Dropbox Inc (DBX) 2022 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining Dropbox's Third 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.

女士們先生們，下午好。感謝您參加 Dropbox 2022 年第三季度收益電話會議。 （操作員說明）提醒一下，本次電話會議正在錄製中，可在本次電話會議後從 Dropbox 網站的“投資者關係”部分重播。

I will now turn it over to Karan Kapoor, Head of Investor Relations for Dropbox. Mr. Kapoor, please go ahead.

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 third 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 fourth quarter and fiscal year 2022 and our expectations regarding our revenue growth, profitability, operating margin, free cash flow as well as our expectations regarding our business, assets, products, strategies, technology, employees, users, demand and markets.

謝謝你。下午好，歡迎來到 Dropbox 2022 年第三季度財報電話會議。在我們開始之前，我想提醒您，我們今天的評論將包括前瞻性陳述，例如我們的財務指導和預期，包括我們對第四季度和 2022 財年的長期目標和預測，以及我們對我們的收入增長、盈利能力、營業利潤率、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、需求和市場的預期。

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. 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.

這些陳述受風險和不確定因素的影響，可能導致實際結果出現重大差異。它們也是基於截至今天的假設，我們不承擔因新信息或未來事件而更新它們的義務。可能導致我們的實際結果與這些前瞻性陳述存在重大差異的因素和風險在今天的收益發布和我們向美國證券交易委員會提交的 10-Q 表季度報告中有所闡述。

We'll 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 財務措施，這些措施不是根據公認的會計原則編制的。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?

我現在想把電話轉給 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 Q3 2022 earnings call. Joining me today is Tim Regan, our Chief Financial Officer. I'll first share some business and product highlights from the quarter, and then Tim will discuss our Q3 financial results and provide guidance for the remainder of the year.

謝謝，卡蘭，大家下午好。歡迎來到我們的 2022 年第三季度財報電話會議。今天加入我的是我們的首席財務官 Tim Regan。我將首先分享本季度的一些業務和產品亮點，然後蒂姆將討論我們第三季度的財務業績並為今年剩餘時間提供指導。

We delivered another strong quarter amidst an increasingly challenging macroeconomic backdrop. We saw strength from our Teams plans driven by pricing and packaging changes, which we rolled out in June. And the strength was partially offset by some continued moderation in our document workflow businesses which I touched on last quarter, along with some recent softness with our Plus individual SKU, particularly in mobile.

在日益具有挑戰性的宏觀經濟背景下，我們又創造了一個強勁的季度。我們從 6 月份推出的定價和包裝變化驅動的 Teams 計劃中看到了優勢。我在上個季度提到的文檔工作流業務的一些持續緩和，以及最近我們的 Plus 個人 SKU 的一些疲軟，特別是在移動領域，部分抵消了這種優勢。

Like many of our peers, we're keeping a close eye on the evolving economic climate and the potential impacts to our own business, which Tim will speak to in a moment. During these uncertain times, it's especially critical, we pay close attention to how we continue to best serve our customers by remaining focused on simplifying users workflows and keeping security top of mind or driving higher value to business users when they need to be more strategic for their spend. And we're doing this while thing disciplined ourselves as demonstrated once again by our stronger-than-expected profitability, which Tim will also discuss. And as we approach 2023, we remain committed to the strategy we outlined earlier this year.

與我們的許多同行一樣，我們正在密切關注不斷變化的經濟環境及其對我們自身業務的潛在影響，蒂姆稍後會談到這些。在這些不確定的時期，這一點尤為關鍵，我們密切關注如何通過繼續專注於簡化用戶工作流程並將安全放在首位或在業務用戶需要更具戰略性時為他們帶來更高的價值來繼續為客戶提供最佳服務他們的花費。我們正在這樣做，同時我們的盈利能力強於預期再次證明了這一點，蒂姆也將討論這一點。隨著 2023 年的臨近，我們將繼續致力於我們今年早些時候概述的戰略。

First, we continue to evolve our core FSS offering by improving the user experience to set a stronger foundation for future growth. Second, we're innovating in workflows beyond storage, particularly in documents and videos to better serve the growing needs for freelancers and small business teams. And finally, we're focused on maintaining operational excellence as we continue to balance growth and profitability. I'll start with how we continue to evolve our core business, particularly around driving retention.

首先，我們通過改善用戶體驗繼續發展我們的核心 FSS 產品，為未來的增長奠定更堅實的基礎。其次，我們正在創新存儲以外的工作流程，特別是在文檔和視頻方面，以更好地滿足自由職業者和小型企業團隊不斷增長的需求。最後，在我們繼續平衡增長和盈利能力的同時，我們專注於保持卓越運營。我將從我們如何繼續發展我們的核心業務開始，尤其是圍繞提高保留率。

Consistent with the past several quarters, we saw our churn rate decrease year-over-year. And while we did observe some incremental churn in the quarter among some individual users on our Plus plans, particularly in mobile, we saw improved retention among business users even as we updated our pricing and packaging for Teams. A key part of improving retention has been to enhance the user experience by reducing friction to important actions such as uploading and sharing. These enhancements lead to more engaged users who ultimately retain at higher rates.

與過去幾個季度一致，我們看到我們的客戶流失率同比下降。雖然我們在本季度確實觀察到一些個人用戶在我們的 Plus 計劃中出現了一些增量流失，尤其是在移動設備中，但我們看到企業用戶的保留率有所提高，即使我們更新了 Teams 的定價和包裝。提高保留率的一個關鍵部分是通過減少上傳和共享等重要操作的摩擦來增強用戶體驗。這些增強功能會吸引更多參與的用戶，他們最終會以更高的比率保留下來。

I'm also excited about how we're building machine learning into the core Dropbox user experience. In Q3, we enhanced our browse functionality or our folder navigation page on the web by rolling out content suggestions. Content suggestions leverage ML to surface files that users need to access most, resulting in an increase in file actions per user. We also saw increased engagement with new organizational features like machine learning-assisted naming conventions, where our machine learning models identify patterns and suggest file names for users who have workflows around saving or renaming lots of files. Among those who have adopted this feature, we've seen a significant increase in logins and file actions in Dropbox.

我也對我們如何將機器學習構建到核心 Dropbox 用戶體驗中感到興奮。在第 3 季度，我們通過推出內容建議增強了瀏覽功能或 Web 上的文件夾導航頁面。內容建議利用 ML 來顯示用戶最需要訪問的文件，從而增加每個用戶的文件操作。我們還看到越來越多地參與新的組織功能，例如機器學習輔助的命名約定，我們的機器學習模型在這些功能中識別模式並為具有圍繞保存或重命名大量文件的工作流程的用戶建議文件名。在採用此功能的用戶中，我們發現 Dropbox 中的登錄和文件操作顯著增加。

And as we highlighted last quarter, we added value to our Standard and Advanced Teams plans and updated our pricing and packaging. I'm pleased to see the prioritization of features around security and data protection resonating with our customers.

正如我們上個季度強調的那樣，我們為標準和高級團隊計劃增加了價值，並更新了我們的定價和包裝。我很高興看到圍繞安全和數據保護的功能優先順序與我們的客戶產生共鳴。

For example, we launched a new dashboard that makes it easier for admins to view externally shared links by the team in one centralized space and revoke access when needed to keep their proprietary content secure. This provides customers with metrics, which they can use to evaluate their firm security needs. We've received very positive feedback on these reporting capabilities, including from larger customers who handle sensitive financial and health information.

例如，我們推出了一個新的儀表板，使管理員可以更輕鬆地在一個集中空間中查看團隊在外部共享的鏈接，並在需要時撤銷訪問權限以確保其專有內容的安全。這為客戶提供了指標，他們可以使用這些指標來評估他們公司的安全需求。我們收到了對這些報告功能非常積極的反饋，包括來自處理敏感財務和健康信息的大客戶的反饋。

And in a time where consolidating spend is top of mind for customers, we're focused on selling complete solutions beyond storage to include important security capabilities like content controls, data governance add-ons and external drive backup. By addressing these needs, our managed sales organization had another strong renewal quarter. This focus on security and data protection has also driven incremental adoption of backup and passwords by our Teams users, which has helped improve retention as users who do multiple features get more utility from Dropbox.

在整合支出成為客戶首要考慮的時代，我們專注於銷售存儲以外的完整解決方案，以包括重要的安全功能，如內容控制、數據治理附加組件和外部驅動器備份。通過滿足這些需求，我們的管理銷售組織又迎來了一個強勁的續訂季度。這種對安全和數據保護的關注也推動了我們的 Teams 用戶越來越多地採用備份和密碼，這有助於提高保留率，因為使用多項功能的用戶可以從 Dropbox 獲得更多實用性。

Moving to our second objective of driving adoption of workflows beyond FSS, specifically around documents in video. I'll start with DocSend, which continues to be our fastest-growing business. Last quarter, I mentioned that we started seeing pockets of softness in DocSend's core market, which is venture capital fundraising. We saw incremental moderation with some customers choosing to be more price sensitive given the slower market backdrop, and we're investing in the DocSend experience to cater to additional professional service verticals while also driving awareness across the core Dropbox user base.

轉向我們的第二個目標，即推動採用 FSS 以外的工作流，特別是圍繞視頻中的文檔。我將從 DocSend 開始，它仍然是我們增長最快的業務。上個季度，我提到我們開始看到 DocSend 的核心市場（風險投資籌資）出現疲軟。在市場放緩的背景下，我們看到一些客戶選擇對價格更加敏感的增量節制，我們正在投資 DocSend 體驗以迎合其他專業服務垂直領域，同時也提高核心 Dropbox 用戶群的意識。

We started experimenting with introducing DocSend's powered analytics as a premium experience to Dropbox individual users. And we're learning important insights about overlap with core FSS users who share files and want to view analytics about their file sharing, such as viewership time and completion.

我們開始嘗試將 DocSend 的強大分析作為一種高級體驗引入 Dropbox 個人用戶。我們正在了解與核心 FSS 用戶重疊的重要見解，這些用戶共享文件並希望查看有關其文件共享的分析，例如收視時間和完成情況。

And in Q3, we built functionality for DocSend customers who want to send video content within DocSend, setting the stage for last week's launch of DocSend advanced video analytics, which was a top requested feature. Now users can easily share videos and see rich analytics like playback completion rate, time watched and insights into individual user experiences. And with video analytics in high demand, I'm excited for the potential in DocSend to expand its use cases and its target audience.

在第 3 季度，我們為希望在 DocSend 中發送視頻內容的 DocSend 客戶構建了功能，為上週發布的 DocSend 高級視頻分析奠定了基礎，這是一個最受要求的功能。現在，用戶可以輕鬆共享視頻並查看豐富的分析數據，例如播放完成率、觀看時間和對個人用戶體驗的洞察。由於視頻分析的需求量很大，我很高興 DocSend 有潛力擴展其用例和目標受眾。

With HelloSign, as you know, we've been working towards driving tighter integration with Dropbox to further streamline agreement workflows. And I'm excited to announce that as of last week, HelloSign is now Dropbox Sign. This rebranding is an important step in our strategy towards developing a seamless content platform for our customers while leveraging Dropbox's brand awareness. Additionally, we launched our signature hub within the Dropbox platform, providing our customers the ability to manage their agreement workflows without ever leaving Dropbox.

如您所知，通過 HelloSign，我們一直致力於推動與 Dropbox 更緊密的集成，以進一步簡化協議工作流程。我很高興地宣布，從上週開始，HelloSign 現已更名為 Dropbox Sign。此次品牌重塑是我們在利用 Dropbox 的品牌知名度的同時為客戶開發無縫內容平台戰略的重要一步。此外，我們在 Dropbox 平台內推出了簽名中心，讓我們的客戶無需離開 Dropbox 即可管理他們的協議工作流程。

While we're still seeing growth moderate for our Sign business during this challenging period for the broader eSignature market, it's important that we differentiate Dropbox Sign from traditional eSign solutions. We're leveraging value-add offerings like our API, we saw an uptick in developer activity in Q3 and Dropbox Forms, a no-code builder that makes complex PDFs mobile-friendly. For Dropbox Forms, customers like HR teams and gig economy platforms can quickly streamline the onboarding process of their workforces. We're including Dropbox Forms with our higher-tiered Sign plans, adding differentiated value for our customers, and I'm excited to build brand awareness for Dropbox Sign and its suite of products heading to 2023.

在這個對更廣泛的電子簽名市場充滿挑戰的時期，雖然我們的 Sign 業務仍保持溫和增長，但重要的是我們要將 Dropbox Sign 與傳統的 eSign 解決方案區分開來。我們正在利用我們的 API 等增值產品，我們看到第三季度的開發人員活動有所增加，Dropbox Forms 是一種無代碼生成器，可以使復雜的 PDF 移動友好。對於 Dropbox Forms，人力資源團隊和零工經濟平台等客戶可以快速簡化其員工的入職流程。我們將 Dropbox Forms 包含在我們更高級別的 Sign 計劃中，為我們的客戶增加差異化價值，我很高興能在 2023 年之前為 Dropbox Sign 及其產品套件建立品牌知名度。

And lastly, moving to video workflows. I'm excited to announce that last week, we released Dropbox Capture to all users. And as a reminder, Capture is an all-in-one digital communications tool that we developed in-house during the pandemic and launched in beta last year. And since then, we've expanded the number of beta users that rely on Capture to communicate with their teams, whether they're presenting work, providing feedback or sharing how-to and training videos.

最後，轉向視頻工作流程。我很高興地宣布，上週我們向所有用戶發布了 Dropbox Capture。提醒一下，Capture 是我們在大流行期間內部開發並於去年推出測試版的一體化數字通信工具。從那時起，我們擴大了依賴 Capture 與其團隊溝通的 Beta 用戶數量，無論他們是展示工作、提供反饋還是分享操作方法和培訓視頻。

Capture is now available across all Dropbox plans with premium features included in our Professional and Teams plans like editing for videos of any length and the ability to record in 4K up to the plan's storage limit.

Capture 現在適用於所有 Dropbox 套餐，我們的 Professional 和 Teams 套餐中包含高級功能，例如編輯任意長度的視頻以及以 4K 格式錄製最高可達套餐存儲限制的能力。

With Basic, Plus and Family plans, users get up to 2 hours of recording time at 1080p and editing for video under 5 minutes. I'm excited to see Capture continuous viral growth as more users share of videos and screenshots with their network, saving hours from video meetings and long e-mails. We see Capture as both a retention driver among paid users as we add differentiated value to existing plans as well as the customer acquisition channel as new recipients of Capture will recognize the time saving, simplicity and utility for their own workflows.

使用 Basic、Plus 和 Family 計劃，用戶可以獲得長達 2 小時的 1080p 錄製時間和 5 分鐘以下的視頻編輯時間。我很高興看到 Capture 持續病毒式增長，因為越來越多的用戶通過他們的網絡共享視頻和屏幕截圖，從而節省了視頻會議和冗長電子郵件的時間。我們將 Capture 視為付費用戶的保留驅動因素，因為我們為現有計劃和客戶獲取渠道增加了差異化價值，因為 Capture 的新接收者將認識到他們自己的工作流程的時間節省、簡單性和實用性。

And as customers shift to working more and more in the browser and in cloud-native tools, we're evolving the Dropbox experience from syncing your files to organizing all of your cloud content across our platforms. Our acquisition of Command E plays an important role in this road map, and I look forward to sharing more about the work we're doing in the coming quarters.

隨著客戶越來越多地轉向使用瀏覽器和雲原生工具工作，我們正在改進 Dropbox 體驗，從同步您的文件到在我們的平台上組織您的所有云內容。我們對 Command E 的收購在這個路線圖中扮演著重要的角色，我期待著分享更多關於我們在未來幾個季度所做的工作。

Before I wrap up, I would also like to highlight that last week, we published our inaugural ESG report. It outlines our progress towards achieving our sustainability goals, investing in social impact initiatives and being a force for good, both inside our company and in our broader communities. This work has been going on for years, and we're proud of what we've accomplished so far. And we're committed to sharing our progress as we build on our efforts in the years to come.

在結束之前，我還想強調一下，上週我們發布了首份 ESG 報告。它概述了我們在實現我們的可持續發展目標、投資於社會影響計劃以及成為我們公司內部和更廣泛社區中的一股良好力量方面取得的進展。這項工作已經進行了多年，我們為迄今為止所取得的成就感到自豪。我們致力於在未來幾年繼續努力，分享我們的進步。

In closing, it was a solid quarter amidst the period of growing uncertainty. While we know we're not immune to economic challenges, we believe we're positioning ourselves well to weather a more challenging macro backdrop with our healthy financial profile and balance sheet. We remain focused on our customers, are staying disciplined operationally, and we're innovating around workflows that we believe will only grow in importance as customers increasingly focus on streamlining their existing solutions.

最後，在不確定性不斷增加的時期，這是一個穩健的季度。雖然我們知道我們不能倖免於經濟挑戰，但我們相信我們正在做好準備，以我們健康的財務狀況和資產負債表來應對更具挑戰性的宏觀背景。我們仍然專注於我們的客戶，在運營方面保持紀律，我們正在圍繞工作流程進行創新，我們相信隨著客戶越來越關注簡化他們現有的解決方案，這些工作流程的重要性只會越來越大。

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瀏覽我們的財務結果。

Thank you, Drew. Before turning to our quarterly results, I'd like to start with a reminder of our financial strategy. We are continuing to pursue sustained growth and profitability in a disciplined and thoughtful manner while remaining committed to our long-term objectives. We also remain focused on allocating capital to growth initiatives that we believe will drive future revenue, both organically and through acquisitions while also returning a significant portion of our free cash flow to shareholders in the form of share repurchases.

謝謝你，德魯。在談到我們的季度業績之前，我想先提醒一下我們的財務戰略。我們將繼續以紀律嚴明和深思熟慮的方式追求持續增長和盈利，同時繼續致力於實現我們的長期目標。我們還繼續專注於將資本分配給我們認為將通過有機和收購推動未來收入的增長計劃，同時還以股票回購的形式將我們自由現金流的很大一部分返還給股東。

As Drew highlighted, we are keeping a close eye on the macro environment, and in particular, foreign exchange rates, where we continue to see intensifying headwinds from the strengthening dollar. I will discuss this in more detail shortly. Let's start with our third quarter performance, and I'll provide updated guidance for the remainder of the year.

正如德魯強調的那樣，我們正在密切關注宏觀環境，特別是外匯匯率，我們繼續看到美元走強帶來的逆風加劇。我將在稍後更詳細地討論這個問題。讓我們從第三季度的業績開始，我將為今年剩餘時間提供最新的指導。

Beginning with our third quarter results. Total revenue for the quarter increased 7.4% year-over-year to $591 million, beating our guidance range of $584 million to $587 million. Foreign exchange rates provided an approximate $13 million headwind to growth, in line with our previous expectations. On a constant currency basis, revenue grew 9.7% year-over-year.

從我們的第三季度業績開始。本季度總收入同比增長 7.4% 至 5.91 億美元，超出了我們 5.84 億美元至 5.87 億美元的指導範圍。外匯匯率為增長帶來了大約 1300 萬美元的阻力，這符合我們之前的預期。按固定匯率計算，收入同比增長 9.7%。

Total ARR for the quarter grew 9.6% year-over-year for a total of $2.431 billion. On a constant currency basis, ARR grew by $98 million sequentially and 10.2% year-over-year. This step-up is sequential ARR and acceleration in our year-over-year growth on a constant currency basis was largely driven by pricing and packaging changes with our Teams plans that we announced in June, which Drew touched on earlier. We exited the quarter with 17.55 million paying users and added approximately 180,000 net new paying users in the third quarter.

本季度總 ARR 同比增長 9.6%，達到 24.31 億美元。按固定匯率計算，ARR 環比增長 9800 萬美元，同比增長 10.2%。這種提升是連續的 ARR，我們在固定貨幣基礎上的同比增長加速主要是由我們在 6 月份宣布的 Teams 計劃的定價和包裝變化所推動的，Drew 早些時候談到了這一點。我們在本季度結束時擁有 1755 萬付費用戶，並在第三季度增加了約 180,000 名淨新付費用戶。

Average revenue per paying user was $134.31 in Q3, up nearly $1 from Q2, primarily driven by increased pricing on our Teams plans, partially offset by FX headwinds and the adoption of our Family plan, which, as a reminder, is comprised of 6 seats and therefore, carries a lower ARPU profile.

第三季度每位付費用戶的平均收入為 134.31 美元，比第二季度增長近 1 美元，這主要是由於我們的 Teams 計劃價格上漲，部分被外匯逆風和採用我們的家庭計劃所抵消，提醒一下，家庭計劃由 6 個席位組成因此，具有較低的 ARPU 配置文件。

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 excludes 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之前，我想指出，除非另有說明，否則所有提到的損益表數據都是非公認會計原則，不包括基於股票的補償、購買的無形資產的攤銷、某些與收購相關的費用、減值我們的房地產資產和股權投資淨收益。我們的非 GAAP 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 have been taking steps to de-cost our real estate portfolio as a result of our transition to a virtual-first model. While the real estate market is evolving, particularly in the San Francisco Bay Area, at this time, we continue to estimate that our total impairment charges will be up to $450 million.

我現在將簡要介紹我們的房地產戰略，由於我們過渡到虛擬優先模式，我們一直在採取措施降低我們的房地產投資組合的成本。雖然房地產市場在不斷發展，特別是在舊金山灣區，但我們目前繼續估計我們的總減值費用將高達 4.5 億美元。

In Q3, we recorded an additional $4 million in impairment charges, primarily related to an increase in our common area fees for our San Francisco headquarters where we have space available for sublease. This brings our cumulative impairment to $442 million.

在第三季度，我們額外記錄了 400 萬美元的減值費用，這主要與舊金山總部的公共區域費用增加有關，我們有空間可供轉租。這使我們的累計減值達到 4.42 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 greater optimization around our customer support needs.

有了這個，讓我們繼續損益表。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圍繞我們的客戶支持需求的更大優化。

Third quarter R&D expense was $166 million or 28% of revenue, which increased compared to 24% of revenue in the third quarter of 2021. The increase in R&D was primarily driven by an increase in hiring to backfill the elevated levels of attrition we saw last year and as we continue to invest in growth and other key initiatives. Going forward, we do not expect to see this pace of growth in R&D as a percentage of revenue continue as we expect that most of our critical openings will be filled by the end of the year.

第三季度研發費用為 1.66 億美元，佔收入的 28%，而 2021 年第三季度佔收入的 24%年，我們將繼續投資於增長和其他關鍵舉措。展望未來，我們預計研發佔收入的百分比不會繼續保持這種增長速度，因為我們預計我們的大部分關鍵職位空缺將在年底前填補。

Third quarter sales and marketing expense was $95 million or 16% of revenue, which decreased compared to 19% of revenue in the third quarter of 2021 as a majority of our brand campaign spend last year was incurred in Q3. Third quarter G&A expense was $43 million or 7% of revenue, which decreased compared to 8% of revenue in the third quarter of 2021.

第三季度銷售和營銷費用為 9500 萬美元，佔收入的 16%，與 2021 年第三季度收入的 19% 相比有所下降，因為我們去年的大部分品牌活動支出都發生在第三季度。第三季度 G&A 費用為 4300 萬美元，佔收入的 7%，與 2021 年第三季度佔收入的 8% 相比有所下降。

In total, we earned an operating profit of $187 million in the third quarter, representing an operating margin of 32% and up roughly 2 points compared to the third quarter of 2021. Our Q3 operating margin exceeded guidance by about 3 points, driven by stronger-than-expected gross margin, efficiencies from hiring in lower-cost locations, lower-than-expected T&E costs and lower project spend.

總體而言，我們在第三季度獲得了 1.87 億美元的營業利潤，營業利潤率為 32%，與 2021 年第三季度相比增長了約 2 個百分點。我們的第三季度營業利潤率超出預期約 3 個百分點，這是由於更強勁的動力- 毛利率高於預期，在成本較低的地點招聘效率高，差旅費低於預期，項目支出較低。

Net income for the third quarter was $153 million, which is a 4% increase versus the third quarter of 2021.

第三季度淨收入為 1.53 億美元，比 2021 年第三季度增長 4%。

Diluted EPS was $0.43 per share based on 360 million diluted weighted average shares outstanding, up from $0.37 per share based on 398 million diluted weighted average shares outstanding for the third quarter of 2021.

基於 3.6 億股稀釋加權平均流通股，稀釋每股收益為 0.43 美元，高於 2021 年第三季度基於 3.98 億股稀釋加權平均流通股的每股 0.37 美元。

Consistent with the past two quarters, our year-over-year income tax expense increased significantly to the impact of new R&D tax legislation and given that we have now fully utilized our NOLs for non-GAAP tax purposes.

與過去兩個季度一致，我們的同比所得稅費用因新的研發稅收立法的影響而顯著增加，並且鑑於我們現在已將我們的 NOL 充分用於非 GAAP 稅收目的。

Moving on to our cash balance and cash flow. We ended the quarter with cash and short-term investments of $1.5 billion. Cash flow from operations was $251 million in the third quarter, and capital expenditures were $6 million during the quarter. This resulted in quarterly free cash flow of $245 million compared to $221 million in Q3 of 2021. In the third quarter, we added $18 million to our finance leases for data center equipment.

繼續我們的現金餘額和現金流量。我們以 15 億美元的現金和短期投資結束了本季度。第三季度運營現金流為 2.51 億美元，本季度資本支出為 600 萬美元。這導致季度自由現金流為 2.45 億美元，而 2021 年第三季度為 2.21 億美元。第三季度，我們在數據中心設備的融資租賃中增加了 1800 萬美元。

Let's turn to our share repurchase activity. In Q3, we continued executing against a $1.2 billion authorization that was approved earlier this year by repurchasing 7.7 million shares, spending approximately $171 million. As of the end of the third quarter, approximately $922 million remains under the current authorization.

讓我們轉向我們的股票回購活動。在第三季度，我們繼續執行今年早些時候批准的 12 億美元授權，回購 770 萬股股票，支出約為 1.71 億美元。截至第三季度末，目前的授權仍有約 9.22 億美元。

With that, let's turn to guidance for Q4 and for the full year. I will also provide some context on the thinking behind this guidance. For the fourth quarter of 2022, we expect revenue to be in the range of $592 million to $595 million. We are assuming a currency headwind of approximately $19 million in the fourth quarter, which translates to more than a 300 basis point headwind to growth and a $2 million greater than what was implied in our previous full year guidance.

有了這個，讓我們轉向第四季度和全年的指導。我還將提供有關本指南背後思想的一些背景信息。對於 2022 年第四季度，我們預計收入將在 5.92 億美元至 5.95 億美元之間。我們假設第四季度的貨幣逆風約為 1900 萬美元，這意味著增長逆風超過 300 個基點，比我們之前的全年指導中暗示的多 200 萬美元。

We expect non-GAAP operating margin to be approximately 29% to 29.5%. The expected sequential decline from Q3 operating margin is primarily driven by planned infrastructure investments to meet our future capacity needs, an increase in expected project spend and finalizing our planned hiring for the year.

我們預計非 GAAP 營業利潤率約為 29% 至 29.5%。第三季度營業利潤率的預期環比下降主要是由於為滿足我們未來的產能需求而計劃的基礎設施投資、預期項目支出的增加以及我們今年計劃的招聘計劃的完成。

Finally, we expect diluted weighted average shares outstanding to be in the range of 354 million to 359 million shares based on our trailing 30-day average share price. For the full year 2022, we are raising our reported revenue guidance to $2.318 billion to $2.321 billion, up from our previous guidance range of $2.308 billion to $2.318 billion.

最後，根據過去 30 天的平均股價，我們預計稀釋後的加權平均流通股數將在 3.54 億至 3.59 億股之間。對於 2022 年全年，我們將報告的收入指引從之前的 23.08 億美元至 23.18 億美元的指引範圍提高到 23.18 億美元至 23.21 億美元。

On a constant currency revenue basis, we are raising by $8.5 million at the midpoint to $2.354 billion to $2.357 billion, up from the prior range of $2.342 billion to $2.352 billion. We now estimate a full year 2022 currency headwind of approximately $36 million, up from our prior forecast of $34 million.

在固定貨幣收入的基礎上，我們在中點籌集了 850 萬美元，達到 23.54 億美元至 23.57 億美元，高於之前的 23.42 億美元至 23.52 億美元。我們現在估計 2022 年全年的貨幣逆風約為 3600 萬美元，高於我們之前預測的 3400 萬美元。

We are raising our gross margin guidance to approximately 82%, up from our prior forecast of approximately 81.5% due to some of the infrastructure efficiencies we've seen this year. We are also raising our operating margin guidance to be in the range of 30.5% to 31%, up from our prior guidance of approximately 30%. This operating margin guidance range is inclusive of an approximately 1 point headwind from FX.

由於我們今年看到的一些基礎設施效率，我們將毛利率指引從我們之前預測的約 81.5% 提高到約 82%。我們還將營業利潤率指引從之前的大約 30% 提高到 30.5% 至 31%。該營業利潤率指導範圍包括來自外彙的大約 1 個百分點的逆風。

We are raising the midpoint of our free cash flow guidance by $5 million to now be in the range of $770 million to $790 million, compared to our prior forecast of $760 million to $790 million. This includes $17 million in cash outflows for the 2022 installments of acquisition-related deal consideration holdbacks. And as a reminder, our free cash flow guidance is also inclusive of an estimated $25 million headwind resulting from the impact of R&D tax legislation newly affected in 2022.

我們將自由現金流指引的中點提高了 500 萬美元，目前在 7.7 億美元至 7.9 億美元之間，而我們之前的預測為 7.6 億美元至 7.9 億美元。這包括 2022 年分期收購相關交易對價預留的 1700 萬美元現金流出。提醒一下，我們的自由現金流量指南還包括因 2022 年新近受到影響的研發稅收立法的影響而產生的估計 2500 萬美元的逆風。

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 lines to be approximately 5% of revenue in 2022. This implies a significant step up in Q4 leases due to a planned build-out of new data center, expected to go live in early 2023.

我們繼續預計 2022 年的資本支出將在 2500 萬至 3500 萬美元之間。我們繼續預計，到 2022 年，我們的融資租賃額度將增加約 5% 的收入。這意味著由於計劃擴建新數據中心（預計將於 2023 年初投入使用），第四季度的租賃將顯著增加。

Finally, we expect 2022 diluted shares outstanding to be in the range of 363 million to 368 million shares, down from our previous guidance range of 364 million to 369 million shares. This reduction in our share count reflects our commitment to and anticipated impact of our share repurchase program.

最後，我們預計 2022 年稀釋流通股將在 3.63 億至 3.68 億股之間，低於我們之前 3.64 億至 3.69 億股的指導範圍。我們股票數量的減少反映了我們對股票回購計劃的承諾和預期影響。

To share some additional context on this guidance. For 2022, we are raising the high end of our constant currency revenue guidance range, up by $5 million. As we mentioned earlier, we are pleased with the early results of our pricing and packaging changes to our Teams plans, which is being partially offset by continued moderation in our document workload businesses, DocSend and Dropbox Sign, and some recent softness in our Plus SKU, particularly on mobile. As a reminder, in Q3, we saw benefits from pricing and packaging changes to our Standard and Advanced Teams plans, which largely went into effect in July.

分享有關本指南的一些其他背景信息。對於 2022 年，我們將固定貨幣收入指導範圍的上限提高 500 萬美元。正如我們之前提到的，我們對 Teams 計劃的定價和包裝變更的早期結果感到滿意，這部分被我們的文檔工作負載業務、DocSend 和 Dropbox Sign 的持續適度以及我們的 Plus SKU 近期疲軟所抵消，尤其是在移動設備上。提醒一下，在第三季度，我們看到了標準和高級團隊計劃的定價和包裝變化帶來的好處，這些計劃大部分在 7 月生效。

Given the introduction of additional value to these plans, we raised their respective prices by 20%. The subset of our user base that is ultimately subject to the price increase comprises roughly 1/3 of our total ARR. The majority of these customers will see the pricing increase this year with the remainder lending in 2023 as well as 2024 for some of our managed accounts.

鑑於為這些計劃引入了額外價值，我們將它們各自的價格提高了 20%。最終受價格上漲影響的用戶群子集約占我們總 ARR 的 1/3。這些客戶中的大多數將在今年看到價格上漲，其餘貸款將在 2023 年和 2024 年用於我們的一些管理賬戶。

While we do not guide to ARR, it is important to keep in mind that we do not expect to see a similar step-up in absolute ARR in Q4 as Q3 includes an immediate contribution from our monthly customers, subject to the pricing change. And remember, given our ratable recognition model, the revenue impact will flow accordingly to 2022 and beyond.

雖然我們不指導 ARR，但重要的是要記住，我們預計第四季度的絕對 ARR 不會出現類似的上升，因為第三季度包括我們每月客戶的即時貢獻，具體取決於價格變化。請記住，鑑於我們的評級認可模型，收入影響將相應地流向 2022 年及以後。

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 as well as due to infrastructure efficiencies, driving higher gross margin.

與營業利潤率相關，儘管隨著流行病限制的放寬，我們正在經歷外匯逆風、差旅費和辦公室重新開放費用的增加，但我們正在提高 2022 年的營業利潤率指引，因為我們繼續成功地聘請了傳統高薪人才以外的頂尖人才。成本技術中心，如舊金山、紐約和西雅圖，以及由於基礎設施效率，推動更高的毛利率。

As related to full year free cash flow, we are raising the midpoint of our 2022 free cash flow guidance. As a reminder, compared to when we introduced our free cash flow guidance at the beginning of the year, the significant strengthening of the U.S. dollar has resulted in more than a $30 million headwind to our initial free cash flow guidance.

關於全年自由現金流，我們正在提高 2022 年自由現金流指引的中點。提醒一下，與我們在年初推出自由現金流量指南時相比，美元的顯著走強導致我們最初的自由現金流量指南出現了超過 3000 萬美元的逆風。

I'd also note that FX has a more immediate impact on billings and enhance free 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, which brings me to our long-term financial targets of delivering operating margins of 30% to 32% and $1 billion of annual free cash flow by 2024.

我還注意到，考慮到我們的收入確認模型，與收入相比，外匯對賬單有更直接的影響並增強自由現金流。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，這使我實現了我們的長期財務目標，即實現 30% 至 32% 的營業利潤率和 10 億美元的年度自由現金流2024.

As you can see from our Q4 guidance, we are seeing FX headwinds intensify as we exit the year based on how our software subscription business recognizes revenue over a period of time from the time of booking. Assuming these current FX rates remain constant, we will experience increased currency headwinds to revenue and free cash flow in 2023. While we believe we are managing the business in a way that will enable us to weather a more challenging backdrop, we recognize there is a lot of uncertainty. And so while we believe it is too early to make any changes to our long-term financial targets at this time, we are keeping a close eye on the macro environment and how best to respond as events unfold.

正如您從我們的第四季度指南中看到的那樣，根據我們的軟件訂閱業務如何在預訂後的一段時間內確認收入，我們看到外匯逆風在我們退出這一年時加劇。假設這些當前的匯率保持不變，我們將在 2023 年經歷更大的貨幣逆風對收入和自由現金流的影響。雖然我們相信我們正在以一種能夠使我們經受更具挑戰性的背景的方式管理業務，但我們認識到存在很多不確定性。因此，雖然我們認為此時對我們的長期財務目標進行任何更改還為時過早，但我們正在密切關注宏觀環境以及隨著事件的發展如何最好地應對。

In conclusion, we continue to execute well against our initiatives, demonstrating stability and solid execution during a time of increasing uncertainty. I'm especially proud of our team for remaining focused on our customers while running the business efficiently to drive margin outperformance and healthy free cash flow generation, which we continue to allocate in a way that drives long-term value to the business and our shareholders.

總之，我們繼續很好地執行我們的計劃，在不確定性增加的時期表現出穩定性和紮實的執行力。我為我們的團隊感到特別自豪，他們在高效運營業務的同時始終專注於我們的客戶，以推動利潤率表現出色和產生健康的自由現金流，我們將繼續以為企業和股東帶來長期價值的方式分配這些資金.

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

有了這個，我現在將它交給接線員進行問答。

(Operator Instructions) Our first question comes from Rishi Jaluria with RBC.

（操作員說明）我們的第一個問題來自 RBC 的 Rishi Jaluria。

Nice to see continued strength in spite of the macro headwind. I've got one question for Drew, one for Tim. Drew, I wanted to start -- in your prepared remarks, you talked about how you're seeing continued strength in DocSend, which I'm pleasantly surprised to hear in spite of kind of a softer VC funding environment. Can you talk a little bit about what's driving that in DocSend? And you talked about kind of wanting to explore or drive newer use cases for DocSend. What would some of those look like?

很高興看到儘管存在宏觀逆風，但仍繼續走強。我有一個問題要問德魯，一個要問蒂姆。德魯，我想開始——在你準備好的發言中，你談到了你如何看到 DocSend 的持續實力，儘管 VC 融資環境有點疲軟，但我還是很驚喜地聽到了這一消息。您能談談 DocSend 中的驅動因素嗎？你談到了想要探索或推動 DocSend 的新用例。其中一些會是什麼樣子？

Sure. Thanks for the question. So DocSend continues to be one of our fastest-growing businesses. I mean, we have -- just to be clear, we have seen headwinds given DocSend's exposure to the fundraising market, which -- and so fundraising activity has come down. So just to be clear, we have seen some headwinds there.

當然。謝謝你的問題。因此，DocSend 仍然是我們增長最快的業務之一。我的意思是，我們 - 需要明確的是，鑑於 DocSend 在籌款市場的風險敞口，我們已經看到了逆風 - 因此籌款活動已經減少。所以需要明確的是，我們在那裡看到了一些不利因素。

That said, there are a lot of different verticals that revolve around sending content and needing to have analytics around it and the kind of things that DocSend provides. So we're seeing a lot of opportunity in new verticals like professional services and sales and customer success, account management.

也就是說，有很多不同的垂直領域圍繞著發送內容並需要圍繞它進行分析以及 DocSend 提供的那種東西。因此，我們在專業服務、銷售和客戶成功、客戶管理等新垂直領域看到了很多機會。

So in short, we're branching out into other customer segments and adding new kinds of value. And so for example, on things we added last week in our launches with advanced video analytics. So we see continued opportunity for DocSend, but there will be a -- we believe there will likely be a mix shift to other customer segments as the funding activity moderates.

所以簡而言之，我們正在擴展到其他客戶群並增加新的價值。例如，我們上週在推出高級視頻分析時添加的內容。因此，我們看到了 DocSend 的持續機會，但將會有一個 - 我們相信隨著融資活動的緩和，可能會有向其他客戶群的混合轉移。

Got it. That's really helpful. And then, Tim, if we -- wanted to maybe get a sense, look, if we look at the numbers, right, we saw overall revenue growth accelerated about slightly under 1% constant currency, ARR accelerate by about 2 points constant currency. Now you did mention some of that was obviously the uplift from the pricing and packaging changes. To the extent you can, can you help us understand what was the actual impact in the quarter from those? And without thinking about guidance for next year, just when does it kind of flow through from this and so we're not over extrapolating from this quarter?

知道了。這真的很有幫助。然後，蒂姆，如果我們 - 想了解一下，看，如果我們看這些數字，對，我們看到整體收入增長加速約略低於 1% 不變貨幣，ARR 加速約 2 點不變貨幣。現在你確實提到了其中一些顯然是定價和包裝變化帶來的提升。在您可以的範圍內，您能否幫助我們了解這些因素對本季度的實際影響是什麼？在不考慮明年的指導的情況下，它什麼時候會從這個流過，所以我們不會從這個季度過度推斷？

Sure. So we don't break out the pricing contribution separately. I'll give you a bunch of the pieces here. So we did raise prices by 20% on our Standard and Advanced Team plans. And so for new customers, they began purchasing the higher-price plans starting in June. Existing customers began renewing at the higher price point starting in July. And the subset of our user base that is ultimately subject to the price increase comprises about 1/3 of our total ARR and the majority of those customers will see the pricing increase this year with the remainder landing in '23 as well as 2024 for some of our managed accounts.

當然。因此，我們不會單獨列出定價貢獻。我會在這裡給你一堆碎片。因此，我們確實將標準和高級團隊計劃的價格提高了 20%。因此，對於新客戶，他們從 6 月開始購買價格較高的計劃。從 7 月開始，現有客戶開始以更高的價格續訂。最終受價格上漲影響的用戶群子集約占我們總 ARR 的 1/3，這些客戶中的大多數將在今年看到價格上漲，其餘部分將在 23 年和 2024 年登陸一些我們的管理帳戶。

And then just given how we recognize revenue, the revenue will these billing cycles flowing to 2022 and beyond. And of course, within this quarter, a large portion of that step-up did come from our monthly customers as they became subject to the change.

然後考慮到我們如何確認收入，收入將這些計費周期流向 2022 年及以後。當然，在本季度內，很大一部分升級確實來自我們的月度客戶，因為他們受到了變化的影響。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

This is Luv Sodha on for Brent Thill. Congrats on a solid trend here. Just wanted to ask maybe first one for Drew. One of the comments you made in the prepared remarks was around churn rates for Teams plans being down despite the price increase. I guess could you unpack that a little bit just because given the environment we are in today, some of the other companies are facing higher churn within the SMB side. So just unpack the customer base and what drove that strength there?

這是 Brent Thill 的 Luv Sodha。恭喜這裡出現了穩固的趨勢。只是想問一下德魯的第一個。您在準備好的評論中發表的評論之一是儘管價格上漲，但 Teams 計劃的流失率仍在下降。我想你能不能稍微解釋一下，因為考慮到我們今天所處的環境，其他一些公司在 SMB 方面面臨更高的流失率。那麼只要打開客戶群，是什麼推動了這種力量呢？

Sure. So I'd say a couple of parts. So one is churn or customer retention has been improving overall in the core business, and that's a trend we've been seeing continue. I'd say on the price increase or the new plans, I'd say churn is ahead of our expectations. And so we -- basically, it's gone -- or the packaging changes have gone better than we anticipated. And part of what's driving this is -- or part of why we believe it's going better than expected is we see the packaging and pricing changes as part of a flywheel where first, we create new customer value. And so in this case, it wasn't just a price increase.

當然。所以我會說幾個部分。因此，一個是客戶流失或客戶保留率在核心業務中總體上有所改善，這是我們一直看到的趨勢。我會說關於價格上漲或新計劃，我會說客戶流失率超出了我們的預期。所以我們 - 基本上，它已經消失了 - 或者包裝變化比我們預期的要好。部分原因是 - 或者我們認為它比預期更好的部分原因是我們將包裝和定價變化視為飛輪的一部分，首先，我們創造了新的客戶價值。所以在這種情況下，不僅僅是價格上漲。

We also introduced a lot of security features for Teams that had been in response to customer demand. So for example, ransomware attacks are way up like 300% up in the last year, something between 50% and 75% of the victims are SMBs, don't have dedicated IT security resources. And so we've been building in that direction because we see that it will be a growth area. And you need security in any kind of macroeconomic environment.

我們還應客戶需求為 Teams 引入了許多安全功能。例如，勒索軟件攻擊在去年上升了 300%，其中 50% 到 75% 的受害者是 SMB，沒有專門的 IT 安全資源。所以我們一直在朝這個方向發展，因為我們看到它將成為一個增長領域。在任何一種宏觀經濟環境中，你都需要安全。

So we see that it's a positive -- overall, we see -- when we look at how the macro environment is affecting us, we've been pleased by the stability so far. That said, we don't want to -- we know it's an evolving situation, so we're going to be cautious and monitor all these signals really closely for changes.

因此，我們看到這是積極的——總的來說，我們看到——當我們審視宏觀環境如何影響我們時，我們對迄今為止的穩定性感到滿意。也就是說，我們不想 - 我們知道這是一個不斷變化的情況，所以我們將保持謹慎並密切關注所有這些信號以尋找變化。

Got it. And then one for Tim. I know you're raising the guide for this year, obviously. But how should we think of the level of conservatism embedded into this guide? Is it similar to what you have embedded previously? Are you embedding more conservatism given the environment we're in? Just any color there, Tim?

知道了。然後一個給蒂姆。顯然，我知道你們正在提高今年的指南。但是我們應該如何看待本指南中嵌入的保守主義程度呢？它與您之前嵌入的內容相似嗎？鑑於我們所處的環境，您是否嵌入了更多的保守主義？那裡有任何顏色，蒂姆？

Sure. I'll just say that there are no material changes from our historical guidance approach. We continue to guide to what we have a high degree of visibility into and we factor in growth initiatives when we have sufficient signal on their performance. And as we see additional data over the course of the year, as we are seeing with these changing macroeconomic conditions, we do revise and incorporate those trends into our guidance as needed.

當然。我只是說我們的歷史指導方法沒有重大變化。我們將繼續引導我們高度了解的內容，並且當我們對他們的表現有足夠的信號時，我們會考慮增長計劃。正如我們在一年中看到的更多數據一樣，正如我們看到這些不斷變化的宏觀經濟狀況一樣，我們確實會根據需要修改這些趨勢並將其納入我們的指導方針。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

This is (inaudible) on for Mark Murphy. And I'll reiterate the congrats on the quarter. On the softness you mentioned in some of the business segments that saw a bit of elevated demand during the pandemic, would you say that some of the pressures here were consistent with the prior quarter? Or did they incrementally worsen? And any sense of when you expect to see a bit of a plateau in some of the softness?

這是（聽不清）Mark Murphy 的發言。我將重申對本季度的祝賀。關於您提到的一些在大流行期間需求有所上升的業務部門表現疲軟，您是否會說這裡的一些壓力與上一季度一致？還是它們逐漸惡化了？什麼時候你希望在一些柔軟度中看到一點高原？

Sure. So we are seeing some incremental macro headwinds in our Dropbox Sign business. As we do lap COVID tailwind and then we are also seeing DocSend slow down a bit, just given that a fair amount of that business is driven by the fundraising community. And then of course, we also mentioned that we're seeing some signs of macro-related softness around some of our Plus users, particularly on mobile. So all of those components have been factored into our guidance. I'm not going to give forward-looking guidance beyond Q4 at this point. And certainly, as I mentioned to Luv, we factored in these baseline trends -- these updated trends into our guidance for the rest of the year.

當然。因此，我們在 Dropbox Sign 業務中看到了一些漸進的宏觀逆風。當我們做 COVID 順風時，我們也看到 DocSend 有點慢，只是考慮到相當數量的業務是由籌款社區推動的。當然，我們還提到，我們在一些 Plus 用戶周圍看到了一些與宏觀相關的軟性跡象，尤其是在移動設備上。因此，所有這些組件都已納入我們的指南中。在這一點上，我不打算給出第四季度之後的前瞻性指導。當然，正如我對 Luv 提到的那樣，我們將這些基線趨勢——這些更新的趨勢納入了我們今年剩餘時間的指導中。

Got it. That's very helpful. And then as a quick follow-up on the topic of the recent 20% price increase. Is there any change in the level of elasticity among customers relative to some of the prior price increases that you've done, particularly given the inflationary environment?

知道了。這很有幫助。然後作為對最近 20% 價格上漲主題的快速跟進。相對於您之前所做的一些價格上漲，客戶的彈性水平是否有任何變化，特別是考慮到通貨膨脹環境？

I don't think we break out specific stats on that. I can -- what I can say is that we've certainly taken to account, as you'd imagine, when we project the impact of price increases, how those have gone in prior cycles. And I can say that Teams price increase has gone better than expected.

我認為我們不會就此公佈具體的統計數據。我可以 - 我可以說的是，正如你想像的那樣，當我們預測價格上漲的影響時，我們肯定會考慮到這些影響在之前的周期中是如何發生的。而且我可以說 Teams 的價格上漲比預期的要好。

Our next question comes from Steve Enders with Citi.

我們的下一個問題來自花旗的史蒂夫恩德斯。

I just want to ask you, I guess, on the pricing and packaging dynamics. I mean it seems like there's been really good success with the Teams increase in the past quarter. I guess how are you thinking about kind of more broadly raising prices on some other plans or thinking about shifting some of the packaging to potentially drive an increase of pricing in that way?

我想我只想問你關於定價和包裝動態的問題。我的意思是，在過去的一個季度中，Teams 的增長似乎取得了非常好的成功。我想你是如何考慮在其他一些計劃中更廣泛地提高價格，或者考慮改變一些包裝以可能以這種方式推動價格上漲？

Well, I think it starts with our philosophy, which has been pretty consistent. And as I mentioned before, we start by creating value, so adding new features in response to customer demand. So the Teams' price increase, for example, was paired with a lot of the security features around ransomware protection and backup and passwords, that customers have been asking for. And then we add new products, right? So Capture, Dropbox Capture, a new product is available to all paid subscribers. So it's another example of creating value. And then we change prices or change packaging.

好吧，我認為這始於我們的理念，它一直非常一致。正如我之前提到的，我們從創造價值開始，因此根據客戶需求添加新功能。因此，例如，Teams 的價格上漲與客戶一直要求的有關勒索軟件保護、備份和密碼的許多安全功能相結合。然後我們添加新產品，對嗎？所以 Capture，Dropbox Capture，一個新產品可供所有付費訂閱者使用。所以這是創造價值的另一個例子。然後我們改變價格或改變包裝。

As our portfolio, we see that a lot of our customers obviously not only need to store and share and sync their files, but have a lot of workflows around them. And as we have a broader portfolio of products that address these workflows like Dropbox Sign, DocSend, a big opportunity is bundling, right? And when you look at other SaaS companies, there's been a lot of success there. And bundling economics are obviously great for customers, and there are also favorable economics for the company. So I'd say we're early innings in terms of thinking through bundling and we'll be doing more here, especially as customers are also thinking about how they consolidate, how do they -- or how to consolidate their tools, manage spend more effectively. We think having more suites and all-in-one type solutions will resonate in a challenged environment.

作為我們的產品組合，我們看到很多客戶顯然不僅需要存儲、共享和同步他們的文件，而且圍繞他們有很多工作流程。由於我們擁有更廣泛的產品組合來解決這些工作流程，例如 Dropbox Sign、DocSend，捆綁是一個很大的機會，對吧？當你看看其他 SaaS 公司時，那裡已經取得了很多成功。捆綁經濟顯然對客戶有利，對公司也有利。所以我想說我們在考慮捆綁方面處於早期階段，我們將在這裡做更多，特別是當客戶也在考慮他們如何整合，他們如何 - 或者如何整合他們的工具，管理支出更有效。我們認為擁有更多套件和一體式解決方案將在充滿挑戰的環境中產生共鳴。

Okay. Got you. That's helpful. I guess on the Plus plan, I know that there's been kind of more focus from you historically just in terms of like trying to drive conversion rates in the app and trying to help kind of improve some of those retention trends. I guess, how do you kind of think about the levers that you could potentially pull to either kind of improve some of the retention rates on the Plus side or drive further conversion?

好的。明白了這很有幫助。我想在 Plus 計劃中，我知道從歷史上看，您更關注於嘗試提高應用程序的轉化率並嘗試幫助改善其中一些保留趨勢。我想，您如何看待可能會拉動的槓桿，以提高一些正面的保留率或推動進一步的轉化？

Yes, I can start. I mean, first, we've just seen good returns to just improving the core experiences and streamlining some of the basics. So we found that there by removing friction from our onboarding experiences, by making sharing more seamless, by improving like photo backup speeds, things like that, just the nuts and bolts, we see engagement increase, we see retention improve. So we continue to invest in those kinds of levers.

是的，我可以開始了。我的意思是，首先，我們剛剛看到改善核心體驗和簡化一些基礎知識的良好回報。所以我們發現，通過消除入職體驗中的摩擦，通過使共享更加無縫，通過提高照片備份速度等類似的方法，我們看到參與度增加，我們看到保留率提高。所以我們繼續投資於這些類型的槓桿。

And then, I mean, there are going to be puts and takes with any individual SKU. We also think about, let me zoom out a little bit from any one of the SKUs and think about how do we direct our customers and match them with the most compelling offering for them. And so I think we've also been driving a mix shift from Plus towards higher value plans like Professional or our Teams plans that have more like network effect driven retention and things like that.

然後，我的意思是，任何單獨的 SKU 都會有放置和放置。我們還考慮，讓我從任何一個 SKU 中縮小一點，並考慮我們如何引導客戶並將他們與最有吸引力的產品相匹配。因此，我認為我們也一直在推動從 Plus 向更高價值計劃的混合轉變，例如 Professional 或我們的 Teams 計劃，這些計劃更像是網絡效應驅動的保留和類似的事情。

So I'd say within any individual SKU there are a number of levers as far as how we monetize the specific offering, churn versus pricing, other things like that. But then we also look at it from a portfolio level and making sure we're making -- and ensure we're making globally optimized decisions.

所以我想說，在任何單個 SKU 中，就我們如何將特定產品貨幣化、流失與定價以及其他類似的事情而言，有許多槓桿。但隨後我們也會從投資組合層面審視它，並確保我們正在做出——並確保我們正在做出全球優化的決策。

Our next question comes from Joey Marincek with JMP Securities.

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

Congrats on the nice results here. Drew, can you talk more about security? What is it that customers -- what our customer needs as it relates to security? And what are some ways Dropbox can help? And then maybe additionally, can you touch on the GitHub phishing incident? What happened and what steps have you taken?

祝賀這裡取得了不錯的成績。德魯，你能多談談安全性嗎？客戶是什麼——我們的客戶在安全方面需要什麼？ Dropbox 可以提供哪些幫助？然後也許另外，你能談談 GitHub 網絡釣魚事件嗎？發生了什麼事，你採取了哪些措施？

Sure. Great question. So on the security front, from a customer demand standpoint, the landscape continues to evolve, right? And so as I shared before, ransomware attacks have been up almost 300% in the last year, something like half to 3/4 of the victims are small businesses, so we see new demand. And those small businesses, half of them don't have dedicated IT security resources. So we see a big opportunity for Dropbox to help in a number of those areas from ransomware protection to more fully featured backup options in a world where people are now working from everywhere, being able to back up all your endpoints is something that where -- revenue needs, managing passwords for a team.

當然。很好的問題。因此，在安全方面，從客戶需求的角度來看，形勢在不斷發展，對吧？正如我之前分享的那樣，勒索軟件攻擊在去年增加了近 300%，大約一半到 3/4 的受害者是小企業，所以我們看到了新的需求。而那些小型企業，其中一半沒有專門的 IT 安全資源。因此，我們看到 Dropbox 有很大的機會在許多領域提供幫助，從勒索軟件保護到功能更齊全的備份選項，在這個世界上，人們現在可以在任何地方工作，能夠備份您的所有端點是 -收入需求，管理團隊的密碼。

And so there's a lot of different areas where we've been launching new security functionality that's been resonating with customers and has been in response to new demands, and that has been a big part. We see that the adoption of those new features and the success of the price increase and packaging changes, the security features we've launched have been instrumental to that.

因此，我們在很多不同的領域推出了新的安全功能，這些功能引起了客戶的共鳴，並響應了新的需求，這是很重要的一部分。我們看到這些新功能的採用以及價格上漲和包裝變化的成功，我們推出的安全功能對此起到了重要作用。

Second, just sort of background, you mentioned the GitHub phishing incident in October. We were the targeted fishing campaign and one of our employees. GitHub accounts was compromised. We resolved the issue quickly. We believe the overall impact is minimal, specifically the kinds of things we look at are -- our apps, core service code, production environments were not accessible. No evidence that customer content or passwords or payment information was compromised. No indication that there will be material business or customer impact. Definitely we like to be transparent about how we handle these kinds of incidents and we've posted -- there's a lot more detail on our blog, but again, we think we've responded quickly and don't believe there will be a material impact.

第二，背景，你提到了十月份的 GitHub 釣魚事件。我們是有針對性的捕魚活動，也是我們的一名員工。 GitHub 帳戶被盜用。我們很快解決了這個問題。我們認為總體影響很小，特別是我們所關注的事情——我們的應用程序、核心服務代碼、生產環境無法訪問。沒有證據表明客戶內容或密碼或支付信息遭到洩露。沒有跡象表明會對業務或客戶產生重大影響。當然，我們希望對我們如何處理此類事件保持透明，並且我們已經發布了——我們的博客上有更多詳細信息，但同樣，我們認為我們已經迅速做出回應，並且不相信會有材料影響。

That's very helpful. And then can you also give us an update on Command E. How is it performing relative to expectations? And what's your ultimate vision there?

這很有幫助。然後你也能給我們介紹一下 Command E 的最新情況嗎？相對於預期，它的表現如何？你在那裡的最終願景是什麼？

Sure. Very excited about Command E, and we see a big opportunity in evolving the Dropbox experience. And when I started the company, it was really about how do I sync my files across different devices, different operating systems. And today, we have -- we all have new challenges where a lot of work has moved into the browser and a lot of cloud tools, but then there's new problems around fragmentation. And the challenges around the basics like not being able to find information, not being able to organize it. So Command E is a great example of addressing some of those challenges. So instead of having 10 different search boxes for 10 different apps, Command E provides universal search.

當然。對 Command E 感到非常興奮，我們看到了改進 Dropbox 體驗的巨大機會。當我創辦這家公司時，真正關心的是如何在不同設備、不同操作系統之間同步我的文件。而今天，我們 - 我們都面臨著新的挑戰，其中大量工作已轉移到瀏覽器和大量雲工具中，但隨之而來的是圍繞碎片化的新問題。以及圍繞基礎知識的挑戰，例如無法找到信息，無法組織信息。所以 Command E 是解決其中一些挑戰的一個很好的例子。因此，Command E 提供了通用搜索，而不是為 10 個不同的應用程序設置 10 個不同的搜索框。

We bought that company about a year ago. We've been investing more there. And we think that there are fundamental needs in the cloud world around organizing your content and evolving Dropbox from syncing files to organizing all your cloud content. That's a big opportunity in any macroeconomic environment. So we'll have more to share on the road map there and new product experiences in the coming quarters.

我們大約一年前收購了那家公司。我們一直在那裡投資更多。我們認為，在雲世界中，圍繞組織您的內容和將 Dropbox 從同步文件發展為組織所有云內容存在基本需求。這在任何宏觀經濟環境中都是一個巨大的機會。因此，我們將在未來幾個季度分享更多路線圖和新產品體驗。

Our next question comes from Matt Bullock with Bank of America.

我們的下一個問題來自美國銀行的馬特布洛克。

I'm on for Mike Funk. Just wanted to triple tap here on the pricing increases. So we did see a deceleration in net adds of around 100,000 from this -- the average of the past couple of quarters. I'm trying to frame that decel in terms of pricing impact versus the Plus weakness in mobile. Was most of that decel driven by the pricing increases? And if so, can we assume that now that the monthly users have digested that, that we could see a resell in net adds going forward?

我支持 Mike Funk。只是想在這里三次點擊價格上漲。因此，我們確實看到淨增人數減少了約 100,000 人——這是過去幾個季度的平均值。我試圖根據定價影響與移動的 Plus 弱點來構建這種減速。大部分減速是由價格上漲驅動的嗎？如果是這樣，我們是否可以假設現在月度用戶已經消化了這一點，我們可以看到未來的淨增加轉售？

Sure. This is Tim. I'll take that. So we added about 180,000 net new paying users in the third quarter. We did see an expected drop in paying users from our Teams plans in the wake of the pricing and packaging changes that we've been talking about. We also did see some softness around some of our Plus users, particularly on mobile due to the challenging macro environment.

當然。這是蒂姆。我會接受的。因此，我們在第三季度新增了約 180,000 名淨新付費用戶。在我們一直在談論的定價和包裝變化之後，我們確實看到我們的 Teams 計劃的付費用戶預計會下降。我們也確實看到我們的一些 Plus 用戶有些軟弱，特別是由於宏觀環境充滿挑戰而在移動設備上。

As far as breaking that out, I would say that the larger portion of the drop does stem from the pricing change. As far as looking forward, we don't formally guide to paying users. We do expect our Teams pricing and packaging change to have an impact on net new paying users. However, we're encouraged by the early signals we're seeing and are confident that this pricing change is a net positive to ARR in the long run.

就打破這一點而言，我會說下降的大部分確實源於價格變化。就展望而言，我們沒有正式引導付費用戶。我們確實希望我們的 Teams 定價和包裝變化會對淨新付費用戶產生影響。然而，我們對我們看到的早期信號感到鼓舞，並相信這種定價變化從長遠來看對 ARR 是一個淨積極因素。

(Operator Instructions) Our next question comes from Jacob Staffel with Goldman Sachs.

（操作員說明）我們的下一個問題來自高盛的 Jacob Staffel。

It's Jacob here. I wanted to ask around ARPU real quick. It seems like the last, we'll call it, 5 or 6 quarters, ARPU has kind of been floating around in that like $133, $134 range. And obviously, a portion of that is due to the Family plan and the 6 seats that are included in that. But given all the product innovations that have been recently released, how are you thinking about future acceleration of ARPU?

是雅各佈在這裡。我想快速詢問 ARPU。這似乎是最後一個，我們稱之為 5 或 6 個季度，ARPU 一直在 133 美元、134 美元的範圍內浮動。顯然，其中一部分是由於家庭計劃和其中包含的 6 個席位。但鑑於最近發布的所有產品創新，您如何看待未來 ARPU 的加速？

This is Tim. So we did end the third quarter with ARPU at about $134, which was up about $0.52 year-over-year. And this was driven by benefits from our pricing initiative and a continued mix shift to our premium SKUs. Now offsetting that, there was nearly a $3 headwind from FX. So FX plays apart from a headwind perspective, as does, as you mentioned, the Family plan.

這是蒂姆。因此，我們在第三季度結束時的 ARPU 約為 134 美元，同比增長約 0.52 美元。這是由我們的定價計劃帶來的好處以及向我們的優質 SKU 的持續組合轉變所推動的。現在抵消了這一點，外匯帶來了近 3 美元的逆風。所以 FX 從不利的角度發揮作用，就像你提到的家庭計劃一樣。

And looking forward, we don't formally guide to ARPU. There continue to be some factors that may impact our trends -- pricing that will continue to be a tailwind to ARPU FX. Again, we expect FX headwinds to intensify, exiting the year and into 2023, assuming current rates hold. And then, of course, the Family plan, as you mentioned. And so there are puts and takes here, which is why profitably growing our total ARR base versus optimizing for a specific ARPU is our priority.

展望未來，我們不會正式指導 ARPU。仍然有一些因素可能會影響我們的趨勢——定價將繼續成為 ARPU FX 的順風。同樣，假設當前利率保持不變，我們預計外匯逆風將加劇，從今年結束到 2023 年。然後，當然，正如您提到的，家庭計劃。所以這裡有投入和投入，這就是為什麼增加我們的總 ARR 基礎而不是針對特定 ARPU 進行優化是我們的首要任務。

Thank you. That concludes our Q&A session. That concludes the conference. Thank you for participating. You may now disconnect.

謝謝你。我們的問答環節到此結束。會議到此結束。感謝您的參與。您現在可以斷開連接。