Dropbox Inc (DBX) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for joining Dropbox's second quarter 2024 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，下午好，感謝您參加 Dropbox 2024 年第二季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄製中，並可在本次電話會議後透過 Dropbox 網站的投資者關係部分進行重播。

I will now turn the call all over to Peter Stabler. Please go ahead.

我現在將把電話全​​部轉給彼得·斯塔布勒。請繼續。

Thank you. Good afternoon, and welcome to the Dropbox's second quarter 2024 earnings call.

謝謝。下午好，歡迎參加 Dropbox 2024 年第二季財報電話會議。

Before we get started, I'd like to remind you that our remarks today will include forward-looking statements, such as our financial guidance and expectations, including our long term objectives and forecast for our third 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, and the macroeconomic environment.

在開始之前，我想提醒您，我們今天的言論將包括前瞻性陳述，例如我們的財務指導和預期，包括我們對第三季和 2024 財年的長期目標和預測，以及我們對我們的收入成長、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 these forward looking statements are set forth in today's earnings release and in our quarterly report on Form 10-Q filed with the SEC.

這些陳述存在風險和不確定性，可能導致實際結果有重大差異。它們也是基於截至目前的假設，我們不承擔因新資訊或未來事件而更新它們的義務。今天的收益報告以及我們向 SEC 提交的 10-Q 表格季度報告中列出了可能導致我們的實際結果與這些前瞻性陳述有重大差異的因素和風險。

We'll also discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. A reconciliation of GAAP and non-GAAP results is provided in our earnings release on our website at investors.dropbox.com.

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。我們的網站 Investors.dropbox.com 上的收益發布中提供了 GAAP 和非 GAAP 業績的對帳。

I'll now turn the call over to Dropbox's Co-Founder and CEO, Drew Houston.

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

Thanks, Peter, and good afternoon, everyone. Welcome to our Q2 2024 earnings call. Joining me today is Tim Regan, our Chief Financial Officer. I'll first share our businesses and product highlights from the quarter, and then Tim will review our Q2 financial results and provide an updated outlook for the remainder of the year.

謝謝彼得，大家下午好。歡迎參加我們的 2024 年第二季財報電話會議。今天加入我的是我們的財務長 Tim Regan。我將首先分享我們本季的業務和產品亮點，然後蒂姆將回顧我們第二季度的財務業績，並提供今年剩餘時間的最新展望。

I'll start with our business performance. Revenue for the quarter was slightly better than we anticipated with growth and sell certain individual plans offsetting continued challenges within our teams business. Net new paying user growth improved quarter over quarter, but we expect some volatility to return in the second half of the year.

我將從我們的業務表現開始。本季的收入略好於我們的預期，成長和銷售某些個人計畫抵消了我們團隊業務中持續存在的挑戰。新付費用戶淨成長率較上月有所改善，但我們預計下半年將出現一些波動。

Within our individual SKUs we're encouraged for the performance of our essentials product, which posted strong growth in the quarter. Among our document workflow product performance was largely as expected. A strong adoption of DocSend's Advanced Data Room helped to offset expected seasonal pressure in our FormSwift business.

在我們的各個 SKU 中，我們對必需品產品的表現感到鼓舞，該產品在本季度實現了強勁增長。我們的文件工作流程產品效能基本上符合預期。 DocSend 高級資料室的大力採用有助於抵消我們 FormSwift 業務中預期的季節性壓力。

While we continue our work to improve our core FSS performance and prepare for an expanded rollout of Dash, our AI-powered universal search product, we remain focused on driving shareholder returns through spending discipline and our commitment to returning the excess free cash flow to shareholders via our share purchase program.

在我們繼續努力提高核心FSS 績效並為擴大Dash（我們的人工智慧驅動的通用搜尋產品）的推出做好準備的同時，我們仍然專注於透過支出紀律和向股東返還多餘自由現金流的承諾來推動股東回報透過我們的股票購買計劃。

I'll now share some additional thoughts on our top priorities. As a reminder, this year in our core business, we're primarily focused on improving our Teams performance. In parallel, we continue our work to improve the features and functionality of Dash, our AI enabled universal search product. As we shared previously, the health of our teams business is important, because our teams plans feature higher net revenue retention rates, greater customer lifetime value, and more opportunities for license expansion and cross-selling of new products like Dash.

現在我將就我們的首要任務分享一些額外的想法。提醒一下，今年在我們的核心業務中，我們主要專注於提高團隊績效。同時，我們持續努力改進 Dash（我們的人工智慧通用搜尋產品）的特性和功能。正如我們之前分享的，我們團隊業務的健康發展非常重要，因為我們的團隊計劃具有更高的淨收入保留率、更高的客戶終身價值以及更多的許可證擴展和交叉銷售Dash 等新產品的機會。

As part of our investments here, in Q1, we made progress on driving improved trial starts, teams invitations, and higher weekly engagement. And now in Q2, we made further improvements to onboarding and invitation flows, which helped increase the number of users activated within new teams. This increase in activation is important because we've seen that the earlier we demonstrate value to multiple team members, more likely that teams customers retain and expand. These positive indicators reflect some of the progress we're making to improve the health of our team's top-of-funnel.

作為我們投資的一部分，第一季度，我們在推動改進試用啟動、團隊邀請和更高的每週參與度方面取得了進展。現在在第二季度，我們進一步改進了入職和邀請流程，這有助於增加新團隊中啟動的用戶數量。這種活化的增加很重要，因為我們發現，越早向多個團隊成員展示價值，團隊客戶就越有可能保留和擴展。這些積極的指標反映了我們在改善團隊漏斗頂部的健康狀況方面所取得的一些進展。

However, we continue to face headwinds from factors, including the challenging macro environment for SMBs, price sensitivity following our recent teams price increase, and changes we made to the storage limits for our advanced teams plan. These headwinds have thus far largely offset the progress we've made across our top-of-funnel initiatives.

然而，我們繼續面臨來自各種因素的阻力，包括中小企業面臨的充滿挑戰的宏觀環境、我們最近團隊價格上漲後的價格敏感性，以及我們對高級團隊計劃的存儲限制所做的更改。迄今為止，這些不利因素在很大程度上抵消了我們在漏斗頂部計劃中取得的進展。

To combat these headwinds and to ensure a tight alignment of our product development and go-to-market efforts, we recently concluded an in-depth refinement of our customer segmentation model. The segmentation work informs our product roadmaps and guides both our self-serve motion and outbound sales teams as we build integrated sales campaigns targeted at key user profiles across our priority industries and geos.

為了應對這些不利因素並確保我們的產品開發和進入市場工作的緊密結合，我們最近完成了對客戶細分模型的深入細化。細分工作為我們的產品路線圖提供信息，並指導我們的自助服務和外向銷售團隊，因為我們針對重點行業和地區的關鍵用戶資料構建了綜合銷售活動。

For example, we know that our most passionate customers are often those whose professional work centers on external sharing or people who work with large files and create media for living. Or some of our most loyal users who've relied on Dropbox for years because of Dropbox's upload speeds and sync performance. And we're committed to all these customers and are focusing our product development and go-to-market efforts to support them across priority industries and verticals like professional services, manufacturing, or media.

例如，我們知道，我們最熱情的客戶往往是那些專業工作以外部共享為中心的人，或者是那些處理大文件並創建媒體以謀生的人。或者我們的一些最忠實的用戶，由於 Dropbox 的上傳速度和同步性能，多年來一直依賴 Dropbox。我們致力於為所有這些客戶提供服務，並將重點放在產品開發和上市工作上，為他們在專業服務、製造或媒體等優先產業和垂直領域提供支援。

All of these customers are united and needing Dropbox to do three primary jobs for them: securing, organizing, and sharing all their digital content. And in April, we launched several new features that aligned with these customer jobs to be done. First, we launched FSS end-to-end encryption and DocSend Advanced Data Rooms to help customers secure their content and share multiple files with a single link. We launched Microsoft co-authoring to help customers stay organized with their content. And third, we improved our replay functionality to help users share and comment on video content.

所有這些客戶都團結一致，需要 Dropbox 為他們完成三項主要工作：保護、組織和共享他們的所有數位內容。四月份，我們推出了幾項與這些待完成的客戶工作一致的新功能。首先，我們推出了 FSS 端對端加密和 DocSend 高級資料室，以幫助客戶保護其內容並透過單一連結共享多個檔案。我們推出了 Microsoft 共同創作來幫助客戶保持內容井然有序。第三，我們改進了重播功能，以幫助用戶分享和評論影片內容。

We continue to invest in these themes during the second quarter. Statistically, we focused on improving the sharing experience for our customers. Given that over 50% of new customer sign-ups are driven by sharing. And over the years, as we've expanded the number of surfaces we address, the sharing experienced gate became somewhat fragmented and inconsistent, which introduced some unnecessary friction and lead to some declines and sharing activity. By better aligning our customer experience across platforms. We've been able to reverse these declines driving year-over-year increases in sharing during Q2. We're excited to see how the focus on improving the user experience translates to increased customer engagement and will continue this work to further reduce sharing friction for our users in the quarters ahead.

我們在第二季度繼續投資這些主題。從統計數據來看，我們專注於改善客戶的共享體驗。鑑於超過 50% 的新客戶註冊是由共享驅動的。多年來，隨著我們擴大了所處理的表面數量，共享體驗門變得有些支離破碎和不一致，這引入了一些不必要的摩擦，並導致一些共享活動的下降。透過更好地調整我們的跨平台客戶體驗。我們已經能夠扭轉這些下降趨勢，推動第二季共享量年增。我們很高興看到對改善用戶體驗的關注如何轉化為提高客戶參與度，並將繼續這項工作，以在未來幾季進一步減少用戶的共享摩擦。

And while teams as a primary focus for us, individuals remain an important part of our business. In particular, we continue to see more of our individual user to sign up through their mobile devices and it's critical that we offer a compelling experience to these customers.

雖然團隊是我們的首要關注點，但個人仍然是我們業務的重要組成部分。特別是，我們繼續看到越來越多的個人用戶透過他們的行動裝置進行註冊，因此我們為這些客戶提供引人注目的體驗至關重要。

To that end, in Q2, we launched a redesigned mobile web experience, extending the experience we've launched to our web based customers last fall. We also rolled out of a redesigned mobile upsell experience focused on educating the user on our trials work and giving them peace of mind that there will be reminded for their trial. Collectively, these changes led to a sizable increase in trial starts and help contribute to our additions and paying users this quarter.

為此，我們在第二季度推出了重新設計的行動網路體驗，將我們去年秋天推出的體驗擴展到基於網路的客戶。我們也推出了重新設計的行動追加銷售體驗，重點是讓使用者了解我們的試用工作，並讓他們安心，因為我們會提醒他們進行試用。總的來說，這些變化導致試用啟動數量大幅增加，並有助於為本季的增加和付費用戶做出貢獻。

I also want to highlight some of the foundational work we're doing on our platform to make it easier for customers, to purchase multiple products from us. Historically, customers who purchased an additional product like Replay had to connect and mirror their FSS subscription with these new licenses. So it's an all or nothing proposition with limited flexibility.

我還想強調我們在平台上所做的一些基礎工作，以便讓客戶更輕鬆地從我們這裡購買多種產品。從歷史上看，購買了 Replay 等附加產品的客戶必須使用這些新許可證連接並鏡像其 FSS 訂閱。因此，這是一個要么全有要么全無的主張，靈活性有限。

We've now addressed this challenge by launching partial provisioning, providing customers the ability to add products for subsets of their teams. And later this year, we expect to roll out standalone purchasing of products untethered from an FSS subscription, as we aim to give our customers the option to purchase the products that are best suited for them.

我們現在透過啟動部分配置來解決這項挑戰，使客戶能夠為其團隊的子集添加產品。今年晚些時候，我們預計將推出不受 FSS 訂閱限制的產品獨立購買服務，因為我們的目標是讓客戶可以選擇購買最適合他們的產品。

Partial provisioning as standalone purchasing will not only provide greater flexibility when selling our current products, but will be critical to the expanded rollout of Dash, which we expect to offer as both an add-on feature to existing FSS plan as well as a standalone products.

作為獨立購買的部分配置不僅可以在銷售我們當前產品時提供更大的靈活性，而且對於擴大 Dash 的推出至關重要，我們希望將 Dash 作為現有 FSS 計劃的附加功能以及獨立產品提供。

Additionally, we continue to iterate on our bundling strategy. As we've discussed, our launch of product bundles last October fell short of our expectations, in response, we've lowered our pricing on some of these bundles last quarter. This change in price mitigated some of the pressures we have been seeing but did not lead to a meaningful inflection in users converting to these plans. We're therefore devoting our efforts to ensuring that we're offering a compelling mix with features and functionalities to these plans across our mobile desktop and web services, whereas -- our initial strategy was primarily web-focused.

此外，我們繼續迭代我們的捆綁策略。正如我們所討論的，我們去年 10 月推出的產品捆綁包沒有達到我們的預期，作為回應，我們上季度降低了其中一些捆綁包的定價。價格的變化減輕了我們所看到的一些壓力，但並沒有導致用戶轉向這些計劃的有意義的變化。因此，我們致力於確保在我們的行動桌面和​​ Web 服務中為這些計劃提供引人注目的特性和功能組合，而我們最初的策略主要以 Web 為中心。

We've gotten a lot of valuable experience in beginning to introduce bundles for our customers, including extending our commerce and identity platforms to enable bundled products. These foundational improvements will enable us to offer future combinations of features and functionality as we launch or acquire new products.

我們在開始為客戶推出捆綁產品方面獲得了許多寶貴的經驗，包括擴展我們的商務和身分平台以支援捆綁產品。這些基礎性改進將使我們能夠在推出或購買新產品時提供未來的特性和功能組合。

I'll now provide a quick update on Dash, our AI-powered universal search product. This quarter we made great products on improving the Dash products and capabilities and evolving our go-to-market approach. For example, the team once again drove double-digit increases in search FSS rates for new and existing users and nearly doubled some of our search relevance metrics. The team also drove engagement increases in key Dash features such as stacks on the start page and all these are positive signs that we're building a performant and high quality product.

現在，我將提供有關 Dash（我們的人工智慧通用搜尋產品）的快速更新。本季度，我們在改進達世幣產品和功能以及改進我們的上市方法方面做出了出色的產品。例如，該團隊再次推動新用戶和現有用戶的搜尋 FSS 率實現兩位數成長，並將我們的一些搜尋相關性指標提高了近一倍。該團隊還推動了關鍵 Dash 功能（例如起始頁上的堆疊）的參與度增加，所有這些都是我們正在建立高效能和高品質產品的積極跡象。

We also continue to engage deeply with potential customers and incorporate their feedback into our roadmap. For example, based on user feedback, we're enriching Dash with deeper AI summarization capabilities and continuing our work to maximize search efficiency.

我們也繼續與潛在客戶深入接觸，並將他們的回饋納入我們的路線圖。例如，根據用戶回饋，我們正在透過更深入的人工智慧摘要功能來豐富 Dash，並繼續努力最大限度地提高搜尋效率。

Beyond potential end users, we're also closely partnering with IT administrators as they play a central role in deployment across organizations. Based on these conversations, it's clear that IT admins have a lot of unmet needs when it comes to securing their team's content across multiple content platforms. Security is therefore a central focus in our Dash development efforts and we're confident we're going to have a competitive offering that provides admins with a lot of new control and transparency that they need.

除了潛在的最終用戶之外，我們還與 IT 管理員密切合作，因為他們在跨組織的部署中發揮核心作用。根據這些對話，很明顯，IT 管理員在跨多個內容平台保護團隊內容時有許多未滿足的需求。因此，安全性是我們 Dash 開發工作的核心焦點，我們相信我們將提供具有競爭力的產品，為管理員提供他們所需的大量新控制和透明度。

We've also been working on our planed go-to-market strategy. Over half a million paying teams trust Dropbox to secure, organize, and share digital assets. Our teams are already busy identifying the best prospects for our outbound sales motion, where we're already seeing strong signals of interest from our FSS customers. And as awareness of universal search and Dash's capabilities grow, we'll also lean into a self-service sales motion.

我們也一直在製定計劃中的上市策略。超過 50 萬付費團隊信任 Dropbox 來保護、組織和共享數位資產。我們的團隊已經在忙於確定對外銷售活動的最佳前景，我們已經看到 FSS 客戶強烈的興趣訊號。隨著人們對通用搜尋和 Dash 功能的認識不斷增強，我們也將傾向於自助銷售活動。

In closing, we continue to make progress on improving the user experience of our core FSS product, and we're seeing some positive response in our funnel. At the same time, we're investing in capabilities that will improve the purchasing flexibility for our customers who want to buy multiple products from us.

最後，我們在改善核心 FSS 產品的使用者體驗方面繼續取得進展，並且我們在管道中看到了一些正面的回應。同時，我們正在投資一些能力，以提高想要從我們這裡購買多種產品的客戶的購買靈活性。

We're still facing headwinds, and we expect the second half of the year to include some volatility, but we're confident that the investments we're making better position us to help our customers secure, organize, and share all of their digital content. We're also excited by the improvements we've made to our Dash product. We'll have more to share in the coming months as we move closer to expanding our rollout.

我們仍然面臨阻力，預計今年下半年會出現一些波動，但我們相信，我們正在進行的投資能夠更好地幫助我們的客戶保護、組織和共享他們的所有數位資料內容。我們對 Dash 產品所做的改進也感到非常興奮。隨著我們越來越接近擴大部署範圍，我們將在未來幾個月內分享更多內容。

While we work to achieve both improved core performance and a successful Dash expansion, we remain committed to driving shareholder returns, seeking efficiency gains, and investing prudently. I want to thank everyone on the Dropbox team for working hard to fulfill our vision and also thank our shareholders for their support

在我們努力提高核心績效和成功擴展達世幣的同時，我們仍然致力於推動股東回報、尋求效率提升和審慎投資。我要感謝 Dropbox 團隊中的每個人為實現我們的願景所做的努力，同時也感謝股東的支持

I'll now turn the call over to Tim to share a recap of our second quarter financial performance as well as our expectations for the remainder of the year.

現在我將把電話轉給蒂姆，分享我們第二季度財務業績的回顧以及我們對今年剩餘時間的預期。

Thank you, Drew. I'll cover our financial highlights from Q2, provide guidance for Q3, and offer some updated thoughts on our full year 2024 outlook.

謝謝你，德魯。我將介紹第二季的財務亮點，為第三季提供指導，並就 2024 年全年展望提供一些最新想法。

Starting with our results for the second quarter. Total revenue for Q2 increased 1.9% year over year to $635 million, slightly ahead of the high end of our prior guidance range. As expected, foreign exchange rates had a minimal impact on revenue for the quarter, yielding a 1.8% year over year constant currency growth rate.

從我們第二季的業績開始。第二季總營收年增 1.9%，達到 6.35 億美元，略高於我們先前指導範圍的上限。如預期的那樣，外匯匯率對本季營收的影響微乎其微，固定貨幣成長率年增 1.8%。

Total ARR grew to a total of $2.573 billion, up 2.9% year over year. On a constant currency basis, growth was 2.2% year over year. We exited the quarter with 18.22 million paying users adding approximately 63,000 net new paying users on a sequential basis.

總 ARR 增至 25.73 億美元，年增 2.9%。以固定匯率計算，年增 2.2%。本季末，我們的付費用戶數量為 1,822 萬，較上季新增約 63,000 名淨付費用戶。

Average revenue per paying user was $139.93. Relative paying user strength across our self-serve. Individual plans was offset by continued challenges for our teams product and expected seasonality and other pressures weighing on our FormSwift and Sign businesses.

每個付費用戶的平均收入為 139.93 美元。我們自助服務中的相對付費用戶強度。個人計劃被我們團隊產品的持續挑戰、預期的季節性以及其他影響我們 FormSwift 和 Sign 業務的壓力所抵消。

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 loss on real estate assets and workforce reduction expenses. Our non-GAAP net income also includes the income tax effect of the aforementioned adjustments.

在我們繼續進一步討論我們的損益表之前，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、某些收購相關費用、房地產淨損失資產及勞動力減少費用。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。

With that, let's continue with the second quarter P&L. Gross margin was 84.5% for the quarter. As mentioned previously, the primary driver of the year over year increase in gross margin was the increase in the useful life of our servers from four to five years effective January first of this year. This change resulted in approximately $9 million of benefit to gross profit in the second quarter. The impact of this change was weighted towards the first half of this year. For the full year, we expect a benefit of approximately $30 million.

接下來，讓我們繼續查看第二季的損益表。該季度毛利率為 84.5%。如前所述，毛利率年增的主要驅動力是我們伺服器的使用壽命從今年 1 月 1 日起從四年延長到五年。這項變化為第二季的毛利帶來了約 900 萬美元的收益。這項變化的影響在今年上半年有所體現。我們預計全年收益約 3000 萬美元。

Operating expenses were $308 million, up approximately 2% year over year. Operating margin was 35.9% ahead of our guidance of 33% and up 170 basis points from the year-ago period. Compared to our guidance, we ended the quarter with modestly lower marketing and outside services spend.

營運費用為 3.08 億美元，年增約 2%。營業利益率為 35.9%，高於我們指引的 33%，比去年同期上升 170 個基點。與我們的指導相比，本季結束時，我們的行銷和外部服務支出略有下降。

Hiring in the quarter was also lower than originally anticipated as we've identified additional efficiency opportunities across our operations. Net income for the second quarter was $194 million, up 12% year over year. Diluted EPS for the first quarter was $0.6 based on 324 million diluted weighted average shares outstanding compared to $0.51 in the year-ago quarter, representing an 18% year over year increase.

本季的招募人數也低於最初預期，因為我們在整個營運中發現了額外的效率機會。第二季淨利為1.94億美元，年增12%。根據 3.24 億股稀釋加權平均流通股計算，第一季稀釋每股收益為 0.6 美元，而去年同期為 0.51 美元，較去年同期成長 18%。

Moving on to our cash balance and cash flow. We ended the quarter with cash and short-term investments of $1.1 billion. As a reminder, in the second quarter, we paid the second tranche of our partial San Francisco headquarters lease buyout totalling $14.9 million. Second quarter cash flow from operations was $231 million, an increase of 23% versus the year-ago period.

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 11 億美元。提醒一下，在第二季度，我們支付了舊金山總部部分租賃收購的第二筆款項，總額為 1,490 萬美元。第二季營運現金流為 2.31 億美元，年增 23%。

Capital expenditures in the quarter totalled $6 million. This resulted in quarterly free cash flow of $225 million compared to $185 million in Q2 of 2023. Free cash flow per share was $0.69, representing a 28% year over year increase.

本季的資本支出總計 600 萬美元。這導致季度自由現金流為 2.25 億美元，而 2023 年第二季為 1.85 億美元。

In the quarter, we also added $35 million or finance leases for data center equipment. In Q2, we repurchased just over 11 million shares, spending $260 million. As of the end of the second quarter, we had approximately $868 million remaining under our current repurchase authorization.

本季度，我們也增加了 3,500 萬美元的資料中心設備融資租賃。第二季度，我們回購了超過 1,100 萬股股票，花了 2.6 億美元。截至第二季末，我們目前的回購授權剩餘約 8.68 億美元。

Our philosophy on share repurchases has not changed. We remain committed to returning as a shareholder in the form of share repurchases with the intention of reducing our share count over time. I'd now like to share our 2024 third quarter and updated full year guidance, where I will also provide some context on the thinking behind this guidance.

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回歸股東身份，目的是隨著時間的推移減少我們的股份數量。我現在想分享我們的 2024 年第三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 third quarter of 2024, we expect revenue to be in the range of $635 million, $638 million. We expect an FX tailwind of less than a $0.5 million. We expect non-GAAP operating margin to be approximately 32%. Finally, we expect diluted weighted average shares outstanding to be in the range of $317 million to $322 million shares based on our trailing 30-day average share price.

對於 2024 年第三季度，我們預計營收將在 6.35 億美元至 6.38 億美元之間。我們預計外匯推動力將低於 50 萬美元。我們預計非 GAAP 營運利潤率約為 32%。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 3.17 億美元至 3.22 億美元之間。

For the full year, we are narrowing our full year revenue outlook on an as reported and constant currency basis by raising the bottom of our ranges by $5 million. As a result, our reported revenue guidance adjusts to $2.540 billion to $2.550 billion, while our constant currency guidance suggest $2.537 billion to $2.547 billion. Consisting with prior guidance, we expect gross margin to be in the range of 83% to 83.5%.

對於全年，我們將按報告和固定貨幣計算的全年收入預期縮小，將區間下限上調 500 萬美元。因此，我們報告的收入指引調整為 25.40 億美元至 25.50 億美元，而我們的固定匯率指引建議為 25.37 億美元至 25.47 億美元。與先前的指引一致，我們預期毛利率將在 83% 至 83.5% 之間。

For non-GAAP operating margin, we now expect to land between 33.5% and 34% for the full year, up from our prior guidance of 32.5% to 33%.

對於非 GAAP 營運利潤率，我們目前預計全年營運利潤率將在 33.5% 至 34% 之間，高於先前 32.5% 至 33% 的指導值。

Our expectation for free cash flow is unchanged at $910 million to $950 million. We continue to expect between $20 million and $30 million of capital expenditures for the year. Our outlook for finance lease additions is unchanged at approximately 7% of revenue for the full year.

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。我們仍預期今年的資本支出將在 2,000 萬至 3,000 萬美元之間。我們對融資租賃增加金額的預期保持不變，仍為全年收入的 7% 左右。

Finally, we expect diluted weighted average shares outstanding to be in the range of $323 million to $328 million shares based on our trailing 30-day average share price. This represents a reduction of 3 million shares for each end of the range, one compared to our previous full year guidance of 326 million to 331 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流通股將在 3.23 億美元至 3.28 億美元之間。這意味著該範圍的每一端都減少了 300 萬股，而我們先前的全年指引為 3.26 億至 3.31 億股。

I'll now share some additional context regarding our outlook. Consistent with our historical approach, our guidance reflects what we have a high degree of visibility into today. The operating environment remains challenging for small businesses and our outlook embeds our expectations for some increased near-term volatility, particularly with regard to our teams business where we anticipate near-term down-sell risk associated with some larger accounts that will likely impact our paying user count in Q3 and Q4.

現在我將分享一些有關我們前景的其他背景資訊。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。對於小型企業來說，經營環境仍然充滿挑戰，我們的前景包含了我們對近期波動性增加的預期，特別是在我們的團隊業務方面，我們預計與一些較大帳戶相關的近期降價銷售風險可能會影響我們的支付第三季和第四季的用戶數。

In addition, we also expect seasonal pressure on FormSwift's paying user count as customers that primarily use FormSwift during tax season depart the platform, and to a lesser extent some headwinds within our Sign business, stemming from the security incident we mentioned last quarter. Each of these factors will serve as headwinds to our revenue, billings, and paying user numbers. Thus, we expect to end the year with total paying users roughly flat from where we ended the second quarter.

此外，我們也預計，隨著主要在納稅季節使用FormSwift 的客戶離開平台，FormSwift 的付費用戶數量將面臨季節性壓力，並且我們的Sign 業務在較小程度上將因我們上季度提到的安全事件而受到一些阻力。所有這些因素都將成為我們的收入、帳單和付費用戶數量的阻力。因此，我們預計今年年底付費用戶總數與第二季末大致持平。

Regarding non-GAAP operating margin, our raised full-year outlook reflects our performance year-to-date and our continued hiring discipline, along with an emphasis on hiring in low-cost locations. Sequentially, we expect some incremental expense as we invest in marketing initiatives and prepare for an annual customer-focused event in the fourth quarter, while also maintaining some optionality to spend behind discrete initiatives. Additionally, our second half outlook embeds a decreasing benefit to gross margin from the aforementioned change in the useful life of our servers.

關於非公認會計原則營業利潤率，我們上調的全年展望反映了我們今年迄今的業績和我們持續的招聘紀律，以及對低成本地區招聘的重視。接下來，我們預計會出現一些增量支出，因為我們投資於行銷計劃並為第四季度以客戶為中心的年度活動做準備，同時也保留了一些獨立計劃支出的選擇性。此外，我們下半年的展望表明，由於上述伺服器使用壽命的變化，毛利率的收益將下降。

We are maintaining our full year free cash flow guidance. While we are pleased with the improved outlook for full year non-GAAP operating margin, there are several factors that impact the flow through to free cash flow. For example, the aforementioned items impacting our paying user numbers have a more immediate impact on billings and cash.

我們維持全年自由現金流指引。雖然我們對全年非公認會計原則營業利潤率的改善前景感到滿意，但有幾個因素會影響自由現金流。例如，上述影響我們付費用戶數量的項目對帳單和現金有更直接的影響。

Similarly, FX rates have deteriorated since our initial guidance, which also has a more immediate impact on billings and cash. We also expect to earn less interest income given our increased share repurchase activity, which impacts free cash flow, but does not impact operating margins.

同樣，自從我們最初的指導以來，匯率已經惡化，這也對帳單和現金產生了更直接的影響。鑑於我們的股票回購活動增加，我們也預期賺取的利息收入會減少，這會影響自由現金流，但不會影響營業利潤率。

In conclusion, we continue to focus on solidifying our core file sync and share business by focusing on our core competencies and bringing more value to our customers. Our objective with the core businesses continue to drive revenue growth and laid the foundation for our future while concurrently generating profitability and increasing cash flow per share.

總而言之，我們將繼續專注於鞏固我們的核心文件同步和共享業務，專注於我們的核心競爭力，為客戶帶來更多價值。我們的核心業務目標是繼續推動營收成長，為我們的未來奠定基礎，同時產生獲利能力並增加每股現金流。

We also continue to invest in new sources of long-term growth, most notably Dash where we are getting closer to introducing this functionality more broadly to our customers. We are making progress across these objectives and believe that these efforts will culminate in creating long-term value for our shareholders.

我們也繼續投資新的長期成長來源，尤其是達世幣，我們越來越接近向客戶更廣泛地介紹此功能。我們正在這些目標上取得進展，並相信這些努力最終將為我們的股東創造長期價值。

With that, operator, please open the line for questions.

那麼，接線員，請開通提問線路。

(Operator Instructions) Brent Thill, Jefferies.

（操作員說明）Brent Thill，Jefferies。

This is Luv Sodha on for Brent Thill. Maybe the first one for you Drew. As we look at a bunch of the horizontal applications, there's been a big investor debate around seat-based pricing versus volume-based pricing in the age of AI. As you look at Dash, could you just share your thoughts on the monetization plans there? And how do you think you're injecting more volume-based pricing to make up for any seat-based degradation that you might see?

我是 Luv Sodha 為 Brent Thill 演講。也許是你的第一個，德魯。當我們審視大量橫向應用程式時，投資者圍繞著人工智慧時代基於席位的定價與基於數量的定價展開了一場大辯論。當你看到達世幣時，你能分享一下你對那裡的貨幣化計畫的看法嗎？您認為如何注入更多基於數量的定價來彌補您可能看到的基於座位的降級？

I mean, so to be clear, where Dash is pre-revenue. It's in beta right now. But the way we're thinking about it is or the way we're thinking about pricing and packaging. In a lot of ways, it'll be heavily informed by what's worked with Dropbox 1.0. And a lot of the playbook that we had around freemium and self-serve and sharing driven virality and then bridging to self-serve team accounts and moving up market into manage accounts, we envision taking advantage of a lot of the same levers with Dash.

我的意思是，需要明確的是，達世幣尚未實現收入。目前正處於測試階段。但我們思考它的方式就是我們思考定價和包裝的方式。在很多方面，它將很大程度上參考 Dropbox 1.0 的運作情況。我們有很多關於免費增值、自助服務和共享驅動的病毒式傳播的劇本，然後橋接自助服務團隊帳戶並將市場提升到管理帳戶，我們設想利用達世幣的許多相同槓桿。

And we expect that the pricing model should be pretty straightforward. I mean, obviously, if there's -- if we need somewhat -- if there are different knobs and dials in terms of like AI usage or volume based pricing, but we're not dogmatic about any one model, but our preference is to keep things simple for our customers. And so far, we haven't when talking of prospects, we haven't seen a lot of pushback or concerns on a pretty straightforward subscription model.

我們預期定價模型應該非常簡單。我的意思是，顯然，如果有——如果我們需要的話——如果在人工智慧使用或基於數量的定價方面有不同的旋鈕和轉盤，但我們不會教條於任何一種模型，但我們的偏好是保留對我們的客戶來說事情很簡單。到目前為止，在談論前景時，我們還沒有看到對相當簡單的訂閱模式的許多阻力或擔憂。

And then just a quick follow-up on the teams. The challenges that you're seeing on the team side, I guess, is there a way to dig deeper and parse out like how much of this is macro versus the pricing reaction? And is there an element of competitive share losses on that side? Just additional thoughts there would be appreciated. Thank you.

然後對團隊進行快速跟進。我想，你在團隊方面看到的挑戰，是否有一種方法可以更深入地挖掘和解析，例如其中有多少是宏觀的與定價反應的？這方面是否有競爭性份額損失的因素？如果有額外的想法，我們將不勝感激。謝謝。

Yep. So I'd say it's largely what we saw last quarter is a continuation of prior trends. We saw that some of the price increases we've made over the last few years ended up pulling -- on balance they were beneficial, but they pulled forward. They represented something of a pull forward. And then for new customers, higher prices and plus more price sensitivity generally has led to a weakening top of funnel, which we've been addressing in a number of ways. I mean, one by reverting some of the pricing changes we made last October when we introduced some of the bundles.

是的。所以我想說，我們上個季度看到的情況很大程度上是先前趨勢的延續。我們看到，過去幾年我們進行的一些價格上漲最終導致了拉動——總的來說，它們是有益的，但它們是向前拉動的。它們代表了某種向前的推動力。對於新客戶來說，更高的價格和更高的價格敏感度通常會導致漏斗頂部的削弱，我們一直在透過多種方式解決這個問題。我的意思是，一是恢復我們去年 10 月推出一些捆綁包時所做的一些定價更改。

And then second is just the nuts and bolts, just the fundamentals of removing friction from the onboarding experience. And we found that when we look at -- when we just watch -- when we sit down as a customer, watch a customer walk through the onboarding experience, there's still a lot of steps that we could simplify. And so, we've seen a lot of good early returns and green shoots around, okay. As we simplify the team onboarding experience, as we make it easier to invite other folks to your team and get set up as we rationalize some of the sharing features.

其次是具體細節，即消除入職體驗中的摩擦的基礎知識。我們發現，當我們以客戶的身份坐下來觀察客戶的入職體驗時，我們仍然可以簡化許多步驟。所以，我們已經看到了很多好的早期回報和萌芽，好吧。隨著我們簡化團隊入職體驗，隨著我們合理化一些共享功能，我們可以更輕鬆地邀請其他人加入您的團隊並進行設定。

Some of the stuff that I talked about in my earlier remarks, but just really tuning those basic user and viral loops that there's still a lot of headroom there. And when we look at different funnel metrics on the teams business and compare them to other SaaS products with similar characteristics, we still see some headroom there.

我在之前的評論中談到了一些內容，但只是真正調整了那些基本的用戶和病毒循環，那裡仍然有很大的空間。當我們查看團隊業務的不同漏斗指標並將其與具有類似特徵的其他 SaaS 產品進行比較時，我們仍然看到了一些發展空間。

But that said, I -- we're not out of the woods. I would say these improvements haven't yet offset some of the bigger picture, just like macro pressure or other factors, but it's headed in the right direction.

但話雖如此，我們還沒有走出困境。我想說，這些改進尚未抵消一些更大的前景，就像宏觀壓力或其他因素一樣，但它正在朝著正確的方向發展。

And none of it is competitive, right?

而且這些都沒有競爭力，對吧？

Well, I'm sure some of its competitive, although I wouldn't say there's like a difference -- I mean, we've had -- we've competed against Microsoft and Google's of the world since the company was founded.

嗯，我確信它有一些競爭力，儘管我不會說有什麼區別——我的意思是，我們有——自從公司成立以來，我們一直在與世界各地的微軟和谷歌競爭。

So I wouldn't say there's any new competitive dynamics, but for sure the platform companies or the product that's bundled in the office suite is going to be our primary competitor in most cases. So that's definitely a factor, but that's been a -- that would have also been a factor 10 years ago.

因此，我不會說有任何新的競爭動態，但可以肯定的是，在大多數情況下，平台公司或捆綁在辦公室套件中的產品將成為我們的主要競爭對手。所以這絕對是一個因素，但十年前這也是一個因素。

Steven Enders, Citi.

史蒂文‧恩德斯，花旗銀行。

I guess maybe just to start just on Dash, on the AI product set. I guess, what's been the feedback you've gotten so far for how customers might be thinking about adopting that and utilizing it. And I guess, secondarily, how are you thinking about the monetization for that at this point in trying to drive share of wallet within customers?

我想也許只是從 Dash 的人工智慧產品集開始。我想，到目前為止，您收到的關於客戶如何考慮採用和利用它的回饋是什麼。我想，其次，在試圖提高客戶錢包份額時，您目前如何考慮貨幣化？

Yep. So, early feedback has been good. I mean, I think the first thing we look for is that, the value prop clearly resonates, right? And it's hard to find someone that doesn't have these issues of having 100 tabs open and 10 different search boxes and the mayhem of the new world of distributed work. So a lot.

是的。所以，早期的回饋很好。我的意思是，我認為我們首先要尋找的是，價值支柱顯然能引起共鳴，對嗎？很難找到一個不遇到打開 100 個選項卡和 10 個不同搜尋框以及分散式工作新世界的混亂問題的人。這麼多。

And then once you show customers that this is actually a solvable, addressable problem, they're pleasantly surprised. So I think the value prop resonates and then Dash specifically, we've made a lot of progress in getting the product to where we want it to be from a quality standpoint.

一旦你向客戶展示這實際上是一個可以解決、可以解決的問題，他們就會感到驚訝。因此，我認為價值支柱會引起共鳴，特別是達世幣，從品質的角度來看，我們在使產品達到我們想要的目標方面取得了很大進展。

So for example, in Q2, we made big advances in continuing to make double-digit percentage point improvements in search success rates, search ranking quality, things like that, which is important because the first thing we do is get the product experience, right. Then we look at engagement and retention, and then once those are in good shape, then we turn on distribution and monetization.

例如，在第二季度，我們在搜尋成功率、搜尋排名品質等方面繼續取得兩位數百分點的進步，這很重要，因為我們做的第一件事就是獲得產品體驗，對吧。然後我們關注參與度和保留率，一旦這些狀況良好，我們就會開始分銷和貨幣化。

So I'm really happy with the progress we're making on the product quality side, and it's great to see the early product resonate with customers who are using it for their -- like, search box for their private information and people understand that. I guess, there's a bunch.

因此，我對我們在產品品質方面取得的進展感到非常高興，很高興看到早期產品與使用它的客戶產生共鳴，例如搜尋私人資訊的搜尋框，並且人們理解這一點。我猜，有一堆。

ChatGPT is great, but there's a lot of questions that ChatGPT can't answer. If you ask like when does my lease expire or where's that slide from last year's product deck or product launch, existing tools can't really solve that, but Dash can.

ChatGPT 很棒，但是有很多問題 ChatGPT 無法回答。如果你問我的租約何時到期，或去年的產品組合或產品發布的幻燈片在哪裡，現有工具無法真正解決這個問題，但 Dash 可以。

And then I'd say there's also -- in another area that's something that's been interesting is that, the IT admins have a lot of unmet needs around keeping track of what everybody's sharing across multiple platforms. And so, we see a lot of opportunity to solve some new, or to address some new unmet needs on the security side. So we're very excited about the roadmap for Dash, and we'll have a lot more to share on the specifics of both the product functionality and some of the -- and things like pricing and packaging in the coming months this year.

然後我想說的是，在另一個領域，有趣的是，IT 管理員在追蹤每個人在多個平台上共享的內容方面有很多未滿足的需求。因此，我們看到了許多機會來解決一些新的問題，或解決安全方面一些新的未滿足的需求。因此，我們對 Dash 的路線圖感到非常興奮，我們將在今年接下來的幾個月中分享更多有關產品功能和一些細節的信息，例如定價和包裝等。

And I guess we’ll look forward to what those look like. I guess on some of the document workflow products, it sounds like -- seeing a bit of an impact with Sign and FormSwift is well off for tax season, but can you give a little more clarity on what happened or what the customer activity was post security challenges with Sign and the impact that having on the outlook here?

我想我們會期待它們的樣子。我想在某些文件工作流程產品上，聽起來像是——看到 Sign 和 FormSwift 受到一些影響對於報稅季來說是好事，但是您能否更清楚地說明發生了什麼或發布了哪些客戶活動Sign 面臨的安全挑戰以及對前景的影響？

So pretty contained. I mean to begin with, the Sign business is a low single digit percentage of our overall revenue. And then it was -- we've seen a pretty minimal impact on the business or on the Sign business overall. And then importantly, it just affected all -- everything we know indicates that the incident was isolated to the Dropbox Sign infrastructure, meaning, it didn't impact the other Dropbox products. So overall, the incident hasn't had a material impact on our overall revenue or operations, and we don't believe it's likely to.

非常包含。我的意思是，首先，標牌業務占我們總收入的比例很低。然後，我們看到對業務或整個標誌業務的影響非常小。重要的是，它影響了所有人 - 我們所知道的一切都表明該事件與 Dropbox Sign 基礎設施無關，這意味著它不會影響其他 Dropbox 產品。因此，總體而言，該事件並未對我們的整體收入或營運產生重大影響，而且我們認為這種情況也不太可能發生。

Kash Rangan, Goldman Sachs.

卡什·蘭根，高盛。

Good to talk to you, Drew and team. Drew, I was curious to get your thoughts on a couple of things. So, the right to win for Dropbox with Dash, I know, it's not out yet. But what gives Dropbox the right to win in this space? And do you think this new subcategory you're trying to honour by actually bringing a new category of users that may not be initially spurred by document sharing and the things that Dropbox has been always good with?

很高興與你交談，德魯和團隊。德魯，我很想知道你對一些事情的看法。所以，我知道，用 Dash 贏得 Dropbox 的權利還沒出來。但有什麼讓 Dropbox 有能力在這個領域獲勝呢？您是否認為您試圖透過實際引入新的使用者類別來尊重這個新的子類別，而這些使用者最初可能不會受到文件共享和 Dropbox 一直擅長的事情的刺激？

Ultimately, do you think there is maybe an unmet need in the market for perhaps Dropbox, right? Not that you would not have considered. I'm sure you've popped through all this stuff where you have a lower price point, fraction of the functionality, but then these folks get used to the system, you maybe throw in AI for free, and then you upsell them to the premier versions of Dropbox. I'm just wondering how you're thinking about potential decision paths down the line. Thank you so much, once again.

最終，您是否認為 Dropbox 市場上可能存在未滿足的需求，對嗎？並不是說你不會考慮。我相信你已經瀏覽過所有這些東西，其中你的價格點較低，功能的一小部分，但後來這些人習慣了這個系統，你可能會免費投入人工智能，然後你將它們追加銷售給Dropbox 的首要版本。我只是想知道您如何考慮未來的潛在決策路徑。非常感謝，再次感謝。

Sure, yeah. Thanks, Kash. So first on Dash. I mean, the origin of Dash was really solving the modern equivalent of or today's equivalent of the problem I started with when I founded the company, which is really in the beginning, like I felt like my stuff was everywhere, I couldn't find it. Back then, it looked like my files were on these different devices and operating systems. And the solution was like, let's sync everything to the cloud.

當然，是的。謝謝，卡什。首先是達世幣。我的意思是，達世幣的起源實際上是解決現代或今天相當於我創立公司時所面臨的問題，這實際上是在一開始，就像我覺得我的東西無處不在，我找不到它。當時，我的檔案似乎位於這些不同的裝置和作業系統上。解決方案是，讓我們將所有內容同步到雲端。

But today, back to that familiar problem, like my stuff is everywhere, can't find it. But in addition to files, obviously we do a lot of work in our browsers now. And so what used to be 100 files on my desktop is now also 100 tabs in my browser. And it's really that first principles. And it's like frustration as an end user personally, where I'm like, it is so hard to find just the basic information I need at work.

但今天，又回到那個熟悉的問題，就像我的東西到處都是，找不到。但除了文件之外，顯然我們現在還在瀏覽器中做了很多工作。因此，桌面上曾經有 100 個文件，現在瀏覽器中也有 100 個選項卡。這確實是首要原則。這就像作為最終用戶個人的挫折感，我覺得很難找到我工作所需的基本資訊。

And this is a problem that's getting worse not better as one of the unintended consequences of this -- of the proliferation of all the different tools within platforms that we're using and a recognition that no one's solving this problem at scale, like Microsoft hasn't solved this problem, Google hasn't, no one has. And it didn't seem like there was anyone really putting the necessary firepower on solving this problem. And this was also before generative AI really took off.

這個問題變得越來越糟，而不是更好，因為它的意外後果之一是我們正在使用的平台內所有不同工具的激增，並且認識到沒有人能夠像微軟那樣大規模解決這個問題。解決這個問題，谷歌沒有，沒有人解決過。似乎沒有人真正投入必要的火力來解決這個問題。這也是在生成式人工智慧真正起飛之前。

But I'd summarize by saying this is a universal knowledge worker need. I mean, when we talk to our customers, it's like hard to -- again, hard to find someone who like doesn't have this problem. Our right to win is it's a natural evolution for our customers. I mean, especially exist, certainly Dropbox customers.

但我總結說這是知識工作者的普遍需求。我的意思是，當我們與客戶交談時，很難找到沒有這個問題的人。我們獲勝的權利是這對我們的客戶來說是自然的演變。我的意思是，尤其是存在 Dropbox 客戶。

It doesn't take a lot to explain that we're evolving from helping you organize your files, to organizing all your cloud content. That's a pretty straightforward logical leap for people. And then to people who aren't Dropbox files that can share customers, it gives us a big reason to be relevant to new generations of folks that grew up in the browser instead of the file system.

無需太多說明，我們正在從幫助您組織文件發展到組織所有雲端內容。對人們來說，這是一個非常簡單的邏輯飛躍。對於那些無法分享客戶的 Dropbox 檔案的人來說，這給了我們一個重要的理由來與在瀏覽器而不是檔案系統中長大的新一代人們相關。

So we think it's a big opportunity to reach truly net new users and get them on our platform. And then, we're certainly not the only company working on this, but our scale and our privacy and security track record are a big advantage when we talk to customers. So, as a first example, I mean we are -- unlike Dropbox 1.0 as we're launching Dash, we already have 0.5 million paying business accounts already and 18 million subscribers. And so once we're happy with the product experiences, you can believe that we'll be turning on distribution and introducing our existing customer base to Dash as rapidly as possible.

因此，我們認為這是一個接觸真正的淨新用戶並讓他們進入我們平台的絕佳機會。然後，我們當然不是唯一一家致力於此的公司，但當我們與客戶交談時，我們的規模以及我們的隱私和安全記錄是一個很大的優勢。因此，作為第一個例子，我的意思是，與我們推出 Dash 時的 Dropbox 1.0 不同，我們已經擁有 50 萬個付費企業帳戶和 1800 萬訂閱者。因此，一旦我們對產品體驗感到滿意，您就可以相信我們將盡快啟動分銷並將現有客戶群引入達世幣。

We also see some promising early signal that folks that are paying files and can share subscribers adopt and retain on Dash at twice the rate as people who are just visiting the website or who aren't. And then on the trust side, I mean, this is -- I mean, in general, security is top of mind for every customer and people are entrusting us with their most important information and have been for a long time.

我們也看到一些有希望的早期訊號，即付費文件並可以共享訂閱者的達世幣採用率和保留率是剛剛訪問或未訪問該網站的人的兩倍。然後在信任方面，我的意思是，總的來說，安全是每個客戶的首要考慮因素，人們將他們最重要的資訊託付給我們，而且長期以來一直如此。

And then AI, as you'd imagine, amplifies these concerns even more as people want a lot of transparency and control about where their data goes as they put it into these new apps or new AI systems. And so, the fact that we're very transparent about this and have a track record and we already have all these companies storing their most important information on Dropbox makes this a lot more of a natural evolution for us than someone starting from scratch or a start-up or even a growth stage start-up.

然後，正如您所想像的那樣，人工智慧會進一步放大這些擔憂，因為人們在將資料放入這些新應用程式或新人工智慧系統時希望獲得很大的透明度並控制資料的去向。因此，事實上，我們對此非常透明並擁有良好的記錄，並且我們已經讓所有這些公司在Dropbox 上存儲了他們最重要的信息，這對我們來說更像是一個自然的演變，而不是從頭開始或從頭開始。

And then compared to platform companies, so far what we're seeing is that a lot -- as you see like Microsoft Copilot or Google's similar features in Workspace, they work super well within their ecosystem, but don't work outside. And universal search is by definition a platform agnostic thing because at the end of the day we all use tools from many of the different ecosystems. It's very rare that you or your team are just in one.

然後與平台公司相比，到目前為止我們看到的是很多- 正如您所看到的Microsoft Copilot 或Google 在Workspace 中的類似功能，它們在其生態系統內運行得非常好，但在外部卻不起作用。通用搜尋從定義上來說是一個與平台無關的東西，因為歸根結底我們都使用來自許多不同生態系統的工具。您或您的團隊只有其中一個的情況非常罕見。

So we think that's a big advantage for Dropbox and it's been in our DNA to tie together all these disparate tools and ecosystems. And that's just something that we put a lot more attention to than any individual, than even the bigger companies.

因此，我們認為這對 Dropbox 來說是一個很大的優勢，將所有這些不同的工具和生態系統結合在一起已經融入我們的 DNA 中。我們比任何個人，甚至比大公司更關注這一點。

And then you had a second part around what I would say, just like creativity on pricing and packaging. How do we get people in the -- can we give certain things away for free or otherwise explore other levers beyond just like a basic subscription? The answer is absolutely.

然後你有第二部分圍繞著我要說的內容，就像定價和包裝上的創意一樣。我們如何讓人們參與其中——我們能否免費贈送某些東西，或以其他方式探索除了基本訂閱之外的其他槓桿？答案是絕對的。

We innovated a lot on our playbook in the beginning. I'm sure we'll innovate on it again. We'll take the best parts, but I'm sure some aspects will be different. And we earlier talked about volume-based pricing versus seat-based pricing, using free or loss leader type things. But we'll look at using bundling. We're going to explore all that.

一開始我們在劇本上進行了許多創新。我相信我們會再次創新。我們會選擇最好的部分，但我確信有些方面會有所不同。我們之前討論過基於數量的定價與基於席位的定價，使用免費或虧損領導者類型的東西。但我們將考慮使用捆綁。我們將探索這一切。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

This is Austin Cole on for Pat. So Drew, when you think about some of the things you guys have been working through, whether it's the go to market for the individual plans or the pricing on bundles, I mean, like what inning do you feel like you're in on plugging some of these holes and getting to a place where you really have the right fit across these plants? Thank you.

這是奧斯汀·科爾（Austin Cole）替帕特發言。所以，德魯，當你想到你們一直在努力解決的一些事情時，無論是個人計劃的上市還是捆綁包的定價，我的意思是，就像你覺得自己在插電的哪一局一樣一些洞，並到達一個真正適合這些植物的地方？謝謝。

Yep. I don't know if I have like a specific inning number for you. I think there's still and we're showing progress. I think this year is like our first concerted effort in some of these parts of the funnel and we're seeing some of those efforts bear fruit and I think there's still a lot of headroom there but it's hard to speculate beyond what we've already reflected in our guidance.

是的。我不知道我是否有具體的局數給你。我認為仍然存在，而且我們正在取得進展。我認為今年就像我們在漏斗的某些部分中第一次共同努力，我們看到其中一些努力取得了成果，我認為那裡仍然有很大的空間，但很難推測超出我們已經實現的範圍反映在我們的指導中。

But we certainly see lots of opportunities to continue reducing friction in the onboarding experience, the team expansion experience, and sharing. We've had some good milestones that we hit last quarter. So as I said earlier, sharing is up year-on-year, which is reversing what was stable or slightly declining. So that's the thing I like to see.

但我們確實看到了很多機會來繼續減少入職體驗、團隊擴展體驗和共享方面的摩擦。上個季度我們實現了一些良好的里程碑。正如我之前所說，份額同比增長，這扭轉了穩定或略有下降的局面。這就是我喜歡看到的事情。

And then also, we're gearing -- I think one of the best things we can do to grow the business is really get our -- a lot of these platform improvements are really important. So some of the things around our billing engine, having more flexibility in subscriptions, and continuing to tune up our technical infrastructure to be able to support cloud content and go beyond just files. These are long-term investments that are going to bear fruit, are going to be really valuable as we start to scale up Dash.

然後，我們正在做好準備——我認為我們為發展業務所能做的最好的事情之一就是真正獲得——許多平台的改進非常重要。因此，圍繞我們的計費引擎的一些事情，在訂閱方面具有更大的靈活性，並繼續調整我們的技術基礎設施，以便能夠支援雲端內容，而不僅僅是文件。這些都是長期投資，將會取得成果，隨著我們開始擴大達世幣規模，這些投資將非常有價值。

So I think there's a lot of different, or I'm excited about the portfolio of investments we have and some of them are incremental optimizations and some of the funnel things I mentioned and some we believe are really big new growth levers like Dash.

所以我認為有很多不同的東西，或者我對我們擁有的投資組合感到興奮，其中一些是增量優化和我提到的一些漏斗東西，還有一些我們認為是像達世幣這樣真正巨大的新成長槓桿。

(Operator Instructions) Mark Murphy, JPMorgan.

（操作員指示）Mark Murphy，摩根大通。

Tim, you had mentioned that hiring was slower than anticipated. And I think you said due to recognizing additional efficiencies. I'm wondering if you can elaborate on the nature of the efficiencies. For instance, are you using some lower cost regions? Are you seeing some productivity gain from internal use of GenAI, maybe from GitHub, Copilot or something along those lines? Is there something different that you're enabling?

提姆，您曾提到招募速度比預期慢。我想你這麼說是因為認識到額外的效率。我想知道您是否可以詳細說明效率的本質。例如，您是否使用一些成本較低的地區？您是否看到 GenAI 的內部使用（可能來自 GitHub、Copilot 或類似的東西）提高了生產力？您正在啟用什麼不同的功能嗎？

Sure. Good question, Mark. I think it's a little bit of all of those things. So our margin performance was largely driven by lower headcount related costs as we have identified efficiencies across our operations. That does include slowing the pace of hiring in some areas as well as prioritizing hiring in lower-cost locations. Exactly to your point.

當然。好問題，馬克。我認為這是所有這些事情的一部分。因此，我們的利潤率表現在很大程度上是由人員數量相關成本降低所推動的，因為我們已經確定了整個營運的效率。這確實包括放慢某些地區的招募速度，以及優先在成本較低的地區進行招募。正是你的觀點。

So and maybe lastly, I'll note that we're managing our vendor and software spend closely. So those are some of the efficiencies we're driving and will continue to look for additional opportunities.

因此，也許最後，我要指出的是，我們正在密切管理我們的供應商和軟體支出。這些是我們正在提高的一些效率，並將繼續尋找更多機會。

And then, Drew, I appreciated the -- all the insights you provided while you were answering Kash's question. Can you remind us if there is any update of when you think Dash is going to reach GA and where your thoughts are on the pricing strategy for Dash so that we might be able to run that through our models and start to think about a potential contribution ramp?

然後，德魯，我很欣賞你在回答卡什問題時提供的所有見解。您能否提醒我們，您認為達世幣何時會正式發布以及您對達世幣定價策略的想法是否有任何更新，以便我們能夠通過我們的模型來運行該策略並開始考慮潛在的貢獻坡道？

Yep. So we'll have a lot more to share after the -- after our launches later this year. But I think in principle, we'll be drawing heavily from the playbook, over the things that have worked with pricing and packaging with Dropbox. So we'll certainly make Dash available standalone and as a standalone subscription there will obviously be -- we'll be introducing it to our file sync and share customers in different ways. But it's a little early to give you specific numbers or to plug the cells into the spreadsheet.

是的。因此，在今年稍後推出之後，我們將有更多內容可以分享。但我認為原則上，我們將大量借鑒劇本中與 Dropbox 定價和包裝相關的內容。因此，我們肯定會讓 Dash 獨立使用，並且顯然會作為獨立訂閱 - 我們將以不同的方式將其引入我們的文件同步和共享客戶。但現在給你具體的數字或將儲存格插入電子表格還為時過早。

Thank you. Thank you. And it appears that there is no further questions in queue. I will turn the call back to Peter's stayed there for closing remarks.

謝謝。謝謝。隊列中似乎沒有其他問題了。我將把電話轉回彼得，他在那裡做結束語。

Thanks, everyone, for joining us today. We look forward to speaking with you next quarter. I hope you all have a great afternoon.

謝謝大家今天加入我們。我們期待下個季度與您交談。我希望大家度過一個愉快的下午。

And thank you for participating in today's conference. You may now disconnect.

感謝您參加今天的會議。您現在可以斷開連線。