至8%。

With that, let's now turn to our guidance. For the full year of fiscal 2021, we expect revenue to be in the range of $771 million to $777 million, representing approximately 11% to 12% year-over-year growth. We expect our FY '21 non-GAAP EPS to be in the range of $0.38 to $0.44 on approximately 160 million diluted shares. Our GAAP EPS is expected to be in the range of negative $0.78 to negative $0.71 on approximately 154 million shares.

接著我們來看財測。就2021財年全年而言，我們預期營收將介於7.71億至7.77億美元，約代表年對年成長11%至12%。我們預期2021財年非GAAP每股盈餘（EPS）將介於0.38至0.44美元，係以約1.60億股稀釋後股數計算。我們預期GAAP每股盈餘將介於負0.78至負0.71美元，係以約1.54億股計算。

For the first quarter of fiscal 2021, we are setting revenue guidance in the range of $183 million to $184 million, representing approximately 12% to 13% year-over-year growth. We expect our non-GAAP EPS to be in the range of $0.04 to $0.06 and for our GAAP EPS to be in the range of negative $0.25 to negative $0.23 on approximately 157 million and 151 million shares, respectively.

就2021財年第一季而言，我們設定的營收財測區間為1.83億至1.84億美元，約代表年對年成長12%至13%。我們預期非GAAP每股盈餘介於0.04至0.06美元；GAAP每股盈餘介於負0.25至負0.23美元，分別以約1.57億股與1.51億股計算。

In summary, we're pleased with the progress we've made this past year in building out our cloud content management product portfolio while optimizing our go-to-market motions to drive more predictable and profitable growth. We're committed to achieving at least 25% in the combination of revenue growth plus free cash flow margin in FY '21 and at least 35% in FY '23. We're confident that this year's plan sets the stage to drive further profitability improvements in the years to come as we continue building on our leadership position for the long term.

總結來說，我們對過去一年在擴展雲端內容管理產品組合、同時優化市場推進模式以帶動更可預測且更具獲利性的成長所取得的進展感到滿意。我們承諾在2021財年達成「營收成長率加上自由現金流利潤率」合計至少25%，並在2023財年（FY '23）達成至少35%。我們有信心，今年的計畫為未來幾年持續提升獲利能力奠定基礎，並在長期持續鞏固我們的領導地位。

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

接下來，我想開放提問。接線員？

(Operator Instructions) Your first question comes from the line of Phil Winslow from Wells Fargo.

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

This is Rich Hilliker on for Phil. Congrats on a strong finish to the year. Just a quick one for Dylan and one for Aaron. So first, regarding guidance for Dylan. At your Analyst Day, and you guys mentioned it a few times on this call, you guided fiscal '21 to a combined 25% of revenue growth plus free cash flow margin with equal contributions before. And so you had kind of, I guess, attributed that to a little bit of prudence because it was a slight downtick from then 2020 guidance. And while we're glad to see the fiscal '20 revenue was better than expected, we noticed that fiscal '21 guidance implies a slight downtick from there.

我是代替Phil的Rich Hilliker。恭喜今年收官表現強勁。我有兩個簡短問題，一個問Dylan，一個問Aaron。先談Dylan的財測。在你們的分析師日（Analyst Day），以及你們在這通電話會議中也提到幾次，你們指引2021財年「營收成長率加上自由現金流利潤率」合計為25%，且先前表示兩者貢獻大致相當。你們當時似乎將其歸因於較為審慎，因為相較於當時對2020年的指引略有下修。而我們也很高興看到2020財年營收優於預期，但我們注意到2021財年的指引似乎又從那個水準略為下滑。

So I guess kind of same question as we posed at Analyst Day, kind of curious if you could help us understand what drove this change despite the strong billings and deferred revenue to end the year. So -- and I guess also to add on to that, curious whether the possibility for reacceleration is still on the table, just given that you increased your operating margin guidance as well.

所以我想，這有點像我們在分析師日提出的同一個問題：能否協助我們理解，儘管年底帳單金額（billings）與遞延收入（deferred revenue）表現強勁，究竟是什麼驅動了這項變化？另外也想追問，在你們也上調營業利益率指引的情況下，是否仍有可能出現再加速成長（reacceleration）的空間？

Sure. So we set our guidance in a way that we expect to meet or exceed. And overall, that dynamic in terms of how we're thinking about the balance between both growth and profitability as well as the commitment that we laid out at Analyst Day haven't changed. While we don't provide free cash flow margin guidance, the high end of our revenue and operating margin guidance ranges are consistent with that commitment to deliver 25% in the combination of revenue growth and free cash flow margin. And I'd note that we typically expect to see annual free cash flow margin come in a few percentage points higher than operating margin due largely to the cash impact of the difference between billings and revenue. And this year, we should have a fairly normalized cash flow dynamic as well.

當然。我們設定財測的方式，是以我們預期能達成或超越為原則。整體而言，我們對於成長與獲利之間的平衡思考，以及我們在分析師日所提出的承諾，都沒有改變。雖然我們不提供自由現金流利潤率指引，但我們營收與營業利益率指引區間的上緣，與我們承諾達成「營收成長率加上自由現金流利潤率」合計25%是一致的。另外我也要指出，由於帳單金額與營收之間差異所帶來的現金影響，年度自由現金流利潤率通常會比營業利益率高出幾個百分點。而今年我們的現金流動態也應會相當正常化。

And in terms of the overall kind of growth, we are seeing our growth rate stabilizing and very focused on maintaining healthy growth rates in the future really driving and focused on more consistent execution, especially now that we have broader product offerings. And we have reallocated a lot of our go-to-market resources from lower-performing regions to invest in our higher-performing regions. That, combined with our focus on driving expansion from within our existing customer base, which is also a more efficient type of sale, are the types of things that give us confidence in the overall growth rate.

就整體成長而言，我們看到成長率正在趨於穩定，並且非常專注於在未來維持健康的成長率，真正推動並聚焦於更一致的執行，尤其是現在我們有更廣泛的產品組合。此外，我們已將大量的市場推進（go-to-market）資源，從表現較弱的地區重新配置，轉而投資於表現較強的地區。再加上我們專注於從既有客戶基礎內推動擴張（這同樣是一種更有效率的銷售方式），這些因素讓我們對整體成長率更有信心。

Okay. Great. That's helpful. And then one for Aaron, just to close up here. In the press release, you guys had talked about -- and a little bit on the call, you talked about how the Enterprise Suite adoption was strong. And you saw some record business from add-on products, particularly Shield. I was wondering if you could talk a little bit more about Shield's impact on Suite adoption. And maybe even Suite's impact -- or Shield's impact on Suite adoption relative to Relay?

好的。很好。這很有幫助。接著最後一題給 Aaron，作為收尾。在新聞稿中你們提到——在電話會議上也稍微談到——企業套件（Enterprise Suite）的採用表現強勁。而且你們看到附加產品（add-on products）帶來一些創紀錄的業務，特別是 Shield。我想請你多談一點 Shield 對套件採用的影響。以及甚至套件的影響——或是 Shield 相較於 Relay，對套件採用的影響？

Yes. Thank you for the question. So Shield is definitely a -- one of the core catalysts for Suite adoption primarily because it's a completely horizontal product that really every industry is facing challenges around data security. And one of the kind of key phenomenon that happens as you move content from an on-premises environment to the cloud is the architecture of securing that content fundamentally changes. You can't really have bolt-on security technologies that you manage yourself in your data center. And so it really becomes the cloud provider's responsibility for ensuring the security of your content. So that's created this massive opportunity for us to deliver more innovation around content security, and that's obviously what Shield is focused on. And so that's broadening the -- probably the budget pool and the wallet share that we can go after with, in customers in a very, again, horizontal way that is working across all sizes of customers in all industries.

是的。謝謝你的問題。所以 Shield 絕對是——推動套件採用的核心催化劑之一，主要因為它是一個完全橫向（horizontal）的產品，幾乎每個產業都面臨資料安全方面的挑戰。而當你把內容從地端（on-premises）環境移到雲端時，會發生的一個關鍵現象是：保護內容的架構會從根本上改變。你無法真正再使用那種可外掛（bolt-on）的安全技術，並在自己的資料中心自行管理。因此，確保內容安全就真正成為雲端供應商的責任。這為我們帶來了巨大的機會，能在內容安全方面提供更多創新，而這顯然正是 Shield 所聚焦的方向。因此，這也擴大了——我們可以在客戶端爭取的預算池與錢包份額（wallet share），而且再次強調，這是一種橫向方式，能在各產業、各種規模的客戶中發揮作用。

So I think -- and then maybe the only other point is there's obviously a lot of momentum built up coming into Q4 around Shield. So that is -- that was one of the big drivers of Shield driving a lot of the Suite adoption.

所以我想——另外也許唯一要補充的一點是，進入第四季之前，Shield 顯然已累積了很大的動能。因此——那也是 Shield 推動大量套件採用的其中一個主要驅動因素。

And then to your second point on Relay, we're very happy with the Relay outperformance thus far. It's probably less quantifiable as a catalyst to Suites as Shield is, but it is driving a lot of fantastic use cases that get deeper into the workflow of our customers. So you can imagine how important it is to embed much more deeply into their business processes, whether that's customer onboarding, HR onboarding, document review and approval, digital asset approvals. And so it will ultimately make Box far stickier over time, which is what we're really excited about.

至於你第二點關於 Relay，我們對 Relay 目前為止的超預期表現非常滿意。相較於 Shield，它作為推動套件（Suites）的催化劑可能較難量化，但它確實在推動許多很棒的使用情境，讓我們更深入客戶的工作流程。你可以想像，更深度嵌入他們的業務流程有多重要，不論是客戶導入（customer onboarding）、人資導入（HR onboarding）、文件審閱與核准、數位資產核准等。因此，長期來看它最終會讓 Box 的黏著度大幅提升，這也是我們真正感到興奮的地方。

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

下一個問題來自 Oppenheimer 的 Ittai Kidron。

Ittai here. Congrats, guys, on a great quarter, and great to see all the initiatives that you worked so hard on for long -- for this long finally pay some dividends.

我是 Ittai。恭喜各位這一季表現很棒，也很高興看到你們長期努力推動的各項計畫，終於開始帶來一些成果。

Aaron, I did want to ask you about the Suites adoption and especially more in the context of how -- what is the mandate for sales? Is it focused more on sell Shield and Relay or try to push the Suite first? Help me understand the path that the sales are mandated to work through.

Aaron，我確實想問你關於套件採用的情況，尤其是從銷售端的角度來看——銷售的任務（mandate）是什麼？是更著重於賣 Shield 和 Relay，還是先推套件？請幫我理解銷售團隊被要求遵循的推進路徑。

And then Dylan, on the 112 $100,000 deals, can you tell us how many of them are Suite deals?

另外 Dylan，關於 112 筆 10 萬美元的交易，你能告訴我們其中有多少是套件交易嗎？

Yes. Thanks, Ittai. So on the first part of the question, we are -- we have differentiated some of our incentives toward our add-on product strategy. That doesn't particularly differentiate Suites versus add-on products because we want to make sure we're doing what is in the best interest of the customer and where they are in their journey with Box. That being said, the sales motion itself is vastly more efficient when our sales reps are selling Suites. And so very organically, we're seeing that push toward Suite selling with, again that compensation differentiation still being there because it's driving our add-on product growth.

是的。謝謝你，Ittai。就問題的第一部分而言，我們——已在附加產品策略上，對部分激勵機制做了差異化設計。這並不特別區分套件與附加產品，因為我們希望確保所做的是符合客戶最佳利益的事，並且符合他們使用 Box 的旅程所處階段。話雖如此，當我們的業務代表銷售套件時，整個銷售動作（sales motion）的效率會高出許多。因此，非常自然地，我們看到銷售正朝向推套件的方向發展；同時，如前所述，薪酬激勵的差異化仍然存在，因為它正在推動我們附加產品的成長。

So we're seeing plenty of uptake across the sales force. It obviously is still an evolving part of our sales motion just because we have thousands of transactions a quarter. And we have to make sure that this is really entering into each of those conversations. But overall, we're happy with the early adoption that we're seeing across our sales force going into customers, and we have additional programs that we're driving that will only increase that in the near term.

所以我們看到銷售團隊整體有相當多的採用。當然，這仍是我們銷售動作中一個持續演進的部分，因為我們每一季有數千筆交易。我們必須確保這真的能進入每一場對話之中。但整體而言，我們對目前看到的早期採用情況感到滿意；我們也正在推動更多計畫，將在短期內進一步提升這個趨勢。

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

下一個問題來自 JPMorgan 的 Mark Murphy。

This is Matt Coss on behalf of Mark Murphy. So Aaron, you just said the sales motion is actually more efficient when reps are selling Suites. How do you feel that your sales reps are tracking towards that 15% sales productivity improvement goal? And then in addition to incentivizing reps to add -- sell add-on products, what other changes have you made or steps have been taken to get confident that you'll get to this 15% sales productivity improvement goal?

我是 Matt Coss，代表 Mark Murphy 提問。Aaron，你剛剛提到當業務代表銷售套件時，銷售動作其實更有效率。你覺得你們的業務代表在達成 15% 銷售生產力提升目標方面，目前進度如何？另外，除了激勵業務代表去加賣——銷售附加產品之外，你們還做了哪些改變或採取了哪些步驟，讓你們有信心能達成這個 15% 的銷售生產力提升目標？

Yes. So we have a handful of levers and Dylan can build on this certainly. But the kind of big focus areas, first, is that pricing and packaging evolution, so making sure that our reps are able to sell at a higher average contract value. That drives, obviously, productivity rates pretty considerably. So that's really about Suites. And to Ittai's prior question, we are seeing a growing population of those $100,000 plus deals that do include Suites. Obviously, it was really only the first quarter where Suites were out there so -- with Shield, and so that's going to be a growing percentage.

是的。我們有幾個槓桿，Dylan 也可以在這方面補充。但主要的聚焦領域，第一，是定價與包裝（pricing and packaging）的演進，確保我們的業務代表能以更高的平均合約價值（ACV）成交。這顯然會相當大幅地推升生產力指標。所以這主要與套件有關。而回到 Ittai 先前的問題，我們確實看到越來越多 10 萬美元以上的交易包含套件。當然，套件真正推出——搭配 Shield——也才第一季左右，因此這個比例會持續提高。

So the first is on ACV increases. The second is on significant focus on sales enablement and productivity improvements on just driving that repeatable sales motion that we've talked about a bunch, how do we get a consistent land-and-expand motion where more and more of our reps are participating every single month of every single quarter, driving upsells and cross-sells of our products into the customer base.

所以第一是 ACV 的提升。第二是大幅聚焦於銷售賦能（sales enablement）與生產力改善，推動我們多次談到的可複製銷售動作（repeatable sales motion）：我們如何建立一致的「先落地、再擴張」（land-and-expand）模式，讓越來越多業務代表在每一季的每一個月都能參與其中，推動在既有客戶基礎內的加購（upsells）與交叉銷售（cross-sells），把我們的產品賣進去。

And then I think the third dynamic is really around a mix of performance management as well as shifting investment into higher productivity segments of the business where we do see greater performance of the average rep. And so those are in, again, the segments that we've I think called out previously, but where we know that we still have dramatic addressable market that we can go in and reach. And we see high productivity rates and so moving more of our dollars into those segments. The combination of those various levers drive that 15% productivity improvement that we called out in Analyst Day.

第三個面向，我認為主要是績效管理（performance management）的組合，以及把投資轉向業務中生產力較高的區隔，在那些區隔我們確實看到平均業務代表有更好的表現。因此，這些——同樣是在我們先前點名過的區隔——我們知道仍有龐大的可服務市場（addressable market）可以切入並觸及。而且我們看到很高的生產力水準，因此把更多資金投入到那些區隔。這些不同槓桿的組合，將推動我們在分析師日（Analyst Day）所提出的 15% 生產力提升。

Great. And then it looks like the sequential growth in short-term RPO in this Q4 is a lot better than it was in the last Q4. Is there any reason behind that in addition to early renewals that you saw?

很好。接著看起來，本季 Q4 的短期 RPO 連續成長比上一個 Q4 好很多。除了你們看到的提前續約之外，背後還有其他原因嗎？

No. As we had noted and expected, we did see a higher volume of multiyear renewals, not necessarily payments but longer contracts and large customers coming up in Q4. We successfully executed those, which helps RPO recover to more normalized levels as we had set the expectation for. And then on top of that, pretty pleased with the overall volume of new deals, including customer expansion that we saw in the quarter, which had a benefit to RPO as well.

沒有。如同我們先前提到並且預期的，我們確實看到更多多年期續約的量，未必是付款節奏的改變，而是更長的合約，以及在 Q4 到期的大型客戶。我們成功執行了這些，這有助於 RPO 回升到我們先前所設定預期的、較為正常化的水準。此外，我們也對本季整體新案量（包含客戶擴張）感到相當滿意，這同樣也對 RPO 有所助益。

Your next question comes from the line of Melissa Franchi from Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Melissa Franchi。

I wanted to dig into Box Relay and just wondering if you're seeing any meaningful change in adoption since you all came out with a new updated version of Box Relay last year.

我想深入了解一下 Box Relay，想請問自從你們去年推出更新版本的 Box Relay 之後，你們是否看到採用率有任何具體且顯著的變化？

Yes. Thanks, Melissa. So definitely seeing a pretty healthy uptake, also in part because it's now included in our Suite bundle that we are driving. So you're just getting multiple ways that customers can go and adopt Relay. And so it's now in the hands of vastly more customers at the end of Q4 than it was just even in Q2 of that year -- of last year. The use cases are probably the part that is -- are exceeding our expectations. We've been really, really satisfied with the breadth of types of use cases, where customers have either a paper-based process or they have a legacy process from a -- a legacy document management system or they're using e-mail or other tools to be able to drive workflows that are really about moving content through a business process.

是的。謝謝你，Melissa。我們確實看到相當健康的採用成長，部分原因也在於它現在已被納入我們正在推動的 Suite 套裝組合中。因此，客戶有多種方式可以採用 Relay。所以到 Q4 期末，Relay 已經在遠比當年 Q2（也就是去年）更多的客戶手上。而使用情境可能是最超出我們預期的部分。我們對使用情境類型的廣度非常、非常滿意：客戶可能原本是紙本流程，或是來自傳統流程——例如傳統文件管理系統——或是使用電子郵件或其他工具來推動工作流程，而這些工作流程的核心其實是在讓內容在企業流程中流轉。

And so this can be anything from when you need to onboard a new client at a bank, when you need to be able to review any type of documentation or any kind of contracts before they have to get signed by a customer, any type of digital asset process. So we're seeing a really broad set of use cases. And we've made sure that Relay can be adopted horizontally across our entire customer base as easily as possible. So it's priced for the entire company to use, which means that we're going to see more and more organic adoption once customers end up purchasing it and turn it on for their organization.

因此，這可以涵蓋各種情境：例如銀行需要為新客戶辦理上線（onboarding），需要審閱各類文件或合約，並在客戶簽署前完成審核，或是任何數位資產的流程。所以我們看到非常廣泛的一組使用情境。而我們也確保 Relay 能夠以最容易的方式，在我們整體客戶基礎中橫向導入。因此它的定價是以全公司使用為前提，這意味著一旦客戶購買並在組織內啟用後，我們將會看到越來越多的自然採用。

So very happy about Relay. It has definitely delivered on the goal that we had, which was having a native workflow solution that would let us rapidly innovate on the product and make sure that it was much more embedded into our core user experience. So that part has also been -- that piece has been proven out, which is really important to our strategy around embedding more in the business process over time as opposed to just being used for collaboration or file sharing.

所以我們對 Relay 非常滿意。它確實達成了我們原先的目標，也就是擁有一個原生的工作流程解決方案，讓我們能快速在產品上創新，並確保它更深度地嵌入我們的核心使用者體驗。這一點也已經——這個部分已經被驗證，對我們的策略非常重要：隨著時間推進，讓產品更嵌入企業流程，而不只是用於協作或檔案分享。

Okay. And then a quick one for Dylan. I'm wondering if you can comment on what you're seeing in terms of ASPs. So it sounds like you're starting to see some early Suite adoption. But if we're just thinking about the core product on a like-to-like basis, what are you seeing in terms of ASP trends?

好的。接著有個簡短問題想問 Dylan。我想請你評論一下你們看到的 ASP（平均售價）趨勢。聽起來你們開始看到一些早期的 Suite 採用。但如果我們以可比口徑、只看核心產品本身，你們看到的 ASP 趨勢是什麼？

Yes. So as mentioned, so we did see our price per seat ASP improving year-on-year, and that's been a consistent trend that we've seen now for more than a year. That, as mentioned, is now being primarily driven by the impact of add-on products and even more so now that we have Suites more regularly being adopted by customers. We are seeing from a core seat price a little bit of an uptick as well over time. So we've been able to maintain the value of the core offering, even as we sell these larger deals, and capture the upside from the impact of the add-on products.

是的。如同提到的，我們確實看到每席位的價格 ASP 年增改善，而且這已經是我們連續超過一年觀察到的趨勢。如前所述，這主要是由加購產品（add-on products）的影響所驅動，而現在隨著客戶更常態性地採用 Suites，這個驅動力更為明顯。同時，就核心席位價格而言，我們也看到隨時間推移有些微上升。因此，即使我們在銷售這些更大型的交易，我們仍能維持核心方案的價值，並從加購產品帶來的影響中取得上行空間。

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。

Congrats on the really strong billings number this quarter, gentlemen. But just maybe one for you, Aaron. So on the R&D side, we've seen a lot of products launched since the IPO. I'm just curious, what is the cadence of new products that we should expect going forward? Or is the platform, the portfolio broad enough to where we're really going to be focused on maybe improvements to what you've already announced today?

各位先生，恭喜本季帳單（billings）數字非常強勁。不過我可能有個問題想問 Aaron。在研發方面，我們看到自 IPO 以來推出了很多產品。我想請教，未來我們應該期待新產品推出的節奏會是如何？或者平台與產品組合已經足夠廣，因此接下來會更聚焦在你們目前已宣布產品的改良與提升？

Yes. Thanks, Brian. I think that's spot on. So probably in the past 4 or 5 years, just purely coincidental with the kind of post IPO time frame, we have broadened out the product portfolio in a pretty methodical and I think rigorous way. We had really started the company as a secure file sharing and collaboration tool, focused on enterprises. We expanded with advanced data security, with things like KeySafe and our permissions model. Then right around the IPO time or just a little bit before we launched our real first add-on product, which is our Governance module, then expanded our Platform, then obviously Skills. And then this year, has been a dramatic increase with Workflow and really now Shield for really advanced security.

是的。謝謝你，Brian。我覺得你說得很到位。所以大概在過去 4 到 5 年——剛好也與 IPO 後的時間區間巧合重疊——我們以相當有系統、我認為也很嚴謹的方式擴展了產品組合。我們最初創立公司時，是以面向企業的安全檔案分享與協作工具起家。之後我們擴展到進階資料安全，例如 KeySafe 以及我們的權限模型。接著在 IPO 前後或稍早，我們推出第一個真正的加購產品，也就是 Governance 模組，然後擴展我們的平台，接著當然還有 Skills。而今年則是大幅增加，包含 Workflow，以及現在的 Shield，用於更進階的安全需求。

I think when you look at that breadth of capabilities, we have now kind of checked the major boxes that we're hearing from customers in terms of -- to be able to move content to the cloud, to be able to power more use cases, to help extend their use cases with Box, maybe retire legacy network file shares or document management systems. So we feel like the core platform is in a much better state at the moment really than, obviously, it's ever been. And now it's about going deep within these product areas.

我認為，當你看到這樣的能力廣度時，我們現在大致已經勾選了客戶回饋中幾個主要的需求面向：能把內容移到雲端、能支援更多使用情境、能用 Box 延伸他們的使用情境，並可能汰換傳統的網路檔案共享或文件管理系統。因此我們覺得，目前核心平台的狀態比以往任何時候都更好。而接下來就是在這些產品領域做更深的耕耘。

So I would say that you're going to see a lot of innovation in the categories of security and compliance, workflow and collaboration and our platform. But it's about going deep in each of those 3 pillars as opposed to the same cadence maybe we've been on with for new SKUs. I think we have actually plenty to sell to customers at this point. What we want to now do is command more value from each of those add-on products, make sure that we can go and solve much deeper customer challenges in security or in workflow or in data governance. And so I think you're going to see us go deep in these core areas.

所以我會說，你們將會看到我們在安全與合規、工作流程與協作，以及我們的平台這些類別上有大量創新。但重點是把這三大支柱做深，而不是維持過去那種推出新 SKU 的同樣節奏。我認為此刻我們其實已經有足夠多的產品可以賣給客戶。我們現在想做的是，從每一個加購產品中取得更高的價值，確保我們能在安全、工作流程或資料治理方面，解決更深層的客戶挑戰。因此我想你們會看到我們在這些核心領域持續深耕。

And then, of course, on a regular basis, as appropriate, continue to add more into the portfolio when we think it makes sense, when we think there's a big opportunity for us to either enter an adjacent category or possibly expand one of our product lines into another space. So that's the super high level. A lot of innovation, but a lot about going deep in the pillars that we've launched and really now getting the majority of our customer base onto these products.

當然，另一方面，我們也會在適當的時機、以常態性的方式，持續把更多內容加入產品組合：當我們認為合理、當我們認為存在重大機會，讓我們能進入相鄰類別，或可能把某條產品線擴展到另一個領域時。以上是非常高層次的說明。會有很多創新，但更多是聚焦在我們已推出的支柱上做深，並且讓我們的大多數客戶群逐步採用這些產品。

Understood. And maybe, Dylan, as we think about selling into the installed base, in really focusing on expanding, how does that work from a contract perspective? When they see a significant add-on, does that become co-terminus? Does the contract date change? Just trying to see if there could be any impact on that to billings as we think about fiscal year '20 and beyond.

了解。另外，Dylan，當我們思考向既有安裝基礎銷售、並真正聚焦於擴張時，從合約角度來看是如何運作的？當他們看到一筆顯著的加購時，是否會變成同到期（co-terminus）？合約日期會改變嗎？只是想了解，當我們展望 2020 財年及之後時，這是否可能對帳單金額（billings）造成任何影響。

Yes. Sure. So it sometimes depends on the situation and the magnitude of the sales. There are many times that that contract or that sale will become co-terminus and doesn't change the renewal date. But in a lot of cases, and especially when the expansion is a larger percent relative to what a customer is paying before that expansion, then we will often kind of bring in, reset the contract date and that's exactly the dynamic that we saw in Q4, which was driven by, in particular, a lot of the pull we are seeing from the market with Shield and Suites, in particular.

是的。當然。所以這有時取決於情況以及銷售規模的大小。很多時候，那份合約或那筆銷售會變成同到期（co-terminus），而且不會改變續約日期。但在許多情況下，尤其是當擴張金額相對於客戶在擴張前的付費占比較高時，我們往往會把合約日期重新拉進來、重設合約日期；這正是我們在第四季看到的動態，特別是受到市場對 Shield 與 Suites（尤其是這兩項）的強勁拉動所驅動。

So in that example, we called out that we drove $10 million of additional Q4 billings from expanding those customers who have been set to renew in Q1. So in those cases, we did end up billing them for what would have been billed in Q1 a quarter early, effectively billing them twice in FY '20. And then their new renewal dates with a new contract would be in Q4 of FY '21.

以那個例子來說，我們提到，透過擴張那些原本預計在第一季續約的客戶，我們在第四季額外帶動了 1,000 萬美元的帳單金額（billings）。因此在那些案例中，我們確實把原本會在第一季開立的款項提前一季開立，等於在 2020 財年對他們實際上開立了兩次帳單。而他們在新合約下的新續約日期，將會落在 2021 財年的第四季。

So in short, it depends on the situation. And especially if we see pretty consistent execution in volumes here, it shouldn't have too much of an impact to the overall billings growth rate as it will be embedded into just the overall run rate of business as we've seen. But to your point, that certainly could create a little bit of variability from a quarter-to-quarter basis.

所以簡而言之，這取決於具體情況。而且特別是如果我們在這裡看到相當一致的執行量能，對整體帳單金額成長率的影響不應該太大，因為它會如同我們所見，內嵌在業務的整體運行率（run rate）之中。但如你所說，這確實可能在季度之間帶來一些波動。

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。

A couple for me. The first is on stock-based comp in your guide. It's a relatively large step-up for FY '21. It seems like you guys have been hovering around 20% as a percentage of revenue in your guide and closer to 25%. Is there, I guess, any meaningful change in incentives that's really driving that stock-based comp guide?

我有兩個問題。第一個是關於你們指引中的股票基礎薪酬（stock-based comp）。2021 財年的增幅相對較大。看起來你們在指引中一直徘徊在營收的約 20%，而現在更接近 25%。我想問，是否有任何在激勵機制上的重大變化，真正驅動了這個股票基礎薪酬指引？

No. So I wouldn't -- there hasn't been a change on that front in terms of what's leading to stock-based comp. I would say that while we don't control all the factors that lead into that, we have been very mindful of the overall dilution and would expect both stock-based comp and that burn rate to trend down steadily over time.

沒有。所以我不會——在導致股票基礎薪酬的因素方面，並沒有發生變化。我會說，雖然我們無法控制所有導致該數字的因素，但我們一直非常留意整體稀釋，並預期股票基礎薪酬以及那個消耗率（burn rate）會隨時間穩步下降。

Okay. And then maybe just on international, it seems like international was strong in the quarter. And then you also referenced Japan as a standout. Is there any coronavirus kind of factored into your guidance or maybe how you're thinking about that?

好的。另外關於國際市場，看起來本季國際表現很強。你們也提到日本特別突出。你們的指引中是否有把冠狀病毒（coronavirus）的因素納入，或你們是如何看待這件事？

So at the moment, we haven't seen an impact in our conversations with customers. So again, purely anecdotally, it's not yet showing up. We're obviously in watch-and-see mode and watching it very carefully. The guidance that we're providing right now is obviously not factoring in what could certainly happen, but we have no reason to believe that this is a risk at the moment. But we're in watch-and-see mode, I think, like the rest of the IT sector.

就目前而言，我們在與客戶的對話中尚未看到影響。所以再次強調，純粹就軼聞而言，現在還沒有反映出來。我們當然處於觀察等待（watch-and-see）的模式，並非常謹慎地密切關注。我們目前提供的指引顯然沒有把可能發生的情況納入考量，但我們也沒有理由相信這在此刻是一項風險。不過我想我們和 IT 產業其他公司一樣，都處於觀察等待的模式。

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

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

Nice to see a pretty solid quarter across the board. Dylan, I've got 2 questions for you. First, I want to follow up on the prior question on stock comp and maybe press a little bit on that. So look, I mean, stock comp, given your growth rate, does feel a little high, right, 21% of revenue, 4.5% dilution in FY '20. Your guidance saw there's about 4.1% dilution in FY '21, SBC ticking up to about 23% of revenue. I mean, I guess, what gives you confidence to say that that will come down over time? And then if some of that is going to shift from stock comp to cash comp as would have to happen if you're actually going to bring down your levels of SBC, does that potentially create a headwind to your free cash flow margins? And then I've got a follow-up.

很高興看到各方面都有相當穩健的一季。Dylan，我有兩個問題。第一個，我想延續前一題關於股票薪酬，並再追問一下。你看，股票薪酬以你們的成長率來說，確實感覺有點高，對吧？占營收 21%，2020 財年稀釋 4.5%。你們的指引顯示 2021 財年稀釋約 4.1%，SBC 上升到約占營收 23%。我的意思是，你們憑什麼有信心說它會隨時間下降？另外，如果其中一部分必須從股票薪酬轉向現金薪酬——因為若要真正降低 SBC 水準就必然會發生——那是否可能對你們的自由現金流利潤率造成逆風？我還有一個追問。

Sure. So on that, would say that we very intentionally kind of set the equity budgets and the overall -- and that maps our overall hiring strategy and expectations for the future was what drives that confidence and the overall trajectory, certainly, on the dilution that we more directly control to come down over time. A note I make there is that it's not necessarily coming from a shift from stock-based comp and the cash comp but rather some of the other trends related to optimizing our workforce expenses that we'd called out earlier. So for example, everything we're doing around just managing and metering the overall headcount growth that we've talked about will certainly impact that amount of dilution and then also stock-based comp. And then as part of the overall location, a lever that we're pulling is we increasingly hire in areas outside of the Bay Area. Those roles tend to -- and those folks in those places tend to have lower equity requirements because of where the market is in those locations. So I'd say it's really the combination of the overall way that we expect to grow the company as well as where we'll be doing so.

當然。關於這點，我會說我們非常有意識地設定股權預算以及整體——而這也對應到我們整體的招募策略與對未來的預期——這正是我們對稀釋（我們能更直接控制的部分）隨時間下降之整體軌跡所抱持信心的原因。我想補充的是，這不一定是來自於股票基礎薪酬轉向現金薪酬，而是更多來自我們先前提到、與優化人力成本相關的其他趨勢。例如，我們在管理與調節（metering）整體人頭成長方面所做的一切——我們也談過——肯定會影響稀釋幅度以及股票基礎薪酬。此外，在整體據點布局上，我們正在採取的一個槓桿是：我們愈來愈多在灣區以外的地區招募。那些職位——以及那些地區的人才——通常因為當地市場狀況，對股權的需求較低。所以我會說，這其實是我們預期公司成長方式，以及我們將在哪裡推動成長，兩者的綜合結果。

Okay. That's helpful. And then in your prepared remarks, you made a lot of references to -- about pricing the business as a percent of recurring revenue. Can you just remind us how big is that nonrecurring piece of your business? And is that all just professional services minus your premier services piece which, if I'm not mistaken, you do recognize ratably?

好的。這很有幫助。另外在你們的事先準備發言中，你多次提到——關於以經常性收入百分比來為業務定價。你能提醒我們，你們業務中那個非經常性（nonrecurring）的部分有多大嗎？而那部分是否全部就是專業服務（professional services），扣除你們的 premier services 部分——如果我沒記錯，你們是按期（ratably）認列的？

Sorry, you -- to be clear about, you're asking about the professional services line item of revenue?

抱歉，你——為了確認清楚，你是在問營收中的專業服務（professional services）那個科目嗎？

Well, so I'm asking how much of your revenue is nonrecurring, directionally. And what is that comprised of? Is that just the nonpremier professional services?

嗯，所以我是在問，你們的營收中非經常性收入大概占多少，方向性即可。以及它是由哪些項目構成的？是否就是非 premier 的專業服務？

Sure. Yes. So it is -- it's been running at about 4% of revenue. And virtually all of that is exactly what you noted on the -- which is professional services. And as just a note, that is -- that business tends to carry 10% to 20% margins in that 4% of revenue that it applies to. So that creates a 3 or so percentage points kind of impact on our overall gross margins relative to software gross margins, which are higher.

當然。是的。所以它——一直約占營收的 4%。而且幾乎全部正如你在——所指出的，也就是專業服務。另外補充一下，那——該業務在其所適用的這 4% 營收中，通常帶來 10% 到 20% 的毛利率。因此，相較於毛利率較高的軟體毛利率，這會對我們整體毛利率造成約 3 個百分點左右的影響。

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。

So implied in the revenue guide for this year, is there any way you could at least give us some sense of how much of that comes from net new customers versus cross-sell, upsell or expansion?

那麼，隱含在今年的營收指引中，你們是否能至少給我們一些概念：其中有多少來自淨新增客戶，多少來自交叉銷售、向上銷售或擴張？

Sure. So historically, we've been running. We're about 2/3 of new bookings is coming from our existing customer base. And as mentioned, because of where we're focused and now with a broader portfolio, product portfolio to go and cross-sell and up-sell our existing customer base, we do expect that ratio to be a little bit higher, probably north of 70% in terms of what we're currently expecting and starting to see in the business in terms of the pipeline.

當然。所以從歷史來看，我們一直是這樣運作的。我們大約有 2/3 的新訂單（new bookings）來自既有客戶基礎。而且如前所述，因為我們的聚焦方向，以及現在擁有更廣的產品組合、可以對既有客戶進行交叉銷售與向上銷售，我們確實預期這個比例會再高一些，就目前的預期與在管線中開始看到的情況來看，可能會超過 70%。

Got it. And then is there any way to look at the overall base or the paid user base of 13.6 million, I think, you indicated. How much of that base has just the single core product versus add-on products from a penetration standpoint?

了解。那麼，是否有辦法從整體基礎或付費用戶基礎（我記得你提到是 1,360 萬）來看，從滲透率角度，有多少用戶只使用單一核心產品， versus 使用加購產品？

Sure. So I would first note that some of those users are education customers and when we look at the overall revenue -- while, we haven't given a number of seats who are using at least one of our add-on products, what I would say is that now more than 50% of our revenue is coming from customers who have purchased at least one of those add-on products. So that trajectory has been pretty steadily increasing and is becoming adopted by more and more of our paying customers and users.

當然。我先說明，其中一些用戶是教育客戶；當我們看整體營收——雖然我們尚未提供使用至少一項加購產品的席位數（seats），但我可以說的是，目前超過 50% 的營收來自至少購買過一項加購產品的客戶。所以這個趨勢一直相當穩定地上升，並且正被越來越多的付費客戶與用戶所採用。

Got it. That's good color. And then maybe one last one quick for me. Considering the pretty dramatic expansion in op income and profitability and cash flow for that matter, what is management and/or the Board's position on the potential for a stock buyback? And then I'll jump off.

了解。這些資訊很有幫助。那我最後再快速問一個。考量營業利益、獲利能力以及現金流都出現相當顯著的擴張，管理層和／或董事會對於潛在股票回購的立場是什麼？我問完就下線。

Yes, thanks. So this is Aaron again. We're definitely considering anything on the table from a shareholder value standpoint. And so that will certainly be a topic as we drive more free cash flow in the business and cash generation. Obviously, we want to compare that to other levers that we have from a shareholder appreciation standpoint. So -- but this will remain a topic that we'll be talking about.

是的，謝謝。我是 Aaron，再次回答。從提升股東價值的角度來看，我們確實在考慮所有可行選項。因此，隨著我們在業務中帶來更多自由現金流與現金產生能力，這肯定會成為討論議題。當然，我們也會把這與其他能促進股東回報的槓桿做比較。所以——但這仍會是我們持續討論的主題。

(Operator Instructions) Your next question comes from the line of Terry Kiwala from First Analysis.

(接線員指示) 下一個問題來自 First Analysis 的 Terry Kiwala。

Congratulations on executing this quarter. I just want to ask about the new signed deals in the quarter. Just wondering if you could comment for this quarter versus prior quarters. Was there any change in the length of time these deals were in the pipeline? And then if there was any regional impact, if there are particular regions from a new business perspective that outperformed? And then any changes in the close rate versus prior quarters?

恭喜你們本季的執行表現。我想問一下本季新簽的交易。想請你們評論一下本季相較於前幾季的情況。這些交易在銷售管線中停留的時間長度是否有任何變化？另外，是否有任何區域性影響——從新業務角度看，是否有特定地區表現特別突出？以及成交率相較於前幾季是否有任何變化？

Yes. So we have seen good progress, especially over the last couple of quarters, driving repeatability and velocity in our go-to-market motion. So over the last few quarters, deal cycles have stabilized, and we're seeing more predictability and forecast accuracy. So pretty pleased with the way that's trending. And that was true in Q4 as well.

是的。我們確實看到不錯的進展，尤其是在過去幾個季度，在推動我們上市策略（go-to-market）動作的可重複性與速度方面。因此在過去幾季，交易週期已趨於穩定，我們也看到更高的可預測性與預測準確度。所以我們對這個趨勢感到相當滿意。而 Q4 也是如此。

We are still seeing some different performance levels across various regions but pretty consistent with the trends that we've been calling out throughout the year. So continue to see strength, in particular, in Japan, as we mentioned, and continuing to see some challenges in EMEA and some of our emerging markets.

我們仍看到各地區之間存在一些不同的表現水準，但大致與我們今年一路以來所提到的趨勢一致。因此我們持續看到日本的強勁表現（如我們所提），同時在 EMEA 以及部分新興市場仍面臨一些挑戰。

The only other thing I would add because you asked about some of the international progress, we did see some positive momentum also in Australia and Canada that we're happy about on the big deal front.

另外我想補充一點，因為你問到一些國際市場的進展：在大型交易方面，我們也看到澳洲與加拿大出現一些正向動能，這讓我們感到很高興。

There are no further questions. This ends today's conference call. Thank you, everybody, for joining Box Inc.'s Fourth Quarter Fiscal 2020 Earnings Conference Call. You may now disconnect.

沒有其他問題。今天的電話會議到此結束。感謝各位參加 Box Inc. 2020 會計年度第四季財報電話會議。您現在可以掛線。