Box Inc (BOX) 2025 Q2 法說會逐字稿

Ladies and gentlemen, good afternoon, and thank you for standing by.

女士們、先生們，下午好，謝謝你們的支持。

My name is Abby, and I will be your conference operator today.

我叫艾比，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Box, Incorporated second-quarter fiscal 2025 earnings conference call.

此時此刻，我歡迎大家參加 Box, Incorporated 2025 財年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

Thank you, and I would now like to turn the conference over to Cynthia Hiponia, Vice President of Investor Relations.

謝謝大家，我現在將會議交給投資人關係副總裁辛西婭‧希波尼亞 (Cynthia Hiponia)。

You may begin.

你可以開始了。

Good afternoon, and welcome to Box second quarter fiscal 2025 earnings conference call.

下午好，歡迎參加 Box 2025 財年第二季財報電話會議。

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

我是辛西亞‧希波尼亞 (Cynthia Hiponia)，投資者關係副總裁。

On the call today, we have Aaron Levie, Box Co-Founder and CEO; and Dylan Smith, Box Co-Founder and CFO.

今天的電話會議有 Box 聯合創辦人兼執行長 Aaron Levie；迪倫史密斯 (Dylan Smith)，Box 聯合創始人兼財務長。

Following our prepared remarks, we will take your questions.

在我們準備好的發言之後，我們將回答您的問題。

Today's call is being webcast and will be available for replay on our Investor Relations website at boxinvestorrelations.com. Our webcast will be audio only.

今天的電話會議正在進行網路直播，並將在我們的投資者關係網站 boxinvestorrelations.com 上重播。我們的網路廣播將僅是音訊。

However, supplemental slides are now available for download from our website.

不過，現在可以從我們的網站下載補充投影片。

We'll also post the highlights of today's call on the X platform at the handle, @boxirinc.

我們還將透過@boxirinc 在 X 平台上發布今天電話會議的要點。

On this call, we'll be making forward-looking statements, including our third quarter and full year fiscal 2025 financial guidance and our expectations regarding our financial performance for fiscal 2025 and future periods, including our 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 deferred tax expenses, and our expectations regarding the size of our market opportunity, our planned investments, future product offerings and growth strategies, our ability to achieve our revenue, operating margins and other operating model targets, the timing and market adoption of and benefits from our new products, pricing models and partnerships; the proceeds from the sale of our data center equipment; our ability to address enterprise challenges and deliver cost savings for our customers; the impact of the macro environment on our business and operating results; and our capital allocation strategies, including potential repurchase of our common stock.

在本次電話會議上，我們將做出前瞻性陳述，包括我們的2025 財年第三季和全年財務指引以及我們對2025 財年和未來期間財務業績的預期，包括我們的毛利率、營業利潤率、營業槓桿、未來獲利能力、淨保留率、剩餘履約義務、收入和帳單、外幣匯率和遞延稅費的影響，以及我們對市場機會規模、計劃投資、未來產品供應和成長策略的預期，我們實現收入、營業利潤率和其他營運模式目標的能力、新產品、定價模式和合作夥伴關係的時機和市場採用以及受益；銷售我們的資料中心設備的收益；我們解決企業挑戰並為客戶節省成本的能力；宏觀環境對我們業務及經營成果的影響；以及我們的資本配置策略，包括可能回購我們的普通股。

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

這些陳述可能反映了我們根據目前已知因素所做的最佳判斷，實際事件或結果可能有重大差異。

Please refer to our earnings press release filed today and the risk factors and documents we file with the Securities and Exchange Commission, including our most recent quarterly report on Form 10-Q for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call.

請參閱我們今天提交的收益新聞稿以及我們向美國證券交易委員會提交的風險因素和文件，包括我們最新的10-Q 表季度報告，以了解可能導致實際結果與實際結果有重大差異的風險和不確定性資訊。

These forward-looking statements are being made as of today, August 27, 2024, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

這些前瞻性陳述截至今天，即 2024 年 8 月 27 日，如果這些陳述發生變化或不再是最新的，我們不承擔更新或修改這些陳述的義務。

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

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標。

These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, our GAAP results.

這些非公認會計原則財務指標應作為我們公認會計原則結果的補充，而不是替代或獨立於我們的公認會計原則結果。

You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results, in our earnings press release and in the related supplemental slides, which can be found on the IR page of our website.

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 GAAP 衡量標準的更多披露信息，包括與可比 GAAP 結果的對賬，這些幻燈片可以在我們網站的 IR 頁面上找到。

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

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.

謝謝辛西婭，也謝謝大家今天加入我們。

We delivered a strong second quarter with operating results at the high end or above our guidance.

我們第二季業績強勁，經營業績達到或高於我們的指導值。

This includes revenue growth of 3% year over year or 6% in constant currency, and record gross margin of 81.6%.

其中營收年增 3%，以固定匯率計算成長 6%，毛利率創歷史新高 81.6%。

Our focus on operational discipline drove operating margin of 28.4%, up 360 basis points from a year ago, while our continued investments in growth are reflected in our Q2 accelerated billings growth of 10% year over year and RPO growth of 12% year over year.

我們對營運紀律的關注推動營業利潤率達到 28.4%，比去年同期增長 360 個基點，而我們對增長的持續投資體現在我們第二季度的賬單同比加速增長 10% 和 RPO 同比增長 12% 。

Our results show the continued success of building out the most powerful AI-enabled platform for secure content management, collaboration, workflow automation and intelligence.

我們的結果表明，我們在建立最強大的人工智慧平台以實現安全內容管理、協作、工作流程自動化和智慧方面取得了持續成功。

In Q2, we saw customer demand for Box AI continue to grow, driving both upgrades and new logo wins in Enterprise Plus in order to gain access to Box AI.

在第二季度，我們看到客戶對 Box AI 的需求持續成長，推動了 Enterprise Plus 的升級和新商標的贏得，以便獲得 Box AI 的使用權。

Customer examples in Q2 include a large US-based law firm and a new Box customer that purchased Enterprise Plus in a six-figure deal.

第二季的客戶範例包括一家美國大型律師事務所和一位新 Box 客戶，該客戶以六位數的交易購買了 Enterprise Plus。

They plan to leverage Box Hubs and Box AI to create easily searchable repositories for their attorneys and other staff.

他們計劃利用 Box Hubs 和 Box AI 為律師和其他員工創建易於搜尋的儲存庫。

They will also leverage Box Sign, replacing an existing e-signature vendor, to help Box serve as their attorney-client collaboration layer.

他們還將利用 Box Sign 取代現有的電子簽名供應商，幫助 Box 作為他們的律師-客戶協作層。

A leading consumer convenience store in Japan upgraded to Enterprise Plus and expanded its use of Box company-wide to boost productivity by enabling all employees to use Box AI.

日本一家領先的消費便利商店升級為 Enterprise Plus，並在全公司範圍內擴大了 Box 的使用範圍，透過讓所有員工都能使用 Box AI 來提高生產力。

They chose Box as their content platform to leverage AI and reinforce their security posture.

他們選擇 Box 作為內容平台，以利用人工智慧並加強其安全態勢。

These wins illustrate what has become clear in my conversations with customers that almost every enterprise is working to figure out how to use AI to enable more productivity from their employees by automating more work, improve their data security and deliver improved experiences for their customers.

這些勝利表明，在我與客戶的對話中，幾乎每個企業都在努力弄清楚如何使用人工智慧，透過自動化更多工作來提高員工的工作效率，提高資料安全性並為客戶提供更好的體驗。

And at the center of all of this is enterprise content.

而這一切的核心是企業內容。

You've heard me talk about how 90% of an enterprise's data is unstructured, with most of that unstructured data being enterprise content.

您曾聽我說過，企業 90% 的資料都是非結構化的，其中大部分非結構化資料都是企業內容。

Historically, enterprises have not been able to truly get the value from this enterprise content due to years of investment in disparate technologies, where content is scattered across many repositories in the enterprise, among numerous applications and not built for a modern way of working with AI.

從歷史上看，由於多年來對不同技術的投資，企業一直無法真正從企業內容中獲得價值，其中內容分散在企業的許多存儲庫和眾多應用程序中，並且不是為現代的人工智能工作方式而建構的。

At Box, we are fundamentally transforming how companies leverage their enterprise content with Intelligent Content Management.

在 Box，我們正在從根本上改變公司透過智慧內容管理利用其企業內容的方式。

Instead of enterprises investing in fragmented, legacy ECM technologies, workflow products, e-signature tools and security solutions, and attempting to bolt on AI on top of these systems, Box is delivering a singular platform that can power the end-to-end life cycle of content with intelligence built right in.

企業不再投資於分散的、傳統的ECM 技術、工作流程產品、電子簽名工具和安全解決方案，並嘗試在這些系統之上使用人工智慧，Box 正在提供一個可以為端到端生活提供動力的單一平台內建智慧的內容循環。

And building on our leadership in secure content management collaboration, we are now extending our value into workflow automation and intelligence.

基於我們在安全內容管理協作方面的領先地位，我們現在正在將我們的價值擴展到工作流程自動化和智慧領域。

With Box AI, we can change the equation and enable enterprises to fully leverage their content to gain insights and dramatically increase productivity.

借助 Box AI，我們可以改變現狀，使企業能夠充分利用其內容來獲取洞察力並大幅提高生產力。

And critically, instead of legacy ECM systems that cost a fortune and can only be used in relatively rigid ways, Intelligent Content Management from Box extends well beyond the use cases of traditional ECM systems by offering modern user experiences, integrating with every app, having security and compliance at the core, building in enterprise-grade AI and being entirely in the cloud.

至關重要的是，Box 的智慧內容管理不是昂貴且只能以相對嚴格的方式使用的傳統ECM 系統，而是透過提供現代用戶體驗、與每個應用程式整合、具有安全性，遠遠超出了傳統ECM 系統的使用案例合規性為核心，建構企業級人工智慧並完全位於雲端。

We are seeing more and more customers turn to Box to replace their legacy ECM solution and choose us as a more flexible, multi-tenant, lower-cost and more powerful intelligent ECM solution.

我們看到越來越多的客戶轉向 Box 來取代他們的傳統 ECM 解決方案，並選擇我們作為更靈活、多租戶、成本更低且功能更強大的智慧 ECM 解決方案。

With Box on a single platform, customers will be able to power everything from their secure collaboration externally with clients to internal use cases, including how they manage their most important digital assets in marketing or sales, how they automate workflows with their contracts or financial documents, and ultimately, how they govern and protect their sensitive records over the long run.

借助單一平台上的 Box，客戶將能夠支援從外部與客戶的安全協作到內部用例的一切，包括如何管理行銷或銷售中最重要的數位資產、如何利用合約或財務文件實現工作流程自動化，以及最終，他們如何長期管理和保護其敏感記錄。

Because we can now support vastly more use cases across the enterprise than traditional ECM and for customers of all sizes, this represents a dramatic expansion of our market opportunity similar to when Salesforce disrupted CRM or ServiceNow disrupted ITSM.

因為我們現在可以支援比傳統 ECM 多得多的整個企業用例，並且可以為各種規模的客戶提供支持，這代表著我們市場機會的急劇擴大，類似於 Salesforce 顛覆 CRM 或 ServiceNow 顛覆 ITSM 時的情況。

In a strategic move to significantly expand Box' Intelligent Content Management platform, we recently announced the acquisition of the AI-powered Intelligent Document Processing, or IDP, technology and team from Alphamoon.

為了大幅擴展 Box 的智慧內容管理平台，我們最近宣布從 Alphamoon 收購人工智慧驅動的智慧文件處理（IDP）技術和團隊。

Alphamoon's technology combines leading large language models from OpenAI and others with proprietary image and document processing technology to intelligently structure documents at scale.

Alphamoon 的技術將 OpenAI 和其他公司的領先大型語言模型與專有影像和文件處理技術相結合，以智慧地大規模建立文件。

Once natively integrated into Box, Alphamoon's technology will further expand the capabilities of the Box AI platform to revolutionize IDP and address the long-standing challenges of metadata creation at scale and empower our customers with unprecedented new automation capabilities.

一旦原生整合到 Box 中，Alphamoon 的技術將進一步擴展 Box AI 平台的功能，徹底改變 IDP，解決大規模元資料創建的長期挑戰，並為我們的客戶提供前所未有的新自動化功能。

Once metadata is applied to content within Box, customers can more easily automate workflows like contract management, digital asset management, invoice processing, client onboarding and so much more.

將元資料應用於 Box 內的內容後，客戶可以更輕鬆地實現合約管理、數位資產管理、發票處理、客戶引導等工作流程的自動化。

Combined with the technology from our Crooze acquisition earlier this year, Box will be able to transform critical, content-centric business processes for enterprises of all sizes.

結合我們今年稍早收購的 Crooze 的技術，Box 將能夠為各種規模的企業轉變關鍵的、以內容為中心的業務流程。

And critical to our success in Intelligent Content Management is our ability to enable Box customers to be on the leading edge of innovation with enterprise-grade Box AI.

我們在智慧內容管理方面取得成功的關鍵是我們能夠利用企業級 Box AI 讓 Box 客戶處於創新的前沿。

In June, we announced that Enterprise Plus customers now have unlimited end-user queries for Box AI in notes, documents and hubs, making it even easier for customers to roll out Box AI across their enterprise.

6 月，我們宣布 Enterprise Plus 客戶現在可以在筆記、文件和中心中對 Box AI 進行無限制的最終用戶查詢，從而使客戶可以更輕鬆地在整個企業中部署 Box AI。

Customers can now focus on leveraging AI to drive value without having to worry about usage caps.

客戶現在可以專注於利用人工智慧來推動價值，而不必擔心使用上限。

In Q2, we also unveiled a new set of features in Box AI, which include access to GPT-4o for products such as Box Hubs as well as support for new file types, including images and spreadsheets in Box AI.

在第二季度，我們還推出了 Box AI 的一組新功能，其中包括對 Box Hub 等產品的 GPT-4o 訪問，以及對新文件類型的支持，包括 Box AI 中的圖像和電子表格。

We expect these features will be available later this year and will be included in Enterprise Plus plans.

我們預計這些功能將於今年稍後推出，並將包含在 Enterprise Plus 計劃中。

Box AI for Metadata is also available in our API in beta for customers on the Enterprise Plus plans.

Box AI for Metadata 也可在我們的 API 測試版中為 Enterprise Plus 方案的客戶提供。

Developers are able to integrate Box AI with custom applications using new Box AI for Metadata API functionality to automatically extract key information from documents at scale.

開發人員能夠使用新的 Box AI for Metadata API 功能將 Box AI 與自訂應用程式集成，以自動從文件中大規模提取關鍵資訊。

When combined with Box workflow automation tools, customers will be able to automate processes based on file metadata, extract key fields from unstructured content and save information to external applications such as Salesforce.

與 Box 工作流程自動化工具結合使用時，客戶將能夠基於文件元資料實現流程自動化、從非結構化內容中提取關鍵欄位並將資訊儲存到 Salesforce 等外部應用程式。

We also continue to roll out advancements across security and compliance.

我們也繼續在安全性和合規性方面取得進展。

Over the last several months, we've launched Zero Trust 2.0 enhancements for admins and GxP validation sandbox management, and we are on track to meet FedRAMP High Compliance in the coming quarters to expand our use cases in the federal government.

在過去的幾個月裡，我們為管理員和 GxP 驗證沙箱管理推出了零信任 2.0 增強功能，並且我們預計在未來幾個季度滿足 FedRAMP 高合規性，以擴展我們在聯邦政府的用例。

Finally, our flexible and interoperable platform is a major differentiator for Box.

最後，我們靈活且可互通的平台是 Box 的主要差異化因素。

We are supporting deeper integrations with Salesforce, Microsoft Teams, Microsoft Copilot, IBM Technologies, ServiceNow and our customers' custom-built applications.

我們支援與 Salesforce、Microsoft Teams、Microsoft Copilot、IBM Technologies、ServiceNow 以及客戶的客製化應用程式進行更深入的整合。

Just last month, we announced an expanded partnership with Slack that brings secure AI to enterprise content.

就在上個月，我們宣布擴大與 Slack 的合作關係，為企業內容帶來安全的人工智慧。

Joint customers of Slack and Box can access unlimited Box AI queries directly in Slack, allowing users to ask critical questions and uncover timely insights from their Box files.

Slack 和 Box 的聯合客戶可以直接在 Slack 中存取無限的 Box AI 查詢，從而允許用戶提出關鍵問題並從 Box 檔案中及時發現見解。

Now turning to go to market.

現在轉向市場。

As I mentioned earlier, we continue to see strong adoption of Enterprise Plus, our multiproduct suite offering, with unlimited access to Box AI.

正如我之前提到的，我們繼續看到 Enterprise Plus（我們的多產品套件產品）被廣泛採用，並且可以無限制地存取 Box AI。

In Q2, suites comprised 87% of our deals over $100,000, up from 78% a year ago.

第二季度，套房占我們 10 萬美元以上交易的 87%，高於一年前的 78%。

With Enterprise Plus comprising over 95% of those deals, we saw solid suite attach rates in large deals across verticals and all geographies, including record attach rates in Japan.

Enterprise Plus 佔這些交易的 95% 以上，我們在各個垂直行業和所有地區的大型交易中看到了穩定的套件附加率，包括日本創紀錄的附加率。

Now with 57% of our revenue coming from suites compared to 48% a year ago, we still have a large opportunity to drive Enterprise Plus adoption.

現在，我們 57% 的收入來自套件，而一年前為 48%，我們仍然有很大的機會推動 Enterprise Plus 的採用。

Our Q2 customer expansions and wins with Enterprise Plus include one of the largest marketing companies in the world, upgraded to Enterprise Plus with a six-figure upsell as the organization looks to leverage Box AI metadata and Box Hubs to create client-centric hubs with workflow to reduce the time for teams to come up to speed on new engagements with clients, partners, vendors and securely collaborate across their ecosystem.

我們第二季的客戶擴展和Enterprise Plus 贏得的客戶包括世界上最大的行銷公司之一，該公司以六位數的追加銷售升級為Enterprise Plus，因為該組織希望利用Box AI 元數據和Box Hub 來透過工作流程創造以客戶為中心的中心縮短團隊與客戶、合作夥伴、供應商進行新合作的時間，並在整個生態系統中安全地進行協作。

A UK-based event, design and production company purchased Enterprise Plus with a 3-year enterprise license agreement with a key focus on replacing legacy ECM tools, like SharePoint, in order to enhance and streamline their collaboration efforts as they create engaging experiences for their clients.

一家總部位於英國的活動、設計和製作公司購買了Enterprise Plus，並簽訂了為期3 年的企業許可協議，其重點是替換舊版ECM 工具（例如SharePoint），以便在為其創建引人入勝的體驗時增強和簡化他們的協作工作。

And an organization that regulates and creates policies for the construction industry, purchased Box with a six-figure deal to replace an antiquated on-prem ECM system.

負責建築業監管和製定政策的組織以六位數的價格收購了 Box，以取代過時的本地 ECM 系統。

With Box as their modern and Intelligent Content Management solution, they expect to save costs associated with their on-prem solution, including hardware, storage, maintenance, upgrades and support costs.

透過 Box 作為現代智慧內容管理解決方案，他們希望節省與其本地解決方案相關的成本，包括硬體、儲存、維護、升級和支援成本。

The organization also has plans to integrate Box to their contract permitting system and utilize Box AI with their contract team.

該組織還計劃將 Box 整合到其合約許可系統中，並與其合約團隊一起使用 Box AI。

As we power more advanced workflows in partnership with key system integrators, in Q2, we saw a number of wins with large customers across critical focus industries with the help of these strong SI partners, including the replacement of many legacy ECM systems.

隨著我們與關鍵系統整合商合作支援更先進的工作流程，在第二季度，我們在這些強大的SI 合作夥伴的幫助下，在關鍵重點行業的大客戶中取得了許多勝利，包括更換許多舊的ECM 系統。

Now looking forward, our go-to-market engine will continue to drive Enterprise Plus expansion catalyzed by gaining access to Box AI, and we have plans to expand our efforts with critical go-to-market partners, like system integrators, that can expand our penetration into key prospects and accounts and get Box embedded into more customer workflows and retire legacy ECM systems.

現在展望未來，我們的上市引擎將繼續透過獲得 Box AI 來推動 Enterprise Plus 擴展，並且我們計劃與關鍵的上市合作夥伴（例如係統整合商）一起擴大我們的努力，這些合作夥伴可以擴展我們滲透到關鍵的潛在客戶和客戶中，並將Box 嵌入到更多的客戶工作流程中，並淘汰舊的ECM 系統。

We are also incredibly excited to host BoxWorks, our flagship customer conference, this year on November 12 in San Francisco, which will also be live streamed to tens of thousands of customers globally.

我們也非常高興能夠於今年 11 月 12 日在舊金山舉辦我們的旗艦客戶會議 BoxWorks，該會議也將向全球數萬名客戶進行現場直播。

At BoxWorks this year, we expect to unveil major new product enhancements as well as highlight major partnerships across the AI landscape and system integrator ecosystems.

在今年的 BoxWorks 上，我們預計將推出主要的新產品增強功能，並強調人工智慧領域和系統整合商生態系統的主要合作夥伴關係。

In conjunction with BoxWorks, we're hosting a virtual IR product briefing for investors to discuss these major updates.

我們與 BoxWorks 合作舉辦虛擬 IR 產品簡報會，讓投資人討論這些重大更新。

Now in the last few months, we have been pleased to announce the appointment of some fantastic leaders with decades of enterprise software experience to our leadership team.

在過去的幾個月裡，我們很高興地宣布任命一些擁有數十年企業軟體經驗的優秀領導者加入我們的領導團隊。

This includes Samantha Wessels who has joined us as President of Box EMEA.

其中包括加入我們並擔任 Box EMEA 總裁的 Samantha Wessels。

Samantha has led successful teams at high-performing SaaS and software companies, including Elastic and Snyk, and large system integrators in EMEA.

Samantha 曾在 Elastic 和 Snyk 等高性能 SaaS 和軟體公司以及歐洲、中東和非洲地區的大型系統整合商中領導過成功的團隊。

Another new leader, Tricia Gellman, has joined as our Chief Marketing Officer.

另一位新領導者 Tricia Gellman 已加入我們擔任行銷長。

Tricia brings over two decades of experience in driving growth and innovation for leading technology companies, including high-growth startups and industry giants like Salesforce and Adobe.

Tricia 擁有二十多年推動領先科技公司（包括高成長新創公司以及 Salesforce 和 Adob​​e 等產業巨頭）成長和創新的經驗。

These leaders will help us to drive our evolution as the leading Intelligent Content Management platform, delivering AI-powered collaboration, workflow automation, security and intelligence.

這些領導者將幫助我們推動我們作為領先的智慧內容管理平台的發展，提供人工智慧驅動的協作、工作流程自動化、安全性和智慧。

Finally, we're also pleased to welcome Steve Murphy to our Board of Directors.

最後，我們也很高興地歡迎 Steve Murphy 加入我們的董事會。

Steve is the CEO of Epicor Software and has had an extensive career in the software industry, a track record of operational excellence and expertise in the content management market.

Steve 是 Epicor Software 的首席執行官，在軟體產業擁有豐富的職業生涯，在內容管理市場擁有卓越營運和專業知識的良好記錄。

Overall, we are incredibly pleased with our strong performance and execution in Q2.

總的來說，我們對第二季的強勁表現和執行力感到非常滿意。

Our acceleration in RPO growth will continue to drive momentum in the second half of this year and beyond.

我們 RPO 成長的加速將繼續推動今年下半年及以後的發展勢頭。

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

接下來，讓我把它交給迪倫。

Thanks, Aaron.

謝謝，亞倫。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

We are very pleased with our strong Q2 delivering accelerated billings growth as well as record gross margin operating margin and EPS.

我們對第二季強勁的營收成長以及創紀錄的毛利率、營運利潤率和每股盈餘感到非常滿意。

These record results demonstrate both our proven business model and early signs of success from the investments we're making in our intelligent content management platform, consistent with our key financial priorities.

這些創紀錄的業績證明了我們經過驗證的商業模式以及我們在智慧內容管理平台上進行的投資取得成功的早期跡象，這與我們的主要財務優先事項是一致的。

We're continuing to generate operating leverage and execute on our disciplined capital allocation strategy.

我們將繼續產生營運槓桿並執行嚴格的資本配置策略。

In Q2, we delivered revenue of $270 million at the high end of our guidance up 3% year over year and 6% in constant currency.

第二季度，我們實現了 2.7 億美元的收入，達到指導上限，年增 3%，以固定匯率計算成長 6%。

We now have more than 1800 total customers paying us at least $100,000 annually our Q2 suite attach rate in large deals was 87%, a new high watermark and up from 78% a year ago.

現在，我們有超過 1800 名客戶每年向我們支付至少 10 萬美元，我們第二季大宗交易的套房附加率為 87%，創下新高，高於一年前的 78%。

Suite customers now account for 58% of our revenue up significantly from 48% in Q2 of last year.

套件客戶現在占我們收入的 58%，比去年第二季的 48% 顯著增加。

We're seeing increasing demand for Box A. AI and our more advanced capabilities, which has been a key driver of our strong suites momentum.

我們看到對 Box A.AI 和我們更先進的功能的需求不斷增長，這是我們強勁套件勢頭的關鍵驅動力。

We ended Q2 with remaining performance obligations or RPO of $1.3 billion, a 12% year-over-year increase or 14% in constant currency.

截至第二季末，我們的剩餘履約義務或 RPO 為 13 億美元，年增 12%，以固定匯率計算成長 14%。

This represents a strong acceleration from last quarter's constant currency RPO growth of 8%, driven by the combination of bookings outperformance and longer average contract durations.

這表明，在預訂表現優異和平均合約期限更長的共同推動下，上季度按固定匯率計算的 RPO 增長 8%，大幅加速。

Consistent with prior quarters we expect to recognize roughly 60% of our RPO over the next 12 months.

與前幾季一致，我們預計在未來 12 個月內將實現約 60% 的 RPO。

Q2 billings of $256 million were up 10% year over year and up 9% year over year in constant currency, above our expectations for low to mid single digit growth.

第二季營收為 2.56 億美元，年成長 10%，以固定匯率計算年增 9%，高於我們對中低個位數成長的預期。

Roughly half of this outperformance was driven by strong bookings, particularly in Japan and our public sector business.

這種優異表現大約有一半是由強勁的預訂推動的，特別是在日本和我們的公共部門業務。

Q2 billings also benefited from roughly $3 million in early renewals as well as a roughly $4 million tailwind from FX versus our prior expectations.

第二季的帳單也受惠於約 300 萬美元的早期續約以及約 400 萬美元的外匯推動（與我們先前預期的相比）。

Our net retention rate for Q2 was 102%, up from last quarter's net retention rate of 101% and driven by improving price per seat trends.

我們第二季的淨保留率為 102%，高於上一季 101% 的淨保留率，這得益於每席價格趨勢的改善。

Our annualized full churn rate continues to remain stable at 3%, demonstrating best-in-class product stickiness with our customers.

我們的年化完全流失率持續穩定在 3%，這證明了我們對客戶的一流產品黏著度。

We now anticipate exiting FY25 with a net retention rate of roughly 102%, an improvement from our prior expectations of at least 101%.

我們現在預計 25 財年退出時的淨保留率約為 102%，比我們之前至少 101% 的預期有所改善。

Q2 gross margin came in at a record 81.6%, up 470 basis points year over year and exceeding our expectation of roughly 80%.

第二季毛利率達到創紀錄的 81.6%，年增 470 個基點，超出我們約 80% 的預期。

In Q2, we were able to sell data center assets that were no longer using generating a gross margin tailwind of approximately 60 basis points.

在第二季度，我們能夠出售不再使用的資料中心資產，從而產生約 60 個基點的毛利率優勢。

We expect to realize a similar benefit in Q3 as we complete the sale of our remaining data center assets.

當我們完成剩餘資料中心資產的出售時，我們預計將在第三季實現類似的收益。

Q2 gross profit of$ 220 million was up 10% year over year, exceeding our revenue growth rate by more than 600 basis points.

第二季毛利為 2.2 億美元，年增 10%，超出我們營收成長 600 多個基點。

In Q2, we delivered operating income of $77 million, up 19% year over year, once again demonstrating our commitment to generate leverage across the business.

第二季度，我們實現營業收入 7,700 萬美元，年增 19%，再次證明了我們在整個業務中發揮槓桿作用的承諾。

Q2's record operating margin of 28.4% was up three to 60 basis points year over year, despite absorbing an FX headwind of roughly 180 basis points.

儘管吸收了約 180 個基點的外匯逆風，第二季營業利潤率仍創紀錄地達到 28.4%，年增 3 至 60 個基點。

Our rigorous approach to expense management, coupled with gross margin expansion continues to generate additional leverage in our operating model.

我們嚴格的費用管理方法，加上毛利率的擴張，繼續在我們的營運模式中產生額外的槓桿作用。

And as a result, we also delivered a record EPS results of $0.44 in Q2, up $0.08 year over year and well above the high end of our guidance of $0.41. This result includes a negative impact from FX of approximately five.

因此，我們在第二季度還實現了創紀錄的每股收益 0.44 美元，同比增長 0.08 美元，遠高於我們指導的 0.41 美元的上限。這一結果包括外匯帶來的約 5 倍的負面影響。

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

我現在談談我們的現金流和資產負債表。

In Q2, we generated free cash flow of $33 million, up 59% from Q2 of last year.

第二季度，我們產生了 3,300 萬美元的自由現金流，比去年第二季成長 59%。

We generated cash flow from operations of $36 million, up 11% year over year.

我們的營運現金流為 3,600 萬美元，年增 11%。

Let's now turn to our capital allocation strategy.

現在讓我們轉向我們的資本配置策略。

We ended the quarter with $483 million in cash, cash equivalents, restricted cash and short-term investments.

截至本季末，我們的現金、現金等價物、限制性現金和短期投資為 4.83 億美元。

In Q2, we repurchased approximately 3.9 million shares for approximately $102 million.

第二季度，我們以約 1.02 億美元的價格回購了約 390 萬股股票。

As of July 31, 2024, we had approximately $25 million of remaining buyback capacity under our current share repurchase plan.

截至 2024 年 7 月 31 日，根據我們目前的股票回購計劃，我們擁有約 2,500 萬美元的剩餘回購能力。

We remain committed to opportunistically returning capital to our shareholders through our ongoing stock repurchase program and our Board recently authorized an additional $100 million stock repurchase.

我們仍然致力於透過持續的股票回購計畫向股東返還資本，我們的董事會最近授權額外回購 1 億美元的股票。

With that, let me now turn to our Q2 three and full year guidance.

現在，讓我談談我們的第二季和全年指導。

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.

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。

Since we last provided guidance, the US dollar has weakened versus the yen and the following guidance includes the expected impact of FX, assuming current exchange rates.

自從我們上次提供指引以來，美元兌日圓已經走弱，以下指引包括外匯的預期影響（假設當前匯率）。

Additionally, we expect the noncash deferred tax expenses that we discussed previously to represent an impact of roughly $0.01 to GAAP and non-GAAP EPS in Q3 and $0.05 for the full year.

此外，我們預計先前討論的非現金遞延稅費用將對第三季的 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。

Finally, I would note that the seasonality of our second half expenses is expected to differ from the past few years for two reasons.

最後，我要指出的是，我們下半年支出的季節性預計將與過去幾年有所不同，原因有二。

First, in Q3, we expect to recognize the benefit from data center equipment sale that I mentioned earlier, resulting in lower Q3 cost of sales.

首先，在第三季度，我們預計將認識到我之前提到的資料中心設備銷售的好處，從而導致第三季銷售成本降低。

Second this year, BoxWorks will be held in person in Q4, representing a little more than 2 million in queue for sales and marketing expenses.

今年第二次 BoxWorks 將於第四季舉辦，預計將有超過 200 萬人排隊等待銷售和行銷費用。

For the third quarter of fiscal 2025, we expect Q3 revenue to be in the range of $274 million to $276 million, representing 5% year-over-year growth this includes an expected headwind from FX of approximately 130 basis points.

對於 2025 財年第三季度，我們預計第三季營收將在 2.74 億美元至 2.76 億美元之間，年增 5%，其中包括預計約 130 個基點的外匯阻力。

We anticipate our Q3 billings growth rate to be in the mid single digit range.

我們預計第三季的帳單成長率將在中等個位數範圍內。

This includes an expected tailwind from FX of approximately 200 basis points as well as an expected headwind of roughly $3 million from the early renewals that were billed in Q2 as we complete the sale of our remaining data center assets in Q3, we expect our Q3 gross margin to be roughly flat sequentially, representing a year-over-year improvement of more than 500 basis points beginning in Q4, data center asset sales will have been completed and we'll no longer impact our gross margin going forward.

這包括預計來自外匯的約200 個基點的順風，以及由於我們在第三季度完成剩餘數據中心資產的出售而在第二季度計費的早期續約帶來的約300 萬美元的逆風，我們預計第三季的總收入利潤率將與上一季大致持平，即從第四季度開始同比提高超過 500 個基點，數據中心資產銷售將完成，我們將不再影響我們未來的毛利率。

We expect our Q3 non-GAAP operating margin to be approximately 28%, which includes an expected negative impact of approximately 110 basis points due to FX.

我們預計第三季非 GAAP 營業利潤率約為 28%，其中包括因外匯造成的約 110 個基點的預期負面影響。

This represents a 330 basis point improvement year over year and a 440 basis point improvement in constant currency.

這意味著同比提高了 330 個基點，以固定匯率計算則提高了 440 個基點。

We expect our Q3 non-GAAP EPS to be in the range of $0.41 to $0.42 a 16% year-over-year increase at the high end of this range.

我們預計第三季非 GAAP 每股盈餘將在 0.41 美元至 0.42 美元之間，年增 16%，處於該範圍的高端。

This includes an expected headwind of approximately $0.02 from FX and $0.01 from noncash deferred tax expenses.

這包括來自外匯的約 0.02 美元的預期阻力和來自非現金遞延稅費的 0.01 美元的預期阻力。

Weighted average diluted shares are expected to be approximately 148 million for the full fiscal year ending January 31, 2025.

截至2025年1月31日的整個財年，加權平均稀釋股份預計約為1.48億股。

We anticipate revenue to be in the range of $1.086 billion to $1.09 billion, representing approximately 5% year-over-year growth and 7% growth in constant currency.

我們預計營收將在 10.86 億美元至 10.9 億美元之間，年增約 5%，以固定匯率計算成長 7%。

This represents a $10.5 million increase at the midpoint versus our prior guidance, with roughly two thirds of this increase attributable to FX and roughly one-third attributable to strength in our underlying business.

這意味著與我們先前的指導相比，中點增加了 1050 萬美元，其中大約三分之二的成長歸因於外匯，大約三分之一歸因於我們基礎業務的實力。

We now expect an FX headwind of roughly 170 basis points versus our previous expectations of 250 basis points.

我們現在預計外匯逆風約為 170 個基點，而先前的預期為 250 個基點。

We now expect our FY25 billings growth rate to be in the mid single digit range, an improvement from our previous expectations of a low single digit growth rate.

我們現在預計 25 財年的帳單成長率將在中個位數範圍內，這比我們先前預期的低個位數成長率有所改善。

We now expect FX to have a negative impact of approximately 30 basis points on this year's billings growth versus our previous expectations of approximately 150 basis points.

我們現在預計外匯將對今年的帳單成長產生約 30 個基點的負面影響，而我們先前的預期約為 150 個基點。

We are raising our FY25 gross margin expectations to roughly 81%, an increase of 100 basis points from roughly 80%.

我們將 2025 財年毛利率預期上調至約 81%，比約 80% 提高了 100 個基點。

This represents a year-over-year improvement of 360 basis points.

這意味著同比提高了 360 個基點。

We are also raising our FY25 non-GAAP operating margin expectations to approximately 27.5%, up from approximately 27% and representing a 200 to 80 basis point improvement year over year, we now expect FX to have a negative impact on operating margin of roughly 130 basis points versus our previous expectations of 160 basis points.

我們也將 2025 財年非 GAAP 營業利潤率預期從約 27% 提高至約 27.5%，同比提高 200 至 80 個基點，我們現在預計外匯將對營業利潤率產生約 130 個基點的負面影響與我們之前預期的160 個基點相比。

We are raising our EPS expectations for the full year, driven by outperformance and the leverage we've been able to generate across the business.

在出色的業績和我們在整個業務中產生的槓桿作用的推動下，我們正在提高全年每股收益預期。

We now expect FY25 non-GAAP EPS to be in the range of $1.64 to $1.66, representing a 14% increase at the high end of this range versus $1.46 in the prior year.

我們現在預計 25 財年非 GAAP 每股盈餘將在 1.64 美元至 1.66 美元之間，較前一年的 1.46 美元成長 14%。

This includes the $0.05 impact from deferred tax expenses that I noted previously, as well as an expected FX headwind of $0.12, which is $0.03 lower than our previous expectations.

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 0.12 美元的外匯阻力，比我們之前的預期低 0.03 美元。

Weighted average diluted shares are now expected to be approximately $148 million, $2 million lower than our previous expectations.

目前預計加權平均稀釋後股份約為 1.48 億美元，比我們先前的預期低 200 萬美元。

As we enter the era of intelligent content management boxes, powering the full lifecycle of content in a single platform with native enterprise-grade security and AI capabilities.

隨著我們進入智慧內容管理盒時代，透過原生企業級安全和人工智慧功能在單一平台上為內容的整個生命週期提供支援。

As Aaron mentioned, we are already seeing the success of this strategy with increasing adoption of Enterprise Plus and its enhanced box AI capabilities, catalyzing an acceleration in our RPO growth and an improvement in our net retention rate.

正如 Aaron 所提到的，隨著 Enterprise Plus 及其增強的人工智慧功能的越來越多的採用，我們已經看到了這項策略的成功，促進了我們的 RPO 成長的加速和淨保留率的提高。

Additionally, our disciplined financial strategy allows us to continue making targeted investments to fuel product innovation and our go-to-market initiatives, while also expanding margins and returning capital to our shareholders.

此外，我們嚴格的財務策略使我們能夠繼續進行有針對性的投資，以推動產品創新和進入市場計劃，同時擴大利潤率並向股東返還資本。

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

這樣，亞倫和我將很樂意回答您的問題。

Operator?

操作員？

Thank you.

謝謝。

And we will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Steve Enders.

史蒂夫恩德斯。

Okay, great.

好的，太好了。

Thanks for taking the questions here.

感謝您在這裡提出問題。

I guess maybe just to start, I mean, good to hear the outperformance on the booking side, I guess great to get a little bit more, I guess, clarity on what you're seeing out there in the macro and deal environment.

我想也許只是開始，我的意思是，很高興聽到預訂方面的出色表現，我想很高興能獲得更多信息，我想，清楚地了解您在宏觀和交易環境中看到的情況。

And if you feel like there's an improvement going on there versus maybe a little bit of better execution on the sales side?

如果您覺得銷售方面的執行情況有所改善，而銷售方面的執行情況可能會有所改善？

Yes.

是的。

So definitely, we're very happy with the execution in the quarter.

當然，我們對本季的執行情況非常滿意。

The team delivered strong results really across segments.

該團隊在各個領域都取得了出色的成果。

I think we still see some degree of incremental pressure in areas not incremental, but relative pressure in areas like SMB and a couple of kind of regional segments.

我認為我們仍然在非增量領域看到一定程度的增量壓力，但在中小企業和一些區域細分領域看到相對壓力。

But when we look at the Q2 performance, it feels like relatively stable compared to, let's say, Q1 and the general trends we've been seeing.

但是，當我們查看第二季的表現時，與第一季和我們所看到的整體趨勢相比，感覺相對穩定。

And overall, I think it was a quarter driven by demand for Box AI, and our Enterprise Plus plan.

總的來說，我認為這個季度是由 Box AI 的需求和我們的 Enterprise Plus 計劃推動的。

So the teams are very much focused on continuing to drive both new logos and upsells into the E Plus plan.

因此，團隊非常專注於繼續推動 E Plus 計劃中的新標誌和追加銷售。

And that momentum just continues relatively unabated, which is great to see, and customers really doubling down on this idea of having an Intelligent Content Management platform.

這種勢頭仍然相對有增無減，這是很高興看到的，而且客戶確實加倍支持擁有智慧內容管理平台的想法。

But I think we're happy with the performance on a broad basis, even though there are some areas, where we still see some degree of macro pressure in areas like SMB, et cetera.

但我認為，我們對整體表現感到滿意，儘管在某些領域，我們仍然看到中小企業等領域面臨一定程度的宏觀壓力。

Okay.

好的。

No, that's great to hear.

不，很高興聽到這個消息。

And then, I guess on the AI side of the equation, I think you called up some pretty solid wins there.

然後，我想在等式的人工智慧方面，我認為你在那裡取得了一些相當穩固的勝利。

I guess, is there a way to, I guess maybe just slow down, maybe what contribution the AI side is beginning to have in terms of monetization and the revenue impact.

我想，有沒有辦法，我想也許只是放慢速度，也許人工智慧方面開始在貨幣化和收入影響方面做出什麼貢獻。

And I guess secondarily, as we think about that law firm, when you called out in the prepared remarks, I guess what kind of drove them choosing Box for their AI use cases versus maybe leveraging some other kind of platform out there?

其次，我想，當我們想到那家律師事務所時，當您在準備好的發言中指出時，我想是什麼驅使他們選擇 Box 作為他們的人工智慧用例，而不是利用其他類型的平台？

Yes.

是的。

So I think, we made a key decision about a year ago on the pricing strategy for AI, and it was really due to the fact that we saw trends in the AI space where the cost of AI tokens, and the underlying AI models were becoming cheaper and cheaper and more cost effective over time at the same time, as the performance and powerfulness of those models were improving.

所以我認為，大約一年前，我們就人工智慧的定價策略做出了一個關鍵決定，這實際上是因為我們看到了人工智慧領域的趨勢，即人工智慧代幣的成本和底層人工智慧模型正在變得越來越重要。

And so, anytime you have those kinds of trajectories where the technology is getting better and cheaper at the same time.

因此，無論何時，你都會經歷技術變得更好、成本也越來越低的軌跡。

You have to make a decision on kind of how do you want to price and package it to make sure that you're letting your customers really get the, kind of accruing of all that value.

您必須決定如何定價和包裝，以確保您的客戶真正獲得所有這些價值的累積。

And so, we made the call to include Box AI in our Enterprise Plus plan, as you know.

因此，如您所知，我們呼籲將 Box AI 納入我們的 Enterprise Plus 計劃中。

And with the goal and expectation that what that would do, is drive an upgrade cycle for any customers that maybe were holding out on moving to Enterprise Plus.

我們的目標和期望是，為那些可能堅持遷移到 Enterprise Plus 的客戶推動升級週期。

We had multiple chances of getting them to upgrade for a variety of other features, but for some reason they still hadn't moved to the E Plus plan.

我們有多次機會讓他們升級各種其他功能，但由於某種原因，他們仍然沒有轉移到 E Plus 計劃。

And AI has provided just yet that additional catalyst that is turning out to be a very big component of the plan to get customers into that upgrade cycle.

人工智慧還提供了額外的催化劑，事實證明，它是讓客戶進入升級週期的計畫的一個非常重要的組成部分。

So really, in any particular deal, in this case of the law firm you mentioned that, I mentioned in the remarks.

因此，實際上，在任何特定交易中，在您提到的律師事務所的案例中，我在評論中都提到了。

This is really again, the full portfolio of capabilities Box Sign, included the potential use cases of Box Hubs in the future.

這確實是 Box Sign 的完整功能組合，包括 Box Hub 未來的潛在用例。

And so, AI just becomes another kind of core foundational capability that gets that, that type of customer over the edge to getting a deal done.

因此，人工智慧只是成為另一種核心基礎能力，可以幫助這類客戶完成交易。

We had a number of either renewals or upgrades in E Plus in Q2 that were just further catalyzed by customers wanting access to Box AI for all of their employees.

第二季度，我們對 E Plus 進行了多次更新或升級，而客戶希望所有員工都能使用 Box AI，這進一步推動了這些更新或升級。

If you kind of step back and you think about any kind of CIO or IT leader right now, they need to be able to have an AI strategy for their leadership team, for the company, for the Board of Directors.

如果你退後一步，想想現在任何類型的 CIO 或 IT 領導者，他們都需要能夠為他們的領導團隊、公司和董事會制定人工智慧策略。

And so, we're making it extremely easy to say, okay, Box is my Intelligent Content Management platform, based on the fact that Box AI is included as a core component of the platform.

因此，我們非常容易地說，好吧，Box 是我的智慧內容管理平台，因為 Box AI 是該平台的核心元件。

And so, we've just made it easier and easier for that to happen.

因此，我們只是讓這件事變得越來越容易發生。

Yes, and this is Dylan.

是的，這是迪倫。

And just to build on that, in terms of where you can really see the impact, currently with our current set of offerings is in that suites attach rate in larger deals.

在此基礎上，就您可以真正看到影響的方面而言，目前我們目前的一系列產品是在較大的交易中附加利率。

And our overall suites penetration, i.e. the revenue attributable to suites with both of those metrics at record highs, and about 10 points year-on-year.

我們的整體套房滲透率，這兩項指標均創歷史新高的套房應佔收入，較去年同期成長約 10 個百分點。

And then even going forward, once we have our newer sets of offerings and AI capabilities, we still expect to see the biggest and most direct impact from those AI capabilities, driving yet another upgrade cycle to our highest tier plan as well as Enterprise Plus.

甚至展望未來，一旦我們擁有了更新的產品和人工智慧功能，我們仍然期望看到這些人工智慧功能產生最大和最直接的影響，推動我們的最高層計劃和企業增強版的另一個升級週期。

And so, we will be monetizing AI discreetly as well.

因此，我們也將謹慎地利用人工智慧貨幣化。

And so, that'll be very clearly connected and directly attributable to AI queries, but we expect the majority of the impact to be coming from customers electing to move into higher tier plans.

因此，這將非常明顯地聯繫並直接歸因於人工智慧查詢，但我們預計大部分影響將來自選擇進入更高級別計劃的客戶。

Okay.

好的。

Perfect.

完美的。

Great to hear, and I appreciate all the extra detail there.

很高興聽到，我很欣賞那裡的所有額外細節。

Thank you.

謝謝。

Pinjalim Bora.

平賈林·博拉。

Oh great.

哦，太棒了。

Thanks for taking the questions.

感謝您提出問題。

One question, obviously you're talking about a little bit better, it seems like price per seat, but I would love to hear what are you seeing around kind of the seed growth trends at this point?

有一個問題，顯然您正在談論更好一點，似乎是每個席位的價格，但我很想聽聽您目前對種子增長趨勢的看法如何？

Is that stabilizing?

這是穩定了嗎？

Do you see any signals of seat growth improving?

您是否看到座位成長有所改善的訊號？

Yes.

是的。

So to your point really, where we saw that uptick in our overall net retention rate was attributable to stronger pricing, which was in large part due to what we were just talking about, around more and more customers electing to move to our highest tier, our Enterprise Plus plan driven by AI.

因此，實際上，我們看到整體淨保留率的上升歸因於更強勁的定價，這在很大程度上是由於我們剛才所說的，圍繞著越來越多的客戶選擇轉移到我們的最高層，我們由人工智慧驅動的 Enterprise Plus 計劃。

On the seat front, we are seeing a relatively stable dynamic and environment there.

在座椅正面，我們看到了一個相對穩定的動態和環境。

So, we have been seeing continued pressure on overall seat expansion rates.

因此，我們一直看到整體座位擴張率持續面臨壓力。

And so, while we do feel confident that those will improve over time, that was not a factor in the most recent net retention rates and that improvement, 102% that we just reported.

因此，雖然我們確實相信這些會隨著時間的推移而改善，但這並不是最近淨保留率和我們剛剛報告的 102% 改善的一個因素。

Yes, understood.

是的，明白了。

And one for you, Aaron, maybe talk about the reasoning behind providing unlimited AI queries in the E Plus plan.

Aaron，您可以談談在 E Plus 計劃中提供無限人工智慧查詢背後的原因。

Is that driven by the lower cost to run those queries?

這是因為執行這些查詢的成本較低嗎？

Is it mainly, I think, you were saying this -- in the question before, maybe lowering the friction of adoption, maybe just the reasoning behind it.

我認為，您在先前的問題中主要是這麼說的，也許是降低採用的摩擦，也許只是背後的原因。

And then, could there still be some avenues, sounds like to monetize power users on a consumption basis.

然後，是否還有一些途徑，聽起來像是在消費的基礎上將高級用戶貨幣化。

Just trying to think how you'd kind of manage the gross margins?

只是想想你會如何管理毛利率？

Yes, great.

是的，太好了。

So two factors for why we gave unlimited and then, I'll share one more factor in terms of future monetization.

因此，有兩個因素解釋了我們為什麼給予無限，然後，我將分享一個關於未來貨幣化的因素。

So, the first factor was we wanted to encourage the kind of most seamless and frictionless adoption of Box AI.

因此，第一個因素是我們希望鼓勵以最無縫、最無摩擦的方式採用 Box AI。

And what we were finding was some customers were not deploying Box AI, as broadly as their sort of internal demand suggested, because they were worried about running over their query limits.

我們發現，有些客戶並沒有像他們的內部需求所暗示的那樣廣泛部署 Box AI，因為他們擔心超出查詢限制。

And that was kind of the opposite of why, we decided to include Box AI into Enterprise Plus.

這與我們決定將 Box AI 納入 Enterprise Plus 的原因恰恰相反。

So, we really didn't like that friction that we were seeing from some limited customer deployments at the same time, and these are dependent on each other.

因此，我們真的不喜歡同時從一些有限的客戶部署中看到的摩擦，而這些摩擦是相互依賴的。

I don't think we would be able to do this without the secondary factor.

我認為如果沒有次要因素，我們就無法做到這一點。

At the same time, we've seen the drop in costs of the underlying AI models, by probably more or less an order of magnitude just in the past kind of 12 to 18 months.

同時，我們看到基礎人工智慧模型的成本在過去 12 到 18 個月內下降了或多或少一個數量級。

So the fact that GPT 4.0 mini, is priced at a lower rate than whatever the leading models were just in the past couple of quarters is, we're seeing breakthroughs on a very regular basis in this space.

因此，事實上 GPT 4.0 mini 的定價比過去幾季的領先型號都要低，我們經常看到這個領域的突破。

So for us, the models themselves are improving at a rapid rate.

所以對我們來說，模型本身正在快速改進。

The costs are dropping fairly precipitously.

成本正在急劇下降。

Competition is alive and well in the model space that's keeping all of the model providers on their toes.

模型領域的競爭非常活躍，這讓所有模型提供者都保持警惕。

And that is something that we can then just benefit our customers with.

這就是我們可以讓我們的客戶受益的東西。

The other component is, is the monetization of more, let's say excessive use, or large volume use.

另一個組成部分是更多的貨幣化，例如過度使用或大量使用。

So what we announced was our end user use cases for Box AI became uncapped.

因此，我們宣布 Box AI 的最終用戶用例不再受到限制。

So, if you're a user and you ask a question of a document, or a set of documents, that's now included at an unlimited basis in the platform.

因此，如果您是使用者並且提出有關文件或一組文件的問題，那麼這些問題現在會無限地包含在平台中。

If you want to do something with our APIs.

如果您想使用我們的 API 做一些事情。

So read through thousands of documents, power and onboarding process, extract metadata from a large amount of data, a large amount of content that's on a per volume basis.

因此，請閱讀數千份文件、電源和入職流程，從大量數據中提取元數據，每卷的大量內容。

So, we will continue to monetize any of the kind of high volume use cases with AI, using our platform and Box AI API monetization capabilities.

因此，我們將繼續利用我們的平台和 Box AI API 貨幣化功能，透過 AI 的任何高容量用例貨幣化。

And I mentioned the metadata aspect of that that will only increase over time.

我提到元資料方面只會隨著時間的推移而增加。

When you think about things like the Alphamoon technology being baked in the Box, you'll see even more kind of high volume metadata extraction use cases, and we will monetize that separately.

當您考慮像在 Box 中烘焙的 Alphamoon 技術這樣的事情時，您會看到更多類型的大容量元資料提取用例，我們將單獨將其貨幣化。

We still want to make sure that we are delivering very, very price competitive performance in that.

我們仍然希望確保我們在這方面提供非常非常具有價格競爭力的性能。

So, we want to make sure that we can get as much market share as possible, but not to the extent that it dilutes the fundamental underlying margins of the company.

因此，我們希望確保能夠獲得盡可能多的市場份額，但又不會削弱公司的基本利潤。

Understood.

明白了。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Brian Peterson.

布萊恩彼得森。

Hi guys, congrats on the strong quarter.

大家好，恭喜季度表現強勁。

So, I'd be curious to hear how the demand environment evolved through the quarter, or anything that you guys could share on linearity, and what you're seeing so far in August?

因此，我很想知道本季度的需求環境如何演變，或者你們可以分享有關線性的任何信息，以及到目前為止你們在 8 月份看到的情況？

Yes.

是的。

So I think we saw a pretty healthy linearity in the quarter.

所以我認為我們在本季度看到了相當健康的線性。

So nothing kind of to speak of one way or another.

所以沒什麼好說的。

And our expectations, obviously, have been embedded into our Q3 guidance and full year guidance, for what we're seeing right now for the rest of the year thus far.

顯然，我們的期望已融入我們的第三季指導和全年指導中，對於我們目前所看到的今年剩餘時間的情況。

Great.

偉大的。

And maybe just following up.

也許只是跟進。

I know, Aaron, you called out the strength in public sector.

我知道，亞倫，你強調了公共部門的力量。

Is there any use case or anything prevalent that that's really driving that strength?

是否有任何用例或任何流行的東西真正推動了這種力量？

And is it reasonable to correlate some of the AI products, or higher price point plan there?

將一些人工智慧產品或那裡的更高價位計劃關聯起來是否合理？

And is that what's resonating?

這就是引起共鳴的原因嗎？

Just curious to unpack that of it?

只是好奇想打開它的包裝嗎？

Thanks, guys.

謝謝，夥計們。

Yes.

是的。

I think the overall message probably all taken together is producing that momentum.

我認為總體資訊可能綜合起來正在產生這種勢頭。

When you think about a traditional government agency.

當您想到傳統的政府機構。

I think our brands may be instantly think of federal government, but the state and local space is very vast, highly decentralized lots of legacy systems.

我認為我們的品牌可能會立即想到聯邦政府，但州和地方空間非常廣闊，高度分散的許多遺留系統。

And these are environments where they're running mission-critical work for their state.

他們在這些環境中為其所在州運行關鍵任務工作。

And whatever capacity that agency is operating in, and they're often on legacy document management and storage technology.

無論該機構以何種能力運作，他們通常都使用遺留的文件管理和儲存技術。

And so our platform, is really representing the first time in many cases where, because of compliance and security reasons, they're able to now move to the cloud.

因此，我們的平台在許多情況下確實代表了第一次，由於合規性和安全原因，他們現在能夠遷移到雲端。

And be able to do at scale enterprise content management, with intelligence baked in to power modern experiences for their constituents, and citizens and ecosystems.

並且能夠進行大規模的企業內容管理，利用智慧為其選民、公民和生態系統提供現代體驗。

So that message is now really resonating.

所以這個訊息現在確實引起了共鳴。

We've been building up our public sector efforts, again, in addition to federal at the state and local level as well.

除了州和地方層級的聯邦之外，我們再次加強了公共部門的努力。

And so, we've seen I think, some really nice balanced success across both federal and SLED internally.

因此，我認為我們已經看到聯邦和 SLED 內部取得了一些非常好的平衡成功。

And then equally on the federal side, we continue to see large agencies and departments look toward Box, as a modern way to deliver Intelligent Content Management in their environment.

同樣在聯邦方面，我們繼續看到大型機構和部門將 Box 視為在其環境中提供智慧內容管理的現代方式。

And so, AI is a part of it.

因此，人工智慧是其中的一部分。

But I think in the case of the government, there's so much modernization that is possible that the whole platform story is very, very compelling.

但我認為就政府而言，現代化程度如此之高，以至於整個平台的故事都非常非常引人注目。

And then the only additional piece, this is we're not generating revenue from this yet, so it's more upside in the future.

然後唯一的額外部分是，我們還沒有從中產生收入，所以未來會有更大的上升空間。

But we are going through the FedRAMP high process that will open up yet another set of use cases for our federal customers for much more kind of sensitive data.

但我們正在經歷 FedRAMP 高流程，這將為我們的聯邦客戶提供另一組用於更多類型敏感資料的用例。

So right now, we're in the federal FedRAMP marketplace in process for our high applications.

現在，我們正在聯邦 FedRAMP 市場上處理我們的高級應用程式。

You can see that right on the FedRAMP website to great momentum on the compliance certification process there.

您可以在 FedRAMP 網站上看到，那裡的合規性認證流程勢頭強勁。

Appreciate the color.

欣賞顏色。

Thanks, Aaron.

謝謝，亞倫。

Yes, thanks.

是的，謝謝。

Jason Ader.

賈森阿德.

Yes, thank you.

是的，謝謝。

Good afternoon, guys.

下午好，夥計們。

I just wanted to ask, as we think about the next couple of years, what from your perspective is the growth algorithm to get you back to double-digit growth?

我只是想問，當我們思考未來幾年時，從您的角度來看，讓您回到兩位數成長的成長演算法是什麼？

And as part of that question, just wondering if -- what your thoughts are on maybe taking a few points out of operating margin to drive top line growth?

作為這個問題的一部分，我想知道您是否認為可以從營業利潤率中提取一些點來推動營收成長？

Do you think that is a potential way to boost the top line?

您認為這是提高收入的潛在方法嗎？

Yes.

是的。

So I would say at a high level, as we think about getting from our kind of normalized constant currency, pushing into the high single-digit growth range, where we are currently moving up to the double-digit range.

因此，我想說的是，當我們考慮擺脫我們的標準化固定貨幣，進入高單位數增長範圍時，我們目前正在向兩位數範圍邁進。

We do think the majority of that, is going to be coming through and show up in our net retention rates, as that moves up a few points.

我們確實認為其中大部分將通過並體現在我們的淨保留率中，因為淨保留率會上升幾個百分點。

And would expect at that stage in the coming years as the macro environment kind of returns a bit more to normal, to see a pretty balanced contribution between seat growth and pricing.

預計在未來幾年的這個階段，隨著宏觀環境稍微恢復正常，座位成長和定價之間的貢獻將相當平衡。

Over the past several quarters, it's been much more weighted toward pricing improvements, as we mentioned.

正如我們所提到的，在過去的幾個季度中，它更加重視定價改進。

But we would expect to see a healthier mix - or sorry, a more ratable mix over time, both driven from the macroeconomic improvements.

但我們預計會看到更健康的組合——或者抱歉，隨著時間的推移，會出現更可評估的組合，這兩者都是由宏觀經濟改善所推動的。

But also as you think about the impact that a lot of the newer initiatives and use cases that, that opens up will enable us to sell to customers.

但當你想到許多新的舉措和用例的影響時，這些舉措和用例將使我們能夠向客戶銷售產品。

So that's where we expect the majority of the improvement.

這就是我們期望大部分改進的地方。

But at the same time, there are some markets internationally.

但同時，國際上也有一些市場。

We've talked about EMEA in the past, where I think we're kind of seeing less contribution to the business and growth currently, versus the opportunity.

我們過去曾討論過歐洲、中東和非洲地區，我認為目前該地區對業務和成長的貢獻與機會相比較少。

And some other emerging markets that we think would contribute, a little bit more to the net new logo, and net new customer growth part of the equation as well.

我們認為其他一些新興市場也會對淨新標誌和淨新客戶成長做出更多貢獻。

So those are kind of the big buckets, and can certainly drill into any of those other areas.

所以這些都是大桶，當然可以深入到任何其他領域。

And then as it relates to the kind of growth versus profitability balance, certainly exactly where we land in any given year, is going to be a function of exactly that balance.

然後，由於它涉及成長與獲利能力的平衡，當然，我們在任何特定年份所達到的目標，都將是這種平衡的函數。

And as we see a lot of the investments we're making, like we are today, really paying off.

正如我們所看到的，我們正在進行的許多投資，就像我們今天所做的那樣，確實得到了回報。

We'll continue to invest.

我們將繼續投資。

And so I think you'll see, as we have those proven signs of success that we may kind of change the mix shift of how we improve that rule of equation between revenue growth and profitability.

因此，我認為您會看到，由於我們有這些經過驗證的成功跡象，因此我們可能會改變我們如何改善收入成長和獲利能力之間的等式規則的混合轉變。

But we're very confident that we will be able to continue to expand our bottom line, regardless of the growth rate just because a lot of the initiatives that are well underway, that we have a lot more juice to squeeze out of that we've talked through in the past.

但我們非常有信心，無論增長率如何，我們都將能夠繼續擴大我們的利潤，因為許多舉措正在順利進行，我們有更多的資源可以從中榨取。

Thank you.

謝謝。

And then one quick follow-up, just on the M&A that you've done this year.

然後是一個快速跟進，就您今年所做的併購而言。

Is there any impact on either revenue or EPS from these two acquisitions?

這兩次收購對營收或每股盈餘有影響嗎？

Yes.

是的。

So I would say no impact on the revenue side.

所以我想說對收入方面沒有影響。

So not bringing any of that over -- from Alphamoon, for example.

所以不要從 Alphamoon 帶來任何東西。

And then, those are embedded in the guidance that we provided.

然後，這些內容都嵌入到我們提供的指南中。

And just to get a sense of scale with the Alphamoon acquisition we're bringing in, or we brought in about 15 engineers to join the Box team.

為了了解我們收購 Alphamoon 的規模，或者我們引進了約 15 名工程師加入 Box 團隊。

But that's all kind of well incorporated into the expectations we set.

但這一切都很好地融入了我們設定的期望。

Thank you.

謝謝。

Good luck.

祝你好運。

Thanks.

謝謝。

Taylor McGinnis.

泰勒·麥金尼斯。

Yes, hi.

是的，嗨。

Thanks much for taking my questions.

非常感謝您回答我的問題。

So the first one is just I look at the revenue guide, it implies a slight acceleration in 4Q.

所以第一個是我看的收入指南，它意味著第四季略有加速。

And I know in the prepared remarks, there were some comments about an accelerating growth outlook.

我知道在準備好的發言中，有一些關於加速成長前景的評論。

So with the bookings momentum, we saw more stabilization -- demand environment and tailwind from some of the emerging areas like Box AI.

因此，隨著預訂動能的增加，我們看到了更穩定的需求環境和來自 Box AI 等一些新興領域的推動力。

Just any color you can provide on how we should think about that exit rate, as a leading indicator into next year, and the comfort in the drivers behind that?

您能否提供任何顏色來說明我們應該如何考慮退出率（作為明年的領先指標）以及背後驅動程式的舒適度？

Yes.

是的。

So it's actually -- what we do expect to see that top line acceleration over time and are seeing some of those early signals of success, and a lot of the initiatives that were intended that are intended to drive that.

因此，實際上，我們確實希望看到隨著時間的推移，收入會加速成長，並看到一些早期的成功訊號，以及許多旨在推動這一目標的舉措。

I would say that while the back half of this year, we are expecting to see stronger growth and in Q4, to your question specifically, but I'd also note that we expect to see a little bit less of an FX headwind in Q4, just because of how rates have recently moved how they move throughout the year.

我想說，雖然今年下半年，我們預計第四季度會出現更強勁的增長，特別是針對你的問題，但我還要指出，我們預計第四季度的外匯逆風會稍微少一些，只是因為最近利率的變化以及全年的變化。

So actually, there's not too much of a difference in terms of the constant currency growth that we expect in the back half versus the first half.

因此，實際上，我們預計下半年與上半年的貨幣持續成長並沒有太大差異。

And in terms of a kind of underlying growth through to the business, you look at, again, kind of the constant currency growth outlook we provided for Q4 for the full year, to get a sense of that.

就業務的潛在成長而言，您再次查看我們為全年第四季度提供的恆定貨幣成長前景，以了解這一點。

But we'll certainly provide a lot more color, into what we're seeing and specific expectations for next year, once we're a bit deeper into the year.

但一旦我們深入了解今年，我們肯定會提供更多關於我們所看到的情況和對明年的具體期望的資訊。

Perfect.

完美的。

And then my second one is just if we look at the net adds for the greater than 100,000 customers that looked pretty strong this past quarter.

然後我的第二個問題是，如果我們看看上個季度超過 100,000 名客戶的淨增加量，這些客戶看起來相當強勁。

So just, when you think about what like the main drivers of that, whether that be, have been better execution, Box AI.

所以，當你思考主要驅動因素時，無論是不是更好的執行力，Box AI。

I guess, what would you attribute -- that to?

我想，你會把這歸因於什麼？

And as we think about that metric going forward, any expectations that you guys have on your end there?

當我們考慮這個指標的未來時，你們對此有何期望？

Thanks.

謝謝。

Yes.

是的。

So we're not guiding to a particular metric ton increase on that front.

因此，我們並沒有指導在這方面增加特定的噸數。

But overall, we were really happy on Q2's performance in those deals.

但總的來說，我們對第二季這些交易的表現非常滿意。

I think the general trend is, again, customers really gaining access to Box AI through Enterprise Plus, it really becomes another component that kind of tips the scale in favor of doing the Enterprise Plus upgrade in addition to Box Shield for advancing data security or Box Governance for better governing your content, or some of our more advanced Box Sign functionality.

我認為總的趨勢是，客戶真正透過 Enterprise Plus 存取 Box AI，它確實成為除了 Box Shield 之外的另一個元件，有利於進行 Enterprise Plus 升級以提高資料安全性或 Box治理，以便更好地管理您的內容，或我們的一些更高級的Box Sign 功能。

And you'll just continue to see this be a trend, as we add additional capabilities into higher-tier plans in the future.

隨著我們將來在更高級別的計劃中添加更多功能，您將繼續看到這是一種趨勢。

We'll be able to go and drive another upgrade cycle beyond the Enterprise Plus plan.

我們將能夠推動 Enterprise Plus 計劃之外的另一個升級週期。

But right now, that's the main contributor to our 100,000 plus deals.

但目前，這是我們 10 萬多筆交易的主要貢獻者。

Thank you.

謝謝。

Thank you.

謝謝。

Rishi Jaluria.

里希·賈魯裡亞。

Oh, wonderful.

哦，太棒了。

Thanks so much for taking my question.

非常感謝您提出我的問題。

Maybe I just wanted to start off by thinking about kind of the benefits on margins that you've seen from data center sales.

也許我只是想先考慮一下您從資料中心銷售中看到的利潤收益。

Can you just remind us, what is the specific quantification that we've seen on the full year?

您能否提醒我們，全年我們看到的具體量化數據是多少？

And how much of that is extra that you're guiding to this quarter versus last quarter?

與上季相比，您本季的指導意見有多少是額外的？

Or was that already contemplated in the prior full year margin guide we gave?

或者我們在之前提供的全年利潤指南中已經考慮到了這一點？

Then I have a quick follow-up.

然後我會進行快速跟進。

Yes.

是的。

So for this year, those sales represent about a 60 basis point tailwind to both gross and operating margin in both Q2 and Q3.

因此，今年，這些銷售額對第二季和第三季的毛利率和營業利潤率都有約 60 個基點的推動作用。

So for the full year, you think about it as roughly 30 basis points or so.

因此，對於全年而言，您可以將其視為大約 30 個基點左右。

And that was kind of incremental relative to our expectations entering the year.

相對於我們今年的預期，這有點增量。

So that was upside, because of our ability to execute against that.

所以這是有利的，因為我們有能力執行這一點。

So all of that is baked into our - the guidance that we provided today, but was not incorporated into our prior guidance.

因此，所有這些都已納入我們今天提供的指導中，但並未納入我們先前的指導中。

Got it.

知道了。

Thanks.

謝謝。

That's really helpful.

這真的很有幫助。

And then I wanted to ask a question on Japan.

然後我想問一個關於日本的問題。

So you talked -- it sounds like you're seeing an improvement or an uptick in bookings in Japan.

所以你談到了——聽起來你看到日本的預訂量有所改善或上升。

Maybe can you walk us through what is driving that?

也許您可以向我們介紹一下是什麼推動了這一趨勢嗎？

Because you did have a little bit of a slowdown in the past.

因為你過去確實有一點放緩。

It sounds like things are getting better, which is great to see.

聽起來事情正在好轉，這是很高興看到的。

Maybe walk us through kind of was there any changes you made?

也許可以帶我們了解您是否做了任何改變？

Is it the macro environment?

是宏觀環境嗎？

Anything else?

還要別的嗎？

Thanks.

謝謝。

Yes.

是的。

Japan performance we -- it continues to be strong.

日本的表現仍然強勁。

As we've kind of mentioned that they remain a steady part of our business, and we've called out in the past, significant remaining upside across the Japanese market given the kinds of industries that we're still pretty early in -- penetrating, so things like financial services, pharmaceuticals, the federal and kind of government spaces in Japan.

正如我們所提到的，它們仍然是我們業務的穩定組成部分，而且我們過去也曾指出，考慮到我們仍處於早期滲透的行業，日本市場仍有巨大的上升空間，例如日本的金融服務、製藥、聯邦和政府空間。

So lots of upside we still believe across Japan, and they have been major adopters of -- early adopters of our Box AI functionality.

因此，我們仍然相信日本各地有很多優勢，而且他們一直是我們 Box AI 功能的主要採用者 - 早期採用者。

So this is a market that is extremely interested in AI, and really bringing more automation to their content use cases.

因此，這是一個對人工智慧非常感興趣的市場，並且確實為其內容用例帶來了更多自動化。

So I think, they've been relatively stable on the macro front.

所以我認為，他們在宏觀方面一直相對穩定。

Obviously, we're - we just see continued upside in the kinds of industries that, we still have a lot of room to work in.

顯然，我們只是看到了一些行業的持續成長，我們仍然有很大的工作空間。

All right.

好的。

Wonderful.

精彩的。

Thank you.

謝謝。

Yes.

是的。

Thanks.

謝謝。

And that concludes our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn the conference back over to Cynthia Hiponia for closing remarks.

現在我想將會議轉回給辛西婭·希波尼亞 (Cynthia Hiponia) 致閉幕詞。

Great.

偉大的。

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

感謝大家今天加入我們，我們期待在下次電話會議上再次向您通報最新情況。

Ladies and gentlemen, that concludes today's call, and we thank you for your participation.

女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。

You may now disconnect.

您現在可以斷開連線。