Dropbox Inc (DBX) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, thank you for joining Dropbox third 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 年第三季財報電話會議。 （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 it over to Peter Stabler, Head of Investor Relations.

我現在將把它交給投資者關係主管 Peter Stabler。

Thank you. Good afternoon, and welcome to Dropbox's third 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 fourth quarter, fiscal year 2024, fiscal year 2025 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.

謝謝。下午好，歡迎參加 Dropbox 2024 年第三季財報電話會議。在開始之前，我想提醒您，我們今天的演講將包括前瞻性陳述，例如我們的財務指導和預期，包括我們對第四季度、2024 財年、2025 財年的長期目標和預測我們對收入成長、獲利能力、營業利潤率和自由現金流的預期，以及我們對業務、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 and on our website at investors.dropbox.com.

我們也將討論非公認會計原則財務指標，這些指標不依照公認會計原則制定。我們的收益報告和我們的網站 Investors.dropbox.com 提供了 GAAP 和非 GAAP 業績的調整表。

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

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

Thanks, Peter, and good afternoon, everyone. Welcome to our Q3 2024 earnings call, and I'm here with Tim Regan, our CFO. I'll cover our recent business updates and strategy, and then Tim will walk through our Q3 results and our outlook.

謝謝彼得，大家下午好。歡迎參加我們的 2024 年第三季財報電話會議，我和我們的財務長 Tim Regan 一起出席。我將介紹我們最近的業務更新和策略，然後蒂姆將介紹我們第三季的業績和前景。

Last week, we announced a 20% reduction in our workforce. This was an incredibly difficult decision, and I want to acknowledge all the folks at Dropbox who were impacted, but it was a necessary step to position for our next chapter.

上週，我們宣布裁員 20%。這是一個極其困難的決定，我想向 Dropbox 中所有受到影響的人表示感謝，但這是為我們的下一章定位的必要步驟。

As we've discussed over the last year, we're at an inflection point as a company. Our core FSS business has matured and we've been investing in new products to solve new problems and drive growth. But given the challenging environment for our core business, we needed to better align our investments with the opportunities ahead.

正如我們去年所討論的那樣，我們公司正處於一個轉折點。我們的核心 FSS 業務已經成熟，我們一直在投資新產品來解決新問題並推動成長。但鑑於我們的核心業務面臨充滿挑戰的環境，我們需要更好地調整我們的投資與未來的機會。

Beyond the headcount reduction, we also simplified our org structure. We've become too complex and layered over time, which was slowing us down and hurting our execution. So, we designed a flatter and more balanced organization, reducing the number of layers while better aligning our teams around our key priorities.

除了裁員之外，我們也簡化了組織結構。隨著時間的推移，我們變得過於複雜和分層，這減慢了我們的速度並損害了我們的執行力。因此，我們設計了一個更扁平、更平衡的組織，減少了層級數量，同時更好地圍繞我們的關鍵優先事項調整我們的團隊。

Now, let's talk about where we're headed. Over our first 17 years, we built a large and profitable business, helping hundreds of millions of users secure, organize and share their files, but today's workplace has evolved dramatically. Content is now scattered across dozens of cloud tools and browser tabs, not just files and folders. We're all struggling with the same core problem I started Dropbox to solve, which is spending too much time searching for stuff and trying to stay on top of our work.

現在，讓我們談談我們的前進方向。在最初的 17 年裡，我們建立了一個龐大且盈利的業務，幫助數億用戶保護、組織和共享他們的文件，但今天的工作場所已經發生了巨大的變化。內容現在分散在數十個雲端工具和瀏覽器標籤中，而不僅僅是檔案和資料夾。我們都在努力解決我創建 Dropbox 所要解決的相同核心問題，即花太多時間搜尋內容並試圖掌控我們的工作。

And the challenges go beyond just finding things. There's no persistent way to organize your cloud content, because when you close your browser, your workspace and all your tabs disappear. There's no common way to collect and share different kinds of cloud content across platforms. And for IT teams, the shift to distributed work and the resulting proliferation of tools has created even bigger headaches around security and around governance.

挑戰不僅僅是尋找東西。沒有持久的方法來組織雲端內容，因為當您關閉瀏覽器時，您的工作區和所有標籤都會消失。跨平台收集和共享不同類型的雲端內容沒有通用的方法。對於 IT 團隊來說，向分散式工作的轉變以及由此產生的工具激增給安全和治理帶來了更大的麻煩。

The good news is that AI gives us powerful new tools to address these universal problems. That's why we've been hard at work on Dropbox Dash, our AI-powered universal search product. After launching an initial version for individuals last year, we just released Dash for Business in October. The business version of Dash combines AI-powered universal search and organization with universal content access controls and governance for IT. We're focusing our initial sales efforts on our over 500,000 FSS Team's customers who already trust us with their content.

好消息是人工智慧為我們提供了強大的新工具來解決這些普遍問題。這就是為什麼我們一直在努力開發 Dropbox Dash，這是我們由人工智慧驅動的通用搜尋產品。繼去年推出個人的初始版本後，我們剛剛在 10 月發布了 Dash for Business。 Dash 的商業版本將人工智慧驅動的通用搜尋和組織與通用內容存取控制和 IT 治理相結合。我們將最初的銷售工作重點放在超過 50 萬名 FSS 團隊的客戶上，他們已經信任我們的內容。

It's early days, but the initial feedback has been really encouraging, both among our existing Dropbox FSS customers and prospects that are new to Dropbox. Dash helps you instantly find anything across all your work tools from a single search box, it uses AI to summarize and answer questions about your company's content, and it gives you a personalized start page that connects your meetings, your docs and your projects.

雖然現在還處於早期階段，但無論是我們現有的 Dropbox FSS 客戶還是剛接觸 Dropbox 的潛在客戶，最初的回饋都非常令人鼓舞。 Dash 可協助您透過單一搜尋框立即找到所有工作工具中的任何內容，它使用 AI 來總結和回答有關公司內容的問題，並為您提供連接會議、文件和專案的個人化起始頁面。

But what's really resonating with IT leaders is Dash's unique governance capabilities, which we call Protect and Control. For the first time, admins get real-time visibility into everything that's shared in the company across every major content platform from one dashboard with powerful controls to protect sensitive content.

但真正引起 IT 領導者共鳴的是 Dash 獨特的治理能力，我們稱之為保護和控制。管理員第一次透過一個儀表板即時了解公司在每個主要內容平台上共享的所有內容，並具有強大的控制項來保護敏感內容。

Most companies we talk to are doing this manually today, so they've told us they see huge value in automating this and extending these capabilities. And overall, we know this market is attracting significant attention and investment, which both validates the opportunity we've been pursuing while also underscoring the importance of moving quickly to capture it.

如今，我們採訪的大多數公司都是手動完成此操作，因此他們告訴我們，他們看到了自動化和擴展這些功能的巨大價值。總的來說，我們知道這個市場正在吸引大量關注和投資，這不僅證實了我們一直在追求的機會，也強調了迅速採取行動抓住機會的重要性。

So, as we reposition the company around Dash, we're evolving our FSS business to maintain its strengths while accelerating Dash's adoption. And rather than trying to re-inflict FSS growth, we're shifting our focus to product quality, to retention and efficiency, and serving as a springboard for Dash.

因此，當我們圍繞達世幣重新定位公司時，我們正在發展我們的 FSS 業務，以保持其優勢，同時加速達世幣的採用。我們不再試圖重新實現 FSS 成長，而是將重點轉向產品品質、保留率和效率，並充當達世幣的跳板。

This means doubling down on our strengths, being the simple and reliable and platform-agnostic solution that our customers love. And Teams remain a priority given the higher ARPU, lifetime value, retention profile and strong cross-sell potential for Dash. And given that our FSS users also have unmet needs around finding and organizing their cloud content, we see a significant opportunity to bring some of Dash's capabilities to our core FSS product, while also turning our massive FSS user base into a natural growth engine for Dash.

這意味著我們要加倍發揮我們的優勢，成為客戶喜愛的簡單可靠且與平台無關的解決方案。鑑於 Dash 具有較高的 ARPU、終身價值、留存率和強大的交叉銷售潛力，團隊仍然是優先考慮的因素。鑑於我們的FSS 用戶在尋找和組織雲端內容方面也有未滿足的需求，我們看到了一個重大機會，可以將達世幣的一些功能引入我們的核心FSS 產品，同時也將我們龐大的FSS 用戶群轉變為達世幣的自然成長引擎。

We're also reassessing our document workflow investments. We'll continue developing DocSend features like virtual data rooms, while focusing sign on retention. But FormSwift, which we acquired to expand our capabilities, requires significant investment that we now believe is better spend on Dash. So, we're exploring strategic options there, including a potential sale.

我們也正在重新評估我們的文件工作流程投資。我們將繼續開發虛擬資料室等 DocSend 功能，同時將重點放在保留上。但我們為了擴展我們的能力而收購的 FormSwift 需要大量投資，我們現在認為這筆投資最好花在達世幣上。因此，我們正在探索那裡的戰略選擇，包括潛在的出售。

Looking ahead, we're still in the early days of AI transforming work. While we're focused on Dash near term, we're also exploring adjacent opportunities too, like our recent acquisition of Reclaim, which brings AI-powered calendar and time optimization capabilities. And over-time, we see potential for a broad suite of AI tools that make knowledge work more productive and will leverage our massive user base, our trusted brand and our technical infrastructure to accelerate adoption.

展望未來，我們仍處於人工智慧轉型工作的早期階段。雖然我們近期專注於 Dash，但我們也在探索相關的機會，例如我們最近收購了 Reclaim，它帶來了人工智慧驅動的日曆和時間優化功能。隨著時間的推移，我們看到了一系列廣泛的人工智慧工具的潛力，這些工具可以提高知識工作的效率，並將利用我們龐大的用戶群、值得信賴的品牌和技術基礎設施來加速採用。

But to fully capture this opportunity, we have to stay focused and prioritize. Our core business gives us a powerful foundation to build on. And while it will take time to change our growth trajectory, our conviction continues to grow as we solve real customer problems. Evolving from syncing your files to organizing and securing all your cloud content is a natural evolution for Dropbox and we're well-positioned to win in this new market.

但為了充分抓住這個機會，我們必須保持專注並決定優先順序。我們的核心業務為我們奠定了堅實的基礎。雖然改變我們的成長軌跡需要時間，但隨著我們解決真正的客戶問題，我們的信念不斷增強。從同步文件發展到組織和保護所有雲端內容是 Dropbox 的自然發展，我們已做好在這個新市場中獲勝的準備。

I'll now hand it over to Tim to cover our results and outlook.

現在我將把它交給蒂姆來介紹我們的結果和前景。

Thank you, Andrew. I'll cover our financial highlights from Q3, provide guidance for Q4, and offer some initial thoughts on our outlook for 2025. Starting with our results for the third quarter. Total revenue for Q3 increased 0.9% year-over-year to $639 million, including approximately $800,000 of contribution from our Nira and Reclaim acquisitions.

謝謝你，安德魯。我將介紹第三季的財務亮點，為第四季度提供指導，並對 2025 年的前景提供一些初步想法。第三季總營收年增 0.9%，達到 6.39 億美元，其中包括 Nira 和 Reclaim 收購帶來的約 80 萬美元貢獻。

As expected, foreign exchange rates did not materially impact our revenue for the quarter. Total ARR grew to a total of $2.579 billion, up 2.1% year-over-year. On a constant currency basis, growth was 1.4% year-over-year. Our growth in ARR was largely driven by our individual plans across both our Plus and Essentials SKUs. While we continue to strategically prioritize our Teams SKUs and we are seeing progress on Teams engagement, activation and top of funnel metrics, we also continue to face headwinds, including pricing sensitivity that are pressuring our team expansion and down-sell trends.

正如預期的那樣，匯率並未對我們本季的收入產生重大影響。總 ARR 增至 25.79 億美元，年增 2.1%。以固定匯率計算，年增 1.4%。我們的 ARR 成長主要是由我們的 Plus 和 Essentials SKU 的個人計劃所推動的。雖然我們繼續從策略上優先考慮Teams SKU，並且我們看到Teams 參與度、激活和漏斗頂部指標方面取得了進展，但我們也繼續面臨阻力，包括對我們的團隊擴張和降價銷售趨勢造成壓力的定價敏感性。

We exited the quarter with 18.24 million paying users, adding approximately 19,000 net new paying users on a sequential basis. I'd note that our paying user count for the quarter includes approximately 23,000 paying users we added in the quarter through our acquisition of Reclaim, which we closed in late July.

本季結束時，我們的付費用戶數量為 1,824 萬，季淨增加約 19,000 個新付費用戶。我要指出的是，我們本季的付費用戶數量包括我們在本季度透過收購 Reclaim（我們於 7 月底關閉）而增加的約 23,000 名付費用戶。

Nira, a data access governance platform we acquired in May, did not have a material impact on our paying user count for either Q2 or Q3 as we sell just one license per company. Across our FSS and document workflow businesses, we saw sequential additions of paying users for our individual plans led by our Plus and Essentials SKUs. However, these gains were more than offset by down-sell pressure across our Teams plans and FormSwift, consistent with the commentary we offered on last quarter's call.

Nira 是我們在 5 月收購的資料存取治理平台，它對我們第二季或第三季的付費用戶數量並沒有產生重大影響，因為我們只向每家公司出售一個授權。在我們的 FSS 和文件工作流程業務中，我們看到由 Plus 和 Essentials SKU 主導的個人計劃的付費用戶連續增加。然而，這些收益被我們的 Teams 計劃和 FormSwift 的降價壓力所抵消，這與我們在上季度電話會議中提供的評論一致。

Average revenue per paying user was $139.05 comparing to $138.71 in the year-ago period. On a year-over-year basis, ARPU benefited from a shift to higher-priced plans and a modest benefit from a mix-shift from annual to monthly plans. This quarter's sequential decline was driven primarily by the rollback in late March pricing increases associated with our bundled products that we introduced last year.

每位付費用戶的平均收入為 139.05 美元，而去年同期為 138.71 美元。與去年同期相比，ARPU 受益於向更高價格計劃的轉變，以及從年度計劃到月度計劃的混合轉變帶來的適度收益。本季環比下降的主要原因是 3 月底與我們去年推出的捆綁產品相關的定價上漲回落。

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 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，不包括基於股票的薪酬、購買無形資產的攤銷、某些與收購相關的費用和裁員費用。我們的非公認會計原則淨利潤也包括上述調整的所得稅影響。

With that, let's continue with the third quarter P&L. Gross margin was 84% for the quarter. As mentioned in previous quarters, the primary driver of the year-over-year increase in gross margin was the increase in the youthful life of our servers from four to five years effective January 1, of this year. This change resulted in approximately $7 million of benefit to gross profit in the third quarter.

接下來，讓我們繼續第三季的損益表。該季度毛利率為 84%。正如前幾季所提到的，毛利率年增的主要驅動力是從今年 1 月 1 日起，我們伺服器的年輕壽命從四年延長到五年。這項變化為第三季的毛利帶來了約 700 萬美元的收益。

The impact of this change was weighted towards the first half of this year. For the full year, we expect a benefit to gross profit of approximately $30 million. Operating margin was 36.2%, ahead of our guidance of 32% and up 20 basis points from the year-ago period. Compared to our guidance, operating margin benefited from lower-than-anticipated marketing spend, reduced outside services spend and lower workforce expenses.

這項變化的影響在今年上半年有所體現。我們預計全年毛利將增加約 3,000 萬美元。營業利益率為 36.2%，高於我們 32% 的指引，比去年同期上升 20 個基點。與我們的指導相比，營業利潤率得益於低於預期的行銷支出、外部服務支出的減少和勞動力支出的降低。

Net income for the third quarter was $190 million, down 2% year-over-year, driven by higher taxes. Diluted EPS for the third quarter was $0.60 based on 316 million diluted weighted average shares outstanding, compared to $0.56 in the year-ago quarter, representing a 7% year-over-year increase.

由於稅收增加，第三季淨利潤為 1.9 億美元，年減 2%。基於 3.16 億股稀釋加權平均流通股計算，第三季稀釋每股收益為 0.60 美元，去年同期為 0.56 美元，較去年同期成長 7%。

Moving on to our cash balance and cash flow. We ended the quarter with cash and short-term investments of $891 million. Cash flow from operations was $274 million, an increase of 7% versus the year-ago period. Capital expenditures in the quarter totaled $4 million. This resulted in quarterly free cash flow of $270 million compared to $247 million in Q3 2023. Free cash flow per share for the quarter was $0.85, representing a 20% year-over-year increase. In the quarter, we also added $58 million to our finance leases for data center equipment.

接下來是我們的現金餘額和現金流。截至本季末，我們的現金和短期投資為 8.91 億美元。營運現金流為 2.74 億美元，比去年同期成長 7%。該季度的資本支出總計 400 萬美元。這導致季度自由現金流為 2.7 億美元，而 2023 年第三季為 2.47 億美元。本季度，我們也為資料中心設備的融資租賃增加了 5,800 萬美元。

In Q3, we repurchased approximately 15 million shares, spending approximately $349 million. As of the end of the third quarter, we had approximately $519 million remaining under our current repurchase authorization. We remain committed to our repurchase program, which aims to reduce share count over time and return capital to our shareholders.

第三季度，我們回購了約 1,500 萬股股票，花費約 3.49 億美元。截至第三季末，我們目前的回購授權剩餘約 5.19 億美元。我們仍然致力於回購計劃，該計劃旨在隨著時間的推移減少股份數量並向股東返還資本。

Regarding our balance sheet, as a reminder, we currently have three instruments in place, $1.4 billion of 0% coupon convertible notes split equally across two tranches maturing in March of 2026 and 2028 and a $500 million revolving credit facility that terminates in February 2026. We are mindful, of course, of our maturity calendar and have confidence in our ability to successfully access the capital markets. We have nothing specific to share at this time, but we'll keep investors updated on our plans as they solidify.

關於我們的資產負債表，提醒一下，我們目前擁有三種工具，即14 億美元的0% 息票可轉換票據，平均分為兩批，分別於2026 年3 月和2028 年到期，以及5億美元的循環信貸安排，將於2026 年2 月終止。目前我們沒有任何具體資訊可以分享，但我們將在計劃落實後向投資者通報最新情況。

I'll now offer our updated outlook for Q4 and the full year. I'll then share some context on this guidance and provide some preliminary thoughts on 2025. For the fourth quarter of 2024, we expect revenue to be in the range of $637 million to $640 million. We are expecting a currency tailwind of approximately $3 million and thus on a constant currency revenue basis, we expect revenue to be in the range of $634 million to $637 million.

我現在將提供第四季和全年的最新展望。然後，我將分享有關此指導的一些背景信息，並提供有關 2025 年的一些初步想法。我們預計貨幣推動力約為 300 萬美元，因此在固定貨幣收入的基礎上，我們預計收入將在 6.34 億美元至 6.37 億美元之間。

We expect our non-GAAP operating margin to be approximately 36%. This includes a partial quarter's benefit from the reduction-in-force action announced last week and excludes approximately $50 million of expenses related to our workforce reduction.

我們預計非 GAAP 營運利潤率約為 36%。這包括上周宣布的裁員行動帶來的部分季度收益，但不包括與裁員相關的約 5,000 萬美元費用。

Finally, we expect diluted weighted average shares outstanding to be in the range of 307 million to 312 million shares based on our 30-day trailing average share price. For the full year 2024, we expect revenue to be in the range of $2.542 billion to $2.545 billion. On a constant currency basis, we expect revenue of $2.538 billion to $2.541 billion.

最後，根據我們的 30 天追蹤平均股價，我們預計稀釋後加權平均流通股將在 3.07 億股至 3.12 億股之間。 2024 年全年，我們預計營收將在 25.42 億美元至 25.45 億美元之間。以固定匯率計算，我們預計營收為 25.38 億美元至 25.41 億美元。

We expect gross margin to be approximately 84%, up from our prior guidance range of 83% to 83.5%. We expect non-GAAP operating margin to be approximately 36%, up from our previous guidance range of 33.5% to 34%. I'd note that this margin guidance excludes the aforementioned severance and benefits we expect to pay in Q4.

我們預計毛利率約為 84%，高於我們先前 83% 至 83.5% 的指導範圍。我們預計非 GAAP 營業利潤率約為 36%，高於我們先前 33.5% 至 34% 的指導範圍。我要指出的是，這項保證金指引不包括我們預計在第四季支付的上述遣散費和福利。

We are reducing our free cash flow range from $910 million to $950 million to $860 million to $875 million. This accounts for our severance expectations where we ultimately expect to pay approximately $65 million in severance and benefits as related to our workforce reduction with roughly $55 million expected to be paid in 2024 and the remainder to be paid in 2025.

我們正在將自由現金流範圍從 9.1 億美元至 9.5 億美元減少到 8.6 億美元至 8.75 億美元。這說明了我們的遣散費預期，我們最終預計將支付約 6,500 萬美元的遣散費和福利，與我們的裁員相關，其中約 5,500 萬美元預計將在 2024 年支付，其餘部分將在 2025 年支付。

As it relates to capital expenditures, we now expect CapEx to be between $20 million to $25 million for the full year, down from our prior guidance of $20 million to $30 million. We continue to expect additions to finance lease lines to be approximately 7% of revenue. Finally, we are reducing our 2024 diluted weighted average shares outstanding guidance range by 1 million shares to 322 million to 327 million shares. I'

由於與資本支出相關，我們現在預計全年資本支出將在 2,000 萬美元至 2,500 萬美元之間，低於我們先前指導的 2,000 萬美元至 3,000 萬美元。我們仍預期融資租賃業務的新增金額將佔營收的 7% 左右。最後，我們將 2024 年稀釋加權平均已發行股票指引減少 100 萬股，至 3.22 億股至 3.27 億股。我'

ll now share some additional perspective on this updated guidance for 2024. First, some additional thoughts on our workforce reduction where our intent was to identify and address areas of inefficient spend, while reallocating resourcing to areas of higher future potential growth.

現在，我們將分享關於2024 年更新指南的一些額外觀點。 。

The reductions were thus largely targeted towards R&D and sales and marketing teams supporting our mature file, sync and share category, as well as some reductions in our document workflow businesses as we aim to operate these collective areas with the intention of driving higher levels of free cash flow.

因此，削減主要針對支持我們成熟的文件、同步和共享類別的研發、銷售和行銷團隊，以及我們的文件工作流程業務的一些削減，因為我們的目標是運營這些集體領域，以推動更高水平的免費現金週轉。

While we expect that these decisions will lead to operating margin and free cash flow expansion, we also expect a corresponding modest headwind to revenue growth given the reduced levels of investment behind these areas. With this context and consistent with our historical approach, our revenue guidance reflects what we have a high degree of visibility into today.

雖然我們預計這些決定將導致營業利潤率和自由現金流擴張，但鑑於這些領域背後的投資水準下降，我們也預期營收成長將面臨相應的溫和阻力。在這種背景下，並與我們的歷史方法一致，我們的收入指導反映了我們對今天的高度了解。

We continue to face a challenging operating environment, particularly for our Teams product, where the progress we've made on some engagement and top of funnel metrics has yet to translate into ARR gains given the offsetting pressure we are seeing on upsell and down-sell trends. Given the latest trends as well as the anticipated headwind to revenue as a result of our RIF, we are adjusting our full year revenue guidance range to be $2.542 billion to $2.545 billion.

我們繼續面臨充滿挑戰的營運環境，特別是對於我們的Teams 產品而言，鑑於我們在追加銷售和降價銷售方面看到的抵銷壓力，我們在一些參與度和漏斗頂部指標方面取得的進展尚未轉化為ARR 收益趨勢。考慮到最新趨勢以及 RIF 帶來的預期收入逆風，我們將全年收入指引範圍調整為 25.42 億美元至 25.45 億美元。

With respect to paying users, as we mentioned last quarter, we continue to face near-term down-sell risk associated with some of our larger Teams' accounts, as well as some seasonal pressure from FormSwift that we expect to negatively impact our paying user count in Q4. We expect this pressure to more than offset growth in individual plans, yielding a modest sequential contraction in our paying user count for Q4.

關於付費用戶，正如我們上季度所提到的，我們繼續面臨與一些較大團隊帳戶相關的近期降價銷售風險，以及來自 FormSwift 的一些季節性壓力，我們預計會對我們的付費用戶產生負面影響計入第四季。我們預計這種壓力將遠遠抵消個人計劃的成長，從而導致第四季度付費用戶數量適度環比收縮。

As it relates to operating margins, we have increased our operating margin expectations from 33.5% to 34% to approximately 36%. This increase reflects the savings we expect from our reduction in force. As it relates to free cash flow, we have reduced our expectations to $860 million to $875 million. This reduction is largely due to the severance payments associated with our reduction in force, as well as additional impacts from our reduced expectations on billings and lower interest income given our increased levels of share repurchase activity.

由於與營業利潤率相關，我們將營業利潤率預期從 33.5% 提高到 34%，再提高到約 36%。這一增長反映了我們預期透過減少兵力而節省的開支。由於與自由現金流相關，我們將預期降低至 8.6 億至 8.75 億美元。這項減少主要是由於與我們減少人力相關的遣散費，以及由於我們的股票回購活動水準增加而導致我們對帳單預期的降低和利息收入的降低帶來的額外影響。

I'll now share some early thinking on 2025, though we will provide official guidance during our February 2025 earnings call. Please note that the following commentary does not account for the result of any strategic decisions we may make for FormSwift, given that the result of that assessment is not known at this time.

我現在將分享一些關於 2025 年的早期想法，不過我們將在 2025 年 2 月的財報電話會議上提供官方指導。請注意，鑑於目前尚不清楚評估結果，以下評論並未考慮我們可能為 FormSwift 做出的任何策略決策的結果。

For revenue, our growth expectations exiting Q4 of '24 are indicative of our current trajectory across our core and document workflow businesses. While we're optimistic that the improvements we've made and are continuing to make to the Teams' product will yield better operating performance in the future, it's difficult to predict when our efforts will begin to bear measurable fruit.

就營收而言，我們對 24 年第四季的成長預期表明了我們核心業務和文件工作流程業務目前的發展軌跡。雖然我們樂觀地認為，我們已經對 Teams 產品所做的改進以及正在繼續進行的改進將在未來帶來更好的營運績效，但很難預測我們的努力何時會開始取得可衡量的成果。

In addition, we may face additional headwinds in these areas subsequent to our RIF given a reduced level of resourcing and marketing investment. Lastly, though we are seeing customer enthusiasm for Dash for Business, it will take time before Dash will meaningfully impact our revenue growth rate.

此外，鑑於資源和行銷投資水準的減少，我們在 RIF 之後可能會在這些領域面臨額外的阻力。最後，儘管我們看到客戶對 Dash for Business 的熱情，但 Dash 還需要一段時間才能對我們的收入成長率產生有意義的影響。

Therefore, given the nascent state of Dash and the current outlook for our file, sync and share business, our early view for 2025 is for roughly flat constant currency revenue relative to 2024. This preliminary outlook may dip slightly negative if we see a prolonged continuation of the challenging Teams expansion and down-sell trends across our Teams SKUs. We could also show positive growth if we were able to reverse these Teams trends or have success driving the adoption of Dash.

因此，考慮到達世幣的新生狀態以及我們文件、同步和共享業務的當前前景，我們對2025 年固定貨幣收入的初步預期與2024 年基本持平。可能會略有下降我們的 Teams SKU 中具有挑戰性的 Teams 擴張和降價銷售趨勢。如果我們能夠扭轉這些 Teams 趨勢或成功推動 Dash 的採用，我們也可以表現出正面的成長。

Moving to operating margins. In 2025, we expect to see a benefit to margins stemming from our reduction in force. This benefit, however, will be partially offset by a few factors. First, 2024 benefited from a $30 million tailwind through the extension of the useful life of our data center hardware, where we will not see this tailwind next year.

轉向營業利潤率。到 2025 年，我們預計將因人力減少而提高利潤率。然而，這項好處將被一些因素部分抵消。首先，透過延長資料中心硬體的使用壽命，我們將在 2024 年受益於 3000 萬美元的順風車，但明年我們將不會再看到這種順風車。

Second, in addition to our annual merit increases for our workforce, we will also be investing across both R&D and sales and marketing to scale Dash, as well as backfilling select positions subsequent to our RIF. Thus, while we are not offering precise guidance at this point, we expect 2025 non-GAAP operating margin expansion of approximately 150 basis points relative to 2024.

其次，除了每年為員工增加績效之外，我們還將在研發、銷售和行銷方面進行投資，以擴大 Dash 的規模，並在 RIF 之後回補選定的職位。因此，雖然我們目前沒有提供準確的指導，但我們預計 2025 年非 GAAP 營業利潤率將比 2024 年增長約 150 個基點。

We also expect free cash flow to be at or above $950 million, given the aforementioned revenue and operating margin commentary. I'd note that this preliminary figure includes a $36 million headwind related to the third and final tranche of our San Francisco lease buyout that we executed last year, as well as additional cash taxes.

鑑於上述收入和營業利潤率評論，我們也預期自由現金流將達到或超過 9.5 億美元。我要指出的是，這個初步數字包括與我們去年執行的舊金山租賃收購的第三筆也是最後一筆相關的 3,600 萬美元的逆風，以及額外的現金稅。

In summary, we are making changes to our core file, sync and share and document workflow businesses designed to improve their efficiency levels and yield higher levels of free cash flow per share. Concurrently, we continue to invest in areas where we see the largest opportunities for future growth and are making progress on that dimension given our recent launch of Dash for Business.

總而言之，我們正在對我們的核心文件、同步和共享以及文件工作流程業務進行更改，旨在提高其效率水平並產生更高水平的每股自由現金流。同時，我們繼續投資於我們認為未來成長機會最大的領域，並且鑑於我們最近推出了 Dash for Business，我們正在這方面取得進展。

While it will take time for our collective investments to translate to revenue growth, we are confident in our ability to drive sustainable levels of free cash flow in the years ahead. Ultimately, we believe that our efforts will culminate in creating long-term value for our shareholders.

雖然我們的集合投資需要時間才能轉化為收入成長，但我們對未來幾年推動自由現金流可持續水準的能力充滿信心。最終，我們相信我們的努力最終將為股東創造長期價值。

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。

Thank you. This is Luv Sodha on for Brent Thill. Thank you, Drew, and thank you, Tim, for taking my question. Maybe, Drew, to start out with you, I just wanted to ask, it's great to see the Dash for Business announcement. Could you maybe talk a little bit about how Dash is differentiated from some of the other offerings in the market? I know you noted that it's a competitive market out there. So, just talk a little bit about how Dash is different?

謝謝。我是 Luv Sodha 為 Brent Thill 演講。謝謝你，德魯，謝謝你，提姆，回答我的問題。也許，德魯，從你開始，我只是想問，很高興看到 Dash for Business 公告。您能否談談達世幣與市場上其他產品的差異？我知道您注意到這是一個競爭激烈的市場。那麼，簡單談談達世幣有何不同？

Sure. So, versus other folks in the space, a bunch of advantages. So, one is just product differentiation and we're seeing that with IT in particular, the Protect and Control capability that Dash has is unique and addresses a major pain point that we see most of our customers and prospects experiencing as they want to roll out not just things like Dash or Search, but just AI in general.

當然。因此，與該領域的其他人相比，有很多優勢。因此，其中之一就是產品差異化，我們看到，特別是在IT 方面，達世幣擁有的保護和控制功能是獨一無二的，它解決了我們看到大多數客戶和潛在客戶在想要推出時遇到的一個主要痛點不僅僅是 Dash 或搜尋之類的東西，還有一般的人工智慧。

A lot of admins recognize there's a lot of improperly shared stuff in any given company and there's no good way to have visibility into what's shared across multiple content platforms and there's no way to have universal governance across platforms. And so, Dash gives -- Dash for Business gives admins that capability for the first time and that was ceded from an acquisition of a company called Nira that identified that opportunity.

許多管理員意識到，在任何特定公司中都存在大量不正確共享的內容，並且沒有好的方法可以了解跨多個內容平台共享的內容，也沒有辦法跨平台進行通用治理。因此，Dash 賦予了——Dash for Business 首次為管理員提供了這種能力，這是在收購一家名為 Nira 的公司時放棄的，該公司發現了這個機會。

More broadly, beyond -- and there are a number of other dimensions of product differentiation and more you'll see next year, but we have a number of structural advantages too. So, our scale and our distribution are a big advantage. So, we have over 500,000 business accounts and a better part of 20 million subscribers on Dropbox. And so, we have a big home field advantage with our FSS customers who view Dash and organizing your cloud content as a natural extension of taking care of your files.

更廣泛地說，產品差異化還有許多其他方面，明年您會看到更多，但我們也有許多結構性優勢。所以，我們的規模和分佈是一個很大的優勢。因此，我們在 Dropbox 上擁有超過 50 萬個企業帳戶和 2,000 萬訂閱者中的大部分。因此，我們在 FSS 客戶中擁有巨大的主場優勢，他們將 Dash 和組織雲內容視為管理文件的自然延伸。

And then, versus some of the other folks like Microsoft or Google or some of the incumbents, Dash is platform-agnostic, designed from the ground up to work across every ecosystem where to date when you look at some of the copilot type offerings, they're often limited to within their own ecosystem. So for example, you don't really see like great Google Slide support in office, for example, but Dash is designed from the ground up to platform-agnostic and you have to really design that from the beginning. It's hard to bolt that on later.

然後，與微軟或谷歌等其他一些公司或一些現有企業相比，達世幣是與平台無關的，從頭開始設計，可以在每個生態系統中工作，到目前為止，當你看到一些副駕駛類型的產品時，它們通常僅限於自己的生態系統內。舉個例子，你在辦公室裡並沒有真正看到像谷歌幻燈片那樣出色的支持，但 Dash 是從頭開始設計的，與平台無關，你必須從一開始就真正設計它。以後很難再把它固定下來。

And we see across the board with Dropbox's trust and trust brands, privacy brand is going to be a big advantage for us because when we talk to customers, we see a lot of apprehension, hear a lot of apprehension about what happens to your data when you use AI and I think none of us really want our stuff or our information, our company's information to be used for other purposes like better ad targeting or for training the next foundation model.

我們普遍認為，憑藉Dropbox 的信任和信任品牌，隱私品牌將成為我們的一大優勢，因為當我們與客戶交談時，我們看到了很多擔憂，聽到了很多關於您的數據在以下情況下會發生什麼的擔憂：你使用人工智慧，我認為我們沒有人真正希望我們的東西或我們的訊息，我們公司的訊息用於其他目的，例如更好的廣告定位或訓練下一個基礎模型。

So, the fact that we self-host our AI by default and how it can make strong assurances and guarantees about the privacy of your data, that's a big advantage. And then, because we store literally trillions of pieces of content on Dropbox and all the technical infrastructure that entails, that's going to be a big advantage for us too.

因此，事實上我們默認自行託管我們的人工智慧，以及它如何對您的資料隱私做出強有力的保證和保證，這是一個很大的優勢。然後，因為我們在 Dropbox 上儲存了數萬億條內容以及所需的所有技術基礎設施，所以這對我們來說也將是一個巨大的優勢。

And the last thing I'd say is the other competitors are pretty enterprise focused. And so, we have a particular advantage with the SMB and mid-market audience that -- where we succeeded in FSS and that kind of self-serve and viral motion, we see a big opportunity to do well there too, and see that as a completely greenfield opportunity. So, lots of advantages, excited to get out for next year.

我要說的最後一件事是其他競爭對手都非常注重企業。因此，我們在中小型企業和中端市場受眾方面擁有特殊的優勢——我們在FSS 以及這種自助服務和病毒式行銷方面取得了成功，我們也看到了在這方面做得很好的巨大機會，並將其視為一個完全全新的機會。所以，有很多優勢，很高興明年能出去。

Got it. That's super helpful. I just wanted to quickly follow-up on that. So, just it would be helpful if you could frame the monetization opportunity on Dash. And given the Teams customer seems to be a little bit more price sensitive, could you talk a little bit about how much you think this could translate into ARPU monetization? I know it's super early, but any indication would be super helpful. Thank you.

知道了。這非常有幫助。我只是想快速跟進此事。因此，如果您能夠在達世幣上建立貨幣化機會，將會很有幫助。鑑於 Teams 客戶似乎對價格更加敏感，您能否談談您認為這可以轉化為 ARPU 貨幣化的程度？我知道現在還太早，但任何跡像都會非常有幫助。謝謝。

Yeah. So, I mean a couple of things. I mean, the Dash market has some pretty different dynamics than the FSS market. I mean, first is maturity. So, in the competitive landscape and category maturity in FSS, it contributes to some of that price sensitivity and the fact that we're -- in many cases, we're competing against an offering that's bundled for free or at no added cost for the office suite, where you don't have those dynamics with Dash.

是的。所以，我的意思是幾件事。我的意思是，達世幣市場的動態與 FSS 市場截然不同。我的意思是，首先是成熟。因此，在 FSS 的競爭格局和品類成熟度中，它在一定程度上加劇了價格敏感性，而且事實上，在許多情況下，我們正在與免費或無需額外費用捆綁的產品進行競爭。在那裡你沒有Dash 的動態。

And then second, we are very excited about the size of this potential market. I mean, it's very rare you meet a customer that doesn't have these challenges around fragmentation and information overload and having trouble finding their stuff at work or the security and governance challenges I talked about with IT.

其次，我們對這個潛在市場的規模感到非常興奮。我的意思是，很少有客戶沒有遇到這些關於碎片化和資訊過載的挑戰，並且在工作中找不到他們的東西或我與 IT 討論過的安全和治理挑戰。

And so, we see -- even though we're very proud of the scale that we've built with our FSS business, a couple of billion in revenue, 0.5 million -- more than 0.5 million business accounts. We think the opportunity is even larger with the kinds of unmet needs that Dash addresses. And there's a billion knowledge workers out there none of them have -- virtually none of them have any solution to these problems. And so, it's a greenfield opportunity for us.

因此，我們看到——儘管我們對我們透過 FSS 業務建立的規模感到非常自豪，收入達數十億，50 萬——超過 50 萬個企業帳戶。我們認為，由於達世幣能夠滿足各種未滿足的需求，因此機會更大。那裡有十億知識工作者，但他們中沒有一個人能夠解決這些問題。因此，這對我們來說是一個全新的機會。

Got it. Thank you so much. I'll get back into queue.

知道了。太感謝了。我會回到隊列中。

Yeah. Sorry, just one more thing. Just on pricing in general, I mean it's pretty early. I mean, we're still iterating, but early signs we expect it to be accretive to ARPU.

是的。抱歉，還有一件事。就整體定價而言，我的意思是現在還很早。我的意思是，我們仍在迭代，但早期跡象表明我們預計它會增加 ARPU。

Got it. Thank you.

知道了。謝謝。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Wonderful. Thanks so much for taking my questions. Maybe I want to ask a dual-pronged one still sticking with Dash. The first part -- and these are both related, but the first part is, maybe help us understand this is a competitive space. You've got well-funded venture-backed companies that are achieving real scale in this. What do you feel uniquely gives Dropbox a right to win, especially at the enterprise level, which is where arguably the biggest TAM in this is?

精彩的。非常感謝您回答我的問題。也許我想問一位仍然堅持使用 Dash 的雙管齊下的人。第一部分——這些都是相關的，但第一部分可能幫助我們理解這是一個競爭空間。資金雄厚、創投支持的公司正在這方面實現真正的規模。您認為 Dropbox 的獨特優勢是什麼，尤其是在企業層面（可以說是最大的 TAM 所在）？

And then the second part to that is, Drew, you're making a really big bet on the future of the company and understand that, right? I mean that's what the history of entrepreneurship is rife with. What -- I guess, number one, what gives you confidence that this opportunity can materialize? And number two, what's kind of the contingency plan or thought process if just the demand for Dash and for these new growth drivers don't materialize the way that you think they will? Thank you.

第二部分是，德魯，你對公司的未來下了很大的賭注，你明白這一點，對吧？我的意思是，這就是企業家精神的歷史。我想，第一，是什麼讓你有信心這個機會能夠實現？第二，如果對達世幣和這些新增長動力的需求沒有像您想像的那樣實現，那麼應急計劃或思考過程是什麼樣的？謝謝。

Sure. So, I think one thing that's different about Dash is its proximity to our core business and then the magnitude of the opportunity. So, I talked a little bit about the magnitude. I mean, we see these challenges around information overload as being universal and we see that a lot of what you do to kind of organize all your cloud content, builds on a strong foundation of first organizing many millions of peoples and companies' files.

當然。因此，我認為達世幣的不同之處在於它與我們的核心業務的接近度以及機會的大小。所以，我談了一些關於規模的問題。我的意思是，我們認為圍繞資訊過載的這些挑戰是普遍存在的，並且我們看到您為組織所有雲端內容所做的許多工作都建立在首先組織數百萬人和公司文件的堅實基礎上。

And so, certainly with our existing FSS customers, when I talk to them, they're all, look -- they are apprehensive about AI for some of the reasons I covered, like what happens to my data, and there's a lot of hype, and there's a lot of concern that which of these products are going to work as advertised or what happens to my data, all these kinds of considerations.

因此，當然，對於我們現有的 FSS 客戶，當我與他們交談時，他們都對人工智慧感到擔憂，原因有我提到的一些，例如我的數據會發生什麼，而且有很多炒作，並且人們非常擔心這些產品中的哪些將像廣告中所宣傳的那樣工作，或者我的數據會發生什麼，所有這些考慮因素。

And so, there's a lot of enthusiasm or I see when I talk to our customers that there's a lot of enthusiasm about extending the value we provide and they see it as a natural extension. They see Dash as a natural extension of what Dropbox already does, and I think we're all looking for services that we can trust as we adopt all these new AI tools.

因此，當我與客戶交談時，我看到人們對擴展我們提供的價值充滿熱情，他們認為這是一種自然的延伸。他們將 Dash 視為 Dropbox 現有業務的自然延伸，我認為在採用所有這些新的人工智慧工具時，我們都在尋找值得信賴的服務。

And then, more broadly, this is -- I mean, the other difference is, I really think about Dash as kind of solving a lot of the same problems I started Dropbox to solve. So, I mean, in the beginning, I started the company because I kept forgetting my thumb drive. But the question I was really asking is like why is it so difficult to find and organize and share and secure my stuff.

然後，更廣泛地說，這是——我的意思是，另一個區別是，我真的認為 Dash 可以解決許多與我創辦 Dropbox 所要解決的問題相同的問題。所以，我的意思是，一開始我創辦這家公司是因為我總是忘記帶拇指驅動器。但我真正想問的問題是，為什麼尋找、組織、分享和保護我的東西如此困難。

And in a lot of ways, we're sort of solving the 2024 versions of those same problems, lots of challenges finding, organizing and sharing your cloud content in a world where a lot of your work happens in the browser and there's a lot of new value you can provide that wasn't possible before GenAI came along.

在很多方面，我們正在解決 2024 年版本的相同問題，在一個你的很多工作都在瀏覽器中進行並且有很多內容的世界中查找、組織和共享你的雲端內容面臨著許多挑戰。在GenAI 出現之前不可能實現的新價值。

So, we see both confirmation and validation from our existing customers. You see the market developing and other folks in this space. Of course, you'd expect that. You see revenues starting to scale. You see lots of investment heading into the space.

因此，我們看到了現有客戶的確認和驗證。你會看到市場的發展和這個領域的其他人。當然，你會預料到這一點。你會看到收入開始擴大。你會看到大量投資進入這個領域。

And so, we think we're arriving right at the right time to capitalize on this. And if things don't work, we'll continue iterating, but we see this as generally a pretty linear evolution of what we do and that builds on our existing strengths.

因此，我們認為我們來得正是時候，可以充分利用這一點。如果事情不起作用，我們將繼續迭代，但我們認為這通常是我們所做工作的一個相當線性的演變，並且建立在我們現有的優勢之上。

All right. Really helpful. Thanks, Drew.

好的。真的很有幫助。謝謝，德魯。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Hi, this is Josefina Ruggieri on for Mark Murphy. Thank you for taking my question. Just with the recent announcement of the headcount reduction, so could you guys talk a little bit more about how you're approaching hiring going forward and kind of team restructuring and how are you -- what steps are you taking to ensure that Dropbox remains agile and efficient while pursuing these long-term initiatives? Thank you.

大家好，我是馬克墨菲的何塞菲娜魯明堅。感謝您回答我的問題。就在最近宣布裁員的同時，你們能否多談談你們如何處理未來的招募和團隊重組，以及你們怎麼樣——你們正在採取哪些步驟來確保 Dropbox 保持敏捷在追求這些長期舉措的同時是否高效？謝謝。

Sure. Well, I mean, it's a really difficult decision to reduce headcount and do the kind of restructuring we did. And as you would imagine, that's in service of -- or a difficult decision like that is both in service of not having to make this kind of adjustment again and then also to set -- to best position Dropbox for its next act and getting Dash to win.

當然。嗯，我的意思是，減少員工人數並進行我們所做的那種重組是一個非常困難的決定。正如你所想像的那樣，這是為了——或者像這樣一個艱難的決定，既是為了不必再次進行這種調整，也是為了設置——為 Dropbox 的下一步行動提供最佳定位，並獲得 Dash。勝利。

So, some of the more specific differences or changes are as far as how we're approaching hiring. So, I mentioned that this wasn't just a headcount reduction or a cost optimization. This is really a redesigning our organization to be flatter and leaner and more balanced. And it's not just a one-time effort. These are now kind of a permanent way that we operate and having a lot of controls to make sure that the organization's shape and layers and everything stay within bounds as we hire.

因此，一些更具體的差異或變化是我們如何進行招募。所以，我提到這不僅僅是裁員或成本優化。這實際上是對我們組織的重新設計，使其更加扁平、精簡和平衡。這不僅僅是一次性的努力。現在，這些已經成為我們運作的一種永久性方式，並且擁有大量控制措施，以確保組織的形狀和層次以及一切都在我們招募時保持在範圍內。

Now, part of this is also we'll reinvest some of the costs that we cut in Dash, and in particular, as you'd imagine, there's a lot of specialized talent that we need for Dash and for our future products around ML engineers, around deep search expertise, that kind of thing, but I think it's also an indication that we're going to balance all these considerations. We are focused on in growth and investing for growth and capitalizing on the opportunity in front of us, but we'll also be disciplined with our spending in areas of business where we're seeing more category maturity or growth headwinds, then we'll focus more on efficiency and cash generation. So, we'll always be balancing all three factors.

現在，我們還將把削減的部分成本重新投入到 Dash 中，特別是，正如你想像的那樣，我們需要大量圍繞 ML 工程師的 Dash 和未來產品的專業人才，圍繞深度搜索專業知識，諸如此類的事情，但我認為這也表明我們將平衡所有這些考慮因素。我們專注於成長和投資促進成長，並利用擺在我們面前的機會，但我們也會在我們看到更多類別成熟或成長阻力的業務領域嚴格控制支出，然後我們將更多地關注效率和現金生成。因此，我們將始終平衡所有三個因素。

And maybe just to briefly elaborate from a numbers perspective, we're not offering precise guidance at this time, but we do expect '25 non-GAAP operating margin expansion of about 150 basis points compared to 2024. That includes some of the offsets that Drew talked about as far as both annual merit increases as well as the investments we'll be making across both R&D and sales and marketing to scale Dash and some backfilling we'll be doing relative to select positions subsequent to the RIF.

也許只是從數字的角度簡單地闡述一下，我們目前沒有提供精確的指導，但我們確實預計 25 年非 GAAP 營業利潤率將比 2024 年增長約 150 個基點。成長，以及我們將在研發、銷售和行銷方面進行的投資，以擴大達世幣規模，以及我們將在RIF 後針對選定職位進行的一些回補。

And then, a quick reminder, '24 also benefited from a $30 million tailwind due to the extension of the useful life of our data center hardware, where we won't see that tailwind again next year.

然後，快速提醒一下，由於我們資料中心硬體使用壽命的延長，'24 還受益於 3000 萬美元的順風車，明年我們將不會再看到這種順風車。

Thanks, guys. That's all from me.

謝謝，夥計們。這就是我的全部。

(Operator Instructions) I'm showing no further questions. I would now like to turn it back to Peter Stabler for closing remarks.

（操作員說明）我沒有再提出任何問題。現在我想請彼得·斯塔布勒（Peter Stabler）發表結束語。

Thank you everyone for joining us today. We look forward to speaking with you next quarter. Have a good day.

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, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。