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)

各位女士、先生，感謝您稍候，歡迎參加 Box, Inc. 2023 會計年度第三季財報電話會議。（接線員指示）

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

此刻，我想將電話交給投資人關係主管 Cynthia Hiponia。您可以開始了。

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.

各位下午好，歡迎參加 Box 2023 會計年度第三季財報電話會議。我是 Cynthia Hiponia，投資人關係副總裁。今天與會者包括 Box 共同創辦人暨執行長 Aaron Levie，以及 Box 共同創辦人暨財務長 Dylan Smith。在我們的準備發言之後，我們將回答各位的提問。

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.

今天的電話會議將以網路直播方式進行，並可於 box.com investors 的投資人關係網站回放。我們的網路直播僅提供音訊，不過補充投影片目前已可在我們網站下載。我們也會在 Twitter（帳號 @boxincir）發布今天電話會議的重點摘要。

On this call, we'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.

在本次電話會議中，我們將作出前瞻性陳述，包括我們對 2023 會計年度第四季及全年財務指引，以及我們對 2023 會計年度、2024 會計年度及未來期間財務表現的預期，包括自由現金流、毛利率、營業利益率、營業槓桿、未來獲利能力、淨留存率、剩餘履約義務、營收與帳單金額（billings）、外匯匯率變動的影響；以及我們對市場機會規模、計畫性投資、未來產品供應與成長策略、達成長期營收及其他營運模型目標的能力、新產品／定價模式／合作夥伴關係的推出時程與市場採用情況及其效益、協助解決企業挑戰並為客戶帶來成本節省的能力、總體環境對我們業務營運結果的影響，以及我們的資本配置策略（包括併購與可能回購普通股）之預期。

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.

這些陳述反映我們基於目前已知因素所作出的最佳判斷，實際事件與結果可能存在重大差異。請參閱我們今日發布的財報新聞稿，以及我們向美國證券交易委員會（SEC）提交的風險因素與文件（包括我們最近一期的 Form 10-Q 季度報告），以了解可能導致實際結果與本次財報電話會議所述內容出現重大差異的風險與不確定性。本前瞻性陳述係截至今日（2022 年 11 月 30 日）作出；若其後發生變更或不再為最新資訊，我們不承擔更新或修訂之義務。

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

此外，在今天的電話會議中，我們將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標應與我們的 GAAP 結果一併考量，而非取代 GAAP 結果，亦不應孤立解讀。您可在我們的財報新聞稿及相關 PowerPoint 簡報中找到關於這些非 GAAP 指標的額外揭露（包括與可比 GAAP 結果的調節表），上述資料可於我們網站的投資人關係頁面取得。除非另有說明，所有財務衡量指標之提及均以非 GAAP 基礎表示。

With that, let me hand it over to Aaron.

接下來，我把時間交給 Aaron。

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

謝謝你，Cynthia，也感謝各位今天加入電話會議。我們第三季交出強勁成果，營收年增 12%，若以固定匯率計算則年增 17%。我們對獲利能力的高度聚焦，帶動非 GAAP 營業利益率創下 24% 的新高，較一年前的 20.7% 提升 330 個基點。毛利率維持強勁、超過 76%，而淨留存率也較去年同期小幅上升。鑑於總體環境日益艱困，我們對本季表現以及年對年獲利端的顯著改善尤其感到滿意。

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.

過去幾個月，我有機會與幾乎各個產業、不同規模公司的數十位 CIO 與 CEO 交流，很明顯企業正面臨一個高度動態的環境。在每個產業中，企業都在應對複雜的經濟壓力，同時也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.

我與客戶的對話以及我們第三季的結果都證實，企業正優先投入具策略性的 IT 計畫，以便更好地服務客戶、以速度與敏捷性運作、支援日益分散的勞動力，同時力求降低技術堆疊的複雜度，並確保企業免受威脅、維持安全。這些仍是你今天與幾乎任何企業或科技領導者交談時所聽到的首要優先事項。

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，即使 IT 預算可能趨緊，且部分大型交易在不同產業別與地理區域都可能需要更嚴格的審視，我們仍處於獨特位置，能協助客戶為未來做好準備。未來工作的核心，在於企業如何保護、分享與管理其最重要的內容。無論是製作賣座電影所需的創意媒體、研發新型救命藥物或疫苗的研究資料、用於導入新客戶的客戶資料，或是打造下一個爆款消費性產品所需的專案檔案，每一家企業都以內容為運作基礎。

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，我們看到目前多數企業同時使用傳統的企業內容管理解決方案、網路檔案共享，以及各式點狀的協作與簽署工具來處理內容。這種碎片化會造成資安風險、降低生產力，最終讓企業付出遠高於必要的成本。Box Content Cloud 能協助企業提升生產力、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.

第三季中，Box 為客戶創造此類價值的例子包括：一家全球科技領導企業作為 Box 客戶已超過 10 年，並於第三季購買了七位數金額的 Enterprise Plus ELA，以加碼運用 Box 來支撐其業務策略（其中包含併購）。透過 Box，他們計畫汰除重複的系統與技術，目標是在每年節省數百萬美元的同時，藉由保護敏感資料來提升生產力並降低風險。

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.

一家全球娛樂公司於第三季導入 Enterprise Plus，以確保內容安全並加以保護，並透過將併購活動所帶來的資料資產與網路檔案共享整併至單一內容雲解決方案，降低成本與複雜度。儘管預算壓力仍在，企業顯然正愈來愈多地就如何支援混合式勞動力與數位流程、同時維持高水準的安全與合規，做出具策略性的長期決策。Box Content Cloud 最能協助客戶降低其傳統內容技術堆疊的成本與複雜度；我們也持續加碼投入，致力於在單一平台上支援內容的完整生命週期，並因應未來工作中的重大趨勢。

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，我們在平台上推動了大量創新，並於 10 月的 BoxWorks 對外分享。我們發布了多項針對 Box Shield 與 Box Governance 的重大強化，這兩者是我們旗艦級的安全與資料治理解決方案。在 Box Shield 方面，我們擴展了惡意軟體深度掃描能力，新增可掃描更多檔案類型（包括 Microsoft Office），進一步強化 Box 對支援第三方檔案類型的承諾，並協助管理員將關鍵防護套用到更廣泛的智慧財產類型。我們也宣布在 Box Shield 中推出「道德牆」功能，可在組織內建立更強化的資訊隔離屏障，以防止可能導致群組間利益衝突的溝通或資訊交換。此功能可用於保護內線資訊，特別適用於金融與法律服務客戶。

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，我們也推進 Box Governance 的能力，以支援更具彈性的保留（retention）政策，服務更廣泛的產業使用情境；未來也將持續改進，包括讓在法律保全（legal hold）下匯出內容更容易、提供更佳的報表與處置（disposition）洞察等。

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.

在協作與工作流程方面，我們在 Box Sign 推出更多功能，協助客戶將更多簽署交易移轉至雲端。這些功能包括：使用者可將文件線上發布以供簽署、可在簽署流程進行中編輯簽署請求、享有更佳的簽署者體驗等。

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.

我們宣布全新 Box Notes 正式全面推出（general availability），用於即時內容協作與專案管理；同時也宣布 Box Canvas 進入 Beta 測試階段，這是我們新的視覺化協作與虛擬白板工具，將於本季開始逐步推出。我們也強化了 Content Insights，以確保使用者與企業能更深入洞察其內容如何被存取、消費與運用，進而提升商業智慧。

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，我們產品策略的一個關鍵部分，是我們能夠在整個 SaaS 生態系中進行深度整合；我們也很高興，我們的互通性使我們得以與領先的科技公司建立強健的合作夥伴關係。在 BoxWorks 上，IBM 執行長 Arvind Krishna 談到 Box 與 IBM 如何攜手合作，為客戶推動數位轉型。Microsoft Experiences and Devices Group 的 CVP 兼 COO Kirk Koenigsbauer 談到開放性與互通性的重要性，以及 Box 與 Microsoft 持續的合作。Google Cloud 執行長 Thomas Kurian 分享 Box 與 Google 的合作如何在企業中實現安全的現代化協作。最後，Cisco 安全與協作事業群執行副總裁 Jeetu Patel 討論 Box 與 Webex 的共同客戶如今如何能更好地同時使用 Box 與 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.

而在更近期，我們推出了強化版的 Zoom Box 應用程式，讓客戶能夠自動儲存——將選定的 Zoom 錄影直接存到 Box。透過這項新功能，共同客戶可以在同一個地方管理其內容，同時維持企業級的安全性、合規性與治理，且全部都在 Zoom 內完成。

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.

比以往任何時候都更明顯的是，客戶正在尋求與平台合作，而不是單點工具，以協助他們提升效率、使用者體驗與安全性。隨著我們邁入第四季並展望明年，我們將在三大核心創新支柱上加倍投入。在安全與合規方面，我們將為 Box Shield 與 Governance 帶來重大強化，以在高度動態的威脅環境中保護客戶、延伸我們在合規領域的領導地位，並推動我們史上最具企圖心的安全與治理藍圖上的全新工作。

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，以支援更進階的簽署流程；為 Box Notes 與 Canvas 增加更豐富的功能；進一步擴充 Relay，並為工作流程創新奠定明年重大發展的基礎；強化我們主要 Web 應用程式使用者體驗的核心部分；深化內容發佈（content publishing）以及其他進階內容管理能力的開發，還有更多。在平台方面，除了與 Teams、Slack、Zoom、Salesforce 等第三方應用程式的整合之外，我們也將持續加倍投入可擴展性與開發者體驗的工作，例如 UI 元件等。

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.

如同我們先前分享的，Enterprise Plus（我們的多產品套裝方案）是提升銷售動能效率、並將 Box Content Cloud 的完整價值帶給客戶的關鍵策略。Enterprise Plus 將 Box 進階產品能力的完整套件，以簡單的產品組合方式提供。我們已看到來自市場推進團隊與客戶的強勁採用。我們在一年多前推出 E Plus，而它已成為迄今最成功的套裝方案。在第三季，Enterprise Plus 在我們大型交易的套裝銷售中占比超過 90%。而套裝方案占我們大型交易的 73%，高於一年前的 63%。此外，我們也看到 E Plus 的續約率高於公司整體的續約率。

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.

我們第三季在 Enterprise Plus 的客戶擴張與新簽案包括：一家運動行銷與人才管理公司，長期以來一直是 Box 客戶，因為 Box 已成為其業務更具策略性且不可或缺的一部分，於第三季購買了 Enterprise Plus 的 ELA（企業授權協議）。升級後，他們將以 Box Sign 取代現有的電子簽章供應商，並使用 Box Shield 來保護存放於 Box 中的健康紀錄與 PHI（受保護的健康資訊），同時透過威脅與惡意軟體偵測來防範網路攻擊。

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，在第三季以一筆六位數的 Enterprise Plus 交易購買了 Box。在導入 Box 之前，他們的理賠人員一直使用傳統與地端（on-premises）系統運作。他們認知到需要汰換該系統。在完成概念驗證（proof of concept），並透過 Box 的 API 驗證多個使用情境後，他們選擇 Box 作為全組織的後端內容層，用於儲存並處理敏感的客戶資訊。

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.

我們對 Enterprise Plus 持續強勁的採用感到滿意。因為我們知道，當客戶採用我們的多產品方案時，我們會看到更高的整體帳戶價值、更高的淨留存率、更高的毛利率，以及更有效率的銷售流程。

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.

總結來說，我們很高興第三季交出強勁的成績。自上次財報電話會議以來，外匯（FX）與總體環境的逆風加劇。然而，帶動我們第三季創紀錄營業利益率的營運紀律將會延續。營運紀律已深植於公司的核心，我們也為已展現的顯著利潤率改善感到自豪，並仍致力於達成 FY '23 的營業利益率目標。遠距工作、數位轉型與資安挑戰的匯流，正促使企業重新思考如何處理其內容，而這些趨勢只會持續加速。

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.

我們有信心，Box 具備獨特優勢，能從這項轉變中受益。我們在高度動態的市場中再次創下第三季毛利率與營業利益率新高，展現我們提升獲利能力的承諾。展望下一個 10 億美元的 Box 營收里程碑，我們仍將高度聚焦於推動成長與獲利。

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

接下來，我把時間交給 Dylan。

Thanks, Aaron. Good afternoon, everyone, and thank you for joining us. 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.

謝謝你，Aaron。各位下午好，感謝大家加入我們。第三季對 Box 而言又是一個強勁的季度，營收符合我們的指引，而營業利益率與 EPS（每股盈餘）高於我們的指引。儘管面臨外匯與總體經濟挑戰，我們仍按計畫達成 FY '23 年初所提出的三項關鍵財務目標：以固定匯率（constant currency）基礎加速年度營收成長、擴大營業利益率，以及審慎配置資本以最佳化股東報酬。

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.

我們仍致力於達成 FY '23「營收成長加上自由現金流利潤率」37% 的目標，較去年 33% 的結果提升 400 個基點。我們能在此環境下擴大營業利益率與自由現金流利潤率，證明了我們的營運紀律與具韌性的財務模型。第三季我們實現營收 2.5 億美元，年增 12%。儘管第三季遭遇 5 個百分點的外匯逆風，該結果仍符合我們的指引；而這個逆風比我們在第二季電話會議設定指引時預期的還高 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，由於總體經濟環境，我們開始看到客戶對大型交易施加更多審視所帶來的影響。第三季我們完成了 77 筆年化金額超過 10 萬美元的交易，相較去年同期為 97 筆。我們目前共有 1,586 位年化支付超過 10 萬美元的客戶，年增 19%。值得注意的是，我們的贏單率維持不變，而每席位平均價格在第三季仍持續較去年同期改善。我們也持續推動強勁的套裝方案附加率（suite attach rate），在這些大型交易中占 73%。目前約 42% 的營收可歸因於購買套裝方案的客戶，較一年前的 31% 顯著提升 11 個百分點。簡而言之，Box 持續良好執行，儘管環境充滿變動。

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.

第三季結束時，我們的剩餘履約義務（RPO）為 11 億美元，年增 11%，或以固定匯率計算成長 20%。我們預期在未來 12 個月內認列超過 60% 的 RPO。第三季帳單金額（billings）為 2.58 億美元，年增 12%，明顯優於我們「高個位數成長率」的指引。儘管外匯帶來 8 個百分點的逆風（比我們在指引中預期的高 3 個百分點），我們仍推動了優於預期的帳單表現。第三季強勁的帳單表現，主要來自更多提前續約以及較長的付款期間（payment durations）。

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.

第三季末，我們的淨留存率為 110%，較去年同期提升 100 個基點。我們的年化整體流失率（full churn rate）為 3%，相較去年為 5%，顯示客戶對產品的黏著度更強。第四季我們預期整體流失率將大致維持在 3%，淨留存率約為 108%。我們預期淨留存率將受到席位擴張率下降的影響，因為我們預估在總體經濟不確定性下，某些客群的客戶將縮減人力與預算。

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%，較一年前的 74.7% 提升 180 個基點。此結果反映了我們在轉型為完全於公有雲上運行的過程中所產生的效率提升，以及由於套件採用強勁而帶動每席位價格提高的影響。第三季毛利為 1.91 億美元，年增 14%，較我們的營收成長率高出 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.

我們再次展現了業務的槓桿效應，以及致力於提升獲利能力的承諾：第三季營業利益年增 29% 至 6,000 萬美元。我們創紀錄的 24.0% 營業利益率，較一年前的 20.7% 提升 330 個基點。第三季稀釋後非 GAAP 每股盈餘為 0.31 美元，較一年前的 0.22 美元成長 41%，且儘管受到匯率逆風帶來 0.06 美元的負面影響，仍高於我們指引區間的上緣。

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.

接下來我將說明我們的現金流與資產負債表。第三季我們產生自由現金流 5,500 萬美元，較去年同期的 3,100 萬美元大幅改善。第三季營運活動現金流為 7,000 萬美元，去年同期為 4,600 萬美元。資本租賃付款（我們在自由現金流計算中納入）為 1,000 萬美元，低於去年第三季的 1,200 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.

接著談談我們的資本配置策略。本季末我們持有的現金、約當現金、受限制現金及短期投資合計為 4.03 億美元。第三季我們回購 110 萬股，金額約 2,900 萬美元。因此，我們已連續 6 個季度降低加權平均基本與稀釋後流通在外股數。我們仍致力於在適當時機向股東回饋資本。為此，我們董事會近期核准新的 1.5 億美元普通股回購計畫。除強勁的股票回購計畫外，我們也將持續運用穩健的資產負債表與不斷提升的現金流創造能力，投資於關鍵成長計畫，並資助策略性的小型併購（tuck-in M&A）機會，以強化並加速我們的產品藍圖。

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.

接下來我想談談我們對第四季與 2023 會計年度的指引。在我們於 2022 年 8 月 25 日發布前次財報公告後，美元相對於我們國際業務交易所使用的貨幣顯著走強，導致第三季與 2023 會計年度全年面臨超出預期的外匯逆風。提醒一下，我們約有 1/3 的營收來自美國以外地區，主要以日圓計價。

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.

以下指引包含在假設目前外匯匯率下，外匯逆風的預期影響。雖然我們今年強勁的業務表現已在很大程度上抵消這些外匯逆風，但在一些較大型交易上，隨著企業面臨人力縮減與預算限制，我們看到額外的審視與更嚴格的把關。由於外匯與總體經濟壓力加劇，我們審慎調整 2023 會計年度的營收指引，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 會計年度第四季，我們預期營收為 2.55 億至 2.57 億美元，在區間上緣代表年增 10%。其中包含外匯對第四季營收成長率約 5 個百分點的預期影響。基於外匯影響加大，以及促成第三季帳單金額（billings）強勁表現的提前續約量，我們目前預期第四季帳單金額成長率在報表口徑（as-reported）下約為 10%，其中包含外匯約 5 個百分點的預期影響。

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.

我們預期第四季剩餘履約義務（RPO）成長率將略高於我們預期的第四季營收與帳單金額成長率。我們預期非 GAAP 營業利益率將提升至約 24.5%，年增改善 370 個基點。我們預期非 GAAP 每股盈餘為 0.34 至 0.35 美元，在區間上緣代表年增 46%；GAAP 每股盈餘預期為 0.06 至 0.07 美元。加權平均基本與稀釋後股數預期分別約為 1.44 億股與 1.49 億股。我們第四季 GAAP 與非 GAAP 每股盈餘指引包含外匯約 0.05 美元的預期影響。

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 日的完整會計年度，我們目前預期 2023 會計年度營收將落在 9.90 億至 9.92 億美元之間，年增 13%，或以固定匯率（constant currency）計算為年增 17%。我們重申 2023 會計年度非 GAAP 營業利益率指引約為 22.5%，較去年 19.8% 的結果改善 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 2023 會計年度非 GAAP 每股盈餘上調至 1.16 至 1.17 美元，高於前一年度的 0.85 美元。我們也預期將首次實現全年 GAAP 每股盈餘轉正，落在 0.02 至 0.03 美元之間。加權平均基本與稀釋後股數預期分別約為 1.44 億股與 1.50 億股。我們 2023 會計年度 GAAP 與非 GAAP 每股盈餘指引包含外匯全年約 0.18 美元的預期影響。就 2023 會計年度全年而言，我們目前預期匯率逆風將使帳單金額成長率受到約 6 個百分點的影響，較對營收成長率的影響高出約 2 個百分點。雖然我們預期以固定匯率計算的 2023 會計年度帳單金額成長率大致與營收成長一致，但在報表口徑下預期將略為落後。

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.

雖然我們尚未提供 2024 會計年度的正式指引，但我們認為就 2024 會計年度建模而言，提供兩項值得注意事項的補充說明將有所幫助。如同先前所討論，我們的公有雲遷移策略，一旦我們完全退出現有的共置（collocated）資料中心，將釋放顯著的財務槓桿，並改善我們長期的毛利率結構。

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.

我們在公有雲與資料中心的重複支出將於 2024 會計年度上半年達到高峰。於明年第一季與第二季，我們預期毛利率將較剛公布的 76.5% 下滑約數百個基點。我們預期在 2024 會計年度結束時，毛利率將較剛公布的結果高出數百個基點。我們預期此毛利率影響將於明年反映至營業利益率：第一季與第二季將面臨暫時性逆風，之後回升，使 2024 會計年度全年營業利益率呈現年增擴張。

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，隨著我們擴張規模，Box 將更有利於持續實現獲利性成長；在完成這項重要的公有雲轉型後，我們將以更強健的營業利益率模型結束明年。此外，鑑於我們在 2023 會計年度期間所見的顯著匯率波動，我們認為量化外匯對明年營收成長的影響將有所幫助。以目前即期匯率（spot rates）計算，我們預期在報表口徑下，外匯將對 2024 會計年度全年營收成長帶來約 300 個基點的逆風，且上半年影響更為明顯。依照我們一貫作法，我們將在會計年度第四季財報電話會議中提供 2024 會計年度的詳細指引。

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，我想以我們對 Boxers 的自豪作結：他們在這個多變的經濟環境中保持專注並有效執行。我們打造了領先的內容雲平台，使企業能在降低成本的同時，管理其內容的完整生命週期，並讓企業免於威脅、維持安全。我們正按計畫達成 2023 會計年度的 3 項關鍵財務目標；我們商業模式的強度與韌性，使我們得以在實現營收成長的同時，擴大營業利益率與自由現金流利潤率。總結而言，隨著我們朝著創造下一個 10 億美元營收的目標擴張，在這個不確定的總體經濟環境中，我們已做好充分準備，持續為客戶與利害關係人創造價值。

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

那麼，Aaron 和我很樂意回答各位的問題。接線員？

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

（接線員指示）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?

我想先從您提到交易週期可能稍微拉長或審查更嚴格的評論開始。我很想了解，您在哪些終端市場或客戶類型中看到這種情況是否有共通性？另外，這對淨新增（net new）的影響比較大嗎？還是也可能是加購／交叉銷售（upsell/cross-sell）的動態所致？

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，我是 Aaron。我們其實在本季看到相當健康的淨新增需求，所以在那方面並沒有特別明顯的正面或負面影響。我們對於新增的一些新標誌客戶（new logos）以及新客戶感到相當滿意。我們特別點出的情況是——在某些情境下，在我們部分業務線中較高金額、較大型的交易區間，可能出現更多的預算壓力，導致交易規模比我們一開始預期的小；有些情況下，可能會被往後推遲，或是週期拉長。但這些仍然是較為狹窄的業務區段。整體而言，我們對於整個季度所看到的健康需求感到相當滿意。

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.

而且在某些客戶產業中，你可以看到一些公司沒有雇用那麼多人，這表示他們顯然在整體上不會需要那麼多軟體席位。不過整體而言，我們對於能為客戶交付的成果感到相當滿意。

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.

再補充一下，Brian，我們確實看到我們業務的兩大主要區隔——企業（enterprise）與中小企業（SMB）——表現相當類似。至於你問到淨新增標誌客戶的量化部分，這也相當一致：在第三季，淨新增標誌客戶仍然貢獻我們新訂單（new bookings）的約 20% 到 25%，其餘則來自既有客戶擴張。因此與過去我們看到的相對貢獻度相當一致。

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，考量到總體環境正在發生的一切，這其實相當令人鼓舞。也許再問一個較長期的問題：你們在事先準備的講稿中多次提到「下一個 10 億美元營收」。但我很好奇，如果回顧過去一兩年你們所有的產品創新，對於真正邁向下一個 10 億最讓你興奮的是什麼？我很想聽一些產品面的想法——以及什麼會驅動那個成長。

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。正如你所知，我們對產品路線圖非常興奮。我們擁有公司史上最具企圖心的路線圖，同時我認為仍能在業務中交付強勁的營業利益率槓桿。這通電話中我們點出的幾個方向，我也想再次強調：我們會在安全與合規等領域加倍投入。企業正以內容的形式處理大量關鍵智慧財產，還有他們必須運用的任務關鍵資料——不論是客戶資料，或是專案的關鍵資訊與其他尚未發布的內容——他們都希望能加以保護。因此在資料安全、資料保護、威脅偵測，以及合規與治理方面，你會看到大量創新。

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.

我們也會在工作流程（workflow）以及電子簽署（e-signature）能力等領域加倍投入。隨著越來越多客戶移轉到雲端、需要將其業務流程數位化，我們相信他們會關注如何圍繞內容來自動化工作流程。另外，正如你在我們許多協作（collaboration）創新中所看到的，我們也看到一股強勁順風：隨著公司越來越分散，即使回到辦公室，他們的組織仍比以往更分散，這意味著你需要更容易、更安全、更具協作性的方式來處理內容。因此像 Canvas、Notes、我們的核心網頁體驗（core web experience）等，都會在這些面向持續改進。明年你會看到一系列我認為令人興奮的公告，而我們也有一個多年期的產品路線圖與策略，我們非常期待交付。

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

您的下一個問題來自 Citi 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?

我是 George，我代替 Steve 發問。我想問一下關於續約（renewal）的評論，這帶動了帳單金額（billings）的上行。你們能否談談是什麼驅動了客戶行為的這個變化？

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。所以在第三季，一如既往，特別是在能夠升級到套裝（suites）的催化因素下，我們看到早期續約（early renewals）的量比典型情況更強。也就是說，原本多數預計在第四季續約、以及某些情況下在未來期間續約的客戶，往往會搭配加購以升級到更多產品能力，而在第三季提前續約合約。這使得部分帳單金額提前入帳，並貢獻了我們本季看到的強勁表現。

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.

了解，這很合理。接著針對擴張（expansion）再追問一個：我想你提到你預期某些區隔會出現人力縮減以及預算壓力。你能否再補充一下，你預期會在哪些地方看到這些影響？

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。我不一定會說是某個特定區隔，而是更落在特定客戶身上——那些受到經濟環境影響較大的客戶。特別是這類公司若在縮減人力、屬於較具循環性的業務，或是面臨更嚴格的預算審查，我們只是希望保持審慎，因為我們確實預期某些類型的客戶在未來的席位擴張（seat expansion）會較低。

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.

但我仍要強調，整體而言，我們在所服務的不同區隔中，業務的經濟性與動能都相當強勁；而我們的整體流失率（full churn rate）——這反映客戶從平台獲得的黏著度與價值——以年化基礎計算仍維持在非常強勁的 3%。

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

您的下一個問題來自 Morgan Stanley 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.

在艱難的環境下，恭喜 Aaron 和 Dylan 交出不錯的一季。我想就此問一下總體環境（macro）。如果回顧 2020 年 COVID 時期，你們看到明顯逆風與成長放緩。到目前為止，這次的情況不同，淨留存率（net retention rates）相對穩定，而你們剛公布了以固定匯率計算 20% 的帳單金額（billings）與剩餘履約義務（RPO）成長。顯然宏觀背景非常不同，但希望你們能談談 Box 現在相較於幾年前的定位差異；也想了解套裝（suites）與 Enterprise Plus 的成熟，是否在這個環境中真的有幫助、以及如何幫助。

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，謝謝。顯然，公司在過去幾年已經非常不同，這是我們非常自豪、也很高興的——不僅是獲利端（bottom line）的表現，如你所提到的，營收端（top line）在產品組合與市場定位上也是如此。如果我回顧兩三年前——那也確實影響了我們在 2020 年會推進的管線與交易——當時我們是一個非常先進的安全內容管理與協作技術與平台，但那其實只是我們今天所交付能力的基礎；而現在我們越來越是在支撐內容的完整生命週期。例如切入電子簽署（e-signature）、在工作流程自動化（workflow automation）等領域加倍投入。像 Box Shield 這樣的產品，在疫情爆發時其實還不到一歲，這意味著在安全敘事與策略上，當時的動能相對較少。

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.

因此到了今天，Shield 對客戶而言已是一個更成熟的資料安全平台能力，我們在資料治理（data governance）方面也做了許多進展。當你把這些能力與價值主張加總起來，我們在客戶眼中就是一個非常、非常不同的平台。我們可以讓他們淘汰原本可能需要在其他基礎架構上的支出；我們可以更深入地嵌入組織的業務流程；最終，當然也能讓客戶在面對非常猖獗且動態的威脅時保持安全。以上是產品能力面；而我們的路線圖，我認為也持續反映這一點。

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.

然後相反地，在定價與包裝方面，我們讓它對客戶而言更具吸引力、也更容易去運用這些能力。所以同樣地，當疫情在 2020 年爆發時，我們的套件（suites）才剛推出最初的一兩個季度，因此那時還沒有真正被納入我們的銷售與上市（go-to-market）推進節奏。Enterprise Plus 真的大幅加速了我們推動套件的力道。很明顯地，你可以看到我們現在所做的大型交易套件中，多數已經是它，我們也持續看到它在客戶群中逐步擴展。

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，產品路線圖、定價、包裝與對客戶的定位，以及真正鎖定企業在內容管理周邊的這些高價值使用情境，我認為這些讓我們處於非常不同的位置。然後稍微退一步、看看整體業務的組成，我們顯然在公司內推動了非常顯著的營運槓桿。我認為這也讓我們能更聚焦、提升執行力。所以這同樣也正在帶來回報。

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。而且也許再補充一下並做個對比。撇開產品不談，這些變化在一些客戶對話與影響上是如何呈現的：在 COVID 期間，我們確實看到某些產業以及 SMB（中小企業）市場受到相當明顯的衝擊，因為有些公司的業務出現了真正的階躍式變化。

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.

我會說現在的環境非常不同。除了我們擁有更強的產品來滿足客戶所尋求的需求之外，客戶仍持續在 IT 上支出，只是更聚焦於降低總持有成本（TCO）、提升效率，以及做很多與我們——尤其是較新產品能力——高度一致的事情。這也是為什麼我認為你看到我們業務受到的影響較小，儘管在這種環境下我們當然也不可能完全免疫。

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

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?

我是 George Iwanyc。Aaron，鑑於你們看到的審查更趨嚴格，能否請你更新一下日本與歐洲的情況？那邊的需求環境有多少是匯率（FX）因素所致，又有多少是你們從交易互動（deal engagement）角度所觀察到的？

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。我認為我們在各個地理區域看到的趨勢相當一致、也相對正常化。確實存在我們面對的那種宏觀層面的背景與動態——對所有客戶而言都是如此——也就是預算審查更嚴格。他們會尋找能幫助他們降低成本的供應商，或是更聚焦在最關鍵的投資領域。因此，這些也會反映到我們的交易週期中，當然會。我大約 3 週前剛去日本拜訪客戶，那邊的需求環境我認為仍相對健康；而我也在夏天到歐洲拜訪客戶。

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.

所以我會說，整體而言仍是廣泛且健康的需求環境，只是疊加了一層：每個人都在以不同方式因應宏觀環境。你會看到預算審查會在交易中浮現。有時候我們原本以為會更大的案子，可能在某些細分市場會小一些；也可能意味著席位數較少。但從數字你也看得出來，我們正盡可能地緩解這些影響並加以消化。

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。那再從競爭面來看，你們對流失率（churn）與贏單率（win rate）的評論相當令人鼓舞。你們是否在任何市場看到價格壓力、交易壓力？以及／或你們是否在某些產品上看到市佔提升？

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。我想如同我們提到的，定價其實變得更強勢了。所以我們對目前看到的每席位價格（price per seat）環境相當滿意，而這主要是因為 Enterprise Plus 在平台內帶來了更多價值。當我們與客戶合作時，我非常喜歡我們的競爭地位；能夠強調整個平台的完整價值，確實讓對話不再停留在與任何特定供應商的一對一競爭，因為平台的完整價值正以越來越明顯的方式展現出來。這一切都非常令人振奮。而且我們甚至還在像 Canvas 的推出與擴展之前。所以我也很期待能加入更多差異化與價值，這正是客戶所迫切需要的。

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

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?

我想再深入一點探討你提到的評論：我理解是某些選擇性的大型交易受到更嚴格的審查，或是看到席位數成長較低。我試著理解的是，相較於看起來相當強勁的套件採用（suite adoption），Enterprise Plus 顯然在既有客戶基礎中獲得非常好的反應；而且帳單（billings）成長率不論是以報告口徑或固定匯率（constant currency）口徑，其實都超出預期，也在比你們原先想的更大的匯率逆風下仍然超標。再加上提前續約（early renewals），我們最近完全沒有聽到這種情況——我不是說……我們反而聽到相反的。所以，呃，再次強調不是要鑽牛角尖，但關於大型交易審查，這是你們在季後才看到的現象嗎？還是只是綜合外部各種訊息與大家的說法後的判斷？

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，我認為其中一部分是我們在整個季度中看到的趨勢——再次強調，來自交易規模、與客戶的直接互動，以及我們在業務中跑的一些趨勢報表。另一部分則是我們試圖預判某些趨勢在第四季及之後會延續，並在預期上保持審慎，所以算是兩者的混合。再說一次，這是一個很有意思的環境：我們所處的領域有很多我認為是正向的順風，以及我們為客戶帶來的價值。

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.

在很多情況下，我們可以進到客戶那裡，幫助他們在 IT 支出上節省數百萬美元。當你看他們的基礎設施成本、內容管理系統、資安技術時，這在當下是一個非常、非常有力的價值主張。與此同時，在某些特定產業與環境中，你可能會遇到客戶沒有招聘那麼多人，這可能意味著我們對 ELA（企業授權合約）或某些席位擴張的提案會被暫緩，而我們確實看到這種動態在發生。所以我認為把這些都納入考量並向外推估，再加上我們目前希望保持審慎，這就是我們所提出的那些數字背後的原因。

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。那再快速追問一個。你們之前在投影片上提到——我記得是在 Analyst Day——當客戶從核心（core）升級到套件（suites）時，你們看到的提升幅度，不論是以 ARR 或淨留存（net retention）來看，以及每席位價格大概至少是 2 倍；就經濟面而言，這些今天仍然成立、仍然真實嗎？

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。所以我們確實看到，當客戶從核心轉向套件時，相對於核心所帶來的影響，我們仍看到同樣類型的每席位價格與整體經濟性趨勢——從平均交易規模與每席位價格，到淨留存率，再到毛利率都更強；而且特別是現在 Enterprise Plus 已占我們套件銷售的 90%，也進一步支撐了這個趨勢。

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

（接線員指示）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?

很高興看到你們在宏觀環境之下仍持續展現韌性。我有兩個問題，一個問 Aaron，一個問 Dylan。Aaron，我想再更深入談一下套件（suites），對吧？你們看到相當亮眼的搭售／附加（attach）比率。不過當你思考套件的 attach 比率時，在美國以外的趨勢如何？特別是在日本，因為我知道你們過去曾談到那裡。

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特別在日本提到過這點，主要是因為通路環境。他們可能較慢採用我們的套裝方案以及 Enterprise Plus 策略。但這情況幾乎已經扭轉，我們現在看到這方面持續改善。因此，就目前而言，這並不是我們會認為會阻礙 E Plus 表現的因素。而且坦白說，我們會在每一次與客戶的對話中持續推動，並在整個客戶群中持續推進。

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，了解。這很有幫助。接著，Dylan，如果我們看你們的 NRR，它確實小幅下滑了一點，而你們指引還會再下滑大約 2 個點。這純粹是因為人力編制嗎？還是還有其他可能在起作用的因素？另外也請提醒一下，這裡面是否有任何匯率（FX）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。所以在 Tier 1，主要是人力編制以及席位擴張較低。如前所述，就影響擴張的定價面而言表現相當強勁，我們的流失率以及對其的預期也是如此。另外還有一點因素在於——由於過去一年我們看到的動能，我們現在面臨更具挑戰性的比較基期，但如你所說，我們主要仍是指向人力編制或席位擴張。

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

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，我想確認一下你們有多少業務——你們的國際業務是以當地貨幣銷售的？是否主要都是以當地貨幣銷售？然後我還有一個追問。

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

當然。所以——大約 85% 的國際業務是以當地貨幣計價。

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。那在 Enterprise Plus 方面，你們猜測在既有安裝基礎（installed base）中的滲透率大概是多少？而當你們提高該滲透率時，一旦客戶已經在 Enterprise Plus 上，還有多少額外提價（price lifting）的機會？因為這一直是你們成長的驅動因素。若 Enterprise Plus 的滲透更深，這個動能會不會放緩？

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。我可以回答。這是 Dylan。我會說，如你所提到，套裝方案（suites）的滲透率目前——已占我們總營收的 42%，相較一年前的 31% 大幅提升。其中大多數現在是 E Plus，不過因為時點以及我們推出 Enterprise Plus 的時間，仍有不少套裝客戶尚未升級到 Enterprise Plus；但我們預期隨時間推進，絕大多數會轉到 Enterprise Plus，因為我們在最近一季看到套裝的大型交易對 suites 的貢獻達到 90% 以上。

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.

至於定價方面，一旦客戶已經在 Enterprise Plus 上，他們確實有最強的相對淨留存率，但這較少是由每席位價格提升所驅動，更多是因為這類客戶能從產品開箱即用（out of box）中獲得最大價值、黏著度最高，因此他們的席位擴張與採用也最強。

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，隨著時間推進，當我們持續擴充產品組合時，我們當然可能推出高於 Enterprise Plus 的更高階套裝，或調整定價，這將帶來未來每席位價格的上行空間；但就——就我們歷史上所看到的而言，Enterprise Plus 客戶的強勁淨留存主要是由席位成長所驅動。

Your next question comes from the line Rich Hilliker.

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.

我是 CS 的 Rich Hilliker。恭喜這一季。很高興看到強勁的 RPO 以及穩定的套裝附加（suite attach）。我想問的是，鑑於大型交易受到更嚴格的審視，我們應該如何看待從現在到明年、以及相對於先前上升後的訂單（bookings）期限（duration）走勢？

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。起初，在這樣的環境下，我們其實沒有看到期限受到太大影響，因為客戶仍越來越把 Box 視為具策略性的長期合作夥伴，因此仍持續與我們簽更長期的合約。就合約期限而言，整體相當穩定，且在過去一年其實略有拉長，這也促成了 RPO 成長的一些強勁表現；而付款期限整體也大致一致。因此就這些指標的期限貢獻而言，一切都算是按部就班、維持穩定。

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.

很好。很高興聽到。也許，Aaron，這題給你。在這樣的環境下，你們的產品對話如何改變？考量到解決方案式銷售（solution selling）的方式，以及你們透過套裝推動的價值，我想知道你們是否也有其他對話，例如關於 Relay，或是在更嚴格審視與整體宏觀壓力下，如何推動效率提升的方法？

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。就客戶效率面而言，我們看到很多對話聚焦在：我們能否協助你從傳統的網路檔案共享（network file share）或文件管理系統，或是可能是內部部署（on-prem）的 SharePoint 進行遷移。因此，我們確實在這方面協助進行更即時的成本削減對話，純粹從支出面來幫助客戶。坦白說，過去幾年一直相當一致、可能也是最大的趨勢之一，就是資料安全與合規。

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.

我想這通電話上的每個人對威脅態勢應該都不意外。你有勒索軟體（ransomware）問題。我們看到各式各樣的網路活動正在發生，而客戶非常希望確保他們能保護最重要的內容與資產。這些檔案裡包含他們關鍵的合約、財務資訊、電影劇本、未發布的產品資料，因此能夠保護這些內容並將其集中在安全的平台上，對客戶而言極其重要。因此，從他們幾乎無法掌握可視性的傳統系統移轉出來，並能在其應用程式之間整合單一平台——我們看到這在當前環境下對客戶具有極高價值。

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.

目前沒有其他問題。我現在把時間交回給投資人關係主管 Cynthia Hiponia，請她做結語。

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

很好。謝謝大家今天下午加入我們，我們期待在第四季（Q4）財報電話會議上向各位更新。

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

謝謝各位的參與。今天的活動到此結束。各位現在可以斷線。