Box Inc (BOX) 2026 Q2 法說會逐字稿

Thank you for standing by. My name is Kate and I will be your conference operator today. At this time, I would like to welcome everyone to Box Inc's second-quarter fiscal 2026 earnings conference call. (Operator Instructions)

感謝您的支持。我叫凱特，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 財年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Cynthia Hiponia, Vice President, Investor Relations. Please go ahead.

現在我想將電話轉給投資人關係副總裁 Cynthia Hiponia。請繼續。

Good afternoon and welcome to Box's second quarter fiscal 2026 earnings conference call. I am Cynthia Hiponia, Vice President of Investor Relations. On the call today, we have Aaron Levie, Box Co-Founder and CEO; and Dylan Smith, Box Co-Founder and CFO.

下午好，歡迎參加 Box 2026 財年第二季財報電話會議。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 also be available for replay on our investor relations website. Our webcast will be audio only, however, supplemental slides are now available for download from our website.

在我們準備好發言之後，我們將回答您的問題。今天的電話會議將透過網路直播，也可以在我們的投資人關係網站上重播。我們的網路廣播只有音頻，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 third quarter and full year fiscal 2026 financial guidance. And our expectations regarding our financial performance for fiscal 2026 in future periods, including gross margins, operating margins, and 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.

在本次電話會議上，我們將做出前瞻性陳述，包括 2026 財年第三季和全年財務指引。以及我們對未來期間 2026 財年財務業績的預期，包括毛利率、營業利潤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、未來產品供應和成長策略的預期。

Our ability to achieve our revenue operating margins and other operating model targets, the timing and market adoption of and benefits from our new products, pricing models and partnerships, 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 currently known to us, and actual events or results may differ materially.

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的能力、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。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，而實際事件或結果可能存在重大差異。

Please refer to our earnings press release filed today and the risk factors and documents we filed with the Securities 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 for statements made on this earnings call. These forward-looking statements are being made as of today, August 26, 2025, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

請參閱我們今天提交的收益新聞稿以及我們向美國證券交易委員會提交的風險因素和文件，包括我們最新的 10-Q 表季度報告，以獲取可能導致實際結果與本次收益電話會議上所作陳述存在重大差異的風險和不確定性信息。這些前瞻性陳述截至今天（2025 年 8 月 26 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。

In addition, during today's call, we will discuss 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. You can find additional disclosures regarding these GAAP measures, including reconciliation 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. Thank you.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標。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。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 GAAP 指標的更多披露信息，包括與可比 GAAP 結果的對賬，這些補充幻燈片可以在我們網站的 IR 頁面上找到，除非另有說明，否則所有對財務指標的引用均基於非 GAAP 基礎。謝謝。

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

說完這些，讓我把電話轉給亞倫。

Thank you, Cynthia, and thanks everyone for joining us today. We delivered a strong second quarter with results above our guidance, reflecting continued growth in customer adoption of Box AI and our advanced workflow capabilities. This includes revenue growth of 9% or 7% in constant currency and RPO growth of 16%. Operating margins in the quarter were 29% with EPS of $0.33, $0.02 above the high end of our outlook.

謝謝你，辛西婭，也謝謝大家今天的到來。我們在第二季表現強勁，業績超乎預期，反映出客戶對 Box AI 和我們先進工作流程功能的採用持續成長。其中包括 9% 的收入成長（以固定匯率計算為 7%）和 16% 的 RPO 成長。本季營業利潤率為 29%，每股收益為 0.33 美元，比我們預期的高點高出 0.02 美元。

We had strong momentum in Q2 and customer adoption of Enterprise Advanced, which brings together our most powerful intelligent workflow capabilities in one plan. Examples include a prominent US law firm became a new customer to Box, driven by Enterprise Advanced AI-powered metadata extraction capabilities and intelligent no code apps to power its business processes. This is an enterprise-wide agreement replacing both an existing cloud-based platform vendor and an e-signature company.

我們在第二季度發展勢頭強勁，客戶採用了 Enterprise Advanced，它將我們最強大的智慧工作流程功能整合到一個計劃中。例如，一家著名的美國律師事務所成為 Box 的新客戶，該公司透過 Enterprise Advanced AI 驅動的元資料擷取功能和智慧無程式碼應用程式為其業務流程提供支援。這是一項企業範圍的協議，取代了現有的基於雲端的平台供應商和電子簽名公司。

In partnership with the systems integrator, a Fortune 500 hospitality chain upgraded from a non-suite plan into Enterprise Advanced as they move away from a manual process with multiple systems to manage global projects. The company is looking to use AI-powered metadata extraction, Box hubs, doc (inaudible), and relay in design and planning workflows to scale projects and streamline execution.

透過與系統整合商合作，財富 500 強酒店連鎖從非套房計劃升級為企業高級計劃，擺脫了使用多個系統管理全球項目的手動流程。該公司希望使用人工智慧元資料提取、Box 集線器、文件（聽不清楚）以及中繼設計和規劃工作流程來擴展專案並簡化執行。

And a global industrial automation company upgraded from Enterprise Plus to Enterprise Advanced and expanded seats as they look to centralize their contract management solutions, automate quote generations, and enhance cross-entity document searchability. The company will use AI powered metadata extraction to capture contract renewal dates and legal obligations to inform decision making and ensure compliance.

一家全球工業自動化公司從 Enterprise Plus 升級到 Enterprise Advanced，並擴大了席位，因為他們希望集中其合約管理解決方案、自動生成報價並增強跨實體文件的可搜尋性。該公司將使用人工智慧驅動的元資料提取來捕獲合約續約日期和法律義務，為決策提供資訊並確保合規性。

In addition to the accelerating momentum in Enterprise Advanced, Enterprise Plus continues to drive customer demand and remains a strong revenue growth driver for Box. In the second quarter, we saw customer upgrades and new logo wins driven by our enhanced Box AI solutions such as AI-driven multi-doc queries, Box AI content generation, using advanced models, AI-powered content portals with intelligent hubs, and automated controls and protections against threats and data leaks.

除了 Enterprise Advanced 的加速發展動能之外，Enterprise Plus 仍持續推動客戶需求，並仍是 Box 強勁的營收成長動力。在第二季度，我們看到了客戶升級和新標誌的勝利，這得益於我們增強的 Box AI 解決方案，例如 AI 驅動的多文檔查詢、Box AI 內容生成、使用高級模型、具有智慧中心的 AI 驅動的內容入口網站以及針對威脅和資料外洩的自動控制和保護。

These Q2 wins demonstrate what I have heard from the hundreds of customer engagements that we had in the quarter. Enterprises know that AI agents are going to bring a new level of automation and deliver deeper business insights to their businesses.

這些第二季的成功證明了我在本季與數百名客戶接觸時所聽到的消息。企業知道人工智慧代理將帶來新的自動化水平，並為他們的業務提供更深入的業務洞察。

Software has historically been good for automating processes that deal with structured data. Take payroll, CRM systems, accounting, HRAS, or supply chain workflows. This is where data fits neatly into rows and columns in a database. But the vast majority of enterprise workflows revolve around unstructured data, which actually represents about 90% of our corporate information.

從歷史上看，軟體一直擅長自動化處理結構化資料的過程。以薪資單、CRM 系統、會計、HRAS 或供應鏈工作流程為例。這是資料整齊地放入資料庫的行和列中的地方。但絕大多數企業工作流程都圍繞著非結構化資料展開，非結構化資料實際上占我們企業資訊的 90% 左右。

These are the workflows that drive client onboarding at a bank, M&A deals that get closed, contracts getting agreed on, clinical research advances, moving getting made, and so much more. We've never been able to bring automation to these areas of work because they've been human-based manual processes dealing primarily with unstructured data.

這些工作流程推動銀行的客戶入職、併購交易的完成、合約的達成、臨床研究的進展、行動的進行等等。我們從未能夠將自動化引入這些工作領域，因為它們一直是基於人工的手動流程，主要處理非結構化資料。

Now for the first time ever we can bring automation to this work with AI agents. With AI agents operating on unstructured data, enterprises can now accelerate product development processes, automate end to end hiring and training workflows, surface insights and automate clinical studies, and speed up loan applications for better client engagement.

現在，我們首次可以利用人工智慧代理來實現這項工作的自動化。透過人工智慧代理對非結構化資料進行操作，企業現在可以加速產品開發流程，自動化端到端招募和培訓工作流程，提供見解並自動化臨床研究，並加快貸款申請以更好地吸引客戶。

We can imagine a future where there are over 100 more agents than people inside of an organization, where any task you want done in a company is only a matter of how much compute you want to throw at the problem. You'll have agents running in the background and in parallel for any work flow around content that you can imagine.

我們可以想像未來，一個組織內的代理數量將比實際人數多 100 多人，在公司中，任何你想完成的任務都只取決於你想投入多少計算資源來解決問題。您將擁有在後台並行運行的代理，用於您能想像到的有關內容的任何工作流程。

However, most companies can't tap into the full power of AI agents on their unstructured data because their enterprise content is fragmented or stuck in legacy repositories. And with this fragmentation, it means that AI agents have no core source of truth from which to answer questions about critical topics.

然而，大多數公司無法充分利用人工智慧代理對非結構化資料的處理能力，因為他們的企業內容是分散的或滯留在遺留儲存庫中。這種碎片化意味著人工智慧代理沒有核心真相來源來回答關鍵主題的問題。

It also means there's a risk that access controls are unmaintained, which can lead to AI agents leaking data to the wrong users asking a question. And finally, it becomes a massive nightmare integrating systems that don't play nice with one another in the AI era.

這也意味著存在存取控制無法維護的風險，這可能導致人工智慧代理將資料外洩給提出問題的錯誤使用者。最後，在人工智慧時代，整合那些無法很好地協同工作的系統將成為一場巨大的惡夢。

With the box intelligent Content management platform, customers have a single source of truth to power the critical workflows for their most important content. And with an AI platform that delivers agents built right in and integrated with all of our customers' agentic ecosystem. Importantly, Box AI agents work directly on top of the workflows that customers have already built on Box. And we're only accelerating what these combined capabilities can deliver going forward.

借助盒子智慧內容管理平台，客戶可以擁有單一真實來源為其最重要的內容提供關鍵工作流程支援。並且透過一個人工智慧平台提供內建代理，並與我們所有客戶的代理生態系統整合。重要的是，Box AI 代理直接在客戶已經在 Box 上建立的工作流程上工作。我們只是在加速實現這些綜合能力所能實現的目標。

We're already seeing the power of AI agents with customers building box AI agents that can review and summarize documents, answer questions from a large data set, and extract critical details from enterprise documents like contracts or invoices to orchestrate processes in legal, finance, healthcare, and more.

我們已經看到了人工智慧代理的強大功能，客戶正在建立盒式人工智慧代理，它可以審查和總結文檔，回答來自大型資料集的問題，並從合約或發票等企業文件中提取關鍵細節，以協調法律、金融、醫療保健等領域的流程。

Now to build on this continued momentum, in Q2 we announced all new updates to Box AI capabilities, including the general availability of Box's new enhanced extract agent and the beta launch of Box's MCP server. These releases, along with key updates to the Box AI admin console, the Box AI Studio, and AI units, empower users to operationalize AI with the confidence and control that businesses demand. Our flexible and interoperable platform has been a major differentiator for Box and is just as important, if not more critical in the age of AI.

現在，為了保持這一持續勢頭，我們在第二季度宣布了 Box AI 功能的所有新更新，包括 Box 新的增強型提取代理的普遍可用性以及 Box 的 MCP 伺服器的測試版發布。這些版本以及 Box AI 管理控制台、Box AI Studio 和 AI 單元的關鍵更新使用戶能夠以企業所需的信心和控制力來操作 AI。我們靈活且可互通的平台是 Box 的主要差異化因素，在人工智慧時代，它同樣重要，甚至更為關鍵。

We partner with the broader AI model ecosystem to ensure customers have the choice of any model provider they want to work with. Being neutral to the AI models means that our customers get access to the best AI capabilities applied directly to their content. We have announced support for OpenAI's GPT 5 and Dropic Claude 4.1, and xAI's Grok4 in the Box AI studio, often on the day of the launch of this new model.

我們與更廣泛的 AI 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。對人工智慧模型保持中立意味著我們的客戶可以獲得直接應用於其內容的最佳人工智慧功能。我們已經宣布支援 OpenAI 的 GPT 5 和 Dropic Claude 4.1，以及 Box AI 工作室中 xAI 的 Grok4，通常是在這個新模型發布的當天。

In addition to supporting these new models on our platform, we've integrated with the broader product and partner ecosystems. OpenAI has integrated Box directly into ChatGPT for content access. Box partnered with Anthropic Financial Analysis Solution. We served as a launch partner for Snowflake's Open flow capability, collaborated with AWS Bedrock, Agent Core Runtime, and partnered with Salesforce as a part of their MCP partner network.

除了在我們的平台上支援這些新模型之外，我們還與更廣泛的產品和合作夥伴生態系統進行了整合。OpenAI 已將 Box 直接整合到 ChatGPT 中以實現內容存取。Box 與 Anthropic Financial Analysis Solution 合作。我們擔任 Snowflake 開放流功能的啟動合作夥伴，與 AWS Bedrock、Agent Core Runtime 合作，並與 Salesforce 合作成為其 MCP 合作夥伴網路的一部分。

We had a strong quarter of execution on our product roadmap and technology partnerships, but what I am most excited about is our journey ahead. We have quite the roadmap in store for the second half of the year. First, we will be delivering all new workflow and no code app capabilities to help customers automate their most critical workflows around content enhanced by the power of AI agents. We're making it easier than ever for companies to leverage box to power their business processes, whether that is automating how they work with their contracts and digital assets or leases and clinical research.

本季度，我們在產品路線圖和技術合作方面執行得非常出色，但最讓我興奮的是我們未來的發展。我們為下半年制定了相當詳細的路線圖。首先，我們將提供全新的工作流程和無程式碼應用程式功能，幫助客戶透過 AI 代理的功能增強圍繞內容的最關鍵工作流程的自動化。我們讓公司比以往更輕鬆地利用 Box 來支援其業務流程，無論是自動化其合約和數位資產還是租賃和臨床研究的工作方式。

Next, we are continuing to enhance productivity by bringing the full power of Box AI to Box's core collaboration features. We will introduce all new AI features within Box notes, continued improvements for leveraging Box hubs as an intelligent knowledge portal, and all new core Box AI experiences to make it easy for customers to interact with AI agents and find information across their box accounts no matter what they're looking for.

接下來，我們將繼續將 Box AI 的全部功能融入 Box 的核心協作功能中，提高生產力。我們將在 Box 筆記中引入所有新的 AI 功能，繼續改進利用 Box 中心作為智能知識門戶的方式，並提供所有新的核心 Box AI 體驗，讓客戶可以輕鬆地與 AI 代理進行交互，並在他們的 Box 帳戶中查找信息，無論他們正在尋找什麼。

And all of these AI agent capabilities will be available via our API, so customers can take full advantage of summarizing, analyzing, and extracting data from their content in any partner application. Like Salesforce AgentForce, ServiceNow Agent Fabric, Google's agentSpace, ChatGPT, Claude, Copilot, IBM's Watsonx Orchestrate, and more.

所有這些 AI 代理功能都將透過我們的 API 提供，因此客戶可以在任何合作夥伴應用程式中充分利用其內容中的總結、分析和提取資料。例如 Salesforce AgentForce、ServiceNow Agent Fabric、Google 的 agentSpace、ChatGPT、Claude、Copilot、IBM 的 Watsonx Orchestrate 等等。

And with our newly GA remote MCP server, customers can interact with the full Box API and AI agents as tools within their own AI-oriented applications. Finally, all of this is only possible because customers entrust Box with their most sensitive and important enterprise data, especially in a world where AI agents can accidentally leak corporate data when security permissions are not maintained, Box's security functionality will become even more important for our customers.

借助我們全新 GA 遠端 MCP 伺服器，客戶可以與完整的 Box API 和 AI 代理進行交互，將其作為自己面向 AI 的應用程式中的工具。最後，所有這一切只有在客戶將其最敏感和最重要的企業資料委託給 Box 時才有可能，特別是在當安全權限未得到維護時 AI 代理可能會意外洩露公司資料的世界中，Box 的安全功能對我們的客戶來說將變得更加重要。

To continue to maintain and build that trust, we will advance our powerful security, governance, compliance, and data protection capabilities with all new features, core security improvements, archive updates, and more. We'll be sharing much more at this year's BoxWorks in San Francisco, and it's gearing up to deliver our biggest set of launches as a company.

為了持續維護和建立這種信任，我們將透過所有新功能、核心安全性改進、檔案更新等來提升我們強大的安全性、治理、合規性和資料保護能力。我們將在今年舊金山的 BoxWorks 上分享更多信息，並準備推出我們公司最大的一系列發布會。

Now turning to go to market, we will be continuing to focus on driving the adoption of Enterprise Advance. In Q2, we nearly doubled the amount of deals we closed over the prior quarter, exceeding our internal goals, and our pipeline continues to build nicely. Our pricing improvements for Enterprise Advance over Enterprise Plus remains at or above our target of 20% to 40%.

現在轉向市場，我們將繼續致力於推動 Enterprise Advance 的採用。在第二季度，我們達成的交易數量幾乎比上一季度翻了一番，超出了我們的內部目標，而且我們的通路建設也繼續順利進行。我們對 Enterprise Advance 相對於 Enterprise Plus 的定價改善仍然達到或超過了我們的目標 20% 至 40%。

As we've discussed, going to market with partners remains a critical part of our go to market strategy as we power more advanced solutions for customers. We continue to see notable partner led wins with enterprise advance as we go deeper into our customers' critical business processes.

正如我們所討論的，隨著我們為客戶提供更先進的解決方案，與合作夥伴一起進入市場仍然是我們市場策略的關鍵部分。隨著我們深入了解客戶的關鍵業務流程，我們繼續看到合作夥伴在企業進步方面取得顯著的勝利。

As we continue to grow our relationship with important partners worldwide, we are pleased to announce that Deloitte will be a title sponsor for BoxWorks 2025. Other notable sponsors include AWS, Google Cloud, IBM, Salesforce, Slalom, and more.

隨著我們與全球重要合作夥伴的關係不斷發展，我們很高興地宣布德勤將成為 BoxWorks 2025 的冠名贊助商。其他著名贊助商包括 AWS、Google Cloud、IBM、Salesforce、Slalom 等。

Finally, I want to share that our current CRO, Mark Weiland has announced his retirement. We are incredibly grateful for Mark's role in scaling Box to over $1 billion in annual revenue during his tenure, helping us navigate the launch of Suites, Enterprise Advanced, and much more. I'd like to share my deepest thanks to Mark for his incredible contributions over the past six years to Box and for leading a smooth transition of the CRO role.

最後，我想分享一下，我們現任的 CRO Mark Weiland 宣布退休。我們非常感謝馬克在任職期間為 Box 擴大規模，使年收入超過 10 億美元所做的努力，並幫助我們推出了 Suites、Enterprise Advanced 等產品。我要向馬克表示最深切的感謝，感謝他過去六年來為 Box 做出的傑出貢獻以及領導 CRO 角色的平穩過渡。

With that, we are excited to welcome Jeff Nuzum to Box as our new Chief Revenue Officer heading our global sales org. Jeff is a highly regarded go to market executive with over two decades of experience leading sales organizations and enterprise software, cloud infrastructure, and AI. Jeff is joining us from Google Cloud, where he spent over six years as a key leader driving the business's rapid growth and scale, driving new logo growth and significant customer expansions of their portfolio of cloud infrastructure and AI services.

因此，我們很高興歡迎 Jeff Nuzum 加入 Box 擔任我們的新首席營收官，領導我們的全球銷售組織。Jeff 是一位備受推崇的市場主管，擁有超過二十年領導銷售組織和企業軟體、雲端基礎設施和人工智慧的經驗。Jeff 在加入 Google Cloud 之前，曾在 Google Cloud 工作了六年多，擔任關鍵領導者，推動業務的快速成長和規模擴大，推動新標誌的成長以及雲端基礎架構和 AI 服務組合的重大客戶擴展。

Jeff has also held various senior leadership roles at Oracle, SAP, and Workday. Jeff is a perfect fit for the next chapter of Box's growth to $2 billion in revenue and beyond. He is joining us at a foundational moment for Box as our platform evolves to deliver intelligent content management into our customers' most important workflows and processes all powered by AI.

Jeff 也曾在 Oracle、SAP 和 Workday 擔任多個高階領導職務。Jeff 非常適合帶領 Box 實現下一階段的成長，營收 20 億美元甚至更高。他加入我們之際，正值 Box 的奠基時刻，我們的平台正在不斷發展，將智慧內容管理融入客戶最重要的工作流程和流程中，而這一切都由人工智慧驅動。

Now before I turn it over to Dylan, I want to share how we're operating as an AI first company. The objective of going AI first is simple move faster and deliver more value to customers. We want to make decisions more effectively and quickly, drive more output, accelerate our roadmap, and better serve customers.

現在，在將時間交給 Dylan 之前，我想分享我們作為一家 AI 優先公司是如何運作的。首先採用人工智慧的目標很簡單，就是更快地行動並為客戶提供更多價值。我們希望更有效、更快速地做出決策，提高產出，加速我們的路線圖，並更好地服務客戶。

To that end, we're equipping every Boxer with the skills and tools to be productive with AI, encouraging experimentation, scaling best practices across the company, and adding AI first expectations in our hiring process. Across all of Box, we are using Box AI agents to augment our work in every area of the business, from how we train and enable new sales or support reps to how we write product requirements or generate rapid account research with industry insights for each customer we sell to. AI agents are being used all across Box to help accelerate our workflows and drive increased productivity.

為此，我們為每位 Boxer 配備了使用 AI 提高效率的技能和工具，鼓勵實驗，在整個公司範圍內推廣最佳實踐，並在我們的招聘流程中增加 AI 優先期望。在整個 Box 中，我們都在使用 Box AI 代理來增強我們在業務各個領域的工作，從我們如何培訓和啟用新的銷售或支援代表，到我們如何編寫產品需求或為我們銷售的每個客戶生成具有行業洞察的快速帳戶研究。Box 的各個部門都在使用 AI 代理來幫助加速我們的工作流程並提高生產力。

We are incredibly excited about the opportunity ahead of us, and we will be discussing many more of our advanced features and the future of Box and our intelligent content management platform at our upcoming customer conference BoxWorks 2025 on September 11 and 12 in San Francisco.

我們對未來的機會感到無比興奮，我們將在 9 月 11 日至 12 日於舊金山舉行的客戶會議 BoxWorks 2025 上討論更多先進功能以及 Box 和智慧內容管理平台的未來。

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

說完這些，讓我把電話轉給迪倫。

Thanks, Aaron. Good afternoon, everyone. Q2 marked another quarter of strong execution as we exceeded guidance for all metrics and delivered both double-digit short-term RPO growth and a sequential improvement in our net retention rate. We also made significant progress against our FY26 priorities.

謝謝，亞倫。大家下午好。第二季度標誌著我們又一個執行力強勁的季度，因為我們所有指標均超出預期，並實現了兩位數的短期 RPO 成長和淨留存率的連續提升。我們也在實現 26 財年優先事項方面取得了重大進展。

We advanced our leading intelligent content management platform by enhancing our AI and agentic capabilities while investing in key go-to-market initiatives to drive enterprise advanced momentum. Finally, we're generating efficiencies across the business, and we continue to execute on our disciplined capital allocation strategy.

我們透過增強人工智慧和代理能力來改善我們領先的智慧內容管理平台，同時投資關鍵的上市計劃來推動企業的發展勢頭。最後，我們正在提高整個業務的效率，並繼續執行嚴格的資本配置策略。

As Aaron discussed, we have a significant opportunity to transform how enterprises work with their content and our Q2 results demonstrate the power of our balanced financial model. We delivered Q2 revenue of $294 million, above the high end of our guidance. This accelerating growth was up 9% year-over-year and up 7% in constant currency.

正如 Aaron 所討論的，我們有一個重大的機會來改變企業處理內容的方式，而我們的第二季度業績證明了我們平衡財務模型的強大力量。我們第二季的營收為 2.94 億美元，高於我們的預期上限。這一加速成長比去年同期成長了 9%，以固定匯率計算則成長了 7%。

We now have nearly 2,000 customers paying us at least $100,000 annually, up 8% year-over-year. Suites customers now account for 63% of our revenue, up from 58% a year ago. This improvement was driven by momentum in Box, AI and Enterprise Advanced which enable more of our customers to adopt Box for higher-value use cases.

我們現在有近 2,000 名客戶每年向我們支付至少 100,000 美元，比去年同期成長 8%。Suites 客戶目前占我們收入的 63%，高於一年前的 58%。這項改進得益於 Box、AI 和 Enterprise Advanced 的發展勢頭，這使得更多客戶能夠採用 Box 來實現更高價值的用例。

We ended Q2 with remaining performance obligations, or RPO, of $1.5 billion, a 16% year-over-year increase, both as reported and in constant currency. Short-term RPO grew 12% year-over-year as reported and in constant currency.

截至第二季末，我們的剩餘履約義務（RPO）為 15 億美元，以報告金額和固定匯率計算，年增 16%。據報道，以固定匯率計算，短期 RPO 年成長 12%。

These results reflect the impact of Box AI adoption on our business, which is driving strong underlying business momentum and giving our customers the confidence to increasingly commit to multiyear contracts. We expect to recognize roughly 55% of our RPO over the next 12 months.

這些結果反映了 Box AI 的採用對我們業務的影響，這推動了強勁的潛在業務發展勢頭，並使我們的客戶有信心越來越多地簽訂多年期合約。我們預計在未來 12 個月內實現約 55% 的 RPO。

Q2 billings of $265 million were up 3% year-over-year and up 6% in constant currency. This growth exceeded our expectations of flat year-over-year billings even as we absorbed an FX headwind of approximately 320 basis points versus our prior expectations. Q2 billings strength was driven by a combination of Q2 bookings early renewals and outperformance in our Box Consulting business.

第二季的營業額為 2.65 億美元，年增 3%，以固定匯率計算成長 6%。儘管我們承受了比之前預期高出約 320 個基點的外匯逆風，但這一增長仍超出了我們對同比持平的預期。第二季的營業額強勁成長得益於第二季的預訂量、提前續約以及 Box Consulting 業務的優異表現。

We ended Q2 with a net retention rate of 103%, and an improvement from 102% in Q1 and in the year ago period. Our annualized full churn rate remained steady at 3%. We've been pleased to see customers upgrade and expand into our Enterprise Plus and Enterprise Advanced plans to gain access to our enterprise-grade AI and advanced workflow capabilities.

我們第二季的淨留存率為 103%，較第一季和去年同期的 102% 有所提高。我們的年化完全流失率維持穩定在 3%。我們很高興看到客戶升級並擴展到我們的 Enterprise Plus 和 Enterprise Advanced 計劃，以獲得我們的企業級 AI 和高級工作流程功能。

As a result, our net retention rate continues to benefit from consistent price per seat increases, and we're now seeing net seat growth contribute more materially as well. We continue to expect a net retention rate of 103% exiting FY26. Q2 gross margin was 81.4%. Excluding the tailwind from data center equipment sales in Q2 of last year, this represents an increase of 40 basis points year-over-year.

因此，我們的淨留存率繼續受益於每座位價格的持續上漲，而且我們現在看到淨座位成長也做出了更實質的貢獻。我們繼續預期 26 財年的淨留存率將達到 103%。第二季毛利率為81.4%。除去去年第二季資料中心設備銷售的順風，這一數字年增了 40 個基點。

Q2 gross profit of $239 million was up 9% year-over-year, consistent with our revenue growth rate. We delivered Q2 operating income of $84 million and operating margin of 28.6%, both above guidance and an improvement year-over-year despite the tougher comparison due to data center equipment sales. In Q2, we delivered EPS of $0.33, $0.02 above the high end of our guidance.

第二季毛利為 2.39 億美元，年增 9%，與我們的營收成長率一致。我們第二季的營業收入為 8,400 萬美元，營業利潤率為 28.6%，儘管由於資料中心設備銷售導致比較困難，但均高於預期，且同比有所改善。在第二季度，我們的每股收益為 0.33 美元，比我們的預期最高值高出 0.02 美元。

I'll now turn to our cash flow and balance sheet. In Q2, we generated free cash flow of $36 million and cash flow from operations of $46 million, up 9% and 27% year-over-year, respectively. We ended Q2 with $760 million in cash, cash equivalents, restricted cash and short-term investments. In Q2, we repurchased 1.2 million shares for approximately $40 million.

現在我將討論我們的現金流量和資產負債表。第二季度，我們產生的自由現金流為 3,600 萬美元，經營現金流為 4,600 萬美元，分別年增 9% 和 27%。截至第二季末，我們擁有 7.6 億美元的現金、現金等價物、受限現金和短期投資。在第二季度，我們以約 4,000 萬美元回購了 120 萬股。

As of July 31, 2025, we had approximately $112 million of remaining buyback capacity under our current share repurchase plan. We remain committed to opportunistically return capital to our shareholders through our ongoing stock repurchase program.

截至 2025 年 7 月 31 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 1.12 億美元。我們仍然致力於透過正在進行的股票回購計畫適時地向股東返還資本。

With that, let me now turn to our Q3 and FY26 guidance. As a reminder, approximately one-third of our revenue is generated outside of the US with roughly 65% of our international revenue coming from Japan. Before providing guidance, I wanted to remind you of the tax impact we mentioned on our last call. We expect that the noncash deferred tax expenses will be a non-GAAP EPS headwind of $0.58 in FY26.

現在，讓我來談談我們的第三季和 26 財年的指導。提醒一下，我們約有三分之一的收入來自美國以外，約 65% 的國際收入來自日本。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。我們預計，非現金遞延稅務支出將對 26 財年的非 GAAP EPS 造成 0.58 美元的不利影響。

For the third quarter of fiscal 2026, we expect Q3 revenue to be in the range of $298 million to $299 million, representing approximately 8% year-over-year growth. This includes an expected tailwind from FX of approximately 80 basis points. We anticipate our Q3 billings growth to be approximately 10%. This includes an expected tailwind from FX of approximately 200 basis points. We expect Q3 gross margin to be approximately 81%. We anticipate our Q3 non-GAAP operating margin to be approximately 28% versus 29.1% a year ago.

對於 2026 財年第三季度，我們預計第三季營收將在 2.98 億美元至 2.99 億美元之間，年增約 8%。其中包括預計外匯將帶來的約 80 個基點的順風。我們預計第三季的營業額成長率約為 10%。其中包括預計外匯將帶來的約 200 個基點的順風。我們預計第三季毛利率約為81%。我們預計第三季非公認會計準則營業利潤率約為 28%，而去年同期為 29.1%。

Note that in Q3 of last year, operating margin included a 70 basis point benefit from data center equipment sales. As a reminder, this year, our annual customer conference, BoxWorks, has moved from Q4 to Q3. This shifts approximately $3 million in expenses into Q3, representing an additional 100 basis point headwinds to operating margin when comparing to the year-ago period. We expect our Q3 non-GAAP EPS to be in the range of $0.31 to $0.32, which includes an expected tailwind of approximately $0.01 from FX.

請注意，去年第三季度，營業利潤率包括資料中心設備銷售帶來的 70 個基點的收益。提醒一下，今年，我們的年度客戶會議 BoxWorks 已從第四季移至第三季。這將約 300 萬美元的支出轉移到第三季度，與去年同期相比，營業利潤率將面臨額外的 100 個基點的阻力。我們預計第三季非 GAAP 每股盈餘將在 0.31 美元至 0.32 美元之間，其中包括來自外匯的約 0.01 美元的預期順風。

Weighted average diluted shares are expected to be approximately $150 million. For the full fiscal year ending January 31, 2026. We are proud to have delivered strong first half results driven by customer demand for our enterprise-grade AI capabilities, translating into the momentum we're seeing in Enterprise Plus and Enterprise Advanced.

預計加權平均稀釋股份約為 1.5 億美元。截至 2026 年 1 月 31 日的整個財政年度。我們很自豪能夠在上半年取得強勁業績，這得益於客戶對我們企業級人工智慧功能的需求，並轉化為我們在 Enterprise Plus 和 Enterprise Advanced 中看到的勢頭。

As a result, we are raising our revenue expectations for the full year by $5 million to $1.170 billion to $1.175 billion, an increase of approximately $8 million adjusting for currency movements since our prior guidance. This represents approximately 8% year-over-year growth or 7% in constant currency.

因此，我們將全年營收預期上調 500 萬美元，達到 11.70 億美元至 11.75 億美元，根據先前的預期，經匯率變動調整後，營收預期將增加約 800 萬美元。這意味著同比增長約 8%，或以固定匯率計算增長 7%。

We now expect a tailwind of approximately 90 basis points from FX, 30 basis points lower than our previous expectations. We still expect our FY26 billings growth rate to be approximately 9%. This includes a tailwind of approximately 230 basis points from FX, down from our previous expectations of a 340 basis point tailwind.

我們現在預計外匯將帶來約 90 個基點的順風，比我們先前預期的低 30 個基點。我們仍預期 26 財年的營業額成長率約為 9%。這包括來自外匯的約 230 個基點的順風，低於我們先前預期的 340 個基點的順風。

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. We expect our FY26 non-GAAP operating margin to be approximately 28%, including a tailwind of approximately 10 basis points from FX.

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。我們預計 26 財年非公認會計準則營業利潤率約為 28%，其中包括來自外匯的約 10 個基點的順風。

We now expect FY26 non-GAAP EPS to be in the range of $1.26 to $1.28, including an expected tailwind of approximately $0.04 from FX. This represents an increase of $0.03 versus our prior expectations and an increase of $0.06 adjusted for currency movements since our previous guidance.

我們現在預計 26 財年非 GAAP 每股收益將在 1.26 美元至 1.28 美元之間，其中包括來自外匯的約 0.04 美元的預期順風。這比我們之前的預期增加了 0.03 美元，並且根據貨幣變動調整後比我們之前的指引增加了 0.06 美元。

Weighted average diluted shares are expected to be approximately $150 million. Our Q2 results demonstrate the strong business momentum we're seeing, driven by customer demand for Box AI and Enterprise Advanced. This year, we will continue to invest in our intelligent content management platform and key go-to-market initiatives and our balanced financial model positions Box to capitalize on the AI-driven transformation ahead in enterprise content.

預計加權平均稀釋股份約為 1.5 億美元。我們第二季的業績表明，我們看到了強勁的業務勢頭，這得益於客戶對 Box AI 和 Enterprise Advanced 的需求。今年，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，並透過我們平衡的財務模型定位 Box，利用企業內容領域未來由人工智慧驅動的轉型。

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)

（操作員指示）

Steve Anders, Citi.

花旗銀行的史蒂夫·安德斯。

Okay, great, thanks for taking the questions here. Maybe just to start on the momentum you're seeing in Enterprise Advanced. I mean how much of the billings upside should be kind of attribute to that? Or is the deal environment getting better? Can you just help us think through what actually drove the outperformance here?

好的，太好了，感謝您在這裡回答問題。也許只是為了開始展現您在 Enterprise Advanced 中看到的勢頭。我的意思是，營業額的上漲有多少應該歸因於此？或者交易環境正在變得更好？您能否幫助我們思考一下，究竟是什麼推動了這項優異表現？

Yeah. So I would say it's hard to parse out exactly how much is coming from Enterprise Advanced and Enterprise Plus as those are really the core drivers given the demand for AI around our overall business momentum and has an impact on really all of the factors that we called out as what's driving the outperformance. So for billings in particular, came down to a combination of strong bookings overall, strong outcome in our Box consulting professional services business as well as some impact from early renewals.

是的。因此，我想說，很難分析出究竟有多少來自 Enterprise Advanced 和 Enterprise Plus，因為考慮到我們整體業務發展對人工智慧的需求，它們才是真正的核心驅動力，並且對我們所說的推動業績優異的所有因素都有影響。因此，對於帳單而言，具體來說，歸結為整體強勁的預訂量、Box 諮詢專業服務業務的強勁業績以及早期續約的一些影響。

And all three of those factors are really influenced by the types of deals that we're increasingly selling because of our AI capabilities in Enterprise Advanced. And so we'd really point to that momentum as the biggest change in what we're seeing around the business and really not a function of anything that we're seeing from an overall macroeconomic or deal environment standpoint.

所有這三個因素實際上都受到我們憑藉 Enterprise Advanced 中的 AI 功能而日益增多的交易類型的影響。因此，我們確實認為這種勢頭是我們在業務領域看到的最大變化，而不是從整體宏觀經濟或交易環境的角度看到的任何事物的函數。

Okay. That's helpful. And then I guess maybe I think if there's some of the pipeline dynamics and thinking through the, I guess, Enterprise Advanced opportunities you're seeing, just how is it maybe expanding the kinds of use cases? Or as you look to the pipeline and what's coming through, however maybe the size of the opportunity is maybe different from what you've seen historically here?

好的。這很有幫助。然後我想也許我認為如果存在一些管道動態並且思考您所看到的企業高級機會，那麼它如何擴展用例的種類呢？或者當您查看管道和正在發生的事情時，機會的規模可能與您過去所見的不同？

Yeah. So I think the unique thing that we're seeing kind of across all of the Enterprise Advanced deals is really a core focus on being able to use some combination of AI agents and workflow automation together. And the first big use cases are really around things like data extraction -- so you want to be able to take in a large amount of documents, invoices, contracts, lease agreements and extract critical metadata from that and then be able to run some kind of of workflow or have dashboards that let you go and look across or analyze that data. So that's been a big use case.

是的。因此，我認為我們在所有企業高級交易中看到的獨特之處實際上在於核心重點在於能夠將 AI 代理和工作流程自動化結合使用。第一個主要用例實際上是圍繞數據提取之類的事情——因此您希望能夠接收大量文件、發票、合約、租賃協議並從中提取關鍵元數據，然後能夠運行某種工作流程或擁有儀表板，讓您可以查看或分析這些數據。所以這是一個很大的用例。

There's been another kind of increasing use case around using the AI studio to create custom agents for employees to be able to interact with knowledge or be able to interact with their data with those agents. And then what those have in kind of combination as an effect of those two capabilities is really things like the deals are now getting bigger in segments maybe where we wouldn't have even seen as larger deals.

還有一個日益增長的用例是使用 AI 工作室為員工創建自訂代理，以便員工能夠與知識進行互動或與這些代理進行資料互動。然後，這兩種能力結合起來產生的效果實際上是，在某些領域，交易規模正在變得越來越大，而我們以前甚至不會看到更大的交易。

So we had some great examples of deal sizes that were multiples of what they could have been kind of pre enterprise advanced because the customer wouldn't have had the types of use cases be solved in a prior plan.

因此，我們有一些很好的例子，這些交易規模是企業發展前階段交易規模的數倍，因為客戶在先前的計畫中無法解決這些類型的用例。

So we talk a lot about obviously, the 20% to 40% price per seat uplift but that doesn't fully even capture the fact that we might be doing deals that capture more users or that we wouldn't have even sold previously without Enterprise Advanced as functionality. So customers buying Box to be able to power again a contract management life cycle, digital asset management, being able to process medical information and extract critical data from that.

因此，我們顯然談論了很多關於每座位價格上漲 20% 到 40% 的事情，但這甚至不能完全反映出我們可能正在進行的交易可以吸引更多的用戶，或者如果沒有 Enterprise Advanced 功能，我們以前甚至不會進行銷售。因此，購買 Box 的客戶能夠再次支援合約管理生命週期、數位資產管理，能夠處理醫療資訊並從中提取關鍵數據。

So it's really going to get us into, I think, a much broader set of use cases where Box obviously traditionally has been for secure collaboration and document management. Now we can drive much more into intelligent workflows and automation as well.

因此，我認為它確實會讓我們進入更廣泛的用例，而 Box 傳統上顯然一直用於安全協作和文件管理。現在我們可以更深入地實現智慧工作流程和自動化。

Okay perfect. That's great to hear. Thanks for taking the questions.

好的，完美。聽到這個消息真是太好了。感謝您回答這些問題。

Lucky Schreiner, D A Davidson.

幸運施萊納，D A 戴維森。

Great, thanks for taking my questions and congrats on the quarter. Maybe to start, it was interesting to hear that net seat growth is starting to contribute more materially, especially in this environment. Is that really just because Enterprise Advanced is more relevant to more users across customers? Or help me kind of understand what's driving that seat growth here this quarter.

太好了，感謝您回答我的問題，並祝賀本季取得佳績。首先，聽到淨座位成長開始做出更實質的貢獻是很有趣的事情，尤其是在這種環境下。這真的只是因為 Enterprise Advanced 與客戶的更多用戶更相關嗎？或幫助我了解本季推動座位數成長的因素是什麼。

Yeah, that's exactly right. Just as Aaron hit on, it really is the use cases and types of user and departments now that have really high-value use cases on Box because of both Enterprise Advanced as well as Enterprise Plus, both of which have pretty robust AI capabilities. So that's really the biggest dynamic we've been seeing recently that is causing a bit of a rebound in that net seat growth metric.

是的，完全正確。正如 Aaron 所說，現在 Box 上的用例和用戶及部門類型確實具有高價值，因為 Enterprise Advanced 和 Enterprise Plus 都具有非常強大的 AI 功能。所以這確實是我們最近看到的最大動態，它導致淨座位成長指標出現小幅反彈。

Awesome. And then the upgrade straight to Enterprise Advanced was also interesting to hear. Is that better than you expected? Like how common are you seeing that? And are you able to provide any color on maybe the pricing uplift there when that happens?

驚人的。然後直接升級到 Enterprise Advanced 也很有趣。這比你預期的好嗎？您看到這種情況有多普遍？當這種情況發生時，您能否提供關於價格上漲的詳細資訊？

Yeah. So when you have a straight upgrade to Enterprise Advanced, we tend to see relative to just using the kind of core service out a rough doubling sometimes a little more, a little less based on -- relative to what they'd be paying versus that 20%, 40% uplift when going from Enterprise Plus to Enterprise Advanced.

是的。因此，當您直接升級到 Enterprise Advanced 時，我們往往會看到相對於僅使用核心服務而言，費用會大致翻倍，有時會多一點，有時會少一點——相對於他們支付的費用而言，而從 Enterprise Plus 升級到 Enterprise Advanced 則會增加 20% 或 40%。

And we have been pretty pleased with the momentum there, especially given how early we are in the overall rollout of Enterprise Advanced having just made that generally available back in January. So we certainly expected had seen the significant majority of those deals to be with existing successful Box customers who already had a lot of data and a sense of the types of workflows they put on to Box, but certainly pleased the momentum that we're seeing from customers who are going straight into Enterprise Advanced.

我們對那裡的發展勢頭感到非常滿意，特別是考慮到我們才剛剛開始全面推出 Enterprise Advanced，而我們在一月份才剛開始全面推出它。因此，我們當然預計這些交易中的絕大多數是與現有的成功 Box 客戶達成的，他們已經擁有大量數據，並且了解他們在 Box 上放置的工作流程類型，但我們對直接進入 Enterprise Advanced 的客戶所展現出的勢頭感到非常高興。

Great, thanks for taking my question.

太好了，感謝您回答我的問題。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Yeah, hi, thanks so much for taking my question. Maybe when we think about the outperformance in 2Q, can you comment how much of that might have been related to some of these early renewals, because if I'm doing, some of the math right, it looks like the implied constant currency guide assumes a bit lower of like buildings growth on a constant currency basis in the second half.

是的，你好，非常感謝您回答我的問題。也許當我們考慮第二季度的優異表現時，您能否評論一下其中有多少可能與這些早期的更新有關，因為如果我做的一些數學計算正確的話，看起來隱含的恆定貨幣指南假設下半年的建築增長率在恆定貨幣基礎上會略低一些。

So just given the momentum that we've seen in the first half of this year and some of the strength you guys are seeing on the AI side, maybe you could just walk us through then, how we should think about that momentum as we head into the second half and what's implied in the guide, especially in 40 where it seems like there's a little bit more of a drop off. Thanks.

因此，鑑於我們在今年上半年看到的勢頭以及你們在人工智慧方面看到的一些實力，也許您可以向我們介紹一下，在進入下半年時我們應該如何看待這種勢頭，以及指南中暗示了什麼，特別是在 40 歲時，似乎出現了更多的下降。謝謝。

Sure. So looking at those three factors that we had mentioned in terms of what's driving the outperformance, good thing about them is they're all having a roughly similar sized impact, a few million dollars each in terms of the outperformance.

當然。因此，從我們提到的推動績效優異的三個因素來看，它們的好處是，它們的影響規模大致相同，每個因素對績效優異的影響都是數百萬美元。

And then as it relates to the back half, I would say, as always we want to be prudent with respect to the expectations we set as much as we're really pleased with the momentum that we're seeing in the business and you see some of that flowing through to our increased expectations for the full year, there's still a lot of moving pieces out there and a pretty challenging environment. So I wanted to be prudent there, especially as we're always going to see some quarter to quarter variability with respect to overall billings.

至於下半年，我想說，一如既往，我們希望對我們設定的期望保持謹慎，儘管我們對業務中看到的勢頭感到非常高興，而且你會看到其中一些影響到了我們對全年預期的提高，但仍然有很多變動因素和相當具有挑戰性的環境。因此，我希望保持謹慎，特別是因為我們總是會看到整體帳單的季度間變化。

Perfect. Thanks. And then just a follow up would just be on the like point up in NRR and some of the comments that you made earlier about seeing it sounds like a little bit of like recovery on the seed expansion side. So just curious, like, as you think through the momentum, that you're seeing on that front and how you know that could build as we move throughout the year and impact NRR like any color you can get there, like when you look at, going from 102 to 103 was that largely driven by an uptake in seat expansions and how do we think about that as we move throughout the year. Thanks so much.

完美的。謝謝。然後接下來的問題就是 NRR 中的類似點，以及您之前發表的一些評論，這些評論聽起來有點像種子擴張方面的復甦。所以只是好奇，就像當您思考您在這方面看到的勢頭時，以及您如何知道它會隨著我們全年的發展而增強​​，並對 NRR 產生影響，就像您可以獲得的任何顏色一樣，例如當您看到從 102 到 103 時，這主要是由座位數的增加所驅動的，以及我們如何看待我們在全年的發展中這一點。非常感謝。

Yeah, so the change as I mentioned, was driven by the seat growth and the recovery we're seeing there. We continue to see steady improvements in our pricing, especially given the momentum that we're seeing with customers upgrading to our Premium Suites and then over time we do expect once we get through this year for that retention rate to continue to improve as we march down the path to double digit overall growth.

是的，正如我所提到的，這種變化是由座位數增長和我們看到的復甦所推動的。我們繼續看到我們的定價穩步改善，特別是考慮到我們看到的客戶升級到高級套房的勢頭，然後隨著時間的推移，我們預計，一旦我們度過今年，隨著我們朝著兩位數的整體增長方向邁進，保留率將繼續提高。

Thank you so much.

太感謝了。

Matt Balik, Bank of America.

美國銀行的馬特‧巴利克 (Matt Balik)。

Great, excellent. Thanks for the question. It sounds like the metadata extraction capabilities are really resonating well with some of those Enterprise Advanced early adopters. But curious if you could comment a little bit more understanding it's early how are the use cases evolving as users of enterprise advance get comfortable? What are you seeing kind of as the next natural step as customers get comfortable with metadata extraction, et cetera?

很好，非常好。謝謝你的提問。聽起來元資料提取功能確實引起了一些企業高級早期採用者的共鳴。但我很好奇，您是否可以發表一些進一步的評論，了解現在還為時過早，隨著企業用戶逐漸適應，用例將如何發展？當客戶逐漸適應元資料擷取等操作時，您認為下一步自然會採取什麼措施？

Yeah. So some of this, we're going to kind of have some and share some major announcements at BoxWorks. I'll have to kind of keep it a little bit high level, but -- if you think about all of the unstructured data that an enterprise has and you can kind of almost just think about every job function in a business as a way to kind of quickly understand the scale that we're talking about.

是的。因此，我們將在 BoxWorks 上分享一些重要公告。我必須將其保持在一個較高的水平，但是 - 如果您考慮企業擁有的所有非結構化數據，並且您幾乎可以考慮企業中的每個工作職能，以便快速了解我們正在談論的規模。

It's in the legal team, it's contracts, in finance, it could be invoices and collections data and financial documents in product management and engineering, it's product specifications, code, in sales and marketing, it's marketing assets and sales pitches Well, all of that data has an immense amount of underlying value to the enterprise, but they can really only tap into it over and over again if they understand what's inside that information.

它在法律團隊中，它是合約；在財務中，它可能是發票和收款數據以及產品管理和工程中的財務文件，它是產品規格、代碼；在銷售和行銷中，它是行銷資產和銷售宣傳。所有這些數據對企業來說都具有巨大的潛在價值，但只有他們了解這些資訊中的內容，他們才能一次又一次地利用它。

And so many customers are coming to us and saying, okay, we'd like to be able to run AI agents on that data to extract the critical details from those contracts or those invoices or health care data that might be coming in. And then we want to be able to automate some kind of workflow or business process that's tied to that data. So this could be a client onboarding process. It could be a leasing agreement review process. It could be a loan origination process.

很多客戶來找我們說，好的，我們希望能夠在這些數據上運行人工智慧代理，從那些合約、發票或可能傳入的醫療保健數據中提取關鍵細節。然後我們希望能夠自動化與該資料相關的某種工作流程或業務流程。所以這可能是個客戶入職流程。這可能是租賃協議審查過程。這可能是貸款發放流程。

So the first step is get and extract the metadata from those documents and put that into a structured database or data store, which is something that Box has had for many years. and then be able to go and automated workflow. So the first step of that workflow automation is usually things like building a Box app to be able to view all of that data and then have users that can go and kind of consume and analyze the information through the Box app.

因此，第一步是從這些文件中獲取並提取元數據，並將其放入結構化資料庫或資料儲存中，這是 Box 多年來一直擁有的東西，然後能夠實現自動化工作流程。因此，工作流程自動化的第一步通常是建立 Box 應用程序，以便能夠查看所有數據，然後讓使用者可以透過 Box 應用程式使用和分析這些資訊。

But more and more, you're going to expect to actually run and automate the full workflow with agents running in the background, moving documents through the various steps in that workflow, reviewing documents probably making recommendations of what's the next step or what's the next best action for that document. And those are the next set of capabilities that we'll be sharing a bit more about later. But you can kind of see how it's all coming together within this full ecosystem of AI agents plus workflow automation around all of your unstructured data.

但越來越多地，您將期望透過在背景執行的代理程式來實際運行和自動化整個工作流程，將文件移至工作流程中的各個步驟，審查文件並可能就下一步是什麼或該文件的下一個最佳操作提出建議。這些是下一組功能，我們稍後會詳細分享。但是你可以看到這一切是如何在由人工智慧代理和圍繞所有非結構化資料的工作流程自動化組成的完整生態系統中結合在一起的。

Really helpful. And then one just quick follow-up, if I could here. It seems like you're doing a lot of great work on the MCP server side. Maybe just help us understand the broader vision for that in the medium term.

真的很有幫助。如果可以的話，我接下來會進行快速跟進。看起來您在 MCP 伺服器端做了很多出色的工作。也許只是幫助我們了解中期更廣泛的願景。

Yeah. So we kind of imagine a future where you might have dozens, if not on the upper end of a large enterprise, hundreds of different AI systems that people are going to be working from. We obviously want the absolute best place to have you work with agents and unstructured data and content, but there's going to be just a tremendous number of other AI systems. You might have some users in ChatGPT. You might have some users in cloud. You might have some users in copilot. Some users might be in IBM Watsonx Orchestrate. And so there's a very real chance of, again, dozens or hundreds of systems inside of organizations.

是的。因此，我們可以想像，未來你可能會擁有數十個（如果不是大型企業的高端）數百個不同的人工智慧系統，人們將在其中工作。我們顯然希望有一個絕對最佳的地方讓您與代理、非結構化資料和內容一起工作，但還會有大量其他人工智慧系統。您可能在 ChatGPT 中有一些用戶。您可能在雲端有一些用戶。您可能在副駕駛中有一些用戶。有些使用者可能正在使用 IBM Watsonx Orchestrate。因此，組織內部很有可能再次出現數十個或數百個系統。

So then you, as an enterprise, have a decision, do you replicate your data -- your investor data across all of the systems, which is not only an incredibly cotily problem, but it's only one that would lead to security risks and you have outdated information across those technologies. Or do you have a central repository that has your most important information in unstructured data that people can tap into from across all of those other environments.

那麼，作為企業，您需要決定是否在所有系統中複製您的數據——您的投資者數據，這不僅是一個非常嚴重的問題，而且還會導致安全風險，並且您在這些技術中的信息都是過時的。或者您是否有一個中央儲存庫，其中包含非結構化資料中最重要的訊息，人們可以從所有其他環境中利用這些資訊。

And so the MCP server is basically this really compelling abstraction layer that makes it easy for the agents or AI systems on those external products to tap into the data that's within Box or the agents that are within Box. And so what we're -- we just launched it in GA in August. But the core idea is that you can be inside of Quad and you could say, please summarize my meeting note from that one meeting or a contract that I was working on -- and again, instead of you having to upload your data to cloud, it will just happen to the Box MCP server, find the information you're looking for and then right in line where you were doing your work, you can access your data.

因此，MCP 伺服器基本上是一個非常引人注目的抽象層，它使那些外部產品上的代理或 AI 系統可以輕鬆利用 Box 內的資料或 Box 內的代理。所以我們——我們剛剛在八月在 GA 推出了它。但其核心思想是，您可以在 Quad 內部說，請總結一下我當時正在處理的某次會議或合約的會議記錄——同樣，您不必將數據上傳到雲端，它只會發生在 Box MCP 伺服器上，找到您要查找的信息，然後您就可以在您工作的地方訪問您的數據。

So this really just reinforces the power of unstructured data and highlights how many different platforms you're going to want to access that information from. So we are just in the very early stages of what this looks like, but super excited about MCP and making sure that it's available to all developers.

因此，這實際上只是強化了非結構化資料的力量，並強調了您將要從多少個不同的平台存取該資訊。因此，我們還處於非常早期的階段，但我們對 MCP 感到非常興奮，並確保所有開發人員都可以使用它。

Fantastic, thank you.

太棒了，謝謝。

(Operator Instructions)

（操作員指示）

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Hi, Dylan, hi, Aaron, this is Chris on for Josh here. There was a controversial report that came out last week from MIT that said about 95% of GenAI pilot that companies are failing due to flowed enterprise integration and misalignment and resource allocation. But it seems like you all are having some early success here with Box AI and clearly some good momentum with Enterprise Advanced adoption. So curious if you have a take on that and maybe what are some of the early lessons you all have learned at Box as you've driven this adoption of Box AI in advance so far?

嗨，迪倫，嗨，亞倫，我是克里斯，代替喬希。麻省理工學院上週發布了一份頗具爭議的報告，報告稱大約 95% 的 GenAI 試點公司由於企業整合不暢以及資源分配不協調而失敗。但似乎你們在 Box AI 方面都取得了一些早期的成功，並且在企業高級採用方面顯然取得了良好的勢頭。我很好奇您對此有何看法，以及在推動 Box AI 的採用過程中，你們在 Box 學到了哪些早期經驗教訓？

Yeah. So a couple of interesting things. So I think one of that -- it was actually interesting in that same report, it actually called out the delta between when customers adopted sort of a best-of-breed or prebuilt solution versus when they tried to build their own homegrown AI system from scratch.

是的。有幾件有趣的事。所以我認為其中之一——同一份報告實際上很有趣，它實際上指出了客戶採用最佳或預先建立的解決方案與他們嘗試從頭開始建立自己的自主 AI 系統之間的差異。

And that's sort of one thing that we've been trying to politely educate the market on for kind of a year or two now, which is the idea that an enterprise with all of their data is going to get their data in a storage environment, do the vector embeddings on all of that data, put that into a vector data store, manage the permissions across every single user that needs access to that information then have a interface that is incredibly modern and up to speed with all of the latest breakers in different UX paradigms and then be able to stay on top of all of the different AI model breakthroughs across the four or five top model vendors you're talking about a very small number of enterprises that have the technology teams to be able to do that kind of -- and be able to sort of justify the underlying ROI of making that work.

這是我們一兩年來一直試圖禮貌地向市場宣傳的一件事，即企業將所有數據放入存儲環境中，對所有數據進行矢量嵌入，將其放入矢量數據存儲中，管理每個需要訪問該信息的用戶的權限，然後擁有一個非常現代化的界面，並與不同 UX 範式中所有最新的突破技術並且能夠證明實現這一目標的潛在投資回報率是合理的。

Whereas with something like the Box AI platform, we just handle every single one of those capabilities in our platform. We obviously handle all the storage. We handle all of the -- getting the documents ready for AI, putting them into a vector data store, doing the vector embeddings, working with every major lab for the latest AI model breakthroughs. And then we make that all available to you as an API or even more importantly, as a simple end user interface that anybody can interact with.

而對於 Box AI 平台之類的平台，我們只需在我們的平台上處理每一個功能。我們顯然負責處理所有儲存。我們處理所有事務——為 AI 準備好文檔，將它們放入向量資料儲存中，進行向量嵌入，與每個主要實驗室合作以獲得最新的 AI 模型突破。然後，我們將所有這些作為 API 提供給您，或者更重要的是，作為任何人都可以互動的簡單的最終使用者介面。

So you can just think about all of the different projects that are going on in enterprises, where you have so many where people are trying to kind of build up a lot of that infrastructure themselves or where you're deploying AI potentially not particularly kind of high ROI use cases where then the adoption might not be there and people stop using it. We have been very focused on being hypertargeted on things where we can either make end users just immediately more productive.

因此，你可以想想企業中正在進行的所有不同項目，其中有很多項目，人們正在嘗試自己構建大量基礎設施，或者部署人工智能，但這些項目可能不是特別高的投資回報率用例，因此可能不會被採用，人們就會停止使用它。我們一直非常注重實現超目標，以便能夠立即提高最終用戶的工作效率。

So asking questions across your data in a Box Hub, being able to summarize information very easily or increasingly importantly, being able to extract metadata at scale where we have customers, obviously, that are now beginning to do that at massive scale. So we've been very targeted. And again, our solution out of the box really kind of de-risk most of the reasons why AI projects will fail in an enterprise.

因此，在 Box Hub 中針對您的數據提出問題，能夠非常輕鬆地總結訊息，或者越來越重要的是，能夠大規模地提取元數據，顯然，我們的客戶現在已經開始大規模地這樣做了。因此我們的目標非常明確。而且，我們的開箱即用解決方案確實可以消除企業中 AI 專案失敗的大多數原因。

And so I think that's led to certainly better, healthier conversations and early adoption rates on the platform. But I do think that enterprises are going to spend quite a bit of time trying to figure out what is the right AI architecture, what are the AI solutions that are working, which ones actually are driving ROI and our core focus is to make sure that we're continuing to partner with our customers on all of that.

因此我認為這肯定會帶來更好、更健康的對話和平台的早期採用率。但我確實認為企業將花費大量時間來弄清楚什麼是正確的人工智慧架構，哪些人工智慧解決方案是有效的，哪些解決方案實際上正在推動投資回報率，而我們的核心重點是確保我們在所有這些方面繼續與客戶合作。

That's super helpful. Thanks, Aaron. And I also wanted to ask on the federal side. You all got the high authorization somewhat recently, and you had a federal Summit. So I'm curious kind of what you're seeing within the public sector, the opportunities, how the pipeline is looking like?

這非常有幫助。謝謝，亞倫。我也想從聯邦方面詢問一下。你們最近都獲得了高層授權，並召開了聯邦峰會。所以我很好奇您在公共部門看到了什麼，有哪些機會，管道是什麼樣的？

Yeah. So I think things have -- our feeling is that things have, let's say, kind of settled down for maybe the first quarter or so of all of that broader transformation that we tended to hear about in the federal government. I think things are now aligned more toward a path of federal agencies being focused on IT modernization.

是的。所以我認為事情已經——我們的感覺是，在我們經常聽到的聯邦政府的更廣泛的轉變的第一季左右，事情已經穩定下來。我認為現在聯邦機構更加重視 IT 現代化。

You saw with the AI action plan from the federal government that there's a huge focus on bringing AI into the government. Box AI has an approved service with FedRAMP high-support and working with all of the major model providers to be able to bring those models to work with enterprise content in the federal government, I think, is going to be extremely key.

您可以從聯邦政府的人工智慧行動計劃中看到，該計劃非常重視將人工智慧引入政府。Box AI 擁有獲得 FedRAMP 高度支援的批准服務，並且與所有主要模型提供者合作，能夠將這些模型與聯邦政府的企業內容結合起來，我認為這將非常關鍵。

So we're happy about the momentum and the conversations that we're having. We partner with the GSA to support their mission even further and make sure that we can make Box AI and the Box platform available or Enterprise Plus and Enterprise Advanced plans really specifically tailored to the federal government. And so I think we're in a good spot from a momentum standpoint from here and we'll keep folks updated as that continues.

因此，我們對目前的勢頭和對話感到高興。我們與 GSA 合作，進一步支持他們的使命，並確保我們能夠提供 Box AI 和 Box 平台，或真正專門針對聯邦政府的 Enterprise Plus 和 Enterprise Advanced 計劃。因此，我認為從目前的勢頭來看，我們處於一個良好的位置，我們會隨時向大家通報最新情況。

Excellent. Thank you so much.

出色的。太感謝了。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Thanks for taking the question and congrats on the strong performance this quarter. Aaron, I think deals doubled sequentially. I'm curious, how does that normally compare second quarter to first quarter? And if we think about that step up, any perspective on how much of that was new versus expansion, partner versus direct? Any perspective there?

感謝您的提問，並祝賀本季的強勁表現。亞倫，我認為交易量連續翻了一番。我很好奇，第二季和第一季通常有什麼不同？如果我們考慮這項舉措，那麼其中有多少是新的，有多少是擴張的，有多少是合作夥伴，有多少是直接合作夥伴？有什麼觀點嗎？

Yes. And just to clarify, that was the number of Enterprise Advanced deals that doubled. Yes, early -- just early innings, but just the fact that we're seeing a nice compounding rate of growth, we're super happy about -- and again, it's across new logos and upsells, but we're just driving as much focus on Enterprise Advance as possible.

是的。需要澄清的是，企業高級交易的數量翻了一番。是的，只是早期階段，但事實上我們看到了良好的複合成長率，我們對此感到非常高興——而且，這涉及新標誌和追加銷售，但我們只是盡可能地關注企業發展。

Understood. I'll grab a coffee serve at that. As you think about adding to the platform in AI, we're seeing less adoption. I'm just curious if there's anything that's changed about your appetite for M&A? Thanks, guys.

明白了。到時候我會去喝杯咖啡。當您考慮在 AI 平台中新增內容時，我們發現採用率較低。我只是好奇，您對併購的興趣是否改變了？謝謝大家。

Yeah. We continue to always be super thoughtful about the product road map and where might there be opportunities for additional M&A. As you know and everybody else on the call knows, we're very focused on being product led as we think about our overall corporate strategy, but then even especially our M&A strategy.

是的。我們始終對產品路線圖以及可能存在哪些額外併購機會進行深思熟慮。正如您和電話會議中的其他人所知，我們在考慮整體公司策略，尤其是併購策略時，非常注重以產品為主導。

So we think about what's our product road map where do we believe we're better off with kind of organic development, doubling down on our kind of core architecture versus where do we really have a time to market requirement that necessitates doing M&A.

因此，我們思考我們的產品路線圖是什麼，我們認為在哪些方面我們更適合進行有機開發，加倍投入我們的核心架構，而在哪些方面我們真正需要進行併購來滿足上市時間要求。

And at the moment, I think we've largely been focused on that kind of core doubling down. We've got a great AI platform architecture that we're building off of. Even when we look at maybe start-ups in the space, we tend to find that our approach to the architecture is as modern as a start-up that would be well funded or getting started just today. So we have a very modern architecture for our AI agents. We're obviously partnered with all the major AI labs.

目前，我認為我們主要集中在這種核心加倍投入。我們擁有一個優秀的人工智慧平台架構，我們正在以此為基礎進行建構。即使當我們考察該領域的新創公司時，我們也傾向於發現，我們的架構方法與資金充足或剛起步的新創公司一樣現代。因此，我們的 AI 代理程式擁有非常現代化的架構。我們顯然與所有主要的人工智慧實驗室都有合作。

We're building on a set of kind of core workflow and automation scaffolding that will only get better and better. So we're pretty happy about the core platform that we're building on and M&A would just be in areas again that we think we need to double down on or need extra support in. So no change in strategy or appetite, and we'll keep you posted as things kind of become relevant there.

我們正在建立一套核心工作流程和自動化鷹架，它只會變得越來越好。因此，我們對正在建立的核心平台感到非常滿意，而併購將再次出現在我們認為需要加倍投入或需要額外支援的領域。因此，我們的策略或意願不會改變，我們會隨時向您通報相關情況。

Thanks, Aaron.

謝謝，亞倫。

This concludes our Q&A session. I will turn the call over to Cynthia Hiponia for closing remarks.

我們的問答環節到此結束。我將把電話轉給辛西婭·希波尼亞 (Cynthia Hiponia) 做結束語。

Great. Thank you, everyone. As a reminder, in conjunction with BoxWorks, our annual user conference on September 11, we are hosting an IR virtual investor product briefing from 1:00 to 2:00 PM Pacific Time. This will feature Aaron and our senior product execs doing a deep dive on our part announcements from the day.

偉大的。謝謝大家。提醒一下，結合 9 月 11 日的年度用戶大會 BoxWorks，我們將於太平洋時間下午 1:00 至 2:00 舉辦 IR 虛擬投資者產品簡報會。這將以 Aaron 和我們的高級產品高管為特色，深入探討我們當天發布的部分公告。

And then we're hosting a live Q&A session directly after the presentation. Just go ahead and e-mail Dylan or myself at ir@box.com for further details, but we look forward to hearing from you there and talking again on our next call. Thank you.

演示結束後，我們將立即舉辦現場問答環節。請直接向 Dylan 或我本人發送電子郵件至 ir@box.com 以獲取更多詳細信息，我們期待在那裡收到您的回复並在下次通話中再次交談。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。