Dropbox Inc (DBX) 2023 Q3 法說會逐字稿

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

女士們、先生們，午安。感謝您參加 Dropbox 2023 年第三季財報電話會議。 （操作員說明）謹此提醒，我們正在對本次電話會議進行錄音，並可在本次電話會議後透過 Dropbox 網站的投資者關係部分進行重播。

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 Third 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 forecasts for our fourth 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.

謝謝。下午好，歡迎參加 Dropbox 2023 年第三季財報電話會議。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，包括我們對第四季度和 2023 財年的長期目標和預測，以及我們的關於我們的收入成長、獲利能力、營業利潤率和自由現金流的預期，以及我們對我們的業務、資產、產品、策略、技術、員工、用戶、需求、產業趨勢和宏觀經濟環境的預期。

These statements are subject to risks and uncertainties that could cause actual results to differ materially. They are also based on assumptions as of today, and we undertake no obligation to update them as a result of new information or future events. Factors and risks that could cause our actual results to differ materially from these forward-looking statements are set forth in today's earnings release and in our quarterly report on Form 10-Q filed with the SEC.

這些陳述存在風險和不確定性，可能導致實際結果有重大差異。它們也是基於截至目前的假設，我們不承擔因新資訊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有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.

我們也將討論非公認會計原則財務指標，這些指標不依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 業績的調整表。

I would now like to turn the call over to Dropbox's Chief Financial Officer, Tim Regan. Tim?

我現在想將電話轉給 Dropbox 的財務長 Tim Regan。提姆？

Thanks, Karan, and good afternoon. Before I begin, I wanted to let everyone know that I'll be filling in for Drew today because he and his wife, Erin, just welcomed their first child, Charlie, this week. So big congratulations and well wishes to Drew and his family.

謝謝，卡蘭，下午好。在開始之前，我想讓大家知道我今天將代替德魯，因為他和他的妻子艾琳剛剛在本週迎來了他們的第一個孩子查理。向德魯和他的家人表示熱烈的祝賀和良好的祝愿。

I'll first provide an update on our company's strategy and share some recent product highlights before moving on to our Q3 results and guidance for the rest of the year. I will also offer some commentary to help you think about our 2024 outlook.

我將首先介紹我們公司策略的最新情況，並分享一些最近的產品亮點，然後再介紹我們第三季的業績和今年剩餘時間的指導。我還將提供一些評論，以幫助您思考我們的 2024 年前景。

While we continue to navigate an uncertain economic climate, we beat our revenue guidance, driven by strength within our individual SKUs for the second straight quarter, and we again drove better-than-expected profitability. However, we continue to see pressure across our Teams customers and document workflow businesses, including seasonal softness within FormSwift.

雖然我們繼續應對不確定的經濟環境，但在單一 SKU 的強勁推動下，我們連續第二個季度超出了收入預期，並且我們再次實現了好於預期的盈利能力。然而，我們仍然看到 Teams 客戶和文件工作流程業務面臨壓力，包括 FormSwift 的季節性疲軟。

As we approach the end of 2023, I want to quickly provide an update on our company's strategy. As you recall, earlier in the year, we simplified our focus around two main business objectives. The first is building AI-powered product experiences centered around organizing all cloud content, starting with the introduction of Dropbox Dash, a standalone universal search product leveraging AI and machine learning. And the second objective is continuing to evolve our core file ticket share offering, integrating AI and other improvements in order to provide a more seamless product experience for customers' workflows.

隨著 2023 年底的臨近，我想快速更新我們公司的策略。正如您所記得的，今年早些時候，我們圍繞兩個主要業務目標簡化了重點。第一個是以組織所有雲端內容為中心的人工智慧驅動的產品體驗，首先是引入 Dropbox Dash，這是一個利用人工智慧和機器學習的獨立通用搜尋產品。第二個目標是繼續發展我們的核心文件票證共享產品，整合人工智慧和其他改進，以便為客戶的工作流程提供更無縫的產品體驗。

We first discussed this refocused strategy after we took actions in Q2 to realign our workforce in order to run a more efficient core business while investing more towards longer-term AI product initiatives. We're pleased with how our teams have taken these changes in stride and how, as a company, we're able to look ahead with a unified product vision while staying focused on responsible resource allocation.

我們在第二季採取行動重新調整我們的員工隊伍，以便經營更有效率的核心業務，同時更多地投資於長期人工智慧產品計劃後，我們首先討論了這項重新調整策略。我們很高興我們的團隊如何從容地應對這些變化，以及作為一家公司如何能夠以統一的產品願景展望未來，同時專注於負責任的資源分配。

Now moving on to some of the recent progress we've made building our AI product portfolio. As a reminder, in June, we introduced our first generation of products, including Dropbox Dash and Dropbox AI. I'll focus on Dropbox Dash as this represents our first major product launch within our next generation of AI-powered products, and we see this opening a new market opportunity of universal search.

現在我們來看看我們在建立人工智慧產品組合方面取得的一些最新進展。提醒一下，我們在 6 月推出了第一代產品，包括 Dropbox Dash 和 Dropbox AI。我將重點放在 Dropbox Dash，因為這是我們在下一代人工智慧產品中推出的第一個主要產品，我們認為這為通用搜尋開闢了新的市場機會。

Drew has talked for a while about the growing challenge of fragmented content in this new world of distributed work. Last month, we met with hundreds of customers in New York, and many echoed the same pain points around organizing their work. And we believe we're in a good position to solve these new problems with our scale and platform neutrality. We also see the shift from files and folders, along with recent advancements in AI, giving way to new market opportunities, in particular, the search and knowledge discovery software market. IDC sizes this as a $7 billion market today that's expected to triple over the next 4 years. And we believe we're well positioned to take part in this secular wave with Dropbox Dash.

德魯已經談到了分散式工作新世界中碎片化內容所面臨的日益嚴峻的挑戰。上個月，我們在紐約會見了數百名客戶，許多人在組織工作上也遇到了同樣的痛點。我們相信，憑藉我們的規模和平台中立性，我們能夠很好地解決這些新問題。我們也看到文件和資料夾的轉變，以及人工智慧的最新進展，讓位於新的市場機會，特別是搜尋和知識發現軟體市場。 IDC 目前將此市場規模定為 70 億美元，預計在未來 4 年內將成長兩倍。我們相信，我們已經做好了充分準備，可以透過 Dropbox Dash 參與這股長期浪潮。

As a reminder, Dropbox Dash leverages AI while connecting your cloud tools, apps and content into a single search bar. It allows users to quickly find everything in one place, whether that content is pulled from Microsoft Outlook or Google Workspace or Asana. And because Dash is powered by machine learning, it learns about you and your priorities the more you use it.

提醒一下，Dropbox Dash 利用人工智慧，同時將您的雲端工具、應用程式和內容連接到單一搜尋列。它允許用戶在一個地方快速找到所有內容，無論這些內容是從 Microsoft Outlook、Google Workspace 還是 Asana 中提取的。由於 Dash 由機器學習提供支持，因此您使用它的次數越多，它就會了解您和您的優先事項。

Since introducing Dash and to close beta over the summer, we've carefully rolled out the product to a select group of users in order to observe customer engagement and test our scaling capabilities. In the first few months, we've learned valuable insights from users and iterated on the product in a number of ways to address their top pain points. For example, we noticed users experiencing friction during the onboarding process, and many were not initially establishing connected apps to work within Dash.

自從推出 Dash 並在夏季結束測試以來，我們小心翼翼地向選定的用戶組推出了該產品，以觀察客戶參與度並測試我們的擴展能力。在最初的幾個月裡，我們從用戶那裡學到了寶貴的見解，並透過多種方式迭代產品來解決他們的首要痛點。例如，我們注意到用戶在入職過程中遇到了摩擦，而且許多人最初並沒有建立在 Dash 中工作的連接應用程式。

We rolled out a new web-based onboarding experience, reducing the number of steps in the sign-up process and made it easier to add connected apps. Since revamping this onboarding flow, we've seen a significant increase in the number of users who adopt at least one connected app versus before. We've also seen improvement in overall user retention.

我們推出了一種新的基於網路的入門體驗，減少了註冊過程中的步驟，並使添加連接的應用程式變得更加容易。自從改進這個入門流程以來，我們發現採用至少一個連接應用程式的用戶數量比以前顯著增加。我們也看到整體用戶保留率的提高。

We've also significantly improved our search quality. We're currently rolling out semantic search functionality, which processes intent and context behind the search query to deliver more relevant results. Early feedback from this rollout has been positive as users previously had to rely more on using exact wording to find the right piece of content.

我們還顯著提高了搜尋品質。我們目前正在推出語義搜尋功能，該功能可以處理搜尋查詢背後的意圖和上下文，以提供更相關的結果。這次推出的早期回饋是正面的，因為使用者以前必須更依賴使用準確的措辭來找到正確的內容。

And lastly, we're continuing to make stacks more intuitive for users to create and share. As a reminder, stacks are smart collections for links that offer a quick way to save, organize and retrieve URLs. Just like playlists organize songs, stacks organize URLs in a way that's easy to group by topic and share with colleagues. Driving more adoption of stacks is an important part of our strategy with Dash as we found that users who add more links to a stack have higher retention profile than those that don't.

最後，我們將繼續讓堆疊更加直觀，以便用戶創建和共享。提醒一下，堆疊是連結的智慧集合，提供了一種快速保存、組織和檢索 URL 的方法。就像播放清單組織歌曲一樣，堆疊以一種易於按主題分組並與同事共享的方式組織 URL。推動更多堆疊的採用是我們達世幣策略的重要組成部分，因為我們發現向堆疊添加更多連結的用戶比不添加更多連結的用戶擁有更高的保留率。

As we continue to evolve Dropbox Dash, we'll be investing more in sales and marketing to drive user education and distribution. And we also see an opportunity to sell Dash to Teams customers who are grappling with even more information overload and complexity. This is where we're also making sure we build Dash with security and transparency in mind. We recognize in the rapidly evolving world of AI, customers are looking for tools they can trust to keep their content safe. This is why we're building in the right controls, admin and compliance features so customers can feel safe deploying Dash, whether they're a small team or a large organization.

隨著 Dropbox Dash 的不斷發展，我們將在銷售和行銷方面投入更多資金，以推動用戶教育和分發。我們也看到了向正在努力應對更多資訊過載和複雜性的 Teams 客戶出售 Dash 的機會。這也是我們確保在建立達世幣時考慮到安全性和透明度的地方。我們認識到，在快速發展的人工智慧世界中，客戶正在尋找值得信賴的工具來確保其內容安全。這就是為什麼我們要建立正確的控制、管理和合規功能，以便客戶可以安全地部署 Dash，無論他們是小型團隊還是大型組織。

We're encouraged by the early progress with Dash, which is now in open beta. We've seen growth in the number of weekly engaged users since we removed the waitlist last month, and we continue to observe healthy activation and retention rates with roughly half of the users returning to use the product within 1 to 2 weeks of first activating. Our near-term focus is continuing to improve the product and growing the user base before we plan to launch Dash into GA in the earlier part of 2024. We believe our value proposition is resonating with customers, and we're excited for the long-term potential for Dash.

我們對達世幣的早期進展感到鼓舞，該專案現已進入公開測試階段。自從上個月刪除候補名單以來，我們發現每週參與的用戶數量有所增長，並且我們繼續觀察健康的激活率和保留率，大約一半的用戶在首次激活後1 到2 週內返回使用該產品。我們的近期重點是繼續改進產品並擴大用戶群，然後我們計劃在 2024 年初將 Dash 推向 GA。我們相信我們的價值主張會引起客戶的共鳴，我們對長期的發展感到興奮。達世幣的長期潛力。

Moving on to our second objective, evolving the existing Dropbox file sync and share user experience to seamlessly address customer workflows around documents and videos. For years, we've been adding functionality within Dropbox through organic and acquired assets so that our users can do more with their content beyond storage, whether it's signing documents or creating and editing videos. These capabilities are even more important in today's era of distributed work. We've often heard from our customers that they were unaware of everything we offered, or they had a difficult time discovering new functionality within Dropbox.

繼續我們的第二個目標，改善現有的 Dropbox 檔案同步和共享使用者體驗，以無縫解決圍繞文件和影片的客戶工作流程。多年來，我們一直透過有機和收購的資產在 Dropbox 中添加功能，以便我們的用戶可以在儲存之外對其內容進行更多操作，無論是簽署文件還是創建和編輯影片。這些能力在當今分散式工作的時代中顯得更加重要。我們經常從客戶那裡聽說，他們不知道我們提供的一切，或者他們很難發現 Dropbox 中的新功能。

It was clear we needed to modernize and simplify the web experience. That's why at our customer event last month, we announced an entirely new and intuitive web experience that helps users stay productive. Whether it's editing a PDF, recording a video message for a team or tracking a proposal sent to a client, the web redesign makes it easier for users to access the right tools at the right time. With an adaptive interface, the view changes based on what users are working on, such as a dedicated tab focused on e-signatures. And with a number of these capabilities integrated more seamlessly, users can avoid having to switch between apps.

很明顯，我們需要現代化並簡化網路體驗。這就是為什麼在上個月的客戶活動中，我們宣布推出全新、直覺的網路體驗，幫助用戶保持工作效率。無論是編輯 PDF、為團隊錄製影片訊息或追蹤發送給客戶的提案，重新設計的網頁都可以讓使用者更輕鬆地在正確的時間存取正確的工具。透過自適應介面，視圖會根據使用者正在處理的內容而變化，例如專注於電子簽名的專用標籤。透過更無縫地整合許多這些功能，用戶可以避免在應用程式之間切換。

With our web redesign, we also saw an opportunity to refresh our business plans, making it easier for customers to discover all the value Dropbox can provide to them directly from our plans page. Previously, we sold some of our additional capabilities with select plans like our eSignature and Professional plan package, but it's 2 separate products, the end-user experience was disjointed and difficult to navigate. It was also confusing for self-serve customers looking for more than just storage to discover how they could purchase the right plan for them.

透過重新設計網站，我們還看到了更新業務計劃的機會，讓客戶可以更輕鬆地直接從我們的計劃頁面發現 Dropbox 可以為他們提供的所有價值。在此之前，我們透過精選計劃（例如電子簽名和專業計劃包）出售了一些附加功能，但它是兩個獨立的產品，最終用戶體驗脫節且難以導航。對於尋求儲存以外的服務的自助客戶來說，如何購買適合自己的計劃也令人困惑。

I'm excited to announce that we've rolled out the first generation of our fully integrated bundled offerings for new customers, and we've updated pricing and packaging to reflect the added value, including capabilities such as e-signature, tracking analytics and PDF editing. These new offerings are Dropbox Essential for solo professionals, Dropbox Business for small teams and Dropbox Business Plus for larger teams. More details of each plan can be found on our website as well as in our investor presentation.

我很高興地宣布，我們已經為新客戶推出了第一代完全整合的捆綁產品，並且我們更新了定價和包裝以反映附加價值，包括電子簽名、追蹤分析和PDF 編輯。這些新產品包括適合獨立專業人士的 Dropbox Essential、適合小型團隊的 Dropbox Business 以及適合大型團隊的 Dropbox Business Plus。每個計劃的更多詳細資訊可以在我們的網站以及投資者演示中找到。

New customers can purchase these plans today, and we're currently migrating existing customers to the new plans at their existing plan price. We see an opportunity for these bundles to provide an ARPU lift over time from new user adoption as well as retention improvements as we've seen the customers who use multiple products retain at significantly higher rates.

新客戶今天就可以購買這些計劃，我們目前以現有計劃價格將現有客戶遷移到新計劃。我們看到這些捆綁包有機會隨著時間的推移透過新用戶的採用以及保留率的提高來提高 ARPU，因為我們看到使用多種產品的客戶保留率明顯更高。

I'll now move on to our financial highlights from Q3 and update guidance for the rest of this year, along with offering some commentary on how to think about our 2024 targets and growth outlook. Starting with our third quarter results. Total revenue in Q3 increased 7.1% year-over-year to $633 million, beating our guidance range of $626 million to $629 million. Foreign exchange rates provided an approximately $7 million headwind to growth.

現在，我將繼續討論第三季的財務亮點，並更新今年剩餘時間的指導，並就如何思考我們的 2024 年目標和成長前景提供一些評論。從我們第三季的業績開始。第三季總營收年增 7.1% 至 6.33 億美元，超出了我們 6.26 億至 6.29 億美元的指導範圍。外匯匯率為成長帶來了約 700 萬美元的阻力。

On a constant currency basis, revenue grew 8.3% year-over-year. The revenue outperformance was driven by strength across our Individuals plans, which were once again partially offset by headwinds we continue to see across our teams and document workflow businesses. Total ARR for the quarter grew 3.8% year-over-year for a total of $2.525 billion.

以固定匯率計算，營收年增 8.3%。收入的優異表現是由我們的個人計劃的實力推動的，而我們的團隊和文檔工作流程業務中繼續看到的不利因素再次部分抵消了這些計劃的優勢。本季總 ARR 年增 3.8%，總計 25.25 億美元。

On a constant currency basis, ARR grew $25 million sequentially and 7.5% year-over-year, primarily driven by Individuals. I'd note that in Q3, we've largely lapped the pricing and packaging changes we made to our Teams plans last June, and hence, added less quarterly net new ARR relative to the first half of 2023.

以固定匯率計算，ARR 環比增長 2500 萬美元，年增 7.5%，這主要是由個人推動的。我要指出的是，在第三季度，我們基本上採用了去年 6 月對 Teams 計劃所做的定價和包裝更改，因此，與 2023 年上半年相比，季度淨新 ARR 增加較少。

We exited the quarter with 18.2 million paying users and added approximately 130,000 net new paying users sequentially. Average revenue per paying user for Q3 was $138.71, down slightly on a sequential basis, but up over $4 year-over-year, driven by the Teams pricing increase, FormSwift as well as a shift to premium plans.

本季結束時，我們擁有 1,820 萬付費用戶，並連續增加了約 13 萬淨新付費用戶。第三季每個付費用戶的平均收入為 138.71 美元，環比略有下降，但同比增長超過 4 美元，這得益於 Teams 定價上漲、FormSwift 以及向高級計劃的轉變。

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

在我們繼續進一步討論我們的損益表之前，我想指出，除非另有說明，否則提到的所有損益表數據均為非公認會計準則數據，不包括基於股票的補償、購買無形資產的攤銷、某些與收購相關的費用、我們的資產減損與我們減少兵力相關的房地產資產和費用。我們的非公認會計原則淨利也包括上述調整的所得稅影響。

Moving to our real estate strategy, where we have been actively seeking subleases and buyouts of our vacant real estate space, a majority of which is in San Francisco. In October, we executed a buyout with our landlord of approximately 40% of our remaining sublease space in San Francisco for $79 million to be paid over 3 years beginning with an approximate $28 million payment in the fourth quarter of this year. This payment was not previously factored into our 2023 free cash flow guidance, and I will provide an update on this when we share our latest view for the year.

轉向我們的房地產策略，我們一直在積極尋求對空置房地產空間的轉租和買斷，其中大部分位於舊金山。 10 月份，我們與房東以 7,900 萬美元的價格與房東買斷了舊金山剩餘轉租空間的約 40%，並在三年內支付，從今年第四季開始支付約 2,800 萬美元。這筆款項之前並未計入我們的 2023 年自由現金流指引，當我們分享我們今年的最新觀點時，我將提供相關更新。

Overall, we expect this buyout to drive significant savings in the long term as we will be avoiding over $220 million in aggregate rent payments and common area maintenance fees over the remaining 10-year lease duration. We will continue to actively seek subleases and pursue additional buyouts where we see favorable returns.

總體而言，我們預計此次收購將在長期內帶來大量節省，因為我們將在剩餘 10 年租賃期內避免超過 2.2 億美元的總租金支付和公共區域維護費。我們將繼續積極尋求轉租，並在看到有利回報的情況下尋求額外的收購。

With that, let's continue with the third quarter P&L. Gross margin was approximately 83% for the quarter, roughly flat compared to the third quarter of 2022. Operating margin was 36%, up roughly 400 basis points year-over-year. We beat our operating margin guidance by 300 basis points, primarily driven by delayed marketing and professional services spend, which we expect to incur in Q4. We are also being prudent with the pace of hiring as we remain focused on cost discipline.

接下來，讓我們繼續第三季的損益表。本季毛利率約 83%，與 2022 年第三季基本持平。營業利潤率為 36%，年成長約 400 個基點。我們的營業利潤率指引超出了 300 個基點，這主要是由於我們預計將在第四季度產生的營銷和專業服務支出延遲所致。由於我們仍然注重成本控制，因此我們對招募速度也持謹慎態度。

Net income for the third quarter was $194 million, up 27% versus the third quarter of 2022, driven by operating income growth. Diluted EPS was $0.56 per share based on 346 million diluted weighted average shares outstanding, up from $0.43 per share based on 360 million diluted weighted average shares outstanding for the third quarter of 2022.

在營業收入成長的推動下，第三季淨利為 1.94 億美元，較 2022 年第三季成長 27%。根據 3.46 億股稀釋加權平均流通股計算，稀釋每股收益為 0.56 美元，高於根據 2022 年第三季 3.6 億股稀釋加權平均流通股計算的每股 0.43 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 $256 million in the third quarter. Capital expenditures were $9 million during the quarter. This resulted in quarterly free cash flow of $247 million compared to $245 million in Q3 of 2022. In the quarter, we also added $26 million to our finance leases for data center equipment.

接下來是我們的現金餘額和現金流。本季結束時，我們的現金和短期投資為 13 億美元。第三季營運現金流為 2.56 億美元。本季資本支出為 900 萬美元。這導致季度自由現金流為 2.47 億美元，而 2022 年第三季為 2.45 億美元。本季度，我們還為資料中心設備的融資租賃增加了 2,600 萬美元。

Moving on to our share repurchase activity. In Q3, we repurchased 4 million shares, spending approximately $104 million. As of the end of the third quarter, we have approximately $1.5 billion remaining under our current repurchase authorizations. As a reminder, we remain committed to allocating a significant portion of our annual free cash flow to share repurchases.

繼續我們的股票回購活動。第三季度，我們回購了 400 萬股股票，花費約 1.04 億美元。截至第三季末，我們目前的回購授權剩餘約 15 億美元。提醒一下，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。

I'd now like to share our guidance for Q4 and in turn, the full year 2023, where I will also provide some context on the thinking behind this guidance. For the fourth quarter of 2023, we expect revenue to be in the range of $629 million to $632 million. We are assuming a currency headwind of approximately $2 million in the fourth quarter, and thus, on a constant currency revenue basis, we expect revenue to be in the range of $631 million to $634 million. We expect non-GAAP operating margins to be approximately 31.5%. This includes a roughly 90 basis point headwind from FX and FormSwift.

我現在想分享我們對第四季度以及 2023 年全年的指導，我還將提供有關該指導背後的思考的一些背景資訊。我們預計 2023 年第四季的營收將在 6.29 億至 6.32 億美元之間。我們假設第四季度的貨幣逆風約為 200 萬美元，因此，在固定貨幣收入的基礎上，我們預計收入將在 6.31 億美元至 6.34 億美元之間。我們預計非 GAAP 營運利潤率約為 31.5%。其中包括來自 FX 和 FormSwift 的大約 90 個基點的逆風。

Finally, we expect diluted weighted average shares outstanding to be in the range of 345 million to 350 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 range by roughly $5 million to $2.496 billion to $2.499 billion versus our previous range of $2.487 billion to $2.497 billion. On a constant currency basis, we are raising the midpoint by roughly $7 million to a range of $2.536 billion to $2.539 billion. We now estimate a full year 2023 currency headwind of approximately $40 million or an approximately 170 basis point headwind to growth.

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 3.45 億股至 3.5 億股之間。對於 2023 年全年，我們將報告的收入指導範圍的中點提高了約 500 萬美元至 24.96 億美元至 24.99 億美元，而之前的範圍為 24.87 億美元至 24.97 億美元。在固定匯率基礎上，我們將中點提高約 700 萬美元，達到 25.36 億美元至 25.39 億美元的範圍。我們現在估計 2023 年全年的貨幣阻力約為 4000 萬美元，即成長阻力約為 170 個基點。

We continue to expect FormSwift to contribute nearly 300 basis points of growth. We expect gross margin to be 82% to 82.5%, up from our prior guidance of 82%. We expect non-GAAP operating margin to be approximately 32.5%, up from our prior guidance of approximately 32%. This is inclusive of an approximately 75 basis point headwind from FX and FormSwift.

我們繼續預期 FormSwift 將貢獻近 300 個基點的成長。我們預計毛利率為 82% 至 82.5%，高於我們先前指導的 82%。我們預期非 GAAP 營運利潤率約為 32.5%，高於我們先前指引的約 32%。這包括來自 FX 和 FormSwift 約 75 個基點的逆風。

We are reducing our free cash flow guidance by $50 million at the midpoint and narrowing the range to $775 million to $785 million relative to our previous guidance range of $820 million to $840 million, which I will elaborate on shortly. As it relates to capital expenditures, we now expect CapEx to be approximately $30 million, the low end of our prior guidance range. In addition, the finance lease lines to be approximately 6% of revenue, up from our prior expectations of 5.5%. Finally, we are maintaining our 2023 diluted weighted average shares outstanding guidance range of 345 million to 350 million shares.

我們將自由現金流指引的中點減少了5,000 萬美元，並將範圍縮小至7.75 億美元至7.85 億美元，而先前的指引範圍為8.2 億美元至8.4 億美元，我將很快對此進行詳細說明。由於與資本支出相關，我們現在預計資本支出約為 3000 萬美元，這是我們先前指導範圍的下限。此外，融資租賃額度約佔營收的 6%，高於我們先前預期的 5.5%。最後，我們維持 2023 年稀釋加權平均流通股指引範圍為 3.45 億股至 3.5 億股。

To share some additional context on this guidance. As related to revenue, we are raising our revenue guidance for 2023, driven by better-than-expected performance across our Individuals plans. This has outweighed macroeconomic headwinds on our Teams plans as well as both DocSend and Sign. I will also note that I expect lower net new paying user additions in Q4. Alongside the uncertain macroeconomic environment, Q4 is a seasonally slower quarter for net new paying users.

分享有關本指南的一些其他背景資訊。就收入而言，由於個人計畫的表現優於預期，我們正在上調 2023 年的收入指引。這超過了我們的 Teams 計劃以及 DocSend 和 Sign 的宏觀經濟阻力。我還要指出的是，我預計第四季的淨新增付費用戶數量將會減少。除了宏觀經濟環境的不確定性之外，第四季對於淨新增付費用戶來說也是一個季節性放緩的季度。

Additionally, as part of our recent bundles launch and plans page changes, we have minimized the Family plan SKU's prominence on our plans page. While this SKU is still available to existing customers, we found that Business users were using it as a loophole to obtain licenses at a lower cost. As a result of these factors, we expect net new paying users to trend lower relative to our historical run rate.

此外，作為我們最近的捆綁包發布和計劃頁面更改的一部分，我們最大限度地減少了家庭計劃 SKU 在計劃頁面上的突出程度。雖然該 SKU 仍然可供現有客戶使用，但我們發現商業用戶正在利用它作為漏洞，以較低的成本取得授權。由於這些因素，我們預期淨新付費用戶相對於我們的歷史運行率呈下降趨勢。

As related to operating margins for 2023, we are raising our operating margin guidance to approximately 32.5%, up 50 basis points as compared to our prior guidance. This increase is driven both by our revenue outperformance as well as our disciplined approach to hiring subsequent to our risk, which is translating to savings. As related to finance leases, as a reminder, in recent years, we have seen users uploading increasing levels of high-density files such as videos and images to our platform, particularly within our Advanced Teams plan, which allows for customers to use as much storage as needed.

至於 2023 年的營業利潤率，我們將營業利潤率指引提高至約 32.5%，比先前的指引提高了 50 個基點。這一增長是由我們的收入表現出色以及我們在風險之後採取的嚴格的招聘方法推動的，這轉化為節省。與融資租賃相關，提醒一下，近年來，我們看到用戶將越來越多的高密度文件（例如影片和圖像）上傳到我們的平台，特別是在我們的高級團隊計劃中，該計劃允許客戶使用盡可能多的文件根據需要儲存。

We also discovered that some customers were using the storage benefit for purposes that did not meet the spirit of the plan's design. To address this, in Q3, we sunsetted our as much space as you need policy and transitioned to a metered model. However, we accompanied this with an extended grandfathering window for the vast majority of impacted customers to support them with the transition.

我們也發現，有些客戶將儲存權益用於不符合計畫設計精神的目的。為了解決這個問題，在第三季度，我們取消了「按需分配空間」政策，並過渡到計量模型。然而，我們為絕大多數受影響的客戶提供了一個延長的祖父窗口，以支持他們的過渡。

While this will ultimately translate to a more profitable Advanced plan SKU in the long term, it will lead to incremental storage costs in the short term, as indicated by the uptick in finance leases to support the grandfathering window. We also expect a modest headwind to ARR from this change as we expect some degree of refunds and incremental churn for those customers seeking storage solutions that we no longer offer.

雖然從長遠來看，這最終將轉化為更有利可圖的高級計劃 SKU，但它將在短期內導致儲存成本增加，正如支持祖父窗口的融資租賃的增加所表明的那樣。我們也預計這項變更將為 ARR 帶來適度的阻力，因為我們預計那些尋求我們不再提供的儲存解決方案的客戶將獲得一定程度的退款和增量流失。

As related to full year free cash flow, we are reducing our free cash flow guidance range. There are a few factors driving this decrease. First is the aforementioned buyout of a portion of our San Francisco lease, which was not factored into our previous guidance. The first tranche of the buyout is $28 million and is due in the fourth quarter.

與全年自由現金流相關，我們正在降低自由現金流指導範圍。有幾個因素導致了這種下降。首先是上述對我們舊金山部分租賃的買斷，這並未納入我們先前的指導中。第一筆收購金額為 2,800 萬美元，將於第四季到期。

Second, we now expect to receive our December installment payment from an app store partner of roughly $14 million in January of 2024. Thus, we now only expect to receive 11 monthly payments in 2023. Looking ahead, we still expect to receive 12 payments in 2024.

其次，我們現在預計將在2024 年1 月從應用商店合作夥伴處收到約1400 萬美元的12 月分期付款。因此，我們現在預計僅在2023 年收到11 筆每月付款。展望未來，我們仍預計在 2023 年收到12 筆付款。2024 年。

Lastly, we are also expecting a reduced level of billings in the fourth quarter due to two factors. First is FX, given the recent strengthening of the U.S. dollar, which has a more immediate impact on billings. And second, we are seeing incremental softness pressuring our Teams and document workflow businesses, which we attribute to the macro environment as well as the reduced headcount and marketing investments in these businesses subsequent to our risk.

最後，由於兩個因素，我們也預期第四季的帳單水準會下降。首先是外匯，鑑於美元最近走強，這對帳單產生了更直接的影響。其次，我們看到我們的團隊和文件工作流程業務逐漸疲軟，我們將其歸因於宏觀環境以及風險後這些業務的人員數量和行銷投資的減少。

This free cash flow guidance range also continues to include several unique cash outflows that I have mentioned on prior calls, including approximately $23 million 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 an approximately $50 million headwind as a result of R&D tax legislation.

這項自由現金流指引範圍也繼續包括我在之前的電話會議中提到的幾項獨特的現金流出，包括DocSend 和Command E 的收購相關交易對價2023 年分期付款的約2300 萬美元、約4000 萬美元的一次性遣散費這與我們的人力減少以及研發稅收立法帶來的約 5000 萬美元的不利影響有關。

This brings me to 2024, where I wanted to share some early thinking on our revenue growth expectations and our 2024 operating margin and free cash flow targets. I will not offer specific 2024 revenue guidance at this time. However, I would point to our Q4 '23 constant currency revenue growth expectations, excluding FormSwift, as a fair proxy for our underlying organic growth rate next year as we also lap the benefit of the Teams price increase.

這讓我想到了 2024 年，我想分享一些關於我們的營收成長預期以及 2024 年營業利潤率和自由現金流目標的早期想法。我目前不會提供具體的 2024 年收入指引。然而，我想指出我們的 23 年第 4 季恆定貨幣收入成長預期（不包括 FormSwift），作為我們明年基本有機成長率的公平代表，因為我們也享受了 Teams 價格上漲的好處。

As a reminder, the strategy behind our risk earlier this year was to rotate investments away from our legacy file sync and share and document workflow businesses to become more efficient in those areas and to use those savings to fund investments in areas of higher growth potential over the long term. This, along with continued macroeconomic headwinds, is translating to a slowdown in billings in these legacy business lines.

提醒一下，我們今年早些時候的風險背後的策略是將投資從我們的遺留文件同步和共享以及文檔工作流程業務中轉移出來，以提高這些領域的效率，並利用這些節省的資金為具有更高成長潛力的領域的投資提供資金長期來看。再加上持續的宏觀經濟逆風，這些傳統業務線的營收放緩。

Separately, while we are making early progress on our new longer-term investments in Dash, bundles and video products, these products are either only recently being introduced to the market or will not be going to GA until 2024. Thus, we expect that these initiatives will not be meaningful contributors to our growth until later in 2024 and beyond.

另外，雖然我們在 Dash、捆綁包和視訊產品方面的新長期投資取得了早期進展，但這些產品要么最近才被引入市場，要么要到 2024 年才會上市。因此，我們預計這些產品直到2024 年稍後及以後，這些舉措才會對我們的成長做出有意義的貢獻。

This brings me to our 2024 operating margin and free cash flow targets. We have made significant progress on these targets since introducing them over 3 years ago, where we made a commitment to driving higher levels of profitability and free cash flow. I'm proud of our progress against these targets, and we will continue to operate the business in a disciplined manner. And while we remain at or above our margin targets, we continue to face challenges to free cash flow, including factors such as FX, which has grown as a headwind since last quarter, as well as the partial buyout of our San Francisco lease that will also serve as a headwind to our free cash flow next year.

這讓我想到了我們 2024 年的營業利潤率和自由現金流目標。自從三年多前推出這些目標以來，我們在這些目標上取得了重大進展，我們承諾推動更高水準的獲利能力和自由現金流。我對我們在實現這些目標方面取得的進展感到自豪，我們將繼續以嚴格的方式經營業務。儘管我們保持在或高於我們的利潤目標，但我們繼續面臨自由現金流的挑戰，包括外匯等因素，自上季度以來，外匯成為不利因素，以及我們舊金山租約的部分買斷，這將導致我們的現金流下降。也成為我們明年自由現金流的阻力。

In addition, we are now planning as though the R&D tax legislation, which came to light after we initially developed our targets, will not be repealed. To overcome these mounting headwinds, we could withhold investments in our long-term initiatives, such as Dash, however, we believe that this would be a shortsighted approach. As such, we are lowering our $1 billion free cash flow target to adjust for the R&D tax legislation now expected to be approximately $36 million in 2024.

此外，我們現在正在計劃，在我們最初制定目標後公佈的研發稅立法將不會被廢除。為了克服這些日益嚴重的阻力，我們可以停止對達世幣等長期計畫的投資，但我們認為這是一種短視的做法。因此，我們降低了 10 億美元的自由現金流目標，以適應目前預計 2024 年約為 3,600 萬美元的研發稅立法。

In other words, we are resetting the 2024 free cash flow target to be $1 billion minus the ultimate R&D tax legislation amount. We will also continue to monitor exogenous factors such as FX and its potential impact to our 2024 free cash flow expectations, where we will provide official guidance on 2024 in February.

換句話說，我們將 2024 年自由現金流目標重設為 10 億美元減去最終的研發稅立法金額。我們也將繼續監控外匯等外生因素及其對 2024 年自由現金流預期的潛在影響，我們將在 2 月提供 2024 年的官方指引。

In conclusion, we've been focused on investing towards our longer-term product roadmap while finding opportunities to run our legacy businesses more efficiently. While we continue to navigate macro headwinds, we believe we've been making the necessary changes this year to better position Dropbox for the long term. We continue to see opportunities to leverage our scale and brand as we enter new market opportunities centered around the future of work, with Dropbox Dash representing an important first step in our next generation of AI-powered products. We will remain focused on our customers while allocating capital efficiently and driving long-term value for our shareholders.

總而言之，我們一直專注於對我們的長期產品路線圖進行投資，同時尋找更有效地經營我們的傳統業務的機會。雖然我們繼續應對宏觀逆風，但我們相信今年我們已經做出了必要的改變，以更好地定位 Dropbox 的長期發展。隨著我們進入以未來工作為中心的新市場機會，我們繼續看到利用我們的規模和品牌的機會，Dropbox Dash 代表了我們下一代人工智慧產品的重要第一步。我們將繼續以客戶為中心，同時有效地配置資本並為股東創造長期價值。

And with that, I'll turn it to the operator for Q&A.

然後，我會將其轉給接線員進行問答。

(Operator Instructions) Our first question comes from Matt Bullock with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的馬特·布洛克（Matt Bullock）。

Congrats to Drew. I'm on for Mike Funk. Really nice operating margin this quarter, nice beat. Can you provide any commentary on the pace of R&D, AI-focused headcount that you mentioned a few quarters ago following the risk. Is that progressing and on pace? And then more broadly, any commentary on customer behavior, whether it's churn or price sensitivity quarter-over-quarter?

恭喜德魯。我支持麥克·芬克。本季的營業利益率確實不錯，表現不錯。您能否對您在幾個季度前提到的風險後的研發速度、以人工智慧為中心的人員數量提供任何評論？這是否有進展並且有節奏嗎？然後更廣泛地說，對客戶行為的任何評論，無論是季度環比的客戶流失還是價格敏感度？

Sure, Matt. Good questions. With respect to hiring, we remain disciplined with our headcount investments where our hiring will be focused on growth areas such as Dash and our multiproduct initiatives. And with respect to AI, we have been adding AI talent over the past few years. We will be adding more as we drive towards our Dash GA timing, and we've been able to attract strong talent from top tech companies as they see the opportunity to solve a big problem for our customers.

當然，馬特。好問題。在招聘方面，我們仍然嚴格控制員工人數投資，我們的招聘將集中在達世幣和我們的多產品計劃等成長領域。在人工智慧方面，過去幾年我們一直在增加人工智慧人才。隨著 Dash GA 時間的推移，我們將增加更多內容，並且我們已經能夠吸引來自頂尖科技公司的強大人才，因為他們看到了為我們的客戶解決大問題的機會。

And then as far as what we're seeing with customer behaviors recently, I'd say the macro trends remain roughly consistent with what we've observed over the past couple of quarters. On one hand, we continue to see elevated price sensitivity and downsell pressure from our Teams customers, largely those that have had layoffs themselves. We've seen this particularly impact customers in the technology and construction verticals. And we are also seeing reduced top of funnel across our Teams plan subsequent to the price increase last year. DocSend and Sign also continue to face macro-related headwinds.

就我們最近看到的客戶行為而言，我想說宏觀趨勢與我們過去幾季觀察到的情況大致一致。一方面，我們繼續看到 Teams 客戶（主要是那些本身已經裁員的客戶）對價格的敏感度上升和降價壓力。我們已經看到這對技術和建築垂直領域的客戶影響尤其大。去年價格上漲後，我們也發現整個團隊計畫的漏斗頂部有所減少。 DocSend 和 Sign 也持續面臨宏觀相關的阻力。

Now on the other hand, we have been seeing some positive trends around our Individuals SKUs, particularly on retention and sign-ups. So our sense is that this largely relates to actions that we have taken as opposed to a change in the environment. I think that our guidance does factor in these latest trends.

另一方面，我們已經看到了有關個人 SKU 的一些積極趨勢，特別是在保留和註冊方面。所以我們的感覺是，這很大程度上是與我們採取的行動有關，而不是環境的改變。我認為我們的指導確實考慮了這些最新趨勢。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

This is Sonak Kolar on for Mark Murphy. And echo the congrats to Drew. Tim, given that you now lapped the price increase you had implemented back in June of '22, just curious how you're thinking about pricing going forward? Do you see the potential to continue to use price as a meaningful lever for growth, given some of these additional capabilities you're building out into the platform? And then I have a quick follow-up.

我是馬克墨菲的索納克·科拉爾。並回應德魯的祝賀。提姆，鑑於您現在已經完成了 22 年 6 月實施的價格上漲，只是好奇您如何考慮未來的定價？考慮到您正在平台中建立的一些附加功能，您是否認為有可能繼續使用價格作為有意義的成長槓桿？然後我會進行快速跟進。

Yes, I'd say that we are seeing increasing levels of price sensitivity in this macro environment where we're mindful of this as we assess our future pricing and packaging plans. But for now we're focused on a bundling strategy as opposed to price increases, just given that price sensitivity. And this is where, again, in early October, we did launch bundled offerings, where the idea with these bundles is to drive adoption of our nonstorage products where our customers have been asking us to provide these capabilities. They just often don't know that we already do.

是的，我想說的是，在這個宏觀環境中，我們看到價格敏感度越來越高，在評估未來的定價和包裝計劃時，我們會注意到這一點。但考慮到價格敏感性，目前我們的重點是捆綁策略，而不是價格上漲。十月初，我們再次推出了捆綁產品，這些捆綁產品的想法是推動我們的非儲存產品的採用，而我們的客戶一直要求我們提供這些功能。他們只是常常不知道我們已經知道了。

And so these new plans integrate additional functionalities, such as eSignature, DocSend's tracking analytics, PDF editing and video recording in a seamless way. And we accompanied this with a refreshed web redesign that makes it easy to find and use this additional functionality. And we've seen that customers that leverage more than one product from us convert and retain at higher rates. And we will be migrating existing users at their current price points over the next couple of quarters. And so this bundling strategy is the priority right now as opposed to price increases.

因此，這些新計劃以無縫方式整合了額外的功能，例如電子簽名、DocSend 的追蹤分析、PDF 編輯和視訊錄製。我們還對網頁進行了重新設計，使您可以輕鬆找到和使用此附加功能。我們發現，使用我們的多種產品的客戶轉換率和保留率更高。我們將在接下來的幾季以當前的價格遷移現有用戶。因此，這種捆綁策略是目前的首要任務，而不是價格上漲。

Great. And then I know the SF HQ is one of the larger remaining leases. Are there any other relatively larger leases that we should be mindful of remaining? Or is it fair to assume that the major subleases have now been aptly rightsized?

偉大的。然後我知道舊金山總部是剩餘的較大租約之一。我們是否應該注意保留其他相對較大的租約？或假設主要轉租現在已經適當調整規模是否公平？

San Francisco is the largest portion of our remaining space to be subleased. We've basically subleased the vast majority of our remaining space. And this is again where we just did a buyout this past quarter. That's of approximately 40% of that remaining sublease space for $79 million to be paid over 3 years. We do expect that, that will drive significant savings over the long term, avoiding over $220 million in rent payments and common area fees over the remaining 10-year lease duration. So we think that was a good decision for the long-term health of the company.

舊金山是我們剩餘轉租空間中最大的部分。我們基本上已經轉租了絕大多數剩餘空間。這又是我們上個季度剛進行收購的地方。這約佔剩餘轉租空間的 40%，需在 3 年內支付 7,900 萬美元。我們確實預計，從長遠來看，這將帶來大量節省，在剩餘 10 年租賃期內避免超過 2.2 億美元的租金支付和公共區域費用。因此，我們認為這對於公司的長期健康發展來說是一個很好的決定。

Our next question comes from 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。

I guess maybe to start, I want to ask about the customer event that you held last month in New York? And I guess what was the feedback that you heard from customers there and how they're viewing the early beta access with the AI solutions?

我想也許首先我想問一下你們上個月在紐約舉辦的客戶活動？我想您從那裡的客戶那裡聽到的反饋是什麼？他們如何看待人工智慧解決方案的早期測試版訪問？

Sure. So we gathered with a few hundred customers in New York earlier this month. As part of the event, we made several product announcements. We launched Dash into open beta. We released our web redesign and the core file sync and share experience. We introduced our new fully integrated bundled offerings, which I just touched on. And we also used the event to kick off paid digital campaigns to drive awareness and sign-ups of both Dash and our new plan lineup. And it was really great to talk with customers and to validate that the thesis behind our new products is really resonating with them.

當然。因此，本月初我們在紐約與數百名客戶聚集在一起。作為活動的一部分，我們發布了多項產品公告。我們將達世幣推出公開測試版。我們發布了重新設計的網頁以及核心文件同步和共享體驗。我們推出了我剛剛提到的新的完全整合的捆綁產品。我們還利用這次活動啟動了付費數位活動，以提高 Dash 和我們新計劃陣容的知名度和註冊量。與客戶交談並驗證我們新產品背後的論點確實能引起他們的共鳴真是太棒了。

Okay. That's great to hear. And then, I guess, maybe on the outlook for next year, at least the preliminary view there. Just want to make sure that, thinking about this right, I think you said look at FX rate for this year, I think it was something like 5% growth that you're guiding to. And then on the free cash flow side, still going to have that $1 billion intact outside of the R&D tax.

好的。聽到這個消息我很高興。然後，我想，也許是明年的前景，至少是初步的看法。只是想確保，考慮到這一點是正確的，我想你說過看看今年的匯率，我認為你所指導的成長率是 5% 左右。然後在自由現金流方面，在研發稅之外仍將保留這 10 億美元。

I guess with the building lease as well, is that being factored in? Or are you saying like outside of that in some of the other incremental CapEx that needs to come in here that you'd still be able to hit that $1 billion number ex the R&D tax legislation?

我想建築租賃也考慮在內了嗎？或者您是說，除了研發稅立法之外，您仍然能夠達到 10 億美元的數字？

For now, we're only lowering our $1 billion free cash flow target to adjust for the R&D tax legislation, now expected to be about $36 million. And if I take a step back, we've made significant progress against our free cash flow target over the past few years. Certainly proud of how far we've come, more than doubling our annual free cash flow since we set the target, but we do continue to face headwinds to reaching that target.

目前，我們只是降低了 10 億美元的自由現金流目標，以適應研發稅收立法，目前預計約 3,600 萬美元。如果我退後一步，過去幾年我們在實現自由現金流目標方面取得了重大進展。當然，我們對所取得的進展感到自豪，自設定目標以來，我們的年度自由現金流增加了一倍多，但我們在實現該目標方面仍然面臨著阻力。

For example, FX does remain a headwind. That's grown since last quarter. To your point, the buyout of San Francisco will also impact our free cash flow next year. And again, now planning as though the R&D tax legislation, which came to light after we developed our targets, will not be repealed. And we could withhold investments to our long-term initiatives such as Dash to meet that target. But again, we believe that would be shortsighted. So we will continue to monitor exogenous factors such as FX and its potential impact to our expectations. Or again, we will provide official guidance on '24 in February.

例如，外匯確實仍然是一個阻力。自上季度以來這一數字有所增長。就您而言，收購舊金山也將影響我們明年的自由現金流。再說一遍，現在的計畫是，在我們設定目標後公佈的研發稅立法不會被廢除。我們可以保留對達世幣等長期計劃的投資，以實現該目標。但我們再次認為這是短視的。因此，我們將繼續監控外匯等外生因素及其對我們預期的潛在影響。或者，我們將在 2 月 24 日提供官方指導。

Our next question comes from Rishi Jaluria with RBC Capital Markets.

我們的下一個問題來自 RBC 資本市場的 Rishi Jaluria。

This is Richard Poland on for Rishi Jaluria. I would reiterate my congrats to Drew. First one, just in terms of the new bundle, how should we interpret the difference between the new DocSend and eSignature pricing capabilities that are included in the bundles versus what was available in the standalone offerings prior? And how long until we expect more of the functionality like FormSwift or Dash and AI to be included in those bundles as well?

我是里希·賈魯裡亞 (Rishi Jaluria) 的理查德·波蘭 (Richard Polish)。我要再次祝賀德魯。首先，就新捆綁包而言，我們應該如何解釋捆綁包中包含的新 DocSend 和電子簽名定價功能與先前獨立產品中提供的功能之間的差異？我們預計需要多久才能將 FormSwift 或 Dash 和 AI 等更多功能包含在這些捆綁包中？

Sure. So maybe I'll start with the back end of your question. Now that we've built these bundles, we will continue to iterate on further capabilities to add to them over time. And so FormSwift is one of the areas that we are contemplating as far as future additions to bundles, and we'll have more to share on that in future quarters. Dash at this point, we are navigating towards selling that on a standalone basis. We're driving towards our GA in the early part of 2024, where we are still identifying our go-to-market approach and so much more to share on that front as we get closer to that point.

當然。所以也許我會從你問題的後端開始。現在我們已經建立了這些捆綁包，隨著時間的推移，我們將繼續迭代更多功能以添加到它們中。因此，FormSwift 是我們正在考慮未來添加捆綁包的領域之一，我們將在未來幾季就此分享更多內容。目前，我們正朝著獨立銷售達世幣的方向發展。我們正朝著 2024 年初的 GA 邁進，屆時我們仍在確定我們的上市方法，並且隨著我們接近這一點，我們將在這方面分享更多內容。

As far as how we've integrated DocSend and Sign into these bundles, so maybe I'll just articulate that we are offering Dropbox Essentials for solo professionals for 2020 -- sorry, $22. That's relative to our Professional plan, which was $20; Dropbox Business for small teams, that's $24 a month relative to Standard at $18; and Dropbox Business Plus for larger teams, $32 a month relative to Advanced for $30.

至於我們如何將 DocSend 和 Sign 整合到這些捆綁包中，我可能會明確表示，我們將在 2020 年為獨立專業人士提供 Dropbox Essentials - 抱歉，價格為 22 美元。這是相對於我們的專業計劃而言的，該計劃的價格為 20 美元；適合小型團隊的 Dropbox Business 每月 24 美元，標準版每月 18 美元； Dropbox Business Plus 適用於大型團隊，每月 32 美元，高級版每月 30 美元。

And so the way we've brought these in and as we've brought in some degree of functionality, but not full functionality from our Sign and Send capabilities. And so that's reflected in the degree of uplift in those -- the pricing of those plans where, again, the idea is to drive adoption of these multiproduct capabilities that we have in these plans, where we've seen increased conversion and retention once users use more than one portion of our functionality. So that's the idea behind the bundles, and we're excited to see how this progresses.

因此，我們引入這些功能的方式以及我們引入了一定程度的功能，但不是我們的「簽名和發送」功能的全部功能。因此，這反映在這些計劃的定價上，其想法是推動我們在這些計劃中擁有的多產品功能的採用，一旦用戶使用，我們就可以看到轉換率和保留率的增加使用我們功能的一部分以上。這就是捆綁包背後的想法，我們很高興看到它的進展。

Okay. That's very helpful. And then just a follow-up to that. I think in previous quarters, you mentioned efforts to improve customer awareness of the document workflow capabilities. It seems like this kind of jives with that pretty well. But do you have plans to, I guess, do any other like marketing campaigns or anything like that to boost awareness of the new pricing plans or maybe trying to shift some of those family customers that should probably be on the Teams business plans? Anything like that kind of as we look into 2024?

好的。這非常有幫助。然後是後續行動。我想在前幾個季度，您提到了努力提高客戶對文件工作流程功能的認識。看起來這種方式很適合。但是，我想，您是否有計劃進行任何其他類似的行銷活動或類似的活動來提高人們對新定價計劃的認識，或者嘗試轉移一些可能應該包含在 Teams 業務計劃中的家庭客戶？展望 2024 年，還會有類似的情況嗎？

Absolutely. We're looking into many different angles to improve the awareness of our multiproduct capabilities, marketing campaigns, as you alluded to, and that's part of why our margins are going from 36% in the third quarter down to the guided level in the fourth quarter. That's where we're investing in marketing campaigns to fuel awareness of Dash as well as these bundled offerings that we just touched on. And then again, we've accompanied the launch of bundles with this refreshed web design that makes it very easy to find and use this additional functionality. So a multipronged approach to try to improve the awareness.

絕對地。正如您所提到的，我們正在從許多不同的角度進行研究，以提高對我們的多產品能力和行銷活動的認識，這也是我們的利潤率從第三季度的36% 降至第四季度指導水平的部分原因。這就是我們投資行銷活動的地方，以提高人們對達世幣以及我們剛剛提到的捆綁產品的認識。再說一遍，我們伴隨著捆綁包的推出而推出了全新的網頁設計，使您可以輕鬆找到和使用此附加功能。所以要多管齊下，努力提高認識。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的布倫特希爾 (Brent Thill)。

This is Eylon Liani on for Brent Thill. First, you stated that the demand environment remained roughly the same versus 2Q. When do you expect that sentiment to shift, especially for DocSend and HelloSign that had remained under pressure in the past couple of quarters? And second, if you can shed some color on the international side, that would be helpful as well.

我是埃隆·利亞尼 (Eylon Liani) 替補布倫特·希爾 (Brent Thill)。首先，您表示需求環境與第二季大致相同。您預期這種情緒何時會發生轉變，特別是對於過去幾季仍面臨壓力的 DocSend 和 HelloSign 而言？其次，如果你能在國際方面闡明一些觀點，那也會有幫助。

It's really hard for me to predict when the macro will change and when sentiment will shift. It's not something I'm assuming in our guidance. So for now, certainly assuming consistency in the trends that we have. As far as international, FX headwinds continue to put pressure on our international growth rates. Our document workflow businesses are also predominantly in the U.S., and those tend to have faster growth rates, though, of course, driving international growth through improved localization is an opportunity for us.

我真的很難預測宏觀經濟何時會改變以及情緒何時會發生轉變。這不是我在我們的指導中假設的事情。所以現在，當然假設我們所擁有的趨勢保持一致。就國際而言，外匯逆風持續為我們的國際成長率帶來壓力。我們的文件工作流程業務也主要在美國，而且這些業務往往具有更快的成長率，不過，當然，透過改進在地化來推動國際成長對我們來說是一個機會。

And maybe just briefly on the Middle East. We do have double-digit ARR from customers in Israel. And since the beginning of the conflict, we have seen some slowdown in activity in that region. However, I don't expect that to have a material impact on our overall numbers.

也許只是簡單地談談中東。我們確實有來自以色列客戶的兩位數的 ARR。自衝突爆發以來，我們發現該地區的活動有所放緩。然而，我預計這不會對我們的總體數字產生重大影響。

Our next question comes from Pat Walravens with JMP Securities.

我們的下一個問題來自 JMP 證券的 Pat Walravens。

Forgive me if this has already been touched on. But is -- I think with Adobe Firefly, there's something like 3 billion images that's been created. And with all the image generators, this is -- we're seeing more and more of it. Is it going to drive different storage requirements for you guys and other different sort of functionality and usage?

如果已經提到過這一點，請原諒我。但我認為 Adob​​e Firefly 已經創建了大約 30 億張圖像。對於所有的圖像生成器，我們看到的這種情況越來越多。它是否會為你們帶來不同的儲存需求以及其他不同類型的功能和用途？

Sorry, Pat. Are you referring to Adobe Firefly or...

對不起，帕特。您指的是 Adob​​e Firefly 還是...

Yes, yes. Just like -- with generative AI, there's so much more video and images that are going to be created than they've ever been created before, and you got to put them somewhere.

是的是的。就像生成式人工智慧一樣，將要創建的影片和圖像比以前創建的要多得多，你必須將它們放在某個地方。

Sure. So Dropbox has actually been home to many PDF-type files and users of Adobe. And so I would expect those sorts of trends to continue as users continue to find places to store their content, and Dropbox is one of their favorite homes for that. So that could be a catalyst for future storage growth for us, and we're paying close attention to these sources of trends.

當然。因此，Dropbox 實際上是許多 PDF 類型文件和 Adob​​e 用戶的所在地。因此，我預計隨著用戶不斷尋找儲存內容的地方，這種趨勢將會持續下去，而 Dropbox 是他們最喜歡的地方之一。因此，這可能成為我們未來儲存成長的催化劑，我們正在密切關注這些趨勢來源。

Okay. And so far, not though, right?

好的。但到目前為止，還沒有，對吧？

No material difference or no material deltas as related to Adobe Firefly at this point.

目前與 Adob​​e Firefly 沒有任何實質差異或任何實質增量。

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

謝謝。我發現目前我們沒有其他問題在排隊。女士們、先生們，今天的電話會議到此結束。您現在可以斷開連接，度過美好的一天。