Dropbox Inc (DBX) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2024 Dropbox Earnings Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker Peter Stabler, Head of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Dropbox 2024 年第一季財報電話會議。 （操作員說明）。請注意，今天的會議正在錄製中。現在我想將會議交給您的發言人、投資者關係主管 Peter Stabler。請繼續。

Thank you. Good afternoon, and welcome to Dropbox's First Quarter 2024 Earnings Call. Before we get started, I'd like to remind you that our remarks today will include forward-looking statements, such as our financial guidance and expectations, including our long-term objectives and forecast for our second quarter and fiscal year 2024 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 in the macroeconomic environment.

謝謝。下午好，歡迎參加 Dropbox 2024 年第一季財報電話會議。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，包括我們對第二季度和 2024 財年的長期目標和預測以及我們的預期關於我們的收入成長、獲利能力、營業利潤率和自由現金流，以及我們對宏觀經濟環境中的業務、資產、產品、策略、技術、員工、使用者、需求的預期。

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. 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.

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。我們也將討論非公認會計準則財務指標，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'll now turn the call over to Dropboxs' Co-Founder and CEO, Drew Houston. Drew?

現在我將把電話轉給 Dropboxs 聯合創始人兼執行長 Drew Houston。德魯？

Thanks, Peter, and good afternoon, everyone. Welcome to our Q1 2024 earnings conference call. Joining me today is Tim Regan, our Chief Financial Officer. I'll first provide an overview of recent business and product highlights, and then Tim will review the details of our Q1 financial results and update our outlook for the remainder of the year. Revenue for the quarter was in line with our expectations. However, we still have work to do to return our core FSS business to a growth rate that's more representative of the opportunity we see. As our teams work on initiatives to achieve that, and I'll share more about those efforts in a moment, we continue to manage our expenses carefully and we're pleased to have delivered better-than-anticipated profitability in the quarter.

謝謝彼得，大家下午好。歡迎參加我們的 2024 年第一季財報電話會議。今天加入我的是我們的財務長 Tim Regan。我將首先概述最近的業務和產品亮點，然後蒂姆將回顧我們第一季財務業績的詳細信息，並更新我們對今年剩餘時間的展望。該季度的營收符合我們的預期。然而，我們仍然有工作要做，以使我們的核心 FSS 業務恢復到更能代表我們看到的機會的成長率。當我們的團隊致力於實現這一目標時，我將在稍後分享更多有關這些努力的信息，我們將繼續謹慎管理我們的支出，我們很高興在本季度實現了好於預期的盈利能力。

On another positive note, after a challenging fourth quarter, paying users returned to sequential growth with 35,000 net new additions in the quarter. We are encouraged by this return to paid user growth, but we're still facing macroeconomic challenges and an uncertain demand environment. Within our core FSS business, we continue to see pressure across our self-serve individual and Teams offerings while in the quarter we saw a better than anticipated performance across our Document Workflow group comprised of Form Swift, Sign and DocSend.

另一個積極的方面是，在經歷了充滿挑戰的第四季度之後，付費用戶恢復了環比增長，該季度淨新增用戶 35,000 人。我們對付費用戶成長的回歸感到鼓舞，但我們仍然面臨宏觀經濟挑戰和不確定的需求環境。在我們的核心 FSS 業務中，我們的自助個人和團隊產品繼續面臨壓力，而在本季度，我們看到由 Form Swift、Sign 和 DocSend 組成的文檔工作流程組的表現好於預期。

I'll now share more specifics on our core FSS business, starting with Teams. Improving our Team's offering is a focal point for us this year. Our Team's plans to feature higher net revenue retention rates and an opportunity for license expansion. In Q1, we focused on reducing friction in the onboarding process, improving the Team admin workflow and streamlining the sharing experience. We're pleased that the changes we made led to solid top of funnel improvement during Q1 with trial starts, team invitations and weekly active usage, all posting year-over-year increases. These are positive indicators that customers are trying and using our products, and the next step is for us to convert and retain these potential new paying users.And as we mentioned on our last call, late in Q4, we implemented tests and experiments for individual plans that didn't produce the expected results. In particular our emphasis on higher-priced SKUs in our mobile channel ended up negatively impacting our top of funnel metrics, including trial starts for new individual plan users.

我現在將分享有關我們核心 FSS 業務的更多細節，從 Teams 開始。改進我們團隊的產品是我們今年的重點。我們團隊的計劃是提高淨收入保留率和許可證擴展的機會。在第一季度，我們專注於減少入職流程中的摩擦、改善團隊管理工作流程並簡化共享體驗。我們很高興我們所做的改變在第一季帶來了漏斗頂部的堅實改進，包括試用開始、團隊邀請和每週活躍使用量，所有這些都同比增長。這些都是客戶正在嘗試和使用我們的產品的積極跡象，下一步是我們轉換並留住這些潛在的新付費用戶。實施了測試和實驗計劃沒有產生預期結果。特別是，我們在行動管道中對高價 SKU 的重視最終對我們的漏斗頂部指標產生了負面影響，包括新的個人計劃用戶的試用開始。

Over the course of Q1, we continued our work on our go-to-market motion for our individual plans. And while our mobile channel hasn't yet fully recovered, we've seen some recent improvement in top of funnel, and we're confident we can further improve the efficiency of the Mobile acquisition channel going forward.

在第一季度，我們繼續致力於個人計劃的上市動議。雖然我們的行動管道尚未完全恢復，但我們最近看到漏斗頂部的一些改進，我們有信心未來可以進一步提高行動擷取管道的效率。

Moving on to a quick update on Bundles. As a reminder, we created bundled SKUs to offer multiproduct capabilities to new customers at a higher price point, reflecting the additional value we were adding to the plans. These SKUs include FSS as well as limited or introductory functionality across products such as Dropbox Sign, DocSend and Replay. On our last earnings call, we noted that while we saw improved ARPU and higher multiproduct adoption rates for the introduction of these plans, we are also seeing reduced top-of-funnel demand and conversion challenges.

繼續快速更新 Bundles。提醒一下，我們創建了捆綁 SKU，以更高的價格向新客戶提供多產品功能，這反映了我們為計劃添加的附加價值。這些 SKU 包括 FSS 以及 Dropbox Sign、DocSend 和 Replay 等產品的有限或介紹功能。在我們上次的財報電話會議上，我們注意到，雖然我們看到這些計劃的引入提高了 ARPU 和更高的多產品採用率，但我們也看到漏斗頂部需求和轉換挑戰的減少。

Based on our learnings, in late Q1, we elected to roll back the pricing of our bundled SKUs to prelaunch levels to counteract the potential price sensitivity that these plans introduced. We're currently assessing the customer response to these reduced prices, while we also work to optimize the features included with these bundles as well as the underlying product experience. We'll continue to iterate and drive towards an intuitive lineup of offerings for our customers, and we'll have more to share on our progress here in the coming quarters. Customer feedback is a critical input into our product development. Our April '24s release is a great example of our teams acting on this feedback as we release the collection of product updates designed to make it even easier for Dropbox users to secure organize and share their work across different devices, locations and platforms. To help our users secure their content, we released new Advanced Data Protection features, including Advanced Key Management and full end-to-end encryption offering our FSS users complete control over how their data is secured.

根據我們的經驗，在第一季末，我們選擇將捆綁 SKU 的定價回滾到發布前的水平，以抵消這些計劃引入的潛在價格敏感性。我們目前正在評估客戶對這些降價的反應，同時我們也努力優化這些捆綁包中包含的功能以及基礎產品體驗。我們將繼續迭代並推動為客戶提供直覺的產品陣容，並且我們將在未來幾季分享更多有關我們進展的資訊。客戶回饋是我們產品開發的重要輸入。我們4 月24 日發布的版本是我們團隊根據反饋採取行動的一個很好的例子，我們發布了一系列產品更新，旨在讓Dropbox 用戶更輕鬆地在不同設備、位置和平台上安全地組織和共享他們的工作。為了幫助我們的用戶保護其內容，我們發布了新的高級資料保護功能，包括高級金鑰管理和完整的端對端加密，使我們的 FSS 用戶能夠完全控制其資料的保護方式。

The kernel of this end-to-end encryption capability stems from our acquisition of BoxCryptor in late 2022. And as we were seeing our customers purchase this functionality separately from Dropbox. Now our users can take advantage of this capability natively within Dropbox, providing additional protection for both our end users and their administrators, who are key influencers [and purchasing group decisions.] We also consistently hear from our users that they want more help organizing and sharing their content efficiently across distributed teams. For example, our users have sought ways to improve collaboration across Microsoft applications. That's why we're excited to announce real-time Co-Authoring integrations with Microsoft 365. Dropbox Teams users can now edit Microsoft Office files on the desktop simultaneously and save natively within Dropbox without conflicting copies. With real-time editing, they can be confident they're working off the latest version. We also launched a Microsoft Copilot Integration, giving users the ability to query their Dropbox files directly from within Microsoft Teams.

這種端對端加密功能的核心源自於我們在 2022 年底收購 BoxCryptor。現在，我們的用戶可以在Dropbox 中充分利用此功能，為我們的最終用戶及其管理員提供額外的保護，他們是關鍵影響者[和採購團隊決策]。需要更多幫助來組織和管理在分散式團隊中有效地分享內容。例如，我們的用戶一直在尋找改進 Microsoft 應用程式之間協作的方法。因此，我們很高興宣布與 Microsoft 365 實現即時共同創作整合。透過即時編輯，他們可以確信自己正在製作最新版本。我們還推出了 Microsoft Copilot 集成，使用戶能夠直接從 Microsoft Teams 內查詢其 Dropbox 文件。

Our April release also featured the launch of DocSend Advanced Data Rooms. Users are now able to securely share multiple files with a single link while maintaining complete control of viewing with group permissions, visitor verification and built-in NDAs. With an easy-to-use virtual data room solution, DocSend is now even better positioned as an attractively priced full-featured solution to address the middle market deal flow opportunity. Sharing quickly and easily across teams is especially important for projects with large video files, which is the fastest-growing content type on the Dropbox platform with over 1.5 billion videos uploaded each year. To support video-based projects, we've continued to invest in Dropbox Replay, our rich media review and approval tool. Since Replay's general release, active users have been growing on average 15% quarter-over-quarter. And further, with our new integration, replay users who work in Avid Pro Tools can now review files directly within their Avid application.

我們四月的版本還推出了 DocSend 高級資料室。使用者現在可以透過單一連結安全地共享多個文件，同時透過群組權限、訪客驗證和內建保密協議保持對查看的完全控制。憑藉易於使用的虛擬資料室解決方案，DocSend 現在更能成為價格有吸引力的全功能解決方案，以應對中間市場的交易流程機會。跨團隊快速輕鬆地分享對於包含大型影片檔案的專案尤其重要，影片檔案是 Dropbox 平台上成長最快的內容類型，每年上傳超過 15 億個影片。為了支持基於影片的項目，我們繼續投資 Dropbox Replay，這是我們的富媒體審核和批准工具。自 Replay 全面發布以來，活躍用戶較上季平均成長 15%。此外，透過我們的新集成，使用 Avid Pro Tools 工作的重播用戶現在可以直接在其 Avid 應用程式中查看文件。

I'll now shift gears and share an update on Dash, our stand-alone universal search product that leverages AI and machine learning to help organize all of your cloud content. Last quarter, we shared that we were prioritizing collecting input from our beta users and focusing on maximizing the utility and virality of the Dash product and we've been making significant progress in Q1. For example, we've recently seen double-digit percent increases in search success for existing and new users, and we've reduced average search latency by over 50%. We're conducting near daily user sessions and the feedback has been valuable. As we better align Dashs' key features with user needs and achieve stronger product market fit, we're eager to leverage our platform's user base, and distribution to address this growing market opportunity for cloud-based universal search. We're also working on reducing onboarding hurdles. For example, early on, we prioritized Dash development for Chrome, and while this allowed us to move faster, we create unnecessary friction for Safari and Firefox users. We've now eliminated this gap. And as a result, we've seen improvements in onboarding success rates and app connections.

我現在將換檔並分享 Dash 的更新，Dash 是我們獨立的通用搜尋產品，利用人工智慧和機器學習來幫助組織您的所有雲端內容。上個季度，我們表示，我們優先考慮收集測試版用戶的意見，並專注於最大限度地提高 Dash 產品的實用性和病毒性，我們在第一季取得了重大進展。例如，我們最近發現現有用戶和新用戶的搜尋成功率實現了兩位數的百分比增長，並且我們將平均搜尋延遲降低了 50% 以上。我們幾乎每天都在進行用戶會議，回饋非常有價值。隨著我們更好地將 Dashs 的關鍵功能與用戶需求結合起來並實現更強大的產品市場契合度，我們渴望利用我們平台的用戶群和分佈來應對基於雲端的通用搜尋不斷增長的市場機會。我們也致力於減少入職障礙。例如，早期我們優先考慮了 Chrome 的 Dash 開發，雖然這使我們能夠更快地行動，但我們為 Safari 和 Firefox 用戶帶來了不必要的摩擦。我們現在已經消除了這個差距。因此，我們看到了入門成功率和應用程式連接方面的改進。

Early engagement trends are moving in the right direction as well, up over 70%. Our newly redesigned Dash Start Page also enables users to get shortcuts to their recent work projects and view stacks which are smart, shareable collections for any kind of cloud or file content. In each quarter, we're adding more integrations with the most widely used workplace tools and apps. In closing, we had a good start to 2024. While not without challenges, we delivered against our key business objectives of enhancing the product experience for our core FSS users while investing in our next-generation AI-enabled product experiences. Given the ongoing uncertainty in the macro landscape, we'll stay disciplined in our operations, seeking efficiencies and remaining committed to judicious capital allocation. I'm excited about our road map for the remainder of 2024 and I'd like to thank all of our Dropboxers for their continued focus on delivering a more enlightened way of working for our customers.

早期參與度趨勢也朝著正確的方向發展，成長了 70% 以上。我們新重新設計的 Dash 起始頁還使用戶能夠獲取最近工作項目的快捷方式並查看堆棧，這些堆棧是任何類型的雲或文件內容的智慧、可共享集合。每個季度，我們都會添加更多與最廣泛使用的工作場所工具和應用程式的整合。最後，我們在 2024 年有了一個良好的開端。鑑於宏觀環境持續存在的不確定性，我們將保持營運紀律，追求效率並繼續致力於明智的資本配置。我對 2024 年剩餘時間的路線圖感到很興奮，我要感謝所有 Dropbox 員工持續致力於為我們的客戶提供更開明的工作方式。

And with that, I'll turn the call over to Tim to share a recap of our first quarter financial performance as well as our expectations for the remainder of the year. Tim?

接下來，我將把電話轉給蒂姆，分享我們第一季財務業績的回顧以及我們對今年剩餘時間的預期。提姆？

Thank you, Drew. I'll cover our financial highlights from Q1, provide guidance for Q2 and offer some updated thoughts on our full year 2024 outlook. Starting with our results for the first quarter. Total revenue for Q1 increased 3.3% year-over-year, to $631 million, slightly ahead of the high end of our guidance range. As expected, foreign exchange rates had a minimal impact on revenue for the quarter, amounting to a 10 basis point tailwind and a 3.2% year-over-year constant currency growth rate. Total ARR grew to a total of $2.556 billion, up 3.6% year-over-year. On a constant currency basis, we added $16 million sequentially and 2.8% year-over-year. We exited the quarter with 18.16 million users, adding approximately 35,000 net new paying users on a sequential basis.

謝謝你，德魯。我將介紹第一季的財務亮點，為第二季提供指導，並就 2024 年全年展望提供一些最新想法。從我們第一季的業績開始。第一季總營收年增 3.3%，達到 6.31 億美元，略高於我們指導範圍的上限。正如預期的那樣，匯率對本季收入的影響微乎其微，相當於 10 個基點的順風車和 3.2% 的同比恆定貨幣成長率。總 ARR 增至 25.56 億美元，年增 3.6%。以固定匯率計算，我們連續增加了 1,600 萬美元，年增了 2.8%。本季結束時，我們的用戶數量為 1,816 萬，季淨增加約 35,000 個新付費用戶。

Average revenue per paying user was $139.59. Before we continue with further discussion of our P&L, I would like to note that unless otherwise indicated, all income statement figures mentioned are non-GAAP and exclude stock-based compensation, amortization of purchased intangibles and certain acquisition-related expenses. Our non-GAAP net income also includes the income tax effect of the aforementioned adjustments. With that, let's continue with the first quarter P&L.

每個付費用戶的平均收入為 139.59 美元。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和某些與收購相關的費用。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。接下來，讓我們繼續第一季的損益表。

Gross margin was 84.6% for the quarter. As mentioned previously, the primary driver of the year-over-year increase in gross margin was the increase in useful life of our servers from 4 to 5 years effective January 1 of this year. This change resulted in approximately $10 million of benefit to gross margin in the first quarter. The impact of this change is weighted towards the first half of this year, where we expect the full year benefit to be roughly $30 million. Operating expenses were $303 million, down approximately 8% year-over-year. Operating margin was 36.5%, ahead of our guidance of 33% and up roughly 800 basis points from the year ago period. A substantial portion of our better-than-anticipated results was timing related as we delayed spending behind certain projects and marketing efforts. Much of this delayed spend will be allocated across subsequent quarters of this year.

該季度毛利率為 84.6%。如前所述，毛利率年增的主要推動力是自今年 1 月 1 日起，我們伺服器的使用壽命從 4 年延長至 5 年。這項變化為第一季的毛利率帶來了約 1000 萬美元的收益。這項變化的影響主要集中在今年上半年，我們預計全年收益約為 3,000 萬美元。營運費用為 3.03 億美元，年減約 8%。營業利益率為 36.5%，高於我們 33% 的指引，比去年同期上升約 800 個基點。我們好於預期的結果很大一部分與時間相關，因為我們推遲了某些項目和行銷工作的支出。大部分延遲支出將在今年後續幾季分配。

Net income for the first quarter was $197 million, up 35% year-over-year. Diluted EPS for the first quarter was $0.58 based on 341 million diluted weighted average shares outstanding. This compares to $0.42 per share and 349 million diluted weighted average shares outstanding for Q1 2023. Moving on to our cash balance and cash flow. We ended the quarter with cash and short-term investments of $1.2 billion. First quarter cash flow from operations was $176 million, an increase of 25% versus the year ago period. Capital expenditures in the quarter totaled $9 million. This resulted in quarterly free cash flow of $166 million compared to $138 million in Q1 of 2023. In the quarter, we also added $27 million to our finance leases for data center equipment. While this figure represents a material step down from finance lease additions in Q4, we continue to anticipate full year 2024 addition to approximate 7% of total revenue.

第一季淨利為1.97億美元，年增35%。根據 3.41 億股稀釋加權平均流通股計算，第一季稀釋每股收益為 0.58 美元。相較之下，2023 年第一季每股 0.42 美元，攤薄加權平均已發行股數為 3.49 億股。本季結束時，我們的現金和短期投資為 12 億美元。第一季營運現金流為 1.76 億美元，較去年同期成長 25%。該季度的資本支出總計 900 萬美元。這導致季度自由現金流為 1.66 億美元，而 2023 年第一季為 1.38 億美元。雖然這一數字較第四季的融資租賃增量大幅下降，但我們仍預期 2024 年全年增量將佔總營收的約 7%。

As related to our share repurchase program, in Q1, we repurchased just over 11 million shares. Spending $279 million. As of the end of the first quarter, we had approximately $1.1 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 over time, that are related to 10b5-1 grid structured to buy more shares at lower price points. I'd now like to share our 2024 second quarter and updated full year guidance, where I will also provide some context on the thinking behind this guidance.

就我們的股票回購計畫而言，第一季度，我們回購了超過 1,100 萬股股票。花費2.79億美元。截至第一季末，我們目前的回購授權剩餘約 11 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，目的是隨著時間的推移減少我們的股票數量，這與10b5-1 網格相關，其結構旨在以較低的價格買更多股票。我現在想分享我們的 2024 年第二季和更新的全年指導，我還將提供有關該指導背後的思考的一些背景資訊。

For the second quarter of 2024, we expect revenue to be in the range of $628 million to $631 million. We expect a roughly $1 million positive impact from FX this quarter. We expect non-GAAP operating margin to be approximately 33%. Finally, we expect diluted weighted average shares outstanding to be in the range of 327 million to 332 million shares based on our trailing 30-day average share price. For the full year, we are maintaining our previous guidance for reported revenue to be in the range of $2.535 to $2.550 billion. Our constant currency revenue guidance range is also unchanged at $2.532 billion to $2.547 billion despite FX rates worsening in Q1. Changes in FX have a more immediate effect on billings than on revenue and thus, the impact to revenue this year is not significant. As with prior guidance, we expect gross margin to be in the range of 83% to 83.5%. For non-GAAP operating margin, we now expect to land between 32.5% and 33% for the full year, up from our prior guidance of 32% to 32.5% representing an increase of $13 million of operating income at the midpoint.

我們預計 2024 年第二季的營收將在 6.28 億美元至 6.31 億美元之間。我們預計本季外匯將產生約 100 萬美元的正面影響。我們預計非 GAAP 營運利潤率約為 33%。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 3.27 億股至 3.32 億股之間。對於全年，我們維持先前報告收入指引，即 2.535 至 25.5 億美元之間。儘管第一季匯率惡化，我們的固定貨幣收入指引範圍也維持在 25.32 億美元至 25.47 億美元之間不變。外匯變動對帳單的影響比對收入的影響更直接，因此，今年對收入的影響並不大。與先前的指引一樣，我們預期毛利率將在 83% 至 83.5% 之間。對於非 GAAP 營業利潤率，我們現在預計全年將在 32.5% 至 33% 之間，高於我們之前 32% 至 32.5% 的指導值，意味著營業收入中點增加 1300 萬美元。

As mentioned previously, roughly half of our outperformance in Q1 was driven by delayed spend that we expect to incur over the remainder of the year. Our expectation for free cash flow is unchanged at $910 million to $950 million. We continue to expect $20 million to $30 million in capital expenditures, and our outlook for finance lease additions is unchanged at approximately 7% of revenue for the full year.

如前所述，我們在第一季的優異表現大約有一半是由我們預計在今年剩餘時間內發生的延遲支出所推動的。我們對自由現金流的預期維持在 9.1 億至 9.5 億美元不變。我們仍預期資本支出為 2,000 萬至 3,000 萬美元，我們對融資租賃增加的預期保持不變，仍為全年收入的 7% 左右。

Finally, we expect our diluted weighted average shares outstanding to be in the range of 326 million to 331 million shares based on our trailing 30-day average share price. This represents a reduction of 10 million shares for each end of the range when compared to our previous guidance of 336 million to 341 million shares.

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已發行股數將在 3.26 億至 3.31 億股之間。與我們先前指導的 3.36 億股至 3.41 億股相比，這意味著範圍兩端各減少 1,000 萬股。

I'll now share some additional context on the thinking behind our guidance. Consistent with our historical approach, our guidance reflects what we have a high degree of visibility into today. As a result, we are maintaining our revenue guidance for the year given the challenging state of the macroeconomic environment, particularly within the SMB space, as well as the work and progress status of a number of our initiatives for our core FileSync & Share business and Dash. We are also monitoring the recent security incident with our Sign business which represents a low single-digit percentage of our total revenue. And while we do not anticipate a material impact to our revenue, this could lead to incremental customer churn. Regarding paying users, our comments offered last quarter still apply. We still expect paying user growth for the full year, and we project adding users in the second quarter as well. That said, we want to remind everyone that our quarterly performance could vary should we experience any large Team churn, key changes in the macroeconomic environment, or experienced incremental churn due to our recent security event with our Dropbox Sign product.

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。與我們的歷史方法一致，我們的指導反映了我們對今天的高度了解。因此，鑑於宏觀經濟環境的挑戰，特別是在中小企業領域，以及我們核心文件同步和共享業務的多項舉措的工作和進展情況，我們維持今年的收入指引。我們也正在監控最近與我們的標誌業務相關的安全事件，該事件占我們總收入的百分比較低。雖然我們預計不會對我們的收入產生重大影響，但這可能會導致客戶流失增加。關於付費用戶，我們上季提出的評論仍然適用。我們仍然預計全年付費用戶會成長，並且預計第二季也會增加用戶。也就是說，我們想提醒大家，如果我們經歷任何大規模的團隊流失、宏觀經濟環境的重大變化，或者由於我們最近的Dropbox Sign 產品安全事件而經歷增量流失，我們的季度業績可能會有所不同。

As related to non-GAAP operating margin, we are raising our outlook by 50 basis points as we remain focused on being disciplined with our spend. We are maintaining our free cash flow guidance for the year. While we are maintaining our revenue guidance and increasing our operating margin guidance, we also saw FX rates worsen during this past quarter, where FX movements have a more immediate impact on billings and cash. Therefore, the improvement we are driving on operating income is roughly being offset by deterioration in FX. Finally, as related to our share count, we are reducing our expected share count range to reflect our increased pace of repurchases in accordance with our 10b5-1 grid. In conclusion, we continue to focus on efficiently operating our core File Signature business as we seek to drive revenue growth, margin expansion and share count reduction.

就非公認會計原則營業利潤率而言，我們將我們的預期上調了 50 個基點，因為我們仍然專注於嚴格支出。我們維持今年的自由現金流指引。在我們維持收入指引並提高營業利潤率指引的同時，我們也看到上個季度的匯率惡化，外匯變動對帳單和現金產生更直接的影響。因此，我們推動的營業收入改善大致被外匯惡化所抵銷。最後，與我們的股份數量相關，我們正在減少預期股份數量範圍，以反映我們根據 10b5-1 網格加快的回購步伐。總而言之，我們將繼續專注於有效經營我們的核心文件簽名業務，以推動收入成長、利潤成長和股份數量減少。

Concurrently, we continue to invest in new AI-enabled experiences that have a large opportunity to serve new and existing customers. We are making progress across these dimensions, and believe that these efforts will culminate in creating long-term value for our shareholders. With that, operator, please open the line for questions.

同時，我們繼續投資新的人工智慧體驗，這些體驗有很大機會為新客戶和現有客戶提供服務。我們正在這些方面取得進展，並相信這些努力最終將為我們的股東創造長期價值。那麼，接線員，請開通提問線路。

(Operator Instructions) And our first question will come from Steve Enders of Citi.

（操作員說明）我們的第一個問題將來自花旗銀行的 Steve Enders。

I guess maybe just to start out on, I guess, maybe the early feedback you're seeing from some of the AI products in Dash now that it's out there live. I guess what is the feedback so far? And -- what is -- I guess, how was this kind of maybe changing how you're viewing the opportunity and the monetization potential of those products?

我想也許只是開始，我想，也許你從達世幣中的一些人工智慧產品中看到的早期回饋，現在它已經上線了。我想到目前為止反饋是什麼？我想，這可能會如何改變您看待這些產品的機會和貨幣化潛力的方式？

Sure. Thanks for the question. So the early feedback, I'd say a few themes. So first is I mean the first thing I look for is we do -- my leadership -- the Dash leadership team and I sit every week with customers virtually and walk them talk to the -- interview them. Walk them through the product. And the first thing is that this -- I think we feel quite validated this is a universal problem. Virtually all the prospects and users are like, yes, I'm drowning in tabs and content and my stuff scattered everywhere. So that's good, good validation.

當然。謝謝你的提問。所以早期的回饋，我會說幾個主題。首先，我的意思是，我要尋找的第一件事是我們所做的——我的領導——Dash 領導團隊和我每週都會與客戶虛擬交談，並與他們交談——採訪他們。引導他們了解產品。首先，我認為我們已經證實這是一個普遍問題。幾乎所有的潛在客戶和用戶都會說，是的，我淹沒在選項卡和內容中，我的東西散落在各處。所以這很好，很好的驗證。

Second is validation as far as the overlap with FSS, which is important. So we find that paying Dropbox File Signature users adopt and retain on Dash at higher rates. I mean our hypothesis was that this would be the case. And we think we believe it's a natural evolution to go from organizing your files to organizing all your cloud stuff. But to see that in the numbers is encouraging. And then the feedback as part of the product is really just continuing to improve the fit and finish of the experience. So watching engagement and onboarding success, retention different performance characteristics on that front. In Q1, we cut search latency in half. We've been improving the search success rate, tens of percentage points last quarter, onboarding success, [connector] success, that kind of thing is improving. And these are some of the indicators we look for in the March from beta to GA. So we're pretty -- it's still early. There's still a lot of work to do, but we're encouraged by some of the early signal.

其次是驗證與 FSS 的重疊，這一點很重要。因此，我們發現付費 Dropbox File Signature 用戶在 Dash 上的採用和保留率更高。我的意思是我們的假設是這樣的。我們認為，從組織文件到組織所有雲端內容是一個自然的演變。但從數字中看到這一點令人鼓舞。然後，作為產品一部分的回饋實際上只是繼續改進體驗的適合度和完成度。因此，觀察參與度和入職成功，保留這方面的不同績效特徵。在第一季度，我們將搜尋延遲減少了一半。我們一直在提高搜尋成功率，上個季度提高了數十個百分點，入職成功率，[連接器]成功率，這類事情正在改善。這些是我們在三月從測試版到正式版期間尋找的一些指標。所以我們很漂亮——現在還早。雖然還有很多工作要做，但一些早期訊號令我們感到鼓舞。

Okay. Great. The helpful context on that side. And I guess maybe to the packaging and tweaks that you've made historically on top of funnel, it sounds like maybe it's seen a little bit of improvement versus last quarter, but I guess, can you give a little bit more detail on what exactly you've changed? And maybe where the potential green shoots are coming from what you've tweaked so far?

好的。偉大的。那邊有幫助的背景。我想也許對於您歷史上在漏斗頂部所做的包裝和調整，聽起來可能與上個季度相比有所改善，但我想，您能否提供更多關於具體內容的細節你變了？也許您到目前為止所做的調整會帶來潛在的新芽？

Yes. So yes, for context, in Q4, we did our first kind of first rev of a bundled SKU. And we had mixed results, and so some lessons there that we've unpacked. So one, is -- some of the positive things we expected or that ARPU did go up and it was a higher price points, multiproduct attach went up. But on the negative side, we also saw that the top of the funnel conversions were down partly due to -- there was already some price sensitivity or we've already been seeing -- I mean, due to the macro environment and what a lot of other folks are seeing just more price sensitivity out there, so the higher price was not helping that. And then secondly, we found that promoting -- or having all these different products -- trying to introduce them all at once, created some extra friction in onboarding. So some of the indicators around onboarding success declined slightly.

是的。所以，是的，就上下文而言，在第四季度，我們對捆綁 SKU 進行了第一種首次修訂。我們的結果好壞參半，因此我們總結了一些教訓。因此，我們預期的一些積極的事情或 ARPU 確實上升了，這是一個更高的價格點，多產品附加價值上升了。但從消極的一面來看，我們也看到漏斗頂部的轉換率下降，部分原因是——已經存在一些價格敏感性，或者我們已經看到了——我的意思是，由於宏觀環境以及很多因素其他人發現市場對價格更加敏感，因此更高的價格並沒有幫助這一點。其次，我們發現，推廣——或擁有所有這些不同的產品——試圖同時引入它們，會在入職過程中產生一些額外的摩擦。因此，一些有關入職成功的指標略有下降。

But I think more broadly, we changed a lot of variables at once. And so one thing we've basically been stepping back and we're layering these changes on and sort of validating them one at a time or in a more kind of considered fashion. So I think just being careful to not change too many variables at once is a lesson. I mean another lesson is similar to what I was saying with Dash is that there are really big opportunities here, like the $1 billion scale opportunities here are really with things like Dash. And we're relatively more focused going forward on optimizing our Teams business on Dash, on that evolution from organizing all your files, organizing all your cloud stuff. So we -- it's still true that awareness is actually still the biggest gap among our customers, and we have a lot of happy customers who want more from Dropbox, but we hear over and over again that they didn't know we do more than File Sync and share. So we're doing a lot on the kind of promotional front or finding ways to close that gap.

但我認為更廣泛地說，我們一下子改變了很多變數。因此，我們基本上已經退一步了，我們正在對這些變更進行分層，並一次驗證它們或以更深思熟慮的方式驗證它們。所以我認為小心不要一次改變太多變數就是一個教訓。我的意思是，另一個教訓與我對達世幣所說的類似，那就是這裡確實存在巨大的機會，例如達世幣等產品確實存在著 10 億美元規模的機會。我們相對更專注於優化我們在 Dash 上的 Teams 業務，從組織所有文件到組織所有雲端內容的演進。因此，事實上，意識仍然是我們客戶之間最大的差距，我們有很多滿意的客戶，他們希望從 Dropbox 獲得更多，但我們一遍又一遍地聽到，他們不知道我們所做的不僅僅是文件同步和共享。因此，我們在促銷方面做了很多工作，或者尋找縮小這一差距的方法。

And then with bundling, still a big opportunity. But I'd say we're relatively more focused on the bigger -- the longer-term bundling opportunity between FSS and Dash versus FSS and some of the document workflow products, which still have some incremental returns, but aren't transformative with the way that some of the other things in the portfolio are.

然後透過捆綁，仍然是一個很大的機會。但我想說的是，我們相對更關注更大的——FSS 和 Dash 與 FSS 和一些文件工作流程產品之間的長期捆綁機會，這些產品仍然有一些增量回報，但不會帶來變革。就像投資組合中的其他一些東西一樣。

And our next question will be coming from Rich Hilliker of UBS.

我們的下一個問題將來自瑞銀集團的 Rich Hilliker。

I just wanted to hit on the overall demand environment right now. You hinted and maybe more than hinted at just the overall macro I don't think that's anything new, but you called on SMB. So I'm wondering if maybe from your perspective, what are you hearing in SMB about the health of SMBs? And I guess I'm curious, how much is the health of the SMB impacting the top of funnel relative to some of the things that you can control and have shared with us that you're working on?

我現在只想談整體需求環境。你暗示了，也許不只暗示了整體宏觀，我認為這不是什麼新鮮事，但你呼籲中小企業。所以我想知道，從您的角度來看，您在中小型企業中聽到了關於中小型企業健康狀況的哪些訊息？我想我很好奇，相對於您可以控制並與我們分享的您正在做的一些事情，中小企業的健康狀況對漏斗頂部的影響有多大？

Sure. So I mean I don't think there is -- there's been any real change in the kind of -- I think a lot of the trends we're seeing today are just extensions of prior trends we've been seeing in the macro environment. I also don't know how much I can extrapolate to the state of SMBs like in the world or something. But what we're seeing with SMBs is pretty similar to what we're seeing with customers of all sizes that folks are more price-sensitive, cost-sensitive after a downturn or in a more difficult economic environment. And so that does impact our top of funnel, but we also see there's offsetting opportunities where when we just look at the mechanics of the -- of how you sign up -- referred to -- sign up as a new SMB on Dropbox. When we watch that experience, when we watch customers go through it, when we look at some of the metrics on trial conversion and onboarding success. There's a lot of friction we want to take out of -- that we're taking out of that experience. So just making it easier to get content in your Dropbox, get people properly set up. I mean these things sound pretty basic, but when we look at some of our metrics versus peer benchmarks. There are certain -- there are some pretty big gaps in certain areas that represent upside just from getting people properly set up. Because we sort of lose more people through friction in the experience than is necessary.

當然。所以我的意思是，我認為沒有任何真正的變化，我認為我們今天看到的許多趨勢只是我們在宏觀環境中看到的先前趨勢的延伸。我也不知道我可以在多大程度上推斷出世界上中小型企業的狀況或其他什麼。但我們在中小型企業中看到的情況與我們在各種規模的客戶中看到的情況非常相似，即在經濟低迷或更困難的經濟環境中，人們對價格、成本更加敏感。因此，這確實會影響我們的頻道頂部，但我們也看到了抵消的機會，當我們只看如何註冊的機制時，即在 Dropbox 上註冊為新的 SMB。當我們觀察這種體驗時，當我們觀察客戶經歷它時，當我們觀察到有關試用轉換和入職成功的一些指標時。我們想要消除很多摩擦——我們正在從這段經歷中消除這些摩擦。因此，只要讓人們更輕鬆地在 Dropbox 中取得內容，就可以讓人們正確設定。我的意思是，這些事情聽起來很基本，但是當我們將我們的一些指標與同行基準進行比較時。可以肯定的是，在某些領域存在一些相當大的差距，只要讓人們正確設定就可以帶來好處。因為我們因體驗中的摩擦而失去的人比必要的還要多。

As far as how all that nets out, that's reflected in our guidance, but we still see a lot of opportunities to improve the experience. And I wouldn't say there was much change in the macro trends.

至於結果如何，這反映在我們的指導中，但我們仍然看到許多改善體驗的機會。我不會說宏觀趨勢有太大變化。

Yes, just to briefly add on. So as you know, as related to our Teams, most of our Team's plans are in the SMB space or as Drew was mentioning, we do continue to see a challenging demand environment. And we see this really reflected in downsell pressure as teams trim their license counts following layoffs or budget cuts. And we're seeing this particularly pronounced in the tech and manufacturing verticals.

是的，只是簡單補充一下。如您所知，與我們的團隊相關，我們團隊的大部分計劃都在中小企業領域，或者正如德魯所提到的，我們確實繼續看到充滿挑戰的需求環境。我們看到這確實反映在降價壓力中，因為團隊在裁員或削減預算後削減了許可證數量。我們看到這一點在科技和製造垂直領域尤其明顯。

Got it. Okay. My follow-up, sir. I guess, Drew, you hit on [kind of] awareness of all the things that Dropbox does is still an issue. But we (inaudible) leverage on the [S&M] line this quarter. So I guess my question is, why not more efficiency from R&D instead of the sales and marketing line?

知道了。好的。我的後續行動，先生。我想，Drew，您突然發現，對 Dropbox 所做的所有事情的認識仍然是一個問題。但本季我們（聽不清楚）利用了 [S&M] 線。所以我想我的問題是，為什麼不透過研發而不是銷售和行銷線來提高效率呢？

Yes. So we're certainly mindful of spend in R&D. I mean there are a lot of investments we're making across the portfolio that go into that, both in our core business or our whole product portfolio, our infrastructure, investments in AI, things like Dash. There are a lot of investments there that we're making that we're excited about. And then to your point around kind of light on sales and marketing as a percent of revenue compared to other companies. I mean that's really because of our product-led growth motion and the efficiency. It drives a lot of efficiency in terms of OpEx in sales and marketing, but what we're really saying is like we're using the product to automate a lot of those activities, which is really scalable, but then shows up as in the R&D line. So I mean we're -- we optimize across both. But we see a lot of returns to the R&D side just because we have such a large audience and even small improvements to some of these funnel metrics have a big impact, as opposed to more like paid acquisition investments or having more -- having bigger teams in sales and marketing.

是的。因此，我們當然會注意研發支出。我的意思是，我們在整個投資組合中進行了大量投資，無論是我們的核心業務還是整個產品組合、我們的基礎設施、人工智慧投資，以及達世幣等。我們正在那裡進行很多投資，我們對此感到興奮。然後談談與其他公司相比銷售和行銷佔收入的百分比。我的意思是，這實際上是因為我們以產品為主導的成長動力和效率。它在銷售和行銷方面的營運支出方面提高了很多效率，但我們真正想說的是，我們正在使用該產品來自動化許多這些活動，這確實是可擴展的，但隨後顯示為研發線。所以我的意思是我們——我們在兩者上進行優化。但我們看到研發方面獲得了很多回報，只是因為我們擁有如此多的受眾，甚至對其中一些漏斗指標的微小改進也會產生巨大影響，而不是更像付費收購投資或擁有更多- 擁有更大的團隊在銷售和行銷方面。

And our next question will be coming from Matt Bullock of Bank of America.

我們的下一個問題將來自美國銀行的馬特布洛克。

I'm on for Mike Funk. Great to hear about the better performance of the Document Workflow business. I think it's the first time in a while we've heard positive trends there. Curious what drove that? And if you think that the onward trajectory is going to go forward through 2024?

我支持麥克·芬克。很高興聽到文件工作流程業務取得了更好的表現。我認為這是我們一段時間以來第一次聽到那裡的積極趨勢。好奇是什麼推動了這一點？您是否認為這一趨勢會持續到 2024 年？

Sure. Yes. That seems like broadly in line with our expectations. I wouldn't say it was like this mega positive surprise or anything. But I agree, it's good to see more stability there after -- in the bigger picture is a huge COVID peak and then pulling back in all areas, but then a particular pulling back in Document Workflow as you look at something like DocSend so much of their business is coming from founders fundraising and in a more challenged fundraising or venture capital environment. DocSend was impacted. So overall, it's good to see more stability there. So I'd say there's still incremental opportunity. But as I was just saying earlier, in the bigger picture, we see the biggest upside with optimizations to our Teams business and future directions like Dropbox Dash.

當然。是的。這似乎大致符合我們的預期。我不會說這是一個巨大的正面驚喜或其他什麼。但我同意，之後看到更多的穩定性是件好事——從更大的角度看，是一個巨大的新冠肺炎高峰，然後在所有領域都出現了回落，但當你看到像DocSend 這樣的東西時，文件工作流程中出現了特別的回落。 DocSend 受到影響。所以總的來說，很高興看到那裡更加穩定。所以我想說仍然存在著增量機會。但正如我之前所說，從更大的角度來看，我們看到了對 Teams 業務的最佳化以及 Dropbox Dash 等未來方向的最大優勢。

And Matt, real quick, this is Tim. One specific to call out maybe FormSwift where we did see an increase in FormSwift in both usage and top of funnel activity in the first quarter, and that's due to tax season. So that leads to an increase in subscriber numbers.

馬特，快點，這是提姆。特別值得一提的是 FormSwift，我們確實看到第一季 FormSwift 的使用量和漏斗頂部活動都有所增加，這是由於報稅季節所致。這會導致訂閱者數量的增加。

Really helpful. And then one more, if I could. It seems like there's a lot of moving pieces on the ARPU side with the pricing changes, Bundling and Family Plan [emphasization] Just curious how we should think about modeling throughout the remainder of '24?

真的很有幫助。如果可以的話，然後再來一張。似乎在 ARPU 方面有很多變化，包括定價變化、捆綁銷售和家庭計劃 [強調] 只是好奇我們應該如何考慮在 24 年剩餘時間內進行建模？

Sure. So there are a lot of moving parts, as you mentioned. But for the full year, we expect a modest lift in ARPU, largely driven by the adoption of our premium plans.

當然。因此，正如您所提到的，有很多活動部件。但就全年而言，我們預計 ARPU 將小幅提升，這主要是由於我們的高級計劃的採用。

(Operator Instructions) Our next question will be coming from Patrick Walravens of Citizens JMP.

（操作員說明）我們的下一個問題將來自 Citizens JMP 的 Patrick Walravens。

Andrew, can I ask a really big picture question here? Which is just -- we help you take this business public . We help you take public 6 years ago, it was at 21. The stock is basically in the same place -- up a little bit. You control 75% of the votes. So in the end, it's really up to you. So I'm just wondering, is it time to consider more radical changes in Dropbox to drive shareholder value? And what could those changes be?

安德魯，我可以在這裡問一個非常重要的問題嗎？這就是—我們幫助您將這項業務上市。 6 年前，我們幫助您上市，當時是 21 點。 股票基本上處於同一個位置——上漲了一點。你控制著75%的選票。所以最後，這真的取決於你。所以我只是想知道，是時候考慮對 Dropbox 進行更徹底的改變來提高股東價值了嗎？這些變化可能是什麼？

Well, I think I'm really excited about what we're investing in. So a lot of what I shared with Dash. I mean it's still a product that's in beta. We haven't even fully turned it on yet. We talked about some of the R&D investments or really we've done a lot in the last year or 2 to reposition the company towards AI and all your cloud content. And I think there's a lot of room for improvement in the knowledge worker experience and even in even in the Dropbox world. I think a lot about when -- what does it look like when you open your laptop in 2030 and get your work stuff, I think we can do a lot better, than the experience we all have today. We're on one side of your screen, it might be a bunch of stuff in your finder window or your file explorer and that experience hasn't really fundamentally changed since like 1984, or since it was first introduced with the Macintosh.

嗯，我想我對我們的投資感到非常興奮。 所以我與達世幣分享了很多內容。我的意思是它仍然是一個處於測試階段的產品。我們甚至還沒有完全打開它。我們討論了一些研發投資，或者實際上我們在過去一兩年裡做了很多工作，以將公司重新定位為人工智慧和所有雲端內容。我認為知識工作者的體驗還有很大的進步空間，甚至在 Dropbox 世界也是如此。我想了很多關於 2030 年當你打開你的筆記型電腦並拿到你的工作資料時會是什麼樣子，我認為我們可以做得比我們今天的經歷更好。我們位於螢幕的一側，它可能是您的查找器視窗或文件資源管理器中的一堆內容，並且自1984 年以來，或者自Macintosh 首次引入以來，這種體驗並沒有真正發生根本性的變化。

And on the other side of your screen, you've got like a Chrome browser window open with 100 tabs that are like too small to even show text. And yet, this is like how we manage our most important information at work. And it's pretty hard to do knowledge work without the knowledge in front of you. So I'm very excited for -- the reason I'm still here is because I see a huge opportunity that is not unlike the one I started with, where I'm like at the beginning, I was like "why am I carrying on a thumb drive. This is crazy. Why am I e-mailing myself files? This is crazy. There's got to be a better way to do this?" And 17 years later, we're -- in a lot of ways solving the same problem like my stuff is everywhere. I can't find it. A lot of things have changed. What used to be 100 files on your desktop, there's now 100 tabs in your browser. But everyone is kind of dealing with this mayhem without good solutions from anyone. So what really gets me excited is the opportunity to really change how people work, the way we did in the beginning.

在螢幕的另一側，您會看到一個 Chrome 瀏覽器窗口，其中打開了 100 個選項卡，這些選項卡太小，甚至無法顯示文字。然而，這就像我們管理工作中最重要資訊的方式一樣。如果沒有你面前的知識，就很難進行知識工作。所以我非常興奮——我仍然在這裡的原因是因為我看到了一個巨大的機會，這與我開始時的機會沒有什麼不同，我一開始就想，「為什麼我要帶著這太瘋狂了。為什麼我要透過電子郵件發送自己的文件？ 17 年後，我們在很多方面解決了同樣的問題，就像我的東西無所不在一樣。我找不到它。很多事情都改變了。桌面上過去有 100 個文件，現在瀏覽器中有 100 個選項卡。但每個人都在應對這種混亂，卻沒有任何人提供好的解決方案。因此，真正讓我興奮的是有機會真正改變人們的工作方式，就像我們一開始所做的那樣。

And so there's no shortage of things to be excited about. Now obviously, as a public company, we've been getting our sea legs over the past 5, 6 years, obviously, to be in a flattish place is not where we want to be. But I'm really excited about our investments. I think we'll -- the picture will look pretty different in the future.

因此，不乏令人興奮的事。顯然，作為一家上市公司，我們在過去的五、六年裡一直在穩步前進，顯然，處於一個平坦的地方並不是我們想要的。但我對我們的投資感到非常興奮。我想我們會——未來的情況會非常不同。

And our next question will be coming from Mark Murphy of JPMorgan.

我們的下一個問題將來自摩根大通的馬克墨菲。

This is Sonak Kolar on for Mark Murphy. Drew, over the years, Dropbox has kind of created this immense repository of content, I think, over 1 trillion now. So as we think about this Gen AI opportunity and the need to kind of pull high quantities of content into the LLMs to train them, can you just help unpack how Dropbox' scale differentiation is resonating in the market? And maybe how many more deals or partnerships you're kind of getting pulled into specific to AI because of the centralized content repository?

我是馬克墨菲的索納克·科拉爾。 Drew，多年來，Dropbox 已經創建了這個龐大的內容儲存庫，我認為現在已經超過 1 兆。因此，當我們考慮這個 Gen AI 機會以及將大量內容引入法學碩士來培訓他們的需要時，您能否幫助我們了解 Dropbox 的規模差異化如何在市場中引起共鳴？也許由於集中式內容儲存庫，您還會參與多少專門針對人工智慧的交易或合作夥伴關係？

Sure. Well, I mean just a couple of clarifications. So I mean we don't train foundation model. So when you look at like what OpenAI does or what Meta does with LLaMa basically taking the whole Internet and training foundation models on it. That's not really -- that's something we can kind of get as a service or in Meta's case it is even open source. So we're sort of beneficiaries of that. And then there's also sensitivities around -- we take our responsibilities around privacy super seriously. And so while there's a lot of benefits to having this kind of scale of data. We're also mindful that -- or you have to be super careful if you're training any models on people's private information without complete transparency and control over that.

當然。嗯，我的意思只是做一些澄清。所以我的意思是我們不訓練基礎模型。因此，當你看看 OpenAI 所做的事情或 Meta 與 LLaMa 所做的事情時，基本上是利用整個互聯網並在其上訓練基礎模型。事實並非如此——我們可以將其作為服務獲得，或者就 Meta 而言，它甚至是開源的。所以我們是其中的受益者。此外，還有一些敏感問題——我們非常認真地對待隱私方面的責任。因此，擁有這種規模的數據有許多好處。我們還注意到這一點，或者如果您在沒有完全透明和控制的情況下根據人們的私人資訊訓練任何模型，那麼您必須非常小心。

And we find that like to build a good AI-powered experience, you actually don't need to train models on people's private information. But the scale advantage comes from being able to -- I mean, there are other aspects of like the engagement with Dropbox or when you use [it sure as factor,] we have a big -- such a big audience the fact that we have all these technical investments in like understanding content as there's new capabilities that come online from the research frontier around multimodal models, or being able to handle audio and video, better. Those can translate to big advantages for us because we have a huge -- we do have such a huge repository of that kind of content. And we've been adding ML capabilities both in the pre LLM world with things like being able to automatically scan a document with your phone and sort of auto correct it or do image or OCR, see text and images and search on that. There's a lot of similar things that we've been doing, and we'll continue to do around applying AI to your content, whether that's transcribing things really easily.

我們發現，就像建立良好的人工智慧體驗一樣，實際上不需要根據人們的私人資訊來訓練模型。但規模優勢來自於能夠——我的意思是，還有其他方面，例如與Dropbox 的互動，或者當你使用[它確實是一個因素]時，我們擁有大量——如此多的受眾，事實上我們擁有所有這些技術投資都是為了理解內容，因為圍繞多模式模型的研究前沿出現了新的功能，或者能夠更好地處理音訊和視訊。這些可以轉化為我們的巨大優勢，因為我們擁有龐大的此類內容儲存庫。我們一直在 LLM 預科階段添加 ML 功能，例如能夠使用手機自動掃描文件並自動更正它或執行圖像或 OCR、查看文字和圖像並進行搜尋。我們一直在做很多類似的事情，我們將繼續圍繞將人工智慧應用於您的內容進行工作，無論這是否真的很容易轉錄內容。

We already have that in a number of our products. being able to organize your Dropbox for you, being able to understand the images and video and audio and your Dropbox better. So there are huge advantages that we have across the board, both from the scale of our user base and then a lot of the technical investments we have in content. And then a lot of the kind of technical investments that led us to have such -- to optimize our margins and performance on the storage side, a lot of that -- those kinds of technical problems translate super well, to large language model inference and bringing a lot of that in-house over time.

我們的許多產品已經具備了這一點。能夠為您整理您的 Dropbox，能夠更好地理解圖像、視訊和音訊以及您的 Dropbox。因此，無論是從我們的用戶群規模，還是從我們在內容方面的大量技術投資來看，我們都具有巨大的優勢。然後許多技術投資導致我們進行這樣的投資——優化我們在存儲方面的利潤和性能，很多——這些技術問題可以很好地轉化為大型語言模型推理和隨著時間的推移，將很多內容引入內部。

Got it. That's super helpful. And then I just had a quick follow-up related to the video component and the fact that you shared that video is the fastest-growing content type on the platform. Is there any way to perhaps size a long-term opportunity that the surge in kind of video or short form video is presenting both through Dropbox and then the maybe how you're thinking about the future innovations around replay where you're kind of embedding some of that AI capabilities beyond Dash?

知道了。這非常有幫助。然後我剛剛對視訊組件進行了快速跟進，事實上您分享的影片是平台上成長最快的內容類型。是否有任何方法可以確定透過 Dropbox 呈現的影片或短影片類型激增的長期機會，然後您可能如何考慮圍繞重播進行嵌入的未來創新達世幣之外還有哪些人工智慧功能？

Sure. Well, I mean, first, it starts with our customers. I mean, one of the most popular -- popular things people do on Dropbox is create different kinds of media or collaborate on different kinds of media. I mean, video is one example, but also audio and photos. And a lot more. And we're really differentiated there because of the fact that Dropbox has supported big files so much better than competing alternatives. And that we become kind of a de facto standard in the creative community. That's a really strong foundation where we can -- that we can build on. So things like Replay come from observing just folks like actually often like collaborating on Dropbox and working on a video, but then also having to have like a text threat open saying like, "Hey, it's 4:15 -- that little -- can you get rid of that little yellow balloon in the corner? Like there's all these collaborative workflows that were like, hey, this should all just be integrated into the Dropbox experience. And as things like AI have been coming online and the example I mentioned earlier is like, hey, you should just be able to like review a video and the text of what the person is saying should just be there. And you should be able to either view or collaborate or edit the video in a more natural way.

當然。嗯，我的意思是，首先，它從我們的客戶開始。我的意思是，人們在 Dropbox 上做的最流行的事情之一就是創建不同類型的媒體或在不同類型的媒體上進行協作。我的意思是，影片就是一個例子，還有音訊和照片。還有更多。我們在這方面確實與眾不同，因為 Dropbox 對大檔案的支援比競爭對手要好得多。我們成為創意界事實上的標準。這是一個非常堅實的基礎，我們可以在此基礎上繼續發展。因此，像Replay 這樣的事情來自於對人們的觀察，他們實際上經常喜歡在Dropbox 上協作並製作視頻，但同時也必須打開一個文本威脅，比如“嘿，現在是4 點15 分——就那麼一點點——可以你擺脫了角落裡的黃色小氣球嗎？到的示例。

And these multimodal models are going to open up all kinds of functionality like that. So a lot of it just starts with like -- all right, what are our creative audience is already doing on Dropbox. It's not hard to see all these ways we can make that experience better. And then AI opens up all kinds of technical new doors, to connect the dots between what our customers are doing and making a much more streamlined experience.

這些多模式模型將開放各種類似的功能。所以很多事情都是從這樣開始的——好吧，我們的創意受眾已經在 Dropbox 上做了什麼。不難看出我們可以透過所有這些方法來改善這種體驗。然後，人工智慧打開了各種新的技術大門，將我們的客戶正在做的事情聯繫起來，並提供更簡化的體驗。

(Operator Instructions) Our next question will be coming from Brent Thill of Jefferies.

（操作員說明）我們的下一個問題將來自 Jefferies 的 Brent Thill。

This is Luv Sodha on for Brent Thill. Maybe first to start with you, Drew, just wanted to ask, maybe at a higher level, if you could talk about the core FSS business, one of the investor concerns which it sounds like from a bundling experience, there is a fear of commoditization in your end markets. And so how do you think of that core FSS business growth, say, 2, 3 years from now? Do you think that, that business is still growing? Or is it declining? Just any color on that would be super helpful.

我是 Luv Sodha 為 Brent Thill 演講。也許首先從你開始，德魯，只是想問，也許在更高的層面上，你是否可以談談核心的FSS 業務，投資者擔心的問題之一，這聽起來像是來自捆綁體驗，對商品化的恐懼在您的終端市場。那麼，您如何看待核心 FSS 業務的成長，例如從現在起 2、3 年後的成長？您認為該業務仍在成長嗎？或者說它正在下降？任何顏色都會非常有幫助。

Sure. So I mean we still see a lot of room to keep optimizing both in our Teams business, and I gave some examples of that earlier. We do -- we hear things about commoditization and we certainly are operating in a competitive environment. But at the same time, we've been able to keep growing our business at $1 billion -- or more since we went public and ARPU has been going up. So there's a lot of health in the fundamentals of the business, too. We see like files as an evergreen need, right? Like Dropbox is mission critical for our customers. And then I just talked about the creative community and folks who work on large files or content, Dropbox is specially mission-critical.

當然。所以我的意思是，我們在 Teams 業務中仍然看到很大的空間來繼續優化，我之前舉了一些例子。我們確實聽說過有關商品化的事情，而且我們當然是在競爭激烈的環境中運營的。但與此同時，自從我們上市以來，我們的業務一直保持在 10 億美元甚至更多的水平，而且 ARPU 一直在上升。因此，業務的基本面也很健康。我們將文件視為一種常青的需求，對嗎？就像 Dropbox 對我們的客戶來說至關重要。然後我剛剛談到了創意社群和處理大型文件或內容的人員，Dropbox 是特別關鍵的任務。

And when I talk to our customers, they remind me that there's no shortage of new things we could be doing or doing better. And then -- and so I think -- but that said, it's still -- it's a mature category, right? They're 17 years in. So -- but then when you think about the real problem we're solving and sort of step back from files and think about it more is like how do we organize all your working life for all your work content? How do we help you bring machine intelligence to that? That's very early innings, and that's -- these are like universal problems that are still unsolved. And so it's really -- I'm really excited about the evolution in front of us from organizing just your files to organizing all your cloud content. A lot of the road that we're on is reminiscent to me of Netflix 10, 20 years ago, right?

當我與客戶交談時，他們提醒我，我們不乏可以做或做得更好的新事物。然後 - 所以我認為 - 但話雖如此，它仍然是一個成熟的類別，對吧？他們已經 17 年了。我們如何幫助您實現機器智能？這還處於非常早期的階段，這些就像尚未解決的普遍問題。因此，我對我們面前從僅組織文件到組織所有雲端內容的演變感到非常興奮。我們所走的很多路讓我想起了 10、20 年前的 Netflix，對吧？

They started out with a vision of like you should just be able to play -- just help me press play on anything I want to watch, that value profit stayed the same, but the way they deliver the service obviously changed a lot. I mean, initially, they were mailing you DVDs, but then as they went to streaming and as the world -- as broadband penetration and everything else became kind of ready for that, all the way they delivered the service changed massively. But the value prop didn't and that whole DVD-mailing base eventually -- or they helped bootstrap the streaming business and made the seamless transition throughout. And so I think there are a lot of parallels in that for us. I mean, I think one difference is DVDs kind of did go away. Files are not going away, so it's more thinking about working back from what is that kind of idealized content experience. And building towards that in addition to optimizing the FSS business in addition to building Dash. But we think there's an exciting overlap in convergence there. And that transition wasn't easy for Netflix either. I mean it's easy to forget now, but that their stock went down like 75% during that transition and then increased after that from probably like 50x or more from those lows.

他們一開始的願景是你應該能夠玩——只要幫助我在我想看的任何內容上按下播放鍵，價值利潤保持不變，但他們提供服務的方式顯然發生了很大變化。我的意思是，最初，他們會向您郵寄DVD，但隨著他們進入串流媒體領域，隨著寬頻的普及和其他一切都為此做好了準備，他們提供服務的所有方式都發生了巨大的變化。但價值支柱並沒有最終實現整個 DVD 郵寄基地——或者說他們幫助引導了串流媒體業務並實現了整個無縫過渡。所以我認為這對我們來說有很多相似之處。我的意思是，我認為其中一個區別是 DVD 確實消失了。文件不會消失，因此更多的是考慮從那種理想化的內容體驗中恢復過來。除了建立達世幣之外，還優化 FSS 業務，以此為目標。但我們認為那裡存在著令人興奮的融合重疊。對 Netflix 來說，這種轉變也不容易。我的意思是，現在很容易忘記，但他們的股票在轉型期間下跌了 75%，然後又從低點上漲了 50 倍或更多。

So hopefully, we haven't had that kind of volatility. But I think there's -- I think there's a lot of precedent for what we're trying to do. And again, I just work back from like what do our customers need and there's -- and I'm really excited for a lot of the investments we've been making to make their way out to the world.

所以希望我們沒有出現這種波動。但我認為我們正在嘗試做的事情有很多先例。再說一遍，我只是根據我們的客戶需要什麼來進行工作，而且我對我們為走向世界而進行的大量投資感到非常興奮。

Got it. And just a quick follow-up on the -- HelloSign security incident. Could you just talk about like what steps you've taken to address that? And then how are you -- how you're preventing additional churn? Have you seen customers churn so far? And what steps are you taking to prevent additional churn there?

知道了。這是 HelloSign 安全事件的快速後續行動。您能談談您採取了哪些措施來解決這個問題嗎？那麼您該如何防止額外的客戶流失？到目前為止，您是否看到客戶流失？您正在採取哪些措施來防止額外的客戶流失？

Sure. Yes. So first, we think the impact is relatively isolated. We believe the incident was isolated to the Dropbox Sign infrastructure, it didn't impact other Dropbox products. We believe is isolated to the Meta data, not the actual like customers like content or documents things like that. And then the response from customers has been about in line with what we expected. I mean, obviously, it's not an event you want to have. And -- but the customers have appreciated that we were proactive. We've done -- for most customers, they don't need to do very much. We rotate keys passwords -- or [auto] because that kind of things for you or make it pretty easy to understand what to do next. And then -- there's a number of other technical remediations and other things that are ongoing. But so far, we expect it to be -- for the impact to be relatively isolated and Sign is a very small percentage of our revenue to begin with. But it's something that we're monitoring closely and taking all the steps we can to prevent in the future.

當然。是的。首先，我們認為影響是相對孤立的。我們認為事件與 Dropbox Sign 基礎設施無關，不會影響其他 Dropbox 產品。我們相信元資料是孤立的，而不是像客戶喜歡的內容或文件之類的實際資料。然後客戶的反應與我們的預期基本一致。我的意思是，顯然，這不是您想要的活動。而且——但客戶讚賞我們的積極主動。我們已經做到了——對於大多數客戶來說，他們不需要做太多事情。我們輪換密鑰密碼—或[自動]，因為這樣的事情適合您，或者讓您很容易理解下一步該做什麼。然後，還有許多其他技術補救措施和其他事情正在進行中。但到目前為止，我們預期影響會相對較小，而且 Sign 只占我們收入的一小部分。但我們正在密切監視這種情況，並在未來採取一切措施來防止這種情況發生。

And there are no more questions in queue. Turning back to Peter.

並且隊列中不再有任何問題。回到彼得。

Thanks very much, everyone, for joining us today, and we look forward to speaking with you next quarter. Have a great day.

非常感謝大家今天加入我們，我們期待下個季度與您交談。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。