Dropbox Inc (DBX) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen.

女士們、先生們，午安。

Thank you for joining Dropbox's fourth quarter 2024 earnings conference call.

感謝您參加 Dropbox 2024 年第四季財報電話會議。

(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.

（操作員指示）提醒一下，本次電話會議正在錄音，通話結束後可從 Dropbox 網站的投資者關係部分重播。

I will now turn it over to Peter Stabler, Head of Investor Relations.

現在我將把話題交給投資人關係主管 Peter Stabler。

Thank you.

謝謝。

Good afternoon, and welcome to Dropbox's fourth quarter 2024 earnings call.

下午好，歡迎參加 Dropbox 2024 年第四季財報電話會議。

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 first quarter and fiscal year 2025 and our expectations regarding our revenue growth, profitability, operating margin and unlevered free cash flow as well as our expectations regarding our business, assets, products, strategies, technology, employees, users, demand and the macroeconomic environment.

在我們開始之前，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 2025 年第一季和財年的長期目標和預測以及我們對收入增長、盈利能力、營業利潤率和無槓桿自由現金流的預期，以及我們對我們的業務、資產、產品、戰略、技術、員工、用戶、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.

這些聲明受到風險和不確定性的影響，可能導致實際結果有重大差異。

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.

它們也是基於今天的假設，我們不承擔根據新資訊或未來事件更新它們的義務。

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 annual report on Form 10-K filed with the SEC.

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已在今天的收益報告中以及我們向美國證券交易委員會提交的 10-K 表年度報告中列出。

We'll also discuss non-GAAP financial measures, which are not prepared in accordance with Generally Accepted Accounting Principles.

我們也將討論非公認會計原則 (GAAP) 財務指標，這些指標並非依照公認會計原則編製。

A reconciliation of GAAP and non-GAAP results is provided in our earnings release and on our website at investors.dropbox.com.

我們的收益報告和網站 investors.dropbox.com 上提供了 GAAP 和非 GAAP 結果的對帳表。

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

現在我將把電話轉給 Dropbox 的聯合創始人兼執行長德魯休斯頓 (Drew Houston)。

Thanks, Peter, and good afternoon, everyone.

謝謝，彼得，大家下午好。

Welcome to our Q4 2024 earnings call.

歡迎參加我們的 2024 年第四季財報電話會議。

Joining me today is Tim Regan, our Chief Financial Officer.

今天與我一起參加的是我們的財務長 Tim Regan。

I'll kick things off with a recap of 2024, followed by a look at our strategy for 2025.

我將首先回顧 2024 年，然後介紹我們的 2025 年策略。

Tim will then dive into our Q4 and full year financial results, along with guidance for Q1 and 2025.

然後，提姆將深入探討我們的第四季和全年財務業績，以及第一季和 2025 年的指導。

Let's get started.

讓我們開始吧。

We closed out the year on a positive note.

我們以積極的態度結束了這一年。

Fourth quarter revenue and operating income came in modestly ahead of our guidance.

第四季的收入和營業收入略高於我們的預期。

Through our share repurchase program, we reduced our diluted share count by 12.5 million shares this quarter, resulting in 23% year-over-year growth in free cash flow per share for both the quarter and the full year.

透過我們的股票回購計劃，我們本季減少了 1,250 萬股稀釋股數，導致本季和全年每股自由現金流年增 23%。

Q4 capped a year that included difficult decisions as we continue to navigate a transition from our maturing FSS business to areas of significant growth potential.

我們繼續從成熟的 FSS 業務向具有巨大成長潛力的領域轉型，因此第四季度是我們做出艱難決策的一年。

These decisions are aimed at strengthening and simplifying our FSS business, including reducing the size of our workforce and scaling back investment in noncore businesses such as FormSwift.

這些決定旨在加強和簡化我們的 FSS 業務，包括減少員工規模和縮減對 FormSwift 等非核心業務的投資。

While these decisions are introducing near-term growth headwinds, they also improve our profitability and efficiency, enabling us to invest in products like Dash that unlock significant long-term growth opportunities.

雖然這些決定為短期成長帶來了阻力，但也提高了我們的獲利能力和效率，使我們能夠投資 Dash 等可釋放重大長期成長機會的產品。

So with that, let me briefly touch on the progress we made against our main objectives last year.

因此，讓我簡要談談去年我們在實現主要目標方面所取得的進展。

As a reminder, we had two primary business objectives in 2024.

提醒一下，2024 年我們有兩個主要業務目標。

The first was to improve the collaborative user experience of our Teams product.

首先是改善我們 Teams 產品的協作使用者體驗。

We upgraded sharing and invitation functionality, which removed friction for both end users and IT admins.

我們升級了共享和邀請功能，消除了最終用戶和 IT 管理員之間的摩擦。

This led to improvements in key funnel metrics, including team invites, new team creations, Teams trial conversion rate and Teams activations, all of which were up double-digit percent year-over-year.

這導致了關鍵管道指標的改善，包括團隊邀請、新團隊創建、Teams 試用轉換率和 Teams 激活率，所有這些指標都比去年同期增長了兩位數。

As a result, gross additions for Team SKUs were up 10% versus a year ago.

因此，團隊SKU的總增量比一年前增加了10%。

Our relaunched IT admin console also improved admin engagement and CSAT scores, which are crucial since IT admins are key purchase decision makers.

我們重新推出的 IT 管理控制台也提高了管理員參與度和 CSAT 分數，這至關重要，因為 IT 管理員是關鍵的購買決策者。

However, over the course of the year, these gains were offset by elevated churn and downsell pressure as some Teams customers sought to reduce their software license exposure often due to layoffs within their own companies.

然而，在這一年中，這些收益被不斷上升的客戶流失和降價壓力所抵消，因為一些 Teams 客戶往往會因為公司內部裁員而試圖減少軟體授權風險。

Conversely, we saw relative strength in our individual plans, particularly Essentials, Plus and our new lower-priced Dropbox Simple plan.

相反，我們看到我們的個人計劃具有相對優勢，尤其是 Essentials、Plus 和我們新的低價 Dropbox Simple 計劃。

Our second objective was to continue investing in Dash.

我們的第二個目標是繼續投資 Dash。

We made significant strides here.

我們在這裡取得了重大進展。

In early June, we pivoted our development work towards launching Dash for Business.

6 月初，我們將開發工作重點轉向推出 Dash for Business。

And while we still see a viable value proposition for a self-serve individual product, it became clear that the larger near-term opportunity lies with Dash for Business, where we can partner with IT admins to streamline the onboarding process for end users.

雖然我們仍然看到自助式個人產品的可行價值主張，但很明顯，更大的短期機會在於 Dash for Business，我們可以與 IT 管理員合作，簡化最終用戶的入職流程。

In October, we launched Dash for Business as a separate SKU for our installed base of Teams customers as well as non-Dropbox customers that need AI-powered universal search.

10 月份，我們針對 Teams 客戶以及需要 AI 驅動的通用搜尋的非 Dropbox 客戶推出了 Dash for Business 作為單獨的 SKU。

And while still early, we've been pleased with the customer reception so far.

雖然還為時過早，但我們對目前的客戶反應感到非常滿意。

We exceeded our sales goals for Q4, and our pipeline is building.

我們超額完成了第四季的銷售目標，而我們的銷售管道正在建設中。

The feature that's resonating the most is universal search as users come to understand how much time can be saved by being able to search all of your most important cloud apps with a single query in Dash.

最引起共鳴的功能是通用搜索，因為用戶開始了解到，在 Dash 中使用單個查詢就可以搜索所有最重要的雲端應用程序，從而節省多少時間。

The Head of IT at an outdoor retailer summed up Dash's impact by saying, Dash saves me and my teams valuable time by making information accessible in a faster and easier way.

一家戶外零售商的 IT 主管總結了 Dash 的影響，他說，Dash 透過更快、更輕鬆地獲取訊息，為我和我的團隊節省了寶貴的時間。

From IT to engineering to accounting, everyone is more productive.

從 IT 到工程到會計，每個人的生產力都提高了。

In addition, IT admins are also finding value in Dash's protect and control features, which address two critical admin concerns.

此外，IT 管理員還發現 Dash 的保護和控制功能很有價值，這解決了兩個關鍵的管理員問題。

One is ensuring that content is strictly protected; and two is having the tools to quickly remediate unapproved sharing.

一是確保內容受到嚴格保護；二是擁有快速補救未經批准的共享的工具。

It's clear that security concerns are a major obstacle for AI tool adoption and customers are telling us that Dash's security tools are a competitive advantage.

顯然，安全問題是 AI 工具採用的主要障礙，客戶告訴我們 Dash 的安全工具具有競爭優勢。

Superhuman is a new Dash customer, and their CEO remarked, as a growing company, security is increasingly top of mind for us.

Superhuman 是 Dash 的新客戶，其執行長表示，作為一家成長中的公司，安全性越來越成為我們關注的重點。

Dash gives us visibility into any unexpected access and helps us close security gaps that naturally accumulate over years of file sharing.

Dash 讓我們能夠看到任何意外訪問，並幫助我們彌補多年文件共享中自然積累的安全漏洞。

Now let's talk about our plans for this year.

現在我們來談談今年的計畫。

We have three primary objectives for 2025.

我們對 2025 年有三個主要目標。

Our first priority is scaling Dash.

我們的首要任務是擴展 Dash。

We're starting to sell Dash through our managed sales team and are focused on scaling all aspects of this go-to-market motion.

我們開始透過我們的管理銷售團隊銷售 Dash，並專注於擴大這項上市行動的各個方面。

This includes additional investments in marketing to drive awareness of how Dash can help customers solve their problems, includes adding more salespeople to the team as we continue to build our sales pipeline and leveraging our customer service teams to help customers onboard with the product and adopt its key features and maintaining an active dialogue with our customers as they make expansion and renewal decisions.

這包括在行銷方面進行額外投資，以提高人們對 Dash 如何幫助客戶解決問題的認識，包括在我們繼續建立銷售管道的同時向團隊增加更多銷售人員，並利用我們的客戶服務團隊幫助客戶使用產品並採用其主要功能，並在客戶做出擴展和更新決策時與他們保持積極的對話。

Over time, as we refine the product and onboarding process, we'll also tap into our product-led growth expertise to offer additional ways for customers to try, use and buy Dash.

隨著時間的推移，隨著我們不斷完善產品和入職流程，我們還將利用我們以產品為主導的成長專業知識，為客戶提供嘗試、使用和購買 Dash 的更多方式。

We're investing aggressively this year to keep improving the Dash user experience, and I'm excited about our 2025 product road map.

我們今年正在積極投資以繼續改善 Dash 用戶體驗，我對我們的 2025 年產品路線圖感到非常興奮。

In our launches this year, we expect that you'll hear more about pioneering improvements to universal search and Answers, new security and content governance features, improved GenAI content creation tools and an expanded universe of SaaS application connectors to name a few.

在今年的發布中，我們希望您能聽到更多有關通用搜尋和 Answers 的開創性改進、新的安全和內容治理功能、改進的 GenAI 內容創建工具以及擴展的 SaaS 應用程式連接器等等。

And we expect to gain additional compliance standards that will help unlock international expansion.

我們希望獲得有助於實現國際擴張的額外合規標準。

In short, we believe 2025 will be a big year for Dash, and we're more excited than ever about the opportunity we have in front of us.

簡而言之，我們相信 2025 年將是 Dash 的重要一年，我們對眼前的機會比以往任何時候都更加興奮。

Our second priority is that we'll continue simplifying and strengthening our core business while delivering greater operating efficiency.

我們的第二個重點是繼續簡化和加強我們的核心業務，同時提高營運效率。

This means doing fewer things better and improving mission-critical features and functionality rather than pursuing inefficient or subscale growth.

這意味著要做得更好，減少工作量，改善關鍵任務的特性和功能，而不是追求低效率或規模以下的成長。

For our Teams product, we'll optimize core invite flows and internal and external sharing motions.

對於我們的Teams產品，我們將優化核心邀請流程和內部和外部共享動作。

While our retention rates remain strong, we see an opportunity to reduce churn by enhancing the usability of the most critical product capabilities and refining key user workflows.

雖然我們的保留率仍然很高，但我們看到了透過增強最關鍵產品功能的可用性和改進關鍵用戶工作流程來減少客戶流失的機會。

We'll also continue optimizing our pricing structure to provide a simpler set of options that clearly illustrate our FSS value proposition.

我們也將繼續優化我們的定價結構，以提供更簡單的選項，清楚地說明我們的 FSS 價值主張。

For our individual business, we'll focus on meeting customers where they are.

對於我們個人的業務，我們將專注於在客戶所在地滿足他們的要求。

Our traffic continues to shift towards mobile and customers have been requesting a lower-priced entry point for our paid plans.

我們的流量持續向行動裝置轉移，客戶一直要求我們的付費方案提供更低價的切入點。

So in response, we launched Dropbox Simple last year in select countries.

因此，為了應對這種情況，我們去年在部分國家推出了 Dropbox Simple。

We've seen steady demand, strong retention and limited Plus plan cannibalization.

我們看到了穩定的需求、強勁的保留率和有限的 Plus 計劃蠶食。

This year, we'll gradually roll out Simple in the U.S., and we'll focus on driving multi-platform usage across our FSS plans based on our knowledge that multisurface users have higher retention rates.

今年，我們將在美國逐步推出 Simple，並且我們將專注於在我們的 FSS 計劃中推動多平台的使用，因為我們了解到多表面用戶的保留率更高。

Our increased focus on efficiency extends to our document workflow businesses.

我們對效率的重視程度不斷提升，這也延伸到了文件工作流程業務。

DocSend will remain a priority as we see a solid growth opportunity building upon recent feature launches.

DocSend 仍將是我們的首要任務，因為我們看到近期功能發布後將帶來穩健的成長機會。

We'll manage Dropbox Sign for efficiency rather than growth as we redirect investment spend into Dash.

我們將管理 Dropbox Sign 以提高效率而不是成長，因為我們將投資支出重新投入到 Dash。

And as mentioned previously, we've been exploring strategic options for FormSwift.

正如前面提到的，我們一直在探索 FormSwift 的策略選擇。

After surveying the market, we've decided to retain our ownership of FormSwift while significantly reducing engineering and marketing investments as we aim to drive increased levels of profitability in this business.

在對市場進行調查後，我們決定保留對 FormSwift 的所有權，同時大幅減少工程和行銷投資，因為我們的目標是提高該業務的獲利水準。

Our third priority is positioning our FSS business to serve as a launch pad for Dash.

我們的第三個優先事項是將我們的 FSS 業務定位為 Dash 的啟動平台。

While our initial managed sales efforts will work to offer Dash to our installed base of Teams customers and new potential Dash customers as fast as we can, we also have the opportunity to introduce Dash to our entire FSS user base through bundling and product integrations.

雖然我們最初的管理銷售工作將致力於盡快向現有的 Teams 客戶群和新的潛在 Dash 客戶提供 Dash，但我們也有機會透過捆綁和產品整合向我們的整個 FSS 用戶群介紹 Dash。

We want to make it easy for our customers to see and adopt Dash.

我們希望讓我們的客戶能夠輕鬆地了解並採用 Dash。

So bringing our FSS and Dash experiences together will help accelerate getting Dash in front of our SMB and prosumer customers.

因此，將我們的 FSS 和 Dash 經驗結合在一起將有助於加速將 Dash 推向我們的 SMB 和專業消費者客戶。

In closing, like many successful technology companies before us, Dropbox is managing a generational transition.

最後，與我們之前的許多成功的科技公司一樣，Dropbox 正在經歷代際轉型。

Just as Netflix evolved from DVDs to streaming or Adobe from Package Software to Creative Cloud, we are evolving from traditional file sync and share to AI-powered universal search and content intelligence.

正如 Netflix 從 DVD 發展到串流媒體，或者 Adob​​e 從軟體包發展到 Creative Cloud 一樣，我們也正在從傳統的文件同步和共享發展到人工智慧驅動的通用搜尋和內容智慧。

As you've heard me say, in many ways, we're solving a similar set of problems that customers faced when I founded Dropbox, helping them secure, organize and share their content.

正如你們所聽到的，在許多方面，我們都在解決客戶在我創立 Dropbox 時面臨的類似問題，幫助他們保護、組織和分享他們的內容。

Dash solves similar challenges, but for today's environment, helping customers secure, organize and share both their files and their cloud content with the added capabilities of universal search and AI productivity tools.

Dash 解決了類似的挑戰，但針對當今的環境，它透過通用搜尋和 AI 生產力工具的附加功能幫助客戶保護、組織和共享他們的文件和雲端內容。

Business transitions can be challenging.

業務轉型可能充滿挑戰。

They require focus, perseverance and making a lot of difficult changes.

他們需要專注、毅力並做出許多艱難的改變。

And from the outside, they can look chaotic.

從外觀上看，它們看起來很混亂。

We have a clear vision of where we're going, and we're starting from a position of strength.

我們對於未來的發展有著清晰的願景，並且我們從實力出發。

We have over 0.5 million business customers, deep technical capabilities in content management and a trusted brand.

我們擁有超過 50 萬商業客戶、深厚的內容管理技術能力和值得信賴的品牌。

These are all significant advantages as we build our next chapter with Dash.

這些都是我們利用 Dash 建構新篇章的重要優勢。

And last but not least, I'd like to extend a warm welcome to our newest Board member, Warren Jensen.

最後，我要熱烈歡迎我們最新的董事會成員華倫‧詹森 (Warren Jensen)。

Warren has decades of experience helping lead companies like Nielsen, Electronic Arts, Amazon and NBC through significant transformations.

沃倫擁有數十年的經驗，幫助尼爾森、電子藝界、亞馬遜和 NBC 等公司實現重大轉型。

We're lucky to have him on the team.

我們很榮幸有他加入我們的團隊。

I'll now turn over the call to Tim to review our financial results and outlook.

現在我將把電話轉給蒂姆來審查我們的財務業績和前景。

Thank you, Drew.

謝謝你，德魯。

I'll cover our financial highlights from Q4 and then provide guidance for Q1 and the full year 2025.

我將介紹我們第四季度的財務亮點，然後提供第一季和 2025 年全年的指導。

Starting with our results for the fourth quarter.

從我們第四季的業績開始。

Total revenue for Q4 increased 1.4% year-over-year to $644 million.

第四季總營收年增1.4%至6.44億美元。

Foreign exchange rates contributed $2 million to revenue in the quarter.

外匯匯率為本季貢獻了 200 萬美元的收入。

Total ARR grew to a total of $2.574 billion, up 2% year-over-year.

總 ARR 成長至 25.74 億美元，年增 2%。

On a constant currency basis, growth was 1.3% year-over-year.

以固定匯率計算，年增 1.3%。

Our year-over-year growth in ARR was largely driven by relative strength in our individual plans.

我們的 ARR 年成長主要得益於我們各個計劃的相對實力。

With respect to our Teams plans, we continue to see year-over-year increases in sharing, sign-ups and user activations; however, these top-of-funnel improvements and the resulting growth in gross new ARR that Drew alluded to continue to be offset by pressure on downsell, churn and team expansion activity.

關於我們的團隊計劃，我們繼續看到共享、註冊和用戶激活的數量逐年增加；然而，德魯提到的這些漏斗頂端的改進以及由此帶來的新 ARR 總額的增長，仍然被降價、客戶流失和團隊擴張活動的壓力所抵消。

For the fourth quarter, ARR declined by approximately $5 million sequentially due to these teams dynamics as well as seasonality from FormSwift.

第四季度，由於這些團隊的動態以及 FormSwift 的季節性影響，ARR 環比下降約 500 萬美元。

This translated to exiting the quarter with 18.22 million paying users, down approximately 15,000 paying users on a sequential basis.

這意味著本季結束時付費用戶數為 1,822 萬，比上一季減少約 15,000 名付費用戶。

Average revenue per paying users was $140.06 as compared to $139.05 in the prior quarter.

每付費用戶平均收入為 140.06 美元，而上一季為 139.05 美元。

The quarter's sequential growth was driven primarily by the increasing mix shift to our higher-priced Essentials individual SKU, FX tailwinds and a slight mix shift from annual to monthly plans.

本季度的連續成長主要得益於產品組合向更高價格的 Essentials 單一 SKU 的轉變、FX 順風以及從年度計劃到月度計劃的輕微產品組合轉變。

Before we continue with further discussion of our P&L, I would like to note that unless otherwise indicated, all income statement figures mentioned are non-GAAP and exclude stock-based compensation, amortization of purchased intangibles, certain acquisition-related expenses, net gains and losses on our real estate assets, workforce reduction expenses and net losses on equity investments.

在我們繼續討論我們的損益表之前，我想指出，除非另有說明，所有提及的損益表數字均為非公認會計準則數字，並且不包括股票薪酬、購買無形資產的攤銷、某些收購相關費用、我們的房地產資產的淨收益和損失、裁員費用和股權投資的淨損失。

Our non-GAAP net income also includes the income tax effect of the aforementioned adjustments.

我們的非公認會計準則淨收入也包括上述調整的所得稅影響。

Gross margin was 83.1% for the quarter.

本季毛利率為83.1%。

As mentioned in previous quarters, the primary driver of the year-over-year increase in gross margin was an increase in the useful life of our servers from four to five years effective January 1, 2024.

如前幾季所提到的，毛利率年增的主要驅動力是自 2024 年 1 月 1 日起我們伺服器的使用壽命從 4 年增加到 5 年。

This change resulted in approximately $4 million of benefit to gross profit in the fourth quarter.

這項變化為第四季的毛利帶來了約400萬美元的收益。

For the full year, we experienced a benefit to gross profit of approximately $30 million.

就全年而言，我們的毛利約為 3,000 萬美元。

Operating margin was 36.9%, ahead of our guidance of 36% and up 470 basis points from the year ago period.

營業利益率為 36.9%，高於我們的預期 36%，比去年同期高出 470 個基點。

Compared to the year ago period, operating margin benefited from lower operating expenses following our reduction in force and lower cost of sales from the aforementioned change in useful life of our servers.

與去年同期相比，營業利潤率受益於我們裁員後營運費用的降低以及上述伺服器使用壽命變化所導致的銷售成本的降低。

Net income for the fourth quarter was $223 million, up 30% year-over-year, driven by lower operating expenses following our reduction in force as well as the release of certain tax reserves.

第四季淨收入為 2.23 億美元，比去年同期增加 30%，這得益於我們裁員後營運費用的降低以及部分稅收儲備的釋放。

Diluted EPS for the fourth quarter was $0.73 based on 307 million diluted weighted average shares outstanding compared to $0.50 in the year ago quarter, representing a 46% year-over-year increase.

根據 3.07 億股稀釋加權平均流通股計算，第四季稀釋每股收益為 0.73 美元，去年同期為 0.50 美元，較去年同期成長 46%。

Moving on to our cash flow and balance sheet.

繼續討論我們的現金流量和資產負債表。

We ended the quarter with cash and short-term investments of $1.6 billion.

截至本季末，我們的現金和短期投資總額為 16 億美元。

Cash flow from operations was $214 million, an increase of 7% versus the year ago period.

經營活動現金流為 2.14 億美元，較去年同期成長 7%。

This includes $52 million of severance and benefits payments made related to our reduction in force.

其中包括與裁員相關的5,200萬美元遣散費和福利金。

Capital expenditures in the quarter totaled $3 million.

本季資本支出總計 300 萬美元。

This resulted in quarterly free cash flow of $211 million compared to $190 million in Q4 of 2023.

這導致季度自由現金流為 2.11 億美元，而 2023 年第四季為 1.9 億美元。

Free cash flow per share for the quarter was $0.69, representing a 24% year-over-year increase.

本季每股自由現金流為 0.69 美元，年增 24%。

In the quarter, we also added $51 million to our finance leases for data center equipment as we continue to invest in refreshing our data centers.

本季度，我們還增加了 5,100 萬美元的資料中心設備融資租賃資金，繼續投資更新我們的資料中心。

With respect to our balance sheet, as a reminder, in December, we entered into a secured 5-year term loan of up to $2 billion, consisting of an initial $1 billion term loan and a delayed draw feature that provides us optionality to borrow another $1 billion in the future.

關於我們的資產負債表，需要提醒的是，12 月，我們簽訂了一項高達 20 億美元的 5 年期有擔保定期貸款，其中包括一筆 10 億美元的初始定期貸款和一項延期提款功能，這使我們可以選擇在未來再藉入 10 億美元。

This new loan bears interest at SOFR plus 3.75% on the drawn amount and a 1% interest rate on the undrawn amount.

這筆新貸款的利率為 SOFR 加提取金額的 3.75% 以及未提取金額的 1%。

As part of this capital raise, we also terminated our $500 million revolver.

作為此次融資的一部分，我們也終止了 5 億美元的循環信貸。

In addition, and concurrent with this capital raise, our Board authorized a new $1.2 billion share repurchase program.

此外，與此融資同時，我們的董事會批准了一項新的 12 億美元股票回購計畫。

Collectively, these actions fortify our balance sheet and enable us to invest in our growth initiatives and to allocate capital towards reducing our share count.

總的來說，這些舉措強化了我們的資產負債表，使我們能夠投資於成長計劃，並分配資本用於減少我們的股份數量。

To this effect, in the fourth quarter, we repurchased approximately 12.5 million shares, spending approximately $350 million.

為此，我們在第四季回購了約 1,250 萬股，耗資約 3.5 億美元。

As of the end of the fourth quarter, we had approximately $1.4 billion remaining under our existing share repurchase authorizations.

截至第四季末，我們現有的股票回購授權餘額約為 14 億美元。

In addition to the term loan, we continue to carry $1.4 billion of 0% coupon convertible notes, split equally across two tranches maturing in March of 2026 and 2028.

除定期貸款外，我們還繼續持有 14 億美元 0% 票面利率的可轉換票據，分為兩部分，分別於 2026 年 3 月和 2028 年 3 月到期。

We are actively considering our options as we approach the 2026 maturity, but have no further news to share today.

隨著 2026 年到期日的臨近，我們正在積極考慮我們的選擇，但今天沒有更多消息可以分享。

I'll now offer our updated outlook for Q1 and the full year 2025.

我現在將提供我們對 2025 年第一季和全年的最新展望。

However, I will first offer a few updates since we shared early thinking on our 2025 expectations during our November earnings call.

不過，我首先要提供一些更新信息，因為我們在 11 月的財報電話會議上分享了對 2025 年預期的初步想法。

First, during our November earnings call, we noted that we were undergoing a strategic review of our options with respect to FormSwift, including a potential sale.

首先，在 11 月的財報電話會議上，我們指出，我們正在對 FormSwift 的選擇進行策略審查，包括潛在的出售。

This decision stemmed from the objectives underlying our [RIF] as we are aiming to direct our company focus towards our most material and strategic initiatives.

這項決定源自於我們 [RIF] 的基本目標，因為我們旨在將公司重點放在最重要的策略舉措上。

We have since completed our assessment and have concluded that the profit-maximizing outcome is to continue our ownership of FormSwift while concurrently significantly reducing our headcount and eliminating our marketing investment in that business.

我們已經完成了評估並得出結論：利潤最大化的結果是繼續擁有 FormSwift 的所有權，同時大幅減少員工人數並取消對該業務的營銷投資。

We expect that this approach will thereby serve as a headwind to revenue growth over the next few years, though it will also serve as a tailwind to free cash flow.

我們預計，這種方法將在未來幾年成為收入成長的阻力，但也將成為自由現金流的順風。

Second, the U.S. dollar has meaningfully strengthened since we shared our early thinking on 2025, impacting both our revenue and free cash flow expectations for 2025.

其次，自我們分享 2025 年的早期思考以來，美元大幅走強，影響了我們對 2025 年的收入和自由現金流預期。

And third, in light of our recent capital raise, we will begin to guide to unlevered free cash flow, which we define as free cash flow, excluding the impact of interest payments associated with our term loans, net of their associated tax benefit.

第三，鑑於我們最近的資本增加，我們將開始引導無槓桿自由現金流，我們將其定義為自由現金流，不包括與我們的定期貸款相關的利息支付的影響，減去相關的稅收優惠。

While we will still report free cash flow, as we have previously, we will guide to unlevered free cash flow to provide a metric that best aligns with the core operating performance of our business.

雖然我們仍將報告自由現金流，但正如我們以前一樣，我們將指導無槓桿自由現金流，以提供最符合我們業務核心營運績效的指標。

Given these updates for the first quarter of 2025, we expect revenue to be in the range of $618 million to $621 million.

根據 2025 年第一季的這些更新，我們預計營收將在 6.18 億美元至 6.21 億美元之間。

We are expecting a currency headwind of approximately $3 million.

我們預計貨幣逆風約 300 萬美元。

On a constant currency revenue basis, we expect revenue to be in the range of $621 million to $624 million.

以固定匯率收入計算，我們預計收入將在 6.21 億美元至 6.24 億美元之間。

We expect FormSwift to serve as a roughly 80 basis point headwind to revenue as a result of the shift in our strategic direction.

我們預計，由於我們策略方向的轉變，FormSwift 將對收入造成約 80 個基點的阻力。

I'd also note that Q1 2025 has one less day versus Q1 2024.

我還要注意到，2025 年第一季比 2024 年第一季少了一天。

And consequently, we recognized one less day of revenue this Q1 relative to the year ago quarter.

因此，與去年同期相比，我們今年第一季的營收減少了一天。

We expect our non-GAAP operating margin to be approximately 38.5%.

我們預計非公認會計準則營業利潤率約為 38.5%。

The shift in strategic direction for FormSwift is factoring into the strong margins for Q1, given that we will be eliminating marketing funding for FormSwift, which was historically weighted towards the first quarter.

由於我們將取消 FormSwift 的行銷資金（過去這筆資金主要集中在第一季），FormSwift 策略方向的轉變是第一季利潤率強勁的一個因素。

Finally, we expect diluted weighted average shares outstanding to be in the range of 299 million to 304 million shares based on our 30-day trailing average share price.

最後，根據我們過去 30 天的平均股價，我們預期稀釋加權平均流通股數將在 2.99 億股至 3.04 億股之間。

For the full year 2025, we expect revenue to be in the range of $2.465 to $2.480 billion.

我們預計 2025 年全年營收將在 24.65 億美元至 24.8 億美元之間。

We are expecting a currency headwind of approximately [$18 million] or roughly 70 basis points.

我們預期貨幣逆風約為 [1800 萬美元] 或約 70 個基點。

On a constant currency revenue basis, we expect revenue to be in the range of $2.483 billion to $2.498 billion.

以固定匯率收入計算，我們預計營收將在 24.83 億美元至 24.98 億美元之間。

We expect FormSwift to serve as a roughly 150 basis point headwind to revenue for the full year.

我們預計 FormSwift 將對全年收入造成約 150 個基點的阻力。

We expect gross margin to be approximately 82%.

我們預計毛利率約為82%。

We expect non-GAAP operating margin to be in the range of 37.5% to 38%.

我們預計非公認會計準則營業利潤率在 37.5% 至 38% 之間。

We expect unlevered free cash flow to be at or above $940 million.

我們預計無槓桿自由現金流將達到或超過 9.4 億美元。

This unlevered free cash flow guidance is inclusive of a few onetime items totaling $47 million.

此無槓桿自由現金流指引包括幾項總額為 4,700 萬美元的一次性項目。

The first is a $36 million payment that we made in January for the third and final tranche of our San Francisco lease buyout that we executed in 2023.

第一個是我們在一月份支付的 3,600 萬美元，作為我們 2023 年執行的舊金山租約買斷的第三筆也是最後一筆款項。

The second is $11 million for severance, employee benefits and related costs associated with our Q4 reduction in force.

第二筆是1100萬美元，用於遣散費、員工福利和與我們第四季裁員相關的費用。

We expect CapEx to be between $25 million to $30 million for the full year and additions to finance lease lines to be approximately 6% of revenue.

我們預計全年資本支出在 2,500 萬至 3,000 萬美元之間，融資租賃額度的增加將佔收入的約 6%。

As related to the aforementioned term loans, we expect cash interest expense net of tax benefits of approximately $90 million.

與上述定期貸款相關，我們預計扣除稅收優惠後的現金利息支出約為 9,000 萬美元。

Finally, we expect diluted weighted average shares outstanding to be in the range of 283 million to 288 million shares.

最後，我們預期稀釋加權平均流通股數在 2.83 億股至 2.88 億股之間。

I'll now share some additional perspective on this guidance for 2025.

現在，我將分享一些有關 2025 年指導的額外觀點。

Starting with revenue, as mentioned, our guidance factors in headwinds from reducing our headcount and marketing investments in FormSwift as well as FX headwinds.

從收入開始，如上所述，我們的指導因素包括減少員工人數和 FormSwift 的行銷投資以及外匯的不利因素。

This guidance also contemplates the ongoing dynamics of our Teams business that I mentioned earlier.

該指引也考慮了我之前提到的 Teams 業務的持續發展動態。

Consistent with our historical approach, our guidance reflects what we have a high degree of visibility into today, where we have not yet seen a meaningful change in these teams trends.

與我們的歷史方法一致，我們的指導反映了我們今天的高度可見性，我們尚未看到這些團隊趨勢發生有意義的變化。

In addition, while we are excited about the long-term opportunities for DASH and are encouraged by the early progress on our sales efforts, our guidance does not include a material contribution from DASH given the nascent state of this product.

此外，雖然我們對 DASH 的長期機會感到興奮，並對我們銷售工作的早期進展感到鼓舞，但鑑於該產品尚處於起步階段，我們的指導並不包括 DASH 的重大貢獻。

With respect to paying users, we expect paying users in 2025 to decline by roughly 1.5% to 300,000 users with our reduced investment in FormSwift driving about half of this decline.

對於付費用戶，我們預計 2025 年付費用戶將下降約 1.5% 至 30 萬用戶，其中我們對 FormSwift 的投資減少導致了約一半的下降。

We expect the remaining half of paying user pressure to stem from a reduced outbound sales force subsequent to our risk as well as, to a lesser extent, some continued pressure on self-serve teams.

我們預計，剩餘一半付費用戶的壓力將來自於我們承擔風險之後外部銷售人員的減少，以及在較小程度上來自自助服務團隊的持續壓力。

We expect roughly half of the full year's decline to occur in Q1, coinciding with the elimination of our marketing investment in FormSwift.

我們預計全年約一半的降幅將發生在第一季度，恰逢我們對 FormSwift 的營銷投資終止。

Moving on to operating margins, where we are guiding to a range of 37.5% to 38% this year.

談到營業利潤率，我們預計今年的營業利潤率將在 37.5％至 38％之間。

The driver of this year-over-year margin expansion is our reduction in force. This benefit; however, will be partially offset by two main factors.

利潤率較去年同期擴大的驅動力是我們的員工人數減少。此福利；然而，將被兩個主要因素部分抵消。

First, 2024 gross margin benefited from a $30 million tailwind due to the extension of the useful life of our data center hardware, where we will not see this tailwind in 2025.

首先，由於我們資料中心硬體的使用壽命延長，2024 年的毛利率受益於 3000 萬美元的順風，而 2025 年我們將不會看到這種順風。

Second, we will also be investing across both R&D and sales and marketing to scale Dash and backfilling select positions impacted by our [RIF] or free cash flow, we expect unlevered free cash flow to be at or above $940 million.

其次，我們還將在研發、銷售和行銷方面進行投資，以擴大 Dash 的規模並填補受我們的 [RIF] 或自由現金流影響的選定職位，我們預計無槓桿自由現金流將達到或超過 9.4 億美元。

This is slightly below the early thinking we shared in November, given that FX has deteriorated by more than $30 million since that time as a result of the strengthening of the U.S. dollar.

這略低於我們 11 月的早期預期，因為自那時起，由於美元走強，外匯損失已超過 3,000 萬美元。

However, this is partly offset by gains from our decision to reduce our investments in FormSwift.

然而，這部分被我們決定減少對 FormSwift 的投資所帶來的收益所抵消。

Lastly, we expect our weighted average shares outstanding to decrease to approximately 283 million to 288 million shares as we remain committed to reducing our share count over time via our share repurchase program.

最後，我們預計我們的加權平均流通股數將減少至約 2.83 億至 2.88 億股，因為我們仍致力於透過股票回購計畫逐步減少我們的股票數量。

In closing, we are positioning our core file [indiscernible] share and document workflow business lines for increased efficiency as we continue to drive higher levels of operating margins and free cash flow from these areas.

最後，我們正在定位我們的核心文件[音訊不清晰]共享和文件工作流程業務線以提高效率，因為我們將繼續從這些領域推動更高水平的營業利潤率和自由現金流。

We are then leveraging this profitability and the strength of our balance sheet to reduce our share count, thereby driving meaningful growth in free cash flow per share.

然後，我們將利用這種獲利能力和資產負債表的實力來減少股票數量，從而推動每股自由現金流的顯著成長。

Concurrently, we are investing in our future vectors of growth, most notably DASH, where we see a large long-term opportunity.

同時，我們正在投資未來的成長方向，尤其是 DASH，我們認為這是一個巨大的長期機會。

While it will take time for these efforts to translate to revenue growth, we believe that these decisions will culminate in creating long-term value for our shareholders.

雖然這些努力需要時間才能轉化為收入成長，但我們相信這些決策最終將為我們的股東創造長期價值。

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

接線員，請打開熱線來回答問題。

(Operator Instructions) Rishi Jaluria, RBC Capital Markets.

(操作員指示) Rishi Jaluria，RBC 資本市場。

I wanted to first start with Dash.

我想先從 Dash 開始。

Look, I understand that it's early and too early, obviously, to disclose.

聽著，我知道現在透露這個消息顯然還為時過早。

But if we think about maybe two pieces there, number one, what have you seen so far in uptake and usage that gives you confidence this can be a successful kind of pivot or growth driver over the next, call it, three to five years?

但如果我們考慮兩個方面，第一，到目前為止，您在吸收和使用方面看到了什麼，使您有信心這可以成為未來三到五年內成功的支點或成長動力？

And maybe number two, if we think about competition in the space with pure plays that are doing the universal search and other platforms, adding these advanced semantic search capabilities, what gives you the right to win within that space and gives you confidence again that you can actually get meaningful revenue out of that?

也許第二個問題是，如果我們考慮一下這個領域的競爭，即純粹從事通用搜尋和其他平台的公司，加上這些先進的語義搜尋功能，是什麼讓你有資格在這個領域獲勝，並讓你再次有信心從中獲得可觀的收入？

And then I've got a quick follow-up.

然後我會快速跟進。

Sure.

當然。

Great question.

好問題。

So as far as first, what gives us confidence that so far in uptake and usage and just as far as what makes us confident that it can drive growth over the next few years?

那麼首先，是什麼讓我們對迄今為止的吸收和使用充滿信心？

I mean, first, it starts with the market.

我的意思是，首先，它從市場開始。

I mean the more we've been in the space, the more it's clear that this is a universal knowledge worker problem, like everybody struggles with having too much stuff on too many apps and too many tabs open.

我的意思是，我們在這個領域待得越久，就越清楚這是一個普遍的知識工作者問題，就像每個人都在努力解決在太多應用程式上存放太多內容以及打開太多標籤的問題。

And then that translates to a big market pretty much any way you look at it, I mean IDC says it's an $8 billion market today, doubling over the next few years.

無論你怎麼看，這都意味著一個龐大的市場，我的意思是，IDC 表示，目前這個市場規模為 80 億美元，未來幾年將會翻倍。

And it's a big market.

而且這是一個很大的市場。

It's a greenfield market.

這是一個尚未開發的市場。

So there's not really great solutions to this for a lot of customers or most customers are not aware that this is a solvable problem.

因此，對於許多客戶來說，這個問題並沒有很好的解決方案，或者大多數客戶沒有意識到這是一個可以解決的問題。

So we're in the first inning.

因此我們處於第一局。

And then with respect to Dropbox and the right to win, our customers and prospects understand that this is a natural evolution of what we do, and we have a lot of advantages.

關於 Dropbox 和獲勝的權利，我們的客戶和潛在客戶明白這是我們所做工作的自然演變，而且我們有很多優勢。

I mean we have over 0.5 million business accounts on Dropbox today.

我的意思是我們今天在 Dropbox 上有超過 50 萬個商業帳戶。

We see 100% of them has good prospects for Dash, and it's a natural evolution to go from organizing people's files to organizing their cloud content.

我們看到，他們 100% 都對 Dash 抱有良好的前景，從組織人們的文件到組織他們的雲端內容是一個自然的演變。

And so it's -- the progression makes a lot of sense.

所以——這種進展非常有意義。

And we believe that in theory, and then we've been validating that.

我們從理論上相信這一點，我們一直在驗證這一點。

It's become a lot clearer and more validated since launch.

自推出以來，它變得更加清晰，並且更加有效。

And so the signals we've been paying attention to since launch or first.

因此，自發射以來我們一直在關注這些訊號。

We exceeded our internal sales targets in Q4.

我們在第四季超額完成了內部銷售目標。

We're growing pipeline and have a lot of positive customer reception so far.

我們正在擴大管道，到目前為止得到了很多客戶的正面回饋。

It's very early, but -- and then we're seeing the key value props around Universal Search and a lot of the security and content governance features with our protect and control functionality really resonate with customers.

現在還為時過早，但是 - 然後我們看到了圍繞通用搜尋的關鍵價值主張，並且我們的保護和控制功能的許多安全和內容治理功能確實引起了客戶的共鳴。

You also mentioned about like competition generally.

您也提到了一般的競爭。

And the way we see it is there are going to be -- there's certainly start-ups in the space, and our advantages there are pretty clear, like our distribution and technical scale and infrastructure and the investments we're able to make and leverage a lot of which we built in the sort of first chapter of Dropbox are also relevant to this problem.

我們的看法是，這個領域肯定會有新創企業，我們在那裡的優勢非常明顯，例如我們的分銷、技術規模和基礎設施，以及我們能夠進行的投資和利用的大量資源，我們在 Dropbox 第一章中建立的這些資源也與這個問題有關。

And again, like not starting from scratch, having over 0.5 million business accounts. and then also having a lot of advantages in the product experience itself with Protect and Control and a number of other things that are coming this year.

再一次，就像不是從零開始一樣，擁有超過 50 萬個商業帳戶。而且產品體驗本身也有很多優勢，例如今年即將推出的保護和控制以及許多其他功能。

And then in the future, I'm sure we'll compete with the incumbents or the platform companies.

然後在未來，我相信我們會與現有企業或平台公司競爭。

But compared to them, the fact that Dropbox and Dash are platform agnostic is really important.

但與它們相比，Dropbox 和 Dash 的平台無關性這一事實確實非常重要。

So most incumbents today are focusing -- if you look at their AI products in the office suites, I mean, most of them revolve around integrating the stuff within their own ecosystem, but not across ecosystem.

因此，當今大多數既有企業都集中精力——如果你看看辦公室套件中的人工智慧產品，你會發現，它們大多數都圍繞著在自己的生態系統中整合東西，而不是跨生態系統。

So we think that's a big opportunity.

因此我們認為這是一個巨大的機會。

And then lastly, I think for all of our customers and prospects, our trust and privacy posture and brand is a big advantage.

最後，我認為對於我們所有的客戶和潛在客戶來說，我們的信任和隱私態勢和品牌是一個巨大的優勢。

And certainly, when you look at some of the bigger companies, I think our users are apprehensive about some of the conflicts there, like it's -- you're entrusting all of your most important data to a company, but if they're also selling you ads or if they're also training their next foundation model, that's something that all customers are naturally apprehensive about.

當然，當你看看一些大公司時，我認為我們的用戶對其中的一些衝突感到擔憂，例如——你把所有最重要的數據委託給一家公司，但如果他們也向你出售廣告，或者他們也在訓練他們的下一個基礎模型，那麼所有客戶自然都會對此感到擔憂。

And so we don't have those kinds of conflicts.

因此我們就不會有那樣的衝突。

We're just here to provide a -- provide a good service, and we're not doing anything else with your data other than providing you the service.

我們在這裡只是為了提供良好的服務，除了為您提供服務之外，我們不會對您的資料做任何其他事情。

So these are all really important points, and we're really excited about the early progress.

這些都是非常重要的觀點，我們對早期的進展感到非常興奮。

All right.

好的。

Got it.

知道了。

That's really helpful, Drew.

這真的很有幫助，德魯。

And then, Tim, just a quick point or two of clarification.

然後，提姆，我只想快速澄清一兩點。

So look, I appreciate that you're providing the guidance in the deck now.

所以看，我很感激你現在在甲板上提供的指導。

That's great to see and definitely saves us a lot of time and anxiety.

這真是太好了，確實為我們節省了很多時間和精力。

I noticed in the deck, you're highlighting two different new metrics in terms of profitability.

我注意到，在簡報中，你強調了獲利能力方面的兩個不同的新指標。

Number one, I see you highlighting adjusted EBITDA in kind of the deck, to my knowledge, at least since IPO, that has not been a metric you focused on.

首先，我看到您在簡報中強調了調整後的 EBITDA，據我所知，至少自 IPO 以來，這並不是您關注的指標。

Is that something that we should be paying closer attention to?

這是我們應該更加關注的事情嗎？

And then in your guide, you actually talk about unlevered free cash flow -- and I apologize if I missed a bridge there.

然後在您的指南中，您實際上談到了無槓桿自由現金流 - 如果我錯過了那裡的橋樑，我深感抱歉。

But if you could maybe help us understand why now the focus on unlevered free cash flow versus the kind of prior operating cash flow less CapEx that you typically guided to and why the change over there, that would be helpful.

但是，如果您可以幫助我們理解為什麼現在關注的是無槓桿自由現金流，而不是您通常指導的以前的經營現金流減去資本支出，以及為什麼會發生這種變化，那將會很有幫助。

Sure.

當然。

Maybe starting with the latter question.

也許從後一個問題開始。

So in light of our recent capital raise, we are going to guide to unlevered free cash flow, which we do define as free cash flow, excluding the impact of interest payments associated with our term loans, net of the related tax benefit.

因此，鑑於我們最近的資本籌集，我們將指導無槓桿自由現金流，我們將其定義為自由現金流，不包括與我們的定期貸款相關的利息支付的影響，扣除相關稅收優惠。

And we just believe that this metric best aligns with the core operating performance of our business.

我們只是相信這個指標與我們業務的核心營運績效最為一致。

So consistent with how other companies have treated this metric with similar term loans is what we're aiming to do here.

因此，我們的目標是與其他公司對類似定期貸款處理此指標的方式保持一致。

And as far as adjusted EBITDA, this is just another metric we're offering to help understand our business and the debt-to-EBITDA ratios of our business.

至於調整後的 EBITDA，這只是我們提供的另一個指標，有助於了解我們的業務以及業務的債務與 EBITDA 比率。

So additional line of sight to provide to analysts and investors.

因此為分析師和投資者提供了額外的視線。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯 (Steve Enders)。

Okay.

好的。

Great.

偉大的。

I guess I just want to ask a little bit more on kind of the growth outlook.

我想我只是想再問一點有關成長前景的問題。

And I know you gave a good breakdown for the puts and takes there.

並且我知道您對那裡的投入和產出進行了很好的分析。

But just thinking through kind of the pace of business through the year and some of the, I guess, incremental growth headwinds that seem like that they're building throughout -- throughout the year, at least going from the, I think, a little bit better growth rate in 1Q versus the back part of the year.

但是，只要思考一下全年的業務節奏，以及一些似乎在全年都在形成的增量成長阻力，我認為至少從第一季的成長率來看，比今年下半年要好一點。

So yes, can you just kind of help us like think through the factors going in there?

是的，您能幫助我們思考一下其中所涉及的因素嗎？

Is there some different timing around FormSwift?

FormSwift 的時間安排有什麼不同嗎？

Or is it just kind of like the build of new -- or the build of the user declines kind of throughout the year that's impacting that?

或者這只是有點像新建的——或者用戶數量的全年下降會對此產生影響？

I'll let Tim speak to the specific timing and ins and outs.

我會讓蒂姆講述具體的時間和細節。

But just from a higher level, a lot of this -- so at a high level, one, there's a lot of the headwinds that we've talked about over the last handful of quarters.

但從更高的層次來看，很多這樣的情況——所以在更高的層次上，首先，我們在過去幾季中討論過很多不利因素。

I think those are pretty stable.

我認為它們非常穩定。

So there's some like market aspects.

因此，存在一些類似市場方面的問題。

But then a lot of this -- a lot of what you're seeing is also the result of like voluntary choices to cut inefficient growth and simplify and strengthen the core business and rotate towards Dash.

但是，您所看到的許多情況也是自願選擇削減低效成長、簡化和加強核心業務並轉向 Dash 的結果。

So when you're seeing us kind of optimize the FormSwift business or cut back on some of these areas.

因此，當您看到我們優化 FormSwift 業務或削減其中一些領域時。

It's less that there's like no opportunity there.

那裡不太可能沒有機會。

It's more just that we feel like the dollars are much better spent on Dash given the market and just greenfield nature or the greenfield nature of that market and the size and the growth and the opportunity.

更重要的是，我們覺得考慮到市場的綠地性質或該市場的綠地性質以及規模、成長和機會，將資金花在 Dash 上更為划算。

But as we cut back in some of these areas or as we cut kind of inefficient marketing spend or if we cut back on some of our product portfolio, that's not costless in the near term that shows up as headwinds or compounding the growth headwinds you're seeing, and we're very mindful of the optics here.

但是，當我們削減某些領域的開支，或者削減低效的營銷支出，或者削減部分產品組合時，這在短期內並不是沒有代價的，會表現為阻力或加劇您所看到的增長阻力，我們非常注意這裡的視覺效果。

But they're the right long-term decisions for the health of the business.

但從企業健康的角度來看，這些都是正確的長期決策。

We think we can get better returns on those dollars by deploying them towards Dash in other places.

我們認為，透過將這些美元部署到其他地方的 Dash，我們可以獲得更好的回報。

Yes.

是的。

And some thoughts maybe on full year, and then I'll shift to maybe some quarterization.

有些想法可能是關於全年的，然後我會轉向一些季度分析。

So if we do normalize for FX and FormSwift, our guidance at the high end of the range implies a decline of roughly 50 basis points, and we continue to see pressure on our Teams business with respect to team expansion, downsell and churn trends in part due to the pricing sensitivity we've been talking about.

因此，如果我們確實對 FX 和 FormSwift 進行標準化，那麼我們對該範圍高端的指導意味著下降約 50 個基點，並且我們繼續看到團隊業務在團隊擴張、降價和客戶流失趨勢方面面臨壓力，部分原因是我們一直在談論的價格敏感性。

We've also scaled back our managed sales team as part of the RIF, which is pressuring our outbound sales expectations.

作為 RIF 的一部分，我們也縮減了管理銷售團隊的規模，這給我們的對外銷售預期帶來了壓力。

And then while we're excited about Dash and its long-term potential, we're still very much in the early innings here and don't expect a material contribution to revenue from Dash this year.

雖然我們對 Dash 及其長期潛力感到興奮，但我們仍處於早期階段，並且不期望 Dash 今年對收入做出實質貢獻。

And then maybe with respect to how it should translate for the quarters.

然後也許可以考慮如何將其轉換為季度數據。

So for this year, if I think about paying users, we do expect paying users to decline by about 300,000 users, and that reduced investment in FormSwift represents about half of that decline.

所以就今年而言，如果我考慮付費用戶，我們預計付費用戶將減少約 30 萬，而對 FormSwift 的投資減少約佔該下降量的一半。

And we expect most of this to occur in the first quarter, coinciding with the elimination of marketing for FormSwift.

我們預計大部分變化將在第一季發生，與 FormSwift 行銷活動的取消同時發生。

And so that's what does put pressure on the first half of the year, and you see that flow through with respect to the full year guidance.

這確實給上半年帶來了壓力，而且你會看到這會影響全年業績預期。

Okay.

好的。

Got you.

明白了。

That's helpful.

這很有幫助。

I guess within that Teams business and the headwinds that you have seen there, I guess, does it feel like that's at least stabilizing and the downward pressure is at kind of a consistent pace?

我想，在 Teams 業務中，您所看到的逆風是否感覺至少正在趨於穩定，並且下行壓力是否保持著穩定的速度？

And then I guess on the other side of it, good to hear, I guess, Dash is at least kind of exceeding expectations there for Q4.

然後我想從另一方面來說，我很高興聽到，Dash 至少在第四季度超出了預期。

But how should we think about like when that maybe becomes a bigger piece of the business where maybe it's starting to offset some of the declines?

但是，我們應該如何思考，什麼時候它可能會成為業務中更大的一塊，並可能開始抵消一些下滑？

Is there kind of a good framework that we should have to think about those kinds of moving pieces there?

是否有一個好的框架可以幫助我們思考這些移動的部分？

Sure.

當然。

I mean I think all this is netted out in our guidance, I'd say.

我的意思是，我認為所有這些都已在我們的指導範圍內了。

But directionally, we see -- we continue to see -- there's a few different parts of how we reaccelerate growth.

但從方向上看，我們看到——我們繼續看到——我們重新加速成長的方式有幾個不同的部分。

So there's continued optimization opportunity in the Teams business.

因此，Teams 業務仍有持續的最佳化機會。

As I was sharing earlier, there's a number of areas across the funnel, ranging from onboarding success to team expansion to pricing optimizations to just churn improvements where we can continue to -- or where we can offset some of the headwinds we've been seeing.

正如我之前所分享的，整個漏斗中有很多領域，從入職成功到團隊擴張，到價格優化，再到客戶流失改進，我們可以繼續進行這些領域，或者說，我們可以抵消我們已經看到的一些阻力。

We're obviously very excited about Dash's potential and growth.

我們顯然對 Dash 的潛力和發展感到非常興奮。

And as we have more signal there, we'll share it.

當我們在那裡獲得更多訊號時，我們將會與大家分享。

But it's a little too early to give kind of timing as far as when exactly this will all net out.

但現在判斷這一切何時能實現還為時過早。

And the third opportunity is bringing or turning our core business into a launch pad for Dash.

第三個機會是將我們的核心業務轉變為 Dash 的啟動平台。

So we see -- unlike some of our previous products, we see a lot more overlap in our -- between our core business and Dash in terms of this being a natural evolution of what we already do for our customers.

因此，我們看到，與我們之前的一些產品不同，我們的核心業務與 Dash 之間存在更多的重疊，這是我們為客戶所做工作的自然演變。

And so we see the vast majority of our FSS subscribers as being good prospects for Dash, and we also see Dash as being relevant to a whole new generation of knowledge workers whose workflows maybe don't revolve around files as much as they used to.

因此，我們認為絕大多數 FSS 使用者對 Dash 來說都是很好的前景，我們也認為 Dash 與新一代知識工作者息息相關，他們的工作流程可能不再像以前那樣圍繞著文件。

So those are the major parts of how we'll drive growth, and we'll continue to refresh how these all net out in our guidance and provide more signal on the different parts through the year.

因此，這些是我們推動成長的主要部分，我們將繼續更新這些部分如何在我們的指導中發揮作用，並在全年為不同部分提供更多訊號。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克（Michael Funk）。

This is Matt on for Mike.

這是馬特 (Matt) 代替邁克 (Mike)。

Appreciate the question.

我很感謝你提出這個問題。

Understanding you're still seeing some pricing sensitivity in Teams, I was curious, can you provide some additional color on what you're seeing out there in terms of general macro trends?

我了解到您仍然看到 Teams 中存在一些定價敏感性，我很好奇，您能否就整體宏觀趨勢提供一些額外的資訊？

Obviously, there's been some relatively positive data points on SMB.

顯然，SMB 上有一些相對積極的數據點。

And just curious if you've seen any benefit from user behavior or customer behavior during the quarter?

我只是好奇您是否看到本季用戶行為或客戶行為帶來任何好處？

I wouldn't say anything to call a major new trend.

我不會說任何可以稱之為重大新趨勢的話。

I think a lot of the dynamics that we've been talking about in terms of macro headwinds and so on are pretty stable.

我認為，我們所討論的宏觀逆風等方面的許多動態都是相當穩定的。

I'd say there's a lot of positive trends to or just consistency where -- and the reason we're focused on Teams, just as a reminder, like it has higher retention rates, higher ARPU, strong expansion opportunity for Dash.

我想說有很多正面的趨勢或只是一致性——我們專注於 Teams 的原因只是提醒一下，例如它具有更高的留存率、更高的 ARPU、Dash 的強大擴展機會。

And we've also been -- we've been able to show that we can improve a lot of the elements in the Teams business through these optimizations across the funnel that I mentioned and these rebounds where a bunch of those funnel metrics are up double-digit percent over the last year.

而且我們也已經能夠證明，我們可以透過我提到的整個管道的優化來改進 Teams 業務中的許多元素，而這些通路指標的反彈在過去一年中上升了兩位數。

So I'd say it's pretty stable.

所以我認為它非常穩定。

I mean we haven't seen any major new dynamics in SMBs, but we're monitoring it closely.

我的意思是我們還沒有看到中小企業出現任何重大的新動態，但我們正在密切關注。

And then briefly, Matt, our guidance largely factors in similar trends to what we saw last year, still expecting a challenging demand environment in the SMB space as many of our customers are looking for ways to reduce costs as we are doing ourselves.

然後簡要地說，馬特，我們的指導主要考慮了與去年看到的類似趨勢，仍然預計中小企業領域的需求環境充滿挑戰，因為我們的許多客戶都在尋找降低成本的方法，就像我們自己所做的那樣。

Patrick Walravens, Citizens Bank.

派崔克‧沃爾拉文斯 (Patrick Walravens)，公民銀行。

Can we talk a little bit about the sort of the competitive dynamics for Dash?

我們可以稍微談談一下 Dash 的競爭動態嗎？

And I realize that it's largely greenfield, but you have one neighbor in San Francisco, Glean that raised $260 million and almost a $5 billion valuation at the end of last year.

我知道這裡大部分都是未開發地區，但舊金山有一個鄰居，Glean，去年底籌集了 2.6 億美元，估值接近 50 億美元。

So how are you differentiated from them?

那你與他們有何不同？

Where do you see yourselves fitting in better?

您認為自己更適合去哪裡？

And where do you see competitors like that better?

您認為哪些競爭對手更勝一籌？

Sure.

當然。

So we certainly track lean closely, as you'd imagine.

因此，正如您所想像的那樣，我們肯定會密切跟踪精益。

We believe we have a number of advantages.

我們相信我們有許多優勢。

I mean, first is just our existing customer base.

我的意思是，首先只是我們現有的客戶群。

And as I've been saying, we've got more than 0.5 million business accounts.

正如我一直說的，我們擁有超過 50 萬個商業帳戶。

So we're not starting from scratch here, and we're going to be able to leverage a lot of the assets that we've built in our first chapter from our technical infrastructure, our privacy and trust brand and many other things.

因此，我們並不是從零開始，我們將能夠利用我們在第一章中建立的大量資產，包括我們的技術基礎設施、我們的隱私和信任品牌以及許多其他東西。

When we look at the product, we see a lot of customers are apprehensive about security and apprehensive about security in the context of a start giving all that information to a start-up.

當我們查看產品時，我們發現許多客戶都對安全性感到擔憂，並且擔心將所有資訊提供給新創公司會帶來安全性問題。

And then at a more basic level, one challenge that every company has when adopting AI is rolling it out safely.

從更基本的層面上講，每家公司在採用人工智慧時面臨的一個挑戰是如何安全地推出它。

And we find that a lot of customers understand quite well that if you give -- so universal search and rolling out AI in your company can have a lot of productivity benefits, but it can also -- these tools can also surface a lot of improperly shared content.

我們發現很多客戶都非常清楚，如果你在公司中提供通用搜尋和人工智慧，可以帶來很多生產力效益，但這些工具也可能會暴露出許多不當共享的內容。

And so before giving everybody all this x-ray vision to find that compensation doc that should never have been shared, a lot of customers and prospects want an opportunity to really identify all that content and remediate it.

因此，在向所有人提供這種透視視圖來查找不應該共享的補償文件之前，許多客戶和潛在客戶都希望有機會真正識別所有內容並進行補救。

And a linchpin part of the Dash offering is functionality that we call Protect and Control, which was seeded by an acquisition we made last year of a company called Nira that lets you -- it's the only product that lets you identify or have global visibility into what's being shared across every major content platform.

Dash 產品的關鍵部分是我們稱之為「保護與控制」的功能，它源自於我們去年收購的一家名為 Nira 的公司，它可以讓您——它是唯一一款可以讓您識別或全面了解各主要內容平台上所共享內容的產品。

And then two, identify content that's improperly shared or dangerous or noncompliant; and then three, be able to mass remediate and unshare all that content across every platform.

第二，辨識不當分享、危險或不合規的內容；第三，能夠大規模修復並取消共享各個平台上的所有內容。

And that's been a very manual process for most companies and Dash gives you the opportunity to bring automation there at a much greater scale than Glean or anyone else.

對於大多數公司來說，這是一個非常手動的過程，而 Dash 讓您有機會比 Glean 或其他任何公司更大規模地自動化。

So we see security as a big advantage.

因此，我們認為安全是一大優勢。

And then I'm also really excited about our product road map for 2025.

我對我們的 2025 年產品路線圖也感到非常興奮。

We think we're going to be able to push the experience forward beyond anyone in a lot of ways.

我們認為我們將能夠在許多方面推動超越任何人的體驗。

And I think our customers also recognize and broader than our customers recognize -- again, this is a natural evolution for Dropbox.

我認為我們的客戶也認識到了這一點，而且比我們的客戶認識到的更廣泛——這也是 Dropbox 的自然演變。

We started by organizing your files, and now we're expanding from files to organizing all your cloud content and providing an intelligence layer on top of that.

我們從組織您的文件開始，現在我們從文件擴展到組織您的所有雲端內容，並在其之上提供一個智慧層。

So we're really excited about the early signal we're seeing.

因此，我們對看到的早期訊號感到非常興奮。

Obviously, it's going to be -- it's a competitive space.

顯然，這將是一個競爭激烈的領域。

I'm sure there will be more competition in the future.

我確信未來競爭將會更加激烈。

But I think that's just a validation of what we believe for a long time that this is a universal problem and that it plays well to our strength.

但我認為這只是驗證了我們長期以來的觀點：這是一個普遍性問題，而且它能充分發揮我們的優勢。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

This is Sonak Kolar on for Mark Murphy.

這是 Sonak Kolar 代替 Mark Murphy 主持的節目。

Drew, you had discussed in the past exploring adjacent opportunities around AI beyond the core Dash product.

德魯，你過去曾討論過探索核心 Dash 產品以外的人工智慧相關機會。

Are there any other domains that seem like natural near-term extensions for the AI product portfolio?

還有其他領域看起來像是 AI 產品組合的自然近期延伸嗎？

And maybe perhaps any feedback on how you evaluate that process as it relates to building in-house versus acquisitions?

您能否就如何評價流程與內部建設和收購的關係給予一些回饋？

Sure.

當然。

So there are a number of adjacencies that are -- or natural adjacencies from Dash.

因此，存在許多鄰接關係 - 或來自 Dash 的自然鄰接關係。

I mean one benefit of Dash is it allows you for companies and link up all the different apps so that we can have this pretty unprecedented 360-degree view of the state of work in your company.

我的意思是 Dash 的一個好處是它允許你為公司連結所有不同的應用程序，以便我們能夠以前所未有的 360 度全方位視角了解公司的工作狀況。

And then there's a lot -- with that foundation, there's a lot you can build on top of that.

然後還有很多——有了這個基礎，你可以在其基礎上建立很多東西。

And this is an area where we'll have more specifics to share over time, but I can say we bought -- a good example is we bought a company called Reclaim last year that does AI time analytics and optimization.

隨著時間的推移，我們將在這個領域分享更多細節，但我可以說，我們收購了——一個很好的例子就是我們去年收購了一家名為 Reclaim 的公司，該公司從事人工智慧時間分析和優化。

And a lot of what people do are one key feature in Dash in addition to search is we give you a start page where whenever you open a new tab in your browser, we give you kind of a cockpit for your day that shows you here, you can do search from there for sure.

人們所做的很多事情都是 Dash 中的一個關鍵功能，除了搜尋之外，我們還會為您提供一個開始頁，每當您在瀏覽器中打開新選項卡時，我們都會為您提供一個駕駛艙，向您展示當天的活動，您可以從那裡進行搜尋。

But then also like here all the different -- here's all the content and projects that I'm working on.

但也像這裡所有的不同之處一樣——這是我正在研究的所有內容和項目。

Here's my day, here's my agenda.

這是我的一天，這是我的行程。

And we see that as a very extensible starting point for that surface area as being really valuable to be able to build additional experiences on top of that.

我們認為這是該領域一個非常可擴展的起點，非常有價值，能夠在其基礎上建立額外的體驗。

And so for example, a lot of customers when they see their agenda and their day, all lined up next to everything else they're working on, they have a lot of requests and interest in deepening that functionality or bringing in other things like what are my tasks or my priorities.

舉個例子，當許多客戶看到他們的日程安排和一天的日程，以及他們正在處理的所有其他事情時，他們就會對深化該功能或引入其他內容（例如我的任務或我的優先事項）提出很多要求和興趣。

So -- and Reclaim is an example of an acquisition, but we've also, for years, dating back to 2020, we decided to turn Dropbox into a lab for distributed work where we think a lot about, okay, I open my laptop in 2030, what do I see?

所以 — Reclaim 是一個收購的例子，但多年來，從 2020 年開始，我們就決定將 Dropbox 變成一個分散式工作的實驗室，我們在那裡思考了很多，好吧，我在 2030 年打開我的筆記型電腦，我會看到什麼？

What's the same, what's going to be different?

哪些是相同的，哪些會不同？

And we think there's going to be a lot of new categories that emerge and a lot of things that have become possible.

我們認為將會有許多新的類別出現，很多事情也會成為可能。

Now that work is so much more distributed.

如今，工作已經更加分散。

We're mostly working out of screens instead of offices even when you're in the office.

即使在辦公室，我們也大多是在螢幕前而不是辦公室工作。

And then, of course, there's a lot that changes after the large language model.

當然，大型語言模型之後還有很多變化。

So that's some early indications of where we're headed.

這是我們前進方向的一些早期跡象。

There's a lot of optionality in kind of neighboring spaces and adjacencies with Dash, and we'll have a lot more to share this year.

Dash 在鄰近空間和鄰接方面有很多可選性，今年我們將分享更多內容。

Very helpful.

非常有幫助。

And then as a quick follow-up on Dash.

然後快速跟進 Dash。

So far, it seems like a lot of the focus is on upselling or retaining some of the existing installed base of the core FSS business.

到目前為止，似乎許多焦點都放在了追加銷售或保留核心 FSS 業務的部分現有安裝基礎上。

So while understanding it's early days, any rough sense of the customers you've seen traction for so far, the split of those between existing users versus entirely net new to Dropbox?

因此，儘管您知道現在還處於早期階段，您對目前客戶群的分佈情況有什麼大致了解嗎？

Yes.

是的。

So we're -- both tracks are really important, both reaching existing FSS users and then unlocking a much larger TAM of folks who may not be using FSS from Dropbox today.

因此，我們認為這兩個途徑都非常重要，既可以接觸現有的 FSS 用戶，又可以解鎖更大的潛在用戶群，也就是目前可能沒有使用 Dropbox 的 FSS 的用戶。

And I'd say, to your point, they're going to have slightly different trajectories and different ceilings.

我想說，正如你所說，他們的發展軌跡和上限會略有不同。

We certainly observed that existing FSS customers, we have a massive home field advantage there, pretty short sales cycles.

我們確實觀察到，現有的 FSS 客戶在那裡擁有巨大的主場優勢，銷售週期相當短。

We already have an existing relationship.

我們已經存在了關係。

I think we're able to compress a lot of that time line.

我認為我們能夠壓縮很多時間線。

And so that's what we've already observed is that piece is working.

這就是我們已經觀察到的，作品正在發揮作用。

And then we're also standing up a big effort to reach net new customers and larger customers because we see that often the larger company, the bigger pain points around content and search and AI.

然後，我們也在努力吸引新客戶和更大的客戶，因為我們發現，公司規模越大，內容、搜尋和人工智慧方面的痛點就越大。

So we'll be pursuing both.

因此我們將同時追求這兩點。

Again, they'll have slightly different trajectories.

同樣，它們的軌跡會略有不同。

The newer customers might have a longer sales cycle, but they might also be higher ACVs, higher ARPU.

新客戶的銷售週期可能更長，但他們的 ACV 和 ARPU 也可能更高。

So this -- and both tracks are important, and we'll share more as we get signal.

所以這 — — 這兩個軌道都很重要，我們會在收到訊號後分享更多資訊。

[Gilly Nevavlich], Goldman Sachs.

[Gilly Nevavlich]，高盛。

I had a question that kind of extends on Sonak's question from before.

我有一個問題，它延伸了 Sonak 之前提出的問題。

There seems to be a renewed -- somewhat of a renewed focus on FSS and how that can support future Dash growth.

人們似乎重新關注 FSS 以及它如何支援未來的 Dash 成長。

Can you maybe like layer down -- drill, like a layer down further as to how you're investing or addressing the cross-sell opportunity you see in this business?

您能否進一步深入探討您如何投資或解決您在該業務中看到的交叉銷售機會？

And I have a follow-up after, please.

之後我還有一個後續事宜。

Sure.

當然。

So yes, we see this as a really important opportunity and transition.

所以是的，我們認為這是一個非常重要的機會和轉變。

And as I said a little while ago in my prepared remarks, we see a big opportunity to transform our core business into a launchpad for Dash.

正如我剛才在準備好的演講中所說的那樣，我們看到了將我們的核心業務轉變為 Dash 啟動平台的巨大機會。

And we think there are a lot of parallels between what we're doing and a lot of the successful kind of generational transitions that you've seen in SaaS and consumer Internet.

我們認為，我們所做的事情與 SaaS 和消費者網路領域中看到的許多成功的世代轉變有許多相似之處。

So I think things like Creative Cloud and Adobe are a good example.

所以我認為 Creative Cloud 和 Adob​​e 之類的產品就是一個很好的例子。

I mean I think one generation of users downloaded Photoshop onto their computers and bought it as packaged software.

我的意思是，我認為一代用戶將 Photoshop 下載到他們的電腦上並將其作為套裝軟體購買。

And then as they shifted to the cloud, they modernize the product and then it was -- continue to be relevant to the next generation.

然後，隨著他們轉向雲端，他們對產品進行了現代化改造，然後它就繼續與下一代產品保持相關性。

And these platform transitions are difficult, but pretty common.

這些平台轉型雖然困難，但卻很常見。

I think Netflix is another example we think about a lot, where I think you could have looked at their DVD mailing business and drawn conclusions about kind of its limits, but that audience ended up being really -- it went from what one might have seen as a liability to an asset as having that initial audience helped them bootstrap a victory in the streaming wars.

我認為 Netflix 是我們經常思考的另一個例子，我認為你可以看看他們的 DVD 郵寄業務並得出關於其局限性的結論，但最終的受眾群體卻從人們可能視為的負債變成了資產，因為擁有最初的受眾群體幫助他們在流媒體戰爭中取得了勝利。

And I think there are many great things about that transition, but certainly, one of them was that by modernizing the product and shifting to streaming, they were both able to bring their existing -- their initial user base along, but then they unlocked a TAM that was 10 or 100x larger than DVD mailing could have ever been.

我認為這種轉變有很多好處，但可以肯定的是，其中之一就是透過對產品進行現代化改造並轉向串流媒體，他們既能夠維持現有的初始用戶群，又能夠解鎖比 DVD 郵寄大 10 倍或 100 倍的 TAM。

And so we're looking at all the mechanics or we're working on all the mechanics of how you do that, ranging from the product integrations to pricing and packaging and bundling.

因此，我們正在研究所有的機製或正在研究如何做到這一點的所有機制，從產品整合到定價、包裝和捆綁。

But we see there's a lot -- we already see there's a lot of synergy and opportunity to bring a lot of the benefits of DASH to our FSS customers, which both improves that experience and then most importantly, it creates a more retentive experience and extends their lifetime.

但我們看到有很多——我們已經看到有很多協同作用和機會可以為我們的 FSS 客戶帶來 DASH 的許多好處，這既改善了體驗，而且最重要的是，它創造了更具留存的體驗並延長了他們的使用壽命。

So this is an area we'll, again, have more to share in the coming quarters.

因此，在接下來的幾個季度裡，我們將在這個領域再次分享更多內容。

Yes.

是的。

It sounds like maybe it's more of like a migration as opposed to that.

聽起來也許它更像是一種遷移，而不是那樣。

So maybe that also is impacting the way you might be able to disclose a little bit of Dash contribution.

所以這也許也會影響您揭露一點 Dash 貢獻的方式。

I don't know if that might be the right way of thinking about it.

我不知道這是否是正確的思考方式。

But the second question I actually had was a bit more on the selling motion.

但我的第二個問題實際上更多是關於銷售動議。

How many of your sales reps are single product focused versus full platform?

你們的銷售代表中有多少人專注於單一產品而不是全平台？

Has the review of FormSwift turned up any additional changes that you might want to undertake in the organization?

對 FormSwift 的審查是否發現了您可能希望在組織中進行的任何其他變更？

Sure.

當然。

Just -- and on the migration point, I think it's less -- coming back to that, I think it's less -- I mean, I think with Netflix, you really had people kind of leaving just like stopped using DVD players.

只是 — — 關於遷移點，我認為 — — 回到這個問題上，我認為 — — 我的意思是，我認為有了 Netflix，確實有人離開了，就像不再使用 DVD 播放器一樣。

An important nuance here is that files are not going anywhere, certainly for a lot of creative industries and a lot of areas where we're strongest, construction, media, architecture, these are all customers who have big files, like files are not going away.

這裡的一個重要細微差別是文件不會消失，當然對於許多創意產業和我們最強大的許多領域來說，建築、媒體、建築，這些都是擁有大文件的客戶，文件不會消失。

So it's more of an additive -- it's more of an expansion of the value we provide more than a migration, which I think is just a bit of an important nuance and Dash is something that can build on top of what -- of the value we already provide with FSS.

因此，它更像是一種附加物——它更像是我們所提供價值的擴展，而不是遷移，我認為這只是一個重要的細微差別，而 Dash 是可以在我們已經透過 FSS 提供的價值之上構建的東西。

And then the selling motion, I'd say our primary focus is selling Dash.

然後是銷售動議，我想說我們的主要重點是銷售 Dash。

I mean, certainly, there's a broader portfolio of products, too, but we see Dash as the big opportunity where we're focused.

我的意思是，當然還有更廣泛的產品組合，但我們認為 Dash 是我們關注的巨大機會。

Alex Nguyen, Jefferies.

傑富瑞 (Jefferies) 的亞歷克斯阮 (Alex Nguyen)。

If I listen correctly to your initial remarks, you mentioned that FormSwift will contribute 1.5 percentage points to revenue headwind this year.

如果我沒聽錯，您最初的評論是這樣的，您提到 FormSwift 今年將為收入帶來 1.5 個百分點的逆風。

Your full year revenue guide imply 2.3% decline on a constant currency basis.

您的全年收入指引表明，以固定匯率計算，收入將下降 2.3%。

So if I were to normalize for FormSwift, that would imply 0.8% decline in constant currency in terms of revenue.

所以如果我要對 FormSwift 進行標準化，那就意味著收入以固定匯率計算將下降 0.8%。

And that is a little bit softer than what you have before back in the previous quarter.

這比上一季的情況稍微軟一點。

So I guess I'm just trying to get a sense of are you being more conservative on the guidance this time around?

所以我想我只是想了解一下，這次您是否在指導上更加保守？

Is that a function of incrementally weaker end demand?

這是終端需求逐漸減弱的結果嗎？

Or is that just more for being conservative?

或者這只是更保守的做法？

Sure.

當然。

So our math, if we do normalize for FX and FormSwift, at the high end of our guidance range does imply a decline of roughly 50 basis points.

因此，如果我們對 FX 和 FormSwift 進行標準化，那麼根據我們的計算，我們的指導範圍的高端確實意味著下降約 50 個基點。

So relatively in line with the commentary we gave last earnings call last November.

因此與我們去年 11 月上次財報電話會議上發表的評論相對一致。

And from a philosophy perspective, I'd say we're being consistent with our historical approach where our guidance largely reflects what we have visibility into today.

從哲學角度來看，我想說我們與我們的歷史方法一致，我們的指導很大程度上反映了我們今天的可見性。

And as far as what else is embedded into the '25 guide, it's an extension of the pressure that we have been seeing on our Teams business with respect to team expansion and downsell and churn trends, in part due to price sensitivity, which is offsetting the lift that we're seeing in gross new that Drew mentioned in his remarks.

至於 25 年指南中還包含哪些內容，這是我們在 Teams 業務中看到的壓力的延伸，這些壓力與團隊擴張、降價和客戶流失趨勢有關，部分原因是價格敏感性，這抵消了 Drew 在演講中提到的新業務總收入的提升。

And then we also have scaled back our sales team as part of the RIF and so that's pressuring some of our outbound sales expectations.

然後，作為 RIF 的一部分，我們也縮減了銷售團隊的規模，因此這給我們的一些對外銷售預期帶來了壓力。

And then we've talked a lot about Dash, where we're very optimistic about the long-term opportunity.

然後我們談論了很多關於 Dash 的事情，我們對其長期機會非常樂觀。

But just given the nascent state of that product, it will take time to build up the ARR and see it flow through to revenue.

但考慮到該產品尚處於起步階段，需要時間來建立 ARR 並使其轉化為收入。

So those are some of the factors that have gone into the guide.

這些就是指南中涉及的一些因素。

But again, no change to our overall philosophy when it comes to guidance.

但是，在指導方面，我們的整體理念並沒有改變。

Got it.

知道了。

And then can I just follow up on the guidance on the free cash flow as well?

那我也可以跟進自由現金流的指導嗎？

Can I just check with you roughly what is your cash tax rate?

可以大概問一下你們的現金稅率是多少嗎？

What I'm trying to guess here is that has there been any change in terms of your guided free cash flow?

我在這裡試圖猜測的是，您指導的自由現金流有任何變化嗎？

Like if you translate that above 900 -- sorry, $940 million of unlevered free cash flow to levered free cash flow, like which you have at or above $950 million, how would that figure compare?

例如，如果您將 900 以上（抱歉，9.4 億美元的無槓桿自由現金流）轉換為槓桿自由現金流，即 9.5 億美元或以上，那麼這個數字會如何比較呢？

Sure.

當然。

So I think we clarified our definition of levered versus unlevered free cash flow, which contemplates the interest that we're spending on our term loan, which we do expect to spend roughly $90 million in interest payments related to our debt net of the associated tax benefit.

因此，我認為我們澄清了槓桿與非槓桿自由現金流的定義，該定義考慮了我們在定期貸款上花費的利息，我們預計扣除相關稅收優惠後，我們將在與債務相關的利息支付上花費約 9000 萬美元。

But if you think about the thoughts that have gone into, call it, $940 million of unlevered free cash flow for this year, so this does account for a few factors, and that accounts for the latest thinking that we have on our revenue as well as changes in FX, which did deteriorate by more than $30 million since the remarks that we gave last November.

但是，如果您考慮今年 9.4 億美元的無槓桿自由現金流，那麼這確實考慮了一些因素，也考慮了我們對收入以及外匯變化的最新想法，自去年 11 月我們發表講話以來，外匯確實惡化了 3000 多萬美元。

So that's certainly a new headwind that we've baked in.

所以這無疑是我們面臨的一個新的阻力。

We're seeing reinvestments into the business to fund Dash as well as critical backfills for certain roles.

我們看到對業務的再投資正在為 Dash 提供資金以及為某些角色提供關鍵的補充。

So that's baked in higher cash taxes and merit increases are included.

因此，這包括更高的現金稅和績效加薪。

And then we do have a few onetime items, including the $36 million payment for the final installment of our San Francisco lease and $11 million of severance from our RIF.

然後我們確實有一些一次性項目，包括舊金山租賃的最後一期付款 3600 萬美元和從 RIF 中支付的 1100 萬美元遣散費。

That's all factored in.

這些都已考慮在內。

But if you're thinking about the $950 million, we said back in November relative to the $940 million, the major changes there, FX headwind of $30 million, but that's offset by some of the benefits that we're getting from our decision on FormSwift.

但如果你考慮 9.5 億美元，我們在 11 月就說過，相對於 9.4 億美元，主要的變化是 3000 萬美元的外匯逆風，但這被我們從 FormSwift 決策中獲得的一些好處所抵消。

You also asked about our cash tax rate.

您也詢問了我們的現金稅率。

No major changes from what we saw in 2024.

與 2024 年相比，沒有重大變化。

So that's not a major delta, though, of course, as we get more profitable, we do have to pay higher cash taxes, and that's another headwind that we'll be incurring as we get more profitable.

所以這不是一個很大的差異，當然，隨著我們獲得更多的利潤，我們確實必須支付更高的現金稅，這是我們在獲得更多利潤時將面臨的另一個阻力。

I'll now hand the call back over to Head of Investor Relations, Peter Stabler, for any closing remarks.

現在，我將把電話轉回給投資者關係主管 Peter Stabler，請他做最後發言。

Thank you, everyone, for joining us today.

感謝大家今天的參與。

We look forward to speaking with you next quarter.

我們期待下個季度與您交談。

Hope you all have a good day.

祝大家有個愉快的一天。

Thank you.

謝謝。

Ladies and gentlemen, thank you for participating.

女士們、先生們，感謝你們的參與。

This does conclude today's program, and you may now disconnect.

今天的節目到此結束，各位現在可以斷開連線了。