Dropbox Inc (DBX) 2022 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining Dropbox' Fourth 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' website following this call.

女士們先生們，下午好。感謝您參加 Dropbox 2022 年第四季度收益電話會議。 （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 Kern 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 Kern Kapoor。卡普爾先生，請繼續。

Thank you. Good afternoon and welcome to Dropbox' Fourth 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 forecast for our first quarter and fiscal year 2023 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 the macroeconomic environment. 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.

謝謝。下午好，歡迎來到 Dropbox 2022 年第四季度財報電話會議。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 2023 年第一季度和財政年度的長期目標和預測，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、需求和宏觀經濟環境的預期。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' 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, Kern, and good afternoon, everyone. Welcome to our Q4 2022 earnings call. Joining me today is Tim Regan, our Chief Financial Officer. And I'll start with a recap of 2022 and provide an overview of our strategy for 2023. Then Tim will go over our financials for Q4 and fiscal year 2022, give guidance for Q1 and full year 2023 and provide an update on our long-term targets.

謝謝，克恩，大家下午好。歡迎來到我們的 2022 年第四季度財報電話會議。今天加入我的是我們的首席財務官 Tim Regan。我將從 2022 年的回顧開始，概述我們 2023 年的戰略。然後蒂姆將回顧我們第四季度和 2022 財年的財務狀況，為第一季度和 2023 年全年提供指導，並提供我們長期的最新情況-期限目標。

So let's get started. While 2022 saw a more challenging macroeconomic backdrop and we saw some elevated headwinds in Q4, and which Tim will discuss in more detail, I'm pleased with how our business performed for the year. We ended the year with over $2.5 billion in ARR. We once again increased profitability and free cash flow and repurchased nearly $800 million of our stock. We also rolled out new plans for our teams customers with expanded security and data protection capabilities, made progress improving revenue retention and closed acquisitions such as FormSwift and Boxcryptor, which I'll touch on shortly.

讓我們開始吧。雖然 2022 年的宏觀經濟背景更具挑戰性，我們在第四季度看到了一些不利因素，蒂姆將對此進行更詳細的討論，但我對我們今年的業務表現感到滿意。年底，我們的 ARR 超過 25 億美元。我們再次提高了盈利能力和自由現金流，並回購了近 8 億美元的股票。我們還為我們的團隊客戶推出了新計劃，擴大了安全性和數據保護能力，在提高收入保留方面取得了進展，並結束了對 FormSwift 和 Boxcryptor 等的收購，我將在稍後談到這些。

Before we dive in, as you know, last month, we shared that Timothy Young is stepping down from his role as President; and I really appreciate everything that Tim has done for Dropbox over the past few years and wish him all the best. And I've also enjoyed digging in with our senior leaders to continue leveling up our execution and to pursue all the opportunities we have ahead of us.

如您所知，在上個月我們深入探討之前，我們分享了 Timothy Young 將辭去總裁一職；我非常感謝 Tim 在過去幾年為 Dropbox 所做的一切，並祝他一切順利。我也很高興與我們的高層領導深入交流，繼續提高我們的執行力，並抓住我們面前的所有機會。

And over the last year, we've been focused on 3 strategic objectives to help us realize our long-term vision. Our first objective has been to evolve our core FSS product, driving retention gains and monetization efforts through better conversion of our free users and through pricing and packaging. Our second objective has been to expand workflows beyond core FSS around documents and videos. And our third objective has been to drive operational excellence and improve efficiency.

在過去的一年裡，我們一直專注於 3 個戰略目標，以幫助我們實現長期願景。我們的首要目標是發展我們的核心 FSS 產品，通過更好地轉化我們的免費用戶以及通過定價和包裝來推動保留收益和貨幣化工作。我們的第二個目標是圍繞文檔和視頻將工作流擴展到核心 FSS 之外。我們的第三個目標是推動卓越運營和提高效率。

And this year, we've added a fourth strategic objectives, which is to move beyond files and organize all cloud content for our customers. This has been a critical step in our product vision for some time, and recent advancements in AI and machine learning have a huge role to play in accelerating our plans, particularly in building out our universal search and other capabilities. I'll discuss this opportunity in more detail shortly.

今年，我們增加了第四個戰略目標，即超越文件並為我們的客戶組織所有云內容。一段時間以來，這是我們產品願景中的關鍵一步，人工智能和機器學習的最新進展在加速我們的計劃方面發揮著巨大作用，特別是在構建我們的通用搜索和其他功能方面。稍後我將更詳細地討論這個機會。

We are already executing against these strategic objectives with a strong sense of urgency. Q4 showed us that we're not immune to a slowing economy, and that's why I'm focused on our speed of execution in 2023 and on areas where we can improve efficiency. I'll offer more details on how we plan to do that, but first, let me discuss some observations from 2022.

我們已經以強烈的緊迫感執行這些戰略目標。第 4 季度向我們表明，我們無法免受經濟放緩的影響，這就是為什麼我關注我們 2023 年的執行速度以及我們可以提高效率的領域。我將提供有關我們計劃如何做到這一點的更多細節，但首先，讓我討論一下 2022 年的一些觀察結果。

Starting with our first strategic objective around evolving our core FSS business. Our focus over the last few years has been on improving user experience, particularly on mobile. And this is where a growing number of basic users sign up for Dropbox. We've also been focused on adding more capabilities to better serve small businesses and freelancers who represent a passionate user base for Dropbox.

從我們圍繞發展核心 FSS 業務的第一個戰略目標開始。我們過去幾年的重點是改善用戶體驗，尤其是在移動端。這就是越來越多的基本用戶註冊 Dropbox 的地方。我們還專注於添加更多功能，以更好地為代表 Dropbox 熱情用戶群的小型企業和自由職業者提供服務。

Regarding mobile, we observed that the uptick in churn from Plus individuals that we witnessed in Q3 continued in Q4 largely due to recent mobile operating system changes, which increased transparency around subscriptions. To mitigate some of the macro pressures impacting consumer behavior, we've identified areas where we can make the mobile workflow more seamless and reliable. And to drive higher basic user activity, we're focused on improving the onboarding experience. This quarter, we're rolling out Google One's app, which will help streamline the sign-up flow for mobile and web users.

關於移動設備，我們觀察到，我們在第三季度看到的 Plus 用戶流失率在第四季度繼續上升，這主要是由於最近移動操作系統的變化，這增加了訂閱的透明度。為了減輕影響消費者行為的一些宏觀壓力，我們確定了可以使移動工作流程更加無縫和可靠的領域。為了推動更高的基本用戶活動，我們專注於改善入職體驗。本季度，我們將推出 Google One 的應用程序，這將有助於簡化移動和網絡用戶的註冊流程。

Many of our customers, such as small business teams and freelancers, rely on Dropbox to store and share videos and other rich media. To better serve them, we've made improvements to the sharing experience of large files, particularly reducing the time in uploading of large files, which we do expect to drive improvements in customer satisfaction and reduce churn.

我們的許多客戶，例如小型企業團隊和自由職業者，都依賴 Dropbox 來存儲和共享視頻及其他富媒體。為了更好地服務他們，我們改進了大文件的共享體驗，特別是減少了大文件的上傳時間，我們希望這能提高客戶滿意度並減少客戶流失。

And as we continue to see the growth in video-related content stored and shared on Dropbox, particularly among creative professionals, we've made progress with our video preview capabilities by increasing size and limits and adding editing functionality. By improving this lightweight but valuable functionality, we're seeing increases in active video users and time spent per user.

隨著我們繼續看到在 Dropbox 上存儲和共享的視頻相關內容的增長，尤其是在創意專業人士中，我們通過增加大小和限制以及添加編輯功能在視頻預覽功能方面取得了進展。通過改進這個輕量級但有價值的功能，我們看到活躍視頻用戶和每個用戶花費的時間都有所增加。

Last quarter, we discussed our first full quarter's progress in rolling out new plans for our standard and advanced teams customers with a focus on security and data protection. While we can see a net benefit to ARR from these changes, we saw incremental headwinds in Q4 from some of our larger teams customers reducing licenses. We recognize that as our customers experienced challenges in their businesses and evaluate their budgets, there's added pressure to reduce software spend. But we see an opportunity to mitigate some of this pressure through more high-touch account management for these customers, which traditionally came through the self-serve channel. We're actively working to strengthen the alignment between our business units and our go-to-market teams and see opportunities to improve renewal activity as we increase customer awareness of the added functionality we're adding for teams.

上個季度，我們討論了第一個完整季度在為我們的標準和高級團隊客戶推出新計劃方面取得的進展，重點是安全和數據保護。雖然我們可以從這些變化中看到 ARR 的淨收益，但我們在第四季度看到了一些更大的團隊客戶減少許可證的不利因素。我們認識到，隨著我們的客戶在他們的業務中遇到挑戰並評估他們的預算，減少軟件支出的壓力越來越大。但我們看到了一個機會，可以通過為這些客戶提供更多接觸式的賬戶管理來減輕部分壓力，這些客戶傳統上是通過自助服務渠道獲得的。我們正在積極努力加強我們的業務部門和我們的上市團隊之間的協調，並看到改善續訂活動的機會，因為我們提高了客戶對我們為團隊添加的附加功能的認識。

We're also continuing to invest in our security road map to strengthen our offering for business users. In Q4, we acquired assets from Boxcryptor, a provider of end-to-end 0 knowledge encryption for cloud storage services. And over time, we plan to embed these encryption capabilities natively within Dropbox for our business users, providing them an additional layer of security by encrypting files locally on their devices prior to syncing their content to Dropbox.

我們還將繼續投資於我們的安全路線圖，以加強我們為企業用戶提供的服務。第四季度，我們從 Boxcryptor 收購了資產，Boxcryptor 是一家為雲存儲服務提供端到端的 0 知識加密服務的提供商。隨著時間的推移，我們計劃為我們的企業用戶在 Dropbox 中原生嵌入這些加密功能，通過在將內容同步到 Dropbox 之前在他們的設備上本地加密文件，為他們提供額外的安全層。

We know that security is a top priority for our customers. And in the time of consolidating spend, we'll continue to identify opportunities to bundle more value for our paying users. As we think about funding additional value into our different paid plans, we'll continue to evaluate the best pricing and packaging strategy that best serves our customers.

我們知道安全是我們客戶的首要任務。在整合支出的同時，我們將繼續尋找機會為我們的付費用戶捆綁更多價值。當我們考慮為不同的付費計劃提供額外價值時，我們將繼續評估最能為客戶服務的最佳定價和包裝策略。

Moving on to our second objective, which is to expand our workflows beyond FSS, particularly around documents and videos. I'll first share an update on DocSend and Sign in 2022 and where we see opportunity to scale these businesses in 2023.

繼續我們的第二個目標，將我們的工作流程擴展到 FSS 之外，特別是圍繞文檔和視頻。我將首先分享 2022 年 DocSend 和 Sign 的更新，以及我們在 2023 年看到擴展這些業務的機會。

As we've noted throughout the last year, we've seen both DocSend and Sign growth moderate as headwinds in their respective markets continue. DocSend's core market, which is venture-backed fundraising, has seen activity pull back materially from 2021 levels, which has resulted in customers being more price sensitive. This year, we're focused on diversifying DocSend's customer base, introducing it to new geographies and extending beyond venture capital and other professional services such as consulting.

正如我們在去年全年所指出的那樣，隨著各自市場的逆風持續，我們看到 DocSend 和 Sign 的增長都在放緩。 DocSend 的核心市場是風險投資支持的籌款活動，其活動已從 2021 年的水平大幅回落，這導致客戶對價格更加敏感。今年，我們專注於使 DocSend 的客戶群多樣化，將其引入新的地區，並將其擴展到風險投資和諮詢等其他專業服務之外。

Sign has also seen challenges amidst an overall slowdown in the eSignature market and increasing competition. While we saw strength in our Sign API offering, there's opportunity to stabilize Sign's overall growth as we leverage it under the Dropbox brand and drive more sales-led growth targeting small businesses.

在電子簽名市場整體放緩和競爭加劇的情況下，Sign 也遇到了挑戰。雖然我們看到了 Sign API 產品的實力，但我們有機會穩定 Sign 的整體增長，因為我們在 Dropbox 品牌下利用它，並推動更多以銷售為導向的小型企業增長。

For both Sign and DocSend, our focus in 2023 is around deeper integration with core Dropbox. While we've made progress integrating certain capabilities into the core Dropbox experience, for example, DocSend's analytics within an individual user sharing flow and Sign's native send for signature entry point in PDFs in Dropbox, there are still challenges for the end user experience due to multiple systems that need to be unified. For example, customers have been required to re-log in to the different applications, access multiple terms of service and checkout flows and different user interfaces overall.

對於 Sign 和 DocSend，我們在 2023 年的重點是與核心 Dropbox 的更深入集成。雖然我們在將某些功能集成到核心 Dropbox 體驗方面取得了進展，例如 DocSend 在單個用戶共享流程中的分析和 Sign 在 Dropbox PDF 中的本地發送簽名入口點，但最終用戶體驗仍然存在挑戰，因為需要統一的多個系統。例如，客戶需要重新登錄不同的應用程序，訪問多個服務條款和結帳流程以及總體上不同的用戶界面。

We're quickly working to remove the friction in the user experience to make it easier for customers to try, buy and use these products, which is a critical step in unlocking our platform strategy. And up until now, we've mostly talked about DocSend and Dropbox Sign as key pillars to our document workflow strategy. And today, I'm excited to discuss an important new piece to this business with our acquisition of FormSwift.

我們正在迅速努力消除用戶體驗中的摩擦，讓客戶更容易試用、購買和使用這些產品，這是解鎖我們平台戰略的關鍵一步。到目前為止，我們主要談論的是 DocSend 和 Dropbox Sign 作為我們文檔工作流程策略的關鍵支柱。今天，我很高興討論我們對 FormSwift 的收購對這項業務的重要新影響。

FormSwift is a cloud-based service that helps customers create, complete, edit and save critical business forms and agreements. With FormSwift's vast library of templates, individuals and small businesses are able to access hundreds of forms rather than spending resources drafting them from scratch. Whether it's a lease agreement or an employment contract, FormSwift's cloud-based offering makes it simple for customers to complete their agreement workflows.

FormSwift 是一項基於雲的服務，可幫助客戶創建、完成、編輯和保存關鍵業務表格和協議。借助 FormSwift 龐大的模板庫，個人和小型企業能夠訪問數百個表單，而無需花費資源從頭開始起草。無論是租賃協議還是僱傭合同，FormSwift 基於雲的產品都能讓客戶輕鬆完成他們的協議工作流程。

FormSwift is complementary to Dropbox with a similar target customer, a robust self-serve go-to-market engine and capabilities that allow customers to do more with their digital content. We plan to integrate FormSwift under the Dropbox brand this year and over time, combine its content library with our Sign and DocSend capabilities, providing a comprehensive end-to-end agreement workflow. So with millions visiting FormSwift's website, we see a natural opportunity to drive more top-of-funnel activity to Dropbox and its suite of products.

FormSwift 是 Dropbox 的補充，具有相似的目標客戶、強大的自助式上市引擎和功能，可讓客戶利用其數字內容做更多事情。我們計劃今年及以後將 FormSwift 整合到 Dropbox 品牌下，將其內容庫與我們的 Sign 和 DocSend 功能相結合，提供全面的端到端協議工作流程。因此，隨著數百萬人訪問 FormSwift 的網站，我們看到了一個自然的機會，可以為 Dropbox 及其產品套件帶來更多的漏斗頂部活動。

Outside of documents, the other adjacent workflow beyond FSS is around video where we see significant usage on our platform. This year, we plan to continue our focus on video workflows, building on the recent public launch of Dropbox Capture, a video communication tool for distributed teams, as well as our continued progress with Replay, which allows teams to collaborate and edit videos all within Dropbox. Since launching Capture to all Dropbox users in October, we've seen this usage grow significantly. We see an opportunity for Replay to follow a similar path for general availability as its adoption and retention continue to improve with the creative community. By continuously iterating on these experiences, we're excited to build a best-in-class platform for creatives to manage their video content.

在文檔之外，FSS 之外的另一個相鄰工作流是圍繞視頻的，我們在我們的平台上看到了視頻的大量使用。今年，我們計劃繼續關注視頻工作流程，基於最近公開發布的 Dropbox Capture（一種面向分佈式團隊的視頻通信工具），以及我們在 Replay 方面的持續進步，它允許團隊在內部協作和編輯視頻投遞箱。自從 10 月份向所有 Dropbox 用戶推出 Capture 以來，我們已經看到這種使用量顯著增長。隨著創意社區對 Replay 的採用和保留率不斷提高，我們看到 Replay 有機會遵循類似的普遍可用性路徑。通過不斷迭代這些體驗，我們很高興能夠為創意人員構建一流的平台來管理他們的視頻內容。

And as I mentioned earlier, our newest strategic pillar in 2023 is to organize all cloud content centered around AI and machine learning. We're entering a new era of augmented knowledge work where human and machine intelligence combine to unlock unprecedented levels of productivity. We've been working towards a mission of designing a more light way of working for years as the proliferation of cloud tools and the shift to remote work have left people with a more chaotic working environment than ever before. Instead of one search box, we all have a dozen search boxes across all of our productivity tools and apps, and there's never been a better time to help our customers organize and simplify their working lives.

正如我之前提到的，我們在 2023 年的最新戰略支柱是圍繞 AI 和機器學習組織所有云內容。我們正在進入一個增強知識工作的新時代，在這個時代，人類和機器智能相結合，可以釋放前所未有的生產力水平。多年來，我們一直致力於設計一種更輕鬆的工作方式，因為雲工具的普及和向遠程工作的轉變使人們的工作環境比以往任何時候都更加混亂。我們所有的生產力工具和應用程序都有十幾個搜索框，而不是一個搜索框，現在是幫助我們的客戶組織和簡化他們的工作生活的最佳時機。

And with the recent developments in natural language processing and large language models, teams can now take on more complex tasks than ever before. And they're providing us the building blocks needed to augment knowledge work as we first envisioned.

隨著自然語言處理和大型語言模型的最新發展，團隊現在可以承擔比以往任何時候都更複雜的任務。他們正在為我們提供增強知識工作所需的構建模塊，正如我們最初設想的那樣。

AI and machine learning is an area where we've been investing for a long time. We've used machine learning to improve content suggestions and retrieval and help users better search and organize their video content, but there's a lot more we can do. One of the biggest opportunities we see is in tackling content fragmentation and universal search, and I'm looking forward to sharing more about what we'll be launching in the coming quarters.

人工智能和機器學習是我們長期投資的領域。我們已經使用機器學習來改進內容建議和檢索，並幫助用戶更好地搜索和組織他們的視頻內容，但我們可以做的還有很多。我們看到的最大機會之一是解決內容碎片化和通用搜索問題，我期待著分享更多關於我們將在未來幾個季度推出的內容。

I believe we're operating from a position of strength given our scale, our platform neutrality and the millions of people and businesses that already use Dropbox for work and entrust us to store their most valuable content. I'm working very closely with our product teams on our road map, and I couldn't be more excited about what Dropbox can do to leverage all these new technologies to unlock significant levels of productivity for millions of our customers and ultimately, design a more enlightened way of working.

鑑於我們的規模、我們的平台中立性以及已經使用 Dropbox 工作並委託我們存儲他們最有價值的內容的數百萬個人和企業，我相信我們的運營處於有利地位。我正在與我們的產品團隊密切合作制定路線圖，我對 Dropbox 可以利用所有這些新技術為數百萬客戶顯著提高生產力並最終設計一個更開明的工作方式。

In closing, 2022 was a solid year despite increasing challenges from the macro environment. We're making important changes within our business to better position us for the long term and continue to focus on improving our execution as we navigate what is likely to be another difficult year for our customers.

總而言之，2022 年是穩健的一年，儘管宏觀環境的挑戰越來越多。我們正在對我們的業務進行重大變革，以更好地長期定位我們，並繼續專注於提高我們的執行力，因為我們度過了對我們的客戶來說可能又是艱難的一年。

But challenging times can be transformative for any business. We launched Dropbox during the great financial crisis, and I've learned that operating under more difficult environments can result in producing our best work. While we're not immune to a worsening economy, we're well positioned given our scale, our trusted brand, our healthy financial profile and our strong balance sheet. We remain focused on operational excellence, identifying areas of efficiency and capitalizing on emerging growth opportunities to invest in our future.

但充滿挑戰的時代對任何企業來說都是變革性的。我們在金融危機期間推出了 Dropbox，我了解到在更困難的環境下運營可以讓我們做出最好的作品。雖然我們不能免受經濟惡化的影響，但鑑於我們的規模、值得信賴的品牌、健康的財務狀況和強勁的資產負債表，我們處於有利地位。我們仍然專注於卓越運營，確定效率領域並利用新興增長機會投資於我們的未來。

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 longer-term financial targets. 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財務目標。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 seeing more signs of macro-related weakness impacting our business. And today, I'll walk through our guidance for 2023, which takes the current environment into consideration. I'll also provide an update on our financial targets for 2024. But first, let me discuss our fourth quarter and full year 2022 results.

正如 Drew 強調的那樣，我們看到了更多影響我們業務的宏觀相關疲軟跡象。今天，我將介紹我們的 2023 年指南，其中考慮了當前的環境。我還將提供我們 2024 年財務目標的最新情況。但首先，讓我討論一下我們 2022 年第四季度和全年的業績。

Total revenue for the fourth quarter increased 5.9% year-over-year to $599 million, beating our guidance range of $592 million to $595 million. Foreign exchange rates provide an approximate $19 million headwind to growth, in line with our previous guidance. On a constant currency basis, revenue grew 9.2% year-over-year.

第四季度總收入同比增長 5.9% 至 5.99 億美元，超過了我們 5.92 億美元至 5.95 億美元的指導範圍。根據我們之前的指導，外匯匯率為增長帶來了大約 1900 萬美元的阻力。按固定匯率計算，收入同比增長 9.2%。

I'll note that our Q4 revenue was inclusive of a partial month of revenue from our acquisition of FormSwift, which we closed on December 15. Total ARR for the quarter grew 11.2% year-over-year for a total of $2.514 billion. On a constant currency basis, ARR grew by $83 million sequentially and 11.8% year-over-year. More than $50 million of this ARR was driven by the acquisition of FormSwift with an additional contribution from our pricing and packaging changes to our team plans that we announced in June. As a reminder, we include the ARR related to acquired companies in our total ARR in the period of the acquisition.

我會注意到，我們第四季度的收入包括我們在 12 月 15 日完成的收購 FormSwift 的部分月份收入。本季度總 ARR 同比增長 11.2%，總計 25.14 億美元。按固定匯率計算，ARR 環比增長 8300 萬美元，同比增長 11.8%。超過 5000 萬美元的 ARR 是由收購 FormSwift 推動的，另外還有我們在 6 月份宣布的團隊計劃的定價和包裝變化。提醒一下，我們在收購期間將與收購公司相關的 ARR 計入我們的總 ARR 中。

We exited the quarter with 17.77 million paying users and added approximately 230,000 net new paying users in the fourth quarter, with over 200,000 of these paying users stemming from our acquisition of FormSwift. As with ARR, we include all paying users of an acquired company within our total paying users in the period of the acquisition.

我們在本季度結束時擁有 1777 萬付費用戶，並在第四季度增加了約 230,000 名淨新付費用戶，其中超過 200,000 名付費用戶來自我們對 FormSwift 的收購。與 ARR 一樣，我們將收購公司的所有付費用戶包括在收購期間的總付費用戶中。

Excluding FormSwift, additions to paying users fell below our expectations driven by 2 main factors. First was the churn of a large education customer where I'd note that these customers have a very low ARPU and, hence, an immaterial impact to our total ARR base. The second factor was softness around our Plus and teams plans as we continued to see increasing macroeconomic headwinds as Drew mentioned. Specifically, we continued to see softness in our Plus SKU, particularly on mobile, and we began to see increased price sensitivity to our teams plans.

不包括 FormSwift，付費用戶的增加低於我們的預期，主要有兩個因素。首先是大型教育客戶的流失，我注意到這些客戶的 ARPU 非常低，因此對我們的總體 ARR 基礎影響不大。第二個因素是我們的 Plus 和團隊計劃的疲軟，因為我們繼續看到德魯提到的越來越多的宏觀經濟逆風。具體來說，我們繼續看到我們的 Plus SKU 疲軟，特別是在移動設備上，我們開始看到對我們團隊計劃的價格敏感性增加。

Average revenue per paying user for Q4 was $134.53, up slightly compared to Q3, with the benefit from our teams pricing initiative partially offset by FX headwinds and the continued mix shift towards family plan, which is comprised of 6 seats and therefore, carries a lower ARPU profile. We also saw an ARPU headwind from the acquisition of FormSwift as we recognize the entire paying user count but only half a month of revenue.

第 4 季度每個付費用戶的平均收入為 134.53 美元，與第 3 季度相比略有上升，我們團隊定價計劃的好處部分被外匯逆風和繼續向家庭計劃的組合轉變所抵消，家庭計劃由 6 個席位組成，因此具有較低的ARPU 配置文件。我們還看到收購 FormSwift 對 ARPU 不利，因為我們認識到整個付費用戶數量，但只有半個月的收入。

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 excludes the income tax benefit from the release of a valuation allowance on deferred tax assets and includes the income tax effect of the aforementioned adjustments.

在我們繼續進一步討論我們的 P&L 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 GAAP 的，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 淨收入還不包括釋放遞延稅資產估值備抵所帶來的所得稅收益，並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. We made progress against our subleasing goals in 2022, and a vast majority of our space outside of San Francisco headquarters has now been subleased. However, while we continue to actively seek subleases and consider buyouts of our San Francisco headquarters, recent downsizing and reductions in corporate needs throughout the San Francisco real estate market have resulted in a more challenging subleasing environment than we had originally anticipated.

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。我們在 2022 年的轉租目標方面取得了進展，舊金山總部以外的大部分空間現已轉租。然而，雖然我們繼續積極尋求轉租並考慮買斷我們的舊金山總部，但最近整個舊金山房地產市場的裁員和企業需求減少導致轉租環境比我們原先預期的更具挑戰性。

Given the current corporate real estate market, we are no longer assuming that we enter into additional subleases in San Francisco in the next few years. As a result, we have revised our subleasing assumptions, resulting in an additional write-down of our facilities and other related assets of $162 million in the fourth quarter. This brings our cumulative impairment charge to $604 million. This revised subleasing assumption also reduces our expected cash flow benefit over the next few years.

鑑於目前的企業房地產市場，我們不再假設我們在未來幾年內在舊金山進行額外的轉租。因此，我們修改了我們的轉租假設，導致我們的設施和其他相關資產在第四季度額外減記 1.62 億美元。這使我們的累計減值費用達到 6.04 億美元。這一修訂後的轉租假設也降低了我們未來幾年的預期現金流收益。

Additionally, in Q4, our GAAP net income was favorably impacted by a $420 million onetime income tax benefit from the release of a valuation allowance on our U.S. deferred tax assets. This is a result of our improved profitability in the U.S., leading us to conclude that our valuation allowance on these deferred tax assets is no longer necessary. I would also note that there is no cash impact associated with this onetime benefit, and it is excluded from our non-GAAP net income.

此外，在第 4 季度，我們的 GAAP 淨收入受到 4.2 億美元的一次性所得稅收益的有利影響，這些收益來自我們對美國遞延稅資產的估值津貼的釋放。這是我們在美國的盈利能力提高的結果，使我們得出結論，我們不再需要對這些遞延稅項資產進行估值準備。我還要指出，這種一次性福利沒有現金影響，並且不包括在我們的非 GAAP 淨收入中。

With that, let's continue with the fourth quarter P&L. Gross margin was 82% for the quarter, representing an increase of 1 percentage point on a year-over-year basis. The improvement in gross margin was primarily driven by ongoing efficiencies in our data center infrastructure.

有了這個，讓我們繼續第四季度的損益表。本季度毛利率為 82%，同比增長 1 個百分點。毛利率的提高主要是由我們數據中心基礎設施的持續效率推動的。

Fourth quarter R&D expense was $174 million or 29% of revenue, which increased compared to 26% of revenue in the fourth quarter of 2021. We have seen our R&D expense as a percent of revenue rise over this past year as we have been investing in key initiatives across our core file sync and share, Dropbox Sign and DocSend businesses while also investing in our universal search and AI road map that Drew discussed. This has coincided with attrition rates falling to record lows, which has resulted in the increased levels of R&D spend relative to 2021.

第四季度研發費用為 1.74 億美元，佔收入的 29%，與 2021 年第四季度佔收入的 26% 相比有所增加。我們看到研發費用佔收入的百分比在過去一年中有所上升，因為我們一直在投資於我們的核心文件同步和共享、Dropbox Sign 和 DocSend 業務的關鍵舉措，同時還投資於 Drew 討論的通用搜索和 AI 路線圖。與此同時，人員流失率降至歷史最低點，導致研發支出水平相對於 2021 年有所增加。

Fourth quarter sales and marketing expense was $96 million or 16% of revenue, which decreased compared to 17% of revenue in the fourth quarter of 2021. Fourth quarter G&A expense was $43 million or 7% of revenue, which decreased compared to 8% of revenue in the fourth quarter of 2021. In total, we earned an operating profit of $179 million in the fourth quarter, representing an operating margin of 30%, in line with the fourth quarter of 2021.

第四季度銷售和營銷費用為 9600 萬美元，佔收入的 16%，低於 2021 年第四季度佔收入的 17%。第四季度 G&A 費用為 4300 萬美元，佔收入的 7%，低於 2021 年第四季度的 8% 2021 年第四季度的收入。總體而言，我們第四季度的營業利潤為 1.79 億美元，營業利潤率為 30%，與 2021 年第四季度持平。

Net income for the fourth quarter was $141 million, which is a 12% decrease versus the fourth quarter of 2021. This decrease in net income is driven by the substantial increase in our tax expense in 2022 due to the impact of the R&D capitalization tax legislation effective in 2022 and given that we have now fully utilized our NOLs for non-GAAP tax purposes.

第四季度淨收入為 1.41 億美元，與 2021 年第四季度相比下降 12%。淨收入下降的原因是受研發資本化稅法的影響，我們在 2022 年的稅收支出大幅增加於 2022 年生效，並且鑑於我們現在已將我們的 NOL 充分用於非 GAAP 稅收目的。

Diluted EPS was $0.40 per share based on 354 million diluted weighted average shares outstanding, in line with $0.41 per share based on 386 million diluted weighted average shares outstanding for the fourth quarter of 2021.

基於 3.54 億股稀釋加權平均流通股，稀釋每股收益為 0.40 美元，與 2021 年第四季度基於 3.86 億股稀釋加權平均流通股的每股 0.41 美元一致。

Moving on to our cash balance and cash flow. We ended the quarter with cash and short-term investments of $1.3 billion. Cash flow from operations was $195 million in the fourth quarter. I'll note that as part of our acquisitions of FormSwift and Boxcryptor in Q4, we paid a total of $33 million of key employee retention holdback to escrow, which decreased our cash flow from operations. Capital expenditures were $13 million during the quarter. This resulted in quarterly free cash flow of $182 million compared to $161 million in Q4 of 2021.

繼續我們的現金餘額和現金流量。我們以 13 億美元的現金和短期投資結束了本季度。第四季度的運營現金流為 1.95 億美元。我會注意到，作為我們在第四季度收購 FormSwift 和 Boxcryptor 的一部分，我們向託管支付了總計 3300 萬美元的關鍵員工保留保留金，這減少了我們的運營現金流。本季度的資本支出為 1300 萬美元。這導致季度自由現金流為 1.82 億美元，而 2021 年第四季度為 1.61 億美元。

In the quarter, we also added $53 million to our finance leases for data center equipment. As we had guided on our last call, we had planned for this significant step-up in Q4 leases as part of the build-out of a new data center going into service in Q1 of 2023.

本季度，我們還為數據中心設備的融資租賃增加了 5300 萬美元。正如我們在上次電話會議中所指導的那樣，我們計劃在第 4 季度大幅增加租約，作為 2023 年第 1 季度投入使用的新數據中心建設的一部分。

Let's turn to our share repurchase activity. In Q4, we continued executing against the $1.2 billion authorization that was approved earlier in 2022 by repurchasing 8 million shares, spending approximately $174 million. As of the end of the fourth quarter, we have approximately $748 million remaining under the current authorization.

讓我們轉向我們的股票回購活動。在第四季度，我們繼續執行 2022 年初批准的 12 億美元授權，回購 800 萬股股票，支出約 1.74 億美元。截至第四季度末，我們目前的授權剩餘約 7.48 億美元。

Now let's turn to our full year 2022 results. Total revenue for 2022 was $2.325 billion, representing 7.7% year-over-year growth, beating our guidance range of $2.318 billion to $2.321 billion. On a constant currency basis, relative to the average rates across 2021, year-over-year growth was 9.4%.

現在讓我們來看看我們 2022 年的全年業績。 2022 年的總收入為 23.25 億美元，同比增長 7.7%，超過了我們 23.18 億美元至 23.21 億美元的指導範圍。按固定匯率計算，相對於 2021 年的平均匯率，同比增長 9.4%。

Gross margin was 82% for the year, up 1.5 percentage points from 2021. Operating margin was 31% for 2022, which was up 1 percentage point from 2021. Net income was $574 million for the year, which is a 6% decrease from 2021, driven by the substantial increase in our tax expense in 2022, as I've mentioned previously.

全年毛利率為 82%，較 2021 年上升 1.5 個百分點。2022 年營業利潤率為 31%，較 2021 年上升 1 個百分點。全年淨收入為 5.74 億美元，較 2021 年下降 6% ，正如我之前提到的，在 2022 年我們的稅收支出大幅增加的推動下。

Diluted EPS was $1.58 per share based on 363 million diluted weighted average shares outstanding, up from $1.54 per share for the full year 2021 based on 396 million diluted weighted average shares outstanding. Cash flow from operations for 2022 was $797 million. Capital expenditures for the full year totaled $34 million, which resulted in free cash flow of $764 million or 33% of revenue. Our free cash flow for 2022 came in slightly below our guidance of $770 million to $790 due to the $33 million in FormSwift and Boxcryptor acquisition-related holdbacks that we paid to escrow in Q4. We do not anticipate additional payments related to these holdbacks for FormSwift and Boxcryptor. These amounts will be expensed over time as they're earned by the respective key employees.

基於 3.63 億股稀釋加權平均流通股，稀釋後每股收益為每股 1.58 美元，高於基於 3.96 億股稀釋加權平均流通股的 2021 年全年每股收益 1.54 美元。 2022 年的運營現金流為 7.97 億美元。全年資本支出總計 3400 萬美元，產生的自由現金流為 7.64 億美元，佔收入的 33%。我們 2022 年的自由現金流略低於我們 7.7 億美元至 790 美元的指導，這是由於我們在第四季度支付給託管的 3300 萬美元的 FormSwift 和 Boxcryptor 收購相關滯留金。我們預計不會為 FormSwift 和 Boxcryptor 支付與這些扣留相關的額外費用。隨著時間的推移，這些金額將被支出為各自主要員工的收入。

In 2022, we also added $106 million to our finance lease lines for data center equipment or nearly 5% of revenue. Net of repayments, our finance lease balance decreased by $22 million. Finally, we repurchased approximately 36 million shares, spending $795 million in 2022.

2022 年，我們還為數據中心設備的融資租賃額度增加了 1.06 億美元，佔收入的近 5%。扣除還款後，我們的融資租賃餘額減少了 2200 萬美元。最後，我們回購了大約 3600 萬股股票，在 2022 年花費了 7.95 億美元。

I'd now like to share our 2023 first quarter and full year guidance where I will also provide some context on the thinking behind this guidance. For the first quarter of 2023, we expect revenue to be in the range of $600 million to $603 million. On a constant currency revenue basis, we expect revenue to be in the range of $616 million to $619 million. We are assuming a currency headwind of approximately $16 million in the first quarter, which translates to nearly a 300 basis point headwind to growth. And as a reminder, there are 2 fewer subscription days in the first quarter of 2023 as compared to the fourth quarter of 2022.

我現在想分享我們的 2023 年第一季度和全年指導，我還將提供一些有關該指導背後思想的背景信息。對於 2023 年第一季度，我們預計收入將在 6 億美元至 6.03 億美元之間。在固定貨幣收入的基礎上，我們預計收入將在 6.16 億美元至 6.19 億美元之間。我們假設第一季度的貨幣逆風約為 1600 萬美元，這意味著增長將面臨近 300 個基點的逆風。提醒一下，與 2022 年第四季度相比，2023 年第一季度的訂閱天數減少了 2 天。

We expect non-GAAP operating margin to be approximately 26.5%. As a reminder, there is some seasonality with first quarter operating margins as payroll taxes reset at the start of each year. This also includes roughly 100 basis points of headwind from FX and 60 basis points of headwind from FormSwift.

我們預計非 GAAP 營業利潤率約為 26.5%。提醒一下，第一季度營業利潤率存在一些季節性，因為每年年初都會重新設置工資稅。這還包括來自 FX 的大約 100 個基點的逆風和來自 FormSwift 的 60 個基點的逆風。

Finally, we expect diluted weighted average shares outstanding to be in the range of 351 million to 356 million shares based on our trailing 30-day average share price. For the full year 2023, we expect revenue to be in the range of $2.475 billion to $2.490 billion. On a constant currency revenue basis, we expect revenue to be in the range of $2.510 billion to $2.525 billion. We now estimate a full year 2023 currency headwind of approximately $35 million or approximately 150 basis points headwind to growth, with the FX headwinds moderating each quarter as we lap the headwinds of last year. We also expect FormSwift to contribute approximately 2.5 points of growth. We expect gross margin to be approximately 81% to 82%. As a reminder, we made infrastructure investments related to a new data center, which just went live this quarter, resulting in slightly lower full year gross margin than 2022.

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 3.51 億至 3.56 億股之間。對於 2023 年全年，我們預計收入將在 24.75 億美元至 24.90 億美元之間。在固定貨幣收入的基礎上，我們預計收入將在 25.10 億美元至 25.25 億美元之間。我們現在估計 2023 年全年貨幣逆風約為 3500 萬美元或增長逆風約 150 個基點，外匯逆風每個季度都在緩和去年的逆風。我們還預計 FormSwift 將貢獻約 2.5 個增長點。我們預計毛利率約為 81%至 82%。提醒一下，我們進行了與本季度剛剛投入使用的新數據中心相關的基礎設施投資，導致全年毛利率略低於 2022 年。

We expect non-GAAP operating margin to be approximately 30%. This is inclusive of an approximately 50 basis point headwind from FX as well as the 50 basis point headwind from our FormSwift acquisition.

我們預計非 GAAP 營業利潤率約為 30%。這包括來自 FX 的大約 50 個基點逆風以及來自我們收購 FormSwift 的 50 個基點逆風。

We expect free cash flow to be in the range of $825 million to $855 million. This includes approximately $23 million in cash outflows for the 2023 installments of acquisition-related deal consideration holdbacks for DocSend and Command E. Additionally, our free cash flow guidance is inclusive of an approximate $50 million headwind as a result of the R&D tax legislation, which I will elaborate on shortly.

我們預計自由現金流將在 8.25 億美元至 8.55 億美元之間。這包括約 2300 萬美元的現金流出，用於 2023 年分期付款的 DocSend 和 Command E 的收購相關交易對價保留。此外，我們的自由現金流指導包括研發稅收立法導致的約 5000 萬美元逆風，這我稍後會詳細說明。

As related to our capital expenditures, we expect our addition to finance leases to be approximately 5% of revenue, and we expect cash CapEx to be in the range of $25 million to $35 million in 2023. We expect 2023 diluted weighted average shares outstanding to be in the range of 346 million to 351 million shares.

與我們的資本支出相關，我們預計我們增加的融資租賃約佔收入的 5%，我們預計 2023 年現金資本支出將在 2500 萬至 3500 萬美元之間。我們預計 2023 年攤薄加權平均流通股至介於 3.46 億至 3.51 億股之間。

To share some additional context on this guidance, as related to revenue, we saw incremental headwinds from the deteriorating macro environment across all lines of our business in the fourth quarter. We continue to see our mobile Plus users churn at higher levels, and we saw our teams users carefully evaluate their license counts.

為了分享有關該指南的一些額外背景，與收入相關，我們在第四季度看到了我們所有業務線不斷惡化的宏觀環境帶來的不利因素。我們繼續看到我們的移動 Plus 用戶流失率更高，我們看到我們的團隊用戶仔細評估他們的許可證數量。

In addition, while we are still seeing a net positive impact from our pricing and packaging changes to our standard and advanced teams plan, we did see elevated churn relative to Q3. While we have seen the majority of teams customers come up for renewal under the higher price point, we are now expecting a lower incremental contribution from the pricing change over the next 2 quarters for those that have not yet seen the pricing change in light of these recent trends.

此外，雖然我們仍然看到我們的定價和包裝變化對我們的標準和高級團隊計劃產生了淨積極影響，但我們確實看到相對於第三季度的流失率有所上升。雖然我們已經看到大多數團隊客戶在更高的價格點下續訂，但我們現在預計未來兩個季度的定價變化對那些尚未看到定價變化的人的增量貢獻較低最近的趨勢。

In addition to the softness that we're seeing within our file sync and share core business, we also continue to see incremental macro headwinds across our Sign and DocSend businesses. We are factoring all of these recent trends into our revenue guidance for the year.

除了我們在文件同步和共享核心業務中看到的疲軟之外，我們還在 Sign 和 DocSend 業務中繼續看到越來越大的宏觀逆風。我們正在將所有這些近期趨勢納入我們今年的收入指導中。

As related to operating margins, we are expecting operating margins of approximately 30%, slightly below our 2022 margins. We expect Q1 to represent the trough of the year as a combination of factors, including the resetting of payroll taxes, FX and the acquisition of FormSwift are pressuring operating margins below our recent trend. For the full year, we expect FX and the acquisition of FormSwift to represent roughly a 100 basis point headwind to margins.

關於營業利潤率，我們預計營業利潤率約為 30%，略低於我們 2022 年的利潤率。我們預計第一季度將代表今年的低谷，因為包括重置工資稅、外彙和收購 FormSwift 在內的多種因素正在壓低營業利潤率，使其低於我們最近的趨勢。對於全年，我們預計外彙和收購 FormSwift 將對利潤率產生大約 100 個基點的不利影響。

Additionally, our guidance contemplates the annualization of the hiring we did in the second half of 2022, particularly within R&D. We are closely monitoring the efficiency of the spend to ensure that we are being prudent and expect our R&D as a percentage of revenue to trend lower through the year following Q1.

此外，我們的指導考慮了我們在 2022 年下半年進行的招聘年度化，特別是在研發方面。我們正在密切監控支出效率，以確保我們保持謹慎，並預計我們的研發佔收入的百分比在第一季度之後的一年內呈下降趨勢。

As related to full year free cash flow, our guidance includes a $50 million cash tax headwind as a result of the law that now requires R&D costs to be capitalized for tax purposes. While there is a possibility that the current legislation may be amended or repealed, we are including this impact in our guidance until such time that it is repealed, which brings me to our long-term financial targets of delivering gross margins of 80% to 82%, operating margins of 30% to 32% and $1 billion of annual free cash flow by 2024.

關於全年自由現金流，我們的指引包括 5000 萬美元的現金稅逆風，因為法律現在要求將研發成本資本化用於稅收目的。雖然當前的立法有可能被修改或廢除，但我們將在我們的指導中包含這種影響，直到它被廢除，這使我實現了我們的長期財務目標，即實現 80% 至 82% 的毛利率%，到 2024 年，營業利潤率為 30% 至 32%，年度自由現金流為 10 億美元。

We continue to operate within our long-term margin range, and we have made significant progress growing free cash flow since we introduced our target 3 years ago. However, changes to R&D tax legislation and deteriorating FX rates relative to the rates we used when initially issuing our free cash flow target currently represent a combined headwind of over $75 million in 2024. While these and other factors have introduced pressure on our ability to achieve our $1 billion free cash flow target by 2024, we continue to have multiple ways to achieve this target. Thus, while the path has become more challenging, it is too early to make any changes to our long-term financial targets at this time.

我們繼續在我們的長期利潤率範圍內運營，自 3 年前我們引入目標以來，我們在增加自由現金流方面取得了重大進展。然而，研發稅收立法的變化和相對於我們最初發布自由現金流目標時使用的匯率的不斷惡化的匯率目前在 2024 年帶來了超過 7500 萬美元的逆風。雖然這些和其他因素給我們實現目標的能力帶來了壓力我們的自由現金流目標到 2024 年達到 10 億美元，我們將繼續通過多種方式來實現這一目標。因此，儘管這條道路變得更具挑戰性，但此時對我們的長期財務目標做出任何改變還為時過早。

In conclusion, despite the macro headwinds we observed in the fourth quarter, we remain optimistic about our strategy and the opportunities in front of us, including our multiproduct efforts, our recent acquisitions and our plans to organize our users' cloud content. We will remain focused on our customers, operating the business efficiently and driving long-term value for our shareholders.

總之，儘管我們在第四季度觀察到宏觀逆風，但我們仍然對我們的戰略和我們面前的機遇保持樂觀，包括我們的多產品努力、我們最近的收購以及我們組織用戶雲內容的計劃。我們將繼續以客戶為中心，高效運營業務，為股東創造長期價值。

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 the line of Rishi Jaluria of RBC Capital Markets.

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

First, I want to maybe think about FormSwift. And what does the customer overlap within that customer base look like? So in other words, not only what is the cross-sell potential for you to sell FormSwift to the existing Dropbox customer base and integrate the asset, but maybe are there net new customers that you have the ability to sell Dropbox -- the core Dropbox into and expand your reach? And then I've got a quick follow-up.

首先，我想考慮一下 FormSwift。該客戶群中的客戶重疊是什麼樣的？因此，換句話說，不僅您將 FormSwift 銷售給現有 Dropbox 客戶群並整合資產的交叉銷售潛力有多大，而且可能有淨新客戶，您有能力銷售 Dropbox——核心 Dropbox進入並擴大你的影響力？然後我有一個快速的跟進。

Sure. So thanks for the question. And I'd say short answer is yes to all the above. I mean I think there's, first, a lot of overlap or complementary fit between FormSwift and Dropbox in terms of a similar target customer, similar self-serve go to market and addressing the content life cycle, and then there's fit in the other direction. So every contract -- or often contracts that you send out for signature originate in the form of a template where, if you think about getting an NDA done or some office lease or something, that might start with a Google search and land on a site like FormSwift to find a template. So it's complementary in both directions. And FormSwift has its own audience of millions of visitors every year that are potential Dropbox customers, so we see a lot of synergies in all directions.

當然。所以謝謝你的問題。我會說對以上所有內容的簡短回答是肯定的。我的意思是，我認為首先，FormSwift 和 Dropbox 在類似的目標客戶、類似的自助服務進入市場和解決內容生命週期方面有很多重疊或互補的契合，然後在另一個方向上契合。因此，每份合同——或者通常是您發送以供簽名的合同都以模板的形式出現，如果您考慮完成保密協議或辦公室租賃等，可能會從谷歌搜索開始並登陸某個網站喜歡FormSwift 找模板。所以它在兩個方向上都是互補的。 FormSwift 每年都有數百萬訪問者，他們是 Dropbox 的潛在客戶，因此我們在各個方面都看到了很多協同效應。

Wonderful. That's really helpful. And then, Tim, when you're talking about kind of the elevated churn that you've seen, maybe can you give us a little bit of color in terms of what you're seeing on the churn? Are these customers just going out of business or shutting down at the low end? Are they going to maybe larger platforms where they're consolidating their spend, be it with the Microsoft or Google? And maybe alongside that, what's happening on the consumer side of the business, which last I think you disclosed was about 20% of total paying customers?

精彩的。這真的很有幫助。然後，蒂姆，當你談論你所看到的那種升高的流失時，也許你能就你在流失中看到的內容給我們一些顏色嗎？這些客戶是剛剛倒閉還是在低端關閉？他們是否會轉向更大的平台，在那裡他們整合他們的支出，無論是微軟還是谷歌？也許除此之外，在業務的消費者方面發生了什麼，我認為你最後透露的大約佔總付費客戶的 20%？

Sure. So we did see our churn rate increase this past quarter largely due to the deterioration in the macro economy, and we continue to see churn from our Plus customers, particularly on mobile devices. And we also saw heightened price sensitivity amongst our team customers where, in particular, we saw a greater degree of churn from customers subject to our teams pricing and packaging changes than we saw in the third quarter.

當然。因此，我們確實看到上個季度我們的客戶流失率有所上升，這主要是由於宏觀經濟的惡化，我們繼續看到我們的 Plus 客戶流失，特別是在移動設備上。我們還看到我們的團隊客戶對價格的敏感度提高了，特別是，我們看到客戶因我們的團隊定價和包裝變化而發生的流失程度比我們在第三季度看到的要大。

Now that all said, our overall churn rate is currently in the low teens, and that's an improvement from where it was just a couple of years ago. So improving retention continues to be a focus for us. And of course, our revenue guidance factors in all of these latest trends. And as far as what's happening on the consumer side of the business, I wouldn't say there's been any material deviation in those trends as far as the 80-20 split that you referred to.

綜上所述，我們的總體流失率目前處於十幾歲以下，與幾年前相比有所改善。因此，提高保留率仍然是我們關注的重點。當然，我們的收入指導因素會影響所有這些最新趨勢。就業務的消費者方面發生的事情而言，我不會說就您提到的 80-20 分裂而言，這些趨勢存在任何實質性偏差。

Our next question comes from the line of Michael Funk of Bank of America.

我們的下一個問題來自美國銀行的 Michael Funk。

So just a couple if I could. So on the ARPU change, you mentioned a few different factors there, family for one. Obviously the change in pricing has also been a factor and then FormSwift. Can you deconstruct the change in ARPU for us based on those different factors?

如果可以的話，就一對夫婦。所以關於 ARPU 的變化，你提到了幾個不同的因素，其中一個是家庭。顯然，定價的變化也是一個因素，然後是 FormSwift。你能根據這些不同的因素為我們解構ARPU的變化嗎？

Sure. So we ended Q4 with ARPU at $134.53, which was down about $0.25 year-over-year. So a few key factors there. So FX was a $4.20 headwind, and continuing headwinds from a mix shift to family plan are also a factor there. Now this was offset by benefits from our teams pricing initiative, which we launched in June. And then FormSwift represented a small headwind, roughly $0.25 because we recognize all of FormSwift users but only a half a month of revenue.

當然。因此，我們在第四季度結束時的 ARPU 為 134.53 美元，同比下降約 0.25 美元。所以有幾個關鍵因素。因此，外匯是 4.20 美元的逆風，從混合轉向家庭計劃的持續逆風也是一個因素。現在，這被我們在 6 月推出的團隊定價計劃帶來的好處所抵消。然後 FormSwift 代表了一個小逆風，大約 0.25 美元，因為我們承認所有 FormSwift 用戶但只有半個月的收入。

Now looking forward, we don't formally guide to ARPU. But again, there are some factors that will impact our trends next year. Again, the teams pricing change, that will be a tailwind to ARPU. FormSwift, we expect FormSwift to be a tailwind to ARPU as well next year as its monthly plan is roughly $40 per seat. FX, we expect that to be a headwind but that to moderate throughout 2023 assuming current leasehold. And then again, family plan, as a reminder, that SKU is a headwind to ARPU as this plan includes 6 licenses for friends and family.

現在展望未來，我們不正式指導 ARPU。但同樣，有一些因素會影響我們明年的趨勢。同樣，團隊定價發生變化，這將對 ARPU 產生不利影響。 FormSwift，我們預計 FormSwift 明年將成為 ARPU 的順風車，因為它的月度計劃約為每個席位 40 美元。外匯，我們預計這將是一個逆風，但假設當前的租賃權將在整個 2023 年緩和。再一次，家庭計劃，作為提醒，SKU 是 ARPU 的不利因素，因為該計劃包括 6 個朋友和家人的許可。

Got it. And then also on the call, you mentioned some incremental revenue headwinds baked into the '23 guidance. You gave us a few different things, churn in mobile user count, elevated churn relative to 3Q, what you're experiencing there. Can you just break this down for us as well? You already talked about ARPU. But in terms of gross add expectations versus churn expectations that are part of incremental headwind, are you also expecting to have fewer gross additions? Or is the majority of the change on the churn side?

知道了。然後在電話會議上，您提到了 23 年指南中提到的一些增量收入逆風。你給了我們一些不同的東西，移動用戶數量的流失，相對於第三季度的流失率上升，你在那裡經歷了什麼。你能不能也為我們分解一下？您已經談到了 ARPU。但是，就作為增量逆風的一部分的總增加預期與流失預期而言，您是否還期望總增加量減少？還是大部分變化都發生在客戶流失方面？

Sure. I'll give you some context on our net new paying user additions. So again, we added 230,000 net new paying users in the fourth quarter, a majority of that did come from FormSwift. And then excluding FormSwift, the addition to paying users did fall below our expectations, as I touched on. Now there were a few factors to that. First was the churn of a large university, which did carry a low ARPU. This had an immaterial impact on ARR. And then second was the softness across our Plus and teams plans as we continue to see increasing macro headwinds.

當然。我會給你一些關於我們淨新增付費用戶的背景信息。因此，我們在第四季度再次增加了 230,000 名淨新付費用戶，其中大部分確實來自 FormSwift。然後排除 FormSwift，付費用戶的增加確實低於我們的預期，正如我提到的那樣。現在有幾個因素。首先是一所大型大學的流失，它的 ARPU 確實很低。這對 ARR 沒有實質影響。其次是我們的 Plus 和團隊計劃的疲軟，因為我們繼續看到越來越多的宏觀逆風。

Now as far as what we expect going forward from a net new paying user perspective, I would expect that our net new paying users going forward to be a bit lower than the run rate that it was in the first half of 2022. And while we don't firmly guide to net new paying users, just as we navigate the pricing and packaging changes in the current macro environment, I'd expect something in the neighborhood of roughly 100,000 net new paying users per quarter, with ARPU expansion being more pronounced next year.

現在，就我們對淨新付費用戶的預期而言，我預計我們未來的淨新付費用戶將略低於 2022 年上半年的運行率。雖然我們不要堅定地引導淨新付費用戶，正如我們在當前宏觀環境中應對定價和包裝變化一樣，我預計每季度大約有 100,000 名淨新付費用戶，ARPU 擴張更為明顯明年。

Okay. That's really helpful in thinking about the piece parts of trying to model out the growth for the year, so about 100,000 net new per quarter. And just one more quick one if I could just on the impairment related to real estate, specifically San Francisco. Did you explore other options such as early exit from the lease, simply negotiating maybe a -- from a stronger position with the landlords? Or I'm assuming you probably explored all options here rather than simply taking that off of the expectation for subleasing.

好的。這對於考慮嘗試為年度增長建模的各個部分非常有幫助，因此每季度大約有 100,000 個淨新增。如果我能談談與房地產相關的減值，特別是舊金山，再快一點。您是否探索過其他選擇，例如提前退出租約，簡單地與房東進行談判，也許是從更強勢的立場出發？或者我假設您可能在這裡探索了所有選項，而不是簡單地取消對轉租的期望。

Sure. We've been actively exploring all options here. We have actually executed a few subleases in years past in San Francisco. We were relatively quick to market with our subleasing plans, but the market has deteriorated with many companies reducing their real estate footprint. And there's certainly been an increase in supply of real estate for sublease, which has pushed out our anticipated time to lease. And so we originally anticipated we would sublease San Francisco in mid-2023. Now we expect we won't begin subleasing until mid-'25. We've also lowered the rates we expect to receive.

當然。我們一直在積極探索這裡的所有選項。事實上，過去幾年我們在舊金山執行了一些轉租。我們的分租計劃相對較快地推向市場，但市場已經惡化，許多公司減少了他們的房地產足跡。用於轉租的房地產供應肯定有所增加，這推遲了我們預期的租賃時間。因此，我們最初預計我們將在 2023 年年中轉租舊金山。現在我們預計我們要到 25 世紀中期才會開始轉租。我們還降低了預期的利率。

So we've certainly been active, and we continue to be active in partnering with our landlord and in searching for subleases. But at this point in time, this is our revised assumption just given what we're facing at this moment.

因此，我們當然一直很活躍，並且我們將繼續積極與房東合作並尋找轉租。但在這個時間點，這是我們修改後的假設，只是考慮到我們目前所面臨的情況。

Our next question comes from the line of Steve Enders of Citi.

我們的下一個問題來自花旗銀行的 Steve Enders。

I guess maybe just to start, I think would love to get a little bit more detail on how you're thinking about kind of future packaging and pricing levers to potentially pull and how you see FormSwift coming in to the rest of the portfolio and how you're thinking about kind of future monetization and pricing with the combined suite there going forward.

我想也許只是開始，我想更詳細地了解您如何考慮未來的包裝和定價槓桿的潛在拉動，以及您如何看待 FormSwift 進入投資組合的其餘部分以及如何您正在考慮未來的組合套件的貨幣化和定價。

Sure. Well, FormSwift is a good example. It's complementary to a lot of our other use cases, and we've been building towards supporting document workflows end-to-end throughout the whole life cycle. So for example, a contract that originates as a template, now we can -- we have the top of the funnel covered. And then as you send out a draft for review or iteration, you might use DocSend and then send it out to signature and sign and then have the signed version archived in Dropbox.

當然。嗯，FormSwift 就是一個很好的例子。它是我們許多其他用例的補充，我們一直致力於在整個生命週期中端到端地支持文檔工作流。因此，例如，作為模板產生的合同，現在我們可以——我們已經覆蓋了漏斗的頂部。然後，當您發送草稿以供審閱或迭代時，您可以使用 DocSend，然後將其發送出去進行簽名和簽名，然後將簽名版本存檔在 Dropbox 中。

So we've been building towards this on our road map for a long time, and there's a lot of -- as far as pricing and packaging, as you'd imagine, building that more integrated experience, bundling these experiences together, having a broader portfolio of products, all these things contribute to monetization. And with then zooming out from document workflows, our philosophy in general has been to add more value, to add new features to our core products. So last year examples include a lot of new security features. And then as we add beyond a sufficient threshold of value, increase prices. And so you saw us do this last year with our 20% price increase for teams customers.

所以我們長期以來一直在我們的路線圖上朝著這個方向努力，而且有很多——就定價和包裝而言，正如你想像的那樣，建立更綜合的體驗，將這些體驗捆綁在一起，擁有更廣泛的產品組合，所有這些都有助於貨幣化。然後縮小文檔工作流程，我們的總體理念是增加更多價值，為我們的核心產品添加新功能。所以去年的例子包括很多新的安全特性。然後當我們增加超過足夠的價值閾值時，提高價格。所以你看到我們去年這樣做了，我們為團隊客戶提價 20%。

So that philosophy will -- that will still hold. That said, as we're all monitoring the macro environment, every company is looking to -- looking at budgets and consolidating spend. You have to -- we have to be mindful of what customers are going through and what they want. And so price -- it might be less around just straight price increases and more around bundling or looking at our customer -- fight for our share of customers and talking to them about if they're using some separate eSignature tool to buy a bundle that includes Sign and FSS instead. So I'd say what customers are interested in is shifting, and we have to be mindful of the balance of continuing to increase monetization and ARPU while also being -- monitoring churn and what our customers want.

因此，該理念將 - 仍然有效。也就是說，由於我們都在監控宏觀環境，因此每家公司都在尋求——查看預算並整合支出。你必須 - 我們必須注意客戶正在經歷什麼以及他們想要什麼。因此，價格——可能不只是直接漲價，而是更多地圍繞捆綁或關注我們的客戶——爭取我們的客戶份額，並與他們討論他們是否使用一些單獨的電子簽名工具來購買捆綁包改為包含 Sign 和 FSS。所以我想說客戶感興趣的東西正在發生變化，我們必須注意在繼續增加貨幣化和 ARPU 的同時——監控客戶流失和客戶需求之間的平衡。

Okay. Got you. That's helpful context. And I guess maybe for the outlook here, I guess, particularly as we think about the '24 outlook on free cash flow, I mean, I understand there's the $75 million headwind there. But I know you mentioned that there are some further levers that you could potentially pull. I guess how are you thinking about what the potential -- biggest areas are to potentially pull there? And how are you thinking about, I guess, the general kind of hiring environment and outlook as you think about trying to drive towards that free cash flow target?

好的。明白了這是有用的上下文。我想也許是因為這裡的前景，我想，特別是當我們考慮 24 世紀自由現金流的前景時，我的意思是，我知道那裡有 7500 萬美元的逆風。但我知道您提到過您可能會採取一些進一步的措施。我想你是怎麼考慮潛力的——最大的領域是潛在的拉動那裡？我想，在您考慮努力實現自由現金流目標時，您如何看待一般的招聘環境和前景？

Sure. So we continue to have multiple ways to achieve our target. We have several organic initiatives, including improving our file sync and share business, expanding our multiproduct capabilities and organizing cloud content that can drive revenue growth. We also have inorganic opportunities we can pursue, which can contribute. We're also actively looking at ways we can drive more efficiency in the business. And of course, it's possible that exogenous factors such as R&D capitalization and FX can turn in our favor. So while the path has certainly become more challenging, it's too early to make any changes to our long-term targets at this time.

當然。所以我們繼續有多種方法來實現我們的目標。我們有多項有機舉措，包括改進我們的文件同步和共享業務、擴展我們的多產品功能以及組織可以推動收入增長的雲內容。我們也有可以追求的無機機會，這些機會可以做出貢獻。我們也在積極尋找可以提高業務效率的方法。當然，研發資本化和外匯等外生因素也有可能對我們有利。因此，雖然這條道路肯定變得更具挑戰性，但現在對我們的長期目標做出任何改變還為時過早。

And then as related to hiring, we are aware that many other companies are facing hiring challenges and taking restructuring measures in the industry right now. We did see an elevated impact of the macro economy on our business in the fourth quarter, so we're not immune to those pressures. We're closely reviewing the efficiency of our spend to ensure that we are seeing a sufficient level of return. And we will remain thoughtful and disciplined in making appropriate decisions for the long-term health of our business.

然後關於招聘，我們知道許多其他公司目前正面臨招聘挑戰並在行業中採取重組措施。我們確實看到第四季度宏觀經濟對我們業務的影響有所增加，因此我們無法倖免於這些壓力。我們正在密切審查我們的支出效率，以確保我們看到足夠的回報水平。我們將保持深思熟慮和紀律嚴明，為我們業務的長期健康做出適當的決定。

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, you mentioned increasing competition in the eSignature market. So I'm curious, how do you think Sign stacks up relative to competition? And what assumptions are baked into the guide on overall demand for Sign in 2023?

德魯，你提到了電子簽名市場日益激烈的競爭。所以我很好奇，您認為 Sign 與競爭相比如何？ 2023 年 Sign 總體需求指南中包含哪些假設？

Sure. So I mean I think in the competitive environment, we're seeing certainly lots of different activities where different products are adding eSignature or different new kind of pricing and packaging approaches from different folks. So in general, we see Sign as having a very complementary motion to Dropbox. So we're self-serve, somewhat more SMB focused. We think that segment is relatively less addressed than in the enterprise with higher-end customers.

當然。所以我的意思是我認為在競爭激烈的環境中，我們肯定會看到很多不同的活動，不同的產品正在添加電子簽名或來自不同人的不同的新型定價和包裝方法。因此，總的來說，我們認為 Sign 與 Dropbox 具有非常互補的動議。所以我們是自助服務，更專注於 SMB。我們認為，與擁有高端客戶的企業相比，該細分市場的關注度相對較低。

Certainly, one of our big advantages is our existing audience of tens of millions of Dropbox FSS subscribers. So we're doing a lot to better integrate Sign and DocSend and our products -- I'd add FormSwift to that list, attaching it to our base. And I'd say we're pretty early in terms of our pricing and packaging and bundling optimizations there. And then when you sort of zoom out from just eSignature to just the whole end-to-end workflow, as I said, we have a lot of different parts that we're stitching together and I think that our ability to provide a seamless and integrated end-to-end experience starting from, again, that Google search to find a template with FormSwift all the way down to signature and archival.

當然，我們的一大優勢是我們現有的數千萬 Dropbox FSS 訂閱者。因此，我們正在做很多工作來更好地集成 Sign 和 DocSend 以及我們的產品——我會將 FormSwift 添加到該列表中，並將其附加到我們的基礎上。我想說我們在定價、包裝和捆綁優化方面還處於早期階段。然後當你從電子簽名縮小到整個端到端工作流程時，正如我所說，我們有很多不同的部分正在拼接在一起，我認為我們有能力提供無縫和集成的端到端體驗再次從 Google 搜索開始，以查找帶有 FormSwift 的模板，一直到簽名和存檔。

We are -- that's an advantage being able to have all those pieces of the puzzle, whereas with a lot of the competing point solutions, you have to like log in, log out. There's a lot of friction that is in that overall experience. So as you can see, we've been building -- our big source of differentiation is building the end-to-end experience, and we're relatively early innings in terms of driving adoption among our base and beyond.

我們是 - 這是一個能夠擁有所有這些拼圖的優勢，而對於許多競爭點解決方案，您必須喜歡登錄，註銷。整體體驗中存在很多摩擦。所以正如你所看到的，我們一直在建設——我們差異化的主要來源是建立端到端的體驗，而且我們在推動我們的基礎和其他方面的採用方面處於相對較早的階段。

That's super helpful. And can you give us some more details around Timothy's departure? How are you thinking about replacing him? Do you feel like you have the bench already? Or would you potentially look outside the company? Any thoughts there would be helpful.

這非常有幫助。你能告訴我們更多關於蒂莫西離開的細節嗎？你怎麼考慮換掉他？你覺得你已經有替補席了嗎？還是您可能會將目光投向公司外部？任何想法都會有所幫助。

Sure. Yes. So just for color, Timothy -- or last month, we announced that Timothy was stepping down. He's still at the company. He'll be here through March, and he contributed a lot. So I really appreciate everything he's done for us.

當然。是的。因此，蒂莫西，只是為了顏色——或者上個月，我們宣布蒂莫西要辭職。他還在公司。他將在這裡待到三月份，他做出了很多貢獻。所以我真的很感激他為我們所做的一切。

As far as the go-forward leadership structure, nothing like preannounced here. We'll keep everybody posted. But it's been great for me to get closer to our operating leaders given all the opportunities we have in front of us and to focus on continuing to improve our execution.

至於前進的領導結構，沒有像這裡預先宣布的那樣。我們會及時通知大家。但是，鑑於我們面前的所有機會，並專注於繼續提高我們的執行力，對我來說，能夠更接近我們的運營領導者是件好事。

Our next question comes from the line of Brent Thill of Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

This is Luv Sodha on for Brent Thill. Maybe one for you, Drew. I guess as you view at the long-term growth potential of this business, how should we think of the long-term growth potential? And what are the main levers that you have to drive growth both organically and inorganically?

這是 Brent Thill 的 Luv Sodha。也許一個給你，德魯。我想當你看待這項業務的長期增長潛力時，我們應該如何看待長期增長潛力？推動有機和無機增長的主要槓桿是什麼？

Sure. So many growth levers, I mean, starting with just organic levers, so continuing to optimize our core business, which is at scale, and optimization is there. There's still a lot of returns to those. Second, we've been building out our broader portfolio of growth stage businesses like Sign and DocSend. And we also have a pipeline of newer products like Capture and Replay and Backup. And then there's M&A we've done in the past around things like Command E and universal search.

當然。如此多的增長槓桿，我的意思是，從有機槓桿開始，繼續優化我們的核心業務，這是大規模的，優化就在那裡。這些仍然有很多回報。其次，我們一直在構建更廣泛的成長階段業務組合，例如 Sign 和 DocSend。我們還有一系列新產品，例如 Capture and Replay 和 Backup。然後是我們過去圍繞 Command E 和通用搜索等事物進行的併購。

And then looking ahead, as I shared on the call and in previous calls, I'm really excited about the opportunity to move beyond files and organize all of our customers' cloud content because, if you look over the last decade or so, a lot of workloads have shifted from files to cloud tools. But there's a missing organizational layer there, and there's a lot of customer pain points. Search is one that is kind of obvious. Like what used to be one search box and kind of the file in PC era is now dozens of search boxes in the cloud era. And we see Dropbox is very well positioned to help address customer pain points like these, and acquisitions like Command E bringing in a company that was already working on some of these problems and investing more behind it has been a big initiative for us.

然後展望未來，正如我在電話會議和之前的電話會議中分享的那樣，我真的很高興有機會超越文件並組織我們所有客戶的雲內容，因為如果你回顧過去十年左右的時間，許多工作負載已從文件轉移到雲工具。但是那裡缺少一個組織層，並且有很多客戶痛點。搜索是一種顯而易見的搜索。就像以前PC時代的一個搜索框，一個文件，現在是雲時代的幾十個搜索框。我們看到 Dropbox 非常適合幫助解決這些客戶痛點，像 Command E 這樣的收購引入了一家已經在解決其中一些問題的公司，並在其背後投資更多，這對我們來說是一項重大舉措。

So there's a lot on the organic front, and I think this is -- this will ultimately be a bigger market than FSS. I think everybody, they're -- no one is solving these challenges around organizing cloud content. There's a whole lot of room for improvement in that experience, and we're investing very heavily there. And it also dovetails with a lot of the recent advances in AI and machine learning, so we're very excited about the prospect of having a self-organizing Dropbox or to be able to bring natural language into the experience for search or workflow or other areas. And these are areas we've been investing for a long time, and we're doubling down here even further.

所以有機方面有很多，我認為這是——這最終將是一個比 FSS 更大的市場。我認為每個人，他們 - 沒有人在組織雲內容方面解決這些挑戰。這種體驗還有很大的改進空間，我們在這方面投入了大量資金。它也與人工智能和機器學習的許多最新進展相吻合，因此我們對擁有自組織 Dropbox 的前景或能夠將自然語言帶入搜索或工作流程或其他體驗的前景感到非常興奮領域。這些是我們長期投資的領域，我們正在進一步加倍投資。

So there's a lot on the organic front, and we're continuing -- also, there are a number of growth levers on the M&A front. And even just the last quarter, we were really happy with some of the acquisitions we made with FormSwift and Boxcryptor, and so we'll continue to be on the lookout there, too.

因此，有機方面有很多，我們還在繼續——併購方面也有許多增長槓桿。甚至就在上個季度，我們對我們對 FormSwift 和 Boxcryptor 進行的一些收購感到非常高興，因此我們也將繼續關注那裡。

Got it. And a quick follow-up for Tim if I may. Just, Tim, just wanted to dig deeper into the revenue guide for next year. Could you just walk through your assumptions? Are you think -- are you embedding a worsening macro? Or are you expecting macro -- just any color in terms of churn and both the macro environment? And then you mentioned R&D efficiency. How should we think of that as a lever, especially as you look at your medium-term margin outlook of 30% to 32%?

知道了。如果可以的話，請快速跟進蒂姆。蒂姆只是想更深入地了解明年的收入指南。你能簡單介紹一下你的假設嗎？你認為 - 你是否嵌入了一個惡化的宏？或者您是否期待宏觀 - 就客戶流失和宏觀環境而言只是任何顏色？然後你提到了研發效率。我們應該如何將其視為一個槓桿，尤其是當您查看 30% 至 32% 的中期利潤率前景時？

Sure. Good question, Luv. So we are baking in, I'd say, an appropriate level of conservatism given the evolving macro landscape. We have assumed that key trends such as the increased levels of price sensitivity that we saw in the fourth quarter will continue throughout 2023. And so we are factoring in the latest signals and not assuming a turnaround in the economy in our guidance for 2023.

當然。好問題，親愛的。因此，我想說，鑑於不斷變化的宏觀格局，我們正在接受適當程度的保守主義。我們假設關鍵趨勢，例如我們在第四季度看到的價格敏感性水平提高，將在整個 2023 年持續。因此，我們正在考慮最新信號，並且在我們對 2023 年的指導中不假設經濟出現好轉。

Now consistent with our historical approach, we do factor in growth initiatives when we have sufficient signal on their performance. And as we see additional data over the course of the year, we will revise our guidance as needed.

現在與我們的歷史方法一致，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。當我們在這一年中看到更多數據時，我們將根據需要修改我們的指南。

And then as far as R&D efficiency as a lever, just given our medium-term margin guide of 20% to -- or sorry, 30% to 32%, we certainly will be looking at our R&D efficiency and closely reviewing the output that we're getting relative to that investment. And we'll continue to manage this business with discipline as we make our decisions going forward.

然後就研發效率作為槓桿而言，鑑於我們的中期利潤率指導為 20% 至 - 或者抱歉，30% 至 32%，我們當然會關注我們的研發效率並密切審查我們的產出與該投資相關。我們將繼續以紀律管理這項業務，因為我們會做出未來的決定。

Our last question comes from the line of Mark Murphy of JPMorgan.

我們的最後一個問題來自摩根大通的馬克墨菲。

This is Sonak Kolar on for Mark Murphy. First, I just wanted to ask if you could walk us through any changes that you're seeing in the competitive landscape for Dropbox. Given Dropbox' scale and reputation, curious if there's been an opportunity to kind of gain share given some of the macro pressures maybe weighing on smaller vendors with less runway.

我是馬克·墨菲的索納克·科拉爾。首先，我只想問您是否可以向我們介紹您在 Dropbox 的競爭格局中看到的任何變化。考慮到 Dropbox 的規模和聲譽，考慮到一些宏觀壓力可能會對跑道較少的小型供應商造成壓力，我們很好奇是否有機會獲得份額。

Sure. I'd say our competitive dynamics have been pretty stable, and I think you can see this in -- while there were macro headwinds in Q4, I think broadly retention has been pretty stable. Margins have been pretty stable and so on. We haven't seen major changes in the environment. I'd say there are -- the dynamics are maybe a little bit by business by business or Sign and DocSend have some different factors than the core business, or when fundraising comes down, that affects DocSend disproportionately, things like that. But I'd say, overall, it's been pretty stable.

當然。我想說我們的競爭動態一直非常穩定，我認為你可以看到這一點——雖然第四季度存在宏觀逆風，但我認為總體保留率非常穩定。利潤率一直很穩定等等。我們還沒有看到環境發生重大變化。我想說的是——動態可能因業務而異，或者 Sign 和 DocSend 與核心業務有一些不同的因素，或者當籌款減少時，這對 DocSend 的影響不成比例，諸如此類。但我想說，總的來說，它非常穩定。

And then as we look ahead, especially as you think about organizing all cloud content, especially as you think about things like AI and machine learning and having a new generation of smart tools and products, we feel we're well positioned given our scale and our brand around trust and privacy and our platform neutrality. And we've already been investing a lot in machine learning and AI for a long time. So compared to start-ups, a lot of our accumulated advantages leave us well positioned. So pretty stable but we're obviously continuing to monitor the environment.

然後，當我們展望未來時，尤其是當您考慮組織所有云內容時，尤其是當您考慮人工智能和機器學習以及擁有新一代智能工具和產品時，我們認為我們的規模和優勢處於有利地位我們圍繞信任和隱私的品牌以及我們的平台中立性。長期以來，我們已經在機器學習和人工智能方面投入了大量資金。所以和初創公司相比，我們積累的很多優勢讓我們處於有利地位。非常穩定，但我們顯然會繼續監控環境。

Great. That's very helpful. And then as a quick follow-up, I just wanted to ask, around some of the changes and enhancements you've made with your document workflow-oriented products, are there any early indications on the attach rates or initial proof points for some of these specific features that you've added that seem to be resonating more deeply with customers?

偉大的。這很有幫助。然後作為快速跟進，我只想問一下，圍繞您對面向文檔工作流的產品所做的一些更改和增強，是否有任何關於附加率或某些初始證明點的早期跡象您添加的這些特定功能似乎更能引起客戶的共鳴？

I don't have any additional stats to share right now, but we have been making increased progress in cross selling Sign and DocSend to our base, and things like the rebrand from HelloSign to Dropbox Sign have been helpful. And then we're -- we've made -- we continue to make progress in building tighter integration points between file sync and share, our core Dropbox product, and the broader portfolio. So we see a lot more upside there both in terms of better integration and then continued iteration on pricing and packaging and bundling.

我現在沒有任何其他統計數據可以分享，但我們在向我們的基地交叉銷售 Sign 和 DocSend 方面取得了越來越大的進展，並且從 HelloSign 到 Dropbox Sign 的品牌重塑等事情很有幫助。然後我們——我們已經取得了——我們繼續在文件同步和共享、我們的核心 Dropbox 產品和更廣泛的產品組合之間建立更緊密的集成點方面取得進展。因此，我們在更好的集成以及定價、打包和捆綁方面的持續迭代方面看到了更多的優勢。

Thank you. This concludes today's conference call. Please disconnect your lines at this time, and have a wonderful day.

謝謝。今天的電話會議到此結束。此時請斷開您的線路，祝您有美好的一天。