Box Inc (BOX) 2024 Q4 法說會逐字稿

Ladies and gentlemen, this is the operator.

女士們先生們，這是接線生。

Today's conference is scheduled to begin momentarily.

今天的會議預定立即開始。

Until that time your lines again will be placed on them, use the coal.

在那之前，你的線將再次放置在它們上面，使用煤炭。

Thank you for your patience.

感謝您的耐心等待。

Good afternoon.

午安.

My name is Krista, and I'll be your conference operator today.

我叫克里斯塔，今天我將擔任你們的會議接線生。

At this time, I would like to welcome everyone to the box Inc. Fourth Quarter and Fiscal Year 2024 earnings conference call.

此時此刻，我歡迎大家參加 Box Inc. 第四季和 2024 財年財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

So the speakers' remarks there will be a question and answer session.

因此，演講者的發言將會有一個問答環節。

If you'd like to ask a question during that time, simply press star followed by the number one on your telephone keypad.

如果您想在此期間提問，只需按電話鍵盤上的星號，然後再按數字 1 即可。

And if you'd like to withdraw that question again, press star one Thank you.

如果您想再次撤回該問題，請按星號一，謝謝。

I would now like to turn the conference over to Cynthia Tonya.

我現在想將會議轉交給辛西婭·托尼亞 (Cynthia Tonya)。

Cynthia, you may begin.

辛西婭，你可以開始了。

Good afternoon, and welcome to Box's Fourth Quarter and Full Year Fiscal 2024 earnings conference call.

下午好，歡迎參加 Box 2024 年第四季和全年財報電話會議。

I'm Cynthia Hiponia, Vice President, Investor Relations.

我是辛西亞‧希波尼亞 (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, Fox Co-Founder and CFO.

今天參加電話會議的有 Box 聯合創始人兼執行長 Aaron Levie 和 Fox 聯合創始人兼財務長 Dylan Smith。

Following our prepared remarks, we will take your questions.

在我們準備好的發言之後，我們將回答您的問題。

Today's call is being webcast and will also be available for replay on our Investor Relations website at Box.com forward slash investors.

今天的電話會議正在進行網路直播，也可以在我們的投資人關係網站 Box.com 上重播。

Our webcast will be audio only.

我們的網路廣播將僅是音訊。

However, supplemental slides are now available for download on our website will also post the highlights of today's call on the X platform at the handle at Box, Inc. IR.

不過，補充投影片現在可以在我們的網站上下載，同時也將透過 Box, Inc. IR 的手把在 X 平台上發布今天電話會議的要點。

On this call, we will be making forward-looking statements, including our first quarter and full year fiscal 2025 financial guidance and our expectations regarding our financial performance 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.

在這次電話會議上，我們將做出前瞻性陳述，包括我們的2025 財年第一季和全年財務指導以及我們對2025 財年和未來時期財務業績的預期，包括我們的自由現金流、毛利率、營業利益率、經營槓桿、未來獲利能力、淨保留率、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、我們的能力為了實現我們的收入、營運利潤率和其他營運模式目標，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受益。

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.

出售我們的資料中心設備的收益、我們解決企業挑戰並為客戶節省成本的能力、宏觀環境對我們業務和經營業績的影響以及我們的資本配置策略，包括可能回購我們的普通股。

These statements reflect our best judgment based on factors currently known to us and actual events or results may differ materially.

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。

Please refer to our earnings press release filed today and the risk factors in the documents we filed with the SEC, 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.

請參閱我們今天提交的收益新聞稿以及我們向 SEC 提交的文件中的風險因素，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。

These forward statements are being made as of today, March fifth, 2024, and we disclaim any obligation to update or revise them should they change or cease to be up-to-date.

這些前瞻性聲明截至今天（2024 年 3 月 5 日）作出，如果這些聲明發生變化或不再是最新的，我們不承擔任何更新或修改這些聲明的義務。

In addition, during today's call, we will discuss non-GAAP financial measures.

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。

These non-GAAP financial measures should be considered in addition to 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 related supplemental slides, which can be found on our IR page of our website.

除了無法取代或獨立於我們的 GAAP 結果之外，還應考慮這些非 GAAP 財務指標，您會發現有關這些非 GAAP 指標的其他披露，包括在我們的收益新聞稿和相關的補充幻燈片，可以在我們網站的IR 頁面上找到。

Unless otherwise indicated, all references to financial measures are on a non-GAAP basis with that, let me turn the call over to Aaron.

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，讓我把電話轉給亞倫。

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

謝謝維也納，也謝謝大家今天加入電話會議。

Our fiscal Q4 results were in line with or above our guidance as we continue to see signs of stabilization in IT budgets in several of our core markets, we achieved revenue of $263 million, up 2% year over year or 4% in constant currency.

我們的第四財季業績符合或高於我們的指引，因為我們繼續看到幾個核心市場的IT 預算穩定的跡象，我們實現收入2.63 億美元，同比增長2%，按固定匯率計算增長4% 。

Operating margins of 26.7% were above our guidance and EPS of $0.42 was $0.03 above the high end of our guidance in fiscal 2024, we surpassed $8 billion in annual revenue with operating margins of 24.7%, up 160 basis points from 23.1% a year ago.

2024 財年，營業利益率為26.7%，高於我們的指引；每股盈餘為0.42 美元，比我們指引的上限高出0.03 美元；我們的年收入超過80 億美元，營業利益率為24.7%，比一年前的23.1% 成長160 個基點。

And despite the macroeconomic pressures on IT budgets, which persisted throughout FY24, we are pleased with our ability to deliver margin expansion, reflecting our execution of the strategies we've put in place to lower our cost structure while still investing for long-term durable revenue growth.

儘管 IT 預算在整個 2024 財年持續面臨宏觀經濟壓力，但我們對實現利潤率擴張的能力感到滿意，這反映出我們執行了為降低成本結構而製定的策略，同時仍投資於長期持久的投資。收入增長。

In FY24, we continued to bring advancements in our category-defining content cloud platform to the market.

2024 財年，我們持續將類別定義內容雲平台的進步推向市場。

We launched box AI. and beta, a new suite of capabilities that natively integrate advanced AI models into the box Content Cloud, we unveiled box hubs integrated with Box AI, which transformed how companies securely curate and publish content and knowledge across their enterprise.

我們推出了人工智慧盒子。和beta 版是一套新功能，可將先進的AI 模型原生整合到Box Content Cloud 中，我們推出了與Box AI 整合的Box Hub，改變了公司在整個企業中安全地管理和發佈內容和知識的方式。

And we also made significant product enhancements in security and compliance, collaboration and workflow, while also further strengthening our ecosystem of partner integrations.

我們還在安全性和合規性、協作和工作流程方面對產品進行了重大改進，同時進一步加強了我們的合作夥伴整合生態系統。

As I reflect on the year ahead, it's clear we have an incredibly large opportunity in front of us at FOX.

當我回顧未來的一年時，很明顯，福克斯面臨著難以置信的巨大機會。

Our mission is to power how the world works together and the way work happens is changing more than ever before.

我們的使命是推動世界如何協同運作，而工作方式正在發生比以往任何時候都更大的變化。

We know that companies are looking to digitize and automate their businesses by modernizing and simplifying workflows, streamlining collaboration and connecting their apps together, they are looking to leverage the power of AI to generate new insights automate their processes and supercharge productivity.

我們知道，公司正在尋求透過現代化和簡化工作流程、簡化協作以及將應用程式連接在一起來實現業務數位化和自動化，他們希望利用人工智慧的力量來產生新的見解，實現流程自動化並提高生產力。

And it's critical that they protect their most important data by detecting and preventing threats, avoiding ransomware and meeting compliance requirements.

他們透過偵測和預防威脅、避免勒索軟體並滿足合規性要求來保護最重要的數據，這一點至關重要。

At the heart of these trends is how companies work with their most important content.

這些趨勢的核心是公司如何處理最重要的內容。

And while unstructured data like contract marketing assets, financial documents and other content represents 90% of all enterprise data, most enterprises continue to be burdened by massive legacy and siloed environments for managing this content.

儘管合約行銷資產、財務文件和其他內容等非結構化資料佔所有企業資料的 90%，但大多數企業仍承受著管理這些內容的大量遺留和孤立環境的負擔。

And with the recent acceleration of advances in AI, nearly impossible to get the full value of content when it's fragmented across ECM systems, legacy storage, infrastructure and point solutions for years, Box's enabled powerful ways to securely, collaborate and manage enterprise content at scale.

隨著人工智慧最近加速發展，多年來內容分散在ECM 系統、遺留儲存、基礎設施和單點解決方案中，幾乎不可能獲得內容的全部價值，Box 支援大規模安全、協作和管理企業內容的強大方法。

But today, we enter a new chapter as a company.

但今天，我們作為一家公司進入了新的篇章。

And we expect FY25 to represent the most significant set of product expansion and evolution we have had as a company with the combination of AI, our workflow automation capabilities and our advanced metadata driven views we can fundamentally transform how companies run their most important processes.

我們預計25 財年將代表我們作為一家公司所經歷的最重要的產品擴展和演變，結合人工智慧、我們的工作流程自動化功能和我們先進的元資料驅動視圖，我們可以從根本上改變公司運作其最重要流程的方式。

Just in January, we announced the acquisition of Cruze, a leading provider of no-code enterprise content management application built on the box platform for years.

就在一月份，我們宣布收購 Cruze，這是多年來在 Box 平台上建立的無程式碼企業內容管理應用程式的領先提供者。

Cruise has leveraged boxes API.s to enable advanced enterprise content management and workflow use cases like contract lifecycle management, digital asset management and control documents and regulated industries and more, we were thrilled to team up with Cruise, and we will be rapidly integrating and leveraging the Company's no-code app builder and meta data capabilities to help customers build out custom interfaces and workflows for working with their most important content, combined with Box's upcoming workflow automation improvements, including the expected launch of forms and doctrine this year, Fox will be able to power end to end critical business processes natively without customers having to do any custom development.

Cruise 利用 Box API.s 來實現先進的企業內容管理和工作流程用例，例如合約生命週期管理、數位資產管理和控製文件以及受監管的行業等，我們很高興與 Cruise 合作，我們將快速整合和利用公司的無程式碼應用程式建立器和元資料功能，幫助客戶建立自訂介面和工作流程來處理他們最重要的內容，結合Box 即將推出的工作流程自動化改進，包括預計今年推出的表格和原則，Fox將能夠原生支援端到端關鍵業務流程，而無需客戶進行任何客製化開發。

And with the acquisition of cruise bots will extend into new use cases within our current customers as well as enabling us to rip and replace legacy ECM solutions.

隨著巡航機器人的收購，我們將擴展到我們現有客戶的新用例，並使我們能夠淘汰和替換傳統的 ECM 解決方案。

Importantly, these business processes are radically enriched with the power of Box A. AI in Asia problem and content management is how companies can apply structure to their unstructured data.

重要的是，Box A 的強大功能極大地豐富了這些業務流程。亞洲的人工智慧問題和內容管理是公司如何將結構應用於非結構化資料。

For instance, extracting key variables from an invoice or a contract or labeling critical data inside of a digital asset like an architecture diagram or a product image with Box AI, we are now able to automatically label and apply metadata on content at scale, doing the work that took humans minutes or hours performing these tasks now in seconds for a fraction of the costs by having a eye intelligently process documents and content, you can automate tasks and workflows that would have been cost-prohibitive or near impossible to do previously.

例如，從發票或合約中提取關鍵變量，或使用Box AI 標記數位資產內部的關鍵資料（例如架構圖或產品圖像），我們現在能夠自動大規模地標記和應用元資料到內容上，從而執行以下操作：過去人類需要幾分鐘或幾小時才能完成的工作，現在只需幾秒鐘即可完成，而透過智慧地處理文件和內容，您可以將以前成本高昂或幾乎不可能完成的任務和工作流程自動化。

In FY25, we expect to dramatically advance R-box.

25 財年，我們預計將大幅推進 R-box。

I efforts by incorporating new AI models in the box, building new capabilities to help enterprises customize a eye for their business.

我努力將新的人工智慧模型融入其中，建立新的功能來幫助企業客製化適合其業務的眼睛。

Workflow needs, enabling customers to ask questions of content in Box hubs and leveraging Box AI more extensively throughout our platform.

工作流程需求，使客戶能夠詢問 Box 中心中的內容問題，並在整個平台上更廣泛地利用 Box AI。

API.s not only will box A., I continue to be highly differentiated due to our overall security, compliance and governance on box.

API.s 不僅會使 box A.，由於我們在 box 上的整體安全性、合規性和治理，I 繼續保持高度差異化。

Our platform neutral approach means that we can leverage tens of billions of dollars in R&D happening across tech by integrating with advanced AI models from various AI vendors to provide the best user experience for box customers.

我們的平台中立方法意味著我們可以透過與不同人工智慧供應商的先進人工智慧模型集成，利用整個技術領域數百億美元的研發費用，為 Box 客戶提供最佳的用戶體驗。

Consistent with this open approach today, we announced a new integration with Microsoft Azure OpenEye.

與今天的這種開放方法一致，我們宣布了與 Microsoft Azure OpenEye 的新整合。

The expanded collaboration brings box and Microsoft enterprise-grade standards for security, privacy and compliance to AI.

此次擴大的合作為 AI 帶來了安全、隱私和合規性的 Box 和 Microsoft 企業級標準。

So customers can realize the benefits of this groundbreaking technology.

因此客戶可以認識到這項突破性技術的好處。

We also announced that box AI. is generally available to customers on Enterprise Plus plans starting today since rolling out box AI. in beta to Enterprise Plus customers in November, we have seen a number of existing customers upgrade to Enterprise Plus to gain access to box AI. customer examples in Q4 include a leading construction company which expanded in Q4 to access box AI as they are looking to extract the value from their unstructured content box, applying metadata at scale monitoring trends and contracts, managing agreements and also improving their security posture.

我們也宣布了人工智慧盒子。自推出 Box AI 以來，從今天開始，企業 Plus 計畫的客戶通常可以使用該服務。在 11 月向 Enterprise Plus 客戶提供的測試版中，我們看到許多現有客戶升級到 Enterprise Plus 以獲得 Box AI 的存取權。第四季度的客戶示例包括一家領先的建築公司，該公司在第四季度擴展了訪問框人工智能，因為他們希望從非結構化內容框中提取價值，大規模應用元數據監控趨勢和合同，管理協議並改善其安全狀況。

With many database classification controls, an American multinational technology company upgrade to Enterprise Plus with a six figure upsell to bring enterprise-grade AI to all of their employees with access to box AI powered by the most advanced large language models.

透過許多資料庫分類控制，一家美國跨國科技公司以六位數的追加銷售升級到 Enterprise Plus，為所有員工帶來企業級 AI，讓他們能夠存取由最先進的大型語言模型提供支援的 Box AI。

This organization can leverage AI for new use cases or keeping their content secure and compliant.

該組織可以利用人工智慧來實現新的用例或保持其內容的安全和合規性。

Finally, one of the country's leading medical support organizations upgrade to Enterprise Plus to use Box a eye to securely curate new content, summarize vast amounts of data and quickly analyze it to report out to clinics that they support now going beyond AI this year to help our customers protect their most important data.

最後，該國領先的醫療支援組織之一升級到Enterprise Plus，使用Box a eye 安全地策劃新內容、匯總大量數據并快速分析數據，向他們支持的診所報告，今年超越了人工智能的範圍，以幫助我們的客戶保護他們最重要的資料。

Our focus remains on building the leading way to protect and govern the full content lifecycle in the enterprise.

我們的重點仍然是建立領先的方式來保護和管理企業的整個內容生命週期。

In the year ahead, we plan to advance our security offerings to deliver improved threat detection and data recovery from ransomware attacks power, more advanced governance workflows, deliver native archiving solutions, achieve FedRAMP high compliance and deliver deeper integrations with security vendors like CrowdStrike.

未來一年，我們計劃推進我們的安全產品，以提供改進的威脅偵測和勒索軟體攻擊資料復原、更先進的治理工作流程、提供本機歸檔解決方案、實現FedRAMP 高度合規性並與CrowdStrike 等安全供應商進行更深入的整合。

Next, our flexible and interoperable platform remains a major differentiator for box.

其次，我們靈活且可互通的平台仍是 Box 的主要差異化因素。

And with our open API eyes, we aim to continue to connect with every enterprise app that our customers use from Microsoft Teams and Slack to Salesforce and ServiceNow and IBM and many more and help our customers leverage our APIs to power their own applications and workflows.

憑藉我們開放的API 視野，我們的目標是繼續與客戶使用的每個企業應用程式（從Microsoft Teams 和Slack 到Salesforce 和ServiceNow 以及IBM 等）連接，並幫助我們的客戶利用我們的API 來支援他們自己的應用程式和工作流程。

Now turning to go-to-market.

現在轉向進入市場。

We continue to enable new and existing customers to recognize the full value of the box platform with increased adoption of our multiproduct offerings.

透過增加我們的多產品產品的採用，我們將繼續讓新客戶和現有客戶認識到盒子平台的全部價值。

In Q4, suites represented 81% of deals over $100,000, up from 72% a year ago.

第四季度，套房佔 10 萬美元以上交易的 81%，高於一年前的 72%。

We saw continued solid suites attach rates in large deals across all geographies.

我們看到所有地區的大宗交易中持續穩定的套房附加費率。

In Q4, customer expansions and wins with Enterprise Plus included a financial consulting firm who purchased Box with a six-figure Enterprise Plus deal.

第四季度，Enterprise Plus 的客戶擴張和贏得客戶包括一家金融諮詢公司以六位數的 Enterprise Plus 交易購買了 Box。

They will leverage box as their core enterprise content management platform across the entire firm to enable their business to go fully digital while also eliminating spend on legacy agency management solutions.

他們將利用 Box 作為整個公司的核心企業內容管理平台，使他們的業務完全數位化，同時消除在遺留代理管理解決方案上的支出。

Next, a top international law firm purchase box to power how they work internally and with external parties.

接下來，一家頂級國際律師事務所購買盒子，以支持他們內部和與外部各方的合作。

This organization was looking for a new document management solution that provided security, ease of use, integration support and regional data storage, which led them to bots as we look ahead to FY25 and beyond.

該組織正在尋找一種新的文件管理解決方案，該解決方案能夠提供安全性、易用性、整合支援和區域資料存儲，這使得他們在展望 2025 財年及以後時選擇了機器人。

And as we enter this new chapter as a platform to power intelligent workflows around content, we will leverage our go-to-market motion to bring new solutions to customers, add new pricing models and packages to drive further upsell and extend our platform to a deeper set of partners and system integrators to deliver our more advanced solutions to customers and drive further growth.

當我們作為圍繞內容推動智慧工作流程的平台進入這一新篇章時，我們將利用我們的上市行動為客戶帶來新的解決方案，添加新的定價模型和套餐以推動進一步的追加銷售，並將我們的平台擴展到更廣泛的合作夥伴和系統整合商，為客戶提供更先進的解決方案並推動進一步成長。

Further, we plan to ignite more demand gen and pipeline development programs to reach even more customers and prospects, doubling down in key verticals such as financial services, life sciences, healthcare and the public sector, honing our focus on key international markets and more we are focused on taking advantage of the market opportunity in front of us, and these focused go-to-market investments and initiatives are being made to accelerate the future revenue growth of BOX.

此外，我們計劃啟動更多需求生成和管道開發計劃，以覆蓋更多客戶和潛在客戶，在金融服務、生命科學、醫療保健和公共部門等關鍵垂直領域加倍努力，加強對主要國際市場等的關注。專注於利用我們面前的市場機會，這些集中的上市投資和舉措旨在加速 BOX 未來的收入成長。

As you can tell, we are incredibly excited about the innovation we will be delivering to our category-defining content cloud platform in FY25.

如您所知，我們對 25 財年將向類別定義內容雲平台提供的創新感到非常興奮。

Our robust product roadmap, combined with our investments in strategic go-to-market initiatives, positions us well for the megatrends that are driving IT decisions and for way more normalized IT spending environment returns.

我們強大的產品路線圖，加上我們對策略性上市計畫的投資，使我們能夠很好地應對推動 IT 決策的大趨勢，並獲得更規範化的 IT 支出環境回報。

We will be providing more detail on our growth strategy during our upcoming financial analyst day on March 19, we could not be prouder of how the Company continues to execute on the initiatives to drive continued leverage in our cost structure and drive efficiencies across our business.

我們將在3 月19 日即將到來的財務分析師日期間提供有關我們增長戰略的更多詳細信息，我們對公司如何繼續執行旨在推動成本結構持續槓桿化並提高整個業務效率的舉措感到無比自豪。

While also setting ourselves up to drive accelerated revenue growth.

同時也為推動營收加速成長做好準備。

Dylan will be detailing our progress in his comments, but the resiliency of our financial model has been a strategic differentiator for us as we continue to invest in long-term durable revenue growth as the way work gets done is changing more than ever box is well positioned to capitalize on these megatrends and power the full lifecycle of content in the enterprise.

迪倫將在他的評論中詳細介紹我們的進展，但我們的財務模式的彈性一直是我們的戰略差異化因素，因為我們繼續投資於長期持久的收入增長，因為完成工作的方式比以往任何時候都發生了更大的變化。定位於利用這些大趨勢並為企業內容的整個生命週期提供支援。

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

這樣，我就把它交給迪倫了。

Thanks, Sarah, and good afternoon, everyone, and thank you for joining us in fiscal 2024 we delivered another year of strong bottom line improvements while laying the foundation for long-term profitable growth.

謝謝莎拉，大家下午好，感謝您在 2024 財年加入我們，我們又實現了強勁的利潤改善，同時為長期盈利增長奠定了基礎。

We generated $1.04 billion in revenue, up 5% year over year or 7% in constant currency.

我們實現了 10.4 億美元的收入，年增 5%，以固定匯率計算成長 7%。

FY24 operating margin was 24.7%, up 160 basis points year over year and up 340 basis points in constant currency.

2024 財年營業利益率為 24.7%，較去年同期成長 160 個基點，以固定匯率計算成長 340 個基點。

We delivered non-GAAP EPS of $1.46, up 22% from $1.20 in the prior year.

我們的非 GAAP 每股收益為 1.46 美元，比前一年的 1.20 美元增加 22%。

We also generated $269 million in free cash flow, a 13% year-over-year increase, which enabled us to deploy $180 million toward our share repurchase program.

我們還產生了 2.69 億美元的自由現金流，年增 13%，這使我們能夠將 1.8 億美元用於股票回購計畫。

As a result, we reduced fully diluted total shares outstanding sequentially in all four quarters of FY24.

因此，我們在 2024 財年的所有四個季度中連續減少了完全稀釋的已發行股本總數。

As we continue to navigate this challenging macroeconomic environment, we remain focused on delivering higher top line growth, generating consistent operating margin expansion and executing a disciplined capital allocation strategy.

在我們繼續應對這一充滿挑戰的宏觀經濟環境時，我們仍然專注於實現更高的收入成長、實現持續的營業利潤率擴張以及執行嚴格的資本配置策略。

Turning to Q4, we delivered revenue in line with our expectations and operating margin and EPS above our guidance.

談到第四季度，我們的收入符合我們的預期，營業利潤率和每股收益高於我們的指引。

Q4 revenue was $263 million, up 2% year over year or 4% in constant currency.

第四季營收為 2.63 億美元，年增 2%，以固定匯率計算成長 4%。

Operating margin of 26.7% was 120 basis points higher than our guidance of 25.5%.

26.7% 的營業利益率比我們 25.5% 的指導值高出 120 個基點。

EPS of $0.42 was $0.03 above the high end of our guidance and up 14% year over year.

每股收益 0.42 美元，比我們指引的上限高出 0.03 美元，年增 14%。

We ended the year with approximately 1,770 total customers paying us more than $100,000 annually.

截至年底，我們約有 1,770 名客戶每年向我們支付超過 10 萬美元。

We continue to see strong demand for our higher value product offerings.

我們繼續看到對我們更高價值產品的強勁需求。

Our Q4 suite attach rate and large deals landed at 81%, up from 72% a year ago.

我們第四季的套房附加率和大額交易從一年前的 72% 降至 81%。

Suite customers now account for 55% of our revenue, a significant improvement from 46% in Q4 of last year and from 51% in Q3.

套件客戶現在占我們營收的 55%，比去年第四季的 46% 和第三季的 51% 有了顯著改善。

Even in this environment where IT budgets are tighter, enterprises recognize the value that our suite offerings bring to help them simplify, transform and secure their content.

即使在 IT 預算更加緊張的環境中，企業也意識到我們的套件產品為幫助他們簡化、轉換和保護其內容所帶來的價值。

We ended Q4 with remaining performance obligations or RPO of $1.3 billion, a 5% year-over-year increase or 9% in constant currency.

截至第四季度，我們的剩餘履約義務或 RPO 為 13 億美元，年增 5%，以固定匯率計算成長 9%。

These growth rates were 200 basis points and 500 basis points ahead of our Q4 revenue growth, respectively.

這些成長率分別比我們第四季的營收成長高 200 個基點和 500 個基點。

This demonstrates both the stronger performance that we delivered in the back half of the year as well as customers longer-term commitments to BOX as a core part of their infrastructure.

這既證明了我們在今年下半年交付的更強勁的業績，也證明了客戶對 BOX 作為其基礎設施核心部分的長期承諾。

We expect to recognize roughly 60% of our RPO over the next 12 months.

我們預計在未來 12 個月內將確認約 60% 的 RPO。

Q4 billings of $379 million were up 6% year over year or 10% in constant currency, above our expectations of low to mid single digit growth, driven by strong early renewals.

在強勁的早期續訂推動下，第四季的營收為 3.79 億美元，年成長 6%，以固定匯率計算成長 10%，高於我們對中低個位數成長的預期。

Our net retention rate at the end of Q4 landed at 101%.

第四季末我們的淨保留率降至 101%。

While we continued to experience pressure on seat expansion within our customer base, our annualized full churn rate remained stable at 3%, demonstrating the stickiness and value that the box platform provides.

儘管我們繼續面臨客戶群席位擴張的壓力，但我們的年化完全流失率仍穩定在 3%，這證明了盒子平台提供的黏性和價值。

We've also continued to achieve an increase in price per seat year over year despite the pressures on IT budgets.

儘管 IT 預算面臨壓力，但我們的每個席位價格仍繼續逐年上漲。

As a reminder, our net retention rate is a trailing 12-month metric based on the headwinds we experienced in FY24 that we are now lapping.

提醒一下，我們的淨保留率是一個過去 12 個月的指標，基於我們在 2024 財年經歷的不利因素，我們現在正在研究這一點。

We expect our net retention rate to bottom out at 101% exiting FY25 with a net retention rate in line with or slightly above our Q4 results beyond FY25 as we benefit from the introduction of new product offerings and plan tiers.

我們預計，2025 財年結束時，我們的淨保留率將觸底至101%，淨保留率將與2025 財年之後的第四季度業績持平或略高於我們的水平，因為我們受益於新產品和計劃級別的推出。

And as seat growth returns to more normalized levels, we expect to achieve a higher net retention rate over time.

隨著席位成長恢復到更正常的水平，我們預計隨著時間的推移將實現更高的淨保留率。

Q4 gross margin came in at 78.4%, roughly in line with the year-ago period.

第四季毛利率為 78.4%，與去年同期大致持平。

As a reminder, we fully migrated our infrastructure to the public cloud in Q3 as our on-premises data center expenses wind down over the coming quarters, we expect to deliver additional gross margin expansion over the course of FY25.

提醒一下，隨著我們的本地資料中心費用在未來幾季逐漸減少，我們在第三季將基礎設施完全遷移到公有雲，我們預計在 2025 財年實現額外的毛利率擴張。

We also continue to drive leverage across the business through our lower cost location strategy and rigorous cost discipline.

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。

We now have 300 full-time employees in our Engineering Center of Excellence in Poland, up 21% year over year and in the coming year, the significant majority of our R&D hiring will be in Poland.

目前，我們位於波蘭的卓越工程中心擁有 300 名全職員工，年增 21%，來年，我們的大部分研發招聘將在波蘭進行。

These initiatives resulted in 26.7% operating margin or 28.0% in constant currency, an improvement from the 26.0% we delivered in Q4 of last year and a testament to our disciplined expense management.

這些措施帶來了 26.7% 的營業利潤率（以固定匯率計算為 28.0%），比去年第四季的 26.0% 有所提高，也證明了我們嚴格的費用管理。

As a result, we delivered increased non-GAAP EPS of $0.42 in Q4 were $0.44 on a constant currency basis compared with $0.37 a year ago.

因此，我們第四季的非 GAAP 每股收益增加了 0.42 美元，以固定匯率計算，每股收益為 0.44 美元，而去年同期為 0.37 美元。

I'll now turn to our cash flow and balance sheet.

我現在談談我們的現金流和資產負債表。

In Q4, we generated free cash flow of $82 million, a 10% increase from $75 million a year ago.

第四季度，我們產生了 8,200 萬美元的自由現金流，比一年前的 7,500 萬美元成長了 10%。

We delivered cash flow from operations of $89 million, a 3% decrease from $92 million in the year ago period.

我們的營運現金流量為 8,900 萬美元，比去年同期的 9,200 萬美元減少了 3%。

Capital lease payments, which we include in our free cash flow calculation, were $4 million, down from $11 million in Q4 of last year.

我們計入自由現金流計算的資本租賃付款金額為 400 萬美元，低於去年第四季的 1,100 萬美元。

We expect capital lease payments to wind down over the next few quarters as we exit our managed data centers as part of our public cloud migration strategy.

作為公有雲遷移策略的一部分，我們預計資本租賃付款將在未來幾季逐漸減少，因為我們將退出託管資料中心。

Let's now turn to our capital allocation strategy.

現在讓我們轉向我們的資本配置策略。

We ended the quarter with $481 million in cash, cash equivalents, restricted cash and short-term investments.

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 4.81 億美元。

In Q4, we repurchased approximately 790,000 shares for approximately $20 million.

第四季度，我們以約 2,000 萬美元的價格回購了約 79 萬股股票。

For the full year of FY24, we repurchased approximately 6.6 million shares for approximately $180 million or two thirds of the free cash flow we generated in the fiscal year.

在 2024 財年全年，我們回購了約 660 萬股股票，價值約 1.8 億美元，也就是我們本財年產生的自由現金流的三分之二。

As of January 31, 2024, we had approximately $64 million of remaining buyback capacity under our current share repurchase plan.

截至 2024 年 1 月 31 日，我們目前的股票回購計畫剩餘回購能力約為 6,400 萬美元。

We remain committed to opportunistically returning capital to our shareholders and our Board of Directors recently authorized an additional $100 million in common stock repurchase.

我們仍然致力於機會性地向股東返還資本，我們的董事會最近授權額外回購 1 億美元的普通股。

With that, I would like to turn to our guidance for Q1 and fiscal 2025.

接下來，我想談談我們對第一季和 2025 財年的指導。

As a reminder, approximately one-third of our revenue is generated outside of the U.S. with roughly 60% of our international revenue coming from Japan.

提醒一下，我們大約有三分之一的收入來自美國境外，其中約 60% 的國際收入來自日本。

The following guidance includes the expected impacts of FX headwinds, assuming current exchange rates.

以下指南包括假設當前匯率時外匯逆風的預期影響。

While we are seeing some pockets of stabilization in most of our markets, our guidance reflects a continued constrained IT budget environment in FY25.

雖然我們看到大多數市場出現了一些穩定，但我們的指導反映了 2025 財年 IT 預算環境持續受限。

Additionally, as our international businesses are now consistently generating profit.

此外，我們的國際業務現在持續產生利潤。

In Q4, we have released the valuation allowance against our deferred tax assets in the U.K. And beginning in FY25.

在第四季度，我們發布了從 2025 財年開始針對英國遞延稅資產的估價備抵。

We will now be recognizing noncash deferred tax expenses on the profits generated in international countries, which will impact our FY25 GAAP and non-GAAP EPS.

我們現在將確認國際國家產生的利潤的非現金遞延稅費用，這將影響我們 25 財年的 GAAP 和非 GAAP 每股盈餘。

We expect this to represent a roughly $0.02 impact to Q1 and $0.06 for the full year.

我們預計這對第一季的影響約為 0.02 美元，對全年的影響約為 0.06 美元。

For the first quarter of fiscal 2025, we expect Q1 revenue to be in the range of $261 million to $263 million, representing 4% year-over-year growth or 7% growth on a constant currency basis, both above the growth rate we delivered this past quarter, we expect our Q1 billings growth rate to be in the low single digit range.

對於 2025 財年第一季度，我們預計第一季營收將在 2.61 億美元至 2.63 億美元之間，同比增長 4%，按固定匯率計算增長 7%，均高於我們實現的增長率上個季度，我們預計第一季的帳單成長率將在較低的個位數範圍內。

This includes an expected headwind from FX of approximately 300 basis points.

這包括來自外匯的預期阻力約 300 個基點。

We expect our Q1 gross margin to be roughly 79%, representing a year-over-year improvement of roughly 100 basis points.

我們預計第一季毛利率約為 79%，年增約 100 個基點。

We expect our Q1 non-GAAP operating margin to be approximately 25%, which includes an expected negative impact of approximately 200 basis points due to FX.

我們預計第一季非 GAAP 營業利潤率約為 25%，其中包括因外匯造成的約 200 個基點的預期負面影響。

This represents a 220 basis point improvement year over year and a 420 basis point improvement in constant currency.

這意味著同比提高了 220 個基點，以固定匯率計算則提高了 420 個基點。

We expect our Q1 non-GAAP EPS to be in the range of $0.35 to $0.36, a 13% year-over-year increase at the high end of this range, even as we absorb the deferred tax expenses that I mentioned earlier.

我們預計第一季非 GAAP 每股盈餘將在 0.35 美元至 0.36 美元之間，在該範圍的高端同比增長 13%，即使我們吸收了我之前提到的遞延稅費用。

Weighted average diluted shares are expected to be approximately $147 million for the full fiscal year ending January 31, 2025.

截至 2025 年 1 月 31 日的整個財年，加權平均稀釋後股份預計約為 1.47 億美元。

We anticipate revenue in the range of $1.08 billion to $1.085 billion, representing approximately 5% year-over-year growth at the high end of this range and 6% in constant currency.

我們預計營收將在 10.8 億美元至 10.85 億美元之間，以此區間上限計算，年增約 5%，以固定匯率計算，年成長約 6%。

This includes an expected headwind from FX of roughly 170 basis points and is consistent with our preliminary guidance on a constant currency basis.

這包括來自外匯的預期阻力約 170 個基點，並且與我們在固定貨幣基礎上的初步指引一致。

We expect our FY25 billings growth rate to be roughly in line with revenue growth.

我們預計 25 財年的帳單成長率將與營收成長大致一致。

On an as-reported basis, we expect FX to have a negative impact of a little more than 50 basis points to billings.

根據報告，我們預計外匯將對帳單產生略高於 50 個基點的負面影響。

We expect our FY25 gross margin to be roughly 80%, representing a year-over-year improvement of more than 200 basis points.

我們預計 25 財年毛利率約為 80%，年增 200 個基點以上。

We are stepping up our sales and marketing expenses to drive future growth, and we expect our FY25 non-GAAP operating margin to be approximately 27%, representing a 230 basis point improvement from last year's results of 24.7% we expect FX to have a negative impact on operating margin of a little more than 100 basis points.

我們正在加大銷售和行銷費用以推動未來成長，我們預計 25 財年非 GAAP 營運利潤率約為 27%，比去年的 24.7% 業績提高 230 個基點，我們預計外匯將出現負增長對營業利潤率的影響略高於100個基點。

This guidance is in line with our preliminary guidance despite an expected incremental headwind from FX.

儘管預計外匯將帶來更多阻力，但這項指導意見與我們的初步指導一致。

We expect FY25 non-GAAP EPS to be in the range of $1.53 to $1.57, representing an 8% increase at the high end of this range versus $1.46 in the prior year and includes the $0.06 impact from deferred tax expenses that I noted previously.

我們預計25 財年非GAAP 每股盈餘將在1.53 美元至1.57 美元之間，與前一年的1.46 美元相比，該範圍的高端成長8%，其中包括我之前提到的遞延稅費支出0.06 美元的影響。

Weighted average diluted shares are expected to be approximately $149 million.

加權平均稀釋後股份預計約 1.49 億美元。

And finally, we expect our FY25 revenue growth rate, combined with our FY25 free cash flow margin to be in the low 30s on an as-reported basis and in the mid 30s on a constant currency basis, which includes the combined headwind of a little more than 200 basis points from FX to revenue and billings that I discussed previously.

最後，我們預計我們25 財年的營收成長率，加上我們25 財年的自由現金流利潤率，按報告的基礎計算將在30 多歲左右，按固定匯率計算將在30 多歲左右，其中包括一些綜合阻力。我之前討論過，從外匯到收入和帳單的影響超過 200 個基點。

We are encouraged by the stabilization trends we've seen in the last couple of quarters, even in light of the macroeconomic pressures on IT budgets that we saw in FY24.

即使考慮到 2024 財年 IT 預算面臨的宏觀經濟壓力，過去幾季的穩定趨勢也令我們感到鼓舞。

As Aaron mentioned, we are entering a new chapter to power AI driven business processes around content and workflows to take advantage of this opportunity.

正如亞倫所提到的，我們正在進入一個新的篇章，圍繞著內容和工作流程推動人工智慧驅動的業務流程，以利用這個機會。

Our focus in FY25 is laying the foundation for reaccelerating revenue growth by investing in our innovative product roadmap and strategic go-to-market programs.

我們 2025 財年的重點是透過投資於我們的創新產品路線圖和策略上市計劃，為重新加速收入成長奠定基礎。

Expanding gross and operating margin and efficiently returning capital to our shareholders.

擴大毛利率和營業利潤率，並有效地向股東返還資本。

We look forward to providing further details at our virtual Financial Analyst Day on Tuesday, March 19.

我們期待在 3 月 19 日星期二的虛擬金融分析師日上提供更多詳細資訊。

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?

操作員？

Thank you.

謝謝。

If you would like to ask a question, please press star followed by the number one on your telephone keypad.

如果您想提問，請按星號，然後按電話鍵盤上的數字 1。

And if you'd like to withdraw that question again, press star one.

如果您想再次撤回該問題，請按星號一。

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

你的第一個問題來自摩根士丹利的喬許貝爾（Josh Baer）。

Please go ahead.

請繼續。

Thanks for the question.

謝謝你的提問。

I wanted to ask about the acquisition of cruise very interesting getting into the no-code app development space, but how significantly Are you expecting to invest there really compete in that market versus maybe more limited around use cases centered on content and then is a good way to think about that acquisition, sort of thinking about what you did with the eSignature acquisition kind of evolving into boxes?

我想問一下收購Cruise 的事情，進入無程式碼應用程式開發領域非常有趣，但是您希望在該市場上投資的真正競爭程度如何，而不是圍繞以內容為中心的用例進行更多限制，然後是一個很好的選擇思考這次收購的方式，想想你對電子簽名收購演變成盒子做了什麼？

Yes, I think so a really, really great and important point to clarify.

是的，我認為這是一個需要澄清的非常非常重要的觀點。

So on Cruises is 100% focused on no code application and sort of customer interface development for content centric workflows.

因此，Cruises 100% 專注於無程式碼應用程式和以內容為中心的工作流程的客戶介面開發。

So we are going to remain squarely focused on the content market on.

因此，我們將繼續專注於內容市場。

But when you think about the kind of workflows and business processes that enterprises have around content.

但是，當您考慮企業圍繞內容所擁有的工作流程和業務流程類型時。

You have digital asset management, invoice processing, Contract Lifecycle Management on button, GxP, compliant control, document management.

您擁有數位資產管理、發票處理、按鈕合約生命週期管理、GxP、合規控制、文件管理。

And so there's hundreds or thousands of use cases that enterprises have around content driven workflows.

因此，企業圍繞內容驅動的工作流程有數百或數千個用例。

And traditionally, we've really kind of had our customers have to go build those workflows and interfaces around those workflows off of box.

傳統上，我們確實讓我們的客戶必須立即圍繞這些工作流程建立這些工作流程和介面。

And so you had to do custom app development and some other kind of platform environment.

因此，您必須進行自訂應用程式開發和其他類型的平台環境。

The crews on kind of independent as an independent company as a start-up really kind of proved out the use case of all of these, these types of use cases being built out on the box platform and a no-code environment.

作為一家獨立公司和一家新創公司，工作人員確實證明了所有這些用例的用例，這些類型的用例是在盒子平台和無程式碼環境上建立的。

So we've got really excited about being able to bring them on board.

因此，我們對能夠讓他們加入感到非常興奮。

And what we're doing now is integrating their technology natively into Box on and in the coming kind of quarters within this fiscal year, we anticipate having a new product that we'll be releasing built on the cruise technology.

我們現在正在做的是將他們的技術本地整合到 Box 中，並在本財年的未來幾個季度內，我們預計將發布基於巡航技術的新產品。

That will be obviously sharing much more about on throughout the year and that that technology and product will let our customers than in a very native fashion, go and create these types of interfaces and custom applications on top of Box.

顯然，全年將分享更多信息，並且該技術和產品將讓我們的客戶以非原生方式在 Box 上創建這些類型的介面和自定義應用程式。

And so what we've seen from their customer base so far as again, anything from there is major players in the commercial real estate market that use crews for commercial real estate lease portals on.

因此，到目前為止，我們從他們的客戶群中再次看到，商業房地產市場上的主要參與者都在為商業房地產租賃入口網站使用工作人員。

There's customers that are using it as their core portal for any kind of contract management.

有些客戶將其用作任何類型的合約管理的核心入口網站。

And so these are the kind of use cases that will now be natively built on the box environment from a monetization standpoint, right now we have continued the business model that cruise had on previously, which is really kind of selling these cruise implementations on a per customer basis for the number of users or seats that that customer needs.

因此，從貨幣化的角度來看，這些用例現在將原生構建在盒子環境上，現在我們繼續了 Cruise 之前的業務模式，這實際上是按每個人的價格銷售這些 Cruise 實現。客戶需要的用戶或席位數量的客戶基礎。

And we will continue that while we integrate the technology and then we'll be on really kind of driving crude as an upsell vehicle within our customer base.

我們將繼續這樣做，同時我們整合技術，然後我們將在我們的客戶群中真正將原油作為追加銷售車輛。

So unlike Box Sign where we included the core of Box Sign in all of our plans, we won't be doing that with the crude technology.

因此，與 Box Sign 不同，我們在所有計劃中都包含了 Box Sign 的核心，我們不會使用粗糙的技術來做到這一點。

We will be using this as a dozen additional monetization lever on both in our sort of bundled pricing model, but as well as stand-alone capabilities as well.

我們將在我們的捆綁定價模型以及獨立功能中使用它作為十幾個額外的貨幣化槓桿。

So we're really excited about what this could do from a monetization standpoint, and we'll be sharing a little bit more at the Financial Analyst Day in a couple of weeks around the strategy here.

因此，從貨幣化的角度來看，我們對此感到非常興奮，我們將在幾週後的金融分析師日上圍繞該策略分享更多資訊。

Really helpful.

真的很有幫助。

And just anything to call out as far as impact to revenue or expenses this year from cruise?

至於郵輪今年對收入或支出的影響，有什麼需要指出的嗎？

Yes.

是的。

So everything is sort of built into the model that we just laid out.

因此，所有內容都已內建在我們剛剛建立的模型中。

We will be investing in the team on certainly to go build out the technology.

我們肯定會對團隊進行投資，以開發這項技術。

But given our our philosophy around how we make R&D decisions, that's a that will certainly be prioritized on and But within the cost envelope that we've already laid out.

但考慮到我們關於如何制定研發決策的理念，這肯定會被優先考慮，但在我們已經制定的成本範圍內。

So no changes on that front.

所以這方面沒有變化。

And then from a kind of a revenue growth standpoint, this is really the year of building out the technology in the box on and off, and we expect it to provide a tailwind more in that medium and long term from a pure growth rate standpoint.

從收入成長的角度來看，今年確實是斷斷續續構建現有技術的一年，從純粹成長率的角度來看，我們預計它將在中長期提供更多的推動力。

But overall, if you sort of step back and say strategically what's happening wise, crews, very important.

但總的來說，如果你退後一步，從戰略上明智地說出正在發生的事情，工作人員，這是非常重要的。

It's really that combination of the no-code application development that cruise brings with meta data views plus the combination of AI and what we're doing in workflow.

這實際上是 Cruise 帶來的無程式碼應用程式開發與元資料視圖以及人工智慧和我們在工作流程中所做的事情的結合。

And together, I think you see a real kind of new chapter in our what our product can deliver for customers letting them go expand, use cases into more of these enterprise content management spaces as well as rip and replace legacy ECM solutions.

總而言之，我認為您會看到我們的產品為客戶提供的服務翻開了真正的新篇章，讓他們可以將用例擴展到更多的企業內容管理空間，並淘汰和替換傳統的 ECM 解決方案。

So there's a nice kind of a combined effect there that we're going to have to drive.

因此，我們必須推動一種很好的綜合效應。

Great, thanks.

萬分感謝。

Your next question comes from the line of Pinjalim Bora from JPMorgan, please.

您的下一個問題來自摩根大通的 Pinjalim Bora。

Yes, thanks.

對了謝謝。

Thanks for taking the questions.

感謝您提出問題。

Congrats on the quarter, Aaron, what have you seen so far with respect to kind of adoption of Box CIM., maybe in terms of volume of queries that you're seeing within those users that are playing around or have adopted box CI. has that been tracking your your assumptions?

恭喜本季度，Aaron，到目前為止，您在 Box CIM 的採用方面看到了什麼。也許就您在正在使用或已採用 Box CI 的用戶中看到的查詢量而言。那有跟蹤你的假設嗎？

And have you seen instances where boxes coexisting with kind of other horizontal copilot at this point?

您是否看過盒子與其他水平副駕駛共存的情況？

Yes.

是的。

So a couple of I'll just do the pieces in there.

所以有幾個我會在那裡做一些事情。

So first of all, obviously, as everybody knows, we just released box AI. in beta on in Q4 and today is literally the day of GA so on.

首先，眾所周知，我們剛剛發布了人工智慧盒子。第四季度處於測試階段，今天實際上是正式發布的日子，依此類推。

So it really was some of the more, let's say, leaning in early adopter type customers that they were adopting it for the past quarter, we were looking at what the usage patterns in their use cases and the first set of use cases, we're sort of dominated by the core functionality we have today, which is summarizing documents quickly, extracting information from documents as a user is sort of reading that on.

因此，確實有一些，比如說，傾向於早期採用者類型的客戶，他們在過去的季度中採用了它，我們正在研究他們的用例和第一組用例中的使用模式，我們'我們今天擁有的核心功能佔據了主導地位，即快速總結文檔，在使用者閱讀文檔時從文檔中提取資訊。

So some powerful kind of end user productivity use cases but on quickly, we got feedback that on probably the biggest areas of excitement on and these are these are things that we've been working on is one the ability to ask multiple documents a question on.

因此，一些強大的最終用戶生產力用例，但很快，我們就得到了反饋，這些反饋可能是最令人興奮的領域，而這些是我們一直在努力的事情，就是能夠向多個文件提出問題的能力。

So that's the multi document on kind of analysis functionality that we're working on that will be embedded in our hubs product on for customers that have box AII. in the plan that they are in their Enterprise Plus plan, they'll be able to ask questions inside of a hub of any number of documents.

這就是我們正在開發的關於分析功能的多文檔，該功能將嵌入到我們的集線器產品中，供擁有 Box AII 的客戶使用。在他們的 Enterprise Plus 計劃中，他們將能夠在任意數量的文檔中心內提出問題。

And so I think about this use case of having a knowledge base where your sales materials are in that knowledge base or your HR materials or in a knowledge base or on a kind of any kind of equity research data and you can then set up these knowledge bases or hubs make them available to employees or customers or anybody outside the enterprise and then you can ask questions of all of your data and so for for those familiar on the call, that's effectively a kind of a rag as a service type approach that we're going to be delivering right out of the box for our customers.

因此，我考慮擁有知識庫的用例，其中您的銷售材料位於該知識庫或您的人力資源材料或知識庫或任何類型的股權研究數據中，然後您可以設置這些知識基地或中心使它們可供員工、客戶或企業外部的任何人使用，然後您可以詢問所有數據的問題，因此對於熟悉通話的人來說，這實際上是一種我們所採用的「抹布即服務」方法。我們將為我們的客戶提供開箱即用的服務。

So collect any amount of data, put that into a hub.

因此，收集任意數量的數據，將其放入中心。

And then you can ask questions inside that hub.

然後您可以在該中心內提問。

So it's going to be a really powerful kind of end user productivity business, productivity use case.

因此，這將是一種非常強大的最終用戶生產力業務、生產力用例。

And then secondarily, and as I mentioned on this call on probably the big breakthrough on kind of to some extent can expanding use cases, really the ability to structure our unstructured data.

其次，正如我在這次電話會議上提到的，在某種程度上可能是擴展用例的重大突破，實際上是結構化非結構化資料的能力。

And so the ability to take a contract or an invoice or a digital asset and use AI to look at that information and pull out the appropriate metadata on off from that from that content that aligns with our cruise use case, obviously very directly.

因此，能夠獲取合約、發票或數位資產，並使用人工智慧查看這些信息，並從與我們的郵輪用例相符的內容中提取適當的元數據，這顯然是非常直接的。

And so we have a number of customers right now that are in our early beta program, leveraging our metadata extraction capabilities through our API. of one such example that's incredibly powerful is on a loan processing company where they have loan submissions coming in.

因此，我們現在有許多客戶正在參與我們的早期測試計劃，透過我們的 API 利用我們的元資料提取功能。其中一個非常強大的例子是一家貸款處理公司，他們收到貸款申請。

They need AI to be able to very quickly read a bank statement of uploads from from that client and then ensure that they're associating documents with the appropriate components in their salesforce record and on and being able to completely automate that process is saving them a ton of time and letting them go in actually on issue even more more business and loans.

他們需要人工智慧能夠非常快速地讀取從該客戶上傳的銀行對帳單，然後確保他們將文件與銷售人員記錄中的適當組件相關聯，並且能夠完全自動化該過程可以為他們節省時間大量的時間並讓他們實際上發放更多的業務和貸款。

And so when you think about that combination of sales force plus box plus box AI., you start to get to really powerful solutions that we can deliver to our customers.

因此，當您考慮銷售人員加盒子加盒子人工智慧的組合時，您就會開始獲得我們可以為客戶提供的真正強大的解決方案。

And so this is going to get us more into on even things like the intelligent document processing space.

因此，這將使我們更專注於智慧文件處理領域等領域。

And again, we'll talk a bit more at Financial Analyst Day and what we're going to be doing here on, but using AI to automatically structure, unstructured data on is probably the kind of core breakthrough use case that our customers are most excited about as well as the broad productivity capabilities.

再說一遍，我們將在金融分析師日上更多地討論我們將在這裡做的事情，但使用人工智能自動構建非結構化數據可能是我們的客戶最喜歡的核心突破用例以及廣泛的生產力能力令人興奮。

And then finally, with the other kind of copilot and chat diabetes on our focus remains make sure that we're integrated with any of the AI products that our customers are using on.

最後，對於其他類型的副駕駛和聊天糖尿病，我們的重點仍然是確保我們與客戶正在使用的任何人工智慧產品整合。

So we're continuing to work through on even better ways to integrate with that with the kind of copilot or assistant products.

因此，我們正在繼續研究更好的方法，將其與副駕駛或助理產品整合。

But we really see those as more just pure individual end user productivity, which is fantastic.

但我們確實認為這些只是純粹的個人最終用戶生產力，這太棒了。

And a great use case for content on, but we're going to be directly going after more of the business process type use cases.

這是一個很好的內容用例，但我們將直接專注於更多的業務流程類型用例。

I've got just one quick one for Bill and billings growth in constant currency was very strong coming coming above your guide.

我只有一份關於比爾的快速報告，以固定匯率計算，比林斯的成長非常強勁，超出了您的指導。

Our pure seems like has accelerated both of those billings growth and RPU in constant currency.

我們的純粹似乎加速了這些帳單成長和以固定貨幣計算的 RPU。

Seems like it's running ahead of your revenue guide for the year.

看起來它超出了您今年的收入指南。

Maybe talk about the early renewal, how much was that of the influences for billings and more broadly, do you see do you see the 6% growth for this year as kind of a trough level going forward?

也許談論提前續訂，這對比林斯的影響有多大，更廣泛地說，您是否認為今年 6% 的增長是未來的低谷水平？

Yes.

是的。

I would say on your first two, right, that for both where we what we delivered in Q4 and our expectations for RPO at least for next year, we do expect those to track ahead of revenue.

我想說的是，對於前兩個，我們在第四季度交付的成果以及至少明年對 RPO 的預期，我們確實希望這些指標能夠領先於收入。

And I think a lot of that, especially that kind of Q4 performance, in addition to the early renewal tailwinds that I'll address in a bit is really due to the fact that we did see, especially in the back part of the year, a stronger performance overall stabilization and I just feel much better execution.

我認為其中很多，尤其是第四季度的表現，除了我將在稍後討論的早期更新順風之外，這實際上是由於我們確實看到的事實，特別是在今年下半年，整體性能更穩定，我覺得執行力更好。

And so while some of the while the environment remains challenging, that is what gives us confidence as we've talked about the stability of calling on kind of future improvements and some of those metrics in various top-line areas, including the net retention rate as it relates to early renewals, piece for Q4 that had an impact of a couple of points to the growth rate.

因此，儘管有時環境仍然充滿挑戰，但這給了我們信心，因為我們已經討論了呼籲未來改進的穩定性以及各個頂線領域的一些指標，包括淨保留率因為它與早期續訂有關，第四季度的部分對成長率產生了幾個百分點的影響。

So even adjusting for that, it would have still been ahead of our expectations, both on a reported basis and in constant currency.

因此，即使對此進行調整，無論是在報告基礎上還是按固定匯率計算，它仍然超出了我們的預期。

And as we mentioned, FX was a little bit more of a headwind, but a point more than we had expected going into the quarter so overall, just a kind of stronger quarter in Q4 than we had seen earlier in the year, which is great to see.

正如我們所提到的，外匯的逆風有點大，但比我們對本季度的預期高了一點，因此總體而言，第四季度的季度表現比我們今年早些時候看到的要強，這很棒查看。

Got it, thank you.

收到了。謝謝。

Your next question comes from the line of Steve Enders from Citi.

您的下一個問題來自花旗銀行的 Steve Enders。

Please go ahead.

請繼續。

Okay, great.

好的，太好了。

Thanks for taking the questions here.

感謝您在這裡提出問題。

Maybe just a follow-up on the last comments there about just kind of what you are seeing in the macro and Indian environment.

也許只是對最後評論的後續評論，內容涉及您在宏觀和印度環境中看到的情況。

It sounds maybe this is pretty consistent with what you saw last quarter from some of the stabilization trends.

聽起來這可能與您上季度從一些穩定趨勢中看到的情況非常一致。

But I guess maybe as we just want to clarify that.

但我想也許是因為我們只是想澄清這一點。

And also as we think about the outlook and then I guess what is kind of being assumed in terms of further stabilization or return them to love them some improvement in how that's beginning to impact some of the net retention bundling that you're calling out here?

此外，當我們考慮前景時，我想在進一步穩定或讓他們重新愛上他們方面應該採取什麼假設，這將如何開始影響您在這裡呼籲的一些淨保留捆綁？

Sure.

當然。

So I would generally describe the overall environment in Q4 as you mentioned, as pretty stable with Q. three.

因此，正如您所提到的，我一般會描述第四季的整體環境，與第三季相當穩定。

And so there are some incremental signs of life and improvement and some customers know leaning in a little bit more spend getting excited about things like AI in particular.

因此，出現了一些漸進的生命和改進跡象，一些客戶知道，他們會花更多的錢，特別是對人工智慧等事物感到興奮。

But the reality is it remains a pretty challenging environment.

但現實是，這仍然是一個相當具有挑戰性的環境。

Wouldn't say that that has really turned a corner of a.

並不能說這已經真正扭轉了局面。

So what we're seeing what I would say is that our execution in Q4 was stronger than in Q three.

因此，我們看到我想說的是，我們在第四季的執行力比第三季更強。

So it's just one example.

所以這只是一個例子。

We called out in Q three that there were some larger deals in Japan that we had been expecting to close that that didn't ultimately closing Q. three.

我們在第三季指出，日本有一些規模較大的交易，我們本來希望能夠完成這些交易，但最終並沒有完成第三季。

We ended up closing on just a very strong quarter overall, including those deals, it made a very strong Q4 for us.

我們最終獲得了一個非常強勁的季度整體業績，包括這些交易，這為我們帶來了非常強勁的第四季度。

We saw continued strength and great performance from the public sector in the U.S. And so there definitely I'd say within the business areas of improvement, which led to overall just a stronger outcome versus the prior quarters this year.

我們看到美國公共部門的持續強勁和出色表現，因此我肯定會說在業務領域有所改進，這導致整體結果比今年前幾季更強勁。

But would describe the overall environment is fairly stable with what we saw in Q three and then if you looked at FY25 and how we're thinking about that, we are kind of assuming a more of the same that this environment remains challenging.

但與我們在第三季看到的情況相比，整體環境相當穩定，然後如果你看看 2025 財年以及我們如何思考這一點，我們會假設這個環境仍然充滿挑戰。

And so we are not kind of baking in any sort of macroeconomic recovery into our FX into our expectations for FY25 and really where we see the the expected improvement in many of those top line metrics.

因此，我們不會將任何形式的宏觀經濟復甦納入我們對25 財年的預期中，也不會將任何形式的宏觀經濟復甦納入我們的外匯預期中，實際上我們看到許多一線指標的預期改善。

And you mentioned that retention rate is that we're now lapping some of the more challenging periods that we had, and especially those that are trailing 12-month metrics like revenue growth like net retention, where as you move through the year ends with that stability, we expect those metrics to kind of bottom out at those Q4 levels and then for net retention, which you asked about and in particular on you expect to end the year, either at those levels or slightly above depending on how that how that shapes up over the course of the year.

您提到保留率是指我們現在正在經歷一些更具挑戰性的時期，特別是那些落後 12 個月的指標，例如收入增長（如淨保留率），當您在年底結束時穩定性，我們預計這些指標會在第四季度的水平上觸底，然後是淨保留率，這是您所詢問的，特別是您預計到年底的水平，無論是在這些水平還是略高於這些水平，具體取決於其形狀如何全年上漲。

Okay.

好的。

Got it.

知道了。

No, that's helpful context on it.

不，這是有用的背景。

And then maybe on Sweden in particular, I think maybe you heard a lot this call around the Enterprise Plus plus tier or a higher and the higher tiered solution on this year.

然後，也許特別是在瑞典，我想您可能今年聽到了很多有關 Enterprise Plus plus 級別或更高級別解決方案的電話。

So I guess any maybe changes in how you're thinking about and the tiering moving forward or how you're thinking about some of the adoption of those higher price plans?

因此，我想您對分級的思考方式可能會發生變化，或者您對採用這些更高價格計劃的看法可能會發生變化嗎？

Yes, on I did kind of call out very briefly in my prepared remarks on that.

是的，我在準備好的評論中非常簡短地指出了這一點。

We will be introducing a higher tier plan.

我們將推出更高級別的計劃。

So no change in that strategy.

所以該策略沒有改變。

We'll add more color at our Financial Analyst Day around on again, kind of the contours of that plan on.

我們將在金融分析師日再次添加更多色彩，就像該計劃的輪廓一樣。

Again, the only reason we're not we're not being super precise yet is that because we don't want to get ahead of our customers too much on that.

再說一遍，我們還沒有做到超級精確的唯一原因是我們不想在這方面領先於客戶太多。

And we want to make sure that that we're talking about it more generally when it's fully available on, but you can get the sense that we will have additional higher tier functionality on that will include some degree of higher higher tier AI. functionality, some of this more advanced kind of workflow and content management features with crews as well as other capabilities.

我們希望確保，當它完全可用時，我們會更廣泛地討論它，但你可以感覺到我們將擁有額外的更高層功能，其中包括某種程度的更高層人工智慧。功能，其中一些更先進的工作流程和內容管理功能以及其他功能。

So stay tuned, and we'll share more at Financial Analyst that.

請繼續關注，我們將在《金融分析師》中分享更多內容。

Retrofit here and now inverted and then in a couple of weeks.

現在在這裡進行改造，然後在幾週內進行倒置。

Yeah, thanks.

是的，謝謝。

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

你的下一個問題來自雷蒙德詹姆斯的約翰梅西納。

Please go ahead for.

請繼續。

The next question is John on for Brian.

下一個問題是約翰替布萊恩提問。

Just another one on Box A., I realized just went GA today, but I'm curious as it was in beta, how AI. has impacted the pipeline for suite adoption?

只是 Box A 上的另一個，我意識到今天剛發布，但我很好奇，因為它還處於測試階段，人工智慧如何。影響了套件採用的管道嗎？

Just any additional color we can get there.

只要我們能得到任何額外的顏色。

Yes.

是的。

So on.

很快。

So we saw a pretty healthy number of customers that elected to move into Enterprise Plus where box A., I was one of the biggest or bigger biggest contributing factors of that decision.

因此，我們看到相當多的客戶選擇進入 Enterprise Plus，其中框 A.，我是該決定的最大或更大的最大影響因素之一。

So on So kind of across a wide range of sectors, size of companies where where, again, they wanted to have a eye on their content for, again, being able to app content.

如此等等，涉及廣泛的行業、公司規模，他們再次希望專注於自己的內容，以便能夠應用內容。

Question summarize information, be able to access multi document AIS. as hubs becomes available as well as our API.s and and because of our pricing model that we chose that you have to upgrade into Enterprise Plus to have access to that technology so on.

問題匯總訊息，能夠存取多文檔AIS。隨著集線器以及我們的 API 的推出，並且由於我們選擇的定價模式，您必須升級到 Enterprise Plus 才能存取該技術等等。

So we saw that as a healthy contributor to the upsell motion and on and we now with the product being GA.

因此，我們認為這是對追加銷售運動的健康貢獻者，現在我們的產品已正式上市。

We expect that just to continue throughout this year and as we get a sense for even higher tier functionality that customers are looking for, whether those are higher performance models the ability, the ability to kind of customize on the AI. in your enterprise, whether that's customer promise or being able to create a custom sort of kind of almost a I use agents or or or use cases in your enterprise on that will be additional.

我們預計這種情況將持續到今年，當我們了解客戶正在尋找的更高層功能時，無論這些功能是更高性能的模型，還是在人工智慧上進行客製化的能力。在您的企業中，無論是客戶承諾還是能夠創建自訂類型（幾乎是我在您的企業中使用代理或或或用例），這都是額外的。

They'll create additional ways that we can monetize and a higher tier plan from here as well.

他們將為我們創造更多的貨幣化方式，並從這裡制定更高層次的計劃。

Great.

偉大的。

That's great color there.

那裡的顏色真棒。

And then just on suites adoption overall, I think you've spoken about being on track at 55% of revenue by 2026.

然後就整體套件的採用率而言，我認為您已經談到到 2026 年將佔收入的 55%。

Is that still the right way of thinking about the cadence of adoption?

這仍然是思考採用節奏的正確方法嗎？

Or is that a I kind of accelerated that?

或者說我加速了這一點？

And then how should we think about maybe the long-term what suites can contribute to revenue.

然後，從長遠來看，我們應該如何考慮哪些套房可以為收入做出貢獻。

Thank you.

謝謝。

Yes, I would say that is for a bit of context going back.

是的，我想說這是為了回顧一些背景。

We described the suites momentum and penetration overall as certainly ahead of our expectations when we launched those suites and even just about a year ago, pulled in the timeframe in which we expected to have the majority of our revenue coming from suites by a full year to the end of this year.

我們描述了這些套件的整體勢頭和滲透率，肯定超出了我們推出這些套件時的預期，甚至在大約一年前，我們預計一整年我們的大部分收入將來自套件。今年年底。

And then as you saw, we now have at the end of the year, 55% of our revenue.

正如你所看到的，到年底我們的收入佔了 55%。

So once again, kind of ahead of our expectations.

所以再一次，有點超出了我們的預期。

And that's really being driven by a combination of just the way that Enterprise Plus is is resonating overall with the customer base as well as in Q4.

這實際上是由 Enterprise Plus 與客戶群以及第四季度整體產生共鳴的方式共同推動的。

And the reason for the big sequential step up was a few larger customers who had had one to two products who were really convinced of the value of our full platform.

連續大幅提升的原因是一些擁有一到兩種產品的大客戶真正相信我們整個平台的價值。

So they upsold into E-Plus.

因此他們將產品升級為 E-Plus。

So kind of combination of the way new customers are being sold off the bat as well as existing customers continuing to move over and then the U.S. And so overall, I would say that you'd have certainly the trends have been ahead of our expectations.

新客戶立即被出售的方式以及現有客戶繼續轉移到美國的方式結合在一起。總的來說，我想說，趨勢肯定超出了我們的預期。

We'll provide more commentary in terms of the forward longer-term expectations in just a couple of weeks at the Analyst Day.

我們將在幾週後的分析師日上就未來的長期預期提供更多評論。

But is it safe to assume that overall kind of the rate and pace of how we expect that to move in the market is faster, either we expected a year ago or two years ago.

但可以安全地假設，我們預期市場發展的整體速度和步伐會更快，無論是我們一年前還是兩年前的預期。

Thank you very much.

非常感謝。

Our next question comes from the line of Rich Hill liquor from UBS.

我們的下一個問題來自瑞銀集團的 Rich Hill 酒類產品。

Please go ahead.

請繼續。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

And you're prepared and I think you highlighted construction and health care deal.

你已經做好了準備，我認為你強調了建築和醫療保健協議。

I was wondering if maybe for my first question, if you could if you could talk about your vertical strategy going forward or anything changed that sort of appetite?

我想知道我的第一個問題是否可以，您是否可以談談您未來的垂直策略或任何改變這種胃口的事情？

Yes, on there's a couple of little cutoffs, but I'll do my best to try and cover the essence of the question, if I don't let me know, but done essentially what we're seeing is and we do extremely well, really wherever there is a large amount of unstructured data in an enterprise where that data needs to be secure.

是的，有一些小問題，但如果我不讓我知道的話，我會盡力嘗試涵蓋問題的本質，但基本上已經完成了我們所看到的，而且我們做得非常好，實際上，只要企業中存在大量非結構化數據，並且需要確保這些數據的安全。

And so it's often a compliance or security kind of driven workflow.

因此，它通常是一種合規性或安全性驅動的工作流程。

There's a lot of collaboration on that data.

關於這些數據有很多合作。

So needs to flow between systems are between kind of internal or external parties.

因此，需求在系統之間流動是在內部或外部各方之間。

And so that aligns very well to many of the most regulated industries out there so public sector, financial services, healthcare and life sciences some often and in kind of global manufacturing.

因此，這與許多受監管最嚴格的行業非常吻合，例如公共部門、金融服務、醫療保健和生命科學，其中一些行業經常是全球製造業。

So we want to put even more emphasis on some of these key verticals on in the year and years ahead, not obviously to run in any kind of reduction in other verticals, but how do we really double down in some of these key spaces on a I, as an example, has a lot of great additional use cases when you go in mind through all of the unstructured data that those industries work with.

因此，我們希望在未來的一年和幾年裡更加重視其中一些關鍵垂直領域，顯然不是為了減少其他垂直領域的任何形式，而是我們如何真正在其中一些關鍵領域加倍努力舉個例子，當你仔細考慮這些行業使用的所有非結構化資料時，我有很多很棒的附加用例。

So take for instance, in healthcare, life sciences just being able to again automate or drive workflows in a pharma process or in banking for client onboarding and Wealth Management and Services.

舉例來說，在醫療保健、生命科學領域，製藥流程或銀行業的客戶引導以及財富管理和服務能夠再次自動化或驅動工作流程。

So so really wherever there's a large amount of unstructured data or content, and you want to build a process that secure it, manage IT governance.

因此，只要存在大量非結構化資料或內容，並且您希望建立一個流程來保護它，管理 IT 治理。

That's really what our platform is well aligned for and are well aligned to, and that's where we're going to be kind of further doubling down in that vertical strategy.

這確實是我們的平台所擅長的，也是我們將在垂直策略上進一步加倍努力的地方。

Great.

偉大的。

Thanks.

謝謝。

I'll leave it there.

我會把它留在那裡。

Appreciate it.

欣賞它。

Thanks.

謝謝。

Your next question comes from the line of Jason Ader from William Blair.

您的下一個問題來自威廉布萊爾 (William Blair) 的傑森阿德 (Jason Ader)。

Please go ahead.

請繼續。

Hi, this is Sebastian IG on for Jason.

大家好，我是 Jason 的 Sebastian IG。

Thanks for taking the question.

感謝您提出問題。

Just one from me, really around competition.

這只是我的一件事情，真正圍繞著競爭。

And I'm curious to hear how you think AI impacts the competitive landscape for ECM?

我很想知道您認為人工智慧如何影響 ECM 的競爭格局？

And could we see increased pressure from vendors like Google or Microsoft who are maybe paying more attention to their historically limited SaaS offerings.

我們是否會看到來自Google或微軟等供應商的壓力越來越大，他們可能會更加關注其歷史上有限的 SaaS 產品。

Now that there's a whole new universe of things you can do with that data.

現在，您可以利用這些數據做一系列全新的事情。

Once you apply AI to it, there just seems to be a bunch of new ways that those guys can monetize this FSS. data, especially given their leadership with AI and that could push them to be more competitive with box over the long run.

一旦你將人工智慧應用到它上面，這些人似乎就會有很多新的方法可以透過這個 FSS 貨幣化。數據，特別是考慮到他們在人工智慧方面的領先地位，從長遠來看，這可能會促使他們在盒子方面更具競爭力。

How do you respond to that?

你對此有何回應？

Yes.

是的。

So I think on there's a there's definitely elements where on the value of unstructured data and content has gone up as a result of AI.

因此，我認為，由於人工智慧，非結構化資料和內容的價值肯定會在某些方面有所上升。

And that's clearly a key point in that.

這顯然是其中的關鍵點。

That means anybody well prepared to drive innovation on unstructured data.

這意味著任何人都做好了推動非結構化資料創新的準備。

We should see this as a positive.

我們應該將此視為正面的一面。

At the same time, it means that a lot of the legacy solutions, the fragmented architectures equally are now under greater threat because companies are going to want to get more value out of their content in this new AI-driven world.

同時，這意味著許多遺留解決方案和分散的架構現在同樣面臨更大的威脅，因為公司希望在這個新的人工智慧驅動的世界中從其內容中獲得更多價值。

And so I think that becomes a positive for us on within the customer base.

所以我認為這對我們的客戶群來說是正面的。

And when you take a look at what we've done in the near term as well as what we've laid out from a roadmap standpoint, again, the combination of cruise interfaces for no-code applications, workflow automation and platform neutral AI that can come from any of the vendors that are in the market.

當你看看我們近期所做的事情以及我們從路線圖的角度製定的內容時，你會發現，無程式碼應用程式的巡航介面、工作流程自動化和平台中立人工智慧的組合可以來自市場上的任何供應商。

That's a pretty potent combination that doesn't exist elsewhere in terms of the names that you just mentioned, so on.

這是一個非常有效的組合，就您剛才提到的名稱而言，其他地方不存在。

So we feel very, very strong about our competitive position, and that's being reinforced every day within customer conversations.

因此，我們對自己的競爭地位感到非常非常強烈，而且這一點每天都在客戶對話中得到加強。

And then maybe only the only kind of note I'd throw out there, one more on the platform neutral approach.

然後也許只是我要拋出的唯一一種註釋，即關於平台中立方法的另一種註釋。

One of the big benefits that we have by not being in the model training game is that we actually want there to be a massive race between all of the tech companies on training and delivering advanced AI models because we can then enable all of that innovation for our customers.

我們不參與模型訓練遊戲的一大好處是，我們實際上希望所有科技公司之間在訓練和提供先進人工智慧模型方面進行一場大規模的競賽，因為這樣我們就可以為所有這些創新提供支援。我們的顧客。

And so when you're a client of box, you don't have to choose between whether you want the best of Google or the best of Microsoft and OpenEye or the best of Amazon or Entropic our IBN, you don't have to make a decision about where you move your data to get the value of those those capabilities on by having your content in Box, it will work with all of the AI. coming from those different vendors.

因此，當您是 Box 的客戶時，您不必在是否想要最好的 Google、最好的 Microsoft 和 OpenEye、最好的 Amazon 或 Entropic 我們的 IBN 之間進行選擇，您不必做出選擇決定將數據移動到哪裡，透過將內容放入Box 來獲得這些功能的價值，它將與所有人工智慧一起工作。來自那些不同的供應商。

And so this puts us, I think, in a very unique position.

因此，我認為，這使我們處於一個非常獨特的位置。

There's not really many cloud-based content platforms that are able to be as neutral as we are, and that's really at the scale that we're at.

能夠像我們一樣保持中立的基於雲端的內容平台並不多，而我們的規模確實如此。

So we think that's going to be a huge advantage for us in AI Great.

因此，我們認為這將成為我們在 AI Great 領域的巨大優勢。

Very helpful.

很有幫助。

Thank you.

謝謝。

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

您的下一個問題來自奧本海默的喬治·伊万尼克 (George Iwanyc)。

Please go ahead.

請繼續。

Thank you for taking my questions.

感謝您回答我的問題。

With the incremental sales and go-to-market investment you're highlighted for this year.

憑藉增量銷售和上市投資，您今年將脫穎而出。

Can you give us a sense of where you're prioritizing the additions and how much is buying into the direct sales force?

您能否讓我們了解一下您對新增人員的優先順序以及直銷隊伍的投入程度？

Now let's turn to the channel and go-to-market efforts?

現在讓我們轉向通路和進入市場的努力？

Yes.

是的。

So you can think about the majority of that increase in sales and marketing spend going towards scaling our programs to generate demand, which have been performing very well for us, especially on the heels of a lot of the optimizations we've made in field marketing in our digital channels.

因此，您可以認為銷售和行銷支出的大部分增長都用於擴大我們的計劃以產生需求，這對我們來說表現非常好，特別是在我們在現場營銷方面進行的許多優化之後在我們的數字渠道中。

We've called out historically and efforts like that, including some investments below kind of laying the foundation to scale the end of the partner and channel ecosystem.

我們在歷史上曾呼籲過類似的努力，包括以下一些投資，為擴大合作夥伴和通路生態系統的末端奠定基礎。

And then we will also be investing, you know, kind of given the demand trends that we're already seeing in the sales force and kind of growing that at a moderate clip.

然後，我們還將進行投資，你知道，考慮到我們已經在銷售團隊中看到的需求趨勢，並以適度的速度成長。

But you can make about the majority of the dollars being toward just overall demand generation and versus meal kind of disproportionately scaling the sales force.

但你可以將大部分收入用於產生整體需求，而不是不成比例地擴大銷售團隊。

I mean, you'll hear a lot more about the overall go-to-market strategy as well as details of where we're going to be making some of those investments at our Financial Analyst Day and just a couple of weeks.

我的意思是，您將在金融分析師日和短短幾週內聽到更多有關整體上市策略的信息，以及我們將在何處進行一些投資的詳細信息。

And Dylan, maybe can you give us a bit more color on what you're seeing in internationally.

迪倫，也許你能給我們更多關於你在國際上看到的情況的資訊。

It sounds like you did catch up and Japan, but with the incremental FX headwinds that you're seeing there, how is the demand pipeline looking.

聽起來你確實趕上了日本，但隨著你在那裡看到的不斷增加的外匯逆風，需求管道看起來如何。

It still remains very strong and we talk about those areas that we will be growing based on where we are seeing strong outcomes as well as leading indicators.

它仍然非常強勁，我們將根據我們看到的強勁成果和領先指標來討論我們將發展的領域。

Japan, particularly the enterprise segment and Japan is absolutely one of those areas.

日本，尤其是企業領域，日本絕對是其中之一。

And I would note that even with the FX headwinds that we saw and really over the past two years, our Japan business grew the revenue generated by or by our Japan business grew in the mid 10s over this past year.

我要指出的是，即使我們在過去兩年中看到了外匯逆風，我們的日本業務仍然實現了增長，而我們的日本業務所產生的收入在過去一年中增長了 10 多歲。

So continuing to show very strong growth.

因此繼續表現出非常強勁的成長。

And that again is even including those FX headwinds.

這甚至還包括那些外匯逆風。

And then you talk about international more broadly broadly would say no real change from what we're seeing in Amea.

然後你更廣泛地談論國際，會說我們在 Amea 看到的情況沒有真正的改變。

Do you think there's an opportunity, especially given some of those investments that we talked about earlier and in particular, around the channel ecosystem that could really help kind of fuel and our reach and ultimately kind of the business that we can generate over there.

您是否認為存在機會，特別是考慮到我們之前討論過的一些投資，特別是圍繞渠道生態系統的投資，這些投資可以真正幫助推動我們的影響力，並最終幫助我們在那裡產生業務。

But we're describing the overall, as you are certainly stable but stable at levels that we think are not quite commensurate with the opportunity that we have.

但我們描述的是整體情況，因為你們確實穩定，但穩定的水平我們認為與我們擁有的機會不太相稱。

Great thank you very much.

非常感謝。

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

您的下一個問題來自 RBC 的 Rishi Jaluria。

Please go ahead.

請繼續。

Wonderful or by specialty.

精彩或專業。

My question just one from me on just turning back to AI. and kind of starting to put some numbers around it.

我的問題只是我剛回到人工智慧時提出的一個問題。並開始在它周圍添加一些數字。

Number one, have you embedded any upside from AI., whether direct or indirect this year that fly 25 guidance and then not to front run the Virtual Analyst Day in a couple of weeks.

第一，你是否嵌入了人工智慧的任何好處，無論是直接還是間接，今年都實現了 25 個指導，然後不要在幾週後的虛擬分析師日上領先。

But as you think about building out your longer-term targets or what are you starting to steal and triple in terms of actual real revenue as you build out those targets?

但是，當您考慮制定長期目標時，或者在製定這些目標時，您開始竊取什麼並使實際收入增加三倍？

Yes, so on, we'll probably on maybe answer the second one around the financial analyst as you as you have a sense of kind of relaying out the our continued view on the model on, but maybe on the answering the first question will also kind of tied to that on.

是的，等等，我們可能會圍繞金融分析師回答第二個問題，因為您有一種傳達我們對模型的持續看法的感覺，但也許在回答第一個問題時也會有點與此相關。

So we have we've seen the upsell trends that we have from customers moving into on Enterprise Plus with Foxy as an additional catalyst.

因此，我們已經看到了客戶在 Foxy 作為額外催化劑的情況下轉向 Enterprise Plus 的追加銷售趨勢。

And we have only about a quarter of data to look at, but we certainly are able to continue to extrapolate that out into this year and done and somewhat beyond.

我們只有大約四分之一的數據可供查看，但我們當然能夠繼續將其推斷到今年，並且已經完成，甚至更久。

We also want to be somewhat conservative on around kind of baking that in because there's still variability is still an early product.

我們也希望對烘烤的方式保持一定的保守，因為仍然存在可變性，這仍然是一個早期產品。

So I would say it's conservative in the sense of we're not expecting any kind of outsized kind of dynamic because of AI.

所以我想說這是保守的，因為我們不期望人工智慧帶來任何巨大的動態。

But and but we are seeing it become a catalyst to drive enterprise plus upsells.

但是我們看到它成為推動企業加銷售的催化劑。

And I think the done that maybe the X factor in all of this would be more platform consumption from AI that isn't particularly embedded.

我認為，這一切中的 X 因素可能是來自並非特別嵌入的人工智慧的更多平台消耗。

And so that's obviously what we're going to be driving this year.

這顯然就是我們今年要推動的目標。

And we'll be talking more about some of the platform consumption dynamics that we want to drive.

我們將更多地討論我們想要推動的一些平台消費動態。

But we see that as sort of upside in the medium term.

但我們認為從中期來看這是有好處的。

It really helpful.

這真的很有幫助。

Thank you for.

謝謝你。

Thank you.

謝謝。

Thank you.

謝謝。

That concludes our question and answer session.

我們的問答環節到此結束。

I will now turn the call back over to Cynthia for closing remarks.

現在，我將把電話轉回給辛西婭，讓其致閉幕詞。

Thank you, everyone, for joining us today, and we look forward to hopefully seeing a number of you at our Virtual Investor Relations.

謝謝大家今天加入我們，我們期待在我們的虛擬投資者關係中見到你們。

Jay registration is now live on our IR website, and that is going to be on Tuesday, March 19.

Jay 註冊現已在我們的 IR 網站上上線，註冊時間為 3 月 19 日星期二。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect my patience.

感謝您的參與，您現在可以切斷我的耐心了。

They are live on our IR website and that is going.

它們已在我們的 IR 網站上發布，而且還在繼續。