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.

您好。感謝各位稍候，歡迎參加 Box Inc 2025 會計年度第一季財報電話會議。為避免背景雜音干擾，所有線路均已設為靜音。（接線員指示）現在我想將會議交給投資人關係副總裁 Cynthia Hiponia。您可以開始了。

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.

各位下午好，歡迎參加 Box 2025 會計年度第一季財報電話會議。我是投資人關係副總裁 Cynthia Hiponia。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。在我們的準備發言之後，將開放提問。

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.

今天的電話會議將以網路直播方式進行，並可於我們的投資人關係網站收聽重播。本次網路直播僅提供音訊。不過，補充投影片現已可自我們網站下載。我們也會在 X 平台（帳號@BoxIncIR）發布今日電話會議重點。

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.

在本次電話會議中，我們將作出前瞻性陳述，包括我們對 2025 會計年度第二季及全年財務指引，以及對 2025 會計年度與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、外匯匯率變動的影響；以及我們對市場機會規模、計畫投資、未來產品供應與成長策略的預期；我們達成營收、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、市場採用情況及其效益；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 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的風險與不確定性，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提交文件中的風險因素，包括我們最近一期的 Form 10-K 年度報告。

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.

上述前瞻性陳述係截至今日（2024 年 5 月 28 日）作出；若其後發生變更或不再為最新資訊，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 財務衡量指標應作為 GAAP 結果的補充，而非替代，亦不應單獨使用或孤立解讀。

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 指標的額外揭露（包括與可比 GAAP 結果的調節表）；補充投影片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。

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 Cynthia，也謝謝各位今天加入我們。我們很高興第一季的營運結果優於我們的指引。其中包括營收年增 5%，以固定匯率計算年增 8%。除了對獲利能力的高度聚焦外，這也帶動營業利益率達 27%，較去年同期提升 400 個基點。雖然我們仍持續面臨外匯逆風，並已反映在更新後的指引中，但整體而言，我們對本季的執行表現感到滿意。

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.

正如我們在上一季財報電話會議中分享的，Box 正進入一個由 AI 轉型驅動的新篇章。我們在第一季也看到了這一點：客戶持續展現 AI 動能，選擇 Box 作為平台，以實現更智慧的工作方式。市場對 Box AI 以及我們即將推出、更進階能力的需求持續成長。自去年我們向 Enterprise Plus 客戶推出 Box AI 以來，我們看到越來越多客戶為了取得 Box AI 的使用權而升級至 Enterprise Plus。

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，我們在第一季看到以營收計的贏單中，Box AI 作為贏單核心因素的情況，相較第四季有顯著增加。第一季的客戶案例包括一家商用不動產公司，為了取得 Box AI 的使用權並同時獲得額外的安全性與電子簽署功能，而升級至 Enterprise Plus。他們將使用 Box AI 來辨識各客戶租約中的模式，並進行客戶分析與生成行銷內容。

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.

另一個案例是一家領先的全球商務公司，為了取得 Box AI 與 Box Hubs 的使用權而轉用 Enterprise Plus；他們希望將內容集中於單一位置，並在 Box 所提供的企業級安全控管下，從其非結構化內容中萃取價值。

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.

在過去一季，我們在美國與歐洲主要城市舉辦了 Box AI Connect 活動，我也有機會與數百位 IT 領導者及商務主管會面，他們來自我們的一些重要潛在客戶與既有客戶。令我印象深刻的是，這些領導者認為，他們在以內容為核心的新工作方式以及 AI 的力量方面，擁有極其重大的機會。

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.

做出更佳商業決策與更順暢業務流程所需的所有洞見，都存在於企業的內容之中。這包括合約中的關鍵資料點，協助企業促成新交易；用以打造大型新廣告活動的素材資產；讓下一個突破性產品能準時出貨的製造與研發檔案；以及協助順利結帳的財務文件。

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，儘管這些非結構化資料極其重要，且占我們企業資訊的 90%，我們從未能完全萃取其全部價值。我們無法輕易提出問題並從這些內容中取得洞見。我們也無法有效地對其進行整合、摘要或計算；只有在有限情境下，而且往往需要投入大量人力與繁重流程，我們才得以圍繞其自動化工作流程。

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.

但隨著 AI 最新突破，這一切正在改變：我們終於能透過從內容中萃取洞見來充分發揮其價值，讓任何人都能就這些資料提問；我們可以將內容中的資料結構化，以自動化以內容為中心的業務流程；並且能更妥善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.

但若仍以傳統、零散的內容管理方式，是無法做到這些的。不僅我們既有的 ECM 文件管理與協作系統過於複雜且維護成本高，且往往不夠安全。同時，也幾乎不可能在所有這些資料孤島上有效運用 AI。這將導致傳統企業內容管理市場版圖持續受到顛覆。

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.

這正是推動我們策略的機會，也是 Box 具備獨特優勢、能夠加速把握的機會。我們正引領智慧內容管理時代，而我們第一季的勝利與動能凸顯了這項機會的龐大規模與潛力。我們的智慧 Content Cloud 以單一平台提供最安全的方式，支援協作、工作流程自動化與內容智慧，而我們已朝著這個願景建構了數年。

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 AI 賦能的工作與業務流程時代充分釋放內容的全部價值，我們聚焦四大創新領域；首先是工作流程與協作：我們於 5 月中旬推出 AI 賦能的 Box Hubs Beta 版，正在改變企業如何在組織內分發內容。

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 透過智慧入口網站，為客戶在 Box 上協作的所有內容提供全新視角，簡化重要內容的建立、組織與發佈，不論檔案類型或其在 Box 中的存放位置。這代表你能在最需要的時刻，將正確的內容交到正確的團隊成員手中；此外，Box AI for Hubs 的 Beta 版也正逐步提供給 Enterprise Plus 客戶，檢視者可針對 Hub 中精選的多份文件提問，並運用 AI 從資料中擷取洞察，在數秒內取得答案。

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，可在大量內容群組上交付 AI 的檢索增強生成（RAG）使用案例，而且可在無需寫程式碼的情況下立即啟用。透過 Box AI，客戶很快將能從企業內大量文件與各類內容型態中擷取中繼資料。

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.

一旦內容具備中繼資料，你幾乎可以自動化企業內的任何工作流程，從發票處理、合約管理，到數位資產管理與臨床試驗管理。這也是我們在 12 月收購 Crooze 的原因；我們正積極推進，將 Crooze 的無程式碼應用程式建置與中繼資料功能原生整合進 Box，以支援在 Box 上驅動以內容為核心的工作流程。

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 FY25 期間持續分享這些技術如何整合到一起的更多資訊。在安全與合規方面，我們正擴展 Box Shield 的進階資料安全功能，並將於今年稍晚推出全新的原生封存解決方案，同時達成如 FedRAMP High 等關鍵合規等級，以擴大我們在聯邦政府的使用案例。

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.

我們也加碼投入開放平台，以支援與 Salesforce Slack、Microsoft Teams、Microsoft Copilot、IBM 的技術，以及客戶自建應用程式的更深度整合。為進一步凸顯我們平台的能力，在 ServiceNow 的 Knowledge 2024 主題演講中，ServiceNow 以 Box 作為內容儲存庫，展示其分析型 AI 產品的價值。展望未來，Box 具備良好定位，可成為向 SaaS 與 AI 供應商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，我們正透過 Box AI 平台，致力於在 Box 中提供最先進的 AI。Box AI 平台是一個關鍵的抽象層，可安全地將領先的 AI 模型連接到 Box 內的內容。我們的核心優勢在於一套我們為開發者與 Box 第一方應用所打造的 AI 服務，例如檢索增強生成（RAG）、將文件處理為向量嵌入（Vector embeddings）、供 AI 代理在 Box 內使用的工具使用（tool use）、模型無關的 AI 管理等。

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.

企業無需維護許多彼此分散的後端系統來將 AI 導入其內容；Box AI 平台可在尊重 Box 既有的安全性與內容存取權限的前提下，為其無縫處理所有這些工作。

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，我們平台的核心之一，是能快速將任何 AI 模型的能力帶到 Box 內容上。例如，GPT-4o 在發布後僅一週，我們就已在內部讓它與 Box Hubs 一起運作。在第一季，我們宣布與 Microsoft Azure OpenAI 的新整合，將 Box 與 Microsoft 的企業級安全、隱私與合規標準帶入 AI。

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，作為 Box 與 Nvidia 技術合作夥伴關係的一部分，透過 Nvidia 新推出的 NIM 微服務，Box 能更容易在 Box AI 中運用各種 AI 模型與能力，改善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.

現在切換到市場推進（go-to-market）。正如我們在 3 月的金融分析師日所概述，我們專注於運用我們的 go-to-market 引擎，將 Box 的完整價值帶給所有客戶。我們持續看到 Enterprise Plus（我們的多產品方案）成功被採用，該方案將 Box 智慧 Content Cloud 的完整價值帶給客戶。

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，Enterprise Plus 在大型交易中的套裝方案銷售占比持續遠超過 90%，而套裝方案在第一季超過 10 萬美元的交易中占比已達 85%。我們在所有地區的大型交易中都看到穩健的套裝方案附加率。第一季客戶擴張與 Enterprise Plus 新增勝利包括：一家全球製藥與醫療器材公司，以六位數的 Enterprise Plus 交易採購 Box 作為其核心 ECM 平台；他們將使用 Box 進行紀錄管理，從舊有技術遷移，以現代化其內容策略。

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.

這將使他們能在 Box 中集中管理重要紀錄、人資與客服資料，同時滿足可稽核紀錄的 GxP 合規要求；另外，日本一家領先的廣播公司也簽署了 Enterprise Plus 的加購（upsell），以建立安全的內容平台，防止意外資訊外洩，並透過 Shield 防範勒索軟體攻擊。

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.

為了將我們平台的完整價值帶給客戶，今年我們擴大了需求開發渠道。我們持續舉辦全球 AI Connect 活動及其他 CIO 活動。我們將在今年陸續推出全新方案，協助客戶在 Box 內現代化其 ECM 環境；同時，我們也與關鍵系統整合商合作，推動更大型的交易並驅動更多工作流程。

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，在關鍵合作夥伴的協助與支持下，我們在多個重點產業中與大型客戶取得多項重要勝利。我們正處於產業的重大時刻：非結構化資料在企業中的角色已爆發性成長，而 Box 正位於這股浪潮的中心，服務全球最重要的企業與組織。

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，驅動我們成功的不僅是策略與平台，還有我們全球 Boxers 的努力。我很自豪 Box 近期獲《Fortune》雜誌評選為 2024 年「100 家最佳雇主」第 18 名，較一年前的第 27 名上升。Box 的使命是推動世界如何共同工作；作為一家公司，我們將回顧這段時期，視其為塑造未來數十年工作方式的關鍵時刻。

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

接下來，我把時間交給 Dylan。

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.

謝謝你，Aaron。各位下午好，感謝大家今天加入我們。第一季對 Box 而言是強勁的一季，我們再次在關鍵財務優先事項上交出成果，以推動長期且具獲利性的成長：在固定匯率下加速營收成長、擴大營業利潤率，並執行嚴謹的資本配置策略，以最佳化股東報酬。

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.

在第一季，我們實現營收2.65億美元，年增5%，以固定匯率計年增8%。此表現高於我們指引區間的上緣，主要受強勁的訂單線性度帶動。目前約有1,800家客戶每年支付給我們超過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.

第一季大型交易中的套件附加率為85%，創下新高，且較一年前的69%大幅提升。套件客戶目前占我們營收的56%，相較去年第一季的47%有顯著改善。

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.

如Aaron所提到的，我們看到市場對Box AI以及我們更進階功能的需求強勁，這一直是推動套件採用加速的關鍵催化因素。第一季結束時，我們的剩餘履約義務（RPO）為12億美元，年增3%，以固定匯率計年增8%。我們預期在未來12個月內認列約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.

第一季帳單金額為1.90億美元，年減1%，以固定匯率計年增5%。在調整外匯逆風後，第一季帳單金額符合我們的預期；該外匯逆風較我們在指引中預期高出250個基點。第一季淨留存率為101%，與上季結果一致。

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.

我們的年化整體流失率維持強勁且穩定在3%，顯示產品對客戶仍具黏著度。我們仍預期在FY25結束時，淨留存率將維持在此水準或略高。第一季毛利率為80.2%，年增230個基點，且高於我們約79%的指引，並且是我們首次報告毛利率達到80%。隨著我們持續實現將基礎設施全面運行於公有雲所帶來的效率，我們預期毛利率將隨時間進一步擴張。

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，年增8%，較營收成長率高出300個基點。第一季營業利益為7,000萬美元，年增23%，再次展現我們致力於在整體業務中創造營運槓桿的承諾。

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.

第一季營業利益率為26.6%，年增380個基點，儘管承受約150個基點的外匯逆風。我們在費用管理上的紀律作法，持續在營運模式中帶來更多槓桿。因此，第一季EPS為0.39美元，年增0.07美元，且明顯高於我們指引上緣0.36美元。此結果包含外匯約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.

接下來我將說明我們的現金流與資產負債表。第一季我們的自由現金流創造表現格外強勁，達1.23億美元，年增14%。我們的營運活動現金流為1.31億美元，較去年第一季增加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.

接著談談我們的資本配置策略。本季末我們持有的現金、約當現金、受限制現金及短期投資合計為5.67億美元。第一季我們回購約140萬股，金額約3,700萬美元。

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，依據現行股票回購計畫，我們尚有約1.26億美元的剩餘回購額度。我們仍致力於透過持續進行的股票回購計畫，伺機向股東返還資本。

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.

接下來我將說明我們對第二季與全年指引的看法。提醒一下，我們約三分之一的營收來自美國以外地區，而我們國際營收中約60%來自日本。自我們上次提供指引以來，美元相對日圓走強；以下指引已納入預期的外匯逆風影響，並假設採用目前匯率水準。

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，我們預期上季討論的非現金遞延所得稅費用，將在第二季對GAAP與非GAAP EPS造成約0.01美元的影響，全年約0.05美元。就2025會計年度第二季而言，我們預期第二季營收介於2.68億至2.70億美元，代表年增3%，以固定匯率計年增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.

我們預期第二季帳單金額成長率將落在低至中個位數百分比區間。其中包含外匯約50個基點的預期逆風。我們預期第二季毛利率季對季大致持平，年對年改善超過300個基點。我們預期第二季非GAAP營業利益率約為27%，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 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.

這代表年對年改善220個基點；以固定匯率計改善420個基點。我們預期第二季非GAAP EPS介於0.40至0.41美元，在區間上緣年增12%，即使我們吸收前述的非現金遞延所得稅費用亦然。加權平均稀釋後股數預期約為1.48億股。

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.

就截至2025年1月31日止的完整會計年度而言，我們預期營收介於10.75億至10.80億美元，代表約4%的年增；在區間上緣以固定匯率計年增7%。以固定匯率計，這較我們先前指引增加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.

其中包含外匯約250個基點的預期逆風，較我們先前預期高出80個基點，代表額外增加800萬美元的逆風影響。我們預期FY25帳單金額成長率將落在低個位數百分比區間；相較之下，我們先前的指引為在報告基礎下大致與約4%的營收成長率一致。

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.

此變動主要由額外的外匯逆風所致；我們目前預期其將對帳單金額成長造成約150個基點的負面影響。我們預期FY25毛利率約為80%，代表年對年改善260個基點。我們仍預期FY25非GAAP營業利益率約為27%，代表年對年改善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.

我們預期外匯（FX）將對營業利益率造成約160個基點的負面影響。儘管預期外匯將帶來約50個基點的額外逆風，本指引仍與我們先前的指引一致。由於我們能在整體業務中創造額外的營運槓桿，並且我們預期的業外（below-the-line）收入與費用有所改善，我們上調了全年每股盈餘（EPS）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.

我們目前預期FY25非GAAP EPS將落在1.54至1.58美元區間，該區間上緣較前一年度的1.46美元成長8%。其中包含我先前提到的0.05美元遞延所得稅費用影響，以及預期0.15美元的外匯逆風，較我們先前預期高出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.

加權平均稀釋後流通股數預期約為1.5億股。在多年投資與創新、打造我們的智慧內容雲之後，我們正開啟公司令人振奮的新篇章。我們具差異化的產品能力將使我們能為以AI驅動的業務流程提供動能，涵蓋工作流程自動化與企業內容。

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.

在我們為今年稍晚推出新的方案供應做準備之際，我們將透過Aaron所概述的聚焦成長計畫，為我們的市場推進（go-to-market）引擎注入燃料。並且在嚴謹的財務策略到位下，我們已建立穩固基礎，以實現長期的獲利性成長。

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？

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Brian Peterson.

Brian Peterson。

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，各位。謝謝讓我提問。先從AI開始，聽起來反應非常熱烈。我很好奇，你們是否覺得有任何特定的垂直產業對此更有興趣？我知道你們提到不動產，但我想了解這個範圍有多廣？另外，大家對於這方面的預算是怎麼思考的？很希望能聽到更多細節。

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。我會說目前我們幾乎在我們所看到的每一個垂直產業都看到了需求。我認為有些垂直產業在中長期相對而言可能比其他產業受益更多。例如金融服務、生命科學、聯邦政府等，這些通常都是高度以文件與內容為核心的垂直領域，AI可以開始釋放更多能力，例如從資料中回答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.

因此我們在與這些垂直產業的對話中，確實看到非常高的共鳴。但就本季Enterprise Plus升級的情況而言，實際上是全面性的。所以我會說在我們服務的每個垂直產業中，我們都看到Box AI帶來強勁的加購（upsell）。

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.

至於你提到的預算問題，你也可以再補充，但我會說目前因為這些能力主要是在Enterprise Plus方案中被解鎖，所以多半是來自較大的IT預算。而且往往也來自我們協助客戶從傳統舊系統移轉、所釋放或替代掉的支出。

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.

我認為隨著時間推進，如果我們把時間快轉到一兩年後，我可以想像當業務部門因為AI而能提升更多效率時，預算會增加；但我們目前仍處於非常早期的階段。不過可以確定的是，當AI真正推動工作流程自動化與更多業務流程轉型時，我認為你會看到針對內容相關AI使用情境的預算進一步擴大。

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.

這些細節很有幫助，Aaron，也很高興看到你們以固定匯率（constant currency）上調了營收展望。我想請教，隨著本季進行，你們在需求環境或交易週期方面有沒有任何特別想指出的地方？謝謝各位。

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。如同我們在過去幾季所提到的，我們開始看到某種程度的穩定。再次強調，這不同於任何拐點，並不代表在總體環境方面我們已經完全脫離困境；但在過去幾季中，新的逆風沒有再加劇，我認為這點相當明顯。

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，特別是在美國企業客戶業務與聯邦政府業務。除了美國企業客戶業務之外，我認為我們仍看到中小企業（SMB）區隔承受一定壓力，但整體而言，綜合來看我們對Q1的表現感到滿意，也期待在今年持續推動更多成長。

Thanks Aaron.

謝謝你，Aaron。

Pinjalim Bora.

Pinjalim Bora。

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?

很好。恭喜本季表現，各位。謝謝讓我提問。同樣關於AI，Aaron，你們目前觀察到使用者在Box Content Hubs中對AI提出查詢的量大概如何？我知道還很早，但任何補充都會很有幫助：你們看到的查詢量是否符合你們目前的預期？反過來看，這與成本端、也就是毛利率面的影響相比，表現如何？

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。如你所說，Hubs實際上才剛推出，我想大概只有一週半左右，且目前仍在beta階段。我們現在才剛開始取得早期數據，並檢視初步的客戶使用案例與情境。Hubs已經帶動了我們AI查詢總量約四分之一左右。所以一開始就表現強勁，因為它是一個客戶會立刻採用的使用情境：能對任何規模的內容提問，帶來非常大的解鎖效果。

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.

而且如同我們在主題演講以及本次財報電話會議中稍早提到的，使用情境非常廣泛，因為過去並沒有另一個具備真正商業規模的產品，能讓你彙整銷售素材並建立一個Sales Hub，讓任何人都能在其中提問；或是在包含所有人資文件的HR入口網站中讓任何人提問；也能用於產品與工程、或股票研究（equity research）、以及金融服務等。

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，我與一家投資銀行的CEO會面，對他而言這是一個突破性的產品，因為現在他可以立刻讓公司任何新進員工擁有與在公司待了十年或二十年的人同等的知識存取能力。而這基本上就是我們現在能用內容做到的事：內容真正成為一個組織的數位記憶，任何人都能隨時取用。

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，能夠即時讓你所有員工都像你最資深的員工一樣博學，這是具顛覆性的轉變。所以 Hubs 的使用案例將會是一個巨大的解鎖式產品供給，讓這件事得以實現並惠及我們每一位客戶；我們也認為這肯定會帶動更多 Enterprise Plus 升級以及更高的用量。而且我想你有提到一些關於毛利率的部分。我有聽對嗎？還是你提到的是成本端？

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。如同我們先前提到的，即使加入 AI，我們預期仍能維持目前的毛利率水準；主要原因在於，當客戶採用較高等級的方案時，我們通常會看到更高的毛利率，而這些高階方案本身的毛利率就較高。另外，對於許多極高用量的使用案例，例如中繼資料擷取，或是能執行會產生大量 AI 使用量的工作流程，這些都會以用量計費，且不包含在 Enterprise Plus 方案或其他方案內。因此在這些情況下，客戶將依用量向我們付費，而我們也會確保建立適當的毛利結構，以達成我們在這方面的毛利目標。

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，了解。我有一個給 Dylan 的快速追問。Dylan，看起來本季的線性度（lineraity）稍微好一些。是什麼因素帶動的？你們是否做了什麼不同的事情來推動它？而且這是否可持續？

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不同的事情。我認為主要是第一季開局前，因為我們談到的一些產品能力，帶來了很多能量與動能。所以基本上是延續第四季的執行力，以及在 Aaron 一直在談的各項因素帶動下，市場對 Enterprise Plus 的需求。

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.

我們確實看到本季一開始的表現更強，甚至比我們原先預期的還要強，這也帶來了我們提到的營收上行。這當然是我們希望每一季都能重現的狀況，但我不會說這次我們做了什麼顯著不同的事。我會把原因歸因於非常有吸引力的產品與其帶動的需求，以及銷售端的執行。

Got it. Thank you.

了解。謝謝。

George Carrara Salah, your line is yes.

George Carrara Salah，你的線路已接通。

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?

嗨。謝謝讓我提問。我代替 Steve Enders 提問。你們談到——我想問一下你們與傳統 ECM 供應商的競爭情況。你們提到 AI 正在進一步強化你們相對的價值主張。到目前為止，你們是否看到那邊的贏單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。我們確實看到 ECM 方面呈現方向性成長，包括完整替換（full takeouts）以及客戶擴張型交易。我的意思是，當我們看 Cruise 的收購案時，它為我們開啟了許多新的 ECM 使用案例。所以這個趨勢確實正朝正向方向發展。而且在今年內，隨著我們推出更原生整合的 Cruise 產品、以 AI 驅動的中繼資料擷取能力，並把這些整合到我們部分較高階的套裝方案——也就是他們原本就期待的那些套裝方案——之中。

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.

我認為你會看到在汰換傳統 ECM 系統方面有更進一步的動能。但我也要強調，這在本季已成為一個愈來愈明顯的趨勢，且在過去幾季也是如此；而 AI 我認為只是另一個催化劑，促使客戶重新思考他們的內容管理環境。

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.

而且很有可能它會成為最關鍵的催化劑，原因是——再說一次，如果你看傳統內容儲存庫裡有數以百萬計的文件，從架構上來看，由於其複雜度，要以 AI 就緒（AI-ready）的方式真正利用那些資料，幾乎是不可能的。因此我們認為，運用 AI 來進一步催化 ECM 向現代化系統遷移，對我們而言是一項巨大的突破。

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.

太棒了。很高興聽到。接著一個追問。你提到幾個合作夥伴關係，並談到你們的夥伴生態系，其中一些可能因為這次重新聚焦 AI 而加深或強化。你能否談談這如何改變你們對夥伴生態系的思考，以及你們看到最大推動力（needle move）出現在哪裡？

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。我先分享兩個類別。其實嚴格來說可能有三個類別，不過——第一個就是模型本身，AI 模型本身對我們而言就是非常好的合作夥伴機會。目前有多家領先的 AI 模型供應商在提供這些基礎模型（foundation models）；而基於我們的開放式架構與模型不可知（model-agnostic）的做法，我們預期會與幾乎所有這些供應商合作，並讓客戶自行選擇最適合他們的 AI 模型。

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.

而延伸來看，透過合作並維持開放平台，也代表這些模型供應商更有誘因在客戶帳戶中與我們一起成長。因此我們認為，這帶來了很好的新機會，能與 Google、Amazon、IBM 等等以及其他業者合作，因為他們需要讓自家模型進入客戶端，用於真正關鍵任務（mission critical）的工作負載。

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.

這是其中一個夥伴類別。另一個夥伴類別是：如果你想想你聽到的各種 AI 產品，不論是助理（assistant）使用案例或 copilot 使用案例，這些本質上都是 AI 助理與 SaaS 應用；它們要能發揮效益，關鍵在於能以 AI 就緒或非常容易使用的方式存取資料。而我們擁有領先的平台之一，可用來管理企業資料中相當大的一部分，這些資料極具關鍵性，且在 AI 情境下非常有價值。

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 AI 產品；再說一次，這肯定比任何傳統架構或基礎設施都要無縫得多。ServiceNow 就是一個例子：在他們的示範中，Box 被強調為一個內容平台，你可以連接進去，並在他們的 Assist 產品中對內容提問。

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.

同樣地，我們也擴大了與 Microsoft 以及 Microsoft Copilot 的合作，成為可連接 Copilot 的內容平台；你也可以一路列舉下去，幾乎任何會與資料互動或需要存取資料的軟體產品，Box 都能作為一個安全、可擴展的平台，連接到那些 AI 系統。

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.

然後最後，這也真正開啟了許多與系統整合商或其他類型合作夥伴相關的使用情境，他們可以把我們作為架構中的一個組件來整合。我們正在打造一個 AI 就緒的文件管理或非結構化資料平台。而這正是我們能把 AI 能力更深度嵌入一系列產品之中的地方。

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，我們曾與一家領先的垂直領域 SaaS 供應商交流，在他們的平台能力中，Box 與使用 AI 進行中繼資料擷取，對我們而言成為非常相關且日益重要的組成部分。這就是所謂的 B2B2C 或 B2B2B 環境：透過另一個 SaaS 平台，我們的技術會被嵌入其中，因為它確實能讓他們在 AI 文件處理方面更具優勢。

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，以上是我們投入時間的幾個類別；每一類幾乎都可視為全新的使用情境，對我們而言也帶來新的客戶或成長機會。所以我們目前正圍繞這些機會來組織資源。我認為在接下來幾個季度，乃至未來幾年，你會看到這方面持續取得很多進展。

Awesome color. Thanks for taking the questions.

很棒的補充說明。謝謝你回答問題。

Josh Blair.

Josh Blair。

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?

很好。謝謝你的提問。一題給 Aaron，另一題簡短的給 Dylan。Aaron，我一直在關注你對 AI 成本、工作單位成本，以及 AI 代理人潛力的看法。在這方面，我們會從 Box 看到什麼？Box 在這個以 AI 代理人為核心的未來工作型態中，會扮演什麼角色？

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。所以如你可能看得出來，我對這個前景感到無比興奮。我會先維持在相對高層的層次，因為這個領域顯然還會有一些後續公告。但當你在 Box AI 平台內使用 AI 時，我們建立了一個抽象層，能有效地與 AI 模型對話，把它連接到 Box 內的內容；對於該模型，我們提供一組提示與指令讓它遵循，並且在我們的平台內提供一套工具，讓該 AI 模型可以互動使用。

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.

其中一個工具是能做向量嵌入，另一個工具則是能做我們打造的、可強化的企業級 RAG 服務。所以如果你把 AI 想成擁有一組工具、再加上一個提示與一組指令，而這些都被抽象化封裝起來，使用者就不需要去擔心任何複雜性。他們實際上是在和一個能執行特定任務的 AI 代理人對話，例如摘要文件、在 hub 裡提問，或擷取中繼資料。

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.

這之所以會變得極其強大，是因為隨著 AI 模型持續進步、我們的 AI 平台能力持續提升，你將能把這些 AI 代理人體驗部署到幾乎任何與內容相關的使用情境上，而這些事情原本可能需要人類去完成。

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.

例如今天每個人都有一些工作流程：由人去閱讀合約、從合約中拉出中繼資料，然後把合約轉送到組織內的某個人；或是由人去查看數位資產，並為該數位資產加上標籤，以支援某種數位資產管理流程。

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 平台內，你基本上會讓 AI 代理人替你去做這些事；我們也正在打造相關工具，讓你能在 Box 環境中組織、管理並有效地管理所有這些 AI 勞動（姑且這麼說），並把它與 Box 內的業務流程與工作流程串接起來。

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，Box 的心智模型大致是：把今天我們針對內容所做的任何工作，都能基本上交由 AI 去完成；而我們正在建構所有這些支架、抽象層與平台服務，讓這件事成為可能。

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.

而對我們而言，這之所以非常令人興奮，是因為如果你想到企業資料中有 90% 是非結構化的、或是內容型資料，其中絕大多數在今天並沒有被連結到自動化的業務流程；也不是你能夠深入檢視或用來提問的資料；從更進階、具高度情境化的角度來看，也未必以最佳方式被保護。

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.

而在未來，AI 將讓你能去做到這些事；因此我們將開啟大量的使用情境——在今天，企業還沒有自動化能力去解決——因為傳統的 RPA 或 IDP 流程要嘛太耗人力、要嘛太複雜，難以在組織的每個部門全面部署。這就是我們——我們所看到的 AI 潛力所在。

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?

所以基本上，當客戶想到內容、也想到 AI 時，我們的智慧內容雲將為他們交付的，就是一套端到端的平台能力，能夠以安全的方式把 AI 部署到他們的內容之上。所以這有回答到你的問題嗎？

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?

有，完全回答到了。真的很有意思。然後 Dylan，我再問一個釐清問題。非常感謝你對 FY25 營收指引變動的細節說明，以及在固定匯率基礎下指引增加了 300 萬美元的拆解，因為其中有很多變動因素。那帳單（billings）指引方面呢？就固定匯率下的變動，或 FY25 是否有任何變更？

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。所以我們的預期在固定匯率基礎下，基本上與我們最初的指引一致。我們之前大致提到，從固定匯率角度來看，約與當時我們的已報告營收成長預期一致、約 4% 左右，這仍然是我們的預期。但在已報告口徑下，現在預期會落在低個位數區間，因為外匯帶來了額外且新增的 150 個基點逆風。

Okay. Thank you.

好的。謝謝。

George Iwanyc.

George Iwanyc。

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?

謝謝你回答我的問題，Aaron，我先從你開始，或許放在 Box AI 與 Box Hubs 的脈絡下，你看到這套產品組合的動能。你能否分享一些觀點，說明這如何帶動像 Box Relay 與 Box Sign 等其他產品，以及更廣泛地推動整個 Box 平台的採用？

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。總體而言，每一次我們的 Enterprise Plus 方案被購買，顯然都會為客戶開啟許多新的使用情境與價值主張。我們更進階的電子簽章能力、我們最進階版本的 Relay，因此我們確實看到這為客戶帶來更多價值與更高黏著度。在第一季，我們也有一些值得一提的重大勝利。

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，在簽署（Sign）領域，一家大型製藥公司將採用 Box Sign 用於其驗證流程；一家大型汽車公司將使用 Box Sign 來處理某些關鍵的客戶交易。所以再次強調，我們的整體願景其實是：當你導入 Box 與智慧 Content Cloud 時，你就能在一個精簡的一體化體驗中，取得內容的完整生命週期——從你建立並匯入資料的那一刻起，到最終的交易，再到內容治理，全部都涵蓋在內。

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，不論你是因為工作流程、協作、電子簽署或 AI 而來，我們的工作就是確保你能看見整體平台的完整價值。而 AI 再次代表一個重大的催化劑，促使客戶真正思考內容在其組織、在其企業中的角色——他們是否正從內容中取得如今所能達到的最大價值。

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 ?

Dylan，我有一個問題想請教你。或許延伸你先前關於投資需求創造（demand generation）的評論。你能否跟我們說明一下你們如何投資、投資在哪裡，以及你們在銷售組織與行銷組織上投入了哪些重點？

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。這其實回到 Aaron 在事先準備的發言中提到的許多方案與成長計畫；我會把它形容為一種組合：一方面是加倍投入並擴大某些需求開發（demand gen）——包括線上投放的各類方案，以及過去幾季對我們成效非常好的、以 CIO 為主的線下活動。

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.

而且現在，特別是隨著我們即將推出一系列令人振奮的新產品，我們看到客戶端出現非常強勁的興趣與需求。所以這是一個類別。也就是直接的需求開發。

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.

另外，我們也在投資並建構我們剛才談到的合作夥伴生態系。特別是與系統整合商（SI）合作，透過這些通路強化我們的整體觸及範圍；同時，我們也會依據目前看到的需求來擴編銷售團隊，以支撐這樣的成長並打好基礎。

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.

如此一來，當我們推出新產品時，就能把握這個機會。以上就是我們今年真正聚焦的幾個高層次類別。

Thank you.

謝謝。

Rishi Jaluria.

Rishi Jaluria。

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?

太好了，謝謝各位回答我的問題。我有兩個問題，特別是關於人力。第一，我知道你們多年來一直談到希望在美國以外增加招募，尤其是在波蘭。能否請你更新一下這項全球人力策略的進展，以及目前你們有多少比例的員工是在美國以外？

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.

另外，SBC（以股票為基礎的薪酬）現在接近營收的 20%。它的成長速度快於營收。我知道衡量方式上有一些正負因素。但能否請你說明一下，為什麼會是這樣？我理解你們在回購股票，而且回購已足以抵消稀釋。

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.

但我想說的是，我不確定大量以股票而非現金發放薪酬，然後再用現金回購股票，是否一定是正確策略；相較之下，是否應該把更多薪酬從股票轉向現金。能否請你協助我們理解這兩點，尤其是它們與你們人力策略之間的關聯？

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.

好的。先談第一點：我對我們在人力據點策略上的成果非常、非常滿意，最顯著的是在波蘭——我們在剛結束的這個年度，當地員工已超過 300 人。這大約略高於我們總人力的 10%，而且正快速提升到十幾個百分點；其中也包含我們工程團隊超過 30% 的人力。

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，我們的主要重點就在那裡：我們在波蘭進行的研發（R&D）招募占了我們新增研發人員的絕大多數；同時，我們也在那裡招募不少一般與行政（G&A）職能，例如這類部門，並預期隨時間推進，整體人力組合中的占比會持續提高。

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.

至於以股票為基礎的薪酬（SBC），我想補充——大概幾點。首先，即便不考慮我們已在執行、並隨時間降低流通在外股數的強勁股票回購計畫。

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，連續好幾年以來，我們也降低了整體股權稀釋（equity burn）率。因此，我們其實在逐年基礎上發行的淨新增股數更少。

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 之所以尚未沿著同樣路徑下降，原因是幾個因素的組合——我們的留任表現非常、非常強勁。也就是離職率低，而這在很大程度上也與股價較高有關。因此，它在某種程度上是我們過去幾年所推動整體股權制度調整的一個較落後的指標。

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.

但就像我們在稀釋率與流通在外股數上看到的趨勢一樣，我們預期以股票為基礎的薪酬占營收的比例也會隨時間呈現相同趨勢並逐步下降。

Wonderful. Thank you so much.

太好了。非常感謝。

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。我將把電話交給 Cynthia 進行結語。

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

很好。感謝各位今天加入我們，我們期待在下一次財報電話會議再向各位更新。