Box Inc (BOX) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Box, Inc., first-quarter fiscal 2026 earnings conference call.

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Box, Inc. 2026 財年第一季財報電話會議。

(Operator Instructions) And I would now like to turn the conference over to Cynthia Hiponia, Vice President, Investor Relations. Please go ahead.

（操作員指示）現在，我想將會議交給投資人關係副總裁 Cynthia Hiponia。請繼續。

Good afternoon, and welcome to Box's first-quarter fiscal 2026 earnings conference call. I am 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.

下午好，歡迎參加 Box 2026 財年第一季財報電話會議。我是投資人關係副總裁 Cynthia Hiponia。參加今天電話會議的有 Box 聯合創始人兼執行長 Aaron Levie 和 Box 聯合創始人兼財務長 Dylan Smith。

Following our prepared remarks, we will take your questions. Today's call is being webcast and will be available for replay on our Investor Relations website at boxinvestorrelations.com. Our webcast will be audio only. However, supplemental slides are now available for download from our website.

在我們準備好發言之後，我們將回答您的問題。今天的電話會議將進行網路直播，並可在我們的投資者關係網站 boxinvestorrelations.com 上重播。網路直播僅提供音訊。但是，現在可以從我們的網站下載補充幻燈片。

On this call, we will be making forward-looking statements, including our second-quarter and full-year 2026 financial guidance and 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 billing, 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.

在本次電話會議上，我們將做出前瞻性陳述，包括我們的 2026 年第二季和全年財務指引以及我們對 2026財年及未來期間財務績效的預期，包括毛利率、營業利潤率、營業槓桿、未來盈利能力、淨留存率、剩餘履約義務、收入和賬單，以及外匯匯率和遞延稅項費用的影響，以及我們對市場機會規模、計劃投資、未來產品供應和增長戰略的預期，我們實現收入、營業利潤率和其他營運模式目標的能力，我們新產品、定價模式和合作夥伴關係的時機和市場採用情況以及從中受益，我們應對企業挑戰和為客戶節省成本的能力，宏觀環境對我們的業務和經營業績的影響，以及我們的資本配置策略，包括可能回購我們的普通股。

These statements reflect our best judgment based on factors currently known to us and actual events or results may differ materially. Please refer to our earnings press release filed today and the risk factors and documents we file with the SEC including our most recent annual report on Form 10-K for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call.

這些聲明反映了我們根據目前已知的因素所做的最佳判斷，實際事件或結果可能存在重大差異。請參閱我們今天提交的收益新聞稿以及我們向美國證券交易委員會提交的風險因素和文件，包括我們最新的 10-K 表年度報告，以獲取可能導致實際結果與本次收益電話會議上的陳述存在重大差異的風險和不確定性的信息。

These forward-looking statements are being made as of today, May 27, 2025, and we disclaim any obligation to update or revise them should they change or cease to be up to date. In addition, during today's call, we will discuss our non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results.

這些前瞻性陳述截至今天（2025 年 5 月 27 日）做出，如果這些陳述發生變化或不再是最新的，我們不承擔更新或修改這些陳述的義務。此外，在今天的電話會議中，我們將討論我們的非公認會計準則財務指標。這些非 GAAP 財務指標應被視為我們的 GAAP 結果的補充，而不是替代或孤立於我們的 GAAP 結果。

You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release and in the related supplemental slides, which can be found on the IR page of our website. 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 指標的更多揭露，包括與可比較 GAAP 結果的對賬，這些都可以在我們網站的 IR 頁面上找到。除非另有說明，否則所有財務指標均基於非 GAAP 基礎。

Thank you. And with that, let me turn the call over to Aaron.

謝謝。說完這些，讓我把電話轉給亞倫。

Thank you, Cynthia, and thank you all for joining the call today. We had a strong start to FY26 with results reflecting continued growth in customer demand for Box AI. In Q1, our revenue grew 4% year over year or 5% in constant currency. RPO grew 21% year over year, and we saw strong outperformance on billings.

謝謝你，辛西婭，也謝謝大家今天參加電話會議。我們在 2026 財年取得了強勁開局，業績反映出客戶對 Box AI 的需求持續成長。第一季度，我們的營收年增 4%，以固定匯率計算成長 5%。RPO 年成長 21%，我們在帳單方面表現出色。

We delivered operating margins of 25.3% and EPS of $0.30, $0.04 above our guidance. Following the launch of Enterprise Advanced late in Q4, in Q1, we saw strong momentum in customer adoption as enterprises look to Box to help them transform their AI-driven workflows around content.

我們的營業利潤率為 25.3%，每股收益為 0.30 美元，比我們的預期高出 0.04 美元。繼第四季末推出 Enterprise Advanced 之後，在第一季度，我們看到客戶採用的勢頭強勁，因為企業希望 Box 幫助他們轉變圍繞內容的 AI 驅動工作流程。

Examples include a leading university hospital upgraded to Enterprise Advanced and significantly expanded their Box seats. Currently, content is siloed across the organization, and they aim to make Box their single source of truth while unlocking value through box apps and AI-driven metadata extraction.

例如，一家領先的大學醫院已升級為 Enterprise Advanced 醫院，並大幅擴大了包廂座位數。目前，內容在整個組織中是孤立的，他們的目標是讓 Box 成為其唯一的事實來源，同時透過盒子應用程式和人工智慧驅動的元資料提取來釋放價值。

An investment advisory firm who has already been leveraging the Box AI API for metadata extraction, upgraded to Enterprise Advanced to expand their use of diverse AI models through the Box AI studio. They also plan to use Box App dashboards to manage and organize critical business information more strategically and leverage Doc Gen to further streamline operations. A financial services firm and a new Box customer purchased Enterprise Advanced to modernize and secure their critical business data by moving from an outdated on-prem system to Box.

一家投資顧問公司已經利用 Box AI API 進行元資料擷取，升級到 Enterprise Advanced，以透過 Box AI 工作室擴展其對各種 AI 模型的使用。他們還計劃使用 Box App 儀表板更有策略地管理和組織關鍵業務信息，並利用 Doc Gen 進一步簡化營運。一家金融服務公司和一位新的 Box 客戶購買了 Enterprise Advanced，透過從過時的內部部署系統遷移到 Box 來實現其關鍵業務資料的現代化和保護。

Looking to improve their control over sensitive content for personally identifiable information, enhance their user experience and optimize their retention strategy, they needed a scalable, compliant platform supporting loan origination, HR and legal functions. In the first quarter, I had the opportunity to meet with well over 100 customers, and it's incredibly clear that there is a fundamental shift in what business will look like in an AI-first world.

為了加強對個人識別資訊敏感內容的控制，增強用戶體驗並優化保留策略，他們需要一個可擴展、合規的平台來支援貸款發放、人力資源和法律職能。在第一季度，我有機會與 100 多位客戶會面，很明顯，在 AI 優先的世界中，業務將發生根本性的轉變。

In fact, tomorrow, we are releasing our first state of AI in the enterprise survey where we recently surveyed over 1,300 IT leaders across a range of industries and geographies. More than half of the respondents expect to see transformation from AI in the next two years and nearly 90% are already using AI agents in some capacity. And many of the top desired use cases for AI are around working with documents and unstructured data.

事實上，明天我們將發布第一份企業人工智慧現狀調查，我們最近對來自不同行業和地區的 1,300 多名 IT 領導者進行了調查。超過一半的受訪者預計未來兩年內人工智慧將帶來變革，近 90% 的受訪者已經在某種程度上使用人工智慧代理。人工智慧的許多最理想用例都與處理文件和非結構化資料有關。

What's clear is that as companies increasingly go AI first, they are beginning to rethink how they can take advantage of their enterprise content from their contracts and invoices to their research data and marketing assets. For years, the value of this content has been limited to only what humans can do with this information, which means most companies have never been able to truly tap into the full value of this information.

顯而易見的是，隨著越來越多的公司優先採用人工智慧，他們開始重新思考如何利用企業內容，從合約和發票到研究數據和行銷資產。多年來，這些內容的價值僅限於人類可以利用這些資訊做什麼，這意味著大多數公司從未能夠真正挖掘這些資訊的全部價值。

But in a world of AI and AI agents, this finally becomes possible. Inside all of this information are the answers to a company's next product breakthrough, their customer upsell opportunities, how they can hire amazing new talent or optimize their supply chains. AI agents make this all possible. At Box, we're building out the leading intelligent content management platform to help enterprises fully connect the power of AI to their content.

但在人工智慧和人工智慧代理的世界中，這最終成為可能。所有這些資訊都包含著公司下一個產品突破、客戶追加銷售機會、如何聘用出色的新人才或優化供應鏈的答案。人工智慧代理使這一切成為可能。在 Box，我們正在建立領先的智慧內容管理平台，以幫助企業將人工智慧的力量充分連接到他們的內容。

Now to deliver on this strategy, at our content plus AI Summit in mid-May, we announced our biggest set of AI agent updates ever, designed to transform how organizations work with their content. We unveiled all new capabilities to support AI agents that can do deep research, search and enhance data extraction on content, securely in Box and all with a focus on openness and interoperability.

為了實現這一策略，我們在 5 月中旬的內容加 AI 高峰會上宣布了迄今為止最大的 AI 代理更新系列，旨在改變組織處理內容的方式。我們推出了所有新功能來支援 AI 代理，這些代理可以在 Box 中安全地進行深入研究、搜尋和增強內容資料擷取，並且所有這些都注重開放性和互通性。

Imagine being able to have AI agents that can come through any amount of your unstructured data contracts, research documents, marketing assets, film scripts, financial documents, invoices and more to produce insights or automate work.

想像一下，擁有一個人工智慧代理，它可以透過任意數量的非結構化資料合約、研究文件、行銷資產、電影劇本、財務文件、發票等來產生見解或實現工作自動化。

Box AI agents will enable enterprises to streamline a due diligence process on hundreds or thousands of documents in an M&A transaction, correlate customer trends amongst customer surveys and product research data or analyze life sciences and medical research documents to generate reports on new drug discovery and development.

Box AI 代理將使企業能夠簡化併購交易中數百或數千份文件的盡職調查流程，在客戶調查和產品研究數據中關聯客戶趨勢，或分析生命科學和醫學研究文件以產生有關新藥發現和開發的報告。

None of this would have been possible even a year ago. But with the cost of AI inference dropping, context windows expanding to support larger data sets, reasoning models handling much more complex tasks and better understanding of designing agentic workflows, this all of a sudden becomes possible. Next, we believe in a world where AI agents work together to complete tasks across platforms. So this means that an AI agent from Box could work across an enterprise's entire AI stack.

即使在一年前，這一切都不可能發生。但隨著人工智慧推理成本的下降、上下文視窗的擴展以支援更大的資料集、推理模型處理更複雜的任務以及對設計代理工作流程的更好理解，這一切突然變得可能。接下來，我們相信人工智慧代理可以跨平台協作完成任務。這意味著 Box 的 AI 代理可以跨企業的整個 AI 堆疊工作。

In addition to our newly announced Box AI agent for Microsoft 365 CoPilot and IBM watsonx Orchestrate, Box-AI agents are available or in development with Google agents base, Salesforce agent force, Slack AI, ServiceNow, AI Agent Fabric, and the ZoomAI companion. Developers can also build custom agents that leverage Box content using the Box MCP server, the Google Agent SDK and OpenAI's agents SDK as well as through their preferred developer and data platforms.

除了我們新發布的適用於 Microsoft 365 CoPilot 和 IBM watsonx Orchestrate 的 Box AI 代理之外，Box-AI 代理還可以與 Google 代理程式庫、Salesforce 代理部隊、Slack AI、ServiceNow、AI Agent Fabric 和 ZoomAI 伴侶一起使用或正在開發中。開發人員還可以使用 Box MCP 伺服器、Google Agent SDK 和 OpenAI 的代理 SDK 以及透過他們喜歡的開發人員和資料平台建立利用 Box 內容的自訂代理程式。

Building on these recent announcements, just last week, ChatGPT officially integrated Box as a secure connected data source for their deep research AI agent. Now instead of moving your data around between each platform that you want to work in, you can just work where you want and have the AI agents coordinate together in the background to get the data that you need from Box. This is the future of software in an era of AI.

基於這些最近的公告，就在上週，ChatGPT 正式將 Box 集成為其深度研究 AI 代理的安全連接資料來源。現在，您無需在想要工作的每個平台之間移動數據，而是可以在您想要的地方工作，並讓 AI 代理在後台協調以從 Box 獲取所需的數據。這就是人工智慧時代軟體的未來。

Finally, we will continue to partner with the broader AI model ecosystem to ensure customers have the choice of any model provider they want to work with. Just in Q1 alone, we saw incredible examples of us sitting at the center of this industry, such as the recent NVIDIA GTC keynote from Jensen mentioning Box, Box joining OpenAI as a launch partner for their Agent SDK, Meta showcasing Box and IBM support for Llama at their latest AI developer event, Box serving as a day one Grok 3 API launch partner with XAI and many more.

最後，我們將繼續與更廣泛的人工智慧模型生態系統合作，以確保客戶可以選擇他們想要合作的任何模型提供者。僅在第一季度，我們就看到了我們處於這個行業中心的令人難以置信的例子，例如 Jensen 最近在 NVIDIA GTC 主題演講中提到了 Box，Box 加入 OpenAI 成為其 Agent SDK 的發布合作夥伴，Meta 在其最新的 AI 開發者活動上展示 Box 和 IBM 對 Llama 的支持，Box 成為 XAI 的第一天

Being neutral to the AI models means that our customers get instant access to the best that AI has to offer on their content instead of having to keep their data stuck with just one particular AI provider. And this partner momentum will only increase in Q2 and beyond.

對人工智慧模型保持中立意味著我們的客戶可以立即獲得人工智慧在其內容上提供的最佳服務，而不必將他們的數據僅限於一個特定的人工智慧提供者。而這種合作夥伴的勢頭在第二季及以後只會增加。

Over the coming months, we'll be gearing up for BoxWorks in September, which will include our biggest and most exciting announcements we've ever had on this platform. This is the year of AI agents and the ability to drive automation around any workflow with AI, and Box will be building out the leading capabilities to help our customers do this with their enterprise content at scale.

在接下來的幾個月裡，我們將為 9 月的 BoxWorks 做好準備，屆時將發布我們在這個平台上發布的最大、最令人興奮的公告。這是人工智慧代理的一年，也是利用人工智慧推動任何工作流程自動化的能力的一年，Box 將建立領先的功能，幫助我們的客戶大規模地處理他們的企業內容。

We look forward to sharing more in early September at BoxWorks. Now turning to go to market. We're continuing to drive Enterprise Advanced momentum across segments and geographies. Even after the large number of early adopters we saw in Q4 bring on Enterprise Advance, we were pleased to see the continued growth in deals in Q1, our seasonally lowest quarter.

我們期待在 9 月初在 BoxWorks 分享更多內容。現在開始走向市場。我們將繼續推動企業高階發展勢頭，跨越各個領域和地區。即使在第四季度我們看到大量早期採用者採用了 Enterprise Advance 之後，我們仍然很高興看到第一季（季節性最低的季度）的交易量繼續增長。

With a strong pipeline continuing to build as customers look to drive intelligent workflows in Box. Additionally, we're continuing to drive pricing improvements in our target 20% to 40% increase range for these enterprise advanced deals. As we've discussed, one of our key initiatives to drive growth is to expand and grow our partner ecosystem, particularly with global and regional system integrators.

隨著客戶尋求在 Box 中推動智慧工作流程，強大的管道也不斷建構。此外，我們將繼續推動這些企業高級交易的價格改善，目標漲幅在 20% 至 40% 之間。正如我們所討論的，推動成長的關鍵舉措之一是擴大和發展我們的合作夥伴生態系統，特別是與全球和區域系統整合商的合作。

In Q1, we're already seeing solid momentum in customer wins enabled by our partners. After announcing our partnership with DataBank in March, we had a great win with a local government upgrading to Enterprise Advanced to replace legacy enterprise content management system. We also partnered with regional SIs and financial services and life sciences with partner-enabled deals to replace legacy systems and automate processes to deliver secure compliance solutions that are well suited for regulated environments.

在第一季度，我們已經看到合作夥伴在客戶贏得方面的強勁勢頭。在三月宣布與 DataBank 合作後，我們取得了巨大的成功，當地政府成功升級到 Enterprise Advanced 系統來取代傳統的企業內容管理系統。我們還與區域 SI 以及金融服務和生命科學部門合作，透過合作夥伴支援的交易來取代遺留系統並實現流程自動化，以提供適合受監管環境的安全合規解決方案。

Also, in the first quarter, we were excited to announce that we received FedRAMP high authorization, allowing US government agencies and authorized government contractors the ability to leverage Box's intelligent content management platform for highly sensitive data. Finally, before I turn the call over to Dylan, let me discuss how we at Box are building an AI-first company.

此外，在第一季度，我們很高興地宣布，我們獲得了 FedRAMP 的高授權，這使得美國政府機構和授權的政府承包商能夠利用 Box 的智慧內容管理平台來處理高度敏感的資料。最後，在我將電話轉給 Dylan 之前，讓我先討論一下 Box 如何打造一家 AI 優先的公司。

As customers zero, we are driving an AI-first culture as we use Box AI to help us move faster, make better decisions and automate work. Not only will this drive productivity and innovation, going AI first as a company is also important for our strategy of building the leading AI platform for enterprise content. Paul Graham famously gave the start-up advice of live in the future and then build what's missing.

作為零客戶，我們正在推動 AI 優先文化，因為我們使用 Box AI 來幫助我們更快地採取行動、做出更好的決策並實現工作自動化。這不僅將推動生產力和創新，作為一家公司，首先採用人工智慧對於我們建立領先的企業內容人工智慧平台的策略也至關重要。保羅‧葛拉漢 (Paul Graham) 曾經給過一個著名的創業建議：活在未來，然後建構所缺少的東西。

The idea behind this is that the teams that deeply figure out where the world is going, we'll often see the new opportunities that arise far sooner than others. This is what we're doing at Box. Across Box, we are seeing Box AI be leveraged to help transform how we work every day. Internally, we use AI-powered hubs to help answer customer support questions, onboard new sales reps faster, get HR questions answered instantly and much more.

背後的想法是，那些深刻理解世界發展方向的團隊，往往比其他團隊更早發現新機會。這就是我們在 Box 所做的事情。在 Box 中，我們看到 Box AI 被用來幫助改變我們的日常工作方式。在內部，我們使用人工智慧中心來幫助回答客戶支援問題、更快地培訓新銷售代表、立即獲得人力資源問題的答案等等。

Boxers can access every leading AI model alongside their content to streamline understanding data, reviewing code or generating new content from marketing assets or product documentation. Boxers are creating custom AI agents to generate call scripts, create more personalized sales materials or answer RFPs. And we use AI agents to extract metadata on policy documents to help streamline internal compliance and document management workflows.

拳擊手可以存取每個領先的人工智慧模型及其內容，以簡化理解數據、審查程式碼或從行銷資產或產品文件中產生新內容。Boxers 正在創建客製化的 AI 代理程式來產生呼叫腳本、創建更個人化的銷售資料或回答 RFP。我們使用人工智慧代理程式提取政策文件的元數據，以幫助簡化內部合規和文件管理工作流程。

And finally, beyond Box AI, we use AI first coding tools and customer service tools to augment our workforce and drive productivity. Importantly, our principal focus of going AI first is to move faster and be able to deliver better outcomes for our customers. We want to ensure that every Boxer is fully equipped to be as productive as possible with AI, which is why we're making it easy to experiment with AI across the company, and we're highlighting the best practices as they emerge and driving as much upskilling of our workforce as possible.

最後，除了 Box AI，我們還使用 AI 優先編碼工具和客戶服務工具來增強我們的勞動力並提高生產力。重要的是，我們首先採用人工智慧的主要重點是更快地採取行動並能夠為我們的客戶提供更好的結果。我們希望確保每位 Boxer 都具備充分的能力，能夠透過 AI 盡可能提高工作效率，這就是為什麼我們要讓整個公司都能輕鬆地進行 AI 實驗，並且我們要強調出現的最佳實踐，並儘可能地提高我們員工的技能。

And for new employees coming in, we will increasingly look for AI-first skills as a part of our hiring criteria. This is the biggest shift in work that we've ever seen in our lifetimes, and we're excited to make sure that Box sits right at the center of it. With that, let me turn the call over to Dylan.

對於新員工，我們將越來越多地將人工智慧優先技能作為我們招募標準的一部分。這是我們一生中見過的最大的一次工作轉變，我們很高興確保 Box 處於這一轉變的中心。說完這些，讓我把電話轉給迪倫。

Thanks, Aaron. Good afternoon, everyone, and thank you for joining us today. Q1 was a strong start to the year as we exceeded all guidance while also delivering double-digit billings and short-term RPO growth. These strong results enabled us to deliver on our key FY26 priorities. Investing in our intelligent content management platform and key go-to-market initiatives, generating consistent operating leverage and executing on our disciplined capital allocation strategy.

謝謝，亞倫。大家下午好，感謝大家今天的參與。今年第一季開局強勁，我們超越了所有預期，同時也實現了兩位數的營業額和短期 RPO 成長。這些強勁的業績使我們能夠實現 2026 財年的關鍵優先事項。投資我們的智慧內容管理平台和關鍵的市場進入計劃，產生一致的營運槓桿並執行我們嚴謹的資本配置策略。

Q1 revenue of $276 million was up 4% year over year and up 5% in constant currency. We now have approximately 1,940 total customers paying us at least $100,000 annually, up 8% year over year. Suites customers now represent 61% of our revenue, up from 56% a year ago. Our continued Suites momentum was driven by early traction with Enterprise Advanced and strong demand for our various AI capabilities.

第一季營收為 2.76 億美元，年增 4%，以固定匯率計算成長 5%。目前，我們總共有約 1,940 名客戶每年向我們支付至少 10 萬美元，年增 8%。Suites 客戶目前占我們收入的 61%，高於一年前的 56%。我們的持續套件發展勢頭得益於 Enterprise Advanced 的早期推動以及對我們各種 AI 功能的強勁需求。

We ended Q1 with remaining performance obligations, or RPO, of $1.5 billion, a 21% year-over-year increase and up 17% in constant currency. Our strong long-term RPO growth was driven by continued lengthening in customer contract durations. We expect to recognize roughly 55% of our RPO over the next 12 months.

截至第一季末，我們的剩餘履約義務（RPO）為 15 億美元，年增 21%，以固定匯率計算成長 17%。我們強勁的長期 RPO 成長得益於客戶合約期限的持續延長。我們預計在未來 12 個月內實現約 55% 的 RPO。

Q1 billings of $242 million were up 27% year over year and up 17% in constant currency. This result exceeded our expectations of low to mid-teens growth due to strong bookings, including a tailwind from early renewals of approximately 400 basis points. FX also provided a tailwind of 700 basis points versus our prior expectations. We ended Q1 with a net retention rate of 102%, up from 101% a year ago and in line with our expectations.

第一季的營業額為 2.42 億美元，年增 27%，以固定匯率計算則成長 17%。由於預訂量強勁，包括早期續約帶來的約 400 個基點的推動，這一結果超出了我們對低至中等增長的預期。與我們先前的預期相比，外匯也提供了 700 個基點的順風。我們第一季的淨留存率為 102%，高於去年同期的 101%，符合我們的預期。

Our annualized full churn rate remained at 3%, demonstrating the continued stickiness of our platform. We continue to expect our net retention rate to improve to 103% exiting FY26. We delivered Q1 gross margin of 80.5%, up 30 basis points year over year. As a reminder, in Q1 of last year, our gross margin benefited by approximately 100 basis points due to data center equipment sales in the quarter.

我們的年化完全流失率維持在 3%，證明了我們平台的持續黏著度。我們繼續預計，到 2026 財年結束時，我們的淨留存率將提高至 103%。我們第一季的毛利率為 80.5%，較去年同期成長 30 個基點。提醒一下，去年第一季度，由於該季度資料中心設備的銷售，我們的毛利率提高了約 100 個基點。

Q1 gross profit of $222 million was up 5% year over year, slightly exceeding our revenue growth rate. We delivered Q1 operating income of $70 million and operating margin of 25.3% versus 26.6% in the year-ago period. Adjusting for the impact of data center equipment sales, the leap year and FX, operating margin would have been up 90 basis points year over year.

第一季毛利為 2.22 億美元，年增 5%，略高於我們的營收成長率。我們第一季的營業收入為 7,000 萬美元，營業利潤率為 25.3%，而去年同期為 26.6%。經過資料中心設備銷售、閏年和外匯的影響調整後，營業利潤率將比去年同期成長 90 個基點。

As a result, we delivered EPS of $0.30 in Q1, $0.04 above the high end of our guidance. This includes a negative impact of $0.01 from FX and $0.12 from noncash deferred tax expenses. I'll now turn to our cash flow and balance sheet.

因此，我們第一季的每股收益為 0.30 美元，比我們預期的高端高出 0.04 美元。其中包括外匯帶來的 0.01 美元負面影響和非現金遞延稅務費用帶來的 0.12 美元負面影響。現在我將討論我們的現金流量和資產負債表。

In Q1, we generated free cash flow of $118 million and cash flow from operations of $127 million. We ended Q1 with $792 million in cash, cash equivalents, restricted cash and short-term investments. In Q1, we repurchased 1.6 million shares for approximately $50 million. As of April 30, 2025, we had approximately $152 million of remaining buyback capacity under our current share repurchase plan.

第一季度，我們產生了 1.18 億美元的自由現金流和 1.27 億美元的營運現金流。我們第一季結束時擁有 7.92 億美元的現金、現金等價物、受限現金和短期投資。第一季度，我們以約 5,000 萬美元回購了 160 萬股。截至 2025 年 4 月 30 日，根據我們目前的股票回購計劃，我們剩餘的回購能力約為 1.52 億美元。

We remain committed to opportunistically returning capital to our shareholders through our ongoing stock repurchase program. With that, let me now turn to our Q2 and FY26 guidance. As a reminder, approximately 1/3 of our revenue is generated outside of the U.S. with roughly 65% of our international revenue coming from Japan.

我們仍然致力於透過正在進行的股票回購計畫適時向股東返還資本。現在，讓我來談談我們的第二季和 26 財年的指導。提醒一下，我們大約 1/3 的收入來自美國以外，其中約 65% 的國際收入來自日本。

Before providing guidance, I wanted to remind you of the tax impacts we mentioned on our last call. We continue to expect that the noncash deferred tax expenses will be an incremental non-GAAP EPS headwind of $0.52 in FY26. For the second quarter of fiscal 2026, we expect Q2 revenue to be in the range of $290 million to $291 million, representing approximately 8% year-over-year growth at the high end of the range and 6% growth in constant currency.

在提供指導之前，我想提醒您我們在上次電話會議上提到的稅務影響。我們繼續預計，非現金遞延稅務支出將對 26 財年的非 GAAP EPS 造成 0.52 美元的增量不利影響。對於 2026 財年第二季度，我們預計第二季營收將在 2.9 億至 2.91 億美元之間，相當於年增約 8%，以固定匯率計算則為成長 6%。

We anticipate our Q2 billings to be roughly flat year over year. This includes an expected tailwind from FX of approximately 70 basis points as well as roughly 230 basis point negative impact from Q1 early renewals. We expect Q2 gross margin to be approximately 81%. We anticipate our Q2 non-GAAP operating margin to be approximately 28% versus 28.4% a year ago.

我們預計第二季的營業額將與去年同期基本持平。其中包括預計外匯帶來的約 70 個基點的順風，以及第一季提前續約帶來的約 230 個基點的負面影響。我們預計第二季毛利率約為81%。我們預計第二季非公認會計準則營業利潤率約為 28%，而去年同期為 28.4%。

Note that this includes the impact of a 70 basis point headwind from data center equipment sales in the year ago period, offset by an expected FX tailwind of approximately 80 basis points. We expect our Q2 non-GAAP EPS to be in the range of $0.30 to $0.31, which includes an expected tailwind of approximately $0.02 from FX. Weighted average diluted shares are expected to be approximately 150 million.

請注意，這包括去年同期資料中心設備銷售 70 個基點的逆風影響，但被預期約 80 個基點的外匯順風所抵消。我們預計第二季非 GAAP 每股盈餘將在 0.30 美元至 0.31 美元之間，其中包括來自外匯的約 0.02 美元的預期順風。預計加權平均稀釋股份約為1.5億股。

For the full fiscal year ending January 31, 2026, while our strong Q1 results and Enterprise Advanced momentum give us confidence in our ability to execute, we are mindful of the macroeconomic uncertainty and potential impact to IT spending. While this environment has not had a material impact on our business so far, we want to remain prudent in our outlook for the remainder of fiscal 2026. We now expect revenue to be in the range of $1.165 billion to $1.170 billion, representing a $10 million increase versus our previous guidance and roughly consistent on a constant currency basis.

截至 2026 年 1 月 31 日的整個財政年度，雖然我們強勁的第一季業績和企業高階發展勢頭讓我們對執行能力充滿信心，但我們也注意到宏觀經濟的不確定性及其對 IT 支出的潛在影響。雖然目前為止這種環境尚未對我們的業務產生重大影響，但我們希望對 2026 財年剩餘時間的前景保持謹慎。我們現在預計收入將在 11.65 億美元至 11.7 億美元之間，比我們之前的預期增加 1000 萬美元，按固定匯率計算基本保持不變。

This represents approximately 7% year-over-year growth or approximately 6% in constant currency. We now expect a tailwind of approximately 120 basis points from FX. We expect our FY26 billings growth to be approximately 9%, including a tailwind of approximately 340 basis points from FX. We expect FY26 gross margin to be approximately 81%. When adjusting for the impact from data center equipment sales last year, which also flows through to operating margin, this represents a year-over-year improvement of 40 basis points.

這意味著同比增長約 7%，或以固定匯率計算增長約 6%。我們現在預計外匯將帶來約 120 個基點的順風。我們預計 26 財年的營業額成長率約為 9%，其中包括來自外匯的約 340 個基點的順風。我們預計 26 財年的毛利率約為 81%。當調整去年資料中心設備銷售的影響（這也會影響營業利潤率）時，這代表著同比增長了 40 個基點。

We expect our FY26 non-GAAP operating margin to be approximately 28%, including a tailwind of approximately 40 basis points from FX as we look at the linearity of operating margin in the second half of the year, please note that our annual customer conference Boxworks has moved from Q4 to Q3, shifting approximately $3 million in expenses in Q3. We now expect FY26 non-GAAP EPS to be in the range of $1.22 to $1.26, including an expected tailwind of approximately $0.07 from FX.

我們預計 26 財年非 GAAP 營業利潤率約為 28%，其中包括來自 FX 約 40 個基點的順風，當我們考慮下半年營業利潤率的線性時，請注意，我們的年度客戶會議 Boxworks 已從第四季度移至第三季度，導致第三季度的費用轉移約 300 萬美元。我們現在預計 26 財年非 GAAP 每股收益將在 1.22 美元至 1.26 美元之間，其中包括來自外匯的約 0.07 美元的預期順風。

This represents an increase of $0.09 or $0.02 on a constant currency basis. Weighted average diluted shares are expected to be approximately 151 million. FY26 is off to a strong start driven by continued growth in customer demand for Box AI.

這意味著以固定匯率計算增加了 0.09 美元或 0.02 美元。預計加權平均稀釋股份約為1.51億股。在客戶對 Box AI 的需求持續成長的推動下，26 財年開局強勁。

As we outlined at Financial Analyst Day, we are in the early innings of a once-in-a-generation opportunity that will revolutionize how AI can transform content in the enterprise. We will continue to invest in our intelligent content management platform and key go-to-market initiatives to execute against this opportunity and we remain firmly committed to driving meaningful long-term improvements in our financial profile from top to bottom.

正如我們在財務分析師日所概述的那樣，我們正處於千載難逢的機會的早期階段，它將徹底改變人工智慧如何改變企業內容。我們將繼續投資於我們的智慧內容管理平台和關鍵的上市計劃，以抓住這一機遇，我們將繼續堅定地致力於從上到下推動我們的財務狀況的有意義的長期改善。

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

因此，Aaron 和我很樂意回答您的問題。操作員？

(Operator Instructions) George Kurosawa, Citi.

（操作員指示）花旗銀行 George Kurosawa。

Actually, operator -- pardon me, George -- yeah. One quick correction. Dylan, go ahead.

實際上，接線員——對不起，喬治——是的。一次快速修正。迪倫，繼續吧。

Just wanted to note for our Q1 results for EPS that was -- that had included a benefit of $0.01 from FX where as I mentioned that as a $0.01 negative impact. So it was actually a $0.01 tailwind of -- due to in the quarter.

只是想指出，我們第一季的每股盈餘結果包括了外匯帶來的 0.01 美元收益，而正如我所提到的，這帶來了 0.01 美元的負面影響。因此，這實際上是本季產生的 0.01 美元順風。

Great. Thank you. George, you can go ahead with your questions.

偉大的。謝謝。喬治，你可以繼續提問了。

Okay. Great. Thanks for taking the question. For Steve, maybe just to touch on the demand picture, the topic of the quarter. It sounds like you're not seeing much in the business, but maybe there's a little bit incrementally baked into the guide. If you could just talk about how customer conversations have been and then help us frame what incremental prudence you baked into the guidance?

好的。偉大的。感謝您回答這個問題。對史蒂夫來說，也許只是談談需求狀況，本季的主題。聽起來你在業務上沒有看到太多內容，但也許指南中已經逐步融入了一些內容。您能否談談與客戶的對話情況，然後幫助我們制定出您在指導中融入的漸進式審慎措施？

Yeah. So overall, very healthy robust customer conversations, as you saw in the Q1 results, we're very happy with the Q1 performance, seeing strong momentum coming into Q2. The AI first strategy that we've laid out for customers, I think, is resonating.

是的。因此，總體而言，正如您在第一季業績中所看到的，客戶對話非常健康、強勁，我們對第一季度的表現非常滿意，並看到第二季度的強勁勢頭。我認為，我們為客戶制定的人工智慧優先策略正在引起共鳴。

All of our customer conversations are either starting with or at some point in the conversation turning into really AI-oriented conversations around how companies can get the most out of their unstructured data, automate workflows, bring intelligence to their content. So a lot of momentum on that front.

我們與所有客戶的對話要麼從人工智慧開始，要麼在對話的某個階段轉變為真正以人工智慧為導向的對話，討論公司如何充分利用非結構化資料、自動化工作流程、為其內容帶來智慧。因此，這方面的勢頭強勁。

And then overall, we wanted to just be prudent with the overall environment. Obviously, it's a dynamic macro and so just trying to balance all those factors right now.

總的來說，我們希望對整體環境保持謹慎。顯然，這是一個動態的宏，因此現在只是試圖平衡所有這些因素。

Okay. Great. That's helpful. And then maybe just a follow-up. A question we're getting is billings and RPO growth, really strong 17% quarter on quarter.

好的。偉大的。這很有幫助。然後也許只是後續行動。我們遇到的一個問題是帳單和 RPO 成長，季增 17%，非常強勁。

You guys are guiding to 6% for constant currency revenue growth. If you could just help us bridge the gap there? It sounds like maybe there was a little timing in Q1. Just anything else we should keep in mind there.

你們正在引導貨幣收入持續成長 6%。您能幫我們彌補這個差距嗎？聽起來第一季可能存在一些時間問題。我們還應該記住其他任何事情。

Yeah. So really primarily comes down to the timing. And we had even called out heading into the quarter that we did expect to see somewhat of a unique dynamic in the billings growth rate between Q1 and Q2, but with the first half and second half being relatively consistent. And then we saw that even a little bit more pronounced because of that early renewal dynamic.

是的。所以實際上主要還是取決於時機。我們甚至在進入本季時就曾表示，我們確實預計第一季和第二季之間的帳單成長率會出現某種獨特的動態，但上半年和下半年會相對一致。然後，由於早期的更新動態，我們看到這種情況更加明顯。

So we called that out. And in terms of the impact, we saw about $7 million in early renewals included in that benefit to Q1 billings. That represents the roughly 400 basis points impact that I mentioned. That's where that $7 million is and about $6 million of that comes straight out of Q2. So basically making that Q1 to Q2 impact a little bit more pronounced.

所以我們大聲喊出了這個消息。就影響而言，我們發現約 700 萬美元的提前續約收入已納入第一季的帳單收益中。這代表了我提到的大約 400 個基點的影響。這就是那 700 萬美元，其中約 600 萬美元直接來自第二季。因此基本上使得 Q1 對 Q2 的影響更加明顯。

And then in terms of the HAPS overall, can now see that we expect a little bit more strength in the first half because some of those dynamics as well as that incremental conservatism that we mentioned related to the macroeconomic environment. So no big change relative to our original expectations other than the early renewal dynamics between the first and the second quarter.

然後就 HAPS 整體而言，現在可以看到，我們預計上半年會更加強勁，因為其中一些動態以及我們提到的漸進式保守主義與宏觀經濟環境有關。因此，除了第一季和第二季之間的早期更新動態之外，與我們最初的預期相比沒有太大變化。

Super helpful color. Thanks for taking the questions.

超有用的顏色。感謝您回答這些問題。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

Yeah. Thank you. Good afternoon, guys. I just want to ask about seats. I think you call that a customer where there was good seat growth. Can you just comment overall on what you're seeing out of seat growth and even some -- if there's any downsell or how that has trended for some of your customers. Thank you.

是的。謝謝。大家下午好。我只是想問座位。我認為您可以稱之為座位數成長良好的客戶。您能否總體評論一下您所看到的座位數增長情況，甚至一些——是否有任何下降，或者對於您的一些客戶來說趨勢如何。謝謝。

Yeah. So overall, the trends that we're seeing and the dynamic between seat growth and then pricing improvements have been pretty consistent with what we've seen over the last several quarters where seats are growing on a net basis, but pretty minor contribution to growth most of that customer expansion is being driven by pricing increases, and we've seen that continue and expected to be the same, especially with the impact of Enterprise Advanced and the healthy pricing uplift that we see as customers upsell into that suite.

是的。因此，總體而言，我們所看到的趨勢以及席位增長和價格改善之間的動態與我們在過去幾個季度所看到的非常一致，席位在淨基礎上有所增長，但對增長的貢獻很小，大部分客戶擴張是由價格上漲推動的，我們已經看到這種情況持續下去，預計也會保持不變，尤其是在 Enterprise Advanced 的購買下，隨著客戶看到該價格上漲，我們看到價格上漲。

And so that's really the dynamic that we've been seeing pretty consistent over the past few quarters. But there's a lot that we're doing, especially with a lot of these new enterprise advance and AI-driven use cases that we do think open up some new opportunities to expand across departments.

這就是我們在過去幾季中一直看到的相當一致的動態。但我們正在做很多事情，特別是許多新的企業進步和人工智慧驅動的用例，我們確實認為這些用例為跨部門擴展開闢了一些新的機會。

Okay. So just to be clear, it sounds like price is going to be a bigger driver of growth, let's call it, over the next several quarters than seats. And if so, what do you think you guys need to do? Or you need to see, I guess, on the seat side for you to be able to say, okay, we're starting to see an inflection on seat growth.

好的。因此，需要明確的是，在未來幾季中，價格似乎將比座位數成為更大的成長驅動力。如果是的話，您認為您需要做什麼？或者我想，你需要看看座位方面的情況，你才能說，好吧，我們開始看到座位增長出現拐點。

Yeah. So that's exactly right in terms of what we're baking in to our expectations for this year with pricing and driving the lion's share of that expansion. And then on the seat side, a lot we're doing again around the use cases that we're pushing Enterprise Advanced enables as well as with new logos and some of the go-to-market investments that we've called out as a way to reach new customers and grow the overall seat base from there.

是的。因此，就我們對今年的預期而言，定價和推動擴張的最大份額是完全正確的。然後在席位方面，我們再次做了很多工作，圍繞我們正在推動的 Enterprise Advanced 用例，以及新標誌和一些上市投資，我們稱之為接觸新客戶並從那裡擴大整體席位基礎的一種方式。

And then certainly, as that dynamic evolves, we'll be sure to provide updates in terms of what we're seeing in the business. And then I'd also note, and as we've called out in the past, that seat growth and that net seat growth tends to be more closely correlated with the economic environment, whereas in good and bad, we continue to see steady and strong pricing improvements that seat dynamic is a little bit more sensitive to the overall macroeconomic environment.

當然，隨著這種動態的發展，我們一定會根據我們在業務中看到的情況提供更新。然後我還要指出，正如我們過去所指出的，座位數成長和淨座位數成長往往與經濟環境更密切相關，而無論經濟狀況好壞，我們都會看到穩定而強勁的價格改善，座位數動態對整體宏觀經濟環境更為敏感。

And I would just note that overall, to Dylan's point, obviously, Enterprise Advanced is the primary focus, which is both driving the price per seat increase as well as expanded use cases. So we feel pretty comfortable about the momentum and overall spot that we're in.

我想指出的是，總體而言，正如 Dylan 所說，企業高級版顯然是主要關注點，它既推動了每座位價格的上漲，也擴大了使用案例。因此，我們對目前的勢頭和整體情況感到非常滿意。

Very helpful. Thank you.

非常有幫助。謝謝。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

One follow-up on the early renewals you called out earlier, 400 basis points of help in the quarter. Can you remind us what you're expecting during the quarter? And then also, what are you doing to catalyze early renewals?

關於您之前提到的提前續約，我們進行了一次跟進，本季提供了 400 個基點的幫助。您能否提醒我們您對本季的期望？此外，您正在採取什麼措施來促進早期更新？

Yeah. So for early renewals, the biggest driver that we saw in Q1 was really around the adoption of customers looking to adopt our AI capabilities, both with Enterprise Plus and now more and more with Enterprise Advanced, even though we're early days. So that was the majority of those Enterprise Advanced sales that we saw in the first quarter were customers early renewing, looking to move and bring on those capabilities sooner than their scheduled renewal date.

是的。因此，對於早期續約而言，我們在第一季看到的最大驅動力實際上是希望採用我們的 AI 功能的客戶，包括 Enterprise Plus 和現在越來越多的 Enterprise Advanced，儘管我們還處於早期階段。因此，我們在第一季看到的大多數 Enterprise Advanced 銷售都是提前續約的客戶，他們希望在預定的續約日期之前轉移並實現這些功能。

And then on AI, you mentioned earlier in the call, cost of AI inferencing dropping, and that's helpful. So maybe two questions there. First, how should we think about cost of AI and compute impacting margin? You made some margin expectation comments earlier. And then as you land with customers with AI, is it still primarily smaller seat counts or customers still doing smaller use case testing?

然後關於人工智慧，您在電話會議中提到，人工智慧推理的成本下降，這很有幫助。所以可能有兩個問題。首先，我們該如何看待人工智慧和計算成本對利潤的影響？您之前對保證金預期發表了一些評論。那麼，當您與使用 AI 的客戶合作時，是否仍然主要是較少的座位數量或客戶仍在進行較小用例測試？

Is there wider deployment? Really just want to know where are we in the spectrum of adoption with AI as they adopt your products?

是否有更廣泛的部署？真的只是想知道當他們採用您的產品時，我們在人工智慧採用範圍內處於什麼位置？

Yeah. So there are two parts of that. So on the AI inference side, we've just been very happy about the rate of like-for-like AI model improvements that we're seeing from a cost standpoint. And that can show up in two ways. The first is that you can take an existing use case and it might just on a one-to-one basis, be cheaper on a pretty regular basis every 6 to 12 months at a minimum.

是的。這其中有兩個部分。因此，在人工智慧推理方面，從成本角度來看，我們對同類人工智慧模型的改進速度感到非常高興。這可以透過兩種方式表現出來。首先，您可以採用現有的用例，它可能只是一對一地，至少每 6 到 12 個月定期更便宜。

The alternative is that you get a new capability unlock because you can -- you either get the base model just is getting much better or you can use an existing model and do multiple passes through the model for better accuracy or more complex use cases.

另一種選擇是，您可以獲得新的功能解鎖，因為您可以 - 您既可以獲得越來越好的基礎模型，也可以使用現有模型並多次通過該模型以獲得更好的準確性或更複雜的用例。

So depending on the use case, we have some things that quite literally, just immediately get cheaper for us and then other use cases where we start to unlock more powerful capabilities. Both of those are driven by inference prices going down, which I think we've all collectively seen. And that trend is alive and well right now, which is fantastic to see. And then on the rollouts, It's a broad mix.

因此，根據使用情況，我們將會有一些實際上立即為我們帶來更便宜的東西，然後其他使用情況會讓我們開始解鎖更強大的功能。這兩者都是由推理價格下降所驅動的，我想我們都已經看到了這一點。現在這股趨勢依然活躍，真是令人高興。然後在推出時，它是一個廣泛的組合。

We have a couple of benefits in our platform. So we've given -- we've made Box AI for base use cases querying documents, asking questions of data, generating summaries of content. That's now an included capability in all of our business plans on above. So customers really have an easy way to start to try AI, deploy it for really core end user productivity use cases.

我們的平台有幾個優勢。因此，我們給出了——我們已經為基本用例製作了 Box AI，包括查詢文件、詢問資料問題、生成內容摘要。這現在是我們上述所有業務計劃中包含的一項功能。因此，客戶確實可以輕鬆地開始嘗試 AI，並將其部署到真正的核心最終用戶生產力用例中。

And then we've got multiple upsell vectors either for your entire enterprise instance to be upgraded with Enterprise Advanced, and we talked about the early strong momentum we're seeing there or AI unit volume consumption for more either complex use cases or much more high-volume use cases. So you can already start to try it quite easily by just using some of the included functionality. And then we've got, again, multiple upsell pads that we're driving customers through.

然後，我們有多個追加銷售載體，要么讓您的整個企業實例升級到 Enterprise Advanced，我們討論了我們在那裡看到的早期強勁勢頭，要么是 AI 單位數量消耗，用於更複雜的用例或更多的大容量用例。因此，您只需使用其中的一些功能就可以輕鬆開始嘗試。然後，我們又有了多個追加銷售平台來吸引客戶。

So I think we've landed on a very strategic pricing model for our customers that they've been quite happy about. We've generally had very, very strong positive interactions with customers on that upsell motion because it's very logical. Enterprise Advanced unlocks a whole new set of features as well as core AI use cases.

所以我認為我們為客戶制定了一個非常策略性的定價模式，他們對此非常滿意。我們通常會就追加銷售動議與客戶進行非常非常積極的互動，因為它非常合乎邏輯。Enterprise Advanced 解鎖了一整套新功能以及核心 AI 用例。

And just to clarify the first question, the price performance, are they largely offsetting, so you say, margin-neutral from rolling out AI? Or is one greater factor than the other?

為了澄清第一個問題，價格表現是否在很大程度上抵消了推出人工智慧帶來的利潤中性影響？或者其中一個因素比另一個因素更重要？

Well, we've called out that we're aiming to have AI relatively margin-neutral over at least the medium term, and then I think it only gets better from there. And so -- but there's -- because we're not directly charging customers on a a per use case basis because some of our core AI functionalities included, it's hard to exactly parse something as margin neutral without a dedicated pricing line for it.

嗯，我們已經說過，我們的目標是至少在中期內讓人工智慧的利潤率相對中性，然後我認為情況只會越來越好。所以 - 但是 - 因為我們沒有直接根據每個用例向客戶收費，因為我們包含了一些核心的人工智慧功能，所以如果沒有專門的定價線，很難準確地將某些東西解析為利潤中性。

I would just say, overall, as a company, we are intending to remain more or less margin neutral even as we bake in more AI functionality. And the reason that we can do that is because the cost of inference is dropping even as we add more capabilities to our customers.

我只想說，總的來說，作為一家公司，即使我們融入了更多的人工智慧功能，我們也打算保持或多或少的利潤率中立。我們之所以能夠做到這一點，是因為即使我們為客戶增加了更多功能，但推理成本也在下降。

Thank you so much for the time.

非常感謝您抽出時間。

Lucky Schreiner, D.A. Davidson.

幸運施萊納，D.A.戴維森。

Thanks for taking the questions and congrats on the great quarter. Maybe just with all the recent platform innovation and the rapid advancements across the ecosystem, how is that impacting your ability to win customers migrating away from the legacy ECM providers that typically aren't able to keep pace? Are you noticing an uptick in win rates in those deals early on. And maybe as a follow-up, how have you noticed the improvement maybe in the Box -- in the market overall from customers, just overall customer awareness?

感謝您回答問題，並祝賀本季取得如此出色的成績。也許只是由於最近的所有平台創新和整個生態系統的快速進步，這對您贏得從通常無法跟上步伐的傳統 ECM 供應商遷移的客戶的能力有何影響？您是否注意到這些交易的早期獲勝率有所上升？也許作為後續問題，您如何注意到 Box 在整個市場中從客戶角度，從整體客戶意識角度的改進？

Thanks. Yeah. So I think great performance on both of those topics. We're seeing more customers elect to move and migrate to modern platforms for driving AI-driven workflows on content. We announced this partnership with DataBank as folks remember at our Financial Analyst Day.

謝謝。是的。所以我認為這兩個主題的表現都很出色。我們看到越來越多的客戶選擇遷移到現代平台來推動人工智慧驅動的內容工作流程。正如大家所記得的，我們在金融分析師日上宣布了與 DataBank 的這項合作關係。

That's a great example of a partner who works with a lot of the traditional document management environments out there and really is in a position to help customers accelerate their move to the cloud, and we're seeing great momentum with them as an example.

這是一個很好的例子，合作夥伴與許多傳統的文件管理環境合作，真正能夠幫助客戶加速向雲端的遷移，我們看到他們正以驚人的勢頭發展。

Similarly, we've had strong momentum with folks like Slalom and other system integrators on similar use cases of customers that want to migrate or modernize their IT infrastructure and get content to the cloud, to be able to use AI on that content. So that's the first part.

同樣，我們與 Slalom 和其他系統整合商在類似的用例方面有著強勁的合作勢頭，這些客戶希望遷移或現代化他們的 IT 基礎設施並將內容傳輸到雲端，以便能夠在這些內容上使用 AI。這是第一部分。

And then on the second part, we -- if you just look at Q1 alone, and I mentioned this in the call, but just to be redundant, if you look at the announcements of Quad 3.7 in Q1, Grok 3.0, OpenAIs, Agent SDK, NVIDIA at GTC and a number of other announcements in Q1 from the AI ecosystem.

然後在第二部分，我們 - 如果您只看第一季度，我在電話會議中提到了這一點，但只是為了重複，如果您查看第一季度的 Quad 3.7、Grok 3.0、OpenAIs、Agent SDK、NVIDIA 在 GTC 的公告以及 AI 生態系統在第一季度發布的許多其他公告。

Box was included in every single one of those. And then right at the start of the quarter at the tail end of Q1, for LlamaCon announcing the work that IBM and Box are doing together to bring LLama 4.0 to customers. So we have -- we are sitting very naturally at the center of so much of the innovation happening in AI right now. And I think it helps that we're not competing with any of the AI model providers. We are bringing together an ecosystem of all the leading AI to our customers.

每一個裡面都包含一個盒子。然後就在本季初，也就是第一季末，LlamaCon 宣布 IBM 和 Box 正在合作將 LLama 4.0 帶給客戶。因此，我們自然處於目前人工智慧領域眾多創新的中心。我認為我們不與任何人工智慧模型提供者競爭是有幫助的。我們正在為客戶整合所有領先的人工智慧生態系統。

So we act as a very natural convening point for these AI models when customers want to be able to use data on -- with any of these leading platforms. So I think the momentum is building around Box AI as a platform. And that's certainly starting to show up in our brand.

因此，當客戶希望在任何領先平台上使用數據時，我們就成為了這些 AI 模型的自然聚集點。所以我認為，Box AI 這個平台的勢頭正在增強。這無疑開始在我們的品牌中體現出來。

We're seeing strong enterprise advanced pipeline begin to build. That's effectively all AI-driven pipeline in terms of the use cases customers are unlocking. So overall, we're really happy with the momentum.

我們看到強大的企業先進管道開始建造。就客戶正在解鎖的用例而言，這實際上都是由人工智慧驅動的管道。總的來說，我們對這種發展勢頭感到非常滿意。

Awesome. And then last question from me. You had a nice diversity of wins and expansions across industries. Anything to call out. I think the early renewals were especially, I guess, impressive to hear given the April volatility that we all experienced.

驚人的。這是我的最後一個問題。你們在各個行業都取得了豐碩的成果並實現了多元化的擴張。任何事都可以呼喚。我認為，考慮到我們都經歷過的四月份的動盪，提前續約尤其令人印象深刻。

And so maybe anything to call out on the pipeline from an industry perspective, given the macro backdrop and your recent partner go-to-market improvements? Thanks.

那麼，考慮到宏觀背景和您最近的合作夥伴的市場進入改進，從行業角度來看，有什麼需要注意的嗎？謝謝。

I think from an industry standpoint, no major shifts. We're continuing to see strength in a lot of our -- the core industries that we've talked about, especially spaces where the customer is in a regulated environment. Data is mission-critical for them.

我認為從產業角度來看，不會有重大轉變。我們繼續看到我們所談論的許多核心行業的實力，特別是客戶處於受監管環境中的領域。數據對他們來說至關重要。

So one thing that can't be underscored enough is, as you want to do AI on your data, all of the things that we've gotten very good at over nearly two decades of working in the enterprise become mission-critical. So how do I secure my content?

因此，有一點必須強調，當你想利用數據進行人工智慧時，我們在企業工作近二十年來所擅長的所有事情都變得至關重要。那我該如何保護我的內容呢？

How do I make sure it's compliant? How do I ensure that only the right people have access to the data, especially via agent interactions.

我如何確保其合規？我如何確保只有合適的人員才能存取數據，尤其是透過代理互動。

Our CTO has a great quote of AI agents can't keep a secret. And so you never want to put your security in the agent part of the infrastructure, you want to ensure that data access controls are actually maintaining the security of your information.

我們的技術長有一句名言：人工智慧代理無法保守秘密。因此，您永遠不想將安全性置於基礎設施的代理部分，而是希望確保資料存取控制實際上維護了資訊的安全。

And so you don't want to be in a position where you're trying to pack too much of that intelligence into the model layer, you want to pack that into the data plane and the architecture around that, which is what Box provides customers.

因此，您不希望將過多的智慧打包到模型層中，而是希望將其打包到資料平面及其周圍的架構中，而這正是 Box 為客戶提供的服務。

So that then means that companies in life sciences or banking and public sector, health care, all of these types of industries that really have sensitive, mission-critical use cases are able to thoughtfully and safely deploy AI to their end users.

因此，這意味著生命科學、銀行和公共部門、醫療保健等領域的公司，以及所有這些真正具有敏感、關鍵任務用例的行業，都能夠周到且安全地將人工智慧部署到最終用戶。

Appreciate answering the questions.

感謝您回答這些問題。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Thanks for the question. Congrats on a great quarter. Aaron, I was hoping you could talk a little bit more about platform revenue. I;m sure it's still early days for AI unit consumption. But I was hoping you could comment a little more on early traction as well as anything else driving that platform revenue, and yeah, just thinking about the targets to grow that approximately 30% looking ahead and how we're tracking to that goal.

謝謝你的提問。恭喜本季取得優異成績。亞倫，我希望你能多談談平台收入。我確信人工智慧單位消耗還處於早期階段。但我希望您能對早期的吸引力以及其他推動該平台收入的因素發表更多評論，是的，我只是在考慮未來增長約 30% 的目標以及我們如何實現這一目標。

Yeah. So overall, still very early in the AI unit adoption. Obviously, this just became available to customers in the past quarter. So we're in the very early days of what that volume looks like. The deals are a pretty wide spectrum of deal sizes.

是的。整體而言，人工智慧單元的採用仍處於早期階段。顯然，這項服務是上個季度才向客戶提供的。因此，我們仍處於該卷的早期階段。這些交易的規模範圍相當廣泛。

So it's still in the lumpy territory. So we're not at a a normalized point. But in terms of the kinds of customers and the use cases, just as we think about industries and scanned use cases, we have everything from legal industry. We have public sector, we have universities.

所以它仍然處於不穩定狀態。所以我們還沒有達到正常水平。但就客戶類型和用例而言，正如我們考慮行業和掃描用例一樣，我們擁有來自法律行業的一切。我們有公共部門，我們有大學。

We have financial services players, advisers, so really across the continuum and the most common use case right now just based on where the functionality is most robust is, I have a set of data, and I want to be able to run an AI agent or many AI agents across all that data to do some form of data extraction, data parsing on my content.

我們有金融服務參與者、顧問，因此實際上在整個過程中，目前最常見的用例僅基於功能最強大的地方，即我有一組數據，並且我希望能夠在所有數據上運行一個或多個 AI 代理，以某種形式的數據提取、對我的內容進行數據解析。

And so that could be looking through contracts to pull out critical details from contracts, taking bank statements to read and validate the information in the bank statement -- some customers are doing the very early phases of image extraction, where you give the AI model could be hand written content or images from a construction site and be able to label all that data.

因此，可以透過查看合約來提取合約中的關鍵細節，透過獲取銀行對帳單來讀取和驗證銀行對帳單中的信息——一些客戶正在進行圖像提取的早期階段，在這個階段，你可以給人工智慧模型提供手寫內容或來自建築工地的圖像，並能夠標記所有這些數據。

So we're seeing healthy, early adoption. This is going to be a continued focus of ours, and we expect it to be a healthy contributor to our overall top line over the coming quarters and years.

因此，我們看到了健康的早期採用。這將成為我們持續關注的重點，我們預計它將在未來幾季和幾年內為我們的整體營收做出健康的貢獻。

Great. Very clear. Dylan, I was hoping you could just comment on early renewals. I appreciate all the color in Q1. I'm really just wondering when you guide and like thinking about do you embed, like what's the assumption? Is it just for on-time renewals?

偉大的。非常清楚。迪倫，我希望你能對提前續約發表評論。我很欣賞 Q1 中的所有色彩。我真的只是想知道當您指導並思考您是否嵌入時，假設是什麼？只是為了準時續約嗎？

Just thinking about early renewals contributed in Q4 as well in a positive way? Just wondering if it's a trend, if it's something that can continue to benefit and what assumptions you have in guidance?

只是想想提前續約對第四季也有正面的貢獻嗎？只是想知道這是否是一種趨勢，是否可以繼續受益，以及您在指導方面有什麼假設？

Sure. So we do assume that there is some volume of early renewals and because we don't have perfect line of sight into those, we tend to be fairly conservative. And to your point, that has been an area of outperformance a few times over the past year or two.

當然。因此，我們確實假設存在一定數量的提前續約，並且由於我們對這些續約沒有完美的了解，我們傾向於相當保守。正如您所說，在過去的一兩年裡，這是一個表現優異的領域。

So we do assume that we're going to have some early renewals but not at the same rate as we saw over the past couple of quarters, especially because some of those were just customers who were looking to get the Enterprise Advanced as quickly as possible.

因此，我們確實認為我們會有一些提前續約，但速度不會像過去幾季那麼快，特別是因為其中一些只是希望盡快獲得 Enterprise Advanced 的客戶。

Some of our most loyal customers who have been more familiar with that, but certainly optimistic that we'll continue to see higher-than-historical volumes in those early renewals. And to the extent that becomes more consistent trends, then we would update those assumptions around early renewal volume as it relates to our guidance as well.

我們的一些最忠實的客戶對此比較熟悉，但他們肯定樂觀地認為，我們將繼續在早期續約中看到高於歷史水平的交易量。當趨勢變得更加一致時，我們會更新有關早期續約量的假設，因為它也與我們的指導有關。

Good. Thanks.

好的。謝謝。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Great. One question for Aaron then I have a follow-up for Dylan. Aaron, as Box integrates with different AI partners, OpenAI from Deep Research others. How do you make sure that the engagement with some of these external vendors versus your keeping the engagement within the Box platform because your -- Box is also thinking of coming out with deep research. Right now, you can actually do Deep Research with OpenAI.

偉大的。我先問 Aaron 一個問題，然後再問 Dylan 一個後續問題。Aaron 表示，Box 與不同的 AI 合作夥伴進行了整合，其中包括來自 Deep Research 的 OpenAI 等。您如何確保與這些外部供應商的合作，而不是保持在 Box 平台內的合作，因為您的—Box 也在考慮進行深入研究。現在，您實際上可以使用 OpenAI 進行深度研究。

So how do you think of that bifurcation? How are you monetizing the people who are doing Deep Research on box through OpenAI, for instance? And has that proliferates beyond OpenAI and some other AI partners?

那麼您如何看待這種分歧？例如，您如何透過 OpenAI 將對盒子進行深入研究的人們轉化為金錢？這種趨勢是否已經超越了 OpenAI 和其他一些 AI 合作夥伴？

Yeah. Great question. Something we think quite a bit about and spend a lot of time on. There's -- just to get to talk for five seconds, there's going to be this question for years and years, I think around which layer of the stack do you occupy and what's everybody's role in this. And we are going to occupy two parts of the stack.

是的。好問題。我們對某件事思考了很多，也花了很多時間。我只說五秒鐘，這個問題將會持續很多年，我想你處於堆疊的哪一層，以及每個人在其中扮演什麼角色。我們將佔用堆疊的兩個部分。

So if there's like two or three or four layers, going down to the infrastructure, we're in about two of them, which is we're in the software plane for the end user interaction at the SaaS level. And then we're in the data platform plane as well as an API, either agentic APIs or regular APIs.

因此，如果有兩層、三層或四層，深入到基礎設施，我們就在其中的兩層，也就是我們在軟體層面，為 SaaS 層級的最終用戶互動。然後我們處於資料平台層面以及 API，無論是代理 API 還是常規 API。

And we want to basically have both of those execute as fast as possible and as much in tandem as possible because we are not going to be -- no single company is going to decide where all of the user does its work. It's just not possible.

我們希望這兩項工作能夠盡可能快速地、盡可能同步地完成，因為我們不會——沒有任何一家公司能夠決定所有用戶在哪裡工作。這根本不可能。

And Bill Joy had this famous quote 35 years ago or whatever that said there's more developers outside of Sun than inside of Sun. And so -- or more smart developers, with the implication being like you just have to let 1,000 flowers bloom, you do not want to be in a position where you're trying to king make any particular experience or platform or use case. There's just simply too much innovation happening.

比爾喬伊 (Bill Joy) 在 35 年前說過一句名言，說 Sun 外部的開發人員比內部的還多。所以 — — 或更聰明的開發人員，這意味著你只需要讓 1,000 朵花綻放，你不想處於試圖成為任何特定體驗、平台或用例之王的位置。確實存在太多創新。

And so similarly, your data is going to eventually need to flow to wherever the work is getting done. And no one platform will be able to control where that work is getting done because the Internet's large, companies have too many different use cases they want to go and solve.

同樣地，您的資料最終需要流向完成工作的任何地方。而且沒有一個平台能夠控制這項工作在哪裡完成，因為網路規模龐大，公司有太多不同的用例需要解決。

So because of that, our focus is ensuring that we can agentically bring information to wherever the user is doing their work. So there's like no game theory where you could ever contemplate closing off access to a particular platform, simply because the users want to be able to do the work where they want.

因此，我們的重點是確保我們能夠將資訊代理到使用者工作的地方。因此，沒有任何博弈論認為，僅僅因為使用者希望能夠在他們想要的地方完成工作，就可以考慮關閉對特定平台的存取。

And so given that, we flip it and we say, okay, so then we should be everywhere and ensure that the customer never has to make a a core decision about where their content can be managed by virtue of where they want users doing work. We want to make sure that you can manage your content one place and ensure that it works everywhere. From a monetization standpoint, there's a few different ways that gets monetized.

因此，考慮到這一點，我們將其反過來說，好吧，那麼我們應該無處不在，並確保客戶永遠不必根據他們希望用戶在哪裡工作來做出關於在哪裡管理他們的內容的核心決定。我們希望確保您可以在一個地方管理您的內容並確保它在任何地方都能正常運作。從貨幣化的角度來看，有幾種不同的貨幣化方式。

Certainly, the end user seat gets monetized. And so to the extent that you have a user on ChatGPT, asking a Deep Research question, by definition, they have a seat that is processing that. And that's where I get into this idea of AI agents can't manage security.

當然，最終用戶席位是可以貨幣化的。因此，如果 ChatGPT 上有使用者提出深度研究問題，那麼根據定義，他們就有一個席位來處理該問題。這就是我產生「人工智慧代理無法管理安全」這個想法的原因。

The end user still has to have access controls that allow them to access the content that is relevant for that Deep Research query. So there's no way to game the system and have all the data in one end user account and have that show up to multiple users in ChatGPT, by definition, you need those two things to be aligned to ensure the proper security.

最終用戶仍然必須擁有存取控制，以允許他們存取與深度研究查詢相關的內容。因此，沒有辦法玩弄系統並將所有資料放在一個最終用戶帳戶中，並在 ChatGPT 中顯示給多個用戶，根據定義，您需要將這兩者對齊以確保適當的安全性。

So that's how you monetize via seats. And then in this case, deep research is using our direct APIs. But as more and more use cases emerge, where you have a third-party system that wants to use an AI agent within Box, where we've announced partnerships with Salesforce Agent force and Google agent space and IBM watsonx orchestrate, as you have those use cases, that will be monetized via our AI unit volume. So as you have more queries going into Box that are agentic in nature, then we'll just charge on a per volume basis for those.

這就是你透過座位賺錢的方式。在這種情況下，深入研究正在使用我們的直接 API。但隨著越來越多的用例出現，您有一個第三方系統想要在 Box 中使用 AI 代理，我們已宣布與 Salesforce Agent force、Google agent space 和 IBM watsonx orchestrate 建立合作夥伴關係，因為您有這些用例，並將透過我們的 AI 單元數量實現貨幣化。因此，當您在 Box 中收到更多代理性質的查詢時，我們將按數量收取費用。

So let's say, you're inside of agent force, inside of Salesforce and you want an AI agent to go extract metadata from documents, we'll monetize that exactly the same way that we would monetize that if that workflow was driven directly in the Box product from an end-user standpoint. So we think we've got our bases covered. Obviously, over time, you might be able to argue, Okay, well, there might be a slightly different margin depending on the modality of the usage. But overall, we're just massive believers that an open Internet is a better one.

假設您在代理部隊內部，在 Salesforce 內部，並且您希望 AI 代理從文檔中提取元數據，我們將以與從最終用戶的角度直接在 Box 產品中驅動該工作流程時完全相同的方式將其貨幣化。因此我們認為我們已經做好了準備。顯然，隨著時間的推移，您可能會爭辯說，好吧，根據使用方式的不同，利潤可能會略有不同。但總的來說，我們堅信開放的網路是更好的。

And interoperability is long term always going to be better for us because the more places people want to be able to do work from and the more places they can successfully do that work from, the more need they have for an open and interoperable data platform connected to all those systems.

從長遠來看，互通性對我們來說總是更好的，因為人們希望能夠從越多的地方開展工作，並且能夠成功完成工作的地方越多，他們就越需要一個連接到所有這些系統的開放且可互通的資料平台。

So if you just compare the alternative world where everything gets closed down, and you only have one or two providers that's actually a worse world, and it's the one that we don't think is going to happen because of how much agent interoperability is starting to emerge. So that's a little bit of the philosophy that we're running with.

因此，如果你只是比較一下另一個世界，那裡一切都關閉了，只有一兩個提供商，那實際上是一個更糟糕的世界，而且我們認為這種情況不會發生，因為代理互通性已經開始出現。這就是我們所秉持的一點哲學。

Makes a lot of sense. Thank you for the detail. One for Dylan. Dylan, when I look at the billings guide for the year, if -- I did this math pretty quickly, but it sounds like in the -- when you first gave the guidance, it was about 7% USD with 30 basis points of tailwind from FX. Now it seems like 9% USD with 340 basis points of FX tailwind. So it sounds like on a constant currency basis, you're guiding billings down.

很有道理。謝謝你的詳細說明。一個給迪倫。迪倫，當我查看今年的帳單指南時，如果——我很快就做了這個計算，但聽起來——當你第一次給出指導時，美元匯率約為 7%，外匯匯率為 30 個基點。現在看來，美元上漲 9%，外匯順風 340 個基點。因此，聽起來，在固定匯率基礎上，您正在引導帳單下降。

What am I reading wrong? Because you had a very strong Q1, and I understand the early renewals, but why would that impact the full year? So is that largely driven by some of the prudence that you're talking about? Maybe talk about the the guidance for the year.

我讀錯了什麼？因為你們的第一季業績非常強勁，而且我理解提前續約的原因，但這為什麼會影響全年業績呢？那麼這是否很大程度上是由您所說的一些謹慎因素所驅動的呢？也許可以談談今年的指導。

Yeah, that's exactly right. So on that constant currency basis, down about 1 point. And some of that is just we round as we give guidance on an as-reported basis and in round numbers. And then a portion of that is, as we discussed, just that incremental conservatism around the back half. And so that's the exact dynamic.

是的，完全正確。因此，以固定匯率計算，下降了約 1 個百分點。其中一些只是我們根據報告和整數給出的指導。然後，正如我們所討論的，其中一部分只是後半部的漸進式保守主義。這就是確切的動態。

I think you're doing the math right.

我認為你的計算是正確的。

But overall, very optimistic about what we're seeing in the business and the trends and how customer conversations are materializing, but did want to be prudent with what we're assuming in the back half of the year.

但總體而言，我們對業務、趨勢以及客戶對話如何實現感到非常樂觀，但我們確實希望對今年下半年的假設保持謹慎。

Got it. Thank you.

知道了。謝謝。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Congrats on the strong start to the year, guys. So I'll keep it to one. I know you answered the questions on industries before, but I know there's been a lot of debate on what's going on in the federal vertical. Anything that you guys would call out in terms of customer trends or pipeline? Any color there? Thanks, guys.

恭喜你們今年有一個好的開端，夥計們。所以我會將其保留為一個。我知道您之前回答過有關行業的問題，但我知道關於聯邦垂直領域發生的事情已經有很多爭論。你們在客戶趨勢或管道方面有什麼要指出的嗎？有顏色嗎？謝謝大家。

Yeah. So still a bit of a dynamic where I think we expect a degree of caution on the federal side. We've put a lot of emphasis in our state and local part of the business in the meantime. FedRAMP High, which obviously, we just got certified for is clearly going to be a a net helper to the overall dynamic in the federal side because a lot of the use cases that will continue to get funded are those out of DoD and much more highly sensitive use cases. So we're now in a better position to go capture those.

是的。因此，我認為我們仍預期聯邦政府方面會保持一定程度的謹慎。同時，我們非常重視州和地方業務。顯然，我們剛剛獲得 FedRAMP High 認證，這無疑將成為聯邦政府整體動態的淨助手，因為許多將繼續獲得資助的用例都來自國防部，而且是高度敏感的用例。所以我們現在處於更有利的位置去捕捉它們。

So I would still say dynamic environment and -- but we're happy with FedRAMP High as a way to bolster that position, and we're very happy about the overall AI momentum that we're driving.

所以我仍然會說動態環境——但我們很高興看到 FedRAMP High 能夠鞏固這一地位，我們對我們正在推動的整體人工智慧發展勢頭感到非常高興。

Thanks, sir.

謝謝，先生。

And that concludes our question -- concludes our question-answer session. I will now turn the call back over to Cynthia Hiponia for closing comments.

我們的問題到此結束——我們的問答環節結束。現在我將把電話轉回給 Cynthia Hiponia 進行最後發言。

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

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

And this concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。