Box Inc (BOX) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Box, Inc. Third Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎來到 Box, Inc. 2023 財年第三季度收益電話會議。 （操作員說明）

At this time, I would like to turn the call over to Cynthia Hiponia, Head of Investor Relations. You may begin.

此時，我想將電話轉給投資者關係主管 Cynthia Hiponia。你可以開始了。

Good afternoon, and welcome to Box's Third Quarter Fiscal 2023 Earnings Conference Call. I'm Cynthia Hiponia, Vice President, Investor Relations. On the call today, we have Aaron Levie, Box Co-Founder and CEO; and Dylan Smith, Box Co-Founder and CFO. Following our prepared remarks, we will take your questions.

下午好，歡迎來到 Box 的 2023 財年第三季度收益電話會議。我是 Cynthia Hiponia，投資者關係副總裁。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 Dylan Smith，Box 聯合創始人兼首席財務官。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 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 also 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，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為音頻，但是，現在可以在我們的網站上下載補充幻燈片。我們還將在 Twitter 上通過 @boxincir 賬號發布今天電話會議的要點。

On this call, we'll be making forward-looking statements, including our Q4 and full year fiscal 2023 financial guidance and our expectations regarding our financial performance for fiscal 2023, fiscal 2024 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 operating results, and our capital allocation strategies, including M&A and potential repurchases of our common stock.

在這次電話會議上，我們將發表前瞻性陳述，包括我們的第四季度和 2023 財年全年財務指南，以及我們對 2023 財年、2024 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、經營槓桿、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的預期，我們實現長期收入和其他運營模式目標的能力，我們的新產品、定價模型和合作夥伴關係的時機和市場採用以及從中獲益的能力，我們應對企業挑戰和為客戶節省成本的能力，影響宏觀環境對我們經營業績的影響，以及我們的資本配置策略，包括併購和收購可能回購我們的普通股。

These statements reflect our best judgment based on factors currently known to us, and actual events results may differ materially. Please refer to our earnings press release filed today and the risk factors and documents we file with the Securities and Exchange Commission, including our most recent quarterly report on Form 10-Q for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call. These forward-looking statements are being made as of today, November 30, 2022, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

這些陳述反映了我們根據我們目前已知的因素做出的最佳判斷，實際事件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，包括我們最近的 10-Q 表季度報告，了解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信息在本次財報電話會議上發表的聲明。這些前瞻性陳述是在今天，即 2022 年 11 月 30 日作出的，如果它們發生變化或不再更新，我們不承擔任何更新或修改的義務。

In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from our GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release and in the related PowerPoint presentation, which can be found on our Investor Relations page of our website. Unless otherwise indicated, all references to financial measures are on a non-GAAP basis.

此外，在今天的電話會議中，我們將討論非 GAAP 財務措施。這些非 GAAP 財務措施應作為我們 GAAP 結果的補充，而不是替代或孤立於我們的 GAAP 結果。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 措施的額外披露，包括與可比較的 GAAP 結果的對賬，這些信息可以在我們網站的投資者關係頁面上找到。除非另有說明，否則所有提及的財務指標均基於非公認會計原則。

With that, let me hand it over to Aaron.

有了這個，讓我把它交給亞倫。

Thanks, Cynthia, and thank you all for joining the call today. We delivered strong third quarter results with revenue growth of 12% year-over-year or 17% on a constant currency basis. Our sharp focus on profitability drove record non-GAAP operating margins of 24%, up 330 basis points from 20.7% a year ago. Gross margins remained strong at over 76%, while our net retention rate increased slightly versus the year ago period. We are particularly pleased with these quarterly results and our substantial year-over-year bottom line improvements given the increasingly difficult macro environment.

謝謝，辛西婭，感謝大家今天加入電話會議。我們在第三季度取得了強勁的業績，收入同比增長 12% 或按固定匯率計算增長 17%。我們對盈利能力的高度關注推動創紀錄的非 GAAP 營業利潤率達到 24%，比一年前的 20.7% 上升了 330 個基點。毛利率保持強勁，超過 76%，而我們的淨保留率與去年同期相比略有上升。鑑於日益困難的宏觀環境，我們對這些季度業績以及我們的利潤同比大幅改善感到特別滿意。

Over the last couple of months, I've had the opportunity to chat with dozens of CIOs and CEOs across nearly every sector and in companies large and small, and it's clear that companies are facing a very dynamic environment in front of them. In every industry, companies are dealing with a complex mix of economic pressures, while at the same time, needing to drive significant transformation across their businesses.

在過去的幾個月裡，我有機會與幾乎所有行業以及大大小小的公司的數十位 CIO 和 CEO 交談，很明顯，公司正面臨著一個非常動態的環境。在每個行業，公司都在應對複雜的經濟壓力，同時需要推動其業務的重大轉型。

My customer conversations and our Q3 results confirm that companies are prioritizing strategic IT initiatives that allow them to better serve their customers, operate with speed and agility, enable an increasingly distributed workforce, all while seeking to reduce complexity of their technology stacks and keeping their enterprises secure from threats. These remain the top priorities for nearly any business or technology leader that you talk to today.

我的客戶對話和我們第三季度的結果證實，公司正在優先考慮戰略 IT 計劃，這些計劃使他們能夠更好地為客戶服務，快速和敏捷地運營，支持日益分散的員工隊伍，同時尋求降低其技術堆棧的複雜性並保持其企業免受威脅。這些仍然是您今天與之交談的幾乎所有業務或技術領導者的首要任務。

So while IT budgets might tighten and some larger deals may require more scrutiny across verticals and geographies, we are in a unique position to help our customers become future-ready. At center of the future of work is how companies protect, share and manage their most important content. Whether it's the creative media that goes into a blockbuster film, the research that goes into producing a new life-saving drug or vaccine, the client data used to onboard a new customer or project files that go into producing a new breakout consumer product, every business runs on content.

因此，儘管 IT 預算可能會收緊，一些較大的交易可能需要跨垂直行業和地域進行更多審查，但我們處於獨特的位置，可以幫助我們的客戶為未來做好準備。未來工作的核心是公司如何保護、共享和管理他們最重要的內容。無論是用於大片的創意媒體，用於生產新救命藥物或疫苗的研究，用於吸引新客戶的客戶數據，還是用於生產新的突破性消費產品的項目文件，每業務以內容為基礎。

Yet we see today that most enterprises are dealing with a mix of legacy enterprise content management solutions, network file shares and point collaboration and signature tools to work with their content. This fragmentation creates security risks, lowers productivity and ultimately cost enterprises far more than they need to spend. The Box Content Cloud helps companies drive up productivity, reduce risk and save substantially in the process.

然而，我們今天看到，大多數企業都在處理遺留企業內容管理解決方案、網絡文件共享以及點協作和簽名工具的組合，以處理其內容。這種分散會帶來安全風險，降低生產力，並最終使企業付出的成本遠遠超過他們需要的支出。 Box Content Cloud 可幫助公司提高生產力、降低風險並在此過程中大幅節省成本。

Examples of Box delivering this value to our customers in Q3 include a global technology leader who has been a Box customer for more than 10 years, purchased a 7-figure Enterprise Plus ELA in Q3 to double down on leveraging Box for their business strategy, which includes M&A. With Box, they plan to retire redundant systems and technology with the goal of saving millions of dollars each year while also improving productivity and reducing risk by protecting their sensitive data.

Box 在第三季度為我們的客戶提供這種價值的例子包括一位成為 Box 客戶超過 10 年的全球技術領導者，他在第三季度購買了 7 位數的 Enterprise Plus ELA，以加倍利用 Box 實現其業務戰略，這包括併購。通過 Box，他們計劃淘汰冗餘系統和技術，目標是每年節省數百萬美元，同時通過保護敏感數據提高生產力並降低風險。

A global entertainment company implemented Enterprise Plus in Q3 to secure and protect content and reduce cost and complexity by consolidating data assets and network file shares from M&A activities into one content cloud solution. Despite ongoing budgetary pressures, it's clear that enterprises are increasingly making strategic long-term decisions on how to support a hybrid workforce and digital processes while maintaining a high level of security and compliance. The Box Content Cloud is in the best position to help customers reduce the cost and complexity of their traditional content stack, and we are continuing to double down on powering the full life cycle of content in a single platform and address major trends in the future of work.

一家全球娛樂公司在第三季度實施了 Enterprise Plus，以通過將併購活動中的數據資產和網絡文件共享整合到一個內容雲解決方案中來保護和保護內容並降低成本和復雜性。儘管預算壓力持續存在，但很明顯，企業越來越多地就如何支持混合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。 Box Content Cloud 最適合幫助客戶降低其傳統內容堆棧的成本和復雜性，我們將繼續加倍努力，在單一平台上為內容的整個生命週期提供支持，並應對未來的主要趨勢工作。

In Q3, we drove significant innovation across the platform, which we shared at BoxWorks in October. We unveiled several major enhancements to Box Shield and Box Governance, our flagship security and data governance solutions. In Box Shield, we've extended our malware deep scan capabilities by adding the ability to scan additional file types, including Microsoft Office, reinforcing Box's commitment to supporting third-party file types and helping admins apply critical protection to a wider variety of intellectual property. We also announced ethical wall capabilities in Box Shield, which creates reinforced information barriers within organizations to prevent communication or exchange of information that could lead to conflicts of interest between groups. This can be used to safeguard insider information, especially for our customers in financial and legal services.

在第三季度，我們推動了整個平台的重大創新，我們在 10 月份的 BoxWorks 上分享了這些創新。我們公佈了我們的旗艦安全和數據治理解決方案 Box Shield 和 Box Governance 的幾項主要增強功能。在 Box Shield 中，我們通過添加掃描其他文件類型（包括 Microsoft Office）的能力擴展了我們的惡意軟件深度掃描功能，加強了 Box 支持第三方文件類型的承諾，並幫助管理員對更廣泛的知識產權應用關鍵保護.我們還宣布了 Box Shield 中的道德牆功能，它在組織內部建立了強化的信息壁壘，以防止可能導致群體間利益衝突的信息交流或交換。這可用於保護內幕信息，尤其是對於我們在金融和法律服務領域的客戶。

And finally, we advanced our Box Governance capabilities to support more flexible retention policies to serve a wide range of industry use cases with future improvements to come around making it easier to export content under legal hold and providing better reporting and disposition insights and more.

最後，我們改進了 Box Governance 功能，以支持更靈活的保留策略，以服務於廣泛的行業用例，並在未來進行改進，使在合法持有的情況下導出內容變得更加容易，並提供更好的報告和處置見解等。

Across our collaboration and workflow efforts, we launched additional capabilities in Box Sign to help customers move more of their signature transactions to the cloud. These include the ability for users to publish documents online for signature, edit signature requests in flight, enjoy an improved signer experience and much more.

在我們的協作和工作流程工作中，我們在 Box Sign 中推出了額外的功能，以幫助客戶將更多的簽名交易轉移到雲端。其中包括用戶能夠在線發布文檔以供簽名、即時編輯簽名請求、享受改進的簽名者體驗等等。

We announced the general availability of the all-new Box Notes for real-time content collaboration and project management, and we announced the beta launch of Box Canvas, our new visual collaboration and virtual whiteboarding tool, which will begin to roll out this quarter. And we enhanced Content Insights to ensure users and enterprises have rich insights into how their content is being accessed, consumed and leveraged for enhanced business intelligence.

我們宣布了用於實時內容協作和項目管理的全新 Box Notes 的普遍可用性，我們還宣布了 Box Canvas 的測試版發布，我們的新視覺協作和虛擬白板工具將於本季度開始推出。我們還增強了內容洞察力，以確保用戶和企業深入了解他們的內容是如何被訪問、使用和利用的，以增強商業智能。

Finally, a critical part of our product strategy is our ability to integrate deeply across the SaaS landscape, and we are pleased that our interoperability has enabled us to build strong partnerships with leading technology companies. At BoxWorks, IBM's CEO, Arvind Krishna, discussed how Box and IBM have partnered to drive digital transformation for our customers. Kirk Koenigsbauer, CVP and COO of the Experiences and Devices Group at Microsoft spoke about the importance of openness and interoperability and Box's ongoing collaboration with Microsoft. Thomas Kurian, the CEO of Google Cloud, shared how Box and Google partnership enables secure modern collaboration in the enterprise. And finally, Jeetu Patel, Cisco's EVP of Security and Collaboration, discussed how Box and Webex joint customers can now use Box and Webex better together.

最後，我們產品戰略的一個關鍵部分是我們在 SaaS 領域深度集成的能力，我們很高興我們的互操作性使我們能夠與領先的技術公司建立牢固的合作夥伴關係。在 BoxWorks，IBM 首席執行官 Arvind Krishna 討論了 Box 和 IBM 如何合作為我們的客戶推動數字化轉型。微軟體驗與設備事業部副總裁兼首席運營官 Kirk Koenigsbauer 談到了開放性和互操作性的重要性以及 Box 與微軟的持續合作。 Google Cloud 首席執行官 Thomas Kurian 分享了 Box 和 Google 的合作夥伴關係如何在企業中實現安全的現代協作。最後，思科安全與協作執行副總裁 Jeetu Patel 討論了 Box 和 Webex 的聯合客戶現在如何更好地一起使用 Box 和 Webex。

And more recently, we launched an enhanced Box app for Zoom that enables customers to automatically save -- select Zoom recordings directly to Box. With this new feature, joint customers can manage their content in one place while maintaining enterprise-grade security, compliance and governance, all within Zoom.

最近，我們為 Zoom 推出了一個增強的 Box 應用程序，使客戶能夠自動保存——選擇 Zoom 錄音直接到 Box。借助這一新功能，聯合客戶可以在一個地方管理他們的內容，同時在 Zoom 中保持企業級安全性、合規性和治理。

Now more than ever, customers are looking to partner with platforms, not point tools to help them drive greater efficiency, user experience and security. As we head into Q4 and looking out into next year, we'll be doubling down across our three core pillars of innovation. Across security and compliance, we'll be delivering major enhancements to Box Shield and Governance to protect customers in a very dynamic threat landscape, extend our leadership in compliance and drive all new efforts on the most ambitious security and governance road map we've ever had.

現在，客戶比以往任何時候都更希望與平台合作，而不是單點工具，以幫助他們提高效率、用戶體驗和安全性。當我們進入第四季度並展望明年時，我們將在創新的三個核心支柱上加倍努力。在安全性和合規性方面，我們將對 Box Shield 和 Governance 進行重大改進，以在非常動態的威脅環境中保護客戶，擴大我們在合規性方面的領導地位，並在我們有史以來最雄心勃勃的安全和治理路線圖上推動所有新的努力有。

We will be driving major product improvements to Box Sign to support more advanced signature processes, adding richer features into Box Notes and Canvas, further building out relay and laying the groundwork for a major year of workflow innovation, enhancing core parts of our main web application user experience, deepening our development of content publishing and other advanced content management capabilities and much more. And within our platform, we'll continue to double down on our scalability and developer experience efforts like UI elements, in addition to our integrations with other third-party applications like Teams, Slack, Zoom, Salesforce and more.

我們將推動 Box Sign 的重大產品改進，以支持更高級的簽名流程，在 Box Notes 和 Canvas 中添加更豐富的功能，進一步構建中繼並為重要的一年工作流創新奠定基礎，增強我們主要 Web 應用程序的核心部分用戶體驗，深化我們對內容髮布和其他高級內容管理功能的開發等等。在我們的平台內，除了我們與其他第三方應用程序（如 Teams、Slack、Zoom、Salesforce 等）的集成之外，我們將繼續加大可擴展性和開發人員體驗方面的努力，例如 UI 元素。

As we've shared, Enterprise Plus, our multiproduct suite offering, is a key strategy to increase the efficiency of our sales motion and to bring the full value of the Box Content Cloud to customers. Enterprise Plus brings the full suite of Box's advanced product capabilities into a simple product bundle. And we've seen tremendous uptake from our go-to-market teams and customers. We launched E Plus just over a year ago, and it has become our most successful suite launched to date. In Q3, Enterprise Plus comprised over 90% of our suite sales in our large deals. And suites represent 73% of our large deals, up from 63% just a year ago. And we are now seeing renewal rates of E Plus come in higher than our overall company renewal rates.

正如我們所分享的那樣，我們的多產品套件產品 Enterprise Plus 是提高銷售活動效率並為客戶帶來 Box Content Cloud 的全部價值的關鍵戰略。 Enterprise Plus 將 Box 的全套高級產品功能集成到一個簡單的產品包中。我們已經看到我們的上市團隊和客戶的巨大吸收。我們在一年多前推出了 E Plus，它已成為我們迄今為止推出的最成功的套件。在第三季度，Enterprise Plus 占我們大型交易中套件銷售額的 90% 以上。套房占我們大型交易的 73%，高於一年前的 63%。我們現在看到 E Plus 的續訂率高於我們公司的整體續訂率。

Our Q3 customer expansions and new wins with Enterprise Plus include a sports marketing and talent management company, who has been a longtime Box customer, purchased an Enterprise Plus ELA in Q3 as Box has become a more strategic and integral part of their business. With the upgrade, they will now be replacing their current e-signature provider with Box Sign and will be using Box Shield to safeguard health records and PHI in Box as well as protect themselves from cyberattacks with threat and malware detection.

我們在第三季度通過 Enterprise Plus 擴展了客戶並贏得了新勝利，其中包括一家體育營銷和人才管理公司，該公司一直是 Box 的長期客戶，在第三季度購買了 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。通過升級，他們現在將用 Box Sign 替換當前的電子簽名提供商，並將使用 Box Shield 來保護 Box 中的健康記錄和 PHI，並通過威脅和惡意軟件檢測來保護自己免受網絡攻擊。

A financial services company providing insurance to thousands of businesses purchased Box with a 6-figure Enterprise Plus deal in Q3. Prior to Box, they have been running on legacy and on-premises systems for their claims agents. They recognize the need to replace this system. And after working on a proof of concept, proving out several use cases using Box's APIs, they selected Box as their back-end content layer for their entire organization to store and work on sensitive client information.

一家為數千家企業提供保險的金融服務公司在第三季度以 6 位數的 Enterprise Plus 價格購買了 Box。在 Box 之前，他們一直在為他們的理賠代理人在遺留系統和本地系統上運行。他們認識到需要更換這個系統。在進行概念驗證並使用 Box 的 API 驗證了多個用例之後，他們選擇 Box 作為整個組織的後端內容層，以存儲和處理敏感的客戶信息。

We are pleased with our continued strong adoption of Enterprise Plus. As we know that when a customer adopts our multiproduct offerings, we see greater total account value, higher net retention, higher gross margins and a more efficient sales process.

我們很高興我們繼續大力採用 Enterprise Plus。正如我們所知，當客戶採用我們的多產品產品時，我們會看到更高的總賬戶價值、更高的淨保留率、更高的毛利率和更高效的銷售流程。

In summary, we are pleased to have delivered a strong Q3. Since our last earnings call, the FX and macro environment headwinds have increased. However, our operational discipline that led to our Q3 record operating margins will continue. Operational discipline has been built into the core of the company, and we are proud of our demonstrated significant margin improvements, and we remain committed to our FY '23 operating margin target. The confluence of remote work, digital transformation and cybersecurity challenges is causing enterprises to rethink how they work with their content, and these trends are only accelerating.

總之，我們很高興第三季度表現強勁。自我們上次財報電話會議以來，外彙和宏觀環境的不利因素有所增加。然而，導致我們第三季度創紀錄營業利潤率的運營紀律將繼續下去。運營紀律已成為公司的核心，我們為我們表現出的顯著利潤率改善感到自豪，我們仍然致力於我們的 23 財年運營利潤率目標。遠程工作、數字化轉型和網絡安全挑戰的交匯正在促使企業重新思考他們如何處理他們的內容，而這些趨勢只會加速。

We are confident Box is uniquely positioned to gain from this shift. Our record Q3 gross and operating margins in a very dynamic market once again demonstrates our commitment to increasing profitability. We remain hyper focused on driving growth and profitability as we look to the next $1 billion of box revenue.

我們相信 Box 具有獨特的優勢，可以從這一轉變中獲益。在一個充滿活力的市場中，我們創紀錄的第三季度毛利率和營業利潤率再次證明了我們對提高盈利能力的承諾。在展望下一個 10 億美元的票房收入時，我們仍然高度關注推動增長和盈利能力。

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. Q3 was another strong quarter for Box with revenue in line with our guidance and operating margin and EPS above our guidance. Despite FX and macroeconomic challenges, we're on track to achieve the three key financial objectives for FY '23 that we laid out at the beginning of this year. Accelerating annual revenue growth on a constant currency basis, expanding operating margins and prudently allocating capital to optimize shareholder returns.

謝謝，亞倫。大家下午好，感謝您加入我們。第三季度是 Box 的又一個強勁季度，收入符合我們的指導，營業利潤率和每股收益高於我們的指導。儘管面臨外彙和宏觀經濟方面的挑戰，我們仍有望實現我們在今年年初制定的 23 財年的三個關鍵財務目標。在固定匯率基礎上加速年度收入增長，擴大營業利潤率並審慎分配資本以優化股東回報。

We remain committed 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%. Our ability to expand our operating margins and free cash flow margins in this environment is a testament to our operational discipline and resilient financial model. In Q3, we delivered revenue of $250 million, up 12% year-over-year. This was in line with our guidance despite the 5 percentage points of FX headwind that we experienced in Q3, which was 1 point higher than we expected when we set guidance on our Q2 call.

我們仍然致力於實現 23 財年的收入增長加上 37% 的自由現金流利潤率目標，比去年的 33% 提高了 400 個基點。我們在這種環境下擴大營業利潤率和自由現金流利潤率的能力證明了我們的運營紀律和有彈性的財務模式。第三季度，我們實現了 2.5 億美元的收入，同比增長 12%。這符合我們的指導，儘管我們在第三季度遇到了 5 個百分點的外匯逆風，這比我們在第二季度電話會議上設定指導時的預期高出 1 個百分點。

During Q3, we began to see an impact from additional customer scrutiny being placed on larger deals due to the macroeconomic environment. In Q3, we closed 77 deals worth more than $100,000 annually versus 97 in the year ago period. We now have 1,586 total customers paying more than $100,000 annually, representing a 19% year-over-year increase. It is worth noting that our win rates remain unchanged and our average price per seat continue to improve year-over-year in Q3. We also continue to drive a strong suite attach rate of 73% of these large deals. Roughly 42% of our revenue is now attributable to customers who have purchased suites, a significant 11 percentage point increase from 31% a year ago. Put simply, Box has continued to execute well, albeit in a dynamic environment.

在第三季度，我們開始看到由於宏觀經濟環境而對大宗交易進行額外的客戶審查所產生的影響。在第三季度，我們每年完成 77 筆價值超過 100,000 美元的交易，而去年同期為 97 筆。我們現在有 1,586 名客戶每年支付超過 100,000 美元，同比增長 19%。值得注意的是，我們的獲勝率保持不變，我們的平均每席價格在第三季度繼續同比提高。我們還繼續推動這些大型交易中 73% 的強勁套件附加率。現在，我們大約 42% 的收入來自購買套房的客戶，比一年前的 31% 增加了 11 個百分點。簡而言之，Box 一直表現良好，儘管是在動態環境中。

We ended Q3 with remaining performance obligations, or RPO, of $1.1 billion, an 11% year-over-year increase or 20% growth on a constant currency basis. We expect to recognize more than 60% of our RPO over the next 12 months. Q3 billings of $258 million grew 12% year-over-year, well ahead of our guidance of a high single-digit growth rate. We drove this better-than-expected billings outcome despite an 8 percentage point headwind from FX, which was 3 points higher than our anticipated in our guidance. Our strong billings outcome in Q3 was due to increased early renewals and strong payment durations.

我們在第三季度末的剩餘履約義務或 RPO 為 11 億美元，同比增長 11% 或按固定匯率計算增長 20%。我們預計在未來 12 個月內確認超過 60% 的 RPO。第三季度的營業額為 2.58 億美元，同比增長 12%，遠高於我們對高個位數增長率的指導。儘管外匯逆風 8 個百分點，比我們在指導中的預期高 3 個百分點，但我們還是推動了這一好於預期的賬單結果。我們在第三季度的強勁賬單結果是由於提前續訂的增加和強大的付款期限。

Our net retention rate at the end of Q3 was 110%, up 100 basis points from the prior year. Our annualized full churn rate was 3% versus 5% in the prior year, demonstrating stronger product stickiness with our customers. In Q4, we expect full churn to remain at roughly 3% and our net retention rate to be approximately 108%. We expect net retention will be impacted by lower seat expansion rates as we anticipate customers in certain segments will reduce headcount and budgets amidst macroeconomic uncertainties.

我們在第三季度末的淨保留率為 110%，比去年同期上升 100 個基點。我們的年化完全流失率為 3%，而上一年為 5%，這表明我們的客戶對產品的粘性更強。在第四季度，我們預計完全流失率將保持在 3% 左右，我們的淨保留率約為 108%。我們預計淨保留率將受到較低的座位擴展率的影響，因為我們預計某些細分市場的客戶將在宏觀經濟不確定性的情況下減少員工人數和預算。

Gross margin came in at 76.5%, up 180 basis points from 74.7% a year ago. This result reflects the efficiencies that we've been generating as we transition to running fully in the public cloud as well as the impact of higher price per seat due to strong suites adoption. Q3 gross profit of $191 million was up 14% year-over-year, exceeding our revenue growth rate by 200 basis points.

毛利率為 76.5%，比一年前的 74.7% 上升了 180 個基點。這一結果反映了我們在過渡到完全在公共雲中運行時所產生的效率，以及由於採用強大的套件而導致每席位價格上漲的影響。第三季度的毛利潤為 1.91 億美元，同比增長 14%，比我們的收入增長率高出 200 個基點。

Once again, we demonstrated the leverage in our business and our commitment to delivering higher profitability with a 29% increase in Q3 operating income to $60 million. Our record 24.0% operating margin was up 330 basis points from the 20.7% we delivered a year ago. We delivered $0.31 of diluted non-GAAP EPS in Q3, up 41% from $0.22 a year ago and above the high end of our guidance despite a negative impact of $0.06 from currency headwinds.

我們再次展示了我們業務的影響力以及我們對提供更高盈利能力的承諾，第三季度營業收入增長 29% 至 6000 萬美元。我們創紀錄的 24.0% 營業利潤率比一年前的 20.7% 高出 330 個基點。我們在第三季度交付了 0.31 美元的稀釋後非 GAAP 每股收益，比一年前的 0.22 美元增長了 41%，並且高於我們指導的上限，儘管匯率逆風帶來了 0.06 美元的負面影響。

I'll now turn to our cash flow and balance sheet. In Q3, we generated free cash flow of $55 million, a significant improvement from $31 million in the year ago period. In Q3, we delivered cash flow from operations of $70 million versus $46 million in the year ago period. Capital lease payments, which we include in our free cash flow calculation, were $10 million, down from $12 million in Q3 of last year.

我現在將轉向我們的現金流量和資產負債表。在第三季度，我們產生了 5500 萬美元的自由現金流，比去年同期的 3100 萬美元有了顯著改善。在第三季度，我們交付了 7000 萬美元的運營現金流，而去年同期為 4600 萬美元。我們包括在自由現金流計算中的資本租賃付款為 1000 萬美元，低於去年第三季度的 1200 萬美元。

Let's now turn to our capital allocation strategy. We ended the quarter with $403 million in cash, cash equivalents, restricted cash and short-term investments. In Q3, we repurchased 1.1 million shares for approximately $29 million. As a result, we've been able to reduce weighted basic and diluted shares outstanding for 6 consecutive quarters. We remain committed to opportunistically returning capital to our shareholders. As such, our Board of Directors recently authorized a new $150 million common stock repurchase plan. In addition to our robust stock repurchase program, we will continue to leverage our strong balance sheet and increasing cash flow generation to invest in key growth initiatives and to fund strategic tuck-in M&A opportunities, which enhance and accelerate our product road map.

現在讓我們轉向我們的資本配置策略。本季度末，我們擁有 4.03 億美元的現金、現金等價物、受限制的現金和短期投資。在第三季度，我們以大約 2900 萬美元的價格回購了 110 萬股股票。因此，我們已經連續 6 個季度減少了加權基本股和稀釋後的流通股。我們仍然致力於機會主義地向股東返還資本。因此，我們的董事會最近批准了一項新的 1.5 億美元普通股回購計劃。除了我們強大的股票回購計劃外，我們將繼續利用我們強大的資產負債表和增加的現金流量來投資關鍵增長計劃並為戰略性併購機會提供資金，從而增強和加速我們的產品路線圖。

With that, I would like to turn to our guidance for Q4 and fiscal 2023. The U.S. dollar strengthened significantly versus the currencies in which we transact our international business following our prior earnings announcement on August 25, 2022, resulting in a larger-than-expected FX headwind 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., primarily in Japanese yen.

有了這個，我想談談我們對第四季度和 2023 財年的指導。在我們於 2022 年 8 月 25 日發布先前的收益公告後，美元兌我們進行國際業務交易的貨幣顯著走強，導致超過 -預計第三季度和 23 財年全年的外匯逆風。提醒一下，我們大約 1/3 的收入來自美國境外，主要以日元計價。

The following guidance includes the expected impacts of FX headwinds, assuming present foreign currency exchange rates. While our strong business performance this year has largely offset these FX headwinds, we are seeing additional scrutiny in some of our larger deals as companies contend with headcount reductions and budgetary constraints. As a result of these intensifying FX and macroeconomic pressures, we have prudently adjusted our FY '23 revenue guidance to reflect these dynamics.

以下指南包括外匯逆風的預期影響，假設當前的外幣匯率。雖然我們今年強勁的業務表現在很大程度上抵消了這些外匯逆風，但隨著公司應對裁員和預算限制，我們看到我們的一些大型交易受到更多審查。由於這些不斷加劇的外彙和宏觀經濟壓力，我們審慎地調整了 23 財年的收入指引以反映這些動態。

For the fourth quarter of fiscal 2023, we anticipate revenue of $255 million to $257 million, representing 10% year-over-year growth at the high end of this range. This includes an expected FX impact of approximately 5 percentage points to our Q4 revenue growth rate. Based on the increasing FX impact and the volume of early renewals that contributed to our strong Q3 billings results, we now expect our Q4 billings growth rate to be roughly 10% on an as-reported basis, including an expected FX impact of approximately 5 percentage points.

對於 2023 財年第四季度，我們預計收入為 2.55 億美元至 2.57 億美元，在此範圍的高端同比增長 10%。這包括對我們第四季度收入增長率約 5 個百分點的預期外匯影響。基於不斷增加的外匯影響和促成我們強勁的第三季度賬單結果的早期續訂量，我們現在預計我們的第四季度賬單增長率將在報告的基礎上約為 10%，其中包括約 5% 的預期外匯影響點。

We expect our Q4 RPO growth to be slightly higher than our anticipated Q4 revenue and billings growth rates. We expect our non-GAAP operating margin to increase to approximately 24.5%, representing a 370 basis point improvement year-over-year. We expect our non-GAAP EPS to be in the range of $0.34 to $0.35, representing a 46% year-over-year increase at the high end of the range and GAAP EPS to be in the range of $0.06 to $0.07. Weighted average basic and diluted shares are expected to be approximately $144 million and $149 million, respectively. Our Q4 GAAP and non-GAAP EPS guidance includes an expected impact from FX of approximately $0.05.

我們預計我們第四季度的 RPO 增長將略高於我們預期的第四季度收入和賬單增長率。我們預計我們的非 GAAP 營業利潤率將增至約 24.5%，同比提高 370 個基點。我們預計我們的非 GAAP 每股收益將在 0.34 美元至 0.35 美元之間，較上年同期增長 46%，而 GAAP 每股收益將在 0.06 美元至 0.07 美元之間。加權平均基本股和稀釋股預計分別約為 1.44 億美元和 1.49 億美元。我們的第 4 季度 GAAP 和非 GAAP 每股收益指導包括外彙的預期影響約為 0.05 美元。

For the full fiscal year ending January 31, 2023, we now anticipate our FY '23 revenue to be in the range of $990 million to $992 million, representing 13% year-over-year growth or 17% on a constant currency basis. We are reiterating our FY '23 non-GAAP operating margin guidance of approximately 22.5%, representing a 270 basis point improvement from last year's result of 19.8%.

對於截至 2023 年 1 月 31 日的整個財政年度，我們現在預計 23 財年的收入將在 9.9 億美元至 9.92 億美元之間，同比增長 13% 或按固定匯率計算增長 17%。我們重申我們的 23 財年非 GAAP 營業利潤率指引約為 22.5%，比去年的 19.8% 提高了 270 個基點。

We are raising our FY '23 non-GAAP EPS to be in the range of $1.16 to $1.17, up from $0.85 in the prior year. And we expect to deliver our first full year of positive GAAP EPS in the range of $0.02 to $0.03. Weighted average basic and diluted shares are expected to be approximately $144 million and $150 million, respectively. Our FY '23 GAAP and non-GAAP EPS guidance includes an expected annual impact from FX of approximately $0.18. For the full year of FY '23, we now 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. While we expect our FY '23 billings growth rate to be roughly in line with revenue growth in constant currency, we expected to lag slightly on an as-reported basis.

我們將 FY '23 非 GAAP 每股收益從上一年的 0.85 美元提高到 1.16 美元至 1.17 美元。我們預計將在 0.02 美元至 0.03 美元的範圍內實現第一個全年的正 GAAP 每股收益。加權平均基本股和稀釋股預計分別約為 1.44 億美元和 1.5 億美元。我們的 FY '23 GAAP 和非 GAAP EPS 指南包括來自外彙的預期年度影響約為 0.18 美元。對於 23 財年的全年，我們現在預計貨幣逆風將對我們的賬單增長率產生約 6 個百分點或比對我們的收入增長率的影響高 2 個百分點。雖然我們預計我們的 23 財年賬單增長率將與固定匯率的收入增長大致一致，但我們預計在報告的基礎上會略有滯後。

While we are not yet providing formal guidance for FY '24, we thought it would be helpful to provide color on two notable items for FY '24 modeling purposes. As we've discussed previously, our public cloud migration strategy will unlock significant financial leverage and our long-term gross margin profile once we fully exit our existing collocated data centers.

雖然我們尚未為 FY '24 提供正式指導，但我們認為為 FY '24 建模目的提供兩個顯著項目的顏色會有所幫助。正如我們之前所討論的，一旦我們完全退出現有的並置數據中心，我們的公共雲遷移戰略將釋放重要的財務槓桿和我們的長期毛利率狀況。

Our redundant public cloud and data center expenses will peak in the first half of FY '24. During Q1 and Q2 of next year, we expect gross margins to dip by a couple of hundred basis points from the 76.5% we just reported. We expect to end FY '24 with gross margins a few hundred basis points above the results we just reported. We expect this gross margin impact to flow through to operating margins next year with Q1 and Q2 experiencing a temporary headwind before rebounding, resulting in year-over-year operating margin expansion for the full year of FY '24.

我們冗餘的公共雲和數據中心費用將在 24 財年上半年達到頂峰。在明年第一季度和第二季度，我們預計毛利率將從我們剛剛報告的 76.5% 下降幾百個基點。我們預計到 24 財年結束時，毛利率將比我們剛剛報告的結果高出幾百個基點。我們預計這種毛利率影響將在明年影響到營業利潤率，第一季度和第二季度在反彈之前會經歷暫時的逆風，導致 24 財年全年的營業利潤率同比增長。

As a result, Box will be better positioned to continue delivering profitable growth as we scale, exiting next year with an even stronger operating margin model after completing this important transition to the public cloud. Additionally, due to the material foreign exchange movements we've seen throughout FY '23, we think it would be helpful to quantify the impact of FX on next year's revenue growth. At current spot rates, we expect a roughly 300 basis point headwinds to revenue growth for the full year of FY '24 on an as-reported basis with a more pronounced impact in the first half of the year. As is our custom, we will provide detailed FY '24 guidance on our fiscal Q4 earnings call.

因此，隨著我們的規模擴大，Box 將更有能力繼續實現盈利增長，在完成向公共雲的這一重要過渡後，明年將以更強大的運營利潤率模式退出。此外，由於我們在整個 23 財年看到的重大外匯變動，我們認為量化外匯對明年收入增長的影響會有所幫助。按照當前的即期匯率，我們預計 24 財年全年的收入增長將出現大約 300 個基點的逆風，在報告的基礎上，上半年的影響更為明顯。按照我們的慣例，我們將在第四季度財報電話會議上提供詳細的 FY '24 指導。

I would like to close with how proud we are of our Boxers who have been focused and executing in its dynamic economic environment. We have created the leading content cloud platform that allows enterprises to manage the entire life cycle of their content while lowering costs and keeping their enterprises secure from threats. We are on track to achieve our 3 key financial objectives for FY '23 as the strength and resiliency of our business model has allowed us to deliver revenue growth while expanding operating and free cash flow margins. To sum it all up, we are well positioned to continue to deliver value to our customers and stakeholders in this uncertain macroeconomic environment as we scale toward generating the next $1 billion in revenue.

最後，我想說我們為我們的拳擊手感到自豪，他們在充滿活力的經濟環境中專注並執行。我們創建了領先的內容雲平台，使企業能夠管理其內容的整個生命週期，同時降低成本並保護企業免受威脅。我們有望實現 23 財年的 3 個主要財務目標，因為我們業務模式的實力和彈性使我們能夠在擴大運營和自由現金流利潤率的同時實現收入增長。總而言之，隨著我們擴大規模以產生下一個 10 億美元的收入，我們有能力在這種不確定的宏觀經濟環境中繼續為我們的客戶和利益相關者創造價值。

With that, Aaron and I will be happy to take your questions. Operator?

這樣，Aaron 和我將很樂意回答您的問題。操作員？

(Operator Instructions) Your first question comes from the line of Brian Peterson of Raymond James.

（操作員說明）您的第一個問題來自 Raymond James 的 Brian Peterson。

So I wanted to start off on the comments you made about deal cycles maybe extending a little bit or increased scrutiny. I'd love to understand if there's any commonality in end markets or customers where you saw that? And was that more impacted on the net new? Or was that also maybe kind of an upsell/cross-sell dynamic as well?

所以我想從你對交易週期的評論開始，可能會延長一點或增加審查。我很想知道在您看到的終端市場或客戶中是否存在任何共性？這對網絡新的影響更大嗎？或者這也可能是一種追加銷售/交叉銷售動態？

Sure. Yes. This is Aaron. We actually saw kind of healthy net new demand in the quarter, so not a pronounced impact one way or another on that front. We were pretty happy about some of the new logos that we brought on and some of the new customers. I think the callout that we made was -- in some cases, in the kind of higher and larger deal segments in some of our business segments, there was more maybe budget pressure, which could make a deal be smaller than we initially anticipated. In some cases, maybe get pushed out or kind of the cycle lengthen but these were still in more narrow segments in the business. Overall, I think we're pretty happy about the healthy demand that we saw throughout the quarter.

當然。是的。這是亞倫。我們實際上在本季度看到了一種健康的淨新需求，因此在這方面沒有以某種方式產生明顯的影響。我們對我們帶來的一些新標誌和一些新客戶感到非常高興。我認為我們所做的標註是 - 在某些情況下，在我們某些業務部門中更高和更大的交易部門中，預算壓力可能更大，這可能會使交易比我們最初預期的要小。在某些情況下，可能會被排擠或某種程度上延長周期，但這些仍然屬於業務中更狹窄的部分。總的來說，我認為我們對整個季度看到的健康需求感到非常高興。

And in some customer sectors, you can see examples of companies not hiring as many people, which means that they're obviously not going to need as many seats of software kind of across the board. But overall, we were pretty happy about what we're able to deliver for customers.

在一些客戶領域，你可以看到一些公司沒有僱傭那麼多員工的例子，這意味著他們顯然不需要那麼多的軟件席位。但總的來說，我們對能夠為客戶提供的服務感到非常高興。

And just to build on that a bit, Brian, we did see fairly similar performance across the two main segments of our business, enterprise and SMB. And then to quantify the question about the net new logo, those are pretty consistent, continue to contribute about 20% to 25% of our new bookings in Q3 with the balance of that being customer expansion. So pretty consistent with the relative contribution that we've seen in the past.

Brian，在此基礎上，我們確實看到我們業務的兩個主要部分，企業和 SMB 的表現非常相似。然後量化關於淨新標識的問題，這些非常一致，繼續貢獻我們第三季度新預訂的 20% 到 25%，其餘部分是客戶擴展。與我們過去看到的相對貢獻非常一致。

No, that's actually pretty encouraging, considering everything that's going on in the macro. And maybe just a longer-term question. We heard about the next $1 billion in revenue a couple of times on your prepared remarks, but I'd just be curious, if you think about all the product innovation you've had over the last year or two, what gets you most excited about like really taking that step for the next billion? I just love to kind of get some of product thoughts on -- and what's going to drive that growth.

不，考慮到宏觀上發生的一切，這實際上是非常令人鼓舞的。也許只是一個長期的問題。在您準備好的發言中，我們多次聽說下一個 10 億美元的收入，但我很好奇，如果您考慮過去一兩年的所有產品創新，什麼讓您最興奮就像真的為下一個十億邁出這一步？我只是喜歡了解一些關於產品的想法——以及什麼會推動這種增長。

Yes. So as we -- as you know, we're really excited about our road map. We have the most ambitious road map we've had as a company while still delivering, I think, strong operating margin leverage in the business. Some of the areas that we called out in the call and that I would reinforce our doubling down in areas like security and compliance. Enterprises are dealing with an unbelievable amount of critical intellectual property in the form of their content, mission-critical data that they have to work with, whether it's customer data or critical information on projects and other prerelease content that they want to be able to protect. So all things, data security, data protection, threat detection and compliance and governance, you're going to see a lot of innovation around.

是的。因此，正如您所知，我們對我們的路線圖感到非常興奮。作為一家公司，我們擁有最雄心勃勃的路線圖，同時我認為，我們仍然在業務中提供強大的營業利潤率槓桿。我們在電話會議中提到的一些領域，我將加強我們在安全性和合規性等領域的加倍努力。企業正在處理數量驚人的關鍵知識產權，其形式包括他們必須處理的內容、關鍵任務數據，無論是客戶數據還是項目的關鍵信息以及他們希望能夠保護的其他預發佈內容.所以所有的事情，數據安全、數據保護、威脅檢測、合規性和治理，你都會看到很多創新。

We're also going to be doubling down in areas like workflow and our e-signature capabilities. So as more and more customers move to the cloud and they need to go digitize their business processes, we believe that they're going to be looking at how do they automate workflows around their content. And then as you're seeing with a lot of our innovation around collaboration, we also see a major tailwind in as companies get more and more distributed, even as they come back to offices, their organizations are more distributed than ever before, which means you need easier, more secure, more collaborative ways to work with content. So things like Canvas, Notes, our core web experience are just going to continue to improve on those dimensions. So next year, you're going to see a bunch of, I think, exciting announcements, and we have a multiyear product road map and strategy that we're very excited to deliver.

我們還將在工作流程和電子簽名功能等領域加倍努力。因此，隨著越來越多的客戶轉向雲端，他們需要將業務流程數字化，我們相信他們將研究如何圍繞其內容自動化工作流程。然後，正如您看到我們圍繞協作進行的許多創新一樣，我們也看到了一個主要的順風，因為公司變得越來越分散，即使他們回到辦公室，他們的組織也比以往任何時候都更加分散，這意味著您需要更簡單、更安全、更具協作性的方式來處理內容。因此，像 Canvas、Notes 這樣的東西，我們的核心網絡體驗將在這些方面繼續改進。所以明年，你會看到一堆，我認為，令人興奮的公告，我們有一個多年的產品路線圖和戰略，我們非常高興能夠交付。

Your next question comes from the line of [Eileen] of Citi.

你的下一個問題來自花旗的[Eileen]。

This is George. I'm on for Steve. I wanted to ask about the renewal commentary that drove some of the billings upside. Maybe you could just talk a little bit about what drove that change in customer behavior?

這是喬治。我支持史蒂夫。我想問一下推動部分賬單上漲的續約評論。也許你可以談談是什麼推動了客戶行為的變化？

Sure. So in Q3, as is always the case, especially given the catalyst of being able to move into suites, we saw a stronger than typical volume of early renewals. So customers that had been set to renew largely in Q4 and then in some cases in future periods where often in conjunction with the upsell to move into product capabilities, they early renewed their contract in Q3, which pulled forward some of those billings and contributed to the strength that we saw in the quarter.

當然。因此，在第三季度，一如既往，特別是考慮到能夠入住套房的催化劑，我們看到了比典型的早期續訂量更強勁的情況。因此，原本計劃在第四季度大部分續約的客戶，然後在某些情況下，通常與追加銷售一起進入產品功能的未來時期，他們提前在第三季度續簽了合同，從而提前了一些賬單並做出了貢獻我們在本季度看到的實力。

Got it. That makes sense. And then one quick follow-up on the expansion. I think you mentioned you expect some segments to see some headcount reductions and some budgetary pressure. Maybe if you could just fill in a little bit on where you're expecting to see those impacts.

知道了。這就說得通了。然後是對擴展的快速跟進。我想你提到過你預計某些部門會出現一些裁員和一些預算壓力。也許如果您可以稍微填寫一下您期望看到這些影響的地方。

Sure. So I wouldn't necessarily say a specific segment per se, but more down to specific customers, who had been more impacted by the economic environment. And especially in those types of companies, where they're reducing headcount, more cyclical businesses, or seeing increased budget scrutiny, we just wanted to be prudent as we do expect that some of those certain types of customers will be seeing lower seat expansion as we go forward.

當然。因此，我不一定會說具體的細分市場本身，而是更具體的客戶，他們受經濟環境的影響更大。尤其是在那些正在裁員、更多周期性業務或看到更多預算審查的公司中，我們只是想謹慎行事，因為我們確實預計某些特定類型的客戶會看到較低的席位擴張，因為我們前進。

But again, I would emphasize that overall, the economics and momentum of the business are quite strong across the different segments that we serve, and our full churn rate, which is indicative of the kind of stickiness value that our customers are getting out of the platform has remained very strong at 3% on an annualized basis.

但我要再次強調的是，總體而言，我們所服務的不同細分市場的業務經濟性和發展勢頭都非常強勁，而我們的全流失率表明我們的客戶正在擺脫這種粘性價值平台保持非常強勁的年增長率 3%。

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

你的下一個問題來自摩根士丹利的 Josh Baer。

And congrats, Aaron and Dylan, on a nice quarter in a tough environment. I wanted to ask about that, the macro. If you look back to 2020, COVID, you saw real headwinds and decelerating growth. So far, it's been different with relatively stable net retention rates, and you just posted 20% constant currency billings and RPO growth. Obviously, the macro backdrops are very different, but was hoping you could talk a little bit about the differences at Box, you're positioning today versus a couple of years ago and really wondering how the maturation of suites and Enterprise Plus has really helped or if it's helped in this environment.

恭喜亞倫和迪倫，在艱難的環境中度過了一個美好的季度。我想問一下，宏。如果你回顧 2020 年，COVID，你會看到真正的逆風和減速增長。到目前為止，它與相對穩定的淨保留率有所不同，您剛剛發布了 20% 的固定貨幣賬單和 RPO 增長。顯然，宏觀背景非常不同，但希望您能談談 Box 的差異，您今天的定位與幾年前相比，真的很想知道套件和 Enterprise Plus 的成熟是如何真正幫助或如果它在這種環境中有所幫助。

Yes. I appreciate it. Obviously, the company is just extremely different in the past couple of years and something that we're super proud of and happy about both on the bottom line performance, but as you call out on the top line, the product portfolio and positioning we have. If I look back 2 or 3 years ago, which obviously kind of fed into the pipeline and deals that we would have been doing in 2020, we were a very advanced secure content management and collaboration technology and platform, but that was really just the foundation capabilities for what we now deliver today, which is powering increasingly the full life cycle of content. So getting into e-signature as an example, doubling down in areas like workflow automation, something like Box Shield was actually less than a year old when the kind of pandemic hit, which meant there was kind of less momentum on some of that security story and strategy.

是的。我很感激。顯然，這家公司在過去幾年裡發生了巨大的變化，我們在底線表現上感到非常自豪和高興，但正如你在頂線所說的那樣，我們擁有的產品組合和定位.如果我回顧 2 或 3 年前，這顯然有點進入了我們本應在 2020 年進行的管道和交易，我們是一個非常先進的安全內容管理和協作技術和平台，但這實際上只是基礎我們今天提供的功能，越來越多地為內容的整個生命週期提供支持。因此，以電子簽名為例，在工作流自動化等領域加倍努力，像 Box Shield 這樣的東西在大流行病襲來時實際上還不到一年，這意味著某些安全故事的勢頭有所減弱和戰略。

And so today, Shield being a much more advanced data security platform capability for our customers, the advancements we've done in data governance. And so when you kind of add up all of those capabilities and the value proposition, we just look like a very, very different platform to our customers. We can retire spend on other infrastructure that they might otherwise have to go spend on. We can go deeper in the business processes of the organization and then ultimately, obviously, keep our customers secure from very rampant and dynamic threats that are out there. So that's on the product kind of capabilities, and then our road map, I think, just continues to reflect that.

因此，今天，Shield 為我們的客戶提供了更先進的數據安全平台功能，這是我們在數據治理方面取得的進步。因此，當您將所有這些功能和價值主張加起來時，我們對我們的客戶來說就像一個非常非常不同的平台。我們可以減少他們可能不得不花在其他基礎設施上的開支。我們可以更深入地了解組織的業務流程，然後最終顯然可以保護我們的客戶免受那裡非常猖獗和動態的威脅。所以這就是產品的能力，然後我們的路線圖，我認為，只是繼續反映這一點。

And then conversely on the kind of pricing and packaging, we've made it just much more attractive and much easier for our customers to leverage those capabilities. So again, similarly, right when the pandemic hit in 2020, we had only the very initial couple of quarters of suites, and so that hadn't really been kind of baked into our sales and go-to-market motion. Enterprise Plus has really kind of turbocharged our suites push. Obviously, you can see that's the majority of those large deal suites that we're now doing already, and we continue to see that rolling out across the customer base.

然後相反，在定價和包裝方面，我們已經讓我們的客戶更具吸引力，也更容易利用這些功能。同樣，同樣地，就在 2020 年大流行病襲來時，我們只有最初幾個季度的套房，因此這並沒有真正融入我們的銷售和上市行動中。 Enterprise Plus 確實推動了我們的套件推廣。顯然，你可以看到我們現在已經在做的那些大型交易套件中的大多數，我們將繼續看到它在客戶群中的推廣。

So the product road map, the pricing, the packaging and positioning for our customers and really just going after these high-value use cases that companies have around content management, I think that is what has put us in a very different position. And then kind of taking a step back and just looking at the overall makeup of the business, we've obviously driven very significant operating leverage in the company. I think that has really allowed us to be much more focused, drive greater execution. And so that's also kind of paying dividends as well.

因此，我們的產品路線圖、定價、包裝和定位，以及公司圍繞內容管理所擁有的這些高價值用例，我認為這讓我們處於一個非常不同的位置。然後退後一步，看看業務的整體構成，我們顯然已經推動了公司非常重要的運營槓桿。我認為這確實讓我們更加專注，推動更大的執行力。因此，這也是一種回報。

Yes. And maybe just to build on that and compare it. Outside of the product, how that show has showed up in some of these customer conversations and impacts, in COVID, we did see a pretty pronounced impact in certain industries as well as the SMB space, where some companies are seeing a real step function change in their business.

是的。也許只是以此為基礎並進行比較。在產品之外，該節目如何出現在其中一些客戶對話和影響中，在 COVID 中，我們確實在某些行業以及 SMB 領域看到了非常明顯的影響，一些公司在這些領域看到了真正的階躍功能變化在他們的業務中。

I would say this environment is very different. In addition to our having a much stronger product to address what customers are looking for, customers are still continuing to spend in IT just with more of a focus on lowering total cost of ownership, driving efficiencies and doing a lot of things that are very aligned with our -- especially newer product capabilities, which is why I think you've seen less of an impact to our business, even though we're certainly not immune in this type of environment.

我會說這個環境非常不同。除了我們擁有更強大的產品來滿足客戶的需求之外，客戶仍在繼續在 IT 方面進行投資，只是更多地關注降低總擁有成本、提高效率和做很多非常一致的事情憑藉我們的 - 特別是更新的產品功能，這就是為什麼我認為你對我們業務的影響較小，儘管我們在這種環境中肯定不能倖免。

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

你的下一個問題來自 Oppenheimer 的 Ittai Kidron。

This is George Iwanyc. So Aaron, maybe with the tighter scrutiny you're seeing, can you maybe give us a bit of an update on Japan and Europe? How much of the demand environment there is FX related versus what you're seeing from a deal engagement perspective?

這是喬治·伊万尼克。所以亞倫，也許隨著你看到的更嚴格的審查，你能不能給我們一些關於日本和歐洲的最新情況？從交易參與的角度來看，與外匯相關的需求環境有多少？

Yes. So I think we're seeing pretty consistent trends, fairly normalized trends across the geos. There is that kind of macro overlay and dynamic that we face in -- for all of our customers where there's more budget scrutiny. They're looking to vendors that can help them reduce costs or really kind of focus on their most mission-critical areas of investment. And so some of that flows down into our deal cycles as well, certainly. I was just in Japan about 3 weeks ago, visiting customers, the demand environment there remains, I think, relatively healthy, and in Europe in the summer, visiting customers as well.

是的。所以我認為我們看到了非常一致的趨勢，跨地域的相當規範化的趨勢。我們面臨著那種宏觀疊加和動態——對於我們所有的客戶來說，他們都有更多的預算審查。他們正在尋找可以幫助他們降低成本或真正專注於他們最關鍵任務投資領域的供應商。當然，其中一些也會流入我們的交易週期。大約 3 週前我剛在日本拜訪客戶，我認為那裡的需求環境仍然相對健康，夏天在歐洲拜訪客戶也是如此。

So I would say, broad-based generally still a healthy demand environment with that one overlay of everybody is dealing with the macro environment in different ways. You're going to see that budget scrutiny shows up in deals. Sometimes that might be the deal that we thought was bigger, might be a little bit smaller in some segments, that could mean that maybe there's fewer seats involved. But as you can tell with the numbers, we're continuing to mitigate that as much as possible and work through it.

所以我想說，廣泛的總體上仍然是一個健康的需求環境，每個人都在以不同的方式應對宏觀環境。你會看到預算審查出現在交易中。有時這可能是我們認為更大的交易，在某些部分可能會稍微小一些，這可能意味著涉及的席位可能更少。但是正如您可以從數字中看出的那樣，我們將繼續盡可能地減輕這種情況並努力解決它。

All right. And then maybe kind of building out what you're seeing from a competitive standpoint, the churn and win rate commentary is pretty encouraging. Are you seeing price pressure in any markets deal pressure and/or are you seeing share gains in -- with some of the products?

好的。然後也許從競爭的角度構建你所看到的，流失率和獲勝率的評論是非常令人鼓舞的。您是否看到任何市場交易壓力的價格壓力和/或您是否看到某些產品的份額增加？

Yes. I think as we've noted, pricing actually has strengthened. So we're pretty happy about the kind of price per seat environment that we're seeing, and that's really a result of, again, Enterprise Plus adding more value within the platform. I really like our competitive position when we're working with customers, being able to highlight the full value of our platform is really getting out of the conversation of sort of one-to-one competition with any particular vendor because the full value of the platform, I think, is showing up in an increasing way. So that's all super exciting. And we're still even in advance of things like the launch and rollout of Canvas. So I'm excited for adding even more differentiation and value that our customers are clamoring for.

是的。我認為正如我們已經指出的那樣，定價實際上已經加強。因此，我們對我們所看到的每座環境的價格感到非常高興，這確實是 Enterprise Plus 在平台內增加更多價值的結果。當我們與客戶合作時，我真的很喜歡我們的競爭地位，能夠突出我們平台的全部價值真的擺脫了與任何特定供應商進行一對一競爭的對話，因為我認為，平台正在以越來越多的方式出現。所以這一切都非常令人興奮。而且我們甚至還領先於諸如 Canvas 的發布和推出之類的事情。因此，我很高興能增加我們的客戶所要求的更多差異化和價值。

Your next question comes from the line of Chad Bennett of Craig Hallum Capital.

你的下一個問題來自 Craig Hallum Capital 的 Chad Bennett。

So just, again, kind of digging in a little bit into the commentary around, I think, selective large deals that were more scrutinized or seeing kind of lower seat count growth. I'm trying to understand kind of relative to what seems like pretty strong suite adoption, Enterprise Plus is obviously, I think, been more than well received by the base. And a billings growth rate that whether it's reported or constant currency actually kind of beat expectations, that kind of did beat expectations and kind of blew through a bigger FX headwind than you thought. And early renewals, which we're not hearing that at all. These days are -- I'm not -- and we're actually hearing the opposite. So it is -- again, not to get too in the weeds, but just the large deal scrutiny, is that more of a post-quarter thing you're seeing? Or just kind of realizing kind of everything out there and what people are saying?

因此，我認為，只是再次深入了解周圍的評論，即經過更嚴格審查或看到席位數量增長較低的選擇性大型交易。我試圖了解某種相對於似乎相當強大的套件採用的情況，我認為 Enterprise Plus 顯然受到了基礎的歡迎。無論是報告的還是固定匯率的比林斯增長率實際上都超出了預期，這種確實超出了預期並且有點吹過了比你想像的更大的外匯逆風。以及提前續約，我們根本沒有聽說過。這些天是——我不是——我們實際上聽到了相反的聲音。所以它是 - 再一次，不要太過雜草，而只是大量的審查，你看到的更多是季度後的事情嗎？或者只是有點意識到那裡的一切以及人們在說什麼？

Yes. I mean I think some of that is trends that we saw throughout the quarter from just, again, deal sizing some of the direct kind of interaction with customers, some of the reports that we run of trends in the business. Some of it is trying to anticipate continuation of certain trends in Q4 and beyond and being prudent with our expectations, so it's kind of a mix of that. Again, it is this interesting environment where there's a lot of, I think, positive tailwinds with the space that we're in, the kind of value that we're delivering for customers.

是的。我的意思是，我認為其中一些是我們在整個季度看到的趨勢，再次，交易規模與客戶的一些直接互動，我們運行的一些業務趨勢報告。其中一些是試圖預測第四季度及以後某些趨勢的延續，並對我們的預期保持謹慎，所以它有點混合。同樣，正是這個有趣的環境，我認為，我們所處的空間有很多積極的順風，我們為客戶提供的那種價值。

We can go into a customer, in many cases, help them save millions of dollars on spending on IT. When you look at their infrastructure cost, their content management systems, their security technology. It's a very, very potent value proposition right now. At the same time, in some specific sectors and environments, you could have customers not hiring as many people that might mean that maybe our proposal for an ELA or some of the seat expansion might be on hold, and we have seen that dynamic play out. So I think when you kind of factor all that in, extrapolate out. And also, I think our interest in being prudent right now, that's sort of the numbers that we've kind of put out there.

在許多情況下，我們可以深入了解客戶，幫助他們節省數百萬美元的 IT 支出。當您查看他們的基礎架構成本、內容管理系統和安全技術時。現在這是一個非常非常有效的價值主張。同時，在某些特定的部門和環境中，您可能會看到客戶沒有僱用那麼多的人，這可能意味著我們關於 ELA 或一些席位擴展的提議可能會被擱置，我們已經看到這種動態發揮作用.所以我認為當你把所有這些都考慮在內時，就可以推斷出來。而且，我認為我們現在有興趣保持謹慎，這就是我們已經公佈的數字。

Okay. And then maybe one follow-up real quick. In the slide you put out a while ago, I think it was around on Analyst Day in terms of the lift you see when someone goes from core to suites and whether it's in terms of ARR or net retention and the price per seat being, I think, at least 2x, is all that still valid and real today, economic-wise?

好的。然後可能會很快跟進一次。在你剛才發布的幻燈片中，我認為它是在分析師日附近，你看到有人從核心到套房的提升，無論是 ARR 還是淨保留和每個席位的價格，我想一想，至少 2 倍，從經濟角度來看，所有這些在今天仍然有效和真實嗎？

Yes, that's exactly right. Yes. So the relative impact that we do see of when customers move into suites comparing to the core, we are seeing those same types of price per seat in overall economics trends, really stronger top to bottom from average deal size and price per seat to the net retention rates to gross margins being stronger and particularly with Enterprise Plus now making up 90% of the suite sales that we're making has further supported that trend.

是的，完全正確。是的。因此，我們確實看到了與核心相比，當客戶進入套房時的相對影響，我們在整體經濟趨勢中看到了相同類型的每座價格，從平均交易規模和每座價格到淨價，從上到下確實更強毛利率的保留率更高，特別是現在 Enterprise Plus 占我們正在製作的套件銷售額的 90%，進一步支持了這一趨勢。

(Operator Instructions) Your next question comes from the line of Rishi Jaluria of RBC Capital Markets.

（操作員說明）您的下一個問題來自 RBC Capital Markets 的 Rishi Jaluria。

It's nice to see continued resilience in spite of the macro. I've got two questions, one for Aaron, one for Dylan. Aaron, I want to maybe drill a little bit down into suites, right? So you've seen some pretty impressive attach rates. As you think about your attach rates, though, for suite, how has that been trending outside the U.S. and particularly in Japan because I know you've talked about that in the past?

很高興看到儘管宏觀經濟仍保持彈性。我有兩個問題，一個給 Aaron，一個給 Dylan。亞倫，我想深入研究一下套房，對吧？所以你已經看到了一些非常令人印象深刻的附加率。但是，當您考慮套房的附加率時，它在美國以外尤其是日本的趨勢如何，因為我知道您過去曾談過這個問題？

Yes. We did call it out a few quarters back in Japan in particular because of the channel environment. They were maybe slower to take up our suites and Enterprise Plus strategy. That has all but kind of turned around and we're now seeing steady improvements on that front. So it's not something that we would call out as an impediment in the E Plus performance at this point. And now just honestly, continue to drive this in every single customer conversation we're in and continue to drive it across the customer base.

是的。我們確實在幾個季度前在日本提出了這個問題，特別是因為渠道環境。他們採用我們的套件和 Enterprise Plus 戰略的速度可能較慢。這幾乎已經扭轉了局面，我們現在看到這方面正在穩步改善。因此，此時我們不會將其稱為 E Plus 性能的障礙。現在老實說，繼續在我們進行的每一次客戶對話中推動這一點，並繼續在整個客戶群中推動它。

Yes. Got it. That's helpful. And then, Dylan, if we think about your NRR, it did tick down a little bit and then you're guiding to a ticking down about another 2 points. Is that purely because of headcount? Or are there some other factors that might be at play there? And remind us, is there any FX impact that goes on in on that?

是的。知道了。這很有幫助。然後，Dylan，如果我們考慮一下你的 NRR，它確實下降了一點，然後你指導你再下降 2 點。純粹是因為人數嗎？還是有其他因素在起作用？並提醒我們，這是否會產生任何外匯影響？

Sure. So at Tier 1, it is primarily that headcount and lower seat expansion. As mentioned, the pricing side of the equation in terms of what impacts expansion has been quite strong as has our churn rate and our expectations there. So there's a little bit of a factor in -- that we're now facing tougher comps given the momentum that we've seen over the past year, but we really point primarily to head count or seat expansion to your point.

當然。因此，在第 1 層，主要是員工人數和較低的席位擴展。如前所述，就影響擴張的因素而言，等式的定價方面非常強勁，我們的客戶流失率和我們的預期也是如此。因此，有一點因素 - 考慮到我們在過去一年中看到的勢頭，我們現在面臨更艱難的競爭，但我們實際上主要指向您的人數或席位擴張。

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

你的下一個問題來自 JMP Securities 的 Erik Suppiger。

First off, I just want to make sure how much of your business is sold -- your international business is sold in local currencies. Is it predominantly sold in local currencies? And then I guess I've got a follow-up.

首先，我只想確定您的業務有多少被出售——您的國際業務是以當地貨幣出售的。它主要以當地貨幣出售嗎？然後我想我有後續行動。

Sure. So it is -- so it's roughly 85% of our international business is in the local currencies.

當然。確實如此——我們大約 85% 的國際業務都是以當地貨幣計價的。

Okay. Then on the Enterprise Plus, what would you guess that your penetration across your installed base is? And as you increase that penetration, what opportunity is there for additional price lifting once the customer is at Enterprise Plus because that's it's been a driver of your growth? And is that going to slow if you start getting deeper penetration with Enterprise Plus?

好的。那麼在 Enterprise Plus 上，您猜測您在安裝基礎上的滲透率是多少？隨著您提高滲透率，一旦客戶進入 Enterprise Plus，還有什麼機會進一步提價，因為這一直是您增長的驅動力？如果您開始通過 Enterprise Plus 獲得更深入的滲透，這種情況會變慢嗎？

Sure. So I can take that. This is Dylan. I would say the suites penetration broadly, as you mentioned, is now -- represents 42% of our total revenue, up pretty significantly from 31% a year ago. The majority of that is now E Plus, although because of the timing, and when we rolled out Enterprise Plus, there's still a lot of suite customers who are not Enterprise Plus but expect over time the significant majority to move into Enterprise Plus, just we saw that 90-plus percent contribution to suites larger deals this most recent quarter.

當然。所以我可以接受。這是迪倫。正如你所提到的，我想說的是，現在的套房滲透率很廣泛——占我們總收入的 42%，比一年前的 31% 有很大提高。其中大部分現在是 E Plus，儘管由於時機的原因，當我們推出 Enterprise Plus 時，仍然有很多不是 Enterprise Plus 的套件客戶，但隨著時間的推移，他們預計絕大多數會進入 Enterprise Plus，只是我們在最近一個季度，90% 以上的交易對大型套房交易做出了貢獻。

And then in terms of the pricing, once a customer is already on Enterprise Plus, they do have the strongest relative net retention rates, but that's less driven by price per seat improvements from there and more that those are the types of customers who see the greatest value out of box, the greatest stickiness, so they see the strongest seat expansion and adoption.

然後在定價方面，一旦客戶已經加入 Enterprise Plus，他們確實擁有最強的相對淨保留率，但這較少受到每席位價格改進的推動，更多的是那些看到 Enterprise Plus 的客戶類型開箱即用的最大價值，最大的粘性，因此他們看到了最強的席位擴展和採用。

So over time, as we continue to build out our product portfolio, we could certainly introduce higher-tier suites beyond Enterprise Plus or change the pricing, which would be future price per seat upside, but in this -- in terms of what we've been seeing historically, the strong net retention from our Enterprise Plus customers is primarily driven by seat growth.

因此，隨著時間的推移，隨著我們繼續構建我們的產品組合，我們當然可以推出 Enterprise Plus 以外的更高級別的套件或改變定價，這將是未來每個席位的上行價格，但就此而言 - 就我們而言從歷史上看，我們 Enterprise Plus 客戶的強勁淨保留率主要是由席位增長推動的。

Your next question comes from the line Rich Hilliker.

您的下一個問題來自 Rich Hilliker。

Rich Hilliker from CS. Congrats on the quarter. It was great to see the strong RPO and steady suite attach. I was wondering, given the greater scrutiny on large deals, how should we think through bookings duration from here as move into next year and relative to where it's come up from.

來自 CS 的 Rich Hilliker。祝賀這個季度。很高興看到強大的 RPO 和穩定的套件附加。我想知道，考慮到對大宗交易的更嚴格審查，我們應該如何考慮從這裡進入明年的預訂持續時間以及相對於它的來源。

Sure. So initially, we really have not seen much of an impact on durations in this environment as customers are still increasingly viewing Box as a strategic long-term partner, so still continuing to sign longer term deals with us. And so from the contract durations' point of view, those have been pretty stable and have actually been lengthening slightly over the past year, which has contributed to some of the strength in RPO growth and then payment durations have generally been pretty consistent as well. So that's all kind of steady as she goes in terms of the duration contribution of those metrics.

當然。因此，最初，我們確實沒有看到這種環境對持續時間產生太大影響，因為客戶仍然越來越多地將 Box 視為戰略長期合作夥伴，因此仍在繼續與我們簽署長期協議。因此，從合同期限的角度來看，合同期限一直非常穩定，實際上在過去一年中略有延長，這在一定程度上促進了 RPO 增長的強勁勢頭，然後付款期限也基本保持一致。因此，就這些指標的持續時間貢獻而言，這一切都很穩定。

Excellent. Great to hear. And maybe, Aaron, one for you here. Just wondering in this environment, how your product conversations are changing. Given the solution selling approach, given the value you're pushing through suite, I was wondering if you had any other conversations maybe around relay or ways to drive efficiencies given some of the scrutiny and then just the overall macro pressure.

出色的。很高興聽到。也許，Aaron，在這裡給你一個。只是想知道在這種環境下，您的產品對話正在發生怎樣的變化。考慮到解決方案銷售方法，考慮到你通過套件推動的價值，我想知道你是否有任何其他對話可能圍繞中繼或提高效率的方法給出一些審查，然後只是整體宏觀壓力。

Yes. So on the efficiency side for customers, we are seeing a lot of conversations around can we help you migrate from a legacy network file share or document management system or maybe SharePoint that's on-prem. So we're really kind of helping with those more immediate cost-cutting conversations on that front to help our customers on purely the expenditure side. Probably one of the biggest trends that has frankly been consistent in the past couple of years is just data security and compliance.

是的。因此，在客戶效率方面，我們看到很多關於我們能否幫助您從遺留網絡文件共享或文檔管理系統或本地 SharePoint 遷移的對話。因此，我們真的在幫助那些更直接的削減成本的對話，以純粹在支出方面幫助我們的客戶。坦率地說，在過去幾年中一直保持一致的最大趨勢之一可能就是數據安全性和合規性。

I think the threat landscape is probably no surprise to everybody on this call. You have ransomware issues. We have a lot of different kind of cyber activity happening, and customers are really looking to make sure that they can protect their most important content and assets. Inside of these files are their critical contracts, financial information, movie scripts, prerelease product materials and so being able to protect that and keep it centralized in a secure platform is super important for our customers. And so getting off legacy systems they have very limited visibility into, being able to integrate a single platform across their applications, that's -- we're seeing that be of extreme value for customers in this environment.

我認為此次電話會議中的每個人都不會對威脅形勢感到意外。您有勒索軟件問題。我們發生了許多不同類型的網絡活動，客戶確實希望確保他們能夠保護他們最重要的內容和資產。這些文件中包含他們的重要合同、財務信息、電影劇本、預發行產品材料等，因此能夠保護這些文件並將其集中在一個安全的平台上對我們的客戶來說非常重要。因此，擺脫他們對遺留系統的可見性非常有限，能夠在他們的應用程序中集成一個單一的平台，這就是——我們看到這對這種環境中的客戶來說具有極大的價值。

At this time, there are no further questions. I will now turn the floor back over to Cynthia Hiponia, Head of Investor Relations, for any closing remarks.

目前，沒有進一步的問題。現在，我將把發言權轉回給投資者關係主管 Cynthia Hiponia，聽取任何結束語。

Great. Thank you, everyone, for joining us this afternoon, and we look forward to updating you on our Q4 earnings call.

偉大的。感謝大家今天下午加入我們，我們期待在第四季度財報電話會議上向您通報最新情況。

Thank you, everyone, for your participation. This does conclude today's event. You may now disconnect.

謝謝大家的參與。今天的活動到此結束。您現在可以斷開連接。