Box Inc (BOX) 2024 Q4 法說會逐字稿

Good afternoon, my name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Box Inc. fourth quarter and fiscal year 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question and answer session. (Operator Instructions) Thank you. I would now like to turn the conference over to Cynthia Hiponia. Cynthia, you may begin.

各位下午好，我叫 Krista，今天將擔任本次會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Box Inc. 2024 會計年度第四季暨全年財報電話會議。為避免背景雜音干擾，所有線路目前均已設為靜音。在講者致詞結束後，將進行問答環節。(接線員指示) 謝謝。現在我想將會議交給 Cynthia Hiponia。Cynthia，您可以開始了。

Good afternoon, and welcome to Box's fourth quarter and full year fiscal 2024 earnings conference call. I'm Cynthia Hiponia, Vice President, Investor Relations. On the call today we have Aaron Levie, Box, Co-Founder and CEO; and Dylan Smith, Box, Co-Founder and CFO.

各位下午好，歡迎參加 Box 2024 會計年度第四季暨全年財報電話會議。我是 Cynthia Hiponia，投資人關係副總裁。今天與會的有 Box 共同創辦人兼執行長 Aaron Levie，以及 Box 共同創辦人兼財務長 Dylan Smith。

Following our prepared remarks, we will take your questions. Today's call is being webcast and will also be available for replay on our Investor Relations website at box.com/investors. Our webcast will be audio only. 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 @BoxIncIR.

在我們的事先準備發言之後，將開放各位提問。今天的電話會議將以網路直播方式進行，並將於 box.com/investors 的投資人關係網站提供重播。網路直播僅提供音訊。此外，補充投影片現已可於我們網站下載；我們也將在 X 平台（帳號 @BoxIncIR）發布今日電話會議重點。

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.

在本次電話會議中，我們將發表前瞻性陳述，包括我們對 2025 會計年度第一季及全年之財務指引，以及我們對 2025 會計年度及未來期間財務表現的預期，包括自由現金流、毛利率、營業利益率、營運槓桿、未來獲利能力、淨留存率、剩餘履約義務、營收與帳單金額，以及外匯匯率變動的影響。

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.

以及我們對市場機會規模的預期、計畫中的投資、未來產品供應與成長策略、達成營收、營業利益率及其他營運模型目標的能力、新產品、定價模式與合作夥伴關係的推出時程、市場採用情況及其帶來的效益。

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.

出售我們資料中心設備所得款項、我們解決企業挑戰並為客戶帶來成本節省的能力、總體環境對我們業務與營運結果的影響，以及我們的資本配置策略，包括可能回購本公司普通股。

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 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.

上述陳述反映我們基於目前已知因素所作出的最佳判斷，實際事件或結果可能與之存在重大差異。有關可能導致實際結果與本次財報電話會議所述內容出現重大差異之風險與不確定性，請參閱我們今日提交的財報新聞稿，以及我們向美國證券交易委員會（SEC）提交文件中的風險因素，包括我們最近一期的 Form 10-Q 季度報告。

These forward statements are being made as of today, March 5, 2024, and we disclaim any obligation to update or revise them should they change or cease to be up-to-date. 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.

上述前瞻性陳述係截至今日（2024 年 3 月 5 日）作出；若其後發生變更或不再符合最新情況，我們不承擔更新或修訂之義務。此外，在今天的電話會議中，我們將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標應與我們的 GAAP 結果一併考量，而非作為其替代，亦不應單獨或孤立地加以解讀。

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. Unless otherwise indicated, all references to financial measures are on a non-GAAP basis.

您可在我們的財報新聞稿及相關補充投影片中找到關於這些非 GAAP 指標的更多揭露資訊（包括與可比 GAAP 結果的調節表），上述資料可於我們網站的投資人關係頁面取得。除非另有說明，所有提及的財務衡量指標均以非 GAAP 基礎呈現。

With that, let me turn the call over to Aaron.

接下來，我把電話交給 Aaron。

Thanks, Cynthia. And thank you all for joining the call today. 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. Operating margins of 26.7% were above our guidance and EPS of $0.42 was $0.03 above the high end of our guidance.

謝謝你，Cynthia。也感謝各位今天加入本次電話會議。我們 2024 會計年度第四季的業績符合或優於指引；隨著我們在多個核心市場持續看到 IT 預算趨於穩定的跡象，我們實現營收 2.63 億美元，年增 2%，以固定匯率計年增 4%。營業利益率 26.7% 高於指引，而每股盈餘（EPS）為 0.42 美元，較指引區間上緣高出 0.03 美元。

In fiscal 2024, we surpassed $1 billion in annual revenue. With operating margins of 24.7%, up 160 basis points from 23.1% a year ago. 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.

在 2024 會計年度，我們年度營收突破 10 億美元。營業利益率為 24.7%，較一年前的 23.1% 提升 160 個基點。儘管 IT 預算面臨的總體經濟壓力在 FY24 全年持續存在，我們仍對自身推動利潤率擴張的能力感到滿意，這反映我們落實既定策略：在持續投資以支持長期且具韌性的營收成長之同時，降低成本結構。

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

在 FY24，我們持續將我們具類別定義性的 Content Cloud（內容雲）平台的創新推向市場。我們推出 Box AI（測試版），這是一套全新能力組合，可將先進 AI 模型原生整合至 Box Content Cloud；我們也發布整合 Box AI 的 Box Hubs，改變企業如何在整個組織內安全地策展並發布內容與知識。

And we also made significant product enhancements in security and compliance, collaboration and workflow, while also further strengthening our ecosystem of partner integrations. As I reflect on the year ahead, it's clear we have an incredibly large opportunity in front of us. At Box, our mission is to power how the world works together and the way work happens is changing more than ever before.

我們也在安全與合規、協作與工作流程方面進行了重大產品強化，同時進一步強化我們的合作夥伴整合生態系。回顧未來一年，很明顯我們面前有極其龐大的機會。在 Box，我們的使命是驅動全球如何共同工作，而工作的方式正以前所未有的速度改變。

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

我們知道企業正尋求透過現代化並簡化工作流程、精簡協作、串聯各項應用程式，來推動數位化與自動化；他們也希望運用 AI 的力量產生新的洞察、將流程自動化並大幅提升生產力。同時，關鍵在於他們必須保護最重要的資料：偵測並防範威脅、避免勒索軟體攻擊，並滿足合規要求。

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

這些趨勢的核心，在於企業如何處理其最重要的內容。雖然合約、行銷素材、財務文件及其他內容等非結構化資料占所有企業資料的 90%，多數企業仍持續受困於龐大且彼此孤立的傳統環境，來管理這些內容。

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. But today, we enter a new chapter as a company and we expect FY25 to represent the most significant set of product expansion and evolution we have had as a company.

而隨著近期 AI 進展加速，當內容分散在 ECM 系統、傳統儲存基礎設施與各式點狀解決方案中時，幾乎不可能充分釋放內容的全部價值。多年來，Box 一直提供強大的方式，讓企業能以安全的方式協作並大規模管理企業內容。但今天，我們作為一家公司正邁入新篇章，我們預期 FY25 將代表公司歷來最重要的一次產品擴張與演進。

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

結合 AI、我們的工作流程自動化能力，以及先進的中繼資料驅動檢視方式，我們能從根本上改變企業如何運行其最重要的流程。就在今年 1 月，我們宣布收購 Cruze——一家領先的無程式碼企業內容管理應用供應商，其產品建構於 Box 平台之上。

For years cruise has leveraged Box's APIs 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.

多年來，Cruze 一直運用 Box 的 API 來支援進階的企業內容管理與工作流程使用情境，例如合約生命週期管理、數位資產管理，以及受監管產業中的管制文件等，還有更多。我們很高興能與 Cruze 攜手合作，並將快速整合並運用該公司的無程式碼應用建置器與中繼資料能力，協助客戶為其最重要的內容打造客製化介面與工作流程。

Combined with Box's upcoming workflow automation improvements, including the expected launch of forms and doctrine this year, Box will be able to power end to end critical business processes natively without customers having to do any custom development. And with the acquisition of cruise Box will extend into new use cases within our current customers as well as enabling us to rip and replace legacy ECM solutions.

結合 Box 即將推出的工作流程自動化改進（包括預計於今年推出的表單與 doctrine），Box 將能以原生方式端到端支援關鍵業務流程，而無需客戶進行任何客製化開發。此外，透過收購 Cruise，Box 將在現有客戶中延伸至新的使用情境，並使我們能夠汰換並取代傳統的 ECM（企業內容管理）解決方案。

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

重要的是，這些業務流程將透過 Box AI 的能力而獲得大幅強化。內容管理長久以來的難題在於，企業如何為其非結構化資料套用結構。例如，從發票或合約中擷取關鍵變數，或在數位資產（如建築設計圖或產品圖片）中標記關鍵資料。

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 AI intelligently process documents and content, you can automate tasks and workflows that would have been cost-prohibitive or near impossible to do previously.

透過 Box AI，我們現在能夠在大規模內容上自動標記並套用中繼資料，將原本需要人力花費數分鐘或數小時的工作，縮短到以秒計完成，且成本僅為原來的一小部分。藉由讓 AI 智慧處理文件與內容，您可以自動化過去因成本過高或幾乎不可能完成的任務與工作流程。

In FY25, we expect to dramatically advance our Box AI efforts. By incorporating new AI models in the box, building new capabilities to help enterprises customize a eye for their business workflow needs, enabling customers to ask questions of content in Box hubs and leveraging Box AI more extensively throughout our platform APIs.

在 FY25，我們預期將大幅推進 Box AI 的相關工作。包括在 Box 中導入新的 AI 模型、建立新能力以協助企業針對其業務工作流程需求進行客製化、讓客戶能在 Box Hubs 中就內容提問，以及在我們的平台 API 中更廣泛地運用 Box AI。

Not only will Box AI continue to be highly differentiated due to our overall security, compliance and governance on Box, 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.

Box AI 不僅會因我們在 Box 上整體的安全性、合規與治理而持續具備高度差異化；我們的平台中立策略也意味著，我們能透過與各家 AI 供應商的先進 AI 模型整合，運用科技產業數百億美元的研發投入，為 Box 客戶提供最佳使用者體驗。

Consistent with this open approach today, we announced a new integration with Microsoft Azure Open AI. The expanded collaboration brings Box and Microsoft enterprise-grade standards for security, privacy and compliance to AI. So customers can realize the benefits of this groundbreaking technology. We also announced that Box AI is generally available to customers on Enterprise Plus plans starting today.

延續我們今日一貫的開放策略，我們宣布與 Microsoft Azure OpenAI 的全新整合。此次擴大合作將 Box 與 Microsoft 的企業級安全、隱私與合規標準帶入 AI。讓客戶能實現這項突破性技術的效益。我們也宣布，自今日起，Box AI 將對 Enterprise Plus 方案客戶全面正式提供（GA）。

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 with meta database classification controls.

自 11 月起向 Enterprise Plus 客戶推出 Box AI 測試版以來，我們已看到多家既有客戶升級至 Enterprise Plus 以取得 Box AI 的使用權。第四季的客戶案例包括一家領先的營造公司，於第四季擴大採用以使用 Box AI；他們希望從其 Box 中的非結構化內容萃取價值、以規模化方式套用中繼資料、監控趨勢與合約、管理協議，並透過中繼資料分類控管來強化其安全態勢。

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

一家美國跨國科技公司升級至 Enterprise Plus，並以六位數金額加購，將企業級 AI 帶給其所有員工。透過使用由最先進大型語言模型驅動的 Box AI，該組織可將 AI 應用於新的使用情境，同時確保其內容安全且符合合規要求。

Finally, one of the country's leading medical support organizations upgrade to Enterprise Plus to use Box AI 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, our focus remains on building the leading way to protect and govern the full content lifecycle in the enterprise.

最後，該國領先的醫療支援組織之一也升級至 Enterprise Plus，以使用 Box AI 安全地策展新內容、摘要大量資料並快速分析，進而向其所支援的診所回報。今年在 AI 之外，為協助客戶保護其最重要的資料，我們的重點仍是打造企業中保護與治理完整內容生命週期的最佳方式。

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.

在未來一年，我們計畫推進安全產品，以提供更佳的威脅偵測與勒索軟體攻擊後的資料復原、支援更進階的治理工作流程、提供原生封存解決方案、達成 FedRAMP High 合規，並與如 CrowdStrike 等安全供應商進行更深度的整合。

Next, our flexible and interoperable platform remains a major differentiator for Box. And with our open API, 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.

接著，我們具彈性且可互通的平台仍是 Box 的主要差異化優勢。透過我們的開放 API，我們的目標是持續連結客戶所使用的每一個企業應用程式，從 Microsoft Teams、Slack 到 Salesforce、ServiceNow、IBM 等等，並協助客戶運用我們的 API 來驅動其自有應用與工作流程。

Now turning to go-to-market, we continue to enable new and existing customers to recognize the full value of the Box platform with increased adoption of our multiproduct offerings in Q4. Suites represented 81% of deals over $100,000, up from 72% a year ago. We saw continued solid suites attach rates in large deals across all geographies.

接著談到 go-to-market（市場推進），我們在第四季透過提高多產品方案的採用率，持續協助新舊客戶認知並實現 Box 平台的完整價值。在超過 10 萬美元的交易中，套裝方案（Suites）占比為 81%，高於一年前的 72%。我們在所有地區的大型交易中，持續看到穩健的套裝方案附加率。

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

在第四季，Enterprise Plus 的客戶擴張與贏單案例包括一家財務顧問公司，以六位數金額的 Enterprise Plus 交易採購 Box。他們將把 Box 作為全公司核心的企業內容管理平台，推動業務全面數位化，同時消除在傳統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. 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 Box.

接著，一家頂尖的國際律師事務所採購 Box，以支援其內部以及與外部各方的協作方式。該組織正在尋找新的文件管理解決方案，需具備安全性、易用性、整合支援與區域性資料儲存，這也促使他們選擇 Box。

As we look ahead to FY25 and beyond, 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.

展望 FY25 及更長遠未來，隨著我們進入以平台驅動內容智慧工作流程的新篇章，我們將運用 go-to-market 動能為客戶帶來新解決方案、增加新的定價模式與套裝以推動進一步加購，並將平台延伸至更深的合作夥伴與系統整合商生態，以向客戶交付更進階的解決方案並帶動進一步成長。

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，我們計畫啟動更多需求開發與銷售管線培育計畫，以觸及更多客戶與潛在客戶，並在金融服務、生命科學、醫療保健與公部門等關鍵垂直領域加碼投入，同時更聚焦於重要的國際市場等。我們專注於把握眼前的市場機會，而這些聚焦的 go-to-market 投資與計畫，旨在加速 Box 未來的營收成長。

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

如各位所見，我們對於在 FY25 將為我們具類別定義性的內容雲平台帶來的創新感到非常振奮。我們強健的產品藍圖，加上對策略性 go-to-market 計畫的投資，使我們能良好掌握推動 IT 決策的巨型趨勢，並迎接更趨正常化的 IT 支出環境回歸。

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, while also setting ourselves up to drive accelerated revenue growth.

我們將在 3 月 19 日即將舉行的金融分析師日，提供更多關於成長策略的細節。我們對公司持續執行各項計畫感到無比自豪，這些計畫在推動成本結構持續槓桿化、提升全公司效率的同時，也讓我們做好準備以推動加速的營收成長。

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.

Dylan 將在他的發言中詳述我們的進展；但在我們持續投資於長期且可持續的營收成長之際，我們財務模型的韌性一直是我們的策略性差異化優勢。隨著工作完成方式的變化前所未有地加速，Box 已做好準備把握這些巨型趨勢，並在企業中支援內容的完整生命週期。

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

接下來，我把時間交給 Dylan。

Thanks, Aaron. Good afternoon, everyone, and thank you for joining us. In fiscal 2024, we delivered another year of strong bottom line improvements while laying the foundation for long-term profitable growth. We generated $1.04 billion in revenue, up 5% year over year or 7% in constant currency. FY24 operating margin was 24.7%, up 160 basis points year over year and up 340 basis points in constant currency.

謝謝，Aaron。各位下午好，感謝各位加入我們。在 2024 會計年度，我們在奠定長期獲利成長基礎的同時，再次交出強勁的獲利端改善表現。我們創造了 10.4 億美元營收，年增 5%，以固定匯率計年增 7%。FY24 營業利益率為 24.7%，年增 160 個基點；以固定匯率計則增加 340 個基點。

We delivered non-GAAP EPS of $1.46, up 22% from $1.20 in the prior year. 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. As a result, we reduced fully diluted total shares outstanding sequentially in all four quarters of FY24.

我們交出非 GAAP 每股盈餘（EPS）1.46 美元，較前一年同期的 1.20 美元成長 22%。我們亦產生 2.69 億美元自由現金流，年增 13%，使我們得以投入 1.80 億美元用於股票回購計畫。因此，我們在 FY24 的四個季度中，完全稀釋後流通在外總股數皆逐季下降。

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.

在我們持續因應這充滿挑戰的總體經濟環境之際，我們仍專注於帶動更高的營收成長、持續擴大營業利益率，並執行嚴謹的資本配置策略。

Turning to Q4, we delivered revenue in line with our expectations and operating margin and EPS above our guidance. Q4 revenue was $263 million, up 2% year over year or 4% in constant currency. Operating margin of 26.7% was 120 basis points higher than our guidance of 25.5%. EPS of $0.42 was $0.03 above the high end of our guidance and up 14% year over year. We ended the year with approximately 1,770 total customers paying us more than $100,000 annually.

談到第四季，我們的營收符合預期，而營業利益率與 EPS 皆高於我們的指引。第四季營收為 2.63 億美元，年增 2%，以固定匯率計年增 4%。營業利益率為 26.7%，較我們 25.5% 的指引高出 120 個基點。EPS 為 0.42 美元，較指引區間上緣高出 0.03 美元，並年增 14%。我們在年底約有 1,770 家客戶每年支付給我們超過 10 萬美元。

We continue to see strong demand for our higher value product offerings, our Q4 suite attach rate and large deals landed at 81%, up from 72% a year ago. Suite customers now account for 55% of our revenue, a significant improvement from 46% in Q4 of last year and from 51% in Q3. 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.

我們持續看到市場對我們高價值產品方案的強勁需求；第四季的套裝方案（suite）附加率與大型交易成交占比達 81%，高於一年前的 72%。套裝方案客戶目前占我們營收的 55%，相較去年第四季的 46% 以及第三季的 51% 均有顯著提升。即使在 IT 預算更緊縮的環境下，企業仍認可我們套裝方案所帶來的價值，協助其簡化、轉型並保護其內容。

We ended Q4 with remaining performance obligations or RPO of $1.3 billion, a 5% year-over-year increase or 9% in constant currency. These growth rates were 200 basis points and 500 basis points ahead of our Q4 revenue growth, respectively. 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.

第四季結束時，我們的剩餘履約義務（RPO）為 13 億美元，年增 5%，以固定匯率計年增 9%。上述成長率分別較我們第四季營收成長率高出 200 個基點與 500 個基點。這顯示我們在下半年交出的更強勁表現，以及客戶將 Box 視為其基礎架構核心部分所做出的更長期承諾。

We expect to recognize roughly 60% of our RPO over the next 12 months. 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. Our net retention rate at the end of Q4 landed at 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.

我們預期在未來 12 個月內認列約 60% 的 RPO。第四季帳單金額（billings）為 3.79 億美元，年增 6%，以固定匯率計年增 10%，高於我們原先預期的低至中個位數成長，主要由強勁的提前續約所帶動。第四季末的淨留存率為 101%；儘管我們仍持續面臨客戶座席擴張的壓力，我們的年化總流失率仍維持在 3% 的穩定水準，顯示 Box 平台的黏著度與價值。

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

儘管 IT 預算承壓，我們也持續實現每座席價格的年增提升。提醒一下，我們的淨留存率為過去 12 個月的落後指標；基於我們在 FY24 所遭遇、而目前已進入比較基期（lapping）的逆風因素。我們預期在 FY25 結束時，淨留存率將觸底於 101%，並與第四季結果相當或略高。

Beyond FY25 as we benefit from the introduction of new product offerings and plan tiers and as seat growth returns to more normalized levels, we expect to achieve a higher net retention rate over time. Q4 gross margin came in at 78.4%, roughly in line with the year-ago period.

在 FY25 之後，隨著新產品方案與方案層級（plan tiers）的推出，以及座席成長回到較正常的水準，我們預期淨留存率將隨時間提升。第四季毛利率為 78.4%，大致與去年同期持平。

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

提醒一下，我們已在第三季將基礎架構全面遷移至公有雲。隨著未來幾季我們的自建資料中心（on-premises data center）費用逐步下降，我們預期在 FY25 期間可帶來額外的毛利率擴張。我們也持續透過低成本據點策略與嚴格的成本紀律，推動整體業務的營運槓桿。

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. 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. 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.

我們在波蘭的工程卓越中心目前有 300 名全職員工，年增 21%；在未來一年，我們研發（R&D）招募的絕大多數將在波蘭進行。這些措施使營業利益率達 26.7%，以固定匯率計為 28.0%，較去年第四季的 26.0% 改善，並印證我們嚴謹的費用管理。因此，我們第四季非 GAAP EPS 為 0.42 美元，以固定匯率計為 0.44 美元，較一年前的 0.37 美元提升。

I'll now turn to our cash flow and balance sheet. In Q4, we generated free cash flow of $82 million, a 10% increase from $75 million a year ago. We delivered cash flow from operations of $89 million, a 3% decrease from $92 million in the year ago period.

接下來我將說明我們的現金流與資產負債表。第四季我們產生 8,200 萬美元自由現金流，較一年前的 7,500 萬美元成長 10%。我們的營運活動現金流為 8,900 萬美元，較去年同期的 9,200 萬美元下降 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. 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.

資本租賃付款（我們將其納入自由現金流計算）為 400 萬美元，低於去年第四季的 1,100 萬美元。隨著我們依公有雲遷移策略退出託管資料中心，預期資本租賃付款將在未來幾季逐步下降。

Let's now turn to our capital allocation strategy. We ended the quarter with $481 million in cash, cash equivalents, restricted cash and short-term investments. In Q4, we repurchased approximately 790,000 shares for approximately $20 million. For the full year of FY24, we repurchased approximately 6.6 million shares for approximately $180 million or 2/3 of the free cash flow we generated in the fiscal year.

接下來談我們的資本配置策略。本季結束時，我們持有的現金、約當現金、受限制現金與短期投資合計為 4.81 億美元。第四季我們以約 2,000 萬美元回購約 79 萬股。FY24 全年，我們以約 1.80 億美元回購約 660 萬股，約占該會計年度所產生自由現金流的 2/3。

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

截至 2024 年 1 月 31 日，依我們現行股票回購計畫，尚餘約 6,400 萬美元的回購額度。我們仍致力於在適當時機向股東回饋資本；董事會近期亦核准額外 1.00 億美元的普通股回購。

With that, I would like to turn to our guidance for Q1 and fiscal 2025. 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 impacts of FX headwinds, assuming current exchange rates.

接下來，我想說明我們對第一季與 2025 會計年度的財測指引。提醒一下，我們約三分之一的營收來自美國以外地區，其中約 60% 的國際營收來自日本。以下指引已納入預期的匯率逆風影響，並假設目前匯率水準。

While we are seeing some pockets of stabilization in most of our markets, our guidance reflects a continued constrained IT budget environment in FY25. Additionally, as our international businesses are now consistently generating profit, in Q4, we have released the valuation allowance against our deferred tax assets in the UK and beginning in FY25 we'll now be recognizing noncash deferred tax expenses on the profits generated in international countries, which will impact our FY25 GAAP and non-GAAP EPS.

雖然我們在多數市場看到部分領域出現穩定跡象，但我們的指引仍反映 FY25 持續受限的 IT 預算環境。此外，隨著我們的國際業務目前已持續穩定獲利，我們在第四季已釋放英國遞延所得稅資產的估值備抵（valuation allowance）；自 FY25 起，我們將開始就國際各國所產生的利潤認列非現金的遞延所得稅費用，這將影響我們 FY25 的 GAAP 與非 GAAP EPS。

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

我們預期這將對第一季造成約 0.02 美元的影響，全年約 0.06 美元。就 2025 會計年度第一季而言，我們預期第一季營收介於 2.61 億至 2.63 億美元，代表年增 4%，以固定匯率計年增 7%，兩者皆高於我們上一季所交出的成長率。

We expect our Q1 billings growth rate to be in the low single digit range, this includes an expected headwind from FX of approximately 300 basis points. We expect our Q1 gross margin to be roughly 79%, representing a year-over-year improvement of roughly 100 basis points. 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.

我們預期第一季帳單成長率將落在低個位數區間，其中包含外匯（FX）約 300 個基點的不利影響。我們預期第一季毛利率約為 79%，較去年同期約提升 100 個基點。我們預期第一季非 GAAP 營業利益率約為 25%，其中包含外匯約 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. 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.

這代表較去年同期改善 220 個基點，若以固定匯率計算則改善 420 個基點。我們預期第一季非 GAAP 每股盈餘（EPS）將介於 0.35 至 0.36 美元之間，在區間高端較去年同期成長 13%，即使我們吸收了我先前提到的遞延所得稅費用。

Weighted average diluted shares are expected to be approximately $147 million, for the full fiscal year ending January 31, 2025. 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. This includes an expected headwind from FX of roughly 170 basis points and is consistent with our preliminary guidance on a constant currency basis.

截至 2025 年 1 月 31 日止的完整會計年度，加權平均稀釋後流通股數預期約為 1.47 億股。我們預期營收介於 10.8 億至 10.85 億美元之間，在區間高端約為年增 5%，以固定匯率計算為 6%。其中包含外匯約 170 個基點的不利影響，且在固定匯率基礎上與我們的初步指引一致。

We expect our FY25 billings growth rate to be roughly in line with revenue growth on an as-reported basis. We expect FX to have a negative impact of a little more than 50 basis points to billings. We expect our FY25 gross margin to be roughly 80%, representing a year-over-year improvement of more than 200 basis points. 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%.

我們預期 FY25 帳單成長率在已報告基礎上將大致與營收成長一致。我們預期外匯對帳單的負面影響將略高於 50 個基點。我們預期 FY25 毛利率約為 80%，較去年同期提升超過 200 個基點。我們將提高銷售與行銷費用以推動未來成長，並預期 FY25 非 GAAP 營業利益率約為 27%，較去年 24.7% 的結果提升 230 個基點。

We expect FX to have a negative impact on operating margin of a little more than 100 basis points. This guidance is in line with our preliminary guidance despite an expected incremental headwind from FX. 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.

我們預期外匯對營業利益率的負面影響將略高於 100 個基點。儘管預期外匯帶來額外不利影響，本指引仍與我們的初步指引一致。我們預期 FY25 非 GAAP 每股盈餘（EPS）將介於 1.53 至 1.57 美元之間，在區間高端相較前一年度的 1.46 美元成長 8%，並包含我先前提到的遞延所得稅費用帶來的 0.06 美元影響。

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

加權平均稀釋後流通股數預期約為 1.49 億股。最後，我們預期 FY25 營收成長率結合 FY25 自由現金流利潤率，在已報告基礎上將落在 30% 出頭，以固定匯率基礎則落在 30% 中段；其中包含我先前討論的外匯對營收與帳單合計略高於 200 個基點的不利影響。

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

我們對過去幾季所看到的穩定化趨勢感到鼓舞，即便 FY24 我們看到總體經濟對 IT 預算帶來壓力。如 Aaron 所提到，我們正進入新篇章，以驅動圍繞內容與工作流程的 AI 驅動業務流程。

To take advantage of this opportunity 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, expanding gross and operating margin and efficiently returning capital to our shareholders. We look forward to providing further details at our virtual Financial Analyst Day on Tuesday, March 19.

為了把握這個機會，我們在 FY25 的重點是透過投資創新產品藍圖與策略性市場推進（go-to-market）計畫，為營收成長再加速奠定基礎，同時擴大毛利率與營業利益率，並有效率地將資本回饋給股東。我們期待在 3 月 19 日（週二）的線上金融分析師日提供更多細節。

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

接下來，Aaron 和我很樂意回答各位的問題。接線員？

(Operator Instructions)

（接線員指示）

Josh Baer, Morgan Stanley.

Josh Baer，摩根士丹利。

Excellent, thanks for the question. 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 evolving into Box sign?

很好，謝謝讓我提問。想請教關於收購 Cruise 的部分，進入無程式碼（no-code）應用程式開發領域非常有意思，但你們預期會在那裡投入多大力度，才能真正與該市場競爭？還是說投入會比較有限、主要聚焦在以內容為核心的使用情境？另外，是否可以把這次收購的思路，類比為你們先前收購電子簽名並演進成 Box Sign 的做法？

Yeah, thanks, for the -- so a really, really great and important point to clarify. So on Cruises is 100% focused on code application and sort of customer interface development for content centric workflows. So we are going to remain squarely focused on the content market, but when you think about the kind of workflows and business processes that enterprises have around content, you have digital asset management, invoice processing, Contract Lifecycle Management, GxP, compliant control document management.

是的，謝謝，你提到的——這確實是一個非常、非常重要且需要釐清的點。Cruise 100% 聚焦於針對以內容為中心的工作流程，進行無程式碼應用程式以及某種程度上的客戶介面開發。因此我們仍會堅定聚焦在內容市場；但當你思考企業圍繞內容的各類工作流程與業務流程時，會包含數位資產管理、發票處理、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, and traditionally, we've really kind of had our customers have to go build those workflows and interfaces around those workflows off of Box. And so you had to do custom app development and some other kind of platform environment.

因此，企業在內容驅動的工作流程上有數百或數千種使用情境；而傳統上，我們基本上是讓客戶必須自行在 Box 之上去建置那些工作流程，以及圍繞工作流程的介面。因此你必須進行客製化應用程式開發，以及使用其他某種平台環境。

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 types of use cases being built out on the box platform and a no-code environment. So we've got really excited about being able to bring them on board. And what we're doing now is integrating their technology natively into Box.

Crews 作為一家獨立公司、以新創之姿，確實驗證了：這些類型的使用情境都可以在 Box 平台上、以無程式碼環境建置出來。因此我們對能把他們納入團隊感到非常興奮。我們目前正在把他們的技術以原生方式整合進 Box。

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 that will be obviously sharing much more about on throughout the year and 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.

在本會計年度接下來的幾個季度內，我們預期會推出一款建立在 Cruise 技術之上的新產品；我們顯然會在今年持續分享更多資訊。該技術與產品將讓我們的客戶能以非常原生的方式，在 Box 之上建立這類介面與客製化應用程式。

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. There's customers that are using it as their core portal for any kind of contract management. So these are the kind of use cases that will now be natively built in the box environment.

就目前他們的客戶基礎而言，我們看到的例子包括：商用不動產市場中的大型業者使用 Crews 來建置商用不動產租賃入口網站。也有客戶把它用作各類合約管理的核心入口網站。因此，這些使用情境接下來都將在 Box 環境中以原生方式建置。

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

就變現而言，目前我們延續 Cruise 先前的商業模式，也就是以每位客戶為單位銷售這些 Cruise 的導入方案，並依該客戶所需的使用者或席位數計價。在我們整合技術的同時會持續這樣做，接著我們也會把 Crews 作為在既有客戶群中的加購（upsell）工具來推動。

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, 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. 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，不同於 Box Sign 我們把 Box Sign 的核心功能納入所有方案，我們不會對 Crews 技術採取同樣做法；我們會把它作為額外的變現槓桿，既可納入我們的組合式定價模型，也可作為獨立能力單獨銷售。我們對它在變現面可能帶來的效果感到非常興奮，並會在幾週後的金融分析師日就此策略分享更多內容。

Really helpful. And just anything to call out as far as impact to revenue or expenses this year from cruise. Thanks.

非常有幫助。另外，今年在 Cruise 方面對營收或費用的影響，有沒有什麼需要特別指出的？謝謝。

Yeah. So everything is sort of built into the model that we just laid out. We will be investing in the team on certainly to go build out the technology. But given our our philosophy around how we make R&D decisions, that will certainly be prioritized on and but within the cost envelope that we've already laid out. So no changes on that front.

是的。所以我們剛才說明的內容基本上都已經納入我們的模型之中。我們確實會投資團隊來建置相關技術。但考量我們在做研發決策時的一貫理念，這些投入會被優先安排，同時也會在我們先前已經說明的成本框架之內。所以在這方面沒有變動。

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 we expect it to provide a tailwind more in that medium and long term from a pure growth rate standpoint. But overall, if you sort of step back and say strategically what's happening wise, crews, very important.

至於營收成長的角度，今年主要是用來在 Box 端把技術建置起來，我們預期它在中長期、就純成長率而言會帶來順風。但整體來看，如果你退一步從策略面看正在發生什麼，Cruise 非常重要。

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. And together, I think you see a real kind of new chapter 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. So there's a nice kind of a combined effect there that we're going to have to drive.

它真正的價值在於：Cruise 帶來的無程式碼應用開發與中繼資料檢視（metadata views），再加上 AI 以及我們在工作流程（workflow）上的布局。兩者結合，我認為你會看到我們的產品能為客戶帶來的能力開啟一個全新篇章，讓他們能擴展使用情境，進入更多企業內容管理（ECM）領域，同時也能汰換既有的傳統 ECM 解決方案。因此會有一個很好的綜效，我們接下來需要去推動。

Great, thanks.

很好，謝謝。

Pinjalim Bora, JPMorgan.

Pinjalim Bora，摩根大通（JPMorgan）。

Yeah. Thanks, for taking the questions, congrats on the quarter. Aaron, what have you seen so far with respect to kind of adoption of Box Ai, maybe in terms of volume of queries that you're seeing within those users that are playing around or have adopted Box AI, has that been tracking your assumptions? And have you seen instances where boxes coexisting with kind of other horizontal copilot at this point?

是的。謝謝讓我提問，恭喜本季表現。Aaron，關於 Box AI 的採用情況，你目前看到什麼？例如在那些正在試用或已採用 Box AI 的使用者之中，你們看到的查詢量大概如何？是否符合你們的假設？另外，你是否看到 Box 目前與其他通用型 copilot 共存的案例？

Yeah. So I'll just do the pieces in there. So first of all, obviously, as everybody knows, we just released Box AI in beta in Q4 and today is literally the day of GA, so 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.

是的。我把問題拆開來回答。首先，如大家所知，我們在第四季以 beta 形式發布 Box AI，而今天剛好就是正式 GA 的日子；因此過去一季主要是一些比較早期採用者類型的客戶在使用，我們觀察他們的使用模式與使用情境。第一批使用情境主要集中在我們目前的核心功能：快速摘要文件、以及在使用者閱讀時從文件中擷取資訊。

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

所以有一些很強的終端使用者生產力（end-user productivity）情境。不過很快我們就收到回饋：最令人興奮的領域之一（而且也是我們正在開發的）是能對多份文件提問。也就是我們正在打造的多文件分析功能；它會內嵌在我們的 Hubs 產品中。對於在 Enterprise Plus 方案中包含 Box AI 的客戶，他們將能在一個 hub 裡對任意數量的文件提問。

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

你可以把它想成建立一個知識庫：例如把銷售資料放在知識庫裡，或把人資資料放在知識庫裡，或任何形式的股權研究資料，然後建立這些知識庫或 hubs，提供給員工、客戶，或企業外部的任何人使用；接著你就能對所有資料提問。對於熟悉這通電話內容的人來說，這基本上就是一種「RAG as a service」的做法，我們會直接以開箱即用的方式交付給客戶。也就是收集任意量的資料，把它放進一個 hub。

And then you can ask questions inside that hub. So it's going to be a really powerful kind of end user productivity business, productivity use case. And then secondarily, and as I mentioned on this call probably the big breakthrough on kind of to some extent can expanding use cases, really the ability to structure our unstructured data.

然後你就能在該 hub 裡提問。這會是一個非常強大的終端使用者生產力、以及業務生產力的使用情境。其次，如我在本次電話中提到的，另一個重大突破、也在某種程度上能擴展使用情境的，是把我們的非結構化資料結構化的能力。

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 from that content that aligns with our cruise use case, obviously very directly. 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 a loan processing company where they have loan submissions coming in.

也就是能把合約、發票或數位資產交給 AI 來分析，並從內容中擷取出適當的中繼資料（metadata），這與我們的 Cruise 使用情境當然是非常直接相關。目前我們有多家客戶在早期 beta 計畫中，透過 API 使用我們的中繼資料擷取能力；其中一個非常強的例子是一家貸款處理公司，他們會收到貸款申請。

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 being able to completely automate that process is saving them a ton of time and letting them go in actually issue even more business and loans.

他們需要 AI 能非常快速地讀取客戶上傳的銀行對帳單，並確保把文件關聯到 Salesforce 記錄中的正確組件；而能夠把這個流程完全自動化，為他們節省了大量時間，也讓他們實際上能承作更多業務與貸款。

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

因此當你想到 Salesforce 加上 Box、再加上 Box AI 的組合，就能形成我們可以交付給客戶的非常強大的解決方案。這也會讓我們更深入切入例如智慧文件處理（intelligent document processing）等領域。同樣地，我們會在金融分析師日（Financial Analyst Day）再多談一些我們在這裡要做的事；但用 AI 自動把非結構化資料結構化，可能是客戶最興奮的核心突破使用情境之一，另外還有廣泛的生產力能力。

And then finally, with the other kind of copilot and chat GPTs, our focus remains make sure that we're integrated with any of the AI products that our customers are using. So we're continuing to work through on even better ways to integrate with that with the kind of copilot or assistant products. But we really see those as more just pure individual end user productivity, which is fantastic. 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.

最後，關於其他類型的 copilot 與 ChatGPT，我們的重點仍然是確保能與客戶正在使用的任何 AI 產品整合。因此我們會持續推進，找出更好的方式與這類 copilot 或助理產品整合。但我們認為那些更多是偏向個人終端使用者的純生產力提升，這很棒，而且也是內容相關的一個很好的使用情境；但我們會更直接地鎖定偏向業務流程（business process）類型的使用情境。

I've got. One quick one for Dylan, billings growth in constant currency was very strong coming above your guide. Our pure seems like has accelerated both of those billings growth and our RPO in constant currency seems like it's running ahead of your revenue guide for the year. Maybe talk about the early renewal, how much was that of the influences for billings. And more broadly, do you see the 6% growth for this year as kind of a trough level going forward?

我還有一個簡短問題想問 Dylan。以固定匯率計，帳單（billings）成長非常強，超過你們的指引。我們似乎看到帳單成長與 RPO（以固定匯率計）都在加速，而且看起來 RPO 的走勢也領先你們今年的營收指引。能否談談提前續約（early renewal），其中有多少對帳單造成影響？更廣泛地說，你們是否認為今年 6% 的成長會是未來的谷底水準（trough level）？

Yeah. So it's a -- your first to write that for both what we delivered in Q4 and our expectations for RPO at least for next year, we do expect those to track ahead of revenue. 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.

是的。你說得對：不論是我們在第四季交出的表現，或是至少對明年 RPO 的預期，我們確實預期它們會跑在營收之前。我認為其中很大一部分，特別是第四季的表現，除了我稍後會提到的提前續約帶來的順風之外，也主要是因為我們確實看到、尤其在年底後段，整體表現更強、更趨於穩定，而且我覺得執行力也明顯更好。

And so while the environment remains challenging, that is what gives us confidence as we've talked about the stability but of calling 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. 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，儘管整體環境仍具挑戰性，這正是讓我們有信心的原因；正如我們談到的穩定性，以及未來改善的可能性，還有一些在多個營收端指標上的表現，包括淨留存率。就提前續約而言，Q4 有一部分對成長率造成了幾個百分點的影響。因此，即使把這個因素調整掉，無論以報表口徑或以固定匯率計算，結果仍會高於我們的預期。

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.

另外如我們所提到的，外匯確實帶來了更大的逆風，比我們在進入該季度前預期的還多了 1 個百分點。總體而言，Q4 是一個比我們今年稍早所看到的更強勁的季度，這點很高興看到。

Got it, thank you.

了解，謝謝。

Steve Enders, Citi.

Steve Enders，花旗。

Okay, great. Thanks for taking the questions here. Maybe just a follow-up on the last comments there about just kind of what you are seeing in the macro in beyond learning. It sounds maybe this is pretty consistent with what you saw last quarter from some of the stabilization trends.

好的，很棒。謝謝讓我在這裡提問。也許延續剛才最後的評論，想追問一下你們在宏觀環境、以及 Beyond Learning 之外看到的情況。聽起來這可能與你們上季看到的一些穩定化趨勢相當一致。

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

但我想我們可能想把這點釐清一下。另外，當我們思考展望時，我想問的是：在進一步穩定或回到某種狀態方面，你們的假設是什麼？以及這些變化如何開始影響你們在此提到的淨留存率、以及綁定（bundling）等情況？

Sure. So would generally describe the overall environment in Q4, as you mentioned as pretty stable with Q3, so there are some incremental signs of life and improvement and some customers leaning in a little bit more spend getting excited about things like AI in particular. But the reality is it remains a pretty challenging environment, wouldn't say that that has really turned a corner based on we're seeing. What I would say is that our execution in Q4 was stronger than in Q3.

當然。如你所說，我們一般會把 Q4 的整體環境描述為與 Q3 相當穩定；確實有一些逐步的復甦與改善跡象，也有部分客戶更願意加大一些支出，特別是對 AI 這類事情感到興奮。但現實是，這仍是一個相當具挑戰性的環境；就我們所見，還不能說已經真正轉折。我會說的是，我們在 Q4 的執行力比 Q3 更強。

So it's just one example, we called out in Q3 that there were some larger deals in Japan that we had been expecting to close that didn't ultimately closing Q3. We ended up closing just a very strong quarter overall, including those deals, it made a very strong Q4 for us. We saw continued strength and great performance from the public sector in the US.

舉個例子，我們在 Q3 提到過，日本有一些我們原本預期會成交的大型案子，最後並沒有在 Q3 成交。我們最終在 Q4 成交了這些案子，並且整體季度表現非常強勁，讓 Q4 對我們而言非常亮眼。我們也看到美國公共部門持續強勁、表現出色。

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, but would describe the overall environment is fairly stable with what we saw in Q3. 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. 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，我會說在業務面確實有一些改善，帶動今年相較前幾季的整體結果更強；但整體環境仍可描述為與 Q3 所見相當穩定。至於 FY25 以及我們如何看待 FY25，我們基本上是假設「大致維持現狀」，也就是這個環境仍然具挑戰性。因此，我們並沒有在 FY25 的預期中納入任何宏觀經濟復甦的假設（也不是把它納入我們對外匯——以及 FY25 的預期），我們所預期的改善主要來自許多營收端指標本身的走勢。

And you mentioned that retention rate is that we're now lapping some of the more challenging periods that we had, 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 you expect to end the year, either at those levels or slightly above depending on how that shapes up over the course of the year.

你也提到留存率；我們現在正在跨越先前較具挑戰性的期間，特別是那些以過去 12 個月為基礎的指標，例如營收成長、淨留存率。隨著時間推進，在這種穩定性之下，我們預期這些指標會在 Q4 的水準附近觸底。至於你問到的淨留存率，我們預期在年底時，會落在這些水準，或視全年走勢而定略高一些。

Okay, got it. No, that's helpful context. And then maybe on Sweden in particular, I think maybe you heard a lot this call around the Enterprise Plus tier or a higher tiered solution this year. So I guess any maybe changes in how you're thinking about, the tiering moving forward or how you're thinking about some of the adoption of those higher price plans?

好的，了解。不，這些背景資訊很有幫助。另外，特別針對瑞典，我想這通電話中你們談了很多關於 Enterprise Plus 等級或今年更高階解決方案的內容。所以我想問：你們對未來分級（tiering）的思考是否有任何改變？或是你們如何看待這些較高價格方案的採用情況？

Yeah, on I did kind of call out very briefly in my prepared remarks, and that we will be introducing a higher tier plan, so no change in that strategy. We'll add more color at our Financial Analyst Day around on again, kind of the contours of that plan. 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.

是的，我在事先準備的講稿中其實很簡短地提到，我們將推出一個更高階的方案，所以這個策略沒有改變。我們會在 Financial Analyst Day 提供更多細節，再次說明該方案的大致輪廓。我們之所以目前還不想講得非常精準，唯一原因是我們不希望在這方面過度超前客戶。

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

我們也希望在它完全可用時，再以更一般性的方式來談；但你可以感受到，我們會在其中加入更多高階功能，包含一定程度的高階 AI 功能，以及一些更進階的工作流程與內容管理功能（也會包含 crews），以及其他能力。

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

所以敬請期待，我們會在 Financial Analyst Day 分享更多。

Thanks. Perfect here and lokking forward to the event in a couple of weeks.

謝謝。太好了，也很期待幾週後的活動。

Yeah, thanks.

好的，謝謝。

John Messina, Raymond James.

John Messina，Raymond James。

Hi, thanks, for taking my question. This is John on for Brian. Just another one on box AI, I realized just went GA today, but I'm curious as it was in beta, how AI has impacted the pipeline for suite adoption? Just any additional color we can get there?

嗨，謝謝讓我提問。我是 John，代替 Brian。再問一題關於 Box AI：我知道它今天才剛正式全面推出（GA），但我很好奇在 beta 期間，AI 對套件（suite）採用的銷售管線（pipeline）有什麼影響？能否提供一些額外說明？

Yeah. So we saw a pretty healthy number of customers that elected to move into Enterprise Plus where box AI was one of the biggest 1or biggest contributing factors of that decision. So kind of across a wide range of sectors, size of companies where again, they wanted to have AI on their content for, again, being able to as content question summarize information, be able to access multi document AI as hubs becomes available as well as our APIs and because of our pricing model that we chose that you have to upgrade into Enterprise Plus to have access to that technology.

好的。我們看到相當多的客戶選擇升級到 Enterprise Plus，而 Box AI 是促成該決策的最大因素之一（或最大因素）。因此，涵蓋相當廣泛的產業與公司規模；他們希望能在其內容上使用 AI，例如能夠對內容提問、摘要資訊、在 hubs 推出後也能使用多文件 AI，以及使用我們的 API。由於我們所選擇的定價模式，要存取這項技術就必須升級到 Enterprise Plus。

So we saw that as a healthy contributor to the upsell motion and we now with the product being GA, 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 to kind of customize on the AI in your enterprise, whether that's customer promise or being able to create custom sort of -- kind of almost AI use agents or or or use cases in your enterprise on that will be additional. They'll create additional ways that we can monetize and a higher tier plan from here as well.

因此，我們看到它對升級銷售（upsell）動能有健康的貢獻；而現在產品已正式 GA，我們預期這種趨勢會在今年持續。隨著我們更了解客戶對更高階功能的需求——例如更高效能的模型、在企業內對 AI 進行某種程度的客製化（無論是客戶自管/自建，或是能建立自訂的——幾乎像是 AI 使用代理（agents）或企業內的使用情境）——這些都會是額外的能力。它們也將創造更多我們可以變現的方式，並支持我們在此基礎上推出更高階的方案。

Great. That's great color there. And then just on suites adoption overall, I think you've spoken about being on track at 55% of revenue by 2026. Is that still the right way of thinking about the cadence of adoption? Or is that a I kind of accelerated that? And then how should we think about maybe the long-term what suites can contribute to revenue. Thank you.

很好。這些補充說明很有幫助。另外就套件採用的整體情況而言，我想你們曾提到到 2026 年套件將占營收的 55%，而且進度在軌道上。這仍然是看待採用節奏的正確方式嗎？還是說有點加速了？另外，長期來看，我們應該如何思考套件對營收的貢獻？謝謝。

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

是的，我會說這是提供一些回顧性的背景。我們在推出這些套裝方案時，對於套裝方案的動能與滲透率的整體表現，描述為確實超出我們的預期；甚至就在大約一年前，我們也把原本預期「大部分營收將來自套裝方案」的時間點，整整提前了一年，來到今年年底。

And then as you saw, we now have at the end of the year, 55% of our revenue. So once again, kind of ahead of our expectations. And that's really being driven by combination of just the way that Enterprise Plus is is resonating overall with the customer race as well as in Q4 and the reason for the big sequential step up was a few larger customers who had one to two products, who were really convinced of the value of our full platform. So they upsold into 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.

然後如你所見，我們現在在年底時，已有 55% 的營收。所以再次地，算是超出我們的預期。這主要是由幾個因素共同推動：一方面是 Enterprise Plus 整體上在客戶族群中的共鳴度；另一方面在第四季，之所以出現顯著的季對季躍升，是因為有幾家較大型客戶原本只採用一到兩個產品，但他們確實被我們完整平台的價值所說服。因此他們升級加購到 E-Plus。所以這是新客戶一開始就以套裝方案成交的方式，加上既有客戶持續轉換過來的綜合結果。

And then -- so overall, I would say that you'd have certainly the trends have been ahead of our expectations. We'll provide more commentary in terms of the forward longer-term expectations in just a couple of weeks at the Analyst Day. 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.

然後——總體而言，我會說這些趨勢確實一直超出我們的預期。我們會在幾週後的分析師日（Analyst Day）就未來更長期的預期提供更多評論。但可以合理假設的是，我們預期其在市場上推進的速度與節奏，整體上比我們一年前或兩年前所預期的更快。

Thank you very much.

非常感謝。

Rich Hilliker, UBS.

Rich Hilliker，UBS。

Hi. Thanks for taking my question. And you're prepared and I think you highlighted construction and health care deal. I was wondering if maybe for my first question, if you could talk little about your vertical strategy going forward or anything changed that sort of appetite? Thanks.

嗨。感謝讓我提問。你們已經準備好了，而且我想你們也特別提到建築與醫療保健的案子。我想先問第一個問題：你們未來的垂直產業策略能否多談一些，或是這方面的「投入意願」是否有任何改變？謝謝。

Yeah, 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 essentially what we're seeing is -- we do extremely well, really wherever there is a large amount of unstructured data in an enterprise where that data needs to be secure and so it's often a compliance or security kind of driven workflow. There's a lot of collaboration on that data. So needs to flow between systems are between kind of internal or external parties.

是的，中間有幾段有點斷訊，但我會盡力把問題的核心涵蓋到；如果我沒有回答到請告訴我。基本上我們看到的是——我們表現特別好的地方，通常是在企業內有大量非結構化資料，而這些資料需要被妥善保護，因此往往是由合規或資安驅動的工作流程。而且在這些資料上會有大量協作。所以它需要在系統之間流動，或在內部與外部各方之間流轉。

And so that aligns very well to many of the most regulated industries out there. So public sector, financial services, healthcare, life sciences some often and in kind of global manufacturing. So we want to put even more emphasis on some of these key verticals 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.

因此，這與許多監管最嚴格的產業非常契合。例如公部門、金融服務、醫療保健、生命科學（在某些情況下），以及全球製造業。所以在未來一年以及接下來幾年，我們希望對其中一些關鍵垂直領域投入更多重點；當然不是要在其他垂直領域做任何縮減，而是要思考如何在這些關鍵領域真正加倍投入。

AI, 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. 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.

以 AI 為例，當你把這些產業所處理的所有非結構化資料納入考量時，會出現很多很棒的額外使用情境。例如在醫療保健、生命科學領域，可以再次做到在製藥流程中自動化或推動工作流程；或在銀行業，用於客戶開戶（onboarding）、財富管理與服務等。

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 it, 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.

所以基本上，只要哪裡有大量非結構化資料或內容，而你想建立一個能夠保護它、管理它、並對其進行治理（governance）的流程，我們的平台就非常契合——也正是我們最對位的場景；這也是我們在垂直產業策略上會進一步加倍投入的方向。

Great. Thanks. I'll leave it there. Appreciate it.

很好。謝謝。我就先到這裡。感謝。

Thanks.

謝謝。

Jason Ader, William Blair.

Jason Ader，William Blair。

Hi, this is Sebastien [Naji] on for Jason. Thanks for taking the question. Just one from me, really around competition. Aaron, I'm curious to hear how you think AI impacts the competitive landscape for ECM? Could we see increased pressure from vendors like Google or Microsoft or maybe paying more attention to their historically limited SaaS offerings. Now that there's a whole new universe of things you can do with that data. 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. How do you respond to that?

嗨，我是 Sebastien [Naji]，代 Jason 提問。謝謝讓我提問。我只有一個問題，主要關於競爭。Aaron，我想聽聽你怎麼看 AI 對 ECM 競爭格局的影響？我們是否會看到來自 Google 或 Microsoft 這類供應商更大的壓力，或是他們開始更重視其過去相對有限的 SaaS 產品？因為現在對這些資料可做的事情出現了全新的宇宙。一旦把 AI 應用在上面，似乎就有一堆新的方式讓他們把這些 FSS 資料變現，尤其考量到他們在 AI 上的領先地位，這可能會推動他們長期更積極地與 Box 競爭。你會如何回應？

Yeah. So I think there's definitely elements where the value of unstructured data and content has gone up as a result of AI. And that's clearly a key point. And that means anybody well prepared to drive innovation on unstructured data. We should see this as a positive. 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. And so I think that becomes a positive for us within the customer base.

是的。所以我認為，AI 的確讓非結構化資料與內容的價值提升了。這顯然是一個關鍵點。也就是說，任何已準備好在非結構化資料上推動創新的公司，都應該把這視為正面因素。同時，這也意味著許多傳統解決方案、碎片化的架構，如今同樣面臨更大的威脅，因為企業會希望在這個由 AI 驅動的新世界中，從其內容中取得更多價值。因此我認為，這對我們在既有客戶基礎中反而是正面的。

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. That's a pretty potent combination that doesn't exist elsewhere in terms of the names that you just mentioned. So we feel very, very strong about our competitive position, and that's being reinforced every day within customer conversations.

而當你看我們短期內已做的事情，以及我們從產品路線圖角度所規劃的內容——再次強調，無程式碼應用的直覺式介面、工作流程自動化，以及可由市場上任何供應商提供的「平台中立」AI 的組合。就你剛提到的那些公司而言，這是一個相當強而有力、且在其他地方並不存在的組合。所以我們對自身的競爭地位感到非常、非常有信心，而且每天在與客戶的對話中都持續得到強化。

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

然後也許——我再補充一點，關於平台中立的方法。我們的一個重大優勢在於，我們不參與模型訓練這場競賽，因此我們其實希望所有科技公司在訓練與交付先進 AI 模型上展開激烈競爭，因為我們可以把所有這些創新能力提供給我們的客戶使用。

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 Open AI or the best of Amazon or Anthropic our IBN, you don't have to make a decision about where you move your data to get the value of those capabilities. By having your content in Box, it will work with all of the AI coming from those different vendors. So this puts us, I think, in a very unique position. 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. So we think that's going to be a huge advantage for us in AI.

因此，當你是 Box 的客戶時，你不必在「要用 Google 最好的」或「Microsoft 與 OpenAI 最好的」或「Amazon 最好的」或「Anthropic 或 IBN 最好的」之間做選擇；你也不必為了取得那些能力的價值而決定要把資料搬到哪裡。只要你的內容在 Box 裡，它就能與來自不同供應商的所有 AI 一起運作。所以我認為，這讓我們處在一個非常獨特的位置。真正能像我們一樣保持中立的雲端內容平台並不多，而且是在我們這樣的規模之下。因此我們認為，這會成為我們在 AI 方面的一大優勢。

Great, Very helpful. Thank you.

太好了，非常有幫助。謝謝。

George Iwanyc, Oppenheimer.

George Iwanyc，Oppenheimer。

Thank you for taking my questions. With the incremental sales and go-to-market investment you're highlighted for this year. Can you give us a sense of where you're prioritizing the additions and how much is buying into the direct sales force? How much into the channel and go-to-market efforts?

謝謝你回答我的問題。關於你們今年強調的增量銷售與上市（go-to-market）投資。能否請你們談談你們優先增加投入的領域，以及其中有多少是投入到直銷團隊？又有多少投入到通路與上市推進的相關工作？

Yeah. 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 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.

是的。所以你可以把銷售與行銷支出增加的大部分，視為用於擴大我們用來創造需求的各項計畫；這些計畫對我們的成效一直非常好，特別是在我們對實地行銷、我們過去提到的數位通路所做的多項最佳化，以及類似的努力之後。此外，也包含一些較偏基礎建設的投資，用來為擴大合作夥伴與通路生態系的規模奠定基礎。

And then we will also be investing, kind of given the demand trends that we're already seeing in the sales force and kind of growing that at a moderate clip. But you can make about the majority of the dollars being toward just overall demand generation versus kind of disproportionately scaling the sales force. 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.

然後，考量我們在銷售團隊已經看到的需求趨勢，我們也會進行投資，並以適度的速度擴編。但你可以認為大部分資金會用在整體需求創造，而不是不成比例地擴大銷售團隊。我的意思是，你們也會在幾週後的金融分析師日，聽到更多關於整體上市策略，以及我們將在哪些方面進行部分投資的細節。

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

另外，Dylan，你能否再多補充一些你們在國際市場看到的情況？聽起來你們在日本確實追趕上來了，但在你們看到額外的匯率逆風之下，那邊的需求管線看起來如何？

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.

仍然非常強勁；我們也談到，我們會根據看到的強勁成果以及領先指標，來推動那些我們將成長的領域。

Japan, particularly the enterprise segment and Japan is absolutely one of those areas. 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 our Japan business grew in the mid-teens over this past year. So continuing to show very strong growth. And that again is even including those FX headwinds.

日本，特別是企業級（enterprise）客群，而日本絕對是其中之一。我也要指出，即使面對我們看到的匯率逆風，事實上在過去兩年裡，我們日本業務的營收——由日本業務所帶來的營收——在過去一年仍以十幾%的幅度成長。因此持續展現非常強勁的成長。而這也確實已經把那些匯率逆風納入其中。

And then you talk about international --probably would say no real change from what we're seeing in Amea. 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 our reach and ultimately kind of the business that we can generate over there. But we're describing Amea overall as certainly stable but stable at levels that we think are not quite commensurate with the opportunity that we have.

至於國際市場——大概可以說，我們在AMEA看到的情況沒有太大變化。你覺得是否存在機會，特別是考量我們先前談到的一些投資，尤其是圍繞通路生態系的投資，能夠真正幫助擴大我們的觸及範圍，並最終推動我們在那邊能夠產生的業務？但我們對AMEA整體的描述仍是「穩定」，只是這樣的穩定水準，我們認為與我們所擁有的機會相比，仍不完全相稱。

Great. Thank you very much.

很好。非常感謝。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful. Thanks for answering my question. Just one from me. Just turning back to AI and kind of starting to put some numbers around it. Number one, have you embedded any upside from AI, whether direct or indirect this year FY25 guidance and then not to front run the Virtual Analyst Day in a couple of weeks. But as you think about building out your longer-term targets what are you starting to steal and triple in terms of actual AI revenue as you build out those targets? Thanks.

太好了。謝謝你回答我的問題。我這邊只有一個問題。回到AI，並開始把一些數字框起來。第一，你們在今年FY25的指引中，是否已經納入任何來自AI的上行空間（無論直接或間接）？另外，我不想在幾週後的線上分析師日之前搶先透露。但當你們在建立更長期的目標時，就實際的AI營收而言，你們開始在目標中納入（或假設）到什麼程度、什麼規模？謝謝。

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

是的。所以第二個問題，我們可能會在金融分析師日那邊回答；你也知道，我們會在那裡重申我們對模型的持續看法。不過在回答第一個問題時，也會與此相關。

So we have we've seen the upsell trends that we have from customers moving into Enterprise Plus with Box AI as an additional catalyst. 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 somewhat beyond.

所以我們已經看到客戶升級到Enterprise Plus的加購（upsell）趨勢，而Box AI是額外的催化劑。我們目前只有大約一季的資料可以觀察，但我們確實能夠把這個趨勢外推到今年，並在某種程度上延伸到更往後。

We also want to be somewhat conservative on around kind of baking that in because there's still variability is still an early product. 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. But we are seeing it become a catalyst to drive enterprise plus upsells.

我們也希望在把這些因素納入預期時保持相對保守，因為仍存在變動性，而且這仍是早期產品。所以我會說，保守的意思是：我們並不預期因為AI而出現任何特別超乎尋常的動態。但我們確實看到它正在成為推動Enterprise Plus加購的催化劑。

And I think that maybe the X factor in all of this would be more platform consumption from AI, that isn't particularly embedded. And so that's obviously what we're going to be driving this year. And we'll be talking more about some of the platform consumption dynamics that we want to drive. But we see that as sort of upside in the medium term.

我想這裡面的X因子，可能會是來自AI帶動的更多平台用量（platform consumption），而這部分並沒有特別被納入。所以這顯然是我們今年要推動的方向。我們也會更進一步談到一些我們想推動的平台用量動態。但我們把它視為中期的上行空間。

It really helpful. Thank you.

真的很有幫助。謝謝。

Cool. Thank you.

好。謝謝。

Thank you. That concludes our question and answer session. I will now turn the call back over to Cynthia for closing remarks.

謝謝。問答環節到此結束。我現在把電話交回給Cynthia作結語。

Thank you everyone for joining us today, and we look forward to -- hopefully seeing a number of you at our Virtual Investor Relations Day. The registration is now live on our IR website, and that is going to be on Tuesday, March 19. Thank you.

感謝各位今天加入我們，我們也期待——希望能在我們的線上投資人關係日見到各位中的許多人。目前已可在我們的IR網站上報名，活動將於3月19日（週二）舉行。謝謝。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝各位的參與，現在可以掛線。