Dropbox Inc (DBX) 2022 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining Dropbox's Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of Dropbox's website following this call. I will now turn it over to Karan Kapoor, Head of Investor Relations for Dropbox. Mr. Kapoor, please go ahead.

下午好，女士們，先生們。感謝您參加 Dropbox 2022 年第二季度收益電話會議。 （操作員說明）作為提醒，本次電話會議正在錄音中，可在本次電話會議後從 Dropbox 網站的投資者關係部分重播。我現在將把它交給 Dropbox 投資者關係主管 Karan Kapoor。卡普爾先生，請繼續。

Thank you. Good afternoon, and welcome to Dropbox's Second Quarter 2022 Earnings Call. Before we get started, I'd like to remind you that our remarks today will include forward-looking statements, such as our financial guidance and expectations, including our long-term objectives and forecasts for our third quarter and fiscal year 2022 and our expectations regarding our revenue growth, profitability, operating margin and free cash flow as well as our expectations regarding our business, assets, products, strategies, technology, employees, users, demand and markets. These statements are subject to risks and uncertainties that could cause actual results to differ materially. They are also based on assumptions as of today, and we undertake no obligation to update them as a result of new information or future events.

謝謝你。下午好，歡迎參加 Dropbox 2022 年第二季度財報電話會議。在開始之前，我想提醒您，我們今天的講話將包括前瞻性陳述，例如我們的財務指導和預期，包括我們對第三季度和 2022 財年的長期目標和預測以及我們的預期關於我們的收入增長、盈利能力、營業利潤率和自由現金流，以及我們對我們的業務、資產、產品、戰略、技術、員工、用戶、需求和市場的期望。這些陳述受到可能導致實際結果大不相同的風險和不確定性的影響。它們也是基於今天的假設，我們不承擔因新信息或未來事件而更新它們的義務。

Factors and risks that could cause our actual results to differ materially from these forward-looking statements are set forth in today's earnings release and in our quarterly report on Form 10-Q filed with the SEC.

可能導致我們的實際結果與這些前瞻性陳述產生重大差異的因素和風險在今天的收益發布和我們提交給美國證券交易委員會的 10-Q 表格季度報告中進行了闡述。

We will also discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. A reconciliation of GAAP and non-GAAP results is provided in our earnings release and on our website at investors.dropbox.com.

我們還將討論非 GAAP 財務指標，這些指標未按照公認會計原則編制。我們的收益發布和我們的網站 Investors.dropbox.com 提供了 GAAP 和非 GAAP 結果的對賬。

I would now like to turn the call over to Dropbox's Co-Founder and Chief Executive Officer, Drew Houston. Drew?

我現在想將電話轉給 Dropbox 的聯合創始人兼首席執行官 Drew Houston。德魯？

Thanks, Karan, and good afternoon, everyone. Welcome to our Q2 2022 earnings call. Joining me today is Tim Regan, our Chief Financial Officer. And I'll first share our business and product highlights from the quarter, and then Tim will review our Q2 financial results, provide guidance for the third quarter and update our outlook for the remainder of the year.

謝謝，Karan，大家下午好。歡迎來到我們的 2022 年第二季度財報電話會議。今天加入我的是我們的首席財務官 Tim Regan。我將首先分享我們本季度的業務和產品亮點，然後蒂姆將審查我們的第二季度財務業績，為第三季度提供指導並更新我們對今年剩餘時間的展望。

I'm really pleased with the resilience of our business and our execution in Q2, especially against the challenging macroeconomic backdrop. We saw continued growth in our professional and teams plans and strong performance in our managed sales business. We also saw increased adoption of some of our newer products, Dropbox Backup and Capture, and we announced the pricing and packaging update for standard and advanced plans in June, delivering more value to our teams customers around security and data protection. Lastly, we continue to deliver profitability through operational efficiencies across the business, which Tim will discuss shortly.

我對我們業務的彈性和第二季度的執行感到非常滿意，尤其是在充滿挑戰的宏觀經濟背景下。我們的專業和團隊計劃持續增長，託管銷售業務表現強勁。我們還看到一些新產品 Dropbox Backup 和 Capture 的採用率有所提高，我們在 6 月宣布了標準和高級計劃的定價和包裝更新，為我們的團隊客戶在安全和數據保護方面帶來了更多價值。最後，我們將繼續通過提高整個業務的運營效率來實現盈利，Tim 稍後將對此進行討論。

While we're certainly keeping an eye on the macro environment, we remain confident in our strategy that we outlined at the beginning of the year. First, we're continuing to evolve our core FSS business by improving retention and monetization to stabilize growth. Second, we're driving more adoption of workflows beyond FSS around video and documents to better serve distributed teams, small businesses, solopreneurs and creators. Finally, we're maintaining operational excellence by continuing to balance growth and profitability. And with a healthier and more stable foundation in our core business, we're laying the groundwork to achieve our vision of being a solution that organizes all your cloud content and the workflows around it.

雖然我們當然會密切關注宏觀環境，但我們對年初制定的戰略仍然充滿信心。首先，我們通過提高留存率和貨幣化來穩定增長，繼續發展我們的核心 FSS 業務。其次，我們正在推動更多地採用圍繞視頻和文檔的 FSS 以外的工作流，以更好地為分佈式團隊、小型企業、個體企業家和創作者提供服務。最後，我們通過繼續平衡增長和盈利能力來保持卓越運營。憑藉我們核心業務的更健康、更穩定的基礎，我們正在為實現我們的願景奠定基礎，即成為一個組織所有云內容和圍繞它的工作流的解決方案。

I'll start with how we're evolving our core business. Consistent with last quarter, we once again saw our overall churn rate fall year-over-year. This was a result of ongoing improvements to core FSS user experience, particularly on mobile. For example, we enhanced the mobile uploads experience for our users, driving significantly faster speeds on our iOS app, which led to nearly double the percentage of active users on the app who upload content compared to a quarter ago. We also improved the performance and design of the photos tab in the mobile app, which increased the overall number of photos previewed on our mobile experience by over 10% since the start of the year. This builds on the work we talked about last quarter around driving faster performance with previews on the web.

我將從我們如何發展我們的核心業務開始。與上一季度一致，我們再次看到我們的整體流失率同比下降。這是不斷改進核心 FSS 用戶體驗的結果，尤其是在移動設備上。例如，我們增強了用戶的移動上傳體驗，顯著提高了 iOS 應用程序的速度，與四分之一前相比，該應用程序上上傳內容的活躍用戶百分比增加了近一倍。我們還改進了移動應用程序中照片選項卡的性能和設計，這使我們在移動體驗中預覽的照片總數自年初以來增加了 10% 以上。這建立在我們上個季度談到的關於通過網絡預覽提高性能的工作的基礎上。

These pages are some of the most trafficked surfaces for our users, and these ongoing enhancements are saving them time and allowing them to do more with their content, especially with their photos and videos. In addition to UX improvements, we're seeing increased adoption of multiple Dropbox features among our paid users. And we're discovering that customers that leverage multiple capabilities retain at higher rates than those who do not. For example, there are millions of paid individual users using Dropbox Backup and these users retain at higher rates than those who haven't turned on Backup. Similarly, we're seeing early signals that customers who use Dropbox Passwords retain at higher levels than those who don't.

這些頁面是我們用戶訪問量最大的一些頁面，這些持續改進正在為他們節省時間並允許他們對內容做更多的事情，尤其是照片和視頻。除了 UX 改進之外，我們還看到付費用戶越來越多地採用了多項 Dropbox 功能。我們發現，利用多種能力的客戶的留存率高於不利用的客戶。例如，有數百萬付費個人用戶使用 Dropbox Backup，這些用戶的留存率高於未啟用備份的用戶。同樣，我們看到早期跡象表明，使用 Dropbox Passwords 的客戶比不使用的客戶留存率更高。

Given this, in Q2, we rolled out Passwords to teams users as part of our update to our standard and advanced plans and are already seeing strong early adoption. I'll discuss how this update aligns with our pricing and packaging strategy in a moment, but I'm pleased to see how we're monetizing multiproduct adoption in the form of higher retention.

鑑於此，在第 2 季度，我們向團隊用戶推出了密碼，作為我們更新標準和高級計劃的一部分，並且已經看到早期採用率很高。稍後我將討論此更新如何與我們的定價和包裝策略保持一致，但我很高興看到我們如何以更高保留率的形式通過多產品採用獲利。

Outside of our self-serve business, we also saw a strong renewal activity among some of our larger strategic customers due to a new account management structure that we implemented last year. I'm really encouraged to see that despite the uncertain macro environment, our account reps were able to drive healthy renewal activity earlier in the quarter.

在我們的自助服務業務之外，由於我們去年實施了新的客戶管理結構，我們還看到了一些較大的戰略客戶之間的強勁更新活動。我真的很高興看到儘管宏觀環境不確定，但我們的客戶代表能夠在本季度早些時候推動健康的續訂活動。

Building on our strong retention wins, we also made progress driving monetization through upsell, cross-sell and conversion. In our managed sales business, we saw a healthy number of renewal customers purchase products like our data governance add-on. And in multiple cases, customers purchased a combination of Dropbox, HelloSign and DocSend. This improved cross-sell motion is the result of optimizing our sales force to sell the broader suite of Dropbox products.

在我們強大的保留勝利基礎上，我們還通過追加銷售、交叉銷售和轉換推動貨幣化取得了進展。在我們的託管銷售業務中，我們看到大量續訂客戶購買我們的數據治理插件等產品。在多個案例中，客戶同時購買了 Dropbox、HelloSign 和 DocSend。這種改進的交叉銷售動作是優化我們的銷售人員以銷售更廣泛的 Dropbox 產品套件的結果。

Similarly, we made progress with cross-sell activity in our core FSS business. Earlier this year, we released our first self-serve add-on called Extended Version History, which allows Plus users to extend deleted file-recovery in version history from 30 days to a year. Early adoption has been encouraging, and we're experimenting with other add-ons where we can seamlessly offer additional premium capabilities to our self-serve users. These efficient revenue opportunities require low incremental costs, and I'm excited to see us expand on our early progress here.

同樣，我們在核心 FSS 業務的交叉銷售活動方面取得了進展。今年早些時候，我們發布了我們的第一個名為 Extended Version History 的自助服務插件，它允許 Plus 用戶將版本歷史記錄中已刪除文件的恢復從 30 天延長到一年。早期採用令人鼓舞，我們正在嘗試其他附加組件，我們可以在這些附加組件中無縫地為我們的自助服務用戶提供額外的高級功能。這些有效的收入機會需要較低的增量成本，我很高興看到我們在這裡擴展我們的早期進展。

We also continue to see an opportunity to improve top-of-funnel activity through targeted marketing in mobile. Mobile represents an important channel for acquiring and converting new basic users, and in Q2, we increased our conversion rate through more targeted mobile prompts. We also saw an increase in mobile trials driven by higher adoption of Pro on mobile due to enhancements made to the mobile landing page.

我們還繼續看到通過移動端有針對性的營銷來改善漏斗頂部活動的機會。移動端是獲取和轉化新基礎用戶的重要渠道，在第二季度，我們通過更有針對性的移動端提示提高了轉化率。我們還看到，由於移動登陸頁面的增強，Pro 在移動設備上的更高采用率推動了移動試驗的增加。

Another important piece of our monetization strategy is around pricing and packaging changes. In June, we rolled out a number of highly requested security and data protection features for our standard and advanced teams users. One of the enhancements we made to these plans was the inclusion of Dropbox Passwords, which saw a strong early activation in its first month. Passwords for teams provides admins consolidated dashboards to alert them whether passwords are weak, reused or breached. We also enabled admins to receive reporting and monitoring capabilities to see how files and folders are being shared outside of their teams, with the ability to revoke access where needed. In addition, following our successful rollout last quarter of Backup and external drive backup as a stand-alone SKU and feature for paid individual plans, we introduced this offering to teams and saw a strong early adoption. And for advanced teams, our premium offerings, we launched new ransomware detection and recovery. This capability relies on machine learning to monitor for [behavioral] attacks and offers protection against new strains of ransomware.

我們貨幣化戰略的另一個重要部分是圍繞定價和包裝變化。 6 月，我們為標準和高級團隊用戶推出了許多要求很高的安全和數據保護功能。我們對這些計劃進行的一項改進是加入了 Dropbox Passwords，它在第一個月就獲得了強勁的早期激活。團隊密碼為管理員提供了綜合儀表板，以提醒他們密碼是否脆弱、重複使用或被破壞。我們還使管理員能夠接收報告和監控功能，以查看文件和文件夾如何在團隊外部共享，並能夠在需要時撤銷訪問權限。此外，繼上個季度我們成功推出了備份和外部驅動器備份作為獨立 SKU 和付費個人計劃的功能之後，我們向團隊介紹了該產品並看到了早期的強烈採用。對於高級團隊，我們的優質產品，我們推出了新的勒索軟件檢測和恢復。這種能力依賴於機器學習來監控 [行為] 攻擊，並提供針對新的勒索軟件的保護。

By bundling a number of highly requested new capabilities into our teams plans, we updated our pricing to reflect the added value. Tim will discuss this more, but I'm really pleased with the early response and our ability to monetize important new products through our existing paid plans. Through our focus on security and data protection, we're confident that we're providing value that customers find essential.

通過將許多要求很高的新功能捆綁到我們的團隊計劃中，我們更新了定價以反映附加值。蒂姆將對此進行更多討論，但我對早期的反應以及我們通過現有付費計劃將重要的新產品貨幣化的能力感到非常滿意。通過我們對安全和數據保護的關注，我們有信心提供客戶認為必不可少的價值。

Moving to our second objective of driving adoption of workflows beyond FSS, specifically around documents with DocSend and HelloSign and video with Capture and Replay. DocSend, which is now in its second year as part of Dropbox, has accelerated its growth since we acquired them. While we're seeing some pockets of softness in areas like venture capital fundraising, we continue to see opportunities for strong organic growth along with greater revenue synergies. We're investing further in DocSend's capabilities as well as marketing to expand into new verticals.

轉向我們的第二個目標，即推動採用 FSS 之外的工作流，特別是圍繞帶有 DocSend 和 HelloSign 的文檔以及帶有 Capture 和 Replay 的視頻。作為 Dropbox 的一部分，DocSend 現在已經進入第二個年頭，自從我們收購它們以來，它的增長速度加快了。雖然我們在風險投資籌款等領域看到了一些疲軟，但我們繼續看到強勁的有機增長機會以及更大的收入協同效應。我們正在進一步投資 DocSend 的能力和營銷，以擴展到新的垂直領域。

In Q2, we added the ability to view images in the DocSend viewer instead of having to download content out of the browser, creating a stickier experience, which resulted in a significant increase in image file uploads. In Q3, we plan to offer additional capabilities for video, enabling more use cases and expanding the audience of potential DocSend users. And integrating the DocSend experience into Dropbox continues to track well. Last month, we launched Save to Dropbox, which allows users with both a Dropbox and a DocSend account to save final documents from DocSend into Dropbox in one click.

在第 2 季度，我們添加了在 DocSend 查看器中查看圖像的功能，而不必從瀏覽器中下載內容，從而創造了更粘的體驗，從而顯著增加了圖像文件的上傳量。在第三季度，我們計劃提供更多視頻功能，支持更多用例並擴大潛在 DocSend 用戶的受眾。將 DocSend 體驗集成到 Dropbox 的情況繼續保持良好。上個月，我們推出了保存到 Dropbox，它允許同時擁有 Dropbox 和 DocSend 帳戶的用戶一鍵將最終文檔從 DocSend 保存到 Dropbox。

HelloSign continues to show solid growth despite moderating following the pandemic surge, consistent with the broader eSignature space. We saw a greater mix shift towards higher price plans as well as healthy upsell of the HelloSign API. This is an opportunity to continue to differentiate HelloSign as we've enhanced our offering to improve a developer's ability to explore and build with our API.

儘管在大流行病激增後有所放緩，HelloSign 繼續顯示出穩健的增長，這與更廣泛的電子簽名空間一致。我們看到了向更高價格計劃的更大組合轉變以及 HelloSign API 的健康追加銷售。這是一個繼續讓 HelloSign 與眾不同的機會，因為我們已經增強了我們的產品以提高開發人員使用我們的 API 進行探索和構建的能力。

And last month, we announced an integration with HubSpot, which allows sales teams to automate critical agreement processes through one unified workflow. Initial feedback from the integration is encouraging, and I'm looking forward to driving more awareness through joint marketing campaigns this quarter. We're excited about the continued momentum of these businesses, especially through deeper integrations within Dropbox, increasing revenue synergies and offering our users a more cohesive experience.

上個月，我們宣布了與 HubSpot 的集成，它允許銷售團隊通過一個統一的工作流程自動化關鍵協議流程。整合的初步反饋令人鼓舞，我期待通過本季度的聯合營銷活動提高知名度。我們對這些業務的持續發展勢頭感到興奮，尤其是通過與 Dropbox 進行更深入的整合、增加收入協同效應並為我們的用戶提供更具凝聚力的體驗。

Finally, I'll cover our product experiences around video capture and replay, which saw strong adoption in Q2. Capture, our all-in-one visual communication tool that helps teams share their work and ideas asynchronously once again saw active users increase significantly versus last quarter, with customer satisfaction scores also improving. We removed the 5-minute limit for capture videos, which was a top request among our beta users, differentiating Capture from the competition. We see an opportunity to drive Capture's adoption to a wider audience of Dropbox users and continue to evaluate the best pricing and packaging approach for it.

最後，我將介紹我們在視頻捕獲和回放方面的產品體驗，它們在第二季度得到了廣泛的採用。 Capture 是我們的一體化視覺交流工具，可幫助團隊異步分享他們的工作和想法，與上一季度相比，活躍用戶再次顯著增加，客戶滿意度得分也有所提高。我們取消了捕獲視頻的 5 分鐘限制，這是我們測試版用戶的最高要求，使 Capture 從競爭中脫穎而出。我們看到了將 Capture 推廣到更廣泛的 Dropbox 用戶受眾的機會，並繼續為其評估最佳定價和包裝方法。

Replay has already become an essential tool for the creator audience due to its ease of use, performance and convenience as part of the Dropbox product suite. Beta user retention is strong and we see an opportunity to drive product awareness further to grow its user base. We're leaning into these organic bets as we've seen an increase in the percentage of our weekly and monthly active users that engage with video, including uploading, sharing and viewing. As this mix continues to rise, we see significant potential in creating larger flywheels around video workflows. I'm excited for the potential for Capture and Replay to reach more creators and distributed teams.

作為 Dropbox 產品套件的一部分，Replay 因其易用性、性能和便利性而成為創作者受眾的必備工具。 Beta 用戶保留率很高，我們看到了進一步提高產品知名度以擴大其用戶群的機會。我們傾向於這些有機投注，因為我們看到每周和每月活躍用戶參與視頻（包括上傳、分享和觀看）的百分比有所增加。隨著這種組合的不斷增加，我們看到了圍繞視頻工作流程創建更大飛輪的巨大潛力。我很高興 Capture and Replay 有可能接觸到更多的創作者和分佈式團隊。

And as we expand our workflows around content types, we're also focused on evolving from syncing files and folders to organizing all of your cloud content. Universal search is a key part of this road map, which is why I'm excited about our recent acquisition of Command E. I look forward to sharing more about our progress here in the coming quarters.

隨著我們圍繞內容類型擴展我們的工作流程，我們還專注於從同步文件和文件夾演變為組織您的所有云內容。通用搜索是該路線圖的關鍵部分，這就是為什麼我對我們最近收購 Command E 感到興奮。我期待在未來幾個季度在這里分享更多關於我們進展的信息。

In closing, it was a solid quarter with increased multiproduct adoption, retention wins, updated pricing and packaging for teams, and strong performance in our managed sales business. The core Dropbox FSS experience continues to improve with faster performance and enhanced security. The changes we continue to make strengthen our platform's foundation and our disciplined approach allows us to be opportunistic with our growth bets.

最後，這是一個穩健的季度，多產品採用率增加，保留率提高，團隊定價和包裝更新，以及我們託管銷售業務的強勁表現。 Dropbox FSS 的核心體驗隨著更快的性能和增強的安全性而不斷改進。我們繼續做出的改變加強了我們平台的基礎和我們嚴謹的方法，使我們能夠在增長賭注中投機取巧。

We believe we're operating from a position of strength given our healthy financial profile and our strong balance sheet and the work we've done over the last several years to build even more resilience into our business. And we remain focused on our customers, especially during this challenging macroeconomic environment, solving for what they need to do their most important work faster and more easily.

我們相信，鑑於我們健康的財務狀況和強勁的資產負債表以及我們在過去幾年中為增強業務彈性所做的工作，我們的運營處於強勢地位。我們仍然專注於我們的客戶，特別是在這個充滿挑戰的宏觀經濟環境中，解決他們需要什麼來更快、更輕鬆地完成最重要的工作。

And with that, I'll hand it over to Tim to walk through our financial results.

有了這個，我會把它交給蒂姆來看看我們的財務業績。

Thank you, Drew. Before turning to our quarterly results, I'd like to start with a reminder of our financial strategy. We continue to focus on balancing growth and profitability in a thoughtful, disciplined way. We remain committed to our long-term objectives, including delivering operating margins of 30% to 32% and generating annual free cash flow of $1 billion by 2024. We also remain focused on allocating capital to growth initiatives, both organic as well as through acquisitions, while also returning a significant portion of our free cash flow to shareholders in the form of share repurchases. We believe that execution against these objectives will generate long-term value for our shareholders.

謝謝你，德魯。在轉向我們的季度業績之前，我想先提醒一下我們的財務戰略。我們繼續專注於以深思熟慮、紀律嚴明的方式平衡增長和盈利能力。我們仍然致力於實現我們的長期目標，包括到 2024 年實現 30% 至 32% 的營業利潤率並產生 10 億美元的年度自由現金流。我們還繼續專注於將資本分配給增長計劃，包括有機增長計劃和收購計劃，同時還以股票回購的形式將我們的大部分自由現金流返還給股東。我們相信，針對這些目標的執行將為我們的股東創造長期價值。

Today, I'll talk to our performance for the quarter and our updated guidance for the year, each of which demonstrate that we continue to operate the business in line with these principles. Let's begin with our second quarter results. Total revenue for the quarter increased 7.9% year-over-year to $573 million, beating our guidance range of $568 million to $571 million. Foreign exchange rates provided an approximate $5 million headwind to growth, above our previous guidance range of a $3 million headwind.

今天，我將談談我們本季度的業績和我們更新的年度指導，每一項都表明我們繼續按照這些原則經營業務。讓我們從第二季度的業績開始。本季度總收入同比增長 7.9% 至 5.73 億美元，超過了我們 5.68 億美元至 5.71 億美元的指導範圍。外匯匯率為增長帶來了大約 500 萬美元的阻力，高於我們之前 300 萬美元的逆風指導範圍。

On a constant currency basis, year-over-year growth was 8.8%. Total ARR for the quarter grew 7.7% year-over-year for a total of $2.333 billion. On a constant currency basis, ARR grew by $44 million sequentially and 8.3% year-over-year. We continue to drive growth in ARR through strength in our teams and Professional plans, with retention improving year-over-year, driven by mobile enhancements and stronger renewals by our account management team as well as healthy cross-sell activity. HelloSign and DocSend also continued to show solid ARR growth. We exited the quarter with 17.37 million paying users and added approximately 280,000 net new paying users in the second quarter. Average revenue per paying user was $133.34 in Q2. ARPU decreased by $1.29 compared to Q1, primarily due to FX rate headwinds and continued strength from family plans, which, as a reminder, is comprised of 6 seats and therefore, carries a lower ARPU profile.

按固定匯率計算，同比增長 8.8%。本季度的總 ARR 同比增長 7.7%，總計 23.33 億美元。按固定匯率計算，ARR 環比增長 4400 萬美元，同比增長 8.3%。我們通過強大的團隊和專業計劃繼續推動 ARR 的增長，在移動增強和我們的客戶管理團隊更強大的續訂以及健康的交叉銷售活動的推動下，留存率逐年提高。 HelloSign 和 DocSend 也繼續顯示出穩健的 ARR 增長。我們以 1,737 萬付費用戶退出本季度，並在第二季度新增約 28 萬淨付費用戶。第二季度每位付費用戶的平均收入為 133.34 美元。與第一季度相比，ARPU 下降了 1.29 美元，主要是由於匯率逆風和家庭計劃的持續強勁，提醒一下，家庭計劃由 6 個席位組成，因此 ARPU 較低。

Before we continue with further discussion of our P&L, I would like to note that unless otherwise indicated, all income statement figures mentioned are non-GAAP and exclude stock-based compensation, amortization of purchased intangibles, certain acquisition-related expenses, impairments of our real estate assets and net gains on equity investments. Our non-GAAP net income also includes the income tax effect of the aforementioned adjustments.

在我們繼續進一步討論我們的損益表之前，我想指出，除非另有說明，否則提到的所有損益表數據均為非公認會計原則，不包括基於股票的薪酬、購買的無形資產的攤銷、某些與收購相關的費用、我們的減值房地產資產和股權投資的淨收益。我們的非公認會計原則淨收入還包括上述調整的所得稅影響。

I'll now provide a brief update on our real estate strategy, where we are taking steps to de-cost our real estate portfolio as we -- as part of our transition to our Virtual First model. In the second quarter, we continue to make progress against our goals, executing subleases in San Francisco as well as Seattle. As a result, we have now executed all of our planned subleases outside of San Francisco. While we continue to estimate that our total impairment charges will be up to $450 million, lower than expected subleasing in San Francisco resulted in an additional $9 million in impairment charges in Q2, bringing our cumulative impairment to $438 million.

我現在將簡要介紹我們的房地產戰略，作為我們向虛擬優先模式過渡的一部分，我們正在採取措施降低我們的房地產投資組合的成本。在第二季度，我們繼續朝著我們的目標取得進展，在舊金山和西雅圖執行轉租。因此，我們現在已經在舊金山以外執行了所有計劃的轉租。雖然我們繼續估計我們的總減值費用將高達 4.5 億美元，但低於預期的舊金山轉租導致第二季度額外的減值費用為 900 萬美元，使我們的累計減值達到 4.38 億美元。

With that, let's continue with the P&L. Gross margin was 83% for the quarter, representing an increase of nearly 2 percentage points on a year-over-year basis. The improvement in our gross margin was primarily driven by ongoing efficiencies in our data center infrastructure as well as slower-than-expected onboarding of outsourced customer support. Second quarter R&D expense was $155 million or 27% of revenue, which increased compared to 25% of revenue in the second quarter of 2021. The increase in R&D was primarily driven by an increase in headcount to replace the elevated levels of attrition we saw last year and as we continue to invest in growth and other key initiatives.

有了這個，讓我們繼續看損益表。本季度毛利率為83%，同比增長近2個百分點。我們毛利率的提高主要是由於我們數據中心基礎設施的持續效率以及外包客戶支持的加入速度慢於預期。第二季度研發費用為 1.55 億美元，佔收入的 27%，與 2021 年第二季度佔收入的 25% 相比有所增加。研發費用的增長主要是由於員工人數增加以取代我們上次看到的高流失率年以及我們繼續投資於增長和其他關鍵舉措。

Second quarter sales and marketing expense was $96 million or 17% of revenue, which remained flat as a percentage of revenue compared to the second quarter of 2021. Sales and marketing expense increased on a sequential basis, driven by a shift of some marketing campaigns from Q1 to Q2. Second quarter G&A expense was $41 million or 7% of revenue, which decreased compared to 8% of revenue in the second quarter of 2021.

第二季度銷售和營銷費用為 9600 萬美元，佔收入的 17%，與 2021 年第二季度相比，佔收入的百分比持平。由於一些營銷活動從Q1 到 Q2。第二季度 G&A 費用為 4100 萬美元，佔收入的 7%，與 2021 年第二季度佔收入的 8% 相比有所下降。

In total, we earned an operating profit of $183 million in the second quarter, which represents an operating margin of 32%, which is flat compared to the second quarter of 2021. Our Q2 operating margin exceeded guidance by over 3 points, driven by stronger-than-expected gross margin, efficiencies stemming from hiring in lower-cost locations, lower-than-expected T&E costs as well as the timing of spend shifting from Q2 to future quarters.

總體而言，我們第二季度的營業利潤為 1.83 億美元，營業利潤率為 32%，與 2021 年第二季度持平。我們的第二季度營業利潤率超過指導水平 3 個百分點以上，這是由於強勁的- 毛利率超預期、在低成本地點招聘帶來的效率、低於預期的 T&E 成本以及支出從第二季度轉移到未來幾個季度的時機。

Net income for the second quarter was $138 million, which is a 14% decrease versus the second quarter of 2021. Diluted EPS was $0.38 per share based on 366 million diluted weighted average shares outstanding, down from $0.40 per share based on 397 million diluted weighted average shares outstanding for the second quarter of 2021. Our net income and EPS declined year-over-year as our income tax expense increased significantly year-over-year through the impact of new R&D tax legislation and given that we have now fully utilized our NOLs for non-GAAP tax purposes.

第二季度淨收入為 1.38 億美元，與 2021 年第二季度相比下降 14%。稀釋後每股收益為 0.38 美元，基於 3.66 億股稀釋加權平均流通股，低於每股 0.40 美元（基於 3.97 億股稀釋加權平均） 2021 年第二季度的平均流通股。我們的淨收入和每股收益同比下降，因為我們的所得稅費用在新的研發稅法的影響下同比顯著增加，並且我們現在已經充分利用了我們的用於非 GAAP 稅收目的的 NOL。

Moving on to our cash balance and cash flow. We ended the quarter with cash and short-term investments of $1.4 billion. Cash flow from operations was $210 million in the second quarter. Capital expenditures were $4 million during the quarter. This resulted in quarterly free cash flow of $206 million compared to $216 million in Q2 of 2021. In the second quarter, we added $14 million to our finance leases for data center equipment.

繼續我們的現金餘額和現金流。我們以 14 億美元的現金和短期投資結束了本季度。第二季度的運營現金流為 2.1 億美元。本季度的資本支出為 400 萬美元。這導致季度自由現金流為 2.06 億美元，而 2021 年第二季度為 2.16 億美元。第二季度，我們為數據中心設備的融資租賃增加了 1400 萬美元。

Let's turn to our share repurchase activity. In Q2, we repurchased 8.9 million shares, spending approximately $190 million. During Q2, we exhausted our previous $1 billion share repurchase authorization from 2021 and began executing against our new $1.2 billion authorization that was approved in Q1 of this year. As of the end of the second quarter, approximately $1.1 billion remains under the current authorization.

讓我們轉向我們的股票回購活動。在第二季度，我們回購了 890 萬股股票，花費了大約 1.9 億美元。在第二季度，我們用盡了之前從 2021 年開始的 10 億美元股票回購授權，並開始執行我們在今年第一季度批准的 12 億美元新授權。截至第二季度末，目前授權仍有約 11 億美元。

I'd now like to share our guidance for the third quarter and provide an update to our full year 2022 guidance. I will also provide some context on the thinking behind this guidance.

我現在想分享我們對第三季度的指導，並更新我們的 2022 年全年指導。我還將提供一些有關該指南背後的想法的背景信息。

For the third quarter of 2022, we expect revenue to be in the range of $584 million to $587 million. We are assuming a currency headwind of approximately $13 million in the third quarter. Thus, on a constant currency basis, we expect Q3's year-over-year revenue growth to be roughly consistent with that of Q2. We expect non-GAAP operating margin to be approximately 29%. The expected sequential decline from Q2 operating margin is primarily driven by the continued progress on our planned hiring strategy in 2022 towards growth initiatives, increased levels of T&E and project spend in Q3 as well as an incremental FX headwind. Q2 operating expenses also benefited from the onetime release of certain non-income tax reserves in the quarter.

對於 2022 年第三季度，我們預計收入將在 5.84 億美元至 5.87 億美元之間。我們假設第三季度的貨幣逆風約為 1300 萬美元。因此，在固定貨幣基礎上，我們預計第三季度的收入同比增長將與第二季度大致一致。我們預計非美國通用會計準則營業利潤率約為 29%。第二季度營業利潤率的預期環比下降主要是由於我們計劃在 2022 年實現增長計劃的招聘戰略的持續進展、第三季度 T&E 和項目支出水平的提高以及外匯逆風的增加。第二季度的運營費用也受益於該季度一次性釋放的某些非所得稅準備金。

Finally, we expect diluted weighted average shares outstanding to be in the range of 360 million to 365 million shares based on our trailing 30-day average share price. For the full year 2022, due to the significant strengthening of the U.S. dollar since our last update, we are revising our as-reported revenue guidance range down by $12 million to $2.308 billion to $2.318 billion from our previous guidance range of $2.320 billion to $2.330 billion. However, on a constant currency basis, we are revising our guidance range up by $8 million to $2.342 billion to $2.352 billion, up from the prior range of $2.334 billion to $2.344 billion.

最後，根據我們過去 30 天的平均股價，我們預計稀釋後的加權平均流通股在 3.6 億至 3.65 億股之間。對於 2022 年全年，由於自上次更新以來美元大幅走強，我們將報告的收入指導範圍從之前的 23.20 億美元至 23.18 億美元下調 1200 萬美元至 23.08 億美元至 23.18 億美元十億。然而，在固定貨幣基礎上，我們將我們的指導範圍從之前的 23.34 億美元至 23.44 億美元上調 800 萬美元至 23.42 億美元至 23.52 億美元。

We now estimate a full year 2022 currency headwind of approximately $34 million as compared to our prior forecast of $14 million. We now expect gross margin to be approximately 81.5%, up from our prior forecast of 81% due to ongoing infrastructure efficiencies. We are also raising our operating margin guidance to approximately 30%, up from our prior guidance of between 29% to 29.5%. This operating margin guidance is inclusive of an approximately 1 point headwind from FX as compared to a prior estimate of approximately 0.5 point.

我們現在估計 2022 年全年的貨幣逆風約為 3400 萬美元，而我們之前的預測為 1400 萬美元。由於持續的基礎設施效率，我們現在預計毛利率約為 81.5%，高於我們之前預測的 81%。我們還將營業利潤率指引從之前的 29% 至 29.5% 提高到約 30%。與先前估計的大約 0.5 個百分點相比，該營業利潤率指導包括來自外彙的大約 1 個百分點的逆風。

We are maintaining our free cash flow guidance to be in the range of $760 million to $790 million. This includes $17 million in cash outflows for the 2022 installments of the acquisition-related deal consideration holdbacks. Additionally, our free cash flow guidance is inclusive of an estimated $25 million headwind and resulting from the impact of R&D tax legislation newly effective in 2022.

我們將自由現金流指引維持在 7.6 億美元至 7.9 億美元之間。這包括 2022 年與收購相關的交易對價扣留的 1700 萬美元現金流出。此外，我們的自由現金流指導包括估計 2500 萬美元的逆風，這是由於 2022 年新生效的研發稅法的影響而產生的。

We continue to expect capital expenditures for 2022 to be in the range of $25 million to $35 million. We continue to expect additions to our finance lease volumes to be approximately 5% of revenue in 2022. Finally, we expect 2022 diluted shares outstanding to be in the range of 364 million to 369 million shares, down from our previous guidance range of 366 million to 371 million shares. This reduction in our share count reflects our commitment to an anticipated impact of our share repurchase program.

我們繼續預計 2022 年的資本支出將在 2500 萬美元至 3500 萬美元之間。我們繼續預計 2022 年我們的融資租賃量將增加約 5% 的收入。最後，我們預計 2022 年攤薄後流通股將在 3.64 億股至 3.69 億股之間，低於我們之前的指導範圍 3.66 億股3.71億股。我們股票數量的減少反映了我們對股票回購計劃預期影響的承諾。

To share some additional context on this guidance. For revenue, for 2022, we are raising our constant currency revenue guidance range up by $8 million. As a reminder, our guidance continues to include the impact of discontinuing new sales, along with financial sanctions in Russia, resulting in a headwind in the mid- to high single-digit millions of dollars to revenue this year. Additionally, this guidance also reflects updates to our pricing and packaging approach for our teams plans that we announced in June.

分享有關本指南的一些其他背景信息。對於收入，我們將 2022 年的固定貨幣收入指導範圍上調 800 萬美元。提醒一下，我們的指導繼續包括停止新銷售的影響，以及俄羅斯的金融制裁，導致今年收入中高位數數百萬美元的逆風。此外，本指南還反映了我們在 6 月宣布的團隊計劃的定價和包裝方法的更新。

As Drew discussed, we recently updated our standard and advanced teams plans, bundling a number of new capabilities around security and data protection. These plan prices were raised by 20%. New customers began purchasing the higher-priced plans starting in June, and existing customers began renewing at the higher price point starting in July. As a reminder, we will see the benefit of the pricing change flow to ARR as customers' billing cycles occur with monthly customers flowing through in the first month of the change. And given our ratable revenue recognition model, the revenue impact will flow to both 2022 and 2023. The subset of our user base that is subject to the price increase comprises approximately 1/3 of our total ARR. We are seeing positive early signals on this pricing and packaging change thus far. Given this positive customer reception as well as continued year-over-year improvements in retention, we are raising our constant currency revenue guidance range.

正如 Drew 所討論的，我們最近更新了我們的標準和高級團隊計劃，捆綁了許多圍繞安全和數據保護的新功能。這些計劃價格提高了 20%。新客戶從 6 月開始購買高價計劃，現有客戶從 7 月開始以高價續訂。提醒一下，我們將看到定價更改流向 ARR 的好處，因為客戶的計費周期發生在更改的第一個月，每月客戶流過。鑑於我們的可評級收入確認模型，收入影響將流向 2022 年和 2023 年。受價格上漲影響的用戶群子集約占我們總 ARR 的 1/3。到目前為止，我們看到了有關這種定價和包裝變化的積極早期信號。鑑於這種積極的客戶接待以及留存率的持續同比增長，我們正在提高我們的固定貨幣收入指導範圍。

As related to gross margin, while we achieved a gross margin level above the high end of our long-term target range in Q2, we continue to expect to invest in customer support, which will ultimately result in gross margin reverting within the parameters of our long-term guidance range in the coming quarters. As related to operating margin, while we are experiencing incremental FX headwinds, T&E, and office reopening expenses as pandemic restrictions soften, we are raising our 2022 operating margin guidance as we continue to have success with our ability to hire top talent outside of traditional high-cost tech hubs such as San Francisco, New York and Seattle.

就毛利率而言，雖然我們在第二季度實現了高於長期目標範圍高端的毛利率水平，但我們仍預計將投資於客戶支持，這最終將導致毛利率恢復到我們的參數範圍內。未來幾個季度的長期指導範圍。與營業利潤率相關，雖然隨著大流行限制的放寬，我們正在經歷增加的外匯逆風、T&E 和辦公室重新開張費用，但我們正在提高 2022 年營業利潤率指導，因為我們繼續在聘用傳統高薪以外的頂尖人才方面取得成功-成本技術中心，如舊金山、紐約和西雅圖。

As related to full year free cash flow, we are maintaining our 2022 free cash flow guidance. We are maintaining the range that we introduced at the beginning of the year as a result of the significant strengthening of the U.S. dollar, which is now more than a $30 million headwind to our initial free cash flow guidance. I note that FX has a more immediate impact on billings and hence, cash flow as compared to revenue, given our ratable revenue recognition model. Thus, a larger cash impact will be absorbed this year, offsetting the benefits of our increased operating margins. Lastly, we remain committed to achieving our long-term targets of delivering operating margins of 30% to 32% and $1 billion of annual free cash flow by 2024.

與全年自由現金流相關，我們維持 2022 年自由現金流指引。由於美元大幅走強，我們維持了年初引入的範圍，這對我們最初的自由現金流指導造成了超過 3000 萬美元的逆風。我注意到，鑑於我們的可評級收入確認模型，與收入相比，外匯對賬單和現金流的影響更為直接。因此，今年將吸收更大的現金影響，抵消我們增加的營業利潤率帶來的好處。最後，我們仍然致力於實現到 2024 年實現 30% 至 32% 的營業利潤率和 10 億美元的年度自由現金流的長期目標。

In conclusion, we continue to execute well against our initiatives, demonstrating stability and focus on our customers while driving continued operational efficiencies. This stabilization and discipline allows us to operate from a position of strength during an unpredictable macro environment as we continue to execute towards our long-term objectives.

總之，我們繼續執行我們的計劃，表現出穩定性並專注於我們的客戶，同時推動持續的運營效率。這種穩定性和紀律性使我們能夠在不可預測的宏觀環境中保持強勢地位，同時繼續實現我們的長期目標。

With that, I'll now turn it over to the operator for Q&A.

有了這個，我現在將它交給運營商進行問答。

(Operator Instructions) Our first question comes from the line of Richard Poland of RBC Capital Markets.

（操作員說明）我們的第一個問題來自加拿大皇家銀行資本市場的理查德波蘭。

This is Phil Rigby on for Richard Poland. I want to start in on the teams plan pricing update. So it looks like about a 20% price increase, and if I'm not mistaken, is the first one since 2017, so it seems incredibly reasonable to me. But -- you talked about receiving some early positive signals on the pricing change. Maybe talk about any potential impacts you're maybe assuming on in terms of monetization or renewals on this? And then can you give us a sense of the linearity over the next 12 months of moving the subscribers to the new pricing?

這是理查德波蘭的菲爾里格比。我想開始團隊計劃定價更新。所以看起來價格上漲了 20%，如果我沒記錯的話，這是自 2017 年以來的第一次，所以對我來說這似乎非常合理。但是 - 你談到收到一些關於定價變化的早期積極信號。也許談談您可能在貨幣化或續訂方面所承擔的任何潛在影響？然後你能告訴我們在未來 12 個月內將訂閱者轉移到新定價的線性度嗎？

Yes, sure. So this is Tim. I'll take that one. So we did raise prices for these plans by 20%. This is our standard and advanced teams plans, which we have not changed these prices since 2017. So you're exactly right. Again, for new customers, these began to have the higher price plan starting in June. And for existing customers, they began renewing at the higher price point starting in July. The subset of our user base that is subject to -- it comprises about 1/3 of our total ARR. And as a reminder, we will see the benefit of the pricing change flow to ARR as customer billing cycles occur, with monthly customers flowing through in the first month of the change. And then given our ratable revenue recognition model, the revenue impact will flow through to both 2022 and 2023. And so maybe one other point along those lines, just to give you a sense of the timing, is that our annual customers tend to represent about 2/3 of our customer user base, whereas our monthly customer is about obviously 1/3, where the monthly customers will be subject to the change largely in the third quarter. So therefore, we expect most of the impact to flow through in the third quarter.

是的，當然。這就是蒂姆。我會拿那個。所以我們確實將這些計劃的價格提高了 20%。這是我們的標準和高級團隊計劃，自 2017 年以來我們沒有更改這些價格。所以你是完全正確的。同樣，對於新客戶，這些從 6 月開始有更高的價格計劃。對於現有客戶，他們從 7 月開始以更高的價格續訂。我們用戶群的子集——它約占我們總 ARR 的 1/3。提醒一下，隨著客戶計費周期的發生，我們將看到定價更改流向 ARR 的好處，每月客戶在更改的第一個月流過。然後考慮到我們的可評級收入確認模型，收入影響將持續到 2022 年和 2023 年。所以也許沿著這些方向的另一點，只是為了讓你了解時間，我們的年度客戶往往代表大約我們的客戶用戶群的 2/3，而我們的月度客戶顯然約為 1/3，其中月度客戶將在第三季度大幅變化。因此，我們預計大部分影響將在第三季度產生。

Got it. That's very helpful. And then, Drew, you mentioned the softness that we're seeing in the VC market. I noticed you also released Dropbox for Start-ups recently. It seems like a great pair. Maybe talk about your expectation for some of your VC customers. And I don't know if you quantified it, but may give us a sense on your exposure to VC-backed startups?

知道了。這很有幫助。然後，德魯，你提到了我們在風險投資市場看到的疲軟。我注意到您最近還發布了 Dropbox for Start-ups。這似乎是一對很棒的。也許談談你對一些 VC 客戶的期望。而且我不知道您是否對其進行了量化，但可以讓我們了解您對風險投資支持的初創公司的了解嗎？

Sure. So that's certainly a popular use case for DocSend or -- they got some early traction with founders and investors and start-ups. And so as some of that activity has cooled off, we've seen some of that reflected on DocSend. That said, there's a lot more use cases for DocSend beyond fundraising. Pretty much -- there are lots of roles in a company that involve deals or closing deals or sharing content externally and needing to have rich analytics and security options. So -- just to be clear, there's a lot more customers beyond the venture capital and founder ecosystem. So if you think about sales and marketing and many other functions that need to share richly.

當然。所以這肯定是 DocSend 的一個流行用例，或者——他們在創始人、投資者和初創企業中獲得了一些早期的吸引力。因此，隨著其中一些活動的降溫，我們已經看到其中一些反映在 DocSend 上。也就是說，除了籌款之外，DocSend 還有更多用例。幾乎 - 公司中有很多角色涉及交易或完成交易或在外部共享內容，並且需要擁有豐富的分析和安全選項。所以——需要明確的是，除了風險投資和創始人生態系統之外，還有更多的客戶。因此，如果您考慮銷售和營銷以及許多其他需要豐富共享的功能。

So we think there's -- so we continue to be excited about DocSend and there are a lot of other adjacencies and target customers there. And -- let's see. And then I think the other part of the question was Dropbox for Start-ups. So I think more broadly, we're finding that there are a lot of freelancers and creators and solopreneurs who adopt Dropbox. And a lot of those folks have pretty common needs. So you think about -- they need Dropbox for their core storage. All companies need eSignature with HelloSign. And then certainly, if you're fundraising, DocSend is a great fit for that, too, and then we see a number of other opportunities in our portfolio to kind of give professionals and solopreneurs or people starting something more of a bundle. So still early innings on that, but that's an opportunity area we see growing.

所以我們認為有——所以我們繼續對 DocSend 感到興奮，那裡還有很多其他的鄰接和目標客戶。而且——讓我們看看。然後我認為問題的另一部分是針對初創企業的 Dropbox。所以我認為更廣泛地說，我們發現有很多自由職業者、創造者和個體企業家採用 Dropbox。很多人都有非常共同的需求。所以你想——他們需要 Dropbox 作為他們的核心存儲。所有公司都需要帶有 HelloSign 的電子簽名。然後當然，如果您正在籌款，DocSend 也非常適合，然後我們在我們的投資組合中看到了許多其他機會，可以為專業人士和個體企業家或開始更多捆綁服務的人提供幫助。所以這仍然是早期的一局，但這是一個我們看到增長的機會領域。

Our next question comes from the line of Jason Ader of William Blair.

我們的下一個問題來自威廉布萊爾的傑森阿德。

Maybe Drew, talk about any other impact you've seen from the macro environment. You talked about the fundraising space, but any other regions, verticals, anything that you saw in terms of just the metrics in the business that would suggest that we're in a weaker economic environment?

也許德魯，談談你從宏觀環境中看到的任何其他影響。您談到了籌款領域，但任何其他地區、垂直領域，以及您所看到的任何僅從業務指標來看都表明我們處於經濟環境疲軟的情況？

Sure. Overall, things have been pretty stable. And -- I mean we're not immune to the macro environment. Obviously, you heard a lot about -- we're affected by things like FX given our international mix like most companies; we've been impacted by the Russian-Ukraine situation, kind of high single-digit millions in revenue and so on. And like while we talked about there's softness in fundraising, that's not really material to the Dropbox business overall. So just to quantify things, it is a signal, but I wouldn't say it's like a huge signal.

當然。總的來說，事情一直很穩定。而且——我的意思是我們不能不受宏觀環境的影響。顯然，您聽說過很多——鑑於我們像大多數公司一樣的國際化組合，我們受到外匯之類的影響；我們受到了俄羅斯 - 烏克蘭局勢、高個位數百萬收入等的影響。就像我們談到籌款方面的疲軟一樣，這對 Dropbox 的整體業務來說並不是很重要。所以只是為了量化事物，它是一個信號，但我不會說它就像一個巨大的信號。

We find that Dropbox, when we talk to our customers, they need Dropbox in all macroeconomic environments. For a lot of our customers, it's really a mission-critical thing, not optional. I think the pandemic was illustrative. People needed Dropbox before, during and after the pandemic. And so while we didn't necessarily see a huge run-up in the Dropbox core business during COVID, we also didn't see a run down. So all that is to say, things look pretty stable. Again, we're not immune to the macroeconomic environment and we're also mindful that we -- no one knows exactly what the future holds. So we're monitoring everything carefully as anything that's not good for our customers isn't good for our business. But so far, the early signals have been positive or stable.

我們發現 Dropbox，當我們與客戶交談時，他們在所有宏觀經濟環境中都需要 Dropbox。對於我們的許多客戶來說，這確實是一項關鍵任務，而不是可選的。我認為大流行是說明性的。人們在大流行之前、期間和之後都需要 Dropbox。因此，雖然在 COVID 期間我們不一定看到 Dropbox 核心業務大幅增長，但我們也沒有看到下滑。所以這就是說，事情看起來很穩定。同樣，我們也不能不受宏觀經濟環境的影響，我們也注意到我們——沒有人確切地知道未來會怎樣。因此，我們正在仔細監控一切，因為任何對我們的客戶不利的事情都對我們的業務不利。但到目前為止，早期信號一直是積極的或穩定的。

Okay. And then, Tim, can you talk about the ARPU dynamics right now and where you expect our ARPU to trend over time? And you've got some price increases. You've got the family plan, just I know a bunch of moving parts here, but maybe just talk us through the puts and takes there?

好的。然後，蒂姆，你能談談現在的 ARPU 動態，以及你預計我們的 ARPU 會隨著時間推移的趨勢嗎？而且你有一些價格上漲。你有家庭計劃，只是我知道這裡有很多活動的部分，但也許只是通過推銷和拿走告訴我們？

Yes, sure. So we did end Q2 with ARPU at $133.34. It did decline about $1.29 sequentially, where FX did play a big part in that. So FX was about $0.88 sequential headwind for us. And then, of course, greater adoption of our family plan, which, as you know, carries 6 licenses with each plan. And about looking forward, we don't formally guide to ARPU. There are some factors that do play a part. Clearly, the pricing change will play a part in that. We're not guiding, obviously to ARPU, but as far as pricing, that will be a tailwind for us. But again, we will have these headwinds from the family plan perspective as well as FX.

是的，當然。所以我們確實以 133.34 美元的 ARPU 結束了第二季度。它確實連續下跌了約 1.29 美元，其中外匯確實發揮了重要作用。所以外匯對我們來說是連續逆風約 0.88 美元。然後，當然，更多地採用我們的家庭計劃，如您所知，每個計劃都有 6 個許可證。關於展望，我們沒有正式指導 ARPU。有一些因素確實起作用。顯然，定價變化將在其中發揮作用。顯然，我們並沒有指導 ARPU，但就定價而言，這對我們來說將是順風。但同樣，從家庭計劃和 FX 的角度來看，我們將面臨這些不利因素。

Okay. Great. And then one quick last one for Drew. I think you guys -- you seem to be hitting a nice rhythm around kind of upsell and keeping people on the platform, reducing churn, adding new features to plans. Are there some specific things you're also doing around just monetization of the free user base? Maybe talk us through that.

好的。偉大的。然後是德魯的最後一個。我認為你們——你們似乎在向上銷售和讓人們留在平台上、減少客戶流失、向計劃中添加新功能方面打出了很好的節奏。圍繞免費用戶群的貨幣化，您是否也在做一些具體的事情？或許可以和我們談談。

Sure. So certainly monetizing -- or better monetizing our free user base continues to be a priority for us, and we have a lot of ways of doing that. So one is just having a broader product portfolio. So a few years ago, maybe we just had the Dropbox core product to offer but now we have HelloSign and DocSend. That portfolio will be growing with some of our newer bets like Capture and Replay and Shop and so on. And so we continue to iterate on the pricing and packaging in general. And we have also launched a number of other SKUs that get people onto the platform or into a paid subscription at a lower price point. So our Backup SKU is an example of that. So we found that -- customers may or these kind of -- customers with lighter weight needs need to back up a computer. So we launched a cheaper SKU for that and that provides an upgrade path into our more mainline plans.

當然。因此，當然，貨幣化——或者更好地貨幣化我們的免費用戶群仍然是我們的首要任務，我們有很多方法可以做到這一點。所以一個人只是擁有更廣泛的產品組合。所以幾年前，也許我們只提供了 Dropbox 核心產品，但現在我們有了 HelloSign 和 DocSend。該投資組合將隨著我們的一些新賭注而增長，例如 Capture、Replay 和 Shop 等等。所以我們繼續迭代定價和包裝。我們還推出了許多其他 SKU，讓人們以較低的價格進入平台或付費訂閱。所以我們的備份 SKU 就是一個例子。所以我們發現 - 客戶可能或這類 - 重量較輕的客戶需要備份計算機。因此，我們為此推出了更便宜的 SKU，並為我們的更多主線計劃提供了升級途徑。

So we -- there's still a ton of headroom here and then with both of growing the portfolio and iterating on different kinds of bundles and suites. And then after just getting people into some kind of paid plan, obviously, there's a lot that we're doing to focus on particular customer segments. I talked about kind of creators and solopreneurs and so on before. But we continue to be very focused on better monetizing free users, and we've seen a lot of gains in our ability to better monetize users in their first year or that -- raising those curves of monetization in the first few years of being a basic user.

所以我們 - 這裡還有大量的空間，然後隨著產品組合的增長和對不同類型的捆綁包和套件的迭代。然後在讓人們加入某種付費計劃之後，顯然，我們正在做很多事情來專注於特定的客戶群。我之前談到了創造者和個體企業家等等。但是我們仍然非常專注於更好地通過免費用戶獲利，並且我們已經看到我們在第一年或第一年更好地通過用戶獲利的能力方面取得了很多進展——在成為基本用戶。

Our next question comes from the line of Joey Marincek of JMP Securities.

我們的下一個問題來自 JMP Securities 的 Joey Marincek。

Drew, I know there's a lot of uncertainty out there, but I'm curious where you see the most opportunity for Dropbox in the near term?

Drew，我知道存在很多不確定性，但我很好奇您認為 Dropbox 在短期內的最大機會在哪裡？

So in the near term, we've had a lot of success with -- I mean, there's a lot of different levers for growth. And so we've talked a lot about pricing and packaging and this flywheel that we have of adding value to our plans. And so this most recent example was our teams plan, standard and advanced plans. We found that a lot of customers had new demands after COVID. And when you think about security, what security means or what kind of protecting your digital environment means, it has changed a lot. When you're kind of in a distributed world or we're all working from home, that brings a number of new challenges.

所以在短期內，我們已經取得了很大的成功——我的意思是，有很多不同的增長槓桿。因此，我們就定價和包裝以及我們擁有的為我們的計劃增加價值的飛輪進行了很多討論。所以這個最近的例子是我們的團隊計劃、標準計劃和高級計劃。我們發現很多客戶在疫情之後有了新的需求。當您考慮安全性時，安全意味著什麼或保護您的數字環境意味著什麼，它發生了很大變化。當您處於分佈式世界中或我們都在家工作時，這會帶來許多新挑戰。

So one kind of category of opportunities is thinking about the way that work has changed and then solving new problems for our customers as a result. And so with the -- going back to that teams example, we found that the number of ransomware attacks has dramatically increased, some like tripled or quadrupled in the last year. Small businesses are half to 3/4 of the victims and half of small businesses don't have any resources for cybersecurity. So there is a natural adjacency for us. We're already protecting their files. Now we can add in ransomware protection, and then we also included our Passwords, Dropbox Passwords products in our teams plans. And so a perfect example of how these kind of combine where we have both new value propositions for our customers, but then as we add these new features into our plans, create more customer value, then we can update our pricing and packaging or increase prices to better reflect the value that we're providing. More broadly, I think there's opportunities across our portfolio. I think we're participating in a lot of markets that are in their early innings. An area that I'm really personally excited about is the evolution of Dropbox from just linking your files to organizing all your cloud content. So we bought a company called Command E last year. They do universal search. And I think another example of these are kind of problems we all have, like what started out as 100 files in our desktop are now 100 tabs in our browsers. And as we manage all these cloud drives, cloud docs, it's kind of a mess. So we think that -- I believe that there's a lot of universal problems that we're addressing and a lot of the areas we're in are in the early innings. So finding a really exciting time to build.

因此，一類機會是考慮工作方式的變化，然後為我們的客戶解決新問題。因此，回到那個團隊的例子，我們發現勒索軟件攻擊的數量急劇增加，有些在去年增加了兩倍或四倍。小型企業是受害者的一半到 3/4，一半的小型企業沒有任何網絡安全資源。所以我們有一個自然的鄰接關係。我們已經在保護他們的文件了。現在我們可以添加勒索軟件保護，然後我們還將我們的 Passwords、Dropbox Passwords 產品包括在我們的團隊計劃中。因此，這是一個完美的例子，說明我們如何將這些新的價值主張結合起來，為我們的客戶提供新的價值主張，但隨著我們將這些新功能添加到我們的計劃中，創造更多的客戶價值，然後我們可以更新我們的定價和包裝或提高價格更好地反映我們提供的價值。更廣泛地說，我認為我們的投資組合中存在機會。我認為我們正在參與許多處於早期階段的市場。我個人非常興奮的一個領域是 Dropbox 從鏈接文件到組織所有云內容的演變。所以我們去年收購了一家名為 Command E 的公司。他們進行通用搜索。我認為另一個例子是我們都有的問題，比如我們桌面上的 100 個文件現在是瀏覽器中的 100 個選項卡。當我們管理所有這些雲驅動器、雲文檔時，這有點混亂。所以我們認為——我相信我們正在解決很多普遍的問題，而且我們所處的很多領域都處於早期階段。所以找到一個真正令人興奮的時間來建造。

One quick follow-up. Just given the pullback in valuations, how are you thinking about M&A at this time? How do you sort of weigh the decision between maybe a more transformative deal versus a tuck-in? Any thoughts there?

快速跟進。剛剛考慮到估值的回落，你現在如何看待併購？您如何權衡可能更具變革性的交易與折舊之間的決定？有什麼想法嗎？

Yes, great question. And it's something certainly on our minds. Doing transformative M&A was pretty challenging when multiples were where they were, and we care a lot about deploying our capital efficiently and being disciplined. So as multiples continue to moderate, then M&A becomes that much easier for M&A to meet attractive return hurdles. So we're going to be opportunistic here. I think in general, we feel pretty grateful that our business is stable and resilient. And we have a product people need, sustainable business model, a healthy balance sheet, a lot of good places to invest. M&As, that window of opportunity is going to continue opening. That said, we'll continue to be disciplined, but we're happy to be able to play offense where a lot of other companies are having to pull back.

是的，很好的問題。這肯定是我們的想法。當倍數存在時，進行變革性併購非常具有挑戰性，我們非常關心有效地部署我們的資本並遵守紀律。因此，隨著倍數繼續放緩，併購變得更容易滿足有吸引力的回報障礙。所以我們會在這裡投機取巧。我認為總的來說，我們非常感謝我們的業務穩定且有彈性。我們有人們需要的產品、可持續的商業模式、健康的資產負債表，以及很多投資的好地方。併購，這個機會之窗將繼續打開。也就是說，我們將繼續遵守紀律，但我們很高興能夠在許多其他公司不得不撤退的情況下進行進攻。

Our next question comes from Brent Thill of Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

(technical difficulty)

（技術難度）

Maybe what's not embedded, if you can just give us a little more color.

也許沒有嵌入的東西，如果你能給我們更多的顏色。

Brent, I might have missed your question.

布倫特，我可能錯過了你的問題。

Yes, we only caught the tail end of that question.

是的，我們只抓住了那個問題的結尾。

Sorry, just on the guidance, what is embedded in your guidance? And ultimately, what's maybe not embedded as it relates to within the guide? I mean are you taking -- yes, are you taking a more conservative view than ultimately what you saw this quarter, same or improving view? Just curious kind of how you're thinking through the environment?

對不起，只是關於指導，你的指導中嵌入了什麼？最終，指南中可能沒有嵌入什麼？我的意思是你採取 - 是的，你是否採取比本季度最終看到的更保守的觀點，相同或改進的觀點？只是好奇你是如何看待環境的？

Yes. So I'd say that our business does remain resilient in this challenging macro environment. As we talked about, we're raising our constant currency revenue guidance for the year by about $8 million or about 8.8% at the midpoint. As far as what's included, the range does include our mid- to high single-digit million impact from our discontinued services to Russia. As far as what's driving the raise, we are seeing positive early signals on our pricing and packaging change thus far, certainly seeing churn rates coming in better than we expected. So clearly, the pricing has been factored into our guidance. And again, we're seeing continued year-over-year improvement in retention across many different areas as Drew has alluded to. So we're very positive about many opportunities that are in play, including upsell, cross-sell, new products, new feature adoption, growth areas such as DocSend and HelloSign, all of that clearly has been [included] on a philosophy perspective, perspective. We have no material changes from our historical approach, and we continue to guide to what we have a high degree of visibility into.

是的。所以我想說，我們的業務在這個充滿挑戰的宏觀環境中確實保持彈性。正如我們所說，我們將本年度的固定貨幣收入指引提高了約 800 萬美元或中點約 8.8%。就所包含的內容而言，該範圍確實包括我們對俄羅斯的中止服務產生的中高個位數百萬的影響。至於推動加薪的因素，到目前為止，我們看到了有關我們定價和包裝變化的積極早期信號，當然看到流失率好於我們的預期。很明顯，定價已納入我們的指導。再一次，正如 Drew 所暗示的，我們看到許多不同領域的留存率持續逐年提高。因此，我們對許多正在發揮作用的機會非常樂觀，包括追加銷售、交叉銷售、新產品、新功能採用、DocSend 和 HelloSign 等增長領域，所有這些顯然都已[包括]從哲學的角度來看，看法。我們的歷史方法沒有重大變化，我們將繼續引導我們高度可見的內容。

So certainly keeping an eye on things like the macro economy. But to Drew's earlier points, we're seeing strength on that front. All of that, of course, is factored into our guidance.

因此，當然要關注宏觀經濟之類的事情。但就德魯之前的觀點而言，我們在這方面看到了實力。當然，所有這些都已納入我們的指導。

Thank you. And ladies and gentlemen, at this time, that does conclude today's conference. Thank you for your participation. You may disconnect at this time. Have a great day.

謝謝你。女士們，先生們，此時此刻，今天的會議結束了。感謝您的參與。此時您可以斷開連接。祝你有美好的一天。