Box Inc (BOX) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon. And thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Box, third quarter, fiscal 2025 earnings conference call. (Operator Instructions)

女士們、先生們，午安。感謝您的支持。我叫艾比，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Box 2025 財年第三季財報電話會議。 （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. You may begin.

謝謝。現在我想將會議交給投資者關係副總裁辛西婭·希波尼亞 (Cynthia Hiponia)。你可以開始了。

Good afternoon and welcome to Box's third quarter, fiscal 2025 earnings conference call. I'm Cynthia Hiponia, Vice President of Investor Relations on the call. Today, we have Aaron Levie, Box, Co-Founder and CEO; and Dylan Smith, Box Co-Founder and CFO. Following our prepared remarks, we will take your questions.

下午好，歡迎參加 Box 2025 財年第三季財報電話會議。我是參加電話會議的投資人關係副總裁 Cynthia Hiponia。今天，我們有 Box 聯合創始人兼執行長 Aaron Levie；迪倫史密斯 (Dylan Smith)，Box 聯合創始人兼財務長。在我們準備好的發言之後，我們將回答您的問題。

Today's call is being webcast and will also be available for replay on our investor relations website at boxinvestorrelations.com. Our webcast will be audio only. However, supplemental slides are now available for download from our website.

今天的電話會議正在進行網路直播，也可以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。不過，現在可以從我們的網站下載補充投影片。

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

在本次電話會議上，我們將做出前瞻性陳述，包括我們的2025 財年第四季度和全年財務指導以及我們對2025 財年和未來期間財務業績的預期，包括毛利率、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、收入和帳單以及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。

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 to our customers.

我們實現收入營運利潤率和其他營運模式的能力目標是我們的新產品、定價模型和合作夥伴關係的時機和市場採用以及受益。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。

The impact of the macro environment on our business and operating results and our capital allocation strategies including potential repurchase of our common stock. These statements reflect our best judgment based on factors currently known to us and actual events or results may differ materially.

宏觀環境對我們的業務和經營績效以及我們的資本配置策略（包括可能回購普通股）的影響。這些陳述反映了我們根據我們目前已知的因素做出的最佳判斷，實際事件或結果可能存在重大差異。

Please refer to our earnings press release filed today and the risk factors and documents we filed with the securities and exchange commission including our most recent quarterly report on 10-Q for information the risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call. These forward-looking statements are being made as of today, December 3, 2024. And we disclaim any obligation to update or revise them should they change or cease to be up to date?

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，包括我們最近的 10-Q 季度報告，了解可能導致實際結果與聲明存在重大差異的風險和不確定性信息在本次財報電話會議上。這些前瞻性陳述截至今天，即 2024 年 12 月 3 日。

In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to not as a substitute for or in isolation from our GAAP results.

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。除了不能替代或獨立於我們的 GAAP 結果之外，還應考慮這些非 GAAP 財務指標。

You can find additional disclosures regarding these non-GAAP measures including reconciliation and 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. Unless otherwise indicated all references to financial measures are on a non-GAAP basis.

您可以在我們的收益新聞稿和相關補充幻燈片中找到有關這些非 GAAP 指標的其他披露信息，包括調節和可比較 GAAP 結果，這些幻燈片可在我們網站的 IR 頁面上找到。除非另有說明，所有提及的財務指標均以非公認會計原則為基礎。

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

就這樣，讓我把電話轉給亞倫。

Thank you Cynthia, and thanks everyone, for joining us today. It has been an exciting period for Box, for the past several quarters. I have talked about our intense focus at Box on embedding AI into our platform to revolutionize our customers' ability to create value from their content.

謝謝辛西婭，也謝謝大家今天加入我們。在過去的幾個季度裡，對於 Box 來說，這是一個令人興奮的時期。我已經談到，Box 非常關注將人工智慧嵌入我們的平台中，以徹底改變客戶從內容中創造價值的能力。

Our strong financial results in Q3, reflects continued growth in customer demand for Box AI. In Q3, our revenue grew 5% year-over-year or 6% in constant currency. And RPO growth of 13% year-over-year. We delivered record gross margin of 82%. And our focus on operational discipline drove record operating margin of 29% up four 140 basis points from a year ago.

我們第三季強勁的財務表現反映了客戶對 Box AI 的需求持續成長。第三季度，我們的營收年增 5%，以固定匯率計算成長 6%。 RPO 年成長 13%。我們的毛利率達到創紀錄的 82%。我們對營運紀律的關注推動營運利潤率達到創紀錄的 29%，比一年前提高了 4 140 個基點。

Box AI in Enterprise Plus [drove] strong customer demand in Q3, examples of customers who chose Enterprise Plus to gain access to Box AI include one of the largest advertising agency groups in the world. Expanded their use of Enterprise Plus within the company as they rolled out Box AI and Hubs company wide.

Enterprise Plus 中的 Box AI 在第三季度[推動]了強勁的客戶需求，選擇 Enterprise Plus 訪問 Box AI 的客戶的例子包括世界上最大的廣告代理集團之一。隨著在全公司推出 Box AI 和 Hubs，擴大了 Enterprise Plus 在公司內部的使用。

With Box AI, they are able to summarize documents, quickly sharing valuable insights with clients. And they are able to create Hubs for each department of the business to better organize and get value for their critical business data. A US federal agency upgraded to Enterprise Plus to support secure collaboration with Box Shield and to support hubs and AI use cases related to internal and external collaboration around inspections.

借助 Box AI，他們能夠總結文檔，快速與客戶分享有價值的見解。他們能夠為每個業務部門創建中心，以更好地組織關鍵業務數據並獲取其價值。美國聯邦機構升級到 Enterprise Plus，以支援與 Box Shield 的安全協作，並支援與檢查相關的內部和外部協作相關的中心和 AI 使用案例。

And an American digital marketing and media company that has been a Box customer for 10 years. Upgraded to Enterprise Plus driven by our innovation with Box AI and Hubs. With Hubs AI, they are now able to provide their sales teams with quick and easy access to resources, as well as enable marketing to streamline their content creation process.

還有一家美國數位行銷和媒體公司，已經成為 Box 10 年的客戶。在我們透過 Box AI 和 Hub 進行創新的推動下升級到 Enterprise Plus。借助 Hubs AI，他們現在能夠為銷售團隊提供快速、輕鬆的資源訪問，並幫助行銷人員簡化內容創建流程。

We had a strong quarter overall and executed well on both the top and bottom lines. Proving that our disciplined approach to profitable growth creates value for both our customers and our shareholders. And what I'm most excited about is the journey that now lies in front of us. At BoxWorks, we rolled out key elements in our drive to create a new era of intelligent content management which will be a major driver for growth going forward.

我們的季度整體表現強勁，營收和利潤均表現良好。證明我們嚴格的獲利成長方法為我們的客戶和股東創造了價值。最令我興奮的是現在擺在我們面前的旅程。在 BoxWorks，我們推出了推動創建智慧內容管理新時代的關鍵要素，這將成為未來成長的主要動力。

First, we unveiled the most transformational product lineup in Box history. Second, we launched enterprise advanced a higher tier suite plan for customers to address even more complex and powerful enterprise use cases. And finally, we announced deeper integrations and relationships with key technology partners like Anthropic, OpenAI, Google and we hosted hundreds of partners from all of our key regions who came to spend time with our customers and teams and [dove] into learning about how to build on Box and leverage Box AI.

首先，我們推出了 Box 史上最具變革性的產品陣容。其次，我們為客戶推出了企業高階套件計劃，以解決更複雜、更強大的企業用例。最後，我們宣布與Anthropic、OpenAI、Google 等關鍵技術合作夥伴建立更深入的整合和關係，並且我們接待了來自所有關鍵區域的數百名合作夥伴，他們來與我們的客戶和團隊共度時光，並[深入]學習如何以 Box 為基礎並利用 Box AI。

With intelligent content management, businesses of all sizes are able to unleash the full value of their content and leverage the data within it to drive innovation, automate content based processes to accelerate their businesses and secure their most important information both more easily and at a lower cost compared to legacy ECM systems.

透過智慧內容管理，各種規模的企業都能夠釋放其內容的全部價值，並利用其中的數據來推動創新，自動化基於內容的流程，以加速其業務發展，並更輕鬆、更經濟地保護最重要的資訊。

To deliver on the full potential of intelligent content management at BoxWorks, we announced groundbreaking intelligent workflow automation capabilities. Including Box apps to enable customers to create no code apps for any content based business process inside of box, leveraging AI powered metadata views, custom dashboards and more.

為了充分發揮 BoxWorks 智慧內容管理的潛力，我們宣布了突破性的智慧工作流程自動化功能。包括 Box 應用程序，使客戶能夠利用人工智慧驅動的元資料視圖、自訂儀表板等，為 Box 內任何基於內容的業務流程建立無程式碼應用程式。

Prior to having Box apps, any enterprise that wanted to customize their Box user experience. The power of critical workflow had to do this through our APIs. Now, building on the technology we acquired from [cruz] earlier this year Box apps offers an additional way for customers and partners to rapidly customize and automate content based workflows.

在擁有 Box 應用程式之前，任何想要自訂 Box 使用者體驗的企業都是如此。關鍵工作流程的力量必須透過我們的 API 來實現。現在，基於我們今年早些時候從 [cruz] 獲得的技術，Box apps 為客戶和合作夥伴提供了另一種快速自訂和自動化基於內容的工作流程的方法。

For any line of business or industry specific use case like contract management, digital asset management, invoice, processing, loan document management and more. Further, we announced Box forms which extends our workflow capabilities and allows customers to collect structured data. In any workflow around content Box doc gen for the ability to automatically generate documents such as invoices or contracts and Box metadata extraction APIs to help intelligently extract and create structured data from documents to help power Box apps, as well as link data from Box to other systems tied to these critical workflows.

適用於任何業務線或行業特定用例，例如合約管理、數位資產管理、發票、處理、貸款文件管理等。此外，我們還推出了 Box 表單，它擴展了我們的工作流程功能，並允許客戶收集結構化資料。在圍繞內容的任何工作流程中，Box 文檔生成能夠自動生成發票或合約等文檔，Box 元數據提取API 有助於從文檔中智慧提取和創建結構化數據，以幫助為Box 應用程式提供支持，並將資料從Box 連結到其他應用程式。

This is the precursor functionality to our integrated alpha moon technology that we plan to launch in FY26. When combined these workflow automation capabilities tied to our advanced data security and compliance, open platform and world class end user experience. Allow enterprises to power a wide range of complex content based workflows on Boxs, with little customization or developer experience necessary.

這是我們計劃在 2026 財年推出的整合阿爾法月球技術的先驅功能。當這些工作流程自動化功能與我們先進的資料安全性和合規性、開放平台和世界一流的最終用戶體驗相結合時。讓企業在 Box 上支援各種基於複雜內容的工作流程，幾乎不需要客製化或開發人員經驗。

This dramatically expands the market opportunity for Box and lets us more successfully create value across more and more software categories. In addition to these intelligent workflow capabilities, Box also announced major features to further our leadership in intelligent content management.

這大大擴大了 Box 的市場機會，讓我們能夠更成功地在越來越多的軟體類別中創造價值。除了這些智慧工作流程功能之外，Box 還宣布了一些主要功能，以進一步鞏固我們在智慧內容管理領域的領先地位。

These include new advancements with AI to help customers interact with their content in new ways through Hubs and multi-document query inside its folders, and the ability to create custom AI agents that can be tuned to the specific needs of an enterprise or team through Box AI studio, which also lets you manage and create these agents with many more third party AI model providers including the GPT family, the Gemini family, and the anthropic family of models with additional models coming in the future.

其中包括人工智慧的新進步，可幫助客戶透過集線器和資料夾內的多文件查詢以新方式與其內容進行交互，以及創建自訂人工智慧代理的能力，可以透過Box 調整該代理以滿足企業或團隊的特定需求AI studio，它還允許您與更多第三方 AI 模型提供者一起管理和建立這些代理，包括 GPT 系列、Gemini 系列和 anthropic 系列模型以及未來推出的其他模型。

And we announced Box archive which allows customers to manage large amounts of content, think petabytes and hundreds of millions or billions of files that don't need to be actively engaged by end users for compliance, regulatory or data governance purposes.

我們還推出了 Box archive，它允許客戶管理大量內容，例如 PB 級和數億或數十億個文件，這些文件不需要最終用戶出於合規、監管或資料治理目的而積極參與。

And with Box archive we can handle more of our customers' most important compliance and security use cases without trading off performance or user experience. At BoxWorks, we were also honored to have as keynote speakers, the CEO's of Anthropic, Google, Cloud, Slack and Zoom discussing what's possible with content and AI.

透過 Box archive，我們可以處理更多客戶最重要的合規性和安全用例，而無需犧牲效能或使用者體驗。在 BoxWorks，我們也很榮幸邀請到 Anthropic、Google、Cloud、Slack 和 Zoom 的執行長擔任主講嘉賓，討論內容和人工智慧的可能性。

We are driving deeper integrations with our technology partners as we continue to double down on our open platform further in Q3, we announced an expanded strategic partnership with AWS that will empower organizations of all sizes to build new applications and maximize productivity with generative AI.

隨著我們在第三季度繼續加大開放平台的投入，我們正在推動與技術合作夥伴進行更深入的集成，我們宣布與AWS 擴大戰略合作夥伴關係，這將使各種規模的組織能夠構建新的應用程式並透過生成式AI 最大限度地提高生產力。

Box customers can access foundation models directly in Box AI using Amazon bedrock starting with Anthropic Clad and Amazon Titan, with this integration, companies can quickly and securely build generative AI applications by combining some of the world's most advanced AI models with their data residing in boxs intelligent content management platform.

Box 客戶可以使用Amazon bedrock 直接在Box AI 中存取基礎模型，從Anthropic Clad 和Amazon Titan 開始，透過這種集成，公司可以透過將世界上一些最先進的AI 模型與其駐留在Box 中的資料相結合，快速、安全地建構生成式AI 應用程式智慧內容管理平台。

Now turning to go to market, we remain focused on leveraging our go to market engine to bring the full value of Box to all our customers by delivering high value solutions through our multi product suites and platform complemented by our key partners. Our suite customers have higher contract values and higher net retention and gross expansion rates and Enterprise Plus which now offers unlimited user access to Box AI continues to have solid suite attach rates in large deals across key verticals and record attach rates in the US in Q3.

現在轉向市場，我們仍然專注於利用我們的市場引擎，透過我們的多產品套件和平台並由我們的主要合作夥伴補充提供高價值解決方案，為所有客戶帶來 Box 的全部價值。我們的套件客戶擁有更高的合約價值、更高的淨保留率和毛擴張率，而Enterprise Plus 現在為用戶提供無限制的Box AI 存取權限，在關鍵垂直領域的大型交易中繼續保持穩定的套件附加率，並在第三季在美國創下了附加率記錄。

Now with the addition of enterprise advance which will be generally available in January companies can power intelligent content workflows across their business. It offers Box apps for building no code applications and dashboards to customize content experiences Box forms for creating forms natively in Box.

現在，隨著企業高階功能的增加（將於一月全面推出），公司可以在整個業務中支援智慧內容工作流程。它提供了用於建立無程式碼應用程式的 Box 應用程式和用於自訂內容體驗的儀表板 Box 表單，用於在 Box 中本地建立表單。

Box doc gen for generating documents on the fly. Box AI studio for creating custom AI agents. Box archive for managing content at the end of its life cycle, as well as higher API allowances and more all available in one simple plan. Additionally, customers can purchase incrementally more API bundles such as document generation and AI powered metadata extraction which are expected to drive growth in platform revenue.

Box doc gen 用於動態產生文件。 Box AI studio 用於建立自訂 AI 代理程式。用於在其生命週期結束時管理內容的 Box 存檔，以及更高的 API 限額等，都可以在一個簡單的計劃中獲得。此外，客戶可以逐步購買更多的 API 捆綁包，例如文件生成和人工智慧驅動的元資料提取，預計這將推動平台收入的成長。

From initial conversations with customers at BoxWorks, we're already seeing growing interest in this new plan to tap into Box's breakthrough new features looking forward, we will continue to drive Enterprise Plus expansion with our enhanced Box AI solutions and we will address more complex use cases around content management, document workflows, security and governance with enterprise advanced.

從與BoxWorks 客戶的初步對話中，我們已經看到人們對這項新計劃越來越感興趣，以利用Box 的突破性新功能，展望未來，我們將繼續透過增強的Box AI 解決方案推動Enterprise Plus擴展，並且我們將解決更複雜的使用問題圍繞內容管理、文件工作流程、安全性和企業高級治理的案例。

As I mentioned earlier, a key initiative in our go to market strategy is to work with a partner ecosystem of system integrators to drive larger deals with customers and power more of their mission critical workflows. We recently announced a partnership with the global business and technology consulting company to help customers leverage advanced AI and machine learning to unlock, valuable insights from their content.

正如我之前提到的，我們進入市場策略的一項關鍵舉措是與系統整合商的合作夥伴生態系統合作，推動與客戶的更大交易，並為他們的關鍵任務工作流程提供更多支援。我們最近宣布與全球商業和技術諮詢公司建立合作夥伴關係，幫助客戶利用先進的人工智慧和機器學習從他們的內容中釋放有價值的見解。

Box and Slalom are working together to enable enterprises to modernize workflows, enhance collaboration and transform their content management processes with AI. As we are doubling down on partnership efforts, we will be focused on expanding our relationships with key system integrators like Slalom, Deloitte, PCS, IBM and more.

Box 和 Slalom 正在共同努力，幫助企業實現工作流程現代化、加強協作並利用人工智慧轉變其內容管理流程。隨著我們加倍努力建立合作夥伴關係，我們將專注於擴大與 Slalom、Deloitte、PCS、IBM 等主要係統整合商的關係。

Working hand in hand with our partners will be especially helpful as we continue to drive more takeouts and replacements of legacy enterprise content management systems. The feedback from our customers at BoxWorks was incredible and it's clear that we have an opportunity using our AI enabled platform to serve enterprises in all new ways to help them transform and accelerate their organizations.

隨著我們繼續推動更多的遺留企業內容管理系統的淘汰和更換，與我們的合作夥伴攜手合作將特別有幫助。 BoxWorks 客戶的回饋令人難以置信，很明顯，我們有機會使用我們的 AI 支援平台以全新的方式為企業提供服務，幫助他們轉型並加速其組織的發展。

We believe our total addressable market is increasing substantially. And we can help customers retire more legacy systems and consolidate more in the Box. It was also clear that partners are excited about expanding the work that they can do with Box which will become an even more important growth driver for us going forward.

我們相信我們的潛在市場總量正在大幅成長。我們可以幫助客戶淘汰更多遺留系統並整合更多系統。同樣明顯的是，合作夥伴對利用 Box 擴展他們的工作感到興奮，這將成為我們未來更重要的成長動力。

In this defining period that will shape how work gets done. I could not be prouder of how the company has executed on the innovation with delivered to our intelligent content management platform Box is incredibly well positioned to capitalize on the megatrends in AI and work for automation and power the full life cycle of content in the enterprise.

在這個決定性的時期，這將決定工作的完成方式。我對公司在智慧內容管理平台上執行創新的方式感到非常自豪，Box 處於非常有利的位置，可以利用人工智慧的大趨勢，致力於自動化，並為企業內容的整個生命週期提供動力。

With that, let me turn it over to Dylan.

那麼，讓我把它交給迪倫。

Thanks Aaron, good afternoon everyone and thank you for joining us today. Q3 was a strong quarter for Box's with revenue operating margin and EPS landing at or above the high end of our guidance. We achieved record gross and operating margins this quarter which has enabled us to continue making targeted investments in our intelligent content management platform while also returning capital to shareholders.

謝謝亞倫，大家下午好，謝謝您今天加入我們。第三季度對 Box 來說是一個強勁的季度，營業利潤率和每股盈餘達到或高於我們指引的上限。本季我們實現了創紀錄的毛利率和營業利潤率，這使我們能夠繼續對智慧內容管理平台進行有針對性的投資，同時向股東返還資本。

In Q3, we delivered revenue of $276 million at the high end of our guidance up 5% year-over-year and 6% in constant currency. We now have approximately 900 total customers paying us at least $100,000 annually up 8% year-over-year our Q3 Suites attach rate in large deals with 83% an improvement from 79% in Q3 of last year.

第三季度，我們實現了 2.76 億美元的收入，達到指導上限，年增 5%，以固定匯率計算成長 6%。現在，我們大約有 900 名客戶每年向我們支付至少 10 萬美元，我們的第三季套房在大型交易中的附加率年增 8%，比去年第三季的 79% 提高了 83%。

Suites customers now represent 59% of our revenue up considerably from 51% a year ago. As Aaron, discussed launching enterprise advance next month, will enable all of our customers to power intelligent content workflows across their businesses. We ended Q3 with remaining performance obligations or RPO of $1.3 billion a 13% year-over-year increase and 14% in constant currency.

套房客戶現在占我們收入的 59%，比一年前的 51% 大幅增加。正如亞倫所討論的，下個月推出企業高級版將使我們所有的客戶能夠在其業務中支援智慧內容工作流程。截至第三季度，我們的剩餘履約義務或 RPO 為 13 億美元，年增 13%，以固定匯率計算成長 14%。

Our strong RPO growth was driven by continued improvement in customer contract durations. Consistent with prior quarters, we expect to recognize roughly 60% of our RPO over the next 12 months. Q3 billings of $265 million were up 4% year-over-year and up 3% year-over-year in constant currency Q3 billings were impacted by a roughly 100 basis points or $3 million headwind from FX versus our prior expectations.

我們強勁的 RPO 成長是由客戶合約期限的持續改善所推動的。與前幾季一致，我們預計在未來 12 個月內將實現約 60% 的 RPO。第三季的營業額為2.65 億美元，年成長4%，以固定匯率計算，較去年同期成長3%。外匯逆風的影響。

We ended Q3 with a net retention rate of 102% in line with our expectations and consistent with our prior quarter, our annualized full churn rate continues to remain strong and stable at 3%, demonstrating that the full value of Box's platform is driving customer stickiness.

第三季結束時，我們的淨保留率為102%，符合我們的預期，並且與上一季一致，我們的年化完全流失率繼續保持強勁並穩定在3%，這表明Box 平台的全部價值正在推動客戶黏性。

We continue to anticipate exiting FY25 with a net retention rate of roughly 102%. In Q3, we delivered record gross margin of 81.9% of 560 basis points year-over-year. In Q3, we completed the sale of the remaining data center assets that we noted on our last earnings call which benefited Q3 gross margin by approximately 70 basis points.

我們繼續預期 25 財年退出時的淨保留率約為 102%。第三季度，我們的毛利率創歷史新高，達到 81.9%，年增 560 個基點。在第三季度，我們完成了上次財報電話會議上提到的剩餘資料中心資產的出售，這使第三季度的毛利率提高了約 70 個基點。

Q3 gross profit of $226 million was up 13% year-over-year, substantially greater than our revenue growth rate. This past quarter, we continued to generate leverage across the business delivering record operating income of $80 million up 24% year-over-year. Q3 operating margin of 29.1% was up 440 basis points versus a year ago even as we absorbed a negative impact from FX of roughly 90 basis points.

第三季毛利為 2.26 億美元，年增 13%，大大高於我們的營收成長率。上個季度，我們繼續在整個業務中發揮槓桿作用，營業收入達到創紀錄的 8,000 萬美元，年增 24%。儘管我們吸收了約 90 個基點的外匯負面影響，但第三季的營業利潤率為 29.1%，比一年前成長了 440 個基點。

The upside in our operating margin relative to our expectations was due in part to the pacing of H2 expenses. This includes a shift in sales and marketing expenses to Q4 to support our first in person BoxWorks in several years and the timing of hiring being more back end loaded.

我們的營業利潤率相對於我們的預期有所上升，部分原因是下半年支出的節奏。這包括將銷售和行銷費用轉移到第四季度，以支持我們幾年來首次親自參與的 BoxWorks，以及招募更多後端人員的時間。

As a result, we delivered another record result of $0.45 in Q3 despite absorbing a negative impact from FX of approximately $0.02, EPS was up $0.09 year-over-year and above the high end of our guidance of $0.42.

因此，儘管吸收了約 0.02 美元的外匯負面影響，但我們在第三季度仍創下了 0.45 美元的創紀錄業績，每股收益同比增長 0.09 美元，高於我們指導的 0.42 美元的上限。

I'll now turn to our cash flow and balance sheet. In Q3, we generated free cash flow of $57 million down 2% from Q3 of FY24. We generated cash flow from operations of $63 million down 13% year-over-year. We ended the quarter with $699 million in cash and equivalents. In September, we successfully raised $460 million through a convertible debt offering.

我現在談談我們的現金流和資產負債表。第三季度，我們產生的自由現金流為 5,700 萬美元，比 2024 財年第三季下降 2%。我們的營運現金流為 6,300 萬美元，年減 13%。本季結束時，我們擁有 6.99 億美元的現金及等價物。 9 月份，我們透過可轉換債券發行成功籌集了 4.6 億美元。

A portion of these proceeds were used to pay for fees associated with this transaction to purchase a capped call and to repurchase approximately $140 million of the outstanding convertible notes due in calendar 2026. As a result, net proceeds from this offering were approximately $205 million additionally, in the third quarter, we repurchased $1 million shares for approximately $30 million.

這些收益的一部分用於支付與本次交易相關的費用，以購買上限看漲期權，併回購2026 年到期的約1.4 億美元已發行可轉換票據。億美元第三季度，我們以約 3,000 萬美元的價格回購了 100 萬美元的股票。

As of October 31 2024 we had approximately $95 million of remaining buyback capacity under our current share repurchase plan, in addition to our robust stock repurchase program, we will continue to leverage our strong balance sheet and consistent cash flow generation to invest in key growth initiatives and to fund strategic tuck in M&A opportunities enhancing and accelerating our intelligent content management platform product road map.

截至2024 年10 月31 日，我們目前的股票回購計畫擁有約9,500 萬美元的剩餘回購能力，除了我們強勁的股票回購計畫外，我們將繼續利用我們強大的資產負債表和持續的現金流生成來投資於關鍵成長計畫並為策略性併購機會提供資金，以增強和加速我們的智慧內容管理平台產品路線圖。

With that, let me now turn to our Q4 and full year guidance. As a reminder, approximately third of our revenue is generated outside of the US with roughly 65% of our international revenue coming from Japan. Since we last provided guidance, the US dollar has strengthened versus the JPY and the following guidance includes the expected impact of FX assuming current exchange rates.

現在，讓我談談我們的第四季和全年指導。提醒一下，我們大約有三分之一的收入來自美國境外，其中約 65% 的國際收入來自日本。自從我們上次提供指引以來，美元兌日圓已經走強，以下指引包括假設當前匯率的外匯的預期影響。

As a reminder, the seasonality of our Q4 expenses will differ from the past few years due to boxWorks held in person in November this event will impact Q4 sales and marketing expenses by approximately $3 million. For the fourth quarter of fiscal 2025, we expect Q4 revenue to be approximately $279 million representing 6% year-over-year growth.

提醒一下，我們第四季度支出的季節性將與過去幾年有所不同，因為 BoxWorks 於 11 月親自舉辦，而這項活動將影響第四季度銷售和行銷支出約 300 萬美元。對於 2025 財年第四季度，我們預計第四季度營收約為 2.79 億美元，年增 6%。

This includes an expected headwind from FX of approximately 90 basis points representing an impact of roughly $2 million versus our previous expectations. We anticipate our Q4 billings growth rate to be in the low single digit range. This includes an expected tailwind from FX of approximately 80 basis points.

其中包括來自外匯的預期逆風約 90 個基點，與我們先前的預期相比，這意味著約 200 萬美元的影響。我們預計第四季的帳單成長率將在較低的個位數範圍內。其中包括預計來自外匯的約 80 個基點的推動力。

We expect our Q4 non-GAAP operating margin to be approximately 27.5% which includes the previously mentioned BoxWorks expenses as well as an expected negative impact of approximately 100 basis points due to FX, this represents an 80 basis points improvement year-over-year and a 180 basis points improvement in constant currency.

我們預計第四季度非 GAAP 營業利潤率約為 27.5%，其中包括前面提到的 BoxWorks 費用以及由於外匯造成的約 100 個基點的預期負面影響，這意味著同比改善 80 個基點，按固定匯率計算提高180 個基點。

We expect our Q4 non-GAAP EPS to be approximately $0.41 as compared to $0.42 a year ago, this includes an expected headwind of approximately $0.02 from FX and $0.01 from non cash deferred tax expenses, weighted average diluted shares are expected to be approximately $151 million.

我們預計第四季度非GAAP 每股盈餘約為0.41 美元，而去年同期為0.42 美元，其中包括來自外匯的約0.02 美元的預期阻力和來自非現金遞延稅費用的0.01 美元，加權平均稀釋後股份預計約1.51 億美元。

For the full fiscal year ending January 31, 2025, we anticipate revenue to be approximately $1.09 billion, representing approximately 5% year-over-year growth and 7% growth in constant currency we now expect an FX headwind of roughly 190 basis points versus our previous expectations of 170 basis points.

截至2025 年1 月31 日的整個財年，我們預計營收約為10.9 億美元，年增約5%，以固定匯率計算成長7%，我們現在預期外匯逆風將比我們的預期高約190 個基點。

We now expect our FY25 billings growth rate to be approximately 4%, we now expect FX to have a negative impact of approximately 140 basis points on this year's billings growth versus our previous expectations of approximately 30 basis points, this represents an incremental $12 million in FX headwinds since we last provided guidance.

我們現在預計25 財年的帳單成長率約為4%，我們現在預計外匯將對今年的帳單成長產生約140 個基點的負面影響，而我們先前的預期約為30 個基點，這意味著2025 財年度的帳單成長率將增加1200 萬美元。

Our FY25 gross margin expectations remain approximately 81% a year-over-year improvement of 360 basis points we are raising our FY25 non-GAAP operating margin guidance by 50 basis points to be approximately 28% representing a 330 basis points improvement year-over-year.

我們的 2025 財年毛利率預期仍約為 81%，年增 360 個基點，我們將 2025 財年非 GAAP 營業利潤率指引提高 50 個基點，達到約 28%，年增 330 個基點。

We now expect FX to have a negative impact on the operating margin of roughly 140 basis points versus our previous expectations of 130 basis points. We are raising our EPS expectations for the full year, We now expect FY25 non-GAAP EPS to be approximately [$70] representing a 16% increase versus a $46 in the prior year.

我們現在預計外匯將對營業利潤率產生約 140 個基點的負面影響，而我們先前的預期為 130 個基點。我們正在上調全年每股收益預期，目前預計 25 財年非 GAAP 每股收益約為 [70 美元]，與上一年的 46 美元相比增長 16%。

This includes the $0.05 headwind from the deferred tax expenses that I noted previously as well as an expected FX headwind of $0.13, which is 1p higher than our previous expectations weighted average diluted shares are now expected to be approximately $149 million.

這包括我之前提到的遞延稅費帶來的 0.05 美元阻力，以及 0.13 美元的預期外匯阻力，這比我們之前的預期高 1 便士，加權平均稀釋後股票目前預計約為 1.49 億美元。

We are proud of the strong results we delivered in Q3 including record gross and operating margins and sustaining a double digit RPO growth rate going forward. We're excited to roll out the innovative new products that we unveiled at BoxWorks, enabling enterprises to realize the full value of their content and transform how they work.

我們對第三季的強勁業績感到自豪，包括創紀錄的毛利率和營業利潤率，以及未來保持兩位數的 RPO 成長率。我們很高興推出在 BoxWorks 上推出的創新新產品，使企業能夠實現其內容的全部價值並改變其工作方式。

Our proven cost discipline and operational excellence allow us to strategically invest in the massive opportunity ahead of us as we remain focused on delivering long term shareholder value.

我們經過驗證的成本紀律和卓越的營運使我們能夠對擺在我們面前的巨大機會進行策略性投資，同時我們仍然專注於提供長期股東價值。

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

接線員，亞倫和我將很樂意回答您的問題。

(Operator Instructions) Steve Enders, City.

（操作員指示）史蒂夫·恩德斯（Steve Enders），城市。

Okay, great. Thanks. Can everyone hear me?

好的，太好了。謝謝。大家都能聽到我說話嗎？

Yes.

是的。

Okay, perfect. I guess I just want to start on, I guess the AI Solutions that have come out and just kind of get a better sense for kind of what the earlier the early feedback has been on, the potential contribution for that and maybe how that maybe changes some of the legacy ECM footprint potentially moving to the cloud like, is there a view for for the ability to maybe capture some of those legacy use cases out there?

好的，完美。我想我只是想開始，我想已經出現的人工智慧解決方案可以更好地了解早期反饋的內容、對此的潛在貢獻以及可能如何改變一些遺留的ECM 足跡可能會轉移到雲端，例如，是否有可能捕獲其中一些遺留用例的能力？

Yes. So there's sort of two big categories right now that we are talking about publicly. The first is the core Box AI interactions that we've already launched with single documents or Hubs. So this is where you can really kind of talk to your data for the first time ever. Get summarization of information, quickly, get insights from leading AI models around your content.

是的。因此，我們現在公開討論的有兩大類。第一個是我們已經透過單一文件或集線器啟動的核心 Box AI 互動。因此，這是您第一次真正可以與數據對話的地方。快速總結訊息，從與您的內容相關的領先 AI 模型中獲取見解。

So this is a breakthrough capability for end user productivity. It just makes it easier to work with your content. And then with Hubs, it lets you really kind of search across and ask questions of a large amount of data. So that's been the initial catalyst of growth with Enterprise Plus because those capabilities are included on an unlimited basis for Enterprise Plus.

因此，這是對最終用戶生產力的突破性功能。它只是讓您更輕鬆地處理您的內容。然後，透過 Hubs，您可以真正搜尋大量數據並提出問題。因此，這是 Enterprise Plus 成長的最初催化劑，因為這些功能無限地包含在 Enterprise Plus 中。

And that's been certainly encouraging customers to double down more with Box and move from legacy systems. I think the biggest kind of breakthrough in terms of replacing legacy enterprise content management environments will be some of the initial announcements that we had at BoxWorks where you can begin to extract metadata from your documents using AI.

這無疑鼓勵客戶更多地使用 Box 並從舊系統遷移。我認為在取代傳統企業內容管理環境方面最大的突破將是我們在 BoxWorks 上發布的一些初步公告，您可以開始使用人工智慧從文件中提取元資料。

And then once you have that metadata or structured data in our system, you can begin to automate workflows within Box much more easily and more seamlessly. So being able to for the first time ever at really kind of any kind of scale, extract any type of structured data from contracts or invoices or digital assets or loan agreements, all of that data going into Box's, metadata store.

然後，一旦您在我們的系統中擁有了元數據或結構化數據，您就可以開始更輕鬆、更無縫地自動化 Box 內的工作流程。因此，有史以來第一次能夠以任何規模從合約、發票、數位資產或貸款協議中提取任何類型的結構化數據，所有這些數據都會進入 Box 的元數據儲存。

Then lets you either turn those into Box apps which gives you custom metadata views or automated workflows or even embedding that data into third party applications like salesforce or other systems. So that really kind of goes at the heart of traditional enterprise management because you have so many of these environments where customers need to be able to manage their documents in a compliant way tied to a workflow.

然後，您可以將它們轉換為 Box 應用程序，為您提供自訂元資料視圖或自動化工作流程，甚至可以將該資料嵌入到第三方應用程式（例如 salesforce 或其他系統）中。因此，這確實是傳統企業管理的核心，因為您有很多這樣的環境，客戶需要能夠以與工作流程相關的合規方式管理他們的文件。

And the legacy approaches to getting the metadata out of those documents either was through traditional RPA systems, OCR technology or you had to do a lot of it by hand. So AI really is the first time that we can do that scale in a much more accelerated fashion. And I think that will drive much more growth of these kind of traditional ECM takeout.

從這些文件中獲取元資料的傳統方法要么是透過傳統的 RPA 系統、OCR 技術，要么必須手動完成大量工作。因此，人工智慧確實是我們第一次能夠以更快的速度實現這一規模。我認為這將推動此類傳統 ECM 外送的進一步成長。

Okay, great. That's, that's great to hear. And then maybe shifting gears a little bit just on, the billings outlook for Q4. I guess are there any things that we should be keeping in mind as we think about that, that that low growth rate, that, that we're talking about now for Q4. And I guess, secondarily as we think about that potentially flowing through into fiscal '26.

好的，太好了。很高興聽到這個消息。然後也許會稍微改變一下第四季的比林斯前景。我想在我們考慮這個問題時，我們應該牢記一些事情，即我們現在正在討論的第四季度的低成長率。我想，其次，當我們考慮到這可能會流入 26 財年。

Can you just kind of help us maybe think about the moving parts there between maybe that, low single digit growth where you're talking about there versus, the mid-single digit revenue growth we're at today versus the RPO growth and more in like the mid-teens range and, and how we should kind of think about all that for next year.

您能否幫助我們考慮一下您所說的低個位數增長與我們今天的中個位數收入增長與 RPO 增長等之間的變化部分就像十幾歲左右的範圍，以及我們應該如何考慮明年的所有這些。

Sure. So would say that the Q4 billings expectations that we have are less a function of anything unusual that we expect to see this quarter and more a function of a pretty difficult comparison from a year ago. So as a reminder, Q4 of last year, we delivered 10% constant currency billings growth, which includes both strong early renewals and an impact from a couple of multi-year customer prepayments.

當然。因此，我們對第四季度的帳單預期不是我們預計本季出現的任何異常情況的函數，而是與一年前相當困難的比較的函數。提醒一下，去年第四季度，我們實現了 10% 的恆定貨幣帳單成長，其中包括強勁的早期續訂和一些多年客戶預付款的影響。

So that creates a bit of a just challenging set up from a comparison point of view. If you think about the overall trajectory, both, with Q3 and then Q4 expectations, our expectations for the business really haven't changed over the last few months and kind of in constant currency reiterating that billings outlook that we had on our last call.

因此，從比較的角度來看，這創造了一些具有挑戰性的設定。如果你考慮一下整體軌跡，無論是第三季度還是第四季度的預期，我們對業務的預期在過去幾個月裡確實沒有改變，並且以恆定匯率重申了我們上次電話會議中的比林斯前景。

So feel good that, when you look at both the growth in short term RPO overall RPO growth with kind of demonstrate the underlying momentum and adjusting for some of those factors a bit better feel confident in the trajectory that we're on.

因此，當您看到短期 RPO 的成長和整體 RPO 的成長時，您會感覺很好，這表明了潛在的​​勢頭，並根據其中一些因素進行了調整，對我們所處的軌跡更有信心。

Okay, perfect. Thanks for taking the question.

好的，完美。感謝您提出問題。

Thank you.

謝謝。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

All right. Thanks guys. I will take the question. Aaron, it's great to hear about the positive early feedback from boxworks. I'm curious on how we should be thinking about that as you head into a big business in renewal period in the fourth quarter, you have some project products launching in January.

好的。謝謝你們。我來回答這個問題。 Aaron，很高興聽到 Boxworks 的正面早期回饋。我很好奇，當您在第四季度進入更新期的大業務時，我們應該如何考慮這一點，您在一月份推出了一些專案產品。

Does that change the seasonality and how some customers may be buying or expanding? Obviously, the functionality is much better, but just curious how we should be thinking about that potentially impacting purchases and renewals in the fourth quarter.

這是否會改變季節性以及一些客戶的購買或擴張方式？顯然，功能要好得多，但只是好奇我們應該如何考慮這可能影響第四季的購買和續約。

Yes. So I'd say maybe two things that we're focused on one because obviously Q4 is really a period where there's been a lot of pipeline built throughout the year. A lot of those deals are going to be Enterprise Plus just given the momentum that we've had with many of these customer conversations.

是的。所以我想說，我們可能會關注兩件事，因為顯然第四季度確實是全年建造了大量管道的時期。考慮到我們與許多客戶對話的勢頭，其中許多交易都將是 Enterprise Plus。

So that will be certainly the bulk of the revenue or new bookings that come in Q4 will continue to be on Enterprise Plus. Enterprise advance, gives us another at bat for customers where we have had use cases come up around more structured metadata extraction or custom applications.

因此，這肯定是第四季度收入的大部分，或者新預訂將繼續來自 Enterprise Plus。企業進步為我們為客戶提供了另一個機會，我們已經圍繞更結構化的元資料提取或自訂應用程式提出了用例。

And even the archive functionality is we're having a lot of conversations around. And so to the extent that our sellers can fit those into conversations and we can ensure that we can get those deals done in Q4. You know, I think we'll see, we'll see that in a number of cases, but as we've kind of called out enterprise advance is much more of a driver for next year's revenue growth rate.

甚至存檔功能我們也正在進行許多討論。因此，只要我們的賣家能夠將這些內容納入對話中，我們就可以確保我們能夠在第四季度完成這些交易。你知道，我想我們會看到，在很多情況下我們都會看到這一點，但正如我們所說，企業進步更多是明年收入成長率的驅動力。

And I think you'll still see most of the focus on enterprise plus in Q4, we didn't want to get too much distraction that. But based on the early signals that we're seeing from customers, there's, there's certainly a lot of energy on enterprise advanced. It's absolutely the most amount of value and functionality we've ever packed into a plan at once.

我認為您仍然會在第四季度看到大部分注意力集中在企業+上，我們不想受到太多幹擾。但根據我們從客戶那裡看到的早期訊號，企業高級方面肯定有很多精力。這絕對是我們一次性納入計劃中的最大價值和功能。

So as you'll recall from Enterprise Plus, that was sort of incrementally a build over a multi year period. And so enterprise advance really right out of the gate is going to have just a tremendous amount of advanced capabilities that really let us go and accelerate the move off of legacy enterprise content management systems and get into more categories. So again, you'll see some of this in Q4, but really the focus is going to be for next year's driving your growth.

正如您在 Enterprise Plus 中所回憶的那樣，這是在多年的時間內逐步建立的。因此，企業的進步真正一開始就將擁有大量的先進功能，這些功能真正讓我們加速擺脫傳統企業內容管理系統並進入更多類別。同樣，您將在第四季度看到其中的一些內容，但實際上重點將是明年推動您的成長。

No, that makes sense. And Dylan maybe a follow up for you. The NRR 102% the last two quarters you're guiding for something similar in the fourth quarter. Is it fair to say that we've seen the bottom of that metric or any color you could add there? Thanks guys.

不，這是有道理的。迪倫也許是你的後續作品。過去兩個季度的 NRR 為 102%，您為第四季度的類似情況制定了指導。可以公平地說，我們已經看到了該指標的底部或您可以在其中添加的任何顏色嗎？謝謝你們。

Yeah. So as we said on our last call, we still expect that to be where we bottom out. And then over time, both as we see the impact of our newer offerings start to flow through the model and then at some point, kind of macro headwinds subsiding, both of those should benefit, NRR and then our overall growth rate over time. So we do expect from this level at the bottom here to trend gradually upward over time, going forward.

是的。因此，正如我們在上次電話會議中所說，我們仍然預計這將是我們觸底的地方。然後隨著時間的推移，當我們看到我們的新產品的影響開始通過模型流動時，然後在某個時候，宏觀阻力消退，這兩者都應該受益，NRR 以及我們隨著時間的推移的整體增長率。因此，我們確實預計，隨著時間的推移，從底部的這個水平開始，未來將逐漸向上。

Thanks.

謝謝。

Pinjalim Bora, JP Morgan.

Pinjalim Bora，摩根大通。

Great Thanks, this is Jaden for Pinjalim Bora. Thanks for taking the question with the new skills. How broadly applicable might it be within your customer base?

非常感謝，我是 Pinjalim Bora 的 Jaden。感謝您用新技能提出問題。它在您的客戶群中的適用範圍有多廣？

Yeah. So, we're, we're with the new skills. There's actually sort of something for everyone at the moment I think each customer will sort of value the capabilities a little bit differently. So it, it's sort of hard to peg a particular percentage on the functionality but between AI studio. For anybody who's really pushing their AI efforts internally and AI transformation within their enterprise, the AI studio and the ability to change your models and incorporate them in your workflows more deeply.

是的。所以，我們擁有新技能。目前，實際上每個人都能找到適合自己的東西，我認為每個客戶對這些功能的重視程度都會有所不同。因此，很難在 AI 工作室之間的功能上確定特定的百分比。對於真正在企業內部推動人工智慧工作和人工智慧轉型的任何人來說，人工智慧工作室以及更改模型並將其更深入地融入工作流程的能力。

That's going to be incredibly important for customers that for years have asked us for contract management or digital asset management or invoice processing or quality management systems or more advanced document management. The Box apps functionality is going to really cover all of the bases around that.

對於多年來要求我們提供合約管理或數位資產管理或發票處理或品質管理系統或更高級文件管理的客戶來說，這將非常重要。 Box 應用程式的功能將真正涵蓋與之相關的所有基礎。

And then, finally, we have a number of advanced security compliance and governance features with Box archives and other capabilities that we're working on. So when you kind of take that collection, there'll be some customers that want all of that and we'll jump right in. Some customers will sort of value one or two of those capabilities as well and that will be relevant for us for them.

最後，我們擁有許多先進的安全合規性和治理功能以及我們正在開發的 Box 存檔和其他功能。因此，當您採用該系列時，會有一些客戶想要所有這些，我們會立即加入。

So, not calling out a specific percentage, but this plan is certainly intended to be broad based. And really again, getting our customer base into the future with intelligent content management. Now that will still take a couple of years as that works through the system.

因此，雖然沒有給出具體的百分比，但該計劃肯定具有廣泛的基礎。再次強調，透過智慧內容管理讓我們的客戶群走向未來。現在這仍然需要幾年的時間，因為這需要透過系統來實現。

But we expect to see really strong outcomes as that even rolls out in the near term. But I think, you've seen how these product rollouts work with Enterprise Plus and, again, this is going to be a core focus for us over time.

但我們預計，即使在短期內推出，也會看到真正強勁的成果。但我認為，您已經看到了這些產品的推出如何與 Enterprise Plus 配合使用，並且隨著時間的推移，這將再次成為我們的核心焦點。

Great, thanks. And do we know anything incremental about pricing yet?

太好了，謝謝。我們還知道有關定價的任何增量資訊嗎？

Yeah, so we do expect to achieve somewhere between a 20% to 40% uplift for e advanced relative to where Enterprise Plus is priced on kind of a like for like volume basis. So certainly not yet generally available. But based on the conversation we've been having with customers, some of that early feedback and the analysis we've done, that's where we expect to land and then over time we'll share more in terms of what we're seeing in the market.

是的，所以我們確實希望 e 高級版相對於 Enterprise Plus 的定價在同等數量的基礎上實現 20% 到 40% 的提升。所以肯定還沒有普遍可用。但根據我們與客戶的對話、一些早期回饋和我們所做的分析，這就是我們期望實現的目標，然後隨著時間的推移，我們將分享更多我們所看到的內容市場。

Thanks for taking the questions.

感謝您提出問題。

Joshua Baer, Morgan Stanley.

約書亞·貝爾，摩根士丹利。

Thanks for the question. So the list of new products and capabilities is quite compelling from a platform perspective, very dynamic, like transformational period of time, I guess Aaron wondering what are you most excited about specifically from the business impact or opportunity perspective?

謝謝你的提問。因此，從平台的角度來看，新產品和功能的清單非常引人注目，非常動態，就像轉型時期一樣，我想亞倫想知道從業務影響或機會的角度來看，您最興奮的是什麼？

And then a follow up for Dylan, like based on Aaron's answer, how do you map that over to the finance impact and does that align with what could have the most impact on the model?

然後是迪倫的後續行動，就像根據亞倫的回答一樣，你如何將其映射到財務影響以及這是否與對模型影響最大的因素相一致？

I feel like I want to give a new answer just to throw Dylan off. But I will, a little bit of it is redundant to what I just spoke about in the prepared marks. But, I think the best way to think about it is, Box has really, since we started the company, the core foundational capability set was secure collaboration, content management and user productivity, super powerful, obviously got us to a $1 billion-plus in revenue.

我覺得我想給一個新的答案只是為了甩掉迪倫。但我會的，其中有一點與我剛才在準備的分數中談到的內容是多餘的。但是，我認為最好的思考方式是，自從我們創辦公司以來，Box 確實擁有安全協作、內容管理和用戶生產力等核心基礎能力，非常強大，顯然讓我們實現了 10 億美元以上的收入在收入方面。

And then the moment you wanted really advanced customization, we have a set of really powerful apis that you can embed into your applications and your workflows and that's incredibly powerful and that will remain a major driver for us going forward but we had this chasm in between those two things which is customers coming to us and say, I don't want to just manage my documents inside of folders and have to go kind of peruse those folders or search through those folders for a contract management workflow or I have a million digital assets for a marketing and all of my retail stores.

然後，當您想要真正高級的客製化時，我們有一組非常強大的API，您可以將它們嵌入到您的應用程式和工作流程中，這非常強大，並且將仍然是我們前進的主要驅動力，但我們之間存在鴻溝這兩件事是客戶來找我們說，我不想只管理文件夾內的文檔，而必須仔細閱讀這些文件夾或搜索這些文件夾以獲取合約管理工作流程，或者我有一百萬個數字用於行銷和我所有零售店的資產。

I don't want to just have to go and click through all of those folders and places to find the content that I'm looking for or an invoice process. Where you have hundreds or thousands of documents coming in people don't want to have to just go and work through that in a manual way.

我不想只需要點擊所有這些資料夾和位置即可找到我正在查找的內容或發票流程。當您收到數百或數千份文件時，人們不希望僅以手動方式完成這些文件。

And so unfortunately, we've had this sort of dichotomy where we have a really simple end user application or really powerful APIs, but that requires time and customization. With Box apps and the reason we acquired cruz was we said, well, wait a second if you look at, let's say salesforce with force.com and the app exchange and then lightning customers and partners can quickly build any type of CRM application or with service.

不幸的是，我們遇到了這種二分法，我們有一個非常簡單的最終用戶應用程式或非常強大的 API，但這需要時間和客製化。借助Box 應用程式以及我們收購cruz 的原因，我們說，好吧，等一下，如果您看一下，假設salesforce 與force.com 和應用程式交換，然後閃電客戶和合作夥伴可以快速建立任何類型的CRM 應用程序或服務。

Now, you have the app engine studio where you can quickly build any kind of workflow technology or with workday extend, you can build applications within the HR -- HRS environment. And so we sort of sat around and said, well, where's our version of that where a customer comes in? And they say I want to be able to quickly build an experience within Box that powers the business processes for every line of business that I have that deal with content.

現在，您擁有應用程式引擎工作室，您可以在其中快速建立任何類型的工作流程技術，或者透過延長工作日，您可以在 HR - HRS 環境中建立應用程式。所以我們坐下來問，好吧，我們的客戶進來版本在哪裡？他們說我希望能夠在 Box 中快速建立一種體驗，為我處理內容的每個業務線的業務流程提供支援。

And again, Reise had been building up in our ecosystem kind of delivering that type of capability for our customer base and between the crews acquisition and the timing around that as well as coupled with really the advancements in AI, we said, okay, this is the moment where we can finally deliver that type of solution.

再說一次，Reise 一直在我們的生態系統中建立，為我們的客戶群提供這種類型的能力，在人員獲取和圍繞此的時間安排之間，以及人工智能的真正進步相結合，我們說，好吧，這是我們終於可以提供這類解決方案的那一刻。

We can have an AI powered no code application builder to power workflows in the enterprise backed by the security compliance, data governance, unlimited storage platform capabilities that we have that give us really kind of a superior offering. So that's what I'm most excited about.

我們可以擁有一個由人工智慧驅動的無程式碼應用程式建構器，以支援企業中的工作流程，並由我們擁有的安全合規性、資料治理、無限儲存平台功能支持，這些功能為我們提供了真正卓越的產品。這就是我最興奮的事。

Obviously, this is all kind of culminating in this idea of intelligent content management and boxworks for us was just the milestone event to put a flag on the ground and say the world, we are going to be the most transformational platform for working with your content. But for us, it opens up hundreds or thousands of new use cases that we can go after.

顯然，這一切都在智慧內容管理的理念中達到了頂峰，而Boxworks 對我們來說只是一個里程碑事件，向世界豎起一面旗幟，告訴世界，我們將成為處理您的內容的最具變革性的平台。但對我們來說，它開闢了數百或數千個我們可以追求的新用例。

So, certainly over the next couple of quarters, we'll share some updates around how this is going to evolve. But as you can imagine, internally, our plans for this are quite ambitious.

因此，在接下來的幾個季度中，我們肯定會分享一些有關其發展的最新資訊。但正如你可以想像的那樣，在內部，我們對此的計劃非常雄心勃勃。

Yeah, and then in terms of impact on the model, I think I sure Aaron's excitement didn't throw me off too much on that but I think the answer is that there's really no single component just as today, we talk about the impact of suites and enterprise plus versus rather than any single component.

是的，然後就對模型的影響而言，我想我確信亞倫的興奮並沒有讓我太失望，但我認為答案是真的沒有單一的組件，就像今天我們討論的影響一樣套件和企業增強版而不是任何單一組件。

So I would say that it's really just about the overall impact. I mean, certainly based on the expectations that we laid out, we do expect this to be a key contributor and kind of reason that we're confident in seeing a higher growth rate over time. As well as just as we've seen with enterprise plus the opportunity to further improve our customer economics, both in terms of the stickiness and with the higher price flowing through to the bottom line.

所以我想說，這實際上只是關於整體影響。我的意思是，當然根據我們提出的預期，我們確實預計這將成為一個關鍵因素，也是我們有信心隨著時間的推移看到更高成長率的原因。正如我們所看到的，企業加上進一步改善客戶經濟的機會，無論是在黏性方面還是在更高的價格流向底線方面。

And so you do expect it from a business point of view to be the biggest driver of the overall growth that we expect to see in the coming years. But it's hard to parse out what Aaron is most excited about that about and map that directly to a specific growth number.

因此，從商業角度來看，您確實期望它成為我們預計未來幾年整體成長的最大推動力。但很難分析亞倫對此最興奮的是什麼，並將其直接映射到特定的成長數字。

Yeah, let me just say one more thing, just kind of a fun anecto. We studied the customers that had leveraged crews and the metrics and KPIs on these customers. We're just incredibly powerful as compared to any other kind of cohort we have. So the retention rates of these customers, their overall ACVs.

是的，讓我再說一件事，只是一個有趣的軼事。我們研究了利用工作人員的客戶以及這些客戶的指標和 KPI。與我們擁有的任何其他類型的群體相比，我們的力量令人難以置信。所以這些客戶的保留率，他們的整體ACV。

So these were customers prior to Box owning the technology that were embedding Box even more deeply into their business processes because the crew's technology, let them construct these custom dashboards and workflows and metadata views. And so now we're very excited about the ability to bring this out to all of our customers at a very different scale and level of seamlessness. So that's what enterprise advanced is all about.

因此，這些在 Box 擁有技術之前的客戶將 Box 更深入地嵌入到他們的業務流程中，因為工作人員的技術讓他們可以建立這些自訂儀表板、工作流程和元資料視圖。因此，現在我們對能夠以截然不同的規模和無縫水平向所有客戶提供這項服務感到非常興奮。這就是企業高階化的意義。

Great. Thank you.

偉大的。謝謝。

And ladies and gentlemen, that concludes our question and answer session. I will now turn the conference back over to Cynthia Hiponia for closing remarks.

女士們先生們，我們的問答環節到此結束。現在，我將把會議轉回給辛西婭·希波尼亞 (Cynthia Hiponia) 致閉幕詞。

Thank you operator and thank you everyone for joining us here today and we look forward to chatting with you again on our next call.

感謝接線員，感謝大家今天加入我們，我們期待在下次通話中再次與您聊天。

And ladies and gentlemen, this concludes today's call and we thank you for your participation. You may now disconnect.

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。您現在可以斷開連線。