Box Inc (BOX) 2025 Q1 法說會逐字稿

Hello. Thank you for standing by, and welcome to the Box Inc First Quarter Fiscal 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. (Operator Instructions) I would now like to turn the conference over to Cynthia Hiponia, Vice President, Investor Relations. You may begin.

你好。感謝您的耐心等待，歡迎參加 Box Inc 2025 財年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。 （操作員指示）我現在想將會議交給投資者關係副總裁辛西婭·希波尼亞 (Cynthia Hiponia)。你可以開始了。

Good afternoon, and welcome to Box's First Quarter Fiscal 2025 earnings conference call. I'm Cynthia Hiponia, Vice President, Investor Relations. On the call today, we have Aaron Levie, Box's Co-Founder and CEO; and Dylan Smith, Box's Co-Founder and CFO. Following our prepared remarks, we will take your questions.

下午好，歡迎參加 Box 2025 財年第一季財報電話會議。我是辛西亞‧希波尼亞 (Cynthia Hiponia)，投資者關係副總裁。今天參加電話會議的嘉賓是 Box 聯合創始人兼執行長 Aaron Levie；迪倫史密斯 (Dylan Smith)，Box 聯合創始人兼財務長。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. Our webcast will be audio only. However, supplemental slides are now available for download from our website. Will also post the highlight of today's call on the X platform at the handle@BoxIncIR.

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上重播。我們的網路廣播將僅是音訊。不過，現在可以從我們的網站下載補充投影片。也將在 X 平台上發布今天電話會議的亮點，地址為：handle@BoxIncIR。

On this call, we'll be making forward-looking statements, including our second quarter and full year 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, our ability to address enterprise challenges and deliver cost savings for our customers, the impact of the macro environment on our business and operating results and our capital allocation strategies, including potential repurchase of our common stock.

在本次電話會議上，我們將做出前瞻性陳述，包括我們的2025 年第二季和全年財務指導以及我們對2025 財年和未來期間財務業績的預期，包括我們的自由現金流、毛利率、營業利益率、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、我們的能力實現我們的收入、營業利潤率和其他營運模式目標、新產品的時機和市場採用以及新產品、定價模式和合作夥伴關係帶來的好處、我們應對企業挑戰和為客戶節省成本的能力、宏觀經濟的影響環境對我們的業務和經營業績以及我們的資本配置策略（包括可能回購我們的普通股）的影響。

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 file with the Securities and Exchange Commission, including our most recent annual report on Form 10-K for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call.

這些陳述反映了我們根據我們目前已知的因素做出的最佳判斷，實際事件或結果可能存在重大差異。請參閱我們今天提交的收益新聞稿以及我們向美國證券交易委員會提交的文件中的風險因素，包括我們最新的 10-K 表年度報告，了解可能導致實際結果出現重大差異的風險和不確定性信息摘自本次財報電話會議的聲明。

These forward-looking statements are being made as of today, May 28, 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 our 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.

這些前瞻性陳述截至今天，即 2024 年 5 月 28 日，如果它們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陳述的義務。此外，在今天的電話會議中，我們將討論我們的非公認會計準則財務指標。除了不能替代或獨立於我們的 GAAP 結果之外，還應考慮這些非 GAAP 財務指標。

You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release and in the related supplemental slides, which can be found on the Investor Relations page of our website. Unless otherwise indicated, all references to financial measures are on a non-GAAP basis.

您可以在我們的收益新聞稿和相關補充幻燈片中找到有關這些非公認會計原則措施的其他披露信息，包括與可比公認會計原則結果的對賬，這些幻燈片可以在我們網站的投資者關係頁面上找到。除非另有說明，所有提及的財務指標均以非公認會計原則為基礎。

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

就這樣，讓我把電話轉給亞倫。

Thank you, Cynthia and thanks, everyone, for joining us today. We are pleased to have delivered first quarter operating results above our guidance. This includes revenue growth of 5% year over year and 8% on a constant currency basis. In addition to a strong focus on profitability, which resulted in operating margins of 27%, up 400 basis points from a year ago. While we continue to experience headwinds in FX that are reflected in our updated guidance, we were overall pleased with execution in the quarter.

謝謝辛西婭，謝謝大家今天加入我們。我們很高興第一季的經營業績超出了我們的指導。其中營收年增 5%，以固定匯率計算營收成長 8%。除了對獲利能力的高度重視外，營運利潤率達到 27%，比一年前提高了 400 個基點。雖然我們繼續遇到外匯方面的逆風，這反映在我們更新的指導中，但我們總體上對本季度的執行感到滿意。

As we shared in our last earnings call, we are in a new chapter for Box, one that is driven by AI transformation. We saw this in Q1, which was defined by continued AI momentum with customers choosing Box as a platform to enable intelligent ways of working. Demand for Box AI and our upcoming more advanced capabilities continues to grow. And since we rolled out Box AI to Enterprise Plus customers last year, we have seen an increasing number of customers upgrade to Enterprise Plus in order to gain access to Box AI.

正如我們在上一次財報電話會議中所分享的那樣，我們正處於 Box 的新篇章中，這是一個由人工智慧轉型驅動的新篇章。我們在第一季看到了這一點，這是由持續的人工智慧勢頭所定義的，客戶選擇 Box 作為實現智慧工作方式的平台。對 Box AI 以及我們即將推出的更先進功能的需求持續成長。自從我們去年向 Enterprise Plus 客戶推出 Box AI 以來，我們發現越來越多的客戶升級到 Enterprise Plus 以獲得 Box AI 的存取權。

In fact, we saw a meaningful increase in wins by revenue in Q1 where Box AI was central to the win than in Q4. Customer examples in Q1 include a commercial real estate firm that upgraded to Enterprise Plus for access to Box AI along with additional security and e-sign functionality. They will be using Box AI to identify patterns across client leases in addition to client analysis and generating marketing content.

事實上，我們看到第一季的收入顯著增加，其中 Box AI 是獲勝的核心，而不是第四季。第一季的客戶範例包括一家商業房地產公司，該公司升級到 Enterprise Plus，以存取 Box AI 以及額外的安全和電子簽名功能。除了客戶分析和產生行銷內容之外，他們還將使用 Box AI 來識別客戶租賃的模式。

A leading global commerce company that moved to Enterprise Plus to gain access to Box AI and Box Hubs as they are looking to bring content together in a central location and extract the value from their unstructured content with enterprise-grade security controls that Box provides.

一家全球領先的商業公司遷移到 Enterprise Plus 以獲得 Box AI 和 Box Hub 的存取權限，因為他們希望將內容集中在一個中心位置，並透過 Box 提供的企業級安全控制從非結構化內容中提取價值。

Over the past quarter, we hosted Box AI connect events across major cities in the US and Europe and I've I had a chance to meet with hundreds of IT leaders and business executives from some of our top prospects and existing clients. What stands out to me is how significant of an opportunity these leaders believe they have around new ways of working with their content and the power of AI.

在過去的一個季度，我們在美國和歐洲的主要城市舉辦了 Box AI connect 活動，我有機會會見了來自我們一些頂級潛在客戶和現有客戶的數百名 IT 領導者和業務主管。對我來說最突出的是，這些領導者認為他們擁有利用內容和人工智慧的力量的新方式，這是多麼重要的機會。

All of the insights necessary to create better business decisions and smoother business processes are living inside of an enterprise's content. It's the key data points inside of contracts that help businesses close new deals, the assets that create a major new ad campaign, the manufacturing and R&D files that enables the next breakthrough product to ship on time and the financial documents that help close the books smoothly.

創建更好的業務決策和更順暢的業務流程所需的所有見解都存在於企業內容中。合約中的關鍵數據點可以幫助企業完成新交易，資產可以創建重大的新廣告活動，製造和研發文件可以幫助下一個突破性產品按時交付，財務文件可以幫助順利結帳。

Yet for as important as all of this unstructured data is and it makes up 90% of our corporate information, we've never been able to fully extract all of the value from it. We can't ask questions easily and pull insights from this content. We can't synthesize summarize or calculate against that and only in limited situations and often with massive investments in labor and intensive processes have we been able to automate workflows around it.

然而，儘管所有這些非結構化資料都很重要，而且它們占我們公司資訊的 90%，但我們始終無法完全從中提取所有價值。我們無法輕鬆提出問題並從這些內容中獲取見解。我們無法對此進行綜合總結或計算，並且只有在有限的情況下，並且通常需要在勞動力和密集流程方面進行大量投資，我們才能夠實現圍繞它的工作流程自動化。

But this is all changing with the latest breakthroughs in AI, we can finally tap into the full value of our content by extracting insights from it and letting anyone ask questions of this data, we can structure the data within our content to automate our content centric business processes, and we can better protect our most important information.

但這一切都隨著人工智慧的最新突破而改變，我們最終可以透過從中提取見解並讓任何人對這些數據提出問題來挖掘內容的全部價值，我們可以在我們的內容中建立數據，以自動化我們的內容為中心業務流程，我們可以更好地保護我們最重要的資訊。

But we can't do this with traditional fragmented approaches to managing content,. Not only our legacy ECM document management and collaboration systems to complex and costly to maintain and often unsecure. It's also nearly impossible to leverage AI against all of these silos. This will lead to a continued disruption of the traditional enterprise content management landscape.

但我們無法透過傳統的碎片化內容管理方法來做到這一點。我們的傳統 ECM 文件管理和協作系統不僅複雜且維護成本高昂，而且通常不安全。利用人工智慧來克服所有這些孤島幾乎是不可能的。這將導致傳統企業內容管理格局的持續顛覆。

This is the opportunity that is driving our strategy and that Box is uniquely positioned to accelerate. We are leading the era of intelligent content management and our Q1 wins and momentum highlight the sheer size and potential of this opportunity. Our intelligent Content Cloud delivers the most secure way to power collaboration, workflow automation and content intelligence in a single platform and we've been building towards this vision for several years.

這是推動我們策略的機遇，而 Box 具有獨特的優勢來加速發展。我們正在引領智慧內容管理時代，我們第一季的勝利和動能凸顯了這個機會的巨大規模和潛力。我們的智慧內容雲提供了最安全的方式來在單一平台中推動協作、工作流程自動化和內容智能，多年來我們一直致力於實現這一願景。

To deliver the full value of content in the AI enabled era of work and business processes, we are focused on four areas of innovation, starting with workflow and collaboration with the beta release of AI enabled Box Hubs in mid-May, we are transforming how companies can distribute content through an organization.

為了在人工智慧時代的工作和業務流程中提供內容的全部價值，我們專注於四個創新領域，從工作流程和協作開始，從5 月中旬發布的人工智慧Box Hub 測試版開始，我們正在轉變創新方式公司可以透過組織分發內容。

Box Hubs provides a new lens into all of the content that customers collaborate on inbox with intelligent portals that simplify creation, organization and publishing that matter, the file type or where it lives in Box. This means you can put the right content into the right teammates hands when they need it most and with Box AI for Hubs in beta also rolling out to Enterprise Plus customers, viewers can ask questions across multiple documents, curated in the hub and tap into insights from their data with AI to get answers in seconds.

Box Hubs 為客戶在 Inbox 上協作的所有內容提供了一個新的視角，透過智慧入口網站簡化重要的創建、組織和發布、文件類型或其在 Box 中的位置。這意味著您可以在最需要的時候將正確的內容交給正確的團隊成員，並且測試版Box AI for Hubs 也向Enterprise Plus 客戶推出，查看者可以在中心整理的多個文件中提出問題並挖掘見解利用人工智慧從他們的數據中在幾秒鐘內獲得答案。

Importantly, this provides enterprises an instant way to deliver retrieval augmented generation use cases in AI around large groups of content that can be instantly enabled with no code. With Box AI, customers will soon be able to extract metadata from a large number of document and content types within their enterprise.

重要的是，這為企業提供了一種即時方式，可以圍繞大量內容提供人工智慧中的檢索增強生成用例，無需任何程式碼即可立即啟用。借助 Box AI，客戶很快就能夠從企業內的大量文件和內容類型中提取元資料。

Once you have metadata on content, you can automate almost any workflow in the enterprise from invoice processing and contract management to digital asset management and clinical trial management. This is why we acquired Crooze back in December, and we are working aggressively to natively integrate Crooze's no code application building and metadata features in the Box to support powering content centric workflows on Box.

一旦您擁有內容元數據，您就可以自動化企業中幾乎所有工作流程，從發票處理和合約管理到數位資產管理和臨床試驗管理。這就是我們在 12 月收購 Crooze 的原因，我們正在積極努力將 Crooze 的無程式碼應用程式建置和元資料功能本地整合到 Box 中，以支援 Box 上以內容為中心的工作流程。

We'll share more around how these technologies are coming together throughout FY25. Across security and compliance, we are working to expand Box Shield features for advanced data security, introduced a new native archiving solution later this year and accomplish critical compliance levels like FedRAMP high to expand our use cases in the federal government.

我們將在 2025 財年分享更多這些技術如何整合的資訊。在安全性和合規性方面，我們正在努力擴展Box Shield 功能以實現高級資料安全，在今年稍後推出了新的本機歸檔解決方案，並實現了FedRAMP 高等關鍵合規性級別，以擴展我們在聯邦政府的用例。

We are also doubling down on our open platform to support deeper integrations with Salesforce Slack, Microsoft Teams, Microsoft copilot, IBM's technologies, and our customers' custom built applications. To further highlight the power of our platform, at ServiceNow's Knowledge 2024 Keynote, ServiceNow highlighted boxes a content repository to demonstrate the value of their analysis AI product. Going forward, Box's well positioned to be the platform for providing unstructured data to SaaS and AI providers.

我們也加倍努力開發我們的開放平台，以支援與 Salesforce Slack、Microsoft Teams、Microsoft copilot、IBM 技術以及客戶客製化應用程式的更深入整合。為了進一步強調我們平台的強大功能，在 ServiceNow 的 Knowledge 2024 主題演講中，ServiceNow 突出顯示了內容儲存庫，以展示其分析 AI 產品的價值。展望未來，Box 已做好準備成為向 SaaS 和 AI 提供者提供非結構化資料的平台。

Finally, we are working to deliver the most advanced AI with inbox with the Box AI platform. The Box AI platform is a critical abstraction layer that securely connects leading AI models to content in Box. Our secret sauce is a set of AI services that we've built out for developers and our Box first party apps such as retrieval augmented generation, processing documents for Vector embeddings, tool use for AI agents to use within Box, model agnostic AI management and more.

最後，我們致力於透過 Box AI 平台透過 inbox 提供最先進的 AI。 Box AI 平台是一個關鍵的抽象層，可將領先的 AI 模型安全地連接到 Box 中的內容。我們的秘密武器是我們為開發人員和 Box 第一方應用程式建立的一套 AI 服務，例如檢索增強生成、向量嵌入處理文件、AI 代理在 Box 中使用的工具使用、與模型無關的 AI 管理和更多的。

Instead of enterprises maintaining many disparate back-end systems to bring AI to their content, the Box AI platform handles all of this for them seamlessly while respecting the inherent security and content access permissions within Box.

企業無需維護許多不同的後端系統來將人工智慧引入其內容，而是 Box AI 平台無縫地為他們處理所有這些，同時尊重 Box 內固有的安全性和內容存取權限。

Importantly, a core part of our platform is that we can quickly bring the power of any AI model to Box content. For instance, we already have GPT 4.O working with Box Hubs internally just a week after its release. In Q1, we announced a new integration with Microsoft Azure OpenAI, which brought together Box and Microsoft enterprise grade standards for security, privacy, and compliance to AI.

重要的是，我們平台的核心部分是我們可以快速將任何人工智慧模型的力量引入 Box 內容。例如，GPT 4.O 在發布一週後就已經在內部與 Box Hub 配合使用。在第一季度，我們宣布了與 Microsoft Azure OpenAI 的新集成，它將 Box 和 Microsoft 企業級安全性、隱私和 AI 合規性標準結合在一起。

And also in Q1 as part of Box's technology partnership with Nvidia, with Nvidia's newly launched in microservices, Box can more easily leverage various AI models and capabilities within Box AI to improve how our customers can unleash the value of their unstructured content.

此外，在第一季度，作為Box 與Nvidia 技術合作的一部分，借助Nvidia 新推出的微服務，Box 可以更輕鬆地利用Box AI 中的各種AI 模型和功能來改善我們的客戶釋放其非結構化內容價值的方式。

Now switching gears to go to market. As we outlined in our March Financial Analyst Day, we are focused on leveraging our go-to-market engine to bring the full value of Box to all of our customers. We continued to see the successful adoption of Enterprise plus our multiproduct offering that brings the full value of the Box intelligent Content Cloud to our customers.

現在轉換方向進入市場。正如我們在 3 月的財務分析師日中所概述的那樣，我們致力於利用我們的上市引擎為所有客戶帶來 Box 的全部價值。我們繼續看到 Enterprise 加上我們的多產品產品的成功採用，為我們的客戶帶來了 Box 智慧內容雲的全部價值。

In Q1, Enterprise plus continued to be well over 90% of our suite sales in large deals with suites now comprising 85% of our deals over $100,000 in Q1. We saw solid suites attach rates in large deals across all geographies. Our Q1 customer expansions and new wins with Enterprise Plus include a global pharmaceutical and medical device company who purchased Box with a six-figure Enterprise Plus deal for their core ECM platform, they will leverage Box for records management, moving off legacy technology to modernize their content strategy.

在第一季度，Enterprise plus 繼續占我們大型交易中套件銷售額的 90% 以上，目前套件佔第一季超過 10 萬美元交易的 85%。我們在所有地區的大額交易中都看到了穩定的套房附加費率。我們第一季的客戶擴展和Enterprise Plus 的新勝利包括一家全球製藥和醫療設備公司，該公司以六位數的Enterprise Plus 交易購買了Box，用於其核心ECM 平台，他們將利用Box 進行記錄管理，擺脫傳統技術，實現現代化內容策略。

This will allow them to centralize important records, HR and customer service data inbox, while also meeting GxP compliance for auditable records and a leading broadcast company in Japan that signed an Enterprise Plus upsell to build a secure content platform to prevent unexpected information leaks and to prevent ransomware attacks with shields.

這將使他們能夠集中重要記錄、人力資源和客戶服務資料收件箱，同時滿足可審計記錄的GxP 合規性，並且一家日本領先的廣播公司簽署了Enterprise Plus 追加銷售，以建立安全的內容平台，以防止意外的資訊洩露，並使用防護罩防止勒索軟體攻擊。

To bring the full value of our platform to our customers, this year, we have expanded our demand channels. We are continuing our global AI Connect events and other CIO events. We are introducing all new offerings throughout this year to help our customers modernize their ECM environment within Box and we are driving larger deals with customers and powering more workflows in partnership with key system integrators.

為了帶給客戶我們平台的全部價值，今年我們擴大了需求管道。我們將繼續舉辦全球 AI Connect 活動和其他 CIO 活動。我們將在今年推出所有新產品，以協助客戶實現 Box 內的 ECM 環境現代化，我們正在與客戶達成更大規模的交易，並與關鍵系統整合商合作推動更多工作流程。

For instance, in Q1, we saw a number of key wins with large customers across critical focus industries with the help and support of key partners. We are at a major moment as an industry with a on the role of unstructured data and enterprises has exploded and Box is at the center of this movement within the most important businesses and organizations in the world.

例如，在第一季度，在主要合作夥伴的幫助和支持下，我們在關鍵重點行業的大客戶中取得了許多關鍵勝利。我們正處於一個重要時刻，作為一個非結構化資料和企業的角色已經爆炸式增長的行業，Box 處於世界上最重要的企業和組織這場運動的中心。

Of course, what drives our success is not only our strategy and our platform, but the work our boxers do globally. I am proud that Box was recently recognized by Fortune Magazine as the number 18 in the 100 best companies to work for in 2024, up from number 27 a year ago. Our mission at Box is to power how the world works together and as a company, we will look back on this as a defining period for how work was shaped for decades to come.

當然，推動我們成功的不僅是我們的策略和平台，還有我們的拳擊手在全球範圍內所做的工作。我很自豪 Box 最近被《財富》雜誌評選為 2024 年 100 家最佳工作公司中的第 18 位，而一年前排名第 27 位。 Box 的使命是推動世界如何協同運作，作為一家公司，我們將回顧這段時期，將其視為未來幾十年工作方式的決定性時期。

And with that, let me hand it off to Dylan.

接下來，讓我把它交給迪倫。

Thanks, Aaron. Good afternoon, everyone, and thank you for joining us today. Q1 was a strong quarter for Box as we once again delivered on our key financial priorities to drive long-term profitable growth, accelerating revenue growth in constant currency, expanding operating margins and executing a disciplined capital allocation strategy to optimize shareholder returns.

謝謝，亞倫。大家下午好，感謝您今天加入我們。第一季對Box 來說是一個強勁的季度，因為我們再次實現了關鍵的財務優先事項，以推動長期盈利增長、加速按固定匯率計算的收入增長、擴大營業利潤率並執行嚴格的資本配置策略以優化股東回報。

In Q1, we delivered revenue of $265 million, up 5% year over year and 8% in constant currency. This was above the high end of our guidance, driven by strong bookings linearity. We now have approximately 1800 total customers paying us more than $100,000 annually.

第一季度，我們營收 2.65 億美元，年增 5%，以固定匯率計算成長 8%。在強勁的預訂線性推動下，這超出了我們指導的上限。現在，我們約有 1800 名客戶，每年向我們支付的費用超過 10 萬美元。

Our Q1 suite attach rate in large deals was 85%, a new high watermark and up significantly from 69% a year ago. Suite customers now account for 56% of our revenue, a strong improvement from 47% in Q1 of last year.

我們第一季大型交易的套房附加率為 85%，創下新高，比一年前的 69% 大幅上升。套件客戶現在占我們營收的 56%，比去年第一季的 47% 有了大幅提高。

As Aaron mentioned, we're seeing strong demand for Box AI and our more advanced capabilities, which has been a key catalyst for this accelerating suite adoption. We ended Q1 with remaining performance obligations or RPO of $1.2 billion, a 3% year-over-year increase or 8% in constant currency. We expect to recognize roughly 60% of our RPO over the next 12 months.

正如 Aaron 所提到的，我們看到對 Box AI 和我們更先進的功能的強勁需求，這是加速套件採用的關鍵催化劑。第一季結束時，我們的剩餘履約義務或 RPO 為 12 億美元，年增 3%，以固定匯率計算成長 8%。我們預計在未來 12 個月內將確認約 60% 的 RPO。

Q1 billings of $190 million were down 1% year over year and up 5% year over year in constant currency. Q1 billings were in line with our expectations when adjusting for an FX headwind that was 250 basis points higher than we had anticipated in our guidance. Our net retention rate for Q1 was 101% consistent with last quarter's results.

第一季營收為 1.9 億美元，年減 1%，以固定匯率計算年增 5%。在針對比我們指引中預期高 250 個基點的外匯逆風進行調整後，第一季的帳單符合我們的預期。我們第一季的淨保留率為 101%，與上季的結果一致。

Our annualized full churn rate remained strong and stable at 3%, demonstrating continued product stickiness with our customers. We continue to anticipate exiting FY25 with a net retention rate at or slightly above this level. Q1 gross margin came in at 80.2%, up 230 basis points year over year and above our guidance of roughly 79% and represents the first time we've reported 80% gross margins. As we continue to realize the efficiencies of running our infrastructure fully in the public cloud, we expect to deliver additional gross margin expansion over time.

我們的年化完全流失率保持強勁且穩定在 3%，這表明我們的產品對客戶具有持續的黏性。我們繼續預期 2025 財年退出時的淨留存率將達到或略高於此水準。第一季毛利率為 80.2%，年成長 230 個基點，高於我們約 79% 的指導值，這是我們首次報告 80% 的毛利率。隨著我們不斷認識到在公有雲中完全運行基礎設施的效率，我們預計隨著時間的推移，毛利率將會進一步提高。

Q1 gross profit of $212 million was up 8% year over year, exceeding our revenue growth rate by 300 basis points. In Q1, we delivered operating income of $70 million, up 23% year over year, once again, demonstrating our commitment to generating leverage across the business.

第一季毛利為 2.12 億美元，較去年同期成長 8%，比營收成長率高出 300 個基點。第一季度，我們實現營業收入 7,000 萬美元，年增 23%，再次證明了我們對在整個業務中發揮槓桿作用的承諾。

Q1 operating margin of 26.6% was up 380 basis points year over year, despite absorbing an FX headwind of roughly 150 basis points. Our disciplined approach to expense management is continuing to generate additional leverage in our operating model. As a result, we delivered EPS of $0.39 in Q1, up $0.07 year over year and well above the high end of our guidance of $0.36. This result includes a negative impact from FX of approximately $0.04.

儘管吸收了約 150 個基點的外匯逆風，但第一季營業利潤率為 26.6%，比去年同期成長 380 個基點。我們嚴格的費用管理方法正在繼續為我們的營運模式帶來額外的影響力。因此，我們第一季的每股收益為 0.39 美元，年增 0.07 美元，遠高於我們指引值 0.36 美元的上限。這一結果包括外匯帶來的約 0.04 美元的負面影響。

I'll now turn to our cash flow and balance sheet. In Q1, we had exceptionally strong free cash flow generation of $123 million, up 14% year over year. We generated cash flow from operations of $131 million, a 5% increase from Q1 of last year.

我現在談談我們的現金流和資產負債表。第一季度，我們的自由現金流量異常強勁，達到 1.23 億美元，年增 14%。我們的營運現金流為 1.31 億美元，比去年第一季成長 5%。

Let's now turn to our capital allocation strategy. We ended the quarter with $567 million in cash, cash equivalents, restricted cash, and short-term investments. In Q1, we repurchased approximately 1.4 million shares for approximately $37 million.

現在讓我們轉向我們的資本配置策略。截至本季末，我們的現金、現金等價物、限制性現金和短期投資為 5.67 億美元。第一季度，我們以約 3,700 萬美元的價格回購了約 140 萬股股票。

As of April 30, 2024, we had approximately $126 million of remaining buyback capacity under our current share repurchase plan. We remain committed to opportunistically returning capital to our shareholders through our ongoing stock repurchase program.

截至 2024 年 4 月 30 日，我們目前的股票回購計畫剩餘回購能力約為 1.26 億美元。我們仍然致力於透過持續的股票回購計劃，機會主義地向股東返還資本。

With that, let me now turn to our Q2 and full year guidance. 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. Since we last provided guidance, the US dollar has strengthened versus the yen and the following guidance includes the expected impact of FX headwinds, assuming current exchange rates.

現在，讓我談談我們的第二季和全年指導。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。自從我們上次提供指引以來，美元兌日圓已經走強，以下指引包括假設當前匯率時外匯逆風的預期影響。

Additionally, we expect the noncash deferred tax expenses that we discussed last quarter to represent an impact of roughly $0.01 to GAAP and non-GAAP EPS in Q2 and $0.05 for the full year. For the second quarter of fiscal 2025, we expect Q2 revenue to be in the range of $268 million to $270 million, representing 3% year-over-year growth or 6% growth on a constant currency basis.

此外，我們預計上季討論的非現金遞延稅費用將對第二季的 GAAP 和非 GAAP 每股盈餘產生約 0.01 美元的影響，對全年影響約 0.05 美元。對於 2025 財年第二季度，我們預計第二季營收將在 2.68 億美元至 2.7 億美元之間，年增 3%，以固定匯率計算成長 6%。

We anticipate our Q2 billings growth rate to be in the low to mid-single digit range. This includes an expected headwind from FX of approximately 50 basis points. We expect our Q2 gross margin to be roughly flat sequentially, representing a year-over-year improvement of more than 300 basis points. We expect our Q2 non-GAAP operating margin to be approximately 27%, which includes an expected negative impact of approximately 200 basis points due to FX.

我們預計第二季的帳單成長率將在中低個位數範圍內。這包括來自外匯的預期阻力約 50 個基點。我們預計第二季毛利率將與上一季大致持平，年增 300 個基點以上。我們預計第二季非 GAAP 營業利潤率約為 27%，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. We expect our Q2 non-GAAP EPS to be in the range of $0.40 to $0.41, a 12% year-over-year increase at the high end of this range, even as we absorb the noncash deferred tax expenses I mentioned earlier. Weighted average diluted shares are expected to be approximately $148 million.

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。我們預計第二季非 GAAP 每股盈餘將在 0.40 美元至 0.41 美元之間，在該範圍的高端同比增長 12%，即使我們吸收了我之前提到的非現金遞延稅費。加權平均稀釋後股份預計約 1.48 億美元。

For the full fiscal year ending January 31, 2025, we anticipate revenue in the range of $1.075 billion to $1.08 billion representing approximately 4% year-over-year growth and 7% growth in constant currency at the high end of this range. On a constant currency basis, this represents a $3 million increase versus our prior guidance.

截至 2025 年 1 月 31 日的整個財年，我們預計營收在 10.75 億美元至 10.8 億美元之間，年增約 4%，按固定匯率計算，在此範圍的高端增長 7%。以固定匯率計算，這比我們之前的指導增加了 300 萬美元。

This includes an expected headwind from FX of roughly 250 basis points, 80 basis points higher than our previous expectations, representing an incremental $8 million headwind. We expect our FY25 billings growth rate to be in the low single-digit range as compared with our previous guidance of roughly in line with revenue growth of approximately 4% on an as-reported basis.

其中包括來自外匯的預期阻力約 250 個基點，比我們先前的預期高出 80 個基點，相當於增量 800 萬美元的阻力。我們預計 25 財年的營業額成長率將處於較低的個位數範圍內，而我們先前的指引大致與按報告計算的約 4% 的收入成長一致。

This change is driven by an incremental FX headwind, which we now expect to have a negative impact of approximately 150 basis points to billings growth. We expect our FY25 gross margin to be roughly 80%, representing a year-over-year improvement of 260 basis points. We continue to expect our FY25 non-GAAP operating margin to be approximately 27%, representing a 230 basis point improvement year over year.

這項變更是由外匯逆風增量推動的，我們現在預計這將對比林斯成長產生約 150 個基點的負面影響。我們預計 25 財年毛利率約為 80%，年增 260 個基點。我們繼續預期 25 財年非 GAAP 營業利潤率約為 27%，年增 230 個基點。

We expect FX to have a negative impact on operating margin of roughly 160 basis points. This guidance is in line with our previous guidance, despite an expected incremental headwind from FX of approximately 50 basis points. We are raising our EPS expectations for the full year due to our ability to generate additional leverage across the business as well as an improvement in our expected below-the-line income and expenses.

我們預計外匯將對營業利潤率產生約 160 個基點的負面影響。儘管預計外匯帶來的阻力將增加約 50 個基點，但這項指導意見與我們先前的指導意見一致。由於我們有能力在整個業務中產生額外的槓桿作用以及我們預期的離線收入和支出的改善，因此我們上調了全年每股收益預期。

We now expect FY25 non-GAAP EPS to be in the range of $1.54 to $1.58, representing an 8% increase at the high end of this range versus a $1.46 in the prior year. This includes the $0.05 impact from deferred tax expenses that I noted previously, as well as an expected FX headwind of $0.15, which is $0.05 higher than our previous expectations.

我們現在預計 25 財年非 GAAP 每股盈餘將在 1.54 美元至 1.58 美元之間，較前一年的 1.46 美元成長 8%。這包括我之前提到的遞延稅費支出 0.05 美元的影響，以及預期的 0.15 美元的外匯逆風，這比我們之前的預期高出 0.05 美元。

Weighted average diluted shares are expected to be approximately $150 million. We are embarking on an exciting new chapter as a company driven by years of investment and innovation in building out our intelligent content cloud. Our differentiated product capabilities will enable us to power AI driven business processes around workflow automation and enterprise content.

加權平均稀釋後股份預計約 1.5 億美元。作為一家在建立智慧內容雲方面經過多年投資和創新推動的公司，我們正在開啟令人興奮的新篇章。我們差異化的產品能力將使我們能夠圍繞工作流程自動化和企業內容推動人工智慧驅動的業務流程。

As we prepare for the upcoming launch of a new plan offering later this year, we'll be fuelling our go-to-market engine through the targeted growth initiatives that Aaron outlined. And with a disciplined financial strategy in place, we've built a strong foundation to deliver long-term profitable growth.

當我們準備在今年稍後推出新計劃時，我們將透過亞倫概述的有針對性的成長計劃來推動我們的上市引擎。憑藉嚴格的財務策略，我們為長期獲利成長奠定了堅實的基礎。

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

這樣，亞倫和我將很樂意回答您的問題。操作員？

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Brian Peterson.

布萊恩彼得森。

Hi guys. Thanks for taking the questions in. So starting off with AI, it sounds like that's really resonating. I'm curious, do you feel like there's any targeted verticals where there's more interest there ? I know you mentioned real estate, but I'm curious how broad that is ? Any discussion on how people are thinking about budgets for that ? Would love to get the color there.

嗨，大家好。感謝您提出問題。我很好奇，您是否覺得有任何有針對性的垂直領域更感興趣？我知道你提到了房地產，但我很好奇它的範圍有多大？關於人們如何考慮這方面的預算有任何討論嗎？很想在那裡得到顏色。

Yes. So , I would say right now, we're seeing it across basically every vertical that we see . I think there's verticals where over the medium and long term stand to gain on a relative basis, maybe more than others. If you look at things like financial services, life sciences, federal government, categories that typically are very document and content centric verticals where AI can begin to unlock way more around being able to answer questions from data or automate workflows.

是的。所以，我現在想說的是，我們基本上在我們看到的每個垂直領域都看到了它。我認為，從中長期來看，某些垂直行業的收益相對較高，甚至可能比其他行業更多。如果你看看金融服務、生命科學、聯邦政府等領域，這些領域通常都是以文件和內容為中心的垂直領域，人工智慧可以開始解鎖更多方式，能夠回答資料問題或自動化工作流程。

So we have seen a high degree of resident in our conversations in those verticals. But in terms of where we saw Enterprise Plus upgrades in the quarter, it was really across the board. So I would say in every vertical that we serve, we saw strong upsells for us for Box AI.

因此，我們在這些垂直領域的對話中看到了高度的居民參與。但就我們在本季看到的 Enterprise Plus 升級而言，它確實是全面的。所以我想說，在我們服務的每個垂直領域，我們都看到 Box AI 的強勁追加銷售。

And then in terms of your budget question, feel free to build on it more, but I would say for right now, because especially it's -- the capabilities are being unlocked within the Enterprise Plus plan, it's the larger coming out of IT budget. It's coming out of often the spend that we are helping displaced from legacy systems.

然後就您的預算問題而言，請隨意在其基礎上進行更多構建，但我現在想說的是，因為這些功能正在 Enterprise Plus 計劃中解鎖，這是 IT 預算中更大的支出。它通常來自我們幫助從遺留系統轉移的支出。

I think over time, if we maybe fast forward a year or two from now, I could see that the budget increases when you look at line of business that will be able to drive more efficiency because of AI that we're only in the early days of what that looks like. But certainly as a I really drives workflow automation and more business process transformation, I think you'll see even increased budget that opens up for AI use cases around content.

我認為隨著時間的推移，如果我們從現在開始快進一兩年，當你考慮能夠提高效率的業務線時，我可以看到預算會增加，因為人工智慧我們還處於早期階段幾天的樣子。但當然，隨著我真正推動工作流程自動化和更多業務流程轉型，我認為您會看到預算的增加，為圍繞內容的人工智慧用例打開了大門。

That's great color, Aaron, it's great to see you guys raised the revenue outlook in constant currency. I’m curious anything that you'd call out in terms of the demand environment or deal cycles as the quarter progressed ? Thanks guys.

這真是太棒了，亞倫，很高興看到你們提高了以固定匯率計算的收入前景。我很好奇您對本季的需求環境或交易週期有何看法？多謝你們。

Yes. So as I think we've known in the past couple of quarters, we are starting to see some degree of stabilization. Again, that's different from any kind of inflection point on that that sort of looking like we're out of the woods on the macro front, but sort of the lack of increase of head of new headwinds I think has been notable in the past couple of quarters.

是的。因此，正如我認為我們在過去幾季中所知道的那樣，我們開始看到某種程度的穩定性。再說一遍，這與任何類型的拐點都不同，看起來我們在宏觀方面已經走出困境，但我認為在過去的幾年裡，新的阻力沒有增加。

We had strong performance, especially in our US enterprise business and federal. In addition to the US enterprise business, I think we're still seeing some degree of pressure on the SMB segment, but when we look at the business overall on balance, we are happy with the performance in Q1, and we certainly look forward to driving more growth throughout the year.

我們表現強勁，尤其是在美國企業業務和聯邦業務方面。除了美國企業業務之外，我認為我們仍然看到中小企業領域有一定程度的壓力，但當我們綜合考慮整體業務時，我們對第一季的表現感到滿意，我們當然期待推動全年更多成長。

Thanks Aaron.

謝謝亞倫。

Pinjalim Bora.

平賈林·博拉。

Great. Congrats on the quarter, guys. Thanks for taking the question. Again on AI Aaron, what have you seen so far with respect to kind of the volume of queries made by users within the Box content Hubs for AI ? I know it's early, but any color would be helpful as those volume of queries that you're seeing, are those tracking to your expectations so far and the flipside of that is how has that fared versus the cost side of the equation on the gross margin side?

偉大的。夥計們，恭喜這個季度。感謝您提出問題。再次談到 AI Aaron，到目前為止，您在 Box AI 內容中心內的用戶查詢量方面看到了什麼？我知道現在還為時過早，但任何顏色都會有所幫助，因為您所看到的查詢量是迄今為止跟踪您期望的查詢量，而另一方面是與等式的總成本方面相比，其表現如何邊緣？

Yes. So as you note, Hubs has literally been around for, I think, maybe a week and a half in terms of it being in beta . And we're just getting the early data in reviewing kind of initial customer use cases and scenarios right now. Hubs already is driving about a quarter or so of our total AI query. So kind of right out of the gate, it's been strong in terms of it's one of the kind of immediate use cases that customers adopt just because it's such a huge unlock to be able to ask questions of any amount of content.

是的。正如您所指出的，我認為 Hubs 的測試版已經存在了大約一周半的時間。我們現在剛剛獲得審查初始客戶用例和場景的早期數據。 Hubs 已經驅動了大約四分之一左右的人工智慧查詢總量。就其本身而言，它是一種強大的功能，因為它是客戶採用的直接用例之一，因為它是一個巨大的解鎖，能夠對任何數量的內容提出問題。

And as we've noted both in our keynotes and a little bit on this earnings call, the use cases are quite vast because really there hasn't been another product that had real commercial scale where you can collect your sales materials and create a Sales Hub that anybody can ask questions within an HR portal with all your HR documentation that anyone can ask questions in product and engineering or equity research, in financial services.

正如我們在主題演講和本次財報電話會議上指出的那樣，用例非常廣泛，因為實際上還沒有另一種產品具有真正的商業規模，您可以在其中收集銷售材料並創建銷售任何人都可以在人力資源入口網站中透過您的所有人力資源文件提出問題的中心，任何人都可以在產品和工程或股權研究、金融服務方面提出問題。

I was with a CEO of an investment bank just about a month-and-a-half ago and this is a breakthrough product for him because instantly now he can enable any new employee in the firm have as much knowledge access as somebody that's been at the firm for a decade or two. And that's basically what we're able to now do with our content is this content really becomes the kind of digital memory of an organization that anyone can tap into.

大約一個半月前，我曾與一家投資銀行的執行長一起工作，這對他來說是一個突破性的產品，因為現在他可以讓公司中的任何新員工獲得與老員工一樣多的知識訪問權限。這基本上就是我們現在能夠對我們的內容做的事情，即這些內容真正成為任何人都可以利用的組織的數位記憶。

So just this ability to instantaneously make all of your employees as knowledgeable as your most experienced employees is transformational. And so the Hubs use case is going to really be a massive unlock offer, enabling that and every one of our customers, and we think we'll certainly contribute to more enterprise plus upgrades and more volume. And I think you have something on the kind of gross margin . Did I catch that or the cost side, did you mention that?

因此，這種能夠立即讓所有員工像最有經驗的員工一樣知識淵博的能力就是變革性的。因此，集線器用例將真正成為一個巨大的解鎖優惠，為我們的每位客戶提供支持，我們認為我們肯定會為更多的企業加升級和更多的數量做出貢獻。我認為你們在毛利率方面有所了解。我是否明白這一點或成本方面，您有提到嗎？

Yes.

是的。

Yes. So as I think we've mentioned, we expect to be able to maintain our gross margin levels even with the addition of AI, really driven by the fact that as customers are in these higher tier plans, we tend to see higher gross margin, those higher tier plans in the first place. And then for a lot of the extremely high-volume use cases, things like metadata extraction or being able to run a workflow that generates a lot of AI usage that will be all volume based and not included in the Enterprise Plus plan or other plans. And so in those cases, customers will just be paying us for the volume and we'll ensure that we're driving the appropriate kind of margin structure that delivers our margin goals on that front.

是的。因此，正如我認為我們已經提到的那樣，即使添加了人工智慧，我們也希望能夠維持我們的毛利率水平，這實際上是因為當客戶參與這些更高級別的計劃時，我們往往會看到更高的毛利率，首先是那些更高層次的計劃。然後，對於許多極高容量的用例，例如元資料提取或能夠運行產生大量人工智慧使用的工作流程，這些使用量將全部基於容量，並且不包含在 Enterprise Plus 計劃或其他計劃中。因此，在這些情況下，客戶只需按數量向我們付費，我們將確保推動適當的利潤結構，以實現我們在這方面的利潤目標。

Yes, understood. One quick follow-up for Dylan. Dylan, it seems like the linearity in the quarter was a little bit better. What drove that? Are you doing something different to drive that and could that be sustainable?

是的，明白了。迪倫的快速跟進。迪倫，看起來本季的線性好一點。是什麼推動了這一點？您是否正在做一些不同的事情來推動這一目標？

I wouldn't say that we did anything significantly different. I think just a lot of energy momentum heading into the first quarter with some of the product capabilities that we talked about. So really a continuation of some of the Q4 execution and demand around Enterprise Plus driven by everything Aaron has been talking about.

我不會說我們做了任何顯著的不同。我認為進入第一季我們討論的一些產品功能將帶來大量的能源動力。因此，實際上是第四季度的一些執行和圍繞 Enterprise Plus 的需求的延續，這是由 Aaron 一直在談論的一切所驅動的。

So we did see and certainly a stronger then we had even expected to see a start to the quarter which would lead to that revenue upside that we mentioned. So certainly something we'd like to repeat every quarter, but I wouldn't say that there is anything significantly different that we did this time around. I would just point to a really compelling kind of products and demand for that as well as sales execution.

因此，我們確實看到了，而且肯定比我們預期的本季開始要強勁，這將導致我們提到的收入上升。因此，我們當然希望每個季度都重複一些事情，但我不會說我們這次所做的有任何顯著差異。我只想指出一種真正引人注目的產品及其需求以及銷售執行力。

Got it. Thank you.

知道了。謝謝。

George Carrara Salah, your line is yes.

喬治·卡拉拉·薩拉赫，你的台詞是肯定的。

Hi. Thanks for taking the question. I'm on for Steve Enders. You talked about -- I just wanted to ask about kind of your competition with legacy ECM providers. You talked about AI is kind of helping further augment your relative value proposition. Have you seen any change so far in kind of win rates there or maybe the number of opportunities?

你好。感謝您提出問題。我代表史蒂夫恩德斯。您談到——我只是想問一下您與傳統 ECM 提供者的競爭情況。您談到人工智慧有助於進一步增強您的相對價值主張。到目前為止，您是否看到獲勝率或機會數量有任何變化？

Yes. So we are seeing definitely on directionally an increase in ECM, both full takeouts as well as expansion deals of customers. I mean, when we look at the cruise acquisition, that opens up a number of new ECM use cases for us. So this is a trend that is definitely moving in a positive direction. And then throughout this year as we have the more natively integrated cruise offering, our metadata extraction capabilities with AI and we roll that altogether on in some of our higher tier package -- packages that they were anticipating.

是的。因此，我們肯定會看到 ECM 的定向成長，包括全面外送和客戶擴展交易。我的意思是，當我們審視郵輪收購時，這為我們開啟了許多新的 ECM 用例。所以這是一個肯定正在朝著正面方向發展的趨勢。然後在今年，我們擁有了更原生整合的郵輪產品，我們的元資料擷取功能與人工智慧，我們將其完全整合到我們的一些更高層的套件中——他們所期待的套件。

I think you'll see even further momentum on taking out legacy ECM systems. But I would call out that this is becoming an increasing trend in the quarter and certainly in the past few quarters and AI just represents I think, another catalyst for customers to rethink their content management environments.

我認為您會看到淘汰舊式 ECM 系統的進一步勢頭。但我要指出的是，這正在成為本季的成長趨勢，當然在過去的幾季也是如此，我認為人工智慧只是代表了客戶重新思考其內容管理環境的另一個催化劑。

And certainly there's a very good chance it'll will be the defining catalyst on just because, again, if you look at it having millions and millions of documents in a legacy content store on, it's going to be near impossible to really take advantage of that data in an AI ready way just architecturally given the complexity there. So we think this is a huge breakthrough for us to use AI to really catalyze even further movement of ECM to modern systems.

當然，它很有可能成為決定性的催化劑，因為，如果你看到它在遺留內容存儲中擁有數以百萬計的文檔，那麼真正利用它幾乎是不可能的考慮到那裡的複雜性，這些數據以人工智慧就緒的方式只是在架構上。因此，我們認為這對我們來說是一個巨大的突破，可以利用人工智慧真正促進 ECM 向現代系統的進一步發展。

Awesome. That's great to hear. And then a follow-up. You called out a few of your partnerships and you look at your partner ecosystem and some that have maybe been deepened or enhanced by kind of this renewed focus on AI. Maybe you can just talk about how that's kind of shifted your thinking on the partner ecosystem and where you've seen kind of the biggest needle move.

驚人的。聽到這個消息我很高興。然後是後續行動。您列出了一些合作夥伴關係，並審視了您的合作夥伴生態系統，以及一些可能因重新關注人工智慧而加深或增強的合作夥伴生態系統。也許您可以談談這如何改變了您對合作夥伴生態系統的看法，以及您在哪些方面看到了最大的變化。

Yes. So maybe I'll just share two categories. You have -- actually realistically there's probably three categories, but -- so the first is just the models, the AI models themselves represent fantastic partner opportunities for us. And right now, there's a number of leading AI model providers that are delivering these foundation models and we -- due to our open architecture and model agnostic approach, we anticipate partnering with effectively all of them and then letting our customers really kind of choose which AI model works best for them.

是的。所以也許我只會分享兩個類別。實際上，實際上可能有三個類別，但是，第一個只是模型，人工智慧模型本身為我們提供了絕佳的合作夥伴機會。目前，有許多領先的人工智慧模型提供者正在提供這些基礎模型，而我們——由於我們的開放式架構和模型不可知論方法，我們預計與所有這些提供者進行有效合作，然後讓我們的客戶真正選擇哪個人工智慧模型最適合他們。

But by extension, by working and having open platform, it means that we have certainly more incentive for those model providers to grow with us in accounts. And so we think this represents great new opportunities to work with the Googles of the world, the Amazons of the world, the IBMs of the world and others as they need to get their models are in front of customers for really mission critical workloads.

但推而廣之，透過合作和擁有開放平台，這意味著我們肯定有更多動力讓這些模型提供者與我們一起在帳戶上成長。因此，我們認為這代表了與世界各地的Google、亞馬遜、IBM 和其他公司合作的絕佳新機會，因為他們需要將自己的模型呈現在客戶面前，以實現真正的關鍵任務工作負載。

So that's kind of one partner category. Another partner category is if you think about all of the AI products that you hear about in terms of whether they are these sort of assistant use cases or copilot use case, these all of these are AI assistance and SaaS applications really thrive by having access to data in a sort of AI ready or very easily usable way and so we have one of the leading platforms for managing a significant portion of corporate data that is incredibly mission critical and very useful within the context of AI.

這就是一種合作夥伴類別。另一個合作夥伴類別是，如果您考慮您聽到的所有人工智慧產品，無論它們是助理用例還是副駕駛用例，所有這些都是人工智慧輔助和 SaaS 應用程序，透過存取以某種人工智慧就緒或非常易於使用的方式處理數據，因此我們擁有領先的平台之一來管理大部分企業數據，這些數據在人工智慧的背景下非常關鍵且非常有用。

And we can connect into these AI products relatively seamlessly, again, certainly way more seamlessly than any kind of legacy architecture or infrastructure. And so that was the example of ServiceNow, where Box was highlighted in their demo as a content platform that you connect into to ask questions of within their assist this product .

我們可以相對無縫地連接到這些人工智慧產品，當然比任何類型的遺留架構或基礎設施都更無縫。這就是 ServiceNow 的例子，Box 在他們的演示中被強調為一個內容平台，您可以連接到該平台以在他們的幫助下詢問該產品的問題。

We similarly have expanded our partnership with Microsoft and Microsoft Copilot to be a content platform that connects the copilot and you can just kind of go down the list of really any kind of software product that talks to data or needs access to data Box represents a really secure, scalable platform to connect into those AI systems.

我們同樣擴大了與 Microsoft 和 Microsoft Copilot 的合作關係，成為一個連接副駕駛的內容平台，您可以直接查看任何與資料互動或需要存取資料的軟體產品的清單。可擴展的平台。

And then finally, this is also opening up really a number of use cases around system integrators or other types of partners that can plug us in as a sort of piece of the architecture. We're having an AI ready document management or unstructured data platform. And this is really where we can embed our AI capabilities more deeply in a set of products.

最後，這也為系統整合商或其他類型的合作夥伴開闢了許多用例，可以將我們作為架構的一部分插入其中。我們有一個以人工智慧就緒的文件管理或非結構化資料平台。這確實是我們可以將人工智慧功能更深入地嵌入一系​​列產品中的地方。

So for instance, we've had conversations with a leading vertical SaaS provider where Box and metadata extraction using AI becomes a very relevant and increasingly important component for us for their platform capability. So that's sort of the B2B2C or B2B2B type environment where through another SaaS platform, our technology will be embedded because it really gives them a leg up in AI document processing.

例如，我們與一家領先的垂直 SaaS 供應商進行了對話，其中使用 AI 進行 Box 和元資料提取對於我們來說成為其平台功能非常相關且日益重要的組成部分。因此，這有點像 B2B2C 或 B2B2B 類型的環境，透過另一個 SaaS 平台，我們的技術將被嵌入，因為它確實讓他們在人工智慧文件處理方面佔據了優勢。

So those are a few of the categories that we're spending time on from a partnership standpoint, each of which is almost nearly net new in terms of use cases where customers or growth opportunities for us. So we're organized against those opportunities right now. And I think over the next couple of quarters and then certainly years , you'll see a lot of continued traction on that front.

因此，從合作夥伴的角度來看，這些是我們花時間研究的幾個類別，就我們的客戶或成長機會而言，每個類別幾乎都是全新的。因此，我們現在就組織起來應對這些機會。我認為在接下來的幾個季度甚至幾年內，您將看到這方面的持續發展。

Awesome color. Thanks for taking the questions.

很棒的顏色。感謝您提出問題。

Josh Blair.

喬許布萊爾.

Great. Thanks for the question. One for Aaron and a quick one for Dylan. Aaron, I followed your insights around the cost of AI, the cost of units of work and the potential for AI agents. What are we going to see from Box in that respect? How does Box fit into this AI agent future of work?

偉大的。謝謝你的提問。一張給亞倫，一張快速給迪倫。 Aaron，我關注了您對人工智慧成本、工作單元成本以及人工智慧代理潛力的見解。這方面我們會從 Box 看到什麼？ Box 如何適應人工智慧代理的未來工作？

Yes. So as you as you can probably tell, I'm unbelievably excited about this prospect. I'll keep it at a relatively high level because there's obviously still announcements to come in this space. But when you think about when you use AI within the Box AI platform, we have created an abstraction layer that effectively talks to an AI model, connects that into content in Box and that model, we give it a set of prompts and instructions that follows and then effectively tools that within our platform that AI model can interact with.

是的。正如您可能知道的那樣，我對這一前景感到難以置信的興奮。我會將其保持在相對較高的水平，因為顯然該領域仍有公告發布。但是，當您考慮在Box AI 平台中使用AI 時，我們創建了一個抽象層，可以有效地與AI 模型對話，將其連接到Box 和該模型中的內容，我們給它一組提示和說明，如下所示然後在我們的平台內有效地使用人工智慧模型可以與之互動的工具。

One of the tools is being able to do vector embedding another tool is on being able to do effectively this sort of an enhancer enterprise rag service that we've created. So if you think about the AI has set of tools, it has a prompt and set of instruction and that all gets abstracted in something that the user doesn't have to worry about any of that complexity. They are just talking to effectively what is an AI agent that does a specific task, task like summarize a document or ask a question within a hub or extract metadata.

其中一個工具能夠進行向量嵌入，另一個工具能夠有效地完成我們創建的這種增強器企業抹布服務。因此，如果你認為人工智慧有一套工具，它有一套提示和一套指令，所有這些都被抽象化為使用者不必擔心任何複雜性。他們只是在有效地討論什麼是執行特定任務的人工智慧代理，例如總結文件或在中心內提出問題或提取元資料等任務。

Where this gets extremely powerful is as AI models continue to advance, as our AI platform capabilities continue to advance, you'll be able to deploy effectively these AI Asian experiences across really any use case around your content that maybe a human otherwise would go and do.

隨著人工智慧模型的不斷進步，隨著我們的人工智慧平台功能的不斷進步，這一點變得非常強大，您將能夠在內容周圍的任何用例中有效地部署這些人工智慧亞洲體驗，否則人類可能會去和做。

So today everybody has workflows where a human reads a contract and they pull out the metadata from that contract and then they route the contract to someone in their organization or a human looks at a digital asset and labels that digital asset for some kind of digital asset management process.

因此，今天每個人都有工作流程，其中人類讀取合約並從該合約中提取元數據，然後將合約發送給組織中的某人，或者人類查看數位資產並將該數位資產標記為某種數字資產管理流程。

So within the Box AI platform, you'll effectively have AI agents go and do those things for you and we're building out the tooling to let you organize and manage and effectively administrate all of that AI labor, as it were, within the Box environment and then tie that to business processes and workflows within Box.

因此，在 Box AI 平台中，您將有效地讓人工智慧代理為您做這些事情，我們正在建立工具來讓您組織、管理和有效地管理所有人工智慧勞動力，就像在Box 環境，然後將其與Box 內的業務流程和工作流程連結。

So, our mental model at Box is kind of take any work today that we do with content and basically be able to have AI go and do that work and we are building all of this scaffolding, abstraction layer and platform services to make that possible.

所以，我們 Box 的思維模式是，我們今天處理內容的任何工作，基本上都能夠讓人工智慧來完成這項工作，我們正在建立所有這些鷹架、抽象層和平台服務，以使這一切成為可能。

And where that becomes extremely exciting for us is if you think about that 90% of corporate data that is unstructured or that is content, the vast majority of that data today is not tied to an automated business process, is not data that you can kind of look into or ask questions of, is not necessarily sort of secured in the best way possible from an advanced, highly contextualized standpoint.

對我們來說，這變得非常令人興奮的是，如果您考慮到90% 的企業資料是非結構化的或內容性的，那麼今天的絕大多數資料並不與自動化業務流程相關，也不是您可以分類的資料從先進的、高度情境化的角度來看，調查或提出問題並不一定能以最好的方式得到保證。

And in the future, AI is going to let you go and do those things and so we are going to open up a wide number of use cases that today we don't have automation in the enterprise to go and solve where the traditional kind of RPA or IDP process was just too labor intensive or too complex to go and deploy across every department in your organization. That's what we're -- what we see as the potential for AI.

未來，人工智慧將讓你去做這些事情，所以我們將開放大量的用例，而今天我們在企業中沒有自動化來解決傳統類型的問題RPA 或IDP 流程過於勞動密集型或過於複雜，無法在組織中的每個部門進行部署。這就是我們所看到的人工智慧的潛力。

So basically, when a customer thinks content and they think AI, that is what our intelligent content cloud is going to be delivering for them, is that end to end platform set of capabilities to deploy AI against their content securely. So does that answer the question?

因此，基本上，當客戶想到內容並想到人工智慧時，這就是我們的智慧內容雲將為他們提供的功能，即針對其內容安全部署人工智慧的端到端平台功能集。那麼這能回答問題嗎？

Yes, perfect. Really interesting things. And then Dylan, just one on clarification. Really appreciate the details on the FY25 revenue guidance change and like breaking out that on a constant currency basis, the guidance increased by $3 million, just with all the moving parts. What about for the billings guidance as far as the change in constant currency or any change for FY25?

是的，完美。真的很有趣的事。然後迪倫，只是澄清一下。非常感謝有關 2025 財年收入指導變化的詳細信息，就像在固定貨幣基礎上進行的突破一樣，指導增加了 300 萬美元，僅包括所有移動部件。就固定貨幣變動或 2025 財年的任何變動而言，帳單指南又如何呢？

Yes. So really our expectations are consistent with our initial guidance on a constant currency basis. So there is we had kind of talked about roughly in line with what our reported revenue growth expectations were at the time of about 4% from a constant currency standpoint, that's still what we expect. But on an as reported basis, now expecting that to land in the low single digit range because of that kind of incremental and new 150 basis point headwind that's coming from FX.

是的。因此，我們的預期確實與我們在固定貨幣基礎上的初步指引一致。因此，我們曾經討論過，從固定匯率的角度來看，我們報告的營收成長預期約為 4%，這與我們當時的預期大致一致，這仍然是我們的預期。但根據報道，由於來自外匯的增量和新的 150 個基點逆風，目前預計該數字將降至低個位數範圍。

Okay. Thank you.

好的。謝謝。

George Iwanyc.

喬治·伊凡尼克.

Thank you for taking my question, Aaron, I'll start with you and maybe in the context of Box AI and Box Hubs, but you're seeing this suite's momentum. Can you give us some perspective on how that's driving other products like Box Relay and Box Sign and the adoption, really broadly across the Box platform?

感謝您提出我的問題，Aaron，我將從您開始，也許是在 Box AI 和 Box Hubs 的背景下，但您已經看到了這個套件的動力。您能否向我們介紹一下這如何推動 Box Relay 和 Box Sign 等其他產品以及在整個 Box 平台上的廣泛採用？

Yes. So in general, every time, obviously, our Enterprise Plus plan gets purchased, that opens up a number of new use cases and value propositions for customers. Our advanced e-sign capabilities, our most advanced version of relay and so we are certainly seeing that open up more value and more stickiness for customers. Q1, we had some notable wins.

是的。因此，總的來說，顯然，每次購買我們的 Enterprise Plus 計劃，都會為客戶帶來許多新的用例和價值主張。我們先進的電子簽名功能，我們最先進的中繼版本，因此我們肯定會看到它們為客戶帶來了更多價值和更多黏性。第一季度，我們取得了一些顯著的勝利。

For instance, in the sign's space, a major pharmaceutical company that will be adopting Box Sign for their validation processes, a major automotive company that will be using Box Sign for kind of critical customer transactions. So again, our whole vision is really when you implement Boxes and intelligent Content Cloud, you get that entire life cycle of content from the moment you create and ingest data to that final kind of transaction to then governing the content, all of that is in one streamlined experience.

例如，在標誌領域，一家大型製藥公司將採用 Box Sign 進行驗證流程，一家大型汽車公司將使用 Box Sign 進行關鍵客戶交易。再說一次，我們的整體願景實際上是，當您實施Boxes 和智慧內容雲時，您將獲得內容的整個生命週期，從創建和攝取資料的那一刻到最終類型的交易，再到管理內容，所有這些都在一種簡化的體驗。

And so whether you come in because of workflow or collaboration or e-signature or AI, our job is to make sure that you're seeing the full value of the platform overall. And AI, again, just represents a major catalyst for customers to really think about the role of content in their organization, in their enterprise, are they getting as much value from it as is now possible.

因此，無論您是因為工作流程、協作、電子簽名還是人工智慧而加入，我們的工作都是確保您看到整個平台的全部價值。人工智慧再次代表了客戶真正思考內容在其組織、企業中的作用的主要催化劑，他們是否能從中獲得盡可能多的價值。

And Dylan, one question for you. Maybe expanding on your comments related to investing in demand generation. Can you give us kind of a and how you're investing, where you're investing, what kind of focus you're putting on the sales organization and marketing organization ?

迪倫，問你一個問題。也許可以擴展您與投資需求產生相關的評論。您能為我們介紹一下您的投資方式、投資地點以及您對銷售組織和行銷組織的關注程度嗎？

Sure. So really, it kind of comes back to a lot of the programs and kind of growth initiatives that Aaron highlighted in his prepared remarks, so I would call it kind of a combination of really doubling down on and scaling some of the demand gen, both kind of programs that are kind of online spend to a lot of those CIO-focused field events that have been working really well for us over the past couple of quarters.

當然。所以實際上，這又回到了亞倫在他準備好的演講中強調的許多計劃和增長舉措，所以我將其稱為真正加倍和擴大一些需求生成的組合，既此類計劃是對許多以CIO為重點的現場活動的線上支出，這些活動在過去幾個季度對我們來說效果非常好。

So now and especially with all the exciting kind of newer products that we have coming out, seeing really strong interest and demand from customers there. So that's one category. It's kind of straight demand gen.

因此，現在，特別是隨著我們推出的所有令人興奮的新產品，我們看到了那裡的客戶的強烈興趣和需求。這是一類。這是一種直接需求產生。

Also investing and building out that partner ecosystem that we talked about. So especially with SIs and just kind of strengthening our overall reach through some of those channels and then at the same time, we will be kind of growing our sales force as well, commensurate with the demand that we're seeing and to set us up for that kind of growth and kind of laying the foundation.

也投資和建立我們談到的合作夥伴生態系統。因此，特別是對於 SI，透過其中一些管道加強我們的整體影響力，同時，我們也會擴大我們的銷售隊伍，與我們看到的需求相稱並建立我們的團隊為這種成長和奠定基礎。

So we're ready as we do have the new products to be able to take advantage of that opportunity. So that's kind of the high-level categories that we really focused on this year.

因此，我們已經做好準備，因為我們確實有新產品可以利用這個機會。這就是我們今年真正關注的高級類別。

Thank you.

謝謝。

Rishi Jaluria.

里希·賈魯裡亞。

Oh wonderful thanks guys so much for taking my question. I have two, specifically on the workforce. Number one, I know you've talked for years about wanting to do more hiring outside of the US, especially in Poland. Maybe can you give us an update on that kind of global workforce strategy and what percentage of your workforce is actually outside the US at this point?

噢，太棒了，非常感謝大家提出我的問題。我有兩個，特別是在勞動力方面。第一，我知道您多年來一直在談論希望在美國境外（尤其是波蘭）進行更多招聘。或許您可以為我們介紹一下這種全球勞動力策略的最新情況，以及目前您的勞動力中實際在美國境外的比例是多少？

And then maybe alongside that, SPC is now taking near 20% of revenue. It's growing faster than revenue. I know there's puts and takes to how that is measured. But maybe walk us through, why that's the case? I understand you're buying back shares, and it's more than offsetting dilution.

除此之外，SPC 現在可能佔據了近 20% 的收入。它的成長速度快於收入。我知道如何衡量這一點是有講究的。但也許請引導我們去了解一下，為什麼會這樣？我知道你正在回購股票，這不僅僅是抵消稀釋。

But I guess, I'm not sure that issuing a lot of stock instead of cash and then buying back stock with cash is necessarily the right strategy instead of shifting more of the compensation away from stock into cash. Maybe just help us understand both of those as it relates to your workforce.

但我想，我不確定發行大量股票而不是現金，然後用現金回購股票是否一定是正確的策略，而不是將更多的薪酬從股票轉移為現金。也許只是幫助我們了解與您的員工隊伍相關的這兩點。

Sure. So on the first one, I've been really, really pleased by the results that we've seen in terms of our workforce location strategy, most notably in Poland, where we ended this past year with more than 300 employees on the ground there. So a little more than 10% of our workforce and kind of moving quickly into the teens, and that includes more than 30% of our engineering team.

當然。因此，在第一個方面，我對我們在員工所在地策略方面看到的結果感到非常非常高興，尤其是在波蘭，去年年底我們在那裡擁有 300 多名員工。因此，我們的員工人數略高於 10%，並且正在迅速進入青少年階段，其中包括我們工程團隊的 30% 以上。

So that's where the primary focus has been, where we're hiring the significant majority of kind of the R&D hires that we're making in Poland, but also a lot of our G&A functions, for example, as well and expect that to continue to increase the percentage of the overall mix over time.

因此，這就是我們的主要關注點，我們在波蘭招募了絕大多數研發人員，但也招募了許多 G&A 職能，並希望這種情況能夠繼續下去隨著時間的推移增加整體組合的百分比。

And then as it relates to the stock-based compensation, I would note that -- maybe just a couple of things. First of all, we actually, even with kind of independent of the robust share repurchase program that we have in place that's been bringing down total shares outstanding over time.

然後，由於它與基於股票的薪酬相關，我要指出的是——也許只是幾件事。首先，實際上，即使我們實施了穩健的股票回購計劃，但隨著時間的推移，該計劃一直在減少流通股總數。

At the same time, for a couple of years running now, we've also reduced the overall equity burn rate. So we are actually issuing fewer net shares on a year-on-year basis.

同時，連續幾年，我們也降低了整體股權消耗率。因此，我們實際發行的淨股數量較去年同期減少。

The reason that SBC has not kind of yet followed that same path, is kind of a combination of -- we have seen very, very strong retention. So low attrition and largely comes down to a higher share price. So it's a little bit more of a lagging indicator of the overall equity practices that we've put into place the last couple of years.

SBC 尚未走同樣的道路的原因是——我們看到了非常非常強勁的保留率。如此低的員工流動率很大程度上歸因於較高的股價。因此，它更像是我們過去幾年實施的整體股權實踐的滯後指標。

But just like we've seen in our burn rate and total shares outstanding, we would expect stock-based compensation as a percentage of revenue to follow that same trend and come down over time as well.

但就像我們在燒錢率和已發行股票總數中看到的那樣，我們預計基於股票的薪酬佔收入的百分比將遵循相同的趨勢，並隨著時間的推移而下降。

Wonderful. Thank you so much.

精彩的。太感謝了。

This concludes the question and answer session. I will turn the call to Cynthia for closing remarks.

問答環節到此結束。我將請辛西亞致閉幕詞。

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

偉大的。感謝大家今天加入我們，我們期待在下次財報電話會議上再次向您通報最新情況。