Box Inc (BOX) 2023 Q4 法說會逐字稿

Good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Box, Inc. Fourth Quarter and Fiscal 2023 Earnings Conference Call.

下午好。我叫艾比，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Box, Inc. 第四季度和 2023 財年收益電話會議。

(Operator Instructions) Thank you. Cynthia Hiponia, Vice President of Investor Relations, you may begin your conference.

（操作員說明）謝謝。投資者關係副總裁 Cynthia Hiponia，您可以開始您的會議。

Good afternoon, and welcome to Box's Fourth Quarter and Full Year Fiscal 2023 Earnings Conference Call. I'm Cynthia Hiponia, Vice President, Investor Relations.

下午好，歡迎來到 Box 的第四季度和全年 2023 財年收益電話會議。我是 Cynthia Hiponia，投資者關係副總裁。

On the call today, we have Aaron Levie, Box Co-Founder and CEO; and Dylan Smith, Box's Co-Founder and CFO. Following our prepared remarks, we will take your questions. Today's call is being webcast and will also be available for replay on our Investor Relations website at www.box.com/investors. Our webcast will be audio-only. However, supplemental slides are now available for download from our website. We'll also post the highlights of today's call on Twitter at the handle @BoxIncIR.

在今天的電話會議上，我們有 Box 聯合創始人兼首席執行官 Aaron Levie；和 Box 的聯合創始人兼首席財務官 Dylan Smith。在我們準備好的評論之後，我們將回答您的問題。今天的電話會議正在進行網絡直播，也可以在我們的投資者關係網站 www.box.com/investors 上重播。我們的網絡廣播將是純音頻的。但是，現在可以從我們的網站下載補充幻燈片。我們還將通過@BoxIncIR 將今天電話會議的亮點發佈在 Twitter 上。

On this call, we will be making forward-looking statements, including our Q1 and full year fiscal 2024 financial guidance, and our expectations regarding our financial performance for fiscal '24, fiscal '25 and future periods, including free cash flow, gross margins, operating margins, operating leverage, future profitability, net retention rates, remaining performance obligations, revenue and billings, and impact of foreign currency exchange rates and our expectations regarding the size of our market opportunity, our planned investments, future product offerings, headcount targets and growth strategy, our ability to achieve our long-term revenue, operating margins, and other operating model targets, the timing and market adoption of, and benefits from our new products, pricing models and partnerships, our ability to address enterprise challenges and deliver cost savings for our customers, the impact of the macro environment on our business and operating results and our capital allocation strategies, including potential repurchase of our common stock.

在這次電話會議上，我們將做出前瞻性陳述，包括我們的第一季度和 2024 財年全年財務指導，以及我們對我們在 24 財年、25 財年和未來期間的財務業績的預期，包括自由現金流、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、外幣匯率的影響以及我們對市場機會規模的預期、我們的計劃投資、未來產品供應、員工人數目標和增長戰略，我們實現長期收入、營業利潤率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，我們應對企業挑戰和交付的能力為我們的客戶節省的成本，宏觀環境對我們的業務和經營成果的影響以及我們的資本配置離子戰略，包括我們普通股的潛在回購。

These statements reflect our best judgment based on factors currently known to us, and actual events or results may differ materially. Please refer to our earnings press release filed today and the risk factors and documents we file with the Securities and Exchange Commission, including our most recent Quarterly Report on Form 10-Q for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call. These forward-looking statements are being made as of today, March 1, 2023, and we disclaim any obligation to update or revise them should they change or seek to be up-to-date.

這些陳述反映了我們根據我們目前已知的因素做出的最佳判斷，實際事件或結果可能存在重大差異。請參閱我們今天提交的收益新聞稿以及我們向證券交易委員會提交的風險因素和文件，包括我們最近的 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 2023 年 3 月 1 日作出的，如果它們發生變化或尋求更新，我們不承擔任何更新或修改它們的義務。

In addition, today's call, we will discussing non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, and not as a substitute for or in isolation from, our GAAP results. You will 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，在今天的電話會議上，我們將討論非 GAAP 財務指標。這些非 GAAP 財務措施應被視為補充，而不是替代或孤立於我們的 GAAP 結果。您將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 結果的調節，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 had a strong year at Box, exceeding a $1 billion annual revenue run rate on a quarterly basis and delivering a healthy balance of revenue growth and increased profitability.

謝謝，辛西婭，感謝大家今天加入電話會議。我們在 Box 度過了強勁的一年，每季度的年收入運行率超過 10 億美元，並實現了收入增長和盈利能力提高的健康平衡。

For the full year, we achieved 13% annual revenue growth. Our operational excellence drove significant margin expansion as we achieved 23% non-GAAP operating margins, up more than 330 basis points from 20% a year ago. Our continued execution and our sharp focus on profitability allowed us to deliver on our revenue growth plus free cash flow margin target of 37%, a 400 basis point improvement from last year's outcome of 33%.

全年，我們實現了 13% 的年收入增長。我們的卓越運營推動了利潤率的顯著增長，因為我們實現了 23% 的非 GAAP 運營利潤率，比一年前的 20% 高出 330 多個基點。我們持續的執行力和對盈利能力的高度關注使我們能夠實現收入增長加上 37% 的自由現金流利潤率目標，比去年的 33% 提高了 400 個基點。

We delivered these results in the midst of a challenging macro environment and our ability to execute on delivering bottom line performance even with a slowing demand environment is a testament to the strategies we put in place several years ago to lower our cost structure while still investing for long-term durable revenue growth.

我們在充滿挑戰的宏觀環境中取得了這些成果，即使在需求放緩的情況下，我們也能執行實現底線績效的能力，這證明了我們幾年前為降低成本結構而實施的戰略，同時仍在投資於長期持久的收入增長。

Turning to Q4. We achieved revenue growth of 10% year-over-year, while delivering record quarterly operating margins, gross margins and EPS. As expected, our Q4 net retention rate was down year-over-year, impacted by pressure from customers' lower headcount growth and greater budget scrutiny on internal transformation initiatives.

轉向第四季度。我們實現了 10% 的收入同比增長，同時實現了創紀錄的季度營業利潤率、毛利率和每股收益。正如預期的那樣，我們第四季度的淨保留率同比下降，這是受到客戶人數增長放緩和對內部轉型計劃進行更嚴格的預算審查的壓力的影響。

In some cases, these dynamics impacted our customers' IT decisions and priorities across their business. And this dynamic included some deals pushing out or deals getting incrementally smaller than anticipated, leading also to a softening in billings as we exited FY '23.

在某些情況下，這些動態會影響我們客戶的 IT 決策和整個業務的優先級。這種動態包括一些交易的推出或交易的規模逐漸小於預期，這也導致我們在 23 財年結束時的賬單疲軟。

Even with this added macro pressure, our platform remains top of mind and extremely relevant for customers as they look to secure their most important data, drive up productivity or retire legacy IT systems and simplify their IT stack.

即使面臨這種額外的宏觀壓力，我們的平台仍然是客戶的首要考慮因素，並且與客戶極為相關，因為他們希望保護最重要的數據、提高生產力或淘汰遺留 IT 系統並簡化他們的 IT 堆棧。

Examples of Box delivering this value to our customers in Q4 include a global logistics company that upgraded to Enterprise Plus through a 6-figure deal to leverage Shield, Governance and Sign and the unlimited Salesforce and Sign integrations. With Box's additional security and e-signature capabilities, the company expects to see significant cost savings while improving employee productivity by eliminating the need for multiple solutions.

Box 在第四季度為我們的客戶提供這種價值的例子包括一家全球物流公司，該公司通過一筆 6 位數的交易升級到 Enterprise Plus，以利用 Shield、Governance 和 Sign 以及無限的 Salesforce 和 Sign 集成。借助 Box 的附加安全性和電子簽名功能，該公司希望看到顯著的成本節約，同時通過消除對多種解決方案的需求來提高員工的工作效率。

The medical research center that purchased Enterprise Plus in Q4 will be retiring their legacy ShareFile environment as well as other systems to reduce cost and complexity while increasing their security posture with Box. This move also sets up Box for additional expansion when a new research facility opens next year.

在第四季度購買了 Enterprise Plus 的醫學研究中心將淘汰其遺留的 ShareFile 環境以及其他系統，以降低成本和復雜性，同時通過 Box 提高安全性。此舉還為 Box 在明年開設新研究機構時進一步擴張奠定了基礎。

As I continue to speak with CIOs and CEOs in a wide range of industries, their digital transformation imperatives remain focused on enabling productivity across their business, especially in a hybrid work environment. They're working to optimize their spend and simplify their IT stack as they move more to the cloud, and most importantly, ensure they're dealing with a number of challenges in data security and compliance ranging from ransomware threats to data leak challenges.

當我繼續與各行各業的首席信息官和首席執行官交談時，他們的數字化轉型勢在必行仍然側重於提高整個企業的生產力，尤其是在混合工作環境中。他們正在努力優化支出並簡化 IT 堆棧，因為他們更多地轉向雲端，最重要的是，確保他們能夠應對數據安全和合規性方面的許多挑戰，從勒索軟件威脅到數據洩露挑戰。

At the center of these challenges is how enterprises work with their content. Fragmented content architectures have led to greater security risks, lower productivity due to complex tools and limited ability to automate anything, and too many overlapping or legacy solutions with significant IT management overhead. We know that our Content Cloud is best positioned to help customers solve this challenge.

這些挑戰的核心是企業如何處理其內容。碎片化的內容架構導致了更大的安全風險、由於復雜的工具和有限的自動化能力而降低的生產力，以及太多重疊或遺留的解決方案，IT 管理開銷很大。我們知道我們的內容雲最適合幫助客戶解決這一挑戰。

Our platform enables our customers to drive up productivity in their organization, simplify their IT stack and optimize spend and protect their most important data from a wide range of threats. And we continue to solve these challenges for customers with even more innovation in Q4, such as releasing key enhancements to Box Shield, adding new authentication and verification controls through our platform to provide customers with greater protection against unauthorized account access.

我們的平台使我們的客戶能夠提高其組織的生產力，簡化其 IT 堆棧並優化支出並保護其最重要的數據免受各種威脅。我們在第四季度繼續通過更多創新為客戶解決這些挑戰，例如發布 Box Shield 的關鍵增強功能，通過我們的平台添加新的身份驗證和驗證控制，為客戶提供更好的保護，防止未經授權的帳戶訪問。

We launched the public beta version of Box Canvas, our virtual whiteboarding solution, and we continue to integrate deeply across the SaaS landscape with the delivery of new enhancements to the Box for Salesforce integration on the Salesforce AppExchange. And we're just getting started.

我們推出了我們的虛擬白板解決方案 Box Canvas 的公開測試版，並且我們繼續在 SaaS 領域進行深度集成，為 Salesforce AppExchange 上的 Salesforce 集成提供新的增強功能。我們才剛剛開始。

As I look forward into FY '24, we will be going deeper on our 3 major pillars of differentiation. To help protect our customers' most important data, we will be dramatically enhancing our core security and admin features for all customers, building out further Shield features to support an evolving threat landscape, expanding governance capabilities to support more complex life cycle requirements and continuing to maintain our high compliance standards.

當我展望 24 財年時，我們將更深入地研究差異化的三大支柱。為了幫助保護我們客戶最重要的數據，我們將為所有客戶顯著增強我們的核心安全和管理功能，構建更多的 Shield 功能以支持不斷變化的威脅形勢，擴展治理能力以支持更複雜的生命週期要求，並繼續保持我們的高合規標準。

To help customers drive up productivity with seamless internal and external collaboration and workflows, we will be continuing to improve our core product experiences and usability, focusing on adoption and awareness of products to all users and admins, doubling down on sign and relay for advanced workflows, building out our modern collaboration experiences for the hybrid workplace with Notes and Canvas, expanding to help our customers disseminate content to internal and external audiences more easily, enhancing our content insights capabilities to offer richer visibility into what's happening with your content and more.

為了幫助客戶通過無縫的內部和外部協作和工作流程提高生產力，我們將繼續改進我們的核心產品體驗和可用性，重點關注所有用戶和管理員對產品的採用和認識，加倍努力以實現高級工作流程的簽名和中繼，通過 Notes 和 Canvas 為混合工作場所構建我們的現代協作體驗，擴展以幫助我們的客戶更輕鬆地向內部和外部受眾傳播內容，增強我們的內容洞察能力以更深入地了解您的內容正在發生的事情等等。

With our platform, we will continue to focus on connecting content across all our customers' IT systems making Box the single source of truth for content in the enterprise, and we'll continue to enhance our critical partner integrations like Cisco, Google, IBM, Microsoft, Salesforce, ServiceNow, Zoom and many others, while also further building out the tools for customers to build applications on Box.

通過我們的平台，我們將繼續專注於連接我們所有客戶 IT 系統的內容，使 Box 成為企業內容的唯一真實來源，我們將繼續加強我們的關鍵合作夥伴集成，如思科、谷歌、IBM、 Microsoft、Salesforce、ServiceNow、Zoom 和許多其他公司，同時還進一步構建工具，供客戶在 Box 上構建應用程序。

We will also be further building out our security ecosystem driving enhanced partnerships across the wide range of security partners like IBM, Okta, Palo Alto Networks and Splunk. With our Content Cloud, we have built the defining company that helps enterprises store, secure, automate, collaborate, sign, digitize, annualize and gain insights from their most important information. We know that our customers' most important data resides in their content. It's their contracts, their movie scripts, their marketing campaigns, critical research reports, project plans and more.

我們還將進一步構建我們的安全生態系統，推動與 IBM、Okta、Palo Alto Networks 和 Splunk 等廣泛的安全合作夥伴加強合作。通過我們的內容雲，我們建立了一家定義公司，幫助企業存儲、保護、自動化、協作、簽名、數字化、年度化並從他們最重要的信息中獲得洞察力。我們知道客戶最重要的數據存在於他們的內容中。這是他們的合同、他們的電影劇本、他們的營銷活動、重要的研究報告、項目計劃等等。

The recent breakthroughs in AI and large language models enable a new universe of use cases that we can also solve for customers. Building on Box Skills, our framework that applies best-of-breed AI technologies from leading providers to our customers' content in Box, we see all new use cases for enterprises to generate more value from their content when it is in Box.

AI 和大型語言模型的最新突破帶來了新的用例領域，我們也可以為客戶解決這些問題。基於 Box Skills，我們的框架將來自領先供應商的最佳人工智能技術應用於我們客戶在 Box 中的內容，我們看到了所有新的用例，企業可以在 Box 中從他們的內容中產生更多價值。

As an example, being able to query Box for the risky clauses of a particular contract, synthesize a research report for key insights or summarization, quickly find the answer to a sales prospect's question from a document, extract key metadata from an invoice without any pretraining and much more. This vision will take time, but we expect the digitization of content combined with AI will bring us exciting new product opportunities in the future.

例如，能夠在 Box 中查詢特定合同的風險條款，綜合研究報告以獲取關鍵見解或摘要，快速從文檔中找到銷售前景問題的答案，無需任何預訓練即可從發票中提取關鍵元數據以及更多。這一願景需要時間，但我們預計內容數字化與人工智能相結合將為我們在未來帶來令人興奮的新產品機會。

Now turning to go-to-market. We continue to enable more new and existing customers to recognize the full value of the Box platform with increased adoption of our multiproduct offerings in Q4. Enterprise Plus, our latest suite offering, was over 90% of our suite sales in large deals with suites now representing 72% of deals over $100,000, up from 65% a year ago. We saw continued solid suites attach rates in large deals across all geographies.

現在轉向上市。我們將繼續讓更多新老客戶認識到 Box 平台的全部價值，並在第四季度增加對我們多產品的採用。 Enterprise Plus 是我們最新的套件產品，在大型交易中占我們套件銷售額的 90% 以上，套件現在佔 100,000 美元以上交易的 72%，高於一年前的 65%。我們在所有地區的大型交易中都看到了持續穩定的套件附加率。

Our Q4 customer expansion and new wins with Enterprise Plus include: a multinational health care company that became an enterprise plus customer through a 6-figure upsell, enabling them to use Box Zones to meet in-region EU storage compliance requirements, rollout Shield to safeguard their collaboration with partners and leverage Box's GxP compliance to accelerate validation of complex use cases; a leading global manufacturer that chose to go wall-to-wall with Box with a 6-figure Enterprise Plus deal as well. With Box, they will be able to integrate across their current tools like Microsoft Teams, O365 and RingCentral and execute some of their most mission-critical business operations, including contract management and R&D and sales approval workflows while also fulfilling regulatory compliance requirements.

我們第四季度的客戶擴展和 Enterprise Plus 的新勝利包括：一家跨國醫療保健公司通過 6 位數的追加銷售成為企業加客戶，使他們能夠使用 Box Zones 來滿足區域內歐盟存儲合規性要求，推出 Shield 以保護他們與合作夥伴的合作，並利用 Box 的 GxP 合規性來加速復雜用例的驗證；一家領先的全球製造商選擇與 Box 全面合作，還提供了 6 位數的 Enterprise Plus 交易。借助 Box，他們將能夠集成 Microsoft Teams、O365 和 RingCentral 等現有工具，並執行一些最關鍵的業務運營，包括合同管理以及研發和銷售審批工作流程，同時滿足法規遵從性要求。

We recently held our global go-to-market kickoff, and the team is fully energized to go tackle the opportunity ahead of us. Throughout FY '24, we plan to continue to focus on ensuring our over 100,000 customers get the most value out of Box and continuing to focus on moving more of the customer base into Enterprise Plus.

我們最近舉行了全球上市啟動儀式，團隊充滿活力去應對擺在我們面前的機遇。在整個 24 財年，我們計劃繼續專注於確保我們超過 100,000 名客戶從盒子中獲得最大價值，並繼續專注於將更多客戶群轉移到 Enterprise Plus。

Our programs across go-to-market are all about doubling down on our land, adopt, expand, retain motion through our digital engine inside and field sales efforts, working with key strategic system integrators and technology partners, applying more focus to our key international geographies as well as going deeper in key industries like financial services, life sciences, health care, public sector and more.

我們的上市計劃都是關於通過我們的內部數字引擎和現場銷售工作，與關鍵的戰略系統集成商和技術合作夥伴合作，將更多的注意力放在我們的關鍵國際上地理以及更深入的關鍵行業，如金融服務、生命科學、醫療保健、公共部門等。

Finally, over the past year, we have been executing on our strategy to drive long-term sustainable growth while also delivering continued operating margin improvements. As we began to see the impact from the challenging macro, we adapted to the environment and continued to deliver significant gross and operating margin expansion.

最後，在過去的一年裡，我們一直在執行我們的戰略，以推動長期可持續增長，同時持續提高營業利潤率。當我們開始看到具有挑戰性的宏觀環境的影響時，我們適應了環境並繼續實現毛利率和營業利潤率的顯著增長。

Even amidst the ongoing macro dynamics, which may pressure top line results at times, we remain focused on continuing to deliver bottom line improvements. We are driving efficiency across the business, making ROI-based decisions across every area of investment from product to go-to-market initiatives, continuing to improve our gross margin by fully moving into the public cloud and driving operational excellence in everything we do.

即使在持續的宏觀動態中，有時可能會給頂線結果帶來壓力，我們仍然專注於繼續實現底線改善。我們正在提高整個企業的效率，在從產品到上市計劃的每個投資領域做出基於投資回報率的決策，通過全面遷移到公共雲並在我們所做的每一件事中推動卓越運營來繼續提高我們的毛利率。

Our resilient financial model allows us to respond dynamically to the market environment, which is even more important as we enter into a period of incredible change throughout the world of business and in technology. There has simply never been a more exciting time for what we can now do with content and our business strategy will ensure that Box is at the very center of how customers work.

我們具有彈性的財務模型使我們能夠對市場環境做出動態響應，這在我們進入整個商業和技術領域發生不可思議的變化時期時變得更加重要。對於我們現在可以用內容做的事情來說，從來沒有比現在更激動人心的時刻，我們的業務戰略將確保 Box 處於客戶工作方式的中心。

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. As Aaron stated, FY '23 was a strong year for Box as we delivered on the 3 key financial objectives we laid out at the beginning of the year.

謝謝，亞倫。大家下午好，感謝您加入我們。正如 Aaron 所說，23 財年對 Box 來說是強勁的一年，因為我們實現了年初制定的 3 個關鍵財務目標。

We accelerated annual revenue growth on a constant currency basis, expanded operating margin significantly and optimized shareholder returns through a well-executed capital allocation strategy. Additionally, we are very proud of the strong cash flow margin expansion we delivered in FY '23.

我們在固定匯率基礎上加快了年度收入增長，顯著擴大了營業利潤率，並通過執行良好的資本配置戰略優化了股東回報。此外，我們為我們在 23 財年實現的強勁現金流利潤率擴張感到非常自豪。

In FY '23, we delivered annual revenue of $991 million, up 13% year-over-year or 17% in constant currency and in line with our initial full year guidance despite experiencing significantly greater currency and macroeconomic headwinds than we initially anticipated. FY '23 also marked our first year of achieving GAAP profitability, a significant milestone for us.

在 23 財年，我們實現了 9.91 億美元的年收入，同比增長 13% 或按固定匯率計算增長 17%，這符合我們最初的全年指導，儘管貨幣和宏觀經濟逆風比我們最初預期的要大得多。 23 財年也標誌著我們實現 GAAP 盈利能力的第一年，這對我們來說是一個重要的里程碑。

We expanded our non-GAAP operating margin by 330 basis points to deliver 23% operating margin, a full percentage point ahead of our initial expectations. We generated $238 million in free cash flow, a 40% increase year-over-year.

我們將非 GAAP 營業利潤率提高了 330 個基點，達到 23% 的營業利潤率，比我們最初的預期高出整整一個百分點。我們產生了 2.38 億美元的自由現金流，同比增長 40%。

Finally, we achieved our target of delivering revenue growth plus free cash flow margin of 37% in FY '23, demonstrating the resiliency of our financial model amidst the challenging macroeconomic environment.

最後，我們在 23 財年實現了實現收入增長和自由現金流利潤率 37% 的目標，展示了我們的財務模型在充滿挑戰的宏觀經濟環境中的彈性。

Turning to Q4. Revenue of $256 million increased 10% year-over-year or 15% in constant currency. We ended Q4 with remaining performance obligations or RPO of $1.2 billion, a 16% year-over-year increase, or 21% growth on a constant currency basis, and once again growing faster than revenue. We expect to recognize roughly 60% of our RPO over the next 12 months.

轉向第四季度。收入 2.56 億美元，同比增長 10%，按固定匯率計算增長 15%。第四季度末，我們的剩餘履約義務或 RPO 為 12 億美元，同比增長 16%，或按固定匯率計算增長 21%，再次超過收入增長速度。我們預計在未來 12 個月內確認大約 60% 的 RPO。

Q4 billings of $357 million grew 6% year-over-year or 9% in constant currency. Q4 billings were partially impacted by the early renewals we experienced in the prior quarter and continued scrutiny of larger deals. In Q4, we had approximately 1,650 total customers paying more than $100,000 annually, representing a 16% year-over-year increase.

第 4 季度的營業額為 3.57 億美元，同比增長 6%，按固定匯率計算增長 9%。第四季度的賬單部分受到我們在上一季度經歷的提前續約和對更大交易的持續審查的影響。在第四季度，我們大約有 1,650 名客戶每年支付超過 100,000 美元，同比增長 16%。

Our suite attach rate was 72% in deals over $100,000, up from 65% in the year ago period. And in Q4, we saw consistent attach rates globally. Suite customers now represent roughly 46% of our revenue, up a full 11 points from 35% a year ago, demonstrating that customers are increasingly adopting suites to support high-value use cases and to reduce cost and complexity for their organizations.

在超過 100,000 美元的交易中，我們的套房附加率為 72%，高於去年同期的 65%。在第四季度，我們在全球範圍內看到了一致的附加率。套件客戶現在約占我們收入的 46%，比一年前的 35% 增長了整整 11 個百分點，表明客戶越來越多地採用套件來支持高價值用例並降低其組織的成本和復雜性。

Our net retention rate at the end of Q4 was 108%, in line with the expectations we set on our Q3 call. Our annualized full churn rate was 3%, an improvement from 4% in the prior year, demonstrating continued product stickiness with our customers. In FY '24, we expect full churn to remain at roughly 3% and our net retention rate to be roughly 106% as we anticipate continued pressure on seat expansion rates due to the macroeconomic climate where certain customers are reducing headcount and lowering IT budgets.

我們在第四季度末的淨保留率為 108%，符合我們在第三季度電話會議上設定的預期。我們的年化完全流失率為 3%，比上一年的 4% 有所改善，表明我們的客戶對產品的持續粘性。在 24 財年，我們預計完全流失率將保持在 3% 左右，我們的淨保留率將保持在 106% 左右，因為我們預計由於某些客戶正在裁員和降低 IT 預算的宏觀經濟環境，席位擴張率將繼續面臨壓力。

We expanded gross margin by 340 basis points year-over-year to 78.5% driven by continued efficiencies from our infrastructure strategy and the impact of higher price per seat due to strong suites adoption. Q4 gross profit of $201 million was up 15% year-over-year, exceeding our revenue growth by a significant 500 basis points, demonstrated the continued leverage in our business model.

我們的毛利率同比增長 340 個基點至 78.5%，這得益於我們的基礎設施戰略持續提高效率以及由於採用強大的套件而導致每座價格上漲的影響。第 4 季度的毛利潤為 2.01 億美元，同比增長 15%，比我們的收入增長高出 500 個基點，證明了我們業務模式的持續影響力。

As I discussed on our last earnings call, we are completing the transition to running fully in the public cloud in FY '24, and we'll see our redundant public cloud and data center expenses peak during Q1 and Q2. We expect gross margin to be approximately 76% in Q1 and Q2 before improving in the back half of this year. For the full year, we expect gross margin to be roughly 77%, positioning us with an even more efficient underlying cost structure to expand gross margin in the following year.

正如我在上次財報電話會議上討論的那樣，我們將在 24 財年完成向在公共雲中完全運行的過渡，我們將在第一季度和第二季度看到我們冗餘的公共雲和數據中心費用達到頂峰。我們預計第一季度和第二季度的毛利率約為 76%，然後在今年下半年有所改善。對於全年，我們預計毛利率約為 77%，使我們具備更高效的基礎成本結構，以在來年擴大毛利率。

In FY '23, we achieved our sales force headcount target, growing our sales force by roughly 15% year-over-year. In FY '24, we intend to grow our quota-carrying sales force in the mid-single-digit percentage range with a continued focus on our higher-performing geographies and segments. We continue delivering on our commitment to drive profitable growth with a 37% increase in Q4 operating income. Our record 26.0% operating margin was up an exceptional 520 basis points from the 20.8% we delivered in Q4 of last year.

在 23 財年，我們實現了銷售人員人數目標，銷售人員同比增長約 15%。在 24 財年，我們打算在中個位數百分比範圍內擴大我們的配額銷售隊伍，並繼續關注我們表現更好的地區和細分市場。我們繼續履行我們的承諾，推動盈利增長，第四季度營業收入增長 37%。我們創紀錄的 26.0% 營業利潤率比去年第四季度的 20.8% 高出 520 個基點。

We delivered $0.37 of diluted non-GAAP EPS in Q4, above the high end of our guidance and up 54% from $0.24 a year ago despite a negative impact of $0.05 from currency headwinds.

我們在第四季度交付了 0.37 美元的稀釋後非 GAAP 每股收益，高於我們指導的上限，並且比一年前的 0.24 美元增長了 54%，儘管匯率逆風帶來了 0.05 美元的負面影響。

I'll now turn to our cash flow and balance sheet. In Q4, we generated strong free cash flow of $75 million, representing a 124% growth from $33 million in the year ago period. In Q4, we delivered cash flow from operations of $92 million versus the $49 million in the year ago period. Capital lease payments, which we include in our free cash flow calculation, were $11 million, down from $12 million in Q4 of last year.

我現在將轉向我們的現金流量和資產負債表。在第四季度，我們產生了 7500 萬美元的強勁自由現金流，比去年同期的 3300 萬美元增長了 124%。在第四季度，我們交付了 9200 萬美元的運營現金流，而去年同期為 4900 萬美元。我們包括在自由現金流計算中的資本租賃付款為 1100 萬美元，低於去年第四季度的 1200 萬美元。

Let's now turn to our capital allocation strategy. We ended the quarter with $462 million in cash, cash equivalents, restricted cash and short-term investments. In Q4, we repurchased 300,000 shares for approximately $9 million. For the full year, we repurchased 10.2 million shares for approximately $267 million.

現在讓我們轉向我們的資本配置策略。本季度末，我們擁有 4.62 億美元的現金、現金等價物、受限制的現金和短期投資。在第四季度，我們以大約 900 萬美元的價格回購了 300,000 股股票。全年，我們以約 2.67 億美元的價格回購了 1020 萬股股票。

As a result, we have reduced our total diluted shares outstanding by more than 3% since last Q4. Our disciplined equity management approach and location strategy are paying off, enabling us to reduce stock-based compensation as a percentage of revenue by roughly 200 basis points year-over-year in fiscal '23, despite significant headwinds from foreign exchange rates.

因此，自去年第四季度以來，我們已將稀釋後的流通股總數減少了 3% 以上。我們嚴格的股權管理方法和選址戰略正在取得成效，使我們能夠在 23 財年將基於股票的薪酬佔收入的百分比同比降低約 200 個基點，儘管外匯匯率存在重大阻力。

We will continue to be prudent in our equity compensation practices. We remain committed to opportunistically returning capital to our shareholders and leveraging our strong balance sheet and increasing free cash flow generation to invest in key growth initiatives to drive long-term sustainable growth. As of the end of Q4, we had approximately $140 million of remaining buyback capacity under our current plan.

我們將繼續在我們的股權補償實踐中保持審慎。我們仍然致力於機會主義地向股東返還資本，並利用我們強大的資產負債表和增加自由現金流的產生來投資關鍵增長計劃，以推動長期可持續增長。截至第四季度末，根據我們目前的計劃，我們還有大約 1.4 億美元的剩餘回購能力。

With that, I would like to turn to our guidance for Q1 and fiscal 2024. We continue to see significant volatility in the FX environment even more recently. Given our international exposure, particularly in Japan, we expect FX to remain a headwind for us in FY '24.

說到這裡，我想談談我們對第一季度和 2024 財年的指導。我們繼續看到外匯環境在最近出現顯著波動。鑑於我們的國際風險敞口，尤其是在日本，我們預計外彙在 24 財年仍將對我們構成不利影響。

At current spot rates, we expect a roughly 300 basis point headwind to revenue growth for the full year of FY '24 on an as-reported basis. Due to the timing of when the dollar strengthened versus other currencies in which we do business over the past year, we expect to experience a 500 basis point headwind in Q1 with the impact becoming smaller throughout the course of the year.

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。由於美元兌我們在過去一年中開展業務的其他貨幣走強的時間，我們預計第一季度將經歷 500 個基點的逆風，並且影響在全年逐漸減小。

With respect to our FY '24 expectations, we have factored in the current macroeconomic challenges into our guidance and our current expectations are for this environment to persist throughout FY '24.

關於我們 24 財年的預期，我們已將當前的宏觀經濟挑戰納入我們的指導方針，我們目前的預期是這種環境將持續整個 24 財年。

For the first quarter of fiscal 2024. As a reminder, there are 3 fewer days in Q1 versus Q4, which we estimate creates a sequential headwind of approximately $9 million to revenue and 250 basis points to operating margin versus the fourth quarter of FY '23. We anticipate revenue of $248 million to $250 million, representing 5% year-over-year growth. This includes an expected FX impact of approximately 500 basis points to our Q1 revenue growth rate.

對於 2024 財年第一季度。提醒一下，與第四季度相比，第一季度減少了 3 天，我們估計與 23 財年第四季度相比，這對收入造成了約 900 萬美元的連續逆風，對營業利潤率產生了 250 個基點.我們預計收入為 2.48 億美元至 2.5 億美元，同比增長 5%。這包括對我們第一季度收入增長率約 500 個基點的預期外匯影響。

We expect our Q1 billings growth rate to be in the mid-single-digit percentage range on an as-reported basis, including an expected FX impact of approximately 500 basis points. We expect our Q1 RPO growth to once again be slightly higher than our anticipated Q1 revenue and billings growth rates.

我們預計我們的第一季度賬單增長率將在報告的基礎上處於中個位數百分比範圍內，包括大約 500 個基點的預期外匯影響。我們預計我們第一季度的 RPO 增長將再次略高於我們預期的第一季度收入和賬單增長率。

We expect our non-GAAP operating margin to be approximately 21%, representing a year-over-year improvement despite an approximately 200 basis point headwind from FX and our temporarily duplicative data center expenses.

我們預計我們的非 GAAP 營業利潤率約為 21%，儘管外彙和我們暫時重複的數據中心費用帶來約 200 個基點的逆風，但仍同比有所改善。

We expect our non-GAAP EPS to be in the range of $0.26 to $0.27, representing a 17% year-over-year increase at the high end of the range and GAAP EPS to be in the range of negative $0.04 to negative $0.03. Weighted average basic and diluted shares are expected to be approximately 145 million and 154 million, respectively.

我們預計我們的非 GAAP 每股收益將在 0.26 美元至 0.27 美元之間，較上年同期增長 17%，而 GAAP 每股收益將在負 0.04 美元至負 0.03 美元之間。加權平均基本股和稀釋股預計分別約為 1.45 億股和 1.54 億股。

Our Q1 GAAP and non-GAAP EPS guidance includes an expected impacts from FX of approximately $0.06. Our Q1 EPS guidance also includes a roughly $0.01 headwind due to a onetime write-off related to real estate consolidation.

我們的第一季度 GAAP 和非 GAAP 每股收益指引包括來自外彙的預期影響約為 0.06 美元。由於與房地產整合相關的一次性註銷，我們的第一季度每股收益指引還包括大約 0.01 美元的逆風。

For the full fiscal year ended January 31, 2024. We anticipate our FY '24 revenue to be in the range of $1.05 billion to $1.06 billion, representing 7% year-over-year growth at the high end of this range or 10% on a constant currency basis.

對於截至 2024 年 1 月 31 日的整個財政年度。我們預計 24 財年的收入將在 10.5 億美元至 10.6 億美元之間，在此範圍的高端同比增長 7%，或 10%一個固定的貨幣基礎。

We expect FY '24 non-GAAP operating margin of approximately 25%, representing a 190 basis point improvement from last year's results of 23.1%. We expect our FY '24 non-GAAP EPS to be in the range of $1.42 to $1.48, up from $1.20 in the prior year.

我們預計 24 財年的非 GAAP 營業利潤率約為 25%，比去年的 23.1% 提高了 190 個基點。我們預計我們的 FY '24 非 GAAP 每股收益將在 1.42 美元至 1.48 美元之間，高於上一年的 1.20 美元。

Our GAAP EPS is expected to be in the range of $0.17 to $0.23. Weighted average basic and diluted shares are expected to be approximately 145 million and 153 million, respectively. Our FY '24 GAAP and non-GAAP EPS guidance includes an expected annual impact from FX of approximately $0.14.

我們的 GAAP 每股收益預計在 0.17 美元至 0.23 美元之間。加權平均基本股和稀釋股預計分別約為 1.45 億股和 1.53 億股。我們的 FY '24 GAAP 和非 GAAP EPS 指南包括來自外彙的預期年度影響約為 0.14 美元。

Our FY '24 billings growth rate is anticipated to be roughly in line with revenue growth on an as-reported basis. We expect FX to have a negative impact of roughly 100 basis points on our FY '24 billings growth based on current spot rates.

我們預計 24 財年的賬單增長率將與報告的收入增長大致一致。根據當前即期匯率，我們預計外匯會對我們 24 財年的賬單增長產生大約 100 個基點的負面影響。

Finally, we expect our FY '24 revenue growth rate combined with our increasing FY '24 free cash flow margin to be approximately 35% based on today's current spot rates. As a reminder, this includes the combined 400 basis point headwind from FX to revenue and billings we discussed previously.

最後，我們預計我們的 FY '24 收入增長率加上我們不斷增加的 FY '24 自由現金流量利潤率根據今天當前的即期匯率計算約為 35%。提醒一下，這包括我們之前討論過的從外匯到收入和賬單的 400 個基點逆風。

As we look forward to FY '24 and beyond, it is important to note that our ability to navigate through a slowing demand environment while expanding profitability is the result of a multiyear strategy we began years ago to lower our cost structure while investing for long-term durable growth.

當我們期待 24 財年及以後的時候，重要的是要注意，我們能夠在需求放緩的環境中航行，同時擴大盈利能力，這是我們多年前開始實施的多年戰略的結果，該戰略旨在降低成本結構，同時投資長期-長期持久增長。

We saw the benefits of these initiatives in our FY '23 results and our outlook once again calls for operating margin and free cash flow expansion in FY '24. While we expect our revenue growth to continue to be pressured by the economic environment, in FY '25, we expect to deliver a revenue growth plus free cash flow margin of 40% to 42% with a greater weighting toward profitability improvements versus our prior expectations.

我們在 23 財年的業績中看到了這些舉措的好處，我們的展望再次要求在 24 財年擴大營業利潤率和自由現金流。雖然我們預計我們的收入增長將繼續受到經濟環境的壓力，但在 25 財年，我們預計將實現收入增長和自由現金流利潤率 40% 至 42%，與我們之前的預期相比，提高盈利能力的權重更大.

We look forward to providing further details on our long-term financial model at our Annual Financial Analyst Day in New York City on Tuesday, March 14. The continued execution of our content cloud platform strategy and the discipline and focus of our Boxers will drive a healthy balance of revenue growth and margin expansion in the years to come.

我們期待在 3 月 14 日星期二於紐約市舉行的年度金融分析師日上提供有關我們長期財務模型的更多詳細信息。繼續執行我們的內容雲平台戰略以及我們 Boxers 的紀律和重點將推動未來幾年收入增長和利潤率擴張的健康平衡。

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 Steve Enders from Citi.

（操作員說明）你的第一個問題來自花旗的史蒂夫恩德斯。

I guess I just want to ask a little bit and start on the outlook and how you're thinking about both '24 and '25. I guess within the assumptions that you're seeing currently, I mean, are you expecting for things to get worse here or is it pretty much as expected? And then can we get a little bit more kind of details on how much things have changed from a duration and maybe deal size impact versus kind of what you were expecting before?

我想我只是想問一點，然後從前景開始，以及您對 24 和 25 年的看法。我想在您目前看到的假設中，我的意思是，您是否期望這裡的情況會變得更糟，或者它是否與預期的差不多？然後我們能否獲得更多關於持續時間發生了多少變化的詳細信息，以及交易規模的影響與您之前預期的情況相比？

Yes. This is Aaron. I think I'll maybe just first comment on the general way that we think with the outlook, and then Dylan can hop in on the second part. So we want to be appropriately prudent just given the trends that we see in the market. I think that's reflected in our FY '24 outlook and our initial commentary on FY '25 around the kind of rebalancing a little bit more to profitability, though with still a meaningful improvement on the [rule-off] basis.

是的。這是亞倫。我想我可能會首先評論我們對前景的一般思考方式，然後 Dylan 可以參與第二部分。因此，鑑於我們在市場上看到的趨勢，我們希望保持適當的謹慎。我認為這反映在我們的 24 財年展望和我們對 25 財年的初步評論中，圍繞盈利能力的再平衡，儘管在 [排除] 基礎上仍有有意義的改善。

So I think without sort of getting too much in the dynamics that we expect to see in the macro, I think what we are trying to do is, again, drive a prudent set of expectations around what we see particularly from a top line standpoint and then obviously make up as much of that delta in the form of bottom line improvements. So for this year, again, it's sort of somewhat of a continuation of what we saw in Q4 and just putting the right level of conservatism into the plan.

因此，我認為在不過多了解我們期望在宏觀中看到的動態的情況下，我認為我們正在嘗試做的是，再次圍繞我們所看到的情況，特別是從頂線的角度出發，制定一套審慎的預期，並且然後顯然以底線改進的形式彌補了這個增量。因此，今年，這在某種程度上是我們在第四季度看到的延續，只是將適當的保守主義水平納入計劃。

Yes. And then to address kind of what we're seeing in some of these customer deals, you asked about durations where we have seen a continued lengthening in contract duration. So customers are continuing to make and more regularly making long-term commitments with Box. That's one of the big drivers of the very strong backlog growth that we saw of 24% and fueling a lot of the strength in the RPO growth as well.

是的。然後為了解決我們在其中一些客戶交易中看到的問題，您詢問了我們看到合同期限持續延長的期限。因此，客戶將繼續並更頻繁地與 Box 做出長期承諾。這是我們看到的 24% 的非常強勁的積壓增長的主要驅動力之一，也為 RPO 增長提供了很大的動力。

Deal cycles overall have remained relatively stable. And what we have seen, talking about the average contract values, as we mentioned on our last call, this environment is leading to pressure on deal sizes for certain customers as they might elect to go to the smaller initial deal, but the overall customer economics have remained very strong and price per seat is actually up about 5% on a year-on-year basis.

交易週期總體上保持相對穩定。我們所看到的，談到平均合同價值，正如我們在上次電話會議中提到的，這種環境正在對某些客戶的交易規模造成壓力，因為他們可能會選擇較小的初始交易，但總體客戶經濟仍然非常強勁，每個座位的價格實際上同比上漲了約 5%。

Okay. Okay. That's very helpful context there. I guess maybe as we think about the deal environment again and the execution that you're seeing from sales reps, I guess, any kind of further details that you can provide on how they perform versus the expectations? And how you're thinking about productivity rates kind of moving forward, given I think you called out mid-single-digit kind of investments on the sales side there?

好的。好的。那是非常有用的上下文。我想也許當我們再次考慮交易環境以及您從銷售代表那裡看到的執行情況時，我想，您可以提供任何類型的進一步細節，說明他們的表現如何與預期相比？考慮到您在銷售方面提出了中等個位數的投資，您是如何考慮提高生產率的？

Sure. Yes, I'll cover again some of the color commentary from the quarter and then if Dylan wants to build on some of the productivity piece. But it's an interesting environment because if you look across the biggest deals across the period, they really do come from a wide range of industries, tech, life sciences, health care, public sector. So I think there's sort of broad-based participation across industry, across segment.

當然。是的，我將再次介紹本季度的一些色彩評論，然後討論 Dylan 是否想要提高一些生產力。但這是一個有趣的環境，因為如果你縱觀這一時期最大的交易，它們確實來自廣泛的行業，科技、生命科學、醫療保健、公共部門。因此，我認為跨行業、跨部門都有廣泛的參與。

And there's just sort of this overlay of whatever the percentage may be of budget pressure, which means a deal that would have been x is maybe now 0.9x. And -- or in some cases, you might have a situation where a company is not growing their headcount as quickly. And so obviously, that's going to put pressure on the total seat count that we would get from a normal expected upsell from that customer.

無論預算壓力的百分比如何，這只是一種疊加，這意味著本來是 x 的交易現在可能是 0.9 倍。並且 - 或者在某些情況下，您可能會遇到公司沒有快速增加員工人數的情況。很明顯，這會給我們從該客戶的正常預期追加銷售中獲得的總座位數帶來壓力。

So overall, I think an environment where we saw performance across the business, but just at moderately muted level from maybe the expectations we would have had 6 months prior or whatnot. And then I think we're flowing through some of that prudence into the plan this year.

所以總的來說，我認為我們看到了整個企業的績效，但與我們 6 個月前或其他時間的預期相比，只是處於適度低調的水平。然後我認為我們正在通過一些審慎進入今年的計劃。

Yes. And so as you'd expect, these macroeconomic dynamics do have a direct impact and provide segue to the sales force productivity. And while we aren't expecting the environment to get better through the course of FY '24, as a reminder, because of the ramp times that we see in our sales force, typically about 6 months for our SMB reps, 9 to 12 months to become fully ramped on the enterprise side, the hiring that will be more metered this year, about 5% kind of mid-single-digit range versus 15%, that really shows up in capacity for the following year in FY '25. So really thinking about building that durable longer-term growth despite some of the challenges that we're seeing this year.

是的。因此，正如您所預料的那樣，這些宏觀經濟動態確實會對銷售人員的生產力產生直接影響並提供影響。雖然我們不希望環境在 24 財年期間變得更好，但提醒一下，因為我們在銷售人員中看到的上升時間，通常是我們的 SMB 代表大約 6 個月，9 到 12 個月為了在企業方面全面發展，今年的招聘將更加嚴格，大約是 5% 的中等個位數範圍，而 15% 確實會在下一年的 25 財年出現。因此，儘管我們今年面臨一些挑戰，但真正考慮建立持久的長期增長。

Your next question comes from the line of George Iwanyc from Oppenheimer.

你的下一個問題來自 Oppenheimer 的 George Iwanyc。

Maybe building on the overall environment, Aaron, can you give us some perspective on what you're seeing in Japan and Europe with respect to deal engagement and channel support?

也許建立在整體環境的基礎上，亞倫，你能給我們一些關於你在日本和歐洲看到的交易參與和渠道支持方面的觀點嗎？

Yes. So taking Japan first, still a very kind of healthy environment for us, great kind of channel support. Overall, we've gotten a lot better participation rate, for instance, on our suite deals in Japan. So we're very happy about that. That number could still come up more over time, but we're just happy with the momentum there.

是的。所以首先考慮日本，對我們來說仍然是一個非常健康的環境，很好的渠道支持。總體而言，例如，我們在日本的套房交易中獲得了更高的參與率。所以我們對此感到非常高興。隨著時間的推移，這個數字可能還會上升更多，但我們對那裡的勢頭感到滿意。

And I called this out on the last earnings call, but I was in Japan in Q3, just a lot of great kind of customer interactions, a lot of upsell potential from that customer base as well as a bunch of new logos that we see in the mix as well. So very happy with the Japan performance, again, all things considered with some of these macro dynamics.

我在上次財報電話會議上提到了這一點，但我在第三季度在日本，只有很多很棒的客戶互動，來自該客戶群的大量追加銷售潛力以及我們在混合也是如此。對日本的表現非常滿意，再一次，所有事情都考慮了這些宏觀動態。

And EMEA, less of a channel-centric approach there, I'm just picking up on your question specifically. But overall, working across a range of industries and segments within EMEA driving that execution with, again, that slight added element of the macro environment still being in the mix. So that's how I'd kind of characterize it.

歐洲、中東和非洲地區，那裡不是以渠道為中心的方法，我只是專門回答你的問題。但總的來說，在 EMEA 的一系列行業和細分市場中開展工作推動了這種執行，而宏觀環境的輕微增加因素仍然在混合中。這就是我描述它的方式。

Maybe looking at your net expansion rate, the 108% that you had in the fourth quarter, how are you accounting for that for the coming year, do you expect relatively stable expansion? Or are you pulling back expectations a bit from the fourth quarter level?

也許看看你的淨擴張率，你在第四季度的 108%，你如何解釋來年的，你預計擴張會相對穩定嗎？還是您將對第四季度的預期有所降低？

Yes. So for the coming year, we expect that net retention rates to be roughly 106%. And so we do expect to have a very strong and stable 3% full churn rate. But that seat expansion that we had called out earlier, we do expect that to put some downward pressure, driven by the economic environment, which is really what impacts the net retention rate going forward.

是的。因此，對於來年，我們預計淨保留率約為 106%。因此，我們確實希望有一個非常強勁和穩定的 3% 的完全流失率。但是我們之前提到的席位擴張，我們確實預計在經濟環境的推動下會帶來一些下行壓力，這才是真正影響未來淨保留率的因素。

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

你的下一個問題來自摩根士丹利的 Josh Baer。

Something that you could just help bridge the gap between the 15% constant currency billings growth from this year and the 10% constant currency revenue growth for next year?

您可以幫助彌合今年 15% 的固定貨幣賬單增長與明年 10% 的固定貨幣收入增長之間的差距嗎？

Sure. So there are a handful of factors that can create a delta between the 2 on a quarterly basis. So especially things like early renewal volumes can fuel billings, we had called out there was a large multiyear prepay in Q3 that fueled billings this past year at kind of a disproportionate amount and things like that.

當然。因此，有一些因素可以按季度在兩者之間產生增量。因此，特別是像早期續訂量這樣的事情可以推動賬單，我們已經指出第三季度存在大量的多年預付款，這在過去一年中以不成比例的方式推動了賬單等等。

But then part of it is also just thinking through we saw prior to the -- some of the economic environment dynamics kicking in, in the first half of the year, saw stronger billings outcomes on that side as well, kind of adjusting for those unusual factors that don't flow into revenue. So while the 2 are fairly closely correlated, if you look at deferred revenue growth ending the year in constant currency, was 10%, and that tends to be more closely aligned to the following year's revenue growth.

但其中一部分也只是在思考我們之前看到的——今年上半年一些經濟環境動態開始出現，這方面也看到了更強勁的賬單結果，對那些不尋常的情況進行了調整不流入收入的因素。因此，雖然這兩者之間的相關性相當密切，但如果你看一下年底以固定匯率計算的遞延收入增長是 10%，這往往與下一年的收入增長更接近。

Okay. That's helpful. And then I wanted to ask in regard to the step down in some of those rule-off targets, I mean, I guess, FY '24, maybe a little bit more straightforward, given the revenue growth guide, the macro and FX.

好的。這很有幫助。然後我想問一些關於取消一些規則目標的問題，我的意思是，我想，24 財年，考慮到收入增長指南、宏觀和外匯，可能會更直接一些。

Just wondering if you could add some more context for what that's saying about FY '25 stepping down, just thinking through growth prospects that might be more positive in FY '25 off of a lower FY '24? Or are you sort of incorporating macro into FY '25? And really just wondering if there's other changes sort of beyond macro that's embedded in that rule-off change for FY '25?

只是想知道您是否可以為 25 財年下台的說法添加更多背景信息，只是想一想在 24 財年較低的情況下 25 財年可能更積極的增長前景？還是您要將宏觀納入 FY '25？真的只是想知道在 25 財年的規則變更中是否嵌入了宏觀以外的其他變化？

Yes. So great question, and I'll kind of kick off and then let maybe Dylan build. But we're -- as we're navigating this environment, I think, and as everybody, I think, is talking other teams on this, it's always dangerous to sort of get into a position where you're guessing when a macro is going to change for the better.

是的。很好的問題，我會開始，然後讓 Dylan 構建。但是我們 - 當我們在這個環境中航行時，我認為，並且我認為每個人都在與其他團隊討論這個問題，進入一個你猜測宏何時出現的位置總是很危險的會變得更好。

And so we're trying to sort of not be in a position where we're largely baking in too many assumptions on that front as opposed to really putting out a framework that says there's obviously a range of revenue growth rate outcomes. A lot of that will be seen this year in terms of what billings look like and what we see on the RPO front throughout FY '24, that obviously flows into '25.

因此，我們試圖避免處於這樣一種境地，即我們在這方面基本上都在做太多假設，而不是真正提出一個框架，該框架表明顯然存在一系列收入增長率結果。今年，從賬單的樣子以及我們在整個 24 財年的 RPO 方面看到的情況來看，今年將看到很多，這顯然會流入 25 年。

And then as a result of that, we think that the operating margin rate and industry cash flow margin will be kind of functional somewhat to the outcome on the revenue side. And so we wanted to just call out that, that was going to be really in that kind of 40-plus range, 40% to 42%, with a greater weighting on the profitability front.

因此，我們認為營業利潤率和行業現金流量利潤率將在某種程度上對收入方面的結果產生影響。所以我們只想說，這真的會在 40 多個範圍內，40% 到 42%，盈利能力方面的權重更大。

And so just calling that out from some prior models that have been out there. And so we still think that that's going to be a pretty meaningful uplift on a rule-off basis, obviously getting us above the 40% mark. But that's the kind of current expectation we're trying to lay out.

因此，只需從已經存在的一些先前模型中調用它即可。因此，我們仍然認為這將是一個非常有意義的提升，這顯然會讓我們超過 40% 的大關。但這就是我們目前試圖提出的期望。

Yes. And just to build on that a bit in terms of how it all works together is, as we had mentioned, we are expecting to see a pretty challenging macroeconomic environment throughout the duration of FY '24, and it's really that performance and the bookings in this coming year that's going to drive the revenue for FY '25.

是的。正如我們所提到的，只是在這一切如何協同工作的基礎上建立一點，我們預計在整個 24 財年期間會看到一個非常具有挑戰性的宏觀經濟環境，這真的是性能和預訂來年這將推動 25 財年的收入。

So that's kind of how it fits together as we are expecting that revenue pressure to persist in FY '25 versus what our expectations had been a year ago. But to reiterate what Aaron had said, we are expecting to deliver greater profitability than our prior expectations. And we'll get to a lot more of the details into the dynamics and how we're thinking about the years ahead in just a couple of weeks at our Analyst Day.

所以這就是它的組合方式，因為我們預計收入壓力將在 25 財年持續存在，而我們一年前的預期是這樣。但重申一下 Aaron 所說的話，我們預計將實現比我們之前預期更高的盈利能力。我們將在短短幾週的分析師日上獲得更多關於動態的細節以及我們如何思考未來幾年。

Your next question comes from the line of Rick Hilliker from Credit Suisse.

你的下一個問題來自瑞士信貸的 Rick Hilliker。

Dylan, I was wondering if you can just go through the trajectory of gross margin as we think about the coming year? I think you gave us some comments last quarter, but I thought it might be helpful to just hit on those again to make sure we're on the same page as we progress through the year and maybe what the exit rate looks like?

迪倫，我想知道你是否可以在我們考慮來年時回顧一下毛利率的軌跡？我想你上個季度給了我們一些評論，但我認為再次點擊這些評論可能會有所幫助，以確保我們在這一年的進展中處於同一頁面上，也許退出率是什麼樣的？

Sure. So we're expecting our gross margins driven by a combination of the kind of peak duplicative data center expenses as well as FX impacts to be lower in the first half of the year, about 76% and then in the back half to be in the high 70s -- so kind of 77% for the full year next year, but then exiting in that high 70s range, we do expect to deliver higher gross margins in the kind of upper 70s as we move into the following year. So really all about that trajectory heading into FY '25 is where you'll really see the impact of the data center migration.

當然。因此，我們預計我們的毛利率在今年上半年會因重複數據中心費用的峰值以及外匯影響而降低，約為 76%，然後在下半年達到70 年代的高位——明年全年的毛利率大約為 77%，但隨後退出 70 年代的高位，我們確實希望在進入下一年時能夠在 70 年代以上的水平上實現更高的毛利率。因此，關於進入 FY '25 的軌跡，您將真正看到數據中心遷移的影響。

Awesome. That's really helpful. And then last one on my side. I was wondering if you can give us any comments or maybe we can also talk about it at the Analyst Day, but your sense of where multiyear bookings start to shake out, how that's looking for the coming year? And basically how that's trended, would be really helpful?

驚人的。這真的很有幫助。然後最後一個在我這邊。我想知道您是否可以給我們任何評論，或者我們也可以在分析師日討論它，但是您對多年預訂開始動搖的地方的感覺，來年的情況如何？基本上，趨勢如何，真的會有幫助嗎？

Multiyear bookings, so we don't tend to see a very high volume at all in terms of multi-year prepayments. So from a contract duration standpoint, it's increasingly the norm, especially for enterprise customers that they're signing up for multiyear commitments with Box, typically 3 years but billed annually. We don't incentivize either customers or our sales force to sign multiyear prepaid deals.

多年預訂，因此我們在多年預付款方面根本不會看到非常高的數量。因此，從合同期限的角度來看，這越來越成為一種常態，尤其是對於企業客戶而言，他們與 Box 簽署多年承諾，通常為 3 年，但每年收費。我們不會激勵客戶或我們的銷售人員簽署多年預付費協議。

So we don't see those very often. We do see them from time to time, such as the one that we called out in Q3, where a large customer elected to do that for dynamics on their end. But we don't expect that to change in the coming years. So I would say the trend of seeing it being the standard that customers are signing multiyear agreements prepaid annually is what we continue to expect. So don't expect multiyear prepayments to be much of a factor in the coming year.

所以我們不經常看到這些。我們確實不時看到它們，例如我們在第三季度召集的那個，一個大客戶選擇這樣做是為了他們的動態。但我們預計未來幾年這種情況不會改變。因此，我想說，將客戶每年簽署預付多年期協議視為標準的趨勢是我們繼續期待的。因此，不要指望多年預付款會成為來年的一個重要因素。

Your next question comes from the line of Noah Herman from JPMorgan.

你的下一個問題來自摩根大通的 Noah Herman。

Just any other incremental color you could provide on the global go-to-market kickoff you briefly mentioned just to get a better sense of some of the key go-to-market initiatives heading into this year? And then just a quick follow-up.

您可以在您簡要提到的全球上市啟動時提供任何其他增量顏色，只是為了更好地了解進入今年的一些關鍵上市計劃嗎？然後只是快速跟進。

Sure. Yes. So we'll definitely kind of expose a little bit more on the overall good market strategy at our Analyst Day. But yes, the kickoff was super strong. We had our whole global set of go-to-market as well as the broader Boxer population kind of tuned in and attend.

當然。是的。因此，在我們的分析師日，我們肯定會更多地介紹整體良好的市場策略。但是，是的，開球非常強勁。我們擁有整個全球上市系列以及更廣泛的 Boxer 人群參與和參與。

And I think it's really all about aligning our go-to-market organization to the biggest trends and conversation that we're seeing with customers right now. And so when I talk to CIOs and CEOs and the broader team does, we tend to still see that these digital transformation initiatives are still very, very much kind of front and center in every organization.

而且我認為這真的就是讓我們的上市組織與我們現在與客戶看到的最大趨勢和對話保持一致。因此，當我與 CIO 和 CEO 以及更廣泛的團隊交談時，我們往往仍然會看到，這些數字化轉型計劃仍然是每個組織中非常、非常重要的前沿和中心。

Every CIO and CEO is looking at how do they drive productivity, in particular, in this kind of hybrid work environment. And with kind of a greater degree of automation or AI, we're seeing customers really, really focused on how do they get more leverage for their IT spend, and so how do they simplify their IT stack, how do they make sure they have more integrated platforms.

每個 CIO 和 CEO 都在研究他們如何提高生產力，尤其是在這種混合工作環境中。隨著自動化或人工智能程度的提高，我們看到客戶真正非常關注如何更好地利用 IT 支出，以及如何簡化 IT 堆棧，如何確保他們擁有更多的集成平台。

And then finally, just data security remains very front and center for all of our customers. And so the kickoff, it's all about how do we align that set of conversations with our message and our strategy as we take that to our customers. So a lot of effort around how do we drive our Enterprise Plus deal motion to getting more and more customers into our Enterprise Plus package.

最後，數據安全仍然是我們所有客戶的首要任務和中心。因此，開球就是關於我們如何將這組對話與我們的信息和戰略保持一致，因為我們將其帶給客戶。因此，圍繞我們如何推動我們的 Enterprise Plus 交易動議以吸引越來越多的客戶加入我們的 Enterprise Plus 套餐，我們付出了很多努力。

We have kind of great internal initiatives around new logo generation, in particular, in larger enterprise segment. So we've been seeing a lot of great success there. How do we continue to drive the greatest amount of adoption on our product, whether that's kind of the core foundation product or even some of the newer initiatives that we've had in newer products.

我們在新徽標生成方面有一些很棒的內部計劃，特別是在大型企業領域。所以我們在那裡看到了很多巨大的成功。我們如何繼續推動我們產品的最大採用率，無論是核心基礎產品，還是我們在新產品中採用的一些新舉措。

So really kind of a lot of the just kind of blocking and tackling and enablement of our go-to market teams. But making sure that our message and our strategy is very, very tuned and very aligned to what we're seeing with customer conversations right now.

因此，我們的市場團隊確實有很多阻礙、解決和支持的問題。但要確保我們的信息和策略與我們現在在客戶對話中看到的內容非常、非常協調和一致。

Got it. That's really helpful. And then you touched on this a little bit briefly, but how can you sort of use large language models to really drive value for customers? And should we expect something in the near term?

知道了。這真的很有幫助。然後您簡要地談到了這一點，但是您如何使用大型語言模型來真正為客戶創造價值？我們應該在短期內期待什麼嗎？

Yes, thanks. Obviously, a topic I'm personally very excited about. I can't give any timing at the moment or else, obviously, a bunch of teams internally will kind of freak out. So -- but what I would say is the general way to think about it is if you take something like ChatGPT, that's learned basically all of the words across all of the Internet and it ends up being this incredibly helpful assistant using the language it has learned from everything.

對了謝謝。顯然，這是一個我個人非常感興趣的話題。我現在不能給出任何時間，否則，很明顯，內部的一些團隊會有點抓狂。所以——但我想說的是，一般的思考方式是，如果你使用像 ChatGPT 這樣的東西，它基本上可以學習整個互聯網上的所有單詞，它最終會成為一個非常有用的助手，使用它所擁有的語言從一切中學習。

While one of the amazing use cases is, well, what if you could prompt that kind of model with existing data. And obviously, we happen to help customers manage tens of billions of files and in particular, a large amount of documents. And we think there's a lot of potential for what happens when you can begin to synthesize the information in those documents. And I called out a couple of examples in the prepared remarks. But if you can summarize content or be able to probe it for important insights, we'll be able to generate content in the future.

雖然其中一個令人驚嘆的用例是，但是，如果您可以使用現有數據提示那種模型會怎樣。顯然，我們恰好幫助客戶管理數百億個文件，尤其是大量文檔。我們認為，當您開始綜合這些文檔中的信息時，可能會發生很多事情。我在準備好的發言中舉了幾個例子。但是，如果您可以總結內容或能夠探究其中的重要見解，我們將能夠在未來生成內容。

So we think there's a wide range of use cases that are going to be very relevant for enterprises. And we think we're highly differentiated because of our focus on data security, on privacy, on compliance. And so we can really kind of work with customers to ensure that when we bring AI to their content, it's done in a way that keeps their data extremely private.

所以我們認為有廣泛的用例將與企業非常相關。我們認為我們之所以與眾不同，是因為我們專注於數據安全、隱私和合規性。因此，我們可以真正地與客戶合作，以確保當我們將 AI 引入他們的內容時，它是以一種使他們的數據極其私密的方式完成的。

And then the other major differentiator we have is we can play really the role of a neutral platform or Switzerland approach, where I think there's going to be a lot of leapfrogging of model advancements between OpenAI and Microsoft and Google and Amazon and maybe other vendors, and so our ability to offer a range of technologies to customers, we think, puts us in a very advantageous position over the long run as customers think about having a future-proof architecture.

然後我們擁有的另一個主要區別是我們可以真正發揮中立平台或瑞士方法的作用，我認為在 OpenAI 和微軟以及谷歌和亞馬遜以及其他供應商之間將會有很多模型進步的跨越式發展，因此，我們認為，從長遠來看，我們為客戶提供一系列技術的能力使我們處於非常有利的位置，因為客戶考慮擁有面向未來的架構。

So we're very excited. It's extremely kind of early, at least in this new wave. It's one that we're very prepared for because of our efforts around Box Skills. But stay tuned as we expose more about our plans here.

所以我們非常興奮。現在還為時過早，至少在這個新浪潮中是這樣。由於我們圍繞 Box Skills 所做的努力，我們為此做好了充分的準備。但請繼續關注我們在這裡披露更多關於我們計劃的信息。

Your next question comes from the line of Rishi Jaluria from RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Rishi Jaluria。

This is Richard Poland on for Rishi Jaluria. Just kind of given the expectation around retention rates coming down a couple more points, can you help us kind of bridge where some of that contraction is coming from? Is it mostly on the seat side? Or do you kind of -- are you expecting to bake in some slower overall kind of upsell and cross-sell at the suite motion?

這是 Richard Poland 的 Rishi Jaluria。只是考慮到保留率會再下降幾個點的預期，你能幫我們解決一些收縮的問題嗎？它主要在座位一側嗎？或者你是否有點 - 你是否希望在套房運動中進行一些較慢的整體追加銷售和交叉銷售？

So it really is primarily on the seat side. So fewer seats from an expansion point of view. We've seen, as mentioned, both very strong and stable retention of seats as well as the kind of cross-sell the adoption of Suites and Enterprise Plus in particular, as we had noted, that was up a very strong 11 points year-over-year.

所以它實際上主要是在座椅一側。從擴展的角度來看，座位更少。如前所述，我們已經看到非常強勁和穩定的席位保留以及採用 Suites 和 Enterprise Plus 的交叉銷售，正如我們所指出的那樣，今年增長了 11 個百分點-超過一年。

So really pleased with the momentum there, and that's having a nice impact on the pricing as well. So when we think about the net retention rate, that kind of reduction is really coming primarily from seat volumes.

對那裡的勢頭非常滿意，這也對定價產生了很好的影響。因此，當我們考慮淨保留率時，這種減少實際上主要來自座位量。

Got it. That's very helpful. And then if we were just to kind of break apart the demand trends between the SMB and the enterprise side of the business. Are there kind of anything that you would call out that are signaling differences between the 2? Or is it kind of pretty similar across the business?

知道了。這很有幫助。然後，如果我們只是想打破 SMB 和企業業務之間的需求趨勢。有沒有什麼你會說的是兩者之間的信號差異？還是整個企業都非常相似？

Yes. It's actually been pretty consistent. So both across the different segments of the business as well as industries. But for the most part, we've seen just kind of general softening related to the macro, but no particular parts of the business that we can call out that are seeing any kind of outsized pressure.

是的。它實際上是非常一致的。因此，無論是在業務的不同部門還是在行業中。但在大多數情況下，我們看到的只是與宏觀相關的普遍疲軟，但我們可以指出的業務的特定部分沒有看到任何巨大的壓力。

Your next question comes from the line of John Messina from Raymond James.

你的下一個問題來自 Raymond James 的 John Messina。

This is John on for Brian. I'm just curious if you could talk about the puts and takes you're seeing as we head into FY '24 and into FY '25 because on one hand, I understand the headcount reductions. But with your expanded platform into areas like Sign and Canvas, I'd imagine you be in a prime position to be a beneficiary of vendor consolidation, so I'd just love to get some color there?

這是 John for Brian。我只是很好奇你是否可以談談你在我們進入 24 財年和 25 財年時看到的看跌期權，因為一方面，我理解裁員。但是隨著您將平台擴展到 Sign 和 Canvas 等領域，我想您將處於成為供應商整合受益者的主要位置，所以我只是想在那裡獲得一些顏色？

Yes. I think that's a great way to kind of think about it, which is, on one hand, we've seen and Dylan just kind of articulated, if you have a kind of slower headcount growth across various industries that we're more used to faster growth, that kind of creates some normal seat pressure from an expansion standpoint. At the same time, we have a broader value proposition.

是的。我認為這是一種很好的思考方式，一方面，我們已經看到，Dylan 剛剛明確表示，如果你在我們更習慣的各個行業中的員工人數增長放緩更快的增長，從擴張的角度來看，這會產生一些正常的席位壓力。同時，我們有更廣泛的價值主張。

And I think we've increasingly become more strategic for our customers as a result of things like Sign and Workflow and Canvas and Shield. And that's letting us in some cases, and Dylan noted this, raise -- drive our seat prices up as customers expand into things like Enterprise Plus.

而且我認為，由於諸如 Sign and Workflow 和 Canvas and Shield 之類的東西，我們對客戶來說越來越具有戰略意義。這讓我們在某些情況下，Dylan 注意到這一點，隨著客戶擴展到 Enterprise Plus 等領域，提高我們的座位價格。

So it's definitely an interesting market because we still see very, very healthy momentum in a broad set of industries, broad set of segments. But you just have that sort of added pressure on kind of maybe some of the normal seat growth you would see in some segments. But overall, I think the message of consolidation, simplifying our IT architecture, being able to bundle Box in such a way with these add-on products in a much more streamlined approach where a customer can go and replace 3 or 5 other technologies is extremely compelling.

所以這絕對是一個有趣的市場，因為我們仍然在廣泛的行業、廣泛的細分市場中看到非常、非常健康的勢頭。但是，在某些細分市場中，您可能會看到一些正常的座位增長，這給您帶來了額外的壓力。但總的來說，我認為整合的信息，簡化我們的 IT 架構，能夠以一種更簡化的方式將 Box 與這些附加產品捆綁在一起，客戶可以去替換 3 或 5 種其他技術，這非常重要引人注目。

And I've been having a number of conversations with customers that now kind of start the conversation with, hey, I'd love to get rid of this legacy document management system or storage infrastructure or maybe an e-signature tool that has only been used by one part of the population, and I can fold all of that into Box. That's been definitely an increased conversation in the past couple of quarters that we've seen in light of this macro environment.

而且我一直在與客戶進行多次對話，現在開始對話時，嘿，我很想擺脫這個遺留的文檔管理系統或存儲基礎設施，或者可能只是一個電子簽名工具由一部分人使用，我可以將所有這些折疊到 Box 中。鑑於這種宏觀環境，我們在過去幾個季度看到的談話肯定有所增加。

Okay. Great. That was really helpful color there. And then can you also talk about linearity in the quarter? I think you guys mentioned more deal scrutiny. I'm curious if it was similar to last quarter focused on larger deals? And I'm also curious, scrutiny was focused on any particular region?

好的。偉大的。那裡的顏色真的很有幫助。然後你還能談談這個季度的線性度嗎？我想你們提到了更多的交易審查。我很好奇它是否與上一季度專注於大型交易的情況相似？而且我也很好奇，審查集中在任何特定區域？

Yes. So I'd say that the linearity was fairly similar to what we typically see, we would describe the macro pressure kind of building over the back half of the year incrementally. So -- but no significant differences, especially in terms of inter-quarter linearity that we typically see in a fourth quarter.

是的。所以我想說線性與我們通常看到的非常相似，我們會描述下半年逐漸形成的宏觀壓力。所以 - 但沒有顯著差異，特別是在我們通常在第四季度看到的季度間線性方面。

And then in terms of the scrutiny, I would say that's kind of same general trend as kind of overall macro impacts, which was, no, there really weren't any particular areas that saw heightened scrutiny. I think it's just a more cautious IT spending environment kind of across the board.

然後就審查而言，我想說這與總體宏觀影響的總體趨勢相同，不，確實沒有任何特定領域受到更嚴格的審查。我認為這只是一種更加謹慎的 IT 支出環境。

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

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

This is Nick on for Chad Bennett. So at the Analyst Day last year, you talked about targeting more than 50% of your revenue coming from Suites in FY '25. So with that penetration, right, already up to 46% in the past year, is there a reason why Suites penetration should level off here as we near the 50% level? Or have your thoughts changed where that penetration rate can go over the next couple of years?

這是查德貝內特的尼克。因此，在去年的分析師日，您談到了在 25 財年將超過 50% 的收入來自套房的目標。因此，有了這種滲透率，對吧，在過去的一年裡已經高達 46%，當我們接近 50% 的水平時，套房滲透率應該在這裡趨於平穩的原因是什麼？或者您的想法是否改變了未來幾年的滲透率？

Yes. So that's an area that we have been very pleased with the momentum. So certainly, kind of Suites adoption where we are at the moment is ahead of what we had expected a year ago. So certainly, from a timing standpoint, we would expect to reach that kind of 50% plus milestone sooner than we thought a year ago, and we'll certainly provide more details as we get into the longer term thinking at our Analyst Day.

是的。所以這是一個我們對勢頭非常滿意的領域。因此，可以肯定的是，我們目前所處的 Suites 採用率超出了我們一年前的預期。因此，當然，從時間的角度來看，我們預計會比一年前想像的更早達到 50% 以上的里程碑，而且隨著我們在分析師日進行更長期的思考，我們肯定會提供更多細節。

And then in terms of where we see Suites headed, as optimistic as ever that steady state the significant majority of our revenue is going to be coming from Suites customers.

然後就我們所看到的 Suites 的發展方向而言，我們一如既往地樂觀地認為，我們絕大部分收入將來自 Suites 客戶。

This concludes our question-and-answer session. Ms. Cynthia Hiponia, I turn the call back over to you.

我們的問答環節到此結束。 Cynthia Hiponia 女士，我把電話轉給你。

Great. Thank you, operator. Thank you, everyone, for joining us on the call. We look forward to seeing many of you at our New York Analyst Day on March 14, and we look forward to updating everyone at that time. Have a good day.

偉大的。謝謝你，運營商。謝謝大家加入我們的電話會議。我們期待著在 3 月 14 日的紐約分析師日見到你們中的許多人，我們期待著在那個時候為每個人更新。祝你有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。