Box Inc (BOX) 2027 Q1 法說會逐字稿

Good afternoon, and welcome to Box's first-quarter fiscal 2027 earnings conference call. I'm Cynthia Hiponia, Vice President, Investor Relations.

下午好，歡迎參加 Box 2027 會計年度第一季財報電話會議。我是 Cynthia Hiponia，投資人關係副總裁。

On the call today, we have Aaron Levie, Box Co-Founder and CEO; and Dylan Smith, Box Co-Founder and CFO. Following our prepared remarks, we will take your questions.

今天與會的有 Box 共同創辦人暨執行長 Aaron Levie，以及 Box 共同創辦人暨財務長 Dylan Smith。在我們的準備發言之後，將開放提問。

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

今天的電話會議將以網路直播方式進行，並將在我們的投資人關係網站提供重播。補充簡報投影片現已在網站上提供。

On this call, we will be making forward-looking statements, including our second quarter and full fiscal year 2027 financial guidance and our expectations regarding our financial performance for fiscal 2027 and future periods, including gross margins, operating margins, operating leverage, future profitability, net retention rates, remaining performance obligations, revenue and billings and the impact of foreign currency exchange rates and our expectations regarding the size of our market opportunity, including the growing opportunity driven by the increasing role of unstructured data and AI agents in the enterprise, our planned investments, future product offerings and growth strategies, the timing and market adoption of and benefits from our new products, solutions and pricing models; our ability to address enterprise challenges, including enabling organizations to automate critical workflows and deliver value for our customers; the benefits from our deepening partnerships with leading AI labs and system integrators, expectations regarding accelerating revenue growth, expanding profitability and long-term shareholder value 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 會計年度第二季及全年財務指引，以及對 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、營運槓桿、未來獲利能力、淨留存率、剩餘履約義務、營收與帳單金額，以及外匯匯率變動的影響）；以及我們對市場機會規模的預期（包括企業中非結構化資料與 AI 代理人角色日益提升所帶動的成長機會）；我們的計畫性投資、未來產品供應與成長策略；新產品、解決方案與定價模式的推出時程、市場採用情況及其效益；我們解決企業挑戰的能力（包括協助組織自動化關鍵工作流程並為客戶創造價值）；我們與領先 AI 實驗室及系統整合商深化合作所帶來的效益；以及對加速營收成長、擴大利潤率與長期股東價值的預期，與我們的資本配置策略（包括可能回購普通股）。

These statements reflect our best judgment based on factors currently known to us, and actual events or results may differ materially. These statements reflect our best judgment based on factors currently known to us, and actual results or events may differ materially.

上述陳述反映我們基於目前已知因素所作出的最佳判斷，實際事件或結果可能存在重大差異。上述陳述反映我們基於目前已知因素所作出的最佳判斷，實際結果或事件可能存在重大差異。

Please refer to our earnings press release filed today and the risk factors and documents we file with the SEC, including our most recent 10-Q for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call.

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）提交的風險因素與相關文件，包括我們最新的 10-Q。

These forward-looking statements are being made as of today, May 26, 2026, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

上述前瞻性陳述係截至今日（2026 年 5 月 26 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任何義務。

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.

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，亦不應孤立解讀。您可在我們的財報新聞稿及相關補充投影片中找到關於這些非 GAAP 指標的更多揭露（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。

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

除非另有說明，所有財務衡量指標之提及均以非 GAAP 基礎呈現。

Finally, please see our earnings deck posted on our IR website for a more detailed look at our Q2 and full year '27 guidance.

最後，關於我們 2027 會計年度第二季與全年指引的更詳細內容，請參閱我們在投資人關係網站上發布的財報簡報。

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

謝謝。接下來我把電話交給 Aaron。

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

謝謝你，Cynthia，也感謝各位今天加入電話會議。

We had a very strong start to FY27, reflecting continued adoption of our intelligent workflow solutions with Enterprise Advanced and the Box AI platform. In Q1, we delivered our first double-digit year-over-year revenue growth rate in over 12 quarters.

我們在 27 會計年度有一個非常強勁的開局，反映企業客戶持續採用我們的智慧工作流程解決方案（Enterprise Advanced）以及 Box AI 平台。在第一季，我們交出超過 12 個季度以來首次達到兩位數的年增營收成長率。

Revenue growth of 11% year over year or 10% in constant currency, billings growth of 5% year over year or 13% in constant currency and operating margins of 28%, all exceeded our guidance. Enterprise customers are increasingly adopting Enterprise Advanced, which brings together our most powerful intelligent workflow capabilities, such as the Box Agent, Box Extract, Box Automate, Box Apps and more.

營收年增 11%（以固定匯率計為 10%）、帳單金額年增 5%（以固定匯率計為 13%），以及 28% 的營業利益率，皆超出我們的指引。企業客戶正日益採用 Enterprise Advanced，該方案整合了我們最強大的智慧工作流程能力，例如 Box Agent、Box Extract、Box Automate、Box Apps 等。

As Enterprise Advanced has been in the market for a full year, we are very pleased with the customer trends we are seeing. In Q1, our Enterprise Advanced net retention rate was higher than our overall net retention rate of 105%. Enterprise Advanced also continues to capture a price premium of 30% to 40% over Enterprise Plus, demonstrating the recognized value we are bringing to customers.

由於 Enterprise Advanced 已在市場上推出滿一年，我們對目前看到的客戶趨勢感到非常滿意。第一季中，Enterprise Advanced 的淨留存率高於我們整體 105% 的淨留存率。Enterprise Advanced 相較 Enterprise Plus 仍可取得 30% 至 40% 的溢價，顯示客戶已認可我們所帶來的價值。

Overall, this quarter continues to prove our unique value to Box customers as they migrate their infrastructure and applications toward an agentic future. Box is increasingly being deployed as the platform for enterprises to securely manage their unstructured data for AI agents and as a platform for automating their critical enterprise workflows.

整體而言，本季持續證明 Box 對客戶的獨特價值，因為他們正將基礎架構與應用程式遷移至以代理人為核心的未來。Box 正日益被部署為企業安全管理其非結構化資料、供 AI 代理人使用的平台，同時也作為自動化關鍵企業工作流程的平台。

Some examples of our Enterprise Advanced wins in the quarter included a lending and financial services solutions provider upgraded from Enterprise Plus to Enterprise Advanced to centralize and organize the trust and estate-related documents within Box and leverage Box AI to extract key metadata from unstructured legal documents.

本季 Enterprise Advanced 的一些得標案例包括：一家放款與金融服務解決方案供應商，從 Enterprise Plus 升級至 Enterprise Advanced，以在 Box 中集中並整理信託與遺產相關文件，並運用 Box AI 從非結構化法律文件中擷取關鍵中繼資料。

With this upgrade, Box becomes the trusted content layer powering their adviser and client-facing workflows, unlocking advanced security, governance and the full Box AI capability set as they scale.

透過此次升級，Box 成為可信賴的內容層，為其顧問端與面向客戶的工作流程提供動力；在其擴張規模的同時，解鎖進階安全性、治理能力，以及完整的 Box AI 功能組合。

Representing a new logo win in EMEA, a European manufacturing company adopted Enterprise Advanced to securely manage and share critical documents, streamline collaboration between global teams and partners, and reduce friction in complex workflows. That means faster decision-making, improved operational efficiency and a stronger foundation for innovation. Box will help them move away from fragmented systems toward a more unified secure content layer, giving them better visibility, governance and control over their information.

作為 EMEA 地區的新客戶（new logo）得標案例，一家歐洲製造業公司採用 Enterprise Advanced，以安全管理與分享關鍵文件、簡化全球團隊與合作夥伴之間的協作，並降低複雜工作流程中的摩擦。這意味著更快的決策、更高的營運效率，以及更穩固的創新基礎。Box 將協助他們從分散的系統轉向更一致且安全的內容層，讓他們對資訊擁有更佳的可視性、治理與控管能力。

Over the past quarter, I've had the distinct pleasure of being able to personally connect with well over 100 enterprises in various industries and geographies. What every single one of them have in common is they want the ability to leverage AI to accelerate their product execution, be able to better serve customers, find new market opportunities, produce better campaigns, drive operational efficiency and more.

在過去一季，我非常榮幸能親自與橫跨不同產業與地區的 100 多家企業交流。他們每一家共同的需求是：希望能運用 AI 加速產品落地、提供更好的客戶服務、發掘新的市場機會、產出更好的行銷活動、提升營運效率等。

But in these conversations, one of the biggest challenges that comes up is that enterprises need the ability to securely connect AI agents to their most important enterprise context, most of which rests in unstructured data. This unstructured data contains the most valuable information for agents to work with, whether it's key contracts, research materials, HR policies, marketing assets, product roadmap decisions, financial documents or anything else in the organization.

但在這些對話中，最常被提及的重大挑戰之一是：企業需要能夠安全地將 AI 代理人連結到其最重要的企業情境資訊，而這些資訊多半存在於非結構化資料中。這些非結構化資料包含代理人可運用的最有價值資訊，無論是關鍵合約、研究資料、人資政策、行銷素材、產品路線圖決策、財務文件或組織內的其他內容。

Getting agents to be able to successfully work with this information, process it at scale and be able to connect to it securely remains one of the biggest challenges for any AI strategy in an organization. Decades of legacy fragmented or on-premises content management infrastructure is holding organizations back from being able to truly get the full value from AI.

要讓代理人能成功處理這些資訊、以規模化方式運作，並能安全地連結到這些資料，仍是任何組織 AI 策略中最大的挑戰之一。數十年來遺留的分散式或地端（on-premises）內容管理基礎架構，正阻礙組織真正從 AI 中取得完整價值。

This is where Box comes in and what we are building with our intelligent content management platform. And in a world where there are hundreds of times more agents than people in an enterprise, the importance of getting the right information to agents becomes paramount. Agents need to be securely enabled, tied to a business process, grounded in enterprise information, governed properly and more.

這正是 Box 的切入點，也是我們以智慧內容管理平台所打造的方向。在一個企業內代理人數量可能是人類的數百倍的世界裡，將正確資訊提供給代理人的重要性變得至關重要。代理人需要被安全地啟用、與業務流程綁定、以企業資訊為依據（grounded）、受到適當治理等。

We are building the company and platform that can help our customers transform how they work with their enterprise content in the era of agents. And as the role of unstructured data grows in importance due to AI agents, our opportunity and TAM does as well.

我們正在打造一家公司與平台，協助客戶在代理人時代轉型其使用企業內容的工作方式。隨著 AI 代理人使非結構化資料的重要性日益提升，我們的機會與總可服務市場（TAM）也隨之擴大。

In Q1, we had another quarter of great execution on our product road map, delivering both the new Box Agent and Box Automate. The Box Agent acts as a unified AI engine across Box, leveraging the latest advanced reasoning models and Box's agentic harness to securely search company files, analyze and synthesize critical data and generate new content, all while respecting Box's enterprise-grade security governance and permission controls.

在第一季，我們在產品路線圖上再次展現優異的執行力，推出全新的 Box Agent 與 Box Automate。Box Agent 作為貫穿 Box 的統一 AI 引擎，運用最新的進階推理模型與 Box 的代理人框架（agentic harness），在遵循 Box 企業級安全治理與權限控管的前提下，安全地搜尋公司檔案、分析並彙整關鍵資料，並生成新內容。

You can use the Box Agent to transform company content and expertise that any employee can interact with, use the Box Agent to process large amounts of documents, whether it be for an M&A data room or a large set of contracts and generate new content from existing corpus of information like responding to RFPs or generating sales presentations on the fly.

您可以使用 Box Agent 將公司內容與專業知識轉化為任何員工都能互動的形式；也可用 Box Agent 處理大量文件，例如併購（M&A）資料室或大量合約，並從既有資訊語料庫中生成新內容，例如回覆 RFP 或即時生成銷售簡報。

Next up, in Q1, we announced the general availability of Box Automate, our new workflow automation solution that dynamically routes work across people, Box AI agents and enterprise systems with end-to-end automation to replace fragmented workflows and unlock enterprise productivity at scale. Customers can deploy custom Box agents across any workflow to create new content-driven processes that completely reimagine how work gets done, powering use cases like client onboarding, contract intelligence, brand asset approvals, life sciences R&D workflows and more.

接下來，在第一季，我們宣布 Box Automate（我們全新的工作流程自動化解決方案）正式全面可用；該方案可透過端到端自動化，將工作在員工、Box AI 代理與企業系統之間動態分派，以取代零散破碎的工作流程，並大規模釋放企業生產力。客戶可在任何工作流程中部署自訂的 Box 代理，建立全新的內容驅動流程，徹底重塑工作完成方式，支援的使用情境包括客戶導入、合約智慧、品牌素材核准、生命科學研發工作流程等。

This is one of our biggest releases yet and is a core part of the Enterprise Advanced story. Additionally, we expanded MCP app support in the Box MCP server and Box CLI for agents and developers to leverage.

這是我們迄今規模最大的發佈之一，也是 Enterprise Advanced 故事的核心組成。此外，我們也在 Box MCP server 與 Box CLI 中擴增了 MCP 應用支援，讓代理與開發者能加以運用。

We also strengthened important technology partners and continued to expand our ecosystem, including work with NVIDIA NeMoClaw and OpenShell and Box AI Agents and ServiceNow AI Agent Fabric. We were proud to be an early launch partner for leading model and agent platforms such as GPT 5.4 and 5.5, Claude Opus 4.7, the OpenAI Agent SDK 2.0 and Gemini 3.5 Flash, which just recently was released in May.

我們也強化了重要的技術合作夥伴關係，並持續擴大生態系，包括與 NVIDIA NeMoClaw 與 OpenShell 的合作，以及 Box AI Agents 與 ServiceNow AI Agent Fabric 的整合。我們很自豪能成為多個領先模型與代理平台的早期發佈合作夥伴，例如 GPT 5.4 與 5.5、Claude Opus 4.7、OpenAI Agent SDK 2.0，以及 Gemini 3.5 Flash（其於 5 月才剛發布）。

Providing customers with choice across AI models remains a critical part of our differentiation and value proposition, so customers can ensure they can take advantage of any leading AI model with their content.

為客戶提供跨 AI 模型的選擇仍是我們差異化與價值主張的關鍵一環，讓客戶能確保其內容可運用任何領先的 AI 模型。

Now, in Q2, this year and beyond, we are continuing to invest in our innovation that helps organizations accelerate knowledge work, unlock intelligence from content and transform workflows with AI agents. We are expanding the capabilities of Box Agents to support more sophisticated and longer-running tasks, richer content creation and greater customization.

現在，在第二季、今年以及未來，我們將持續投入創新，協助組織加速知識型工作、從內容中釋放智慧，並透過 AI 代理改造工作流程。我們正在擴充 Box Agents 的能力，以支援更複雜且執行時間更長的任務、更豐富的內容創作，以及更高程度的客製化。

We're also advancing Box Extract with major improvements designed to simplify extraction template creation, enable more advanced use cases with better evaluation capabilities and more. We are also continuing to invest in Box Automate with new enterprise features that help power agent-driven workflows by combining structured deterministic processes with the flexibility of AI agents and connected to the latest new features coming in Box Apps, we are working to deliver complete agentic intelligent workflow solutions for enterprises of all sizes.

我們也在推進 Box Extract，推出重大改進，旨在簡化擷取範本的建立、以更佳的評估能力支援更進階的使用情境等。我們也持續投資 Box Automate，新增企業級功能，透過將結構化、可預期的確定性流程與 AI 代理的彈性結合，來驅動以代理為核心的工作流程；並結合 Box Apps 即將推出的最新功能，我們正致力於為各種規模的企業交付完整的代理式智慧工作流程解決方案。

Next, our long-term focus on security and governance remains a major focus for us. As organizations deploy both Box Agents and external agents from systems like Claude Cowork or OpenAI's Codex that interact with Box content, protecting access to information becomes incredibly important. As agents become the largest user of software and data in an enterprise, organizations need robust ways of ensuring agents are only accessing the right data they need to work with.

接下來，我們對安全與治理的長期投入仍是我們的重點。當組織同時部署 Box Agents 與來自 Claude Cowork 或 OpenAI Codex 等系統、會與 Box 內容互動的外部代理時，保護資訊存取就變得極其重要。隨著代理成為企業中軟體與資料的最大使用者，組織需要健全的方法，確保代理只會存取其完成工作所需的正確資料。

And any risk of malicious use of data or rogue agents must be detected and prevented. We are building on our leadership position in content security with more granular access controls to help enterprises govern how external agents interact with content. Safeguards around sensitive data and improved visibility into potentially concerning agent activity.

任何資料遭惡意使用或流氓代理（rogue agents）的風險，都必須被偵測並加以防範。我們將在內容安全的領導地位上再進一步，提供更細緻的存取控制，協助企業治理外部代理與內容互動的方式。並針對敏感資料提供防護措施，以及提升對可能令人擔憂之代理活動的可視性。

We are also building on our agent guardrails so we can ensure that enterprises can limit how agents use their organization's content. Finally, given the growing increase in headless software experiences where AI agents interact with enterprise applications and data through APIs rather than traditional user interfaces, we are investing in a best-in-class developer experience so developers and agents can use Box effectively as a file system for AI.

我們也在既有的代理防護欄（guardrails）基礎上持續強化，以確保企業能限制代理如何使用其組織的內容。最後，鑑於無介面（headless）的軟體體驗日益增加——AI 代理透過 API 而非傳統使用者介面與企業應用與資料互動——我們正投資打造業界一流的開發者體驗，讓開發者與代理能有效地將 Box 作為 AI 的檔案系統來使用。

This includes faster onboarding, better insights, improved SDKs, new MCP capabilities and broader support for agentic development. We are also continuing to deepen our partnerships and integrations with leading agent development platforms, including the OpenAI Agent SDK, Claude Agent SDK, LangChain and many others.

這包括更快速的上手導入、更好的洞察、改良的 SDK、新的 MCP 能力，以及更廣泛的代理式開發支援。我們也持續深化與領先代理開發平台的合作與整合，包括 OpenAI Agent SDK、Claude Agent SDK、LangChain 等眾多平台。

Now turning to go-to-market. We are seeing growing success in the rollout of Enterprise Advanced, which enables enterprises to transform how they work with their content and AI. To deliver the full value of our platform, we are also focused on bringing solutions to market across key verticals like financial services, life sciences, legal, media and entertainment, the public sector and more.

接著談到市場推進（go-to-market）。我們看到 Enterprise Advanced 的推廣正取得愈來愈多的成功，協助企業以其內容與 AI 來改造工作方式。為了交付平台的完整價值，我們也聚焦於在金融服務、生命科學、法律、媒體與娛樂、公部門等關鍵垂直產業推出解決方案。

We will continue to drive agentic solutions throughout FY27 and beyond with a deep focus on adding value through AI, targeting industry-specific workflows, enabling Box to be leveraged as a headless platform for unstructured data within agents and strengthening our offering through partners. Our partner ecosystem remains a major focus for Box as we bring the full value of Box to our customers in their specific industries.

我們將在 FY27 及其後持續推動代理式解決方案，深度聚焦於透過 AI 創造價值、鎖定產業特定工作流程、讓 Box 能在代理中作為非結構化資料的無介面平台被運用，並透過合作夥伴強化我們的產品方案。在我們將 Box 的完整價值帶給各產業客戶的過程中，合作夥伴生態系仍是 Box 的主要重點。

To do this, we're working to ensure that Box is going to market with the leading frontier AI labs, system integrators and hyperscalers. For instance, in AWS' official announcement on bringing on OpenAI as a model partner, Box was named as a partner with both organizations for agentic document workflows.

為此，我們正努力確保 Box 與領先的前沿 AI 實驗室、系統整合商與超大規模雲端服務商（hyperscalers）共同推向市場。例如，在 AWS 正式宣布引入 OpenAI 作為模型合作夥伴時，Box 被點名為與兩家組織合作、用於代理式文件工作流程的合作夥伴。

Also, in the recent Claude for Legal Solutions announcement, Box was one of the key partners highlighted for management of enterprise content across the solution, which built on our previous inclusion in the Claude for Financial Services launch. The system integrator ecosystem also remains a core focus of ours.

此外，在近期的「Claude for Legal Solutions」公告中，Box 也是被重點提及的關鍵合作夥伴之一，負責在整體解決方案中進行企業內容管理；這也延續了我們先前在「Claude for Financial Services」發佈中的納入。系統整合商生態系同樣仍是我們的核心重點。

And in Q1, we continued to gain momentum in our partner-led wins with Enterprise Advanced. Working with our partner, VersaFile, we expanded our relationship with a major EMEA-based automotive, engineering and industrials conglomerate that upgraded from Business Plus to Enterprise Advanced and added seats.

而在第一季，我們在由合作夥伴帶動的 Enterprise Advanced 贏單上持續累積動能。我們與合作夥伴 VersaFile 合作，擴大了與一家位於 EMEA 的大型汽車、工程與工業綜合集團的合作關係；該客戶從 Business Plus 升級至 Enterprise Advanced，並增加了席次。

This deal also represented an early Box solutions win driven by prebuilt SAP-oriented integrations. The customer also purchased additional AI units to support extract-driven workflows for business processes such as invoice management, contract life cycle management and e-signature consolidation while enabling future use cases like digital asset management.

這筆交易也代表一項早期的 Box 解決方案贏單，係由預先建置、面向 SAP 的整合所驅動。該客戶亦購買了額外的 AI 單位，以支援以擷取（extract）為驅動的工作流程，用於發票管理、合約生命週期管理與電子簽章整合等業務流程，同時也為未來如數位資產管理等使用情境奠定基礎。

Working with Slalom, a leading North American consumer finance company, selected Box for a multi-thousand-seat enterprise advanced deployment. As part of a larger digital transformation project anchored on the Salesforce Financial Services Cloud, Box is replacing a fragmented legacy stack of document management systems, e-signature and doc generation tools that have created complex compliance risk and operational drag across its regulated lending workflows.

我們與 Slalom 合作後，一家北美領先的消費金融公司選擇 Box 進行數千席次的 Enterprise Advanced 部署。作為一項更大型的數位轉型專案的一部分（以 Salesforce Financial Services Cloud 為核心），Box 正在取代分散且破碎的傳統文件管理系統、電子簽章與文件生成工具堆疊；這些工具在其受監管的放貸工作流程中造成了複雜的合規風險與營運阻力。

Now as we look ahead, we believe this is a defining moment for Box. Enterprise content sits at the center of every enterprise's agentic strategy, and our opportunity is to power how an enterprise connects their content securely to their people, agents and applications. With the innovation we are delivering across both our headless platform and application layers, combined with our depth in data security, governance and compliance, we are expanding the market in front of us and deepening the value we provide to customers.

展望未來，我們相信這是 Box 的關鍵時刻。企業內容位於每家企業代理式策略的核心，而我們的機會在於：以安全的方式驅動企業如何將其內容連結到員工、代理與應用程式。透過我們在無介面平台與應用層的創新交付，再加上我們在資料安全、治理與合規方面的深厚能力，我們正在擴大眼前的市場並加深我們為客戶提供的價值。

We remain focused on execution, disciplined investment and delivering long-term accelerating growth as we build the leading intelligent content management platform for the agentic era.

我們仍將專注於執行、紀律性的投資，以及在打造代理時代領先的智慧內容管理平台的同時，交付長期且加速的成長。

Now let me turn the call over to Dylan.

現在我把電話會議交給 Dylan。

Thanks, Aaron, and good afternoon, everyone. Q1 was a very strong start to the year, highlighted by record Q1 bookings. We delivered our fourth consecutive quarter of accelerating revenue growth, achieved a double-digit growth rate for the first time since fiscal 2023 and exceeded our guidance across all metrics.

謝謝你，Aaron，各位下午好。第一季為今年帶來非常強勁的開局，其中以創下第一季訂單（bookings）新高為亮點。我們實現了連續第四季的營收成長加速，並且自 2023 會計年度以來首次達到雙位數成長率，同時在所有指標上都超越了我們的指引。

We have made significant progress against the financial strategy we outlined in March at our Financial Analyst Day, accelerating revenue growth, driving continued Enterprise Advanced momentum and reducing total shares outstanding by executing our disciplined capital allocation strategy.

我們在推進 3 月於金融分析師日（Financial Analyst Day）所概述的財務策略方面取得顯著進展：加速營收成長、持續推動 Enterprise Advanced 動能，並透過執行我們紀律性的資本配置策略來降低流通在外股數。

Q1 revenue of $306 million was up 11% year over year and up 10% in constant currency. Customers paying us at least $100,000 annually grew 11% year over year. Suites customers now account for 67% of revenue, up from 61% a year ago. We ended Q1 with remaining performance obligations, or RPO, of $1.6 billion, a 12% year-over-year increase or 16% in constant currency.

第一季營收為 3.06 億美元，年增 11%，以固定匯率計年增 10%。每年支付我們至少 10 萬美元的客戶數年增 11%。套裝（Suites）客戶目前占營收的 67%，高於一年前的 61%。第一季結束時，我們的剩餘履約義務（RPO）為 16 億美元，年增 12%，以固定匯率計年增 16%。

Short-term RPO was up 8% year over year and up 12% in constant currency. We expect to recognize roughly 55% of our RPO over the next 12 months. Q1 billings of $255 million were up 5% year over year or 13% in constant currency. This result exceeded our expectations of low single-digit growth despite absorbing an FX headwind that was 260 basis points greater than our prior expectations.

短期 RPO 年增 8%，以固定匯率計年增 12%。我們預期在未來 12 個月內認列約 55% 的 RPO。第一季帳單金額為 2.55 億美元，年增 5%，以固定匯率計年增 13%。儘管承受的外匯逆風較我們先前預期多出 260 個基點，該結果仍超出我們對低個位數成長的預期。

This outperformance was driven primarily by strong Q1 bookings, fueled by continued momentum from customers upgrading to Enterprise Advanced.

這項優於預期的表現主要由第一季強勁的訂單所帶動，動能來自客戶持續升級至 Enterprise Advanced。

Our net retention rate in Q1 was 105%, above our guidance of 104% and up from 102% in the year ago period. Our annualized full churn rate remained at 3%.

我們第一季的淨留存率為 105%，高於我們 104% 的指引，亦高於去年同期的 102%。我們的年化整體流失率維持在 3%。

We now expect our net retention rate to be 105% exiting FY27. We delivered Q1 gross margin of 81.5%, up 100 basis points from the year ago period. Operating income of $85 million resulted in operating margin expansion of 240 basis points from the year ago period to 27.7% or 28.1% in constant currency. This was above our guidance of 27.5%.

我們目前預期在 FY27 結束時的淨留存率為 105%。我們第一季毛利率為 81.5%，較去年同期提升 100 個基點。營業利益為 8,500 萬美元，使營業利益率較去年同期擴張 240 個基點至 27.7%，以固定匯率計為 28.1%。此結果高於我們 27.5% 的指引。

In Q1, we delivered EPS of $0.37, which was above our guidance of $0.36.

第一季我們的每股盈餘（EPS）為 0.37 美元，高於我們 0.36 美元的指引。

Turning to our cash flow and balance sheet. In Q1, we generated record free cash flow of $128 million and cash flow from operations of $140 million, up 8% and 10% year over year, respectively. We ended Q1 with $479 million in cash, cash equivalents, restricted cash and short-term investments. In March, we announced a $500 million expansion of our share repurchase program. We repurchased 4.8 million shares in Q1 for approximately $114 million.

接著談我們的現金流與資產負債表。第一季我們創下自由現金流 1.28 億美元的紀錄，營運活動現金流為 1.40 億美元，分別年增 8% 與 10%。第一季末我們持有 4.79 億美元的現金、約當現金、受限制現金及短期投資。3 月我們宣布將股票回購計畫擴大 5 億美元。第一季我們以約 1.14 億美元回購 480 萬股。

As of April 30, 2026, we had approximately $445 million of remaining buyback capacity under our current share repurchase plan.

截至 2026 年 4 月 30 日，依據目前的股票回購計畫，我們尚有約 4.45 億美元的剩餘回購額度。

With that, let me now turn to our Q2 and updated FY27 guidance. For the second quarter of fiscal 2027. We expect Q2 revenue to be approximately $319 million, representing approximately 9% year-over-year growth or 10% growth in constant currency. This includes an expected headwind of approximately 170 basis points from FX.

接下來我將說明第二季與更新後的 FY27 指引。就 2027 會計年度第二季而言。我們預期第二季營收約為 3.19 億美元，約為年增 9%，以固定匯率計成長 10%。其中包含外匯帶來約 170 個基點的預期逆風。

We anticipate our Q2 billings growth to land in the low double digits, which includes an expected tailwind from FX of approximately 140 basis points. We expect Q2 gross margin to be in the range of 81% to 81.5%. We anticipate our Q2 operating margin to be approximately 28.5%, which includes an expected headwind from FX of 100 basis points.

我們預期第二季帳單成長將落在低雙位數，其中包含外匯帶來約 140 個基點的預期順風。我們預期第二季毛利率介於 81% 至 81.5%。我們預期第二季營業利益率約為 28.5%，其中包含外匯帶來 100 個基點的預期逆風。

We expect our Q2 EPS to be approximately $0.39, which includes an expected headwind from FX of approximately $0.03. Weighted average diluted shares are expected to be approximately 139 million for the full fiscal year ending January 31, 2027.

我們預期第二季 EPS 約為 0.39 美元，其中包含外匯帶來約 0.03 美元的預期逆風。加權平均稀釋股數預期在截至 2027 年 1 月 31 日的整個會計年度約為 1.39 億股。

We are raising our revenue expectations for the full year by $5 million to approximately $1.28 billion, representing 9% year-over-year growth or 10% in constant currency. This includes an expected FX headwind of approximately 90 basis points, 30 basis points higher than our prior expectations. Adjusting for currency movements, this represents an increase of approximately $8.5 million versus our prior guidance.

我們將全年營收預期上調 500 萬美元至約 12.8 億美元，約為年增 9%，以固定匯率計成長 10%。其中包含外匯帶來約 90 個基點的預期逆風，較我們先前預期高出 30 個基點。若調整匯率變動因素，這相較我們先前指引約增加 850 萬美元。

We expect our FY27 billings growth to be roughly in line with revenue growth. This includes an expected headwind of approximately 150 basis points from FX, 50 basis points higher than our prior expectations. We expect FY27 gross margin to be in the range of 81% to 81.5%. We expect our FY27 operating margin to be approximately 28% or 28.7% in constant currency.

我們預期 FY27 帳單成長大致與營收成長一致。其中包含外匯帶來約 150 個基點的預期逆風，較我們先前預期高出 50 個基點。我們預期 FY27 毛利率介於 81% 至 81.5%。我們預期 FY27 營業利益率約為 28%，以固定匯率計為 28.7%。

We now expect FY27 EPS of approximately $1.56 or $1.64 in constant currency. This represents an increase of approximately $0.06 when normalizing for currency movements versus our previous expectations. Weighted average diluted shares are expected to be approximately 139 million, a reduction of 2 million shares versus our prior expectations.

我們目前預期 FY27 EPS 約為 1.56 美元，以固定匯率計為 1.64 美元。若將匯率變動因素標準化，這相較我們先前預期約增加 0.06 美元。加權平均稀釋股數預期約為 1.39 億股，較我們先前預期減少 200 萬股。

Our return to double-digit revenue growth underpinned by enterprise advanced momentum and an improving net retention rate reflects the growing demand we're seeing in the market for our AI-powered solutions. In Q1, we continued to build on our strong market position, launching powerful new capabilities such as our Box Agent and Box Automate.

在 Enterprise Advanced 動能與淨留存率改善的支撐下，我們重返雙位數營收成長，反映出市場對我們 AI 驅動解決方案的需求正在增加。第一季我們持續鞏固強勁的市場地位，推出多項強大的新功能，例如 Box Agent 與 Box Automate。

At the same time, our go-to-market investments are translating into increased partner-led deal momentum and encouraging early traction with Box solutions. As we look ahead, we remain confident in the opportunity in front of us and committed to investing with discipline to drive accelerating revenue growth, expanding profitability and long-term shareholder value.

同時，我們的市場推廣（go-to-market）投資正轉化為由合作夥伴主導的交易動能提升，以及 Box 解決方案令人鼓舞的早期進展。展望未來，我們對眼前的機會仍充滿信心，並承諾以嚴謹的方式投資，以推動營收成長加速、獲利能力擴張，以及長期股東價值。

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。

I guess maybe just to start on, I guess, what you're actually seeing from Agentic AI adoption within your customers? And I guess, as you have a look at the more sophisticated customers that you have, just kind of where are we in terms of their adoption curve and how that's translating to, how that's changing, I guess, their usage of Box moving forward as a result of that?

我想先從你們實際看到的客戶對 Agentic AI 的採用情況談起？另外，針對你們較成熟、較高階的客戶來看，就他們的採用曲線而言，我們目前大概處於什麼階段？以及這如何轉化為、或如何改變他們未來對 Box 的使用方式？

Yes. So I think we're still relatively early in the journey on what we would probably consider to be more advanced agents working with enterprise content. So I think the really exciting thing is how much upside that remains ahead of us. Some of the biggest use cases that we're seeing so far, things like our document extraction agent has absolutely kind of become a killer app for us within enterprises that have large amounts of contracts or invoices or financial documents. So we're seeing a lot of momentum on our data extraction efforts.

是的。我認為，就我們可能會視為更進階的代理（agents）與企業內容協作而言，我們仍處於相對早期的旅程。因此真正令人興奮的是，未來仍有很大的上行空間。到目前為止，我們看到的一些最大使用案例，例如我們的文件擷取代理（document extraction agent），在擁有大量合約、發票或財務文件的企業中，確實已成為我們的殺手級應用。因此我們在資料擷取相關工作上看到很強的動能。

Our Box Automate product that just launched in -- at the tail end of Q1 is going to be another kind of mechanism for deploying agents that can do much more advanced work on enterprise content workflows. So things like client onboarding or RFP workflows or brand asset detection, anything where you want to be able to, in an automatic process, have an agent go and review information, generate new content, extract metadata. So those are some of the kind of big use cases.

我們的 Box Automate 產品在第一季末尾剛推出，將成為另一種部署代理的機制，使其能在企業內容工作流程上執行更進階的工作。例如客戶導入（onboarding）、RFP 工作流程、品牌資產偵測等；任何你希望在自動化流程中，讓代理去審閱資訊、產生新內容、擷取中繼資料的情境。以上是一些主要的使用案例。

I think right now, it's mostly showing up within the enterprise advanced revenue momentum that we're seeing. So that's really driving a lot of the accelerated growth that we're seeing. And then layered on top of that, we're certainly seeing more platform usage and utilization. So Box's APIs will be leveraged more across agents that are outside of Box.

我認為目前主要反映在我們看到的 Enterprise Advanced 營收動能上。因此這確實推動了我們所看到的加速成長。此外，我們也確實看到更多平台使用與利用率提升。因此，Box 的 API 將會在 Box 以外的代理之間被更廣泛地運用。

So customers leveraging the Box APIs for agentic work they're doing within Claude or within OpenAI and other platforms and then as well as our AI unit monetization, which is now starting to ramp up. Still, again, the early phases, but seeing good momentum with a lot of the heavy workload use cases like Box Extract that drives pretty heavy AI unit consumption from customers.

也就是客戶在 Claude、OpenAI 及其他平台中進行的 agentic 工作會運用 Box API；同時也包括我們的 AI 單位（AI unit）變現，目前正開始加速成長。不過仍然是早期階段，但我們在一些高工作量使用案例上看到良好動能，例如 Box Extract，會帶動客戶相當大量的 AI 單位消耗。

Okay. That's helpful context and great to hear. And maybe on just the guide, I mean, it looks like a pretty healthy raise on a constant currency basis. I guess I want to get a better understanding for, I guess, maybe what's kind of changed in some of the underlying assumptions?

好的。這些背景資訊很有幫助，也很高興聽到。另外就指引來看，我的意思是，以固定匯率基礎來看，這看起來是相當健康的上調。我想我想更好地理解的是，嗯，可能是一些底層假設中有哪些變化？

How much of this is based off of what you've already booked and seen come through in 1Q versus maybe something that's still kind of on the come later this year in terms of what you're seeing in the pipeline?

這當中有多少是基於你們在第一季已經入帳、也已經看到實際反映出來的部分，相較之下又有多少是基於你們在管線中看到、可能會在今年稍晚才會到來的部分？

Yes. So definitely pleased with the underlying momentum that we're seeing in the business. And really, what's driving the majority of the increase in our expectations is on the come, but in areas that we have pretty good visibility into now that we see the continued impact and momentum of Enterprise Advanced in particular.

是的。所以我們確實對目前在業務中看到的底層動能感到非常滿意。而且真正推動我們上調大部分預期的因素是在後續將會到來的部分，但這些領域我們現在已經有相當好的能見度，因為我們看到 Enterprise Advanced 尤其持續帶來的影響與動能。

Certainly, a portion of that increase, you can see did already occur in the Q1 time frame. And so we flowed that through. But the magnitude of the beat, especially when factoring in the FX adjustments, so that $8.5 million increase to our expectations for this year's revenue outcome is really about just the continued pipeline build and momentum that we're seeing in the business that we're, again, really, really pleased by.

當然，其中一部分的上調，你可以看到確實已經在第一季期間發生。所以我們也把它反映進去了。但超預期的幅度，尤其在納入匯率調整後，也就是我們對今年營收結果的預期上調 850 萬美元，主要是因為我們在業務中看到的管線持續累積與動能延續；我們再次強調，對此真的非常、非常滿意。

Matt Bullock, Bank of America.

Matt Bullock，美國銀行。

I wanted to ask about net revenue retention. Obviously, that continues to track very well, ahead of expectations. Maybe, Dylan, if you could just unpack the incremental drivers of that upside. And then you also mentioned the EA net revenue retention is also tracking above the corporate average. I would love if you could speak a little bit more about the drivers of that as well.

我想問一下淨營收留存率（net revenue retention）。顯然它持續表現得非常好，超出預期。Dylan，也許你可以拆解一下這個超預期的增量驅動因素。另外你也提到 EA 的淨營收留存率也高於公司整體平均。我也很希望你能多談一點其背後的驅動因素。

Sure. So I would say actually that the overall net retention rate, there's the business driver, which actually is directly related to the second part of the question, which is just very healthy momentum and adoption of Enterprise Advanced. So that's what's driving from a mix standpoint, the increase that we've been seeing in net retention rate.

當然。所以我會說，其實整體淨留存率的提升，有一個業務面的驅動因素，而這其實直接關聯到你問題的第二部分，也就是 Enterprise Advanced 的採用與動能非常健康。因此從組合（mix）的角度來看，這就是我們看到淨留存率上升的主要原因。

And then if you think of the components of what drives that net retention rate, we've seen an increase both on the seats and on the pricing side of that expansion. But really what's moved most recently and has been the case for the past two, three quarters is around seat expansion. So that's just going a click deeper what's really been driving that.

然後如果你去看驅動淨留存率的各個組成，我們在席位（seats）與定價兩個面向的擴張都看到增加。但最近變化最大、而且過去兩三個季度一直如此的，是席位擴張。所以再往下挖一層，真正推動的主要就是這一點。

But again, much of that is being driven by Enterprise Advanced. And as that becomes a larger portion of the business and the customer expansion, that rate that's a little bit higher than the overall average is what's bringing up the blended net retention rate to that 105% as well.

但再次強調，其中很大一部分是由 Enterprise Advanced 所帶動。而隨著它在業務與客戶擴張中占比提高，那個略高於整體平均的留存率，也把合併後的淨留存率推升到 105%。

Very helpful. And then if I could sneak one follow-up. That would be fantastic. Dylan, maybe if you could just unpack the changes to the constant currency margin guidance for the full year. Anything specifically driving the change?

非常有幫助。如果我可以再追問一個問題。那就太好了。Dylan，也許你可以拆解一下全年固定匯率營業利益率指引的變動。有沒有什麼特定因素在推動這個變化？

So for operating margin?

你是指營業利益率（operating margin）嗎？

For operating margin.

是指營業利益率。

Yes. So really -- so we -- on an as-reported basis, maintained our operating margin expectations of 28% but on a constant currency basis, up about 20 basis points, so absorbing and offsetting that FX headwind because of the efficiencies that we're driving. And there's no single item that is driving that increase, really just continuing to drive efficiencies across the business.

是的。所以其實——我們——在報表口徑（as-reported）下，我們維持營業利益率預期為 28%；但在固定匯率基礎下，上調約 20 個基點，因為我們透過推動效率來吸收並抵消匯率逆風。而且沒有任何單一項目在推動這個上升，主要就是持續在整個業務中推動效率提升。

And as we continue to see that healthy top line growth, that's certainly helpful as well. So just really a continuation of a lot of the kind of leverage points and overall operating discipline that we've been driving across the business.

同時，隨著我們持續看到健康的營收成長，這當然也有幫助。所以基本上就是延續我們在整個業務中推動的各種槓桿點，以及整體營運紀律。

Taylor McGinnis, UBS.

Taylor McGinnis，瑞銀（UBS）。

Aaron, maybe first one for you. So you talked about a lot of AI innovation that you guys are bringing to market in your prepared remarks. So when we think about the growth levers outside of SKU upgrades to advance, any thoughts on when AI credits and MCP access could be more needle moving to numbers or Box spend?

Aaron，先問你一題。你在事先準備的發言中談到你們帶到市場上的許多 AI 創新。所以當我們思考除了 SKU 升級到 Advanced 之外的成長槓桿時，你對於 AI credits 和 MCP 存取何時可能對數字或 Box 支出帶來更明顯的拉動，有什麼看法？

I guess part of the question is just with the broader hiring environment still being fairly muted. Curious how your conversations with customers are going on Box spend potential near term, if you're starting -- if you are seeing some signs of weaker seat expansion, but if Box is offsetting that potentially with some of this mix shift to usage?

我想這個問題的一部分是，在更廣泛的招募環境仍相對低迷的情況下。我很好奇你們與客戶的對話，在短期內對 Box 支出潛力的看法如何；你們是否開始——是否看到席位擴張變弱的一些跡象，但 Box 是否可能透過這種向用量（usage）的組合轉移來抵消？

Yes. Great question. I mean, first of all, we -- I think in the core seat part of the business, trends remain strong, both upgrade to Enterprise Advanced and overall kind of seat just health. And so I think some of the broader narrative is sort of not something that is reflected within our customer base and within what we're seeing in the business model. So I'd kind of call that out first as just a very positive trend we're seeing on the pure Enterprise Advanced side.

是的。好問題。我的意思是，首先，我們——我認為在業務的核心席位部分，趨勢仍然強勁，無論是升級到 Enterprise Advanced，或整體席位的健康度都是如此。所以我認為一些更廣泛的敘事，某種程度上並沒有反映在我們的客戶基礎以及我們在商業模式中看到的情況。所以我會先把這點點出來：在純 Enterprise Advanced 這一側，我們看到的是非常正向的趨勢。

And then as we've talked about, there's sort of two additional growth levers beyond the pure seat and price per seat dynamic with Enterprise Advanced. There's the growth of AI units, which are really the consumption pool of AI tokens that our customers are leveraging across our native agents.

然後如同我們談過的，除了 Enterprise Advanced 的純席位與每席位價格動態之外，還有兩個額外的成長槓桿。一個是 AI units 的成長，這其實是我們客戶在原生代理（native agents）上所使用的 AI tokens 的消耗池（consumption pool）。

And then there's API monetization that increasingly will happen as agents are deployed external to Box that take advantage of content and documents in Box beyond whatever the kind of seat allocation is provisioned for. And both of those metrics are growing nicely. And sometimes we decide to monetize when a customer has some burst capacity and we go in and ensure that they're kind sort of rightsized for their deployment.

另一個是 API 變現；隨著代理被部署到 Box 之外、並利用 Box 中的內容與文件（超出原本配置的席位配額所涵蓋的範圍），這種變現將會愈來愈多地發生。而這兩個指標都在良好成長。有時候，當客戶出現一些突發（burst）容量需求時，我們會決定進行變現，並介入以確保他們的部署規模是合適的（rightsized）。

And then other times, we'll -- at the kind of appropriate renewal moment, customers will buy into more API calls or they'll buy into more AI units. So some of that will lag some of the usage and some of that will come with -- at the moment that the usage is happening depending on what we're doing with that customer.

而在其他時候，我們會——在適當的續約時點，客戶會購買更多 API 呼叫量，或購買更多 AI units。所以其中一部分會落後於使用量，而另一部分則會在使用發生的當下就反映，取決於我們與該客戶採取的做法。

But overall, both of those metrics are already driving kind of top line revenue, and I think that will continue to kind of provide a nice healthy component of the revenue over the near, medium and long run. But I think we're firing on all cylinders from a monetization standpoint right now with, again, kind of very clear vectors of upside as you get more of the consumption model that we're commercializing.

但整體而言，這兩個指標已經在推動營收成長，我認為在短期、中期與長期都會持續為營收提供一個良好且健康的組成。不過我認為就變現而言，我們現在是全速運轉；而且再次強調，隨著我們商業化更多消耗型模式，仍有非常清晰的上行向量。

And then Dylan, one for you. Could you comment on the billings outperformance in 1Q? So it was really strong, and it looks like the guide assumes like a continued low double-digit constant currency growth in the first half. So when I look at the guide for the second half, if I ran my math right, it looks like it implies something closer to high single digits.

然後 Dylan，問你一題。你能評論一下第一季帳單（billings）表現超預期的情況嗎？它非常強勁，而且看起來指引假設上半年固定匯率仍維持低雙位數成長。所以當我看下半年的指引時，如果我算得沒錯，似乎隱含更接近高個位數的成長。

So any shift, I guess, in renewals from second half into the first half or anything to keep in mind there? Or is this just a function of prudence as we move throughout the year?

所以我想問的是，續約是否有任何從下半年提前到上半年的移動，或有什麼需要留意的地方？還是這只是隨著年度推進、出於審慎考量的結果？

Sure. Yes. So I would say that the Q1 outperformance was really just driven by a lot of the underlying strength and bookings momentum that we saw in the business, nothing unusual in terms of early renewals or payment durations or any of those types of factors. So that was really responsible for the upside.

當然。是的。所以我會說，第一季的超預期主要是由我們在業務中看到的底層強勁與訂單（bookings）動能所驅動，並沒有任何不尋常的因素，例如提前續約、付款期間長短變化或其他這類因素。所以這確實就是帶來上行的原因。

And you're right that the H1 billings expectations for that growth rate versus H2, H1 is a little bit higher, but they are pretty close to each other. So we are expecting to see the momentum that we are seeing continue, if not pick up. And that delta is really just a function of comparing largely actuals and the near-term expectations to the back half.

而且你說得沒錯，針對該成長率的上半年（H1）開立帳單（billings）預期相較於下半年（H2），H1 會稍微高一些，但兩者其實非常接近。因此，我們預期目前看到的動能將會延續，甚至可能加速。而那個差異（delta）主要只是因為我們在比較時，前半段更多是以實際結果與短期預期為主，後半段則是看下半年。

So really just being prudent as we always want to make sure that we're setting expectations that we're confident in meeting or exceeding.

所以這其實就是一如既往地保持審慎，確保我們設定的是我們有信心達成或超越的預期。

Lucky Schreiner, D.A. Davidson.

Lucky Schreiner，D.A. Davidson。

Great. Maybe a quick follow-up on some of the agent and AI questions that have been asked. Curious how customers are maybe balancing their AI budgets and as they scale their AI usage and the consumption pricing, have you seen any instances of maybe token optimization and enterprises trying to introduce better cost controls?

很好。也許針對先前提到的一些代理（agent）與 AI 問題做個簡短追問。我好奇客戶在擴大 AI 使用量與採用用量計價（consumption pricing）時，可能如何平衡他們的 AI 預算；你們是否看到一些情況，例如進行 token 最佳化，或企業嘗試導入更好的成本控管？

And maybe in general, how would you characterize the urgency in customer conversations today with regards to ramping AI adoption and trying to maximize productivity?

另外更一般地說，你會如何形容目前客戶對於加速 AI 導入、並試圖最大化生產力的對話中，那種急迫性？

Yes. So maybe in reverse, I think the urgency is quite high for the overall execution of agentic strategies within enterprises right now. I mean, we -- I'm in just a tremendous amount of customer conversations at the moment and every week talking to probably half a dozen to a dozen customers depending on the week and if we're hosting events and the trends are unbelievably consistent across industry, across geography, across size of business, which is everybody has seen the amazing capabilities of things like coding agents kind of take off within their engineering organizations.

是的。如果倒過來回答，我認為目前企業在推動代理式（agentic）策略整體落地的急迫性相當高。我的意思是，我現在正在進行大量的客戶對話；每週大概會和六到十二位客戶交流，視當週情況以及我們是否主辦活動而定。而且這些趨勢在各產業、各地區、各公司規模之間都驚人一致：大家都已經看到像程式碼代理（coding agents）這類工具在工程組織內迅速起飛、展現出驚人的能力。

Most companies have either deployed or are in the midst of deploying some kind of chat agent strategy. And so now the big kind of open area is, okay, well, how do I get the gains of these kind of coding agents, but in the rest of knowledge work. How do I accelerate the productivity of my sales organization or of my finance team or of the legal organization for client onboarding and contract review processes or research and development in life sciences or manufacturing?

多數公司不是已經部署，就是正在部署某種聊天代理（chat agent）策略。所以現在最大的開放領域是：好，那我如何把這類程式碼代理帶來的效益，延伸到其他知識型工作？我如何加速銷售組織、財務團隊，或法務在客戶導入（onboarding）與合約審閱流程上的生產力？又或者是生命科學或製造業的研發？

And so in all of those areas, everybody kind of wants those same gains of the coding agents, but they're quickly met with this challenge of, well, to get those gains, you need to have your actual workflows and your data look a lot closer to how engineers have always worked, which is your data is in the same place.

因此在所有這些領域，大家都想要取得程式碼代理那樣的增益，但很快就會遇到一個挑戰：要拿到那些增益，你必須讓你的實際工作流程與資料狀態更接近工程師一向的工作方式，也就是你的資料在同一個地方。

You have access to it all in an efficient way. You have the right kind of tooling to get your agents access to that information. And all of those kinds of challenges kind of show up pretty quickly because a customer says, I want to get these gains with AI, but my data is in some legacy on-premises system. I can't easily connect it to agents. My provider doesn't have an MCP support. My data is fragmented across a variety of systems, so I don't have the right access controls for people or agents to get access to that information.

你能以高效率的方式存取所有資料。你有正確的工具，讓你的代理能存取那些資訊。而這些挑戰會很快浮現，因為客戶會說：我想用 AI 取得這些增益，但我的資料在某個傳統的地端（on-premises）系統裡。我不容易把它連到代理上。我的供應商不支援 MCP。我的資料分散在多個系統，因此我沒有適當的存取控制，讓人或代理能存取那些資訊。

So that's kind of the contour of the conversation right now, which is why we're in so many conversations, again, across industry and across size of the company because everybody is realizing they have to go and solve that problem if they're going to deploy agents at scale in their organization.

所以這就是目前對話的輪廓；也因此我們才會有這麼多對話——再次強調，跨產業、跨公司規模——因為每個人都意識到，如果要在組織內大規模部署代理，他們就必須去解決這個問題。

So we're having an unbelievable amount of customer conversations. This is why we're on the road with our Content AI summits, BoxWorks coming up this fall. We just had our Content AI virtual summit last week with major product announcements. So demand is strong. Pipeline is building. The conversations are fantastic.

所以我們正在進行非常大量的客戶對話。這也是為什麼我們在各地舉辦 Content AI 高峰會、以及今年秋天即將到來的 BoxWorks。我們上週也剛舉辦了 Content AI 線上高峰會，並發布了重大的產品公告。因此需求強勁。銷售管線正在建立。對話非常精彩。

And so the momentum is absolutely building there. But customers do realize they have to go through this journey and there is change management, there is new technology they have to deploy, and that is going to take them some amount of time, which puts us in a great position because they are going to need partners to help them bridge from all of these amazing AI innovations that they're seeing in the market to being able to actually deploy this in their own environment. So that's the second part of your question.

所以那邊的動能確實正在累積。但客戶也明白他們必須走過這段旅程：需要變革管理，需要部署新技術，而這會花上一些時間。這讓我們處於很好的位置，因為他們將需要合作夥伴，協助他們把市場上看到的各種驚人 AI 創新，銜接到能在自身環境中真正落地部署。這就是你問題的第二部分。

And on the first part on tokenomics and overall kind of token budgeting dynamics, this is also a major theme. So every dinner we host with CIOs, and we do this every one to two weeks pretty much somewhere in the country, the token budgeting conversation has absolutely taken over as one of the most important topics for CIOs.

至於第一部分，關於 token 經濟（tokenomics）以及整體 token 預算配置的動態，這同樣是個重要主題。我們每次與 CIO 主辦的晚宴——幾乎每一到兩週就在全國某地舉辦——token 預算的討論已經完全成為 CIO 最重要的議題之一。

And there's a variety of factors kind of at play right now. But one thing that we strategically have as an advantage is you're going to see the value of having a neutral layer that you have between your data and the ultimate AI consumption because what you want to be able to do is swap in and out of different model providers or different harnesses or different agents based on whatever the type of performance gains you're getting based on the different cost profile you have of your workload.

目前有多種因素在同時作用。但我們在策略上有一個優勢：你會看到在資料與最終 AI 用量消費之間，擁有一個中立層（neutral layer）的價值。因為你真正想做到的是，能依據工作負載的成本結構，以及不同模型供應商／不同編排框架（harnesses）／不同代理所帶來的效能增益，去替換、切換不同的模型供應商或不同的 harness 或不同的代理。

So you don't want to have your data kind of stuck with one vendor that's going to sort of try and keep your workloads going down a particular path. You want to be able to have some flexibility of which agents can you use, which models do you choose based on the workload.

所以你不希望你的資料被卡在某一家供應商那裡，對方可能會試圖讓你的工作負載沿著特定路徑走。你希望在「可以用哪些代理」以及「依工作負載選擇哪些模型」上具備彈性。

So that puts our layer of the stack in effectively a premium position for the customer because what happens is we can go in, and this is where we're seeing with our relationships with customers, we can go in and say, okay, we can actually lower your cost on document extraction by choosing a different AI model that will get you the same amount of performance but at a lower cost. And that's something that's incredibly attractive to them.

因此，對客戶而言，我們在技術堆疊中的這一層實際上處於溢價位置（premium position）。因為我們可以進去——而這也是我們在客戶關係中看到的——我們可以說：好，我們其實可以透過選擇另一個 AI 模型，讓你的文件擷取（document extraction）成本下降，同時維持同等的效能，但成本更低。而這對他們非常有吸引力。

And lo and behold, that's dramatically more revenue than we were getting from that same customer before. So it's all revenue upside for us, but we then play a strategic role for that customer because we can route their workloads to different AI models based on their use case. And so that's going to be the value of the neutral sort of AI model neutral layer in the enterprise.

而且不出所料，這帶來的營收遠高於我們先前從同一位客戶取得的營收。所以對我們而言完全是營收上行（revenue upside），但同時我們也在該客戶那裡扮演策略性角色，因為我們可以依其使用情境，把工作負載路由到不同的 AI 模型。這就是企業中「中立的、模型中立層」的價值所在。

It's also the importance of having your own AI harness where we can route those workloads depending on, again, what the right sort of price quality mix is. And so I think as token budgeting becomes a bigger topic, you're going to see more value accrue to the layer that can really kind of swap out models for different workloads based on what the customer is trying to solve. So we think that's a great position to be.

這也凸顯擁有自家 AI 編排框架（AI harness）的重要性，因為我們可以再次依據正確的價格／品質組合（price quality mix）來路由那些工作負載。因此我認為，隨著 token 預算配置成為更大的議題，你會看到更多價值累積到那個能針對不同工作負載、依客戶要解決的問題來真正切換模型的層。所以我們認為這是個很好的位置。

That's great to hear. Maybe a quick question for Dylan as well. Last quarter, you called out strength in the commercial segment. Did that continue this quarter? Any nuances between commercial and enterprise adoption and potential impacts to linearity in this quarter?

很高興聽到。也許也給 Dylan 一個簡短問題。上個季度你提到商業（commercial）客群表現強勁。這一季是否延續？在商業客群與企業（enterprise）客群的採用上，有沒有任何細微差異？以及這一季對線性度（linearity）是否有潛在影響？

No. So we saw pretty consistent trends and healthy execution and demand in most of the markets that we operate in globally, and that holds true for continued strength and consistent strong performance in the commercial business really globally as well. So that's been one of the bright spots and drivers of some of the green shoots we're seeing in EMEA.

沒有。所以我們看到的趨勢相當一致，在我們全球營運的大多數市場中，執行與需求都很健康；這也同樣反映在商業業務上，全球範圍內持續強勁且表現穩健。因此這一直是亮點之一，也帶動了我們在 EMEA 看到的一些復甦跡象（green shoots）。

But then our US commercial business and our Japan commercial business are also both humming pretty nicely right now.

同時，我們在美國的商業業務與日本的商業業務，目前也都運轉得相當順暢。

Josh Baer, Morgan Stanley.

Josh Baer，Morgan Stanley。

Congrats on the double-digit growth. I wanted to ask sort of a follow-up on the different layers that you play in. And really, is it important to win the UI? I'm wondering, just given enterprises using ChatGPT, Copilot, Gemini, all the Agentic front ends, is it important to defend Box's position there? Understanding the role that Box can still play around governing and accessing, securing the underlying content, but just curious on your thoughts there around positioning and value capture for the UI layer.

恭喜達成兩位數成長。我想就你們所涉足的不同層面追問一下。而且，真的有必要在 UI 上勝出嗎？我在想，考量到企業正在使用 ChatGPT、Copilot、Gemini，以及各種代理式（Agentic）前端，捍衛 Box 在那一層的地位是否重要？我理解 Box 仍可在治理與存取、保護底層內容方面扮演角色，但也想聽聽你對 UI 層的定位與價值擷取的看法。

Yes. Yes. So we've talked about and shared this a little bit over the past couple of quarters. We emphatically, and I can't underscore this more, we emphatically are both agnostic and endorse every possible use case of content at the agent and application layer above us. This has been core in our ethos really since the first few, honestly, weeks of launching Box.

是的。是的。所以我們在過去幾個季度已經談過並分享過一些。我們非常明確——我再怎麼強調都不為過——我們對於在我們之上的代理與應用層，所有可能的內容使用情境都保持中立並且支持。這其實從 Box 推出後最初的幾週起，就一直是我們的核心理念。

We very quickly realized one of the biggest value propositions we would have and one of the biggest differentiators was you could store your content in one place but access it from anywhere. And so we were integrating with external service providers within truly the first couple of months of launching the business. And that has been just in our DNA since day one.

我們很快就意識到，我們最大的價值主張之一、也是最大的差異化之一，是你可以把內容存放在同一個地方，但能從任何地方存取。因此，我們在公司成立後的前幾個月內，就開始與外部服務供應商進行整合。而這從第一天起就已經深植於我們的 DNA。

So agents to us represent a force multiplier of that value proposition because what you're going to do is you're going to have all these new endpoints where people want to be able to go and send off a task to an agent. You go to Claude Cowork and you say, hey, can you go and summarize the past 50 contracts that I've signed, or you go to ChatGPT and you build an agent that has all of your sales materials and you say, can you answer this question about this customer that I'm in front of?

所以對我們而言，代理（agents）代表的是這個價值主張的倍增器，因為你將會有各式各樣新的端點，人們會希望能到那裡把任務交給代理去執行。你到 Claude Cowork 說：嘿，你能不能幫我摘要我簽過的過去 50 份合約？或者你到 ChatGPT 建一個包含你所有銷售素材的代理，然後說：你能不能回答我眼前這位客戶的這個問題？

Every single one of those are going to be agentic workflows where our APIs will be consumed most likely in order of magnitude or more than what people ever did with their data. And so the importance of that is that actually then having a system that can securely manage that information govern who has access to it, get auditability of what agents have done with every single step along the way of what that agent ended up seeing, what files they looked at, what context retrieval they executed, being able to log and report and govern and retain any of those kind of critical actions that actually -- that value is going to go up in an enterprise as you have agents doing way more with our content than people.

每一個這樣的情境都會是代理式工作流程，而我們的 API 很可能會被大量消耗，其規模可能是人們過去使用其資料的數量級甚至更高。因此其重要性在於：當企業裡代理用我們的內容做的事情遠多於人時，能夠安全地管理資訊、治理誰能存取、並對代理在每一步做了什麼具備可稽核性——包括該代理最終看到了什麼、看了哪些檔案、執行了哪些脈絡檢索（context retrieval）——能夠記錄、報告、治理並保留任何這類關鍵行為，這些價值其實會在企業中上升。

So I would actually argue that we don't want to fight for the UI layer. We want to fight for the best possible level of integrations and APIs across all of those agentic systems. And then the UI gets used as much as knowledge workers want to be able to go and directly interact with their content or interact with the Box Agent.

所以我其實會主張，我們不想去爭奪 UI 層。我們想爭取的是在所有這些代理式系統之間，做到最佳程度的整合與 API 能力。而 UI 則會在知識工作者想要直接與內容互動，或與 Box Agent 互動時，被使用到相應的程度。

But we feel very comfortable that these are highly complementary interactions. The usage of Box across every surface that we can think of is only going up even in a world of agents because the more you have agents doing things with your content, the more you're also going to need to go in look at the content directly within Box or go and collaborate on it with other people.

但我們非常有信心，這些互動是高度互補的。即使在代理的世界裡，我們能想到的每一個介面上對 Box 的使用都只會增加，因為代理越多用你的內容做事，你也越需要進到 Box 裡直接查看內容，或與其他人一起協作。

So none of this is at all in kind of contention for that usage pattern. So we want all the endpoints to grow.

所以這些完全不會在那種使用模式上形成任何衝突。因此我們希望所有端點都能成長。

Brian Peterson, Raymond James.

Brian Peterson，Raymond James。

Congrats on the strong quarter. I'll keep it to one. So given the strength that you're seeing in the pipeline, double-digit growth, are there any thoughts of leaning in a little bit more aggressively either in the go-to-market or the product side? And how are you guys thinking about incremental M&A opportunities?

恭喜本季表現強勁。我只問一個問題。鑑於你們在管線中看到的強勁態勢、兩位數成長，你們是否有考慮在 go-to-market 或產品端更積極一些、加大投入？另外，你們如何看待增量的併購（M&A）機會？

Yes. So we're honestly incredibly excited about the growth prospects right now, and we do spend a decent amount of time figuring out as we have overperformance in the business, what things we should be doubling down in, where are we seeing investment areas that we believe would have near- and medium-term kind of return profile.

是的。坦白說，我們對目前的成長前景感到非常興奮；而且當業務表現超出預期時，我們也花了相當多時間去釐清：哪些事情應該加倍投入、哪些投資領域我們相信在短期與中期會有回報特性。

So I would say already, that is sort of happening within the budgeting process as you're seeing these results play out. Maybe to point to some areas that we're really focused on. As I mentioned, our vertical strategy is taking a lot of focus right now because the way that you're going to translate AI to most enterprises through some vertical lens.

所以我會說，隨著這些結果逐步呈現，這其實已經在預算編列流程中發生了。或許點出幾個我們非常聚焦的領域。如我提到的，我們的垂直產業策略目前投入了很多心力，因為你要把 AI 轉化給大多數企業，會需要透過某種垂直產業的視角。

AI, at the end of the day, the customer is really kind of bringing in an external service effectively as software. And the way that you've always procured services is through some form of an industry orientation because you want that service provider to understand your business. And so the way that AI will get used in life sciences will be different than financial services, which will be different yet again than legal or media and entertainment or many other industries.

AI 到最後，客戶其實是在把一種外部服務以軟體的形式引入。而你一向採購服務的方式，就是透過某種產業導向，因為你希望服務供應商理解你的業務。因此，AI 在生命科學的使用方式會不同於金融服務，也會再不同於法律、媒體與娛樂或其他許多產業。

So verticalization of the go-to-market efforts is increasing, and that's something we're investing in. We're certainly investing across the system integrator and kind of hyperscaler ecosystems. We see a lot of upside in how we work with partners.

所以 go-to-market 的垂直化正在提升，這也是我們正在投資的方向。我們也確實在系統整合商以及超大規模雲端（hyperscaler）生態系上持續投資。我們看到與合作夥伴合作方式上有很大的上行空間。

We were quite excited by the AWS announcement with OpenAI. We obviously have a lot of customers that leverage Box with the OpenAI models and giving them choice of being able to deploy those on Bedrock and have that route through the Box platform or connect to agents that the customer has deployed on Bedrock is another kind of growth vector for us, and we can now co-sell with Amazon through the AWS marketplace.

我們對 AWS 與 OpenAI 的公告感到相當振奮。我們顯然有很多客戶透過 Box 使用 OpenAI 模型；讓他們可以選擇在 Bedrock 上部署，並透過 Box 平台進行路由，或連接到客戶在 Bedrock 上部署的代理，這對我們而言是另一個成長向量；而且我們現在也能透過 AWS Marketplace 與 Amazon 共同銷售（co-sell）。

So we think that's going to be some meaningful upside over the, again, kind of medium and long run. So we're definitely doubling down on key go-to-market areas.

所以我們認為，這在中期到長期——再次強調——會帶來一些有意義的上行空間。因此我們確實在關鍵的 go-to-market 領域加倍投入。

And in R&D, we do think that there's some efficiency as we continue to scale up, but we are making sure that we are staffing the R&D efforts appropriately for the kind of road map we are delivering, which is an expanded roadmap and delivering far more innovation to our customers, but I'd say that go-to-market incrementally is getting more of the investment just given the nature of how customer-centric we have to be right now with deploying AI in these environments.

至於研發（R&D），我們確實認為隨著規模擴大會有一些效率提升，但我們也確保研發投入的人力配置能與我們正在交付的路線圖相匹配；這是一個擴大的路線圖，會為客戶帶來更多創新。不過我會說，考量到我們現在在這些環境中部署 AI 時必須非常以客戶為中心，增量投資更多會放在 go-to-market。

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

問答環節到此結束。我現在把電話交回給 Cynthia Hiponia 作結語。

Great. Thank you, Tiffany. Thank you, everyone, for joining us this afternoon, and we look forward to updating you on our next quarterly earnings call.

好的。謝謝你，Tiffany。也謝謝各位今天下午的參與，我們期待在下一次季度財報電話會議上向各位更新。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。