Box Inc (BOX) 2024 Q3 法說會逐字稿

Good day. My name is Krista, and I'll be your conference operator today. Time, I would like to welcome everyone to the box Inc. third quarter fiscal 2024 earnings conference call, all lines have been placed on mute to prevent any background noise. For speakers' remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by number one on your telephone keypad. And if you would like to withdraw your question again, press star one. Thank you. I will now like to turn the conference over to Cynthia Hiponia, Vice President, Investor Relations. You may begin.

再會。我叫克里斯塔，今天我將擔任你們的會議接線生。時間到了，歡迎大家參加 Box Inc. 2024 財年第三季財報電話會議，所有線路均已置於靜音狀態，以防止任何背景噪音。對於演講者的發言，將有一個問答環節。如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字一即可。如果您想再次撤回問題，請按星號一。謝謝。我現在將會議交給投資者關係副總裁辛西婭·希波尼亞 (Cynthia Hiponia)。你可以開始了。

Good afternoon, and welcome to Box's Third Quarter Fiscal Year 24 earnings conference call. I am Cynthia Hiponia, Vice President, Investor Relations. On the call today, we have Aaron Levie, Box Co-Founder and CEO, and Dylan Smith, Box's Co-Founder and CFO.

下午好，歡迎參加 Box 24 財年第三季財報電話會議。我是辛西亞‧希波尼亞 (Cynthia Hiponia)，投資者關係副總裁。今天參加電話會議的有 Box 聯合創始人兼執行長 Aaron Levie 和 Box 聯合創始人兼財務長 Dylan Smith。

Following our prepared remarks, we will take your questions. Today's call is being webcast and will be available for replay on our Investor Relations website at Box.com. Forward slash investors. Our webcast will be audio only However, supplemental slides are now available for download from our website will also post the highlights of today's call on the X platform at the handle at Box, Inc. IR on this call, we'll be making forward-looking statements, including our fourth quarter and full year fiscal 2024 financial guidance and our expectations regarding our financial performance for fiscal 2020 for fiscal 2025 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 revenue, operating margins and other operating model targets, the timing and market adoption of and benefits from our new products, pricing models and partnerships, the proceeds from the sale of our data center equipment, 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.

在我們準備好的發言之後，我們將回答您的問題。今天的電話會議正在進行網路直播，並將在我們的投資者關係網站 Box.com 上重播。正斜線投資者。我們的網路廣播將僅是音訊但是，補充幻燈片現在可以從我們的網站下載，並且還將在 X 平台上發布今天電話會議的亮點，地址為Box, Inc.。IR 在這次電話會議上，我們將做出轉發-前瞻性陳述，包括我們的2024 財年第四季度和全年財務指引，以及我們對2020 財年、2025 財年和未來期間財務業績的預期，包括我們的自由現金流、毛利率、營業利益率、營業槓桿、未來獲利能力、淨收益保留率、剩餘履約義務、收入和帳單、外幣匯率的影響以及我們對市場機會規模的預期、我們計劃的投資、未來產品供應和成長策略、我們實現收入的能力、營業利潤率和其他營運模式目標、我們新產品的時機和市場採用以及從中受益、定價模式和合作夥伴關係、銷售我們的資料中心設備的收益、我們應對企業挑戰和為客戶節省成本的能力、宏觀環境對我們的業務和經營績效以及我們的資本配置策略的影響，包括潛在的普通股回購。

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, December fifth, 2023, and we disclaim any obligation to update or revise them should they change or cease to be here today.

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美國證券交易委員會提交的風險因素和文件，包括我們最新的 10 Q 表季度報告，了解可能導致實際結果與聲明存在重大差異的風險和不確定性信息在本次財報電話會議上做出的。這些前瞻性陳述截至今天（2023 年 12 月 5 日）作出，如果這些陳述今天發生變化或不再存在，我們不承擔任何更新或修改這些陳述的義務。

In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to not as a substitute for or in isolation from our GAAP results. And 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 supplemental slides, which can be found on the IR 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，我們將討論非公認會計準則財務指標。除了不能替代或獨立於我們的 GAAP 結果之外，還應考慮這些非 GAAP 財務指標。您還可以在我們的收益新聞稿和相關補充幻燈片中找到有關這些非 GAAP 指標的其他披露信息，包括與可比 GAAP 結果的對賬，這些幻燈片可以在我們網站的 IR 頁面上找到。除非另有說明，所有提及的財務指標均以非公認會計原則為基礎。

With that, let me hand it over to Aaron.

那麼，就交給亞倫吧。

Thank you, Jean Bua, and thanks, everyone, for joining us today. In Q3, we delivered revenue growth in line with our guidance with year-over-year growth of 5% or 7% in constant currency. Our 25% operating margins were up 70 basis points from a year ago, demonstrating our operational discipline and delivering year-over-year margin expansion.

謝謝你，Jean Bua，也謝謝大家今天加入我們。第三季度，我們的營收成長符合我們的指引，以固定匯率計算，年增 5% 或 7%。我們 25% 的營業利潤率比一年前增長了 70 個基點，這證明了我們的營運紀律並實現了同比利潤率的擴張。

Despite the various macro headwinds affecting IT budgets, companies still prioritize the box Content Cloud to help power their hybrid workforces, secure their most important content and automate and digitize their business processes. Examples of Box delivering this value to our customers in Q3 include a leading biotech company, expanded its use of box with a six figure upsell to enable both collaboration on GXP. content in an efficient manner for both internal and external parties as well as support content sharing and collaboration for non GxP compliant content and use cases. They also plan to integrate box with their existing applications, including often ServiceNow and advertising and marketing firm expanded its use of box with a six figure upsell and the ELA as they move the entire agency, the box can meet their content cloud needs. As the company adopts box enterprise-wide. It will eliminate storage costs from other platforms and will be able to consolidate several SaaS applications, eliminating redundancy and complexity from their IT environment. One of the largest technology companies in the world expanded its use of box with the purchase of KeySafe in an enterprise plus upsell to support the organization's content modernization initiatives. With this upsell and access to governance capabilities, box meet their highest level of security classifications for content storage and can now be used for restricted content and records management content while also supporting necessary integrations.

儘管各種宏觀不利因素影響了 IT 預算，但公司仍優先考慮盒子內容雲，以幫助增強其混合勞動力、保護最重要的內容以及自動化和數位化其業務流程。 Box 在第三季向我們的客戶提供這種價值的例子包括一家領先的生物技術公司，透過六位數的追加銷售擴大了 Box 的使用，以實現雙方在 GXP 上的合作。以高效率的方式為內部和外部各方提供內容，並支援非 GxP 合規內容和用例的內容共享和協作。他們還計劃將box 與他們現有的應用程式集成，包括經常ServiceNow 和廣告和行銷公司以六位數的追加銷售擴大了box 的使用，當他們移動整個機構時，box 可以滿足他們的內容雲需求。由於公司全企業採用箱式。它將消除其他平台的儲存成本，並能夠整合多個 SaaS 應用程序，消除 IT 環境的冗餘和複雜性。全球最大的科技公司之一透過在企業中購買 KeySafe 以及追加銷售來支持該組織的內容現代化計劃，擴大了 box 的使用範圍。透過這種追加銷售和對治理功能的訪問，Box 滿足了內容儲存的最高安全級別，現在可用於受限內容和記錄管理內容，同時還支援必要的整合。

In the third quarter, we held our annual user conference BoxWorks and our exclusive CIO. Summit CEO works with record BoxWorks attendance. We heard directly from our customers on how they are driving significant transformation across their businesses, even in the face of near term economic pressures. Enterprises are also seeing new challenges as they respond to the rapidly evolving era of AI powered work. We know that content is the lifeblood of so many businesses and yet, right, when content is more important than ever, the way that enterprises manage content and legacy systems no longer works. The challenge is that content is getting produced at an ever-increasing rate and enterprises increasingly are finding it hard to secure all of this fragmented content or enable employees to access the right information to do their job. This fragmented content will mean companies can easily take advantage of the power of AI to get the most out of their data more than ever before. Enterprises will need a content cloud by building the only end to end platform that can help customers power their complete content lifecycle in a single architecture. We're reshaping what enterprises can do with their content. At BoxWorks, we made several key product announcements, delivering innovation across security and compliance, collaboration and workflow and our platform. Our focus is to deliver the best ways to secure and protect sensitive content, ensure compliance for nearly every major industry and government requirements in power the full document governance process for our customers, we have expanded Box Shield for ransomware protection capabilities in order to mitigate the ever-growing threat of malware and announcing a high-powered threat detection to identify anomalous file activities originating from Box drives. We also announced a new integration partnership with CrowdStrike where security and IT teams can detect malicious files, ransomware and suspicious activity as well as configure security policies directly in Box's administrative console across collaboration and workflow, reading new capabilities to Box Notes, improving the experience and performance of Canvas, doubling down on our e-signature feature set and continuing to advance next-gen workflow capabilities with the announcements of Dacogen and forms. And this year, we've taken our strategy even further with the announcement of two major breakthroughs box AI. and box hub with bots AI, we're going to revolutionize how companies work with their content since the early days of enterprise software. We can always query and understand our structured data, but we've never been able to do the same easily with our unstructured data or our content, which is estimated at 90% of corporate information. All of the content that an enterprise produces is being dramatically underutilized relative to the value inside of this content. But now with AI, we can solve problems that previously were only possible with high level of human understanding at scale from extracting data efficiently at scale, getting expert analysis to document understanding and summarization in creating new content with AI, we can now process information at a speed and at a cost that opens up completely new possibilities of what we can do with our information. Additionally, we also announced box hub a revolutionary way to publish content in the enterprise with Box hubs. We're enabling companies to take the most important content in their organization and make sure it's easily available and distributed to exactly the right people seamlessly content sprawl is one of the biggest challenges facing enterprises today and never before has there been a simple way for any line of business to point to the most important content that they need to share broadly in a customized fashion. Any team or department in an enterprise can create a hub services most relevant content like a sales enablement portal, HR policy, portals, marketing, branding sites and more. And importantly, when combined with Box AI., we are unleashing the power of enterprise content in their organization by turning unstructured data into valuable knowledge. Most importantly, because the content in a hub is curated by topic, enterprises can ensure that the answers they're getting from AI. are accurate. And based on the authoritative information in your organization, the vision for what's possible when companies have a modern approach to working with their content with our new innovative products has been incredibly well received by customers at Skyworks. We heard from our customers directly, we're using Box AI. and this quote from the CIO. of financial advisory firm after turning on Box AI. is quite representative of what we're hearing. And I quote we just enabled the box a high beta this morning game changer Force Multiplier knowledge overload. The future is bright with Box.

第三季度，我們舉辦了年度用戶大會BoxWorks和我們的專屬CIO。 Summit CEO 與 BoxWorks 的出席人數創下歷史新高。我們直接從客戶那裡聽到他們如何在面臨短期經濟壓力的情況下推動其業務的重大轉型。企業在應對快速發展的人工智慧驅動工作時代時也面臨新的挑戰。我們知道內容是許多企業的命脈，但是，當內容比以往任何時候都更重要時，企業管理內容和遺留系統的方式就不再有效。挑戰在於內容的產生速度越來越快，企業越來越發現很難保護所有這些零散的內容或使員工能夠存取正確的資訊來完成他們的工作。這種碎片化的內容意味著公司可以輕鬆地利用人工智慧的力量，比以往任何時候都更充分地利用他們的數據。企業將需要內容雲，透過建立唯一的端到端平台來幫助客戶在單一架構中支援其完整的內容生命週期。我們正在重塑企業可以利用其內容做些什麼。在 BoxWorks，我們發布了多項關鍵產品，在安全性和合規性、協作和工作流程以及我們的平台方面提供創新。我們的重點是提供保護敏感內容的最佳方法，確保符合幾乎所有主要行業和政府要求，為我們的客戶提供完整的文檔治理流程，我們擴展了Box Shield 的勒索軟體防護功能，以減輕勒索軟體攻擊的風險。不斷增長的惡意軟體威脅，並宣布推出高性能威脅檢測功能，以識別源自 Box 驅動器的異常文件活動。我們也宣布與CrowdStrike 建立新的整合合作夥伴關係，安全性和IT 團隊可以偵測惡意檔案、勒索軟體和可疑活動，並直接在Box 的管理控制台中跨協作和工作流程配置安全策略、讀取Box Notes 的新功能、改善體驗和Canvas 的性能，加倍我們的電子簽名功能集，​​並透過發布 Dacogen 和表單繼續推進下一代工作流程功能。今年，我們進一步推進了我們的策略，宣布了兩項重大突破：人工智慧。以及有人工智慧機器人的 Box Hub，我們將徹底改變自企業軟體早期以來公司處理內容的方式。我們總是可以查詢和理解我們的結構化數據，但我們從未能夠輕鬆地處理我們的非結構化數據或我們的內容，這些數據估計占公司資訊的 90%。相對於內容內部的價值而言，企業生產的所有內容都沒有充分利用。但現在有了人工智慧，我們可以解決以前只有人類高水準理解才能解決的問題，從大規模有效提取數據、進行專家分析到文件理解和總結，再到用人工智慧創建新內容，我們現在可以處理資訊其速度和成本為我們利用資訊做的事情開闢了全新的可能性。此外，我們還推出了 Box hub，這是一種在企業中透過 Box hub 發佈內容的革命性方式。我們使公司能夠獲取組織中最重要的內容，並確保它可以輕鬆獲取並無縫分發給正確的人員。內容蔓延是當今企業面臨的最大挑戰之一，以前從未有過一種簡單的方法可以解決任何問題。業務線指出他們需要以自訂方式廣泛共享的最重要的內容。企業中的任何團隊或部門都可以創建一個中心服務最相關的內容，例如銷售支援入口網站、人力資源政策、入口網站、行銷、品牌網站等。重要的是，當與 Box AI 結合時，我們將非結構化資料轉化為有價值的知識，從而釋放組織中企業內容的力量。最重要的是，由於中心中的內容是按主題策劃的，因此企業可以確保他們從人工智慧中獲得答案。是準確的。根據您組織中的權威訊息，當公司採用現代方法透過我們的新創新產品處理其內容時，所實現的願景已受到 Skyworks 客戶的熱烈歡迎。我們直接從客戶那裡得知，我們正在使用 Box AI。以及 CIO 的這句話。打開 Box AI 後，財務顧問公司的業務。很能代表我們所聽到的。我引用我們今天早上剛啟用的盒子進行了高測試，改變了遊戲規則，力量倍增知識超載。 Box 的未來是光明的。

Thank you.

謝謝。

Finally, we recently announced an expanded partnership with Google Cloud, whereby box will integrate with Virtex-II Google Cloud's unified AI platform to help customers process and analyze data faster and create a more personalized user experience, intelligent search and more. This builds on our earlier announcement to integrate Google Cloud's advanced large language model into Box AI. with Virtex-II helping to power our new meta data extraction feature. Further part of our Google Cloud partnership announcement box will now be a part of the Google Cloud Marketplace, GCP customers will be able to buy box directly through marketplace and use their GCP credits toward the purchase of box. This new channel for Box expands our opportunity to land new cost customers who can unlock the potential for cost savings against existing Google Cloud commitments, streamline lengthy procurement cycles and consolidate billing.

最後，我們最近宣布擴大與Google Cloud 的合作夥伴關係，Box 將與Virtex-II Google Cloud 的統一AI 平台集成，幫助客戶更快地處理和分析數據，並創建更加個性化的用戶體驗、智慧搜尋等。這是建立在我們之前宣布將 Google Cloud 的高級大語言模型整合到 Box AI 的基礎上的。 Virtex-II 幫助增強我們新的元資料擷取功能。我們的 Google Cloud 合作夥伴公告框的進一步部分現在將成為 Google Cloud Marketplace 的一部分，GCP 客戶將能夠直接透過市場購買 Box，並使用其 GCP 積分來購買 Box。 Box 的這個新管道擴大了我們吸引新成本客戶的機會，這些客戶可以根據現有的 Google Cloud 承諾釋放成本節省的潛力，簡化漫長的採購週期並整合計費。

Now turning more broadly to go to market a key component of our strategy to drive profitable growth at scale is our ability to land, adopt, expand and retain our customers. Driving the adoption of Enterprise Plus is a critical strategic lever to increase the efficiency of our sales motion and bring the full value of the box Content Cloud to our customers and by continually adding value through additional features and functionality to existing suites plans.

現在，我們轉向更廣泛的市場，推動大規模獲利成長策略的關鍵組成部分是我們吸引、採用、擴大和留住客戶的能力。推動Enterprise Plus 的採用是一個關鍵的策略槓桿，可以提高我們的銷售活動效率，為我們的客戶帶來盒裝內容雲的全部價值，並透過向現有套件計劃添加附加特性和功能來不斷增加價值。

We strengthen our ability to retain customers as shown by our best in class 3% churn rates in Q3. Our momentum with Enterprise Plus remains strong and we have now reached 51% of our revenue coming from suites customers, up from 48% last quarter, given the large base of customers that we believe are still ripe for upgrading an Enterprise Plus. We have added box AI into this plan to encourage further upsells to this plan. At the same time, we know that there's going to be even more advanced AI capabilities that some of our customers will require, and we expect to introduce a higher tier plan next year to address these needs already.

我們增強了留住客戶的能力，第三季 3% 的客戶流失率堪稱同類最佳。我們在 Enterprise Plus 方面的勢頭依然強勁，鑑於我們認為升級 Enterprise Plus 的時機仍然成熟，我們的收入中有 51% 來自套房客戶，高於上季度的 48%。我們已將 Box AI 添加到該計劃中，以鼓勵該計劃的進一步追加銷售。同時，我們知道我們的一些客戶將需要更先進的人工智慧功能，我們預計明年將推出更高層級的計畫來滿足這些需求。

Within Q3, we saw numerous Enterprise Plus upgrades that were in part driven by the inclusion of Box AI. in this offering, including our worldwide consulting firm, who has been a box customer since 2013 signed an Enterprise Plus upsell to get access to the box AI. beta box AI. has the potential to help the consultants be more productive day-to-day with automated meta data to help search and finding files box AI will be critical in transforming how this organization works with its petabyte of content in Box and international corporate law firm moved to Enterprise Plus to give its lawyers and staff access to box AI, being able to summarize large briefing documents and find information in a matter of seconds, we'll cut down on time, increased productivity can be hugely beneficial to their employees. We're incredibly excited to be able to bring box AI to our customers, and we will share more updates with all of you soon.

在第三季度，我們看到了大量的 Enterprise Plus 升級，部分原因是 Box AI 的加入。在這個產品中，包括我們的全球顧問公司，該公司自 2013 年以來一直是 Box 客戶，簽署了 Enterprise Plus 追加銷售以獲得對 Box AI 的存取權限。測試盒人工智慧。有潛力透過自動化元資料幫助搜尋和找到文件，幫助顧問提高日常工作效率 Box AI 對於改變該組織如何處理 Box 中 PB 內容的方式以及國際公司律師事務所遷移至Enterprise Plus 為其律師和員工提供了Box AI 的存取權限，能夠在幾秒鐘內總結大型簡報文件並查找信息，我們將縮短時間，提高生產力，這對他們的員工來說非常有利。我們非常高興能夠將 Box AI 帶給我們的客戶，我們很快就會與大家分享更多更新。

As we look ahead to FY 25, we are focused on continuing to drive profitable growth at scale. We are entering a one of the most transformative periods in enterprise software and we are focused on capitalizing on the opportunity in front of us next year will be continuing to drive investments across AI security, advanced content management and workflow capabilities. To help our customers transform how they work with their content further, given the market opportunity right now, in FY 25, we'll be expanding our focus on key strategic partners and system integrators, scaling our high ROI pipeline generating initiatives, investing in growth in key verticals and continuing to optimize our international growth efforts. We will drive these initiatives while at the same time, delivering improving profitability, putting us on a path to achieve our long-term financial targets.

展望 25 財年，我們的重點是繼續大規模推動獲利成長。我們正進入企業軟體最具變革性的時期之一，我們的重點是利用明年面臨的機會，將繼續推動人工智慧安全、高階內容管理和工作流程功能的投資。為了幫助我們的客戶進一步轉變他們處理內容的方式，考慮到目前的市場機會，在25 財年，我們將擴大對關鍵戰略合作夥伴和系統整合商的關注，擴大我們的高投資回報率管道生成計劃，投資於成長並繼續優化我們的國際成長努力。我們將推動這些舉措，同時提高獲利能力，使我們走上實現長期財務目標的道路。

To help drive these efforts forward, in November, we announced that Olivia Nottebohm has joined us as Chief Operating Officer, succeeding retiring COO, Steph Carullo. Olivia brings proven leadership and execution at Box for the executive roles in Google Cloud and most recently notion a cloud-based productivity platform and over a decade at Mackenzie focused on the software industry. I'm excited to work with her as we deliver new products and plans, expand our partner and system integrator network go deeper in key vertical markets and continue our global expansion.

為了幫助推動這些努力，我們在 11 月宣布 Olivia Nottebohm 加入我們，擔任首席營運官，接替退休的首席營運官 Steph Carullo。 Olivia 在 Box 擔任 Google Cloud 的執行職務，並在最近提出了基於雲端的生產力平台，並在 Mackenzie 專注於軟體產業十多年，帶來了經過驗證的領導力和執行力。我很高興與她合作，交付新產品和計劃，擴大我們的合作夥伴和系統整合商網絡，深入關鍵垂直市場並繼續我們的全球擴張。

I'd also like to provide a huge thank you to Stephanie Carullo. So she's been an amazing partner to me and the team for over six years at Box, taking us from less than $500 million in revenue to over $1 billion in revenue as well as helping execute a seamless transition to bring on Olivia. I'm wishing Steph the best in her retirement, and I'm excited to have her stay close as we continue to scale.

我還要向史蒂芬妮·卡魯洛表示衷心的感謝。因此，在 Box 六年多的時間裡，她一直是我和團隊的出色合作夥伴，將我們的收入從不到 5 億美元增加到超過 10 億美元，並幫助執行無縫過渡以引進 Olivia。我祝願史蒂芬退休後一切順利，我很高興在我們繼續擴大規模的過程中讓她留在身邊。

In summary, while macro trends and currency rates have impacted our results in the near term. We have continued to execute our Content Cloud strategy, creating more high-value and repeatable use cases that further differentiate box and grow our TAM demonstrating our product leadership with Box AI. and box hubs positions us for growth delivering to customers the platform that they need to meet the demands of the rapidly evolving era of AI power to work.

總之，宏觀趨勢和匯率影響了我們的近期業績。我們繼續執行我們的內容雲策略，創建更多高價值和可重複的用例，進一步使 Box 脫穎而出，並發展我們的 TAM，展示我們透過 Box AI 的產品領先地位。盒式集線器使我們能夠為客戶提供所需的平台，以滿足快速發展的人工智慧時代的需求。

With that, let me turn it over to Dylan.

那麼，讓我把它交給迪倫。

Thanks, Aaron. Good afternoon, everyone, and thank you for joining us. In Q3, we continued to deliver profitable growth while expanding operating margin and executing our disciplined capital allocation strategy. Revenue landed in line with our guidance and EPS grew by 16% year-over-year. We also announced numerous enhancements to our Box content cloud platform, including significant innovation around Box AI and Box Hubs, which we believe will be important drivers of future revenue growth.

謝謝，亞倫。大家下午好，感謝您加入我們。第三季度，我們持續實現獲利成長，同時擴大營業利潤率並執行嚴格的資本配置策略。營收符合我們的指引，每股收益較去年同期成長 16%。我們也宣布了 Box 內容雲平台的多項增強功能，包括圍繞 Box AI 和 Box Hub 的重大創新，我們相信這將成為未來收入成長的重要驅動力。

In Q3, we generated revenue of $262 million, up 5% year-over-year and representing 7% year-over-year growth on a constant currency basis. We now have over 1,700 total customers paying us more than $100,000 annually, an increase of 10% year-over-year. Our suite attach rate of 79% in large Q3 deals was up from 73% in Q3 of last year.

第三季度，我們營收 2.62 億美元，年增 5%，以固定匯率計算年增 7%。目前，我們每年向我們支付超過 10 萬美元的客戶總數超過 1,700 家，年增 10%。我們在第三季大型交易的套房附加率為 79%，高於去年第三季的 73%。

As Aaron mentioned, suite customers now account for 51% of our revenue, up significantly from 42% of revenue a year ago and up from 48% last quarter. Our suite value proposition is resonating with customers as they continue to prioritize solutions that enable transformation, simplification, and security of the content within their enterprises.

正如 Aaron 所提到的，套件客戶現在占我們收入的 51%，顯著高於一年前的 42% 和上季的 48%。我們的套件價值主張引起了客戶的共鳴，因為他們繼續優先考慮能夠實現企業內內容轉型、簡化和安全的解決方案。

We ended Q3 with remaining performance obligations or RPO of $1.1 billion, a 7% year-over-year increase or 8% growth on a constant currency basis. We expect to recognize roughly 60% of our RPO over the next 12 months. Q3 billings of $254 million were down 2% year-over-year with no impact from FX. Our previous guidance had anticipated a 200 basis point tailwind from FX.

截至第三季度，我們的剩餘履約義務或 RPO 為 11 億美元，年增 7%，以固定匯率計算成長 8%。我們預計在未來 12 個月內將確認約 60% 的 RPO。第三季的營收為 2.54 億美元，年減 2%，不受外匯影響。我們先前的指引預計外匯將帶來 200 個基點的推動。

As a reminder, our billings growth rate in Q3 of last year was unusually strong at 20%, including a large multiyear customer prepaid. Our net retention rate at the end of Q3 was 102% as we continue to see pressure on suite growth within existing customers. Our annualized full churn rate remained strong and stable at 3% as customers continued to prioritize the value that the Box platform provides.

提醒一下，去年第三季我們的帳單成長率異常強勁，達到 20%，其中包括大量多年客戶預付。由於我們繼續看到現有客戶套件成長的壓力，我們第三季末的淨保留率為 102%。隨著客戶繼續優先考慮 Box 平台提供的價值，我們的年化完全流失率保持強勁且穩定在 3%。

We've also continued to achieve year-over-year pricing increases despite the pressures on IT budgets. In Q4, we expect both our full churn rate and our net retention rate to remain roughly flat with our Q3 results. As seat growth returns to more normalized levels and as we continue driving pricing improvements, we're confident that our best-in-class full churn rate and expanding our suite of innovative products will enable a higher net retention rate over time.

儘管 IT 預算面臨壓力，但我們的定價仍持續實現同比成長。在第四季度，我們預計我們的完全流失率和淨保留率將與第三季的結果大致持平。隨著座位成長恢復到更正常化的水平，以及我們繼續推動定價改進，我們相信，隨著時間的推移，我們一流的完全客戶流失率和擴大我們的創新產品套件將實現更高的淨保留率。

We are proud to have achieved our goal of running our infrastructure in the public cloud as at the end of Q3. We have now begun selling the data center equipment that we are no longer using, which had been anticipated in our plans for this year. However, the market for this equipment has softened significantly over the past few months. As a result, we are reducing our estimate of expected proceeds from these sales. This created a headwind against our expense forecast of $3.3 million in Q3, and we expect another roughly $4 million impact in Q4 with no material impact to our financial results anticipated next fiscal year.

我們很自豪於第三季末實現了在公有雲中運行基礎設施的目標。我們現在已經開始出售不再使用的資料中心設備，這在我們今年的計劃中是預料到的。然而，過去幾個月該設備的市場明顯疲軟。因此，我們正在降低這些銷售的預期收益的估計。這對我們第三季 330 萬美元的支出預測產生了不利影響，我們預計第四季還會產生約 400 萬美元的影響，但不會對我們下一財年的財務表現產生重大影響。

Q3 gross margin came in at 76.3% versus 76.5% a year ago. Q3 gross margin was negatively impacted by 130 basis points due to the equipment proceeds headwinds that I just mentioned. Throughout the course of this migration, our team has delivered efficiencies above and beyond our initial expectations. We continue to expect further gross margin expansion next year as our data center expenses wind down and as we unlock additional benefits from running fully in the public cloud.

第三季毛利率為 76.3%，去年同期為 76.5%。由於我剛才提到的設備收益逆風，第三季毛利率受到 130 個基點的負面影響。在整個遷移過程中，我們團隊的效率超出了我們最初的預期。隨著我們的資料中心費用逐漸減少，並且我們透過完全在公有雲中運行來釋放額外的好處，我們仍然預計明年毛利率將進一步擴大。

We also continued to drive leverage across the business through our lower cost location strategy and rigorous cost discipline. This resulted in 24.7% operating margin or 26.6% in constant currency, an improvement from the 24.0% we delivered in the year ago period.

我們也繼續透過較低成本的選址策略和嚴格的成本紀律來提高整個業務的槓桿率。這導致營業利潤率為 24.7%，以固定匯率計算為 26.6%，比去年同期的 24.0% 有所提高。

Q3 operating margin landed slightly below our expectations of 25.5% due entirely to the 130 basis point equipment proceeds headwind that I noted earlier. As a result, we delivered diluted non-GAAP EPS of $0.36 in Q3, up 16% from $0.31 a year ago, which includes a negative impact of $0.05 due to FX. This FX headwind was $0.01 higher than anticipated when we provided guidance last quarter. And EPS was also impacted by $0.02 from the equipment proceeds headwind. Adjusting for these unanticipated headwinds, EPS would have been $0.39 above the high end of our guidance. Finally, I highlight that Q3 marked our fifth consecutive quarter of achieving GAAP profitability.

第三季營業利潤率略低於我們 25.5% 的預期，這完全是由於我之前提到的 130 個基點的設備收益逆風所致。因此，我們第三季的稀釋非 GAAP 每股收益為 0.36 美元，比一年前的 0.31 美元增加了 16%，其中包括匯率帶來的 0.05 美元的負面影響。這一外匯逆風比我們上季度提供指引時的預期高出 0.01 美元。 EPS 也受到設備收益逆風 0.02 美元的影響。調整這些意料之外的不利因素後，每股盈餘將比我們指導的上限高出 0.39 美元。最後，我強調第三季標誌著我們連續第五個季度實現 GAAP 獲利。

And I'll now turn to our cash flow and balance sheet. In Q3, we generated free cash flow of $58 million, a 6% increase from $55 million in the year ago period. We delivered cash flow from operations of $72 million, a 3% increase from $70 million in the year ago period. Capital lease payments, which we include in our free cash flow calculation were $7 million, down from $10 million in Q3 of last year. Going forward, we expect capital lease payments to wind down over the next few quarters as we exit our managed data centers.

現在我將談談我們的現金流和資產負債表。第三季度，我們產生了 5,800 萬美元的自由現金流，比去年同期的 5,500 萬美元成長了 6%。我們的營運現金流量為 7,200 萬美元，比去年同期的 7,000 萬美元成長了 3%。我們計入自由現金流計算的資本租賃付款金額為 700 萬美元，低於去年第三季的 1,000 萬美元。展望未來，隨著我們退出託管資料中心，我們預計資本租賃付款將在未來幾季逐漸減少。

Let's now turn to our capital allocation strategy. We ended the quarter with $440 million in cash, cash equivalents, restricted cash, and short-term investments. In Q3, we repurchased 1.9 million shares for approximately $52 million. As of October 31, 2023, we had approximately $84 million of remaining buyback capacity under our current share repurchase plan.

現在讓我們轉向我們的資本配置策略。截至本季末，我們的現金、現金等價物、限制性現金和短期投資為 4.4 億美元。第三季度，我們以約 5,200 萬美元的價格回購了 190 萬股股票。截至 2023 年 10 月 31 日，我們目前的股票回購計畫剩餘回購能力約為 8,400 萬美元。

And with that, I would like to turn to our guidance for Q4 and fiscal 2024. As a reminder, approximately one-third of our revenue is generated outside of the US, with roughly 60% of our international revenue coming from Japan. The following guidance includes the expected impact of FX headwinds, assuming current exchange rates. Our guidance also accounts for the continued pressure on seat growth that we anticipate due to the macroeconomic environment as well as lower professional services revenue versus our prior expectations.

說到這裡，我想談談我們對第四季和 2024 財年的指導。提醒一下，我們大約三分之一的收入是在美國境外產生的，大約 60% 的國際收入來自日本。以下指引包括假設當前匯率時外匯逆風的預期影響。我們的指引也考慮了由於宏觀經濟環境以及專業服務收入低於我們先前的預期而導致的座位成長持續壓力。

As I stated earlier, we expect the equipment proceeds headwinds to have an impact of roughly $4 million on our Q4 expenses for a total FY24 impact of a little more than $7 million. Additionally, in the fourth quarter, we modified our Redwood City office lease to reduce the amount of square footage that we're leasing. This results in a one-time net exit expense that we will recognize in Q4, representing a 60 basis point headwind to Q4 operating margin.

正如我之前所說，我們預計設備收益逆風將對我們第四季的支出產生約 400 萬美元的影響，對 2024 財年的總影響略高於 700 萬美元。此外，在第四季度，我們修改了紅木城辦公室的租約，以減少我們租賃的面積。這導致我們將在第四季度確認一次性淨退出費用，這意味著第四季度營業利潤率將下降 60 個基點。

For the fourth quarter of fiscal 2024, we anticipate revenue in the range of $262 million to $264 million, representing 3% year-over-year growth at the high end of this range or 5% in constant currency. We expect our Q4 billings growth rate to be in the low to mid single digit range. This includes an expected headwind from FX of approximately 300 basis points.

對於 2024 財年第四季度，我們預計營收在 2.62 億美元至 2.64 億美元之間，以該區間上限計算，年增 3%，以固定匯率計算，年增 5%。我們預計第四季的帳單成長率將在中低個位數範圍內。這包括來自外匯的預期阻力約 300 個基點。

We expect our Q4 gross margin to be roughly 78%, which includes the equipment proceeds headwind of 150 basis points. We expect our Q4 non-GAAP operating margin to be approximately 25.5%, which includes an expected negative impact of approximately 100 to 80 basis points due to FX. It's important to note that our Q4 operating margin expectations also incorporate two discrete items that were not included in our expectations as of last quarter.

我們預計第四季的毛利率約為 78%，其中包括 150 個基點的設備收益逆風。我們預計第四季度非 GAAP 營業利潤率約為 25.5%，其中包括因外匯造成的約 100 至 80 個基點的預期負面影響。值得注意的是，我們第四季的營業利潤率預期還包含兩個離散項目，截至上季我們的預期並未包含這些項目。

First, the equipment proceeds headwind on gross margin creates an equivalent 150 basis point impact on operating margin. Second, the lease modification discussed above represents an operating margin headwind of 60 basis points.

首先，設備收益對毛利率的不利影響對營業利潤產生了相當於 150 個基點的影響。其次，上述租賃修改意味著營業利潤率下降了 60 個基點。

We expect our Q4 non-GAAP EPS to be in the range of $0.38 to $0.39 and GAAP EPS to be in the range of $0.05 to $0.06. Weighted average diluted shares are expected to be approximately $147 million. Our Q4 GAAP and non-GAAP EPS guidance includes an expected year-over-year headwind from FX of approximately $0.03, the equipment proceeds headwind of a little more than $0.02, and the lease modification headwind of approximately $0.01.

我們預計第四季非 GAAP 每股盈餘將在 0.38 美元至 0.39 美元之間，GAAP 每股盈餘將在 0.05 美元至 0.06 美元之間。加權平均稀釋後股份預計約 1.47 億美元。我們的第四季 GAAP 和非 GAAP EPS 指引包括預計來自外匯的同比阻力約為 0.03 美元，設備收益阻力略高於 0.02 美元，租賃修改阻力約為 0.01 美元。

For the full fiscal year ending January 31, 2024, we now expect FY 24 revenue in the range of $1.037 billion to $1.039 billion, representing 5% year-over-year growth or 8% on a constant currency basis. We expect our FY24 billings growth rate to be roughly 3% on an as-reported basis or roughly 5% on a constant currency basis.

截至 2024 年 1 月 31 日的整個財年，我們目前預計 24 財年的營收將在 10.37 億美元至 10.39 億美元之間，年增 5%，以固定匯率計算成長 8%。我們預計 24 財年的帳單成長率按報告資料計算約為 3%，以固定匯率計算約為 5%。

We now expect our FY24 gross margin to be roughly 77%. This includes the previously mentioned second half headwind from equipment proceeds of 70 basis points. We are revising our FY24 non-GAAP operating margin guidance to be approximately 24.5%, representing a 140 basis point improvement from last year's results of 23.1%.

我們現在預計 24 財年的毛利率約為 77%。這包括前面提到的下半年設備收益帶來的 70 個基點的逆風。我們將 2024 財年非 GAAP 營業利潤率指引修訂為約 24.5%，比去年的 23.1% 業績提高了 140 個基點。

We expect FX to have a negative impact on operating margin of approximately 200 basis points. Our revised expectations also include the previously mentioned equipment proceeds and lease modification expenses, which had a combined impact of 85 basis points. We are updating our FY24 non-GAAP EPS expectations to be in the range of $1.42 to $1.43, representing a 19% increase at the high end of this range versus $1.20 in the prior year. We expect FY24 GAAP EPS to be in the range of $0.15 to $0.16.

我們預計外匯將對營業利潤率產生約 200 個基點的負面影響。我們修訂後的預期還包括先前提到的設備收益和租賃修改費用，它們的綜合影響為 85 個基點。我們將 2024 財年非 GAAP 每股盈餘預期更新為 1.42 美元至 1.43 美元，與去年的 1.20 美元相比，該範圍的高端增長了 19%。我們預計 24 財年 GAAP 每股盈餘將在 0.15 美元至 0.16 美元之間。

Weighted average diluted shares are expected to be approximately 149 million. Our FY24 GAAP and non-GAAP EPS guidance includes an expected full year negative impact from FX of approximately $0.17 and an additional impact of approximately $0.05 from the two non-recurring items that I mentioned previously.

加權平均稀釋後股份預計約1.49億股。我們的 2024 財年 GAAP 和非 GAAP 每股盈餘指引包括全年外匯帶來的約 0.17 美元的負面影響，以及我之前提到的兩個非經常性項目帶來的約 0.05 美元的額外影響。

As we continue to navigate through this dynamic macroeconomic environments, we think it would be helpful to provide a high level preliminary outlook for fiscal 2025. While we have been seeing a more stable demand environment, we want to be prudent and assuming that this challenging environment persists throughout the coming year, this outlook also assumes current FX rates.

當我們繼續應對這種動態的宏觀經濟環境時，我們認為為2025 財年提供高水準的初步前景將有所幫助。雖然我們看到了更穩定的需求環境，但我們希望保持謹慎，並假設這種充滿挑戰的環境未來一年持續存在，這一前景也假設了當前的匯率。

We currently expect our FY25 reported revenue growth rate to be approximately 5%. This includes an expected headwind from FX of roughly 100 basis points. We're generating significant business model leverage through our public cloud migration, workforce location strategy, and overall cost discipline.

我們目前預計 25 財年報告的營收成長率約為 5%。這包括來自外匯的預期阻力約 100 個基點。我們透過公有雲遷移、員工位置策略和整體成本控制產生了重要的業務模式槓桿。

The impact of these initiatives enables us to invest in the key growth initiatives that Aaron discussed, while also improving our already strong profitability profile. We currently expect FY25 non-GAAP operating margin of roughly 27%, representing an improvement of roughly 250 basis points year-over-year, which includes an expected headwind from FX of a little less than 100 basis points.

這些舉措的影響使我們能夠投資於亞倫討論的關鍵成長舉措，同時也改善了我們本已強勁的獲利能力。我們目前預計 25 財年非 GAAP 營業利潤率約為 27%，年增約 250 個基點，其中包括來自外匯的預期阻力略低於 100 個基點。

We remain committed to delivering against the long-term financial targets that we outlined at our March Financial Analyst Day, we are reiterating our long-term revenue growth target of 10% to 15%, gross margin of 80% to 82%, operating margin of 32% to 35% and revenue growth plus free cash flow margin of at least 45%.

我們仍然致力於實現我們在三月財務分析師日概述的長期財務目標，我們重申我們的長期收入成長目標為 10% 至 15%，毛利率為 80% 至 82%，營業利潤率32% 至35 %，營收成長加上自由現金流利潤率至少為45%。

Despite the challenging macroeconomic environment this year, we continue to deliver against the core initiatives to achieve these long-term financial targets. We are making significant enhancements to our innovative product offerings, expanding both operating margin and free cash flow margin and consistently returning capital to our shareholders. As we capitalize on these initiatives. And as the macroeconomic environment improves, we are well positioned to create significant long-term shareholder value.

儘管今年宏觀經濟環境充滿挑戰，我們仍持續落實核心舉措，以實現這些長期財務目標。我們正在顯著增強我們的創新產品，擴大營業利潤率和自由現金流利潤率，並持續向股東返還資本。當我們利用這些舉措時。隨著宏觀經濟環境的改善，我們有能力創造顯著的長期股東價值。

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

這樣，亞倫和我將很樂意回答您的問題。

Operator, please don't fully open up for questions.

接線員，請不要完全敞開心扉提問。

It might be helpful to your guidance and the adjustments we discussed in one table. Please refer to slide 12 of our earnings deck, which you can find on the IR website.

這可能對您的指導和我們在一張表中討論的調整有所幫助。請參閱我們收益報告的幻燈片 12，您可以在 IR 網站上找到該報告。

(Operator Instructions)

（操作員說明）

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Hey, guys, thanks for taking the question.

嘿，夥計們，謝謝你提出問題。

So I wanted to hit our linearity throughout the quarter.

所以我想在整個季度實現我們的線性。

Obviously, the macro is very, very much up for debate here.

顯然，宏觀政策在這裡非常非常有爭議。

I'm just curious, any trends that you've seen throughout the quarter that you'd call out that change?

我只是很好奇，您在整個季度中看到的任何趨勢都表明了這種變化？

Yes. I would say on pay and no major changes to linearity on really the way I would articulate some of our kind of bookings outcome or billings outcome in Q three and certainly putting a little bit of pressure on the Q4 number was on as we had called out in the prior call, more stabilization in the US in particular, where our results came in effectively where we had expected with some additional pressure on international markets where there was some variability. We did have a couple of pushes out of Japan, but some but nothing that concerns us on. But definitely that can be a dynamic that then impacts some of the billings in the near term. And so but no meaningful change in linearity from from our perspective.

是的。我想說的是，在薪酬方面，線性度沒有重大變化，實際上我在第三季度闡明我們的一些預訂結果或賬單結果的方式，當然，正如我們所呼籲的那樣，對第四季度的數字施加了一點壓力在先前的電話會議中，尤其是美國市場更加穩定，我們的結果有效地達到了我們的預期，但國際市場存在一些波動，帶來了一些額外的壓力。我們確實有幾次被推出日本，但有些卻與我們無關。但毫無疑問，這可能是一種動態，會在短期內影響一些帳單。因此，從我們的角度來看，線性度並沒有發生有意義的變化。

Thanks Eric and Bill and I appreciate the guidance for next year and you guys are outlining kind of the mid-single digit growth. You're still looking at 10% to 15% longer term is there an implied kind of in our RCT expansion in that number?

謝謝艾瑞克和比爾，我很感謝明年的指導，你們正在概述中個位數的成長。您仍在關注 10% 到 15% 的長期成長，我們的 RCT 擴充中是否隱含了這個數字？

I get that it's taking a little bit of cyclical pressure now, but I'd love to understand in a more normalized environment, how should we be thinking about that NRR and key trends in that 10% to 15% targeted basis?

我知道現在承受了一點週期性壓力，但我很想了解在更正常化的環境中，我們應該如何考慮 NRR 以及 10% 至 15% 目標基礎上的主要趨勢？

Yes.

是的。

So based on what we've been seeing in a variety of environments. We do expect even from a long-term target point of view for the contribution to growth of net new business and expansion, which is what the NRR represents to be fairly consistent with what we've seen on the contribution from new business being in the low to mid digit single digit percentage. So the implied net retention rates in that long-term target and you could think about as kind of the mid kind of pushing a 10% type of NRR. And we do expect to see an improvement from current levels both on seat growth as well as over time, the impact of some of the newer products, suites, et cetera, that we expect to introduce to the market and next year.

基於我們在各種環境中所看到的情況。即使從長期目標的角度來看，我們也確實期望對淨新業務成長和擴張的貢獻，這就是 NRR 所代表的，這與我們所看到的新業務對淨新業務的貢獻相當一致。低到中位數個位數百分比。因此，該長期目標中隱含的淨保留率，您可以將其視為推動 10% 類型 NRR 的中間類型。我們確實預計，座位數量的增長以及隨著時間的推移，我們預計明年向市場推出的一些新產品、套房等的影響都會比目前的水平有所改善。

So while that will take some time to flow through to the model. That's how I'd think about some of the upside and dynamics that drive our confidence in that longer-term growth rate.

因此，雖然這需要一些時間才能流向模型。這就是我對推動我們對長期成長率信心的一些正面因素和動力的看法。

Thank you.

謝謝。

Steve Enders, Citi.

史蒂夫恩德斯，花旗銀行。

Okay, great.

好的，太好了。

Thanks for.

感謝。

Thanks for taking the question here on. I guess, maybe just following up on the guide and the outlook for next year. I mean, I guess this implies a bit of an acceleration on the top line. So I guess as you think about what that looks like, how you get confidence around that number or what is it that gives you confidence in being able to see an acceleration as we head into fiscal 25?

感謝您在這裡提出問題。我想，也許只是跟進指南和明年的展望。我的意思是，我想這意味著營收會有所加速。因此，我想，當您思考這個數字時，您如何對這個數字充滿信心，或者是什麼讓您有信心在我們進入第 25 財年時能夠看到加速增長？

Yes.

是的。

So I would say I'm expecting to see a pretty similar growth next year, both kind of versus what we're expecting as we exit this year and just kind of coincidentally, what we happen to do for what we're expecting to do for the current year. What I would say is we are going to be lapping the impact of we started to see some of these macro economic challenges set in. And as we think about getting through the next year, certainly this is based on, as we had mentioned, pretty prudent expectations in terms of the overall macroeconomic environment. So it's really based on kind of a combination of everything that we've been seeing in the environment, the pipeline, the conversations that we've been having with with customers and all of that. So I wouldn't really highlight any specific new things in the business that are driving that. But it's really just based on a continuation of some of the trends that we've been seeing recently.

所以我想說，我預計明年會出現非常相似的增長，這與我們今年退出時的預期不同，而且巧合的是，我們碰巧做了我們期望做的事情今年。我想說的是，我們將開始看到一些宏觀經濟挑戰的影響。當我們考慮度過明年時，當然，正如我們所提到的，這是基於相當對整體宏觀經濟環境的審慎預期。所以它實際上是基於我們在環境、管道、我們與客戶的對話以及所有這些中看到的一切的組合。因此，我不會真正強調推動這一趨勢的業務中的任何具體新事物。但這實際上只是基於我們最近看到的一些趨勢的延續。

And Aaron, and in that I know

還有亞倫，據我所知

I mean, obviously, we'll get more into the FY 25 outlook and commentary I'd be happy to build on that.

我的意思是，顯然，我們將更多地了解 25 財年的展望和評論，我很樂意以此為基礎。

Okay, great. And then maybe just on the demand environment, and I guess as you look at the customers and the pipeline, and I know that there's been headwinds to to add to the seat expansion side. I guess, where do you feel like we are in terms of that continuing to be a headwind? And as we think about the billings outlook. And I guess, again, going into it into 25, I want to get how scrubbed is the pipeline that you're seeing for renewables and the assumptions that are are are being made in there.

好的，太好了。然後也許只是在需求環境上，我想當你看看客戶和管道時，我知道在增加座位擴展方面存在阻力。我想，您覺得我們在繼續成為逆風方面處於什麼位置？當我們思考比林斯的前景。我想，再一次，進入 25 年後，我想了解您所看到的可再生能源管道的清理情況以及其中所做的假設。

In terms of the business expansion initiatives?

在業務擴張舉措方面？

Yes, I mean, I would say we are still expecting to see continued pressure on seat growth given the environment, and that is baked into the forward-looking expectations that we provided on.

是的，我的意思是，考慮到環境，我們仍然預期座位成長將面臨持續壓力，這已融入我們提供的前瞻性預期中。

And in terms of the pipeline, I would say similarly, we feel really good about the way that we have been qualifying that and a lot based on a lot of the learnings from this year, just where we are seeing the strongest ROI, whether it's from some of the different demand initiatives or the geographies and segments of the business that are showing the most resilience in this environment. That's where we've really been focused. And so from an overall pipeline quality point of view and what we learned on how we baked that into our expectations, and that is all incorporated into the numbers that we provided.

就管道而言，我想說，類似地，我們對我們的資格認證方式感到非常滿意，並且基於今年的大量經驗教訓，我們看到了最強的投資回報率，無論是來自一些不同的需求計劃或在這種環境下表現出最強彈性的業務地域和部門。這就是我們真正關注的地方。因此，從整體管道品質的角度來看，以及我們如何將其納入我們的期望中所學到的知識，這些都已納入我們提供的數字中。

Okay, perfect.

好的，完美。

Thanks.

謝謝。

For taking the questions.

為了回答問題。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

This is Chris Cantarell on for Josh. Thanks for taking our questions. You also showing strong adoption of suites for a few quarters now. So just curious why that continues to see momentum savvy translating into those better in quarter results?

這是克里斯·坎塔雷爾 (Chris Cantarell) 替補喬什 (Josh)。感謝您回答我們的問題。您現在還顯示出幾個季度對套件的大力採用。所以只是好奇為什麼會繼續看到動力精明轉化為更好的季度業績？

Yes, I think on getting your customers to move up to suites has been a critical priority for us. And we saw a little bit of some, you know, kind of less of the quarter over quarter growth than we wanted it earlier in the year, and we've put even greater focus on that. I think we're seeing those results now play out on in terms of the total top line results. Obviously, that factors and things like seat count growth that the suite expansion on doesn't on doesn't specifically on these are independent metrics of the percentage of customers who move up into suites versus the amount of seat growth that we have in general. And that's been come under some pressure, as Bill noted on just due to the macro environment. And so as you know, certainly as companies are hiring as quickly or you have layoffs and tech, as an example, these can create some seat growth pressure on which which obviously is the combined metric that really drives that top line revenue and the net retention rate. So I'd say we were still going to be very, very focused on adding more and more value to our product plans. That means more customers can get into Enterprise Plus we're going to have additional functionality that will allow customers upgrade even further in the future and then see growth becomes another lever on as hopefully the economic environment improves over time.

是的，我認為讓您的客戶升級到套房一直是我們的首要任務。我們看到一些季度環比增長低於我們今年早些時候的預期，我們更加關注這一點。我認為我們現在看到這些結果在總營收結果中得到體現。顯然，套房擴張並未涉及的因素和座位數增長之類的因素並不是專門針對這些因素，而是衡量入住套房的客戶百分比與我們總體座位增長量的獨立指標。正如比爾所指出的那樣，由於宏觀環境，這面臨著一些壓力。如您所知，當然，當公司招聘速度很快，或者您有裁員和技術時，這些可能會產生一些席位增長壓力，而這顯然是真正推動頂線收入和淨保留率的綜合指標速度。所以我想說，我們仍然會非常非常專注於為我們的產品計劃增加越來越多的價值。這意味著更多的客戶可以進入 Enterprise Plus，我們將擁有額外的功能，讓客戶在未來進一步升級，然後看到成長成為另一個槓桿，希望經濟環境隨著時間的推移而改善。

Yes, this is Dylan.

是的，這是迪倫。

Just to build on that to clarify, really pleased with the kind of attach rates and the mix of what we are selling to our customers in this environment, especially seeing strong attach rates globally, which we had not been seeing a year ago was a little bit more variable from geography to geography, but it's really driven by just lower volume of overall deals. And you can see that in some of the metrics like the large deal counts that we provide, but we are certainly pleased with the trajectory and momentum of suites within our customer base. And I would note that we've continued to see as we've called out in the past, that those suites customers once they buy in adopt suites, tend to have much stronger customer economics overall from pricing to margins to net retention. So even though the deal volume isn't quite where we'd like it to be this year, the overall quality of the customer base and revenue base, I've been steadily improving because of that mix.

在此基礎上澄清一下，我們對在這種環境下向客戶銷售的產品的附加率和組合感到非常滿意，特別是在全球範圍內看到強勁的附加率，這是我們一年前沒有看到的一點不同地理位置之間的差異更大，但它實際上是由整體交易量下降所驅動的。您可以在一些指標中看到這一點，例如我們提供的大宗交易計數，但我們當然對客戶群中套房的發展軌跡和勢頭感到滿意。我要指出的是，正如我們過去所呼籲的那樣，我們繼續看到，那些套房客戶一旦購買了採用套房，從定價到利潤再到淨保留率，總體上往往會擁有更強大的客戶經濟效益。因此，儘管今年的交易量沒有達到我們希望的水平，但客戶群和收入基礎的整體質量，由於這種組合，我一直在穩步提高。

Got it. That's very helpful. And then maybe sticking with you on the operating margin guide for this year, if I exclude that 85 basis point headwind from the equipment and lease changes changes. So kind of down the full year by 15 basis points or so.

知道了。這非常有幫助。如果我排除設備和租賃變化帶來的 85 個基點的不利因素，那麼也許會繼續關註今年的營業利潤率指南。因此全年下降了 15 個基點左右。

So just curious, is that mostly a function of that lower revenue flowing down or is there something else you would call out there from a expense standpoint?

所以只是好奇，這主要是收入減少的結果，還是從費用的角度來看還有其他原因？

Yes, I would say the only minor changes, again, pretty close to in line there is a bit of a revenue impact, but also a little bit of an incremental FX impact from So and as both on revenue and on the margin side, so not material versus what we expected a few months ago, but that is a little bit of that kind of a contributor as well.

是的，我想說，唯一的微小變化，再次，非常接近，有一點收入影響，但也有一點增量外匯影響，所以無論是在收入方面還是在利潤方面，所以與我們幾個月前的預期相比，這並不重要，但這也算是一種貢獻。

Thank you.

謝謝。

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

Okay, great. Thank you for taking the questions. I can you I wanted to ask you about the fiscal 25 outlook. Again, understanding it's preliminary or early, but any way to kind of understand the net retention versus new that you're you're baking in there? You're kind of at 102, you're talking about 5% imported ore, 6% constant currency seems like what are you assuming for net retention? And then is there anything you're baking in from the EII. products that might be coming online next year?

好的，太好了。感謝您提出問題。我可以，我想問你關於 25 財年前景的問題。再說一遍，了解它是初步的或早期的，但是有什麼方法可以了解你正在烘焙的淨保留率與新保留率嗎？你有點像 102，你談論的是 5% 的進口礦石，6% 的固定貨幣似乎是你對淨保留率的假設？然後是你從 EII 烘焙的東西嗎？明年可能會上線的產品？

Yes.

是的。

So I would say you could think about the underlying driver in assumption in that preliminary guidance as being pretty consistent with current levels. As mentioned I certainly see upside over time, but that is not baked into next year's numbers.

因此，我想說，您可以認為初步指導中假設的潛在驅動因素與當前水準非常一致。如同前面所提到的，隨著時間的推移，我當然看到了上行空間，但這並沒有體現在明年的數據中。

And then as it relates to our product roadmap broadly, you mentioned AI, but this would apply to some of the other newer products like the hubs and the new suite that we expect to launch next year.

然後，由於它與我們的產品路線圖廣泛相關，您提到了人工智慧，但這也適用於其他一些較新的產品，例如我們預計明年推出的集線器和新套件。

I would just note that as enterprise sales cycles are typically a few quarters. And based on our recurring revenue model and how that translates into revenue, we don't expect those newer products and offerings to have a material impact on next year's revenue, but would be more meaningful growth drivers are the following year in FY 26 and beyond.

我想指出的是，企業銷售週期通常是幾個季度。根據我們的經常性收入模式及其轉化為收入的方式，我們預計這些新產品和產品不會對明年的收入產生重大影響，但在26 財年及以後的下一年將成為更有意義的增長動力。

Yes, and done as it relates to today's AI. offering, which obviously is an Enterprise Plus plan. We do expect that to be a driver of Enterprise Plus upgrades for next year. So on, so just to build on that. So I definitely being a driver for next year. It is baked into the current outlook that we just shared. And as I mentioned on the Q three on numbers, we saw a number of customers upgrade to Enterprise Plus specifically on or at least in large part to be able to access box AI. So we certainly expect to continue to see that in Q4 and in next year.

是的，而且是與當今的人工智慧相關的。產品，這顯然是一個 Enterprise Plus 計劃。我們確實預計這將成為明年企業增強版升級的推動力。等等，只是以此為基礎。所以我明年一定會成為車手。它已融入我們剛剛分享的當前前景中。正如我在第三個問題中提到的，我們看到許多客戶升級到 Enterprise Plus，特別是為了或至少在很大程度上能夠存取 Box AI。因此，我們當然希望在第四季和明年繼續看到這種情況。

But we also want to be prudent on our total top line expectations on as we kind of work through the macro kind of just.

但我們也希望對我們的總收入預期保持謹慎，因為我們只是透過宏觀工作。

Understood. Just specifically on the volume based on the consumption based pricing that you kind of laid out, how you are you assuming that the existing Suite customers start contributing some kind of from that volume based content consumption based pricing next year,

明白了。具體來說，根據您制定的基於消費的定價的數量，您如何假設現有套件客戶明年開始從基於數量的內容消費定價中做出某種貢獻，

we don't have any particular hard expectations well within the model on the consumption side.

我們在消費方面的模型中沒有任何特別的硬性期望。

And that would be kind of pure upside and down only because we want to be super thoughtful as we as we start to roll. I mean box that literally is rolling out in November to two to our Enterprise Plus customers. And so I so we want to be conservative at this point on the on the numbers there.

這純粹是上下顛倒，因為我們在開始滾動時想要非常周到。我指的是 11 月向我們的 Enterprise Plus 客戶推出的兩個盒子。因此，我現在希望對那裡的數字保持保守。

And just one last question for Bill and then what is the billings growth rate adjusted for payment duration from a year ago? Because I do remember last year you had kind of some big deals.

比爾的最後一個問題是，與一年前相比，根據付款期限調整後的帳單成長率是多少？因為我記得去年你們做了一些大交易。

And yes, I would say we didn't give the exact number, but you can make about that large multi-year prepay that we had kind of mentioned at the time and then recently as well as being in the kind of mid to high single digit percentage range, so last year. So that was a significant driver of the outsized billings growth that we showed in Q3 of last year. Although even independent of that one, our customer was a pretty strong quarter for us overall as it was late in the quarter. As a reminder, that we started to see the macroeconomic headwinds show up in our business.

是的，我想說我們沒有給出確切的數字，但是您可以了解我們當時和最近提到的巨額多年預付款以及中高單筆付款數字百分比範圍，去年也是如此。因此，這是我們去年第三季顯示的超額帳單成長的重要推動力。儘管與該客戶無關，但我們的客戶對我們整體來說是一個相當強勁的季度，因為它是在本季度末的。提醒一下，我們開始看到宏觀經濟的不利因素出現在我們的業務中。

Understood thank you.

明白了謝謝。

Chad Bennett, Craig Hallum Capital.

查德·貝內特，克雷格·哈勒姆資本。

Great. Thanks for taking my questions. So just considering the I guess, preliminary growth outlook for next year of 5% and just and obviously, the operating margin outlook, just curious, I mean or growth or liquids clearly on lowered from from kind of what we thought it would be obviously this year and heading into next year. And as a percentage of revenue, sales and marketing expenses are kind of hovering around 27, 28%. They've kind of been there for a couple of years now. Are there any plan actions on the cost side to maybe maybe escalate or accelerate that operating margin leverage next year. And even if that 5% turned into 8%, I'm not sure 27, 28% sales and marketing expense makes sense. Any commentary there?

偉大的。感謝您回答我的問題。因此，考慮到我猜明年 5% 的初步成長前景，以及營運利潤率前景，我只是好奇，我的意思是，成長或流動性明顯低於我們認為的情況年並進入明年。銷售和行銷費用佔收入的百分比徘徊在 27%、28% 左右。他們已經在那裡待了幾年了。在成本方面是否有任何計劃行動可能會升級或加速明年的營業利潤率槓桿。即使 5% 變成 8%，我也不確定 27、28% 的銷售和行銷費用是否有意義。有評論嗎？

Yes.

是的。

So on it's a great question. I think we're trying to balance on both. Obviously continued leverage on the bottom line, which we see as incredibly important on overall to the efficiency of the business and being able to support our capital allocation strategy on and at the same time, because of the market opportunity between security AI, our overall platform message, we do want to balance the right amount of growth investments to drive top line, not only for next year, but really beyond. And so some of those investments, as obviously is kind of well understood. The assets, you have to start to make them and then the payback is more tied to that long-term model on. And while these aren't particularly massive, any sense of things like and we continue to optimize our international markets on drive the next tier plan in terms of product investment, some of the verticals that we want to double down in these things obviously ours are still very important for us and to drive that long-term growth. So so it will always pay close attention to where we're seeing kind of the efficacy of our investments and we'll tune appropriately on. But we think that that continuing to make year over year and on improvements on the bottom line going forward is incredibly important to drive to that long-term model, but also making sure we're driving the right level of growth is super healthy as well.

所以這是一個很好的問題。我認為我們正在努力平衡兩者。顯然，對利潤的持續槓桿作用，我們認為這對於整體業務效率非常重要，並且能夠同時支持我們的資本配置策略，因為安全人工智慧（我們的整體平台）之間存在市場機會消息稱，我們確實希望平衡適量的成長投資，以推動營收成長，不僅是為了明年，而且是為了更長遠的目標。其中一些投資顯然是眾所周知的。資產，你必須開始製造它們，然後回報與長期模型更相關。雖然這些並不是特別龐大，但我們繼續優化我們的國際市場，以推動產品投資方面的下一層計劃，但我們希望在這些方面加倍努力的一些垂直領域顯然是我們的對我們來說仍然非常重要並推動長期成長。因此，它將始終密切關注我們所看到的投資效果，並進行適當調整。但我們認為，繼續逐年取得進展並改善未來的利潤對於推動長期模式非常重要，而且確保我們推動正確的成長水平也是非常健康的。

And so that's the balance that we're trying to create and to build on that we still expect our annual operating margin improvement to be fairly consistent on an annual basis as we march towards our long-term target model of having operating margins and delivering those in the 32% to 35% range for next year on the heels of completing the public cloud migration that we've talked about, some more of that is expected to come at the gross margin line than in a typical year over a multiyear time period. And then we also do expect continued driving efficiencies across the business and in terms of big categories of leverage. As we mentioned, I do expect our lower cost location strategy to have an impact next year as well. So that's a big focus that doesn't show up in the sales and marketing line as much and I know Aaron spoke to that, but that has been and is expected to be a continued driver of R & D and G and A. leverage in particular. So those are a couple of the big areas from a near-term point of view that will fuel that operating margin expansion.

因此，這就是我們正在努力創造和建立的平衡，我們仍然預計我們的年度營業利潤率改善將在每年的基礎上相當一致，因為我們正在朝著擁有營業利潤率並實現這些目標的長期目標模式邁進。在完成我們所討論的公共雲遷移之後，明年的毛利率將在 32% 到 35% 之間，預計毛利率將高於多年期間的正常年份。然後，我們也確實期望繼續提高整個業務和大類槓桿的效率。正如我們所提到的，我確實預計我們的低成本選址策略明年也會產生影響。因此，這是一個重點，但在銷售和行銷方面並沒有那麼明顯，我知道亞倫談到了這一點，但這已經並且預計將成為研發、G 和 A 的持續驅動力。特別的。因此，從近期的角度來看，這些是將推動營業利潤率擴張的幾個重要領域。

Got it.

知道了。

And then maybe just one quick follow-up for me. Just on the non sweet portion of the business, can you can you just speak to kind of a year to date what you've seen competitively there? And if that business is I mean, I assume that business has kind of gotten weaker as we went along the year and just kind of how that how that how that has played out relative to expectations?

然後也許只是我的一個快速跟進。就業務的非甜蜜部分而言，您能談談迄今為止您所看到的競爭情況嗎？如果我的意思是，我認為隨著這一年的發展，業務有所減弱，相對於預期，情況如何？

Yes, I think certainly, we're very focused on encouraging any new customer to come into our multiproduct suite. And that's a core part of our sales motion that improves our competitive differentiation on win rates, retention and so on. In terms of the core only population, we do see more pressure in that audience on from a retention standpoint and in some cases, the seat growth standpoint, although on, although can always vary by the quarter, but I think no change, not necessarily in the competitive market or competitive dynamics there. That's something that's sort of always been incorporated into our financial planning model on. So no, no major market changed on that front.

是的，我想當然，我們非常注重鼓勵任何新客戶進入我們的多產品套件。這是我們銷售行動的核心部分，可以提高我們在贏率、留任率等方面的競爭優勢。就核心人群而言，從保留的角度來看，我們確實看到該觀眾面臨更大的壓力，在某些情況下，從座位增長的角度來看，雖然總是會因季度而異，但我認為沒有變化，不一定在競爭市場或競爭動態。這一直被納入我們的財務規劃模型中。所以不，主要市場在這方面沒有改變。

Thank you.

謝謝。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Hey, this is Rich Poland on for Rishi. Thanks for taking my question. So first one for me, Tom, I guess what you're seeing some of the seat churn in contracts and are you having any success trying to offset some of that with the sweets momentum and maybe perhaps giving any kind of a discount on the suite side? Or just kind of walk me through how that conversation typically goes?

嘿，這是 Rishi 的 Rich Polish。感謝您提出我的問題。所以我的第一個想法是，湯姆，我猜你在合約中看到了一些席位的流失，你是否成功地嘗試用糖果的勢頭來抵消其中的一些，也許還可以對套房提供任何形式的折扣邊？或只是告訴我談話通常是如何進行的？

Yes.

是的。

I mean, there's there could be some hidden flavor. So it would be hard to fully capture. But we do on certainly if a customer is dealing with reduction in headcount or reduction in investment on our part at least seat-based model will correlate in some cases to that dynamic within that customer. And so and so usually that on tied to additional cost pressure in that customer. So on adding more product in return for fewer seats on that customer, most likely zone with overall cost pressures that make that difficult. So I'd say that we certainly tried multiple ways to get our customers to retain their total value. But we also want to be thoughtful with customers and make sure we're adding the right amount of value and relationship on given whatever their environment they're dealing with is I think more typically what we're able to do in a renewal motion is on is find ways to get that customer into expanded functionality or on or moving up a plan tier and based on the kind of overall growth and health of the customer relationship. And that's sort of certainly a core part of our renewal motion.

我的意思是，可能有一些隱藏的味道。所以很難完全捕捉。但如果客戶正在處理員工人數減少或我們方面投資減少的問題，我們肯定會這樣做，至少基於席位的模型在某些情況下將與該客戶內部的動態相關聯。通常這與該客戶的額外成本壓力有關。因此，在增加更多產品以換取更少客戶席位的情況下，很可能存在整體成本壓力，這使得這一點變得困難。所以我想說，我們當然嘗試了多種方法來讓我們的客戶保留他們的總價值。但我們也希望為客戶考慮周全，並確保我們在考慮到他們所面對的環境時添加適當的價值和關係，我認為更典型的是，我們在更新動議中能夠做的是重點是根據客戶關係的整體成長和健康狀況，找到方法讓客戶擴展功能或進入或升級計劃等級。這無疑是我們更新動議的核心部分。

Got it. That's very helpful. And it's good to hear that they are driving some of the Enterprise Plus conversion.

知道了。這非常有幫助。很高興聽到他們正在推動一些 Enterprise Plus 轉換。

And going forward, aside from watching just kind of the suite momentum trajectory, what's the best way for us to kind of measure the pace of Enterprise Plus adoption.

展望未來，除了觀察套件的動能軌跡之外，我們衡量 Enterprise Plus 採用速度的最佳方法是什麼。

And I guess alongside that, have you given any thought to kind of them providing a breakout for any enterprise plus every once in a while, again done well, Core and Core Plus from the past on just to clarify on, we say, breakout of Enterprise Plus, I do mean relative to our overall multiproduct suites?

我想除此之外，您是否考慮過讓它們為任何企業提供一次突破，再加上每隔一段時間，再次做得很好，Core 和 Core Plus 從過去只是為了澄清，我們說，突破Enterprise Plus ，我的意思是相對於我們整體的多產品套件？

Or is there some of the metric you're referring to crack spreads as a?

或者是否有一些您提到的裂解價差指標？

Yes.

是的。

On we I mean, we sort of discussed different ways to maybe convey that metric. And we're happy to certainly take more if you back off line on because Enterprise Plus is our primary sales motion and more of the lot. The other suites are equivalent to Enterprise Plus in terms of what products they've contain minus now AI on our but similar price points, we sort of think about them basically at the same metric on. So we'd probably wouldn't break it out only because it really does. It's effectively the same concept on the answer.

我的意思是，我們討論了傳達該指標的不同方式。如果您重新上線，我們當然很樂意接受更多，因為企業附加版是我們的主要銷售活動，而且還有更多活動。其他套件與 Enterprise Plus 相同，就它們包含的產品而言，減去現在的人工智慧，但價格點相似，我們基本上以相同的指標來考慮它們。所以我們可能不會因為它確實如此而將其打破。這實際上是答案中相同的概念。

You said that it's helpful. We could consider it over time. But I would just consider Enterprise Plus as the primary suite that's driving our growth and certainly taking up the bulk of that account base.

你說這很有幫助。我們可以隨著時間的推移考慮它。但我認為 Enterprise Plus 是推動我們成長的主要套件，並且肯定佔據了大部分客戶群。

And just as a reminder, for the past year or so to kind of echo what Aaron's been saying, more than 90% of our overall suite sales had been Enterprise Plus. So that's certainly effectively all of the new suite sales as well as some customers moving to Enterprise Plus from a prior suite under the hood. So it is the majority of it. And we tried to capture that in one metric, just to keep things simple, especially because as our product offerings continue to evolve, just a cleaner way to track the overall suites momentum, which is what's most important to really understand how our customers are using Box's products.

提醒一下，在過去一年左右的時間裡，與 Aaron 所說的內容相呼應，我們套件總銷售量的 90% 以上都是 Enterprise Plus。因此，這實際上是所有新套件的銷售以及一些客戶從先前的套件轉向 Enterprise Plus 的情況。所以這是其中的大部分。我們試圖用一個指標來捕捉這一點，只是為了讓事情變得簡單，特別是因為隨著我們的產品不斷發展，只有一種更清晰的方法來追蹤整體套件的勢頭，這對於真正了解我們的客戶如何使用最重要盒子的產品。

Got it.

知道了。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

George Iwanyc, Oppenheimer.

喬治·伊凡尼克，奧本海默。

Thank you for taking my question. Aaron, maybe going back to your comments on investing for growth with Olivier coming on board.

感謝您回答我的問題。亞倫，也許回到你關於奧利維爾加入後投資促進成長的評論。

Are there any changes are made made to the sales organization and go-to-market motion over the next several quarters?

在接下來的幾個季度中，銷售組織和上市行動是否會發生任何變化？

Yes.

是的。

So maybe at a high level on as we as we did a search for the successor first for us, step and it's a very collaborative process to find the next person that can take box to and for us from the 1 billion to $2 billion market. And we were extremely intent to bring somebody that understood our model understand both what we had built in terms of seeing similar environments, but also seen where we're trying to go as a platform and so we found somebody in Olivia that I'm deeply understand SaaS, our go-to-market motion, the land and expand motion on kind of driving higher price per seat through product expansion on driving partnerships with system integrators and channel partners that international mix so on. So we were extremely delighted to find something that really understood our model, but also where we want to take it. I think I would I would say, as we look out to next year on, I would expect more incremental optimization on in the form of things like expanding with more partners on our going into on kind of critical verticals that we need to continue to drive growth in on continuing to move up customers and higher planned tiers are really a continuation of the things we've talked about on this call and to enter the Street about, but on, but obviously turbocharging wherever appropriate within the context of a financial model where we want to deliver more on bottom line efficiency as well. So that's sort of the balance that we continue to deal with, but some aren't, but I'd expect you to hear and update on more of those kind of strategic initiatives as we go into next year

因此，也許在較高的層面上，當我們首先為我們尋找繼任者時，這是一個非常協作的過程，尋找下一個能夠為我們從 10 億美元到 20 億美元的市場帶來幫助的人。我們非常想讓那些了解我們模型的人了解我們在看到類似環境方面所構建的東西，同時也了解我們作為一個平台想要走向的方向，所以我們在奧利維亞找到了一個我深深喜歡的人。了解 SaaS、我們的進入市場行動、土地和擴張行動，透過產品擴展推動更高的每個席位價格，推動與國際組合的系統整合商和通路合作夥伴的合作夥伴關係等。因此，我們非常高興找到真正理解我們模型的東西，並且也能將其應用到我們想要的地方。我想我會說，當我們展望明年時，我希望以更多形式進行漸進式優化，例如與更多合作夥伴一起拓展我們需要繼續推動的關鍵垂直領域繼續提升客戶和更高計劃層級的增長實際上是我們在本次電話會議上討論的事情的延續，並進入華爾街，但在財務模型的背景下，但顯然是在適當的情況下進行渦輪增壓，其中我們還希望提高底線效率。因此，這就是我們繼續處理的平衡，但有些則不然，但我希望您在明年進入時能夠聽到並更新更多此類戰略舉措

And coming out of BoxWorks and your new announcement at the GCP marketplace, maybe give us a level set on your new customer outreachn and what the pipeline looks like from that perspective?

BoxWorks 以及您在 GCP 市場上發布的新公告，也許可以讓我們對您的新客戶拓展有一個水平，以及從這個角度來看管道是什麼樣的？

Yes. So the GCP partnership has been something we've been working on now for for quite some time. So we're excited to land the plane there on.

是的。因此，我們已經為 GCP 合作夥伴關係努力了一段時間了。所以我們很高興能把飛機降落在那裡。

Yes, we really kicked off at the start of Q4. So we're in the midst right now of some of those conversations. And I think that on the contours of the value really are when a customer is looking to buy box or maybe there's a gap in their IT strategy that box can help with and a Google seller sort of identifies that we can be brought in and on and you have this much more efficient path for finding budget in some cases, where a customer might have those unused credits within the GCP environment. So on very just the earliest days of the partnership, but we're already hearing on we're already seeing this in our pipeline and hearing anecdotes of IT and customer conversations. But I'd say on I'd say just it's sort of effectively day one right now. And so we'll we'll share more as that as we have updates.

是的，我們確實在第四季初就開始了。所以我們現在正在進行其中一些對話。我認為，價值的輪廓實際上是當客戶想要購買 Box 時，或者他們的 IT 策略可能存在差距時，Box 可以提供幫助，而 Google 賣家則認為我們可以加入進來，然後在某些情況下，客戶可能在GCP 環境中擁有未使用的積分，因此您可以透過這種更有效的途徑來找到預算。因此，在合作的最初幾天，我們已經聽說我們已經在我們的管道中看到了這一點，並聽到了 IT 和客戶對話的軼事。但我想說，我想說，現在只是第一天。因此，當我們有更新時，我們將分享更多資訊。

Great. Thank you.

偉大的。謝謝。

Thank you. And I will now turn the call back to Cynthia for closing remarks.

謝謝。現在，我將把電話轉回給辛西婭，讓其致閉幕詞。

Great. Thank you, everyone, for joining us today. And we look forward to updating you on our next call.

偉大的。謝謝大家今天加入我們。我們期待在下次通話中向您通報最新情況。