Dropbox Inc (DBX) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining Dropbox Second 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. I will now turn the call over to Karan Kapoor, Head of Investor Relations for Dropbox. Mr. Kapoor, please go ahead.

女士們、先生們，下午好。感謝您參加 Dropbox 2023 年第二季度收益電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄製中，並可在本次電話會議後通過 Dropbox 網站的投資者關係部分重播。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's Second Quarter 2023 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 third 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.

謝謝。下午好，歡迎參加 Dropbox 2023 年第二季度財報電話會議。在開始之前，我想提醒您，我們今天的言論將包括前瞻性陳述，例如我們的財務指導和預期，包括我們對第三季度和 2023 財年的長期目標和預測，以及我們對我們的收入增長、盈利能力、營業利潤率和自由現金流，以及我們對業務、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。這些陳述存在風險和不確定性，可能導致實際結果存在重大差異。

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.

它們也是基於截至目前的假設，我們不承擔因新信息或未來事件而更新它們的義務。今天的收益報告以及我們向 SEC 提交的 10-Q 表格季度報告中列出了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。

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.

我們還將討論非公認會計原則財務指標，這些指標不按照公認會計原則制定。我們的收益報告和我們的網站 Investors.dropbox.com 提供了 GAAP 和非 GAAP 業績的調節表。

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

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

Thanks, Karan, and good afternoon, everyone. Welcome to our Q2 2023 earnings call. Joining me today is Tim Regan, our Chief Financial Officer. And I'll first share our business and product highlights from the quarter, and then Tim will review our Q2 financial results and provide guidance for the rest of the year.

謝謝卡蘭，大家下午好。歡迎參加我們的 2023 年第二季度財報電話會議。今天加入我的是我們的首席財務官蒂姆·裡根 (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二季度的財務業績並為今年剩餘時間提供指導。

I'm pleased to report that we had a solid quarter, once again, beating our guidance across all metrics, led by revenue outperformance in FormSwift and some recovery within our individual SKUs, as the progress we saw in late Q1 continued into Q2. However, we're still navigating a difficult macro environment that continues to impact our teams customers and pressures growth in our DocSend and Sign businesses.

我很高興地向大家報告，在FormSwift 的收入表現出色以及我們各個SKU 內的一些復甦的帶動下，我們的季度表現再次穩定，在所有指標上都超出了我們的指導，因為我們在第一季度末看到的進展一直持續到第二季度。然而，我們仍在艱難的宏觀環境中前進，這將繼續影響我們團隊的客戶，並給我們的文檔發送和簽名業務的增長帶來壓力。

Before I walk through the highlights from the quarter in more detail, I want to quickly remind you of our primary business objectives that I outlined last quarter. The first objective is around building AI-powered product experiences to help our customers organize their working lives. Our company mission at Dropbox is to design a more enlightened way of working, and I'm proud that we have accelerated our roadmap here with Dropbox Dash and our progress in AI, which I'll discuss in a minute.

在更詳細地介紹本季度的亮點之前，我想快速提醒您我上季度概述的我們的主要業務目標。第一個目標是構建人工智能驅動的產品體驗，幫助我們的客戶組織他們的工作生活。我們 Dropbox 公司的使命是設計一種更加開明的工作方式，我很自豪我們通過 Dropbox Dash 加快了我們的路線圖以及我們在人工智能方面的進展，我稍後將對此進行討論。

Our second objective is continuing to evolve the core file, sync and share experience to specifically address customers' workflows around documents and videos. Much of the work here has been foundational, focusing on driving retention and conversion, and I'll share more about the progress we made during the quarter.

我們的第二個目標是繼續發展核心文件、同步和共享體驗，以專門解決客戶圍繞文檔和視頻的工作流程。這裡的大部分工作都是基礎性的，重點是提高保留率和轉化率，我將分享更多有關我們在本季度取得的進展的信息。

So with that backdrop, I'll touch on what we're working on to drive these objectives, starting with our first objective of building AI-powered product experiences to improve knowledge work. As we discussed on our last call, we took some important actions in Q2 to better align our investment strategy with our long-term growth initiatives and to drive product velocity against our AI roadmap. While Dropbox has been investing in AI and machine learning technology for many years, we're all witnessing an unprecedented way of innovation around Generative AI and large language models. And seemingly overnight, we now live in a world where machines can read and write and talk to us and answer our questions in natural language.

因此，在這種背景下，我將談談我們為推動這些目標所做的努力，首先是我們的第一個目標，即構建人工智能驅動的產品體驗以改善知識工作。正如我們在上次電話會議中討論的那樣，我們在第二季度採取了一些重要行動，以便更好地將我們的投資策略與我們的長期增長計劃結合起來，並根據我們的人工智能路線圖提高產品速度。雖然 Dropbox 多年來一直在人工智能和機器學習技術方面進行投資，但我們都見證了圍繞生成式人工智能和大型語言模型的前所未有的創新方式。似乎一夜之間，我們現在生活在一個機器可以讀寫、與我們交談並用自然語言回答我們問題的世界。

But while there's a lot that these AI chatbots can do, there are a lot of questions these chatbots can answer when it comes to questions about you or your content or your company because they aren't personalized. And it's clear that customers need more personalized AI that can answer questions and provide insights on their own content, their company's content and help them find what they need at work. And with hundreds of billions of pieces of content already stored on Dropbox, and as a service that's trusted by hundreds of millions of users, we see ourselves as uniquely positioned to build personalized AI at scale.

雖然這些人工智能聊天機器人可以做很多事情，但當涉及到有關您、您的內容或您的公司的問題時，這些聊天機器人可以回答很多問題，因為它們不是個性化的。很明顯，客戶需要更加個性化的人工智能，能夠回答問題並提供有關他們自己的內容、公司內容的見解，並幫助他們找到工作中需要的內容。 Dropbox 上已經存儲了數千億條內容，並且作為一項受到數億用戶信任的服務，我們認為自己在大規模構建個性化人工智能方面擁有獨特的優勢。

That's why in June, I was really excited to introduce our first generation of AI-powered product experiences to help our customers organize their working lives. I'll start with Dropbox Dash. Dash is our AI-powered universal search product that connects all of your cloud tools and apps and content to a single search bar that searches everything. With more of our work spread across 100 tabs in a browser, a common pain point for knowledge workers is that they spend too much time looking for their work and having to navigate between apps.

這就是為什麼在 6 月份，我非常興奮地推出我們第一代人工智能驅動的產品體驗，以幫助我們的客戶組織他們的工作生活。我將從 Dropbox Dash 開始。 Dash 是我們由人工智能驅動的通用搜索產品，它將您的所有云工具、應用程序和內容連接到一個可搜索所有內容的搜索欄。隨著我們越來越多的工作分散在瀏覽器中的 100 個選項卡中，知識工作者的一個常見痛點是他們花費太多時間尋找工作並必須在應用程序之間導航。

Dash connects to major platforms and tools like Google Workspace, Microsoft Outlook, Asana, Notion and many others, and allows users to quickly find everything from one place. And because Dash is powered by machine learning, it evolves and gets smarter the more you use it. We've talked about universal search over the last couple of years since our acquisition of Command E. And our teams are working hard to build on top of that functionality. We rolled out 2 additional features within Dash beyond Universal Search. The first is stacks, which are smart collections for all the cloud docs in your browser. And similar to how files have folders and songs have playlists, Stacks give you an easily shareable organizational layer for your URLs so that you can seamlessly share multiple lengths at a time. And stacks uses machine learning to offer smart suggestions and organize links for you, saving you from the process of having to manually save all your links.

Dash 連接到 Google Workspace、Microsoft Outlook、Asana、Notion 等主要平台和工具，並允許用戶從一個地方快速找到所有內容。由於達世幣由機器學習提供支持，因此您使用得越多，它就會不斷發展並變得更加智能。自收購 Command E 以來，我們在過去幾年中一直在討論通用搜索。我們的團隊正在努力構建該功能。除了通用搜索之外，我們還在 Dash 中推出了 2 個附加功能。第一個是堆棧，它是瀏覽器中所有云文檔的智能集合。與文件具有文件夾和歌曲具有播放列表的方式類似，Stacks 為您的 URL 提供了一個易於共享的組織層，以便您可以一次無縫共享多個長度。 Stacks 使用機器學習來提供智能建議並為您組織鏈接，從而使您無需手動保存所有鏈接。

The other feature within Dash is the Start Page, which is a single dashboard that lets you access Dash's Universal Search, view your stacks, integrate your calendars to start meetings from there and get shortcuts to recent work. So if users close their browser, restart the computer, the start page picks up where they left off, letting users get back to their most important work. Dash is currently in closed beta, and we've been carefully rolling it out to more users over the summer. Early feedback has been positive, and we're seeing healthy activation rates and retention rates.

Dash 中的另一個功能是起始頁，它是一個單一的儀表板，可讓您訪問 Dash 的通用搜索、查看堆棧、集成日曆以從那裡開始會議並獲取最近工作的快捷方式。因此，如果用戶關閉瀏覽器，重新啟動計算機，起始頁將從中斷處繼續，讓用戶返回到最重要的工作。達世幣目前正處於封閉測試階段，我們在今年夏天一直在小心地將其推廣給更多用戶。早期反饋是積極的，我們看到了良好的激活率和保留率。

While we're leveraging our self-serve go-to-market to acquire users, we're also working with our managed sales force to identify SMB customers that can test and use Dash as early teams customers. We're excited to continue scaling Dash and iterating on the product based on customer feedback. Over time, we plan to release more advanced use cases such as Dash Answers, where users can ask any question or receive a specific answer about a piece of content instead of having to click through a lot of search results or dig through specific files and folders. I'm looking forward to getting Dash in the hands of many more customers over the coming months.

在我們利用自助式市場營銷來獲取用戶的同時，我們還與我們的管理銷售團隊合作，以確定可以作為早期團隊客戶測試和使用 Dash 的中小企業客戶。我們很高興能夠根據客戶反饋繼續擴展 Dash 並迭代產品。隨著時間的推移，我們計劃發布更高級的用例，例如 Dash Answers，用戶可以提出任何問題或收到有關內容的具體答案，而不必點擊大量搜索結果或挖掘特定文件和文件夾。我期待在未來幾個月內將達世幣交付給更多客戶。

Along with Dropbox Dash, in Q2, we also advanced our core product roadmap with the launch of Dropbox AI. Now Dropbox Professional and Dropbox Teams users can leverage Dropbox AI on their file previous page to summarize their content with a single click, whether it's a 100-page document or even a long video. Users can also ask a question for Dropbox AI to answer based on content within a file. And over time, we plan to apply this functionality to folders and eventually to user's entire Dropbox. We're encouraged by the early engagement from the users who have tried Dropbox AI for their files as we increase discoverability for this new functionality for more users, we're excited to see how Dropbox AI can ultimately increase customers' productivity.

與 Dropbox Dash 一起，我們在第二季度還推出了 Dropbox AI，推進了我們的核心產品路線圖。現在，Dropbox Professional 和 Dropbox Teams 用戶可以在文件上一頁上利用 Dropbox AI，只需單擊一下即可總結其內容，無論是 100 頁的文檔還是長視頻。用戶還可以提出問題，讓 Dropbox AI 根據文件中的內容進行回答。隨著時間的推移，我們計劃將此功能應用於文件夾，並最終應用於用戶的整個 Dropbox。我們對嘗試使用 Dropbox AI 處理文件的用戶的早期參與感到鼓舞，因為我們為更多用戶提高了這一新功能的可發現性，我們很高興看到 Dropbox AI 最終如何提高客戶的工作效率。

We'll continue to evaluate the performance on these new AI-powered product experiences as well as other in-house capabilities we're building within Dropbox. And we're not doing this alone. Last month, we were featured as a global partner for Meta's Llama 2 launch, and we also announced Dropbox Ventures to support the next generation of AI start-ups.

我們將繼續評估這些新的人工智能產品體驗的性能以及我們在 Dropbox 中構建的其他內部功能。我們並不是孤軍奮戰。上個月，我們成為 Meta 的 Llama 2 發布的全球合作夥伴，我們還宣布與 Dropbox Ventures 合作支持下一代 AI 初創企業。

As we stay on the forefront of this new AI wave, continuing to use AI responsibly while protecting our customers' privacy is more important than ever. So in June, we published our AI Principles, which guide our teams as we develop AI products and features in the years to come. Moving to our second objective, which is evolving the existing Dropbox files that can share user experience to seamlessly address customers' workflows around documents and videos. In Q2, we made progress in a number of areas to improve churn with individuals and drive higher top-of-funnel activity for our work users. We also continue driving our company-wide effort to deliver a multiproduct solution, integrating a number of our workflow businesses beyond FSS.

當我們處於新的人工智能浪潮的最前沿時，繼續負責任地使用人工智能，同時保護客戶的隱私比以往任何時候都更加重要。因此，我們在 6 月發布了人工智能原則，指導我們的團隊在未來幾年開發人工智能產品和功能。轉向我們的第二個目標，即改進現有的 Dropbox 文件，使其能夠共享用戶體驗，以無縫地解決客戶圍繞文檔和視頻的工作流程。在第二季度，我們在許多領域取得了進展，以改善個人流失情況並為工作用戶推動更高的漏斗頂部活動。我們還繼續推動全公司努力提供多產品解決方案，整合 FSS 之外的許多工作流程業務。

First, I'll touch on improved churn with individuals. As we discussed on the past several calls, and as the macro environment has become more challenging, we saw an uptick in churn amongst our individual users, notably our Mobile Plus customers. Some of this was driven by recent mobile operating changes, which increased transparency around subscriptions, and some was also due to some areas of app and stability. To address the latter issue, our team made significant progress in enhancing our tooling and instrumentation to detect and address reliability issues, which helped reverse the sequential declines in mobile churn that we had seen over the prior quarters. We also made some optimizations around payment processing to make it easier for customers to keep their wallet up to date, which also drove some modest improvements to individual's churn.

首先，我將談談改善個人流失的問題。正如我們在過去幾次電話會議中所討論的那樣，隨著宏觀環境變得更具挑戰性，我們發現個人用戶（尤其是 Mobile Plus 客戶）的流失率有所上升。其中一些是由最近的移動運營變化推動的，這些變化增加了訂閱的透明度，還有一些也是由於某些領域的應用程序和穩定性。為了解決後一個問題，我們的團隊在增強工具和儀器以檢測和解決可靠性問題方面取得了重大進展，這有助於扭轉我們在前幾個季度看到的移動客戶流失率的連續下降。我們還圍繞支付處理進行了一些優化，使客戶更容易保持錢包最新狀態，這也推動了個人流失率的一些適度改善。

In addition to these behind-the-scenes upgrades for our customers, we improved the UX experience and the performance of file uploads. This led to improvement in upload success, and our internal testing had showed that we've regained the #1 position for upload speeds for large files. We also made an improvement to the speed of our camera uploads on iOS that increases the speed of our most common upload size by up to 40%. I'm proud of the teams work here in quickly addressing areas to drive performance and reliability and ultimately deliver a better experience for our customers.

除了為客戶進行這些幕後升級之外，我們還改進了用戶體驗體驗和文件上傳的性能。這提高了上傳成功率，我們的內部測試表明，我們重新獲得了大文件上傳速度第一的位置。我們還改進了 iOS 上相機的上傳速度，將最常見的上傳大小的速度提高了 40%。我為這裡的團隊快速解決問題以提高性能和可靠性並最終為我們的客戶提供更好的體驗感到自豪。

We also remain focused on driving our top of funnel. And in Q2, we made a more concerted effort to surface teams and professional plans, resulting in an increase in teams trial starts as well as pro conversions due to this more targeted effort. And while it's important to focus on top of funnel, we also made improvements in driving engagement for teams admin starting a trial, which are necessary leading indicators in our efforts to increase conversion of these users and ultimately, team expansion.

我們還繼續專注於推動我們的漏斗頂部。在第二季度，我們在組建團隊和專業計劃方面做出了更加協調一致的努力，由於這種更有針對性的努力，團隊試用開始以及專業轉換的數量有所增加。雖然關注渠道頂部很重要，但我們還在推動團隊管理員開始試用的參與度方面做出了改進，這是我們努力提高這些用戶的轉化率並最終擴大團隊規模的必要領先指標。

In Q2, we launched a new activation homepage for admins to easily set up their team and learn about the product. Over time, this homepage will also serve as a jumping off point for Dropbox to introduce higher-value capabilities, including our document and video workflows and our new AI-powered features.

在第二季度，我們推出了新的激活主頁，供管理員輕鬆組建團隊並了解產品。隨著時間的推移，該主頁也將成為 Dropbox 引入更高價值功能的起點，包括我們的文檔和視頻工作流程以及新的人工智能功能。

During this environment, where we've seen continued seat contraction among our larger teams customers who face challenges within their own businesses, I'm encouraged to see our increased focus on how we can better serve professionals and small teams. I talked before about our investments and workflows around videos and documents and the efforts we've made in integrating a number of our businesses into the core Dropbox experience to make it more seamless for customers.

在這種環境下，我們看到大型團隊客戶在自己的業務中面臨挑戰，席位持續減少，我很高興看到我們更加關注如何更好地為專業人士和小型團隊提供服務。我之前談到過我們圍繞視頻和文檔的投資和工作流程，以及我們在將許多業務集成到核心 Dropbox 體驗中所做的努力，以使其對客戶來說更加無縫。

In Q2, we began rolling out an integrated bundle, including FSS, DocSend, Sign and PDF editing for the first time to some of our professional users. Previously, we had sold stand-alone offerings such as our Pro FSS and eSign as a bundle, but the user experience was disjointed for customers as the 2 products weren't tightly integrated. I'm excited to see our deeper integration efforts provide a more frictionless experience for customers, and we'll have more to share next quarter about our multiproduct strategy.

在第二季度，我們開始首次向一些專業用戶推出集成捆綁包，包括 FSS、DocSend、Sign 和 PDF 編輯。此前，我們曾將 Pro FSS 和 eSign 等獨立產品作為捆綁包出售，但由於這兩種產品沒有緊密集成，因此客戶的用戶體驗是脫節的。我很高興看到我們更深入的集成工作為客戶提供了更加順暢的體驗，並且我們將在下個季度分享更多有關我們的多產品策略的信息。

And while driving multiproduct attach rates across our Dropbox users is a long-term opportunity, I'm pleased to also see some momentum in our stand-alone businesses such as FormSwift, which we acquired late last year; and our in-house video editing tool, Replay, which just launched into GA in April. As a reminder, FormSwift provides an online library of forms and templates for small businesses and individuals. We saw outperformance in FormSwift's business for the second straight quarter, driven by improved retention and increased account creation through Google Sign-in.

雖然提高 Dropbox 用戶的多產品附加率是一個長期機會，但我很高興看到我們的獨立業務（例如去年年底收購的 FormSwift）取得了一些發展勢頭；以及我們的內部視頻編輯工具 Replay，該工具於 4 月份剛剛推出 GA。提醒一下，FormSwift 為小型企業和個人提供了在線表單和模板庫。我們看到 FormSwift 的業務連續第二個季度表現出色，這得益於保留率的提高以及通過 Google Sign-in 創建的帳戶數量的增加。

While FormSwift benefits from some seasonality earlier in the year around tax planning, we see opportunities to further leverage FormSwift's performance marketing engine, and we're continuing to make progress towards rebranding and deeper integration of FormSwift within Dropbox this year.

雖然FormSwift 受益於今年早些時候圍繞稅務規劃的一些季節性因素，但我們看到了進一步利用FormSwift 績效營銷引擎的機會，並且今年我們將繼續在Dropbox 中的FormSwift 品牌重塑和更深入集成方面取得進展。

And in our video workflows, Replay has shown a solid start in its first couple of months since we launched it to a wider audience. We're already seeing some beta customers subscribing to the premium add-on, and customer satisfaction scores remain high across our user base of creative professionals. We see a greater opportunity to drive Replay adoption as we advance towards our multiproduct suite offerings, and I look forward to sharing more next quarter as part of our multiproduct update.

在我們的視頻工作流程中，自我們向更廣泛的受眾推出以來，Replay 在頭幾個月內就表現出了良好的開端。我們已經看到一些測試版客戶訂閱了高級附加組件，並且我們的創意專業用戶群的客戶滿意度仍然很高。隨著我們向多產品套件產品邁進，我們看到了推動 Replay 採用的更大機會，我期待在下個季度分享更多內容，作為我們多產品更新的一部分。

In closing, we delivered a solid quarter and introduced some exciting AI-powered product experiences to our customers. While we recognize the macro environment remains uncertain, we're focused on improving the product experience within core Dropbox and attaching more value across workflows and AI-driven capabilities. I remain focused on working closely with our product and engineering teams to strengthen our foundation, while innovating for our next act.

最後，我們交付了一個穩定的季度業績，並向客戶推出了一些令人興奮的人工智能產品體驗。雖然我們認識到宏觀環境仍然不確定，但我們專注於改善核心 Dropbox 內的產品體驗，並在工作流程和人工智能驅動的功能中賦予更多價值。我仍然專注於與我們的產品和工程團隊密切合作，以鞏固我們的基礎，同時為我們的下一步行動進行創新。

And we look forward to sharing more of what we've been building at our upcoming Customer Conference in October in New York. It will be our first major in-person customer event since the pandemic, and I'm excited for more of you to see our product enhancements up close. We'll be sharing more details in the coming weeks, and I hope to see many of you in-person soon.

我們期待在即將於 10 月在紐約舉行的客戶會議上分享更多我們一直在構建的內容。這將是自大流行以來我們首次舉辦的大型面對面客戶活動，我很高興讓更多人近距離看到我們的產品增強功能。我們將在接下來的幾週內分享更多細節，我希望很快就能見到你們中的許多人。

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. I'll walk through some financial highlights for Q2 and provide an outlook for Q3 and 2023, as well as an update on our financial targets for 2024. Let's start with our second quarter results.

謝謝你，德魯。我將介紹第二季度的一些財務亮點，並提供第三季度和 2023 年的展望，以及我們 2024 年財務目標的最新信息。讓我們從第二季度的業績開始。

Total revenue in Q2 increased 8.7% year-over-year to $622 million, beating our guidance range of $612 million to $615 million. Foreign exchange rates provided an approximate $14 million headwind to growth. On a constant currency basis, revenue grew 11.2% year-over-year. The upside to our revenue guidance was driven by outperformance from FormSwift and as well as the improvement we saw across our individual plans that Drew mentioned.

第二季度總收入同比增長 8.7% 至 6.22 億美元，超出了我們 6.12 億至 6.15 億美元的指導範圍。外匯匯率給經濟增長帶來了約 1,400 萬美元的阻力。按固定匯率計算，收入同比增長11.2%。我們收入指引的上行是由 FormSwift 的出色表現以及德魯提到的我們的個人計劃的改進推動的。

Total ARR for the quarter grew 7.2% year-over-year for a total of $2.5 billion. On a constant currency basis, ARR grew 10.9% year-over-year, primarily driven by FormSwift and our teams price increase. ARR grew $33 million sequentially, driven by the retention improvements within our individual plans. We exited the quarter with 18 million paying users and added approximately 140,000 net new paying users sequentially, a modest improvement from Q1, driven by some improvement in individuals churn as compared to the trend in prior quarters as well as an uptick in professional users from our more targeted top-of-funnel efforts.

該季度的總 ARR 同比增長 7.2%，總計 25 億美元。按固定匯率計算，ARR 同比增長 10.9%，這主要是受到 FormSwift 和我們團隊價格上漲的推動。在我們個人計劃的保留改進的推動下，ARR 連續增長了 3300 萬美元。本季度結束時，我們的付費用戶數量為1,800 萬，並連續增加了約140,000 名淨新付費用戶，較第一季度略有改善，這是由於與前幾個季度的趨勢相比，個人流失率有所改善，以及我們專業用戶的增加。更有針對性的漏斗頂部工作。

Average revenue per paying user for Q2 was $138.94, which is flat compared to the first quarter of 2023, as the benefit we saw from our pricing initiatives was largely offset by FX headwinds and the continued adoption of our family plan. ARPU increased by over $5 year-over-year, driven by the teams pricing increase, FormSwift and a shift to premium plans.

第二季度每個付費用戶的平均收入為138.94 美元，與2023 年第一季度相比持平，因為我們從定價舉措中看到的好處在很大程度上被外匯不利因素和家庭計劃的持續採用所抵消。由於團隊定價上漲、FormSwift 和向高級計劃的轉變，ARPU 同比增長超過 5 美元。

Before we continue with further discussion of our P&L, I'd 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, expenses related to our reduction in force and net gains on equity investments. Our non-GAAP net income also includes the income tax effects of the aforementioned adjustments.

在我們繼續進一步討論我們的損益表之前，我想指出，除非另有說明，否則提到的所有損益表數據均為非公認會計準則數據，不包括基於股票的補償、購買的無形資產攤銷、某些與收購相關的費用、減值我們的房地產資產、與我們減少人力相關的費用以及股權投資的淨收益。我們的非公認會計準則淨利潤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. This quarter, we incurred a nominal impairment charge of $2 million due to a small sublease we executed outside of San Francisco. Overall, our assumptions regarding our real estate portfolio remain consistent, and that we continue to anticipate a softer real estate market over the next couple of years. We also continued to actively seek subleases and consider buyouts of the remaining space available within our San Francisco headquarters.

轉向我們的房地產戰略，由於我們向虛擬優先模式過渡，我們一直在採取措施降低房地產投資組合的成本。本季度，由於我們在舊金山以外執行的小型轉租，我們產生了 200 萬美元的名義減值費用。總體而言，我們對房地產投資組合的假設保持一致，並且我們繼續預計未來幾年房地產市場將趨於疲軟。我們還繼續積極尋求轉租，並考慮買斷舊金山總部內剩餘的可用空間。

With that, let's continue with the second quarter P&L. Gross margin was approximately 83% for the quarter, roughly flat as compared to the second quarter of 2022. Operating margin was approximately 34%, up roughly 200 basis points year-over-year. We beat our operating margin guidance by over 250 basis points, mainly due to delayed marketing and project spend, following our reduction in force in April as well as our revenue outperformance.

接下來，讓我們繼續查看第二季度的損益表。本季度毛利率約為 83%，與 2022 年第二季度大致持平。營業利潤率約為 34%，同比增長約 200 個基點。我們的營業利潤率指引超出了 250 個基點以上，這主要是由於我們在 4 月份減少了人力以及收入表現出色之後，營銷和項目支出被推遲。

Operating expenses were $302 million, up about 3% year-over-year. While we did see a partial quarter of cost savings in Q2 from our reduction in force announced in late April, this was offset by our annual merit increases and continued investment in talent supporting our AI efforts as well as marketing spend for FormSwift.

運營費用為 3.02 億美元，同比增長約 3%。雖然我們確實看到第二季度因 4 月底宣布的裁員而節省了部分季度的成本，但這被我們的年度績效增長、對支持我們人工智能工作的人才的持續投資以及 FormSwift 的營銷支出所抵消。

Net income for the second quarter was $174 million, up 26% versus the second quarter of 2022, driven by operating income growth and higher interest income. Diluted EPS was $0.51 per share based on 344 million diluted weighted average shares outstanding, up from $0.38 per share based on 366 million diluted weighted average shares outstanding for the second quarter of 2022.

在營業收入增長和利息收入增加的推動下，第二季度淨利潤為 1.74 億美元，較 2022 年第二季度增長 26%。根據 3.44 億股稀釋加權平均流通股計算，稀釋每股收益為 0.51 美元，高於根據 2022 年第二季度 3.66 億股稀釋加權平均流通股計算的每股 0.38 美元。

Moving on to our cash balance and cash flow. We ended the quarter with cash and short-term investments of $1.2 billion. Cash flow from operations was $188 million in the second quarter, down from $210 million in the second quarter of 2022, mostly driven by $34 million in severance payments related to our reduction in force. Capital expenditures were $3 million during the quarter. This resulted in quarterly free cash flow of $185 million, compared to $206 million in Q2 of 2022. In the quarter, we also added $33 million to our finance leases for data center equipment.

接下來是我們的現金餘額和現金流。本季度結束時，我們的現金和短期投資為 12 億美元。第二季度運營現金流為 1.88 億美元，低於 2022 年第二季度的 2.1 億美元，主要是由於我們裁員而支付的 3400 萬美元遣散費。本季度資本支出為 300 萬美元。這導致季度自由現金流為 1.85 億美元，而 2022 年第二季度為 2.06 億美元。本季度，我們還為數據中心設備的融資租賃增加了 3300 萬美元。

Let's turn to our share repurchase activity. In Q2, we continue to execute against the $1.2 billion authorization that was approved in 2022 by repurchasing 7 million shares, spending approximately $154 million. At the end of the second quarter, we had approximately $419 million remaining under the current authorization.

讓我們來看看我們的股票回購活動。第二季度，我們繼續執行 2022 年批准的 12 億美元授權，回購 700 萬股股票，花費約 1.54 億美元。截至第二季度末，我們目前的授權餘額約為 4.19 億美元。

Additionally, as I will discuss in greater detail shortly, we're pleased to announce today that our Board has authorized an additional $1.2 billion share repurchase program. I'd now like to share our guidance for the third quarter and provide an update to our full year 2023 guidance, where I will also provide some context on the thinking behind this guidance. For the third quarter of 2023, we expect revenue to be in the range of $626 million to $629 million. On a constant currency revenue basis, we expect revenue to be in the range of $634 million to $637 million. We are assuming a currency headwind of approximately $8 million in the third quarter, which translates to a 130 basis point headwind to year-over-year growth.

此外，正如我稍後將詳細討論的那樣，我們今天很高興地宣布，我們的董事會已批准額外 12 億美元的股票回購計劃。現在，我想分享我們對第三季度的指導，並提供 2023 年全年指導的更新，我還將提供有關該指導背後的思考的一些背景信息。我們預計 2023 年第三季度的收入將在 6.26 億美元至 6.29 億美元之間。在固定貨幣收入的基礎上，我們預計收入將在 6.34 億美元至 6.37 億美元之間。我們假設第三季度的貨幣阻力約為 800 萬美元，這意味著同比增長將阻力 130 個基點。

We expect non-GAAP operating margin to be approximately 33%. This includes roughly a 130 basis point headwind from FX and FormSwift. Finally, we expect diluted weighted average shares outstanding to be in the range of 347 million to 352 million shares based on our trailing 30-day average share price. For the full year 2023, we are raising the midpoint of our as-reported revenue guidance, up by $14.5 million to $2.487 billion to $2.497 billion from our previous range of $2.470 billion to $2.485 billion.

我們預計非 GAAP 運營利潤率約為 33%。其中包括來自 FX 和 FormSwift 的大約 130 個基點的逆風。最後，根據我們過去 30 天的平均股價，我們預計稀釋後加權平均流通股將在 3.47 億股至 3.52 億股之間。對於 2023 年全年，我們將報告收入指引的中值上調，從之前的 24.70 億美元至 24.85 億美元區間上調 1450 萬美元，至 24.87 億美元至 24.97 億美元。

On a constant currency revenue basis, we are raising by $12.5 million at the midpoint to $2.525 billion to $2.535 billion, up from the prior range of $2.510 to $2.525 billion. We estimate a full year 2023 currency headwind of approximately $38 million or approximately 160 basis point headwind to growth, with a minimal FX impact in Q4. We now expect FormSwift to contribute closer to 300 basis points of growth, up from our prior forecast of approximately 250 basis points of growth. We expect gross margin to be approximately 82%, up from our prior guidance of 81.5% to 82%. We expect non-GAAP operating margin to be approximately 32%, up from our prior guidance of 31% to 32%. This is inclusive of an approximately 100 basis point headwind from FX and FormSwift.

在固定貨幣收入的基礎上，我們將籌集 1,250 萬美元，達到 25.25 億至 25.35 億美元，高於之前 2.510 至 25.25 億美元的範圍。我們估計 2023 年全年貨幣阻力約為 3800 萬美元，即增長阻力約 160 個基點，第四季度的外匯影響最小。我們現在預計 FormSwift 將貢獻接近 300 個基點的增長，高於我們之前預測的約 250 個基點的增長。我們預計毛利率約為 82%，高於我們之前指導的 81.5% 至 82%。我們預計非 GAAP 運營利潤率約為 32%，高於我們之前指導的 31% 至 32%。這包括來自 FX 和 FormSwift 的約 100 個基點的逆風。

We are maintaining our free cash flow guidance of $820 million to $840 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 approximately $50 million headwind as a result of R&D tax legislation.

我們維持 8.2 億至 8.4 億美元的自由現金流指引。其中包括 DocSend 和 Command E 2023 年收購相關交易對價扣留分期付款的約 2300 萬美元現金流出；與我們裁員有關的一次性遣散費約為 4000 萬美元。與我們最初的指導一致，這包括研發稅收立法帶來的約 5000 萬美元的不利影響。

As related to our capital expenditures, in addition to finance leases, we are increasing our prior guidance. In recent years, we have seen users uploading increasing levels of high-density files such as videos and images to our platform. To address these usage and storage needs, we're adding some extra capacity and upgrading some of our existing infrastructure this year, which is reflected in our revised guidance.

就我們的資本支出而言，除了融資租賃之外，我們還增加了先前的指導。近年來，我們看到用戶向我們的平台上傳越來越多的高密度文件（例如視頻和圖像）。為了滿足這些使用和存儲需求，我們今年將增加一些額外的容量併升級一些現有的基礎設施，這反映在我們修訂後的指南中。

We now expect our addition to finance leases to be approximately 5.5% of revenue, up from our prior guidance of approximately 5%. And we're increasing our cash CapEx range by $5 million to now expect $30 million to $40 million in cash CapEx in 2023.

我們現在預計融資租賃的增加將佔收入的約 5.5%，高於我們之前約 5% 的指導。我們將現金資本支出範圍增加了 500 萬美元，目前預計 2023 年現金資本支出將達到 3000 萬至 4000 萬美元。

Finally, we expect 2023 diluted weighted average shares outstanding to be in the range of 345 million to 350 million shares, up from our previous guidance range of 340 million to 345 million shares. To share some additional context on this guidance. As related to revenue, we are raising our revenue guidance for 2023, driven by outperformance in Q2 from FormSwift and improved trends across our individual plans. These positive trends are outweighing macro headwinds on our teams plans as well as both DocSend and Sign. Additionally, and as a reminder, we will be lapping the benefit of our teams price increase in the second half of this year, which is reflected in our guidance.

最後，我們預計 2023 年稀釋後加權平均已發行股數將在 3.45 億股至 3.5 億股之間，高於我們之前 3.4 億股至 3.45 億股的指導範圍。分享有關本指南的一些其他背景信息。就收入而言，由於 FormSwift 第二季度的優異表現以及我們各個計劃的趨勢改善，我們正在提高 2023 年的收入指引。這些積極的趨勢超過了我們團隊計劃以及 DocSend 和 Sign 的宏觀阻力。此外，提醒一下，我們將在今年下半年享受團隊價格上漲的好處，這反映在我們的指導中。

As related to operating margins, we are raising our operating margin guidance to approximately 32%, up 50 basis points, as compared to the midpoint of our prior guidance, driven mostly by our revenue outperformance. As a reminder, we expect to invest some of the savings from a reduction in force towards long-term growth initiatives, in particular, hiring talent skilled in AI and early-stage product development.

就營業利潤率而言，我們將營業利潤率指引提高至約 32%，較之前指引的中值提高了 50 個基點，這主要是由於我們的收入表現出色。提醒一下，我們希望將裁員節省的部分資金用於長期增長計劃，特別是僱用人工智能和早期產品開發方面的人才。

We also have shifted some project and marketing spend from Q2 into the second half of 2023. And as a result, we expect that our Q2 operating margins will represent the high mark for the year. As related to full year free cash flow, we are maintaining our free cash flow guidance range of $820 million to $840 million. While we are raising our revenue and operating margin guidance, we are maintaining our free cash flow range due to the higher levels of CapEx needed to support our recent infrastructure capacity need. Additionally, and as a reminder, we still foresee a potential impact to billings later in the year as a result of our reduced levels of headcount and marketing investments stemming from our restructuring.

我們還將一些項目和營銷支出從第二季度轉移到 2023 年下半年。因此，我們預計第二季度的營業利潤率將達到今年的最高水平。就全年自由現金流而言，我們將自由現金流指導範圍維持在 8.2 億美元至 8.4 億美元之間。在我們提高收入和營業利潤率指導的同時，由於支持我們近期的基礎設施容量需求所需的資本支出水平較高，因此我們維持了自由現金流範圍。此外，提醒一下，由於重組導致我們的員工數量和營銷投資減少，我們仍然預計今年晚些時候的賬單可能會受到影響。

As related to our share count and plans to return capital to shareholders in the form of share repurchases, as of the end of Q2, we had approximately $419 million remaining on our existing $1.2 billion share buyback authorization. We remain committed to allocating a significant portion of our annual free cash flow to share repurchases. And consistent with this strategy, we are pleased to announce that our Board has authorized an additional $1.2 billion in share repurchases. This brings our total current capacity under our share repurchase program to approximately $1.6 billion.

就我們的股份數量和以股票回購形式向股東返還資本的計劃而言，截至第二季度末，我們現有的 12 億美元股票回購授權中剩餘約 4.19 億美元。我們仍然致力於將年度自由現金流的很大一部分用於股票回購。根據這一戰略，我們很高興地宣布，董事會已批准額外 12 億美元的股票回購。這使得我們股票回購計劃下的當前總產能達到約 16 億美元。

As a reminder, our buyback program is structured to buy more shares at lower price points. And as a result of our recent share price performance, we have adjusted our full year share count guidance accordingly.

提醒一下，我們的回購計劃旨在以較低的價格購買更多股票。鑑於我們最近的股價表現，我們相應調整了全年股數指引。

Lastly, as related 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. As you can see, we are operating at or above these margin levels this year, driven by efficiencies in our data center infrastructure and savings from our reduction in force. While we are not offering more specific 2024 guidance at this time, we expect to remain at the high end of these ranges next year.

最後，關於我們的長期財務目標，即到 2024 年實現毛利率 80% 至 82%、營業利潤率 30% 至 32% 以及年度自由現金流 10 億美元。如您所見，我們的運營目標是今年的利潤率或高於這些利潤水平，這得益於我們數據中心基礎設施的效率以及我們減少人力所節省的成本。雖然我們目前沒有提供更具體的 2024 年指導，但我們預計明年仍將保持在這些範圍的高端。

Consistent with what we shared last quarter, we expect to invest a portion of our savings from our recent workforce reduction towards our long-term initiatives, including Dropbox Dash and Dropbox AI. As we roll out these products to a broader audience of users and gain clarity on the customer response, we will assess the appropriate levels of investment to support their momentum. And therefore, we are maintaining our range at this time.

與我們上季度分享的內容一致，我們預計將近期裁員節省的部分資金投入到我們的長期計劃中，包括 Dropbox Dash 和 Dropbox AI。當我們向更廣泛的用戶推出這些產品並清楚地了解客戶的反應時，我們將評估適當的投資水平以支持他們的發展勢頭。因此，我們目前維持我們的範圍。

As related to our $1 billion of annual free cash flow by 2024, we are maintaining our target at this time. While we exceeded our revenue and operating margin guidance in the second quarter, we continued to face significant headwinds from exogenous factors such as R&D tax legislation, which came to light after we initially developed our long-term targets. We are also keeping in mind the potential for further investment that I just mentioned, where we intend to ensure that we are appropriately funding our long-term growth.

到 2024 年，我們的年度自由現金流將達到 10 億美元，我們目前維持這一目標。雖然我們在第二季度超出了收入和營業利潤率指引，但我們仍然面臨研發稅收立法等外部因素的重大阻力，這些因素是在我們最初制定長期目標後暴露出來的。我們還牢記我剛才提到的進一步投資的潛力，我們打算確保為我們的長期增長提供適當的資金。

In short, we remain focused on achieving our $1 billion target. However, we still have work to do. In conclusion, we continue to drive foundational improvements to our core business, while carefully investing towards new AI-powered products that we're excited to roll out to more customers. While the macro environment remains uncertain, we will stay focused on our customers, operating the business efficiently and driving long-term value for our shareholders.

簡而言之，我們仍然致力於實現 10 億美元的目標。然而，我們還有工作要做。總之，我們繼續推動核心業務的基礎性改進，同時謹慎投資新的人工智能產品，我們很高興向更多客戶推出這些產品。儘管宏觀環境仍存在不確定性，但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.

這樣，我現在將其轉交給接線員進行問答。

(Operator Instructions) And our first question coming from the line of 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。

I had 2. I wanted to first start, maybe Drew, if you could go a little bit deeper into your strategy around Dash, and particularly, you had mentioned Dash Answers as an area you want to get into later. Can you talk a little bit about kind of some of the use cases? And maybe more importantly, the use case you're trying to solve for? Or at least the way it sounds to us, seems like a big pain point for a lot of customers. I know the idea of search has been important to you for years. So this isn't brand-new or coming out of nowhere. But how do you think about positioning yourself to your customers as a center of gravity for solving that problem and driving adoption of these solutions, I think, especially just kind of given maybe some of the learnings out of the new Dropbox in the past. And then I've got a quick follow-up.

我有 2 個。我想首先開始，也許是 Drew，如果你能更深入地了解一下你關於 Dash 的策略，特別是，你提到了 Dash Answers 作為你稍後想要進入的領域。您能談談一些用例嗎？也許更重要的是，您要解決的用例是什麼？或者至少對我們來說，這對很多客戶來說似乎是一個很大的痛點。我知道多年來搜索的想法對您來說一直很重要。所以這並不是全新的，也不是憑空出現的。但我認為，您如何考慮將自己定位為客戶的重心，以解決該問題並推動這些解決方案的採用，尤其是考慮到過去從新 Dropbox 中學到的一些經驗。然後我會進行快速跟進。

Great. Yes. Thanks, Rishi. So we're really excited about Dash. And I see it as a natural evolution for Dropbox to go from organizing all your files to organizing everything, including your cloud content. And as the origin -- or I think about the customer problem, I think within the company, I mean, I experienced these problems. I think we all do, where it's -- you know you were looking at a document a day ago. And you know it's there, but you can't find it. And the problem is really similar to the one I started with, which is like my stuff is scattered across all this -- that my stuff is scattered everywhere. And back then -- back when we started, it was my files are scattered across all these different devices and operating systems. And today, those 100 files on your desktop have become 100 tabs in your browser. So -- and there's really this missing organizing layer for your cloud content.

偉大的。是的。謝謝，里希。所以我們對達世幣感到非常興奮。我認為 Dropbox 從組織所有文件到組織所有內容（包括雲內容）是一個自然的演變。作為起源，或者我認為客戶問題，我認為在公司內部，我的意思是，我經歷了這些問題。我想我們都知道，你知道你一天前正在查看一份文檔。你知道它在那裡，但你找不到它。這個問題與我一開始的問題非常相似，就像我的東西散落在所有這些地方一樣——我的東西散落在各處。那時，當我們開始時，我的文件分散在所有這些不同的設備和操作系統中。如今，桌面上的這 100 個文件已成為瀏覽器中的 100 個選項卡。因此，您的雲內容確實缺少組織層。

And that search is broken, right? We have like -- and say where we used to have one search box. Now we've got 10 as with all the different apps and platforms that we use that have 10 search boxes that each search 10% of your stuff. And there's a missing organizing layer in that. There's no persistence and there's no kind of concept of like collections for links, and I could go on about the pain points. But we see this as kind of another opportunity hidden in plain sight. That's very reminiscent of where Dropbox started, which is that there's this missing organizing layer and a better way of doing things. And we see it as a universal customer need. In many ways, the challenges that people have with organizing their cloud content are much greater than the challenges they have with file, seek and share. So we see it as a much bigger -- or a huge TAM and a much greater unmet need.

那個搜索被破壞了，對吧？我們曾經有一個搜索框。現在我們有 10 個，就像我們使用的所有不同的應用程序和平台一樣，它們有 10 個搜索框，每個搜索框搜索 10% 的內容。其中缺少一個組織層。沒有持久性，也沒有類似鏈接集合的概念，我可以繼續討論痛點。但我們認為這是另一個隱藏在眾目睽睽之下的機會。這很容易讓人想起 Dropbox 的起點，即缺少組織層和更好的做事方式。我們將其視為普遍的客戶需求。在許多方面，人們在組織雲內容方面面臨的挑戰比在文件、搜索和共享方面面臨的挑戰要大得多。因此，我們將其視為一個更大的——或者說是一個巨大的 TAM 和一個更大的未滿足的需求。

Now as -- and then building on -- as we've been working in this direction for a long time, but then the emergence of large language models and Generative AI adds another layer on top of that, which is the ability to interact in natural language so -- and to change the paradigm of search entirely. So as people -- as we've all used ChatGPT, it's pretty amazing what these -- what Generative AI can do, but there's a lot of questions, it can't answer if you think about it. So because it's not personalized or things like ChatGPT, it can't really tell you what -- if you have a question like what's my passport number or what's that presentation I did last year on last year's product launch or things like that. ChatGPT can't answer that because it's not connected to your information.

現在——然後在此基礎上——我們已經朝這個方向努力了很長一段時間，但是大型語言模型和生成式人工智能的出現在此基礎上又增加了另一層，那就是交互的能力自然語言也是如此——並且徹底改變搜索的範式。因此，作為人們，我們都使用過 ChatGPT，這些生成式人工智能可以做的事情非常令人驚奇，但有很多問題，如果你仔細想想，它無法回答。因此，因為它不是個性化的或類似ChatGPT 的東西，所以它不能真正告訴你什麼——如果你有一個問題，比如我的護照號碼是多少，或者我去年在產品發布會上所做的演示是什麼，或者類似的事情。 ChatGPT 無法回答這個問題，因為它未連接到您的信息。

So we see a big opportunity for Dropbox more broadly to provide personalized AI because we have this audience of millions of users, who have already entrusted us with a lot of their most important information. And we're -- in June in our launch, we launched -- we also introduced Dropbox AI, which is -- allows you to summarize large documents or even large videos, ask questions in natural language, provide that kind of personalized chatbot AI experience, in addition to Dash where we're doing the same thing with Dash Answers for all your content.

因此，我們看到 Dropbox 在更廣泛的領域提供個性化 AI 的巨大機會，因為我們擁有數百萬用戶，他們已經將許多最重要的信息委託給我們。我們在 6 月份推出時推出了 Dropbox AI，它允許您總結大型文檔甚至大型視頻，用自然語言提出問題，提供那種個性化的聊天機器人 AI除了Dash 之外，我們還在Dash Answers 上為您的所有內容做同樣的事情。

So we're very excited about this. We're excited about having -- the launch is in close beta right now, and we're continuing to iterate on experience and gets better every week and look forward to getting in more people's hands.

所以我們對此感到非常興奮。我們很高興能夠推出該產品，目前正處於封閉測試階段，我們將繼續迭代經驗，每週都會變得更好，並期待獲得更多人的青睞。

And I think with the positioning -- I think there are couple of other aspects like what's the positioning? Or how do we become the center of gravity. I think it's a natural because we have that trust relationship with our customers, and we have distribution, we have scale. In many cases, our customers are already putting their most important files in Dropbox. I think it's a pretty natural evolution for existing file, sync and share users to adopt Dash. And then -- but then when you look at the market of 1 billion knowledge workers, and none of them have a solution to their challenges around organizing cloud content. So we think this is a significant opportunity to make our TAM many multiples of what it is now. And as far as positioning, again, I think it's a natural evolution.

我認為對於定位——我認為還有其他幾個方面，例如定位是什麼？或者說我們如何成為重心。我認為這是很自然的，因為我們與客戶有信任關係，我們有分銷，我們有規模。在許多情況下，我們的客戶已經將最重要的文件放入 Dropbox 中。我認為現有文件、同步和共享用戶採用 Dash 是一個非常自然的演變。然後，當你看看擁有 10 億知識工作者的市場時，你會發現他們中沒有人能夠解決組織雲內容方面的挑戰。因此，我們認為這是一個重要的機會，可以使我們的 TAM 達到現在的許多倍。至於定位，我再次認為這是一個自然的演變。

And then last, like we've [incorporated] a lot of lessons from past product efforts, but I'd say one thing that's really different this time is the emergence of AI. And we can build products that we've wanted to build for a long time but didn't have the technical building blocks or sort of the missing piece of the large language model is a big deal. And then I'd say with Dash, it's a very focused experience, right? We do search. We do smart collections. We have start page for work concept. But we -- and we've had a much more iterative approach where we've been working with our customers. And Dash is also a key ingredient of that was an acquisition of Command E, which we did a few years ago. So we continue to iterate and drawn the lessons from past experiences, and we're really excited about getting Dash in the rest of our portfolio in more people's hands.

最後，就像我們從過去的產品工作中吸取了很多經驗教訓一樣，但我想說，這次真正不同的一件事是人工智能的出現。我們可以構建我們長期以來想要構建的產品，但沒有技術構建塊，或者大型語言模型的缺失部分是一個大問題。然後我想說，對於 Dash，這是一種非常專注的體驗，對嗎？我們進行搜索。我們做智能收藏。我們有工作概念的起始頁。但我們與客戶合作時採用了一種更加迭代的方法。 Dash 的一個關鍵因素是我們幾年前收購了 Command E。因此，我們不斷迭代並從過去的經驗中吸取教訓，我們非常高興能夠將達世幣納入我們的其他產品組合中，並交到更多人手中。

Awesome. Very thorough. I guess just a quick follow-up, as we think about Generative AI, I know it's too early to give prices around monetization. But I want to better understand your monetization strategy. Is this something that you maybe get well behind the higher-tier SKUs and use that -- use these as incentive to drive upgrades? Are there certain modules that you might consider monetizing discretely? Is this more about driving value, and therefore, you're going to get more new customers and better gross retention? I really just want to understand your philosophy around monetization without having to put numbers around it.

驚人的。非常徹底。我想這只是一個快速的後續行動，當我們考慮生成式人工智能時，我知道現在就貨幣化給出價格還為時過早。但我想更好地了解你們的盈利策略。您是否可能會遠遠落後於更高級別的 SKU 並使用它 - 將它們用作推動升級的激勵？您是否可以考慮單獨貨幣化某些模塊？這是否更多的是為了推動價值，因此您將獲得更多新客戶和更好的總保留率？我真的只是想了解你關於貨幣化的哲學，而不必用數字來解釋它。

Sure. So I mean there's going to be a portfolio of applications of AI. And I think -- the way I think about it is pretty similar that you could sort of replace machine learning, and there's a lot different applications of machine learning even before large language models. And some are just table stakes features of the product. Some are available only in higher tier plans and then some are explicit add-ons, and we expect that to be true for AI. And that's already the case to some extent.

當然。所以我的意思是，將會出現一系列人工智能應用程序。我認為，我的想法非常相似，你可以在某種程度上取代機器學習，而且即使在大型語言模型出現之前，機器學習也有很多不同的應用。有些只是產品的關鍵功能。有些僅在更高級別的計劃中可用，有些是明確的附加組件，我們希望人工智能也是如此。在某種程度上，情況已經如此。

So Dropbox AI, which is an add-on to the -- or which is part of the Dropbox file, sync and share product is only available to paid customers. It's in alpha right now. So we're continuing to iterate on it. And then products like Dropbox Dash, of course or when you look at the more broadly at other companies, some -- there's a lot of different approaches from integrating AI functionality in paid SKUs or higher tier plans. Or you see with Microsoft like having an add-on for AI capabilities. It's a little too soon for us to share exactly what we're doing, but we're certainly thinking about it as a portfolio and making sure that we're both creating the right amount of value for most users and then making sure that we design our pricing and packaging to best capture the value that we create.

因此，Dropbox AI 是 Dropbox 文件、同步和共享產品的附加組件，或者是 Dropbox 文件、同步和共享產品的一部分，僅適用於付費客戶。現在處於阿爾法階段。所以我們正在繼續迭代它。當然，還有像 Dropbox Dash 這樣的產品，或者當你更廣泛地觀察其他公司時，有些公司有很多不同的方法，可以將人工智能功能集成到付費 SKU 或更高級的計劃中。或者你會看到微軟有一個人工智能功能的附加組件。對於我們來說，準確地分享我們正在做的事情還為時過早，但我們確實將其視為一個投資組合，並確保我們都為大多數用戶創造了適當的價值，然後確保我們設計我們的定價和包裝，以最好地體現我們創造的價值。

And real brief. Rishi, this is Tim. So our focus this year, particularly on Dash, is on bringing a quality product to market and driving customer adoption. So that said, we expect that it will take several quarters before we start seeing a contribution to revenue from Dash.

而且很簡短。里希，這是蒂姆。因此，我們今年的重點，特別是達世幣，是將優質產品推向市場並推動客戶採用。也就是說，我們預計需要幾個季度的時間才能看到達世幣對收入的貢獻。

And our next question coming from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克·墨菲。

This is Sonak Kolar on for Mark Murphy at JPMorgan. Tim, at our TMC conference this year, you shared some color around a customer survey indicating about, I think, 8% of existing customer awareness for Dropbox Sign. Could you please provide us with some additional context on the progress Dropbox is making in terms of spreading that awareness of the full capabilities of the platform? And how that might be driving incremental cross-sell or upsell opportunities?

我是摩根大通的索納克·科拉爾 (Sonak Kolar) 代表馬克·墨菲 (Mark Murphy)。 Tim，在我們今年的 TMC 會議上，您分享了一項客戶調查的一些色彩，我認為現有客戶對 Dropbox Sign 的認知度約為 8%。您能否向我們提供一些額外的背景信息，說明 Dropbox 在傳播平台全部功能的意識方面所取得的進展？這將如何推動交叉銷售或追加銷售機會的增加？

Sure. Good question. So we have been working towards bundles for a while, where we're excited to roll those out soon. And exactly to your point, we did recently run a survey where roughly half of our users want capabilities, such as eSignature, but less than 10% of our users know we offer it. So we do have an opportunity to solve these problems for our customers, and we've addressed some foundational items such as rolling out a single legal terms of service and a unified customer identity. And we're now testing a bundle that does include file, sync and share, Sign and DocSend for professional users where early signals on conversion are positive. And then we're working on our teams version of these bundles where we will have more to share on that soon. So excited that we are making progress on this dimension.

當然。好問題。因此，我們已經努力開發捆綁包一段時間了，我們很高興能很快推出這些捆綁包。正是針對您的觀點，我們最近進行了一項調查，其中大約一半的用戶需要諸如電子簽名之類的功能，但只有不到 10% 的用戶知道我們提供了該功能。因此，我們確實有機會為客戶解決這些問題，並且我們已經解決了一些基本問題，例如推出單一的法律服務條款和統一的客戶身份。我們現在正在測試一個包含文件、同步和共享、簽名和文檔發送的捆綁包，供專業用戶使用，早期的轉換信號是積極的。然後我們正在開發這些捆綁包的團隊版本，我們很快就會分享更多內容。很高興我們在這個方面取得了進展。

Great. And then maybe a quick follow-up is just in terms of the macro, I'm curious if we have to say relative to Q1 if the macro is fairly consistent? Or would you say that there's pockets of incremental improvement or worsening? Just any color that you can provide on kind of how the macro has trended sequentially.

偉大的。然後也許快速跟進只是在宏觀方面，我很好奇我們是否必須說相對於第一季度宏觀是否相當一致？或者你會說有一些漸進的改善或惡化？您可以提供有關宏順序趨勢的任何顏色。

Sure. So as far as what we're seeing today, I'd say the macro trends are roughly consistent with what we've observed over the past couple of quarters. On one hand, we continue to see elevated price sensitivity and down-sell pressure from our teams customers, particularly those that have had layoffs themselves. And then Sign and DocSend are also continuing to face macro-related headwinds.

當然。因此，就我們今天看到的情況而言，我想說宏觀趨勢與我們過去幾個季度觀察到的情況大致一致。一方面，我們繼續看到我們團隊客戶的價格敏感性上升和降價壓力，特別是那些本身已經裁員的客戶。 Sign 和 DocSend 也繼續面臨與宏觀相關的阻力。

On the other hand, we are seeing some positive trends around our individual SKUs, particularly on retention, though our sense is that this is largely due to actions that we have taken as opposed to a change in macro dynamics. And then we're also seeing continued improvement in sign-up trends as a result of out of (inaudible) Google One Tap and other streamline onboarding processes where our guidance factors in these latest trends.

另一方面，我們在各個 SKU 方面看到了一些積極的趨勢，特別是在保留方面，儘管我們的感覺是，這很大程度上是由於我們採取的行動，而不是宏觀動態的變化。然後，由於（聽不清）Google One Tap 和其他簡化的入職流程，我們還看到註冊趨勢持續改善，我們的指導因素也考慮了這些最新趨勢。

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

我們的下一個問題來自花旗銀行的史蒂夫·恩德斯（Steve Enders）。

I guess, I want to start on -- it seems like last quarter, now there was a bigger push on the hiring side to hire AI talent and help kind of diversify the employee base here. I guess how are you finding the hiring environment today for those with expertise there? And I guess, how should we view those incremental hires kind of like layering into the model through the rest of the year?

我想，我想從上個季度開始，現在招聘方面加大了招聘人工智能人才的力度，並幫助實現員工基礎的多元化。我想您現在對那些擁有專業知識的人來說的招聘環境怎麼樣？我想，我們應該如何看待這些增量招聘，就像在今年剩餘時間里分層到模型中一樣？

Sure. I can start. We're finding it a pretty fertile environment, having a lot of success hiring. And we find -- mostly helpful to have things like Dash announced and be able to talk about these things more broadly and other factors like our virtual-first model. Being able to hire more flexibly outside of the major tech hubs is another big advantage. And so we've been building out a lot of leadership teams for these AI skill sets. And then we'll have a blend of both hiring experienced AI folks from industry, but then also when you think about other shifts to the Internet or to mobile or the cloud, a lot of the best mobile engineers or web engineers or pick your favorite example, started out as great generalist engineers before that. So we're also training up the company. There's a lot of enthusiasm and interest in turning all of our -- making all of our engineers AI aware and skilled. So we'll do both, and we're seeing good progress.

當然。我可以開始了。我們發現這是一個非常肥沃的環境，在招聘方面取得了很多成功。我們發現，宣布達世幣這樣的事情並能夠更廣泛地討論這些事情以及我們的虛擬優先模型等其他因素非常有幫助。能夠在主要技術中心之外更靈活地招聘是另一大優勢。因此，我們一直在為這些人工智能技能集建立許多領導團隊。然後我們將混合聘用來自行業的經驗豐富的人工智能人員，而且當你考慮向互聯網、移動或云的其他轉變時，很多最好的移動工程師或網絡工程師或選擇你最喜歡的例如，在此之前，他一開始是偉大的通才工程師。所以我們也在對公司進行培訓。我們對讓我們所有的工程師都具有人工智能意識和技能懷有極大的熱情和興趣。所以我們會同時做這兩件事，並且我們看到了良好的進展。

And maybe just from a model perspective. So for this year, we're setting our operating margin guidance to be approximately 32%. And that's up 50 basis points from the midpoint of our prior guidance of 31% to 32%, driven by the revenue outperformance. And we still do expect to invest some of the savings from our reduction in force towards longer-term growth initiatives, including this hiring and talent skilled in AI and early-stage product development. And then we also have shifted some project and marketing spend into the second half. So as a result, we do expect that our Q2 operating margins will be the high mark for the year.

也許只是從模型的角度來看。因此，今年，我們將營業利潤率指導設定為 32% 左右。在收入表現出色的推動下，這一數字比我們之前指導的 31% 至 32% 的中點上升了 50 個基點。我們仍然希望將裁員節省的部分資金用於長期增長計劃，包括招聘人工智能和早期產品開發方面的人才。然後我們還將一些項目和營銷支出轉移到下半年。因此，我們確實預計第二季度的營業利潤率將創年內新高。

Okay. That's helpful. And then maybe on FormSwift, I mean, good to see continued outperformance here in the quarter. I guess 2 questions on that. I guess, firstly, I guess, what is it that's helping drive the performance above your expectations? And secondly, on the updated guide, it looks like most of that is coming from -- at least on the top line is coming from the FormSwift outperformance here. I guess, a, is that the right way to be thinking about that? And secondarily, I guess, what are the implications for how the rest of the business is executing versus your expectations?

好的。這很有幫助。然後，也許在 FormSwift 上，我的意思是，很高興看到本季度繼續表現出色。我想有兩個問題。我想，首先，我想，是什麼讓業績超出了你的預期？其次，在更新的指南中，看起來大部分都來自——至少在最重要的方面來自 FormSwift 的出色表現。我想，這是思考這個問題的正確方式嗎？其次，我想，與您的期望相比，對其他業務的執行方式有何影響？

Sure. So we're raising the midpoint of our constant currency guidance range up by about $12.5 million for the full year. I'd say that's mostly driven by the Q2 outperformance as well as some better trends in individuals. Conversely, as we know, we continue to see macro headwinds weighing on our teams customers as well as both DocSend and Sign, where we're not assuming an improvement in those trends. Now again, FormSwift did outperform our expectations for the second quarter in a row. So certainly pleased with their progress. We're seeing better-than-expected retention on their side, where the team implemented some UI and product enhancements. And then the association with the Dropbox brand also seems to be helping.

當然。因此，我們將全年固定匯率指導範圍的中點上調約 1250 萬美元。我想說，這主要是由第二季度的優異表現以及個人的一些更好的趨勢推動的。相反，正如我們所知，我們繼續看到宏觀阻力對我們的團隊客戶以及 DocSend 和 Sign 造成壓力，我們不認為這些趨勢會有所改善。現在，FormSwift 確實連續第二季度的表現超出了我們的預期。所以當然對他們的進步感到高興。我們看到他們的保留率好於預期，團隊實施了一些 UI 和產品增強功能。與 Dropbox 品牌的合作似乎也有所幫助。

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

我們的下一個問題來自美國銀行的邁克爾·馮克 (Michael Funk)。

To dig in a bit more on the churn improvement sequentially during the quarter, yes, I think previously you mentioned that you implemented some new customer retention initiatives. So I'd love to get some more color around that and also expectation for how much more churn could improve from here as we anniversary the price increase from last year.

為了進一步深入了解本季度的客戶流失率改善情況，是的，我想您之前提到過您實施了一些新的客戶保留計劃。因此，我希望對此有更多的了解，並期望在我們紀念去年價格上漲週年之際，從這裡可以改善多少客戶流失率。

Yes, sure. This is Tim. I can start. Drew, feel free to jump in. So we saw our churn rates remain roughly consistent with last quarter with ongoing macro pressure on our teams customers, offset by some improvement with individuals. We continue to see heightened churn amongst our teams customers, particularly those that have gone through layoffs themselves.

是的，當然。這是蒂姆。我可以開始了。德魯，請隨意加入。因此，我們看到我們的客戶流失率與上季度大致保持一致，我們的團隊客戶面臨持續的宏觀壓力，但被個人的一些改善所抵消。我們繼續看到我們團隊的客戶流失率增加，特別是那些本身經歷過裁員的客戶。

Now on the positive side, we did see churn stabilize for our individual plans where the team worked on making the product easier to use, improving upload speeds and reducing upload delays. They also introduced payment processing alerts to help users keep their credit card information up to date. So overall, our churn rate does remain in the low teens.

現在從積極的一面來看，我們確實看到了我們個人計劃的流失穩定，團隊致力於使產品更易於使用，提高上傳速度並減少上傳延遲。他們還引入了付款處理警報，以幫助用戶及時更新信用卡信息。因此總體而言，我們的客戶流失率確實保持在較低的水平。

Okay. And then the impact on ARPU from the retention efforts, how should we think about -- I know it's flat quarter-over-quarter. But how should we think about the impact on ARPU from retention?

好的。然後，保留工作對 ARPU 的影響，我們應該如何考慮——我知道它與季度相比持平。但我們應該如何考慮留存對 ARPU 的影響呢？

Sure. Maybe just to walk through some of the ARPU dynamics we saw in the quarter. So on a year-over-year basis, ARPU was up about $5, landing at about $139. I'd say that was driven by a few different factors. So benefits from our pricing initiative, which continues to flow through as well as a shift to higher-priced plans. That was about a $7 contribution. The acquisition of FormSwift, that's about a $2 contribution. This is partially offset by FX and the continued growth in our family plan.

當然。也許只是為了了解一下我們在本季度看到的 ARPU 動態。因此，與去年同期相比，ARPU 上漲了約 5 美元，降至 139 美元左右。我想說這是由幾個不同因素驅動的。因此，我們的定價舉措將繼續實施，並轉向價格更高的計劃，這將讓我們受益匪淺。這大約是 7 美元的捐款。收購 FormSwift 的出資約為 2 美元。這部分被外彙和我們家庭計劃的持續增長所抵消。

Okay. And then really quickly on the repurchase and great to see incremental $1.2 billion, so about $1.6 billion total. My math, about 18% of the cap. Any commentary on the adjustment to the year-end share count, though? And how we should think about the pace of share repurchase and then kind of the signaling of the new repurchase program.

好的。然後回購速度非常快，很高興看到增量 12 億美元，總共大約 16 億美元。我算了一下，大約是上限的18%。不過，對年終股數的調整有什麼評論嗎？我們應該如何考慮股票回購的步伐，以及新回購計劃的信號。

Sure. Good question. So our buyback program is structured to buy more shares at lower price points. And as a result of our recent share price performance, we've adjusted our full year share count guidance accordingly. We do continue to repurchase shares as part of our 10b5-1 plan, where our updated share count guidance gives the best sense of our future repurchase expectations. We do, of course, continue to expect to allocate a significant portion of our annual free cash flow to share repurchases on an ongoing basis with the intention of reducing our share count. And the new authorization is just a continuation of that. It's our -- it reflects our commitment to that program.

當然。好問題。因此，我們的回購計劃旨在以更低的價格購買更多股票。鑑於我們最近的股價表現，我們相應地調整了全年股數指引。作為我們 10b5-1 計劃的一部分，我們確實繼續回購股票，其中我們更新的股票數量指導最能體現我們未來的回購預期。當然，我們確實繼續期望將年度自由現金流的很大一部分用於持續的股票回購，以減少我們的股票數量。新的授權只是這一授權的延續。這是我們的——它反映了我們對該計劃的承諾。

And our next question coming from the line of Brent Thill with Jefferies.

我們的下一個問題來自布倫特·希爾和杰弗里斯的電話。

This is Eylon Liani on for Brent Thill. Two things on my end. First, what do you think about the sustainable growth rate of the business? And how do you break that out between core FSS and the other assets? And secondly, given that you raised the full year guide by more than the beat in the quarter, are you factoring in a greater sense of optimism in terms of macro for the back half of the year? Or just if you can talk through the factors that went into the full year guide, that would be great.

我是埃隆·利亞尼 (Eylon Liani) 替補布倫特·希爾 (Brent Thill)。我這邊有兩件事。首先，您如何看待業務的可持續增長率？如何區分核心 FSS 和其他資產？其次，考慮到您對全年指引的上調幅度超過了本季度的預期，您是否考慮到對下半年宏觀經濟更加樂觀的情緒？或者，如果您能談談全年指南中的因素，那就太好了。

Sure. Maybe on guidance philosophy, I'd say we're being consistent with our historical approach. Our macro view is largely the same as it was last quarter. Not assuming an improvement in the economy and our guidance, we are assuming that the same trends we saw in Q2 will continue, including positive trends from our individual SKUs or again, we took direct action to improve those plans. Of course, this is somewhat offset by sluggish demand within our team SKUs.

當然。也許在指導理念上，我想說我們與我們的歷史方法保持一致。我們的宏觀觀點與上季度基本相同。我們不假設經濟和我們的指導有所改善，而是假設我們在第二季度看到的相同趨勢將繼續下去，包括我們各個 SKU 的積極趨勢，或者我們再次採取直接行動來改進這些計劃。當然，這在一定程度上被我們團隊 SKU 內的需求疲軟所抵消。

And we do also remain mindful of our reduction in force and the potential impact this could have on our billings, given our reduced levels of investment in headcount and marketing, where all of these considerations are factored into guidance.

鑑於我們在員工人數和營銷方面的投資水平減少，我們也確實注意到我們的兵力減少以及這可能對我們的賬單產生的潛在影響，所有這些考慮因素都被納入指導。

Now as far as your earlier part of your question on our long-term thinking, not providing any revenue guidance beyond '23 at this time, certainly keeping a close eye on the evolving macro environment as we navigate our path forward. We are also launching several new product experiences later this fall, such as Dropbox Dash and Bundles, where we will have a better idea of the revenue contribution after we gain initial customer signals, where ultimately, we're very focused on driving a healthy balance of growth and profitability as we pursue our financial targets.

現在，就您剛才提出的有關我們長期思考的問題而言，目前不提供 23 年後的任何收入指引，在我們前進的道路上，當然要密切關注不斷變化的宏觀環境。我們還將在今年秋天晚些時候推出一些新產品體驗，例如 Dropbox Dash 和 Bundles，在獲得最初的客戶信號後，我們將更好地了解收入貢獻，最終我們非常專注於推動健康的平衡我們追求財務目標時的增長和盈利能力。

And our next question coming from the line of Jacob Staffel with Goldman Sachs.

我們的下一個問題來自高盛的雅各布·斯塔費爾（Jacob Staffel）。

This is Jacob Staffel on for Kash Rangan. A couple of questions from me. So Dropbox has expanded the product portfolio recently. We see that with Dash, Dropbox AI, DocSend, Replay. Can you touch on how those offerings might be doing relative to the core FSS offering that Dropbox was founded on? And then additionally, how are you thinking through hiring in the near term, specifically quota-carrying reps? And can you touch on maybe how the self-service channel has fared in 2Q on a sequential and on a year-over-year basis?

我是雅各布·斯塔費爾 (Jacob Staffel)，代表卡什·蘭根 (Kash Rangan) 發言。我有幾個問題。因此，Dropbox 最近擴大了產品組合。我們在 Dash、Dropbox AI、DocSend、Replay 中看到了這一點。您能否談談這些產品相對於 Dropbox 賴以建立的核心 FSS 產品的表現如何？另外，您如何考慮近期的招聘，特別是配額代表的招聘？您能否談談自助服務渠道在第二季度的環比和同比表現如何？

Sure. So we are really pleased with the progress we've been making in broadening the portfolio, as you kind of touched on. So I mean we started with FSS, but we saw that our customers had a bunch of workflow needs around the content in Dropbox, and so that's how -- that's why you've seen us expand into document workflows with things like FormSwift and DocSend and HelloSign. And increasingly, we're doing more with video with Replay and Capture as we've seen folks adopt, where they initially drop to Dropbox for those use cases or kind of duck tape some together, and then we found we could build a more targeted product for that or for that use case. And then you're seeing, as our customers or as many workflows have shifted from files and desktop apps to cloud tools and the browser, a new need to organize all your cloud content and fix problems with search and an organization and then bring intelligence into the work experience. So that's kind of the motivation behind it.

當然。因此，正如您提到的那樣，我們對擴大產品組合方面取得的進展感到非常滿意。所以我的意思是，我們從 FSS 開始，但我們看到我們的客戶對 Dropbox 中的內容有很多工作流程需求，所以這就是為什麼你看到我們通過 FormSwift 和 DocSend 等工具擴展到文檔工作流程，你好標誌。我們越來越多地使用重播和捕獲來處理視頻，正如我們看到人們採用的那樣，他們最初會使用Dropbox 來處理這些用例，或者將一些磁帶放在一起，然後我們發現我們可以構建更有針對性的視頻用於該或該用例的產品。然後您會看到，隨著我們的客戶或許多工作流程從文件和桌面應用程序轉向雲工具和瀏覽器，組織所有云內容並解決搜索和組織問題，然後將智能引入到雲中的新需求工作經驗。這就是其背後的動機。

And as far as how those products are doing, I think we probably don't have much to add from -- beyond the comments we've already made, but we're very excited about the potential, especially for things like Dash and Dropbox AI. And I wouldn't say there's much of a shift in how we're thinking about hiring quota-carrying reps. I mean, as a reminder, 90% of our business is self-serve. And then we have a targeted outbound and managed motion to help grow those -- to grow those accounts once they reach a certain threshold. And we're thinking about how do we continue to scale the go-to-market -- or get the best of both of those worlds from a go-to-market standpoint and get ready to be scaling a lot of our new products.

至於這些產品的表現，我認為除了我們已經發表的評論之外，我們可能沒有什麼可補充的，但我們對其潛力感到非常興奮，特別是對於 Dash 和 Dropbox 這樣的產品人工智能。我不會說我們在招聘配額代表方面的想法有很大轉變。我的意思是，提醒一下，我們 90% 的業務都是自助服務。然後，我們有一個有針對性的出站和管理動議來幫助增加這些賬戶——一旦這些賬戶達到一定的閾值，就增加這些賬戶。我們正在考慮如何繼續擴大上市規模——或者從上市的角度充分利用這兩個領域，並準備擴大我們的許多新產品。

And then briefly, I think you asked about the performance of self-serve. I think it largely mirrors the trends that Drew and I have been talking about, where on the team side, we're seeing price sensitivity, on the individual side, we saw some improvement in retention that we've touched on.

然後簡單地說，我想您問的是自助服務的性能。我認為這在很大程度上反映了德魯和我一直在談論的趨勢，在團隊方面，我們看到了價格敏感性，在個人方面，我們看到了我們所提到的保留率的一些改善。

And I see we have no further questions at this time. Ladies and gentlemen, this concludes today's conference call. You may disconnect at this time, and have a wonderful day.

我發現我們目前沒有其他問題了。女士們、先生們，今天的電話會議到此結束。此時您可能會斷開連接，並度過美好的一天。