Box Inc (BOX) 2023 Q2 法說會逐字稿

Good day. My name is Savannah, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Box, Inc. Second Quarter Fiscal 2023 Earnings Conference Call. Today's call is being recorded. (Operator Instructions)

大家好。我叫 Savannah，今天將擔任本次會議的電話會議接線員。此刻，我謹代表主辦方歡迎各位參加 Box, Inc. 2023 會計年度第二季財報電話會議。今天的電話會議將被錄音。（接線員指示）

And I would now like to turn the conference over to Cynthia Hiponia. Please go ahead.

接下來我想把會議交給 Cynthia Hiponia。請開始。

Good afternoon, and welcome to Box's Second Quarter Fiscal 2023 Earnings Conference Call. I'm Cynthia Hiponia, Vice President of 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.

各位下午好，歡迎參加 Box 2023 會計年度第二季財報電話會議。我是 Cynthia Hiponia，投資人關係副總裁。今天與會者包括 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。

Today's call is being webcast and will also 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 on our website. We'll post the highlights of today's call on Twitter at the handle @BoxIncIR.

今天的電話會議將以網路直播方式進行，並可於 box.com/investors 的投資人關係網站上收聽重播。我們的網路直播僅提供音訊。不過，補充投影片現已可於我們網站下載。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 Q3 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, remaining performance obligations, revenue and billings and the impact of foreign currency exchange rates and our expectations regarding the size of our market opportunity, our planned investments, future product offerings and growth strategies, 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, our ability to address enterprise challenges and deliver cost savings for our customers, the impact of the macro environment on our business and operating results and our capital allocation strategies, including M&A and potential repurchase of our common stock.

在本次電話會議中，我們將作出前瞻性陳述，包括我們對 2023 會計年度第三季及全年財務指引，以及我們對 2023 會計年度與未來期間財務表現的預期，包括自由現金流、毛利率、營業利益率、營運槓桿、未來獲利能力、淨留存率、剩餘履約義務、營收與帳單金額（billings）、外匯匯率變動的影響；以及我們對市場機會規模、計畫性投資、未來產品供應與成長策略、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、市場採用與效益、解決企業挑戰並為客戶帶來成本節省的能力、總體環境對我們業務與營運結果的影響，以及資本配置策略（包括併購與可能回購本公司普通股）的預期。

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.

上述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。請參閱我們今日提交的財報新聞稿，以及我們向美國證券交易委員會（SEC）提交的風險因素與相關文件（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。

These forward-looking statements are being made as of today, August 24, 2022, 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 be discussing 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（2022 年 8 月 24 日）作出；若其後發生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 財務衡量指標應作為 GAAP 結果的補充，而非替代，亦不應單獨解讀。關於這些非 GAAP 指標的更多揭露（包括與可比 GAAP 結果的調節表），請參閱我們的財報新聞稿及相關 PowerPoint 簡報，均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 the call over to Aaron.

接下來，我把電話交給 Aaron。

Thanks, Cynthia, and thank you all for joining the call today.

謝謝你，Cynthia，也感謝各位今天加入我們的電話會議。

We continue to deliver strong results in FY '23 with second quarter revenue growth of 15% year-over-year. Our sharp focus on profitability drove non-GAAP operating margin of 21.7%, up 110 basis points from 20.6% a year ago. Gross margins remained strong at over 76%, and our net retention rate increased both sequentially and year-over-year. Our current execution and business momentum gives us confidence in increasing our EPS guidance while maintaining our revenue guidance for the full fiscal year despite the higher impact of FX. Our results show the success of our Content Cloud strategy, which powers the full life cycle of content in a single platform. Our strategy is aligned with the 3 major trends that are driving the future of work: number one, hybrid work styles; two, the urgent need to digitally transform every business process; and three, the ongoing pressures of data security, compliance and privacy on all enterprises.

我們在 2023 會計年度持續交出強勁成果，第二季營收年增 15%。我們對獲利能力的高度聚焦，帶動非 GAAP 營業利益率達 21.7%，較一年前的 20.6% 提升 110 個基點。毛利率維持強勁、超過 76%，淨留存率亦較前一季及去年同期雙雙提升。我們目前的執行力與業務動能，使我們有信心在外匯影響加大的情況下，仍能在維持全年營收指引不變的同時，上調每股盈餘（EPS）指引。我們的成果展現了 Content Cloud 策略的成功，該策略在單一平台上支援內容的完整生命週期。我們的策略與推動未來工作型態的三大趨勢一致：第一，混合式工作型態；第二，迫切需要將每一項業務流程數位化轉型；第三，所有企業持續面臨資料安全、法規遵循與隱私方面的壓力。

More customers are turning to the Box Content Cloud to deliver secure content management and collaboration built for the new way of working. In the second quarter, our net retention rate was 112%, up from 106% in the prior year, driven by strong customer expansion rates. For our large deals over $100,000-plus revenue annually, we had 86 new deals, up from 60 in the prior quarter and 74 in the year ago period with 62 of these $100,000-plus deals being on multiproduct suites, up from 44 suite deals in the prior quarter and 54 suite deals a year ago in this $100,000-plus segment.

越來越多客戶轉向 Box Content Cloud，以提供符合新工作方式所需的安全內容管理與協作。第二季我們的淨留存率為 112%，高於去年同期的 106%，主要受惠於強勁的客戶擴張率。在年化營收超過 10 萬美元的大型交易方面，我們新增 86 筆交易，高於前一季的 60 筆與去年同期的 74 筆；其中有 62 筆 10 萬美元以上交易採用多產品套件（multiproduct suites），高於前一季的 44 筆套件交易與去年同期在此 10 萬美元以上區間的 54 筆。

Our fiscal Q2 results reflect healthy customer metrics, particularly in the complicated macro environment that enterprises are experiencing today. I have spoken with dozens of CIOs in the past couple of months across nearly every industry and in different geographies. What is clear is that enterprises today are looking to work with strategic technology platforms that can help them overcome the multitude of challenges that they're facing. The Box Content Cloud is the platform that enables CIOs to offer secure Cloud Content management for the most critical workflows of the business from anywhere employees, partners or customers are working.

我們 2023 會計年度第二季的成果反映出健康的客戶指標，尤其是在企業當前所面臨的複雜總體環境之下。過去幾個月，我與數十位來自幾乎各行各業、不同地區的 CIO 交流。可以明確看出，企業如今希望與具策略性的科技平台合作，以協助他們克服所面臨的多重挑戰。Box Content Cloud 正是能讓 CIO 提供安全的雲端內容管理平台，使企業最關鍵的工作流程能在員工、合作夥伴或客戶身處任何地點工作時都可順利運作。

In a hybrid and digital world, the value and volume of content is greater than ever before, whether it's streamlining how government employees work across a distributed organization, simplifying a financial services company's onboarding workflows, or a large semiconductor company collaborating with a global supply chain, content is more mission-critical than ever for enterprises. And yet the tools most enterprises have to work with for their information just don't cut it. Enterprises today are dealing with a highly fragmented landscape of legacy enterprise content management, storage, e-signature, workflow and collaboration tools that all serve to isolate workflows, increase security risks and increase IT expenses. In fact, tens of billions of dollars are spent every year on this mix of fragmented technology within enterprises today. And the problem will only keep growing. It's estimated that there will be 175 zettabytes of data by 2025, and a substantial portion of this data is going to be in the form of content.

在混合式與數位化的世界中，內容的價值與數量都比以往更高。無論是簡化政府員工在分散式組織中的工作方式、精簡金融服務公司的客戶導入（onboarding）流程，或是大型半導體公司與全球供應鏈協作，內容對企業而言都比以往更具關鍵性。然而，多數企業用來處理資訊的工具已不足以應付需求。企業目前面臨高度碎片化的環境：傳統企業內容管理、儲存、電子簽署、工作流程與協作工具彼此分散，導致工作流程被孤立、資安風險上升，並增加 IT 支出。事實上，企業每年在這種碎片化技術組合上的支出高達數百億美元，而且問題只會持續擴大。預估到 2025 年，資料量將達 175 ZB（zettabytes），其中相當大一部分將以內容的形式存在。

The legacy approach no longer makes any sense given the new demands on businesses. With the Box Content Cloud, enterprises can reduce the cost and complexity of their IT environments, dramatically simplifying their business operations, lowering their spend on redundant technology while keeping their information secure. Examples of Box delivering this value to customers in Q2 include a leading homebuilder who has completely standardized on Box for Cloud Content management, eliminating an estimated $1 million in process costs by utilizing Box workflows across on-site teams, vendors and sales reps. A Fortune 500 financial services group purchased a 6-year 7-figure Enterprise Plus ELA in Q2 as Box has become a more strategic and integral part of its business. With Box, this customer anticipates saving more than $4 million in annual storage costs, including hardware, software and maintenance as they eliminate on-premises servers and disparate systems.

在企業面臨的新需求下，傳統作法已不再合理。透過 Box Content Cloud，企業可降低 IT 環境的成本與複雜度，大幅簡化營運，減少在重複性技術上的支出，同時確保資訊安全。第二季 Box 為客戶創造此類價值的例子包括：一家領先的住宅建商已全面以 Box 作為雲端內容管理的標準平台，透過在工地團隊、供應商與業務代表之間使用 Box 工作流程，估計消除約 100 萬美元的流程成本。一家《財富》500 大金融服務集團於第二季購買為期 6 年、七位數金額的 Enterprise Plus ELA，因為 Box 已成為其業務中更具策略性且更不可或缺的一環。該客戶預期透過淘汰內部部署伺服器與分散系統，並以 Box 取代後，每年可節省超過 400 萬美元的儲存成本（包含硬體、軟體與維護）。

From our business performance and customer wins, it's clear that enterprises are increasingly making strategic long-term decisions on how to support a remote workforce and digital processes while maintaining a high level of security and compliance. We continue to build out the capabilities in our Content Cloud to power the full life cycle of content in a single platform and address major trends in the future of work. Our investments in expanding our product features will add substantial value to our customers as we address a $74 billion TAM.

從我們的業務表現與客戶得標情況可清楚看出，企業正日益就如何在維持高水準安全與法規遵循的同時，支援遠距勞動力與數位流程，做出策略性的長期決策。我們持續擴充 Content Cloud 的能力，以在單一平台上支援內容的完整生命週期，並因應未來工作型態的主要趨勢。我們在擴展產品功能方面的投資，將在我們切入 740 億美元的總可服務市場（TAM）之際，為客戶帶來可觀價值。

In Q2, we rolled out additional capabilities to Box Relay, Box Sign and API enhancements. These capabilities are included in Box core subscription and bundles, allowing customers to benefit from getting new value from the Box Platform instantly and provide additional upside as customers move up to higher tier plans for more features. We are very pleased with the momentum we are seeing in customer adoption and use of Box Sign. Second quarter customers include our real estate development and management company who purchased Box in a 6-figure deal as the key technology in its content management strategy. As part of this strategy, the company purchased Box Sign premier services to support the signing and collaboration around new development properties. A leading medical device company who was already wall-to-wall with Box Enterprise Plus purchased additional licenses to support new use cases for Box Sign as they work with physicians treating patients suffering from heart and lung issues due to COVID.

在第二季，我們為 Box Relay、Box Sign 推出更多功能，並進行 API 強化。這些能力已納入 Box 核心訂閱與組合方案中，讓客戶能即時從 Box 平台獲得新增價值；同時，當客戶升級至更高等級方案以取得更多功能時，也能帶來額外上行空間。我們對 Box Sign 在客戶採用與使用上的動能感到非常滿意。第二季的客戶案例包括：一家不動產開發與管理公司以六位數金額採購 Box，作為其內容管理策略的關鍵技術；作為該策略的一部分，該公司亦購買 Box Sign premier services，以支援新開發物件相關的簽署與協作。一家領先的醫療器材公司原本已全面採用 Box Enterprise Plus，並額外購買授權以支援 Box Sign 的新使用情境，協助其與醫師合作，治療因 COVID 導致心肺問題的患者。

With data security, compliance and privacy increasing in importance for our customers, Box's security capabilities also remain a critical driver of why customers choose our Content Cloud. In the second quarter, we attained Authorized security status for StateRAMP, a cybersecurity framework that ensures service providers offering solutions to state and local governments are receiving adequate protection for their sensitive content. We also announced updates to our trust partner program, which brings together a select group of industry-leading security and compliance platforms to advance security in the enterprise. These updates include new and deepened integrations, including with Cisco and Splunk, among many others. We will continue to invest in key product areas like Box Shield that extend our leading security compliance and governance capabilities.

隨著資料安全、法規遵循與隱私對我們客戶的重要性日益提升，Box 的安全能力也仍是客戶選擇我們 Content Cloud 的關鍵驅動因素之一。在第二季，我們取得 StateRAMP 的 Authorized 安全狀態，StateRAMP 是一套資安框架，用以確保向州與地方政府提供解決方案的服務供應商，能為其敏感內容提供充分的保護。我們也宣布更新我們的信任合作夥伴計畫，該計畫匯聚一小群業界領先的安全與合規平台，以推動企業安全。這些更新包含新的與更深化的整合，其中包括與 Cisco 與 Splunk 等眾多夥伴的整合。我們將持續投資於如 Box Shield 等關鍵產品領域，以延伸我們領先的安全、合規與治理能力。

Finally, the ability to integrate deeply across the SaaS landscape is an integral part of our platform strategy, including our deep integrations with Microsoft Teams, Office 365, Zoom, IBM, Slack, WebEx, ServiceNow and many more. And in Q2, we rolled out enhancements to the Box for Salesforce integration on the Salesforce AppExchange that enables customers to use Box as the content management solution for signature-based processes and workflows in Salesforce.

最後，能夠在整個 SaaS 生態中進行深度整合，是我們平台策略不可或缺的一部分，其中包括我們與 Microsoft Teams、Office 365、Zoom、IBM、Slack、WebEx、ServiceNow 等眾多平台的深度整合。而在第二季，我們在 Salesforce AppExchange 上推出 Box for Salesforce 整合的強化功能，使客戶能在 Salesforce 中將 Box 作為內容管理解決方案，用於以簽署為基礎的流程與工作流程。

As we look at the second half of FY '23, we are going to continue to rapidly extend our platform by doubling down in security and compliance with major Box Shield and Governance enhancements, workflow and collaboration with Box Sign, Relay, Notes and the rollout of Box Canvas and our open platform and partner integrations. And critically, we'll continue to scale our infrastructure in the cloud so we can continue to help serve customers globally with their most complex use cases. At BoxWorks this October, we'll be making a number of announcements around major product updates and further share our vision for where the Box Content Cloud is heading. What all of these capabilities and platform improvements have in common is they reinforce the value of having content in a single platform, they help streamline and automate our customers' businesses, and they help retire more of their legacy systems, saving them the time in the process.

展望 FY '23 的下半年，我們將持續快速擴展平台：在安全與合規方面加碼投入，推出 Box Shield 與 Governance 的重大強化；在工作流程與協作方面，推進 Box Sign、Relay、Notes，並推出 Box Canvas；同時也持續擴展我們的開放平台與合作夥伴整合。更重要的是，我們將持續在雲端擴充基礎設施，以便在全球範圍內協助客戶處理其最複雜的使用情境。今年 10 月的 BoxWorks，我們將就多項重大產品更新發布一系列公告，並進一步分享我們對 Box Content Cloud 未來走向的願景。這些能力與平台改進的共同點在於：它們強化了將內容集中於單一平台的價值，協助簡化並自動化客戶的業務，並協助淘汰更多既有的傳統系統，從而在過程中為客戶節省時間。

We continue to execute on key initiatives to scale and support our land-and-expand go-to-market motion, where we've seen significant productivity improvements in the past couple of years. With organizations managing hundreds of applications and an increasing number of those apps that are related to content, we have increased our focus on showing customers how we can reduce the cost and complexity in their tech stack. A key part of our optimized pricing and packaging is our multiproduct suite offering, Enterprise Plus, which we launched a year ago.

我們持續推進關鍵計畫，以擴大並支援我們的「落地並擴張」（land-and-expand）市場推進模式；在過去幾年中，我們已看到顯著的生產力提升。由於各組織管理著數百個應用程式，且其中與內容相關的應用數量持續增加，我們更加聚焦於向客戶展示：我們如何降低其技術堆疊的成本與複雜度。我們最佳化定價與方案組合的一個關鍵部分，是我們的多產品套裝方案 Enterprise Plus，我們於一年前推出。

In Q2, Enterprise Plus accounted for more than 80% of our suite deals. Our Q2 customer expansions and new wins with Enterprise Plus include an American multinational medical devices and pharmaceutical company expanded its use of Box with a 6-figure Enterprise Plus upgrade to support more sophisticated use cases, including managing content across regulated functions and supporting structured business processes. A large vehicle retailer based in the U.S. purchased Box with a 6-figure Enterprise Plus deal, enabling them to eliminate on-premises file servers and solve key reliability issues. They will also leverage Box Platform to power new customer experiences.

在第二季，Enterprise Plus 佔我們套裝方案交易的 80% 以上。我們第二季以 Enterprise Plus 帶動的客戶擴張與新客戶得標案例包括：一家美國跨國醫療器材與製藥公司，透過一筆 6 位數的 Enterprise Plus 升級擴大使用 Box，以支援更複雜的使用情境，包括跨受監管職能的內容管理，以及支援結構化的業務流程。一家位於美國的大型車輛零售商，透過一筆 6 位數的 Enterprise Plus 交易採購 Box，使其得以淘汰內部部署的檔案伺服器並解決關鍵的可靠性問題。他們也將運用 Box Platform 來打造新的客戶體驗。

We are pleased with the accelerating adoption of our multiproduct offerings, which provide increased efficiencies in our sales process, higher total account value, net retention and gross margins. It's clear that our mission of powering how the world works together has never been more important for our customers. As enterprise faces a growing set of challenges around hybrid work, digital transformation and cybersecurity threats that they're facing. Our platform is in the best position to solve these challenges while reducing complexity and cost for our customers.

我們對多產品方案加速採用的趨勢感到滿意，這些方案能提升我們銷售流程的效率、提高單一帳戶的總價值、淨留存率與毛利率。很明顯地，我們「驅動世界如何共同工作」的使命，對客戶而言從未如此重要。當企業面臨混合辦公、數位轉型與資安威脅等日益增加的挑戰時，我們的平台處於最佳位置，能在降低客戶複雜度與成本的同時，協助解決這些挑戰。

Before I hand it off to Dylan, I want to take a moment to acknowledge the focus and hard work of our Boxers. Across Box, we continue to invest in our people and talent and our strong culture is what enables us to stay ahead of the competition and deliver for our customers. Boxers have an opportunity to find what work looks like in the future, both within our platform and how we operate and scale as a business. As we can continue to build an enduring business for the long run, we remain hyper-focused on driving growth while also continuing to deliver even greater profitability.

在我把時間交給 Dylan 之前，我想花點時間肯定我們 Boxers 的專注與辛勤付出。在 Box，我們持續投資於人才與團隊，而我們強大的文化使我們能保持領先競爭對手並為客戶交付成果。Boxers 有機會探索未來工作的樣貌，無論是在我們的平台之內，或是在我們作為企業如何營運與擴張的方式上。隨著我們持續打造一個可長期經營的事業，我們仍高度聚焦於推動成長，同時也持續交付更高的獲利能力。

With that, I'll hand it over to Dylan.

接下來，我把時間交給 Dylan。

Thanks, Aaron. Good afternoon, everyone, and thank you for joining us. Q2 marked another quarter of strong business momentum with revenue and EPS at the high end of our guidance. Our focus on delivering profitable growth is working demonstrated by gross margins of more than 76% and a net retention rate that was up both sequentially and year-over-year. Even amid this complicated macro environment, we remain on track to achieve the 3 key financial objectives for FY '23 that we laid out at the beginning of this year, accelerating annual revenue growth, expanding operating margins, and prudently allocating capital to optimize shareholder returns. In Q2, we delivered revenue of $246 million, up 15% year-over-year and at the high end of our guidance. Strong deal pacing throughout the quarter enabled us to offset the negative 3 percentage points of FX headwinds that we experienced in Q2.

謝謝你，Aaron。各位下午好，感謝大家加入我們。第二季在營收與 EPS 皆達到我們指引區間高端的情況下，再次展現強勁的業務動能。我們專注於交付具獲利性的成長正在奏效，這可由超過 76% 的毛利率，以及淨留存率在季比與年比皆上升所證明。即使在這個複雜的總體環境下，我們仍按計畫達成 FY '23 年初所提出的三項關鍵財務目標：加速年度營收成長、擴大營業利益率，以及審慎配置資本以最佳化股東報酬。第二季我們實現 2.46 億美元營收，年增 15%，並位於我們指引的高端。整季強勁的成交節奏，使我們得以抵銷第二季所面臨的外匯逆風（FX headwinds）帶來的 3 個百分點負面影響。

Our Content Cloud platform continues to generate high demand from our customers. In Q2, we closed 86 deals worth more than $100,000 annually, up 16% year-over-year with a suite's attach rate of 72% on these large deals. As Box is increasingly viewed as a critical partner to our customers, we're seeing strong adoption of our products with more advanced capabilities. Roughly 40% of our revenue is now attributable to customers who have purchased suites an exceptional 12 percentage point increase from 28% a year ago. We ended Q2 with remaining performance obligations, or RPO, of $1.1 billion, a 14% year-over-year increase which includes an impact of negative 7 percentage points from FX. We expect to recognize more than 60% of our RPO over the next 12 months.

我們的 Content Cloud 平台持續帶來客戶的高度需求。第二季，我們完成 86 筆年化價值超過 10 萬美元的交易，年增 16%，且在這些大型交易中，套裝方案的附加率（attach rate）為 72%。隨著 Box 日益被視為客戶的關鍵合作夥伴，我們看到具更進階能力的產品採用表現強勁。目前約 40% 的營收可歸因於購買套裝方案的客戶，較一年前的 28% 大幅提升 12 個百分點。我們在第二季結束時的剩餘履約義務（RPO）為 11 億美元，年增 14%，其中包含外匯帶來的負 7 個百分點影響。我們預期在未來 12 個月內認列超過 60% 的 RPO。

Q2 billings of $235 million grew 10% year-over-year, well above our expectations of mid-single-digit range growth. Our billings growth rate was negatively impacted by 6 percentage points due to currency headwinds. Our net retention rate at the end of Q2 was 112%, up 100 basis points sequentially and up 600 basis points from the prior year. We continue to see strong customer expansion and an improvement to our annualized full churn rate of 3% versus 5% in the prior year. We still expect our net retention rate to remain roughly consistent and for our full churn rate to be in the range of 3% to 4% throughout the remainder of FY '23.

第二季帳單金額（billings）為 2.35 億美元，年增 10%，明顯高於我們原先預期的中個位數成長。由於匯率逆風，我們的帳單成長率受到 6 個百分點的負面影響。第二季末的淨留存率為 112%，季增 100 個基點，較去年同期提升 600 個基點。我們持續看到強勁的客戶擴張，且年化總流失率（full churn rate）改善至 3%，相較去年為 5%。我們仍預期淨留存率將大致維持一致，且在 FY '23 剩餘期間，總流失率將落在 3% 至 4% 的區間。

Gross margin came in at 76.2%, up 170 basis points from 74.5% a year ago. Q2 gross profit of $187 million was up 17% year-over-year exceeding our revenue growth rate by 200 basis points. Going forward, our public cloud migration strategy will unlock additional leverage to improve our long-term gross margin profile.

毛利率為 76.2%，較一年前的 74.5% 提升 170 個基點。第二季毛利為 1.87 億美元，年增 17%，其增速較營收成長率高出 200 個基點。展望未來，我們的公有雲遷移策略將釋放額外的槓桿，以改善我們長期的毛利率結構。

Once again, we demonstrated the leverage in our business and our commitment to delivering higher profitability with a 21% increase in Q2 operating income to $53 million. Our 21.7% operating margin was up 110 basis points from the 20.6% we recorded a year ago. We are also proud to have achieved our first quarter of positive GAAP net income of $1 million, up from negative $9 million a year ago. We delivered $0.28 of diluted non-GAAP EPS in Q2, up 33% from $0.21 a year ago. Q2 non-GAAP EPS includes a negative impact of $0.03 from currency headwinds.

我們再次展現業務的槓桿效益，以及我們對提升獲利能力的承諾：第二季營業利益成長 21%，達 5,300 萬美元。我們的 21.7% 營業利益率，較一年前的 20.6% 提升 110 個基點。我們也很自豪達成首個 GAAP 淨利為正的季度，淨利 100 萬美元，較一年前的淨損 900 萬美元改善。第二季稀釋後 non-GAAP EPS 為 0.28 美元，較一年前的 0.21 美元成長 33%。第二季 non-GAAP EPS 包含匯率逆風帶來的 0.03 美元負面影響。

I'll now turn to our cash flow and balance sheet. For the first half of FY '23, we generated free cash flow of $109 million, up from the first half of last year and ahead of our expectations. As we mentioned last quarter, our Q2 cash flow was impacted by strong collections in Q1. In Q2, we delivered cash flow from operations of $28 million versus $45 million in the year ago period. We also generated free cash flow of $18 million versus $30 million in the year ago period. Capital lease payments, which we include in our free cash flow calculation, were $8 million, down from $13 million in Q2 of last year. For the full year of FY '23, we continue to expect CapEx and capital lease payments combined to be roughly 5% of revenue and roughly 5% of revenue for Q3 as compared to 6% in the prior year.

接下來我將說明我們的現金流與資產負債表。在 FY '23 上半年，我們產生自由現金流 1.09 億美元，較去年上半年增加，且優於我們的預期。如同我們上季提到的，第二季現金流受到第一季強勁收款的影響。第二季我們的營運活動現金流為 2,800 萬美元，對比去年同期為 4,500 萬美元。我們也產生自由現金流 1,800 萬美元，對比去年同期為 3,000 萬美元。資本租賃付款（我們將其納入自由現金流計算）為 800 萬美元，低於去年第二季的 1,300 萬美元。對 FY '23 全年，我們仍預期資本支出（CapEx）與資本租賃付款合計約為營收的 5%；第三季亦約為營收的 5%，相較前一年為 6%。

Let's now turn to our capital allocation strategy. We ended the quarter with $394 million in cash, cash equivalents, restricted cash and short-term investments. Our strong balance sheet and increasing free cash flow generation enables us to maintain a disciplined M&A strategy to accelerate our product road map while also allocating the majority of our free cash flow generation to enhance shareholder returns via our stock repurchase programs.

現在讓我們談談資本配置策略。本季末，我們持有3.94億美元的現金、約當現金、受限制現金及短期投資。我們強健的資產負債表與持續提升的自由現金流創造能力，使我們得以維持嚴謹的併購（M&A）策略，以加速產品路線圖，同時也將大部分自由現金流用於透過股票回購計畫提升股東報酬。

In Q2, we repurchased 4.6 million shares for approximately $118 million. As of the end of Q2, we had approximately $29 million of remaining buyback capacity under our current plan. Our disciplined equity issuance approach, combined with a robust share repurchase program has allowed us to reduce total shares outstanding for 3 consecutive quarters. As a result, over the past 3 quarters, we've reduced our basic and diluted total shares outstanding by roughly 8 million and 10 million shares, respectively. Note that the share count reduction excludes the shares we repurchased through last year's tender offer.

在第二季，我們以約1.18億美元回購了460萬股。截至第二季末，依據目前計畫，我們尚有約2,900萬美元的剩餘回購額度。我們嚴謹的股權發行方式，結合強勁的股票回購計畫，使我們得以連續3個季度降低流通在外股數。因此，在過去3個季度中，我們的基本與稀釋後流通在外總股數分別約減少800萬股與1,000萬股。請注意，股數減少不包含我們透過去年要約收購所回購的股份。

With that, I would like to turn to our guidance for Q3 and fiscal 2023. As you know, since our prior earnings announcement on May 25, 2022, the U.S. dollar has strengthened even further versus the currencies in which we transact our international business resulting in a larger-than-expected FX headwinds to both Q3 and the full year of FY '23. As a reminder, approximately 1/3 of our revenue is generated outside of the U.S. The following guidance reflects the strength and momentum of our underlying business and also includes the impact of any expected FX headwinds, assuming present foreign currency exchange rates.

接下來，我想說明我們對第三季與2023會計年度的財測。如各位所知，自我們於2022年5月25日上次財報公告以來，美元相對於我們國際業務交易所使用的貨幣進一步走強，導致第三季與FY '23全年面臨的外匯（FX）逆風大於預期。提醒一下，我們約有1/3的營收來自美國以外地區。以下指引反映我們核心業務的強勁與動能，並在假設目前外匯匯率水準下，納入任何預期的外匯逆風影響。

For the third quarter of fiscal 2023, we anticipate revenue of $250 million to $252 million, representing 13% year-over-year growth at the high end of this range. This includes an expected FX impact of approximately 4% to our Q3 revenue growth rate. We expect our non-GAAP operating margin to be approximately 23% representing a 230 basis point improvement year-over-year. We expect our non-GAAP EPS to be in the range of $0.29 to $0.30 and GAAP EPS to be in the range of $0.01 to $0.02 on approximately 151 million diluted shares and 143 million basic shares, respectively.

就FY 2023第三季而言，我們預期營收為2.50億至2.52億美元，在此區間高端代表年增13%。其中包含外匯對第三季營收成長率約4%的預期影響。我們預期非GAAP營業利益率約為23%，年增改善230個基點。我們預期非GAAP每股盈餘（EPS）介於0.29至0.30美元，GAAP EPS介於0.01至0.02美元，分別以約1.51億股稀釋後股數與1.43億股基本股數計算。

For the full fiscal year ending January 31, 2023. We are maintaining our FY '23 revenue estimate in the range of $992 million to $996 million, up 14% year-over-year at the high end of this range. Including the impact from FX headwinds we anticipated when we gave our initial FY '23 guidance, we now estimate the full currency headwinds to FY '23 revenue growth to be approximately 4 percentage points. We are prudently focusing our investments on compelling long-term growth opportunities and our disciplined cost savings initiatives are generating efficiencies across the business. We expect our FY '23 non-GAAP operating margin to be approximately 22.5%, representing a 270 basis point improvement from last year's result of 19.8%. We are raising our FY '23 non-GAAP EPS expectations to be in the range of $1.13 to $1.16 on approximately 152 million diluted shares and up from $0.85 in the prior year.

就截至2023年1月31日的完整會計年度而言，我們維持FY '23營收預估區間為9.92億至9.96億美元，在此區間高端代表年增14%。包含我們在最初提供FY '23指引時所預期的外匯逆風影響，我們目前估計FY '23全年匯率逆風對營收成長的影響約為4個百分點。我們審慎地將投資聚焦於具吸引力的長期成長機會，而我們嚴謹的成本節省措施正為整體業務帶來效率提升。我們預期FY '23非GAAP營業利益率約為22.5%，較去年19.8%的結果改善270個基點。我們上調FY '23非GAAP EPS預期至1.13至1.16美元區間，係以約1.52億股稀釋後股數計算，並高於前一年度的0.85美元。

Our GAAP EPS is expected to be in the range of negative $0.03 to $0.00 on approximately 145 million shares. Our FY '23 GAAP and non-GAAP EPS guidance includes an expected impact from FX of approximately $0.19. For the full year of FY '23, we anticipate currency headwinds to impact our billings growth rate by approximately 6 percentage points or 2 percentage points more than the impact to our revenue growth rate. As such, our FY '23 billings growth rate on an as-reported basis is expected to lag slightly behind our FY '23 revenue growth rate, although we expect these growth rates to be roughly in line in constant currency. We expect our reported billings growth rate to be in the high single-digit range for Q3 and to be in the mid- to high teens range for Q4. We continue to expect our FY '23 RPO growth to exceed our anticipated full year revenue and billings growth rates.

我們預期GAAP EPS介於負0.03至0.00美元，係以約1.45億股計算。我們FY '23 GAAP與非GAAP EPS指引包含外匯預期影響約0.19美元。就FY '23全年而言，我們預期匯率逆風將使帳單（billings）成長率受到約6個百分點的影響，亦即比對營收成長率的影響多約2個百分點。因此，在報表口徑下，我們FY '23帳單成長率預期將略低於FY '23營收成長率，儘管在固定匯率（constant currency）下，我們預期兩者成長率大致一致。我們預期第三季的帳單成長率（報表口徑）將落在高個位數區間，第四季則落在中到高十位數區間。我們仍預期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。

As Aaron mentioned, we are proud of our Boxers and the continued strong execution of our growth strategy while remaining focused on improving profitability year-over-year. The business momentum we are seeing is a direct result of our Content Cloud platform resonating with customers as they look to reduce the cost and complexity in their tech stacks while keeping their content secure. We are well on our way to delivering against our FY '23 revenue growth plus free cash flow margin target of 37%, a 400 basis point improvement from last year's outcome of 33%.

如Aaron所提到的，我們為Box團隊成員（Boxers）感到自豪，並為在持續強力執行成長策略的同時，仍專注於逐年提升獲利能力而感到驕傲。我們所看到的業務動能，直接來自客戶對我們Content Cloud平台的高度共鳴；客戶希望在確保內容安全的同時，降低其技術堆疊的成本與複雜度。我們正穩步達成FY '23「營收成長加上自由現金流利潤率」合計37%的目標，較去年33%的結果改善400個基點。

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

在結束之前，我把時間交還給Aaron做幾點結語。

Thanks, Dylan. Before we open it up to questions, we wanted to share that on October 6 and 7, we will be hosting tens of thousands of attendees virtually at BoxWorks. This event will be available to the investment community to attend. This year will be another incredible event where we'll share more on our vision for the Content Cloud and will showcase major product advancements and partnership announcements. Attendees will also be hearing from an outstanding slate of speakers, including the CEOs of IBM, Zoom, HubSpot, PagerDuty and CrowdStrike as well as IT leaders from enterprises like NHL, Shriners Hospital, USAA and World Fuel Services among many others. We are also hosting an investor product briefing on October 6 at 1:00 p.m. Pacific Time. We hope you can join us. .

謝謝你，Dylan。在開放提問之前，我們想分享：10月6日與7日，我們將在BoxWorks以線上方式接待數以萬計的與會者。投資社群也可參與本活動。今年將再次是一場精彩的活動，我們將分享更多關於Content Cloud的願景，並展示重大的產品進展與合作夥伴公告。與會者也將聽到一系列傑出講者的分享，包括IBM、Zoom、HubSpot、PagerDuty與CrowdStrike的執行長，以及來自NHL、Shriners Hospital、USAA與World Fuel Services等企業的IT領導者等眾多嘉賓。我們也將於10月6日太平洋時間下午1:00舉辦投資人產品簡報會。我們希望各位能加入我們。.

Now Dylan and I would be happy to take your questions. Operator?

現在Dylan和我很樂意回答各位的問題。接線員？

(Operator Instructions) Our first question will come from Jason Ader with William Blair.

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

I'm just curious on the billings growth. That was a good number relative to your guidance. Where did most of the upside come from there?

我想請教一下帳單（billings）成長。相較於你們的指引，這個數字表現不錯。主要的超預期動能來自哪裡？

Sure. So really, we saw strength in the billings outcome across both our enterprise and SMB segments. So both have been growing nicely across the year. So really pleased with the billings outperformance there, especially as that included a 6 percentage point impact from FX, which was a couple of points higher than our expectations entering the quarter.

好的。基本上，我們在企業與中小企業（SMB）兩個區隔的帳單結果都看到強勁表現，兩者在今年以來都成長得不錯。因此我們對帳單超預期的表現感到非常滿意，尤其是其中包含外匯帶來的6個百分點影響，這比我們在進入本季時的預期高了幾個百分點。

Got you. So on a constant currency basis, what was the billings growth again?

了解。那以固定匯率（constant currency）計算，帳單成長率再說一次是多少？

The billings growth rate would have been 16% on the cost currency basis.

以固定匯率口徑來看，帳單成長率會是16%。

Right. Okay. Got you. And then maybe for you, Aaron, are there any specific verticals that you'd like to highlight just where you're seeing increased momentum.

好，了解。接著可能想問你，Aaron，有沒有任何特定垂直產業你想特別點出，因為你們在那裡看到動能加速？

Yes. I think we saw a momentum that was pretty healthy across a number of verticals, financial services, life sciences, manufacturing, the tech industry, really kind of broad-based. So I wouldn't call it a specific one that meaningfully drove the outcome, but we are seeing, I think, healthy demand across a number of key verticals.

有。我認為我們在多個垂直產業都看到相當健康的動能，包括金融服務、生命科學、製造業、科技產業，整體而言相當廣泛。因此我不會說是某一個特定產業對結果有顯著的單一驅動，但我們確實在多個關鍵垂直領域看到健康的需求。

Okay. And then one quick last one if I could slip in. Did you see any macro impact at all out there in any region or any vertical? I mean, you didn't really seem to talk about impact from macro beyond the FX stuff, but is there any demand changes that you've witnessed here in the last several months?

好的。最後再快速問一個：你們在任何地區或任何垂直產業有看到宏觀環境的影響嗎？我的意思是，你們除了外匯之外似乎沒有特別談到宏觀影響，但在過去幾個月你們有觀察到需求上的變化嗎？

Yes. In Q2, there was nothing pronounced from a macro standpoint. I mean we want to be super explicit to note that our customers are dealing with the broader macro challenges, and we do have those conversations with them around supply chain costs and inflation that they're seeing in their businesses. We have really, really tried to set up the platform to be a technology that can be really advantageous for customers in this kind of environment for streamlining their businesses, lowering the total cost of ownership around content management technology, being able to drive efficiency in the business. So we want to be an asset for our customers in this kind of environment, and that's what we set up the business to be able to drive.

有。在第二季，從宏觀角度來看沒有任何特別明顯的情況。我們想非常明確地指出，我們的客戶確實正在面對更廣泛的宏觀挑戰，我們也會與他們討論其業務中所看到的供應鏈成本與通膨。我們一直非常努力把平台打造為在這種環境下能對客戶非常有利的技術，用以精簡其業務流程、降低內容管理技術的總持有成本（TCO）、並提升營運效率。我們希望在這樣的環境中成為客戶的助力，而這正是我們打造這項業務以能夠推動的方向。

So no elongation of sales cycles or anything like that.

所以銷售週期沒有拉長或類似的情況。

Nothing that would be kind of pronounced in Q2. We always can see some deals slip out of a quarter or get pulled in, but no unusual trends on that front in Q2. And then obviously, the FX impact that we did note is pretty meaningful for the full year.

第二季沒有任何特別明顯的情況。我們一向都會看到有些交易從某一季延後到下一季，或被提前拉進來，但在第二季這方面沒有不尋常的趨勢。然後很顯然，我們提到的匯率（FX）影響對全年而言相當顯著。

Yes. And I'd say that actually, over the past really year, our deal cycles have remained relatively stable even as we've been selling larger deals and more often selling a broader suite of services through Suites, we haven't seen much change at all in deal cycles for the past year.

是的。而且我會說，其實在過去大約一年裡，即使我們在銷售更大型的交易，且也更常透過 Suites 銷售更廣泛的服務組合，我們的成交週期仍然相對穩定；過去一年在成交週期上幾乎沒有看到任何變化。

And our next question will come from Ittai Kidron with Oppenheimer.

下一個問題來自 Oppenheimer 的 Ittai Kidron。

It's George Iwanyc. So maybe following up on your comments there, Dylan. Can you give us a sense of what you're seeing from a sales productivity standpoint and maybe the context of selling Box Sign and the new features like Canvas and how the value-based selling motion is going.

我是 George Iwanyc。所以也許延續你剛才的評論，Dylan。你能否讓我們了解一下你們在銷售生產力方面看到的情況，以及在銷售 Box Sign 與像 Canvas 這類新功能的背景下，以價值為導向的銷售動能進展如何？

Sure. So I would say that in terms of the productivity trends that we called out last year, we're continuing to see, again, strength in both our enterprise and SMB segments. So we are seeing incremental improvements in sales force productivity year-to-date.

當然。我會說，就我們去年提到的生產力趨勢而言，我們持續看到企業與 SMB 兩個區隔都表現強勁。因此，今年迄今我們看到銷售團隊生產力有逐步改善。

As we had called out because of the very strong productivity trends and improvements that we've driven over the past couple of years, that gave us the confidence to grow the size of our sales force in the low to mid-teens percentage range this year. So at a faster clip. So if you think about the overall bookings growth as you can think about the majority of that coming from higher sales capacity, but we are continuing to make improvements to our sales force productivity as well. And then you asked about Canvas. I'll turn it over to Aaron to just give a bit of an update there.

正如我們先前提到的，由於過去幾年我們推動了非常強勁的生產力趨勢與改善，這讓我們有信心在今年以低到中十位數百分比的幅度擴大銷售團隊規模，也就是以更快的速度擴編。因此，如果你思考整體預訂（bookings）成長，你可以把其中大部分視為來自更高的銷售產能，但同時我們也持續改善銷售團隊的生產力。你也問到 Canvas，我把時間交給 Aaron，請他簡單更新一下。

Sure. Yes. Canvas, this is -- we'll be rolling out this fall and throughout the winter to customers. So it wouldn't have had an impact too much on the results, much more of a forward-looking product that customers are super excited about. Sign, we continue to build a lot of strong demand for, and again, it just helps to reinforce the overall story and the value of our platform of being able to power the complete life cycle of content in a single platform with all of these capabilities integrated in 1 core platform.

好的。是的。Canvas 我們會在今年秋季並在整個冬季期間逐步向客戶推出。因此它對本期結果不會有太大影響，更多是一個前瞻性的產品，客戶對此非常興奮。至於 Sign，我們持續為其建立非常強勁的需求；同樣地，它也有助於強化我們整體敘事與平台價值：能在單一平台上支援內容的完整生命週期，並把所有這些能力整合在 1 個核心平台中。

All right. And maybe just following up on your hiring comments, Dylan. When you look at the overall hiring for the rest of the year and the margin improvement, what are the key levers that you're looking at?

好的。再追問一下你關於招募的評論，Dylan。當你看今年剩餘時間的整體招募與利潤率改善時，你關注的關鍵槓桿是什麼？

Yes. So certainly, in terms of the go-to-market hiring and the sales force, we look very closely at the segment by segment, geography by geography sales force productivity trends that we can dial up or down there, I would say that certainly, we're being very prudent with our expenses and investing in the highest leverage areas, especially given the current climate. But you can expect us to see -- you can expect to see us continuing to grow the company as we've been doing, really focusing on growth in lower-cost locations, such as Poland.

是的。當然，就 go-to-market 招募與銷售團隊而言，我們會非常密切地按區隔、按地理區域檢視銷售團隊生產力趨勢，並據此上調或下調配置。我會說，我們在費用上確實非常審慎，並把投資放在槓桿最高的領域，尤其是在目前的環境下。不過你可以預期我們會——你也可以預期看到我們持續像過去一樣推動公司成長，並且會更聚焦在較低成本的地點成長，例如波蘭。

Our next question will come from Brian Peterson with Raymond James.

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

Just one for me. So Aaron, you mentioned a couple of examples in your prepared remarks about ROI and a lot of like quantitative savings for customers. I'm curious in this kind of macro environment, does that come up more often? And given like the value you're providing, are there more ways to drive savings now with Box versus maybe a couple of years ago? I'd love to get your thoughts on that.

我只有一個問題。Aaron，你在事先準備的發言中提到幾個關於 ROI 的例子，以及很多像是為客戶帶來的量化節省。我很好奇，在這種總體環境下，這類議題是否更常被提起？以及考量你們提供的價值，相較於幾年前，現在用 Box 是否有更多方式可以驅動節省？想聽聽你的看法。

Absolutely. I think when you think about Box, let's say, 3, 4, 5 years ago, largely, we were a secure storage, sharing, collaboration technology and platform, really, really diametrically -- sorry, directly focused on content management takeouts and the modern sort of use cases around content management.

絕對是。我想如果你回想 Box 在 3、4、5 年前，主要是一個安全的儲存、分享、協作技術與平台，真的——非常——抱歉，是直接聚焦在內容管理的替換（takeouts）以及圍繞內容管理的現代化使用情境。

Today, with e-signature, with Workflow, with advanced data security and compliance we become a much more strategic and broader vendor for our customers, in some cases, being able to replace dozens of different technologies inside of their organization. So in every conversation in our go-to-market team, we're trying to identify with customers areas where we can help that customer be able to go and save dollars by being able to move a certain or particular workflow or workload to the Box Content Cloud and that is showing up, again, on a daily basis in more of our customer conversations.

而今天，透過電子簽署、Workflow、進階資料安全與合規，我們成為客戶更具策略性、也更廣泛的供應商；在某些情況下，甚至能替換其組織內數十種不同的技術。因此在我們 go-to-market 團隊的每一次對話中，我們都在嘗試與客戶一起找出我們能協助客戶節省成本的領域，方法是把某個特定流程或工作負載移轉到 Box Content Cloud；而這件事確實再次在我們每天更多的客戶對話中出現。

If you just add up the technology stack that a customer would have to have if they didn't use Box you'd have to have any signature vendor, a workflow vendor, a few different collaboration tools, oftentimes multiple different content management systems that could be 3 or 5x more dollars spent on that technology than the licenses that would go into Box. And so we do offer meaningful ROI, and we are increasingly working with our customers to help them drive out that cost and complexity of those fragmented systems.

如果你把客戶在不使用 Box 的情況下所需要的技術堆疊加總起來，他們得要有電子簽名供應商、工作流程供應商、幾種不同的協作工具，而且往往還有多個不同的內容管理系統；在這些技術上的花費可能是投入 Box 授權費用的 3 到 5 倍。因此我們確實能提供顯著的 ROI，而且我們也愈來愈多與客戶合作，協助他們降低這些零散系統的成本與複雜度。

And maybe a follow-up. Is that coming up -- it sounds like you're pushing that in the go-to-market. But is that coming up a lot more now than maybe even kind of your customer conversations even like 6 to 9 months ago?

再追問一下。這件事——聽起來你們在 go-to-market 端正在推動。但相較於 6 到 9 個月前，這是否在你們與客戶的對話中出現得更多？

I think it is -- I don't have a particular quantitative way to call it out, I would say qualitatively talking with customers, it's increasing certainly CFOs are reviewing way more of these spend items, which means that we are putting together more these value proposals that talk about the total cost of ownership that we can save versus other systems. So that has been an increase.

我認為是——我沒有特定的量化方式可以點出來；但就質化而言，與客戶交談時，這確實在增加，尤其是 CFO 正在審視更多這類支出項目，這意味著我們正在準備更多這類價值提案，去談我們相較其他系統能節省的總持有成本（TCO）。所以這確實有所增加。

But I would just note in the past couple of years that the bigger strategic transformation we've been driving as a company as a multiproduct platform is to do exactly this. And so whether it's an environment where customers are investing just for growth or investing for both growth and efficiency, we think the Box Content Cloud will perform certainly better than we would have a number of years ago. But we think we are better set up for success and that's certainly helping. So our message is really resonating more from customers, and I think we're in a strong position to go and continue to drive this.

但我也想指出，在過去幾年，我們作為一家多產品平台所推動的更大型、策略性的轉型，目的正是如此。因此，不論是在客戶只為成長而投資的環境，或是在同時為成長與效率而投資的環境，我們都認為 Box Content Cloud 的表現會明顯優於我們幾年前的狀態。我們也認為我們更具備成功的條件，而這確實正在帶來幫助。因此，我們的訊息確實更能引起客戶共鳴，我認為我們處於有利位置，可以持續推動這件事。

Our next question will come from Josh Baer with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Josh Baer。

Before you've talked about a 7x seats expansion opportunity just within your base. So I was wondering, Aaron, looking ahead, what are some of the biggest factors that could help unlock that seed opportunity potential?

你之前談到在既有客戶基礎內部就有 7 倍席次擴張的機會。所以我想請問 Aaron，展望未來，有哪些最大的因素可能有助於解鎖那個席次機會的潛力？

Yes. So when we look at our road map, there's pieces of all of our core products that will increase the likelihood that a customer would want to expand by seats. In our security and compliance space, things like Box Shield, the advancements we're making on Box Shield will continue to help customers use Box as their kind of single chokepoint for content security. So if you think about ransomware attacks or anomaly detection for access to files that shouldn't be happening, that all gets improved, the more seats within your enterprise are managed within the Box environment. And so you can imagine our security strategy increases the likelihood that customers will add more seats to Box.

是的。當我們看我們的產品路線圖時，我們所有核心產品中都有一些部分會提高客戶擴增席次的可能性。在安全與合規領域，像 Box Shield 這類產品，以及我們在 Box Shield 上所做的進展，將持續幫助客戶把 Box 作為內容安全的單一關卡（single chokepoint）。因此，如果你想到勒索軟體攻擊，或是對不應發生的檔案存取進行異常偵測，這些能力都會隨著企業內更多席次在 Box 環境中被管理而提升。所以你可以想像，我們的安全策略會提高客戶為 Box 增加更多席次的可能性。

Similarly, in collaboration and workflow, things like Box Canvas or the all-new updates that we're making the Box Notes or the core product improvements around Box content management and collaboration functionality. Each of these capabilities equally increases the need for more seats on Box. Box Sign, as an example, the idea that you get a complete license to an e-signature product for every seat that is on Box means that you can go and retire other e-sign solutions and add more seats to your Box license to solve that. And then our platform as well, our API integrations with things like Microsoft Teams, or Slack or Salesforce all enhance the need for Box within our organization.

同樣地，在協作與工作流程方面，像 Box Canvas，或我們正在進行的 Box Notes 全新更新，或圍繞 Box 內容管理與協作功能的核心產品改進；這些能力都同樣會提高對 Box 更多席次的需求。以 Box Sign 為例，每一個 Box 席次都能獲得完整的電子簽名產品授權，這意味著你可以汰換其他電子簽解決方案，並透過增加 Box 授權席次來解決需求。此外，我們的平台本身也一樣，我們與 Microsoft Teams、Slack 或 Salesforce 等的 API 整合，都會強化組織對 Box 的需求。

So if you just think about our product road map as the first kind of starting point of our whole strategy, each of those capabilities and many more to come that are unannounced, will all increase the likelihood customers want to expand seats to more departments, to more teams, to more geographies in their organization. And then on the go-to-market side, I think our pricing and packaging has better set us up to be able to drive seat expansion as well. One thing that we've kind of talked about anecdotes on earnings calls in the past, but is becoming a very kind of helpful engine for us is we really help customers deploy Box enterprise-wide with our very efficient ELA structures. So a customer that is ramping their deployment of Box, we can make it very easy for them to be able to do that across their entire organization with a lot of efficiency and volume licensing.

因此，如果你把我們的產品路線圖視為整體策略的第一個起點，這些能力以及更多尚未公布、未來將推出的能力，都會提高客戶把席次擴展到更多部門、更多團隊、更多地理區域的可能性。然後在 go-to-market 端，我認為我們的定價與包裝也讓我們更能推動席次擴張。我們過去在財報電話會議上曾以一些案例提到，但現在正成為對我們非常有幫助的引擎：我們透過非常高效率的 ELA 架構，真正協助客戶在全企業範圍部署 Box。對於正在逐步擴大 Box 部署的客戶，我們可以讓他們以很高的效率與大量授權方式，輕鬆在整個組織推行。

So we've got pricing and packaging that helps, obviously, Enterprise Plus also gets customers fully licensed with all of our features. And so we are seeing some trends where customers will elect to do Enterprise Plus as an ELA and then deploy all of Box to their entire organization. So between our go-to-market efforts and our product road map, I think we're going to have even more reasons why customers can deploy Box across their organization to capture that seat upside.

因此，我們在定價與方案組合上確實有所助益；顯然，Enterprise Plus 也能讓客戶完整取得我們所有功能的授權。因此，我們看到一些趨勢：客戶會選擇以 ELA（企業授權協議）的方式採用 Enterprise Plus，然後在其整個組織內全面部署 Box。綜合我們的市場推進（go-to-market）工作與產品路線圖，我認為我們將有更多理由讓客戶在全組織範圍部署 Box，以掌握席位擴張（seat upside）的上行空間。

(Operator Instructions) Our next question will come from Nick Mattiacci from Craig-Hallum.

（接線員指示）下一個問題將由 Craig-Hallum 的 Nick Mattiacci 提出。

This is Nick on for Chad Bennett. So I guess, apart from the currency headwinds, could you speak to how your business is performing in the Japanese market and just your thoughts on the demand environment, suite attach rates there. And then how much opportunity do you see ahead of you in Japan?

我是 Nick，代替 Chad Bennett 提問。所以我想，撇除匯率逆風之外，能否談談你們在日本市場的業務表現，以及你們對當地需求環境、套件附加率（suite attach rates）的看法？另外，你們認為在日本還有多大的前景機會？

Yes. Japan continues to perform very well even amidst obviously, the FX headwinds that we do face there. Suite attach rate has continued to improve. Our channel partners over there are -- have certainly gotten the message and built the rhythm around bringing Enterprise Plus to their customers with the support of our sales team. So I think the trends overall in Japan are still strong. We're certainly aware of the macro factors that are happening in Japan, but the business has remained resilient even amidst that so far.

是的。日本的表現持續非常好，即使在我們確實面臨的匯率（FX）逆風之下也是如此。套件附加率持續改善。我們在當地的通路夥伴——確實已經接收到訊息，並在我們銷售團隊的支援下，建立起向其客戶推廣 Enterprise Plus 的節奏。因此，我認為日本整體趨勢仍然強勁。我們當然也注意到日本正在發生的總體環境因素，但截至目前，即便在那樣的背景下，業務仍保持韌性。

Got it. And then with the success you've seen with Box Sign, I guess, how does that translate to your appetite to do similar M&A deals? And then any comments you're willing to share on kind of what makes the most sense to add to the platform next and what you're seeing as far as private market valuations?

了解。接著，鑑於你們在 Box Sign 上看到的成功，我想問這如何影響你們進行類似併購（M&A）交易的意願？另外，若你們願意分享的話，下一步在平台上最合理要新增的是什麼，以及你們對私募市場估值（private market valuations）的觀察為何？

Yes. So Box Sign for us is sort of the case study acquisition for how Box wants to be able to drive and integrate M&A into the company. We have other similar examples, but certainly, Box Sign being one of the bigger ones that we can point to. But looking out at our road map, having a sense of customer demand in a market, i.e. e-signature in this case, and then being able to rapidly identify a technology that we can incorporate into Box that accelerates our entry into that space. Box Sign was a fantastic example of that.

是的。對我們而言，Box Sign 某種程度上是個案例研究式的收購，展現 Box 希望如何推動並整合併購進公司。我們還有其他類似例子，但 Box Sign 當然是我們可以指出的較大型案例之一。展望我們的路線圖，我們會先掌握某個市場的客戶需求——例如本案的電子簽章（e-signature）——然後能夠快速辨識一項技術，把它納入 Box，以加速我們進入該領域。Box Sign 就是非常出色的例子。

So our appetite remains, I think, fairly strong for repeating that success. Our bias is still generally to do organic development of many of these new capabilities. However, when we do identify a market trend that we need to accelerate entry into, we will be very surgical and do, again, highly disciplined, measured M&A where appropriate.

因此，我們再次複製那種成功的意願，我認為仍然相當強。我們的偏好一般仍是以內生成長（organic development）來開發許多新能力。不過，當我們確定某個市場趨勢需要加速切入時，我們會非常精準（surgical）地出手，並在適當時機進行高度自律、審慎衡量的併購。

So nothing to call out at this time other than our road map is sort of to us, the North Star for what we might acquire. This is certainly an attractive environment if we were to do more deals. But I'll just note that we have a really, really strong road map, and we're going to be incredibly selective if and when we do additional kind of tuck-in technology deals.

所以目前沒有特別要點名的事項；我們的路線圖對我們而言是「北極星」（North Star），指引我們可能收購的方向。若我們要做更多交易，這確實是個具吸引力的環境。但我也要補充，我們有非常、非常強的路線圖；若且當我們進一步進行額外的補強型（tuck-in）技術交易時，我們會極度挑選。

Yes. And just to build on that, this is Dylan because you asked about what we're seeing in the private market, and with valuations. Certainly, we have seen a pretty material reset in those valuations, especially in the kind of late-stage part of the market. But I wouldn't think about that as really having a direct impact on our M&A strategy. As we're very focused on that disciplined approach, really focused on teams and technology that are going to allow us to accelerate our product road map versus transformative M&A that's going to move us into totally new categories. So it's certainly one that we're watching, but I wouldn't think about that as having a real impact on our stated M&A strategy.

是的。我再補充一下，因為你問到我們在私募市場與估值方面看到的情況——我是 Dylan。確實，我們看到估值出現相當明顯的重置，尤其是在市場較後期（late-stage）的部分。但我不會把這視為對我們併購策略有直接影響。我們非常專注於那種自律的方法，聚焦於能讓我們加速產品路線圖的團隊與技術，而不是那種會把我們帶入全新類別的變革型併購（transformative M&A）。所以我們確實在關注，但我不會認為這會對我們既定的併購策略造成實質影響。

And our final question will come from Erik Suppiger with JMP Securities.

最後一個問題將由 JMP Securities 的 Erik Suppiger 提出。

Yes. Dylan, for you, you said the FX headwind for '23 was 4%. Can you tell us what the headwind was when you gave us guidance last quarter? And then I have a follow-up for Aaron.

是的，Dylan，問你一個：你說 2023 年（'23）的匯率（FX）逆風是 4%。你能告訴我們，上季你們給出指引時，當時的逆風是多少嗎？然後我還有一個問題要問 Aaron。

Yes. So you mean for our revenue growth, Erik?

好的。Erik，你是指我們的營收成長嗎？

Yes, yes.

是的，是的。

Sure. So full year revenue growth, as you said, we expect that to see a roughly 4 percentage points headwind from FX. Last quarter, our expectations were for that headwind to be 3%. So quarter-on-quarter, about 1% of incremental impact.

當然。就全年營收成長而言，如你所說，我們預期匯率（FX）大約會帶來 4 個百分點的逆風。上季我們的預期是 3% 的逆風。所以以季對季來看，約增加了 1% 的額外影響。

Okay. And then, Aaron, I think you said was it 80% of new business was with Enterprise Plus. Is that correct? And if that is correct, how much upside is there left for price lifts as customers continue to upgrade or has sales of enterprise kind of run its course at this point and the upside, the opportunity for deal size to expand on pricing is somewhat limited here?

了解。接著，Aaron，我想你說新業務中有 80% 是採用 Enterprise Plus，對嗎？如果是的話，隨著客戶持續升級，價格上調（price lifts）還剩下多少上行空間？或者企業版的銷售在此時是否已經差不多走到一個階段，因而在定價上讓交易規模擴大的上行機會在這裡相對有限？

Yes. So this is Dylan. First, to clarify, the Enterprise Plus metric is that of the suite deals that we sold in Q2, which were 72% of the total larger deals, more than 80% of those suites deals were Enterprise Plus. And then as it relates to the upside, as we called out, while we've been really pleased with the momentum that we're seeing in suites, we still have about 40% of our revenue attributable to suites customers. So quite a bit of room to run in the coming years, we'd expect that to be the significant majority of our revenue. And I'd also note that even once customers are on suites, we tend to see a pretty significant expansion opportunity. In fact, the net retention rate driven by both the strongest relative expansion and the strongest relative retention is higher than any other category of customers. So we do have both room to improve pricing and overall average contract values by converting more and more of our customers into suites and then even once on suites, quite a bit of headroom there, too.

是的。我是 Dylan。先澄清一下：Enterprise Plus 的指標是指我們在第二季（Q2）售出的套件交易（suite deals）中，套件交易占所有較大型交易的 72%；而在這些套件交易之中，超過 80% 是 Enterprise Plus。至於上行空間，如我們所提到的，雖然我們對套件所展現的動能非常滿意，但目前仍約有 40% 的營收來自套件客戶。因此未來幾年仍有相當大的成長空間；我們預期套件將占我們營收的絕大多數。我也要補充，即使客戶已經採用套件，我們通常仍會看到相當顯著的擴張機會。事實上，由於同時具備最強的相對擴張與最強的相對留存，這類客戶所帶動的淨留存率（net retention rate）高於任何其他客戶類別。因此，透過把更多客戶轉換為套件，以及客戶採用套件後仍有相當大的成長空間，我們在提升定價與整體平均合約價值（average contract values）方面都還有進一步的空間。

And at this time, I'd like to turn the call back over to Cynthia Hiponia for closing remarks. .

此時，我想把電話交回給 Cynthia Hiponia，請她做結語。.

Great. Thank you, everyone, for joining us this afternoon, and we look forward to updating you on our next call.

很好。感謝各位今天下午加入我們，我們期待在下一次電話會議中向各位更新。

And this will conclude today's conference. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。