Box Inc (BOX) 2026 Q3 法說會逐字稿

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

女士們、先生們，感謝你們的耐心等待。我叫艾比，今天我將擔任你們的會議接線生。在此，我謹代表 Box 公司歡迎各位參加 2026 財年第三季財報電話會議。（操作說明）

And I would now like to turn the conference over to Cynthia Hiponia, Vice President of Investor Relations. You may begin.

現在我謹將會議交給投資人關係副總裁辛西亞‧希波尼亞。你可以開始了。

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

下午好，歡迎參加 Box 公司 2026 財年第三季財報電話會議。我是辛西亞‧希波尼亞，投資人關係副總裁。今天參加電話會議的有 Box 的共同創辦人兼執行長 Aaron Levie，以及 Box 的共同創辦人兼財務長 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. Supplemental slides are now available also on our website.

在我們發言完畢後，我們將回答各位的問題。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上進行回放。補充幻燈片現已在我們的網站上提供。

On this call, we will be making forward-looking statements, including our fourth quarter and full year fiscal 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 rate, remaining performance obligations, revenue and billings and the impact of foreign currency exchange rates and deferred tax expenses and our expectations regarding the size of our market opportunity, our planned investments, future product offerings and growth strategies; our ability to achieve our revenue, operating margins and other operating model targets the timing and market adoption of and benefits from our new products, pricing model and partnerships; our ability to address enterprise challenges, enhance our product capabilities 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 and settlement of our convertible debt.

在本次電話會議上，我們將發表前瞻性聲明，包括我們對 2026 財年第四季和全年的財務指引，以及我們對 2026 財年及未來期間財務業績的預期。包括毛利率、營業利潤率、經營槓桿、未來盈利能力、淨留存率、剩餘履約義務、收入和賬單金額以及外匯匯率和遞延所得稅費用的影響，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、營業利潤率和其他運營模式目標的能力；新產品、定價模式和合作夥伴關係的成本、企業關係和成本宏觀環境對我們的業務和經營績效以及資本配置策略的影響，包括可能回購我們的普通股和結算我們的可轉換債務。

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 Securities and Exchange Commission, including our most recent quarterly report on Form 10-Q for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call. These forward-looking statements are being made as of today, December 2, 2025, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

這些陳述反映了我們基於目前已知因素的最佳判斷，但實際事件或結果可能與此有重大差異。請參閱我們今天發布的盈利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 季度報告，以了解可能導致實際結果與本次盈利電話會議上所作聲明存在重大差異的風險和不確定性信息。這些前瞻性聲明截至今日（2025 年 12 月 2 日）發布，如果這些聲明發生變化或不再適用，我們不承擔更新或修改它們的義務。

In addition to today's call, we 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 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 made on a non-GAAP basis. Thank you.

除了今天的電話會議，我們還將討論非GAAP財務指標。這些非GAAP財務指標應作為補充資訊考慮，而不是替代或孤立地看待我們的GAAP業績。您可以在我們的獲利新聞稿和相關補充幻燈片中找到有關這些非GAAP指標的更多披露信息，包括與可比較GAAP結果的調節表，這些內容可以在我們網站的投資者關係頁面上找到。除非另有說明，所有財務指標均以非公認會計準則 (non-GAAP) 為基礎。謝謝。

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

那麼，現在讓我把電話交給亞倫。

Thanks, everyone, for joining us today. Building on the momentum and strong results we delivered in the first half of FY26, third quarter revenue exceeded our guidance growing 9% year-over-year and producing operating margins of 28.6%.

感謝各位今天蒞臨。憑藉 2026 財年上半年取得的良好勢頭和強勁業績，第三季營收超出預期，年增 9%，營業利潤率達到 28.6%。

We drove a net retention rate of 104% ahead of our expectations of 103% and driven by both price per seat increases and seat expansion. Our ongoing strategic investments in go-to-market and products are driving growth, reflected in our Q3 billings growth of 12% year-over-year and RPO growth of 18% year-over-year.

我們實現了 104% 的淨留存率，高於預期的 103%，這主要得益於每席位價格的上漲和席位數量的增加。我們持續對市場推廣和產品進行策略性投資，推動了成長，這體現在我們第三季帳單年增 12% 和 RPO 年成長 18%。

Our strong financial results clearly demonstrate that our intelligent content management platform is building momentum in the market. Just a few weeks ago, I met with dozens of CIOs and IT leaders in New York. And what struck me was how the conversations have evolved over time, where the vast majority of these discussions now focus on new use cases for Box, around using AI agents for extracting structured data and insights on documents using AI agents to automate knowledge worker tasks or leveraging AI agents to democratize access to expertise across their organizations.

我們強勁的財務表現清楚地表明，我們的智慧內容管理平台正在市場上不斷累積勢頭。就在幾週前，我在紐約會見了數十位資訊長和IT領導者。讓我印象深刻的是，隨著時間的推移，這些對話是如何演變的，現在絕大多數的討論都集中在 Box 的新用例上，例如使用 AI 代理提取文件中的結構化數據和見解，使用 AI 代理自動化知識工作者的任務，或者利用 AI 代理在組織內普及專業知識。

The full power of AI agents is delivered when you can begin to augment knowledge worker tasks with infinitely scalable automation. But as companies try to do this, they quickly come to the same conclusion. The key to success is ensuring agents have access to the right data in the right format and can process it effectively and securely at scale. And when trying to solve this problem, most enterprises experience how difficult this can be.

當能夠利用無限可擴展的自動化來增強知識工作者的任務時，人工智慧代理的全部威力才能得以發揮。但當企業嘗試這樣做時，它們很快就會得出相同的結論。成功的關鍵在於確保代理商能夠以正確的格式存取正確的數據，並且能夠大規模地有效、安全地處理這些數據。在嘗試解決這個問題時，大多數企業都會體會到這有多麼困難。

Enterprises are understanding that not only do you have to excel at everything required for AI on unstructured data, which could mean combining and keeping up with dozens of different technologies, you also need a platform that can handle the security, compliance, access controls, creation, sharing and storage of all of this enterprise content.

企業逐漸意識到，不僅要精通人工智慧在非結構化資料上的所有應用（這可能意味著要結合併跟上數十種不同技術的步伐），還需要一個能夠處理所有這些企業內容的安全性、合規性、存取控制、創建、共享和儲存的平台。

And the problem is only getting harder as more platforms emerge that need to talk to the same unstructured data assets. You can't easily replicate your files across a genetic systems like Salesforce, Google, ChatGPT, ServiceNow and hundreds of other platforms, all which have different security and governance models, access controls and more.

隨著越來越多的平台出現，需要與相同的非結構化資料資產進行通信，這個問題只會變得越來越棘手。您無法輕鬆地將文件複製到 Salesforce、Google、ChatGPT、ServiceNow 和數百個其他平台等基因係統，因為所有這些平台都有不同的安全和治理模型、存取控制等等。

Companies will increasingly need a trusted AI platform to manage their most important enterprise content that can work with all of their agentic AI platforms. This is what we're building with the Box AI platform. Box's secure neutral AI content platform for the most important enterprise content.

企業將越來越需要一個值得信賴的人工智慧平台來管理其最重要的企業內容，該平台能夠與其所有智慧人工智慧平台協同工作。這就是我們利用 Box AI 平台建構的東西。Box 為最重要的企業內容提供安全、中立的 AI 內容平台。

It's the single source of truth that connects AI models and agents prevents the content sprawl and security risks of DIY solutions and ensures data governance and compliance. And best of all, we integrate with OpenAI, Google and [thoracic], AWS, IBM and more so customers can use any model without fragmenting their enterprise content.

它是連接人工智慧模型和代理的單一資料來源，可防止 DIY 解決方案的內容蔓延和安全風險，並確保資料治理和合規性。最重要的是，我們與 OpenAI、Google 和 [thoracic]、AWS、IBM 等集成，因此客戶可以使用任何模型，而不會使其企業內容片段化。

As we've shared, we introduced Enterprise Advanced less than one-year ago to bring together our full suite of powerful AI and intelligent workflow automation capabilities. And Enterprise Advance continues to drive both upgrades and new logo wins across verticals, segments and geographies.

正如我們之前分享的，不到一年前，我們推出了 Enterprise Advanced，將我們強大的 AI 和智慧工作流程自動化功能整合在一起。Enterprise Advance 持續推動各垂直產業、細分市場和地區的升級和新客戶拓展。

Examples in Q3 include a leading financial services organization upgraded from Enterprise Plus to Enterprise Advanced to improve management and search across repositories, including an archive of historical records.

第三季的例子包括一家領先的金融服務機構從 Enterprise Plus 升級到 Enterprise Advanced，以改善跨儲存庫（包括歷史記錄檔案）的管理和搜尋。

By using Box apps and metadata extraction, the organization is streamlining workflows in claims management, HR, legal and member services and migrating nonmember documents from legacy systems to Box. This supports AI-assisted research into over a century of corporate history and provides updated interfaces for data management, a leading international law firm an early adopter of Enterprise Advanced in Q4 of FY25, expanded its use of Box by hundreds of seats in Q3, driven by Box's proven ability to deliver secure solutions and AI-driven workflows, our platform will support projects with government clients requiring FedRAMP high compliance, enabling lawyers to collaborate securely and efficiently on sensitive matters.

透過使用 Box 應用程式和元資料提取，該組織正在簡化理賠管理、人力資源、法律和會員服務的工作流程，並將非會員文件從舊系統遷移到 Box。這支持對一個多世紀的企業歷史進行人工智慧輔助研究，並提供更新的資料管理介面。一家領先的國際律師事務所是 2025 財年第四季 Enterprise Advanced 的早期採用者，並在第三季將其 Box 的使用量擴大了數百個席位。這得歸功於 Box 已被證明能夠提供安全的解決方案和人工智慧驅動的工作流程。我們的平台將支援需要符合 FedRAMP 高度合規性的政府客戶的項目，使律師能夠安全且有效率地協作處理敏感事項。

And finally, a leading renewable energy company in EMEA, a new logo for Box chose Enterprise Advanced to modernize its document management and collaboration processes across multiple departments including legal, compliance, security and IT. By implementing Box, the company aims to streamline document workflows, improve metadata management and enable secure external collaboration with partners and regulators.

最後，EMEA 地區領先的可再生能源公司 Box 選擇 Enterprise Advanced 來對其跨多個部門（包括法律、合規、安全和 IT）的文件管理和協作流程進行現代化改造，並為其設計了新的標誌。透過實施 Box，該公司旨在簡化文件工作流程，改善元資料管理，並實現與合作夥伴和監管機構的安全外部協作。

To build on the momentum we are seeing with customers, we recently announced a new set of next-generation AI agent and automation features at BoxWorks to drive intelligent workflows in the enterprise. This included Box extract a data extraction solution powered by AI agents that delivers accurate data and insights from a multitude of content types, including documents, presentations, images and more. This new capability allows enterprises to easily extract any structured data and insights from their unstructured documents from contracts and invoices to health care records to insurance claims and more.

為了鞏固我們從客戶那裡看到的良好勢頭，我們最近在 BoxWorks 上發布了一系列新的下一代 AI 代理和自動化功能，以推動企業中的智慧工作流程。其中包括 Box Extract，這是一款由人工智慧代理驅動的資料擷取解決方案，可從多種內容類型（包括文件、簡報、影像等）中提供準確的數據和見解。這項新功能使企業能夠輕鬆地從非結構化文件（從合約和發票到醫療記錄、保險索賠等）中提取任何結構化資料和見解。

We also announced Box Automate, an agentic workflow automation solution designed to orchestrate work across agents and teams. Box Automate allows customers to design sophisticated workflows that leverage their content in Box, as well as connect to other systems via APIs to power any end-to-end document workflow. Additionally, we announced powerful AI capabilities for Box apps, our no-code solution for quickly building content apps that we'll continue to get major product upgrades that enable our customers to power more advanced business processes on Box.

我們還發布了 Box Automate，這是一款代理工作流程自動化解決方案，旨在協調代理商和團隊之間的工作。Box Automate 讓客戶可以設計複雜的流程，利用 Box 中的內容，並透過 API 連接到其他系統，從而支援任何端到端的文件流程。此外，我們也宣佈為 Box 應用程式推出強大的 AI 功能。 Box 應用是我們用於快速建立內容應用的無程式碼解決方案，我們將繼續對其進行重大產品升級，使我們的客戶能夠在 Box 上運行更高級的業務流程。

And we announced Box Shield Pro, a powerful new suite of security capabilities powered by AI allowing customers to automatically apply AI-driven classification, accelerate threat response with agentic insights and proactively strengthen their security posture against an evolving threat landscape like ransomware attacks.

我們還發布了 Box Shield Pro，這是一套強大的全新安全功能套件，由人工智慧驅動，可讓客戶自動應用人工智慧驅動的分類，透過智慧洞察加速威脅回應，並主動加強其安全態勢，以應對不斷演變的威脅形勢，例如勒索軟體攻擊。

As we have seen, the rate of innovation continues to accelerate from AI model providers and boxes quickly evaluating and enabling updates for our customers to access the latest features and models directly in Box. We have announced integrations for the newest models from the [straw], Anthropic OpenAI and Google, including being a day one launch partner of GPT 5.1 and Gemini 3 and Claude Sonnet 4.5.

正如我們所看到的，人工智慧模型提供者和 Box 的創新速度持續加快，他們快速評估並啟用更新，以便我們的客戶可以直接在 Box 中存取最新的功能和模型。我們宣布與 [straw]、Anthropic OpenAI 和 Google 的最新模型進行集成，包括成為 GPT 5.1、Gemini 3 和 Claude Sonnet 4.5 的首發合作夥伴。

We've added support for OpenAI's agent kits, so customers can bring Box content into their agentic workflows, made Box AI available in Gemini enterprise through the Google Cloud Marketplace and introduced support for Slack's new work objects to bring Box's intelligence capabilities directly into Slack conversations. We've also strengthened our long-term strategic partnership with AWS with a recent announcement of a multiyear AI collaboration agreement to transform agent capabilities on enterprise content.

我們增加了對 OpenAI 代理工具包的支持，以便客戶可以將 Box 內容引入到他們的代理工作流程中；透過 Google Cloud Marketplace 在 Gemini 企業版中提供 Box AI；並引入了對 Slack 新工作對象的支持，以便將 Box 的智能功能直接引入到 Slack 對話中。我們也透過最近宣布的一項多年人工智慧合作協議，加強了與 AWS 的長期策略合作夥伴關係，以改變企業內容代理的能力。

Fox will become available in the AWS marketplace to streamline procurement and accelerate the value of both platforms. We're incredibly excited about this partnership and our ability to bring the Box and AWS platforms together more deeply.

Fox 將在 AWS Marketplace 上架，以簡化採購流程並加速兩個平台的價值提升。我們對此次合作以及將 Box 和 AWS 平台更深入結合的能力感到無比興奮。

Now looking forward, in Q4, we are going to be focused on delivering against the major announcements we shared at BoxWorks. In particular, I'm incredibly excited for the upcoming release of Box Extract. Enterprises are a wash and unstructured data that they can now tap into for the first time with AI agents processing and extracting relevant data from these documents, and Box extract makes this easier than ever.

展望未來，在第四季度，我們將專注於兌現我們在 BoxWorks 大會上宣布的重大消息。尤其令我感到無比興奮的是，Box Extract 即將發布。企業擁有大量非結構化數據，現在他們首次可以利用人工智慧代理處理和提取這些文件中的相關數據，而 Box Extract 則讓這一切變得前所未有的簡單。

We will also be releasing other major updates to Box AI agents in Box, including an all-new centralized experience where you can interact with any AI agent from Box, from one central location, allowing you to use AI agents to find relevant data or answers in box or handle much more complex work on content in Box.

我們還將在 Box 中發布 Box AI 代理的其他重大更新，包括全新的集中式體驗，您可以從一個中心位置與 Box 中的任何 AI 代理進行交互，從而允許您使用 AI 代理在 Box 中查找相關數據或答案，或處理 Box 中更複雜的內容工作。

We'll also be upgrading Box AI studio to support improved agent capabilities like attaching existing knowledge to agents and streamlining the agent creation flow to make it easier for anyone to build their own agents in the enterprise.

我們還將升級 Box AI studio，以支援改進的代理功能，例如將現有知識附加到代理，並簡化代理創建流程，使企業中的任何人都能更輕鬆地建立自己的代理。

Turning to go to market. We are driving the adoption of Enterprise Advanced and continue to see pricing improvements for Enterprise Advanced over Enterprise Plus at the higher end of our 20% to 40% target. Our focus has been and will continue to be on driving adoption of our AI-powered solutions in Enterprise Advanced, including custom Box AI agents, Box apps and looking forward, Box Extract and Shield Pro across our customers' workflows.

轉向市場。我們正在推動企業高級版的普及，企業高級版的價格持續優於企業增強版，達到了我們 20% 到 40% 的目標上限。我們一直並將繼續致力於推動企業高級用戶採用我們的 AI 解決方案，包括定制的 Box AI 代理、Box 應用程序，以及展望未來，Box Extract 和 Shield Pro，並將其應用於我們客戶的工作流程中。

Our market positioning emphasizes Box's unique strength as a trusted platform for unstructured data with built-in AI governance and security. We're continuing to double down on our Enterprise Advanced sales motion and driving more emphasis across key verticals like financial services, life sciences, government, professional services and more.

我們的市場定位強調了 Box 作為值得信賴的非結構化資料平台的獨特優勢，該平台具有內建的 AI 治理和安全功能。我們將持續加倍投入企業高階銷售策略，並更重視金融服務、生命科學、政府、專業服務等關鍵垂直領域。

Our partner-led business is a critical part of our strategy as we power more advanced verticalized solutions for customers. We saw continued momentum with partners, delivering double-digit revenue growth in partner-led wins in Q3 these wins include a leading global automotive company who upgraded from Enterprise Plus to Enterprise Advanced to centralize this expanding design ecosystem and replace over 75 fragmented content repositories.

我們以合作夥伴為主導的業務是我們策略的關鍵組成部分，因為我們能夠為客戶提供更先進的垂直行業解決方案。我們看到與合作夥伴的持續成長勢頭，在第三季合作夥伴主導的業務中實現了兩位數的收入成長。這些業務包括一家全球領先的汽車公司，該公司從 Enterprise Plus 升級到 Enterprise Advanced，以集中管理其不斷擴展的設計生態系統，並取代 75 多個分散的內容儲存庫。

A leading housing administrator in EMEA partnered with Deloitte and Box to modernize its digital housing platform and tenant communications. Box powers the solution for managing documents and inquiries from housing applicants, tenants and affiliated organizations, improving efficiency and collaboration. We also launched a new partnership with Tata Consultancy Services, one of the world's largest systems integrators to deliver AI-powered content management solutions to accelerate digital transformation.

歐洲、中東和非洲地區一家領先的住房管理公司與德勤和 Box 合作，對其數位住房平台和租戶溝通進行了現代化改造。Box 為管理住房申請人、租戶和附屬機構的文件和查詢提供解決方案，從而提高效率和協作。我們也與全球最大的系統整合商之一塔塔諮詢服務公司建立了新的合作夥伴關係，以提供由人工智慧驅動的內容管理解決方案，加速數位轉型。

By combining Box's intelligent content management platform with TCS's global scale and industry depth, we expanded our reach across key industries from financial services and health care to manufacturing, retail and the public sector.

透過將 Box 的智慧內容管理平台與 TCS 的全球規模和產業深度相結合，我們擴大了業務範圍，涵蓋了從金融服務和醫療保健到製造業、零售業和公共部門等關鍵產業。

Before I turn it over to Dylan, let me update you on how we're expanding an AI-first approach at Box using Box AI as customer zero. As I shared before, we are focused on Box becoming the leading AI-first company, and we want to use AI agents to augment our productivity, increase our capacity and better serve customers.

在把麥克風交給 Dylan 之前，先向大家介紹 Box 如何以 Box AI 為零號客戶，擴展 AI 優先的方法。正如我之前分享的，我們專注於將 Box 打造成領先的 AI 優先公司，我們希望利用 AI 代理來提高我們的生產力、提升我們的產能並更好地服務客戶。

For instance, in go-to-market, we have purpose-built box AI agents that streamline each step in a sales or customer success process. We have a research agent that analyzes the prospects goals and challenges and map them to Box capabilities. A discovery agent recommends the best use cases for a customer type using win-loss signals from past deals, coaching agents give reps kips after every customer interaction and more.

例如，在市場推廣方面，我們有專門建立的 AI 代理，可以簡化銷售或客戶成功流程中的每個步驟。我們有一位研究代理，負責分析潛在客戶的目標和挑戰，並將它們與 Box 的功能進行配對。探索代理商會根據以往交易的成敗訊號，為特定類型的客戶推薦最佳用例；輔導代理商會在每次客戶互動後給銷售代表提供指導等等。

In customer success, a feature adoption agent suggests use cases, target personas and enablement materials to boost adoption. All of these agents free up our sales and support teams to serve more customers and with greater personalization. And this is just in go-to-market. Across box, we are doing the same in our HR and recruiting workflows, IT organization, legal and compliance, and product management and engineering.

在客戶成功方面，功能採納代理會提出用例、目標使用者畫像和賦能材料，以提高採納率。所有這些代理商都解放了我們的銷售和支援團隊，使他們能夠服務更多客戶，並提供更個人化的服務。而這僅僅是市場推廣方面。在 Box 公司內部，我們也在人力資源和招募流程、IT 組織、法律和合規性以及產品管理和工程等領域採取相同的措施。

And outside of Box AI, for instance, in engineering, we're leveraging cursor to accelerate our product development velocity and we're expanding AI-assisted coding across the code base to ship features faster. AI is the biggest shift in work that we have ever seen in our lifetimes.

例如，在 Box AI 之外，在工程領域，我們正在利用 cursor 來加快產品開發速度，並且正在將 AI 輔助編碼擴展到整個程式碼庫，以更快地發布功能。人工智慧是我們有生之年所見證的工作方式的最大變革。

Box's are embracing the opportunity to demonstrate to our customers how they can transform how they work with content and AI. And we are seeing customers discover new use cases that tap into the value of their unstructured data made possible with our intelligent content management platform.

Box 正在抓住這個機會，向我們的客戶展示如何利用內容和人工智慧來改變他們處理內容的方式。我們看到客戶正在發現新的用例，利用我們智慧內容管理平台實現的非結構化資料的價值。

With that, I'll hand it over to Dylan.

好了，我就把它交給迪倫了。

Thanks, Aaron. Good afternoon, everyone. In Q3, we delivered another strong quarter with revenue, billings and operating margin, all exceeding our guidance. This outperformance was the result of continued execution against our FY26 priorities. Investing in key go-to-market initiatives and enhancing the AI capabilities of our intelligent content management platform, generating efficiencies across the business and executing on our disciplined capital allocation strategy.

謝謝你，亞倫。大家下午好。第三季度，我們的營收、帳單金額和營業利潤率均超乎預期，再次取得了強勁的業績。這項優異業績是我們持續推動 2026 財年優先事項的結果。投資關鍵的市場推廣舉措，增強我們智慧內容管理平台的 AI 能力，提高整個業務的效率，並執行我們嚴謹的資本配置策略。

We delivered Q3 revenue of $301 million, above the high end of our guidance. This represents 9% year-over-year growth with sequential acceleration to 8% year-over-year growth in constant currency. We now have more than 2,000 customers paying us at least $100,000 annually, up 7% year-over-year. Suites customers now account for 64% of our revenue, an increase from 59% a year ago. We ended Q3 with remaining performance obligations or RPO of $1.5 billion, growing 18% year-over-year and up 19% in constant currency.

我們第三季營收達到 3.01 億美元，高於我們預期的上限。這相當於年增 9%，以固定匯率計算，年成長速度將逐步加快至 8%。我們現在有超過 2000 位客戶每年至少支付 10 萬美元，年增 7%。套房客戶目前占我們收入的 64%，比一年前的 59% 有所成長。第三季末，我們剩餘履約義務或 RPO 為 15 億美元，年增 18%，以固定匯率計算成長 19%。

Short-term RPO grew 14%, both as reported and in constant currency. This growth is being fueled by strong customer demand for Box AI, resulting in a pronounced upgrade cycle and longer contract durations. We expect to recognize roughly 55% of our RPO over the next 12 months.

短期 RPO 成長了 14%，無論是按報告匯率還是按固定匯率計算。這種成長是由客戶對 Box AI 的強勁需求所推動的，從而導致了明顯的升級週期和更長的合約期限。我們預計在未來 12 個月內實現約 55% 的 RPO。

Q3 billings of $296 million were up 12% year-over-year both as reported and in constant currency, driven primarily by strong bookings in the quarter. Billings growth exceeded our guidance of approximately 10% and includes an FX headwind of approximately 220 basis points versus our prior expectations.

第三季帳單金額為 2.96 億美元，按報告匯率和固定匯率計算均年增 12%，主要得益於本季強勁的訂單量。帳單成長超過了我們先前約 10% 的預期，其中包括約 220 個基點的匯率不利因素（與我們先前預期的相比）。

We ended Q3 with a net retention rate of 104% and up from 103% in Q2 and 102% in the year ago period. This trend is being driven by strong box AI and enterprise events momentum resulting in accelerating bookings and lower dollar churn. We continue to see improvements in both seat price and seat expansion. We now expect to exit FY26 with a net retention rate of 104%, 1 point higher than our previous expectations.

第三季末，我們的淨留存率為 104%，高於第二季的 103% 和去年同期的 102%。這一趨勢是由強大的AI技術和企業活動的蓬勃發展所推動的，從而加速了預訂量的成長並降低了客戶流失率。我們看到座位價格和座位數量都在持續改善。我們現在預計 2026 財年淨留存率將達到 104%，比我們先前的預期高出 1 個百分點。

Q3's gross margin was 81.7%, exceeding our guidance of 81%. Excluding the tailwind from data center equipment sales in Q3 of last year, this represents an increase of 50 basis points year-over-year. We delivered Q3 operating income of $86 million and operating margin of 28.6%, exceeding our guidance. In Q3, we delivered EPS of $0.31 in line with our guidance. This includes a headwind of approximately [$0.015] from FX versus our prior guidance.

第三季毛利率為 81.7%，超過了我們先前 81% 的預期。如果排除去年第三季資料中心設備銷售帶來的利多因素，這比去年同期成長了 50 個基點。第三季營業收入為 8,600 萬美元，營業利潤率為 28.6%，均超出預期。第三季度，我們實現了每股收益 0.31 美元，與預期相符。這其中包括外匯波動帶來的約 0.015 美元的不利影響，與我們先前的預期相比。

I'll now turn to our cash flow and balance sheet. In Q3, we generated free cash flow of $61 million and cash flow from operations of $73 million up 7% and 17% year-over-year, respectively. We ended Q3 with $731 million in cash, cash equivalents, restricted cash and short-term investments.

接下來我將介紹我們的現金流量表和資產負債表。第三季度，我們實現了 6,100 萬美元的自由現金流和 7,300 萬美元的營運活動現金流，分別年增 7% 和 17%。第三季末，我們持有現金、現金等價物、受限現金和短期投資共 7.31 億美元。

Turning to our share repurchase plan. In Q3, we repurchased 2.4 million shares for approximately $77 million. As of October 31, we had approximately $35 million of remaining buyback capacity. Additionally, our Board of Directors recently authorized a $150 million increase to our share repurchase program. Before turning to guidance, I wanted to address our $205 million of convertible notes due to mature on January 15, 2026. At that time, we intend to settle the outstanding convertible debt principal with cash.

接下來談談我們的股票回購計畫。第三季度，我們回購了 240 萬股股票，耗資約 7,700 萬美元。截至 10 月 31 日，我們還有約 3,500 萬美元的剩餘回購能力。此外，我們的董事會最近批准將股票回購計畫增加 1.5 億美元。在給出業績指引之前，我想先談談我們將於 2026 年 1 月 15 日到期的 2.05 億美元可轉換票據。屆時，我們打算用現金償還未償還的可轉換債券本金。

With that, let me now turn to our Q4 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. Since we last provided guidance, the US dollar has strengthened versus the yen and the following guidance includes the expected impact of FX, assuming current exchange rates.

接下來，我將介紹我們第四季和2026財年的業績預期。再次提醒，我們約有三分之一的收入來自美國以外地區，其中約 65% 的國際收入來自日本。自我們上次提供指引以來，美元兌日圓匯率走強，以下指引包含了匯率波動的預期影響（假設目前匯率不變）。

For the fourth quarter of fiscal 2026. We expect Q4 revenue to be approximately $304 million, representing approximately 9% year-over-year growth or 8% in constant currency.

2026財年第四季。我們預計第四季營收約 3.04 億美元，年增約 9%，以固定匯率計算成長約 8%。

We anticipate our Q4 billings growth to be in the low single-digit range, including an expected tailwind from FX of approximately 70 basis points. We expect Q4 gross margin to be approximately 82%. We anticipate our Q4 non-GAAP operating margin to be approximately 30%. We expect our Q4 non-GAAP EPS to be approximately $0.33. Weighted average diluted shares are expected to be approximately $147 million.

我們預計第四季度帳單成長將處於個位數低位，其中包括預計來自外匯匯率的約 70 個基點的利多。我們預計第四季毛利率約為 82%。我們預計第四季非GAAP營業利潤率約為30%。我們預計第四季非GAAP每股收益約為0.33美元。加權平均稀釋後股份數預計約1.47億股。

For the full fiscal year ending January 31, 2026. We are proud to have delivered strong year-to-date results driven by customer demand for our enterprise-grade AI capabilities, translating into the momentum we're seeing in Enterprise Plus and Enterprise Advanced. As a result, we now expect our full year revenue to be approximately $1.175 billion, representing approximately 8% year-over-year growth or 7% in constant currency.

截至 2026 年 1 月 31 日的整個財政年度。我們很自豪能夠取得強勁的年初至今業績，這得益於客戶對我們企業級人工智慧能力的需求，並轉化為我們在企業增強版和企業高級版領域所看到的良好勢頭。因此，我們現在預計全年營收約為 11.75 億美元，年增約 8%，以固定匯率計算成長約 7%。

Adjusting for currency movements, this represents an increase of approximately $5 million versus the midpoint of our prior guidance. We expect our FY26 billings growth to be in the 9% to 10% range. This includes a tailwind of approximately 130 basis points from FX, 100 basis points lower than our previous expectations. Adjusting for currency movements, this represents an increase of 150 basis points versus our prior guidance.

考慮到匯率波動，這比我們之前預期的中位數增加了約 500 萬美元。我們預計 2026 財年的帳單成長率將在 9% 至 10% 之間。這其中包括來自外匯市場的約 130 個基點的利好，比我們之前的預期低 100 個基點。經匯率調整後，這比我們先前的預期提高了 150 個基點。

We expect FY26 gross margin to be approximately 81%. When adjusting for the tailwind 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% and including a tailwind of approximately 10 basis points from FX.

我們預計 2026 財年的毛利率約為 81%。考慮到去年資料中心設備銷售帶來的利多因素（這也對營業利潤率產生了影響），這代表著同比提高了 40 個基點。我們預計 2026 財年非 GAAP 營業利潤率約為 28%，其中包括匯率帶來的約 10 個基點的利多。

We now expect FY26 non-GAAP EPS of approximately $1.28 including an expected tailwind of approximately $0.02 from FX. This represents an increase of $0.01 versus the midpoint of our prior expectations and an increase of $0.03 normalizing for currency movements since our previous guidance. Weighted average diluted shares are expected to be approximately $149 million. We are proud of the strong results we delivered in Q3 with demand for box AI and adoption of Enterprise Advanced driving an acceleration in top line metrics.

我們現在預計 2026 財年非 GAAP 每股收益約為 1.28 美元，其中包括預計匯率帶來的約 0.02 美元利多。這比我們之前預期的中點增加了 0.01 美元，考慮到匯率波動，比我們之前的預期增加了 0.03 美元。加權平均稀釋股份預計約 1.49 億美元。我們為第三季的強勁業績感到自豪，市場對 Box AI 的需求以及企業高級版的採用推動了營收指標的加速成長。

With our ongoing strategic investments in go-to-market initiatives and our intelligent content management platform delivering strong returns we are well positioned to capitalize on the opportunity ahead while delivering significant long-term shareholder value.

憑藉我們對市場推廣計畫的持續策略投資，以及我們智慧內容管理平台帶來的強勁回報，我們已做好充分準備，把握未來的機遇，同時為股東創造巨大的長期價值。

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

那麼，我和亞倫很樂意回答你們的問題。操作員？

(Operator Instructions)

（操作說明）

Matt Bullock, Bank of America.

馬特·布洛克，美國銀行。

Great, thanks for the question here. I wanted to ask kind of a high-level question, kind of turning back the clock to the March Analyst Day where you outlined several growth levers that you would be able to use to get to that 10% to 15% growth target over the long term.

太好了，謝謝你的提問。我想問一個比較宏觀的問題，回顧一下您在三月的分析師日上概述的幾個成長槓桿，這些槓桿可以幫助您在長期內實現 10% 到 15% 的成長目標。

I guess, since March, could you comment directionally on how you're feeling about each of those growth levers as contributors. Are we ahead of schedule, kind of in line? How should we think about that?

我想，自三月以來，您能否就您對每個成長槓桿作為貢獻者的看法發表一些方向性評論？我們進度超前了嗎？還是基本符合計畫？我們該如何看待這個問題？

Yeah. So if you look back at a lot of those growth levers, I would say that certainly, all of those are tracking quite well and the adoption, just the timing when we started to see the impact of Enterprise Advanced and some of our newer AI capabilities is exceeding our expectations. And so that shows up in a lot of the trends around pricing as well as an improvement in the net seat growth.

是的。所以，回顧一下這些成長槓桿，我認為，所有這些槓桿的進展都相當順利，而且採用情況，以及我們開始看到企業高級版和一些新的人工智慧功能的影響的時間，都超出了我們的預期。因此，這體現在定價的許多趨勢中，以及淨座位成長的改善。

So that's kind of the upsell and seat expansion dynamic. The new customer acquisition has certainly been tracking well, especially given some of the green shoots we're seeing in EMEA, and we hope to supercharge that with a lot of the partner and SI investments and relationships that we're building.

這就是追加銷售和座位擴展的動態。新客戶的獲取進展確實不錯，尤其是在歐洲、中東和非洲地區看到了一些復甦的跡象，我們希望透過我們正在建立的許多合作夥伴和系統整合商的投資和關係來大力推動這一進程。

And then finally, and related to Enterprise Advanced as well, that platform expansion, especially in the form of AI units is tracking nicely as well. Sorry, go ahead.

最後，與企業高階版相關的是，該平台的擴展，特別是人工智慧單元的擴展，進展也相當順利。抱歉，請繼續。

And then I've also noted sales -- has gradually improved as well. Maybe if you could help unpack the drivers of that sales and marketing efficiency and help us think about general sales force productivity, maybe your hiring intentions for this year and next year, whether or not that's in line and tracking or if those improvements in productivity are kind of making you more willing to hire on the go-to-market front?

而且我還注意到，銷售額也逐漸有所改善。如果您能幫助我們分析銷售和行銷效率的驅動因素，並幫助我們思考整體銷售團隊的生產力，以及您今年和明年的招聘計劃是否符合預期，或者生產力的提高是否讓您更願意在市場推廣方面進行招聘，那就太好了！

Yeah. We kind of laid out that this was a year where we wanted to be investing incrementally more in sales capacity, some of our vertical efforts going deeper with system integrators and our partner ecosystem. So we shared that at Financial Analyst Day and obviously, throughout this year, various updates.

是的。我們大致規劃了今年要逐步增加對銷售能力的投資，並加深與系統整合商和合作夥伴生態系統的垂直領域合作。所以我們在金融分析師日上分享了這些信息，而且顯然，在今年全年，我們也發布了各種更新信息。

We're very happy with the results that we're seeing thus far on those investments, both in the kind of near-term productivity but also more of the qualitative impact that we're seeing. So building long-term partnerships, building more pipeline around those as we shared today, being listed in the AWS marketplace, which is coming soon that will add kind of additional channel distribution support for us. We called out the Deloitte deal, what we're doing with TCS, [Salon] DataBank and IBM and many others. So that partner channel is going to continue to build out.

我們對目前為止這些投資所取得的成果非常滿意，無論是短期生產力方面的提升，還是我們所看到的定性影響。因此，正如我們今天所分享的，建立長期合作夥伴關係，圍繞這些合作夥伴關係建立更多管道，以及即將上線的 AWS Marketplace，這將為我們增加額外的通路分銷支援。我們公開談論了德勤的交易，以及我們與 TCS、[Salon] DataBank、IBM 等眾多公司的合作。因此，合作夥伴管道將會持續拓展。

So we're -- we continue to believe and are bullish on the overall go-to-market investments that we made as well as our platform investments. And I think you'll continue to see that from us going into next year.

因此，我們—我們繼續相信並看好我們所做的整體市場推廣投資以及我們的平台投資。我認為明年你們還會繼續看到我們這樣做。

Fantastic thank you.

非常感謝。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Hi, thanks for taking the question. This is John on for Brian. I wanted to start on FedRAMP High on the tiered authorization you received earlier in the year. Any details you can share on how the federal vertical is doing for you guys? Maybe how we should think about the pipeline of business there? And if the government shutdown had any impact on late-stage deals in the pipe. And then I have a quick follow-up.

您好，感謝您回答這個問題。這裡是約翰，替布萊恩報道。我想開始學習 FedRAMP High，這是你今年早些時候獲得的分級授權。你們能否分享一下聯邦政府業務部門的具體情況？或許我們應該重新思考那裡的業務發展方向？政府停擺是否對正在進行的後期交易產生了任何影響。然後我還有一個簡短的後續問題。

Yeah. So [Pedron Pie] was kind of very important for us to be able to get into many of the more sophisticated and complex government deals. So that is increasing our ability to serve DoD customers. for, again, more and more mission-critical work. So we're seeing good momentum there on some of the sales conversations and pipeline build.

是的。所以，[佩德隆派]對我們來說非常重要，它使我們能夠參與許多更複雜、更精密的政府交易。因此，這提高了我們為國防部客戶提供服務的能力，從而能夠承接越來越多關鍵任務。因此，我們看到一些在銷售洽談和銷售通路建立方面取得了良好的進展。

We also announced the partnership with [one GOV] out of the GSA. So I think we're getting even more kind of support and general air cover within the federal government IT ecosystem. And while we did see a couple of kind of incremental shifts on deal timing as a result of the shutdown, we feel very confident in the momentum that we're seeing now coming into Q4. And overall, we're finding the federal business to be fairly healthy at the moment.

我們也宣布與美國總務署 (GSA) 旗下的 [one GOV] 建立合作夥伴關係。所以我認為，我們在聯邦政府的IT生態系統中獲得了更多的支持和保障。雖然由於疫情封鎖，我們看到交易時間上出現了一些漸進式的變化，但我們對目前進入第四季的發展勢頭非常有信心。整體而言，我們發現聯邦政府目前業務狀況相當健康。

Okay. Great color there. And I think in the last few quarters, you've mentioned the return to seat growth want to dig in there a bit more. Is that being driven somewhat by the macro recovery? Is that fair to say that's being driven somewhat by the macro recovery but just more by AI enable workflows expanding seats?

好的。顏色真漂亮。而且我認為在過去的幾個季度裡，您提到了座位成長的回歸，我想更深入地探討這個問題。這是否在某種程度上受到宏觀經濟復甦的推動？這麼說是否公平：這在某種程度上是由宏觀經濟復甦推動的，但更多的是由人工智慧賦能的工作流程擴大了用戶席位？

And then while I realize you're not guiding to it for next year, how should we think about the steep dynamics as we head into next year? Thanks.

雖然我知道你並沒有就明年的情況給予指導，但我們該如何看待明年即將面臨的巨大變化？謝謝。

Yeah. So I would say, certainly, there's a macroeconomic backdrop element to our business, but it doesn't seem as though kind of that has been changing a whole lot over the last couple of quarters. So would mostly point to the impact we look at the deals and where we are seeing those seed expansions really coming from the newer use cases and the expansions that Enterprise Advanced and the AI capabilities to enable.

是的。所以我覺得，當然，我們的業務存在著宏觀經濟背景因素，但似乎在過去的幾個季度裡，這種因素並沒有太大的變化。因此，這主要指向我們觀察交易的影響，以及我們看到這些種子擴張真正來自新的用例和企業高級版及人工智慧能力所實現的擴張。

So we primarily point to that. And then going forward, I mean, we have said that over time, we do expect that net retention rate to continue to improve from where we are and for those trends to continue moving in the right direction over time as well. So to your point, haven't given kind of specific numbers for next year. But over time, we do expect continued strength and those trends continue as well.

所以我們主要指的是這一點。展望未來，我們曾表示，隨著時間的推移，我們預計淨留存率將繼續提高，並且這些趨勢也將隨著時間的推移繼續朝著正確的方向發展。所以正如你所說，我們還沒有給出明年的具體數字。但隨著時間的推移，我們預計這種強勁勢頭將持續下去，這些趨勢也將持續下去。

And just actually, if I can, the one thing I was going to kind of add to my prior comment was, we did see healthy deals in Q3 in the public sector. So obviously, the government shutdown was more later in the quarter, but we have had a bunch of good wins and expansions in public sector in Q3.

實際上，如果可以的話，我想補充一點，那就是我們在第三季確實看到公共部門達成了一些不錯的交易。顯然，政府停擺發生在第三季後期，但我們在第三季公共部門取得了一系列不錯的成績和擴張。

(Operator Instructions)

（操作說明）

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Aaron, I was just wondering, I mean, Box, and you've been very forward thinking and strategic innovative with all things, AI and agents. What does that do for the broader core content management opportunity. Just from a competitive perspective, thinking about incumbents legacy vendors, does it serve as a catalyst with all the market focused on AI and innovation to see some of the differences in how you've approached those changes versus legacy vendors?

Aaron，我只是想問，我是說，Box，你在人工智慧和智慧代理等各個方面都非常有遠見卓識和戰略創新精神。這對更廣泛的核心內容管理機會有何影響？僅從競爭的角度來看，考慮到現有傳統供應商，在當前市場專注於人工智慧和創新的情況下，你們在應對這些變化方面與傳統供應商有哪些不同之處，這是否會起到催化劑的作用？

Yeah. So I think it's interesting, so there's maybe two dynamics at play. And as I mentioned in some of the conversations in New York a few weeks back, you can imagine it's sort of most of the major banks and private equity kind of firms that we spent time with in the city. And what's happening is you have sort of two dynamics playing out.

是的。所以我覺得很有意思，這裡可能有兩種動態因素在運作。正如我幾週前在紐約的一些談話中提到的那樣，你可以想像，我們在紐約期間接觸的幾乎都是大型銀行和私募股權公司。現在的情況是，有兩種動態因素在同時發揮作用。

One is there's just an instant obvious recognition of, okay, if we could finally structure our unstructured data which is take equity research, take credit data, loan origination documents, any of that information, where today, you're doing a lot of manual reviews of that information.

其一是人們立刻就能明顯地認識到，如果我們最終能夠對非結構化數據進行結構化處理，例如股票研究、信用數據、貸款發放文件等任何此類信息，而如今，你卻要對這些信息進行大量的人工審核。

Now agents can go and extract that data from the documents, put it into the box metadata system so you can query it. You can run analytics on it. You can import it into a Snowflake or a Salesforce data cloud, so you can manipulate it like structured data. But again, the source material is all this unstructured content.

現在，代理人可以從文件中提取這些數據，將其放入 Box 元資料系統中，以便您可以對其進行查詢。你可以對它進行分析。您可以將其匯入 Snowflake 或 Salesforce 資料雲，以便像處理結構化資料一樣對其進行操作。但話說回來，所有這些東西都是無結構的內容。

All of our conversations were around being able to tap into this vast array of unstructured data. So the first thing that's going to happen is the content management market in general is going to grow as a result of now all of these new use cases that companies can do for the first time.

我們所有的討論都圍繞著如何利用這些龐大的非結構化資料。因此，首先會發生的是，由於企業現在可以首次使用所有這些新的用例，內容管理市場整體將會成長。

And so I'd say maybe 70% to 80% of the conversations that I had against kind of dozens of conversations. There wasn't even a legacy infrastructure or document management system in the conversation. It was net new use cases where, for the first time ever, a company could tap into the value of what is inside of this unstructured data.

所以我覺得，在我參與的幾十次對話中，可能有 70% 到 80% 的對話是有效的。討論中甚至沒有提到任何遺留基礎設施或文件管理系統。這是全新的應用場景，企業有史以來第一次能夠挖掘非結構化資料中蘊含的價值。

So I think you're going to see just a TAM increase for the overall content management market. That will benefit us, I think, disproportionately, but it will benefit generally the space, which is great. because we've sort of all been living in this world in the content management space of there's so much value in this data that companies have not been able to tap into.

所以我認為，整個內容管理市場的潛在市場規模（TAM）將會增加。我認為這將使我們受益匪淺，而且受益程度可能不成比例，但總體而言，整個領域都會受益，這很好。因為我們一直生活在內容管理領域，而這些數據蘊含著巨大的價值，但企業卻未能加以利用。

So now for the first time ever, they can, which will increase the overall I think, investment and excitement around the category. The second component, which really gets to the legacy takeout is we had a number of customers that basically say, well, okay, if I'm in to now run agents on my unstructured data, and I'm going to plot all these insights or automate a workflow or build a Box app to power a business process.

所以現在，他們有史以來第一次可以做到這一點，我認為這將增加該類別的整體投資和興奮度。第二個組成部分，也就是真正觸及傳統應用的關鍵所在，是我們的許多客戶基本上都說，好吧，如果我現在要在我的非結構化資料上運行代理，並且我要繪製所有這些見解，或者自動化工作流程，或者建立 Box 應用程式來支援業務流程。

Well, now I want to move even more of my data into Box to be able to go and handle that. And so that's really where you're seeing more and more customers say, okay, how do I get rid of a legacy ECM system? What's that migration path. And so that conversation also came up multiple times just in this -- a few weeks ago as just one interesting example, but it's happening across the board.

現在，我想把更多的資料遷移到 Box 中，以便能夠處理這些資料。因此，越來越多的客戶開始問：我該如何擺脫傳統的 ECM 系統？那條遷移路徑是什麼？因此，這個主題也多次出現——就在幾週前，這只是一個有趣的例子，但這種情況普遍存在。

So we are seeing way more interest and energy momentum around legacy take outs and migrations where AI is the catalyst that is opening up the new use cases that are causing customers to say, okay, now it's sort of time to go move our infrastructure to the cloud.

因此，我們看到人們對傳統系統的剝離和遷移表現出了更大的興趣和動力，人工智慧是推動新用例出現的催化劑，這促使客戶說，好吧，現在是時候將我們的基礎設施遷移到雲端了。

And we saw that a few years ago with security is one of those catalysts, but AI is going to be much bigger because you're actually now generating real new value propositions for the customer in the process.

幾年前我們看到，安全是其中一個催化劑，但人工智慧的影響將會更大，因為在這個過程中，你實際上正在為客戶創造真正的新價值主張。

Awesome, thanks, Aaron.

太棒了，謝謝你，亞倫。

George Kurosawa, Citi.

喬治·黑澤，花旗銀行。

Hey, thanks. I'm on for Steven Enders. I wanted to follow up on this line of thinking, when you first announced Enterprise Advance, the obvious big opportunity was on the price per seat and the pricing uplift side. It's been interesting to hear you guys talk more and more about use case expansion and the seat growth side. I'd just love to hear more on what you've seen there meaningful you think that could be from an NRR standpoint over the long term?

嘿，謝謝。我支持史蒂文·恩德斯。我想就此思路繼續探討。當初你們首次宣布推出 Enterprise Advance 時，顯而易見的巨大機會在於每個席位的價格和價格提升方面。很高興聽到你們越來越多地討論用例擴展和用戶增長方面的問題。我很想聽聽你在那裡看到的更多情況，你認為從長期淨收益率（NRR）的角度來看，這可能意味著什麼？

Yeah. So and maybe just to kind of highlight, we are seeing continued strength in both kind of components of where we thought Enterprise Advanced would impact the business and customer economics. Have just more recently over the past couple of quarters, been highlighting that net growth dynamic because that's really what's changed, whereas the pricing has gotten stronger. We've been really pleased with the impact it's having. It's just that had been a driver of NRR and growth for a longer time period.

是的。所以，我想強調的是，我們看到企業高級功能在我們認為會對業務和客戶經濟產生影響的兩個方面都持續保持強勁勢頭。最近幾個季度，我一直在強調淨成長動態，因為這才是真正改變的地方，而價格卻變得更加堅挺。我們對其產生的影響感到非常滿意。只不過，這在更長的一段時間內一直是淨收入成長的驅動因素。

And then in terms of the overall impact, I would say, certainly, the overall seat dynamics are where we see probably the biggest kind of area of upside. That's also when you looked at the kind of trend where things had declined previously, that was also the biggest driver.

至於整體影響，我認為，當然，整體座位動態可能是我們看到最大成長潛力的領域。那時你也會注意到，之前出現下滑的趨勢也是最大的驅動因素。

So we do see that as probably the most variable part and biggest opportunity for the net retention rate to improve. But at the same time, as we get more and more customers moving into Enterprise Advanced and adopting some of the other capabilities of the platform. We continue to see both seat count as well as pricing to be pretty important levers in that algorithm.

因此，我們認為這可能是影響淨留存率的最大變數和最大提升機會。但同時，越來越多的客戶升級到企業高級版，並採用了該平台的其他一些功能。我們仍然認為座位數量和價格是演算法中非常重要的槓桿因素。

Okay. Great. And then I know I'm a quarter early here on asking about FY27. But just when we think about the exit revenue growth rate of 8% constant currency relative to billings growth of 12% and CRPO growth of 14%. Maybe if you could just help us think through your kind of confidence on maybe a path towards acceleration into next year and what that might look like?

好的。偉大的。我知道我現在問2027財年的情況有點早了四分之一。但當我們考慮到以固定匯率計算的退出收入成長率為 8%，而帳單成長率為 12%，CRPO 成長率為 14% 時，情況就變得複雜起來。或許您能幫我們思考一下，您對於明年加速發展的信心，以及這可能會是什麼樣子？

Yeah. So as noted, we're squarely focused on returning to double-digit top line growth would say that some of those leading indicators, billings, especially on a quarterly basis and even current RPO aren't perfect leading indicators because of some of those dynamics around contract durations, the kind of midterm upsells that we've been seeing and things like that, that help fuel the number but would say that kind of the underlying momentum that you can see in the business, the trajectory of revenue is a pretty good indication of the momentum that we're seeing in the business.

是的。如同先前所提到的，我們正全力以赴恢復兩位數的營收成長。需要指出的是，一些領先指標，例如帳單金額（尤其是季度帳單金額）甚至當前的RPO（招聘點目標）都不是完美的領先指標，因為合約期限、我們看到的中期追加銷售等因素都會影響最終數據，但我認為，業務的潛在成長勢頭，以及收入的走勢頭，能夠很好地反映出我們目前在業務中看到的成長勢頭。

And then certainly, in your point, we'll share a lot more about our expectations in the different kind of parts of growth and how we're thinking about it. in just a few months on our Q4 call.

當然，正如您所說，我們會在幾個月後的第四季財報電話會議上，詳細分享我們對不同成長領域的預期以及我們對此的思考。

Thanks for taking the questions. Thank you.

謝謝您回答問題。謝謝。

Frederick Gooding, William Blair.

弗雷德里克古丁，威廉布萊爾。

Frederick Gooding here. I'm just curious, I guess, slightly piggyback on the previous question, but also backing it up a little bit in terms of broader AI adoption. I guess, are we nearing an inflection point in terms of enterprises overcoming some of those barriers of AI adoption and it would be great to also to get some slight additional color in terms of some of the specific capabilities within the Box platform that where you're seeing some of these use cases really being unlocked?

我是弗雷德里克古丁。我只是好奇，算是稍微借用一下之前的問題，同時也想從更廣泛的人工智慧應用角度來補充一些內容。我想，我們是否正接近企業克服人工智慧應用障礙的轉捩點？如果您能再詳細了解 Box 平台的一些具體功能，以及您看到的這些用例是如何真正解鎖的，那就太好了。

Yeah. I think we've always been in, I think, the sweet spot of AI, which is we've embedded the more kind of productivity oriented, helping you with your daily knowledge work just into all of our plans. So instantly, customers get this added value proposition just by virtue of using Box. But the one -- the capability that we really monetize are showing up in Enterprise Advanced.

是的。我認為我們一直處於人工智慧的最佳發展階段，那就是我們將更注重生產力、幫助您處理日常知識工作的概念融入我們所有的計劃中。因此，客戶只需使用 Box，即可立即獲得此附加價值。但是，我們真正實現盈利的能力體現在企業高級版中。

And those are going after very, very pragmatic workflow use cases, again, often oriented around data extraction being the kind of core of what the customer is trying to do or at least that's the ingredient into the workflow that they're trying to automate.

這些應用程式針對的是非常非常務實的工作流程案例，通常以資料提取為核心，這是客戶想要實現的目標，或至少是他們想要自動化的工作流程中的一個組成部分。

And so we're seeing conversations across the board. I'll start with the kind of most obvious ones, and then we can kind of expand. But the super obvious ones our customers are saying, hey, I have 10,000 or 50,000 or 100,000 contracts or millions of contracts in some large enterprise cases I want to be able to extract the data from those contracts and then be able to automate workflows around them or think about the same use case for an invoice or a lease agreement or a loan origination process.

因此，我們看到各方面都在進行對話。我先從最顯而易見的例子開始，然後我們可以逐步擴展。但客戶們最常提到的幾個顯而易見的需求是：嘿，我有 1 萬份、5 萬份、10 萬份合同，在一些大型企業中甚至有數百萬份合同，我希望能夠從這些合同中提取數據，然後圍繞它們實現工作流程的自動化。或者想想發票、租賃協議或貸款發放流程的類似用例。

So that's kind of the -- that type of conversation is causing a lot of the Enterprise Advanced upgrades to happen right now because to get access to box apps where you would build and construct the data views and the dashboards and the applications around that, you need access to Enterprise Advanced.

所以，正是這種類型的對話促成了目前大量的 Enterprise Advanced 升級，因為要訪問構建資料視圖、儀表板以及圍繞這些資料視圖和儀表板的應用程式所需的 box 應用程序，您需要訪問 Enterprise Advanced。

And then with Box Extract coming live in Q4, that's only going to further accelerate the adoption of Enterprise Advanced because now customers have an interface as opposed to just doing the data extraction with our agent APIs.

隨著 Box Extract 在第四季度上線，這將進一步加速 Enterprise Advanced 的普及，因為現在客戶有了一個介面，而不僅僅是使用我們的代理 API 進行資料提取。

They'll be able to do now that directly built into the box interface. So that's the sort of the initial tailwind. But what's really cool is we're starting to see use cases that customers have, and this is what makes us, again, so bullish about the overall category.

現在他們可以直接在機上盒介面中完成這些操作了。這就是最初的順風。但真正令人興奮的是，我們開始看到客戶的使用案例，而這正是我們再次對整個類別充滿信心的原因。

Where the customer was likely not in a data extraction addressable market previously, but where agents being able to now redocument and process them and provide insights in them or extract information is sort of expanding the use case of workflow automation around documents.

以前，客戶可能不在資料擷取的目標市場中，但現在代理商能夠重新記錄和處理這些記錄，並從中提供見解或提取信息，這在某種程度上擴展了圍繞文檔的工作流程自動化用例。

So these are things like where customers might have health care records or medical billing claim data, where they were manually processing this data previously. And they've never been able to really bring sort of any form of AI automation to the workflow before. Where that is now -- those kinds of workflows are being automated on the platform, which just for us, increases the addressable market of now what we can bring automation to.

例如，客戶可能擁有醫療保健記錄或醫療帳單索賠數據，而他們以前都是手動處理這些數據。他們以前從未真正將任何形式的人工智慧自動化引入工作流程中。目前，這類工作流程正在平台上自動化，這對我們來說，擴大了我們可以實現自動化的目標市場。

So we're seeing a lot of these types of use cases emerge. And there's not really the kind of typical maybe headwinds you'd see, which is, okay, you have an AI adoption council or governance committees because this is squarely kind of workflow automation where agents are just enabling the workflow to get automated.

所以我們看到很多這類應用場景正在湧現。而且，這裡並沒有出現你通常會看到的那種阻力，例如，人工智慧採納委員會或治理委員會，因為這完全是一種工作流程自動化，代理只是使工作流程能夠自動化。

So I don't think we're going to see a lot of headwinds on the momentum on this front. It's really just up to our own execution and our ability to get the whole customer base to be educated on the capabilities and to drive that upgrade cycle.

所以我認為我們不會在這個方面看到太多阻礙發展勢頭的阻力。這實際上取決於我們自身的執行力，以及我們能否讓所有客戶了解產品功能並推動升級週期。

Okay. And then Dylan for you, it would be great if you could, I guess, rank order in terms of some of the priorities of go-to-market investment. I know you touched previously in terms of investing to the system integrators and partner ecosystem. But I'm wondering, if we throw in the multiproduct, multiproduct cross-sell motion in there, and then also trying to balance that in terms of margin expansion or potential margin expansion for fiscal 2027? How should we think about that as well?

好的。然後，Dylan，如果你能根據市場推廣投資的一些優先事項進行排序，那就太好了。我知道您之前曾談到對系統整合商和合作夥伴生態系統的投資。但我很好奇，如果我們把多產品、多產品交叉銷售的策略考慮進去，然後再嘗試在2027財年的利潤率擴張或潛在利潤率擴張方面進行平衡呢？我們該如何看待這個問題呢？

Yeah. So in terms of the initiatives, I mean, a lot of the focus areas, if you think about whether it's the kind of increased focus on verticalization or really driving enterprise advance that cross-sell, upsell, you mentioned that's really embedded in the way that we're just kind of enabling our entire Salesforce. And so from a pure investment standpoint, we are growing the size of the Salesforce but hard to parse that out as like individual stack-ranked priorities.

是的。所以就各項舉措而言，我的意思是，很多重點領域，如果你想想，無論是更加註重垂直化，還是真正推動企業發展，比如交叉銷售、向上銷售，你提到的這些都真正融入到我們賦能整個 Salesforce 的方式中。因此，從純粹的投資角度來看，我們正在擴大 Salesforce 的規模，但很難將其分解為各個優先順序的單獨指標。

So in terms of the specific areas of investments, Certainly, one of the big ones is around kind of the partner SI ecosystem and then another big area in addition to just kind of a lot of the reps that we have is really that verticalization of the Salesforce. So bringing in that industry-specific expertise which we already have in a lot of cases, but really doubling down there, especially given the types of use cases that Enterprise Advanced.

因此，就具體的投資領域而言，當然，其中一個大領域是圍繞合作夥伴系統整合商生態系統展開的，而另一個大領域，除了我們擁有的眾多代表之外，就是 Salesforce 的垂直化。因此，我們需要引入我們已經擁有的行業特定專業知識，尤其是在企業高級版的用例類型方面，更要加倍投入。

Enables or a couple of big investment areas on the sales side and then really continue to scale a lot of the high ROI marketing programs that we've been delivering as well and really pleased with the results there. And so that will be another area of investment. And then as it relates to kind of the big picture view of the business, again, we'll certainly give more specifics on our Q4 call, we talk about specific numbers for next year.

這促成了銷售方面的幾個重大投資領域，並繼續擴大我們一直在推行的許多高投資回報率的營銷計劃的規模，我們對這些計劃的成果非常滿意。因此，這將是另一個投資領域。至於與公司整體業務相關的方面，我們肯定會在第四季度財報電話會議上給出更多細節，屆時我們會談到明年的具體數字。

But I would say, overall, we've been very pleased with the results of the go-to-market investments that we've been making this year. I mean, as Aaron has been talking about, we're in the midst of a massive AI transformation. And if we continue to see the strong ROI of those investments, we plan to invest to really capitalize on that opportunity and to deliver another year of moderate operating margin expansion.

但總的來說，我們對今年在市場推廣方面的投資成果感到非常滿意。我的意思是，正如 Aaron 一直談到的那樣，我們正處於一場巨大的人工智慧變革之中。如果我們繼續看到這些投資的強勁回報率，我們計劃加大投資，真正抓住這個機會，並實現另一年適度的營業利潤率成長。

So certainly, we remain committed to the long-term target model that we laid out at Analyst Day, but would say that given the opportunity in front of us and what we're seeing in the business, very much focused on continuing those go-to-market investments.

因此，我們當然仍然致力於我們在分析師日上提出的長期目標模型，但鑑於擺在我們面前的機會以及我們在業務中看到的情況，我們將非常專注於繼續進行市場推廣投資。

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

我們的問答環節到此結束。現在我將把會議交還給辛西婭·希波尼亞，請她致閉幕詞。

Great. Thank you, everyone. I appreciate you joining us here this afternoon, and we look forward to updating you again on our Q4 call in early March.

偉大的。謝謝大家。感謝您今天下午蒞臨本次電話會議，我們期待在三月初的第四季財報電話會議上再次向您報告最新情況。

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

女士們、先生們，今天的電話會議到此結束，感謝各位的參與。您現在可以斷開連線了。