Dropbox Inc (DBX) 2023 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining Dropbox's Fourth 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 年第四季財報電話會議。 （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 it over to Ishaan Gupta with Dropbox's Investor Relations team.

我現在將把它交給 Dropbox 投資者關係團隊的 Ishaan Gupta。

Thank you. Good afternoon, and welcome to Dropbox's Fourth 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 first quarter and fiscal year 2024, and our expectations regarding revenue growth, profitability, operating margin and free cash flow as well as our expectations regarding our business, assets, products, strategies, technology, employees, users, demand and the macroeconomic environment.

謝謝。下午好，歡迎參加 Dropbox 2023 年第四季財報電話會議。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，包括我們對第一季和 2024 財年的長期目標和預測，以及我們的預期關於收入成長、獲利能力、營業利潤率和自由現金流，以及我們對業務、資產、產品、策略、技術、員工、使用者、需求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 those 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。今天的收益發布以及我們向 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前瞻性陳述存在重大差異的因素和風險。

We will 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，這些指標不符合公認會計原則。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 will now turn the call over to Dropbox's Co-Founder and Chief Executive Officer, Drew Houston.

我現在將把電話轉給 Dropbox 聯合創始人兼執行長 Drew Houston。

Thanks, Ishaan, and good afternoon, everyone. Welcome to our Q4 2023 earnings call. Joining me today is Tim Regan, our Chief Financial Officer. I'll first provide a recap of 2023, share our perspective on our fourth quarter and then close with an overview of our strategy for 2024. Tim will then go over our financial results for Q4 and fiscal year 2023 as well as provide guidance for Q1 and fiscal 2024.

謝謝，Ishaan，大家下午好。歡迎參加我們的 2023 年第四季財報電話會議。今天加入我的是我們的財務長 Tim Regan。我將首先回顧 2023 年，分享我們對第四季度的看法，然後概述我們的 2024 年戰略。然後蒂姆將回顧我們第四季度和 2023 財年的財務業績，並為第一季度提供指導和2024財年。

Let's get started. In 2023, we had two main business objectives. The first was to build AI-powered product experiences centered around organizing all your cloud content. The second was to continue evolving our core FSS offering to provide a seamless product experience for our customers' workflows. I'm proud of the work our team accomplished on both of these fronts.

讓我們開始吧。 2023 年，我們有兩個主要業務目標。第一個是圍繞組織所有雲端內容建構人工智慧驅動的產品體驗。第二個是繼續發展我們的核心 FSS 產品，為客戶的工作流程提供無縫的產品體驗。我為我們的團隊在這兩方面所完成的工作感到自豪。

Starting with building AI-powered product experiences. In 2023, we introduced the first iteration of Dropbox Dash, a stand-alone universal search product, leveraging AI and machine learning. With more of our work spread across hundreds of tabs in a browser, knowledge workers are spending far too much time just finding what they need to do their work, particularly in this new world of distributed work. Dash connects all of your apps, tools and content in a single search bar. So it's easy to find everything you need in one place, regardless of where it lives.

從建構人工智慧驅動的產品體驗開始。 2023 年，我們推出了 Dropbox Dash 的第一次迭代，這是一款利用人工智慧和機器學習的獨立通用搜尋產品。隨著我們的工作越來越多地分佈在瀏覽器中的數百個選項卡中，知識工作者花了太多的時間來尋找完成工作所需的內容，尤其是在這個分散式工作的新世界中。 Dash 將您的所有應用程式、工具和內容連接到一個搜尋列。因此，無論您身在何處，都可以輕鬆地在一個地方找到所需的一切。

And because Dash is powered by machine learning, and learns about you and your priorities, the more you use it. In 2023, Dash moved from closed beta to open beta and represents our first major AI-powered product experience. While still very early, we're gaining valuable insights into the types of customers that are engaging with this product and the features that are generating the most interest. For example, we're seeing that are more engaged and existing users on our Dropbox FSS paid plans tend to adopt Dash and retain at a higher rate.

而且由於 Dash 由機器學習提供支持，並且了解您和您的優先事項，因此您使用它的次數越多。 2023 年，達世幣從封閉測試版轉向公開測試版，代表了我們第一個主要的人工智慧產品體驗。雖然還為時過早，但我們正在獲得有關使用該產品的客戶類型以及最感興趣的功能的寶貴見解。例如，我們發現 Dropbox FSS 付費方案的現有用戶參與度更高，傾向於採用 Dash 並以更高的比例保留。

We also made significant progress against our second objective of evolving our core FSS offering to create a better product experience for our customers' workflows. There were several highlights on this front in 2023, including the continued optimizations we made across the platform to reduce churn on a year-over-year basis, improve top of funnel and ultimately ensure we're delivering the best product experience to our users.

我們也在第二個目標方面取得了重大進展，即發展我們的核心 FSS 產品，為客戶的工作流程創造更好的產品體驗。 2023 年這方面有幾個亮點，包括我們在整個平台上進行的持續優化，以逐年減少客戶流失、改善漏斗頂部並最終確保我們為用戶提供最佳的產品體驗。

Specifically, we made a number of operational enhancements, including improving the sharing experience across our mobile and web services, optimizing our payment processing to reduce churn and leveraging Google One Tap to streamline and improve the user onboarding experience. Given the size of our registered base, these changes impact millions of users, and we believe the progress we made in 2023 will strengthen our foundation heading into 2024.

具體來說，我們進行了一系列營運改進，包括改善行動和網路服務的共享體驗、優化支付處理以減少客戶流失，以及利用 Google One Tap 簡化和改善用戶入門體驗。鑑於我們註冊基數的規模，這些變化影響了數百萬用戶，我們相信我們在 2023 年取得的進展將鞏固我們進入 2024 年的基礎。

Additionally, many of our customers lack awareness of our capabilities beyond storage, often asking us for features that we already have, such as eSignature or document tracking and analytics. And we took several steps in the fourth quarter to address this awareness gap and to provide more value to our customers. We introduced our new web redesign that makes it easier for our users to get the most out of the Dropbox platform, including the ability to sign and send documents and use our video products.

此外，我們的許多客戶對我們儲存以外的功能缺乏了解，經常要求我們提供現有的功能，例如電子簽名或文件追蹤和分析。我們在第四季度採取了多項措施來解決這一認知差距，並為我們的客戶提供更多價值。我們推出了新的網頁重新設計，使我們的用戶能夠更輕鬆地充分利用 Dropbox 平台，包括簽署和發送文件以及使用我們的影片產品的能力。

We also introduced the first generation of our fully integrated bundled offerings for our Teams customers. This included updated pricing and packaging with the goal of reflecting the added value of all of our product capabilities. I'll share more on the early results of this initiative in a moment. Along the way, we continue to grow our top line, exceeding the guidance we shared while also achieving record non-GAAP operating margins of over 32%, generating more than $750 million of free cash flow and returning $540 million back to shareholders in the form of share repurchases.

我們也為 Teams 客戶推出了第一代完全整合的捆綁產品。這包括更新的定價和包裝，目的是反映我們所有產品功能的附加價值。稍後我將分享更多有關該計劃的早期成果的資訊。一路走來，我們的收入不斷增長，超出了我們分享的指導，同時還實現了超過32% 的創紀錄的非GAAP 營業利潤率，產生了超過7.5 億美元的自由現金流，並以以下形式向股東返還5.4 億美元：的股份回購。

Tim will speak to the financial results in more detail, but I'm proud of our focus on improving the overall profitability profile of our business while still investing in new initiatives and growth opportunities. Although there was lot to be proud of last year, Q4 was a challenging quarter. Some of these challenges were expected. For instance, we continue to see the broader economic backdrop that impact both our teams and document workflow businesses as customers are being more cautious for their spend and exhibiting higher levels of price sensitivity.

蒂姆將更詳細地談論財務業績，但我為我們專注於提高業務的整體盈利能力而感到自豪，同時仍然投資於新的舉措和成長機會。儘管去年有很多值得驕傲的事情，但第四季是一個充滿挑戰的季度。其中一些挑戰是預料之中的。例如，我們繼續看到更廣泛的經濟背景對我們的團隊和文件工作流程業務產生影響，因為客戶對其支出更加謹慎，並對價格敏感度更高。

This resulted in reduced levels of gross new licenses and upsell activity alongside higher churn and [downsell.] As an example, certain teams customers, particularly those in the tech sector, continued to reduce licenses due to spending cuts or headcount reductions of their own. FormSwift and DocSend also saw elevated churn in the quarter. And as we discussed on our call last quarter, we traditionally see seasonally low activity within our file sync and share business as well as our FormSwift business in the fourth quarter of each year.

這導致新許可總量和追加銷售活動水準下降，同時客戶流失和[降價銷售]增加。例如，某些團隊客戶，特別是科技業的客戶，由於支出削減或自身人員減少而繼續減少許可。 FormSwift 和 DocSend 在本季的流失率也有所上升。正如我們在上個季度的電話會議中所討論的那樣，我們傳統上會看到每年第四季度的文件同步和共享業務以及 FormSwift 業務的季節性活動較低。

We also anticipated headwinds stemming from strategic business decisions we made last year, which we believe will benefit us in the long run at the cost of some negative impact in the near term. For example, like others have done, we sunset unlimited storage in our Advanced plan and transitioned to a metered model. We found that some customers weren't using the plan as intended and were taking advantage of the policy to do things like mine crypto or use a business account for personal use cases or even resell storage.

我們也預期去年做出的策略性業務決策會帶來阻力，我們相信，從長遠來看，這將使我們受益，但短期內會產生一些負面影響。例如，像其他人一樣，我們在高級計劃中取消了無限存儲空間，並過渡到計量模型。我們發現有些客戶沒有按預期使用該計劃，而是利用該政策進行加密貨幣挖礦或將企業帳戶用於個人用例甚至轉售儲存等操作。

While this change will ultimately translate to increased profitability in the long term -- refunds and incremental churn for those customers seeking storage solutions that we no longer offer. We also deemphasized our Family plan as we found that some business users were also using it as a loophole to obtain licenses at a lower cost. As we noted last quarter, this negatively impacted the number of paying users in the quarter.

雖然從長遠來看，這項變更最終將轉化為獲利能力的提高，但對於那些尋求我們不再提供的儲存解決方案的客戶來說，退款和流失量會增加。我們也淡化了我們的家庭計劃，因為我們發現一些企業用戶也利用它作為漏洞以較低的成本獲得許可證。正如我們上季度所指出的，這對本季的付費用戶數量產生了負面影響。

We also faced a few additional challenges in Q4, which we're actively addressing. In Q4, we ran a number of tests and experiments across our individual plans with new trial flows and other initiatives, but they did not generate the uplift we were looking for. However, we still see opportunity here, and we're iterating on these experiments and incorporating the related learnings into our plans for 2024.

我們在第四季也面臨一些額外的挑戰，我們正在積極解決這些挑戰。在第四季度，我們透過新的試驗流程和其他舉措對我們的個人計劃進行了多次測試和實驗，但它們並沒有產生我們想要的提升。然而，我們仍然在這裡看到了機會，我們正在迭代這些實驗，並將相關知識納入我們 2024 年的計畫中。

In addition, the early results on our bundled offerings for teams have been mixed. As a reminder, our approach was to offer multiproduct bundles to new teams customers at a higher price point to reflect the additional value we are adding to the plans, while our intention was to migrate existing customers to the new SKUs at their current price point. And for now, we've held off on migrating all of our existing teams customers because while we're seeing an uptick in multiproduct adoption with new customers as well as an ARPU lift from these plans, we're also seeing a reduction in top of funnel activity and conversion rates. As a result, we're revisiting our approach.

此外，我們為團隊提供的捆綁產品的早期結果好壞參半。提醒一下，我們的方法是以更高的價格點向新團隊客戶提供多產品捆綁包，以反映我們為計劃添加的附加價值，而我們的目的是以當前的價格點將現有客戶遷移到新的SKU。目前，我們已經推遲了所有現有團隊客戶的遷移，因為雖然我們看到新客戶對多產品的採用有所增加，以及這些計劃帶來的ARPU 提升，但我們也看到頂級客戶數量減少。漏斗活動和轉換率。因此，我們正在重新審視我們的方法。

In Q1, we'll keep iterating on our pricing and packaging, and we'll continue to improve the in-product experience for these customers. At the same time, we'll refine our marketing approach and our self-serve engine to ensure that we're properly identifying and serving customers that are interested in FSS-only SKUs versus our multiproduct SKUs. Ultimately, we're still aiming to serve those who want multiproduct capabilities as we continue to see that customers who engage with these capabilities, convert and they retain at notably higher rates than storage-only customers.

在第一季度，我們將繼續迭代我們的定價和包裝，並將繼續改善這些客戶的產品內體驗。同時，我們將完善我們的行銷方法和自助服務引擎，以確保我們能夠正確識別和服務對僅 FSS SKU 與我們的多產品 SKU 感興趣的客戶。最終，我們的目標仍然是為那些需要多產品功能的客戶提供服務，因為我們不斷看到使用這些功能的客戶、轉換率和保留率明顯高於僅儲存客戶。

But we'll be iterating on the best path forward with our bundled strategy, and we'll have more to share in the following quarter, all of which brings me to our strategy for 2024. As I've been more hands on in the business over the last year, have been refocusing our team and our strategy on the fundamentals of our growth drivers and the quality of our user experience. First, within our file sync and share business, we still see an opportunity to improve the collaborative experience to strengthen the funnel and drive growth.

但我們將透過捆綁策略迭代最佳前進道路，並且我們將在下個季度分享更多內容，所有這些都讓我想到了我們的 2024 年策略。在過去的一年裡，我們一直在重新調整我們的團隊和策略的重點，以我們的成長動力和使用者體驗的品質為基礎。首先，在我們的文件同步和共享業務中，我們仍然看到了改善協作體驗以加強管道並推動成長的機會。

FSS is our largest business line, where small improvements can lead to a meaningful financial and customer impact. And in recent years, we focused heavily on churn improvements that resulted in better performance for our individual business, and we see a similar opportunity with our teams customers. For example, many of the actions conducted by our teams' users today are predominantly solo actions such as storing and viewing content as opposed to sharing and commenting on shared content.

FSS 是我們最大的業務線，微小的改進可以帶來有意義的財務和客戶影響。近年來，我們專注於客戶流失率的改進，這為我們的個人業務帶來了更好的績效，我們在團隊客戶中也看到了類似的機會。例如，我們團隊的使用者今天進行的許多操作主要是單獨操作，例如儲存和查看內容，而不是共享和評論共享內容。

We've seen in the past that as we streamline and remove friction in our sharing and collaborative workflows like commenting, this contributes to more viral growth, faster team expansion and higher retention, and we see similar opportunities to improve this experience for teams as we have for individuals.

我們過去已經看到，當我們簡化和消除共享和協作工作流程（例如評論）中的​​摩擦時，這有助於實現更大的病毒式增長、更快的團隊擴張和更高的保留率，並且我們看到了類似的機會來改善團隊的這種體驗，因為我們對個人來說。

In addition, we see an opportunity to improve the team admin workflow as well as the admin approval rate for new licenses on the team account remains low. Team admins often struggle with onboarding new users and by leveraging the admin console for permissions and controls, we're focused on making improvements to make it easier for admins to discover and leverage admin workflows, so they can more easily expand their team deployments.

此外，我們看到了改善團隊管理工作流程的機會，並且團隊帳戶上新許可證的管理員批准率仍然很低。團隊管理員經常在新用戶入職方面遇到困難，透過利用管理控制台進行權限和控制，我們專注於進行改進，使管理員更容易發現和利用管理工作流程，以便他們可以更輕鬆地擴展團隊部署。

As we mentioned earlier, we'll also invest in our team's plans by iterating on our bundles experience to ensure that our customers are aware of and leveraging our multi-product capabilities. This includes weaving advanced sharing capabilities such as DocSend and Replay more seamlessly into our product experience, given our proven strength in solving sharing for our customers as well as the viral network effects that stem from sharing content. As we improve the team experiences, we can grow through license expansion or through introducing customers to our premium functionality.

正如我們之前提到的，我們還將透過迭代我們的捆綁體驗來投資我們團隊的計劃，以確保我們的客戶了解並利用我們的多產品功能。這包括將 DocSend 和 Replay 等高級共享功能更無縫地融入我們的產品體驗中，因為我們在為客戶解決共享問題方面擁有成熟的實力，以及共享內容帶來的病毒式網路效應。隨著我們改善團隊體驗，我們可以透過許可證擴展或向客戶介紹我們的高級功能來實現成長。

Our second big opportunity is with AI-powered product experiences, most notably Dash. Dash is aimed at solving many of the same challenges that we originally solved with FSS. But instead of the problem of file scattered across different devices, Dash is addressing the challenge with cloud-based content and URLs scattered across hundreds of apps and browser tabs.

我們的第二個大機會是人工智慧驅動的產品體驗，尤其是達世幣。 Dash 旨在解決我們最初透過 FSS 解決的許多相同挑戰。但達世幣並沒有解決文件分散在不同設備上的問題，而是透過分散在數百個應用程式和瀏覽器標籤中的基於雲端的內容和 URL 來解決這一挑戰。

We have a long history of solving our customers' problems with organizing and searching and sharing content. And we believe our strengths of the scale of our platform, customer trust and interoperability position us well to solve these same problems. And this is a growing market. IDC estimates the search and knowledge discovery software market to be about $7 billion today with the potential to more than triple over the next 4 years.

我們在解決客戶組織、搜尋和分享內容方面的問題方面有著悠久的歷史。我們相信我們的平台規模、客戶信任和互通性方面的優勢使我們能夠很好地解決這些相同的問題。這是一個不斷成長的市場。 IDC 估計，目前搜尋和知識發現軟體市場規模約為 70 億美元，未來 4 年有可能成長兩倍以上。

We'll continue to invest in Dash as our lead AI product, and we're taking a similar approach is when we launched Dropbox 1.0. And we're using this beta period with Dash to ensure that we're getting up to a high quality and scalability bar before driving adoption. Our primary focus in 2024 is on finding product market fit with our customers. More specifically, we're going to focus on improving the onboarding, activation and retention of users on Dash to ensure we're providing the best experience to customers.

我們將繼續投資 Dash 作為我們的領先人工智慧產品，我們在推出 Dropbox 1.0 時也採取了類似的方法。我們正在利用 Dash 的測試期來確保我們在推動採用之前達到高品質和可擴展性標準。 2024 年我們的主要重點是尋找適合客戶的產品市場。更具體地說，我們將專注於改善 Dash 用戶的加入、啟動和保留，以確保我們為客戶提供最佳體驗。

For example, we noticed users found a lot of friction in adding and connecting Dash to all their different apps. So we're making the experience of connecting apps during onboarding smoother so that we can improve activation rates. We're also investing in experiences like stacks, improving discoverability and improving sharing. And this is critical to creating the type of virality that was essential to Dropbox's growth in the early years.

例如，我們注意到用戶在將 Dash 新增和連接到所有不同的應用程式時遇到了很多麻煩。因此，我們正在努力讓用戶在登入過程中連接應用程式的體驗更加順暢，以便提高啟動率。我們也投資於堆疊等體驗，提高可發現性並改善共享。這對於創造病毒式傳播至關重要，而病毒式傳播對於 Dropbox 早年的發展至關重要。

And once we get the quality of the product experience in metrics like retention to where we want them, we'll run a lot of the same playbook that made Dropbox successful in the past, including growing the product virally, making big investments in sales and marketing and promoting Dash to our existing FSS users. As we shared earlier, we know our customers are often unaware of our capabilities beyond storage.

一旦我們獲得了產品體驗品質的指標（例如保留到我們想要的位置），我們將運行許多過去使 Dropbox 取得成功的相同策略，包括病毒式成長產品、在銷售和銷售方面進行大量投資。向我們現有的FSS 用戶行銷和推廣達世幣。正如我們之前分享的，我們知道我們的客戶通常不知道我們在儲存之外的功能。

To this end, last week, we announced a partnership with the McLaren's Formula 1 Team, where Dropbox is becoming an official technology partner. As part of this partnership, McLaren will rely on Dropbox to securely share files and collaborate on video review and approvals, and our branding will be featured on their cars and team assets. This is an important effort to drive awareness of our latest offerings and educate customers and partners about all the ways that Dropbox can help teams work more effectively together.

為此，上週我們宣布與麥克拉倫一級方程式車隊建立合作夥伴關係，Dropbox 將成為車隊的官方技術合作夥伴。作為此次合作夥伴關係的一部分，麥克拉倫將依靠 Dropbox 安全地共享文件並在影片審查和批准方面進行協作，我們的品牌將出現在他們的汽車和團隊資產上。這是一項重要的工作，旨在提高我們最新產品的知名度，並讓客戶和合作夥伴了解 Dropbox 可以幫助團隊更有效地協作的所有方式。

We have ambitious goals in 2024, and I'm excited to work with our teams to achieve everything we have planned. We've also made several strong additions to both our leadership bench as well as our Board over the past few months. In December, Eric Cox joined us as our Chief Customer Officer overseeing our go-to-market teams. Eric comes to us from Vimeo, where he was COO. And prior to that, he spent nearly 20 years at Adobe in a variety of roles across sales, marketing and operations.

我們在 2024 年制定了雄心勃勃的目標，我很高興能與我們的團隊合作實現我們計劃的一切。在過去的幾個月裡，我們也對我們的領導班子和董事會進行了一些強而有力的補充。 12 月，Eric Cox 加入我們，擔任首席客戶官，負責監督我們的上市團隊。 Eric 來自 Vimeo，他在 Vimeo 擔任營運長。在此之前，他在 Adob​​e 工作了近 20 年，擔任過銷售、行銷和營運等多個職位。

We also welcome Dr. Andrew Moore to our Board of Directors. Andrew is a leading expert in AI, machine learning and robotics, and he's had a decades-long career in academic and technical leadership. He was previously VP for the AI Division of Google Cloud and also served as the Dean of Carnegie Mellon University School of Computer Science. Andrew's technical expertise building AI-powered products will offer invaluable perspective as we invest in AI internally across our product portfolio. Both Eric and Andrew will play an important role in the future of Dropbox, and I couldn't be more excited to partner with them to achieve our goals for the future.

我們也歡迎安德魯摩爾博士加入我們的董事會。 Andrew 是人工智慧、機器學習和機器人的領先專家，他在學術和技術領導方面擁有數十年的職業生涯。他曾擔任Google雲端人工智慧部門副總裁，也擔任卡內基美隆大學電腦學院院長。當我們在產品組合內部投資人工智慧時，安德魯在建立人工智慧產品方面的技術專業知識將為我們提供寶貴的視角。 Eric 和 Andrew 都將在 Dropbox 的未來中發揮重要作用，能夠與他們合作實現我們未來的目標，我感到無比興奮。

In closing, 2023 was a year marked by both successes and challenges. And looking ahead, we're confident that we have the right team in place to execute against our strategy for 2024. This year represents a unique point in our company's evolution. Many of our matured FSS products are seeing slowing growth and newer products like Dash are still early in their life cycle. While we expect that our new products and initiatives will take time before they start to meaningfully contribute to our top line results, we're excited about the large opportunity we see in front of us.

最後，2023年是成功與挑戰並存的一年。展望未來，我們相信我們擁有合適的團隊來執行我們的 2024 年策略。今年是我們公司發展的獨特時刻。我們許多成熟的 FSS 產品成長正在放緩，而達世幣等新產品仍處於生命週期的早期階段。雖然我們預計我們的新產品和舉措需要一段時間才能開始對我們的營收做出有意義的貢獻，但我們對擺在我們面前的巨大機會感到興奮。

As we embark on the next phase of our company's journey, I'm personally invest in building the best products we can for our customers, delivering strong results for our shareholders and achieving our mission of designing more enlightened way of working for all knowledge workers who use Dropbox.

當我們踏上公司旅程的下一階段時，我個人將投資於為我們的客戶打造最好的產品，為我們的股東帶來強勁的業績，並實現我們的使命，即為所有知識型員工設計更開明的工作方式。使用 Dropbox。

And with that, I'll turn it over to Tim to share a recap of our 2023 financial performance as well as our expectations for 2024.

接下來，我將把它交給蒂姆，分享我們 2023 年財務表現的回顧以及我們對 2024 年的期望。

Thank you, Drew. I'll cover our financial highlights from Q4 and share guidance for Q1 and fiscal 2024. I'll then offer some context on the considerations underlying our guidance.

謝謝你，德魯。我將介紹第四季度的財務亮點，並分享第一季和 2024 財年的指導。然後，我將提供一些有關我們指導的考慮因素的背景資訊。

Starting with the fourth quarter of 2023. Total revenue for the fourth quarter increased 6% year-over-year to $635 million, beating our guidance range of $629 million to $632 million. Foreign exchange rates provided an approximate $1 million headwind to growth. On a constant currency basis, revenue grew 6.2% year-over-year.

從 2023 年第四季開始。第四季總營收年增 6%，達到 6.35 億美元，超出了我們 6.29 億美元至 6.32 億美元的指導範圍。外匯匯率為經濟成長帶來了約 100 萬美元的阻力。以固定匯率計算，營收年增 6.2%。

Total ARR grew to a total of $2.523 billion, up 3.8% year-over-year on a constant currency basis. However, on a constant currency basis, ARR declined by $2 million sequentially. As Drew mentioned, the sequential decline in ARR was driven by a few factors, including business decisions we intentionally made such as eliminating unlimited storage for Advanced plan users, which resulted in incremental churn and softness in our top of funnel, a continued challenging macro economy and the typical seasonality we see in our business in Q4.

以固定匯率計算，ARR 總額增至 25.23 億美元，年增 3.8%。然而，以固定匯率計算，ARR 環比下降了 200 萬美元。正如Drew 所提到的，ARR 的連續下降是由幾個因素驅動的，包括我們有意做出的業務決策，例如取消高級計劃用戶的無限存儲空間，這導致我們漏斗頂部的客戶流失和疲軟，以及持續充滿挑戰的宏觀經濟以及我們在第四季度業務中看到的典型季節性。

We exited the quarter with 18.12 million paying users, which reflects a sequential decline of roughly 50,000 paying users. A number of factors led to this decline, including our decision to reduce the prominence of the Family plan on our plans page, macro headwinds facing our team's SKUs, experiments that underperformed impacting our individual SKUs, and finally Q4 tends to be a seasonally low quarter for file sync and share and FormSwift in particular. Collectively, these factors served as headwinds to paying user growth in Q4, where I'll speak to our paying user expectations for 2024 shortly.

本季結束時，我們的付費用戶數量為 1,812 萬，反映出付費用戶數量較上季下降了約 5 萬。導致這種下降的因素有很多，包括我們決定降低家庭計劃在計劃頁面上的顯著性、我們團隊的SKU 面臨的宏觀阻力、影響我們個人SKU 的表現不佳的實驗，以及最後第四季度往往是季節性低迷的季度用於文件同步和共享，尤其是 FormSwift。總的來說，這些因素阻礙了第四季度付費用戶的成長，我很快就會談談我們對 2024 年付費用戶的預期。

Finally, average revenue per paying user for Q4 was $138.83, up slightly compared to Q3. 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, net gains and losses on our real estate assets and our workforce reduction expenses. Our non-GAAP net income also excludes the income tax benefit from the release of a valuation allowance on deferred tax assets and includes the income tax effect of the aforementioned adjustments.

最後，第四季度每位付費用戶的平均收入為 138.83 美元，比第三季略有上升。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、淨收益和我們的房地產資產損失和勞動力減少費用。我們的非公認會計原則淨利也排除了遞延稅資產估價備抵所帶來的所得稅優惠，並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, the majority of which is in San Francisco. As I mentioned during our last earnings call, in Q4, 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 2023. The remaining payments resulting from the buyout will occur in Q2 of 2024 and Q1 of 2025.

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。正如我在上次財報電話會議上提到的，在第四季度，我們以7900 萬美元的價格與房東買斷了舊金山剩餘轉租空間的約40%，並將在三年內支付約2800 萬美元。2023 年第四季。收購產生的剩餘付款將在 2024 年第二季和 2025 年第一季支付。

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. The result of this buyout was a $159 million gain in Q4 2023. The gain represents the reduction to our future lease payments in excess of the sublease income we previously anticipated collecting for this space. And as I previously mentioned, 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。此次收購的結果是 2023 年第四季獲得 1.59 億美元的收益。該收益代表我們未來租賃付款額的減少，超過了我們先前預計為此空間收取的轉租收入。正如我之前提到的，我們將繼續積極尋求轉租，並在我們看到有利回報的情況下尋求額外的收購。

With that, let's continue with the fourth quarter P&L. Gross margin was 82.3% for the quarter, up 20 basis points on a year-over-year basis. Operating margin was 32.2%, up 200 basis points year-over-year. We beat our Q4 operating margin guidance by nearly 1 point driven by our continued focus on being efficient with our spend across the business. I'd note that in Q4, we held both our in-person user conference, and we invested in product and brand awareness marketing campaigns, which resulted in a sequential decrease in operating margin.

接下來，讓我們繼續查看第四季的損益表。該季度毛利率為 82.3%，較去年同期成長 20 個基點。營業利益率為32.2%，較去年同期成長200個基點。由於我們持續關注整個業務支出的效率，我們比第四季的營業利潤率指引高了近 1 個百分點。我要指出的是，在第四季度，我們舉行了面對面的用戶會議，並投資於產品和品牌知名度行銷活動，這導致營業利潤率連續下降。

Net income for the fourth quarter was $171 million, which is a 21% increase versus the fourth quarter of 2022, driven by operating income growth. Diluted EPS was $0.50 per share based on 344 million diluted weighted average shares outstanding, which increased compared to $0.40 per share based on 354 million diluted weighted average shares outstanding for the fourth quarter of 2022.

在營業收入成長的推動下，第四季淨利潤為 1.71 億美元，較 2022 年第四季成長 21%。基於 3.44 億股稀釋加權平均流通股計算的稀釋每股收益為 0.50 美元，而 2022 年第四季稀釋每股收益為 3.54 億股稀釋加權平均流通股計算的每股 0.40 美元。

Moving on to our cash balance and cash flow. We ended the quarter with cash and short-term investments of $1.4 billion. Cash flow from operations was $200 million in the fourth quarter. Capital expenditures were $10 million during the quarter. This resulted in quarterly free cash flow of $190 million compared to $182 million in Q4 of 2022. I note that free cash flow for 2023 came in lower than our guidance range of $775 million to $785 million due to a reduced level of billings as well as the timing of payments and collections.

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 14 億美元。第四季營運現金流為 2 億美元。本季資本支出為 1000 萬美元。這導致季度自由現金流為 1.9 億美元，而 2022 年第四季為 1.82 億美元。我注意到，由於帳單水準減少以及付款和收款的時間。

In the quarter, we also added $51 million to our finance leases for data center equipment. As we mentioned on our last call, we expected this sequential increase in our finance lease lines, given the higher storage cost we are seeing with users on our Advanced plan as we wait for grandfathering periods to expire or customers maintaining elevated storage levels.

本季度，我們也為資料中心設備的融資租賃增加了 5,100 萬美元。正如我們在上次電話會議中提到的，鑑於我們在等待祖父期到期或客戶維持較高的存儲水平時看到高級計劃用戶的存儲成本較高，我們預計我們的融資租賃額度將連續增加。

As related to our share repurchase program, in Q4, we repurchased nearly 4 million shares, spending approximately $106 million. As of the end of the fourth quarter, we had approximately $1.4 billion remaining under our current repurchase authorization. Our philosophy on share repurchases has not changed. We remain committed to returning a significant portion of our free cash flow to shareholders in the form of share repurchases with the intention of reducing our share count.

就我們的股票回購計畫而言，第四季我們回購了近 400 萬股股票，花費約 1.06 億美元。截至第四季末，我們目前的回購授權剩餘約 14 億美元。我們對股票回購的理念沒有改變。我們仍然致力於以股票回購的形式將大部分自由現金流返還給股東，以減少我們的股份數量。

I'd now like to share our 2024 first quarter and full year guidance, where I will also provide some context on the thinking behind this guidance. For the first quarter of 2024, we expect revenue to be in the range of $627 million to $630 million. We expect a minimal impact from FX this quarter. I will note that Q1 2024 has 1 less day versus Q4 2023. And thus, we recognized 1 less day of subscription revenue in Q1 relative to the prior quarter. We expect non-GAAP operating margin to be approximately 33%.

我現在想分享我們的 2024 年第一季和全年指導，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 2024 年第一季的營收將在 6.27 億美元至 6.3 億美元之間。我們預計本季外匯的影響微乎其微。我要指出的是，2024 年第一季比 2023 年第四季減少了 1 天。因此，我們確認第一季的訂閱收入比上一季減少了 1 天。我們預計非 GAAP 營運利潤率約為 33%。

Finally, we expect diluted weighted average shares outstanding to be in the range of 342 million to 347 million shares based on our trailing 30-day average share price. For the full year 2024, we expect revenue to be in the range of $2.535 billion to $2.550 billion. On a constant currency revenue basis, we expect revenue to be in the range of $2.532 billion to $2.547 billion, equating to a full year currency tailwind of approximately $3 million. We expect gross margin to be in the range of 83% to 83.5%. We expect non-GAAP operating margin to be in the range of 32% to 32.5%.

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數量將在 3.42 億至 3.47 億股之間。 2024 年全年，我們預計營收將在 25.35 億美元至 25.50 億美元之間。在固定貨幣收入的基礎上，我們預計營收將在 25.32 億美元至 25.47 億美元之間，相當於全年貨幣推動力約為 300 萬美元。我們預計毛利率將在83%至83.5%之間。我們預計非 GAAP 營運利潤率將在 32% 至 32.5% 之間。

We expect free cash flow to be in the range of $910 million to $950 million. I'd note that this free cash flow guidance range is inclusive of several onetime items totaling $47 million. The first is an approximate $30 million headwind as a result of R&D tax legislation, slightly lower than the $36 million estimate that we shared last quarter.

我們預計自由現金流將在 9.1 億美元至 9.5 億美元之間。我要指出的是，這個自由現金流指導範圍包括總金額為 4700 萬美元的幾個一次性項目。第一個是研發稅收立法帶來的約 3000 萬美元的阻力，略低於我們上季度分享的 3,600 萬美元的估計。

The second is a $15 million payment for the second tranche of the buyout related to our San Francisco headquarters. And the third is $2 million in cash outflows for the 2024 installments of acquisition-related deal consideration holdbacks for Command E. Moving on to capital expenditures. We expect our additions to finance lease lines to be approximately 7% of revenue, and we expect cash CapEx to be in the range of $20 million to $30 million in 2024.

第二筆是與我們舊金山總部相關的第二筆收購的 1500 萬美元付款。第三個是 2024 年 Command E 收購相關交易對價扣留分期付款的 200 萬美元現金流出。接下來是資本支出。我們預計融資租賃業務的增加將約佔收入的 7%，我們預計 2024 年現金資本支出將在 2,000 萬美元至 3,000 萬美元之間。

Finally, we expect 2024 diluted weighted average shares outstanding to be in the range of 336 million to 341 million shares based on our trailing 30-day average share price. I'll now share some additional context on the thinking behind our guidance.

最後，根據我們過去 30 天的平均股價，我們預計 2024 年攤薄加權平均流通股數將在 3.36 億至 3.41 億股之間。現在，我將分享一些有關我們指導背後的想法的其他背景資訊。

Starting with revenue. As a reminder, we are lapping the benefits of our team's price increase and our acquisition of FormSwift, and thus, we expected a slowing revenue growth rate. Also consistent with our historical approach, our guidance reflects what we have a high degree of visibility into today. This includes our current business trends and trajectory as well as the product and growth-related initiatives we have launched to date. Notably, our guidance does not include any benefit from Dash in 2024.

從收入開始。提醒一下，我們正在享受團隊價格上漲和收購 FormSwift 的好處，因此，我們預期營收成長率將會放緩。我們的指導也與我們的歷史方法一致，反映了我們對今天的高度了解。這包括我們當前的業務趨勢和軌跡，以及我們迄今為止推出的產品和成長相關措施。值得注意的是，我們的指導不包括達世幣在 2024 年帶來的任何好處。

As Drew mentioned, our primary focus in 2024 is centered on finding product market fit, driving usage of the product and closely following Dash's adoption, engagement and retention trends. Once we have increased certainty that Dash is meeting our customers' needs, we will then pursue our monetization strategies. However, this may not be until the latter portion of this year or early next year.

正如 Drew 所提到的，我們 2024 年的主要重點是尋找產品市場契合度、推動產品使用並密切關注達世幣的採用、參與和保留趨勢。一旦我們更加確信達世幣能夠滿足客戶的需求，我們就會採取我們的貨幣化策略。不過，這可能要到今年下半年或明年初才能實現。

Similarly, our guidance does not include any benefit from our bundled SKUs as our teams continue to iterate on the optimal product experience and go-to-market motion for these plans. As we gain more clarity on how we are approaching our bundles roll out to new and existing customers, along with signals on the customer response to our approach, we will update our guidance accordingly.

同樣，我們的指導不包括捆綁 SKU 帶來的任何好處，因為我們的團隊不斷迭代這些計劃的最佳產品體驗和上市行動。隨著我們更清楚地了解如何向新客戶和現有客戶推出捆綁包，以及客戶對我們方法的反應訊號，我們將相應地更新我們的指導。

As related to paying users, our guidance contemplates a reduced level of paying user growth relative to 2023, and there may be some quarters where a paying user additions trend negative. This is due to the continued headwinds we are facing as well as the deemphasis of the Family plan and the nascent state of our growth initiatives. Ultimately, we do expect to add paying users in 2024, however, at lower levels than prior years.

與付費用戶相關，我們的指導預計付費用戶成長水準相對 2023 年會有所下降，並且可能在某些季度付費用戶成長趨勢為負。這是由於我們面臨持續的逆風以及家庭計劃的不重視和我們的增長計劃的新生狀態。最終，我們確實預計在 2024 年增加付費用戶，但增幅低於前幾年。

As related to gross margins, we are guiding to 83% to 83.5%, which is above our long-term target. I want to highlight that from the beginning of 2024, we are increasing the useful life of our servers from 4 to 5 years, which will apply to asset balances on our balance sheet as of December 31, 2023, as well as future asset purchases. As a result, we expect a benefit to our full year gross margins of approximately $30 million. For Q1, we expect a benefit of approximately $10 million.

至於毛利率，我們的目標是 83% 至 83.5%，高於我們的長期目標。我想強調的是，從 2024 年初開始，我們將伺服器的使用壽命從 4 年延長至 5 年，這將適用於截至 2023 年 12 月 31 日的資產負債表上的資產餘額以及未來的資產購買。因此，我們預計全年毛利率將受益約 3,000 萬美元。對於第一季度，我們預計收益約為 1000 萬美元。

As related to operating margins, we are guiding to 32% to 32.5%. This level of operating margin is above our long-term target and is roughly consistent with our operating margins in 2023. This range includes continued investment in our longer-term AI and growth-related investments such as Dash. Additionally, we are planning for increased levels of marketing investments, including our new partnership with McLaren Formula 1 Racing as we aim to drive market awareness of our platform's capabilities.

至於營業利益率，我們的指導值為 32% 至 32.5%。這一營業利潤率水準高於我們的長期目標，並且與我們 2023 年的營業利潤率大致一致。這個範圍包括對我們長期人工智慧和成長相關投資（例如達世幣）的持續投資。此外，我們還計劃增加行銷投資水平，包括與麥克拉倫一級方程式賽車建立新的合作夥伴關係，因為我們的目標是提高市場對我們平台功能的認識。

Lastly, this guidance preserves some optionality to make strategic investments across the business over the duration of the year. We also expect our additions to finance lease lines to increase in 2024 versus prior years. This is primarily due to two factors. The first is the onetime storage quota grants we are providing to a portion of our customers on the Advanced plan as we deprecate our previous as much space as you need policy. While this requires incremental storage capacity in the near term, our revised plan around storage usage will enable us to have a more profitable SKU once the onetime extension for these customers has expired.

最後，本指南保留了在一年內對整個業務進行策略性投資的一些選擇。我們也預計 2024 年融資租賃額度將比往年增加。這主要是由於兩個因素。第一個是我們提供給部分高階計畫客戶的一次性儲存配額，因為我們已棄用先前的「按需分配空間」政策。雖然這需要在短期內增加儲存容量，但一旦這些客戶的一次性延期到期，我們圍繞儲存使用的修訂計劃將使我們能夠擁有更有利可圖的 SKU。

The second factor is an anticipated refresh of some of our data center equipment consistent with past practices. As related to full year free cash flow, we are guiding to a range of $910 million to $950 million. This guidance falls short of our long-term free cash flow target, which we adjusted during our previous earnings call to be roughly $970 million after taking into account headwinds from R&D tax legislation-related payments.

第二個因素是我們的一些資料中心設備的預期更新，與過去的做法保持一致。就全年自由現金流而言，我們的指導範圍為 9.1 億至 9.5 億美元。這項指導意見未能達到我們的長期自由現金流目標，在考慮到研發稅收立法相關付款的不利因素後，我們在先前的財報電話會議上將其調整為約 9.7 億美元。

And while our guidance range is below this figure, I'd note that we have more than doubled our annual free cash flow since we initially set the target. I'm proud of the progress we've made. There are several factors driving the shortfall between our guidance and our target. The most prominent being a reduced level of billings associated with our revenue guidance, the incremental FX headwinds we are facing relative to when we first introduced our target as well as the investments we are making to fuel our future growth in products such as Dash.

雖然我們的指導範圍低於這個數字，但我要指出的是，自從我們最初設定目標以來，我們的年度自由現金流量增加了一倍以上。我為我們所取得的進步感到自豪。有幾個因素導致我們的指導與目標之間存在差距。最突出的是與我們的收入指導相關的帳單水準的降低、相對於我們首次提出目標時所面臨的增量外匯逆風以及我們為推動達世幣等產品未來成長而進行的投資。

While we could scale back our investments in Dash to meet our free cash flow target, we do not believe this would be the right long-term decision for the business. These investments in nascent product initiatives, along with decisions such as our San Francisco lease buyout and the changes we made to our Advanced plan, are putting a short-term strain on our financial trajectory, however, are in line with our primary focus on strengthening the company's long-term position.

雖然我們可以縮減達世幣的投資以實現我們的自由現金流目標，但我們認為這對企業來說不是正確的長期決策。這些對新興產品計劃的投資，以及我們舊金山租賃收購等決策以及我們對高級計劃所做的改變，給我們的財務軌跡帶來了短期壓力，然而，這與我們加強實力的主要重點是一致的。公司的長期地位。

And while our current level of visibility does fall short of our long-term target, there is still time to draw closer to our free cash flow target through improved product experiences or through identifying additional efficiencies within our operations during the year.

儘管我們目前的知名度確實未達到我們的長期目標，但仍有時間透過改善產品體驗或確定年內營運的額外效率來更接近我們的自由現金流目標。

In conclusion, we are mindful that we are in a unique period where our core file sync and share business is maturing and our new products are in their early stages. However, our core file sync and share business is still generating growth in revenue and free cash flow, while we also reduced our share count. Concurrently, we are in an exciting new phase in the evolution of our business as we invest in our future in AI-powered areas such as Dash to drive long-term growth. We will make progress on both dimensions in 2024, and we will continue to maintain a disciplined mindset around how we are operating the company to ensure we're not only providing innovative solutions for our customers but creating value for our shareholders.

總之，我們注意到我們正處於一個獨特的時期，我們的核心文件同步和共享業務正在成熟，而我們的新產品還處於早期階段。然而，我們的核心文件同步和共享業務仍在產生收入和自由現金流的成長，同時我們也減少了股份數量。同時，我們的業務發展正處於一個令人興奮的新階段，我們投資於達世幣等人工智慧驅動的領域的未來，以推動長期成長。 2024 年，我們將在這兩個方面都取得進展，我們將繼續圍繞公司營運方式保持嚴謹的心態，以確保我們不僅為客戶提供創新解決方案，而且為股東創造價值。

And with that, I'll turn it over to the operator for questions.

然後，我會將其轉交給接線員詢問。

(Operator Instructions) And our first question will come from Rishi Jaluria from RBC Capital Markets.

（操作員說明）我們的第一個問題將來自 RBC 資本市場的 Rishi Jaluria。

Wonderful. I wanted to start out, Drew, in the past, you've talked about there is maybe some appetite for M&A, especially transformational M&A. Given this kind of road map of wanting to develop new products and capabilities, especially around generative AI, how are you viewing the potential for M&A to just accelerate your road map in kind of broadening the platform and going from the FSS to kind of a more Gen AI-enabled company? And then I've got a quick follow-up.

精彩的。我想首先，德魯，您過去曾談到可能對併購，特別是轉型併購有一些興趣。考慮到這種想要開發新產品和功能的路線圖，特別是圍繞生成人工智慧，您如何看待併購的潛力，以加速您的路線圖，以拓寬平台並從 FSS 轉變為更多新一代人工智慧公司？然後我會進行快速跟進。

Sure. So still see a big opportunity for M&A to accelerate our road map. And actually, Dash -- Dropbox Dash is a great example of -- it was seeded by an acquisition of a company called Command E We did. And another benefit is that unlike the first few years after we were public when valuations were really frothy as the external environment has moderated, we've certainly seen that moderation happened in public company SaaS, and I think we've been slowly seeing that translate to private company valuations, too.

當然。因此，併購仍然是加速我們路線圖的巨大機會。事實上，Dash——Dropbox Dash 就是一個很好的例子——它是透過收購一家名為 Command E 的公司而誕生的。另一個好處是，與我們上市後的頭幾年不同，當時隨著外部環境的緩和，估值確實存在泡沫，我們當然已經看到上市公司SaaS 發生了緩和，而且我認為我們已經慢慢地看到了這種轉變私人公司的估值也是如此。

So we think it's a door that keeps opening. But our philosophy is -- and so I think we are certainly opportunistic on the lookout for good companies to buy. But at the same time, our philosophy is pretty consistent. We want to be disciplined because -- I mean another thing is even in the AI realm, there's a little bit of a bubble around AI start-up funding. And I don't think it's everywhere, but I think you have to be careful. But yes, M&A certainly continues to be a big opportunity for us.

所以我們認為這是一扇不斷打開的門。但我們的理念是——所以我認為我們在尋找值得收購的優秀公司方面肯定是機會主義的。但同時，我們的理念非常一致。我們希望遵守紀律，因為——我的意思是，即使在人工智慧領域，人工智慧啟動資金也存在一些泡沫。我不認為它無處不在，但我認為你必須小心。但是，併購對我們來說無疑仍然是一個巨大的機會。

All right. Wonderful. That's really helpful. And then turning to Dash. I know it's still early. And this year is going to be kind of the big proof point of the year before we can start talking about monetization. But how are you internally measuring the success of Dash, both from a technology perspective as well as customer adoption, right? Because it sounds like it's solving a real problem that customers have. But I think a lot of times over the years, we've learned customers may not use it even if they should be. So what -- how are you measuring that success? And what can you do to drive user adoption of Dash to begin with?

好的。精彩的。這真的很有幫助。然後轉向達世幣。我知道現在還早。今年將是我們開始談論貨幣化之前的一個重要證明年。但是，您如何從技術角度和客戶採用角度內部衡量達世幣的成功，對嗎？因為聽起來它正在解決客戶遇到的實際問題。但我認為多年來我們多次了解到客戶可能不會使用它，即使他們應該使用它。那麼又怎樣──你要如何衡量這種成功呢？您可以採取哪些措施來推動用戶採用達世幣？

Yes, yes. So measuring it qualitatively and quantitatively. So really great news and something we pay a lot of attention to is when we watch customers or talk to customers, everybody's got this problem. Everybody struggles with information overload, fragmentation of using all these different apps. And so when we explain the value prop, the most common response is, yes, yes, I totally have this problem. And then it's -- the question is more like, can you really solve it for me? So we start with like, is there a real job to be done in market here and we are seeing really encouraging validation from our customers on that.

是的是的。因此，要對其進行定性和定量測量。所以，真正的好消息是，當我們觀察客戶或與客戶交談時，每個人都會遇到這個問題，這也是我們非常關注的問題。每個人都在與資訊過載和使用所有這些不同應用程式的碎片化問題作鬥爭。因此，當我們解釋價值主張時，最常見的反應是，是的，是的，我完全有這個問題。然後問題更像是，你真的能為我解決這個問題嗎？因此，我們首先要考慮的是，這裡的市場是否有真正的工作要做，我們看到客戶對此進行了令人鼓舞的驗證。

And then when we look at in terms of success or leading indicators are, how is the quality of the Dash experience? And so we've spent a lot of time and effort and made a lot of progress in improving things like search ranking and quality. We look at how do we -- I mean this is a new category. So similarly to Dropbox 1.0, we spend a lot of time focusing on what's the onboarding experience look like, do people understand the concepts. There's a lot of new things like connecting Dash to your different apps. And so how do we make that as seamless and streamline of an experience as possible. And so we still minimize time to value, things like that. So product quality, onboarding success, engagement generally, retention and then monetization. And these kind of go -- we work on all of them in parallel, but I think you kind of clear you go through them a little bit in sequence.

然後，當我們從成功或領先指標的角度來看，達世幣體驗的品質如何？因此，我們花費了大量的時間和精力，並在提高搜尋排名和品質等方面取得了巨大的進展。我們看看我們如何——我的意思是這是一個新類別。因此，與 Dropbox 1.0 類似，我們花了很多時間關注入職體驗是什麼樣的，人們是否理解這些概念。有很多新功能，例如將 Dash 連接到不同的應用程式。那麼我們如何使體驗盡可能無縫和簡化。因此，我們仍然最大限度地縮短實現價值的時間，諸如此類。因此，產品品質、入職成功、整體參與度、留任率以及貨幣化。我們並行處理所有這些問題，但我認為您已經清楚地按順序進行了一些處理。

So first, you have a great product -- you get the product experience is great, then you sand down rough edges in the onboarding, then you drive engagement, then monetization -- or engagement retention, then monetization and virality. So we're still in the early innings of that, so I think making progress on all fronts. And yes, this year, we'll continue to open the doors wider and wider to Dash as we scale it up.

因此，首先，你有一個很棒的產品——你獲得了很棒的產品體驗，然後你在入職過程中打磨了粗糙的邊緣，然後你提高了參與度，然後貨幣化——或者保留了參與度，然後貨幣化和病毒式傳播。所以我們仍處於早期階段，所以我認為在所有方面都取得了進展。是的，今年，隨著我們規模的擴大，我們將繼續向達世幣敞開大門。

Our next question will come from Steve Enders from Citi.

我們的下一個問題將來自花旗銀行的史蒂夫·恩德斯。

I guess maybe just to start, I think it'd be getting a little more clarity on the packaging and pricing changes that you were -- have been working on and trying to convert over the base. I guess, what were the learnings coming out of that? And I guess as you think about changes moving forward and trying to build on those learnings, like what does that, I guess, kind of look like through calendar '24 here?

我想也許只是開始，我認為您一直在努力並嘗試在基礎上進行轉換的包裝和定價變化會更加清晰。我想，從中學到了什麼？我想，當你思考未來的變化並試圖在這些經驗的基礎上再接再厲時，我想，24 日曆年的情況會是什麼樣子？

Sure. So some of the lessons from last year, we did a big launch in October where we wanted to address one of the biggest gaps in our funnel, which is that we have all these products access of that customers -- the majority of our customers are not aware that we do more than storage. And we believe a big reason for that is that, in many cases, we haven't promoted the products to our users or integrated those experiences as seamlessly as we could and because when you look at Sign and DocSend, those started as a separate companies and we brought them in via acquisition, and we are fully -- we're doing the rest of the work to integrate them.

當然。因此，從去年的一些經驗教訓來看，我們在 10 月進行了一次大型發布，我們希望解決漏斗中最大的差距之一，即我們可以讓客戶訪問所有這些產品——我們的大多數客戶都是不知道我們做的不僅僅是儲存。我們認為，造成這種情況的一個重要原因是，在許多情況下，我們沒有向用戶推廣產品或盡可能無縫地整合這些體驗，因為當你看到Sign 和DocSend 時，它們都是作為獨立的公司開始的我們透過收購引入了它們，我們正在做剩下的工作來整合它們。

So in October, we launched a redesigned website where we could start a lot of these document workflows from the new experience. We made -- we launched new bundles that include the workflow products as well as FSS. And then what we found is we made a lot of changes and then a lot of metrics changed. And it was a little difficult to isolate some of the variables. And a lot of the changes are favorable. So for example, we saw more or like a significantly elevated attachment to multiple products, but some changes were negative.

因此，在 10 月份，我們推出了一個重新設計的網站，我們可以從新體驗中啟動許多此類文件工作流程。我們推出了新的捆綁包，其中包括工作流程產品以及 FSS。然後我們發現我們做了很多改變，然後很多指標也改變了。隔離一些變數有點困難。許多變化都是有利的。例如，我們看到更多或類似的是對多種產品的依戀顯著提高，但有些變化是負面的。

So for example, as the default SKUs were more expensive, we saw a decrease in new subscriptions on our team's SKUs. And so -- and then there were some other optimizations we were doing around onboarding, where we -- for example, some people -- we stopped promoting the desktop client as heavily to reduce a number of steps, but then that had a negative impact on engagement in as customers who are going into their second through 6 months or things like that. So it's affecting retention curves.

例如，由於預設 SKU 價格更高，我們發現團隊 SKU 的新訂閱量有所減少。因此，我們圍繞入職做了一些其他優化，例如，一些人，我們停止大力推廣桌面客戶端以減少一些步驟，但這產生了負面影響關於即將進入第二個月到六個月或類似情況的客戶的參與度。所以它會影響保留曲線。

So part of what we're doing is backing up a little and it testing and iterating our way back into making a lot of the same changes, but making sure that we know exactly where the deltas are coming from. So we're taking a little bit more of a -- stepping back and taking more iterative approach to preserve as many of the good changes as we can and edit out the ones that were less promising.

因此，我們正在做的部分工作是進行一些備份，然後進行測試和迭代，以做出許多相同的更改，但要確保我們確切地知道增量來自哪裡。因此，我們採取了更多的措施——退後一步，採取更多迭代的方法來保留盡可能多的好的改變，並刪除那些不太有前途的改變。

So -- but for sure, we continue to focus on building awareness and driving adoption of multiple products, whether that's our document workflow products or newer products like Dropbox Replay, which is around video collaboration and Dropbox Dash, which is around AI-powered universal search.

So -- but for sure, we continue to focus on building awareness and driving adoption of multiple products, whether that's our document workflow products or newer products like Dropbox Replay, which is around video collaboration and Dropbox Dash, which is around AI-powered universal搜尋.

All right. Perfect. I appreciate the context around some of those changes on. And then maybe just on the macro side of it. It seems like most of the challenges were more related to the business on the team side. I guess I just want to clarify if there is kind of any impact more on the consumer front as well? And then for the top-of-funnel activity, it seem like that slowed down a little bit. How has that kind of trended so far in '24 in the first half of the quarter here?

好的。完美的。我很欣賞其中一些變化的背景。然後也許只是在宏觀方面。似乎大多數挑戰都與團隊方面的業務更相關。我想我只是想澄清是否對消費者方面也有更多影響？然後，對於漏斗頂部的活動，似乎放緩了一點。到目前為止，24 年上半年的趨勢如何？

Sure. I mean I'd say, overall, it's been pretty stable, I think. I don't think the headwinds we saw in Q4 are of a different kind than we were seeing in prior quarters. It's broadly things when you look at the teams business, it's mostly driven by customers becoming more price-sensitive in general or something we see often is -- or we saw last year was as companies or especially tech companies made headcount reductions of their own, then that means fewer SaaS licenses and so Dropbox is affected by that.

當然。我的意思是，總的來說，我認為它非常穩定。我認為我們在第四季度看到的不利因素與前幾季所看到的沒有什麼不同。當你觀察團隊業務時，這主要是由客戶對價格變得更加敏感所驅動的，或者我們經常看到的事情是——或者我們去年看到的是公司，特別是科技公司自己裁員，那麼這意味著SaaS 授權會減少，因此Dropbox 會受到影響。

And then we've seen more broadly with our document workflow businesses, you look like the eSignature category or things like DocSend. There's a big acceleration during COVID and then a bit of a pullback. So things like eSignature were sector wide. And then DocSend has -- focuses on the fundraising and kind of start-up part of the ecosystem and in a world where VCs are doing a lot less investing or there's less IPO activity, things like that, then DocSend's business has been impacted by that. So there's a lot we're doing in response.

然後，我們在文件工作流程業務中看到了更廣泛的內容，例如電子簽名類別或 DocSend 之類的東西。新冠疫情期間出現了很大的加速，然後又出現了一些回調。所以像電子簽名這樣的東西是整個行業的。然後 DocSend 專注於生態系統的籌款和新創部分，在風投投資大幅減少或 IPO 活動減少之類的世界中，DocSend 的業務受到了影響。因此，我們正在採取許多措施來應對。

Again, like integrating the experiences to be -- make it a lot easier to get up and running on these other products via Dropbox -- or via the Dropbox UI and through things like the redesign we did in October help and then with DocSend expanding to new audiences and use cases. So for example, we've been working towards -- we've had a lot of good early signal on our virtual data room offering in DocSend, and we'll be rolling that out to GA later this year.

再次強調，就像整合體驗一樣，透過 Dropbox 或透過 Dropbox UI 以及透過我們在 10 月幫助進行的重新設計以及隨後將 DocSend 擴展到新的受眾和用例。例如，我們一直在努力工作——我們在 DocSend 中提供的虛擬資料室產品上已經收到了許多良好的早期訊號，我們將在今年稍後將其推廣到 GA。

So I'd say there wasn't a lot of change in the shape of the curves. It's more of the carrying forward of similar trends. And then we also see in Q4 that there tends to be seasonality in both -- or tends to be a lighter quarter for both FSS and some of -- and doc workflow products, especially FormSwift for different reasons.

所以我想說曲線的形狀沒有太大變化。它更多的是類似趨勢的發揚光大。然後我們在第四季度也看到，由於不同的原因，FSS 和某些文件工作流程產品（尤其是 FormSwift）都傾向於存在季節性，或往往是淡季。

And then Steve, real quick. This is Tim. I believe you asked about top-of-funnel activity in the first part of this year. So far, have not seen any material changes. So that's all in line with our guidance. So that's all been factored in.

然後史蒂夫，很快。這是蒂姆。我相信您詢問了今年上半年的漏斗頂部活動。到目前為止，還沒有看到任何實質變化。所以這一切都符合我們的指導。所以這一切都被考慮在內了。

And we see less of the seasonality effect in Q1.

我們在第一季看到的季節性影響較小。

Our next question will come from Michael Funk from Bank of America.

我們的下一個問題將來自美國銀行的邁克爾·芬克。

A couple if I could. So on the call, you mentioned seat rationalization is one of the factors that you've been seeing in the last 12 months or so, specifically software companies. We did see a notable increase in rest across software since the beginning of the year. So can you comment on how much the most recent reductions just back into your forecast for the year? And if we want to draw a direct correlation between those reductions customers and the seat rationalization.

如果可以的話，一對。因此，在電話會議上，您提到座位合理化是您在過去 12 個月左右看到的因素之一，特別是軟體公司。自今年年初以來，我們確實看到軟體的休息時間顯著增加。那麼您能否評論一下您今年的預測中最近的削減幅度是多少？如果我們想得出這些減少的客戶和座位合理化之間的直接相關性。

Sure. So we do factor in what we're seeing across the industry, particularly in that tech vertical as far as layoffs that we're seeing there into our guidance. So that's certainly been contemplated. And maybe just to provide a bit more color. We don't formally guide to paying users, but I do expect that we will still add paying users in 2024. I do expect our total additions this year to be less than last year, again, largely due to the deemphasis of our Family plan. And there may be some quarters where we lose paying users depending on things like the state of the economy, potential turn of larger customers and the timing of our initiatives. But again, we still expect to add paying users this year.

當然。因此，我們確實考慮了整個行業的情況，特別是在科技垂直領域，就我們在指導中看到的裁員而言。所以這肯定是經過考慮的。也許只是為了提供更多的顏色。我們沒有正式引導付費用戶，但我確實預計我們在 2024 年仍會增加付費用戶。我確實預計今年的總增加量將少於去年，這主要是由於我們不再強調家庭計劃。在某些季度，我們可能會失去付費用戶，這取決於經濟狀況、大客戶的潛在轉變以及我們的舉措的時機等因素。但同樣，我們仍預期今年會增加付費用戶。

Okay. And then just on the share repurchase plan and the guidance for the share count for the year, trying to unpack the envelope math here. Does that roughly imply a similar cadence to share repurchase in '24 to what we saw in 2023 absolute dollars?

好的。然後只是關於股票回購計畫和今年股票數量的指導，試圖在這裡解開信封數學。這是否大致意味著 24 年股票回購的節奏與我們在 2023 年看到的絕對美元相似？

Yes, I'd say no changes in our philosophy as far as share repurchase program, still remain very dedicated to that. We continue to expect to allocate a significant portion of our annual free cash flow to share repurchases with the intention of reducing our share count. And maybe to provide some color on how it is structured, our buyback program buys more shares at lower price points and less shares at higher price points. Again, all reflected in our full year share count guidance.

是的，我想說，就股票回購計畫而言，我們的理念沒有改變，仍然非常致力於此。我們仍然預計將年度自由現金流的很大一部分用於股票回購，以減少我們的股票數量。也許為了提供一些關於其結構的信息，我們的回購計劃以較低的價格購買更多的股票，以較高的價格購買較少的股票。同樣，所有這些都反映在我們的全年股票計數指導中。

Our next question will come from Pat Walravens from Citizens JMP.

我們的下一個問題將來自 Citizens JMP 的 Pat Walravens。

I mean, Drew, very big picture, how happy were you with how this business executed in Q4?

我的意思是，德魯，非常大的畫面，您對第四季度這項業務的執行感到滿意嗎？

So I mean, I was happy to get things like Dash to open beta, and I was happy with the improvement to a lot of the customer experience and product quality with things like our web redesign. And I was unhappy with the overall results and the fact that some of the upside we had been projecting didn't fully materialize and we have to kind of go back and take a more iterative approach to making sure all the new ingredients or changes we're making that we're doubling down on the additive ones and filtering out the ones that aren't working. And I think there were so many variables that got kind of conflated with making so many changes to the ones. I think that was a lesson.

所以我的意思是，我很高興讓 Dash 等產品進入公開測試版，我很高興透過我們的網站重新設計等方式改善了許多客戶體驗和產品品質。我對整體結果並不滿意，事實上我們預測的一些好處沒有完全實現，我們必須回去並採取更迭代的方法來確保我們所有的新成分或變化。我們正在加倍努力添加附加功能，並過濾掉那些不起作用的功能。我認為有太多的變數與對這些變數進行瞭如此多的改變混為一談。我認為這是一個教訓。

And then some of the lessons around, yes, a more difficult macro environment. A lot of our customers are more price sensitive. And so when I say we're iterating on pricing and packaging, we want to make sure that as our customers used to be able to -- many SaaS companies would just be on a regular clip of price increases and customers are fine with that now in a world where things are more difficult or there's more budget pressure, different value props are more compelling.

然後是一些關於更困難的宏觀環境的教訓。我們的許多客戶對價格更加敏感。因此，當我說我們正在迭代定價和包裝時，我們希望確保，正如我們的客戶過去能夠做到的那樣，許多 SaaS 公司只會定期漲價，而客戶現在對此感到滿意在一個事情變得更加在困難或預算壓力更大的世界中，不同的價值支柱更引人注目。

So the idea of like, well, I can consolidate spend by -- in addition, if I can have not just files we can share, but also be able to have eSignature with Dropbox or I can do video collaboration or I can do AI-powered universal search and get that all as part of one subscription. So bundling and things like that. So this is the kind of iteration that we need to do. So overall, I mean, I'm not happy with the headline result. But I think we've got -- we took away some clear lessons and we'll be making targeted improvements in response.

所以，我可以透過以下方式整合支出——此外，如果我不僅可以共享文件，還可以使用 Dropbox 進行電子簽名，或者我可以進行視訊協作，或者我可以進行人工智慧——提供強大的通用搜尋功能，並透過一次訂閱即可獲得所有內容。所以捆綁之類的事情。所以這就是我們需要做的迭代。總的來說，我的意思是，我對整體結果並不滿意。但我認為我們已經吸取了一些明確的教訓，我們將做出有針對性的改進。

Okay. And then, Tim, is there -- did I miss it? Is there a sort of a new $1 billion free cash flow target?

好的。然後，提姆，我錯過了嗎？是否存在新的 10 億美元自由現金流目標？

Yes. Let me walk you through that, Pat. So as a reminder, last quarter, we did adjust our free cash flow target by the amount of the R&D tax legislation, which we now estimate to be $30 million, effectively taking our $1 billion target to a revised target of $970 million. Our guidance of $910 million to $950 million falls below that target, and that's primarily driven by slower billings growth, incremental FX since we first set the target and our investments in Dash. Now while we could withhold investments in our long-term initiatives to meet the target, that would be a shortsighted approach. So that's where this guidance reflects our continued investment in the long-term health of the business. And again, we still have time to outperform that guidance throughout the year and via product execution or identifying efficiencies within the business.

是的。讓我帶你了解一下，帕特。提醒一下，上個季度，我們確實根據研發稅收立法的金額調整了我們的自由現金流目標，我們現在估計為3000 萬美元，有效地將我們的10 億美元目標調整為9.7 億美元的修訂目標。我們 9.1 億至 9.5 億美元的指引低於該目標，這主要是由於我們首次設定目標以來的帳單成長放緩、外匯增量以及我們對達世幣的投資所致。現在，雖然我們可以暫停長期計劃的投資以實現目標，但這將是一種短視的做法。因此，本指導意見反映了我們對業務長期健康發展的持續投資。再說一遍，我們仍然有時間透過產品執行或確定業務效率來全年超越該指導。

(Operator Instructions) And our next question will come from Richard Hilliker from UBS.

（操作員說明）我們的下一個問題將來自瑞銀集團的理查德·希利克（Richard Hilliker）。

My question is on the R&D line. So I appreciate the exciting opportunity ahead, particularly with Dash and AI. But I guess what I'm wondering is, can you help me understand why we couldn't potentially see more leverage on this R&D line while still investing in AI and these other exciting opportunities? And then I have a follow-up.

我的問題是關於研發線的。因此，我很欣賞未來令人興奮的機會，特別是達世幣和人工智慧。但我想我想知道的是，你能幫助我理解為什麼我們在繼續投資人工智慧和其他令人興奮的機會的同時，無法在這條研發線上看到更多的槓桿作用嗎？然後我有一個後續行動。

Sure. I'll start, Drew, obviously, feel free to jump in. So R&D increased slightly to 25% of revenue. That's primarily due to hiring for our longer-term growth initiatives such as Dash on that side. These engineers with an AI background typically do command premium compensation and are located in higher-cost locations, such as the Bay Area and Seattle. So certainly, we want to make sure that we're focused on investing in these long-term initiatives and that we're funding them at a proper rate. So certainly contemplates an investment on that front.

當然。我要開始了，德魯，顯然，請隨意加入。因此研發費用略微增加至收入的 25%。這主要是由於我們的長期成長計劃（例如達世幣）正在招聘。這些具有人工智慧背景的工程師通常會獲得高額薪酬，並且位於灣區和西雅圖等成本較高的地區。因此，當然，我們希望確保我們專注於投資這些長期計劃，並以適當的利率為其提供資金。因此，肯定會考慮在這方面進行投資。

And then maybe just to provide some more color on our overall operating margins, that's between 32% and 32.5%. At the highest level, what we're doing across the business? We will be driving increased efficiencies within our core file sync and share and document workflow businesses, again, while concurrently investing in long-term growth initiatives such as Dash. We're also going to be investing in marketing to drive product and brand awareness, including our partnership with McLaren Formula 1 Racing that Drew alluded to. And the guidance does preserve some flexibility to invest across the business to drive long-term growth.

然後也許只是為了提供更多關於我們整體營業利潤率的信息，該利潤率在 32% 到 32.5% 之間。在最高層面上，我們在整個業務領域正在做什麼？我們將再次提高核心文件同步、共享和文件工作流程業務的效率，同時投資達世幣等長期成長計畫。我們還將投資於行銷，以提高產品和品牌知名度，包括德魯提到的與麥克拉倫一級方程式賽車的合作夥伴關係。該指導意見確實保留了一些跨業務投資的靈活性，以推動長期成長。

Yes. And I would just add that it's a balancing act. I mean we certainly care about margins, we certainly care about efficiency. And we also don't want to miss these like once a decade or once a generation platform shifts. I mean you look at the move to mobile and cloud made Dropbox 1.0 possible to begin with and all the emergence of AI is going to make Dropbox 2.0 possible. And ultimately, I think it's going to be a much larger opportunity, so we don't want to miss that.

是的。我想補充一點，這是一種平衡行為。我的意思是，我們當然關心利潤，我們當然關心效率。我們也不想錯過這些十年一次或一代平台轉變一次的機會。我的意思是，你會看到向移動和雲端的遷移使得 Dropbox 1.0 成為可能，而人工智慧的所有出現將使 Dropbox 2.0 成為可能。最終，我認為這將是一個更大的機會，所以我們不想錯過這個機會。

But that's like the tension we're navigating. I mean, fortunately, we're able to do a lot of these investments within the general envelope that we've provided. So I don't expect there to be like massively different shaped curves. And I think another thing is we're also been reallocating our resources away from less efficient or less promising areas and more towards things like AI and Dash. So that's a little bit harder to see was just the aggregate R&D line.

但這就像我們正在應對的緊張局勢。我的意思是，幸運的是，我們能夠在我們提供的整體範圍內進行大量此類投資。所以我不希望出現形狀截然不同的曲線。我認為另一件事是，我們也在重新分配我們的資源，從效率較低或前景較差的領域轉向人工智慧和達世幣等領域。因此，看到總研發線有點困難。

Okay. And then, Tim, maybe one last one for you here. I was curious, I think you mentioned that finance lease would jump up to about 7% of revenue. And I think that's from right around 5%. It seems like kind of a big jump. Maybe wondering if you could give us any other color to help us understand that change.

好的。然後，提姆，也許是給你的最後一個。我很好奇，我想你提到融資租賃將躍升至收入的 7% 左右。我認為這個比例大約是 5%。這似乎是一個很大的跳躍。也許想知道您是否可以給我們任何其他顏色來幫助我們理解這種變化。

Yes. Sure. Good question. So we are seeing an increase in our finance lease additions this year that's due to two reasons. First, we are nearing a hardware refresh cycle for equipment that's reaching the end of its life, where we did have a similar refresh in 2019, 2020. And then additionally, we are supporting onetime quota grants to customers on our Advanced plan who are using an excess amount of storage. So we've grandfathered some of these customers in, and so we need to support those customers. So that's partly what's driving that additions.

是的。當然。好問題。因此，我們今年的融資租賃增加有兩個原因。首先，我們正接近壽命即將結束的設備的硬體更新周期，我們在 2019 年和 2020 年確實進行了類似的更新。此外，我們還支援向使用高級計劃的客戶提供一次性配額過多的存儲空間。因此，我們已經照顧了其中一些客戶，因此我們需要支援這些客戶。這就是推動新增功能的部分原因。

Our next question will come from Mark Murphy from JPMorgan.

我們的下一個問題將來自摩根大通的馬克墨菲。

Do you notice much of a difference in the signals you're seeing from the very, very smallest businesses, which are more sensitive to interest rates and banks extending credit if you compare that to your relatively midsized and larger customers within the mix?

如果您將其與組合中相對中型和大型客戶進行比較，您是否注意到從非常非常小的企業看到的訊號有很大差異，這些企業對利率和銀行提供的信貸更加敏感？

Yes. Mark, I think this is all part of what we're seeing on the macro side, where, as you know, most of our teams plans are in the SMB space, where we do continue to see a challenging demand environment there. Again, as Drew has talked about, some of that is due to heightened price sensitivity, and we've seen that since our price increase in 2022. And again, as Drew has also touched on, some of that also pertinent to SMBs seeing downsell pressure as teams trim their license counts, following whether that's layoffs or budget cuts, those sorts of things. So our guidance factors in a continuation of these trends.

是的。馬克，我認為這都是我們在宏觀方面看到的一部分，正如你所知，我們的大多數團隊計劃都在中小型企業領域，我們確實繼續看到那裡具有挑戰性的需求環境。同樣，正如德魯所談到的，其中一些原因是價格敏感性提高，自2022 年價格上漲以來我們已經看到了這一點。同樣，正如德魯也談到的那樣，其中一些也與中小型企業遭遇降價銷售有關隨著團隊削減許可證數量，無論是裁員還是預算削減，諸如此類的事情都會帶來壓力。因此，我們的指導因素是這些趨勢的延續。

And I wanted to ask as well, you described this as a unique period. What do you think has to happen through the course of the year? If we're going to look back on it as kind of a troughing out period for growth, there's no real price increase as a driver. You're taking some intentional actions, which are minor headwinds. And you had foreshadowed a lot of this coming off the Q3 call. The new products haven't ramped yet. We still have tech companies that are out there doing incremental layoffs. Is it a bit of a perfect storm this year where that kind of alignment of all these factors might be marking a troughing out period?

我也想問，你形容這是一個獨特的時期。您認為這一年會發生什麼事？如果我們將其視為成長的低谷期，那麼並沒有真正的價格上漲作為驅動因素。你正在採取一些有意的行動，但這些都是小阻力。您在第三季電話會議中已經預見了許多這樣的情況。新產品還沒上市。我們仍有科技公司在進行增量裁員。今年是否有點像一場完美風暴，所有這些因素的結合可能標誌著一個低谷期？

Yes. So with last year, we had to make some difficult decisions with layoff of our own and then kind of weaning ourselves off of things that I didn't find sustainable like price increases or inefficient sources of growth or inefficient marketing spend or sort of over investments in areas that weren't going to bear as much fruit and then reallocating a lot of resources towards the future and things like AI and Dash.

是的。因此，去年，我們不得不做出一些艱難的決定，自行裁員，然後擺脫一些我認為不可持續的事情，例如價格上漲、低效的成長來源、低效的行銷支出或過度投資。在那些不會結出太多成果的領域，然後將大量資源重新分配給未來以及人工智慧和達世幣等領域。

So I'm hopeful there are like a lot of more difficult decisions are behind us and winning this year would look like finishing the swing on that, rotating away from things like price and monetization experiments to areas of the funnel, especially on our teams business where that have been overlooked.

因此，我希望我們已經經歷了許多更困難的決定，今年的勝利看起來就像完成了這一轉變，從價格和貨幣化實驗等領域轉向漏斗領域，尤其是在我們團隊的業務方面那些被忽視的地方。

So I mentioned a few of them in my prepared remarks, but things like -- we see a lot of opportunity to improve the team onboarding experience. There's a lot of friction. A lot of friction, I would see is unnecessary, like too many steps or things that are confusing to customers when you actually sit down with customers and watch them go through that process. We've identified plenty of things that we continue to make that better and make some more improvements to the ones we've made on the individual side of the business, where over the years, we've been able to really chip away a churn.

因此，我在準備好的發言中提到了其中的一些內容，但諸如此類的事情——我們看到了許多改善團隊入職體驗的機會。有很多摩擦。我認為很多摩擦是不必要的，例如當你真正與客戶坐下來觀察他們完成整個過程時，太多的步驟或事情會讓客戶感到困惑。我們已經確定了很多需要繼續改進的事情，並對我們在業務的各個方面所做的事情進行更多改進，多年來，我們已經能夠真正減少客戶流失。

And as we've improved the user experience on things like sharing, we see more engagement, more sharing, more viral sign-ups and just more -- focusing more on the fundamental levers of engagement and virality more so than monetization. So I think stabilizing the core business and like -- and getting after some of those levers where we've been underinvesting around team onboarding, team expansion, sharing in general.

隨著我們在分享等方面改善用戶體驗，我們看到更多的參與、更多的分享、更多的病毒式註冊等等——更多地關注參與度和病毒式傳播的基本槓桿，而不是貨幣化。因此，我認為穩定核心業務等，並抓住我們在團隊入職、團隊擴張和一般共享方面投資不足的一些槓桿。

And then the other main goal is getting Dash to true product market fit. So getting it to be a great product experience, great retention, smooth onboarding and bridging from individual use cases like search and organizing your stuff to sharing. And a lot of this is the playbook that made Dropbox 1.0 successful, and we're doubling down on a lot of those things.

另一個主要目標是讓達世幣真正適應產品市場。因此，讓它成為一種出色的產品體驗、出色的保留率、順利的入門以及從搜尋和組織您的資料到共享等單一用例的橋樑。其中許多都是使 Dropbox 1.0 取得成功的劇本，我們正在加倍努力做很多事情。

And our last question will come from Brent Thill from Jefferies.

我們的最後一個問題將由傑富瑞 (Jefferies) 的布倫特希爾 (Brent Thill) 提出。

This is Eylon Liani on for Brent Thill. My first question is just at a high level. Was the demand environment better, worse or in line with what you saw in 3Q? And I have a follow-up after.

我是埃隆·利亞尼 (Eylon Liani) 替補布倫特·希爾 (Brent Thill)。我的第一個問題是一個很高的水平。需求環境是更好、更差還是與您在第三季看到的情況一致？之後我有一個後續行動。

Yes, great question. I'd say it was in line. I have not seen an improvement in macro trends. We've talked a bit about what we saw in our teams business, which stayed rather consistent. We talked about FormSwift, which sees a seasonal low point in the fourth quarter and then tends to rebound in the first quarter as we enter tax season. And then we saw consistent pressure across DocSend and our eSignature categories. DocSend, in particular, continue to see headwinds in the fundraising space. So a lot of consistency in what we have been seeing. And that has all been extrapolated into our guidance for next year as far as a continuation of those trends.

是的，很好的問題。我想說的是，這是排隊的。我沒有看到宏觀趨勢有所改善。我們已經討論了一些我們在團隊業務中看到的情況，這些情況保持相當一致。我們談到了 FormSwift，它在第四季度出現季節性低點，然後隨著進入納稅季節而在第一季度趨於反彈。然後我們看到 DocSend 和我們的電子簽名類別面臨持續的壓力。尤其是 DocSend，在募款領域持續面臨阻力。我們所看到的情況有很多一致性。這些趨勢都已被推斷到我們明年的指導中，以延續這些趨勢。

Super helpful. And then the second part of my question is just in terms of the monetization of Dropbox Dash. I know it's still early days. But should we expect it to be embedded in the more premium SKUs of the platform? Or would they be priced as a separate SKU? Just like a high level, how should we think about it?

超有幫助。我的問題的第二部分是關於 Dropbox Dash 的貨幣化。我知道現在還為時過早。但我們是否應該期望它嵌入到該平台更優質的 SKU 中？或者它們會作為單獨的 SKU 定價嗎？就像一個高層次，我們該怎麼去思考呢？

Yes, it will be both. So Dash will be available as a stand-alone subscription and then there will also be different add-on and bundle options over time. So -- and we're still pretty early in terms of signal on monetization, we're focusing on finding on driving adoption right now.

是的，兩者都會。因此，達世幣將作為獨立訂閱提供，隨著時間的推移，還會有不同的附加元件和捆綁選項。因此，就貨幣化訊號而言，我們還處於早期階段，我們現在專注於尋找推動採用的方法。

And this does conclude today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。