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)

再會。我的名字是 Savannah，我將成為您今天的會議接線員。在這個時候，我想歡迎大家參加 Box, Inc. 2023 財年第二季度收益電話會議。今天的電話正在錄音。 （操作員說明）

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

我現在想把會議交給 Cynthia Hiponia。請繼續。

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.

下午好，歡迎參加 Box 的 2023 財年第二季度收益電話會議。我是投資者關係副總裁 Cynthia Hiponia。在今天的電話會議上，我們有 Box 聯合創始人兼首席執行官 Aaron Levie 和 Box 聯合創始人兼首席財務官 Dylan Smith。在我們準備好的評論之後，我們將回答您的問題。

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.

今天的電話會議正在進行網絡直播，也可以在我們的投資者關係網站 box.com/investors 上重播。我們的網絡廣播將僅是音頻。但是，現在可以在我們的網站上下載補充幻燈片。我們將在 Twitter 上@BoxIncIR 的句柄上發布今天電話會議的亮點。

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.

在本次電話會議上，我們將做出前瞻性陳述，包括我們的第三季度和 2023 財年全年財務指導以及我們對 2023 財年和未來期間財務業績的預期，包括我們的自由現金流、毛利率、營業利潤率、運營槓桿率、未來盈利能力、淨保留率、剩餘履約義務、收入和賬單以及外幣匯率的影響以及我們對市場機會規模、計劃投資、未來產品供應和增長戰略、我們實現目標的能力的預期我們的長期收入和其他運營模式目標、我們的新產品定價模式和合作夥伴關係的時機和市場採用並從中受益、我們應對企業挑戰和為客戶節省成本的能力、宏觀環境對我們的影響業務和經營成果以及我們的資本配置策略，包括併購和潛力回購我們的普通股。

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.

這些陳述反映了我們基於當前已知因素的最佳判斷，實際事件或結果可能存在重大差異。請參閱我們今天提交的收益新聞稿以及我們向證券交易委員會提交的風險因素和文件，包括我們最近關於表格 10-Q 的季度報告，以獲取有關可能導致實際結果與實際結果大不相同的風險和不確定性的信息在本次財報電話會議上發表的聲明。

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.

這些前瞻性陳述自今天（2022 年 8 月 24 日）起作出，如果它們發生變化或不再是最新的，我們不承擔任何更新或修改它們的義務。此外，在今天的電話會議中，我們將討論非 GAAP 財務指標。這些非公認會計準則財務措施應作為我們公認會計準則結果的補充，而不是替代或孤立考慮。您可以在我們的收益新聞稿和相關的 PowerPoint 演示文稿中找到有關這些非 GAAP 措施的更多披露，包括與可比 GAAP 結果的對賬，可在我們網站的投資者關係頁面上找到。除非另有說明，否則所有對財務指標的引用均基於非公認會計原則。

With that, let me hand the call over to Aaron.

有了這個，讓我把電話交給亞倫。

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

謝謝，辛西婭，感謝大家今天加入電話會議。

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 23 財年繼續取得強勁業績，第二季度收入同比增長 15%。我們對盈利能力的高度關注推動非美國通用會計準則營業利潤率達到 21.7%，比一年前的 20.6% 上升 110 個基點。毛利率保持強勁，超過 76%，我們的淨留存率環比和同比均有所增長。儘管外彙的影響更大，但我們目前的執行和業務勢頭使我們有信心提高每股收益指導，同時維持整個財年的收入指導。我們的結果顯示了我們的內容雲戰略的成功，該戰略在單一平台上為內容的整個生命週期提供支持。我們的戰略與推動未來工作的三大趨勢保持一致：第一，混合工作方式；二、迫切需要對每一個業務流程進行數字化改造；第三，所有企業面臨的數據安全、合規和隱私壓力。

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.

越來越多的客戶轉向 Box Content Cloud，以提供為新工作方式構建的安全內容管理和協作。在強勁的客戶擴張率的推動下，第二季度我們的淨保留率為 112%，高於去年的 106%。對於我們每年收入超過 100,000 美元的大宗交易，我們有 86 筆新交易，高於上一季度的 60 筆和去年同期的 74 筆，其中 62 筆超過 100,000 美元的交易涉及多產品套件，高於上一季度的 44 筆上一季度和一年前在這個 100,000 美元以上的細分市場中的 54 套套房交易。

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.

我們的第二財季業績反映了健康的客戶指標，尤其是在企業今天所經歷的複雜宏觀環境中。在過去的幾個月裡，我與幾乎所有行業和不同地區的數十位 CIO 進行了交談。顯而易見的是，當今的企業正在尋求與戰略性技術平台合作，以幫助他們克服所面臨的眾多挑戰。 Box Content Cloud 是一個平台，使 CIO 能夠在員工、合作夥伴或客戶工作的任何地方為最關鍵的業務工作流程提供安全的雲內容管理。

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.

在混合和數字世界中，內容的價值和數量比以往任何時候都大，無論是簡化政府僱員在分佈式組織中的工作方式，簡化金融服務公司的入職工作流程，還是與全球供應鏈合作的大型半導體公司，內容對企業來說比以往任何時候都更加關鍵。然而，大多數企業為獲取信息而必須使用的工具並沒有削減它。當今的企業正在處理高度分散的傳統企業內容管理、存儲、電子簽名、工作流和協作工具，這些工具都用於隔離工作流、增加安全風險並增加 IT 開支。事實上，如今企業內部每年有數百億美元用於這種分散的技術組合。而且這個問題只會繼續增長。據估計，到 2025 年將有 175 澤字節的數據，其中很大一部分數據將以內容的形式出現。

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.

鑑於對企業的新需求，傳統方法不再有意義。借助 Box Content Cloud，企業可以降低 IT 環境的成本和復雜性，顯著簡化業務運營，降低冗餘技術支出，同時確保信息安全。 Box 在第二季度向客戶提供此價值的示例包括一家領先的房屋建築商，該建築商已完全標準化 Box for Cloud Content 管理，通過在現場團隊、供應商和銷售代表中使用 Box 工作流程，消除了大約 100 萬美元的流程成本。一家財富 500 強金融服務集團在第二季度購買了 6 年期 7 位數的 Enterprise Plus ELA，因為 Box 已成為其業務中更具戰略性和不可或缺的一部分。通過 Box，該客戶預計每年可節省超過 400 萬美元的存儲成本，包括硬件、軟件和維護，因為它們消除了本地服務器和不同的系統。

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.

從我們的業務績效和客戶贏取情況來看，很明顯，企業越來越多地就如何支持遠程勞動力和數字流程同時保持高水平的安全性和合規性做出戰略性的長期決策。我們將繼續在我們的內容雲中構建功能，以在單個平台中為內容的整個生命週期提供動力，並應對未來工作的主要趨勢。隨著我們處理 740 億美元的 TAM，我們在擴展產品功能方面的投資將為我們的客戶增加可觀的價值。

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.

在第二季度，我們為 Box Relay、Box Sign 和 API 增強功能推出了更多功能。這些功能包含在 Box 核心訂閱和捆綁包中，使客戶能夠立即從 Box 平台獲得新價值中受益，並在客戶升級到更高級別的計劃以獲得更多功能時提供額外的好處。我們對在客戶採用和使用 Box Sign 方面所看到的勢頭感到非常滿意。第二季度的客戶包括我們的房地產開發和管理公司，他們以 6 位數的價格購買了 Box，作為其內容管理戰略中的關鍵技術。作為該戰略的一部分，該公司購買了 Box Sign 高級服務，以支持圍繞新開發物業的簽約和合作。一家領先的醫療設備公司已經與 Box Enterprise Plus 進行了全面合作，他們購買了額外的許可證來支持 Box Sign 的新用例，因為他們與醫生合作治療因 COVID 導致心臟和肺部問題的患者。

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.

隨著數據安全性、合規性和隱私性對我們的客戶越來越重要，Box 的安全功能也仍然是客戶選擇我們的 Content Cloud 的關鍵驅動因素。在第二季度，我們獲得了 StateRAMP 的授權安全狀態，這是一個網絡安全框架，可確保為州和地方政府提供解決方案的服務提供商對其敏感內容得到充分保護。我們還宣布了我們的信任合作夥伴計劃的更新，該計劃匯集了一組精選的行業領先的安全和合規平台，以提高企業的安全性。這些更新包括新的和深化的集成，包括與 Cisco 和 Splunk 等的集成。我們將繼續投資於 Box Shield 等關鍵產品領域，以擴展我們領先的安全合規性和治理能力。

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，跨 SaaS 領域深度集成的能力是我們平台戰略不可或缺的一部分，包括我們與 Microsoft Teams、Office 365、Zoom、IBM、Slack、WebEx、ServiceNow 等的深度集成。在第二季度，我們在 Salesforce AppExchange 上推出了 Box for Salesforce 集成的增強功能，使客戶能夠將 Box 用作 Salesforce 中基於簽名的流程和工作流的內容管理解決方案。

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.

當我們回顧 23 財年的下半年時，我們將通過在安全性和合規性方面加倍提高 Box Shield 和治理增強、工作流程以及與 Box Sign、Relay、Notes 和推出的協作來繼續快速擴展我們的平台Box Canvas 以及我們的開放平台和合作夥伴集成。至關重要的是，我們將繼續在雲中擴展我們的基礎架構，以便我們可以繼續幫助為全球客戶提供最複雜的用例。在今年 10 月的 BoxWorks 上，我們將圍繞主要產品更新發布一系列公告，並進一步分享我們對 Box Content Cloud 發展方向的願景。所有這些功能和平台改進的共同點是，它們強化了在單一平台中擁有內容的價值，它們有助於簡化和自動化客戶的業務，它們有助於淘汰更多的遺留系統，從而節省他們在過程。

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.

我們繼續執行關鍵舉措，以擴大和支持我們的土地和擴大上市行動，在過去幾年中，我們看到了生產力的顯著提高。隨著組織管理數百個應用程序以及越來越多的與內容相關的應用程序，我們更加關注向客戶展示我們如何降低其技術堆棧的成本和復雜性。我們優化定價和包裝的一個關鍵部分是我們在一年前推出的多產品套件 Enterprise Plus。

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.

在第二季度，Enterprise Plus 占我們套件交易的 80% 以上。我們第二季度的客戶擴展和 Enterprise Plus 的新勝利包括一家美國跨國醫療設備和製藥公司通過 6 位數的 Enterprise Plus 升級擴展了 Box 的使用，以支持更複雜的用例，包括跨受監管的功能管理內容和支持結構化的業務流程.一家位於美國的大型汽車零售商以 6 位數的 Enterprise Plus 交易購買了 Box，使他們能夠消除本地文件服務器並解決關鍵的可靠性問題。他們還將利用 Box Platform 來推動新的客戶體驗。

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.

我們對加速採用我們的多產品產品感到高興，這提高了我們的銷售流程效率、更高的總賬戶價值、淨保留率和毛利率。很明顯，我們推動世界如何協同工作的使命對我們的客戶來說從未像現在這樣重要。隨著企業在混合工作、數字化轉型和網絡安全威脅方面面臨越來越多的挑戰。我們的平台最適合解決這些挑戰，同時為我們的客戶降低複雜性和成本。

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.

在我把它交給 Dylan 之前，我想花點時間承認我們拳擊手的專注和辛勤工作。在整個 Box 中，我們繼續投資於我們的員工和人才，我們強大的文化使我們能夠在競爭中保持領先並為我們的客戶提供服務。拳擊手有機會在我們的平台內以及我們作為企業的運營和擴展方式中找到未來工作的樣子。從長遠來看，我們可以繼續建立持久的業務，因此我們仍然高度專注於推動增長，同時繼續提供更大的盈利能力。

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

有了這個，我會把它交給迪倫。

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，亞倫。大家下午好，感謝您加入我們。第二季度標誌著又一個季度強勁的業務勢頭，收入和每股收益處於我們指導的高端。超過 76% 的毛利率和環比和同比均上升的淨保留率證明了我們對實現盈利增長的關注。即使在這種複雜的宏觀環境中，我們仍有望實現我們在今年年初制定的 23 財年的 3 個關鍵財務目標，即加速年收入增長、擴大營業利潤率以及審慎分配資本以優化股東回報.在第二季度，我們實現了 2.46 億美元的收入，同比增長 15%，處於我們指導的高端。整個季度強勁的交易節奏使我們能夠抵消我們在第二季度經歷的 3 個百分點的外匯逆風。

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.

我們的內容雲平台繼續產生客戶的高需求。在第二季度，我們每年完成 86 筆價值超過 100,000 美元的交易，同比增長 16%，這些大宗交易的套房附加率為 72%。隨著 Box 越來越多地被視為我們客戶的重要合作夥伴，我們看到我們具有更先進功能的產品被廣泛採用。現在，我們大約 40% 的收入來自購買套房的客戶，比一年前的 28% 增長了 12 個百分點。我們在第二季度結束時剩餘的履約義務或 RPO 為 11 億美元，同比增長 14%，其中包括來自外彙的負 7 個百分點的影響。我們預計在未來 12 個月內將確認超過 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.

第二季度 2.35 億美元的賬單同比增長 10%，遠高於我們對中個位數範圍增長的預期。由於貨幣逆風，我們的賬單增長率受到了 6 個百分點的負面影響。我們在第二季度末的淨保留率為 112%，環比增長 100 個基點，比上年增長 600 個基點。我們繼續看到強勁的客戶擴張，並且我們的年化全流失率從去年的 5% 提高到 3%。我們仍然預計我們的淨保留率將大致保持一致，並且在 23 財年的剩餘時間內，我們的全部流失率將在 3% 至 4% 的範圍內。

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%，比一年前的 74.5% 上升 170 個基點。第二季度毛利潤為 1.87 億美元，同比增長 17%，超過我們的收入增長率 200 個基點。展望未來，我們的公有云遷移戰略將釋放額外的槓桿作用，以改善我們的長期毛利率狀況。

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.

我們再次展示了我們在業務中的影響力以及我們對提供更高盈利能力的承諾，第二季度營業收入增加了 21%，達到 5300 萬美元。我們 21.7% 的營業利潤率比一年前的 20.6% 上升了 110 個基點。我們也很自豪第一季度實現了 100 萬美元的正 GAAP 淨收入，高於一年前的負 900 萬美元。我們在第二季度實現了 0.28 美元的攤薄後非公認會計原則每股收益，比一年前的 0.21 美元增長了 33%。第二季度非公認會計原則每股收益包括來自貨幣逆風的 0.03 美元的負面影響。

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.

我現在將轉向我們的現金流和資產負債表。 23 財年上半年，我們產生了 1.09 億美元的自由現金流，高於去年上半年，超出了我們的預期。正如我們上個季度提到的，我們的第二季度現金流受到第一季度強勁收款的影響。在第二季度，我們的運營現金流為 2800 萬美元，而去年同期為 4500 萬美元。我們還產生了 1800 萬美元的自由現金流，而去年同期為 3000 萬美元。我們在自由現金流計算中包含的資本租賃付款為 800 萬美元，低於去年第二季度的 1300 萬美元。對於 23 財年的全年，我們繼續預計資本支出和資本租賃付款合計約佔第三季度收入的 5% 和收入的 5%，而去年為 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.

現在讓我們轉向我們的資本配置策略。我們在本季度末擁有 3.94 億美元的現金、現金等價物、受限現金和短期投資。我們強大的資產負債表和不斷增加的自由現金流量使我們能夠保持嚴格的併購戰略，以加快我們的產品路線圖，同時還將我們產生的大部分自由現金流量分配給通過我們的股票回購計劃提高股東回報。

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.

在第二季度，我們以約 1.18 億美元的價格回購了 460 萬股股票。截至第二季度末，根據我們目前的計劃，我們有大約 2900 萬美元的剩餘回購能力。我們嚴格的股票發行方法，加上強大的股票回購計劃，使我們能夠連續三個季度減少流通股總數。因此，在過去 3 個季度中，我們已分別將基本流通股和稀釋流通股減少了大約 800 萬股和 1000 萬股。請注意，股份數量減少不包括我們通過去年的要約收購回購的股份。

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.

有了這個，我想轉向我們對第三季度和 2023 財年的指導。如您所知，自我們於 2022 年 5 月 25 日發布財報以來，美元兌我們開展國際業務的貨幣進一步走強，導致第三季度和 23 財年全年的外匯逆風都大於預期。提醒一下，我們大約 1/3 的收入是在美國以外產生的。以下指導反映了我們基礎業務的實力和勢頭，還包括任何預期的外匯逆風的影響，假設目前的外匯匯率。

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.

對於 2023 財年第三季度，我們預計收入為 2.5 億美元至 2.52 億美元，在該範圍的高端同比增長 13%。這包括對我們第三季度收入增長率約 4% 的預期外匯影響。我們預計我們的非公認會計原則營業利潤率約為 23%，同比提高 230 個基點。我們預計我們的非 GAAP 每股收益將在 0.29 美元至 0.30 美元之間，GAAP 每股收益將分別在約 1.51 億股稀釋股和 1.43 億股基本股的 0.01 美元至 0.02 美元之間。

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.

對於截至 2023 年 1 月 31 日的整個財年。我們將 23 財年的收入預期維持在 9.92 億美元至 9.96 億美元之間，在該範圍的高端同比增長 14%。包括我們在給出 23 財年初始指引時預期的外匯逆風的影響，我們現在估計 23 財年收入增長的全部貨幣逆風約為 4 個百分點。我們謹慎地將投資重點放在引人注目的長期增長機會上，我們嚴格的成本節約計劃正在提高整個業務的效率。我們預計我們的 23 財年非公認會計原則營業利潤率約為 22.5%，比去年的 19.8% 提高 270 個基點。我們將 23 財年非 GAAP 每股收益預期提高到 1.13 至 1.16 美元，稀釋後的股票約為 1.52 億美元，高於上一年的 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.

我們的 GAAP 每股收益預計在約 1.45 億股的負 0.03 美元至 0.00 美元之間。我們的 23 財年 GAAP 和非 GAAP 每股收益指引包括約 0.19 美元的外匯預期影響。對於 23 財年的全年，我們預計貨幣逆風對我們的賬單增長率的影響將比對我們收入增長率的影響高出約 6 個百分點或 2 個百分點。因此，在報告的基礎上，我們 23 財年的賬單增長率預計將略低於我們 23 財年的收入增長率，儘管我們預計這些增長率與固定匯率大致一致。我們預計我們報告的賬單增長率將在第三季度處於高個位數範圍內，並在第四季度處於中高水平。我們繼續預計我們的 23 財年 RPO 增長將超過我們預期的全年收入和賬單增長率。

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%.

正如 Aaron 所說，我們為我們的拳擊手感到自豪，並為我們的增長戰略的持續強勁執行感到自豪，同時繼續專注於逐年提高盈利能力。我們看到的業務發展勢頭是我們的 Content Cloud 平台與客戶產生共鳴的直接結果，因為他們希望降低技術堆棧的成本和復雜性，同時保持內容安全。我們正在實現 23 財年收入增長和 37% 的自由現金流利潤率目標，比去年的 33% 提高了 400 個基點。

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

在我們結束之前，我將把它交還給 Aaron 做幾句結束語。

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，迪倫。在我們提出問題之前，我們想在 10 月 6 日至 7 日分享這一點，我們將在 BoxWorks 虛擬接待數万名與會者。本次活動將提供給投資界參加。今年將是另一個令人難以置信的活動，我們將分享更多關於我們對內容雲的願景，並將展示主要的產品進步和合作夥伴公告。與會者還將聽取眾多傑出演講者的發言，其中包括 IBM、Zoom、HubSpot、PagerDuty 和 CrowdStrike 的首席執行官，以及來自 NHL、Shriners Hospital、USAA 和 World Fuel Services 等企業的 IT 領導者。我們還將在 10 月 6 日下午 1:00 舉辦投資者產品簡報會。太平洋時間。我們希望你可以加入我們。 .

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

現在迪倫和我很樂意回答你的問題。操作員？

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

（操作員說明）我們的第一個問題將來自 Jason Ader 和 William Blair。

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?

我只是對比林斯的增長感到好奇。相對於您的指導，這是一個很好的數字。大部分的上漲來自哪裡？

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.

當然。所以真的，我們在企業和 SMB 領域看到了賬單結果的優勢。因此，兩者在這一年中都增長良好。對那裡的比林斯表現非常滿意，尤其是其中包括來自外彙的 6 個百分點的影響，這比我們進入本季度的預期高出幾個百分點。

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

得到你。那麼在不變的貨幣基礎上，賬單的增長又是多少？

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

按成本貨幣計算，賬單增長率為 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.

正確的。好的。得到你。然後也許對你來說，亞倫，你是否想強調一下你看到增長勢頭的特定垂直領域。

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.

是的。我認為我們在許多垂直領域看到了相當健康的勢頭，金融服務、生命科學、製造業、科技行業，基礎廣泛。因此，我不會將其稱為有意義地推動結果的特定因素，但我認為，我們正在看到許多關鍵垂直領域的健康需求。

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。如果我可以溜進去，然後快速最後一個。你有沒有看到任何地區或任何垂直領域的任何宏觀影響？我的意思是，您似乎並沒有真正談論外匯以外的宏觀影響，但是您在過去幾個月中在這裡目睹了任何需求變化嗎？

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.

是的。在第二季度，從宏觀角度來看沒有任何明顯的跡象。我的意思是我們希望非常明確地指出我們的客戶正在應對更廣泛的宏觀挑戰，我們確實與他們就他們在業務中看到的供應鏈成本和通貨膨脹進行了對話。我們真的非常嘗試將平台設置為一種技術，在這種環境下對客戶真正有利，以簡化他們的業務，降低內容管理技術的總擁有成本，能夠提高效率商業。因此，我們希望在這種環境中成為我們客戶的資產，這就是我們建立業務的目的。

So no elongation of sales cycles or anything like that.

所以不會延長銷售週期或類似的事情。

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.

在第二季度沒有什麼明顯的。我們總是可以看到一些交易在一個季度內滑出或被拉入，但在第二季度這方面沒有不尋常的趨勢。然後很明顯，我們確實注意到的外匯影響對全年來說非常有意義。

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。我想說的是，實際上，在過去的一年裡，我們的交易週期保持相對穩定，儘管我們一直在銷售更大的交易，並且更經常通過 Suites 銷售更廣泛的服務套件，但我們並沒有看到太大的變化過去一年都在交易週期中。

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

我們的下一個問題將來自奧本海默的 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.

是喬治·伊万尼克。所以也許會跟進你的評論，迪倫。您能否從銷售生產力的角度告訴我們您所看到的內容，以及銷售 Box Sign 和 Canvas 等新功能的背景以及基於價值的銷售行動的進展情況。

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。所以我想說，就我們去年提出的生產力趨勢而言，我們再次看到企業和中小企業領域的實力。因此，今年迄今為止，我們看到銷售人員的生產力不斷提高。

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.

正如我們所呼籲的那樣，由於過去幾年我們推動了非常強勁的生產力趨勢和改進，這讓我們有信心在今年將我們的銷售隊伍規模擴大到十幾歲的百分比範圍內.所以在一個更快的剪輯。因此，如果您考慮整體預訂增長，您可以認為其中大部分來自更高的銷售能力，但我們也在繼續提高我們的銷售隊伍生產力。然後你問了帆布。我將把它交給 Aaron，以便在那裡提供一些更新。

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.

當然。是的。帆布，這是 - 我們將在今年秋季和整個冬季向客戶推出。因此，它不會對結果產生太大影響，更多的是讓客戶非常興奮的前瞻性產品。簽名，我們繼續建立大量強烈的需求，並且再次，它只是有助於加強我們平台的整體故事和價值，即能夠在具有所有這些功能的單個平台中為內容的完整生命週期提供動力集成在 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。也許只是跟進你的招聘意見，迪倫。當您查看今年餘下時間的整體招聘情況和利潤率提升時，您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。因此，當然，就進入市場的招聘和銷售人員而言，我們非常仔細地逐個細分市場，逐個地理地研究銷售人員的生產力趨勢，我們可以在那裡上下撥動，我會說，當然，我們非常謹慎地處理開支並投資於槓桿率最高的領域，尤其是考慮到當前的氣候。但是您可以期待我們看到 - 您可以期待看到我們繼續像我們一直在做的那樣發展公司，真正專注於在波蘭等低成本地區的增長。

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

我們的下一個問題將來自 Brian Peterson 和 Raymond James。

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.

只給我一個。所以亞倫，你在準備好的關於投資回報率的評論中提到了幾個例子，以及很多類似的客戶量化儲蓄。我對這種宏觀環境很好奇，這種情況會更頻繁地出現嗎？考慮到您提供的價值，與幾年前相比，Box 現在是否有更多方法可以節省開支？我很想听聽你對此的看法。

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.

絕對地。我想當你想到 Box 時，比方說 3、4、5 年前，在很大程度上，我們是一個安全的存儲、共享、協作技術和平台，真的，真的完全不同——抱歉，直接專注於內容管理外賣和圍繞內容管理的現代用例。

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.

今天，憑藉電子簽名、Workflow、先進的數據安全性和合規性，我們成為客戶更具戰略性和更廣泛的供應商，在某些情況下，能夠替換其組織內的數十種不同技術。因此，在我們的上市團隊的每一次對話中，我們都在嘗試與客戶確定我們可以幫助客戶通過將特定或特定工作流程或工作負載轉移到 Box 來節省資金的領域Content Cloud 每天都會再次出現在我們更多的客戶對話中。

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.

如果您只是將客戶在不使用 Box 時必須擁有的技術堆棧加起來，您就必須擁有任何簽名供應商、工作流供應商、一些不同的協作工具，通常還有多個不同的內容管理系統，在該技術上花費的美元是 Box 的許可證的 3 或 5 倍。因此，我們確實提供了有意義的投資回報率，並且我們越來越多地與客戶合作，以幫助他們降低這些分散系統的成本和復雜性。

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?

也許還有後續。是不是即將到來 - 聽起來你正在推動上市。但是，這是否比 6 到 9 個月前的客戶對話更多？

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——我沒有一種特定的量化方式來表達它，我會說是與客戶進行定性交談，CFO 正在審查更多這些支出項目，這意味著我們將更多這些項目放在一起討論與其他系統相比我們可以節省的總擁有成本的價值建議。所以這是一個增加。

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.

但我只想指出，在過去幾年中，作為一家多產品平台的公司，我們一直在推動的更大戰略轉型正是為了做到這一點。因此，無論是客戶為增長而投資還是為增長和效率而投資的環境，我們認為 Box Content Cloud 的表現肯定會比我們多年前的表現更好。但我們認為我們為成功做好了更好的準備，這肯定會有所幫助。因此，我們的信息確實引起了客戶的更多共鳴，我認為我們處於有利地位，可以繼續推動這一進程。

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

我們的下一個問題將來自摩根士丹利的 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?

在您談論基地內的 7 倍座位擴展機會之前。所以我想知道，亞倫，展望未來，有哪些最大的因素可以幫助釋放種子機會潛力？

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。因此，當我們查看我們的路線圖時，我們所有核心產品中的某些部分都會增加客戶希望通過座位擴展的可能性。在我們的安全和合規領域，比如 Box Shield，我們在 Box Shield 上所做的改進將繼續幫助客戶將 Box 用作內容安全的單一阻塞點。因此，如果您考慮勒索軟件攻擊或對不應該發生的文件訪問的異常檢測，這一切都會得到改善，您企業內的更多席位在 Box 環境中得到管理。因此，您可以想像我們的安全策略增加了客戶向 Box 添加更多席位的可能性。

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，在協作和工作流程中，諸如 Box Canvas 或我們正在製作 Box Notes 的全新更新或圍繞 Box 內容管理和協作功能的核心產品改進。這些功能中的每一項都同樣增加了對 Box 更多座位的需求。以 Box Sign 為例，您可以為 Box 上的每個席位獲得電子簽名產品的完整許可，這意味著您可以停用其他電子簽名解決方案，並在您的 Box 許可中添加更多席位來解決那。然後我們的平台，我們的 API 與 Microsoft Teams、Slack 或 Salesforce 等的集成都增強了我們組織內對 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，如果您僅將我們的產品路線圖視為我們整個戰略的第一種起點，那麼這些功能中的每一項以及未宣布的更多功能都會增加客戶希望將席位擴展到更多部門的可能性，以更多的團隊，他們組織中的更多地區。然後在上市方面，我認為我們的定價和包裝更好地使我們能夠推動座位擴張。我們過去曾談到過關於收益電話會議的軼事，但對我們來說正在成為一種非常有用的引擎是，我們確實幫助客戶通過我們非常有效的 ELA 結構在企業範圍內部署 Box。因此，對於正在擴大 Box 部署的客戶，我們可以讓他們非常輕鬆地在整個組織中實現這一點，並具有很高的效率和批量許可。

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，我們的定價和包裝顯然會有所幫助，Enterprise Plus 還可以讓客戶獲得使用我們所有功能的完全許可。因此，我們看到了一些趨勢，客戶會選擇將 Enterprise Plus 作為 ELA，然後將所有 Box 部署到他們的整個組織中。因此，在我們的上市努力和我們的產品路線圖之間，我認為我們將有更多的理由讓客戶可以在他們的組織中部署 Box 以佔據優勢。

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

（操作員說明）我們的下一個問題將來自 Craig-Hallum 的 Nick Mattiacci。

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?

這是乍得貝內特的尼克。所以我想，除了貨幣逆風之外，您能否談談您的業務在日本市場的表現，以及您對需求環境的看法，以及那裡的附加費率。那麼你在日本看到了多少機會？

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。即使在我們確實面臨的外匯逆風中，日本的表現仍然非常好。套房附加率不斷提高。在我們銷售團隊的支持下，我們在那邊的渠道合作夥伴肯定已經了解並建立了將 Enterprise Plus 帶給客戶的節奏。所以我認為日本的整體趨勢仍然強勁。我們當然知道日本正在發生的宏觀因素，但到目前為止，該業務仍保持彈性。

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?

知道了。然後，隨著您在 Box Sign 上看到的成功，我想，這如何轉化為您進行類似併購交易的興趣？然後，您願意就下一步添加到平台的最有意義的內容以及您在私人市場估值方面所看到的內容分享任何評論？

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。所以 Box Sign 對我們來說是某種案例研究收購，說明 Box 希望能夠推動併購並將併購整合到公司中。我們還有其他類似的例子，但可以肯定的是，Box Sign 是我們可以指出的更大的例子之一。但是看看我們的路線圖，了解市場中的客戶需求，即在這種情況下的電子簽名，然後能夠快速確定我們可以整合到 Box 中的技術，從而加速我們進入該領域。 Box Sign 就是一個很好的例子。

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，我認為，我們對重複這一成功的胃口仍然相當強烈。我們的偏見通常仍然是對許多這些新功能進行有機開發。然而，當我們確實確定了需要加速進入的市場趨勢時，我們將非常嚴格，並且在適當的情況下再次進行高度自律、有節制的併購。

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.

因此，目前除了我們的路線圖外，沒有什麼可說的，對我們來說，北極星是我們可能獲得的東西。如果我們要進行更多交易，這無疑是一個有吸引力的環境。但我只想指出，我們有一個非常非常強大的路線圖，如果我們進行額外的技術交易，我們將非常有選擇性。

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。在此基礎上，我是 Dylan，因為您詢問了我們在私人市場上看到的情況以及估值。當然，我們已經看到這些估值發生了相當大的重置，尤其是在市場的後期部分。但我認為這不會真正對我們的併購戰略產生直接影響。由於我們非常專注於這種嚴格的方法，真正專注於能夠讓我們加快產品路線圖的團隊和技術，而不是讓我們進入全新類別的變革性併購。所以這肯定是我們正在關注的一個，但我認為這不會對我們既定的併購戰略產生真正的影響。

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

我們的最後一個問題將來自 JMP 證券公司的 Erik Suppiger。

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。迪倫，對你來說，你說 23 年的外匯逆風是 4%。你能告訴我們上個季度你給我們指導時的逆風是什麼嗎？然後我對 Aaron 進行了跟進。

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

是的。所以你的意思是我們的收入增長，埃里克？

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。因此，正如您所說，全年收入增長，我們預計外匯將帶來大約 4 個百分點的逆風。上個季度，我們的預期是逆風為 3%。因此，環比而言，增量影響約為 1%。

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?

好的。然後，Aaron，我想你說過 80% 的新業務是與 Enterprise Plus 相關的。那是對的嗎？如果這是正確的，那麼隨著客戶繼續升級或企業的銷售在這一點上運行，價格上漲還有多少上漲空間和上漲空間，交易規模擴大定價的機會在這裡有些有限?

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。這就是迪倫。首先，澄清一下，Enterprise Plus 指標是我們在第二季度銷售的套件交易的指標，佔大型交易總數的 72%，其中超過 80% 的套件交易是 Enterprise Plus。然後，正如我們所說的那樣，正如我們所說的那樣，雖然我們對在套房中看到的勢頭感到非常滿意，但我們仍然有大約 40% 的收入來自套房客戶。因此，未來幾年還有相當大的空間可以運行，我們預計這將成為我們收入的大部分。而且我還要指出，即使客戶入住套房，我們也往往會看到相當大的擴張機會。事實上，最強的相對擴張和最強的相對保留所驅動的淨保留率高於任何其他類別的客戶。因此，我們確實有提高定價和整體平均合同價值的空間，方法是將越來越多的客戶轉換為套房，甚至一旦入住套房，那裡也有相當多的淨空。

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

在這個時候，我想把電話轉回給 Cynthia Hiponia 做結束語。 .

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

偉大的。謝謝大家今天下午加入我們，我們期待在下一次電話會議上更新您的信息。

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

今天的會議到此結束。感謝您的參與，您現在可以斷開連接。