Box Inc (BOX) 2026 Q4 法說會逐字稿

Good afternoon, and welcome to Box's fourth-quarter and fiscal year 2026 earnings call. I'm Cynthia Hiponia, Vice President, Investor Relations. On the call today, we have Aaron Levie, Box Co-Founder and CEO; Dylan Smith, Box Co-Founder and CFO. Following our prepared remarks, we will take your questions.

下午好，歡迎參加 Box 2026 會計年度第四季與全年財報電話會議。我是 Cynthia Hiponia，投資人關係副總裁。今天與會的有 Box 共同創辦人暨執行長 Aaron Levie；Box 共同創辦人暨財務長 Dylan Smith。在我們的準備發言之後，我們將開放提問。

Today's call is being webcast and will also be available for replay on our Investor Relations website. Supplemental slides are now available on our website.

今天的電話會議將以網路直播進行，並將於我們的投資人關係網站提供重播。補充簡報投影片現已於我們網站提供。

On this call, we will be making forward-looking statements, including our first-quarter and full fiscal year 2027 financial guidance and our expectations regarding our financial performance for fiscal '27 and future periods, including gross margins, operating margins, operating leverage, future profitability, net retention rates, remaining performance obligations, revenue and billings, net tax benefits and the impact of foreign currency exchange rates, and our expectations regarding the size of our market opportunity, our planned investments, future product offerings and growth strategies; the timing and market adoption of and benefits from our new products, pricing models 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.

在本次電話會議中，我們將作出前瞻性陳述，包括我們對 2027 會計年度第一季及全年之財務指引，以及我們對 2027 會計年度與未來期間財務表現的預期，包括毛利率、營業利益率、營業槓桿、未來獲利能力、淨留存率、剩餘履約義務、營收與帳單金額、淨稅務利益與外匯匯率影響，以及我們對市場機會規模、計畫性投資、未來產品供應與成長策略的預期；新產品、定價模式與合作夥伴關係的推出時程、市場採用情況及其帶來的效益；我們解決企業挑戰、強化產品能力並為客戶帶來成本節省的能力；總體環境對我們業務與營運結果的影響；以及我們的資本配置策略，包括可能回購本公司普通股。

These statements reflect our best judgment based on factors currently known to us and actual events or results may differ materially. Please refer to our earnings press release filed today and the risk factors and documents we file with the SEC, including our most quarterly report on Form 10-Q for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call. These forward-looking statements are being made as of today, March 3, 2026, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

這些陳述反映我們基於目前已知因素所作的最佳判斷，實際事件或結果可能與之有重大差異。有關可能導致實際結果與本次財報電話會議所作陳述出現重大差異之風險與不確定性，請參閱我們今日提交的財報新聞稿，以及我們向美國證券交易委員會（SEC）提交的風險因素與文件，包括我們最近一期的 Form 10-Q 季度報告。上述前瞻性陳述係截至今日（2026 年 3 月 3 日）作出；若其後發生變更或不再為最新資訊，我們不承擔更新或修訂之義務。

In addition, 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 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.

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

Finally, please see our earnings deck, again, posted on our IR website for a more detailed look at our Q1 and full-year '27 guidance. Thank you.

最後，關於 2027 會計年度第一季與全年指引的更詳細內容，請參閱我們再次提醒已發布於 IR 網站的財報簡報。謝謝。

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

接下來，我把電話交給 Aaron。

Thanks, Cynthia, and thank you all for joining the call today. We delivered strong Q4 operating results, reflecting continued growth in customer demand for Box AI and the success of our Enterprise Advanced offering. We achieved revenue of $306 million, up 9% year over year or 8% in constant currency, and Q4 EPS of $0.49, above our guidance. In fiscal 2026, we drove revenue of $1.18 billion, up 8% year over year, with operating margins of 28%.

謝謝 Cynthia，也感謝各位今天加入電話會議。我們第四季營運表現強勁，反映客戶對 Box AI 的需求持續成長，以及我們 Enterprise Advanced 方案的成功。我們實現營收 3.06 億美元，年增 9%（以固定匯率計年增 8%），第四季每股盈餘（EPS）為 0.49 美元，高於我們的指引。在 2026 會計年度，我們推動營收達 11.8 億美元，年增 8%，營業利益率為 28%。

It was a defining year for Box as we executed on the launch of Enterprise Advanced, which brings together our most powerful capabilities around intelligent workflow automation, advanced AI and secure content management to enterprises. Enterprise Advanced customers have reached 10% of revenue, and we're incredibly excited about this early traction and continued momentum.

對 Box 而言，這是具有指標性的一年；我們成功推出 Enterprise Advanced，將智慧工作流程自動化、先進 AI 與安全內容管理等最強大能力整合，提供給企業客戶。Enterprise Advanced 客戶已貢獻 10% 的營收，我們對這項早期進展與持續動能感到非常振奮。

Examples of Enterprise Advanced customer wins include a leading biotech company uses Box to manage large volumes of commercial documents but currently relies on manual searches to find key information. By upgrading from Enterprise Plus to Enterprise Advanced, the company will use AI-powered data extraction and integrated apps to service critical commercial data directly from documents.

Enterprise Advanced 的客戶贏單案例包括：一家領先的生物科技公司使用 Box 管理大量商業文件，但目前仍仰賴人工搜尋來找出關鍵資訊。該公司從 Enterprise Plus 升級至 Enterprise Advanced 後，將使用 AI 驅動的資料擷取與整合式應用程式，直接從文件中提供關鍵商業資料服務。

Next, a leading global robotics company uses Box as the core platform for its revenue operations and content workflows. The company upgraded from E Plus to Enterprise Advanced to streamline quote creation and approvals with Box Doc Gen, Box Sign and Box Apps to increase throughput and reduce errors. They also plan to apply metadata extraction and OCR to financial and legal documents to automate data capture and better manage contractual risk.

接著，一家全球領先的機器人公司以 Box 作為其營收營運與內容工作流程的核心平台。該公司從 E Plus 升級至 Enterprise Advanced，透過 Box Doc Gen、Box Sign 與 Box Apps 簡化報價建立與核准流程，以提升產出並降低錯誤。他們也計畫將中繼資料擷取與 OCR 應用於財務與法律文件，以自動化資料擷取並更妥善管理合約風險。

To understand what's driving the momentum with Box, it's important to think about the criticality of enterprise content when it comes to driving transformation with AI. Nearly every enterprise leader that I talk to today is looking to transform how their company operates with AI. They're looking to accelerate tasks across their organizations, ranging from reviewing legal contracts and doing financial analysis, to accelerating pharma research and spreading expertise across their organization.

要理解推動 Box 動能的因素，關鍵在於思考企業內容在以 AI 推動轉型時的重要性。我今天與幾乎每位企業領導人交流時，都發現他們正尋求以 AI 轉型公司營運方式。他們希望加速組織內各項任務，從審閱法律合約與進行財務分析，到加速藥物研發並在組織內擴散專業知識。

They quickly find that for AI agents to be effective in a workflow, agents need critical context about their business. They need to understand the company's product road map, marketing strategy, HR policies, internal best practices, planning insights, strategy decisions and whatever else makes that business unique.

他們很快就會發現，若要讓 AI 代理在工作流程中有效運作，代理需要關於其業務的關鍵脈絡。代理需要理解公司的產品藍圖、行銷策略、人資政策、內部最佳實務、規劃洞見、策略決策，以及任何使該企業獨特的其他要素。

Much of that unique context lives inside of enterprise content ranging from contracts and financial documents to research documents and marketing assets, all housed inside of PDF, documents, media assets, collateral, spreadsheets and markdown files and more. All of this enterprise content is the digital brain of an organization, containing the most important insights precisely because of their unstructured nature.

這些獨特脈絡多半存在於企業內容之中，範圍從合約與財務文件，到研究文件與行銷素材，並以 PDF、文件、媒體資產、宣傳資料、試算表、Markdown 檔案等形式儲存。所有這些企業內容就是組織的數位大腦，正因其非結構化特性而蘊含最重要的洞見。

Files provide a universal way to create, capture and share information between systems and people, which is why the growth of content continues to explode Yet the vast majority of this data, which makes up 90% of corporate data has been underutilized until today. Now AI agents can finally help us tap into this critical business information and use it to accelerate knowledge work that previously could never have been automated.

檔案提供一種通用方式，讓資訊能在系統與人員之間被建立、擷取與分享，這也是內容成長持續爆發的原因。然而，這些資料中的絕大多數（占企業資料的 90%）在過去一直未被充分利用，直到今天。如今，AI 代理終於能協助我們挖掘這些關鍵商業資訊，並用以加速過去幾乎不可能自動化的知識型工作。

As we prepare for a world where there will be 100 fold more agents inside of an enterprise than people, we will equally see incredible growth in unstructured data. Files are quite simply the native unit of work for agents. Agencies files to keep track of their work. They leverage files as context about the task that they're doing and use files to share back and forth with their human counterparts.

當我們為一個企業內 AI 代理數量將比人員多出 100 倍的世界做準備時，我們也將同時看到非結構化資料的驚人成長。對代理而言，檔案非常簡單地就是其原生的工作單位。代理需要檔案來追蹤其工作。他們利用檔案作為正在執行任務的脈絡，並使用檔案在其與人類對應者之間來回分享。

And as AI agents help us augment all of our work across industries like pharma or financial services, legal and health care or the public sector, these agents will need the same level of security, data governance, auditability, logging and access controls that we've required for people in the enterprise. As we've seen with the growth of products like OpenClaw or the launch of Claude Cowork and others, agents may spin up countless sessions and will need their own secure file systems and sandboxes, while also being able to easily collaborate securely with other people and agents.

而當 AI 代理協助我們在製藥或金融服務、法律與醫療保健或公部門等各產業強化工作時，這些代理將需要與企業對人員所要求同等水準的安全性、資料治理、可稽核性、日誌記錄與存取控制。正如我們從 OpenClaw 等產品的成長，或 Claude Cowork 等的推出所見，代理可能會啟動無數工作階段，並需要各自安全的檔案系統與沙箱，同時也必須能夠與其他人員與代理輕鬆且安全地協作。

Thus, to have an effective AI agent strategy, companies fundamentally need a content strategy. They need a secure platform to manage critical content and ensure they can connect to all of their people, agents and applications. This is what we're building at Box with our intelligent content management platform and FY26 was another fantastic year of product innovation and momentum to ensure that we stay ahead of the market and power our customers' most critical content workflows with AI.

因此，要有一套有效的 AI 代理策略，公司從根本上需要一套內容策略。他們需要一個安全的平台來管理關鍵內容，並確保能連結到所有人員、代理與應用程式。這正是我們在 Box 以智慧內容管理平台所打造的方向；2026 會計年度也是產品創新與動能再創佳績的一年，確保我們持續領先市場，並以 AI 驅動客戶最關鍵的內容工作流程。

Just in the fourth quarter, we announced the general availability of Box Extract, enabling enterprises to intelligently and securely pull the most valuable information from content and save it as metadata in Box, all powered by leading AI models. With Box Extract companies can turn their documents into data, pulling out the structured data from contracts, invoices, marketing assets, research financial documents and any other file type to automate workflows or gain critical insights in their business.

僅在第四季，我們宣布 Box Extract 正式全面推出（general availability），使企業能以智慧且安全的方式，從內容中擷取最有價值的資訊並以中繼資料形式儲存在 Box 中，且全程由領先的 AI 模型驅動。透過 Box Extract，公司可以把文件轉化為資料，從合約、發票、行銷素材、研究與財務文件以及任何其他檔案類型中擷取結構化資料，以自動化工作流程或取得關鍵的商業洞見。

In Q4, we also rolled out Box Shield Pro a powerful new add-on that expands on existing Box Shield content protection and leverages agentic AI to bring new levels of scale, speed and automation to advance security controls.

在第四季，我們也推出了 Box Shield Pro——一款強大的全新附加元件，擴展既有的 Box Shield 內容保護能力，並運用代理式 AI（agentic AI）帶來全新層級的規模化、速度與自動化，以強化安全控制。

We are also incredibly proud to have served as an early launch partner for Anthropic's Claude Opus 4.5 and Opus 4.6 releases, Google's Gemini 3.0 Flash and OpenAI's GPT 5.2, all available in the Box AI studio. These are many of the foundational elements in our intelligent content management platform that we delivered in FY26.

我們也非常自豪能作為 Anthropic 的 Claude Opus 4.5 與 Opus 4.6 發布的早期上線合作夥伴，以及 Google 的 Gemini 3.0 Flash 與 OpenAI 的 GPT 5.2 的合作夥伴；以上皆可在 Box AI studio 中使用。這些是我們在 FY26 交付之智慧內容管理平台中的許多基礎要素。

Now looking forward, in FY27, we will be delivering the next generation of AI agent features within Box, enabling AI agents that can do more long-running tasks and advanced work on enterprise information. Soon, you'll be able to give AI agents complete projects, and they will go off and work through your enterprise information to complete those tasks, powering everything from writing out complex RFPs, to analyzing your contracts and generating a new one with the most relevant clauses.

展望未來，在 FY27，我們將在 Box 內交付下一代 AI 代理功能，讓 AI 代理能夠執行更多長時間運行的任務，並對企業資訊進行更進階的工作。很快地，您將能把完整專案交給 AI 代理，它們會自行在您的企業資訊中工作以完成任務，從撰寫複雜的 RFP，到分析您的合約並產出一份包含最相關條款的新合約。

We are also building the most advanced AI-powered workflow automation capabilities with enterprise content. We will keep rapidly enhancing Box Extract to support even more complex document processing use cases. And with Box Automate, which we will launch in the first half of this year, customers will be able to combine human and agent-powered workflows to automate any content business process in enterprise. And combined with new features in Box Apps, we will deliver full no-code business workflows from contract management to digital asset management and more.

我們也正在打造以企業內容為核心、最先進的 AI 驅動工作流程自動化能力。我們將持續快速強化 Box Extract，以支援更複雜的文件處理使用情境。而透過 Box Automate（我們將於今年上半年推出），客戶將能結合人工與代理驅動的工作流程，自動化企業內任何內容相關的業務流程。並結合 Box Apps 的新功能，我們將交付完整的無程式碼（no-code）業務工作流程，涵蓋從合約管理到數位資產管理等更多情境。

Throughout FY27, we will continue to advance our functionality across Box Shield to enable more intelligent threat prevention and data classification, with new Box Zones sites for enhanced data residency, Box Governance to power deeper life cycle management features and new functionality to help improve the security of AI agents in Box.

在 FY27 全年，我們將持續推進 Box Shield 的功能，以實現更智慧的威脅預防與資料分類；同時推出新的 Box Zones 站點以強化資料駐留（data residency），以 Box Governance 提供更深入的生命週期管理功能，並新增功能以協助提升 Box 中 AI 代理的安全性。

Finally, this is going to be a major year for the Box Platform APIs. Catalyzed by the rise of AI, enterprises will need to further centralize their enterprise content and connect a single source of truth of content to their people, agents and applications. The same contract that an agent produces, a user may want to review inside of an end user application and may want to show up inside of Salesforce or a custom app. The same is true for every other type of enterprise content from marketing assets to financial documents.

最後，這將是 Box Platform APIs 的重要一年。在 AI 崛起的推動下，企業將需要進一步集中其企業內容，並將單一事實來源（single source of truth）的內容連結到其人員、代理與應用程式。同一份由代理產出的合約，使用者可能希望在終端使用者應用程式內檢視，也可能希望它出現在 Salesforce 或自訂應用程式中。對於其他各類企業內容亦然，從行銷素材到財務文件皆是如此。

To support these growing AI use cases, we're making it as easy and secure as ever to leverage Box as a platform to integrate content across the entire AI stack, like Claude Cowork, Copilot, IBM watsonx, ChatGPT or custom agents that our customers build by leveraging Box's APIs, NCP server and CLI support.

為支援這些日益成長的 AI 使用情境，我們正讓使用 Box 作為平台、以更簡單且更安全的方式，整合整個 AI 技術堆疊中的內容，例如 Claude Cowork、Copilot、IBM watsonx、ChatGPT，或客戶透過 Box 的 APIs、NCP 伺服器與 CLI 支援所建置的自訂代理。

We're incredibly excited about this new array of use cases for the Box platform to be used as the file system for agents. And we will monetize this through either end-user seats that interact with these agents or API and AI unit consumption when our platform is connected to these agents in a headless fashion. So we are covered either way.

我們對於 Box 平台作為代理檔案系統所能支援的這一系列新使用情境感到非常振奮。我們將透過兩種方式變現：與這些代理互動的終端使用者席位（end-user seats），或當我們的平台以無介面（headless）方式連接到這些代理時的 API 與 AI 單位用量（unit consumption）。因此無論哪種方式，我們都能涵蓋。

Now turning to go-to-market. As I've noted, we are incredibly excited about the momentum we're seeing with Enterprise Advanced. Across industries like financial services, legal, life sciences and in the public sector, including other key industries, we're seeing growing momentum for enterprises to adopt Box's most powerful set of capabilities. with Enterprise Advanced customers now reaching 10% of revenue and driving an acceleration in our top-line metrics.

接著談到市場推進（go-to-market）。如我先前所提，我們對 Enterprise Advanced 所展現的動能感到非常振奮。在金融服務、法律、生命科學與公部門等產業（以及其他關鍵產業）中，我們看到企業採用 Box 最強大能力組合的動能持續增長；目前 Enterprise Advanced 客戶已達營收的 10%，並推動我們營收端指標加速成長。

Our partner business also remains a critical part of our strategy as we deliver more advanced solutions for customers. And in Q4, we saw continued momentum with key partners, a large government regulator that selected Box Enterprise Advanced as the content layer for regulatory case management. Working with a global systems integrator, Box replaced a legacy system, enabling secure document intake, high-volume review and AI-assisted classification integrated into core K systems, positioning Box as a foundational platform for the organization.

在我們為客戶交付更進階解決方案的同時，合作夥伴業務仍是我們策略中的關鍵一環。在第四季，我們與關鍵合作夥伴持續看到動能；其中一家大型政府監管機構選擇 Box Enterprise Advanced 作為其監管案件管理的內容層。透過與一家全球系統整合商合作，Box 取代了既有的傳統系統，實現安全的文件收件、高量審查與 AI 輔助分類並整合至核心 K 系統，使 Box 成為該組織的基礎平台。

Next, a global insurance organization upgraded to Enterprise Advanced as part of a legacy ECM modernization led by our partner, DataBank. Box AI now processes insurance policies and related documents at scale, extracting key data from large volumes of policies and endorsements to support underwriting and quoting, reduce manual review and improve operational efficiency.

接下來，一家全球保險機構在我們合作夥伴 DataBank 主導的既有 ECM 現代化專案中，升級至 Enterprise Advanced。Box AI 現在可大規模處理保單及相關文件，從大量保單與批單（endorsements）中擷取關鍵資料，以支援核保與報價、降低人工審查並提升營運效率。

Given the strong results we saw in FY26 and especially through the tail end of the year, in FY27, we believe it's critical to continue to strategically invest to build on this momentum and ensure we're capturing this market opportunity. We will continue to invest in our critical growth verticals with go-to-market capacity and marketing efforts.

鑑於 FY26 的強勁成果，尤其是在年末階段所展現的表現，我們認為在 FY27 持續進行策略性投資至關重要，以延續這股動能並確保我們能掌握這項市場機會。我們將持續在關鍵成長垂直領域投入市場推進能量與行銷資源。

We're bringing the full power of Box's Enterprise Advanced plan to customers through Box's solution offerings in key lines of business and industries. We're accelerating growth in large enterprises by deepening partnerships with major SIs like Deloitte, Salam, TCS, DataBank and more. We're driving growth with key cloud marketplaces like GCP and AWS and much more. You will hear more about these go-to-market initiatives at our Financial Analyst Day in two weeks.

我們正透過 Box 在關鍵業務線與產業的解決方案組合，將 Box Enterprise Advanced 方案的完整能力帶給客戶。我們將透過深化與 Deloitte、Salam、TCS、DataBank 等主要系統整合商（SI）的合作，加速大型企業成長。我們也透過 GCP、AWS 等關鍵雲端市集推動成長，以及更多措施。兩週後的金融分析師日（Financial Analyst Day）上，您將聽到更多關於這些市場推進計畫的內容。

As we enter a new era of work that is defined by AI agents, we are confident in the power that enterprise content plays in powering agentic strategy and organization, and that enterprises will need a secure platform to connect their most important enterprise information to their people, agents and applications. At Box, our opportunity has never been larger to transform how companies work with their content. We are entering FY27 with the strongest momentum I've ever seen as we become the platform that powers intelligent content workflows and automation in the enterprise.

隨著我們進入由 AI 代理所定義的全新工作時代，我們對企業內容在推動代理式策略與組織運作中的力量充滿信心；同時，企業將需要一個安全的平台，把最重要的企業資訊連結到其人員、代理與應用程式。在 Box，我們改變企業與內容協作方式的機會從未如此之大。在我們成為驅動企業智慧內容工作流程與自動化的平台之際，我們以我所見過最強的動能邁入 FY27。

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

接下來，我把時間交給 Dylan。

Thanks, Aaron. Good afternoon, everyone. Q4 capped off a year of strong execution against the three financial priorities we outlined heading into the year. First, we set the stage to accelerate top-line growth by investing in key go-to-market initiatives and enhancing the AI capabilities of our intelligent content management platform. Second, we generated efficiencies across the business by advancing our AI first efforts and workforce location strategy. Finally, we executed on our disciplined capital allocation strategy reducing basic shares outstanding by more than 3 million over the past year.

謝謝，Aaron。各位下午好。第四季為我們在三項年度財務優先事項上的強勁執行畫下句點。第一，我們透過投資關鍵市場推進計畫並強化智慧內容管理平台的 AI 能力，為加速營收成長奠定基礎。第二，我們透過推進 AI first 的努力與人力配置地點策略，在全公司創造效率。最後，我們執行嚴謹的資本配置策略，在過去一年將基本流通股數（basic shares outstanding）減少超過 300 萬股。

In FY26, we delivered revenue of $1.18 billion, up 8% year over year and up 7% in constant currency. We drove an acceleration in RPO growth to 17% year over year or 16% in constant currency. Operating margin came in at 28.3%, up 50 basis points year over year and up 40 basis points in constant currency. Finally, in FY26, we generated record free cash flow of $313 million, up 3% year over year.

在 FY26，我們實現營收 11.8 億美元，年增 8%，以固定匯率（constant currency）計年增 7%。我們推動 RPO 成長加速至年增 17%，以固定匯率計年增 16%。營業利益率為 28.3%，年增 50 個基點，以固定匯率計年增 40 個基點。最後，在 FY26，我們創下 3.13 億美元的自由現金流（free cash flow）新高，年增 3%。

Turning to Q4. We closed the year with very strong results, exceeding our guidance across all metrics. We delivered Q4 revenue of $306 million up 9% year over year and up 8% in constant currency. This represents our third sequential quarter of accelerating revenue growth, driven by strong AI and Enterprise Advanced momentum.

接著看第四季。我們以非常強勁的成果結束年度，在所有指標上都超越我們的指引（guidance）。第四季營收為 3.06 億美元，年增 9%，以固定匯率計年增 8%。這是我們連續第三個季度營收成長加速，主要受強勁的 AI 與 Enterprise Advanced 動能所帶動。

Customers paying us at least $100,000 annually grew 9% year over year. After launching Enterprise Advanced as our highest tier suite just a year ago, Enterprise Advanced customers already account for 10% of our revenue. The intelligent workflow automation, advanced AI and secure content management that this plan offers are clearly resonating in the market.

每年向我們支付至少 10 萬美元的客戶數量年增 9%。在我們於僅一年前推出作為最高等級套裝的 Enterprise Advanced 之後，Enterprise Advanced 客戶已占我們營收的 10%。此方案所提供的智慧型工作流程自動化、先進 AI 與安全內容管理，顯然在市場上引發強烈共鳴。

Over the past year, price per seat for Enterprise Advanced customers have commanded an average pricing uplift of 30% to 40% over Enterprise Plus at the high end of the 20% to 40% uplift we had initially anticipated. Going forward, we expect this 30% to 40% uplift to continue. Total Suites customers now account for 66% of our revenue, an increase from 60% a year ago.

過去一年，Enterprise Advanced 客戶的每席位價格，相較於 Enterprise Plus 的平均溢價達 30% 至 40%，位於我們最初預期 20% 至 40% 溢價區間的高端。展望未來，我們預期這 30% 至 40% 的溢價將持續。Total Suites 客戶目前占我們營收的 66%，高於一年前的 60%。

We ended Q4 with remaining performance obligations, or RPO, of $1.7 billion, representing 17% year-over-year growth or 16% in constant currency and providing us with greater visibility into future revenue. Short-term RPO grew 12% year-over-year, both as reported and in constant currency. Our strong RPO growth continues to benefit both from longer contract durations and from mid-contract upgrades to Enterprise Advanced. We expect to recognize roughly 55% of our RPO over the next 12 months.

我們在第四季結束時的剩餘履約義務（RPO）為 17 億美元，年增 17%（以固定匯率計年增 16%），使我們對未來營收有更高的能見度。短期 RPO 年增 12%，無論按報告口徑或以固定匯率計皆相同。我們強勁的 RPO 成長，持續同時受惠於更長的合約期限，以及合約期間升級至 Enterprise Advanced。我們預期在未來 12 個月內認列約 55% 的 RPO。

Q4 billings of $420 million were up 5% year over year and up 4% in constant currency ahead of our expectations of low single-digit billings growth. This outperformance was driven primarily by strong Q4 bookings.

第四季帳單金額（billings）為 4.20 億美元，年增 5%，以固定匯率計年增 4%，優於我們對帳單金額低個位數成長的預期。此一優於預期的表現主要由第四季強勁的訂單（bookings）所帶動。

We ended Q4 with a net retention rate of 104% and up from 102% in the year-ago period, driven by continued improvements in both pricing and net seat expansion trends. We expect our net retention rate to remain at 104% in Q1 and the land in the range of 104% to 105% at the end of FY27. Q4 gross margin was 82.3%, exceeding our guidance of 82%. This represents an increase of 130 basis points year over year.

我們在第四季結束時的淨留存率為 104%，高於去年同期的 102%，主要受惠於定價與淨席位擴張趨勢的持續改善。我們預期第一季淨留存率將維持在 104%，並在 FY27 年底落在 104% 至 105% 的區間。第四季毛利率為 82.3%，高於我們 82% 的指引。這代表毛利率年增 130 個基點。

In Q4, we continued to drive cost discipline across the business, delivering record Q4 operating income of $94 million and operating margin of 30.6%, exceeding our guidance of 30%. In Q4, we delivered EPS of $0.49, well above our guidance of $0.33. This includes the benefit from several tax items which reduces our effective tax rate in FY26 and on a go-forward basis. Excluding these tax benefits, EPS would have exceeded our guidance by $0.02.

在第四季，我們持續推動全公司成本紀律，創下第四季營業利益 9,400 萬美元的紀錄，營業利益率為 30.6%，高於我們 30% 的指引。第四季我們的每股盈餘（EPS）為 0.49 美元，顯著高於我們 0.33 美元的指引。這包含數項稅務項目的效益，降低了我們 FY26 以及未來期間的有效稅率。若排除這些稅務效益，EPS 仍將高於我們指引 0.02 美元。

We I'll now turn to our cash flow and balance sheet. In Q4, we generated free cash flow of $98 million and cash flow from operations of $110 million up 7% and 8% year over year, respectively. We ended Q4 with $480 million in cash, cash equivalents, restricted cash and short-term investments. Our balance sheet reflects the cash settlement of debt principal related to our $205 million of 2021 convertible notes that matured on January 15, 2026.

接下來我將談談我們的現金流與資產負債表。第四季我們產生自由現金流 9,800 萬美元，營運活動現金流 1.10 億美元，分別年增 7% 與 8%。第四季結束時，我們持有的現金、約當現金、受限制現金及短期投資合計為 4.80 億美元。我們的資產負債表反映了與 2021 年發行、金額 2.05 億美元且於 2026 年 1 月 15 日到期之可轉換公司債相關的債務本金以現金結算。

In Q4, we repurchased 4.4 million shares for approximately $126 million. For the full year of FY26, we repurchased approximately 9.7 million shares for approximately $293 million, representing more than 90% of FY26 free cash flow generation. As of January 31, 2026, we had approximately $59 million of remaining buyback capacity under our current share repurchase plan.

第四季我們回購 440 萬股，金額約 1.26 億美元。FY26 全年我們回購約 970 萬股，金額約 2.93 億美元，約占 FY26 自由現金流產生額的 90% 以上。截至 2026 年 1 月 31 日，依據現行庫藏股回購計畫，我們尚有約 5,900 萬美元的剩餘回購額度。

With that let me now turn to our Q1 and FY27 guidance. Please note that approximately 40% of our revenue is generated outside of the US with approximately 65% of this international revenue coming from Japan. Note that our FY27 guidance reflects a lower expected GAAP and non-GAAP tax rate benefiting EPS.

接下來我將說明我們第一季與 FY27 的指引。請注意，我們約 40% 的營收來自美國以外地區，而其中約 65% 的國際營收來自日本。另請注意，我們的 FY27 指引反映了預期較低的 GAAP 與 non-GAAP 稅率，將有利於 EPS。

For the first quarter of fiscal 2027, we expect Q1 revenue to be approximately $304 million, representing approximately 10% year-over-year growth or 9% in constant currency. We anticipate our Q1 billings growth to land in the low-single digits, which includes an expected headwind from FX of approximately 530 basis points. We expect Q1 gross margin to be approximately 81.5%. We anticipate our Q1 operating margin to be approximately 27.5%, up 220 basis points year-over-year.

就 2027 會計年度第一季而言，我們預期第一季營收約為 3.04 億美元，約年增 10%，以固定匯率計年增 9%。我們預期第一季帳單金額成長將落在低個位數，其中包含外匯（FX）約 530 個基點的逆風影響。我們預期第一季毛利率約為 81.5%。我們預期第一季營業利益率約為 27.5%，年增 220 個基點。

We expect Q1 EPS to be approximately $0.36. Weighted average diluted shares are expected to be approximately $141 million. For the full fiscal year ending January 31, 2027, we expect our full-year revenue to be approximately $1.275 billion, representing 8% year-over-year growth or 9% in constant currency. We expect our FY27 billings growth rate to be roughly in line with revenue growth. This includes an expected headwind of approximately 100 basis points from FX. We expect FY27 gross margin to be approximately 81.5%. We expect our FY27 operating margin to be approximately 28% or 28.5% in constant currency.

我們預期第一季 EPS 約為 0.36 美元。加權平均稀釋股數預期約為 1.41 億股。就截至 2027 年 1 月 31 日止的完整會計年度而言，我們預期全年營收約為 12.75 億美元，年增 8%，以固定匯率計年增 9%。我們預期 FY27 帳單金額成長率大致與營收成長相當。其中包含外匯（FX）約 100 個基點的逆風影響。我們預期 FY27 毛利率約為 81.5%。我們預期 FY27 營業利益率約為 28%，以固定匯率計為 28.5%。

As we have discussed previously, given the momentum and demand we are seeing for Box AI and Enterprise Advanced, we are continuing to invest in strategic go-to-market initiatives to ensure we can reach customers at this critical technology juncture. We will continue to drive operating efficiency through cost discipline, AI-driven efficiencies and our workforce location strategy, and we remain committed to delivering significant margin expansion over the next few years.

如同我們先前所討論，鑑於我們在 Box AI 與 Enterprise Advanced 上看到的動能與需求，我們持續投資於策略性的上市推廣（go-to-market）計畫，以確保能在這個關鍵的技術轉折點觸及客戶。我們將透過成本紀律、AI 驅動的效率提升以及人力配置地點策略，持續推動營運效率，並仍致力於在未來幾年實現顯著的利潤率擴張。

As it relates to FY27 expense and margin seasonality, please note that our annual customer conference, BoxWorks, will take place in Q4. This will shift approximately $3 million in expenses from Q3 into Q4 as compared to FY26. We expect FY27 EPS of approximately $1.55 or $1.58 in constant currency. Weighted average diluted shares are expected to be approximately $141 million.

關於 FY27 費用與利潤率的季節性，請注意我們的年度客戶大會 BoxWorks 將於第四季舉行。相較於 FY26，這將使約 300 萬美元的費用從第三季移轉至第四季。我們預期 FY27 EPS 約為 1.55 美元，或以固定匯率計為 1.58 美元。加權平均稀釋股數預期約為 1.41 億股。

In the era of AI agents, Box is powering the full life cycle of content in a single platform with native enterprise-grade security and AI capabilities. Our strong results in fiscal 2026 demonstrate the success of this strategy, including an acceleration in RPO growth and an improvement in our net retention rate.

在 AI 代理（AI agents）的時代，Box 以單一平台支援內容的完整生命週期，並內建企業級原生安全性與 AI 能力。我們在 2026 會計年度的強勁成果證明了此策略的成功，包括 RPO 成長加速以及淨留存率的改善。

In FY27, we will continue to invest in a robust product road map and strategic go-to-market initiatives, delivering accelerating revenue growth and higher operating profit. We look forward to providing more details at our Financial Analyst Day later this month.

在 FY27，我們將持續投資於強健的產品路線圖與策略性的上市推廣（go-to-market）計畫，帶動營收成長加速並提升營業利益。我們期待在本月稍晚的金融分析師日提供更多細節。

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

接下來，Aaron 和我很樂意回答各位的問題。接線員？

(Operator Instructions) Steve Enders, Citi.

（接線員指示）Steve Enders，花旗（Citi）。

I just want to start on the opportunity that you're maybe seeing from AI? And just how do you think about how the changes in the GenAI landscapes maybe impacts the content layer? And what this looks like moving forward with agentic AI?

我想先從你們可能從 AI 看到的機會談起。以及你們如何看待生成式 AI（GenAI）版圖的變化可能對內容層（content layer）帶來的影響。還有在代理式 AI（agentic AI）推進之下，未來會是什麼樣貌？

Yeah. So thanks for the question. So we're -- as you can tell, on the kind of remarks, we're unbelievably excited around the role that content plays in any kind of agentic system. And so there's a few different ways that this will show up.

是的。所以謝謝你的提問。所以我們——如你從這些評論中可以看出——對內容在任何具代理性（agentic）系統中所扮演的角色感到無比興奮。因此，這會以幾種不同的方式呈現。

The first is we actually expect to see a major rise of software in general being generated through AI. So if you just imagine that there's a dramatic increase in software that enterprises build, I don't 100% agree with the thesis that they'll build kind of existing internal systems. But kind of almost independent of what you believe, there's going to be vastly more software produced in the future, sometimes bespoke software, sometimes just more companies.

第一，我們確實預期會看到整體由 AI 生成的軟體大幅增加。所以如果你想像企業所建置的軟體出現劇烈成長，我並不 100% 同意他們會去建置那種既有的內部系統的論點。但幾乎不管你相信哪一種說法，未來都會產出多得多的軟體，有時是客製化軟體，有時則只是更多公司。

And for really any kind of enterprise use case, the second that you need some form of unstructured data inside that software, it could be a contract management system. It could be a pharma workflow. It could be a financial services onboarding system. It could be a client portal. All of those systems are going to need secure place to be able to store the unstructured data that goes into that system.

而對於幾乎任何企業使用情境，一旦你在該軟體中需要某種形式的非結構化資料，它可能是一個合約管理系統。可能是一個製藥工作流程。可能是一個金融服務的客戶導入（onboarding）系統。可能是一個客戶入口網站。所有這些系統都需要一個安全的地方，來儲存進入該系統的非結構化資料。

So the first piece is more software is just good for us because all of that software needs to eventually probably touch some type of unstructured data in an enterprise context. But probably the bigger play is as you have more and more agents doing work for us -- and we've seen a few examples of agents kind of breakthrough recently the Claude Cowork agent, the OpenClaw agents. These are great examples of agents that are doing kind of general purpose knowledge work.

所以第一個面向是：更多軟體對我們有利，因為所有那些軟體最終很可能都需要在企業情境中接觸某種類型的非結構化資料。但可能更大的機會在於：當你有越來越多代理替我們工作——我們最近也看到一些代理的突破性例子，例如 Claude Cowork 代理、OpenClaw 代理。這些都是代理在做一般用途知識工作的很棒例子。

And if you imagine the general purpose knowledge work that most people do through their day, if you're a lawyer, you're looking at contracts. If you're in banking, you're looking at lots of financial reports. If you're in pharma, you're looking at lots of both research and kind of information coming in from lab tests.

如果你想像大多數人一天之中所做的一般用途知識工作，如果你是律師，你在看合約。如果你在銀行業，你在看大量財務報告。如果你在製藥業，你在看大量研究，以及來自實驗室檢測的各種資訊。

All of that is unstructured data to now replace a person with an agent in that example, and agents will need that exact same data to work with. They're going to need the right contract to look at. They're going to need the pharma research to touch. They're going to need to be able to comb through financial information. And the enterprise is going to want a secure way to govern those workflows and govern the data that goes into them.

這些全部都是非結構化資料；要在那個例子中用代理取代人，代理也需要同樣的資料來工作。他們需要看到正確的合約。他們需要接觸製藥研究資料。他們需要能夠梳理財務資訊。而企業會希望有一種安全的方式來治理這些工作流程，以及治理流入其中的資料。

If you imagine one of the kind of increasing kind of architectures emerging these agents that have their own computers that they get to work with, while the computer will, to some degree, be stateless at some point, like it might disappear in a week or a month or a year from now. But what can't disappear is the data that, that agent worked on.

如果你想像一種正在浮現、日益普及的架構：這些代理擁有自己的電腦可供使用；雖然那台電腦在某種程度上，未來某個時間點可能會變成無狀態（stateless），例如一週、一個月或一年後就可能消失。但不能消失的是那個代理所處理過的資料。

If you're in a regulated industry, you need to govern that data. You need to be able to have audit logs and you be able to have a place where you store and can go to discovery on that information. So the part that actually has to keep state forever up to the point that the customer cares about working with the data is your --is the information that, that agent worked with.

如果你在受監管的產業，你需要治理那些資料。你需要能夠有稽核紀錄（audit logs），也需要有一個地方可以儲存，並在需要時對那些資訊進行證據開示（discovery）。所以，真正必須永久保留狀態、直到客戶不再在意要使用該資料為止的部分，就是——就是那個代理所處理過的資訊。

And so we really imagine a world where, let's say, you have 10 or 100 or 1,000 tons more agents than an enterprise than people even, they will need to do work on this unstructured information. And importantly, when they do that work, oftentimes an end user will actually need to see the [result of] that work or go back and forth with the agent.

因此我們確實想像一個世界：假設一家企業裡的代理數量比人多出 10 倍、100 倍或 1,000 倍，他們將需要在這些非結構化資訊上進行工作。而且很重要的是，當他們做完這些工作時，終端使用者往往需要看到那項工作的[結果]，或與代理來回互動。

So fundamentally, there needs to be some type of a shared file system for them to be able to do that work. And that's why we are in a very strong position as a platform for both agents and applications, both of which will grow due to AI to be able to manage that content.

所以從根本上說，需要某種共享檔案系統，讓他們能夠完成這些工作。這也是為什麼我們作為一個平台，無論是面向代理還是面向應用程式——兩者都會因 AI 而成長——在管理這些內容方面處於非常有利的位置。

So that's our overall take. We're seeing this kind of thesis continue to kind of play out in the market. You're going to see a number of developer tools launching over the coming days and weeks that will further support developers that are building on this. But this is directly what we're seeing already from our customer base and developer base. And so we're just excited to continue to make that as frictionless as possible and continue to kind of pour fuel on that fire.

以上就是我們的整體看法。我們看到這個論點持續在市場上逐步應驗。在接下來幾天到幾週內，你會看到一些開發者工具推出，將進一步支援在此之上建置的開發者。但這正是我們已經從客戶群與開發者群看到的情況。因此我們很期待持續把這件事做得盡可能無摩擦，並持續為這股趨勢火上加油。

Okay. No, that's great to hear. Maybe just on the Enterprise Advanced success so far. It's good to see a 10% of rev already so quickly. Just maybe kind of what are your expectations for what that will look like for -- or where that is going to end up in fiscal '27?

好的。不，這很高興聽到。也許談一下 Enterprise Advanced 目前為止的成功。很高興看到這麼快就已經占營收的 10%。想請教你們對於——或它在 2027 會計年度最終會到什麼樣子——的預期是什麼？

Like what do you have embedded in the guide? And just yeah, how are you kind of viewing the I guess, see uplift so far from customers that have taken on that -- taking on the Enterprise Advanced here?

你們在指引（guide）裡面已經內含了哪些假設？以及，嗯，你們如何看待目前那些採用——採用 Enterprise Advanced 的客戶所帶來的（我想是）提升幅度？

Yeah. So it's certainly very excited about the momentum that we're seeing in Enterprise Advanced and just scratching the surface of the opportunity. We do expect to see that continue to drive a lot of the growth for -- in the year ahead. And we'll give more details in terms of what we're thinking and expecting around that momentum, not just for next year, but in the coming years in just a few weeks at our Financial Analyst Day.

是的。所以我們對 Enterprise Advanced 所看到的動能當然非常興奮，而我們也才剛觸及這個機會的表面。我們確實預期它會在未來一年持續驅動大量成長。而關於我們對這股動能的思考與預期——不只是明年，也包括未來幾年——我們會在幾週後的金融分析師日（Financial Analyst Day）提供更多細節。

And then in terms of the type of impact that we're seeing from customers, we mentioned we've been really pleased with just how much the value of these newer capabilities are resonating with customers. So we have been seeing pricing uplifts even just from Enterprise Plus to Enterprise Advanced in that 30% to 40% range, alongside a lot of the use cases that Enterprise Advanced is enabling being a catalyst and one of the reasons that we're seeing healthy dynamics around net seat expansion as well.

接著就我們從客戶端看到的影響而言，我們提到過，我們對這些較新能力的價值能夠如此引起客戶共鳴感到非常滿意。因此我們確實看到，即使只是從 Enterprise Plus 升級到 Enterprise Advanced，定價提升也落在 30% 到 40% 的區間；同時，Enterprise Advanced 所啟用的許多使用情境也成為催化劑，並且是我們看到淨席位擴張（net seat expansion）呈現健康動態的原因之一。

So a lot of different benefits in terms of not just the top-line growth, but the underlying customer economics and stickiness that is driving, which is one of the reasons that we're so excited about the path forward and the growth opportunity that creates.

所以在多個面向都有不同的好處，不僅是營收成長（top-line growth），也包括其所帶動的底層客戶經濟性與黏著度（stickiness）；這也是我們對前進路徑與其所創造的成長機會感到如此興奮的原因之一。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Maybe I want to start, Aaron, in your prepared remarks, you talked a lot about many of the verticals, especially regulated verticals where you're helping enable a lot of these AI use cases. Can you talk a little bit about kind of the state of enterprise AI adoption and the willingness to take AI from pilot and proof of concept into more widespread production? And what you're seeing specifically out of more regulated industries? And then I've got a quick follow-up.

也許我想先從這裡開始，Aaron，在你事先準備的談話中，你談了很多垂直產業，特別是受監管的垂直領域，你們正在協助啟用許多這類 AI 使用情境。你能否談談企業 AI 採用的現況，以及企業把 AI 從試點與概念驗證（proof of concept）推進到更廣泛的正式上線（production）的意願？以及你們在較受監管產業中具體看到的情況？然後我有一個簡短的追問。

Yeah. So great question. Obviously, I think right now you have a bit of a tale of two cities with AI adoption. You have a lot of these sort of deep engineering use cases, AI coding, et cetera, that have obviously taken off because the very users of these platforms are technical. They can adopt their own tools. The communities are pretty wired together.

是的。所以這是個好問題。顯然，我認為目前 AI 採用有點像是「兩個世界」的故事。你看到許多深度工程類的使用情境，例如 AI 寫程式等等，顯然已經起飛，因為這些平台的使用者本身就是技術人員。他們可以採用自己的工具。社群之間也連結得相當緊密。

And then you have sort of, let's say, the rest of knowledge work. And in the rest of knowledge work, I think what it often takes is applied use cases with AI that can actually bring real transformation to the workflow. There's -- I think at this point, it's safe to say every knowledge worker has some degree of access to a chat tool either personally or professionally.

接著你就會有某種程度上，姑且說，其餘的知識工作。而在其餘的知識工作中，我認為通常需要的是把 AI 用在可落地的應用情境上，才能真正為工作流程帶來實質性的轉型。我想到了這個階段，可以很有把握地說，每一位知識工作者在個人或職場層面，都多少能接觸到某種聊天工具。

And so general purpose, I'm asking the internet or some systems questions is, I think, increasingly growing. The real interesting part is going to actually go in and automate and accelerate and augment my workflows in an organization. So with Enterprise Advanced, this is really an applied system for how do you bring AI and AI agents to enterprise content workflows.

因此，以通用目的來說，我向網路或某些系統提問，我認為這種行為正在愈來愈普及。真正有趣的部分，將會是實際深入到組織內，把我的工作流程自動化、加速並加以增強。所以透過 Enterprise Advanced，這其實是一套應用型系統，用來把 AI 與 AI 代理帶入企業內容工作流程。

The biggest one that has taken off thus far is really data extraction. So you have a large repository of contracts or invoices or financial data and you want to be able to extract key details from that and then kick off some workflow or pump that data into a data lake and then query it or query it within Box. We are seeing a lot of growth in those use cases right now.

到目前為止最成功、最普及的其實是資料擷取。也就是你有大量的合約、發票或財務資料庫，想要能從中擷取關鍵細節，然後啟動某個工作流程，或把資料灌入資料湖，再去查詢，或在 Box 內查詢。我們現在看到這些使用案例成長非常快。

There's -- as I kind of mentioned on the call, we have a new product called Box Automate that is coming. We shared this with customers at the tail end of last year. Box Automate is sort of one click above data extraction, which is I might want to sort of design an entire workflow, a client onboarding process, a contract process, a digital asset review process. And at multiple steps in that process, I want agents to do certain amounts of work dealing with content.

另外——就像我在電話會議中提到的——我們即將推出一個新產品，叫做 Box Automate。我們在去年年底時已經把這個產品分享給客戶。Box Automate 大概比資料擷取再高一個層級：我可能想要設計一整套工作流程，例如客戶導入流程、合約流程、數位資產審核流程。而在這個流程的多個步驟中，我希望代理能在處理內容時完成一定份量的工作。

And so now we move from really kind of task-specific applied use cases to really increasingly more of the full business process with both agents and people kind of showing up at the relevant point. But we are 100% focused on applied AI use cases in an organization. And that's, I think, why we're seeing healthy adoption of both Enterprise Advanced as well as in regulated industries.

因此，我們就從真正偏任務導向的應用型使用案例，進一步走向更完整的端到端業務流程，在適當的節點同時由代理與人員介入。但我們百分之百聚焦在組織內的可落地 AI 使用案例。我想這也是為什麼我們看到 Enterprise Advanced 的採用很健康，同時在受監管產業也有不錯的採用。

Maybe ones where it wouldn't have been maybe initially intuitive that they would be able to adopt so quickly because these are applied use cases and our platform is purpose-built for security, compliance, data governance issues that they're going to run into with AI.

甚至是在一些一開始可能不直覺會這麼快採用的產業，因為這些都是可落地的使用案例，而我們的平台是為了安全性、合規、資料治理等議題量身打造，這些都是他們在導入 AI 時一定會遇到的。

Yes. Got it. That's really helpful. And then, Dylan, for you, just maybe a bit of more of a housekeeping. But as you talked about your Q1 billings guide, you talked about FX as a, correct me if I'm wrong, 530-basis-point headwind to growth.

是的。了解。這非常有幫助。接著 Dylan，問你一個比較偏例行性的問題。你在談到 Q1 的帳單（billings）指引時提到匯率（FX）對成長有 530 個基點的逆風，如果我沒記錯的話。

That seems a little bit high, especially in light of the rest of your kind of as reported and constant currency growth rates. Can you expand a little bit on just kind of the math behind that and why the headwind from FX is so extreme in Q1?

這看起來有點高，尤其是考量你們其他以報表口徑（as reported）與固定匯率（constant currency）的成長率。你能否多說一點背後的計算邏輯，以及為什麼 Q1 的匯率逆風會這麼極端？

Yeah. So if you look back to a year ago, there was just a pretty significant movement in the US dollar to yen exchange rates in that period. That's one of the reasons. Also, if you look at our Q1 results from this past year, in FY26, was really the reverse story and was one of the contributing factors to extremely strong billings growth.

可以。如果你回頭看一年前，那段期間美元兌日圓的匯率有相當顯著的變動。這是其中一個原因。另外，如果你看我們上一個會計年度的 Q1 結果，在 FY26，情況其實剛好相反，並且是帳單成長異常強勁的其中一個貢獻因素。

So really is unique to just the movements that we saw in that exchange rate a year ago. And for the year, much more normalized. So you did hear that right in terms of the 530-basis-point headwind for Q1. For the year, we expect FX to be a roughly 100-basis-point headwind to our billings growth rate. So definitely a pretty unusual dynamic just in the first quarter based on those rate movements a year ago.

所以這主要是源自一年前我們看到的那個匯率變動所造成的特殊情況。而就全年來看，會更趨於正常化。所以你聽到的沒錯，Q1 的確是 530 個基點的逆風。但就全年而言，我們預期匯率對帳單成長率大約是 100 個基點的逆風。因此，這確實是第一季相當不尋常的動態，主要是因為一年前的匯率走勢。

Brian Peterson, Raymond James.

Brian Peterson，Raymond James。

Congrats on a really strong quarter. Dylan, I'd love to understand, as you went through the quarter, any help on how you're thinking about linearity demand? And any perspective from a geo in terms of Japan, North America, anything that you can call out there?

恭喜你們交出非常強勁的一季。Dylan，我想了解一下，在你們走過這一季的過程中，你們如何看待需求的線性度（linearity）？另外，從地區角度來看，日本、北美等，有沒有什麼你可以特別點出的觀察？

You mean linearity in terms of what we saw within the fourth quarter?

你指的線性度是指我們在第四季內看到的那種線性度嗎？

Yeah. Two parts, sorry. Yeah, for the fourth quarter, but two parts. I would love to understand just the general linearity as you went through the quarter and anything you would call out in terms of strength by geo.

對。抱歉，分兩個部分。對，針對第四季，但分兩個部分。我想了解你們在整個季度進行過程中的整體線性度，以及你們在地區強弱上有沒有什麼可以特別說明的。

Yeah. So linearity was really positive, both because I think the team has done a really nice job in terms of driving that and not letting everything sit to the last days or weeks of the quarter, which also gives us more cycles to bring in some of those deals, drive some of that upside. And that was certainly a contributing factor to the underlying bookings strength and outperformance that we saw.

好的。線性度其實非常正向，一方面我認為團隊在推動線性度上做得很好，沒有讓所有事情都堆到季度最後幾天或最後幾週，這也讓我們有更多週期把一些案子拉進來、推動一些上行空間。而這確實也是我們看到的基本訂單（bookings）強勁與優於預期表現的其中一個貢獻因素。

And at the same time, which also touches on your second question, we have seen nice strength and really good momentum in the performance of our commercial business, so SMB mid-market. And that is just inherently more linear typically than enterprise within the quarter. And so seeing that strength also contributed to the strong linearity that we saw.

同時，這也呼應你的第二個問題，我們看到商業業務（commercial business）的表現有不錯的強度與很好的動能，也就是 SMB 與中型市場（mid-market）。而這一塊在季度內通常天生就比企業客戶（enterprise）更具線性。因此，看到這部分的強勁，也促成了我們所看到的良好線性度。

And then on top of those segments, again, Japan was a strong performer for us. And then we have seen some of the regions in the US really starting to hit their stride as well. But no really unusual trends in terms of what we've seen over the past year other than just continued and additional strength on the commercial side, but everything -- just a higher overall level of performance across those different segments.

此外，在這些細分市場之上，日本對我們來說仍是表現強勁的市場。同時我們也看到美國的一些區域開始進入狀態、表現更成熟。但就過去一年我們所看到的趨勢而言，沒有什麼特別異常之處；除了商業端持續且額外的強勁之外，整體而言就是各個不同細分市場的表現水準都更高了。

Got it. And Aaron, maybe one for you. You talked about some of the different end markets that might be coming to Enterprise Advanced. I'd love to maybe understand how do you think about the evolution of that ramp in terms of selling into the customer base, but also maybe coming in with net new to Enterprise Advanced? And I don't know if you guys can share of that 10%, how many came in kind of migrating from the existing base or net new, but little to unpack that a bit.

了解。Aaron，再問你一題。你提到有一些不同的終端市場可能會導入 Enterprise Advanced。我想更了解你如何看待這個爬坡（ramp）的演進：一方面是對既有客戶群的銷售，另一方面也包括把 Enterprise Advanced 賣給淨新增客戶（net new）。我不知道你們能否分享，在那 10% 裡面，有多少是從既有客戶升級/遷移而來、多少是淨新增；想請你稍微拆解一下。

Yeah. I mean Enterprise Advanced sets us up very nicely for net new conversations because it's getting you into a workflow conversation and in protecting an agentic workflow conversation. So you could have -- never had run into a use case that we previously would have been able to solve for you with Box, and we can come into your organization and instantly have a conversation around being able to start to drive automation in some process that again, maybe two years ago, we'd have no ability to play in.

好的。我的意思是，Enterprise Advanced 讓我們在淨新增客戶的對話上具備非常好的切入點，因為它把對話帶到工作流程層面，以及如何保護代理式（agentic）的工作流程。所以你可能——以前從未遇到過我們用 Box 能替你解決的使用案例——但我們現在可以走進你的組織，立刻就能針對如何在某個流程中推動自動化展開對話；而這在兩年前，我們可能完全沒有能力參與。

So this could be a contract automation process, a client onboarding workflow, where we're doing more of the intelligence. It could be in a health care data processing workflow. We have customers where we've had conversations where they want to rip and replace a legacy ECM system and maybe they were starting to kind of figure out can they migrate that to the cloud or build out their own capability and then all of a sudden, they kind of see the full depth of data governance, security compliance that they're going to need, especially in a world of agents and decide that actually Box is going to be the superior more future-proof solution for that.

例如這可能是一個合約自動化流程、客戶導入工作流程，我們在其中做更多智慧化處理。也可能是在醫療保健的資料處理工作流程中。我們也有客戶跟我們討論過，他們想要汰換並替代（rip and replace）一套傳統的 ECM 系統；他們原本可能在思考要不要把它遷移到雲端或自行建置能力，但突然之間，他們看到了所需的資料治理、安全與合規的完整深度——尤其是在代理盛行的世界——於是他們判斷 Box 會是更優、更具未來性的解決方案。

So in all of these examples, Enterprise Advanced is kind of putting together a package between workflow, no-code apps AI agents and sort of metadata extraction, all backed by a level of data security with Shield Pro and other capabilities that allow you to move your mission-critical work and content to Box. So we're seeing that again in a wide range of new logos as well as existing customer upsells.

因此，在所有這些例子中，Enterprise Advanced 有點像是在工作流程、無程式碼應用程式、AI 代理，以及某種程度上的中繼資料擷取之間，整合出一個套件；而這一切都由 Shield Pro 與其他能力所提供的資料安全等級作為後盾，讓你能把攸關任務的工作與內容移轉到 Box。因此，我們再次看到這不僅帶來了廣泛的新客戶標誌，也帶動了既有客戶的加購升級。

Matt Bullock, Bank of America.

Matt Bullock，美國銀行。

I wanted to ask about net revenue retention expectations. It looks like it's going to improve modestly in fiscal '27. But I'd be curious to hear if you could unpack the components of that across pricing per seat benefits, net seat expansion?

我想請教一下淨營收留存率（NRR）的預期。看起來在 2027 財年會小幅改善。但我想更深入了解其組成：包括每席位定價帶來的效益、淨席位擴張等？

And then it sounds like APIs and units are going to start coming into the model as well this year. I presume only marginally, but could that be something like 50 basis points of tailwinds to NRR this year as we progress towards that longer-term target of 1 to 2 points of growth from platform?

另外，聽起來今年 API 和用量單位也會開始納入模型。我猜影響可能只是邊際性的，但隨著我們朝向平台長期目標（帶來 1 到 2 個百分點成長）推進，這會不會在今年對 NRR 形成例如 50 個基點的順風？

Yeah. So a number of drivers of the net retention rates, both for the coming year and then the additional improvement that we expect to deliver in the coming years, we'd expect to see that coming from the combination of slightly higher impact from pricing uplifts and continued momentum with net seat expansion being more of a driver, which is a change from looking back to a year ago, that was more so being driven by the pricing side, but we're now seeing and expecting to see more kind of healthy mix between the two with no expected change on the full churn rate on that side.

是的。淨留存率的驅動因素有好幾項，包含來年以及我們預期在未來幾年帶來的額外改善。我們預期主要來自兩者的組合：定價調升帶來的影響略為提高，以及淨席位擴張持續保持動能、成為更主要的驅動力。這與回顧一年前有所不同，當時更多是由定價端驅動；但現在我們看到、也預期會看到兩者之間更健康的組合，同時在整體流失率方面不預期會有變化。

And then in terms of the overall platform business, yeah, we could see that certainly contributing to the net retention equation and part of the overall pricing dynamic and that uplift that we'd see there. But to your point, at least for the coming year, I don't expect that to be a material driver of any change in the net retention rate.

至於整體平台業務方面，是的，我們確實可能看到它對淨留存的方程式有所貢獻，並成為整體定價動態與我們所看到的調升的一部分。但如你所說，至少就來年而言，我不預期它會成為推動淨留存率變動的重大因素。

Got it. Really helpful. And then just one quick follow-up, if I could. I wanted to ask about Enterprise Advanced pricing uplift. You've seen consistent 30% to 40% uplift relative to Plus already at 10% revenue mix here and you're innovating quite a bit.

了解。非常有幫助。如果可以的話，我再追問一個很快的問題。我想問 Enterprise Advanced 的定價調升幅度。你們相對於 Plus 已經看到穩定的 30% 到 40% 調升，而目前其營收占比已達 10%，且你們也持續大量創新。

So my question is, do you foresee the pricing uplift for Enterprise Advanced potentially ticking above that 40% kind of baseline that has tracked that so far over the next couple of years as you continue to add value?

所以我的問題是，隨著你們持續增加價值，未來幾年 Enterprise Advanced 的定價調升幅度，是否可能高於目前一路追蹤下來的 40% 這個基準？

I would say you probably wouldn't set the expectation to see that move up too much in terms of the core upgrade from Enterprise Plus to Enterprise Advanced. Certainly, what we're driving is to deliver more of an overall contract value increase when customers make that move through the combination of just increasingly monetizing those platform components that we've been talking about as well as -- and kind of in conjunction with opening up the new use cases to drive more seats. Because that 30% to 40% uplift is really specific to the apples-to-apples, hey, you have X seats and now they're moving to Enterprise Advanced, what's the price per seat.

我會說，你大概不會把預期設定為：從 Enterprise Plus 升級到 Enterprise Advanced 的核心升級幅度會再大幅上升。當然，我們推動的是：當客戶做出這個轉換時，透過兩個面向的組合來提升整體合約價值——一是我們一直在談的那些平台元件的變現程度持續提高；二是（並且與此相輔相成）開啟新的使用情境以帶動更多席位。因為那 30% 到 40% 的調升其實是非常特定的「同條件比較」：也就是，假設你有 X 個席位，現在改用 Enterprise Advanced，每席位的價格是多少。

I don't expect to see as much of the upside from the success and innovation of Enterprise Advanced up in that specific metric, but more in the overall contract value through those other kind of related levers.

我不預期 Enterprise Advanced 的成功與創新會在那個特定指標上帶來太多上行空間；更可能反映在透過其他相關槓桿所帶動的整體合約價值提升。

Lucky Schreiner, D.A. Davidson.

Lucky Schreiner，D.A. Davidson。

Great. Maybe a unique one. But over the course of the year, did you notice any difference in behavior between the early adopters of Enterprise Advanced versus customers that may be adopted in 4Q, just given the vast improvements in the models that we've seen over the course of 2025 and any way we should maybe be thinking about that for 2026?

很好。也許是一個比較特別的問題。但在這一年當中，考量到我們在 2025 年看到模型有大幅改善，你們是否注意到 Enterprise Advanced 的早期採用者，與可能在第四季才採用的客戶之間，在行為上有任何差異？以及我們在思考 2026 年時，是否應該把這點納入考量？

And when you say the models, i.e., AI models, right?

你說的模型，是指 AI 模型，對吧？

Correct. Yeah. And some of the agentic abilities that you guys can provide on the platform.

沒錯。是的。以及你們在平台上能提供的一些代理式（agentic）能力。

It's a great question in terms of how you're characterizing it. I don't know that I could pinpoint -- I don't know that I would pinpoint any specific thing, but the general trend that is sort of embedded in that question is actually correct, which is, if I go back, let's say, 14 months ago when Enterprise Advanced initially kind of hit the scene in conversations, there are still lots of use cases in mission-critical workflows where you would have to do a lot of work to make sure that the data extraction was as accurate as you needed.

你這樣描述是個很好的問題。我不確定我能否明確指出——我不確定我會指出任何特定的一點；但你問題中隱含的整體趨勢其實是正確的。也就是說，如果我回到大約 14 個月前，當 Enterprise Advanced 一開始在對話中登場時，在許多攸關任務的工作流程使用情境裡，你仍需要做很多工作，才能確保資料擷取的準確度達到你所需要的水準。

And as each model family kind of has its next upgrade in its lineage, we tend to see anywhere from single-digit to double-digit percentage points in accuracy and kind of quality of the models on unstructured data. That's just universally a good thing for us because it means there's even more swath of use cases that we can go after and say, hey, we can go and extract critical metadata from those even more complex contracts or financial documents or assets that you have.

而隨著每個模型家族在其演進路徑上推出下一次升級，我們往往會看到在非結構化資料上的準確度與模型品質提升，幅度從個位數到雙位數的百分點不等。這對我們而言普遍都是好事，因為這代表我們可以切入的使用情境範圍更廣，並且可以說：嘿，我們能從你那些更複雜的合約、財務文件或資產中擷取關鍵中繼資料。

So I'd say the general trajectory, again, without pinpointing Q4, specifically, is that customers will get more and more comfortable, automating more and more of these content workflows as these models continue to improve, and we're already seeing that trajectory take off with our conversation. So it's a fantastic just like universally good trend for us that we're going to keep riding.

所以我會說，整體走勢是——再次強調，不特別鎖定第四季——隨著這些模型持續改善，客戶會越來越安心，把更多這類內容工作流程自動化；而我們已經看到這個走勢在我們的對話中開始加速。因此，這對我們而言是一個非常棒、普遍利多的趨勢，我們會持續順勢而為。

Awesome. That makes a lot of sense. Then on the Enterprise Advanced customers, congrats on the 10% of revenue. That's impressive. But if I look at the percent of revenue coming from suites, that implies nearly all of the revenue came from upgrades from Enterprise Plus customers to Enterprise Advance, which makes a lot of sense.

太好了。這很合理。接著談 Enterprise Advanced 客戶，恭喜營收占比達到 10%。這很令人印象深刻。但如果我看來自套裝方案（suites）的營收占比，這意味著幾乎所有營收都來自 Enterprise Plus 客戶升級到 Enterprise Advance，這也很合理。

But is there anything about the non-Enterprise Plus customers that might be slower to upgrade to the higher tiers? And maybe how are you thinking about that opportunity?

但對於非 Enterprise Plus 的客戶，是否有任何因素使他們升級到更高層級的速度較慢？以及你們如何看待這個機會？

Yeah, I think that's right that the majority of the Enterprise Advanced customers who have upgraded. We're coming from existing customer base. And more likely than not, coming from Enterprise Plus. And I wouldn't say there's anything unique about the types of companies, whether it's company size or you need dynamics by the actual company. But just from a use case point of view, certainly, those customers who would be more already bought into the value of Box's platform offerings and who have a lot of the use cases that would benefit the most strong Enterprise Advanced capabilities.

是的，我認為你說得對：目前升級到 Enterprise Advanced 的客戶大多來自既有客戶基礎。而且很可能是來自 Enterprise Plus。我不會說這與公司類型有任何獨特之處，不論是公司規模，或是各家公司本身的需求動態。但從使用情境的角度來看，當然，那些更早已認同 Box 平台產品價值、且擁有能最充分受益於 Enterprise Advanced 強大能力之使用情境的客戶，會更傾向升級。

As you'd expect and especially from an early adopter stage, there's a pretty strong correlation with those customers who are already on Enterprise Plus, which was previously our highest tier offering. So that's really, I would say, a function of timing and the specific customers who are almost -- it's almost a self-selecting if you're one of the early adopters of Enterprise Advanced more likely than not, you're on Enterprise Plus.

如你所預期，尤其在早期採用階段，已經在 Enterprise Plus（先前我們最高層級方案）的客戶，與升級到 Enterprise Advanced 之間有相當強的相關性。所以我會說，這主要是時間點的因素，以及特定客戶的特性——如果你是 Enterprise Advanced 的早期採用者，幾乎可以說是自我篩選；你很可能本來就在 Enterprise Plus。

But we see a huge opportunity for those non-Enterprise Plus customers just given the types of use cases, the types of conversations we're having and the potential there as well. So more of a timing thing than anything else is what we'd point to.

但我們也看到非 Enterprise Plus 客戶存在巨大的機會，考量到使用情境的類型、我們正在進行的對話類型，以及其中的潛力。所以我們會指出，這更多是時間點的問題，而不是其他因素。

I appreciate the color there, and congrats on a record year.

感謝你提供的補充說明，也恭喜你們創下創紀錄的一年。

Jason Ader, William Blair.

Jason Ader，William Blair。

Aaron, I wanted to give you the opportunity to address a couple of the bear narratives out there for SaaS First is the fear that SaaS apps become back-end databases on which an intelligence layer like Claude sits on captures much of the value. And then second, seat-based models face structural challenges because of knowledge worker job displacement.

Aaron，我想給你一個機會回應一下外界對 SaaS 的幾個看空敘事。第一個是擔心 SaaS 應用會變成後端資料庫，而像 Claude 這樣的智慧層會架在上面並攫取大部分價值。第二個是，以席位（seat）為基礎的模式，因為知識工作者工作被取代而面臨結構性挑戰。

Yeah. So -- and this might sound like a little bit of the first question, but we're -- I don't the -- there's almost nothing in that is bad for Box, I guess, ironically, I don't necessarily totally believe some of those components, especially the kind of future of knowledge work and the volume of that.

是的。所以——這聽起來可能有點像第一個問題，但我們——我不認為——其中幾乎沒有什麼對 Box 是不利的，諷刺的是。我也不一定完全相信其中一些組成部分，特別是關於知識工作未來以及其規模的那一塊。

I think that most people are going to use AI to accelerate their work and augment their kind of workforces. But what we are building as a platform is when you have critical information, contracts, research data, marketing assets, HR files, financial documents. All of that content is going to need to be shared between agents, people and systems or applications. There's simply no way around it.

我認為大多數人會使用 AI 來加速工作並強化其人力。但我們正在打造的平台是：當你擁有關鍵資訊——合約、研究資料、行銷素材、人資檔案、財務文件——所有這些內容都需要在代理（agents）、人員與系統或應用程式之間共享。這根本無可避免。

You can't have two agents that are maybe trying to coordinate a task for a lawyer, be working off of two different sets of contracts. They fundamentally would need the same access to data. So you need a shared system. That shared filed system has to be accessible to your agents and your people and maybe the ratio changes over time of different kind of roles in the economy in different parts.

你不可能讓兩個可能在協調律師任務的代理，各自基於兩套不同的合約在工作。它們從根本上需要對同一份資料有相同的存取權限。所以你需要一個共享系統。那個共享的檔案系統必須能讓你的代理與你的員工存取，而不同角色在經濟中的占比可能會隨時間在不同領域有所變化。

But no matter what, there will be some human in the loop at some part, so then the data has to be shared with a person. And ultimately, that company is going to need to have the same governance, the same security, the same controls on that information as they did with people.

但無論如何，在某個環節一定會有人在迴圈中（human in the loop），因此資料也必須能與人共享。而最終，那家公司也必須對這些資訊維持與過去對人員相同的治理、相同的安全性、相同的控管。

So imagine that you're a large bank and your bank is processing escrow documents or loan kind of files from a client, that data will have to be governed just like when people went and review those documents. They're going to sit around for 10 years in some cases. You're going to need to see the exact traces of what the agent did and what decisions they made in that workflow.

所以想像你是一家大型銀行，你的銀行正在處理客戶的託管（escrow）文件或貸款類檔案，這些資料必須被治理，就像過去由人去審閱那些文件一樣。在某些情況下，它們會被保存 10 年。你需要看到代理在該工作流程中做了什麼、做了哪些決策的完整軌跡。

Well, all of that is unstructured data. It will all become content, whether it's markdown files or PDF or word documents. That's all enterprise content that has to be secured and governed controlled and protected in the exact same way that we've always been doing it because sells are the sort of this natural medium by which people and agents share information.

嗯，這些全部都是非結構化資料。它們都會成為內容，不論是 markdown 檔、PDF 或 Word 文件。這些都是企業內容，必須以我們一直以來的方式同樣被加以保護、治理與控管，因為檔案（files）是人與代理共享資訊的一種自然媒介。

So I would just say that our platform story becomes really increasingly the core of how we can power both, again, agents, applications and people. And so in a scenario where you have maybe a seat decline because agents have grown so much, which, let's say, less positive in some potential scenario, the agents that are growing on the other end of that still need a place to then store their documents and their enterprise content.

所以我會說，我們的平台敘事會愈來愈成為核心：我們如何同時為代理、應用程式與人員提供動力。因此在一種情境下，假設因為代理大量成長而導致席位數下降——我們先假設這是某種較不正面的可能情境——那麼在另一端成長的代理仍然需要一個地方來儲存它們的文件與企業內容。

And then I don't know if you heard this answer, but if you have more and more, let's call it, vibe-coded software or SaaS, those systems still also need repositories for being able to secure and protect and govern the content that gets generated. And we already have a business model for that. That's our platform business model.

另外我不知道你是否聽過這個回答，但如果你有愈來愈多、我們姑且稱之為 vibe-coded 的軟體或 SaaS，那些系統同樣需要儲存庫，以便能夠把生成的內容加以保護、治理與控管。而我們已經有相應的商業模式。那就是我們的平台商業模式。

So we can grow either through platform consumption or we grow through continued seat adoption, both of which we're seeing right now in the business. And so I think we're kind of protected on both dimensions there. And it's really, again, because of the critical nature of how companies need to manage this information. You need data governance. You need data security. You need compliance. You need data residency.

所以我們可以透過平台用量（consumption）成長，或透過持續的席位採用成長，而這兩者我們現在在業務中都看得到。因此我認為我們在這兩個面向上都算是受到保護。而這再次是因為企業管理這些資訊的關鍵性。你需要資料治理。你需要資料安全。你需要法規遵循。你需要資料駐留（data residency）。

None of that can go away in a world of agents and in fact, probably becomes more important in a world of agents because if you have 100 times more agents running around doing loan processes than you had people, the chance of a mistake happening, the risks of an agent revealing the wrong piece of information to a client goes up exponentially.

在代理的世界裡，這些都不可能消失；事實上，在代理的世界裡可能更重要，因為如果你有比人多 100 倍的代理在到處跑、處理貸款流程，發生錯誤的機率、以及代理把錯誤資訊揭露給客戶的風險，會呈指數級上升。

Those agents don't have context for what they should or shouldn't be sharing. It's very easy to prompt inject those agents. There's a lot of risks that can emerge. So you need to give them isolated environments, but those are isolated environments that need some degree of controls and mechanisms and in many cases, kind of collaboration with the user.

那些代理並沒有情境脈絡去判斷哪些該分享、哪些不該分享。對那些代理做提示注入（prompt injection）非常容易。會出現很多風險。所以你需要給它們隔離的環境，但這些隔離環境仍需要一定程度的控管與機制，而且在很多情況下需要與使用者協作。

So that's what we're powering. That's what our platform has always done for humans and for applications, and now we're adding agents into the mix. And why we see this as, again, just universally a good thing.

所以這就是我們在提供的能力。這也是我們的平台一直以來為人類與應用程式所做的事，而現在我們把代理也納入其中。這也是為什麼我們認為這件事——再次強調——普遍而言是好事。

So I think maybe the one thing where we sit around, we look at Claude Cowork and we see OpenClaw, we are just (technical difficulty) happy for the existence of these things. We were a Claude cohort partner on their plug-ins. Like the more knowledge work that happens agentically, it's all good news for us. It just creates a tremendous amount of data that needs to get stored somewhere securely.

所以我想也許有一件事是：我們坐下來看 Claude Cowork、看到 OpenClaw，我們只是（技術問題）很高興這些東西的存在。我們是 Claude 外掛的 cohort 合作夥伴。像是愈多知識工作以代理方式發生，對我們都是好消息。因為它會產生大量資料，而這些資料需要被安全地儲存在某個地方。

Okay. Awesome. And then -- and just a quick one. Sorry, just a quick follow-up. Could you just talk about the API monetization opportunity in relation to that answer that you just gave.

好的。太棒了。然後——再一個很快的問題。抱歉，再追問一個很快的後續。你能否談談 API 變現機會，並把它和你剛剛那個回答連結起來？

Yeah. So there's a couple of parts of the API monetization. So there's a pure volume-based mechanics. So if you were to use Box tomorrow and you deployed a fleet of agents and they were all running around, you had 100 times more agents than people in your organization. And each of those agents, you would probably want to have a Box account of some sort.

好的。所以 API 變現有幾個部分。其中一個是純粹以量計價的機制。所以如果你明天使用 Box，並部署一支代理大軍，它們到處運作，你組織裡的代理數量是人員的 100 倍。而每一個代理，你大概都會希望它有某種形式的 Box 帳戶。

You can either have a headless Box account, you've got a regular Box account you choose. And you're going to want those agents to be writing, reading, storing data, sharing with other people. And if it's done in a headless capacity via our APIs, we have a platform business model, which is consumption-oriented. And so you'll just pay for the API calls that go into that.

你可以用無介面（headless）的 Box 帳戶，也可以用一般的 Box 帳戶，取決於你的選擇。而你會希望那些代理能寫入、讀取、儲存資料，並與其他人分享。如果是透過我們的 API 以無介面方式完成，我們有一個以用量為導向的平台商業模式。因此你只需要為產生的 API 呼叫付費。

Then if you use our direct intelligence layer, which taps into Claude and GPT 5.2 or any new model, Gemini 3, then we also monetize that through AI units. And so we've got dual consumption monetization levers that will basically grow somewhat correlated with just the growth of AI agents in the economy assuming our customers are deploying those capabilities.

接著，如果你使用我們的直接智慧層（direct intelligence layer），它會串接 Claude 與 GPT 5.2 或任何新模型、Gemini 3，那我們也會透過 AI 單位（AI units）來變現。因此我們有兩個以用量為基礎的變現槓桿，基本上會與經濟體中 AI 代理的成長呈某種程度的相關——前提是我們的客戶正在部署這些能力。

And then, of course, seats, still like we're still relatively early on total seat penetration. And so there will actually be a scenario where seats will grow because of agent growth because we will then tap into use cases that we didn't previously solve where there still will be a human in the loop working with agents, but now we're able to capture more of the [use] cases than we would have for that particular knowledge worker five years ago.

然後當然，席位也是——我們在整體席位滲透率上仍相對早期。因此也會出現一種情境：席位會因為代理成長而成長，因為我們將能切入以前沒有解決的使用情境；在那些情境中仍會有人在迴圈中與代理一起工作，但現在我們能捕捉到比五年前針對該知識工作者更多的[使用]情境。

And so there's sort of just -- it's multifaceted sort of growth levers, but it's like the simple -- like if you just had to like, okay, what's the simple concept here. It's that agents use files. That is their core thing that they work with. Every time you hear any viral thing online about an agent storing off its work, creating a memory, having documentation, having a specification to work off of, it's always a vial.

所以這有點像是——它是多面向的成長槓桿，但又像是最簡單的——如果你非得說，好吧，這裡最簡單的概念是什麼。那就是代理（agents）會使用檔案。那是他們工作的核心。每次你在網路上聽到任何爆紅的說法，像是某個代理把它的工作存起來、建立記憶、留下文件、或是有一份可依循的規格文件，最後都會回到一個檔案。

And so that -- those files are going to get generated. They're going to need to get stored somewhere. They're going to need to be governed. They're going to be shared with people. And so that is just the general sort of tailwind that our platform is going to be able to support.

所以——那些檔案會被產生出來。它們需要被存放在某個地方。它們需要被治理與管理。它們會被與人分享。因此，這就是我們平台能夠支援的一般性順風。

Seth Gilbert, UBS.

Seth Gilbert，瑞銀（UBS）。

I guess for the first one, you had the best greater than $100,000 customer within about 11 quarters. So the question is on the customer adds front. Can you help us expand on where you're winning? Is it Enterprise Advanced, other SKUs in other parts of the business?

我想先問第一個，你們在大約 11 個季度內就拿下了最佳的單一客戶（年支出）超過 10 萬美元的案例。所以問題是關於新增客戶這一端。你們能否幫我們更詳細說明你們在哪些地方贏得客戶？是 Enterprise Advanced，還是業務其他部分的其他 SKU？

And then I believe someone else asked on the split of Enterprise Advanced new versus existing logos, but I'm not sure I caught the answer maybe you can expand there as well.

另外，我記得也有人問到 Enterprise Advanced 新增客戶中，新 Logo 與既有 Logo 的拆分，但我不確定我是否聽到答案，也許你們也可以再補充一下。

Yeah. I would say the $100,000-plus customer account growth is very much directly driven by the sort of overall set of capabilities that are either part of Enterprise Advanced or customers that are now getting more involved in our platform because they kind of see us obviously on the right side of this AI curve.

是的。我會說，10 萬美元以上客戶帳戶的成長，很大程度上是直接由一整套能力所驅動——這些能力要嘛是 Enterprise Advanced 的一部分，要嘛是客戶現在更深入使用我們的平台，因為他們顯然看到我們站在這波 AI 曲線的正確一側。

And actually, it's interesting, the neutrality piece, we haven't talked about it too much on this call, but it's sort of somewhat timely in this idea that at any given moment, you might want to use a different AI model for a different capability in your enterprise. And you don't want to be moving and shuffling around your content depending on that use case. And so that's another benefit that you get with our overall platform.

而且其實很有意思的是，中立性（neutrality）這一塊，我們在這通電話裡沒有談太多，但在這個觀念上算是相當切題：在任何一個時間點，你可能會想在企業內針對不同能力使用不同的 AI 模型。而你不希望因為不同使用情境，就得搬移、重新整理你的內容。所以這也是你使用我們整體平台所能獲得的另一項好處。

And so there's a lot of these sort of strategic tailwinds where our platform is positioned. And so some customers might buy our platform, not yet Enterprise Advanced, but they're buying it because they recognize the sort of importance of many of these aspects of our platform overall. And so that's also helping drive the growth. But Enterprise Advanced very much emphatically is helping lift that number up, and we're seeing it just kind of across industry right now.

因此有很多這類策略性順風，我們的平台在其中具備良好定位。所以有些客戶可能會先購買我們的平台，尚未採用 Enterprise Advanced，但他們購買是因為他們認知到我們整體平台許多面向的重要性。因此這也在推動成長。不過 Enterprise Advanced 非常明確地正在把這個數字往上拉升，而我們現在也看到這種情況在各行各業普遍發生。

Got it. That's helpful. And then maybe as a follow-up, as you're marching towards the long-term guide of double-digit top-line growth, margins are remaining roughly flat for 2027 -- FY27. I understand the drivers of these flat margins, but maybe you can talk about what has happened for margin expansion in the future? Do we need to see top-line growth above 10%, you get margin expansion or maybe there's some efficiencies on the S&M and R&D side that will kind of percolate through once the investment phase next year has taken shape?

了解。這很有幫助。那接著追問，當你們朝向長期指引的營收雙位數成長邁進時，2027 年——FY27 的利潤率大致維持持平。我理解利潤率持平的驅動因素，但也許你們可以談談未來利潤率擴張會是怎麼發生的？我們是否需要看到營收成長高於 10% 才會帶來利潤率擴張？或者在銷售與行銷（S&M）以及研發（R&D）端是否會有一些效率提升，在明年投資期成形後逐步反映出來？

Yeah. So I would say there's nothing -- no required growth rate to be improving operating margin at a greater clip versus the kind of incremental improvement in constant currency that we're expecting to deliver this year. This year, really, as we've talked about, is about doubling down and making sure that we invest to capture the market opportunity just given where we are in the market evolution. So most of those investments on the sales and marketing side, but if you look back over the last few years, we've generated significant margin expansion even while growing in the single-digit range.

是的。所以我會說，營業利益率要以更快的速度改善，並不需要達到某個特定的成長率門檻，相較之下，我們預期今年在固定匯率下所能交付的那種逐步改善就可以做到。今年如同我們談過的，重點在於加倍投入，確保我們投資到位以掌握市場機會，因為這取決於我們在市場演進中的位置。所以這些投資多數在銷售與行銷端；但如果你回頭看過去幾年，即便我們的成長在個位數區間，我們仍然帶來了顯著的利潤率擴張。

And so in addition to all of the opportunities and efficiencies that we're driving around kind of how we're deploying AI internally, including with Box's own product, some of the same areas that we've been driving operating margin up into the [high-20s] are the same things that are going to get us the next several points of growth.

因此，除了我們在內部導入 AI（包含使用 Box 自家產品）所帶動的各種機會與效率之外，我們過去把營業利益率推升到（約）[高 20%] 的一些相同領域，也將是讓我們再提升接下來幾個百分點的關鍵。

So that's things like continuing to take advantage of our lower cost workforce location strategy. A lot of the other areas that we've invested in that are generating stronger returns, whether that's with sales force productivity, the ROI of the marketing programs, or just as a lot of these core strategic go-to-market investments mature, those will be able to generate more leverage as well, including through our partner ecosystem.

也就是像持續善用我們的低成本人力據點策略。以及我們投資的許多其他領域正在產生更強的回報，不論是銷售團隊生產力、行銷方案的投資報酬率（ROI），或是隨著這些核心、策略性的 go-to-market 投資逐步成熟，它們也將能帶來更高的槓桿效益，包含透過我們的合作夥伴生態系。

So really, a lot of things across the board, but would really frame the operating margin and lower rate of improvement in the current moment more as a strategic decision to put more dollars toward growth versus anything about the model itself.

所以整體來說有很多面向，但我會把當下營業利益率以及改善速度較慢，更多地視為一項策略性決策：把更多資金投入成長，而不是模型本身出了什麼問題。

And everyone, at this time, there are no further questions. I'd like to hand the conference back to Cynthia Hiponia for any additional or closing remarks.

各位，目前沒有其他問題。我想把會議交回給 Cynthia Hiponia，請她做任何補充或結語。

Great. Thank you, everyone, for joining us. And to drill down deeper on our strategy and financial model, we are hosting a Financial Analyst Day on Thursday, March 19. And please go to our IR website to register. And hopefully, we'll see most of you there in person in New York. Thank you very much.

很好。謝謝各位今天加入我們。為了更深入探討我們的策略與財務模型，我們將於 3 月 19 日（週四）舉辦金融分析師日（Financial Analyst Day）。請至我們的投資人關係（IR）網站註冊。也希望能在紐約現場見到各位中的大多數人。非常感謝。

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

再次提醒各位，今天的會議到此結束。感謝各位今天的參與。您現在可以掛線。