Box Inc (BOX) 2022 Q4 法說會逐字稿

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

各位好，感謝您稍候。歡迎參加 Box, Inc. 2022 會計年度第四季財報電話會議。（接線員指示）請注意，今日會議將被錄音。（接線員指示）

I would now like to hand the conference over to your first speaker today, Ms. Cynthia Hiponia. Ma'am, please go ahead.

現在我想把會議交給今天的第一位講者 Cynthia Hiponia 女士。女士，請開始。

Good afternoon, and welcome to Box's Fourth Quarter and Full Year Fiscal 2022 Earnings Conference Call. I'm Cynthia Hiponia, Vice President, Investor Relations. On the call today, we have Aaron Levie, Box Co-Founder and CEO; and Dylan Smith, Box Co-Founder and CFO. Following our prepared remarks, we will take your questions. Today's call is being webcast and will be available for replay on our Investor Relations website at 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 2022 會計年度第四季及全年財報電話會議。我是投資人關係副總裁 Cynthia Hiponia。今天與會的有 Box 共同創辦人兼執行長 Aaron Levie，以及 Box 共同創辦人兼財務長 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方式進行，並可於 box.com/investors 的投資人關係網站回放。本次網路直播僅提供音訊。不過，補充投影片現已可自我們網站下載。我們也會在 Twitter（帳號 @BoxIncIR）發布今日電話會議重點。

On this call, we will be making forward-looking statements, including our Q1 and full year fiscal 2023 financial guidance, and our expectations regarding our financial performance for fiscal 2023 and future periods, including our free cash flow, gross margins, operating margins, operating leverage, future profitability, net retention rates unrecognized revenue, remaining performance obligations, revenue and billings, and our expectations regarding the size of our market opportunity, our planned investments and growth strategy, our ability to achieve our long-term revenue and other operating model targets, the timing and market adoption of, and benefits from our new products, pricing models and partnerships, the impact of our acquisitions on future Box product offerings, the impact of the COVID-19 pandemic on our business and operating results and our capital allocation strategies, including M&A and potential repurchases of our common stock.

在本次電話會議中，我們將發表前瞻性陳述，包括我們對 2023 會計年度第一季及全年之財務指引，以及我們對 2023 會計年度及未來期間財務表現的預期，包括我們的自由現金流、毛利率、營業利益率、營運槓桿、未來獲利能力、淨留存率、未認列收入、剩餘履約義務、營收與帳單金額，以及我們對市場機會規模、計畫性投資與成長策略、達成長期營收及其他營運模型目標的能力、新產品、定價模式與合作夥伴關係的推出時程與市場採用情況及其效益、併購對未來 Box 產品供應的影響、COVID-19 疫情對我們業務與營運結果的影響，以及我們的資本配置策略（包括併購與可能回購本公司普通股）。

These statements reflect our best judgment based on factors currently known to us, and actual events or results may differ materially. Please refer to our earnings press release filed today and the risk factors and documents we file with the Securities and Exchange Commission, including our most recent Quarterly Report on Form 10-Q for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call. These forward-looking statements are being made as of today, March 2, 2022, and we disclaim any obligation to update or revise them should they change or seek to be up-to-date.

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存在重大差異。請參閱我們今日發布的財報新聞稿，以及我們向美國證券交易委員會（SEC）提交的風險因素與文件（包括我們最近一期的 Form 10-Q 季度報告），以了解可能導致實際結果與本次財報電話會議所述內容出現重大差異的風險與不確定性。本等前瞻性陳述係截至今日（2022 年 3 月 2 日）作出；若其後發生變動或為求保持最新，我們不承擔更新或修訂之義務。

In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, our GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results, in our earnings press release and in the related PowerPoint presentation, which can be found on our 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，而不應取代 GAAP 結果，亦不應單獨使用。您可在我們的財報新聞稿及相關 PowerPoint 簡報中找到關於這些非 GAAP 指標的額外揭露（包括與可比 GAAP 結果的調節表）；上述資料可於我們網站的投資人關係頁面取得。除非另有說明，所有財務衡量指標之提及均以非 GAAP 基礎呈現。

With that, let me hand it over to Aaron.

接下來，我把時間交給 Aaron。

Thanks, Cynthia, and thank you all for joining the call today. We had a phenomenal year at Box. We delivered 13% annual revenue growth, well above our original guidance of 9% to 10%. We drove significant margin expansion to deliver a 20% non-GAAP operating margin, up more than 400 basis points from 15% a year ago. And we exceeded our commitment to achieve a revenue growth rate plus free cash flow margin of 30%, ultimately delivering 33% versus 26% a year ago.

謝謝 Cynthia，也感謝各位今天參加電話會議。Box 今年表現非常出色。我們實現了全年營收成長 13%，明顯高於原先 9% 到 10% 的指引。我們推動顯著的利潤率擴張，非 GAAP 營業利益率達到 20%，較一年前的 15% 提升超過 400 個基點。我們也超額達成「營收成長率加上自由現金流利潤率合計 30%」的承諾，最終達到 33%，而一年前為 26%。

In FY '22, we continue to bring advancements in our category-defining Content Cloud platform to the market with the worldwide launch of Box Sign, our native e-signature product offering. We made significant product enhancements in security and compliance, collaboration and workflow and strengthened our ecosystem of partner integrations. We've built the leading content cloud with well over 100,000 customers on our platform, and we have an exciting road map to continue our industry leadership going forward.

在 2022 會計年度，我們持續將我們具類別定義性的 Content Cloud 平台創新推向市場，並在全球推出 Box Sign——我們原生的電子簽章產品。我們在安全與合規、協作與工作流程方面進行了重大產品強化，並強化了合作夥伴整合的生態系。我們已打造領先的內容雲平台，平台客戶數超過 100,000 家，並且擁有令人振奮的產品路線圖，將持續引領產業向前。

Turning to Q4, we delivered strong results, marking yet another quarter of delivering both revenue and non-GAAP EPS above our guidance. We grew fourth quarter revenue 17% year-over-year, a fourth consecutive quarter of accelerating revenue growth, and delivered operating margin of 21% and RPO of 19%, which is greater than revenue growth and is an important leading indicator of the strength of our business. Additionally, we saw strong results in the makeup of our customer wins and expansions in Q4.

聚焦第四季，我們交出強勁成績，再次實現營收與非 GAAP 每股盈餘（EPS）均高於指引。我們第四季營收年增 17%，連續第四個季度營收成長加速；同時實現 21% 的營業利益率，以及 19% 的 RPO（剩餘履約義務），RPO 高於營收成長，且是衡量業務強度的重要領先指標。此外，我們在第四季客戶贏單與擴張的結構方面也看到強勁表現。

Our net retention rate was 111%, up from 102% in the prior year and up from 109% in the third quarter, driven by the continued stickiness of our platform and customer expansion rates. We had 128 deals over $100,000 and 9 deals over $1 million, up from 121 and 4, respectively. And for the full fiscal year, our $100,000-plus deals grew 25% year-over-year.

我們的淨留存率為 111%，高於前一年的 102%，也高於第三季的 109%，主要受惠於平台持續的黏著度與客戶擴張率。我們完成了 128 筆超過 10 萬美元的交易，以及 9 筆超過 100 萬美元的交易，分別高於去年的 121 筆與 4 筆。就全年而言，我們 10 萬美元以上的交易年增 25%。

Finally, we had a record number of our multiproduct Suite sales, which now includes our Enterprise Plus plan, with 83 Suite deals in Q4 over $100,000, up 51% year-over-year. And for the full fiscal year, our Suite sales over $100,000 were up 110% year-over-year. Our strong Q4 and FY '22 results underscore that our focus on growth and profitability is working, and our strategy is aligned with the key trends that are driving the future of work.

最後，我們的多產品 Suite 銷售創下新高（目前亦包含 Enterprise Plus 方案）：第四季 10 萬美元以上的 Suite 交易達 83 筆，年增 51%。就全年而言，我們 10 萬美元以上的 Suite 銷售年增 110%。我們強勁的第四季與 2022 會計年度表現凸顯，我們同時聚焦成長與獲利的策略正在奏效，且我們的策略與推動未來工作型態的關鍵趨勢一致。

The dynamics around COVID forced a broad digital shift overnight and accelerated the necessity for the cloud to become the foundation of all work. In this new digital-first era, employees need to be able to work from anywhere, every business process that interacts with a customer or partner is going fully digital, and companies need to ensure their most important information is kept safe and secure.

COVID 相關動態迫使企業一夕之間大幅轉向數位化，並加速雲端成為所有工作的基礎之必要性。在這個以數位優先的新時代，員工需要能夠在任何地方工作；所有與客戶或合作夥伴互動的業務流程都正全面數位化；企業也必須確保其最重要的資訊能被安全妥善地保護。

At the center of all of this work is our most important content. Content is how a movie studio creates and distributes blockbuster hits to consumers, how life sciences companies discover and produce new vaccines, how consumer product companies design and invent their next breakthrough product and how banks securely onboard and collaborate with clients. In short, content is our customers' business. Yet most enterprises are dealing with fragmented, unsecured, complex and overly costly systems to manage this content. And these systems are only growing over time as new use cases emerge around e-signature, workflow automation, collaboration, content publishing, business insights and more.

在所有這些工作之核心，是我們最重要的內容（content）。內容是電影工作室如何創作並向消費者發行賣座大片；是生命科學公司如何研發並生產新疫苗；是消費性產品公司如何設計並發明下一個突破性產品；也是銀行如何安全地為客戶完成導入並與其協作。簡言之，內容就是我們客戶的業務。然而，多數企業仍在使用分散、缺乏安全性、複雜且成本過高的系統來管理這些內容。隨著電子簽章、工作流程自動化、協作、內容發布、商業洞察等新使用情境不斷出現，這些系統只會隨時間愈加擴張。

Box's Content Cloud delivers a platform-oriented approach that powers the full life cycle of an enterprise's most important content, including creation, classification, collaboration, workflow automation, e-signatures, publishing, analytics, retention and more, all in a single platform. And we differentiate our offering by focusing on 3 key product pillars that are delivered through our highly scalable enterprise-grade cloud infrastructure, delivering the best security and compliance around content, enabling seamless collaboration and workflow and integrating into every app our customers leverage, including the ones they build themselves.

Box 的 Content Cloud 提供以平台為導向的方法，支援企業最重要內容的完整生命週期，包括建立、分類、協作、工作流程自動化、電子簽章、發布、分析、保留等，全部整合於單一平台。我們的差異化在於聚焦 3 大關鍵產品支柱，並透過高度可擴展的企業級雲端基礎架構交付：提供內容層級最佳的安全與合規、實現無縫協作與工作流程，並整合至客戶所使用的每一個應用程式（包括客戶自行開發的應用）。

As I stated earlier, in FY '22, we advanced major parts of the entire content life cycle, most notably with the global launch of Box Sign in the fall. Since this launch, we have announced new and enhanced capabilities, integrations and developer tools around Box Sign. These new capabilities include workflow features that automate processes once a document has been executed and APIs that power e-signatures in third-party and custom applications. With these new capabilities, Box Sign can now power even more advanced signature-based processes, helping customers move more of their transactions to the cloud.

如我先前所述，在 2022 會計年度，我們推進了內容生命週期的多個重要環節，最值得一提的是在秋季全球推出 Box Sign。自推出以來，我們已宣布 Box Sign 的新功能與強化能力、整合以及開發者工具。這些新能力包括：在文件完成簽署後可自動化流程的工作流程功能，以及可在第三方與客製化應用中驅動電子簽章的 API。透過這些新能力，Box Sign 現在能支援更進階、以簽署為基礎的流程，協助客戶將更多交易遷移至雲端。

We are pleased with our customer adoption and use of Box Sign and fourth quarter customers include: A leading provider of insurance services throughout the Americas that expanded their use of Box Sign with a 6-figure Box Sign API deal in Q4, adding unlimited access to Box Sign for their processes; a U.S.-based financial services company expanded their use of Box with a new 3-year enterprise license agreement and moved to Enterprise Plus, enabling Box Sign access company-wide, and they will be standardizing on Box Sign as their e-signature solution, which will help cut costs. And since they're already using Box, it will allow for easier change management; and finally, a global marketing agency, who has been a Box customer since 2013, moved to Enterprise Plus in Q4 with plans to use Box Sign in their HR department for employee onboarding, contract renewals and to manage employee policies and contracts in a hybrid work environment.

我們對客戶採用與使用 Box Sign 的情況感到滿意；第四季客戶案例包括：一家遍布美洲的領先保險服務供應商，在第四季透過一筆 6 位數的 Box Sign API 交易擴大其 Box Sign 使用，為其流程新增 Box Sign 的無限制存取；一家美國的金融服務公司，透過新的 3 年期企業授權合約擴大其 Box 使用並升級至 Enterprise Plus，使 Box Sign 得以在全公司範圍使用，且他們將把 Box Sign 標準化為其電子簽章解決方案，以協助降低成本；由於他們已在使用 Box，也將使變更管理更為容易；最後，一家全球行銷代理商自 2013 年起即為 Box 客戶，於第四季升級至 Enterprise Plus，並計畫在其人資部門使用 Box Sign 進行員工到職（onboarding）、合約續約，以及在混合辦公環境中管理員工政策與合約。

We are just getting started with Box Sign, and we can't wait to share more about our product road map at our upcoming Financial Analyst Day. In the past year, we also made several enhancements to our Box security capabilities as data security compliance and privacy remain more important than ever. We've added new features within Box Shield to help protect the flow of content with advanced machine learning-based security features and new malware deep scanning capabilities to combat ransomware as well as enhanced alerts and auto classification updates.

我們才剛開始推動 Box Sign，我們迫不及待想在即將舉行的 Financial Analyst Day 上分享更多關於我們產品路線圖的內容。在過去一年中，隨著資料安全合規與隱私的重要性前所未有地提升，我們也對 Box 的安全能力進行了多項強化。我們在 Box Shield 中新增了功能，透過先進的機器學習式安全功能與新的惡意軟體深度掃描能力，協助保護內容流動、對抗勒索軟體，並強化警示與自動分類更新。

We also made meaningful updates to our governance functionality to help support customers' legal hold and document retention needs. With security, compliance, data governance and privacy capabilities remaining one of the most critical reasons customers choose the Box Content Cloud, we will continue to make prudent investments to extend our leadership position and reaccelerate growth in this area.

我們也對治理功能進行了具實質意義的更新，以協助支援客戶在法律保全（legal hold）與文件保留方面的需求。由於安全、合規、資料治理與隱私能力仍是客戶選擇 Box Content Cloud 的最關鍵原因之一，我們將持續審慎投資，以延伸我們的領導地位並在此領域重新加速成長。

A critical part of our product strategy is to leverage our interoperability to build on strong partnerships with leading technology companies across the SaaS landscape. In FY '22, these enhanced partnerships included ServiceNow, Cisco Webex, IBM, Zoom, Microsoft and many others. More recently, we announced an enhanced Box for Slack integration that enables customers to use Box as their native content cloud in their Slack environment.

我們產品策略的一個關鍵部分，是運用互通性（interoperability），在 SaaS 生態系中與領先科技公司建立強大的合作夥伴關係。在 FY '22，這些強化的合作夥伴關係包括 ServiceNow、Cisco Webex、IBM、Zoom、Microsoft 等眾多公司。近期，我們宣布強化 Box for Slack 的整合，讓客戶能在 Slack 環境中將 Box 作為其原生內容雲（native content cloud）。

And in January, we announced the general availability of enhanced Box for Microsoft Teams integration that enables customers to select Box as the default cloud content management solution in the Teams environment. Included in the release are new features that further improve the Box experience in Microsoft Teams, further reducing content fragmentation and making it easier than ever for customers to collaborate across the Box Content Cloud and their Microsoft environments.

此外在 1 月，我們宣布強化版 Box for Microsoft Teams 整合正式全面可用（general availability），使客戶能在 Teams 環境中選擇 Box 作為預設的雲端內容管理解決方案。此次發佈包含新功能，可進一步改善在 Microsoft Teams 中的 Box 使用體驗，進一步降低內容碎片化，並讓客戶比以往更容易在 Box Content Cloud 與其 Microsoft 環境之間進行協作。

As we look forward into FY '23 and beyond, we will continue to double down on the product capabilities and investments that add more value to our customers and expand Box's total addressable market. In FY '23, we're going to advance our Content Cloud by building capabilities to power the full life cycle of content, focusing on our 3 core differentiators of frictionless security and compliance, seamless collaboration and workflow, and an open platform that's integrated into every application.

展望 FY '23 及未來，我們將持續加碼投入能為客戶創造更多價值、並擴大 Box 可服務總市場（TAM）的產品能力與投資。在 FY '23，我們將透過打造支援內容完整生命週期的能力來推進我們的 Content Cloud，聚焦於三大核心差異化優勢：無摩擦的安全與合規、無縫協作與工作流程，以及可整合至每個應用程式的開放平台。

Now turning to go-to-market. Our strong FY '22 results were driven by our scaled land and expand go-to-market notion. Our focus is entirely on ensuring we bring the full power of the Box platform to all of our customers as we know this drives more value for our customers and this results in greater stickiness, higher average contract values and increased net retention rate.

接著談 go-to-market。我們 FY '22 的強勁成果，來自我們已規模化的「先落地再擴張」（land and expand）go-to-market 模式。我們的重點完全在於確保把 Box 平台的完整能力帶給所有客戶，因為我們知道這能為客戶帶來更高價值，進而提升黏著度、提高平均合約價值，並提升淨留存率（net retention rate）。

To drive these efforts, over the past couple of years, we've worked to optimize our customer renewal and expansion notion, target high-value and repeatable use cases that differentiate Box, expand our ecosystem of system integrators and partners to bring Box to market for larger enterprises and double down in key regions and segments as well as leveraging our digital channel for growth. And to ensure we're bringing the most relevant offering to market for our customers, we've expanded our focus on key industries such as life sciences, financial services, federal government and more.

為了推動這些工作，過去幾年我們致力於優化客戶續約與擴張模式，鎖定能凸顯 Box 差異化的高價值且可重複的使用情境，擴大系統整合商與合作夥伴生態系以將 Box 推向更大型企業市場，並在關鍵地區與細分市場加碼投入，同時運用我們的數位通路推動成長。為確保我們為客戶提供最相關的市場方案，我們也擴大對生命科學、金融服務、聯邦政府等關鍵產業的聚焦。

Finally, our pricing and packaging strategy is all about ensuring our customers can take advantage of the full power of the Box platform in their enterprise. Our latest multiproduct offering called Enterprise Plus has driven more new and existing customers to access Box's full suite of capabilities. You can see the success of our go-to-market efforts clearly reflected in Q4 customer expansions.

最後，我們的定價與包裝策略，核心在於確保企業客戶能充分運用 Box 平台的完整能力。我們最新的多產品方案 Enterprise Plus，已推動更多新舊客戶使用 Box 的全套能力。您可以從 Q4 的客戶擴張中清楚看到我們 go-to-market 努力的成果。

For instance, a major biotech company that has been a Box customer since 2015, expanded its use of Box with a 6-figure Enterprise Plus upgrade. This deal represents a shift at the customer to use Box for regulated content and higher value use cases as we become a more strategic partner for them. The increased value and simplicity of Enterprise Plus was critical to Box being prioritized with the decision-makers and various teams of the company; a department of the U.S. federal government expanded its use of Box with a 7-figure Enterprise Plus deal, enabling them to provision Box to all service members, requiring up-to-date training and the ability to manage mission-critical content from anywhere; and a global financial services group moved to Enterprise Plus in a 6-figure expansion. Box will be central to their banking ecosystem and will be used alongside Salesforce as the primary content management platform. They also plan to use Box for merger and acquisitions, external collaboration and client onboarding.

例如，一家自 2015 年起即為 Box 客戶的大型生技公司，透過一筆 6 位數的 Enterprise Plus 升級擴大了 Box 的使用。這筆交易代表該客戶轉向使用 Box 來處理受監管內容與更高價值的使用情境，因為我們正成為其更具策略性的合作夥伴。Enterprise Plus 所帶來的價值提升與簡化，對於讓 Box 在該公司決策者與各團隊之間被優先採用至關重要；美國聯邦政府的一個部門，透過一筆 7 位數的 Enterprise Plus 交易擴大使用 Box，使其能將 Box 佈建給所有服役人員，並要求具備最新訓練與可從任何地方管理關鍵任務內容的能力；此外，一家全球金融服務集團也以 6 位數的擴張升級至 Enterprise Plus。Box 將成為其銀行生態系的核心，並與 Salesforce 並行作為主要內容管理平台。他們也計畫將 Box 用於併購（M&A）、對外協作與客戶導入（onboarding）。

Overall, we're very happy with our go-to-market execution in FY '22, and we will continue to invest and optimize our go-to-market efforts to bring the full power of the Content Cloud to our customers in FY '23. In summary, the future of work is here, and at Box we are helping define it. Our strong results in FY '22 are a testament to our execution and delivering to customers the platform they need to meet the demands of this new age. I couldn't be more confident in our ability to achieve our FY '23 goals and further our mission of powering how the world works together.

整體而言，我們對 FY '22 的 go-to-market 執行非常滿意，並將在 FY '23 持續投資與優化 go-to-market 工作，把 Content Cloud 的完整能力帶給客戶。總結來說，工作的未來已經到來，而在 Box，我們正協助定義它。我們 FY '22 的強勁成果，證明了我們的執行力，以及我們為客戶交付其在新時代需求下所需的平台。我對我們達成 FY '23 目標並進一步推進「驅動世界如何共同工作」使命的能力，充滿信心。

With that, I'll turn 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. In fiscal 2022, we had 3 key financial objectives: to deliver accelerating revenue growth; to expand margins through our focus on operational excellence; and to prudently allocate capital in order to return value to our shareholders. We are proud to have delivered against all 3 of these objectives.

謝謝你，Aaron。各位下午好，感謝大家加入我們。在 2022 會計年度，我們有三項關鍵財務目標：實現加速的營收成長；透過聚焦營運卓越來擴大利潤率；以及審慎配置資本以回饋股東價值。我們很自豪已在這三項目標上全數達成。

For the full year of FY '22, we delivered annual revenue growth of 13%, which includes a roughly 60 basis point tailwind from foreign exchange rates. In constant currency, our strong results came in well above our initial guidance of 9% to 10% growth and represents an acceleration from the prior year's growth rate of 11%. We also delivered revenue growth plus free cash flow margin of 33%, exceeding our initial 30% target and achieving a significant improvement from the 26% we recorded in the prior year.

就 FY '22 全年而言，我們實現 13% 的年度營收成長，其中包含外匯匯率帶來約 60 個基點的順風。在固定匯率（constant currency）基礎下，我們的強勁表現明顯優於最初 9% 至 10% 的成長指引，且相較前一年度 11% 的成長率有所加速。我們也實現「營收成長加上自由現金流利潤率」合計 33%，超越最初 30% 的目標，並較前一年度的 26% 有顯著改善。

Turning to Q4. We are pleased to have delivered exceptionally strong results, marked once again by accelerating revenue growth, continued improvements in our net retention rate, and record operating margin. Q4 revenue of $233 million was up 17% year-over-year, a fourth consecutive quarter of accelerating growth and above the high end of our guidance. Our revenue outperformance was driven by Suites momentum and by very strong deal pacing within the quarter.

接著看 Q4。我們很高興交出格外強勁的成果，再次呈現營收成長加速、淨留存率持續改善，以及創紀錄的營業利潤率。Q4 營收為 2.33 億美元，年增 17%，為連續第四季成長加速，且高於我們指引區間的上緣。我們的營收超預期主要由 Suites 的動能，以及季度內非常強勁的成交節奏所帶動。

We ended Q4 with remaining performance obligations or RPO of $1.07 billion, a 19% year-over-year increase, and once again growing faster than revenue. Over the past year, average customer contract durations have continued to lengthen driven by a higher volume of long-term strategic deals, which contributed to the strength we saw in our backlog growth. We expect to recognize more than 60% of our RPO over the next 12 months.

Q4 結束時，我們的剩餘履約義務（RPO）為 10.7 億美元，年增 19%，且再次成長速度快於營收。過去一年，受長期策略性交易量增加帶動，客戶平均合約期間持續拉長，進而促成我們在待履約訂單（backlog）成長上所見的強勁表現。我們預期在未來 12 個月內認列超過 60% 的 RPO。

Fourth quarter billings of $338 million represented 9% year-over-year growth and was at the high end of our Q4 expectations of high single-digit growth. For the full year of fiscal 2022, we delivered billings growth of 16%, above our revenue growth rate and a full 7 percentage point improvement from the prior year.

第四季帳單金額（billings）為 3.38 億美元，年增 9%，符合我們對 Q4「高個位數成長」預期的上緣。就 2022 會計年度全年而言，我們實現 16% 的 billings 成長，高於營收成長率，且較前一年度提升整整 7 個百分點。

As Aaron mentioned, in Q4, we closed 128 $100,000-plus deals versus 121 a year ago, and nine $1 million-plus deals versus four a year ago. Due to our strong customer expansion momentum throughout the year, we now have 1,420 customers paying more than $100,000 annually, up 17% year-over-year, and 119 customers paying more than $1 million annually, up 20% year-over-year.

如 Aaron 所提到，Q4 我們完成 128 筆 10 萬美元以上的交易，較一年前的 121 筆增加；完成 9 筆 100 萬美元以上的交易，較一年前的 4 筆增加。由於全年客戶擴張動能強勁，我們目前有 1,420 位客戶每年支付超過 10 萬美元，年增 17%；另有 119 位客戶每年支付超過 100 萬美元，年增 20%。

In Q4, our $100,000-plus Suite deals increased 51% from the prior year. The Suites momentum has been a key catalyst in accelerating customer adoption and enabling stickier use cases, in turn driving improvements in our customer expansion and retention rates. As our customers are increasingly adopting products with more advanced capabilities, 35% of our revenue is now attributable to customers who have purchased Suites, a significant increase from 24% a year ago.

在 Q4，我們 10 萬美元以上的 Suite 交易較前一年增加 51%。Suites 的動能一直是加速客戶採用、並促成更高黏著使用情境的關鍵催化劑，進而推動我們客戶擴張與留存率的改善。隨著客戶日益採用具更進階能力的產品，目前我們 35% 的營收來自已購買 Suites 的客戶，較一年前的 24% 顯著提升。

Our net retention rate at the end of Q4 was 111%, up from 109% in Q3 and a 900 basis point improvement from 102% in the year ago period. We've continued to improve our net expansion rate. And in Q4, our annualized full churn rate improved from 5% to 4%. We expect our net retention rate to remain roughly consistent throughout FY '23.

Q4 期末，我們的淨留存率為 111%，高於 Q3 的 109%，也較去年同期的 102% 改善 900 個基點。我們持續改善淨擴張率（net expansion rate）。此外在 Q4，我們年化整體流失率（annualized full churn rate）由 5% 改善至 4%。我們預期 FY '23 全年淨留存率將大致維持一致。

Gross margin expanded by 190 basis points year-over-year to 75.1%. Q4 gross profit of $175 million was up 20% year-over-year, exceeding our revenue growth rate by 300 basis points. In Q4, we continued to optimize our data center footprint and public cloud infrastructure. We expect gross margin to continue to improve going forward and to land in the 76% range in FY '23. Q4 operating income increased 33% year-over-year to $48 million. Q4 operating margin came in at a record 20.8%, representing a 250 basis point improvement from 18.3% a year ago.

毛利率較去年同期擴大190個基點至75.1%。第四季毛利為1.75億美元，較去年同期成長20%，比我們的營收成長率高出300個基點。第四季，我們持續優化資料中心佈局與公有雲基礎架構。我們預期毛利率未來將持續改善，並在FY '23落在約76%的區間。第四季營業利益較去年同期增加33%至4,800萬美元。第四季營業利益率創下20.8%的新高，較一年前的18.3%提升250個基點。

Sales and marketing expenses in the quarter were $65 million representing 28% of revenue, down 100 basis points from 29% in the prior year. In FY '22, we benefited from our enhanced product portfolio as we generated double-digit percentage improvements in sales force productivity, which is an important driver of sales and marketing leverage. In FY '23, we intend to grow our quota-carrying sales force in the low to mid-teens percentage range, slightly ahead of FY '22's growth rate with a continued focus on our higher performing geographies and segments.

本季銷售與行銷費用為6,500萬美元，占營收28%，較去年同期的29%下降100個基點。在FY '22，我們受惠於強化後的產品組合，銷售團隊生產力實現兩位數百分比的提升，這是推動銷售與行銷槓桿的重要驅動因素。在FY '23，我們計畫將承擔配額的銷售人力規模以低至中十位數百分比的幅度成長，略高於FY '22的成長率，並持續聚焦於表現較佳的地理區域與細分市場。

Research and development expenses were $41 million or 17% of revenue, in line with the prior year. In FY '22, we exceeded our goal of scaling our engineering center of excellence in Poland, ending the year with more than 100 full-time employees in that location. In FY '23, we expect the vast majority of our R&D hiring to be in Poland, enabling Box to deliver increased product innovation and to generate additional leverage from our R&D investments.

研發費用為4,100萬美元，占營收17%，與去年同期一致。在FY '22，我們超越了擴大波蘭工程卓越中心規模的目標，年底該據點全職員工超過100人。在FY '23，我們預期絕大多數研發招募將在波蘭進行，使Box能夠提供更多產品創新，並從研發投資中產生額外槓桿。

Our general and administrative costs were $20 million or 9% of revenue in line with a year ago. We will continue to drive operating discipline and expect further leverage in G&A as we evolve our workforce location in the coming year. We delivered $0.24 of diluted non-GAAP EPS in Q4, above the high end of our guidance and up from $0.22 a year ago.

一般與行政費用為2,000萬美元，占營收9%，與一年前持平。我們將持續強化營運紀律，並預期隨著未來一年我們調整員工工作地點配置，G&A將進一步產生槓桿。我們在第四季交出稀釋後非GAAP每股盈餘0.24美元，高於指引區間上緣，且較一年前的0.22美元提升。

I'll now turn to our cash flow and balance sheet. In Q4, we delivered cash flow from operations of $49 million, down from $58 million in the year ago period. We also generated Q4 free cash flow of $33 million, down from $41 million in the prior year. Q4 cash flow was impacted both by seasonality and by our decision to strategically invest in our public cloud infrastructure and prepay $14 million to our partners. We expect to prepay a similar amount in Q1 of FY '23, and for our infrastructure outflows to normalize thereafter. Even accounting for this investment, for the full year our fiscal 2022 cash from operations and free cash flow were up 19% and 41%, respectively.

接下來我將說明現金流與資產負債表。第四季我們的營運活動現金流為4,900萬美元，低於去年同期的5,800萬美元。我們第四季自由現金流為3,300萬美元，低於去年同期的4,100萬美元。第四季現金流同時受到季節性因素影響，以及我們決定策略性投資公有雲基礎架構並向合作夥伴預付1,400萬美元的影響。我們預期在FY '23第一季將預付類似金額，之後基礎架構現金流出將回歸正常。即便納入此項投資，FY 2022全年營運活動現金流與自由現金流仍分別年增19%與41%。

Capital lease payments, which we included in our free cash flow calculation, were $12 million, down from $14 million last year. Our capital lease payments continue to steadily decrease as we execute against our plans to move additional workloads to the cloud as part of our hybrid infrastructure strategy. We expect CapEx and capital lease payments combined to be roughly 5% of revenue in Q1 and roughly 5% of revenue for the full year of FY '23.

我們在自由現金流計算中納入的資本租賃付款為1,200萬美元，低於去年的1,400萬美元。隨著我們依照混合式基礎架構策略，推動更多工作負載移轉至雲端，資本租賃付款持續穩定下降。我們預期CapEx與資本租賃付款合計在第一季約占營收5%，且FY '23全年約占營收5%。

Let's now turn to our capital allocation strategy. In FY '22, we generated free cash flow of $170 million, and we ended FY '22 with $587 million in cash and investment. We expect to use this cash plus our increasing free cash flow to fund strategic M&A to accelerate our road map while also generating shareholder returns via additional stock repurchases.

接下來談談我們的資本配置策略。在FY '22，我們產生自由現金流1.70億美元，FY '22期末持有現金與投資合計5.87億美元。我們預期運用這些現金以及持續增加的自由現金流，進行策略性併購（M&A）以加速產品路線圖，同時透過進一步回購股票為股東創造報酬。

Last quarter, we announced a new $200 million common stock repurchase plan. Including the plan we authorized earlier in the year, in Q4, we repurchased 5.5 million shares for approximately $140 million. For the full year of FY '22, we repurchased 22.6 million shares for approximately $567 million, more than offsetting the shares that we issued in our preferred equity financing in Q2. As of January 31, we had approximately $131 million of remaining buyback capacity under our authorized repurchase plans.

上季我們宣布新的2.00億美元普通股回購計畫。加計年初已核准的計畫，我們在第四季回購550萬股，金額約1.40億美元。FY '22全年我們回購2,260萬股，金額約5.67億美元，足以抵銷我們在第二季以優先股權融資所發行的股份。截至1月31日，我們在已核准的回購計畫下仍有約1.31億美元的剩餘回購額度。

Before we turn to our guidance, I'd like to share some further context behind our expectations for fiscal 2023. Due to exchange rate movements over the past year, primarily in yen and euros, we expect FX rates to have the following impacts on a reported FY '23 results versus what they would be on a constant currency basis. On the top line, we anticipate a downward impact on our FY '23 revenue and billings growth rates of a little more than 1 percentage point. On the bottom line, we anticipate a downward impact of roughly 1% to operating margin and roughly $0.06 to EPS.

在進入指引之前，我想補充一些我們對2023會計年度展望的背景。由於過去一年匯率變動（主要為日圓與歐元），我們預期外匯（FX）對FY '23已報告結果相較於固定匯率基礎的影響如下：在營收端，我們預期FY '23營收與帳單（billings）成長率將受到略高於1個百分點的下行影響；在獲利端，我們預期營業利益率約有1%的下行影響，且每股盈餘（EPS）約下行0.06美元。

We also expect to incur incremental facilities, T&E and events expenses as pandemic restrictions loosen and as we return to a hybrid office-based environment. Even with these impacts, we remain steadfast in our focus on driving profitable growth, and in FY '23, we will deliver improved profitability and unlock further leverage in our operating model.

隨著疫情限制放寬以及我們回到混合式辦公環境，我們也預期將產生額外的設施、差旅與交際（T&E）及活動費用。即便有這些影響，我們仍將堅定聚焦於推動獲利性成長；在FY '23，我們將交出更佳的獲利能力，並在營運模式中釋放更多槓桿。

With that, I would like to turn to our guidance for Q1 and fiscal 2023. For the first quarter of fiscal 2023, we anticipate revenue of $233 million to $235 million, representing 16% year-over-year growth at the high end of this range. We expect our non-GAAP operating margin to be approximately 21%, representing a 400 basis point improvement year-over-year. We expect our non-GAAP EPS to be in the range of $0.24 to $0.25 and GAAP EPS to be in the range of negative $0.04 to negative $0.05 on approximately 152 million diluted shares and 146 million basic shares, respectively.

接著，我將說明第一季與2023會計年度的指引。就2023會計年度第一季而言，我們預期營收為2.33億至2.35億美元，在此區間上緣代表年增16%。我們預期非GAAP營業利益率約為21%，較去年同期改善400個基點。我們預期非GAAP EPS介於0.24至0.25美元；GAAP EPS介於負0.04至負0.05美元，分別以約1.52億股稀釋後股數與1.46億股基本股數計算。

For the full fiscal year ending January 31, 2023, we expect FY '23 revenue to be in the range of $990 million to $996 million, up 14% year-over-year at the high end of this range. This represents a further acceleration from last year's revenue growth of 13%, even after accounting for the anticipated FX headwinds. We expect our non-GAAP operating margin to be approximately 22%, representing an improvement of more than 200 basis points year-over-year.

就截至2023年1月31日止的FY '23全年而言，我們預期FY '23營收介於9.90億至9.96億美元，在此區間上緣代表年增14%。即使考量預期的外匯逆風，這仍較去年13%的營收成長進一步加速。我們預期非GAAP營業利益率約為22%，較去年同期改善超過200個基點。

We expect to deliver a steady improvement in operating margin throughout the course of FY '23. We anticipate our FY '23 non-GAAP EPS to be in the range of $1.10 to $1.14 on approximately 154 million diluted shares and up from $0.85 in the prior year. Our GAAP EPS is expected to be in the range of negative $0.03 to negative $0.07 on approximately 148 million basic shares.

我們預期FY '23期間營業利益率將穩步改善。我們預期FY '23非GAAP EPS介於1.10至1.14美元，係以約1.54億股稀釋後股數計算，並高於前一年的0.85美元。我們預期GAAP EPS介於負0.03至負0.07美元，係以約1.48億股基本股數計算。

For the full year of FY '23, we expect billings growth to be roughly in line with revenue growth. We do expect variability in our billings growth rate on a quarterly basis based on the dynamics of prior year comparisons and the timing of large customer renewals. Directionally, we expect our billings growth rate to be in the high single-digit range in Q1 and Q2, and for our billings growth rate to exceed revenue growth in the second half of the year. We expect our FY '23 RPO growth to exceed our anticipated full year revenue and billings growth rates.

就FY '23全年而言，我們預期帳單（billings）成長大致與營收成長一致。我們確實預期帳單成長率在季度間會有波動，取決於去年同期比較基期的動態以及大型客戶續約時點。方向上，我們預期第一季與第二季帳單成長率落在高個位數區間，且下半年帳單成長率將超過營收成長。我們預期FY '23剩餘履約義務（RPO）成長將高於我們預期的全年營收與帳單成長率。

Finally, we expect our FY '23 revenue growth rate combined with our FY '23 free cash flow margin to be at least 37%, 200 basis points higher than our previous target and a 400 basis point improvement from last year's outcome of 33%. We remain confident in achieving our FY '24 target of revenue growth plus free cash flow margin of at least 40%.

最後，我們預期FY '23營收成長率加上FY '23自由現金流利潤率合計至少為37%，較我們先前目標高出200個基點，並較去年33%的結果改善400個基點。我們仍有信心達成FY '24目標：營收成長加上自由現金流利潤率至少40%。

In summary, FY '22 was a year of excellent operational execution, highlighted by accelerating revenue growth and operating margin expansion of more than 400 basis points year-over-year. Our Content Cloud strategy is resonating with customers, demonstrated by strong Suites momentum and a significant 900 basis point improvement in our net retention rate. We are well positioned to deliver profitable growth in the years ahead as we build on our Content Cloud leadership position.

總結而言，FY '22是營運執行表現優異的一年，亮點包括營收成長加速，以及營業利益率較去年同期擴張超過400個基點。我們的Content Cloud策略正獲得客戶共鳴，從Suites的強勁動能以及淨留存率顯著改善900個基點可見一斑。隨著我們鞏固Content Cloud的領導地位，我們已具備良好條件在未來數年實現獲利性成長。

Before we conclude, I'll hand it back to Aaron for a few closing remarks.

在結束之前，我將把時間交還給Aaron，請他做幾點結語。

Thanks, Dylan, and thank you again, everyone, for joining us today. I'd like to remind everyone that our virtual Financial Analyst Day will be on Wednesday, March 16. At this event, you will be hearing from our executives as we do a deep dive into our product strategy, go-to-market efforts, workforce strategy and long-term financial model. The continued execution of our Content Cloud platform strategy will drive further annual revenue acceleration and continued margin expansion in FY '23. We are confident in our ability to achieve these results based on the customer momentum we've been seeing, our product road map and the total market opportunity ahead.

謝謝你，Dylan，也再次感謝各位今天加入我們。我想提醒大家，我們的線上金融分析師日將於 3 月 16 日（週三）舉行。在這場活動中，各位將聽到我們的高階主管分享，我們將深入探討產品策略、上市推進（go-to-market）工作、人力策略以及長期財務模型。我們持續推進 Content Cloud 平台策略的執行，將在 FY '23 進一步帶動年度營收加速成長，並持續擴大利潤率。我們對達成這些成果充滿信心，這份信心來自我們所看到的客戶動能、產品藍圖，以及眼前龐大的整體市場機會。

Before we open it up to Q&A, I would also like to address the situation in Ukraine. As with all technology companies with business in Europe, we are monitoring the situation very carefully. Our top priority continues to be for Boxer safety and well-being and our thoughts go out to every Boxer, customer, partner and anyone directly affected by this. And I am proud that box.org and Boxers globally are already giving to relief efforts for those affected.

在我們開放問答之前，我也想談談烏克蘭的情勢。和所有在歐洲有業務的科技公司一樣，我們正非常密切地關注局勢發展。我們的首要任務仍然是 Boxers 的安全與福祉；我們的心與每一位 Boxer、客戶、合作夥伴，以及任何直接受到影響的人同在。我也很自豪，box.org 以及全球的 Boxers 已經在為受影響者的救援工作捐助。

Thanks again for joining us for this call today. And Dylan and I would now be happy to take any of your questions. Operator?

再次感謝各位今天加入這通電話會議。接下來 Dylan 和我很樂意回答各位的問題。接線員？

(Operator Instructions). Your first question comes from the line of Jason Ader with William Blair.

（接線員指示）。第一個問題來自 William Blair 的 Jason Ader。

I guess a couple of ones for me. First, just on the NRR, which continues to show nice improvement. You talked about it being consistent throughout this year. I guess my question is, if you're going to continue to see good traction with Suites and Enterprise Plus, what are some of the -- I don't know, what are some of the pressure points that could prevent it from going higher from here?

我這邊有兩個問題。第一個是關於 NRR（淨留存率），它持續呈現不錯的改善。你提到今年會維持一致。我想問的是，如果你們將持續在 Suites 和 Enterprise Plus 上看到良好的進展，有哪些——我不確定怎麼說——有哪些壓力點可能會阻止它從目前水準再往上提升？

Sure. I'll take that. Jason, this is Dylan. So the net retention rate that we've seen improvements recently over the last year is comprised of 15% expansion, and we also improved the churn side of the equation to 4% and which is where we get to ending the year at 111%. You're spot on that, a huge driver of our net retention rate is going to be continued momentum in Suite sales and would note there that we expect those trends to continue. We just also expect to see more normalized and more challenging comparisons as we have been driving that momentum over the last year. So definitely remain confident in seeing really strong Suites momentum that should show up in our overall net retention rate.

好的，我來回答。Jason，我是 Dylan。我們在過去一年看到的淨留存率改善，主要由 15% 的擴張所構成，同時我們也把流失（churn）那一端改善到 4%，因此全年結束時達到 111%。你說得很對，我們淨留存率的一個重要驅動因素，將是 Suites 銷售動能的延續；也要指出，我們預期這些趨勢會持續。不過，隨著我們在過去一年推動這股動能，我們也預期比較基期會更正常化、也更具挑戰性。因此我們仍然非常有信心，強勁的 Suites 動能會反映在整體淨留存率上。

Got you. I guess what I'm getting at is, are you trying to be conservative there? Is there a chance that it could be better if the expansion rates rise just given the attach rates on Suites?

了解。我想追問的是，你們在那裡是不是刻意保守？如果 Suites 的附加率（attach rates）帶動擴張率上升，是否有可能表現更好？

Yes. So definitely, as always, with the expectations we said, we do want to be prudent with those. So we do see some upside, given the momentum that we've been driving in Suites. And then I would also note that like some of the other top line metrics that we called out, FX will have a little bit of an impact -- a downward impact to our net retention rate as well, but feel really good about the targets that we've laid out there.

是的。就像一貫做法，對於我們所提出的預期，我們確實希望保持審慎。因此，考量到我們在 Suites 上推動的動能，我們確實看到一些上行空間。另外我也要補充，和我們提到的其他營收端指標一樣，匯率（FX）也會對淨留存率帶來一些影響——向下的影響——但我們對所提出的目標感覺非常良好。

Awesome. All right. And then, Aaron, on the quarter, on Q4, you had a 111% NRR, but you had the really high revenue growth rate that speaks to success with new customers, I guess. What are you doing differently with new customers that's allowing you guys to have the success there? And then how do you think about kind of land versus expand in '23 and beyond? Is it -- do you lean into one more than the other? Or is it just kind of a balanced approach?

太好了。那接著，Aaron，關於這一季、也就是 Q4，你們的 NRR 是 111%，同時營收成長率也很高，這應該反映你們在新客戶方面的成功。我想問的是，你們在新客戶開發上做了哪些不同的事情，讓你們能有這樣的成果？另外，你們如何看待 '23 以及之後的「先落地（land）再擴張（expand）」？你們會更偏重其中一個嗎？還是就是一個平衡的做法？

Yes. I think it'll continue to be a balanced approach as time goes on. And we do -- at our Analyst Day, we'll talk about the kind of mechanics of the land and expand motion and how we've been optimizing it, especially with our Enterprise Plus plan, which is included in our Suites. So Q4, as you can tell from the metrics, both a very strong quarter in terms of upselling, but also a strong quarter in some of the new wins that we had. One example, we just did a press release yesterday around our win with the Japan Post, obviously, major leading government agency in Japan that powers their postal service.

是的，我認為隨著時間推進，我們會持續採取平衡的方式。而且在我們的分析師日上，我們會談到 land-and-expand 這套動作的運作機制，以及我們如何進行最佳化，特別是透過我們的 Enterprise Plus 方案（它包含在我們的 Suites 中）。從 Q4 的指標你可以看出來，這一季在加購／升級銷售（upselling）方面非常強勁，同時我們也拿下了一些很強的新案子。舉例來說，我們昨天剛發布新聞稿，宣布我們贏得日本郵政（Japan Post）的案子；這顯然是日本的主要政府機構，支撐其郵政服務。

So great new logos coming on to platform across government, financial services, and large industrial companies as well as just a fantastic quarter for expansion into ePlus and our newer capabilities. So we'll give again that perspective of how that land and expand model is working at the Analyst Day. But overall, just -- we're going to continue to focus on that balance of growing existing customers and bringing on new logos as we scale.

因此，我們在政府、金融服務，以及大型工業公司等領域，都有很棒的新標誌客戶（new logos）加入平台；同時，在擴張到 ePlus 以及我們較新的能力方面，也是一個非常出色的季度。我們會在分析師日再次提供觀點，說明這個 land-and-expand 模型如何運作。不過整體而言，隨著我們規模擴大，我們會持續聚焦在既有客戶成長與導入新標誌客戶之間的平衡。

Yes. And just to build on that, this is Dylan, is, as a reminder, we've tended to see over the past year roughly 70% to 75% of our new bookings coming from existing customers, and that's roughly the range that we expect to see in the year ahead as well.

是的，補充一下，我是 Dylan。提醒大家，過去一年我們大致看到約 70% 到 75% 的新訂單（new bookings）來自既有客戶，而這也大致是我們預期未來一年會看到的區間。

And that's what it was in Q4 also?

那 Q4 也是這樣嗎？

Yes, in that general range. Yes, and again, for Q4, the revenue did get a little bit of strength also from the very strong deal pacing that we saw in the quarter. And -- but generally, in line with the type of contribution that we've been seeing from net new versus existing customers.

是的，大致在那個區間。是的，而且再補充一下，Q4 的營收也從我們在該季度看到的非常強勁的成交節奏（deal pacing）中獲得了一些額外支撐。但整體而言，仍與我們一直以來看到的「淨新增客戶」相對於「既有客戶」的貢獻結構一致。

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

下一個問題來自 Oppenheimer 的 Ittai Kidron。

It's actually George Iwanyc. So maybe digging into a little bit on Jason's question with NRR, maybe with the larger customers, can you give us a sense of how you feel about your user penetration? And then on the expansion side, are you already seeing Box Sign adoption? And what kind of leverage are you getting from Shield as well?

其實我是 George Iwanyc。那我想沿著 Jason 關於 NRR 的問題再深入一點：針對較大型客戶，你們能否分享一下你們對使用者滲透率（user penetration）的看法？另外在擴張方面，你們是否已經看到 Box Sign 的採用？以及 Shield 也帶來了哪些槓桿效益？

Yes. Thanks. So we continue to see very healthy upside in terms of the total potential seat count that we can increase within even our large enterprise customers. I mean, we certainly do enterprise license agreements. And in Q4, we had a number of those where a customer elected to buy Box for their entire organization. But on the scale of the thousands of customers that we transacted with in Q4, it's still a very, very, very low percentage of that. So a lot of potential for seat expansion.

好的，謝謝。我們仍然看到非常健康的上行空間，特別是在即使是大型企業客戶內部，我們仍可提升的總席位數（seat count）方面。我的意思是，我們確實會簽企業授權合約（enterprise license agreements）。而在 Q4，我們也有一些這類合約，客戶選擇為其整個組織購買 Box。但在 Q4 我們完成交易的數千家客戶中，這仍然只占非常、非常、非常低的比例。因此席位擴張的潛力很大。

And now with our Enterprise Plus plan and our API volume licensing, we really have 3 vectors of growth even from the existing installed base. So we can continue to expand seats as more use cases get leveraged for Box. We can move customers up to increased price per seat plans, like our Enterprise Plus edition, and we can drive the volume of APIs using new use cases on our platform, which get independently monetized. And Box Sign was a great example of that in Q4 where we had a 6-figure deal just for Box Sign APIs in the quarter. So overall, multiple levers of growth from even the installed base and even our largest customers.

而且現在有了我們的 Enterprise Plus 方案以及 API 用量授權（API volume licensing），即使在既有安裝基礎（installed base）中，我們也真正擁有 3 個成長向量。我們可以隨著更多使用情境（use cases）在 Box 上被採用而持續擴張席位；我們可以把客戶升級到每席位價格更高的方案，例如 Enterprise Plus 版本；我們也可以透過平台上的新使用情境來推動 API 使用量，而這些會被獨立計價變現。Box Sign 就是 Q4 的一個很好的例子：我們在該季度僅 Box Sign API 就拿下了一筆 6 位數（6-figure）的交易。因此整體而言，即使只看既有安裝基礎、甚至是我們最大的客戶，我們也有多個成長槓桿。

And then to your point on Box Sign, while Q4 was the first quarter when the product was fully out globally, we are seeing really great signs of initial adoption and traction as well as deals that are now coming in as a result of Box Sign being a part of our portfolio, as I mentioned, that 6-figure transaction. And right now, the core focus is to drive as much adoption as possible across the customer base with Box Sign. But the early signs of the product rollout are fantastic. And our road map of features coming this year is going to be nearly in order of magnitude more than what's in the product today. So we're very, very excited about what's to come.

至於你提到的 Box Sign，雖然 Q4 是該產品首次在全球完整推出的季度，但我們確實看到非常好的初期採用與進展跡象，也看到因 Box Sign 成為我們產品組合一部分而帶來的交易，如我提到的那筆 6 位數交易。目前核心重點是推動 Box Sign 在客戶群中的最大化採用。不過，產品推出的早期訊號非常出色。而且我們今年即將推出的功能藍圖，其規模幾乎會比目前產品大上接近一個數量級。因此我們對接下來的發展感到非常、非常興奮。

All right. And Aaron, maybe just 1 more question. You've mentioned pricing. Can you give us a sense of what the pricing environment is right now and what the sales productivity gains you're seeing, how much discounting are you doing? Or are you able to largely hold pretty strong?

好的。Aaron，我再問最後一個問題。你提到定價。你能否讓我們了解一下目前的定價環境，以及你們看到的銷售生產力提升？你們折扣給到多大？還是你們大致能維持相當強勢的價格？

Yes. I think our competitiveness relative to the pricing metric remains very strong. We -- I think we had a great quarter of both holding price and increasing -- as customers move to our higher tier additions. And I think what you'll find is, as we expand out our Content Cloud portfolio, so Box Sign from last year, Box Shield from a couple of years prior and Relay and Box Shuttle last year, and then now coming into this year some pretty exciting product areas that we're going to be investing in that we'll share more at Financial Analyst Day.

是的。我認為就定價這個指標而言，我們的競爭力仍然非常強。我們——我認為我們這一季在維持價格以及隨著客戶移轉到我們更高階的版本（tier additions）方面，都表現得很不錯。我想你會看到的是，隨著我們擴展 Content Cloud 產品組合——例如去年的 Box Sign、再往前幾年的 Box Shield、以及去年的 Relay 和 Box Shuttle——而且今年我們也將投入一些相當令人振奮的產品領域，我們會在金融分析師日分享更多內容。

What you're seeing is that we can consolidate now multiple categories of IT spend in a single offering. That gives us significant pricing leverage over time because now for the price of Box with some uplift as you move to ePlus, you now might have access to 2 or 3 other technology categories worth of software all in 1 bundled approach. And so I think kind of give us continued pricing leverage as we go out to the market at the exact same time of delivering more value to our customers.

你所看到的是，我們現在可以在單一方案中整合多個 IT 支出類別。這讓我們隨著時間推移擁有顯著的定價槓桿，因為現在以 Box 的價格（當你升級到 ePlus 時會有一些上調），你可能就能以 1 個打包方案取得另外 2 到 3 個其他技術類別的軟體價值。因此我認為，這在我們走向市場的同時，既能持續帶來定價槓桿，也能為客戶交付更多價值。

So it's kind of the perfect win-win where we're going to actually cause the customer to spend less money on IT overall within the content categories that they have use cases in, but also we're going to be able to drive more value from our pricing. And that ultimately leads to a bunch of downstream results, improved gross margin. You mentioned sales productivity, that's continued to improve as a result of our Suites and then ultimately, stickier and more retained customers.

所以這有點像是完美的雙贏：我們實際上會讓客戶在其有使用情境的內容類別中，整體 IT 支出更少，但同時我們也能從定價中驅動更高的價值。最終這會帶來一連串下游成果，包括毛利率提升。你提到的銷售生產力，也因為我們的 Suites 而持續改善；最後則是客戶黏著度更高、留存更好。

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

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

Great. I guess maybe to start, I think you called out for the guide, you're expecting RPO growth to come in ahead of both revenue and billings. So I guess, what are you kind of seeing out in the demand environment that is giving you the confidence to say that? And I guess as part of that, how should we think about the contract duration as a part of that factor?

很好。我想先從這裡開始：你在指引中提到，你預期 RPO 成長會領先於營收與帳單（billings）。所以我想問，你在需求環境中看到了什麼，讓你有信心這麼說？另外，合約期間（contract duration）在這個因素中應該如何看待？

Sure. So definitely seeing a very healthy demand environment that impacts a lot of the top line metrics that we provide and that we gave guidance around. And RPO as it tends to be more of a leading indicator of growth is more representative of kind of the near-term momentum that we're seeing that ultimately then flows into revenue. And in terms of the duration, that has been one of the drivers of the outsized backlog growth, in particular, and so we have continued to see contract rations lengthen incrementally over the past year. But if you look at all the different components of RPO, those are up at pretty healthy levels, including on the deferred revenue side, which is independent of those contract durations. So we feel really good about the demand environment and the underlying momentum that we're seeing in the business.

好的。我們確實看到非常健康的需求環境，這會影響我們提供的許多營收端指標，以及我們所給出的指引。RPO 因為通常更像是成長的領先指標，更能代表我們目前看到的短期動能，而這些動能最終會流入營收。至於期間長度，這一直是推動積壓（backlog）成長超出預期的驅動因素之一，特別是如此；我們也持續看到過去一年合約期限逐步拉長。不過如果你看 RPO 的各個組成部分，它們都處在相當健康的水準，包括遞延收入（deferred revenue）端，而那部分與合約期限無關。因此我們對需求環境以及我們在業務中看到的底層動能感到非常有信心。

I guess just to put a little finer point, are we assuming that duration on deals is going to stay pretty consistent in '23? Is that kind of what's being assumed here in the guide there?

我想再更精準一點：我們是否假設 2023 年交易的合約期間會維持相當一致？這是否就是指引中的假設？

Yes. We do expect -- we may see slight lengthening, but we'd expect those to be fairly stable, the durations, that is in terms of where they are today.

是的。我們確實預期——可能會看到些微拉長，但我們預期合約期間會相當穩定，也就是大致維持在目前的水準。

Okay. Perfect. And then on the gross margin guide, coming in about 1 point above where we are in 4Q, at least for the full year. I guess what are you -- where are the efficiencies kind of coming from in there to drive the improvement there? And I guess where are kind of the areas of investments as you think about the out margin guide for '23?

好的，完美。接著關於毛利率指引：至少就全年來看，大約比我們在第四季的水準高 1 個百分點。我想問，你們在這裡推動改善的效率主要來自哪裡？另外，當你們思考 2023 年的利潤率指引時，投資的重點領域會是哪些？

Sure. So on the gross margin front, where we've been seeing a lot of leverage and what we're expecting going forward comes down to the combination of more efficiently managing the infrastructure that we host. And so doing a lot from a hardware and software efficiency point of view, really just simplifying the way that we deliver those services. And that shows up also if you look at the amount of capital leases and the payments that we're making, those have trended down pretty significantly and steadily as we've been able to optimize that infrastructure. And at the same time, continue to move more workloads where it makes sense with our public cloud partners, which also allows us to drive some incremental gross margin expansion. So that's from an infrastructure point of view.

好的。就毛利率而言，我們看到大量槓桿、以及未來預期的來源，主要在於更有效率地管理我們所託管的基礎設施的組合。因此我們從硬體與軟體效率的角度做了很多工作，真正是在簡化我們交付這些服務的方式。你也可以從資本租賃（capital leases）與我們所支付的款項看出來：隨著我們能夠最佳化該基礎設施，這些已相當顯著且持續地下滑。同時，我們也持續在合理之處把更多工作負載移往公有雲合作夥伴，這也讓我們能帶來一些額外的毛利率擴張。以上是從基礎設施的角度。

And then going back to the pricing and everything that Aaron was talking about earlier, as we do see customers kind of seeing more value out of Box's solutions and paying more for those increasingly adopting Suites, for example, that also translates in not just higher pricing but higher gross margin for those customers as well.

另外回到 Aaron 先前談到的定價等議題，當我們確實看到客戶從 Box 的解決方案中獲得更多價值，並且為此支付更多費用、例如愈來愈多採用 Suites，這不僅會轉化為更高的定價，也會為這些客戶帶來更高的毛利率。

And then on the -- I was just going to touch briefly on the operating margin side, and you talked about the investments that we expect to make next year. I'd say nothing too different from the approach we've taken over this past year that has been working really well. And so as mentioned, we do expect to grow sales force capacity in the low to mid-teens percentage range, also going to continue to invest in a really exciting product road map that we have, but doing most of that in lower cost locations. So feel really good about the leverage that we're going to be driving across the business as we move through the coming year.

再來在——我也想簡短提一下營業利益率（operating margin）方面。你談到我們預期明年要做的投資，我會說與我們過去一年採取、且運作得非常好的方法並沒有太大不同。如前所述，我們確實預期銷售團隊產能將以低到中十位數百分比的區間成長；也會持續投資於我們非常令人振奮的產品藍圖，但大多會在較低成本的地點進行。因此我們對於在未來一年推動全公司槓桿的能力感到非常有信心。

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。

This is Chase Donovan, on for Brian. Box Sign's indicate an encouraging early results come out of that. I was curious what else can we look for from a product perspective, if it could fit in as an adjacent kind of M&A driver for the business?

我是 Chase Donovan，代 Brian 提問。Box Sign 顯示出令人鼓舞的早期成果。我想了解，從產品角度來看，我們還可以期待什麼？以及它是否可能作為業務的相鄰（adjacent）併購（M&A）驅動因素？

Yes. So Box Sign overall, we're very, very happy about the early results and traction that we're seeing, great use cases across a very wide range of industries, and we're going to continue to follow up with more and more updates to the Street around how that product is performing and being adopted. As it relates to new product expansion areas, and I would say kind of both with and without M&A, as an example, we think about very disciplined technology tuck-in acquisitions where it makes sense to accelerate our product road map. But at the same time, the vast majority of our innovation is going to come organically.

是的。整體而言，Box Sign 的早期成果與我們看到的採用動能讓我們非常、非常滿意；在非常廣泛的產業中都有很好的使用情境。我們也會持續向市場提供更多更新，說明該產品的表現與採用情況。至於新的產品擴張領域，我會說無論有沒有併購（M&A）都會進行；例如，我們會在合理之處考慮非常自律的技術補強型收購（tuck-in acquisitions），以加速我們的產品藍圖。但同時，我們絕大多數的創新將會來自內生成長。

But you're going to see us continue to expand out the Content Cloud as this year goes on and certainly in the next couple of years. If you think about that content life cycle that we continue to show from the moment content is ingested into Box all the way to where it's retained and then integrated to any platform, there are various components around that life cycle where we're either going to be doubling down into additional deep spaces in security and compliance and in areas where we think we can expand into new adjacent collaboration and content markets that all makes sense on our platform. So stay tuned.

不過你會看到我們在今年以及未來幾年持續擴展 Content Cloud。若你思考我們持續展示的內容生命週期——從內容被匯入 Box 的那一刻起，一直到被保留（retained），並且整合到任何平台——在這個生命週期周邊有各種組成部分，我們要嘛會在安全與合規等更深的領域加倍投入，要嘛會在我們認為能夠擴展到新的相鄰協作與內容市場的領域進行拓展，而這些都很適合建立在我們的平台之上。敬請期待。

Throughout the year, we'll be sharing more updates on this front as well as a little bit of a preview at our Financial Analyst Day. But it's really all about making sure that customers can complete that complete content life cycle on a single platform without having to have fragmentation of their content. So how you create, how you share, how you collaborate and publish and get insights from content all in a single architecture. So more to come on that front.

在今年之中，我們也會在這方面分享更多更新，並在我們的 Financial Analyst Day 上提供一些前瞻預覽。但核心就是要確保客戶能在單一平台上完成完整的內容生命週期，而不必讓內容碎片化。也就是你如何建立、如何分享、如何協作與發佈，以及如何從內容中取得洞察，全部都在單一架構中完成。後續還會有更多消息。

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

下一個問題來自 JMP 的 Erik Suppiger。

Congrats on a good quarter. One just on Box Sign. Curious if you're getting a sense of how that's doing with new customers versus existing customers. I think initially, the lower hanging fruit was with existing customers, but any update there? And then secondly, just curious in terms of your transition to public cloud-based infrastructure. How far along in that process are you? And how long -- are you still paying double for areas where you have overlapping infrastructure?

恭喜有個不錯的季度。我有一個關於 Box Sign 的問題：想了解你們是否已經能感受到它在新客戶與既有客戶之間的表現差異？我想一開始較容易的成果來自既有客戶，但這方面有沒有更新？第二個問題是，關於你們轉向以公有雲為基礎的基礎設施：目前進度到哪裡了？以及——在有重疊基礎設施的區域，你們是否仍在支付雙重成本？

Yes. So on the Box Sign front, core focus number one is get Box Sign in the hands of all of our existing customers, of which we have well over 100,000 customers. So that's sort of the P0 for the company and what we're spending the majority of our energy on. At the same time, it becomes a great new sort of wedge use case that we can go into new customers with around talking about how they're driving digital transformation around their content, whether that's contracts or NDAs or compliance documents that need to get signed. So it becomes yet another use case that we can go drive product adoption and new customer demand from.

是的。先談 Box Sign：第一個核心重點是把 Box Sign 交到我們所有既有客戶手上，我們的客戶數量遠超過 100,000 家。所以這算是公司的 P0，也是我們投入大部分精力的方向。同時，它也成為一個很好的新「楔子」使用情境，讓我們可以用它切入新客戶，去談他們如何圍繞內容推動數位轉型，不論是合約、NDA（保密協議）或需要簽署的合規文件。因此它成為另一個使用情境，讓我們能推動產品採用並帶動新客戶需求。

But I'd say it's very early in terms of the overall results on that. But you can assume that every customer we're showing up to today, Box Sign is certainly being talked about and shown in the set of use cases that we're going after. So great kind of early, I think, signal from that set of conversations and pipeline build over there.

但我會說，就整體成果而言仍非常早期。不過你可以假設，我們今天拜訪的每一位客戶，Box Sign 一定都會被提到，並且會在我們追求的使用情境組合中被展示。因此從這一系列對話與那邊的管線（pipeline）建立來看，這是一個很好的早期訊號。

And then the second question around public cloud. So this is a multiyear journey that we've had. We -- just as a reminder, we've been using and leveraging the public cloud for well over a decade. But we made the decision to leverage it even more significantly to allow us to innovate faster, deliver for customers globally more efficiently, and then ultimately be able to scale our platform in a very cost-effective way. So we've been moving more and more of our infrastructure to the public cloud.

接著第二個關於公有雲的問題。這是一段跨多年的旅程。我們——提醒一下，我們使用並運用公有雲已經超過十年。但我們做出決定，要更大幅度地運用公有雲，以便更快創新、更有效率地在全球為客戶交付服務，並最終能以非常具成本效益的方式擴展我們的平台。因此我們一直在把越來越多的基礎設施移轉到公有雲。

We tried our best to have as limited of a sort of double spend challenge as possible. It's unavoidable in some areas of the infrastructure, but the teams have done an incredible job of really getting very, very methodical about which parts of the architecture move to the public cloud in which sequence to reduce that double spend element. But again, some of it is unavoidable due to leases and existing commitments we have on the hardware. But again, over the next couple of years, you'll see us wind off more and more on the sort of kind of core Box managed infrastructure and more -- and leverage more and more in the public cloud.

我們已盡最大努力將所謂的「雙重支出」挑戰降到最低。在基礎設施的某些領域這是無可避免的，但團隊在非常、非常有條不紊地規劃架構的哪些部分、以何種順序遷移到公有雲方面做得非常出色，以降低雙重支出的因素。不過再次強調，其中一部分仍不可避免，原因在於我們在硬體上既有的租賃與既存承諾。但同樣地，在接下來幾年，你們會看到我們逐步減少更多由 Box 管理的核心基礎設施，並更多——且越來越多地——利用公有雲。

Your next question comes from the line of Nick Mattiacci with Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Nick Mattiacci。

This is Nick Mattiacci, on for Chad Bennett. So I'm just curious on what you guys are seeing in the SMB market. Any commentary you could provide on the demand environment and customer retention rates, the lower end of the market? And then any assumptions we should be aware of related to SMB that are baked in the guidance going into this year?

我是 Nick Mattiacci，代替 Chad Bennett 提問。我想了解你們在 SMB 市場看到的情況。你們能否就需求環境與客戶留存率（市場較低端）提供一些評論？另外，今年指引中對 SMB 相關有哪些我們應該注意、已納入的假設？

Yes. So qualitatively, I would just share that SMB demand has been very strong, frankly, throughout FY '22. Q4 was another kind of milestone quarter for us on that front, but really the buildup was throughout the year. I think what we saw in kind of calendar 2020 and our fiscal 2021 was SMBs were really obviously most impacted in many respects by COVID, and they weren't hiring as quickly, dealing with layoffs or furloughs or government stimulus was a complicated matter. And so we saw a reduction of that momentum. We still put up growth that year, but not as much as we had anticipated.

好的。就定性而言，我想分享的是，SMB 需求在 FY '22 期間一直非常強勁，坦白說如此。Q4 在這方面對我們而言又是一個里程碑季度，但其實整年的累積都很明顯。我認為我們在 2020 年曆年以及我們的 2021 財年看到的是，SMB 在許多方面顯然受到 COVID 的衝擊最大，他們招募速度沒那麼快，面臨裁員或無薪假，或政府紓困也相當複雜。因此我們看到那股動能有所減弱。那一年我們仍然實現成長，但不如我們原先預期的那麼多。

Coming into now calendar 2021 and fiscal '22 last year, we saw a real resurgence on the SMB and mid-market parts of our business, our kind of global commercial segments. And I think our strategy is really well tuned for that commercial segment back to -- back then what we've been chatting about on this call. If you're a 200 or 300 to 500 person business, maybe smaller, 50 to a few hundred employees, you might have a relatively concentrated IT organization, maybe a handful of folks that are running IT for your organization. But you have all the exact same demand as a large enterprise.

進入 2021 年曆年以及去年的 '22 財年，我們看到 SMB 與中型市場業務（我們的全球商業分部）出現明顯復甦。我認為我們的策略非常契合該商業客群，呼應——回到——我們在這通電話中一直在討論的內容。如果你是一家 200、300 到 500 人的企業，甚至更小，50 到數百名員工，你的 IT 組織可能相對集中，或許只有少數幾個人在負責整個組織的 IT。但你面臨的需求與大型企業完全相同。

I mean, if you're an investment bank, if you're in life sciences, if you work in the government supply chain, the needs you have around data security, compliance, content management, collaboration are the exact same needs as a very large Fortune 500 enterprise. And yet your challenge is sort of fewer resources to manage all those systems and then obviously, budget constraints about you don't want to have to have 10 different vendors that you're dealing with. You don't really get economies of scale in that sense.

我的意思是，如果你是一家投資銀行、生命科學公司，或在政府供應鏈工作，你在資料安全、合規、內容管理、協作方面的需求，與非常大型的《財富》500 強企業完全一致。然而你的挑戰在於資源較少，難以管理所有這些系統；同時也有預算限制，你不希望必須同時面對 10 家不同的供應商。從這個意義上說，你也很難取得規模經濟。

So by having a single platform, a single content cloud that manages everything from the workflow and e-signature and security and content management of your content all in one bundle, that becomes very, very compelling. And so we've seen the results of that in our results throughout FY '22, and we expect that set of trend just to continue.

因此，透過單一平台、單一內容雲，把工作流程、電子簽署、安全性與內容管理等所有內容以一個套裝整合管理，這就變得非常、非常有吸引力。我們在 FY '22 全年的業績中已看到這一點的成果，並且我們預期這一趨勢將持續下去。

And just to build on that a bit for some of the other parts of your question, we had mentioned in our prepared remarks that this past year, we generated double-digit percentage gains on our sales force productivity, that holds true both for our enterprise business and our SMB business. So definitely seeing healthy growth across all parts. And then in terms of the customer economics that you asked about, while our smallest customers do tend to see slightly higher churn rates, as you'd expect, the net retention rates are actually pretty comparable between SMB and enterprise because of the strong expansion and a lot of the dynamics that Aaron mentioned.

再補充一下你問題中的其他部分，我們在事先準備的發言中提到，過去一年我們的銷售團隊生產力實現了兩位數百分比的提升，這在企業業務與 SMB 業務上都同樣成立。因此我們確實看到各個部分都在健康成長。至於你問到的客戶經濟性，雖然我們最小型的客戶確實如你所預期會有略高的流失率，但由於強勁的擴張以及 Aaron 提到的許多動態因素，SMB 與企業客戶的淨留存率其實相當接近。

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

下一個問題來自 Morgan Stanley 的 Josh Baer。

Great. Good end to the year and a strong guide. I wanted to double-click on a couple of the margin questions and conversations we've been having. So on gross margins, like we've seen the expansion and that continues into '23 and sort of talk through the pricing and the infrastructure efficiencies. So the question is how high can gross margins go? And can they get to 80% plus like they were for you guys back around your IPO?

很好。年末表現不錯，指引也很強。我想更深入追問幾個我們一直在討論的利潤率問題。關於毛利率，我們看到毛利率擴張，而且在 '23 年仍會延續，你們也談到定價與基礎設施效率。因此問題是：毛利率最高能到多高？是否能回到你們 IPO 前後那樣的 80% 以上？

Yes. So we do see continued upside, especially as we execute against the migration strategy that Aaron talked about earlier. So we do see -- 76% is not where that caps out, and we'll continue to work on driving that migration and additional efficiencies to continue expanding margins beyond FY '23.

是的。我們確實看到持續的上行空間，特別是當我們執行 Aaron 先前談到的遷移策略時。因此我們確實認為——76% 並不是上限，我們會持續推動該遷移與額外的效率提升，讓毛利率在 FY '23 之後繼續擴張。

Okay. And then on the FY '23 operating margin target of '22 like on the surface, it doesn't actually show the OpEx leverage because of the strong gross margin expansion. But then you talked about the FX impact, travel and expenses coming back, I assume there's some wage inflation increases, talked about sales and marketing investments. So is there any additional context or quantification of some of those factors that are impacting some of the different OpEx lines? Just any other color would be helpful.

好的。那再談 FY '23 的營業利潤率目標 '22：表面上看，因為毛利率擴張很強，所以似乎沒有顯示出 OpEx 的槓桿效應。但你們提到匯率影響、差旅與費用回升，我猜也有一些薪資通膨上升，還談到銷售與行銷投資。所以，對於影響不同 OpEx 科目的這些因素，是否能提供更多背景或量化資訊？任何補充說明都會有幫助。

Sure. So on that, I think you nailed the dynamics exactly. And to break those apart, on the FX side of things, expect that to be roughly 1 percentage point impact to operating margin next year. And that really shows up across all line items of the P&L, so kind of understates the true leverage that driving in the business. And then in terms of some of those expenses like T&E, events, facilities, would say that the savings that we realized as we moved into this environment, was in the 200 to 300 basis point range. We expect some of that to come back, but not all of it because of the continued focus that we have on cost discipline.

當然。就這點而言，我認為你把動態掌握得非常準確。把它們拆開來看，在匯率（FX）方面，預期明年對營業利潤率大約有 1 個百分點的影響。而且這會反映在損益表（P&L）的所有科目上，因此某種程度上低估了業務推動所帶來的真正槓桿效應。至於像差旅與費用（T&E）、活動、設施等支出，我們在進入這種環境後所實現的節省，大約在 200 到 300 個基點的區間。我們預期其中一部分會回來，但不會全部回來，因為我們仍持續專注於成本紀律。

So you can think about it as more than a 100 basis point impact. And then the actual kind of size is going to depend a little bit on what this return to our hybrid office-based approach looks like. And then the last thing I'd note is that within the year, we do expect to see our operating margin consistently expand across the course of the year so to deliver a higher operating margin in the back half versus the front half.

因此你可以把它視為超過 100 個基點的影響。而實際幅度會在某種程度上取決於我們回到混合式、以辦公室為基礎的工作方式會是什麼樣子。最後我想補充的是，在一年之內，我們確實預期營業利潤率會隨著年度進程持續擴張，因此下半年交出的營業利潤率會高於上半年。

Yes. And just to build on that, Josh, for 5 seconds. We are unmistakably focused on making sure we drive profitable growth going forward, which will show up as additional leverage in the business. And as Dylan noted, that kind of seasonality trend you'll see as well. But it's something that's a core focus of ours going forward.

是的。Josh，再補充 5 秒。我們非常明確地聚焦於確保未來推動獲利性成長，這將體現在業務的進一步槓桿效應上。如 Dylan 所提到的，你也會看到那種季節性趨勢。但這是我們未來的核心重點。

Thank you. And this concludes our question-and-answer session. I'm turning the call back to our speakers for any closing remarks. Please go ahead.

謝謝。問答環節到此結束。我將把電話交回給我們的講者做結語。請繼續。

Thank you. And thank you, everyone, for joining us this afternoon. We look forward to updating you on our next earnings call. And just a quick reminder, as both Aaron and Dylan have mentioned, we are hosting our Fiscal '23 Financial Analyst Day, it's virtual, on March 16th, and registration is available on our IR website. Thank you so much.

謝謝。也謝謝各位今天下午加入我們。我們期待在下一次財報電話會議向各位更新。再快速提醒一下，正如 Aaron 與 Dylan 都提到的，我們將於 3 月 16 日以線上形式舉辦我們的 '23 財年金融分析師日（Fiscal '23 Financial Analyst Day），可在我們的 IR 網站上註冊。非常感謝。

This concludes today's conference call. Thank you all for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。