Box Inc (BOX) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Jale, and I will be your conference operator today. At this time, I would like to welcome everyone to the Box, Inc., fourth quarter and fiscal 2025 earnings conference call. (Operator Instructions)

感謝您耐心等候。我叫 Jale，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Box, Inc. 2025 會計年度第四季暨全年財報電話會議。（接線員指示）

I would now like to turn the conference over to Box. You may begin.

現在我將把電話會議交給 Box 團隊。您可以開始了。

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

謝謝你，Jale。各位下午好，歡迎參加 Box 2025 會計年度第四季暨全年財報電話會議。我是 Cynthia Hiponia，投資人關係副總裁。今天與會者包括 Box 共同創辦人兼執行長 Aaron Levie，以及 Box 共同創辦人兼財務長 Dylan Smith。在我們的準備稿說明之後，我們將開放提問。

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

今天的電話會議將以網路直播方式進行，並將於 boxinvestorrelations.com 的投資人關係網站提供重播。此次網路直播僅提供音訊。不過，我們也提供補充投影片，可自我們網站下載。

On this call, we will be making forward-looking statements, including: Our first quarter and full year fiscal 2026 financial guidance; our expectations regarding our financial performance for fiscal 2026 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; our ability to achieve our revenue, operating margins and other operating model targets; the timing and market adoption of and benefits from our new products, pricing models and partnerships; our ability to address enterprise challenges and deliver cost savings for our customers; the impact of the macro environment on our business and operating results; and our capital allocation strategies, including potential repurchase of our common stock. These statements reflect our best judgment based on factors known to us currently, and actual events or results may differ materially.

在本次電話會議中，我們將發表前瞻性陳述，包括：我們 2026 會計年度第一季與全年財務指引；我們對 2026 會計年度及未來期間財務表現的預期，包括毛利率、營業利益率、營運槓桿、未來獲利能力、淨留存率、剩餘履約義務、營收與帳單金額，以及外匯匯率與遞延所得稅費用的影響；以及我們對市場機會規模、計畫性投資、未來產品供應與成長策略的預期；我們達成營收、營業利益率及其他營運模型目標的能力；新產品、定價模式與合作夥伴關係的推出時程、市場採用情況及其效益；我們解決企業挑戰並為客戶帶來成本節省的能力；總體環境對我們業務與營運結果的影響；以及我們的資本配置策略，包括可能回購本公司普通股。上述陳述反映我們基於目前已知因素所作的最佳判斷，實際事件或結果可能與之存在重大差異。

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. These forward-looking statements are being made as of today, March 4, 2025, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

有關可能導致實際結果與本次財報電話會議所述內容出現重大差異之風險與不確定性，請參閱我們今日提交的財報新聞稿，以及我們向美國證券交易委員會提交的風險因素與相關文件，包括我們最近一期的 Form 10-Q 季度報告。上述前瞻性陳述係截至今日（2025 年 3 月 4 日）作出；若其後發生變更或不再為最新資訊，我們不承擔更新或修訂之義務。

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

此外，在今天的電話會議中，我們將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標應與我們的 GAAP 結果一併考量，而不應取代 GAAP 結果，亦不應單獨解讀。您可在我們的財報新聞稿及相關補充投影片中找到關於這些非 GAAP 指標的額外揭露（包括與可比 GAAP 結果的調節表）；上述資料可於我們網站的投資人關係頁面取得。除非另有說明，所有財務衡量指標之提及均以非 GAAP 基礎呈現。

Finally, our guidance today reflects the impact of several factors, which Dylan will describe more fully in his comments. We have created a detailed guidance slide which summarizes these items. You can find this slide in the related supplemental slides posted to our IR website. Thank you.

最後，我們今天提供的指引反映了多項因素的影響，Dylan 將在其發言中更完整說明。我們製作了一張詳細的指引投影片以彙總這些項目。您可在發布於我們投資人關係網站的相關補充投影片中找到該投影片。謝謝。

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

接下來，我把電話交給 Aaron。

Thanks, Cynthia, and thank you all for joining the call today.

謝謝你，Cynthia，也感謝各位今天加入本次電話會議。

We delivered strong Q4 operating results, reflecting stabilization of IT budgets and continued growth in customer demand for Box AI. We achieved revenue of $280 million, up 6% year over year, or 8% in constant currency, operating margins of 27.3% and EPS of $0.42, $0.01 above our guidance.

我們第四季的營運結果表現強勁，反映 IT 預算趨於穩定，以及客戶對 Box AI 的需求持續成長。我們實現營收 2.80 億美元，年增 6%，若以固定匯率計算則年增 8%；營業利益率為 27.3%，每股盈餘（EPS）為 0.42 美元，較我們指引高出 0.01 美元。

In fiscal 2025, we drove revenue growth of 5% year over year, or 7% in constant currency and expanded operating margins by 320 basis points to 28%. It was a defining year for Box as we introduced the most transformational product lineup in our company's history with the delivery of our intelligent content management platform.

在 2025 會計年度，我們推動營收年增 5%，若以固定匯率計算則年增 7%，並將營業利益率提高 320 個基點至 28%。對 Box 而言，這是具有指標性的一年：我們推出公司史上最具變革性的產品組合，交付了我們的智慧內容管理平台。

In the last two weeks of the quarter, we released Enterprise Advanced, combining the full power of our ICM platform to customers in a single multiproduct offering. We are pleased with the momentum we are seeing with customers and close several dozen Enterprise Advanced deals in Q4. We are seeing companies start to adopt Enterprise Advanced to power intelligent metadata extraction from documents, automate workflows and dashboards with Box Apps, gain access to Forms, Dock Gen and Archive, and create custom AI agents with the AI studio.

在本季最後兩週，我們發布了 Enterprise Advanced，將我們 ICM 平台的完整能力以單一多產品方案提供給客戶。我們對客戶端所展現的動能感到滿意，並在第四季完成了數十筆 Enterprise Advanced 交易。我們看到企業開始採用 Enterprise Advanced，以支援從文件進行智慧中繼資料擷取、透過 Box Apps 自動化工作流程與儀表板、取得 Forms、Doc Gen 與 Archive 的使用權限，並透過 AI Studio 建立自訂 AI 代理。

Examples of Enterprise Advanced customer wins in Q4 include, through a systems integrator, a state DMV who is forecasting a huge increase in online title submissions due to changing regulations will be using Enterprise Advanced to replace a legacy file system and to create custom portals to ease customer submissions and extract metadata to create dashboards for processing and managing of records.

第四季 Enterprise Advanced 的客戶得標案例包括：透過一家系統整合商，一個州的 DMV（車輛管理局）預期因法規變更，線上產權（title）提交量將大幅增加；該機構將使用 Enterprise Advanced 取代既有的傳統檔案系統，並建立自訂入口網站以簡化民眾提交，同時擷取中繼資料以建立儀表板，用於紀錄的處理與管理。

A US-based global investment firm that uses Box to power its client portal as well as provide a custom internal document management system for its financial advisers upgraded to Enterprise Advanced to support contract life cycle management for their legal team, Doc Gen for multiple departments, and AI Studio to deliver content-focused AI agents to help advisers answer questions faster about their documents and enhance their workflows.

一家以美國為基地的全球投資公司，使用 Box 來支援其客戶入口網站，並為其財務顧問提供自訂的內部文件管理系統；該公司升級至 Enterprise Advanced，以支援其法務團隊的合約生命週期管理、為多個部門導入 Doc Gen，並使用 AI Studio 提供以內容為核心的 AI 代理，協助顧問更快速回答與文件相關的問題並強化其工作流程。

Also through a systems integrator, an American international law firm moved to Enterprise Advanced to expand their use of Box with their organization. Specifically, their information governance team is looking at ways to leverage Box AI to help automate internal processes as they deal with repeated documents from templates. They will also continue to build out high-value use cases over the next several months from the Box AI studio using metadata extraction on contracts, archive and more.

另外，同樣透過一家系統整合商，一家美國的國際律師事務所轉用 Enterprise Advanced，以擴大其在組織內對 Box 的使用。具體而言，其資訊治理團隊正在評估如何運用 Box AI，在面對由範本產生的重複文件時協助自動化內部流程。他們也將在未來數月內，透過 Box AI Studio 持續建立更多高價值的使用情境，包括對合約進行中繼資料擷取、封存等。

As we've seen in our Q4 deals and in talking with our customers throughout the past year, we're clearly entering one of the biggest shifts in business that we've ever seen, driven by AI. AI agents are entering the workforce and will augment and accelerate our work.

從我們第四季的交易，以及過去一年與客戶的交流中可以清楚看到：在 AI 的推動下，我們正進入企業史上最大的一波變革之一。AI 代理正進入職場，將強化並加速我們的工作。

Our own structured data is enabling intelligence that we can now use to gain new insights about our business and we can begin automating any workflow in the enterprise, especially that long tail of work that we couldn't automate before. The companies that take advantage of this moment will be the ones that win in the future. And of course, the ones that don't will fall behind and be severely at risk.

我們自身的結構化資料正在釋放可用的智慧，讓我們得以對業務獲得新的洞察，並開始在企業內自動化任何工作流程，特別是過去無法自動化的那一長尾工作。能把握這個時刻的公司，將會是未來的贏家。當然，未能把握的公司將會落後，並面臨極高風險。

At Box, internally, we are building an AI-first enterprise. We are looking at every aspect of our business and imagining what we can do to turbocharge our productivity from our employees, allowing us to move faster, making more informed decisions, automate more busy work and overall, just get more done.

在 Box 內部，我們正在打造一家 AI 優先（AI-first）的企業。我們檢視業務的每一個面向，並思考如何大幅提升員工生產力，使我們能更快行動、做出更明智的決策、自動化更多繁瑣工作，整體而言完成更多事情。

Box AI is central to this effort. As we use Box AI and hubs to help Box employees ask HR sales enablement questions to get information faster. Box engineers -- we use Box AI in notes to review code for bugs or write documentation. In go-to market, we use Box AI to write sales pitches and proposals for customers. And in fact, I even use Box AI to help improve my remarks today.

Box AI 是這項努力的核心。我們使用 Box AI 與 hubs，協助 Box 員工提出人資與銷售賦能相關問題，以更快取得資訊。對 Box 工程師而言——我們在 Notes 中使用 Box AI 來檢視程式碼是否有錯誤或撰寫文件。在市場推進（go-to-market）方面，我們使用 Box AI 為客戶撰寫銷售簡報與提案。事實上，我甚至也使用 Box AI 來協助改進我今天的發言內容。

Additionally, beyond Box AI, we're leveraging technology from key partners to help in engineering, customer success and more. And most importantly, we are bringing this exact same value to all of our customers so they can begin to operate in an AI first way as well.

此外，除了 Box AI 之外，我們也正運用關鍵合作夥伴的技術，協助工程、客戶成功等更多領域。而最重要的是，我們正把同樣的價值帶給所有客戶，讓他們也能開始以 AI 優先的方式運作。

For the first time ever, organizations can truly tap into the value of their enterprise content. All of a sudden, any employee can gain the same level of expertise as the most knowledgeable employee just by asking questions of the existing enterprise data that's already there. The hidden information inside of contracts, invoices, financial documents and customer data turns into business critical insights that drive better execution.

有史以來第一次，組織能真正挖掘其企業內容的價值。突然之間，任何員工只要向既有、已存在的企業資料提問，就能獲得與最博學的員工同等水準的專業能力。合約、發票、財務文件與客戶資料中隱藏的資訊，將轉化為攸關業務的關鍵洞察，推動更佳的執行成效。

Agentic AI can automate workflows that were expensive and time-consuming and by understanding within our content, we can better secure and protect it at scale. This is the power of intelligent content management from Box to help our customers transform how they work with content and AI.

代理式 AI 能自動化過去昂貴且耗時的工作流程；並且透過理解我們內容中的脈絡，我們能以規模化方式更好地加以保全與保護。這就是 Box 的智慧內容管理力量，協助客戶改造其與內容與 AI 的工作方式。

As noted, we officially launched our new Enterprise Advanced plan at the tail end of Q4. With Enterprise Advanced, our customers can build no-code apps with Box Apps, leverage Box Forms and Dock Gen to automate workflows, use Box AI metadata extraction to plot structured data from documents, create Box AI agents and with the Box AI studio be able to extend AI into more workflows and more.

如前所述，我們已在第四季末正式推出全新的 Enterprise Advanced 方案。透過 Enterprise Advanced，我們的客戶可使用 Box Apps 建置無程式碼應用程式、運用 Box Forms 與 Doc Gen 自動化工作流程、使用 Box AI 中繼資料擷取從文件中擷取結構化資料、建立 Box AI 代理，並透過 Box AI Studio 將 AI 延伸到更多工作流程等。

These new capabilities represent the foundation of intelligent workflow automation within Box, enabling the automation of business processes like contract management, digital asset management, invoice processing, clinical trial management, loan origination and thousands of other workflows. And while FY25 was an important and critical year for us in delivering our intelligent content management platform, we are just getting started.

這些新能力代表 Box 內智慧工作流程自動化的基礎，使合約管理、數位資產管理、發票處理、臨床試驗管理、貸款起案（loan origination）以及數以千計的其他工作流程等業務流程得以自動化。儘管 FY25 對我們在交付智慧內容管理平台方面是重要且關鍵的一年，但我們才正要開始。

In FY26, we will be advancing our platform to transform how enterprises work with their enterprise content and AI. We have many incredible product announcements in store to help our customers extract critical structured data from documents with AI, leveraging our Alphamoon acquisition from last year.

在 FY26，我們將推進平台演進，改變企業處理其企業內容與 AI 的方式。我們已準備了許多令人振奮的產品發布，將運用我們去年收購的 Alphamoon，協助客戶以 AI 從文件中擷取關鍵的結構化資料。

We'll continue to double down on Box Apps to power no-code applications, deliver major advancements to Box Relay for workflow automation and more. We'll also continue to strengthen our security and compliance posture with new breakthroughs in Box Shield, the launch of Box Archive and more to help customers protect and govern their sensitive content.

我們將持續加碼 Box Apps，以驅動無程式碼應用；並為 Box Relay 帶來工作流程自動化等方面的重大進展。我們也將透過 Box Shield 的新突破、推出 Box Archive 等，持續強化我們的資安與合規態勢，協助客戶保護並治理其敏感內容。

Finally, we'll be doubling down on our core AI platform capabilities, including more powerful intelligent document processing, agentic workflows, exploring new forms of data classification, better support for Box AI agents and more. And as we've seen in recent weeks, the rate of innovation from AI model providers like OpenAI, DeepSeek, XAI, Gemini from Google and Anthropic is only accelerating.

最後，我們將加倍投入核心 AI 平台能力，包括更強大的智慧文件處理、代理式工作流程、探索新的資料分類形式、對 Box AI 代理提供更佳支援等。而正如我們近幾週所見，來自 OpenAI、DeepSeek、xAI、Google 的 Gemini 與 Anthropic 等 AI 模型供應商的創新速度只會持續加快。

Just in the past two weeks, we've made new models like GPT 4.5 and Claude 3.7 Sonnet available to customers with access to the Box AI studio. Both of these new models have shown dramatic improvements on reasoning, math and coding skills, which is extremely valuable in processing complex documents, contracts, lease agreements, financial records and more. In fact, in our Box AI Enterprise eval, we found that GPT 4.5 performs a whopping 20 points better than GPT 4.0 did for extracting data from documents in a single shot. These are huge advancements that will help drive more accuracy and quality to help enable even more mission-critical workflows with AI.

就在過去兩週，我們已讓可存取 Box AI Studio 的客戶使用 GPT 4.5 與 Claude 3.7 Sonnet 等新模型。這兩個新模型在推理、數學與程式撰寫能力上都展現了顯著提升，對於處理複雜文件、合約、租賃協議、財務紀錄等極具價值。事實上，在我們的 Box AI Enterprise 評估中，我們發現 GPT 4.5 在一次性（single shot）從文件擷取資料方面的表現，比 GPT 4.0 足足高出 20 個百分點。這些都是巨大的進展，將提升準確度與品質，進一步以 AI 啟用更多攸關任務的關鍵工作流程。

To enable customers to experience Box AI more easily as they grow with Box, in February, we announced that we expanded Box AI availability in our business, Business Plus and Enterprise plans. And in addition to offering higher tiers of AI value within Enterprise Plus and Enterprise Advanced, we know that many customers have high-volume use cases for using AI on their content. And to help enable these use cases, we've also added an AI consumption-oriented model to our platform with the launch of Box AI units.

為了讓客戶在隨著使用 Box 成長的過程中更容易體驗 Box AI，我們在 2 月宣布，已將 Box AI 的可用性擴展至 Business、Business Plus 與 Enterprise 方案。此外，除了在 Enterprise Plus 與 Enterprise Advanced 中提供更高階的 AI 價值層級之外，我們也知道許多客戶在其內容上使用 AI 具有高用量的使用情境。為了支援這些使用情境，我們也在平台上新增以用量為導向的 AI 消耗模式，推出 Box AI units。

These AI units allow customers to leverage AI credits for high-volume tasks like metadata extraction from documents, leveraging more Advanced AI models as they get released, creating custom AI agents to automate workflows in the future and more.

這些 AI units 讓客戶能運用 AI 點數（credits）來執行高用量任務，例如從文件擷取中繼資料、在更進階的 AI 模型發布後加以運用、未來建立自訂 AI 代理以自動化工作流程等。

And finally, we have been thrilled with the recent recognition of our industry-leading intelligent content management platform by several independent analyst firms. This includes being named a leader in the Forrester Wave for content platforms in Q1, a leader in the Gartner Magic Quadrant for Document Management last year and a leader in the IDC MarketScape for worldwide Intelligent Content Services in 2024.

最後，我們也很高興近期多家獨立分析機構對我們業界領先的智慧內容管理平台給予肯定。其中包括：在第一季的 Forrester Wave 內容平台評比中被評為領導者、去年在 Gartner 文件管理魔力象限中被評為領導者，以及在 2024 年 IDC MarketScape 全球智慧內容服務評比中被評為領導者。

Now turning to go-to market. We continue to enable new and existing customers to recognize the full value of Box's ICM platform with increased adoption of our multiproduct offerings. Suites represented 87% of deals over $100,000, up from 81% a year ago. We saw continued solid suites attach rates in large deals across all geographies. We grew suites to 60% of total revenue in Q4 compared to 55% a year ago.

接著談到市場推進（go-to-market）。我們持續透過提高多產品方案的採用率，協助新舊客戶認知並實現 Box ICM 平台的完整價值。在超過 10 萬美元的交易中，套裝方案（Suites）占比達 87%，高於一年前的 81%。我們在所有地區的大型交易中，都看到套裝方案持續穩健的附加率（attach rates）。第四季套裝方案占總營收的 60%，相較一年前的 55% 成長。

In addition to the exciting announcements that we're seeing around our newest suite, Enterprise Advanced, we still have a large opportunity to drive Enterprise Plus adoption, driven by our enhanced Box AI solutions. As we bring intelligent content workflows to the enterprise with AI, going to market with partners is also going to become increasingly critical.

除了我們看到圍繞最新套裝方案 Enterprise Advanced 的令人振奮的公告之外，我們仍有很大的機會推動 Enterprise Plus 的採用，而這將由我們強化的 Box AI 解決方案所帶動。當我們以 AI 將智慧內容工作流程帶入企業時，與合作夥伴共同推進市場也將變得愈發關鍵。

We continue to expand our work with key partners and system integrators across the world that can bring Box to more enterprises and embed us more deeply into our customers' workflows. We saw notable partner-led customer wins with Enterprise Advanced in Q4 as we drove larger deals with customers and powered more workflows in partnership with key system integrators.

我們持續擴大全球與關鍵合作夥伴及系統整合商的合作，讓 Box 進入更多企業，並更深度嵌入客戶的工作流程。在第四季，我們看到由合作夥伴主導、採用 Enterprise Advanced 的顯著客戶勝出案例；我們與關鍵系統整合商合作，推動更大型的交易並支援更多工作流程。

Fiscal 2025 was a pivotal year for Box, culminating in the launch of Enterprise Advanced, delivering to customers the full power of our intelligent content management platform in a single offering. As I stated earlier, we are clearly entering one of the biggest shifts in business that we've ever seen, driven by AI. Our strong financial model provides us with the opportunity to execute on our robust product roadmap and invest in strategic go-to-market initiatives, leading to accelerating our revenue growth in the long term.

2025 會計年度是 Box 的關鍵一年，最終以推出 Enterprise Advanced 作結，讓客戶能在單一方案中獲得我們智慧內容管理平台的完整能力。如我先前所述，我們顯然正進入我們所見過最大的商業變革之一，而這由 AI 所驅動。我們強健的財務模型，讓我們有機會執行強勁的產品藍圖並投資策略性的市場推進計畫，從而在長期加速營收成長。

We will be providing more detail on our roadmap and growth strategy during our upcoming Financial Analyst Day on March 18.

我們將在 3 月 18 日即將舉行的金融分析師日（Financial Analyst Day）上，提供更多關於我們藍圖與成長策略的細節。

And with that, I'll hand it over to Dylan.

接下來，我把時間交給 Dylan。

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

謝謝，Aaron。各位下午好，感謝大家今天加入我們。

In fiscal 2025, we made substantial progress against the three financial priorities we outlined heading into the year. First, we strengthened our foundation to deliver profitable growth by launching Enterprise Advanced and ramping up key go-to-market initiatives. Second, we significantly expanded gross and operating margin through cost discipline and advancing our workforce location strategy. Finally, executing our capital allocation strategy enabled us to further strengthen our balance sheet and efficiently return capital to shareholders.

在 2025 會計年度，我們在年初所提出的三項財務優先事項上取得了實質進展。第一，透過推出 Enterprise Advanced 並加速推進關鍵的市場推進計畫，我們強化了基礎，以實現具獲利性的成長。第二，透過成本紀律與推進我們的人力配置地點策略，我們大幅擴張了毛利率與營業利益率。最後，執行我們的資本配置策略，使我們得以進一步強化資產負債表，並有效率地向股東回饋資本。

In FY25, we delivered revenue of $1.09 billion, up 5% year over year and up 7% in constant currency. Operating margin came at 27.9%, up 320 basis points year over year and up 460 basis points in constant currency. We delivered EPS of $1.71, up 17% year over year and up 27% in constant currency. Finally, in FY25, we generated record free cash flow of $305 million, up 13% year-over-year.

在 FY25，我們實現營收 10.9 億美元，年增 5%，以固定匯率計年增 7%。營業利益率為 27.9%，年增 320 個基點，以固定匯率計增加 460 個基點。我們實現每股盈餘（EPS）1.71 美元，年增 17%，以固定匯率計年增 27%。最後，在 FY25，我們創下 3.05 億美元的自由現金流新高，年增 13%。

Turning to Q4, we closed the year with strong results, exceeding our guidance for Q4 revenue and EPS. Q4 revenue of $280 million was up 6% year over year and up 8% in constant currency, exceeding our expectations despite absorbing an incremental FX headwind of 70 basis points. We now have approximately 1,920 total customers paying us at least $100,000 annually, up 8% year over year.

談到第四季（Q4），我們以強勁的成果為本年度畫下句點，Q4 營收與 EPS 均超越我們的指引。Q4 營收為 2.80 億美元，年增 6%，以固定匯率計年增 8%；儘管承受額外 70 個基點的匯率逆風，仍超出我們的預期。目前約有 1,920 名客戶每年支付至少 10 萬美元，年增 8%。

Our Q4 Suites attach rate in large deals was strong at 87%, an improvement from 81% in Q4 of last year. When we launched Suite several years ago, our objective was for suites to represent the vast majority of our sales to large customers, and we are pleased to have achieved this goal. As such, going forward, we will no longer be providing this metric.

我們在大型交易中的 Q4 Suites 附加率表現強勁，達 87%，較去年 Q4 的 81% 提升。數年前我們推出 Suite 時，目標是讓 Suites 佔我們對大型客戶銷售的絕大多數，我們很高興已達成此目標。因此，未來我們將不再提供此項指標。

As our intelligent content management platform enables customers to adopt Box for more Advanced use cases, our percentage of total revenue attributable to Suites will continue to grow. In Q4, 60% of our revenue was attributable to Suites customers, up from 55% a year ago. We ended Q4 with remaining performance obligations, or RPO, of $1.5 billion, a 12% year-over-year increase and up 14% in constant currency.

隨著我們的智慧內容管理平台使客戶能以 Box 採用更進階的使用情境，歸因於 Suites 的總營收占比將持續成長。在 Q4，60% 的營收來自 Suites 客戶，高於一年前的 55%。Q4 結束時，我們的剩餘履約義務（RPO）為 15 億美元，年增 12%，以固定匯率計年增 14%。

Our strong RPO growth continues to be driven by longer customer contract durations, demonstrating our customers' long-term commitment to Box and resulting in the long-term portion of Q4 RPO growing by 21% year-over-year.

我們強勁的 RPO 成長持續由更長的客戶合約期間所驅動，展現客戶對 Box 的長期承諾，並使 Q4 RPO 的長期部分年增 21%。

Consistent with prior quarters, we expect to recognize roughly 60% of our RPO over the next 12 months. Q4 billings of $399 million were up 5% year over year and up 7% in constant currency. Q4 billings exceeded our expectations of a low single-digit growth rate due to solid bookings and a high volume of early renewals despite a minor FX headwind versus our prior expectations. We ended Q4 with a net retention rate of 102% in line with our expectations and up from 101% a year ago. Our annualized full churn rate remains at a best-in-class 3%, reflecting the stickiness of our high-value solutions.

與前幾季一致，我們預期在未來 12 個月內認列約 60% 的 RPO。Q4 帳單金額（billings）為 3.99 億美元，年增 5%，以固定匯率計年增 7%。由於訂單表現穩健以及大量提前續約，儘管相較我們先前預期仍有輕微匯率逆風，Q4 帳單金額仍超出我們對低個位數成長率的預期。Q4 結束時，我們的淨留存率為 102%，符合預期，並高於一年前的 101%。我們的年化整體流失率仍維持同業最佳的 3%，反映我們高價值解決方案的黏著度。

Looking ahead, we expect our net retention rate to remain at 102% in Q1 and to improve to 103% by the end of FY26. Q4 gross margin of 81.0% was up 260 basis points year over year. Achieving this top-tier gross margin profile is the result both of a multi-year effort across our teams and of how product innovation has consistently increased our platform's differentiation over the past several years. Having completed the sale of our data center assets in Q3, this result represents our normalized annual gross margin expectations as we head into FY26. Q4 gross profit of $226 million was up 10% year over year, exceeding our revenue growth rate by 350 basis points.

展望未來，我們預期 Q1 的淨留存率將維持在 102%，並在 FY26 結束前提升至 103%。Q4 毛利率為 81.0%，年增 260 個基點。達成此一頂尖的毛利率結構，既是我們團隊多年努力的成果，也反映過去數年產品創新持續提升我們平台差異化的成效。由於我們已在 Q3 完成資料中心資產出售，這一結果代表我們邁入 FY26 時的常態化年度毛利率預期。Q4 毛利為 2.26 億美元，年增 10%，較營收成長率高出 350 個基點。

In Q4, we continued to drive cost discipline across the business, which includes advancing our lower cost location strategy. We ended FY25 with approximately 470 full-time employees in Poland, a significant increase from 300 a year ago.

在 Q4，我們持續推動全公司成本紀律，其中包括推進我們的低成本據點策略。FY25 結束時，我們在波蘭約有 470 名全職員工，較一年前的 300 人大幅增加。

Going forward, we will continue to scale our footprint in Poland, both as an engineering center of excellence and is a critical hub for our G&A functions. We achieved record Q4 operating income of $76 million, up 9% year over year. Q4 operating margin of 27.3% improved by 60 basis points year over year despite absorbing an FX headwind of roughly 110 basis points.

未來，我們將持續擴大在波蘭的布局，使其同時作為工程卓越中心，以及我們一般與行政（G&A）職能的關鍵樞紐。我們創下 Q4 營業利益 7,600 萬美元的新高，年增 9%。Q4 營業利益率為 27.3%，年增 60 個基點，儘管承受約 110 個基點的匯率逆風。

As a result, we delivered EPS of $0.42 in Q4, which includes a negative impact from FX of approximately $0.03. I'll now turn to our cash flow and balance sheet. In Q4, we generated free cash flow of $91 million, up 12% from Q4 of last year. We also generated a 14% year-over-year increase in cash flow from operations, which came in at $102 million. In fiscal 2025, we continued to strengthen our balance sheet, and we ended Q4 with $724 million in cash, cash equivalents, restricted cash and short-term investments.

因此，我們在 Q4 實現 EPS 0.42 美元，其中包含匯率約 0.03 美元的負面影響。接下來我將說明現金流與資產負債表。Q4 我們產生自由現金流 9,100 萬美元，較去年 Q4 成長 12%。我們的營運現金流也年增 14%，達 1.02 億美元。在 2025 會計年度，我們持續強化資產負債表，並於 Q4 結束時持有 7.24 億美元的現金、約當現金、受限制現金及短期投資。

In Q4, we repurchased 1.3 million shares for approximately $43 million. For the full year of FY25, we repurchased approximately 7.6 million shares for approximately $212 million which represents roughly 70% of our free cash flow generation.

在 Q4，我們以約 4,300 萬美元回購 130 萬股。FY25 全年，我們以約 2.12 億美元回購約 760 萬股，約占我們自由現金流產生額的 70%。

As of January 31, 2025, we had approximately $52 million of remaining buyback capacity under our current share repurchase plan, and our Board of Directors just authorized an additional $150 million increase to our share repurchase program.

截至 2025 年 1 月 31 日，我們在現行股票回購計畫下尚有約 5,200 萬美元的剩餘回購額度，而董事會剛剛核准將我們的股票回購計畫額度再增加 1.5 億美元。

With that, let me now turn to our Q1 and FY26 guidance. As a reminder, approximately a third of our revenue is generated outside of the US, with roughly 65% of our international revenue coming from Japan.

接下來，我將說明我們對 Q1 與 FY26 的指引。提醒一下，我們約三分之一的營收來自美國以外地區，其中約 65% 的國際營收來自日本。

Before providing guidance, I would like to provide some context on our tax expenses going forward. As a result of releasing our US tax valuation allowance in Q4, we expect to recognize incremental noncash deferred tax expenses in the US, which will result in a non-GAAP EPS headwind throughout FY26. Our non-GAAP adjustments will also include the effect of income tax being calculated on our higher non-GAAP earnings.

在提供指引之前，我想先就未來的稅務費用提供一些背景說明。由於我們在 Q4 釋放了美國稅務估值備抵（valuation allowance），我們預期將在美國認列額外的非現金遞延所得稅費用，這將在 FY26 全年對非 GAAP EPS 造成逆風。我們的非 GAAP 調整也將包含以較高的非 GAAP 獲利計算所得稅所帶來的影響。

Beginning in FY26, we are establishing a long-term non-GAAP tax rate of 27% which will be applied to our GAAP to non-GAAP reconciling items and reflected in our non-GAAP EPS guidance for Q1 and FY26. Please note that due to our significant NOL carryforwards and other tax credits, we expect to pay more modest cash taxes in FY26 with an estimated cash tax in the range of $12 million to $15 million.

自 FY26 起，我們將建立長期非 GAAP 稅率 27%，該稅率將適用於 GAAP 與非 GAAP 的調節項目，並反映在我們對 Q1 與 FY26 的非 GAAP EPS 指引中。請注意，由於我們有大量可結轉的淨營業虧損（NOL）以及其他稅額抵減，我們預期 FY26 的現金稅負將較為溫和，估計現金稅額約在 1,200 萬至 1,500 萬美元之間。

For the first quarter of fiscal 2026, we expect Q1 revenue to be in the range of $274 million to $275 million, representing approximately 4% year-over-year growth at the high end of the range and 5% growth in constant currency. Our Q1 revenue guidance also includes a 120-basis-point headwind due to the leap year in FY25.

對於 2026 會計年度第一季，我們預期 Q1 營收將介於 2.74 億至 2.75 億美元，區間高端約代表年增 4%，以固定匯率計年增 5%。我們的 Q1 營收指引亦包含因 FY25 為閏年所帶來的 120 個基點逆風。

We anticipate our Q1 billings growth rate to be in the low to mid-teens range. This includes an expected tailwind from FX of approximately 300 basis points. We expect Q1 gross margin to be approximately 80%. Note that in Q1 of last year, our gross margin benefited by approximately 100 basis points due to data center equipment sales in the quarter. We expect our Q1 non-GAAP operating margin to be approximately 25% versus 26.6% a year ago.

我們預期第一季（Q1）帳單（billings）成長率將落在低至中十位數百分比區間。其中包含外匯（FX）約300個基點的預期順風。我們預期Q1毛利率約為80%。請注意，去年Q1我們的毛利率因當季資料中心設備銷售而受惠約100個基點。我們預期Q1非GAAP營業利益率約為25%，相較一年前的26.6%。

There are three factors outside of our underlying business, which combined to create an expected 220 basis point headwind when comparing Q1 to the prior year. This includes 100 basis points from data center equipment sales, 80 basis points due to the leap year and an expected approximately 40 basis points due to FX. When adjusting for these factors, our Q1 non-GAAP operating margin guidance represents a slight year-over-year improvement.

在與前一年Q1比較時，有三項非核心業務本身的因素合計造成預期220個基點的逆風。其中包括資料中心設備銷售帶來的100個基點、閏年因素帶來的80個基點，以及外匯（FX）預期約40個基點。若排除這些因素，我們對Q1非GAAP營業利益率的指引代表年對年小幅改善。

We expect our Q1 non-GAAP EPS to be in the range of $0.25 to $0.26 as compared to $0.39 a year ago. This includes an expected headwind of approximately $0.01 from FX and $0.11 from incremental noncash deferred tax expenses. Weighted average diluted shares are expected to be approximately $151 million.

我們預期Q1非GAAP每股盈餘（EPS）將落在0.25至0.26美元區間，相較一年前為0.39美元。其中包含外匯（FX）約0.01美元的預期逆風，以及因新增非現金遞延所得稅費用帶來的0.11美元逆風。加權平均稀釋股數預期約為1.51億股。

For the full fiscal year ending January 31, 2026. We expect revenue to be in the range of $1.155 billion to $1.16 billion, representing approximately 6% year-over-year growth. We expect a neutral impact from exchange rates based on present currency rates. We expect our FY26 billings growth to be approximately 7%, including a tailwind of approximately 30 basis points from FX. Please note that while we anticipate fluctuations in our billings growth rate between Q1 and Q2, we expect our overall billings growth rate in the first half of the year to be roughly in line with our annual billings growth rate.

就截至2026年1月31日止的完整會計年度而言。我們預期營收將落在11.55億至11.60億美元區間，約為年對年成長6%。基於目前匯率水準，我們預期匯率對營收影響為中性。我們預期FY26帳單（billings）成長約7%，其中包含外匯（FX）約30個基點的順風。請注意，雖然我們預期Q1與Q2之間的帳單成長率會有波動，但我們預期上半年整體帳單成長率大致將與全年帳單成長率一致。

We expect FY26 gross margin to be approximately 81%. When adjusting for the impact from data center equipment sales from Q1 to Q3 in FY25, this represents a year-over-year improvement of 40 basis points. We expect our FY26 non-GAAP operating margin to be approximately 28%. Year-over-year comparisons include a 60-basis-point negative impact from last year's data center equipment sales.

我們預期FY26毛利率約為81%。若調整FY25中Q1至Q3資料中心設備銷售的影響，這相當於年對年改善40個基點。我們預期FY26非GAAP營業利益率約為28%。年對年比較包含去年資料中心設備銷售帶來的60個基點負面影響。

As Aaron mentioned, we have a significant opportunity to transform how enterprises work with their content. To take advantage of this opportunity, in the year ahead, we will be making methodical investments in key go-to-market initiatives to ensure we can reach customers at this critical technology juncture, which includes building out a strong partner ecosystem to expand our reach. We will also be enhancing our critical AI and workflow capabilities to deliver the leading intelligent content management platform to enterprises.

如Aaron所提到的，我們有一個重大機會去改變企業與其內容協作的方式。為了把握這個機會，在接下來一年，我們將對關鍵的市場推進（go-to-market）計畫進行有步驟的投資，以確保我們能在這個關鍵的技術轉折點觸及客戶，其中包括建立強大的合作夥伴生態系以擴大觸及範圍。我們也將強化關鍵的AI與工作流程能力，為企業提供領先的智慧內容管理平台。

In FY26, we will continue to drive efficiency across the business through cost discipline, AI for workflow automation and our workforce location strategy. We expect to realize significant returns from the investments we're making this year, and we remain committed to delivering significant margin expansion over time.

在FY26，我們將透過成本紀律、以AI進行工作流程自動化，以及我們的人力配置地點策略，持續推動全公司效率提升。我們預期將從今年所做的投資中獲得顯著回報，並且我們仍致力於隨時間推進實現顯著的利潤率擴張。

We expect FY26 non-GAAP EPS to be in the range of $1.13 to $1.17 as compared to $1.71 in the prior year. This includes a $0.52 headwind from incremental noncash deferred tax expenses. Weighted average diluted shares are expected to be approximately $153 million.

我們預期FY26非GAAP每股盈餘（EPS）將落在1.13至1.17美元區間，相較前一年度為1.71美元。其中包含因新增非現金遞延所得稅費用帶來的0.52美元逆風。加權平均稀釋股數預期約為1.53億股。

We are proud of the solid results we delivered throughout FY25. Our ability to generate business bottle leverage while making strategic investments in our intelligent content management platform is paying off and we couldn't be more excited about the opportunities ahead of us with Enterprise Advanced and AI.

我們為FY25全年的穩健成果感到自豪。我們在對智慧內容管理平台進行策略性投資的同時，仍能產生業務規模槓桿（operating leverage），這正持續帶來成效；對於Enterprise Advanced與AI帶來的未來機會，我們感到無比振奮。

We look forward to providing more details at our Financial Analyst Day later this month. With that, Aaron and I will be happy to take your questions. Operator?

我們期待在本月稍晚的財務分析師日提供更多細節。接下來，Aaron和我很樂意回答各位的問題。接線員？

(Operator Instructions) Brian Peterson, Raymond James.

（接線員指示）Brian Peterson，Raymond James。

With the billings number was great this quarter, I'd just love to understand the early momentum you've seen with Advance, was it better than you expected? And how do we think about the pipeline for that product as we enter fiscal year '26?

本季帳單數字非常亮眼，我想更了解你們在Advance上看到的早期動能，是否優於你們的預期？以及在進入FY26時，我們應如何看待該產品的銷售管線（pipeline）？

Yeah. So we were very happy with the results in Q4 on Enterprise Advanced. This is a plan that our customers didn't really even have much early heads up on. We were moving pretty quickly throughout the year. and announced it officially at BoxWorks.

是的。所以我們對Q4在Enterprise Advanced上的成果非常滿意。這是一個我們的客戶其實並沒有太多提前預告的方案。我們在全年推進得相當快，並在BoxWorks上正式宣布。

And so that only gave customers really kind of 60 days, maybe at best to really dive in, understand the offering, understand the plan. And so to have dozens of deals at the end of Q4 that were Enterprise Advanced, we were very happy about. The momentum is certainly building in all of our customer conversations.

因此，這實際上只讓客戶大約60天、最多也就這樣的時間，去深入了解、理解這個產品方案與計畫內容。所以在Q4結束時能有數十筆交易採用Enterprise Advanced，我們非常高興。這股動能確實正在我們與客戶的所有對話中持續累積。

And as folks who have paid attention to our rollout of these plans know, there's definitely a transition period from one plan to the next. But very quickly, most of the sales conversations we're going to have will certainly start with the functionality that's in Enterprise Advanced and then obviously, customers can down select to Enterprise Plus or another plan if they don't need that automation or intelligent document processing, but we will start to veer more toward highlighting all those capabilities and those use cases to customers, you're going to see this quite a bit in all of our major announcements they'll tend to have some Enterprise Advanced capability or component in them throughout the year, and we're just going to drive more and more momentum.

而關注我們這些方案推出節奏的人都知道，從一個方案轉換到下一個方案，確實會有一段過渡期。但很快地，我們大多數的銷售對話一定會先從Enterprise Advanced所包含的功能開始；當然，如果客戶不需要那些自動化或智慧文件處理，他們也可以往下選擇Enterprise Plus或其他方案。不過我們會更傾向於向客戶強調所有這些能力與使用情境；你們會在我們今年所有重大公告中看到這點——它們往往都會包含某些Enterprise Advanced的能力或組成部分——而我們也會推動越來越多的動能。

So super happy with the results in Q4 and Enterprise Advanced, and we expect that to be a core part of our sailing motion. But still wanting to note that it's a ramp process, as you can imagine.

因此，我們對Q4以及Enterprise Advanced的成果非常滿意，並預期它將成為我們核心的銷售推進方式（sales motion）之一。但也仍想強調，如各位所想，這是一個逐步爬坡的過程。

Aaron, you mentioned partners a couple of different times, As we are thinking about the mix of kind of direct versus indirect or however you want to say it, how should we think about that evolving going forward?

Aaron，你提到合作夥伴好幾次；當我們思考直銷與間接（通路）等組合（mix）（或你想怎麼稱呼都可以）時，我們應該如何看待未來的演變？

Yeah. So we have long been in -- mostly direct business other than in Japan, which is a very channel-heavy business, even though we still have direct reps involved in those deals. And there's a lot of lessons in Japan that we'd like to be able to bring to other regions.

是的。長期以來，除了日本以外，我們主要以直銷為主；日本是一個非常偏通路的市場，儘管我們仍有直銷業務代表參與那些交易。而日本市場有很多經驗教訓，是我們希望能帶到其他地區的。

And just naturally with the kind of use cases we're now going after where we are really going into the core of a customer's transformational workflows moving from legacy systems to the cloud, being able to start to automate more business processes, these are the types of workflows that need change management, there needs to be implementation. It usually is a broader part of a bigger strategy and there's now obviously very, very relevant partners in all of these these categories that help customers every single day and every single industry with those types of transformation.

而且就我們現在追求的使用情境而言也很自然：我們正深入客戶轉型工作流程的核心，協助他們從傳統系統移轉到雲端，並開始自動化更多業務流程；這類工作流程需要變革管理，也需要導入與實施。它通常是更大策略中的一部分；而在所有這些類別中，顯然都有非常、非常相關的合作夥伴，他們每天、在各行各業都在協助客戶進行這類轉型。

So we want to be embedded in each of those partners. When they think about content, we want them thinking about Box and so we'll bring them into more deals as relevant, and we want to build flywheels with a lot of these top GSIs as well as boutique and even kind of regional firms that have a specialty in a particular domain.

因此，我們希望能嵌入到每一個合作夥伴之中。當他們思考內容（content）時，我們希望他們想到 Box，如此一來，我們就能在相關情境下把他們帶進更多交易；同時，我們也希望與許多頂尖的 GSI、精品型顧問公司，甚至是具區域性的、在特定領域有專長的公司，一起建立飛輪效應。

At the Analyst Day, we'll certainly talk a little bit more about the overall partner and system integrator strategy. But we do expect that this is a more critical part of our go-to-market engine, where last year, we started to rev up the engine and now this year, I think it's going to be a -- you'll hear more from us on this part.

在 Analyst Day 上，我們當然會再多談一些整體的合作夥伴與系統整合商策略。但我們確實預期，這會成為我們 go-to-market 引擎中更關鍵的一環；去年我們開始把引擎轉速拉起來，而今年我認為會是——你們會從我們這裡聽到更多關於這部分的內容。

Michael Funk, Bank of America.

Michael Funk，美國銀行（Bank of America）。

First one, higher-level macro question, growing uncertainty with the macro environment last month or so, do you get any sense from your clients about uncertainty on their end for purchasing due to macro or shift in behavior?

第一個是較高層次的總體（macro）問題：過去一個月左右宏觀環境不確定性升高，你們是否從客戶那邊感受到，他們因宏觀因素而對採購更不確定，或行為上有任何轉變？

Yeah. Certainly, very top of line question. It's an increasingly dynamic environment, as I think we've all seen every day, there's some type of change or reversion that keeps everyone on their toes. We're staying very close to our customers on the environment, and we want to continue to partner with every customer and every industry to help them drive more efficiency to help them drive more automation to help them get more intelligence from their business. So we believe we're an asset in this environment in dynamic times.

是的。這確實是非常高層次的問題。這是一個愈來愈動態的環境；我想我們每天都看到，各種變化或回擺讓大家都得保持警覺。我們與客戶就環境保持非常緊密的互動，我們希望持續與每一位客戶、每一個產業合作，協助他們提升效率、推動更多自動化，並從其業務中取得更多洞察。因此，我們相信在這種動態時期，我們是有價值的資產。

You want to have more leverage from your technology. You want to be able to retire more legacy systems, you want to automate more workflows. So we think we're in a very strong position there. But certainly, dynamic macro environment, and we're continuing to watch it very carefully.

你會希望你的技術帶來更高的槓桿效益。你會希望能汰換更多舊有系統，並自動化更多工作流程。所以我們認為我們在這方面處於非常有利的位置。但當然，宏觀環境很動態，我們也會持續非常謹慎地觀察。

And on NRR, so maybe help me think of components to NRR as far as pricing contribution products and then change in seed count as we think about maybe potential for improvement moving forward.

另外關於 NRR，你能否協助我拆解一下 NRR 的組成，例如定價的貢獻、產品的貢獻，以及席位數（seat count）的變化；並談談往後可能改善的空間？

Yeah. So on NRR, I would say, for the, call it, medium term and what's baked into our confidence in being able to improve that net retention rate from 102% to 103% year over year largely driven by the same types of dynamics that we've experienced over the past year. which is, to say, continued improvements in price per seat.

好的。就 NRR 而言，我會說在中期，以及我們對能把淨留存率（net retention rate）從 102% 年增改善到 103% 的信心中，主要仍是由我們過去一年所經歷的同類型動能所驅動；也就是說，持續提升每席位價格（price per seat）。

So pricing driving a lot of the customer expansion, particularly now that we have Enterprise Advanced as part of our portfolio. And then expect to see still pretty muted and minimal contribution from seat growth and then at the same time and kind of completing the kind of three factors on the overall kind of full churn rate, we also expect that to remain very strong and stable at 3%.

因此，定價推動了相當多的客戶擴張，特別是現在 Enterprise Advanced 已成為我們產品組合的一部分。接著，我們預期席位成長的貢獻仍會相當溫和且有限；同時，作為整體三個因素的最後一項、也就是整體流失率（full churn rate），我們也預期它將維持非常強勁且穩定在 3%。

And then outside of NRR, you're not expecting to see a big shift in the contribution of expansion from our existing customers, which is represented in that NRR and the contribution to growth from kind of new customers buying Box for the first time. So longer term, I think that of those various factors, the one that we will hopefully -- and we expect to contribute more to growth is on the seat side, but we'll say that we do expect even steady state and longer term for pricing improvements to have be a bigger driver of net retention improvements rather than seat growth.

此外，除了 NRR 之外，你們不應該預期既有客戶擴張（由 NRR 所反映）對成長的貢獻，與新客戶首次購買 Box 所帶來的成長貢獻之間，會出現很大的結構性變化。因此，長期來看，在這些因素之中，我們希望——也預期——對成長貢獻更大的會是席位面；但我們也會說，即使在穩態與更長期的情況下，定價改善仍會是推動淨留存改善的更大驅動因素，而不是席位成長。

Steve Enders, Citi.

Steve Enders，花旗（Citi）。

I guess maybe just to start on the Advanced customer adoption that you've seen so far. I guess maybe what are kind of the core use cases that you're seeing those customers utilize for? How much of an uplift has the Advanced plan driven from the ACV growth on a like-for-like basis for those customers? Just any further details around that would be helpful.

我想先從你們目前看到的 Advanced 客戶採用情況談起。你們看到這些客戶主要用在哪些核心使用情境（use cases）？在同等條件（like-for-like）的基礎上，Advanced 方案對這些客戶的 ACV 成長帶來了多大的提升（uplift）？任何更進一步的細節都會很有幫助。

Yeah. So I'll go through some of the use cases, maybe Dylan can provide some of the pricing color. There's going to be a few different kind of killer apps within Enterprise Advanced. It's the first time that we've released a new suite that had on day one the kind of breadth of functionality that this does. The Enterprise Plus offering was really built on the success of Shield and then we added more to it over time.

好的。我先說一些使用情境，或許 Dylan 可以補充一些定價方面的說明。在 Enterprise Advanced 裡會有幾個不同的「殺手級應用」（killer apps）。這是我們第一次推出一個新套件，在第一天就具備如此廣泛的功能範疇。Enterprise Plus 的產品是建立在 Shield 成功的基礎上，然後我們隨時間逐步加入更多功能。

Enterprise Advanced has a little bit of something for the different kinds of of workflow and content management use cases that are out there that we've been missing. So Forms and Doc Gen, if you're doing a lot of of sort of form-based automation where data comes in, you need to be able to automatically generate a contract or an invoice or some other statement with that data. So we've seen a number of customers be very excited about that functionality.

Enterprise Advanced 對於各種不同的工作流程與內容管理使用情境，都提供了一些對應能力，而這些是我們過去所缺少的。例如 Forms 和 Doc Gen：如果你在做大量以表單為基礎的自動化，資料進來後，你需要能自動產生合約、發票或其他報表/文件，並把資料帶入。因此我們看到不少客戶對這項功能非常興奮。

We have unlocked with Archive, a lot of customers' use cases where they have large data sets that they want to be able to manage within Box. But we haven't historically given them the tooling to manage that content outside of really the end user experience. It's how Archive lets you go put a content that you want to be able to govern over a long period of time for a record management use case and that's now built in. So those are a few of the capabilities that have been exciting.

透過 Archive，我們也解鎖了許多客戶的使用情境：他們有大型資料集，希望能在 Box 內進行管理。但過去我們在工具面並沒有提供他們在終端使用者體驗之外、用來管理該內容的能力。Archive 讓你可以把希望長期治理的內容放進去，用於紀錄管理（records management）的使用情境，而這現在已內建其中。以上是幾項令人振奮的能力。

The really, really big ones are likely going to really revolve around this metadata extraction from documents and so that's our AI-powered document processing capabilities. So you take a contract or an invoice or a bank statement and inside of that document, today with inbox. Unless you can like tell us what's inside of it, we can't let you really, really automate much around that document unless you're kind of manually moving it through a workflow or again, giving us the metadata details about that file.

真正、非常大的幾項能力，很可能會圍繞在從文件中擷取中繼資料（metadata extraction）；也就是我們的 AI 驅動文件處理能力。例如你拿到一份合約、發票或銀行對帳單，而在那份文件裡，今天在 Box 裡。除非你能告訴我們裡面有什麼，否則我們其實無法針對那份文件做太多自動化；除非你是手動把它在工作流程中移動，或再次提供該檔案的中繼資料細節。

What we now can do with AI is we can extract that data for you. So you put the contract into Box and you want to pull out the renewal date, the party names, the different key clauses. Any other parameters and we can pull out that data, we put it into our structured database and then you can automate the workflow around that. So you can imagine the endless use cases around invoices, statements, contracts, resumes, anything that right now you want to be able to get intelligence from or automated workflow around.

而我們現在可以用 AI 為你擷取那些資料。所以你把合約放進 Box，並希望拉出續約日期、簽約方名稱、不同的關鍵條款。以及任何其他參數；我們可以把資料擷取出來，放入我們的結構化資料庫，然後你就能圍繞這些資料去自動化工作流程。因此你可以想像，發票、對帳單、合約、履歷等都有無窮的使用情境——任何你現在希望從中取得洞察，或希望圍繞其建立自動化工作流程的內容。

We now have increasingly the capabilities, starting with our APIs and then the Alphamoon technology lets us build that out. at the end user side later this year. So that's going to be probably one of the bigger growth drivers.

我們現在的能力也在持續增強：先從我們的 API 開始，接著 Alphamoon 技術讓我們能把這些能力在今年稍晚擴展到終端使用者端。因此，這很可能會成為較大的成長驅動因素之一。

And then the second one is our no-code app functionality. That's based on the Crooze acquisition now about 1.5 years ago. And so you can kind of see these things as interrelated. Once I have the data about my documents or my contracts or my invoices, now I want to have a dashboard to look at all the insights from that data or I want to be able to have a dashboard to understand where is a particular document in its process within the enterprise.

第二個是我們的無程式碼（no-code）應用功能。這是基於我們大約 1.5 年前收購 Crooze 而來。因此你可以把這些視為彼此相關。一旦我掌握了文件、合約或發票的資料，接下來我會想要有一個儀表板來查看從這些資料得到的所有洞察，或我想要有一個儀表板來了解在企業內某份特定文件在其流程中的進度到哪裡。

And so I want to be able to build a no-code application for that workflow. So we're seeing a lot of demand, especially for those two core capabilities, and we think that's just going to continue to accelerate.

因此，我希望能為該工作流程建立一個無程式碼應用程式。所以我們看到非常多的需求，特別是針對這兩項核心能力，而我們認為這只會持續加速。

Yes. And then to hit on some of the economics, you asked for the ACVs. We are pleased that the Enterprise Advanced deals that we've sold so far have achieved the target pricing uplift of 20% to 40% versus E Plus that we had outlined when announcing Enterprise Advanced and as you'd imagine, that's where virtually all of the deals we've sold so far are coming from current or previously, I guess, Enterprise Plus customers.

是的。接著談到一些經濟面，你問到了 ACV。我們很高興目前為止所售出的 Enterprise Advanced 交易，已達到我們在宣布 Enterprise Advanced 時所提出、相較於 E Plus 有 20% 到 40% 的目標定價提升；而如你所想，迄今我們賣出的幾乎所有交易都來自目前或先前（我想）是 Enterprise Plus 的客戶。

Still a bit too early to tell and speak to the deal trends either on overall contract values or on pricing comparisons for customers who are coming into enterprise Advanced as their first sale, but we will certainly kind of share what we're seeing there once we have more of those data points as well.

目前仍稍早，還無法就整體合約價值或對於首次購買即導入 Enterprise Advanced 的客戶之定價比較，來談交易趨勢；但一旦我們也累積到更多這類數據點，我們一定會分享我們所觀察到的情況。

Okay, great. No, that's helpful context there. And then on the go-to-market investments that you're making, can you just help us, I guess, think through, I guess, what's kind of needed to be built out still or whether is, I guess, the most kind of like direct investment coming on the go-to-market front?

好的，很棒。不，這些背景資訊很有幫助。另外，關於你們正在進行的 go-to-market 投資，你能否協助我們思考一下：目前還需要建置哪些部分，或是最直接的投資會落在 go-to-market 的哪些面向？

And I guess, secondarily, just as we think about the unit economics of a customer coming in from a partner versus direct, how do those compare as you kind of lead into that partner-driven model?

其次，當我們思考由合作夥伴導入的客戶與直銷導入的客戶之單位經濟（unit economics）時，隨著你們走向以合作夥伴驅動的模式，兩者相比如何？

Yeah. So on the go-to-market side, and I do want to note that we're being very methodical about the investments. It's a very surgical approach to what we're going to be adding resources to. But if you look at where we are taking the platform and the kind of customer conversations we're having, there's a few components that we believe will accelerate those conversations and be able to respond to more of the demand that's out there. So you're going to see incrementally more on the industry's efforts and kind of key industries that we're going after.

是的。就 go-to-market 這一端而言，我也想先說明，我們對投資非常有條不紊。我們會以非常精準、外科手術式的方式來決定要新增哪些資源。但如果你看我們的平台發展方向，以及我們正在進行的客戶對話，我們認為有幾個組成要素能加速這些對話，並讓我們能回應市場上更多的需求。因此你會看到我們在產業面向的投入會逐步增加，聚焦在我們鎖定的關鍵產業。

You can think financial services, life sciences, et cetera. We are doing more on the system integrator front as per the kind of last question. So you can imagine that we want to have the right kind of talent enabling the key system integrated partners around our platform and then bring them into more deals and really building that flywheel. So there's kind of an expansion of the kind of relationships we want to have there.

例如金融服務、生命科學等等。我們也會在系統整合商（SI）方面做更多投入，呼應上一題。所以你可以想像，我們希望具備合適的人才來賦能（enable）圍繞我們平台的關鍵系統整合夥伴，並把他們帶進更多交易中，真正建立那個飛輪效應。因此，我們希望在那裡擴大我們想建立的合作關係。

We are going to be investing in key segments of the business that simply need more sales capacity or the sort of respective overlay functions that are tied to that. And so those will be segments that we see us performing very well that we want to keep doubling down in. And then there's certainly going to be incrementally more around driving the story of content and AI in the market and again, responding to a lot of the demand and interest that's out there around having solutions that let you tap into your unstructured data. So that all combined will be where we drive the overall go-to-market engine.

我們也會投資在業務中的關鍵區隔，這些區隔單純就是需要更多銷售產能，或是與之相連的各類 overlay 職能。因此，這些會是我們表現非常好的區隔，我們希望持續加碼。此外，我們也會逐步加大在市場上推動「內容與 AI」敘事的力道；同樣地，回應市場上對於能讓你運用非結構化資料之解決方案的高度需求與興趣。以上這些加總起來，就是我們推動整體 go-to-market 引擎的方向。

Yes. And then -- this is Dylan. On the respective economics of direct versus indirect customers, those actually end up being extremely comparable. And that is to say that even when factoring in with whatever margin or payments the partner is getting still nets out to be fairly neutral because in a lot of cases, those customers are getting other benefits, cost leveraged working through that partner, whether it's marketplace credits or part of a broader spend with them or something like that, and tends to come in as such at kind of on average a slightly higher pricing, which kind of offset some of the margin impact and that doesn't even speak to a lot of the other support that our partners provide, whether that's on the customer support side certainly going out and finding these customers, which is more efficient with respect to our own sellers or marketing spend doing the same job.

是的。然後——我是 Dylan。就直銷客戶與間接（通路）客戶的相對經濟性而言，兩者其實非常接近。也就是說，即使把合作夥伴取得的各種毛利或分潤/付款納入考量，整體淨效益仍相當中性；因為在很多情況下，這些客戶透過合作夥伴合作會獲得其他好處、成本也能被槓桿化，例如市集（marketplace）點數、或是與合作夥伴更廣泛的整體採購支出的一部分等等，因此平均而言往往會以略高的價格成交，進而抵消部分毛利影響；而這甚至還沒談到合作夥伴提供的其他支援，例如客戶支援面向，當然也包括外出開發這些客戶——相較於我們用自家業務或行銷預算去做同樣的工作，效率更高。

So I'd say overall, and what's actually a little bit unique, I think, the Box's business versus what you might normally see across the software landscape is our indirect customers are actually effectively just as profitable as our direct customers.

所以我會說整體而言，而且我認為這也有點是 Box 的業務相較於你在軟體產業中通常會看到的情況更為獨特之處：我們的間接客戶其實在獲利能力上，基本上與直銷客戶一樣。

Lucky Schreiner, DA Davidson.

Lucky Schreiner，DA Davidson。

Maybe just on the guidance, it seems to imply a little bit of a change in terms of the seasonality of the business being more back-end weighted. Is that the right way to think about it? Or how should we sort of think about linearity here?

或許就財測（guidance）來看，它似乎暗示業務季節性有些變化，變得更偏向後段加權。這樣理解對嗎？或者我們應該如何看待這裡的線性度（linearity）？

Yeah. So do you -- for which metric are you asking about specifically?

是的。你具體是想問哪一個指標？

Revenue.

營收。

Revenue? Sure. Yes. So I would say a couple of things there. I mean, first, as we've mentioned, Q1 is kind of artificially lower as it were because of the impact of the leap year and that kind of 120-basis-point impact.

營收？當然。是的。我會說有幾點。首先，如我們提過的，Q1 因為閏年的影響而在某種程度上被「人為」拉低，約有 120 個基點的影響。

But even adjusting for that, you're right that we do expect to see a gradual acceleration in our revenue growth rate apples-to-apples throughout the year as a lot of -- as we mentioned, a lot of the investments we've been making in growth, kind of the traction for Enterprise Advanced and everything else that Aaron and I have been discussing is what's driving that acceleration and you see that again in the net retention rate and our expected improvement by a point year-over-year as well as with billings coming in a little bit higher than our revenue growth rate expectations for the year.

但即便把那個因素調整掉，你說得沒錯：我們確實預期今年在同口徑（apples-to-apples）下，營收成長率會在全年逐步加速；正如我們提到的，我們在成長方面所做的許多投資、Enterprise Advanced 的動能，以及 Aaron 和我一直在討論的其他因素，都在推動這個加速。你也能從淨留存率（net retention rate）看出來，我們預期年對年會改善 1 個百分點；同時，帳單金額（billings）也會略高於我們對全年營收成長率的預期。

And then maybe on the top of funnel interest, have you noticed just in general and just from new customers increasing significantly with the Enterprise Advanced solution? Or is it really more from the existing customer base today given how early it is?

另外，在漏斗頂端（top of funnel）的興趣方面，你們是否注意到整體而言、尤其是新客戶，因為 Enterprise Advanced 解決方案而顯著增加？還是說，考量目前仍很早期，主要仍是來自現有客戶基礎？

Yes. I think given the hourly stage, the plan is, it's heavily weighted to our customers that we're in conversation with and highlighting new use cases. But maybe the plan aside for 1 second, I would say our ability to draw in a wider audience is increasing as a result of the latest functionality that we've introduced. AI has been this incredibly important technology for us in, let's say, expanding the aperture of our potential customer base.

是的。我想以目前這個早期階段來看，計畫上確實是高度偏向我們正在對話的既有客戶，並向他們展示新的使用情境。但先把計畫放一邊，我會說，因為我們最新推出的功能，我們吸引更廣泛受眾的能力正在提升。AI 對我們而言是一項極其重要的技術，用來——可以說——擴大我們潛在客戶群的範圍。

There's a large amount of customers that sort of know that they're sitting on unstructured data, documents and AI is the first time that they are starting to realize they can get insights from that data or automate business processes around that.

有大量客戶知道自己手上有非結構化資料、文件，而 AI 是他們第一次開始意識到：他們可以從這些資料取得洞察，或圍繞這些資料自動化業務流程。

So just as an example, I'm often talking to Chief Data Officers and that was never really an audience that we would talk to before, we were usually in kind of core infrastructure within the CIO organization. But the Chief Data Officer realizes now that once you have AI on unstructured data, they can treat that as another data type to pull business insights from. And so this is opening up that aperture as an example.

舉例來說，我經常與首席資料長（Chief Data Officer）對話，而這在過去並不是我們會接觸的受眾；我們通常是在 CIO 組織內的核心基礎架構領域。但首席資料長現在意識到，一旦你能在非結構化資料上運用 AI，他們就能把那視為另一種資料型態，用來萃取商業洞察。因此，這就是一個正在擴大受眾範圍的例子。

We're having more conversations with company CTOs that are trying to deliver better experiences and they know that if they can get data from within their unstructured information, they can go and automate a better client-facing experience. And so what's going to happen is as we really, really own this content and AI message in the market, I believe you're going to see a widening of the funnel of the kind of audiences we can go talk to.

我們正與更多公司 CTO 進行對話，他們正嘗試提供更好的體驗，而且他們知道，如果能從其非結構化資訊中取得資料，就能進一步自動化、打造更好的客戶面向體驗。因此，隨著我們在市場上真正、徹底地主導這個內容與 AI 的訊息主張，我相信你們將會看到我們可對話的受眾類型漏斗正在擴大。

Not even to mention in the lines of business that are also trying to figure out how can I bring AI to marketing, how do I bring AI to HR processes, and this is where you're going to see us have a very strong story around how companies can run in an AI-first way really in any line of business that they're operating in.

更不用說，還有各個業務線也在思考：我該如何把 AI 帶進行銷？如何把 AI 帶進人資流程？而你們將會在這裡看到我們有一個非常強而有力的敘事，說明企業如何能以 AI 優先（AI-first）的方式運作，幾乎適用於他們所經營的任何業務線。

Taylor McGinnis, UBS.

Taylor McGinnis，瑞銀（UBS）。

Maybe first just on the operating income margin guide for 2026. So roughly implying flat year over year. I know it sounds like a 60-basis-point headwind embedded in that. But just when we think about that in the context of like where you guys stand with investments, what you're doing around AI, like anything you can give us a little bit more color there in terms of what might be embedded? And then also to just how that relates to comments around significant margin expansion still left in the business.

也許先談 2026 年的營業利益率（operating income margin）指引。大致上意味著年對年持平。我知道聽起來其中隱含了 60 個基點的逆風。但當我們把這放在你們投資布局、你們在 AI 方面所做的事情的脈絡下來看，你們能否再多提供一些細節，說明其中可能包含了哪些因素？另外，這也如何與你們提到「公司仍有顯著的利潤率擴張空間」的評論相呼應？

Yeah, sure. I think, Taylor, I would say at a high level, as you mentioned, just given the state of kind of ramping up and making sure that we really both drive the innovation around our product offering as well as invest in things that we started the past year, such as really standing up and setting up our partner ecosystem for success, in addition to kind of investing in some of the key markets, kind of sales segments that we've been seeing really strong results.

好的，當然。我想，Taylor，從較高層次來說，正如你提到的，考量到我們目前正處於擴編（ramp up）的階段，並確保我們一方面推動產品供給的創新，另一方面也投資於我們在過去一年啟動的事項，例如真正建立並完善我們的合作夥伴生態系以確保成功，此外也包括在一些關鍵市場、以及我們看到非常強勁成果的部分銷售區隔上持續投入。

We want to make sure that we're doubling down there just given how critical of a juncture it is in terms of a lot of these technology decisions. And with AI, would think about it as really kind of making a lot of those sales and marketing investments. But as you know, even once we have those resources ramped just it takes a few quarters for those deals to come to fruition and then the revenue kind of falls in the year that follows actually closing the deal.

我們希望確保在這些方面加碼投入，因為在許多科技決策上，這是一個非常關鍵的時間點。而就 AI 而言，可以把它視為我們確實在進行大量的銷售與行銷投資。但如你所知，即使我們把這些資源擴編到位，相關交易也需要幾個季度才會開花結果，而營收通常會在實際完成簽約後的下一年度才會反映出來。

So you can think of that as kind of the lag of a lot of the investments we're making that we are seeing early signs of those paying off, you're not quite getting the revenue impact that we expect to show up over time. And so that's -- a lot of it without doing anything dramatically different is what leads to that confidence and how we're thinking about that approach, which is why this coming year because of that timing, we are expecting to generate again some apples-to-apples operating margin expansion on a year-over-year basis, but nothing like we have generated in the past couple of years, both because the significant improvements that we made on gross margin already, which will incrementally improve over time as well as OpEx leverage being positive, but fairly minimal for this year.

因此，你可以把這視為我們所做許多投資的時滯；我們已看到這些投資開始帶來回報的早期跡象，但你尚未完全看到我們預期會隨時間逐步顯現的營收影響。所以，這也是——在不需要做任何劇烈改變的情況下——我們之所以有信心、以及我們如何思考這個做法的原因。也因此，由於這樣的時點因素，我們預期在接下來這一年，仍會在年對年的可比基礎上帶來一些營業利益率擴張，但不會像過去幾年那樣顯著；原因在於我們已經在毛利率上做出重大改善，未來仍會逐步提升，此外營運費用（OpEx）槓桿雖為正向，但在今年會相對有限。

Yes. And maybe just to add just one second of color that Dylan covered is philosophically, I think we are -- we're in a moment right now where we're just seeing a tremendous amount of opportunity on really connecting AI and content together and it's the most excited that we've been as a company and from a technology standpoint and the amount of interest from customers is certainly the highest for what they can now do with their data.

是的。再補充 Dylan 所提到的一點：從理念上來說，我認為我們——我們現在正處在一個時刻，看到把 AI 與內容真正連結在一起的巨大機會；這是我們公司在技術面最興奮的時期，而客戶對於他們現在能用其資料做到什麼的興趣，確實也是最高的。

So we want to be extremely prudent to be clear, which is why we're making extremely thoughtful investments, and we are still on the path to the higher operating margin levels that we've discussed, but this is a kind of period where we do want to make sure that we're tuning that allocation just a little bit differently than maybe we have in the past couple of years.

因此，我們希望非常審慎——先說清楚——這也是為什麼我們做的是非常周全、深思熟慮的投資；我們仍在朝向我們先前討論過的更高營業利益率水準前進，但這是一段我們確實希望把資源配置的調校方式，與過去幾年相比稍微做一些不同調整的時期。

And then just maybe on the outperformance in billings in 4Q. I think you guys had a tougher compare. So that was a really solid number. Could you just maybe talk about what drove that? And then when we look into the first half of the year, the stronger 1Q number versus 2Q? Anything just to flag on that?

接著也想問一下第四季（4Q）帳單金額（billings）的優於預期表現。我想你們的比較基期較具挑戰。所以那是一個非常扎實的數字。你們能否談談是什麼驅動了這個表現？另外，當我們看向上半年，第一季（1Q）的數字比第二季（2Q）更強。這方面有什麼需要特別提醒的嗎？

Yes. So I'd say -- and actually, the response is somewhat related. We'd say in Q4, we had a solid result in the prior quarter, but not an unusually hard compare.

是的。所以我會說——其實這個回答某種程度上也相關——我們會說在第四季，我們前一季的結果很不錯，但並不是一個異常艱難的比較基期。

There were some FX headwinds that created a lot of the kind of comparison challenges that we had expected in [DC], FX was actually a little bit more of a factor and a bigger negative impact than we had expected when we set our Q4 expectations, I would say it was really -- that strength of the combination, as mentioned, of just a strong adoption and early momentum with Enterprise Advanced and just overall, a solid bookings quarter for us. And on the early renewal dynamic that I mentioned, that had about a $5 million impact to Q4's results.

有一些匯率（FX）逆風造成了我們原先預期在 [DC] 會面臨的多數比較挑戰；實際上，匯率的影響比我們在設定第四季預期時所估計的更大、負面衝擊也更深。我會說，真正的強勁來自於幾項因素的組合：如前所述，Enterprise Advanced 的強勁採用與早期動能，以及整體而言我們在本季有一個穩健的訂單（bookings）表現。另外，關於我提到的提前續約動態，對第四季結果約有 500 萬美元的影響。

So a little less than 2 points of the outperformance was attributable to that. So again, I would say that any way you slice it, we're really pleased with Q4's billing results and came in ahead of our expectations, but did just want to be transparent that there were a couple of items and the payment durations in particular, that kind of helped with the Q4 billings growth rate.

因此，優於預期的部分中，略低於 2 個百分點可歸因於此。所以再怎麼切分來看，我們都對第四季的帳單金額結果感到非常滿意，且確實高於我們的預期；但我們也想透明說明，確實有幾個項目——尤其是付款期間（payment durations）——在某種程度上推升了第四季帳單金額的成長率。

And then turning to Q1 in Q2 is kind of somewhat follows that and would note that in Q1 versus Q2 of last year, that was where we did have both respectively, the weakest and then the strongest billings growth rate at kind of basically flat to 10% plus going Q1 to Q2. At the same time, as we mentioned, there is the impact of the of FX that flips where in Q1 of last year, in Q1 of this coming year, we expect x to be a 300-basis-point tailwind.

接著談到第一季與第二季，這也某種程度上延續上述情況；並且要注意的是，去年第一季相較第二季，分別是我們最弱與最強的帳單金額成長率，從第一季大致持平到第二季 10% 以上的成長。同時，如我們提到的，匯率影響也出現反轉：去年第一季，而在即將到來的今年第一季，我們預期匯率將帶來 300 個基點的順風。

But then for Q2, we expect that to be a headwind of about 140 basis points because there were significant FX volatility throughout the first half of last year. So that's one big factor, a nearly 500 basis point swing attributable to FX and then the final piece in Q2 is some of those early renewals that we mentioned in Q4 are actually coming out of customers who had been set to renew in Q2. So that's where we see a little bit of that dynamic set in as well, which is why you see teens growth in Q1 and then comes down a bit in Q2. But that's basically primarily optics and just some of the cosmetic factors.

但到了第二季，我們預期匯率將成為約 140 個基點的逆風，因為去年上半年匯率波動非常劇烈。所以這是一個主要因素——由匯率造成、接近 500 個基點的擺盪；而第二季的最後一個因素是，我們在第四季提到的部分提前續約，其實來自原本預計在第二季續約的客戶。因此我們也看到這個動態在此發酵，這也是為什麼你會看到第一季呈現十幾%的成長、而第二季稍微下來一些。但這基本上主要是呈現上的差異，以及一些表面上的因素。

And again, for the full first half of the year, we expect that billings growth rate to be about 7%, consistent with both the full-year and second-half expectations.

再者，就整個上半年而言，我們預期帳單金額成長率約為 7%，與全年以及下半年的預期一致。

Pinjalim Bora, JPMorgan.

Pinjalim Bora，摩根大通。

Aaron, interesting to see the consumption AI units that you launched. Can you help us understand maybe what drives the consumption of an AI unit? I'm trying to understand if that's like a per document of metadata extraction or that per word of metadata extraction? How granular is it? Can just understand how should we think about kind of the ramping of those AI units?

Aaron，很有意思看到你們推出的按用量計費 AI 單位。你能幫我們理解一下，AI 單位的用量是由什麼驅動的嗎？我想了解這是按每份文件的中繼資料擷取計算，還是按每個字的中繼資料擷取計算？粒度有多細？想請你說明一下，我們應該如何看待這些 AI 單位用量的爬坡？

Yeah. So we realize that we probably -- and we'll have somewhere between, I don't know, 5 and 10 different kind of applied AI use cases in making up a time frame for the next year or two, let's just say, and we didn't want to have to have a SKU for each of those different capabilities where a customer has a different billing sheet for each product they want. And then you have a complex sell cycle for every single thing they want to do with AI.

是的。我們意識到，未來一到兩年內，我們可能會有——我不知道——大概 5 到 10 種不同的應用型 AI 使用情境（先假設一個時間範圍），而我們不希望為每一種能力都設一個 SKU，讓客戶想用哪個產品就得有一張不同的計費表。那樣一來，客戶每做一件 AI 相關的事，你就會有一個很複雜的銷售週期。

So we looked at the industry, looked at different models and come up with AI units, which is really the substraction layer from any individual sort of function that you want to leverage and so there will be basically a conversion chart that says one AI unit equals x amount of things in that particular capability set. So you could imagine a scenario where extracting data from a page of a document costs a certain number of AI units and then how many ever pages you want to do or how many documents you want to do, that will generate a certain AI consumption amount.

所以我們研究了產業、看了不同的模式，最後提出 AI 單位（AI units），它本質上是一個抽象層，把你想使用的各種單一功能從計價上抽離出來；因此會有一張換算表，說明 1 個 AI 單位在某個能力集合中等於 x 量的工作。你可以想像一個情境：從文件的一頁擷取資料需要消耗一定數量的 AI 單位，而你要處理多少頁或多少份文件，就會產生相對應的 AI 用量。

Similarly, you can imagine an a genetic workflow in the future where an agent is sort of doing a long-running process. maybe that takes 5 or 10 minutes for that agent to complete the work, and we would have some kind of conversion ratio on the amount of the amount of kind of work the AI agent is doing and the amount of AI units.

同樣地，你也可以想像未來會有一個代理式（agentic）的工作流程，代理在執行一個長時間運行的流程。也許那個代理需要 5 到 10 分鐘才能完成工作，而我們會針對 AI 代理所做的工作量與 AI 單位之間，設定某種換算比例。

And then one more X factor in there is the model capability or quality that you want to be able to leverage becomes yet another variable. Also a lower class model that might be great at one kind of simple thing would cost a certain number of AI units, but then a much more powerful reasoning model that's doing thinking and chain of thought in the response that might cost a little bit more. So those are the different kind of philosophical variables.

另外還有一個 X 因素：你想使用的模型能力或品質，會成為另一個變數。例如，較低階、很擅長某種簡單任務的模型，可能只需要消耗一定數量的 AI 單位；但若是更強的推理模型，在回應中進行思考與 chain of thought，可能就會貴一些、消耗更多 AI 單位。所以這些就是不同的、偏哲學層面的變數。

I'd say we're way too early to ask anybody to start to model that. This was just released a couple of weeks ago as the first way that we can help our customers have more flexibility in how they're using AI and then we're going to expand it from there. But essentially, you can think about it as a customer will call us a -- I have 100,000 documents I want to process, and then we'll convert that into a number of AI units that they need in addition to the core functionality, which is unlocked at the Enterprise Advanced plan in this case.

我會說現在還太早，還不適合要求任何人開始去建模這件事。這個機制是幾週前才剛發布，作為我們幫助客戶在使用 AI 上更有彈性的第一步，之後我們會再從這裡擴展。但基本上，你可以這樣想：客戶會打電話給我們說——我有 100,000 份文件要處理——然後我們會把它換算成他們所需的 AI 單位數量；此外還需要核心功能，而在這個案例中，核心功能是透過 Enterprise Advanced 方案解鎖的。

And then, Dylan, maybe help us understand about the federal sector. How should investors kind of think about the US federal exposure for Box? And are you baking in some caution around that segment as you're thinking about the guidance?

另外，Dylan，也請你幫我們理解一下聯邦政府部門。投資人應該如何看待 Box 在美國聯邦政府的曝險？在思考財測指引時，你們是否對該分部納入了一些保守考量？

Sure. So some of the dynamics with that market are what leads to the prudence. And so we are certainly want to be cautious. But again, I think it's too soon to tell exactly what the impact could look like, and that has been such a key area for our growth where we've seen a lot of green shoots because of becoming FedRAMP high compliance and all of those things that we are certainly remain focused on that opportunity.

當然。那個市場的一些動態，正是我們採取審慎態度的原因。所以我們確實希望保持謹慎。但同樣地，我認為現在還太早，還無法確定影響會是什麼樣子；而且那一直是我們成長的關鍵領域之一，因為我們達到 FedRAMP High 合規等因素，讓我們看到很多成長的早期跡象（green shoots），所以我們仍然會專注在那個機會上。

What I would say in terms of the size and impact in terms of our current business, fairly minimal exposure there where what I would say is that our total United States public sector business is in the mid-single-digit percentage range. Our overall revenue and then the federal business is a portion of that as we also have a pretty successful state and local business as well. So it's kind of low single-digit percentage range of overall revenue, but certainly one that we are paying a lot of attention to.

就目前業務的規模與影響而言，我想說我們在那裡的曝險相當有限；更具體地說，我們在美國整體公部門的業務占比，大約是整體營收的中個位數百分比。而聯邦政府業務只是其中的一部分，因為我們在州與地方政府市場也做得相當成功。所以聯邦業務大概是整體營收的低個位數百分比，但我們確實非常關注。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，RBC 資本市場。

Wonderful. Maybe I want to start one a little bit housekeeping and better understanding for Dylan and then one for Aaron. Dyl, just to start off 1with, you saw a pretty big increase in long-term RPO and you called out duration as kind of being a tailwind. At the same time, we see a lot of Enterprise software companies that are actually seeing shorter and a shortening duration. Can you maybe walk us through the dynamic of why you're seeing better contract duration?

太好了。我想先問一個偏行政／釐清性的問題，幫助更好理解 Dylan 的部分，然後再問 Aaron 一個。Dyl，先從第一個開始：你們的長期 RPO 有相當大的增加，你也提到合約期限（duration）算是一個順風。同時，我們看到很多企業軟體公司其實合約期限在縮短、而且持續縮短。你能否帶我們了解一下，為什麼你們會看到合約期限變得更好（更長）的動態？

And then I have a follow-up for Aaron.

然後我還有一個要追問 Aaron 的問題。

Yes. I would say really maybe a function of where we're coming from and that as customers are increasingly viewing especially injunction an enterprise previously plus where we had started to see this trend. And now with Enterprise Advanced, that really represents the type of commitment and kind of demonstration buy into the platform that it makes sense to sign a multiyear deal, whereas maybe those customers had just had annual contracts as well, particularly as some of these use cases that are more complex and add more value takes some time to ramp up.

好的。我會說這可能真的是我們所處位置的函數：客戶愈來愈把我們視為——尤其是在 Enterprise（先前的 Plus）這個層級——我們開始看到這個趨勢。而現在有了 Enterprise Advanced，這代表一種承諾，也是一種對平台的投入與認同，因此簽多年的合約就很合理；而過去這些客戶可能也只是簽年度合約，特別是因為某些更複雜、能帶來更多價值的使用情境，需要一些時間才能爬坡。

And so built into that contract structure, there might be a gradual increase in the amount that they're getting billed per year. So there's contractually some incentive and really alignment for customers to adopt our solutions as quickly as possible, that is having an impact there.

因此在合約結構中，可能會內建每年逐步增加的計費金額。所以在合約上，對客戶而言存在一些誘因，也讓雙方更一致地希望客戶盡快採用我們的解決方案，這也在其中產生影響。

I would say the other thing that fuels it, if not just the overall duration, but also the volume of early renewals, right? So if you had a customer where maybe they had a year remaining even on a multiyear contract, and now they're renewing early in a given period, for example, because they're really excited and want to get all the capabilities of Enterprise Advanced as soon as possible now instead of having -- with a year to last, it would have had nothing in long-term RPO.

我會說另一個推動因素，不只是整體期限，還包括提前續約的量（volume），對吧？例如某個客戶即使在多年期合約下可能還剩一年，但他們在某個期間選擇提前續約，原因是他們非常興奮、希望盡快取得 Enterprise Advanced 的所有能力，而不是——如果還剩一年，那一年原本在長期 RPO 裡是不會反映出來的。

And now if they re-up for another three-year term, early renewing that has now two years that shows up in backlog and our long-term RPO growth. So I'd really say it's the combination of just becoming a much more critical and strategic perform for our customers, which leads to that lengthening as well as some of the mechanics of the early renewals, both fueling that growth.

而現在如果他們提前續約、再簽一個三年期，那麼這次提前續約就會有兩年反映在積壓訂單（backlog）與我們的長期 RPO 成長中。所以我會說，這真的是兩者的組合：我們對客戶而言變得更關鍵、更具策略性，帶來期限拉長；再加上提前續約的機制性因素，兩者共同推動了這個成長。

And then, Dylan, if we really just think about -- you mentioned during your prepared remarks that you are using Box internally as well as some of the Box AI features and SKUs. Can you maybe talk a little bit about what have you seen internally, especially anything that can be benchmarked in terms of drive greater efficiency, cost savings or even kind of driving better execution and better growth as a result of using Box AI, what would have you seen anything you'd benchmark? Thanks.

另外，Dylan，如果我們從更宏觀的角度來看——你在準備好的發言中提到，你們內部也在使用 Box，以及一些 Box AI 功能與 SKU。你能否談談你們內部看到的情況，特別是任何可以量化對標的成果，例如提升效率、節省成本，或甚至因為使用 Box AI 而帶來更好的執行與更好的成長？你們有看到任何可以對標的指標嗎？謝謝。

Yeah. So this is Aaron. But we have a very kind of box-on-box first approach to AI rollout. So we want Boxers to be in the product for every possible use case so we can figure out ahead of our customers what's working well, what's not. So we're getting a stream of great anecdote and quantitative case studies.

是的。我是 Aaron。不過我們在 AI 推出上採取一種非常「盒中盒」的先行方式。我們希望 Box 的同仁能在產品中針對每一個可能的使用情境都先行使用，這樣我們就能在客戶之前先弄清楚哪些運作良好、哪些不理想。因此我們正在獲得大量很棒的軼事回饋與量化的案例研究。

And so we still have to aggregate kind of all of these across the board, but we'll have examples of just a single HR process where we're using Box hubs and rolling that out for employees to ask questions about, let's say, a new kind of HR process, just saving dozens and dozens of hours for one micro type of tasks like that, that normally would have been internal e-mails and conversations constantly from people asking questions.

因此我們仍需要把這些在各面向的資料加以彙整，但我們會有一些例子，例如在單一的人資流程中，我們使用 Box hubs 並將其推廣給員工，讓他們可以就例如某種新的人資流程提出問題；對於這類微型任務，能節省數十、數十個小時，而這些問題過去通常會變成內部電子郵件與不斷的對話，因為大家一直在問問題。

Now you offload on to AI. So we have hundreds of those scenarios. And we'll be sharing a bit more at the Analyst Day to kind of roll that up. But just think about it as whether you're interacting with documents or contracts or writing a product spec on a team or working on a marketing asset or asking questions about HR information or sales materials or product support questions, all of that is routing through Box AI today.

現在你把這些工作卸載到 AI 上。所以我們有數百種這樣的情境。我們也會在分析師日分享更多內容，將這些加以彙總。但你可以這樣想：無論你是在與文件或合約互動、在團隊中撰寫產品規格、製作行銷素材、詢問人資資訊或銷售資料、或提出產品支援問題，這一切今天都會透過 Box AI 來處理。

And so the expectation, of course, is that we're going to be shipping more software. We're going to be selling to customers better. We're going to be able to deliver more marketing campaigns, and that is that's already sort of showing up across the business.

因此，當然可以預期的是，我們將會交付更多軟體。我們將能更好地向客戶銷售。我們將能推出更多行銷活動，而這些其實已經在整個業務中開始顯現。

Josh Baer, Morgan Stanley.

Josh Baer，摩根士丹利。

Great. We're seeing a really strong uplift in Advanced from Enterprise Plus. So existing customers clearly finding the value and all the new features in Box AI. I was hoping you could talk about how Box AI, the latest innovation are impacting new customer wins. And also just wondering if you've seen all this new technology as an accelerant to broader platform enterprise content management platform rip and replace as well.

很好。我們看到從 Enterprise Plus 升級到 Advanced 有非常強勁的提升。所以現有客戶顯然正在發現 Box AI 的價值以及所有新功能。我想請你談談 Box AI 這項最新創新如何影響新客戶的贏單。另外也想了解，你們是否看到這些新技術也成為更廣泛的平台層級企業內容管理平台「汰換重建（rip and replace）」的加速器。

Yes. So maybe to start with the second question first. AI is absolutely going to be a catalyst for driving more more, let's say, re-platforming of traditional approaches to document management and content management. And so we sort of see two kind of vectors to this. The first is a customer that might be on a pure legacy enterprise content management system and just the amount of -- the modernization of the functionality is just not there to be able to go drive intelligence from data.

是的。那也許先從第二個問題談起。AI 絕對會成為推動更多、可以說是傳統文件管理與內容管理方法「重新平台化（re-platforming）」的催化劑。我們大致看到兩個方向。第一個是：客戶可能仍在使用純粹的傳統企業內容管理系統，而其功能現代化程度不足，無法從資料中驅動智慧化。

We have a partner that we're building more and more momentum with that that has sort of highlighted how little innovation there's been in this category from maybe traditional players and it's creating a huge opening for us because now Box AI is letting them start to bring us in conversations that traditionally, they've not been able to move to the cloud or leverage a modern solution for, but now AI kind of creates that catalyst for them. So that's sort of Vector 1.

我們有一個合作夥伴，我們與其合作的動能越來越強；他們指出，在這個類別中，傳統廠商的創新其實非常有限，這為我們創造了巨大的切入機會。因為現在 Box AI 讓他們能把我們帶進一些過去的對話中——那些對話傳統上他們無法推動上雲或採用現代化解決方案——但現在 AI 某種程度上為他們創造了這個催化劑。這就是第一個方向。

And then Vector 2 is think about all of the business units or parts of the organization that didn't have a traditional content management system. And the customer wasn't really even thinking they were in the market for traditional enterprise content management. So the team marketing -- leveraging or managing digital assets or the team that was managing contracts or the invoice processing team in an organization, a lot of times, that data just goes into file systems or it's stuck in e-mail attachments.

第二個方向是：想想那些沒有傳統內容管理系統的各個事業單位或組織部門。客戶甚至不覺得自己在尋找傳統的企業內容管理。例如行銷團隊在運用或管理數位資產、管理合約的團隊、或組織中的發票處理團隊；很多時候，那些資料只是放在檔案系統裡，或卡在電子郵件附件中。

And so AI now all of a sudden dramatically exceeds what they were doing in their workflows before, which has the opportunity now to cause customers to say, okay, maybe actually, I do want software for this problem I don't want to just have my data floating around and handling these workflows on a manual basis. So that's going to be frankly, I think over the medium term, the largest part of the category, the traditional enterprise content management space is measured in the sort of $7 billion to $10 billion range, plus or minus, depending on the analyst you look at, but the much bigger opportunity is actually all of the use cases that today don't go into an OpenText or a documentum or a Highland and that's the data that we can now go drive a significant amount of automation for.

因此，AI 現在突然之間在很大程度上超越了他們先前工作流程中的做法，這就帶來機會，讓客戶說：好吧，也許其實我確實需要用軟體來解決這個問題；我不想讓資料到處漂、也不想用人工方式處理這些工作流程。所以坦白說，我認為在中期，這將會是這個類別中最大的一塊。傳統企業內容管理市場規模大約在 70 億到 100 億美元之間，上下浮動取決於你看哪位分析師；但更大的機會其實是：所有那些今天不會進到 OpenText、Documentum 或 Highland 的使用情境——而那正是我們現在可以推動大量自動化的資料。

And then to the first question, we are, again, very, very early in rolling out Enterprise Advanced. A lot of the demand is coming from existing customers, but we're now going to make sure that this is very much front and center for all of our new sales conversations, all of our marketing campaigns. Our entire marketing story right now is content plus AI and really highlighting what customers can now do with it and enterprise Advanced is certainly going to be the best plan type to enter for driving those use cases.

至於第一個問題，我們在推出 Enterprise Advanced 方面同樣還非常、非常早期。目前很多需求來自既有客戶，但我們接下來會確保在所有新的銷售對話、所有行銷活動中，這都會是非常核心的重點。我們目前整體的行銷敘事就是「內容加 AI」，並且強調客戶現在能用它做到什麼；而 Enterprise Advanced 無疑會是推動這些使用情境的最佳入門方案類型。

That concludes our Q&A session. I will now turn the conference back over to Cynthia Hiponia, VP of Investor Relations, for closing remarks.

我們的問答環節到此結束。接下來我將把會議交回給投資人關係副總裁 Cynthia Hiponia，請她做結語。

Great. Thank you, everyone. As a reminder, we're holding our fiscal '26 Financial Analyst Day on Tuesday, March 18, just reach out to Elaine or myself at ir@box.com to register. And we look forward to chatting with you again on Analyst Day and on our next earnings call.

很好。謝謝各位。提醒一下，我們將於 3 月 18 日（週二）舉辦 2026 財年的 Financial Analyst Day；請聯絡 Elaine 或我本人（ir@box.com）進行註冊。我們也期待在分析師日以及下一次財報電話會議上再次與各位交流。

That concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。