Dropbox Inc (DBX) 2023 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for joining Dropbox' First Quarter 2023 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 2023 年第一季度收益電話會議。 （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 the call over to Karan Kapoor, Head of Investor Relations for Dropbox. Mr. Kapoor, please go ahead.

我現在將把電話轉給 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' First Quarter 2023 Earnings Call.

謝謝。下午好，歡迎來到 Dropbox 的 2023 年第一季度收益電話會議。

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 second 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, industry trends 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 annual report on Form 10-K filed with the SEC.

在我們開始之前，我想提醒您，我們今天的發言將包括前瞻性陳述，例如我們的財務指導和預期，包括我們對第二季度和 2023 財年的長期目標和預測以及我們的預期關於我們的收入增長、盈利能力、營業利潤率和自由現金流，以及我們對我們的業務、資產、產品、戰略、技術、員工、用戶、需求、行業趨勢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-K 表格年度報告中有所闡述。

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, Karan, and good afternoon, everyone. Welcome to our Q1 2023 earnings call. Joining me today is Tim Regan, our Chief Financial Officer. I'll first share our business and product highlights from the quarter, and then Tim will review our Q1 financial results, provide guidance for the second quarter and update our outlook for the remainder of the year.

謝謝，卡蘭，大家下午好。歡迎來到我們的 2023 年第一季度財報電話會議。今天加入我的是我們的首席財務官 Tim Regan。我將首先分享我們本季度的業務和產品亮點，然後蒂姆將回顧我們第一季度的財務業績，為第二季度提供指導並更新我們對今年剩餘時間的展望。

I recognize our announcement last week to reduce our workforce is top of mind for many, and I plan to discuss that in a moment. But as far as our financial results, overall, I'm pleased with how we performed in Q1 during a challenging environment. We beat our guidance across all metrics led by revenue outperformance in FormSwift, which we acquired in late Q4 and some better performance around individual sign-ups exiting the quarter.

我知道我們上周宣布裁員是許多人最關心的問題，我打算稍後討論這個問題。但就我們的財務業績而言，總的來說，我對我們在充滿挑戰的環境中在第一季度的表現感到滿意。我們在第四季度末收購的 FormSwift 的收入表現優於我們的所有指標，並且在本季度退出個人註冊方面表現更好。

On the flip side, we saw continued weakness across our teams' plans as our customers face pressure in their own businesses. And we also saw a continued moderation in our DocSend and Dropbox Sign businesses due to ongoing softness in their respective markets.

另一方面，由於我們的客戶在他們自己的業務中面臨壓力，我們看到我們團隊的計劃持續疲軟。由於各自市場的持續疲軟，我們還看到 DocSend 和 Dropbox Sign 業務持續放緩。

Over the last several months, we've noted that we're not immune to the increasing macro headwinds that our customers are also facing. And during this period, we've carefully evaluated our different business units and recognized that some investments, which showed promise before the downturn, have less potential today. Part of this is accepting some normalization following demand acceleration during the pandemic as well as the natural maturation of our existing FSS business. And yet, at the same time, we see a huge opportunity for building new AI-powered products for our customers to improve the technology and tools that are used to get our work done, which I'll discuss in more detail shortly.

在過去的幾個月裡，我們注意到我們不能倖免於我們的客戶也面臨著越來越大的宏觀逆風。在此期間，我們仔細評估了我們不同的業務部門，並認識到一些在經濟低迷前表現出希望的投資，如今潛力較小。部分原因是在大流行期間需求加速以及我們現有 FSS 業務的自然成熟之後接受了一些正常化。然而，與此同時，我們看到了為我們的客戶構建新的人工智能產品的巨大機會，以改進用於完成我們工作的技術和工具，我將在稍後詳細討論。

I'm determined to ensure that Dropbox is at the forefront of innovating for this new AI era, just as we are at the forefront of the shift to mobile and the cloud. And while we've added talent over the last couple of years that bring AI and early-stage product development skill sets to Dropbox, we need to free up resources to better align our investments with these long-term growth initiatives. And so unfortunately, these shifts required us to reduce our workforce by approximately 16%. This was a really tough decision but necessary to the long-term health of our company. And while it's painful to say goodbye to many of our colleagues, I'm grateful for all their contributions to Dropbox.

我決心確保 Dropbox 處於這個新 AI 時代的創新前沿，就像我們處於向移動和雲轉變的前沿一樣。雖然我們在過去幾年增加了人才，將 AI 和早期產品開發技能帶到 Dropbox，但我們需要釋放資源，以便更好地使我們的投資與這些長期增長計劃保持一致。不幸的是，這些轉變要求我們裁員約 16%。這是一個非常艱難的決定，但對我們公司的長期健康發展來說是必要的。雖然與我們的許多同事說再見很痛苦，但我很感謝他們為 Dropbox 做出的所有貢獻。

In conjunction with this announcement, we've also updated and streamlined our strategic objectives.

結合本公告，我們還更新並簡化了我們的戰略目標。

The first objective is around building AI-powered product experiences centered on organizing cloud content. We believe for many years in the potential for AI to completely transform our knowledge work and we've been investing in automation and machine intelligence features to help our users organize their cloud content and search and discover more easily. And with recent advancements in AI, we're able to accelerate our vision. I'm excited to share some progress we've made here and what to expect over the next few months.

第一個目標是圍繞構建以組織雲內容為中心的 AI 驅動的產品體驗。多年來，我們相信 AI 有潛力徹底改變我們的知識工作，並且我們一直在投資自動化和機器智能功能，以幫助我們的用戶組織他們的雲內容並更輕鬆地搜索和發現。隨著人工智能的最新進展，我們能夠加速我們的願景。我很高興與大家分享我們在這裡取得的一些進展以及未來幾個月的預期。

Second, we're evolving our core FSS experience to specifically address customers' workflows around documents and videos. And with this shift, we consolidated our DocSend, FormSwift and Dropbox Sign businesses together with our core team, which we believe will drive a more integrated and seamless product experience for our customers.

其次，我們正在改進我們的核心 FSS 體驗，以專門解決客戶圍繞文檔和視頻的工作流程。通過這一轉變，我們將 DocSend、FormSwift 和 Dropbox Sign 業務與我們的核心團隊整合在一起，我們相信這將為我們的客戶帶來更加集成和無縫的產品體驗。

And lastly, as a foundational objective, we remain focused on driving operational excellence by improving our efficiency, our execution and our product velocity.

最後，作為一個基本目標，我們仍然專注於通過提高效率、執行力和產品速度來推動卓越運營。

So with that backdrop, I'll share some updates for this past quarter and touch on what we're working on for each of our first 3 objectives, starting with investing in AI capabilities to organize all cloud content and improving our customers' working lives.

因此，在這種背景下，我將分享上個季度的一些更新，並談談我們為前 3 個目標中的每一個所做的工作，首先是投資 AI 功能以組織所有云內容並改善客戶的工作生活.

You've heard me talk on previous calls about the evolution of workloads, moving from files and folders to the browser and web-based apps. What used to be 100 icons on your desktop have now become 100 tabs on your browser. And what used to be 1 hard drive to search for all your content is now 10 fragmented search boxes. We believe a large audience of knowledge workers face growing challenges when searching, organizing and using content across multiple cloud repositories and platforms to start their workflows and see a huge opportunity here.

你聽過我在之前的電話會議上談到工作負載的演變，從文件和文件夾轉移到瀏覽器和基於 Web 的應用程序。過去桌面上的 100 個圖標現在變成了瀏覽器上的 100 個選項卡。過去需要 1 個硬盤來搜索您的所有內容，現在變成了 10 個碎片化的搜索框。我們相信，在跨多個雲存儲庫和平台搜索、組織和使用內容以開始他們的工作流程時，大量知識工作者面臨著越來越多的挑戰，並在這裡看到了巨大的機會。

That's why we've been working on an AI- and ML-powered solution that offers 1 universal search bar for all your cloud content. Our acquisition of Command E in 2021 was an important first step in building this functionality, and I'm excited to share that, just this week, we began testing our first AI-powered universal search product with a select group of customers and can't wait to share more in the coming months.

這就是為什麼我們一直致力於開發一種由 AI 和 ML 驅動的解決方案，該解決方案為您的所有云內容提供一個通用搜索欄。我們在 2021 年收購 Command E 是構建此功能的重要的第一步，我很高興與大家分享這一點，就在本週，我們開始與一組選定的客戶一起測試我們的第一個人工智能驅動的通用搜索產品，並且可以等不及在接下來的幾個月里分享更多。

Universal Search is just one application of how AI and ML can improve the way our customers work. We've all seen how generative AI tools, like ChatGPT and others, have captured people's imaginations and opened their eyes over the last few months to a lot of new possibilities.

Universal Search 只是 AI 和 ML 如何改善客戶工作方式的一種應用。在過去的幾個月裡，我們都看到了生成式 AI 工具（如 ChatGPT 和其他工具）如何激發人們的想像力並讓他們大開眼界，發現許多新的可能性。

One thing that becomes clear when using these tools is the need for personalization. We all want an AI that knows about us, that knows about our content, knows about our company, that you can interact with using natural language. And of course, you can't build personalized AI without access to your data. And building personalized AI at scale is a lot easier when you have millions of people already storing their most important information on your servers. So we strongly believe that users of existing Dropbox products stand to benefit from AI-enabled experiences like this, and they want a service that they can trust that will use AI responsibly.

使用這些工具時變得很清楚的一件事是需要個性化。我們都希望 AI 了解我們，了解我們的內容，了解我們的公司，您可以使用自然語言與之互動。當然，如果不訪問您的數據，您就無法構建個性化的 AI。當數百萬人已經將他們最重要的信息存儲在您的服務器上時，大規模構建個性化 AI 會容易得多。因此，我們堅信現有 Dropbox 產品的用戶會從這樣的 AI 支持體驗中受益，他們想要一種他們可以信任的服務，能夠負責任地使用 AI。

The market for these types of products and capabilities is growing faster than anyone could have imagined, and I believe Dropbox is uniquely positioned to lead here. For years, we've invested in AI and ML technologies to improve our infrastructure, improve our search functionality, image recognition and many others. And now we can apply the same principles and techniques to organizing our customers' working lives.

這些類型的產品和功能的市場增長速度超出了任何人的想像，我相信 Dropbox 在這方面處於領先地位。多年來，我們投資於 AI 和 ML 技術，以改善我們的基礎設施、改進我們的搜索功能、圖像識別和許多其他功能。現在我們可以應用相同的原則和技術來組織客戶的工作生活。

And our customers can rely on us as a trusted brand that integrates seamlessly with all of their work tools, and we're committed to ensuring the privacy and security of our customers' content and using AI responsibly. And we'll leverage our foundational strengths as we build out additional AI-powered capabilities and lean into this new era of computing.

我們的客戶可以信賴我們，我們是一個與他們所有工作工具無縫集成的值得信賴的品牌，我們致力於確保客戶內容的隱私和安全，並負責任地使用 AI。我們將利用我們的基礎優勢來構建額外的 AI 支持的功能並適應這個新的計算時代。

And just as we're increasing our product velocity with the launch of our new AI-powered universal search product, we're also increasing the level of urgency around our second objective, which is evolving the existing Dropbox FSS user experience to seamlessly address customers' workflows around documents and videos. There are a number of important foundational steps that we're taking here, ultimately to make the Dropbox family of products easier to try, buy and use.

正如我們通過推出新的 AI 驅動的通用搜索產品來提高我們的產品速度一樣，我們也提高了圍繞第二個目標的緊迫性，即改進現有的 Dropbox FSS 用戶體驗以無縫地滿足客戶需求' 圍繞文檔和視頻的工作流程。我們在這裡採取了一些重要的基礎步驟，最終使 Dropbox 系列產品更易於試用、購買和使用。

Last quarter, I talked about our rollout of Google One Tap to reduce friction in the onboarding process. And in Q1, we had tangible results, with sign-ups and sign-ins exceeding our expectations. And we continue to take steps to improve user retention by improving the reliability and usability of our product. We've identified customer pain points around the many forms of sharing and made improvements to provide a more consistent experience across mobile, web and desktop, making it easier for users to manage who can access their shared content. We also made some enhancements around mobile upload performance and the reliability of the Dropbox app, which drove improvement in mobile plus retention exiting the quarter.

上個季度，我談到了我們推出 Google One Tap 以減少入職流程中的摩擦。在第一季度，我們取得了實實在在的成果，註冊和簽到超出了我們的預期。我們將繼續採取措施，通過提高產品的可靠性和可用性來提高用戶保留率。我們已經確定了圍繞多種共享形式的客戶痛點，並進行了改進以提供跨移動、Web 和桌面的更一致的體驗，使用戶可以更輕鬆地管理誰可以訪問他們的共享內容。我們還圍繞移動上傳性能和 Dropbox 應用程序的可靠性進行了一些改進，這推動了本季度移動和留存率的提高。

We're also making changes to address the increased down-sell pressure we've observed with our teams customers. And while difficult employment trends and cost-cutting initiatives among many of our teams customers weigh on our user accounts, we've identified an opportunity to drive higher retention for our self-serve teams customers by leveraging outsourced sales support. We're optimistic that this higher-touch sales-assisted motion will be an efficient way to mitigate some of the retention pressures we've seen with some of our self-serve teams customers.

我們還進行了更改，以解決我們在團隊客戶中觀察到的增加的銷售壓力。雖然我們許多團隊客戶的就業趨勢困難和成本削減舉措對我們的用戶帳戶造成壓力，但我們發現了一個機會，可以通過利用外包銷售支持來提高我們自助服務團隊客戶的保留率。我們樂觀地認為，這種接觸更多的銷售輔助動議將成為減輕我們在一些自助服務團隊客戶中看到的一些保留壓力的有效方式。

Moving to our workflow businesses, which now operate within our core division to improve execution and increase alignment across our teams in order to deliver a more holistic experience for our customers.

轉向我們的工作流業務，該業務現在在我們的核心部門內運作，以提高執行力並加強我們團隊之間的一致性，以便為我們的客戶提供更全面的體驗。

DocSend continues to see its growth moderate in its ongoing challenges in the fundraising environment, and we're actively working on diversifying into new verticals, such as sales and professional services as well as internationally. We're also making progress in removing friction for our DocSend users on Dropbox. For example, we eliminated multiple terms of service gates, and we've seen encouraging results with a healthy increase in trial starts for DocSend among Dropbox users.

DocSend 在籌款環境的持續挑戰中繼續看到其增長溫和，我們正在積極致力於向新的垂直領域多元化，例如銷售和專業服務以及國際。我們還在為我們的 DocSend 用戶消除 Dropbox 上的摩擦方面取得進展。例如，我們取消了多個服務條款門檻，並且我們看到了令人鼓舞的結果，Dropbox 用戶開始試用 DocSend 的次數健康增加。

Dropbox Sign growth also continues to moderate against the challenging backdrop in eSignature. Despite that, we've continued to see higher win rates with our Dropbox Sign API offering, with customers citing a better developer experience, more customizable platform than our competitors. And as we rightsize many areas of our business to align with our growth outlook, we're shifting investment towards the Dropbox Sign API and towards deeper integration with the core Dropbox products.

在電子簽名充滿挑戰的背景下，Dropbox Sign 的增長也繼續放緩。儘管如此，我們繼續看到我們的 Dropbox Sign API 產品的成功率更高，客戶表示與我們的競爭對手相比，開發人員體驗更好，平台可定制性更強。隨著我們調整業務的許多領域以符合我們的增長前景，我們正在將投資轉向 Dropbox Sign API 以及與核心 Dropbox 產品的更深入集成。

We also see synergy potential at Dropbox Sign in our PDF editing capabilities, which continue to gain traction among core FSS users as well as our recent acquisition of FormSwift, which provides an online library of forms and tablets for small businesses and individuals. And FormSwift, in its first full quarter as part of Dropbox, exceeded our expectations on users and ASP. And the teams are already working quickly on integration, taking learnings from our past acquisitions. We've already launched Dropbox-branded SEM pages and associated marketing campaigns to drive traffic to the FormSwift site with encouraging early results. I'm pleased to see this integration off to a strong start, and we'll continue to push for rebranding efforts and deeper product integrations later this year.

我們還看到了 Dropbox Sign 在我們的 PDF 編輯功能中的協同潛力，它繼續受到核心 FSS 用戶的青睞，以及我們最近收購的 FormSwift，後者為小型企業和個人提供在線表格和平板電腦庫。 FormSwift 作為 Dropbox 的一部分在其第一個完整季度超出了我們對用戶和 ASP 的預期。這些團隊已經在快速整合，從我們過去的收購中吸取教訓。我們已經推出了 Dropbox 品牌的 SEM 頁面和相關的營銷活動，以推動 FormSwift 網站的流量，並取得令人鼓舞的早期結果。我很高興看到這種整合有了一個良好的開端，我們將在今年晚些時候繼續推動品牌重塑和更深入的產品整合。

And finally, moving to our video workflow products, starting with Replay, which allows video production teams to edit and collaborate on video projects simultaneously wherever they are. In this era of distributed work, Replay has helped many creative professionals stay connected with their teams and deliver media projects faster and more efficiently by avoiding time switching between editing and review tools.

最後，轉向我們的視頻工作流產品，從 Replay 開始，它允許視頻製作團隊無論身在何處都可以同時編輯和協作處理視頻項目。在這個分佈式工作的時代，Replay 幫助許多創意專業人士與其團隊保持聯繫，並通過避免在編輯和審閱工具之間切換時間來更快、更高效地交付媒體項目。

I'm excited to announce that last week, we launched Dropbox Replay to all users with premium features made available for an add-on subscription. We see a natural fit for Replay that connect with the core Dropbox experience as it caters to many of the highly engaged creators who use Dropbox FSS for work. This is now the second video collaboration tool that we've created in-house and launched into general availability after we made Dropbox Capture available to all users last fall.

我很高興地宣布，上週我們向所有用戶推出了 Dropbox Replay，並為附加訂閱提供了高級功能。我們認為 Replay 非常適合與核心 Dropbox 體驗相關聯，因為它迎合了許多使用 Dropbox FSS 工作的高度參與的創作者。這是繼去年秋天向所有用戶提供 Dropbox Capture 之後，我們在內部創建並全面推出的第二個視頻協作工具。

Dropbox Capture is a video communication tools that helps teams stay in sync while avoiding meetings and long e-mails to present material and offer educational and training content. In Q1, we saw Dropbox Capture users grow significantly again quarter-over-quarter. And we're excited to see its viral adoption continue, driving both retention benefits and network effects across existing and prospective Dropbox users.

Dropbox Capture 是一種視頻通信工具，可幫助團隊保持同步，同時避免會議和冗長的電子郵件來展示材料並提供教育和培訓內容。在第一季度，我們看到 Dropbox Capture 用戶環比再次大幅增長。我們很高興看到 Dropbox 的廣泛採用繼續進行，推動現有和潛在 Dropbox 用戶的保留收益和網絡效應。

In closing, we've been making a number of changes to set up Dropbox for long-term success. And while I know these transitions are never easy and the macro environment remains challenging, I believe our best days are ahead of us. The AI era of computing has finally arrived, and I personally haven't been this excited about what we're building since I started the company.

最後，我們一直在進行一些更改，以設置 Dropbox 以獲得長期成功。雖然我知道這些轉變絕非易事，宏觀環境仍然充滿挑戰，但我相信我們最好的日子就在眼前。計算的 AI 時代終於到來了，自從我創辦公司以來，我個人還沒有對我們正在構建的東西感到如此興奮。

It's been really rewarding to be so hands-on in developing our product road map alongside our leadership team. We're strengthening our foundation while innovating on our next act. We have a strong brand, with hundreds of millions of users recognizing Dropbox as a platform they can trust with their most secure content, and I'm excited about our path forward as we work to transform the way customers organize all their cloud content and, ultimately, organize their working lives.

與我們的領導團隊一起親力親為地制定我們的產品路線圖真的很有意義。我們正在鞏固我們的基礎，同時創新我們的下一步行動。我們擁有強大的品牌，數以億計的用戶將 Dropbox 視為他們可以信賴的平台，可以提供最安全的內容，我對我們的前進道路感到興奮，因為我們正在努力改變客戶組織所有云內容的方式，並且，最終，組織他們的工作生活。

And with that, I'll pass it on to Tim.

有了這個，我會把它傳遞給蒂姆。

Thank you, Drew. Today, I'll walk through some financial highlights for Q1 and provide an outlook for Q2 as well as an update on our 2023 guidance and our financial targets for 2024, all within the context of the current macro environment and last week's restructuring, which Drew discussed.

謝謝你，德魯。今天，我將介紹第一季度的一些財務亮點，並提供第二季度的展望以及我們 2023 年指導和 2024 年財務目標的更新，所有這些都是在當前宏觀環境和上週重組的背景下進行的，德魯討論過。

I'll start with our first quarter results. Total revenue for the first quarter increased 8.7% year-over-year to $611 million, beating our guidance range of $600 million to $603 million. Foreign exchange rates provided an approximate $16 million headwind to growth, in line with our previous guidance. On a constant currency basis, revenue grew 11.6% year-over-year. The upside to our revenue guidance was driven by an outperformance from FormSwift as well as some improving trends in our individual plans exiting this quarter.

我將從我們的第一季度業績開始。第一季度的總收入同比增長 8.7% 至 6.11 億美元，超過了我們 6 億美元至 6.03 億美元的指導範圍。外匯匯率為增長帶來了大約 1600 萬美元的阻力，這與我們之前的指引一致。按固定匯率計算，收入同比增長 11.6%。我們收入指引的上行是由 FormSwift 的出色表現以及本季度退出的個人計劃的一些改善趨勢推動的。

Total ARR for the quarter grew 7.8% year-over-year, for a total of $2.468 billion. On a constant currency basis, ARR grew by $37 million sequentially and 11.6% year-over-year, primarily driven by FormSwift and pricing and packaging changes to our teams plans that we announced last June.

本季度總 ARR 同比增長 7.8%，總計 24.68 億美元。按固定匯率計算，ARR 環比增長 3700 萬美元，同比增長 11.6%，這主要是受 FormSwift 以及我們去年 6 月宣布的團隊計劃的定價和包裝變化所推動。

We exited the quarter with 17.9 million paying users and added approximately 120,000 net new paying users sequentially. Average revenue per paying user for Q1 was $138.97, an increase of over $4 compared to Q4 2022, driven by another quarter of teams customers renewing at higher prices, which we announced last June as well as a full quarter of FormSwift revenue.

我們在本季度結束時擁有 1790 萬付費用戶，並依次增加了約 120,000 名淨新付費用戶。第一季度每個付費用戶的平均收入為 138.97 美元，與 2022 年第四季度相比增加了 4 美元以上，這是由於我們去年 6 月宣布的另外四分之一的團隊客戶以更高的價格續訂以及 FormSwift 的整個季度收入推動的。

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 and certain acquisition-related expenses. 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 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和某些與收購相關的費用。我們的非 GAAP 淨收入還包括上述調整的所得稅影響。

Moving to 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. In the first quarter, we continued to actively seek subleases and considered buyouts of our San Francisco headquarters. We did not incur any additional impairment charges in the quarter, with our cumulative impairment incurred to date remaining at $604 million. Given the current corporate real estate market, we have maintained our assumption that we will not enter into additional subleases in San Francisco in the next few years.

轉向我們的房地產戰略，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。第一季度，我們繼續積極尋求轉租，並考慮買斷我們的舊金山總部。本季度我們沒有產生任何額外的減值費用，迄今為止我們產生的累計減值仍為 6.04 億美元。鑑於目前的企業房地產市場，我們維持我們未來幾年不會在舊金山進行額外轉租的假設。

With that, let's continue with the first 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 our gross margin was primarily driven by a greater mix of higher-density storage that can store more data within the same physical space, which resulted in lower depreciation as a percentage of revenue.

有了這個，讓我們繼續第一季度的損益表。本季度毛利率為 82%，同比增長 1 個百分點。我們毛利率的提高主要是由更高密度存儲的更大組合推動的，這些存儲可以在同一物理空間內存儲更多數據，從而導致折舊佔收入的百分比降低。

Operating margin was 28.6%, down nearly 2 percentage points year-over-year, mostly driven by an approximate 80 basis point headwind from FX and a 50 basis point headwind from FormSwift. We exceeded our operating margin guidance by approximately 2 points mainly due to our revenue outperformance and lower-than-expected workforce costs.

營業利潤率為 28.6%，同比下降近 2 個百分點，主要是受到來自 FX 約 80 個基點的逆風和來自 FormSwift 的 50 個基點逆風的推動。我們超出營業利潤率指引約 2 個百分點，這主要是由於我們的收入表現出色且勞動力成本低於預期。

Operating expenses were $329 million, up about 15% year-over-year driven by increased R&D hiring in 2022. As Drew mentioned, we've been adding engineers and early-stage product leaders as we invest in our longer-term growth initiatives around organizing all cloud content, leveraging artificial intelligence and machine learning. In addition, our operating expenses increased year-over-year due to higher advertising expenses associated with FormSwift.

營業費用為 3.29 億美元，同比增長約 15%，這主要得益於 2022 年研發人員的增加。正如 Drew 所提到的，我們一直在增加工程師和早期產品負責人，因為我們投資於我們的長期增長計劃組織所有云內容，利用人工智能和機器學習。此外，由於與 FormSwift 相關的廣告費用增加，我們的運營費用同比增加。

Net income for the first quarter was $146 million, up 3% versus the first quarter of 2022, as higher operating expenses offset most of the revenue increase. Diluted EPS was $0.42 per share based on 349 million diluted weighted average shares outstanding, up from $0.38 per share based on 373 million diluted weighted average shares outstanding for the first quarter of 2022.

第一季度的淨收入為 1.46 億美元，比 2022 年第一季度增長 3%，因為較高的運營支出抵消了大部分收入增長。基於 3.49 億股稀釋加權平均流通股，稀釋每股收益為 0.42 美元，高於 2022 年第一季度基於 3.73 億股稀釋加權平均流通股的每股 0.38 美元。

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 $140 million in the first quarter. Capital expenditures were $2 million during the quarter. This resulted in quarterly free cash flow of $138 million compared to $131 million in Q1 of 2022. In the quarter, we also added $35 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 13 億美元的現金和短期投資結束了本季度。第一季度的運營現金流為 1.4 億美元。本季度的資本支出為 200 萬美元。這導致季度自由現金流為 1.38 億美元，而 2022 年第一季度為 1.31 億美元。在本季度，我們還為數據中心設備的融資租賃增加了 3500 萬美元。

Let's turn to our share repurchase activity. In Q1, we continued executing against the $1.2 billion authorization that was approved in 2022 by repurchasing 8 million shares, spending approximately $175 million. As of the end of the first quarter, we have approximately $573 million remaining under the current authorization.

讓我們轉向我們的股票回購活動。在第一季度，我們繼續執行 2022 年批准的 12 億美元授權，回購 800 萬股股票，支出約 1.75 億美元。截至第一季度末，我們目前的授權剩餘約 5.73 億美元。

I'd like to now share our guidance for the second quarter and provide an update to our full year 2023 guidance where I will also provide some context on the thinking behind this guidance.

我現在想分享我們對第二季度的指導，並提供對我們 2023 年全年指導的更新，我還將在其中提供有關該指導背後思想的一些背景信息。

For the second quarter of 2023, we expect revenue to be in the range of $612 million to $615 million. On a constant currency revenue basis, we expect revenue to be in the range of $627 million to $630 million. We are assuming a currency headwind of approximately $15 million in the second quarter which translates to over a 250 basis point headwind to growth.

對於 2023 年第二季度，我們預計收入將在 6.12 億美元至 6.15 億美元之間。在固定貨幣收入的基礎上，我們預計收入將在 6.27 億美元至 6.3 億美元之間。我們假設第二季度的貨幣逆風約為 1500 萬美元，這意味著對增長的逆風超過 250 個基點。

We expect non-GAAP operating margin to be approximately 31.5%. This margin guidance excludes approximately $40 million related to the severance and benefits we expect to pay to employees impacted by a reduction in force in Q2. This also includes a roughly 130 basis points of headwind from FX and 50 basis points of headwind from FormSwift. Finally, we expect diluted weighted average shares outstanding to be in the range of 343 million to 348 million shares based on our trailing 30-day average share price.

我們預計非 GAAP 營業利潤率約為 31.5%。該利潤率指引不包括我們預計將支付給受第二季度裁員影響的員工的遣散費和福利相關的約 4000 萬美元。這還包括來自 FX 的大約 130 個基點的逆風和來自 FormSwift 的 50 個基點的逆風。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 3.43 億至 3.48 億股之間。

For the full year due to the strengthening of the U.S. dollar since our last update, we are revising our as-reported revenue guidance range down by $5 million to $2.470 billion to $2.485 billion from our previous range of $2.475 billion to $2.490 billion. However, on a constant currency revenue basis, we are maintaining our prior guidance range of $2.510 billion to $2.525 billion. We now estimate a full year 2023 currency headwind of approximately $40 million or approximately 170 basis point headwind to growth, with the FX headwinds moderating significantly in the second half.

由於自上次更新以來美元走強，我們全年將報告的收入指導範圍從之前的 24.75 億美元至 24.90 億美元下調 500 萬美元至 24.70 億美元至 24.85 億美元。然而，在固定貨幣收入的基礎上，我們維持之前 25.10 億美元至 25.25 億美元的指導範圍。我們現在估計 2023 年全年貨幣逆風約為 4000 萬美元或增長逆風約 170 個基點，下半年外匯逆風顯著緩和。

We expect gross margin to be approximately 81.5% to 82%, which is up from our prior guidance of 81% to 82%. We expect non-GAAP operating margin to be between 31% to 32%, up from our prior guidance of approximately 30%. This also excludes the aforementioned severance and benefits we expect to pay in Q2. This is inclusive of an approximately 80 basis point headwind from FX as well as an approximate 50 basis point headwind from our FormSwift acquisition.

我們預計毛利率約為 81.5% 至 82%，高於我們之前指導的 81% 至 82%。我們預計非 GAAP 營業利潤率將在 31% 至 32% 之間，高於我們之前約 30% 的指導。這也不包括我們預計在第二季度支付的上述遣散費和福利。這包括來自 FX 的大約 80 個基點逆風以及來自我們收購 FormSwift 的大約 50 個基點逆風。

We are revising the midpoint of our free cash flow guidance down by $10 million and narrowing the range to $820 million to $840 million from our previous guidance range of $825 million to $855 million. This includes cash outflows of approximately $23 million in cash outflows for the 2023 installments of acquisition-related deal consideration holdbacks for DocSend and Command E; onetime severance payments of approximately $40 million related to our reduction in force; and consistent with our initial guidance, this includes an approximate $50 million headwind as a result of R&D tax legislation.

我們將自由現金流指導的中點下調了 1000 萬美元，並將範圍從之前的 8.25 億美元至 8.55 億美元的指導範圍縮小至 8.2 億美元至 8.4 億美元。這包括約 2300 萬美元的現金流出，即 DocSend 和 Command E 的 2023 年分期收購相關交易對價預留的現金流出；與我們的裁員有關的一次性遣散費約為 4000 萬美元；並且與我們的初步指導一致，這包括由於研發稅收立法而產生的大約 5000 萬美元的逆風。

As related to our capital expenditures, we are maintaining our prior guidance. We continue to expect our additions to finance leases to be approximately 5% of revenue and for cash CapEx to be in the range of $25 million to $35 million in 2023. Finally, we expect 2023 diluted weighted average shares outstanding to be in the range of 340 million to 345 million shares down from our previous guidance range of 346 million to 351 million shares. This reduction in our share count reflects our commitment to, and anticipated impact of, our share repurchase program.

關於我們的資本支出，我們維持之前的指導。我們繼續預計，到 2023 年，我們增加的融資租賃約佔收入的 5%，現金資本支出將在 2500 萬至 3500 萬美元之間。最後，我們預計 2023 年攤薄後的加權平均流通股將在3.4 億至 3.45 億股低於我們之前 3.46 億至 3.51 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。

Here's some additional context on this guidance. Let me first elaborate on our restructuring decisions where our intent is to identify and address areas of inefficient spend and then to rotate our investments towards areas of higher future potential growth. The reductions were thus largely targeted towards R&D and sales and marketing teams supporting our mature file sync and share category as well as some reductions against business lines that are facing distinct macroeconomic and competitive pressures. We also intend to be more efficient with our marketing spend across these same areas.

以下是有關本指南的一些其他背景信息。讓我首先詳細說明我們的重組決策，我們的目的是確定和解決支出效率低下的領域，然後將我們的投資轉向未來增長潛力更高的領域。因此，裁員主要針對支持我們成熟的文件同步和共享類別的研發以及銷售和營銷團隊，以及針對面臨明顯宏觀經濟和競爭壓力的業務線的一些裁員。我們還打算提高我們在這些相同領域的營銷支出的效率。

In light of these changes and as related to revenue, we are maintaining our constant currency revenue guidance for 2023. We saw outperformance in Q1 largely stemming from FormSwift as well as some improving trends in our individual plans exiting the quarter. Conversely, we continue to see macro headwinds weighing on our teams customers as well as both DocSend and Sign. These opposing trends, combined with the potential impact of billings as a result of our reduced levels of head count and marketing investments stemming from our restructuring, are leading us to maintain our full year guidance despite the first quarter outperformance.

鑑於這些變化以及與收入相關的變化，我們維持對 2023 年貨幣收入的不變指導。我們看到第一季度的出色表現主要源於 FormSwift 以及我們退出本季度的個別計劃的一些改善趨勢。相反，我們繼續看到宏觀逆風對我們的團隊客戶以及 DocSend 和 Sign 造成壓力。這些相反的趨勢，加上由於我們的重組導致的員工人數減少和營銷投資水平的潛在影響，導致我們維持我們的全年指導，儘管第一季度表現出色。

As related to operating margins, we are raising our operating margin guidance to approximately 31% to 32%, up over 150 basis points at the midpoint as compared to our prior guidance driven by net savings from our reduction in force. As Drew mentioned, while we are restructuring our existing business lines to increase their efficiency, we will also be investing in long-term growth initiatives around organizing all cloud content. Thus, some of the savings will be offset by hiring talent skilled in AI and early-stage product development, which has been factored into this guidance.

關於營業利潤率，我們將營業利潤率指引提高至約 31% 至 32%，與我們先前的指引相比，由於裁員帶來的淨節省，中點提高了 150 多個基點。正如 Drew 所提到的，在我們重組現有業務線以提高其效率的同時，我們還將投資於圍繞組織所有云內容的長期增長計劃。因此，部分節省的資金將被聘用精通人工智能和早期產品開發的人才所抵消，這已被納入本指南。

As related to full year free cash flow, we are lowering our free cash flow expectations by $10 million at the midpoint. There are a few factors leading to this reduced estimate. First, while we will derive cash savings from our restructuring events over time, the benefit in 2023 is largely offset by severance payments and the timing of bonus payment savings, which will be a benefit next year. Additionally, as mentioned above, we may see an impact to our billings in the second half of 2023 as a result of our reduced levels of head count and marketing investments given our restructuring, which would have a more pronounced impact on cash as opposed to revenue this year.

關於全年自由現金流，我們將自由現金流預期中值下調了 1000 萬美元。有幾個因素導致了這種減少的估計。首先，雖然隨著時間的推移，我們將從重組活動中節省現金，但 2023 年的收益在很大程度上被遣散費和獎金支付時間節省所抵消，這將是明年的收益。此外，如上所述，我們可能會在 2023 年下半年看到我們的賬單受到影響，因為我們的重組減少了員工人數和營銷投資水平，這將對現金產生比收入更顯著的影響今年。

Lastly, this guidance incorporates an approximately $8 million deterioration in foreign exchange rates since our initial guidance, 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. We continue to operate within our long-term margin ranges where our recent restructuring activities are pushing us to the top end of these ranges. While we are not offering more specific 2024 guidance at this time, we expect to see continued net savings in 2024 and for our operating margins to be at or above the 2023 levels.

最後，本指南包含了自我們最初指南以來約 800 萬美元的匯率惡化，這使我實現了我們的長期財務目標，即實現毛利率 80% 至 82%，營業利潤率 30% 至 32% 和 1 美元到 2024 年，年度自由現金流將達到 10 億美元。我們繼續在長期利潤率範圍內運營，我們最近的重組活動將我們推向了這些範圍的頂端。雖然我們目前不提供更具體的 2024 年指導，但我們預計 2024 年將繼續實現淨節省，並且我們的營業利潤率將達到或高於 2023 年的水平。

As related to our $1 billion of annual free cash flow by 2024 target, we are maintaining our $1 billion target at this time. Our restructuring activities will increase our efficiency and will be a benefit to free cash flow in 2024. However, we still have work to do to achieve our target. We need to closely monitor the impact of our restructuring decisions and any corresponding impact on billings to ensure that we maintain an appropriate pace of growth across our existing business lines. Additionally, we need to monitor our investments in organizing cloud content and AI to ensure that we are remaining disciplined with our spend and to validate that our new products are gaining an appropriate level of customer traction.

關於我們到 2024 年實現 10 億美元年度自由現金流的目標，我們目前維持 10 億美元的目標。我們的重組活動將提高我們的效率，並將有利於 2024 年的自由現金流。但是，要實現我們的目標，我們還有很多工作要做。我們需要密切監控重組決策的影響以及對賬單的任何相應影響，以確保我們在現有業務線中保持適當的增長速度。此外，我們需要監控我們在組織雲內容和人工智能方面的投資，以確保我們在支出方面保持紀律，並驗證我們的新產品是否獲得了適當水平的客戶吸引力。

Lastly, we continue to need to navigate numerous exogenous factors, such as R&D tax legislation, a softer sub-leasing environment and deteriorating FX rates, that continue to serve as headwinds. Thus, while we are taking actions that bring us closer to our targets, we need to execute well and remain disciplined with our spend amidst these varying dynamics.

最後，我們繼續需要應對眾多外部因素，例如研發稅收立法、轉租環境疲軟和匯率惡化，這些因素繼續成為不利因素。因此，雖然我們正在採取行動使我們更接近我們的目標，但我們需要在這些不同的動態中執行良好並保持我們的支出紀律。

In conclusion, as Drew mentioned, we've been making a number of changes to set up Dropbox for long-term success. We are mindful of the difficult macro environment and the inherent challenges that come with businesses in transition, and we remain optimistic about our strategy as we improve our execution while investing towards our future in this new AI era. We will remain focused on our customers, operating the business efficiently and driving long-term value for our shareholders.

總之，正如 Drew 所提到的，我們一直在進行一些更改以設置 Dropbox 以獲得長期成功。我們注意到困難的宏觀環境和企業轉型帶來的內在挑戰，我們對我們的戰略保持樂觀，因為我們在提高執行力的同時投資於這個新人工智能時代的未來。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) And our first question comes from Rishi Jaluria with RBC Capital Markets.

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

This is Richard calling on for Rishi. So the first one is you talked a little bit about some of the investments that might have less potential today, outside of, I guess, some of the core FSS, is there anything in particular that you identified that maybe wasn't working too well and you want to shift away from?

這是理查德拜訪里希。所以第一個是你談到了一些今天可能不太有潛力的投資，我想，除了一些核心 FSS 之外，你是否發現有什麼特別的東西可能運作得不太好你想離開？

Sure. So I can start. So we're continuing to invest. I'd say the businesses that have been affected beyond the core business would include Sign and DocSend. And they're still promising businesses, but as we see each of their categories affected in different ways, then if the prospective returns are coming down, then we've trimmed some of our investment in those areas mostly to free up resources to invest in some of our future growth levers.

當然。這樣我就可以開始了。所以我們會繼續投資。我想說受到影響的業務超出了核心業務，包括 Sign 和 DocSend。他們仍然是有前途的企業，但正如我們看到他們的每個類別都以不同的方式受到影響，那麼如果預期回報下降，那麼我們已經削減了在這些領域的一些投資，主要是為了騰出資源來投資我們未來的一些增長槓桿。

But we're certainly not stopping investment in those areas. And in a lot of ways, where you take something like DocSend, in response to -- it may be true that in the fundraising environment there's less fundraising going on, which means lower demand for DocSend in the fundraising context, but the underlying use case of rich sharing with analytics and extra security features and a lot of what DocSend does has brought applicability to a lot of professional services. So we're diversifying in DocSend and we're investing in DocSend to both support other verticals and other geographies.

但我們當然不會停止對這些領域的投資。在很多方面，你採用 DocSend 之類的東西來回應——在籌款環境中籌款活動減少可能是真的，這意味著在籌款環境中對 DocSend 的需求較低，但潛在的用例通過分析和額外的安全功能進行豐富的共享，以及 DocSend 所做的許多工作已經為許多專業服務帶來了適用性。因此，我們在 DocSend 上進行多樣化，我們正在投資 DocSend 以支持其他垂直行業和其他地區。

So that's a little bit of the context behind some of the shifts in investment, but we continue to be confident in the potential of these businesses.

所以這是一些投資轉變背後的背景，但我們仍然對這些業務的潛力充滿信心。

And then this is Tim. Just to briefly add on to that, we did take a hard look across the company where we took this opportunity to consolidate or eliminate some roles and also to address lower performers. And we also looked at where we had too many layers that we could streamline, which were slowing down execution and decision-making. And ultimately, the vast majority of the cuts were across R&D with additional cuts in sales and marketing and more minor cuts in G&A.

這是蒂姆。只是簡單地補充一下，我們確實對整個公司進行了認真的審視，我們藉此機會鞏固或取消了一些角色，並解決了表現不佳的問題。我們還研究了我們可以精簡的層級過多的地方，這些層級會減慢執行和決策制定的速度。最終，絕大部分裁員發生在研發部門，另外還有銷售和營銷部門的裁員，以及 G&A 方面的更多裁員。

Got it. That's super helpful. And then just as a follow-up, impressive to see the good performance out of FormSwift and really a good acquisition on that side. With the strong balance sheet and the continued free cash flow generation, are there any other areas that you'd think about maybe investing more on the inorganic side? And maybe it's AI, but just anything you could talk to just around the inorganic strategy from here?

知道了。這非常有幫助。然後作為後續行動，令人印象深刻的是看到 FormSwift 的良好表現，並且在這方面確實是一次很好的收購。憑藉強勁的資產負債表和持續產生的自由現金流，您是否會考慮在其他領域進行更多投資？也許它是人工智能，但你可以從這裡圍繞無機戰略談論任何事情嗎？

Yes. So we've certainly had a lot of success with our acquisitions, happy with a lot of the acquisitions we made. And I would say there's like a change in approach. We've had successful acquisitions kind of at different scale, so that's bringing great teams or great products or great businesses, and that will continue. And as you pointed out, we have a strong balance sheet, cash flow, so we have a lot of optionality there, so yes.

是的。因此，我們在收購方面當然取得了很大的成功，對我們進行的許多收購感到滿意。我會說方法有所改變。我們已經進行了不同規模的成功收購，因此帶來了偉大的團隊、偉大的產品或偉大的業務，而且這種情況將繼續下去。正如你所指出的，我們擁有強大的資產負債表和現金流，所以我們在那裡有很多選擇，所以是的。

And then certainly, in the AI space, there's a lot of interesting early-stage start-ups where we see opportunity and are spending a lot of time. There's a greater supply of AI start-ups because there's a lot of interest, and then we're certainly interested in adding there. But at the same time, we'll continue to be disciplined, and we've got a lot of good places to put capital.

當然，在 AI 領域，有很多有趣的早期初創企業，我們在這些初創企業中看到了機會並投入了大量時間。人工智能初創企業的供應量更大，因為人們對此很感興趣，然後我們當然有興趣加入其中。但與此同時，我們將繼續遵守紀律，我們有很多投資的好地方。

And it comes from the line of Mark Murphy with JPMorgan.

它來自摩根大通的馬克·墨菲 (Mark Murphy) 系列。

So I think it's a surprisingly solid quarter considering the environment. You have the 12% ARR growth, margin upside, solid free cash flow number. We might have expected more decel, just as well given the recent head count actions, and so I'm wondering if you can expand on that a bit. How much of that reduction might flow through to margins maybe next year versus how much is earmarked for incremental AI investments? Because typically, if we see a 16% type of reduction, it's going to yield a little more margin than that. So I'm just trying to understand that particular equation, and then I have a follow-up.

因此，我認為考慮到環境，這是一個出人意料的穩健季度。您擁有 12% 的 ARR 增長、利潤率上升空間和穩定的自由現金流量。考慮到最近的人數統計行動，我們可能預計會有更多的減速，所以我想知道你是否可以對此進行擴展。有多少減少可能會在明年流向利潤率，而有多少被指定用於增量 AI 投資？因為通常情況下，如果我們看到 16% 的減少，它會產生比這多一點的利潤。所以我只是想了解那個特定的方程式，然後我有一個後續行動。

Yes. I'd look to our 2023 margin guidance, which is up 150 basis points from our prior guidance. At the midpoint, it's an indication of the net savings we expect this year. And then a note that we will continue to see some of the benefits carry forward into 2024 as the savings annualize. And we're not giving 2024 guidance right now, but I did indicate that I expect our margins to be at or above these 2023 levels. And this is where we are increasing our investments around AI and early-stage product development, which will partially offset those savings. And then we also did take the opportunity to address some performance management with this risk, where in some of these cases, we'll be adding backfills for those positions as part of this action.

是的。我會關注我們的 2023 年利潤率指引，該指引比我們之前的指引高出 150 個基點。在中點，它表示我們預計今年的淨儲蓄。然後請注意，隨著節省的年度化，我們將繼續看到一些收益延續到 2024 年。我們現在沒有給出 2024 年的指導，但我確實表示我預計我們的利潤率將達到或高於 2023 年的水平。這就是我們在人工智能和早期產品開發方面增加投資的地方，這將部分抵消這些節省。然後我們也確實藉此機會解決了一些具有這種風險的績效管理問題，在其中一些情況下，作為此操作的一部分，我們將為這些職位添加回填。

And so could we maybe think of the 150 basis points as a little more in the half year? I don't know exactly when the cost and expenses there kind of roll off the books. But is that one way to think about it, more like a 300 basis point annualized type of effect perhaps?

那麼我們是否可以將 150 個基點視為半年內多一點？我不知道那裡的成本和開支什麼時候會從賬面上滾下來。但這是一種思考方式，更像是一種 300 個基點的年化效應嗎？

Yes. I don't think I'm going to elaborate much more on '24 just yet. I think there's many factors that will go into our thinking for our guidance next year. I think I just fall back on what I previously stated as far as I expect our margins to be at or above these 2023 levels.

是的。我認為我現在還不會詳細說明 24 年。我認為有很多因素會影響我們明年的指導思想。我想我只是回到我之前所說的，只要我預計我們的利潤率將達到或高於 2023 年的水平。

Okay. Fair enough. And then, Drew, is it possible to provide an example of what you're picturing in your mind as you build out an AI product? You mentioned search. You mentioned personalization. I'm just trying to envision what the product would be or maybe how the user experience would feel, right, as you start steering relatively more investments into your AI road map.

好的。很公平。然後，Drew，是否可以提供一個示例，說明您在構建 AI 產品時在腦海中想像的內容？你提到了搜索。你提到了個性化。我只是想設想產品會是什麼，或者用戶體驗會是什麼感覺，對吧，因為你開始將相對更多的投資轉向你的 AI 路線圖。

Sure. So we'll have more specifics to share with the forthcoming launches. But I think, at a high level, there's these new products that we're creating and then there's also applications of AI across our existing product portfolio and the opportunities to reimagine those experiences. But I think one of the most straightforward is really, when you look at everyone who use tools like ChatGPT, they're not really personalized to you. So if you want to ask it you a question like, "What's my passport number again," or like, "Who in my company is working on this thing," or "Why did we make a certain decision," it is now possible we have the technical foundation to actually build an experience where you can use natural language and basically have the silicon brain that knows about you and your stuff and your company through a personalized ChatGPT. We find ourselves very well positioned to build that kind of capability, and we've been building towards that for many years.

當然。因此，我們將有更多細節與即將推出的產品分享。但我認為，在較高的層面上，我們正在創造這些新產品，然後還有人工智能在我們現有產品組合中的應用，以及重新構想這些體驗的機會。但我認為最直接的一個是，當你看看每個使用像 ChatGPT 這樣的工具的人時，他們並不是真正適合你。所以如果你想問你一個問題，比如“我的護照號碼是多少”，或者“我公司裡有誰在做這件事”，或者“我們為什麼做出某個決定”，現在可以我們擁有實際構建體驗的技術基礎，您可以在其中使用自然語言，並且基本上擁有通過個性化的 ChatGPT 了解您和您的員工以及您的公司的矽腦。我們發現自己非常有能力建立這種能力，而且多年來我們一直在朝著這個方向努力。

I mean there are other examples because there's a lot of other exciting applications beyond text, pretty much all the different multimodal capabilities. There's like been breakthroughs in the things you can do with images, things you can do with videos, things you can do with audio. So there's a lot of different potential applications that we're working on, and we'll have more to share in the coming months.

我的意思是還有其他示例，因為除了文本之外還有許多其他令人興奮的應用程序，幾乎所有不同的多模式功能。你可以用圖像做的事情、你可以用視頻做的事情、你可以用音頻做的事情都有突破。因此，我們正在研究許多不同的潛在應用程序，我們將在未來幾個月內分享更多內容。

Okay. I like the branding around silicon brain. Maybe that's something we'll see from you in the future. It rolls off the tongue pretty well. Congrats on all the success.

好的。我喜歡矽腦周圍的品牌。也許這就是我們將來會從你身上看到的東西。它很好地從舌頭上滾下來。祝賀所有的成功。

Thank you.

謝謝。

And our next question comes from the line of Steve Enders with Citi.

我們的下一個問題來自花旗的 Steve Enders。

Okay. Great. I guess maybe following up on the AI discussion a little bit. Universal Search is just kind of being rolled out there and tested. But I guess what's kind of been the early feedback from the customers that are trialing it? And I guess how are you kind of thinking about what that could mean from like a monetization lever and how you're thinking about packaging around that down the line?

好的。偉大的。我想也許會稍微跟進 AI 的討論。 Universal Search 只是在那裡推出並進行測試。但我想試用它的客戶的早期反饋是什麼樣的？而且我想你是如何考慮像貨幣化槓桿一樣意味著什麼的，以及你是如何考慮圍繞它進行包裝的？

Sure. So it's just reaching outside customers literally 2 days ago, so I want to let some of the feedback roll in a little more before having a more comprehensive response. We're certainly using it internally, and that's been a really helpful tool for us to kind of battle-test the product and make sure it's really great before rolling out to customers. So even some milestones like closed beta, we're really excited about.

當然。所以它只是在 2 天前接觸到外部客戶，所以我想讓一些反饋多一點，然後再做出更全面的回應。我們當然在內部使用它，這對我們來說是一個非常有用的工具，可以在向客戶推出之前對產品進行實戰測試並確保它真的很棒。因此，即使是像封閉測試這樣的里程碑，我們也非常興奮。

As far as pricing and packaging, I mean we certainly believe it will be incremental revenue. We believe this will unlock new categories of customer who might not otherwise be buying FSS or might not be either current or future FSS customers. So we think it's a big unlock on that front. We'll have more to share around the specific pricing and packaging at the actual launches.

至於定價和包裝，我的意思是我們當然相信這將是增量收入。我們相信這將解鎖新的客戶類別，否則他們可能不會購買 FSS，或者可能不是當前或未來的 FSS 客戶。所以我們認為這是在這方面的一個很大的解鎖。我們將在實際發佈時分享更多關於具體定價和包裝的信息。

And then maybe just briefly, from a financial perspective, we certainly plan to stay disciplined and closely monitor customer adoption and feedback as we consider further investment on this side. Our focus this year is on bringing a quality product to market and driving adoption and we do expect it will take several quarters before we start seeing any contribution to revenue from these products.

然後可能只是簡單地說，從財務角度來看，我們當然計劃保持紀律並密切監控客戶的採用和反饋，因為我們考慮在這方面進行進一步投資。我們今年的重點是將優質產品推向市場並推動採用，我們確實預計需要幾個季度才能開始看到這些產品對收入的貢獻。

Okay. That's helpful context on that front. I guess maybe digging in a little bit more on just the ARR upside in the quarter. I guess, how do we think about some of the moving parts around there? Sort of the FormSwift outperformance, individual plans sounds like they were relatively strong versus maybe some of the headwinds that you're seeing in other aspects of it, like any kind of further kind of breakdown for the strength there.

好的。這在這方面很有幫助。我想也許只是在本季度的 ARR 上升空間上多挖掘一點。我想，我們如何看待周圍的一些活動部件？在某種程度上，FormSwift 表現出色，個別計劃聽起來相對強勁，而你在它的其他方面可能會遇到一些不利因素，比如任何一種進一步的實力崩潰。

Sure. So FormSwift did outperform our expectations. We continue to expect that it will contribute about 2.5 points to our growth this year, and we're excited about the progress we're making on the integration front with FormSwift. I think we're also seeing improving sign-up trends as a result of our rollout of Google One Tap, which reduces friction in the sign-up and onboarding process. We also did see churn improve across our individual plans, particularly as we exited the quarter. And then, of course, we continue to see a contribution from the pricing and packaging changes that we announced in June on our teams plans.

當然。所以 FormSwift 確實超出了我們的預期。我們繼續預計它將為我們今年的增長貢獻約 2.5 個百分點，我們對我們在與 FormSwift 的集成方面取得的進展感到興奮。我認為，由於我們推出了 Google One Tap，我們還看到了註冊趨勢的改善，它減少了註冊和入職流程中的摩擦。我們也確實看到我們個人計劃的流失率有所改善，尤其是在我們退出本季度時。然後，當然，我們繼續看到我們在 6 月份宣布的定價和包裝變化對我們團隊計劃的貢獻。

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

我們的下一個問題來自 Brent Thill 與 Jefferies 的對話。

This is Eylon on for Brent Thill. First, what are you seeing out there in the market? And what considerations are factored into your guide? What are you seeing in terms of churn?

這是布倫特·希爾 (Brent Thill) 的艾倫 (Eylon)。首先，您在市場上看到了什麼？您的指南中考慮了哪些因素？你在流失方面看到了什麼？

As far as the macro trends, I'd say that we're seeing trends that are roughly consistent with what we saw in the fourth quarter. We continue to see elevated price sensitivity and down-sell pressure from our teams, customers, particularly those that had layoffs themselves. And then Sign and DocSend also continue to face macro-related headwinds. DocSend, in particular, is exposed to the fundraising community where the recent banking events are adding some volatility to that vertical. And we continue to see elevated levels of churn from our individual SKUs. Though, again, we did see those trends improve exiting the quarter. We also saw incremental FX headwinds in Q1, and we expect a similar impact in Q2.

就宏觀趨勢而言，我想說我們看到的趨勢與我們在第四季度看到的大致一致。我們繼續看到來自我們的團隊、客戶，尤其是那些自己裁員的團隊、客戶的價格敏感性升高和銷售壓力下降。然後 Sign 和 DocSend 也繼續面臨與宏觀相關的不利因素。尤其是 DocSend 暴露在籌款社區中，最近的銀行事件給該垂直領域增加了一些波動。我們繼續看到個別 SKU 的客戶流失率有所上升。不過，我們確實再次看到這些趨勢在本季度結束後有所改善。我們在第一季度也看到了越來越多的外匯逆風，我們預計第二季度也會有類似的影響。

From maybe a guidance philosophy perspective, we do remain prudent and continue to factor in an appropriate level of conservatism given the challenging macro landscape. We've assumed that key trends, such as a degree of elevated churn and customer price sensitivity, will continue throughout 2023, so certainly factoring in these latest signals and not assuming any level of improvement in the economy in our guidance and certainly also mindful of our reduction in force and the potential effect that this could happen in our billings given our reduced levels of investment in head count and marketing. So again, all of these considerations are factored into our guidance.

也許從指導理念的角度來看，鑑於充滿挑戰的宏觀環境，我們確實保持謹慎，並繼續考慮適當程度的保守主義。我們假設關鍵趨勢，例如一定程度的客戶流失和客戶價格敏感度，將在整個 2023 年持續，因此當然要考慮這些最新信號，並且在我們的指導中不假設經濟有任何改善，當然也要注意考慮到我們在員工人數和營銷方面的投資水平下降，我們的人員減少以及這可能對我們的賬單產生的潛在影響。因此，所有這些考慮因素再次被納入我們的指南。

Super helpful color. And lastly, how should we be thinking about the mix of paid user growth and ARPU to drive future growth?

超級有用的顏色。最後，我們應該如何考慮付費用戶增長和 ARPU 的組合來推動未來增長？

Sure. So from a paid user perspective, we added about 120,000 paid users in the first quarter. Family plan was a significant contributor to that. FormSwift also added to net new paying users in Q1, particularly as this business does have a seasonal increase due to tax season. As far as forward-looking expectations, we don't formally guide to net new paying users. And particularly as we navigate our pricing and packaging changes in the current macro environment, I'd continue to expect something in the neighborhood of roughly 100,000 net new paying users per quarter, with ARPU expansion being more pronounced this year as we saw in the first quarter.

當然。所以從付費用戶的角度來看，我們在第一季度增加了大約 120,000 名付費用戶。家庭計劃對此做出了重要貢獻。 FormSwift 在第一季度還增加了淨新付費用戶，特別是因為該業務確實因稅收季節而出現季節性增長。至於前瞻性預期，我們沒有正式引導淨新付費用戶。特別是當我們在當前的宏觀環境中應對我們的定價和包裝變化時，我繼續預計每季度大約有 100,000 名淨新付費用戶，今年 ARPU 的擴張將更加明顯，正如我們在第一季度看到的那樣四分之一。

(Operator Instructions) And it comes from the line of Matt Bullock with Bank of America.

（操作員說明）它來自美國銀行的 Matt Bullock 系列。

I wanted to double tap on the Command E opportunity here. Is there anything you can give us in terms of the competitive environment for Universal Search or who you expect to compete most directly with?

我想在這裡雙擊 Command E 機會。關於 Universal Search 的競爭環境或您希望最直接競爭的人，您有什麼可以告訴我們的嗎？

Sure. So I mean at a high level, I'd say it's very early for the category. I think there are start-ups that are going to pursue ideas in this space. And we believe that we're well positioned there because of our scale, our distribution, our ability to make significant technical infrastructure investments and the fact that we already have this trust relationship with customers and that they're already trusting the most important information in Dropbox. So when you think about Universal Search and content, we think we have big advantages versus start-ups.

當然。所以我的意思是在高層次上，我想說這個類別還為時過早。我認為有些初創企業會在這個領域追求創意。我們相信，由於我們的規模、我們的分佈、我們進行重大技術基礎設施投資的能力以及我們已經與客戶建立這種信任關係並且他們已經信任最重要的信息這一事實，我們在這方面處於有利地位。投遞箱。因此，當您考慮 Universal Search 和內容時，我們認為我們與初創企業相比具有很大優勢。

And then, of course, the platform companies, folks that provide office suites of various kinds, they will certainly do things in this area as well. But I think the fact that we're platform agnostic and then also aspects of our trust and privacy brand, the fact that we're a subscription business and not advertising, our track record with privacy and trust, I think those are big advantages against the larger incumbents as well.

然後，當然，平台公司，提供各種辦公套件的人，他們肯定也會在這方面做事。但我認為，事實上我們是平台不可知論者，然後也是我們信任和隱私品牌的各個方面，我們是訂閱業務而不是廣告，我們在隱私和信任方面的記錄，我認為這些都是很大的優勢更大的現任者也是如此。

Excellent. And then just quickly, was there anything to call out in terms of the ARPU this quarter? It was a nice beat relative to expectations. Is that just the FormSwift tailwinds or anything else?

出色的。然後很快，就本季度的 ARPU 而言，有什麼值得一提的嗎？相對於預期，這是一個不錯的節拍。那隻是 FormSwift 的順風還是其他什麼？

Sure. So ARPU increased just over $4 sequentially and maybe breaking down some of the components of that, increase was primarily driven by benefits from our pricing initiatives. So I'd say that's about $2.50. And our acquisition of FormSwift, that contributed about $2, and this was partially offset by the continued growth in our family plan.

當然。因此，ARPU 連續增加了 4 美元多一點，並且可能打破了其中的一些組成部分，增加主要是由我們的定價計劃帶來的好處推動的。所以我會說大約是 2.50 美元。我們對 FormSwift 的收購貢獻了大約 2 美元，這部分被我們家庭計劃的持續增長所抵消。

And I'm not showing any further questions in the queue, team.

團隊，我不會在隊列中顯示任何其他問題。

Thank you, everyone, for dialing in, for your support, and we'll see you next quarter.

感謝大家撥入電話，感謝你們的支持，我們下個季度再見。

And with that, we thank you for participating in today's conference. You may now disconnect.

就此，我們感謝您參加今天的會議。您現在可以斷開連接。