Box Inc (BOX) 2023 Q1 法說會逐字稿

Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Box First Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions) Thank you. Cynthia Hiponia, you may begin your conference.

各位下午好。我叫 Emma，今天將擔任本次會議的接線員。此刻，我謹代表公司歡迎各位參加 Box 2023 會計年度第一季財報電話會議。（接線員指示）謝謝。Cynthia Hiponia，您可以開始您的會議。

Good afternoon, and welcome to Box's First Quarter Fiscal 2023 Earnings Conference Call. I am Cynthia Hiponia, Vice President of Investor Relations. On the call today, we have Aaron Levie, Box Co-Founder and CEO; and Dylan Smith, Box Co-Founder and CFO. Following our prepared remarks, we will take your questions. Today's call is being webcast and will also be available for replay on our Investor Relations website at box.com/investors. Our webcast will be audio only. However, supplemental slides are now available for download from our website. We'll also post the highlights of today's call on Twitter at the handle @BoxIncIR.

各位下午好，歡迎參加 Box 2023 會計年度第一季財報電話會議。我是投資人關係副總裁 Cynthia Hiponia。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。在我們的事先準備發言之後，我們將開放提問。今天的電話會議將以網路直播方式進行，並將提供重播，您可至我們的投資人關係網站 box.com/investors 收看。本次網路直播僅提供音訊。不過，補充投影片目前已可自我們網站下載。我們也會在 Twitter 的 @BoxIncIR 帳號上發布今天電話會議的重點摘要。

On this call, we'll be making forward-looking statements, including our Q2 and full year fiscal 2023 financial guidance and our expectations regarding our financial performance for fiscal 2023 in future periods, including our free cash flow, gross margin, operating margins, operating leverage, future profitability, net retention rate, unrecognized revenue, remaining performance obligations, revenue and billings and our expectations regarding the size of our market opportunity, our planned investments and growth strategies, our ability to achieve our long-term revenue and other operating model targets, the timing and market adoption of and benefits from our new products, pricing models and partnerships, the impact of our acquisitions and future Box product offerings, the impact of COVID-19 pandemic on our business and operating results and our capital allocation strategies, including M&A and 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 2023 會計年度第二季及全年之財務指引，以及我們對 2023 會計年度未來期間財務表現的預期，包括自由現金流、毛利率、營業利益率、營業槓桿、未來獲利能力、淨留存率、未認列收入、剩餘履約義務、營收與帳單金額；以及我們對市場機會規模、計畫中的投資與成長策略、達成長期營收及其他營運模型目標的能力、新產品、定價模式與合作夥伴關係的推出時程、市場採用情況與效益、併購及未來 Box 產品供應的影響、COVID-19 疫情對我們業務與營運結果的影響，以及資本配置策略（包括併購與可能回購本公司普通股）之預期。

These statements reflect our best judgment based on factors currently known to us, and actual events or results may differ materially. Please refer to our earnings press release filed today and the risk factors and documents we file with the Securities and Exchange Commission, including our most recent annual report on Form 10-K for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call. These forward-looking statements are being made as of today, May 25, 2022, and we disclaim any obligation to update or revise them should they change or seek to be up to date.

上述陳述係基於我們目前所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。關於可能導致實際結果與本次財報電話會議所述內容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提交的風險因素與文件，包括我們最近一期的 Form 10-K 年度報告。本前瞻性陳述係截至今日（2022 年 5 月 25 日）作出；若其後發生變動或為求更新，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'll find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release and in the related PowerPoint presentation, which can be found on the IR page of our website. Unless otherwise indicated, all references to financial measures are on a non-GAAP basis. With that, let me hand the call over to Aaron.

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，亦不應單獨解讀。您可在我們的財報新聞稿及相關的 PowerPoint 簡報中找到關於這些非 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頁面取得。除非另有說明，所有財務衡量指標之引用均以非 GAAP 基礎呈現。接下來我把電話交給 Aaron。

Thanks, Cynthia, and thank you all for joining the call today. We are off to a strong start in fiscal '23, delivering first quarter revenue growth of 18% above our guidance and representing a fifth consecutive quarter of accelerating revenue growth.

謝謝 Cynthia，也謝謝各位今天加入電話會議。我們在 2023 會計年度有一個強勁的開局，第一季營收成長 18%，高於我們的指引，並且是連續第五個季度營收成長加速。

Our continuous focus on profitability resulted in non-GAAP operating margin of 21%, up 360 basis points from 17% a year ago. Because of this strong momentum, and even with the impact of FX, which Dylan will describe in more detail shortly, we are raising the midpoint of our revenue range and raising our operating margin guidance and EPS guidance for the full fiscal year.

我們持續聚焦獲利能力，使非 GAAP 營業利益率達到 21%，較一年前的 17% 提升 360 個基點。基於這股強勁動能，即使考量匯率（FX）的影響（Dylan 稍後會更詳細說明），我們仍上調全年營收區間的中位數，並上調 2023 會計年度全年的營業利益率指引與每股盈餘（EPS）指引。

In Q1, we continued to execute on our product road map as we address a $74 billion market opportunity. We announced Box Canvas, our native virtual whiteboarding and visual collaboration solution, while also launching significant product enhancements with Box sign, Workflow with Box Relay and security and compliance with Box Shield. We deepened integrations across several of our key technology partners and we expanded our customer relationships while continuing to add new customer logos.

在第一季，我們持續依照產品藍圖執行，以掌握 740 億美元的市場機會。我們宣布推出 Box Canvas——我們原生的虛擬白板與視覺協作解決方案；同時也在 Box Sign、搭配 Box Relay 的 Workflow，以及透過 Box Shield 的安全與合規方面推出重大產品強化。我們也深化了與多家關鍵技術合作夥伴的整合，並在持續新增新客戶標誌（logo）的同時，擴大既有客戶關係。

The success of our platform strategy is shown in our strong customer metrics as customers are leveraging our Content Cloud platform to transform their businesses and power new ways of working. In the first quarter, our net retention rate was 111%, up from 103% in the prior year, driven by strong customer expansion rate. And for our large deals over $100,000, we had 60 new deals, and we had a 73% attach rate of suites, up from a 49% attach rate in Q1 of fiscal '22. We continue to see healthy attach rates in the U.S. and EMEA with improvements of our attach rates in Japan.

我們平台策略的成功，反映在強勁的客戶指標上：客戶正運用我們的 Content Cloud 平台來轉型其業務並推動新的工作方式。第一季，我們的淨留存率為 111%，高於去年同期的 103%，主要由強勁的客戶擴張率所帶動。就超過 10 萬美元的大型交易而言，我們新增了 60 筆交易；而套件（suites）的附加率（attach rate）為 73%，高於 2022 會計年度第一季的 49%。我們在美國與 EMEA 持續看到健康的附加率，同時日本的附加率也有所改善。

Our strong Q1 fiscal results and customer metrics underscore that our growth strategy is working and that we are aligned to the key trends that are driving the future of work. Companies today are dealing with a more and more distributed and hybrid workplace as they implement the digital transformation of their business processes and face increasing security challenges across the organization. Our Content Cloud addresses these trends by building out capabilities to power the full life cycle of content in a single platform.

我們 2023 會計年度第一季強勁的財務結果與客戶指標，凸顯我們的成長策略正在奏效，且我們與推動未來工作型態的關鍵趨勢保持一致。如今企業面臨越來越分散且混合的工作環境，同時在推動業務流程數位轉型之際，也要應對全組織日益增加的資安挑戰。我們的 Content Cloud 透過在單一平台上建構支援內容全生命週期的能力，來回應這些趨勢。

As we continue to double down on these product capabilities and investments, we will add more value to our customers and expand Box's TAM. In Q1, we announced a major new element of our Content Cloud with Box Canvas, allowing us to enter an additional fast-growing market with our platform. With the prevalence of remote and hybrid work now a permanent part of nearly every business, the ability to seamlessly collaborate on any type of content is critical. Over the past couple of years, we've seen a huge increase in companies looking to collaborate on visual content from product design, storyboards and project plans to flow charts, diagrams and more. Box Canvas is an intuitive visual collaboration and whiteboarding experience that powers free form collaboration while leveraging all of the strength of the security, governance and compliance built directly into Box.

隨著我們持續加碼這些產品能力與投資，我們將為客戶創造更多價值，並擴大 Box 的可服務總市場（TAM）。在第一季，我們透過 Box Canvas 宣布 Content Cloud 的一項重大新元素，使我們得以藉由平台切入另一個快速成長的市場。隨著遠距與混合工作已成為幾乎所有企業的長期常態，能夠無縫協作任何類型的內容至關重要。過去幾年，我們看到企業對視覺內容協作的需求大幅增加，涵蓋產品設計、分鏡、專案計畫、流程圖、示意圖等。Box Canvas 提供直覺的視覺協作與白板體驗，支援自由形式的協作，同時運用 Box 內建的安全性、治理與合規優勢。

With Box Canvas officially launching later this year, it will be included across all of our product plans, adding even more value and enabling our customers to benefit from Box in new use cases across their organizations. With products like Box Canvas, Box Sign and Box Notes delivered as included capabilities in Box's core subscriptions and bundles, customers benefit from getting new value from Box instantly. Especially as companies look to consolidate IT spend from various point solutions, Box remains in a strong position to help retire disparate e-signature technologies, collaboration tools, enterprise content management systems and much more. It's a win-win that drives ROI for our customers as well as providing additional upside as customers move up to higher tier plans for more features.

Box Canvas 預計於今年稍晚正式推出，並將納入我們所有產品方案之中，帶來更多價值，讓客戶在組織內以新的使用情境受益於 Box。像 Box Canvas、Box Sign 與 Box Notes 這類產品，作為 Box 核心訂閱與組合方案中「內含」的功能交付，客戶可立即獲得 Box 帶來的新價值。特別是在企業希望整併各種單點解決方案的 IT 支出之際，Box 仍處於有利位置，可協助汰換分散的電子簽章技術、協作工具、企業內容管理系統等。這是雙贏：既能為客戶帶來投資報酬率（ROI），也能在客戶升級至更高階方案以取得更多功能時，為我們帶來額外上行空間。

Since our launch of Box Sign this fall, we have announced major new enhanced capabilities, integrations and developer tools to power even more advanced signature-based processes, helping customers move more of their transactions to the Content Cloud. We are pleased with the momentum we are seeing in customer adoption and use of Box Sign. First quarter customers include a global legal services provider that moved to Box with a 6-figure deal in order to provide its network of lawyers who work on the most sensitive matters with secure internal and external content collaboration along with Box Sign for secure and affordable e-signature options for boilerplate agreements.

自去年秋季推出 Box Sign 以來，我們已宣布多項重要的增強功能、整合與開發者工具，以支援更進階的簽署流程，協助客戶將更多交易移轉至 Content Cloud。我們對 Box Sign 在客戶採用與使用上的動能感到滿意。第一季的客戶包括一家全球法律服務供應商，為了向其處理最敏感案件的律師網路提供安全的內外部內容協作，並搭配 Box Sign 提供安全且具成本效益的電子簽章選項以用於制式協議（boilerplate agreements），因此以一筆 6 位數金額的交易轉用 Box。

A U.S.-based real estate investment trust purchased Box in Q1 and deployed Box Sign across its organization to support the signing and collaboration around commercial leases. And finally, a global biopharma company, who has been a Box customer since 2018, moved to Enterprise Plus in Q1 with plans to use Box Sign, which will be critical as the company continues to scale, and they release new drugs to market.

一家美國的不動產投資信託（REIT）於第一季採購 Box，並在全組織部署 Box Sign，以支援商用租約的簽署與協作。最後，一家全球生物製藥公司自 2018 年起即為 Box 客戶，於第一季升級至 Enterprise Plus，並計畫使用 Box Sign；隨著公司持續擴張並將新藥推向市場，Box Sign 將扮演關鍵角色。

Box's security capabilities also remain a critical driver of why customers choose our Content Cloud. Data security, compliance and privacy remain more important than ever. In Q1, we launched new capabilities for Box Shield, our advanced security solution for protecting content in the cloud, including the ability to apply malware deep scans to Microsoft Office files and adding automatic watermarking to classified documents. Throughout this year, we will continue to extend our leading security, compliance and data governance capabilities.

Box 的安全能力仍是客戶選擇我們 Content Cloud 的關鍵驅動因素。資料安全、合規與隱私的重要性前所未有。在第一季，我們為 Box Shield（我們用於保護雲端內容的進階安全解決方案）推出新功能，包括可對 Microsoft Office 檔案進行惡意軟體深度掃描，以及為機密文件新增自動浮水印功能。今年我們將持續擴展我們領先的安全、合規與資料治理能力。

Finally, the ability to integrate deeply across the SaaS landscape is an integral part of our product strategy. We recently announced a deepened integration with Zoom, with the launch of the Box app for Zoom chat channels to make it even easier for users to work seamlessly together across the 2 platforms. In Q1, we also announced the all-new Box App Center, a destination for users, admins and developers to easily discover and access the more than 1,500 applications that integrate with Box, titling the power of Box's deep partnerships with Microsoft, Google, Slack, Zoom, WebEx, ServiceNow, IBM and many other major technologies.

最後，能在 SaaS 生態系中進行深度整合，是我們產品策略不可或缺的一環。我們近期宣布深化與 Zoom 的整合，推出適用於 Zoom 聊天頻道的 Box 應用程式，讓使用者更容易在兩個平台之間無縫協作。在第一季，我們也宣布推出全新的 Box App Center，作為使用者、管理員與開發者的目的地，讓他們能輕鬆探索並存取超過 1,500 個與 Box 整合的應用程式，充分發揮 Box 與 Microsoft、Google、Slack、Zoom、WebEx、ServiceNow、IBM 以及其他眾多主要技術夥伴之深度合作的力量。

As we look forward in FY '23, we believe it will be Box's biggest innovation year ever. We will continue to focus on our 3 core differentiators of frictionless security and compliance, seamless collaboration and workflow and an open platform that's integrated into every application. And we'll continue to build products that reinforce each other, powering the full life cycle of content and empowering our customers to save money by retiring other tools. Above all, we will ensure that our customers derive more and more value from Box as they move more of their data onto our platform. This is a virtuous flywheel that drives our business model, and we're only in the early innings of what's possible.

展望 FY '23，我們相信這將是 Box 史上創新幅度最大的一年。我們將持續聚焦於三大核心差異化優勢：無摩擦的安全性與合規、無縫的協作與工作流程，以及可整合至每一個應用程式的開放式平台。我們也將持續打造彼此相互強化的產品，支援內容的完整生命週期，並協助客戶透過汰換其他工具來節省成本。最重要的是，當客戶將更多資料遷移到我們的平台上時，我們將確保他們能從 Box 獲得越來越多的價值。這是一個推動我們商業模式的良性飛輪，而我們對於可能性的探索仍處於非常早期的階段。

Turning to go-to-market. As we discussed during our Analyst Day in late March, our strength in business momentum is a result of a number of initiatives that we have undertaken to scale our land and expand go-to-market motion. These have included optimized pricing and packaging with our latest multiproduct offering, Enterprise Plus. In Q1, Enterprise Plus accounted for more than 80% of our multiproduct suite deals, a remarkable achievement since the launch of EPlus in July of last year and a much quicker ramp than we saw when we launched our first suites.

接著談到市場推進（go-to-market）。正如我們在 3 月下旬的分析師日所討論的，我們在業務動能上的強勁表現，來自於我們為擴大「落地並擴張」（land and expand）的市場推進模式而採取的一系列措施。其中包括透過我們最新的多產品方案 Enterprise Plus 進行的定價與包裝最佳化。在 Q1，Enterprise Plus 佔我們多產品套件交易的 80% 以上；自去年 7 月推出 EPlus 以來，這是一項顯著的成果，且爬坡速度也遠快於我們推出第一代套件時的表現。

Our Q1 customer expansions and new wins with Enterprise Plus include an agency of the United Nations that purchased Enterprise Plus and KeySafe as they look to use Box with other cloud apps, including Salesforce to build a modern digital platform for the approval of new vaccines and medicines from across the globe. Their process now is currently carried out via e-mail, paper, USB sticks and DVDs.

我們在 Q1 透過 Enterprise Plus 的客戶擴張與新客戶勝利案例包括：聯合國的一個機構購買了 Enterprise Plus 與 KeySafe，因其希望將 Box 與其他雲端應用程式一同使用，包括 Salesforce，以建立一個現代化的數位平台，用於審批來自全球的新疫苗與藥品。目前他們的流程仍是透過電子郵件、紙本、USB 隨身碟與 DVD 來進行。

A leading biotech company that invents life-transforming medicines for people with serious diseases move to Box in a 6-figure Enterprise Plus deal. This new customer will be using Box for regulated content and high-value use cases. The fact that Box supports GxP compliance and that our offering provides a better experience to both internal and external parties as they work together on clinical trials was critical for the selection of Box with the decision makers at this company.

一家領先的生技公司（為重症患者研發能改變生命的藥物）以一筆 6 位數的 Enterprise Plus 交易轉用 Box。這位新客戶將使用 Box 來處理受監管內容與高價值使用情境。Box 支援 GxP 合規，以及我們的方案能在臨床試驗協作中同時為內部與外部參與者提供更佳體驗，對於該公司決策者選擇 Box 至關重要。

And finally, a major automotive company purchased Box with a 7-figure Enterprise Plus deal, enabling them to eliminate on-premises file servers and solve key security issues. By replacing file servers with Box, they will centralize content management and simplify secure collaboration internally and externally with partners. Our strategy aims to bring the full power of the Content Cloud to our customers. And we know that when a customer adopts our multiproduct offerings, we see a greater total account value, higher net retention, higher gross margin and a more efficient sales process.

最後，一家大型汽車公司以一筆 7 位數的 Enterprise Plus 交易採購 Box，使其得以淘汰內部部署的檔案伺服器並解決關鍵的資安問題。透過以 Box 取代檔案伺服器，他們將集中化內容管理，並在內部及與合作夥伴的外部協作中簡化安全協作。我們的策略旨在將 Content Cloud 的完整能力帶給客戶。我們也知道，當客戶採用我們的多產品方案時，我們會看到更高的整體帳戶價值、更高的淨留存率、更高的毛利率，以及更有效率的銷售流程。

We are also continuing to double down on all of our efforts around deployment, adoption and truly helping our customers transform with Box. As such, in Q1, we launched our new Box Consulting portfolio, a completely redesigned program that makes it easier to position, sell and deliver these critical customer success services to empower any organization to achieve their Content Cloud goals.

我們也持續加碼投入在部署、採用，以及真正協助客戶透過 Box 進行轉型的各項工作。因此在 Q1，我們推出全新的 Box Consulting 服務組合，這是一個全面重新設計的計畫，讓我們更容易定位、銷售並交付這些關鍵的客戶成功服務，協助任何組織達成其 Content Cloud 目標。

In summary, our strong first quarter results and the continued momentum we are seeing in our business is the direct result of the execution and focus of the team at Box. Despite macro trends and currency impacts, we have continued to execute on our Content Cloud platform to ensure that we will continue to drive further annual revenue acceleration. At the same time, we remain steadfastly committed to expanding our operator margins by focusing on the highest ROI initiatives across the business, scaling in lower-cost locations, improving gross margin and more.

總結來說，我們強勁的第一季成果，以及我們在業務上持續看到的動能，直接來自 Box 團隊的執行力與專注度。儘管面臨總體趨勢與匯率影響，我們仍持續推進 Content Cloud 平台的執行，以確保能進一步帶動年度營收成長加速。同時，我們也堅定致力於透過聚焦全公司最高投資報酬率（ROI）的計畫、在較低成本地點擴張、提升毛利率等方式，擴大我們的營運利潤率。

The future of work is here, and the Content Cloud platform has never been better positioned to capitalize on these trends of hybrid, distributed and digital-first work.

工作的未來已然到來，而 Content Cloud 平台在掌握混合式、分散式與數位優先工作等趨勢方面，從未像現在這樣具備更佳的有利位置。

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

接下來我把時間交給 Dylan。

Thanks, Aaron. Good afternoon, everyone, and thank you for joining us. In fiscal 2023, we have 3 key financial objectives: accelerating year-over-year revenue growth, expanding operating margins through our focus on operational excellence and prudently allocating capital to optimize shareholder returns. We had a strong start to FY '23, delivering against all 3 of these objectives. As a result, we are raising the midpoint of our revenue guidance and raising our operating margin guidance and EPS guidance for the full fiscal year.

謝謝你，Aaron。各位下午好，感謝大家加入我們。在 2023 會計年度，我們有三項關鍵財務目標：加速年對年營收成長、透過聚焦營運卓越擴大營運利潤率，以及審慎配置資本以最佳化股東報酬。我們在 FY '23 有一個強勁的開局，並在這三項目標上皆有達成。因此，我們上調全年營收指引的中位數，並上調 2023 會計年度全年的營運利潤率指引與 EPS 指引。

In Q1, we delivered revenue of $238 million, up 18% year-over-year, a fifth consecutive quarter of accelerating growth and above the high end of our guidance of $235 million. This outperformance was driven by strong deal pacing and higher-than-expected nonrecurring revenue. Our Q1 revenue growth rate includes an incremental impact of negative 1 percentage point from FX versus our initial expectations.

在 Q1，我們實現營收 2.38 億美元，年增 18%，連續第五個季度成長加速，且高於我們 2.35 億美元指引區間的上緣。這項優於預期的表現主要由強勁的交易節奏與高於預期的一次性（非經常性）營收所帶動。我們 Q1 的營收成長率相較於初始預期，包含了外匯（FX）帶來額外 1 個百分點的負面影響。

We continue to see strong demand for our Content Cloud platform. In Q1, we closed 60 100,000-plus deals, of which 73% were suites deals. As our customers are increasingly adopting products with more advanced capabilities, roughly 37% of our revenue is now attributable to customers who have purchased suites, an exceptional 12 percentage point increase from 25% a year ago.

我們持續看到市場對 Content Cloud 平台的強勁需求。在 Q1，我們完成 60 筆 10 萬美元以上的交易，其中 73% 為套件交易。隨著客戶愈來愈多採用具備更進階能力的產品，目前約 37% 的營收可歸因於購買套件的客戶，較一年前的 25% 大幅提升 12 個百分點，表現十分亮眼。

We ended Q1 with remaining performance obligations, or RPO, of $1.0 billion, a 16% year-over-year increase. Our RPO growth was negatively impacted by 6 percentage points from FX. We expect to recognize more than 60% of our RPO over the next 12 months.

Q1 結束時，我們的剩餘履約義務（remaining performance obligations，RPO）為 10 億美元，年增 16%。RPO 成長受到外匯影響而減少 6 個百分點。我們預期在未來 12 個月內認列超過 60% 的 RPO。

Q1 billings of $172 million grew 8% year-over-year. Our billings growth was negatively impacted by an incremental 4 percentage points versus our initial expectations due to currency headwinds. Our net retention rate at the end of Q1 was 111%, up 800 basis points from 103% in the prior year. We continue to see strong customer expansion and a stable annualized full churn rate of 4%. We still expect our net retention rate to remain roughly consistent throughout FY '23.

Q1 帳單金額（billings）為 1.72 億美元，年增 8%。由於匯率逆風，我們的帳單成長相較於初始預期額外受到 4 個百分點的負面影響。Q1 期末的淨留存率為 111%，較前一年同期的 103% 提升 800 個基點。我們持續看到強勁的客戶擴張，以及穩定的年度化整體流失率（full churn rate）4%。我們仍預期 FY '23 全年淨留存率將大致維持一致。

Gross margin came in at 76.3%, up 330 basis points from 73.0% a year ago. Q1 gross profit of $182 million was up 23% year-over-year, exceeding our revenue growth rate by a full 500 basis points. We are delivering material profitability leverage via our public cloud migration strategy, and we remain focused on unlocking additional leverage to improve our long-term gross margin profile.

毛利率為 76.3%，較一年前的 73.0% 提升 330 個基點。Q1 毛利為 1.82 億美元，年增 23%，比營收成長率高出整整 500 個基點。透過我們的公有雲遷移策略，我們正在實現顯著的獲利槓桿，並將持續專注於釋放更多槓桿，以改善我們長期的毛利率結構。

Q1 operating income increased 43% year-over-year to $49 million, and our 20.6% operating margin was up 360 basis points from the 17.0% we recorded a year ago. We delivered $0.23 of diluted non-GAAP EPS in Q1, up from $0.18 a year ago. Q1 non-GAAP EPS includes a negative impact of $0.03 from currency headwinds.

Q1 營業利益年增 43% 至 4,900 萬美元，營業利益率 20.6%，較一年前的 17.0% 提升 360 個基點。Q1 稀釋後非 GAAP 每股盈餘（EPS）為 0.23 美元，高於一年前的 0.18 美元。Q1 非 GAAP EPS 包含匯率逆風帶來的 0.03 美元負面影響。

I'll now turn to our cash flow and balance sheet. In Q1, we delivered cash flow from operations of $108 million, up 14% from the year ago period. We also generated free cash flow of $91 million, a year-over-year improvement of 20%. We generated record cash flow from operations and free cash flow in Q1, driven by very strong collections, including several large payments that we had expected to collect in Q2.

接著談現金流與資產負債表。在 Q1，我們的營運活動現金流為 1.08 億美元，較去年同期成長 14%。我們也產生自由現金流 9,100 萬美元，年對年改善 20%。我們在 Q1 創下營運現金流與自由現金流的紀錄，主要由非常強勁的收款所帶動，其中包括數筆原本預期在 Q2 才會收取的大額款項。

Capital lease payments, which we included in our free cash flow calculation, were $12 million, down from $13 million in Q1 of last year. For the full year of FY '23, we continue to expect CapEx and capital lease payments combined to be roughly 5% of revenue in Q2 and roughly 5% of revenue for the full year of FY '23 as compared to 6% of revenue last year.

我們在自由現金流計算中納入的資本租賃付款為 1,200 萬美元，低於去年 Q1 的 1,300 萬美元。就 FY '23 全年而言，我們仍預期資本支出（CapEx）與資本租賃付款合計在 Q2 約為營收的 5%，且 FY '23 全年約為營收的 5%，相較去年為營收的 6%。

Let's now turn to our capital allocation strategy. We ended the quarter with $520 million in cash, cash equivalents, restricted cash and short-term investments. As we've been doing, we expect to use our strong balance sheet and our increasing free cash flow generation to execute a disciplined M&A strategy to enhance and accelerate our product road map while also generating shareholder returns via additional stock repurchases.

接著談資本配置策略。本季結束時，我們持有的現金、約當現金、受限制現金與短期投資合計為 5.20 億美元。延續我們一貫作法，我們預期將運用強健的資產負債表與日益提升的自由現金流產生能力，執行有紀律的併購（M&A）策略，以強化並加速我們的產品藍圖，同時也透過進一步的股票回購為股東創造報酬。

In Q1, we repurchased 4.2 million shares for approximately $110 million. As of the end of Q1, we had approximately $148 million of remaining buyback capacity, and we remain committed to opportunistically returning capital to our shareholders.

在 Q1，我們回購了 420 萬股，金額約 1.10 億美元。截至 Q1 期末，我們尚有約 1.48 億美元的回購額度，我們仍致力於在適當時機向股東回饋資本。

With that, I would like to turn to our guidance for Q2 and fiscal 2023. As you know, since our prior earnings announcements on March 2, 2022, the U.S. dollar has strengthened versus the currencies in which Box transacts our international business, resulting in a larger-than-expected FX headwinds to both Q2 and the full year of FY '23. As a reminder, approximately 1/3 of our revenue is generated outside of the U.S. The following guidance reflects the strength and momentum of our underlying business and also includes the impact of any expected FX headwinds.

接下來我想說明我們對 Q2 與 2023 會計年度的財測指引。如各位所知，自我們在 2022 年 3 月 2 日前一次財報公告以來，美元相對於 Box 進行國際業務交易所使用的各種貨幣走強，導致對 FY '23 的 Q2 與全年帶來超出預期的外匯（FX）逆風。提醒一下，我們約有 1/3 的營收來自美國以外地區。以下指引反映了我們核心業務的強勁與動能，並同時納入任何預期的外匯逆風影響。

For the second quarter of fiscal 2023, we anticipate revenue of $244 million to $246 million, representing 15% year-over-year growth at the high end of this range. We expect our non-GAAP operating margin to be approximately 22%, representing a 130 basis point improvement year-over-year. We expect our non-GAAP EPS to be in the range of $0.27 to $0.28 and GAAP EPS to be in the range of negative $0.02 to negative $0.01 on approximately 152 million diluted shares and 146 million basic shares, respectively.

就 2023 會計年度第二季而言，我們預期營收為 2.44 億至 2.46 億美元，在此區間高端代表年增 15%。我們預期非 GAAP 營業利益率約為 22%，年增改善 130 個基點。我們預期非 GAAP 每股盈餘（EPS）介於 0.27 至 0.28 美元之間，而 GAAP EPS 介於負 0.02 至負 0.01 美元之間，分別以約 1.52 億股稀釋後股數及 1.46 億股基本股數計算。

For the full fiscal year ending January 31, 2023. As a result of our strong Q1 results and despite the impact of FX headwinds, we are raising the midpoint of our revenue range and raising our operating margin guidance and EPS guidance for the full fiscal year. We now expect FY '23 revenue to be in the range of $992 million to $996 million, up 14% year-over-year at the high end of this range. Including the impact from FX headwinds we anticipated when we gave our initial FY '23 guidance, we now estimate the full currency headwinds to FY '23 revenue growth to be approximately 3 percentage points.

就截至 2023 年 1 月 31 日止的 2023 會計年度全年而言。由於我們第一季表現強勁，且儘管受到外匯逆風影響，我們仍上調全年營收區間的中點，並上調全年營業利益率指引與 EPS 指引。我們目前預期 2023 會計年度營收介於 9.92 億至 9.96 億美元之間，在此區間高端代表年增 14%。納入我們在最初提出 2023 會計年度指引時所預期的外匯逆風影響後，我們目前估計全年匯率逆風對 2023 會計年度營收成長的影響約為 3 個百分點。

We are prudently focusing our investments on compelling long-term growth opportunities and our disciplined cost savings initiatives are generating efficiencies across the business. As a result, we are raising our non-GAAP operating margin guidance to be approximately 22.5%, representing a 270 basis point improvement from last year's results of 19.8% and an improvement over our previous guidance of roughly 22%. We are raising our FY '23 non-GAAP EPS to be in the range of $1.11 to $1.15 on approximately 154 million diluted shares and up from $0.85 in the prior year. Our GAAP EPS is expected to be in the range of negative $0.05 to negative $0.01 on approximately 147 million shares.

我們審慎地將投資聚焦於具吸引力的長期成長機會，而我們嚴謹的成本節省計畫正在全公司範圍內帶來效率提升。因此，我們將非 GAAP 營業利益率指引上調至約 22.5%，相較去年 19.8% 的結果改善 270 個基點，亦優於先前約 22% 的指引。我們將 2023 會計年度非 GAAP EPS 上調至 1.11 至 1.15 美元區間，係以約 1.54 億股稀釋後股數計算，並高於前一年度的 0.85 美元。我們預期 GAAP EPS 介於負 0.05 至負 0.01 美元之間，係以約 1.47 億股計算。

Our FY '23 GAAP and non-GAAP EPS guidance includes an expected incremental impact from FX of approximately $0.08 versus our initial FY '23 guidance.

我們 2023 會計年度 GAAP 與非 GAAP EPS 指引包含相較於最初 2023 會計年度指引，外匯帶來的預期額外影響約 0.08 美元。

For the full year of FY '23, we continue to expect billings growth to be roughly in line with revenue growth, with expected variability on quarterly growth rates due to the dynamics of prior year comparisons and the timing of large customer renewals. Directionally, while billings growth rates are expected to be in the mid-single-digit range in Q2, we expect our billings growth rate to exceed our revenue growth rate in the second half of the year.

就 2023 會計年度全年而言，我們仍預期帳單（billings）成長大致與營收成長一致，但由於前一年比較基期的動態以及大型客戶續約時點的影響，季度成長率可能會有所波動。整體而言，雖然第二季帳單成長率預期落在中等個位數區間，但我們預期下半年帳單成長率將高於營收成長率。

We estimate the currency headwinds to our FY '23 billings growth rate to be approximately 4 percentage points. We continue to expect our FY '23 RPO growth to exceed our anticipated full year revenue and billings growth rates. Finally, we continue to expect our FY '23 revenue growth rate combined with our FY '23 free cash flow margin to be at least 37%, a 400 basis point improvement from last year's outcome of 33%.

我們估計匯率逆風對 2023 會計年度帳單成長率的影響約為 4 個百分點。我們仍預期 2023 會計年度剩餘履約義務（RPO）成長將高於我們預期的全年營收與帳單成長率。最後，我們仍預期 2023 會計年度營收成長率加上 2023 會計年度自由現金流利潤率合計至少為 37%，較去年 33% 的結果改善 400 個基點。

In summary, the strong execution and business momentum we saw last year continued in Q1 as we delivered accelerating revenue growth while improving profitability year-over-year. In addition, we remain dedicated to a shareholder-friendly capital allocation strategy that positions us for strong execution in the years ahead as we build on our Content Cloud leadership position.

總結而言，我們去年所見的強勁執行力與業務動能在第一季延續，我們在提升獲利能力（年對年）的同時，交出加速的營收成長。此外，我們仍致力於對股東友善的資本配置策略，讓我們在未來數年能持續強勁執行，並在我們鞏固 Content Cloud 領導地位的基礎上再接再厲。

With that, Aaron and I would 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) Your first question today comes from the line of Jason Ader with William Blair.

（接線員指示）今天的第一個問題來自 William Blair 的 Jason Ader。

I guess first is how are you feeling about the current demand environment? Are you baking in any kind of moderation in the demand environment? And how do you think you would fare if we do enter some type of a macro downturn, especially given your seat-based model?

我想先問的是，你們對目前的需求環境感受如何？你們是否在預測中納入任何需求放緩的情境？如果我們真的進入某種總體經濟下行，特別是考量你們以席位為基礎的模式，你們認為表現會如何？

Sure. Yes, I'll take that, Jason. This is Aaron. So overall, demand remains healthy, and we've got pretty good visibility into the pipeline and are seeing strong signal from the pipeline side and just current customer activity. We believe we're well positioned for the environment. If we think about businesses that are looking to be more efficient, automate more business processes, continue to drive digital operations or even consolidate and retire expenses. We think our platform is well positioned to capture more of the spend that would have gone into various point solutions across e-signature, workflow, collaboration, security and compliance.

當然。是的，我來回答，Jason。我是 Aaron。整體而言，需求仍然健康，我們對銷售管線有相當不錯的能見度，從管線端以及目前客戶活動都看到強勁訊號。我們相信自己在這樣的環境下具備良好定位。若從企業希望提升效率、將更多業務流程自動化、持續推動數位化營運，甚至整併並汰除支出來看，我們認為我們的平台很適合承接原本會分散投入在各種單點解決方案上的支出，涵蓋電子簽章、工作流程、協作、安全與合規等領域。

So I think the combination of just how we are positioned in terms of the macro tailwinds on digital transformation and hybrid work as well as our ability to consolidate expenses into a single platform model, I think, positions us well.

因此，我認為我們在數位轉型與混合辦公等總體趨勢上的定位，再加上我們能將支出整併到單一平台模式的能力，讓我們具備良好優勢。

Okay. Great. And then one quick follow-up. Some investors have asked me or been a bit worried about the fact that current growth could be driven more by just upsell to your base with Enterprise Plus. And then once you work through some of that low-hanging fruit, growth could get harder. How do you respond to that thesis?

好的。很好。接著一個快速追問。有些投資人問我、或有點擔心目前的成長可能更多是來自對既有客戶基礎的加購（upsell），特別是 Enterprise Plus。當你們把這些「低垂果實」消化完之後，成長可能會變得更困難。你們如何回應這個觀點？

Yes. So maybe I'll let Dylan maybe just comment on kind of where we're at in that transition overall. But overall, if we look at the 100,000-plus logos that we have, we think there's significant upside and available upsell potential within the customer base by both moving customers from existing plans in the EPlus. But then frankly, the seat expansion, which, again, is not really driven by more head count within our customers, it's much more driven by more use cases for us to be able to drive value for them.

是的。也許我先請 Dylan 就我們整體轉換進程的現況補充一下。不過整體來看，若看我們超過 10 萬個客戶標誌（logos），我們認為在客戶基礎內仍有顯著上行空間與可觀的加購潛力，包含將客戶從既有方案升級到 EPlus。除此之外，坦白說，席位擴張同樣重要；而這並不是真的由客戶端增加人頭所驅動，而更多是由我們能為他們創造價值的使用情境增加所驅動。

So between seat expansion, moving customers into Enterprise Plus as well as our monetizable elements of our platform APIs, we think that provides very, very strong upside from the current customer base. At the same time, we're continuing to bring on new logos. We've had great wins even in Q1 of customers that are really committed to bringing in a Content Cloud platform in their organization to drive digital transformation across their content use cases.

因此，在席位擴張、將客戶導入 Enterprise Plus，以及我們平台 API 等可變現要素的帶動下，我們認為現有客戶基礎仍提供非常、非常強的上行空間。同時，我們也持續新增新客戶標誌。我們在第一季也拿下了很好的案子，這些客戶非常投入於在其組織內導入 Content Cloud 平台，以推動其內容使用情境的數位轉型。

Yes. And this is Dylan. Just to build on that and quantify the continued expansion opportunity that we have. As a reminder, if you look at just purely seats in our current customers today, we have roughly 7x seat expansion opportunity looking at the number of paid seats they have today versus the total knowledge worker population. And then on top of that, while we have seen very strong momentum with our suite sales, and that now makes up 37% of our revenue versus 25% a year ago, over time, we expect a significant majority of our customers to be on suites.

是的，我是 Dylan。我再延伸補充並量化我們持續擴張的機會。提醒一下，若僅看我們現有客戶目前的席位數，我們大約有 7 倍的席位擴張機會，也就是以他們目前的付費席位數相較於其整體知識工作者人口來看。此外，雖然我們的套裝（suite）銷售動能非常強勁，且目前已占我們營收的 37%（相較一年前為 25%），但隨著時間推進，我們預期絕大多數客戶將會採用套裝方案。

So from both a seat expansion point of view and the continued cross-sell opportunity, in addition to the new logos we're bringing on, we feel very good about the growth that we have ahead within our customer base.

因此，從席位擴張的角度與持續交叉銷售（cross-sell）的機會來看，再加上我們持續導入的新客戶標誌，我們對未來在客戶基礎內的成長前景感到非常有信心。

Your next question comes from the line of Brian Peterson with Raymond James.

下一個問題來自 Raymond James 的 Brian Peterson。

So Aaron, one of the comments you made was about some of your customers looking to consolidate their IT footprint. I know you're expanding the use cases and the value of the platform. But have you seen that increase in terms of your customer conversations in terms of them maybe looking to retire more legacy solutions? Does that change maybe in the last 2 quarters?

Aaron，你提到的一點是有些客戶希望整併他們的 IT 版圖。我知道你們正在擴展使用情境與平台價值。但在與客戶的對話中，你們是否看到這方面的需求增加，例如他們可能想汰除更多既有的傳統解決方案？這在過去兩個季度是否有變化？

Yes. So I think we've been dealing with the general trend of customers looking to replatform their content management environment now for the past few years. And so that's things like document and legacy SharePoint environments and so on. So more -- or network file shares moving those to the cloud. And that's been why we have Box Shuttle to help with that data migration. And we've been really focused on migrating that to the cloud quite a bit.

是的。我認為過去幾年我們一直在面對客戶希望重新平台化（replatform）其內容管理環境的整體趨勢。這包括文件管理與傳統的 SharePoint 環境等。也包括將網路檔案共享（network file shares）移轉到雲端。這也是我們推出 Box Shuttle 來協助資料移轉的原因。我們一直非常專注於將這些內容大量移轉到雲端。

I think with the addition of e-signature with Box Sign and now virtual and visual collaboration with Box Canvas, it provides 2 new categories that customers otherwise have to independently spend money on, that just provides additional value when you buy into the overall platform. So one example that I called out, we had a sort of software biotech company that was really looking to be able to kind of get more use cases solved with Box, and we ended up having a very strong champion from the finance department ultimately drive the usage of the Box platform from a deal standpoint. And so we're now seeing the addition of more sort of personas within our sales process, finding more value with our platform. So it's not just the digital information side, but it's also how can we deliver cost savings.

我認為，隨著我們加入 Box Sign 的電子簽章，以及現在透過 Box Canvas 提供虛擬與視覺化協作，這為客戶帶來兩個新的類別；否則客戶必須各自獨立投入預算購買，而當你採用整體平台時就能獲得額外價值。我舉一個我提到的例子：我們有一家軟體生技公司，希望能用 Box 解決更多使用情境，最後是由財務部門的一位非常強的內部推動者（champion）從交易（deal）角度推動 Box 平台的使用。因此，我們現在看到在銷售流程中出現更多不同的角色（persona），並從我們的平台找到更多價值。這不僅是數位資訊面的需求，也包括我們如何協助交付成本節省。

We've had a number of customers already with the addition of Box Canvas, which doesn't roll out even until this fall, see that as another opportunity where they can consolidate spend into Box and get more value from our platform. So I think that's going to continue to be the case. We think that sets us well for the environment that we're clearly in from a macro standpoint. And that's in addition, already to the tailwinds of digital transformation, remote and hybrid work and the cybersecurity challenges that the companies face.

我們已經有不少客戶，隨著 Box Canvas 的加入（甚至要到今年秋季才會推出），把這視為另一個機會：他們可以把支出整合到 Box，並從我們的平台獲得更多價值。所以我認為這種情況會持續。我們認為，從總體環境的角度來看，這讓我們在目前明顯所處的環境中具備良好定位。而這還是在既有順風因素之上，包括數位轉型、遠距與混合辦公，以及企業所面臨的資安挑戰。

Good to hear. And maybe just a follow-up on the M&A environment. Obviously, Box Sign has gotten some really good traction. I'd be curious what do you see in terms of the M&A pipeline? And obviously, we've seen a correction here in the public market. So I'm just curious what you're seeing maybe on the private side?

很高興聽到。也許再追問一下併購（M&A）環境。顯然 Box Sign 已經獲得相當不錯的動能。我很好奇你們對併購管線（pipeline）有何看法？而且我們也看到公開市場出現修正。所以我想了解你們在私募市場那邊看到的情況是什麼？

Yes. Well, I think, generally speaking, the private market is going to clearly go through a pretty broad scale correction as a result of that happening in the public side. I would say, when you think about our M&A strategy, it's very surgical. We look for capabilities that we need to bring on to the platform to help accelerate our road map. And so we're extremely selective as it is around the kinds of technologies that we buy. It's very possible that the prices come down on a relative basis, but we are very, very focused on specific technologies, and we're often not paying the kind of exorbitant prices that were already kind of happening in the market just as a result of our existing kind of focus on cash flow and the balance sheet.

是的。我想一般來說，私募市場很明顯會因為公開市場的情況，而經歷相當大規模的修正。至於我們的併購策略，你可以把它視為非常「精準外科式」的。我們尋找的是需要納入平台、以加速我們產品路線圖的能力。因此我們對要買的技術類型本來就極度挑選。相對而言，價格很可能會下來，但我們非常、非常聚焦在特定技術上；而且由於我們既有對現金流與資產負債表的重視，我們往往不會支付市場上先前那種已經出現的、過於高昂的價格。

So I think prices will come down, but it doesn't change our appetite. We're very surgical, and we'll continue to focus on just the kind of tuck-in acquisitions as appropriate to bolster up the value for our customers.

所以我認為價格會下來，但不會改變我們的胃納。我們非常精準，並會持續在適當時機專注於小型補強式（tuck-in）收購，以提升我們為客戶帶來的價值。

Your next question comes from the line of Ittai Kidron with Oppenheimer.

下一個問題來自 Oppenheimer 的 Ittai Kidron。

It's actually George Iwanyc. So following up on the value add that you're putting into the platform. Could you give us some perspective on your pricing leverage at this point, either from less discounting perspective or your ability to maybe raise prices?

其實是 George Iwanyc。延續你們在平台上增加的附加價值。你能否就目前你們的定價槓桿提供一些觀點，例如折扣變少，或是你們提高價格的能力？

Yes. So I think philosophically, as you know, and kind of I think all the folks on this call know, we have gone through a multiyear evolution where we had the single core platform of core Box, and then we had individual add-on products and that led to some inefficiency in the sales motion. And we heard from customers, we think this is too slow to then adopt a lot of the value that you're building. So that we moved to suites and then ultimately, Enterprise Plus as that super suite.

好的。我想從理念上來說，如你所知，也如同在這通電話上的各位都知道的，我們經歷了多年的演進：一開始只有單一核心平台（核心 Box），然後有各別的加購產品，這導致銷售動作上有些效率不彰。我們也聽到客戶反映：這樣採用你們正在打造的許多價值會太慢。因此我們轉向套裝（suites），最後推出 Enterprise Plus 作為那個超級套裝。

And so we think that the value proposition we're offering customers is you buy into our platform, and you're going to continue to get more and more innovation from us over time. So last year, that was Box Sign and this year, that's Box Canvas. It's a lot of innovation around workflow automation. It's a lot that we're doing on the security front. And then over time, we're able to drive more seats into the platform as one vector of upsell. We're able to kind of command higher price per seat on a like-for-like basis due to, on to your point, sort of less discounting and we're able to monetize the API volume of many of these features for some of the more custom development applications.

因此我們認為，我們提供給客戶的價值主張是：你買進我們的平台，隨著時間推進，你會持續從我們這裡獲得越來越多的創新。去年是 Box Sign，今年是 Box Canvas。我們在工作流程自動化上有大量創新；在安全性方面也做了很多。接著，隨時間我們能以「增加席次」作為一個向上銷售（upsell）的向量；也能在同等條件下提高每席次價格——如你所說，透過較少折扣；並且我們也能針對許多功能的 API 用量進行變現，服務一些更客製化的開發應用。

So we feel really comfortable with our multiple vectors of monetization. But philosophically, right now, and in particular, given this macro environment, you will certainly expect that we're in a mode of how do we give -- create more value for our customers, make it more of a win-win. That's going to make sure that customers are stickier with the platform and leveraging us for more use cases. And we think ultimately earn quite a bit of goodwill. That being said, where we see opportunity where a customer maybe is sort of not at the right price point relative to the value and what sort of list is that we always kind of take that into consideration. But I think we're really, really satisfied with the pricing model right now. So Dylan, I'll let you chime in if you like.

所以我們對多重變現向量感到非常有信心。但從理念上來說，現在、特別是在這樣的總體環境下，你當然會期待我們處於一種模式：如何為客戶創造更多價值，讓它更像雙贏。這將確保客戶對平台更黏著，並在更多使用情境中採用我們。我們也認為最終能累積相當多的善意。話雖如此，當我們看到某個客戶的價格點可能相對於其獲得的價值、以及我們的牌價（list）而言不太合適時，我們總是會把這點納入考量。但我認為我們對目前的定價模式非常、非常滿意。Dylan，如果你願意也可以補充。

No, I think that mostly covers it. The only thing I would add is the trends that we've been seeing recently and what we laid out at Analyst Day continue to play out in the business for the reasons they were mentioned continuing to get more and more customers into suites, where over the past year, we're able to increase our pricing by about 7% year-on-year, driven by the same trends that we continue to see in the business based on what our customers are using and the value they're increasingly getting from Box.

不，我想這基本上都涵蓋了。我唯一想補充的是：我們最近看到的趨勢，以及我們在 Analyst Day 所說明的內容，仍持續在業務中發生，原因也如同先前提到的——我們持續讓更多客戶採用套裝。過去一年，我們的定價年增大約 7%，主要由相同的趨勢所驅動：基於客戶的使用情況，以及他們從 Box 取得的價值正持續增加。

And Dylan, maybe following up on your operating margin comments. Can you give us an update on your thoughts for hiring at this point and then some of the other areas that you're looking to drive efficiencies?

Dylan，延續你對營業利益率的評論。你能否更新一下你們目前對招募（hiring）的想法，以及你們正在尋求提升效率的其他領域？

Sure. So I'd say very pleased by the progress we're making in terms of driving leverage across the business, which is what allowed us to raise our operating margin guidance by 50 basis points versus our initial guidance to 22.5%. And I would say, really continue to be focused on the plans that we laid out at the start of this year. So looking to grow our sales force in the low to mid-teens percentage range and do the significant majority of our engineering hiring in Poland, which is scaling really nicely.

當然。我會說，我們在推動全公司槓桿效益方面的進展讓人非常滿意，這也是我們能把營業利益率指引相較於初始指引上調 50 個基點、提高到 22.5% 的原因。我也會說，我們仍然非常專注於年初所制定的計畫：銷售團隊人數成長目標在低到中十幾%的區間；而工程端的招募絕大多數會在波蘭進行，那邊的擴張進展非常順利。

So I'd say kind of the strategy that we laid out entering the year at Analyst Day remains the strategy that we're executing to and would note that we're also seeing some upside from the impact of things like our data center and our public cloud migration strategy as well as the impact of that lower cost location strategy increasingly showing up in our financial results.

所以我會說，我們在 Analyst Day 進入今年時所提出的策略，仍是我們正在執行的策略；同時也要指出，我們也看到一些上行空間，來自例如資料中心與公有雲遷移策略的影響，以及低成本據點策略的效益正愈來愈多地反映在我們的財務結果中。

Your next question comes from the line of Josh Baer with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Josh Baer。

Congrats on a really good quarter. Aaron, when you talk about FY '23 being one of the biggest innovation years yet, which of your key pillars are you most focused on? And how should we think about this innovation just as far as completely new product modules versus smaller enhanced features?

恭喜這是一個非常好的季度。Aaron，當你談到 FY '23 會是迄今最大的創新年度之一時，你最聚焦於哪些關鍵支柱？另外，我們應該如何看待這些創新——是全新的產品模組，還是較小幅度的功能增強？

Yes. So I know this is kind of a lame answer, but across our 3 pillars, which are security compliance, workflow and collaboration and our platform. While our investment dollars are not always even across them, the relative importance of them is sort of shared just because that sort of the value that we're delivering for our customers. So I'm extremely excited about kind of capabilities that are showing up in each of these areas. But when I said the biggest innovation year, it's because of just the sheer breadth of capabilities across those 3 pillars that you'll see from us. So significant advancements across Shield and Governance for advanced data security protection and data privacy use cases that our customers are running into. So you'll see announcements throughout the year on that front.

是的。我知道這答案有點無聊，但我們的三大支柱——安全與合規、工作流程與協作，以及平台——雖然我們投入的資金不一定平均分配，但它們的重要性是相對一致的，因為這就是我們為客戶交付的價值。因此我對這三個領域各自出現的能力都非常興奮。但我之所以說是最大的創新年度，是因為你將看到我們在這三大支柱上推出的能力範圍非常廣。舉例來說，在 Shield 與 Governance 上會有重大進展，用於進階資料安全防護與資料隱私等客戶正在遇到的使用情境。因此你會在今年陸續看到這方面的公告。

Quite a bit of work happening in collaboration and workflow. So Canvas being an entirely new, very fast-growing large market that we're entering as a net new capability. At the same time, you're going to see kind of just run rate improvements to our collaboration functionality as well as major enhancements to our workflow suite. And then of course, Box Sign, we just announced in Q1 some major enhancements that came out for Box Sign to help our customers with more advanced use cases. So the entire road map of Box Sign is very well aligned to helping customers drive more of their e-signature processes on Box, retire legacy e-signature vendors into our platform. And then, of course, our partnerships and integrations, deepening our work with Salesforce, deepening our work with Slack, going really deep with Microsoft across a variety of use cases there.

在協作與工作流程方面也有相當多的工作在進行。Canvas 是一個全新的能力，代表我們進入一個完全新的、成長非常快的大型市場。同時，你也會看到我們協作功能的持續性（run rate）改進，以及對工作流程套件的重大強化。當然，Box Sign 方面，我們在 Q1 剛宣布了一些重大增強功能，協助客戶處理更進階的使用情境。Box Sign 的整體路線圖也非常一致地對準：協助客戶把更多電子簽章流程放到 Box 上，並將既有的電子簽章供應商汰換、整合到我們的平台。再來，當然還有我們的合作夥伴與整合：深化與 Salesforce 的合作、深化與 Slack 的合作，並在多種使用情境上與 Microsoft 進行非常深入的合作。

So you're going to see investment across all of those fronts, obviously baked into our targets, and we're going to continue to add a tremendous amount of value for our customers.

所以你會看到我們在所有這些面向上持續投資，這些也都已反映在我們的目標之中；我們將持續為客戶增加大量價值。

And Dylan, thank you for all the breakouts, especially the incremental FX since last guidance. One follow-up. Just wondering if you broke out FX or constant currency for operating income impact? And then also just wanted to ask about the nonrecurring revenue contribution in the quarter.

Dylan，也謝謝你提供所有拆解資訊，特別是自上次指引以來的增量匯率（FX）影響。我有一個追問：想請問你是否也拆解了匯率或以固定匯率（constant currency）計算對營業利益（operating income）的影響？另外也想問一下，本季一次性（nonrecurring）營收的貢獻。

Sure. So on the operating margin fronts, pretty similar trends to what we had called out on the EPS side. So for Q1, FX had a roughly 1 percentage point impact to operating margin. And then for the full year of FY '23, we expect the total FX impact to be about 2 percentage points to operating margins, so about 1% incremental to what we had called out on our last call. And then from a nonrecurring revenue point of view, I really just saw a lot of execution milestones completed from our Box Consulting business. So did not have a material impact on our overall revenue growth as it's just about 3% of our total revenue, but it was definitely nice to see uptick in the revenue that we're able to recognize from our professional services business, Box Consulting.

當然。所以在營業利益率方面，趨勢與我們在 EPS 端所提到的相當類似。因此在第一季，外匯（FX）對營業利益率約有 1 個百分點的影響。然後就 FY '23 全年而言，我們預期外匯對營業利益率的總影響約為 2 個百分點，較我們上次電話會議所提到的再增加約 1 個百分點。另外，從一次性（非經常性）營收的角度來看，我主要看到我們 Box Consulting 業務完成了許多執行里程碑。因此，由於它僅約占我們總營收的 3%，對整體營收成長並沒有造成重大影響，但看到我們能從專業服務業務（Box Consulting）認列的營收有所上升，確實令人欣慰。

Your next question comes from the line of Nick Mattiacci with Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Nick Mattiacci。

This is Nick on for Chad Bennett. Maybe if you could just speak to what you're seeing recently in the SMB market and if your thoughts for growth going forward at the lower end of the market have changed at all from a quarter ago?

我是 Nick，代替 Chad Bennett 提問。想請你談談你們最近在 SMB 市場看到的情況，以及相較於一季前，你們對於市場低端未來成長的看法是否有任何改變？

Yes. So we saw very strong results in Q1, and the team drove fantastic momentum in the SMB and kind of commercial segment broadly. I think that we're very cognizant of the macro environment from an SMB standpoint, I mean, frankly, business is everywhere. But if you think about the demands of needing a single platform with advanced security, with workflow automation, with e-signature all in one bundle, we think we have a very strong value proposition in the SMB space. And so that momentum is continuing to drive forward with, again, a ton of upside when you think about the seat expansion as well as the product plan expansion that's available to us.

是的。所以我們在第一季看到非常強勁的成果，團隊在 SMB 以及更廣泛的商業（commercial）區隔帶動了極佳的動能。我認為我們非常留意 SMB 端的總體環境，坦白說，各行各業都受到影響。但如果你想想對於需要一個具備進階安全性、工作流程自動化、以及電子簽署（e-signature）的一站式平台需求，我們認為在 SMB 領域我們有非常強的價值主張。因此，這股動能仍在持續推進；而且當你考量到席位擴張以及我們可提供的產品方案升級（product plan expansion），仍有很大的上行空間。

Got it. And then, Dylan, if you could just help me reconcile the 9-point FX headwind to billings in the quarter in comparison to the 4-point impact in the full year guide?

了解。接著，Dylan，能否請你協助我釐清：本季帳單（billings）受到外匯 9 個點的逆風，與全年指引中 4 個點的影響相比，這之間如何對應？

Sure. So first would note that we wanted to clarify the difference between the total FX impact in Q1, that was 9 points versus an incremental impact in Q1 versus our initial expectations, which was 4 points. And what I'd say is the reason that you see more of an impact in Q1 versus what we expect to see for the full year of roughly a 4-point impact due to FX is because that is impacted also by the impact of how FX drives a revaluation of deferred revenue on our balance sheet.

當然。首先要說明的是，我們想釐清第一季外匯總影響（total FX impact）為 9 個點，與第一季相較於我們初始預期的增量影響（incremental impact）為 4 個點之間的差異。我會說，你之所以看到第一季的影響大於我們預期全年約 4 個點的外匯影響，是因為這也受到外匯如何驅動我們資產負債表上遞延收入（deferred revenue）重估（revaluation）的影響。

So because we did see a pretty material movement in currency exchange rates in Q1 that had an outsized impact on our deferred revenue balances and therefore calculated billings in the first quarter.

因此，由於我們在第一季確實看到匯率出現相當顯著的變動，對我們的遞延收入餘額造成了不成比例的影響，進而影響第一季計算出的帳單（billings）。

Your next question comes from the line of Rishi Jaluria with RBC.

下一個問題來自 RBC 的 Rishi Jaluria。

I want to start off by talking about Box Canvas. Seems like a nice little introduction to full platform, so good value there. But maybe can you walk us through your strategy and monetization and opportunity there? Just kind of given that you have a lot of other players also getting into the space, including some larger Microsoft, Zoom, Cisco, right, coming out with features on this, not to mention some stand-alone point solutions. So maybe help us understand, is this going to be more analogous to like your strategy with Box Sign, is there a different monetization strategy? And then I've got a follow-up.

我想先從 Box Canvas 談起。看起來這是個很好的全平台導入，價值不錯。但你能否帶我們了解你們在這方面的策略、變現方式以及機會？尤其是考量到也有很多其他業者進入這個領域，包括一些更大型的 Microsoft、Zoom、Cisco 等，推出相關功能，更不用說一些獨立的點狀解決方案。能否幫我們理解：這會更類似你們對 Box Sign 的策略嗎？還是會有不同的變現策略？我之後還有一個追問。

Yes, sure. So I think the way that we sort of think about it. I mean we're very, very cognizant of the broader competitive landscape and understanding kind of where our products fit relative to different players. That being said, we sort of think about a slight inverted way of the market, which is -- we're trying to build an end-to-end Content Cloud. And we ask ourselves, what do enterprises want to do with their content. And we do a tremendous amount of market research on trying to figure out what our enterprise is looking to do in terms of collaboration and workflow and business process and e-signature.

好的，當然。我想我們看待這件事的方式是——我們非常、非常清楚更廣泛的競爭版圖，也理解我們的產品相對於不同玩家所處的位置。即便如此，我們對市場的思考方式有點像是反向切入——我們正在打造端到端的 Content Cloud。我們會問自己：企業想要如何使用他們的內容（content）？我們做了大量的市場研究，試圖了解企業在協作、工作流程、商業流程以及電子簽署方面想要達成什麼。

And as we think about that, our job is to then build more and more value when a customer has elected to use our Content Cloud. And so for us, we already have a product called Box Notes. Box Notes is sort of more of a linear document that you can do project management and you do note taking and meetings and strategy documents. All of that is sort of kind of knowledge management for the enterprise within Box Notes. And Box Canvas is sort of a very obvious kind of second act within this part of the strategy because it's more of the visual collaboration that you also want to be able to do. So it's the brainstorms, it's the visual content you need to review for a design meeting or a diagram for a business process and a workflow.

當我們這樣思考時，我們的工作就是在客戶選擇使用我們的 Content Cloud 後，持續建立更多價值。對我們而言，我們已經有一個產品叫 Box Notes。Box Notes 比較像是線性的文件，你可以用來做專案管理、筆記、會議紀錄與策略文件。這些都屬於企業在 Box Notes 內的知識管理。而 Box Canvas 則是這個策略中非常明顯的第二幕，因為它更偏向你也會需要的視覺化協作。因此它涵蓋腦力激盪、設計會議需要審閱的視覺內容，或是商業流程與工作流程的圖表。

So really has the same kind of horizontal applicability as Notes, but more for a visual content use case. And so for us, it was actually very kind of straightforward to just say, okay, this is going to be a native capability on the platform. It's going to be available to literally all of our users and customers. So we're not trying to specifically monetize Canvas. What we're trying to do is add more value for every seat that a customer has on Box. And we know just from our experience with many other product areas, that leads to more adoption, more usage and then more upsell into the higher tier plans.

所以它確實具有與 Notes 類似的橫向適用性，但更偏向視覺內容的使用情境。對我們來說，其實很直接就能說：好，這會是平台上的原生能力（native capability）。它會提供給我們所有使用者與客戶。因此我們並不是要特別針對 Canvas 變現。我們要做的是為客戶在 Box 上的每一個席位（seat）增加更多價值。我們也從許多其他產品領域的經驗得知，這會帶來更多採用、更多使用，進而帶動升級到更高階方案（higher tier plans）的加購（upsell）。

And when you think about our differentiation of security and governance and compliance, all of that now comes when you're doing that virtual whiteboard and collaboration experience. So we don't really think about it as needing to compete with any particular player as much as adding more value for our customers, partly explicitly because we're not charging for it separately. So there's not a sort of budget item that a customer is going to have to compare a Canvas versus some other solution. It's just more value when you do more of your work within the Box platform. So does that answer the question?

而當你想到我們在安全性、治理（governance）與合規（compliance）方面的差異化，這些現在也會在你進行虛擬白板與協作體驗時一併具備。因此我們不太把它視為需要與某個特定玩家競爭，而更像是為客戶增加更多價值；部分原因也很明確，因為我們不會另外收費。所以客戶不需要把 Canvas 當作一個預算項目，去比較 Canvas 與其他解決方案。它只是讓你在 Box 平台內完成更多工作時，獲得更多價值。所以這樣有回答到你的問題嗎？

Yes. Absolutely. That's super helpful. And then just as a follow-up, I wanted to ask you about stock comp. So stock comp is still, I think, relatively high at about 20% of revenue. And I know there's puts and takes on that metric. But just maybe philosophically, can you help us understand how you're thinking about stock comp going forward and kind of the mix of options RSUs versus cash? I know your stock has obviously held up significantly better than most of your SaaS peers. Your stock is not down 90% of the feed, so you're in a very enviable situation from that standpoint. But maybe just help us philosophically how we should be thinking about SVC and kind of the mix going forward?

有，完全有。這非常有幫助。接著我想追問一下股票薪酬（stock comp）。股票薪酬目前仍然相對偏高，大約占營收的 20%。我知道這個指標有一些正反因素。但能否從理念（philosophically）的角度，幫我們理解你們未來如何看待股票薪酬，以及選擇權（options）、限制型股票（RSUs）與現金之間的組合？我知道你們的股價顯然比多數 SaaS 同業更抗跌，你們的股價沒有像很多同業那樣下跌 90%，所以從這個角度你們處於很令人稱羨的位置。但能否從理念上幫我們理解，我們應該如何看待 SBC，以及未來的組合走向？

Sure. So I'd say that we do expect stock-based comp to trend down as a percentage of revenue pretty steadily in the coming years. The leading indicator of that is the equity burn rate, which did come down even over the past year by a little more than a percentage point. And so while the philosophy of cash versus equity is pretty consistent with what we've done in the past, would say that the overall more needed hiring growth and our focus on scaling in lower-cost locations are some of the drivers of what allows us to show that leverage. At the same time, as we've talked about in the past, very focused on returning capital to our shareholders through our ongoing share repurchase plans, which allow us to largely offsets any dilution that we see from equity compensation.

當然。我會說，我們確實預期未來幾年股票基礎薪酬（stock-based comp）占營收的比例會相當穩定地下降。其領先指標是股權消耗率（equity burn rate），在過去一年也下降了略多於 1 個百分點。因此，雖然現金與股權的理念大致延續我們過去的做法，但我會說，整體上較少的招募成長需求，以及我們專注於在較低成本地點擴張（scaling in lower-cost locations），是讓我們能展現槓桿效益（leverage）的部分驅動因素。同時，如同我們過去提到的，我們也非常專注於透過持續的庫藏股回購計畫（share repurchase plans）將資本回饋給股東，這使我們能在很大程度上抵銷（offset）股權薪酬帶來的任何稀釋（dilution）。

Yes. I think just to build on that, this is something we take incredibly seriously. And I think you'll see us be very strong on -- especially kind of relative to the software landscape. So we're super happy about kind of our focus on this.

是的。我想補充一下，這是我們非常嚴肅看待的事情。我認為你們會看到我們在這方面表現得非常強——尤其是相較於整體軟體產業的情況。所以我們對於自己在這方面的專注感到非常滿意。

There are no further questions at this time. Ms. Cynthia Hiponia, I turn the call back over to you.

目前沒有其他問題。Cynthia Hiponia 女士，我把電話會議交回給您。

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

很好。謝謝你，Emma。也謝謝各位今天參與，我們期待在下一次財報電話會議再向各位更新。

This concludes today's conference call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以中斷連線。