Dropbox Inc (DBX) 2025 Q1 法說會逐字稿

Hello and welcome to Dropbox's first-quarter 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加 Dropbox 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Peter Stabler. Sir, you may begin.

現在我想將會議交給 Peter Stabler。先生，您可以開始了。

Good afternoon and welcome to Dropbox's first quarter 2025 earnings call.

下午好，歡迎參加 Dropbox 2025 年第一季財報電話會議。

As a reminder, we will disclose non-GAAP financial measures on this call. Definitions and reconciliations between our GAAP and non-GAAP results can be found in our earnings release and our earnings presentation posted on our IR website @investors.dropbox.com. We will also make forward-looking statements on this call, including statements about our future outlook for our second quarter and fiscal year 2025 as well as our expectations regarding our business assets, strategies and the macroeconomic environment.

提醒一下，我們將在本次電話會議上揭露非公認會計準則財務指標。您可以在我們的收益報告和收益報告中查看我們 GAAP 和非 GAAP 業績之間的定義和對賬，這些報告和報告發佈在我們的投資者關係網站 @investors.dropbox.com 上。我們也將在本次電話會議上做出前瞻性陳述，包括我們對第二季和 2025 財年的展望，以及我們對業務資產、策略和宏觀經濟環境的預期。

These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those described. Many of these risks and uncertainties are described in our SEC filings, including our most recent report on Form 10-K. In our forthcoming report on Form 10-Q, forward-looking statements represent our beliefs and assumptions only. As of the date such statements are made. We disclaim any obligation to update any forward-looking statements except as required by law.

這些聲明受到已知和未知的風險和不確定性的影響，可能導致實際結果與描述的結果有重大差異。我們向美國證券交易委員會提交的文件中描述了許多此類風險和不確定性，包括我們最近的 10-K 表格報告。在我們即將發布的 10-Q 表報告中，前瞻性陳述僅代表我們的信念和假設。截至作出此類聲明之日。除非法律要求，我們不承擔更新任何前瞻性聲明的義務。

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. Welcome to our Q1 2025 earnings call, and I’m here with Tim Regan, our CFO. I’ll start with our business and product highlights, and then Tim will walk through our Q1 results and outlook for the rest of the year. Q1 revenue came in slightly ahead of our forecast. Our focus on operating efficiency, along with some timing related expense savings, help us achieve our highest ever non-GAAP operating margin.

謝謝，彼得，大家下午好。歡迎參加我們的 2025 年第一季財報電話會議，我和我們的財務長 Tim Regan 一起出席。我將首先介紹我們的業務和產品亮點，然後 Tim 將介紹我們的第一季業績以及今年剩餘時間的展望。第一季的營收略高於我們的預測。我們專注於營運效率，同時節省一些與時間相關的費用，幫助我們實現了有史以來最高的非公認會計準則營運利潤率。

As expected, we saw some sequential decline in paying users after removing form switch marketing and pursuing higher efficiencies in our core business, though decrease was less than we anticipated.

正如預期的那樣，在取消表單轉換行銷並追求核心業務的更高效率後，付費用戶數量出現了環比下降，但降幅低於我們的預期。

Now I’ll share an update on our two strategic priorities for this year, which are scaling Dash and simplifying and strengthening our core FSS business. I’ll start with Dash. A few weeks ago, we launched our major spring update, and I’m particularly excited about how it transforms the search experience for our customers. The update delivered three main improvements.

現在，我將分享我們今年的兩個策略重點的最新情況，即擴大 Dash 規模以及簡化和加強我們的核心 FSS 業務。我先從 Dash 開始。幾週前，我們推出了重要的春季更新，我對它如何改變客戶的搜尋體驗感到特別興奮。此次更新帶來了三項主要改進。

First, most search tools today are still limited to text, but as we know, our work lives extend far beyond documents to images, videos, and other rich media. Our spring update breaks this barrier. For the first time, Dash can now search across all these formats, recognizing both metadata and increasingly the actual content within images and videos.

首先，當今大多數搜尋工具仍然局限於文本，但眾所周知，我們的工作生活遠遠超出了文檔，還包括圖像、影片和其他富媒體。我們的春季更新打破了這一障礙。Dash 首次可以搜尋所有這些格式，識別元資料以及圖像和影片中的實際內容。

Imagine being able to find that specific product photo or design mock up without having to remember what you named the file. That’s now possible with Dash. This capability is especially valuable for creative professionals who work with visual content all day, which is why we’re seeing strong interest in the creative services industry where Dropbox has traditionally been strong.

想像一下，您無需記住文件的名稱，就能找到特定的產品照片或設計模型。現在，使用 Dash 就可以實現這一點。這種能力對於整天處理視覺內容的創意專業人士來說尤其有價值，這就是為什麼我們看到人們對 Dropbox 傳統上強大的創意服務產業產生濃厚興趣。

We also made significant performance improvements, cutting latency for Dash’s summarize and answers capabilities by over 50% and introducing a redesigned search box that serves as a single-entry point for finding, asking, writing, and organizing your content.

我們還對效能進行了顯著的改進，將 Dash 的總結和回答功能的延遲減少了 50% 以上，並引入了重新設計的搜尋框，作為查找、詢問、編寫和組織內容的單一入口點。

Second, we responded directly to our customers’ top requests by adding customizable data exclusions that give administrators control over what content gets ingested by Dash. We also rolled out full integrations with essential workplace apps, including Slack, Zoom, and Microsoft Teams, and we also added deeper integrations with creative and project management tools like Canva and Jira.

其次，我們透過添加可自訂的資料排除功能直接回應了客戶的最高請求，使管理員可以控制 Dash 提取的內容。我們還推出了與 Slack、Zoom 和 Microsoft Teams 等重要工作場所應用程式的全面集成，並且還增加了與 Canva 和 Jira 等創意和專案管理工具的更深層次的集成。

Third, we expanded Dash’s AI writing capabilities. Users can now use simple prompts to have Dash find and summarize content across all your connected apps and draft documents in seconds. The system supports creating templates or even having Dash draft full documents for you.

第三，我們擴展了 Dash 的 AI 寫作功能。使用者現在可以使用簡單的提示讓 Dash 在幾秒鐘內查找和總結所有連接的應用程式和草稿文件中的內容。該系統支援創建模板，甚至讓 Dash 為您起草完整的文檔。

Users can adjust the tone and formality of the writing or even have Dash write in their personal voice. We’ve also been strengthening Dash’s compliance posture. Dash has been GDPR compliant since the beginning of year, and we’ve begun addressing sales opportunities in other English-speaking countries.

使用者可以調整寫作的語氣和正式程度，甚至讓 Dash 以自己的個人聲音寫作。我們也一直在加強 Dash 的合規態勢。Dash 自今年年初以來一直遵守 GDPR，並且我們已經開始尋找其他英語國家的銷售機會。

Dash has also received ISO 27,001 compliance and SOC two certifications, reinforcing our commitment to content access control, risk management, and incident response. Customer feedback on these improvements has been encouraging, validating our product direction and rapid response to user need.

Dash 還獲得了 ISO 27,001 合規性和 SOC 兩項認證，這加強了我們對內容存取控制、風險管理和事件回應的承諾。客戶對這些改進的回饋令人鼓舞，驗證了我們的產品方向和對使用者需求的快速回應。

I’ll share a quick customer example. South based Construction, a cloud enabled commercial construction firm, turned to Dash to modernize their operations across their distributed teams. With Dash’s unified interface search and summarization tools, team members are saving an average of 30 minutes a day that they used to spend having to hunt for documents across different platforms.

我將分享一個簡單的客戶範例。總部位於南方的建築公司 (South based Construction) 是一家支援雲端運算的商業建築公司，該公司採用 Dash 來實現其分散式團隊的營運現代化。借助 Dash 的統一介面搜尋和摘要工具，團隊成員每天平均可節省 30 分鐘，而以前他們必須花費這些時間在不同的平台上搜尋文件。

Accurate summarization is particularly valuable for Southbase when their teams are comparing complex security and compliance documents, which they previously did manually. While a growing number of companies have deployed Dash, we still have work to do to streamline our sales onboarding and activation motions.

當 Southbase 的團隊比較複雜的安全和合規性文件時，準確的總結對於他們來說尤其有價值，而以前他們都是手動完成的。雖然越來越多的公司已經部署了 Dash，但我們仍需努力簡化銷售入職和啟動流程。

Improving our outbound sales efficiency is a top priority, but we’re also developing a self-serve motion for launch later this year. In the coming months, we’ll also introduce select Dash functionality onto some of our FSS plans, accelerating our introduction of Dash to our large installed base of FSS customers.

提高我們的對外銷售效率是當務之急，但我們也正在開發一項自助服務計劃，計劃於今年稍後推出。在接下來的幾個月裡，我們還將在部分 FSS 計劃中引入精選 Dash 功能，加速向龐大的 FSS 客戶群推出 Dash。

Now let’s turn to our core business. Last quarter, we outlined our goals of strengthening and simplifying our DFSS user experience while driving higher operating efficiency. This meant more focused investments, a shift that we also knew would create some growth headwind. And in Q1, we improved mission critical features that refine key workflows and reduce friction.

現在讓我們轉向我們的核心業務。上個季度，我們概述了加強和簡化 DFSS 使用者體驗同時提高營運效率的目標。這意味著更集中的投資，我們也知道這種轉變會帶來一些成長阻力。在第一季度，我們改進了關鍵任務功能，改善了關鍵工作流程並減少了摩擦。

As a result, we saw better than expected performance, particularly among self-serve teams despite reduced investment levels. For example, we improved prompts for users to install and activate our desktop app during sign up and early engagement. This has increased new desktop activations by over 50% year-over-year. This is an important metric because multi surface users typically have higher engagement and retention.

因此，儘管投資水準降低，但我們的業績表現仍優於預期，尤其是自助服務團隊。例如，我們改進了用戶在註冊和早期參與期間安裝和啟動桌面應用程式的提示。這使得新桌面啟動量年增了 50% 以上。這是一個重要的指標，因為多表面用戶通常具有更高的參與度和保留率。

We also enhanced the admin console knowing IT admins are often the purchasing decision makers. We improved billing management, enhanced the admin dashboard, and clarified our content management capabilities, leading to all time high CSAT scores for admins. Our pricing and packaging team simplified our product lineup by reducing the number of SKUs and better aligning features with customer needs.

我們也增強了管理控制台，因為我們知道 IT 管理員通常是購買決策者。我們改進了計費管理，增強了管理儀表板，並明確了我們的內容管理功能，從而使管理員的 CSAT 分數達到了歷史最高水準。我們的定價和包裝團隊透過減少 SKU 數量並使產品功能更好地與客戶需求相結合，簡化了我們的產品陣容。

This creates less friction in the buying process and clearer value proposition. Through strategic discounting, we also accelerated migration from monthly to annual plans, which should improve retention going forward.

這會減少購買過程中的摩擦並使價值主張更加清晰。透過策略折扣，我們還加速了從月度計劃到年度計劃的轉變，這應該會提高未來的保留率。

In our document workflow businesses, Q1 performance was largely as expected. DocsZen delivered solid double digit growth year-over-year, while Sign continued to face the challenging competitive landscape. And as mentioned, Formswift saw an expected decline in paying users, but operating income and free cash flow improved significantly year-over-year.

在我們的文件工作流程業務中，第一季的表現基本上符合預期。DocsZen 實現了同比兩位數的穩健增長，而 Sign 則繼續面臨嚴峻的競爭形勢。如前文所述，Formswift 的付費用戶數量出現了預期的下降，但營業收入和自由現金流較去年同期大幅改善。

In closing, we’ve had a productive start to the year in addressing both of our strategic priorities. Our teams are moving with urgency, and our April Dash release was a significant step forward in solving real customer problems.

最後，我們在解決兩個策略重點方面取得了富有成效的開局。我們的團隊正在緊急行動，我們 4 月發布的 Dash 是解決實際客戶問題的重要一步。

We also continue to make pro progress improving our FSS business. As expected, we’re still evolving our go to market engine and optimizing our Dash sales and onboarding motion, but we know what steps to take. And in the coming months, we’ll augment our Dash sales effort with a product led self-serve option.

我們也在不斷改進 FSS 業務方面取得積極進展。正如預期的那樣，我們仍在改進我們的市場引擎並優化我們的 Dash 銷售和入職流程，但我們知道要採取哪些步驟。在接下來的幾個月裡，我們將透過產品主導的自助服務選項來增強我們的 Dash 銷售力度。

The macro landscape is still fluid, but we believe our subscription business, our strong profitability, and our broad customer diversification position us well to navigate those current market uncertainties. We’re focused on what we can control, and we’ll continue refining our execution as we pursue the Dash opportunity.

宏觀情況仍然不穩定，但我們相信，我們的訂閱業務、強勁的盈利能力以及廣泛的客戶多元化使我們能夠很好地應對當前的市場不確定性。我們專注於我們能夠控制的事情，並且在追求 Dash 機會的過程中，我們將繼續改進我們的執行力。

Now I’ll turn it over to Tim to cover our financial results and our updated outlook.

現在我將把時間交給提姆來介紹我們的財務表現和最新的展望。

Thank you, Drew. I’ll cover our financial highlights from Q1 and then provide guidance for the second quarter and the full year 2025. As a reminder, our financial objectives this year are aimed at positioning our core file sync and share and document workflow business lines for increased efficiency by driving higher levels of operating margins and free cash flow from these areas.

謝謝你，德魯。我將介紹我們第一季的財務亮點，然後提供第二季和 2025 年全年的指導。提醒一下，我們今年的財務目標是透過提高這些領域的營業利潤率和自由現金流來定位我們的核心文件同步和共享以及文件工作流程業務線，以提高效率。

We are then leveraging this profitability and the strength of our balance sheet to reduce our share count, thereby driving growth in free cash flow per share. Concurrently, we are investing in areas where we see opportunities to return to positive revenue growth, most notably with Dash.

然後，我們利用這種獲利能力和資產負債表的優勢來減少股票數量，從而推動每股自由現金流的成長。同時，我們正在投資那些我們認為有機會恢復正收入成長的領域，其中最引人注目的是 Dash。

The first quarter was a solid step forward in executing against this strategy. Starting with our financial highlights from Q1. As a reminder, we recently eliminated our marketing spend behind our FormSwift business, and we reduced the number of outbound sellers supporting our core FileSecondShare business.

第一季是執行這項策略的堅實一步。從我們第一季的財務亮點開始。提醒一下，我們最近取消了 FormSwift 業務背後的行銷支出，並減少了支援核心 FileSecondShare 業務的外部賣家數量。

As expected, these factors pressured our year-over-year revenue growth. Total revenue for Q1 declined 1% year-over-year to $625 million. Constant currency revenue declined 60 basis points year-over-year to $628 million. FormSwift acted as a 70 basis points headwind to revenue on a year-over-year basis.

正如預期的那樣，這些因素給我們的同比收入成長帶來了壓力。第一季總營收年減 1% 至 6.25 億美元。以固定匯率計算，營收年減 60 個基點至 6.28 億美元。與去年同期相比，FormSwift 的營收下降了 70 個基點。

Total ARR was $2.552 billion, down 20 basis points year-over-year and flat on a constant currency basis. FormSwift acted as a 120 basis points headwind to ARR in the quarter. We exited the quarter with 18 million paying users, down approximately 60,000 paying users on a sequential basis. Average revenue per paying user was $139.26 as compared to $140.06 in the prior quarter. The quarter’s sequential decline in paying users was driven largely by our reduced level of investment in FormSwift.

總 ARR 為 25.52 億美元，年減 20 個基點，以固定匯率計算持平。FormSwift 在本季對 ARR 造成了 120 個基點的阻力。本季結束時，我們的付費用戶數為 1,800 萬，比上一季減少了約 6 萬。每位付費用戶的平均收入為 139.26 美元，而上一季為 140.06 美元。本季付費用戶數量季減主要是因為我們減少了對 FormSwift 的投資。

ARPU declined sequentially due to both FX as well as a mix shift away from FormSwift where these subscriptions carry a higher average selling price. Despite these collective metrics declining year-over-year, in part due to our strategic decisions, we outperformed our expectations for the quarter.

由於 FX 以及從 FormSwift 轉變而來（這些訂閱的平均售價更高），ARPU 則是季減。儘管這些總體指標較去年同期下降，部分原因是我們的策略決策，但我們本季的表現超出了預期。

This outperformance largely stemmed from our self-serve teams and individual SKUs. 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 purchase intangibles, certain acquisition related expenses, net gains and losses on our real estate assets, workforce reduction expenses and net losses on equity investments. Our non-GAAP net income also includes the income tax effect of the aforementioned adjustment.

這種優異的表現主要源自於我們的自助服務團隊和單獨的 SKU。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，並且不包括股票薪酬、購買無形資產攤銷、某些收購相關費用、房地產資產的淨損益、裁員費用和股權投資的淨損失。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 82.9% for the quarter, down 170 basis points from the year ago period as we continue to support our data center refresh cycle. I would also note that we saw a smaller depreciation benefit from the change in useful life of our servers versus the year ago period. Operating margin was 41.7%, ahead of our guidance of 38.5% and up more than 500 basis points from the year ago period.

由於我們持續支援資料中心更新周期，本季毛利率為 82.9%，較去年同期下降 170 個基點。我還要指出的是，與去年同期相比，我們伺服器使用壽命的變化帶來的折舊收益較小。營業利益率為 41.7%，高於我們的預期 38.5%，比去年同期高出 500 多個基點。

Operating margin increased year-over-year largely due to our headcount reduction from our RIF last fall and lower marketing spend following the strategic shift away from FormSwift. Compared to our guidance, operating margin benefited primarily from delayed outside services and marketing spend that we expect to incur later this year, a release of certain international tax reserves and a disciplined approach to hiring.

營業利潤率年增，主要原因是我們去年秋季 RIF 裁減了員工人數，並且隨著策略轉向 FormSwift 而降低了行銷支出。與我們的預期相比，營業利潤率主要受益於我們預計今年稍後產生的外部服務和行銷支出的延遲、某些國際稅收儲備的釋放以及嚴格的招聘方式。

Net income for the first quarter was $207 million up 5% year-over-year. Diluted EPS for the first quarter was $0.70 based on 296 million diluted weighted average shares outstanding compared to $0.58 in the year ago quarter, representing a 21 year-over-year increase.

第一季淨收入為 2.07 億美元，年增 5%。根據 2.96 億股稀釋加權平均流通股計算，第一季稀釋每股收益為 0.70 美元，去年同期為 0.58 美元，較去年同期成長 21%。

Moving on to our cash balance and balance sheet, cash flow from operations was $154 million, a decrease of 12% versus the year ago period. As a reminder, this quarter included a $36 million payment for the third and final tranche of our San Francisco lease buyout that we executed in 2023, as well as $10 million of severance and benefits payments related to our reduction in force.

看看我們的現金餘額和資產負債表，營運現金流為 1.54 億美元，比去年同期下降了 12%。提醒一下，本季包括我們於 2023 年執行的舊金山租賃收購的第三筆也是最後一筆 3,600 萬美元的付款，以及與裁員相關的 1,000 萬美元的遣散費和福利金。

Q1 also included $21 million of interest payments related to our December 2024 term loan transaction. We had immaterial capital expenditures in the quarter due to a shift in timing for certain facility restoration costs and delivery time lines for data center build outs. Q1 unlevered free cash flow was therefore $174 million or $0.59 per share.

第一季還包括與我們 2024 年 12 月定期貸款交易相關的 2,100 萬美元利息支付。由於某些設施恢復成本的時間變化以及資料中心建設的交付時間表，我們本季的資本支出並不大。因此，第一季無槓桿自由現金流為 1.74 億美元，即每股 0.59 美元。

As a reminder, we define unlevered free cash flow as free cash flow, excluding the impact of interest payments associated with our term loan, net of their associated tax benefit. In the quarter, we also added $44 million to our finance leases for data center equipment as we continue to invest in refreshing our data centers.

提醒一下，我們將無槓桿自由現金流定義為自由現金流，不包括與我們的定期貸款相關的利息支付的影響，並扣除其相關的稅收優惠。本季度，我們也增加了 4,400 萬美元的資料中心設備融資租賃，繼續投資更新我們的資料中心。

We ended the quarter with cash and short-term investments of $1.2 billion. In the first quarter, we repurchased approximately 18 million shares, spending approximately $500 million. As of the end of the first quarter, we had approximately $870 million remaining under our existing share repurchase authorization.

本季末，我們的現金和短期投資為 12 億美元。第一季度，我們回購了約1800萬股，花費約5億美元。截至第一季末，我們現有的股票回購授權剩餘金額約為 8.7 億美元。

I'll now offer our updated outlook for Q2 and the full year 2025. For the second quarter of 2025, we expect revenue to be in the range of $616 million to $619 million. We are expecting a currency headwind of approximately $1 million. On a constant currency revenue basis, we expect revenue to be in the range of $617 million to $620 million. We expect Form Swift to serve as a roughly 150 basis points headwind to revenue in the second quarter. We expect our non-GAAP operating margin to be approximately 37.5%.

我現在將提供我們對第二季和 2025 年全年的最新展望。對於 2025 年第二季度，我們預計營收將在 6.16 億美元至 6.19 億美元之間。我們預計貨幣逆風約 100 萬美元。以固定匯率收入計算，我們預計收入將在 6.17 億美元至 6.2 億美元之間。我們預計 Form Swift 將對第二季的營收造成約 150 個基點的阻力。我們預計非公認會計準則營業利潤率約為 37.5%。

Finally, we expect diluted weighted average shares outstanding to be in the range of 279 million to 284 million shares based on our 30-day trailing average share price. For the full year 2025, based on current foreign exchange rates, we are raising our previous guidance range for reported revenue by $10 million to $2.475 billion to $2.490 billion. Our full year constant currency revenue guidance is unchanged at $2.483 billion to $2.498 billion. We continue to expect Forum SWIFT to serve as a 150 basis points headwind to revenue this year.

最後，根據我們 30 天的移動平均股價，我們預期稀釋加權平均流通股數將在 2.79 億股至 2.84 億股之間。對於 2025 年全年，根據目前外匯匯率，我們將先前的報告收入預測範圍上調 1,000 萬美元，至 24.75 億美元至 24.90 億美元。我們對全年固定匯率收入的預期保持不變，為 24.83 億美元至 24.98 億美元。我們仍然預計 SWIFT 論壇今年將對收入造成 150 個基點的阻力。

Our gross margin outlook is unchanged. We are raising our outlook for non-GAAP operating margin by 50 basis points to be in the range of 38% to 38.5%. We are raising unlevered free cash flow by $10 million to be at or above $950 million. We are also maintaining our CapEx guidance to be in the range of $25 million to $30 million for the full year, in addition to finance lease lines to be approximately 6% of revenue.

我們的毛利率前景維持不變。我們將非公認會計準則營業利潤率預期上調 50 個基點，至 38% 至 38.5% 之間。我們將無槓桿自由現金流提高 1,000 萬美元，達到或超過 9.5 億美元。我們也維持全年資本支出指引在 2,500 萬美元至 3,000 萬美元之間，此外融資租賃額度約佔收入的 6%。

Finally, as a result of our recent repurchase activity, we are now expecting diluted weighted average shares outstanding to be in the range of 276 million to 281 million shares, down 7 million shares from our original guidance.

最後，由於我們最近的回購活動，我們現在預計稀釋加權平均流通股數將在 2.76 億股至 2.81 億股之間，比我們最初的預期減少 700 萬股。

I’ll now share some additional perspective on this guidance for 2025. We had a solid start to the year, in particular executing against our objective of driving higher levels of efficiency across our core file second share and document workflow businesses. Despite this, we are facing an uncertain macroeconomic environment that could introduce some volatility to our results.

現在，我將分享一些有關 2025 年指導的額外觀點。我們今年有一個良好的開端，特別是實現了我們的核心文件第二共享和文件工作流程業務的更高效率的目標。儘管如此，我們仍面臨不確定的宏觀經濟環境，這可能會為我們的業績帶來一些波動。

While we have not yet seen any meaningful impact to our customer demand and are optimistic that our diversified customer base will help insulate us from near term volatility, it is too early to estimate the impact of the evolving geopolitical dynamics. We also continue to navigate the uncertain pacing of revenue stemming from the elimination of our marketing investment in FormSwift as well as the nascent state of Dash.

雖然我們尚未看到對客戶需求的任何重大影響，並且樂觀地認為我們多元化的客戶群將幫助我們免受短期波動的影響，但現在估計不斷變化的地緣政治動態的影響還為時過早。我們也持續應對因取消對 FormSwift 的行銷投資以及 Dash 的新生狀態而導致的收入成長步伐不確定的問題。

We are therefore maintaining our constant currency revenue guidance for the year. However, we are flowing through the benefit from the improvement in FX rates to our as reported revenue guidance. Regarding paying users and in light of the aforementioned perspective, we are maintaining our initial commentary and expecting paying users to decline by roughly 1.5% or 300,000 users with these declines to be roughly evenly spread throughout the year.

因此，我們維持今年的固定貨幣收入指引。然而，我們正在將外匯匯率改善的好處納入我們的報告收入指引中。關於付費用戶，基於上述觀點，我們維持最初的評論，預計付費用戶數量將下降約 1.5% 或 30 萬用戶，而這一下降趨勢將大致均勻地分佈在全年。

We continue to expect that forms with will represent roughly half of the paying user decline this year, where these plans also carry a higher average selling price, and thus this decline will also introduce some pressure to our ARPU trends. Moving on to operating margins, we are raising our full year guidance by 50 basis points, which largely reflects our latest outlook on FX.

我們仍然預計，今年付費用戶下降的約一半將來自此類計劃，這些計劃的平均售價也較高，因此這種下降也會給我們的 ARPU 趨勢帶來一些壓力。對於營業利潤率，我們將全年預期上調了 50 個基點，這在很大程度上反映了我們對外匯的最新展望。

While we outperformed on operating margins in Q1, some of this outperformance was due to delayed spend that we expect to incur later this year as we plan to invest in headcount and marketing behind Dash. We are also maintaining our full year CapEx and finance lease guidance.

雖然我們在第一季的營業利潤率表現出色，但這種優異表現的部分原因是我們計劃投資於 Dash 的員工數量和行銷，因此預計今年晚些時候會出現支出延遲。我們也維持全年資本支出和融資租賃指引。

While we are monitoring the macroeconomic conditions closely and assessing mitigation plans to the extent tariffs are applied to equipment needed for data centers, we are currently assuming no material impact to cash CapEx or to our finance leases. We are also raising unlevered free cash flow in line with our raise to operating margins. In conclusion, we’re off to a good start to the year.

雖然我們正在密切監測宏觀經濟狀況並評估緩解計劃，以確定對資料中心所需設備徵收關稅的程度，但我們目前認為這不會對現金資本支出或融資租賃產生重大影響。隨著營業利益率的提高，我們也提高無槓桿自由現金流。總而言之，我們今年的開局很好。

We are executing well against our strategy of generating higher levels of efficiency across our core file ticket share and document workflow businesses as we outperformed against our expectations for the first quarter. We also reduced our share count via our share repurchase program, thus putting ourselves in position to drive a meaningful increase in free cash flow per share this year.

我們很好地執行了我們的策略，即在我們的核心文件票證共享和文件工作流程業務中創造更高的效率，因為我們第一季的表現超出了我們的預期。我們也透過股票回購計畫減少了股票數量，使我們今年能夠推動每股自由現金流的大幅成長。

While we are pleased with the start and the progress we are making on Dash, we are also keeping a close watch on the evolving macro environment for any potential impact to our business. We look forward to sharing further updates on our progress in future quarters.

雖然我們對 Dash 的起步和進展感到滿意，但我們也密切關注不斷變化的宏觀環境，以防其對我們的業務產生任何潛在影響。我們期待在未來幾季分享我們進展的進一步更新。

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

接線員，請打開熱線來回答問題。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

Okay. Great. Thanks for thanks for taking the questions here. I guess I just want to ask on or to start asking about some of the, I guess, just better user levels. It looks like was a little bit better than you expected. But just what is it that’s maybe supporting that or helping to drive the better outcomes there? And, guess, how do you kind of feel about the incremental levers or, you know, additional things that you can that are in your control to manage levels from here?

好的。偉大的。感謝您在這裡回答問題。我想我只是想問一下或開始問一些關於更好的用戶級別的問題。看起來比你預期的要好一點。但究竟是什麼可以支持這個進程或幫助推動更好的結果呢？並且，猜猜看，您對增量槓桿或您可以控制的、從這裡管理層級的其他事物有何感想？

Sure. I can start, and Tim can add on. So we’re making progress on a lot of our priorities in the core business. So, in particular, we’re focused on the Teams business, which has higher retention rates, higher ARPU, as has a good attach potential for Dash. And the improvements really stemmed from product performance improvements.

當然。我可以開始，然後蒂姆可以補充。因此，我們在核心業務的許多優先事項上都取得了進展。因此，我們特別關注 Teams 業務，該業務具有更高的留存率、更高的 ARPU，並且對 Dash 具有良好的附加潛力。這些改進確實源自於產品性能的改進。

So we’ve been focused on making onboarding easier and reducing friction and streamlining that experience. And we’ve seen some of that pay off with from leading indicators like the number of desktop activations to be let successfully install and get up and running on the desktop app. But that number has increased 50% year-over-year. We’ve made similar efforts and improvements on team expansion. We continue iterating iterate on pricing to get the price value equation right.

因此，我們一直致力於讓入職流程更加簡單、減少摩擦並簡化體驗。我們已經從領先指標中看到了一些回報，例如成功安裝和啟動並運行桌面應用程式所需的桌面啟動次數。但這一數字年增了50%。我們在團隊擴展方面也做出了類似的努力和改進。我們不斷迭代定價以獲得正確的價格價值方程式。

So I think we both made progress on those fronts, and we still have headroom in each of those areas too. And, ultimately, one of the best things we can do for core retention is to complement it with Dash so that the value we provide extends from syncing your files to organizing all your cloud content and providing an intelligence layer over everything and doing that safely.

所以我認為我們都在這些方面取得了進展，並且我們在各個領域仍然有進步的空間。最終，我們可以為核心保留所做的最好的事情之一就是用 Dash 對其進行補充，以便我們提供的價值從同步您的文件擴展到組織您的所有雲內容並為所有內容提供智能層並安全地執行這些操作。

Hey, Steve. It’s Tim. As Drew talked about, we did see some outperformance on our individual and team SKUs relative to expectations. But as related to the full year, what we did outperform in the first quarter, certainly mindful of the evolving macro environment.

嘿，史蒂夫。我是提姆。正如德魯所說，我們確實看到個人和團隊 SKU 的表現超出預期。但與全年相比，我們在第一季的表現確實出色，當然也考慮了不斷變化的宏觀環境。

And so that’s why we’re maintaining our initial commentary in expecting paying users to decline by roughly 300,000 users. Still expect that FormSwift will represent about half of the paying user decline, and we expect that decline to be roughly evenly spread throughout the year.

因此，我們維持最初的預測，預計付費用戶數量將減少約 30 萬人。我們仍然預計 FormSwift 將佔付費用戶下降量的一半左右，我們預計這一下降趨勢將大致均勻分佈在全年。

Okay. Great. That’s helpful. And then maybe just on Dash, you know, I guess, any kind of change in your view since, I guess, over the past ninety days since we last talked around, you know, the monetization potential or how you expect the, you know, the rollout and the sales initiatives back into the base to play out from here?

好的。偉大的。這很有幫助。然後也許只是關於 Dash，我想，自從我們上次討論以來的過去 90 天裡，你對貨幣化潛力的看法有什麼變化嗎？或者你對推出和銷售計劃如何回到基礎方面有何預期？

Nothing major. I think the things I’m most excited about are things like our recent product release, a couple weeks ago. So our spring release for Dash breaks a lot of new grounds in being able to support images and video, for example, whereas a lot of, other products are focused on text and documents.

沒什麼大不了的。我認為最讓我興奮的事情是幾週前我們最近發布的產品。因此，我們春季發布的 Dash 版本在支援圖像和視訊等方面取得了許多突破，而許多其他產品則專注於文字和文件。

And we’ve closed a lot of or we we’ve been responsive to a lot of key customer requests, particularly on some of our connector coverage with adding connectors for, apps like Slack and Teams and Zoom and Canva, which are some of our most heavily requested. And then more broadly, the basic value prop continues to resonate in our existing customers.

我們已經完成了很多，或者說我們已經回應了很多關鍵客戶的請求，特別是在我們的一些連接器覆蓋範圍內，添加了 Slack、Teams、Zoom 和 Canva 等應用程式的連接器，這些是我們最需要的應用程式。更廣泛地說，基本價值主張繼續在我們現有的客戶中引起共鳴。

Certainly, see this as a natural evolution of what we do. We’ve got half a million paying businesses on Dropbox who also need to organize their cloud content and need to roll out AI safely. And it’s also been good just the progress we’ve been seeing in building pipeline and getting our pilot customers up and running.

當然，請將此視為我們工作的一個自然演變。Dropbox 上有 50 萬家付費企業，他們也需要組織自己的雲端內容，並需要安全地推出人工智慧。我們在建立管道和讓試點客戶啟動並運行方面所取得的進展也是令人欣慰的。

I mean, I think we’ve had some expected friction. Just there’s opportunities for us to just compress the cycle times of getting customers up and running and making onboarding easier and making teams set up an education easier. So those are the kinds of things we’re iterating on. But overall, no major changes, pretty excited about the opportunity.

我的意思是，我認為我們已經遇到了一些預期的摩擦。我們有機會縮短客戶啟動和運行的周期時間，使入職更容易，使團隊更容易接受教育。這些就是我們正在重複的事情。但總體而言，沒有重大變化，對這個機會感到非常興奮。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful. Thanks so much for taking my questions. Maybe I want to continue to follow-up on Dash. So I know it’s going take a while before this turns into monetization. But maybe can you be a little bit more specific in terms of early adopters?

精彩的。非常感謝您回答我的問題。也許我想繼續關注Dash。所以我知道這需要一段時間才能貨幣化。但您能否更具體地說明早期採用者的情況？

Kind of what sort of feedback you’re getting from them? And maybe more importantly than that, given the space is competitive and arguably getting more competitive with a number of different players entering it, when you are seeing customers use Dash versus any of the other alternatives, what are typically the reasons you hear from them about why they chose to go with Dash versus using another one of those services? And then I got a quick follow-up.

您從他們那裡得到了什麼樣的回饋？也許更重要的是，鑑於這個領域競爭激烈，而且隨著許多不同的參與者進入該領域，競爭可能會變得更加激烈，當您看到客戶使用 Dash 而不是其他任何替代方案時，您通常會從他們那裡聽到什麼原因讓他們選擇使用 Dash 而不是使用其他服務？然後我得到了快速的跟進。

So one is, as we expected, things like just the basic AI search resonates. But we’ve actually also seen that, the features around organizing and sharing content, specifically stacks resonate with a lot of our, early users. And so our customers have challenges not just around search, but around organizing and sharing all their content in a cross-platform way.

因此，正如我們所預料的那樣，諸如基本的人工智慧搜尋之類的東西會引起共鳴。但我們實際上也看到，圍繞著組織和共享內容的功能，特別是堆疊，引起了許多早期用戶的共鳴。因此，我們的客戶不僅面臨搜尋方面的挑戰，還面臨以跨平台方式組織和分享所有內容的挑戰。

Because if you think about it, you know, getting ready for a board meeting or working on a project and you have a, you know, Google Doc and a video file and an Airtable or something, there’s not really a common container, until stacks.

因為如果你想想，你知道，準備參加董事會會議或開展專案時，你有一個 Google Doc、一個視訊檔案和一個 Airtable 或類似的東西，實際上並沒有一個通用的容器，直到堆疊。

And so, I think customers get really excited about the possibilities and especially when you combine that with the multimodal support to being able to organize images and video, anything about especially the sort of the Dropbox customers skew, or we have a lot of adoption in, like, the creative community or people that work with big files and video. Dash is pretty unique in how, we support that.

因此，我認為客戶對於這些可能性感到非常興奮，特別是當你將其與多模式支援結合起來，能夠組織圖像和視頻，特別是 Dropbox 客戶傾向的任何事情，或者我們在創意社區或處理大文件和視頻的人們中有很多採用。Dash 在這方面非常獨特，我們支持這一點。

And then also on the IT side, protect and control really resonates. So when you think about rolling out AI within a company or search, but really AI of any kind, one challenge is it makes it a lot easier for employees to access content that shouldn’t have been shared in the first place and protect and control really helps you identify improperly shared or sensitive content across every platform which is unique and then actually lets you remediate it at its source.

然後從 IT 方面來看，保護和控制確實引起了共鳴。因此，當您考慮在公司或搜尋中推出人工智慧時，但實際上任何類型的人工智慧，一個挑戰是，它使員工更容易訪問本來就不應該共享的內容，而保護和控制確實可以幫助您識別每個平台上獨特且不當共享或敏感的內容，然後實際上可以讓您從來源進行補救。

So it allows you to identify over shared content, mass unshare it, and set policies, to keep that in line going forward and that’s something that, again, is unique to Dash and a really resonating part of the value prop beyond, search.

因此，它允許您識別共享內容、批量取消共享並設定策略，以使其在未來保持一致，而這又是 Dash 獨有的，也是搜尋之外的價值主張中真正引起共鳴的部分。

Alright. Wonderful. Helpful. And then maybe just turning to the macro environment. Look, I appreciate the color, out there. I want to think maybe specifically about the consumer side of the business. I know this stuff takes time to flow through, but we’ve seen kind of reports of weakening consumer confidence. And I imagine that’s kind of maybe a little bit of a challenged area. Maybe can you walk me through what are you seeing specifically in the consumer business? And as we think about your guidance for the rest of the year, unless consumer kind of stays at this sort of level, how should we see this playing out? Thanks.

好吧。精彩的。很有幫助。然後也許只是轉向宏觀環境。瞧，我很欣賞那裡的色彩。我想具體思考一下業務的消費者面。我知道這些事情需要時間來消化，但我們已經看到了消費者信心減弱的報道。我想這可能是個有點挑戰性的領域。也許您能向我介紹一下您在消費者業務方面具體看到了什麼嗎？當我們考慮您對今年剩餘時間的指導時，除非消費者保持這種水平，否則我們應該如何看待這種情況？謝謝。

Yes. So in in our world, consumer adoption often in our context means a mixed personal and work use case. And that’s important because a lot of our individual subscribers are often using Dropbox for something like 80% of our users are using Dropbox or of our subscribers using Dropbox for either a entirely a work use case or a mixed personal and work use case.

是的。因此，在我們的世界中，消費者的採用通常意味著混合個人和工作用例。這很重要，因為我們的許多個人訂閱者經常使用 Dropbox，大約 80% 的用戶都在使用 Dropbox，或者我們的訂閱者將 Dropbox 用於完全的工作用途或混合的個人和工作用途。

And then a lot of our that subscriber base has been with us for a long time. And in that context, Dropbox is a pretty, you know, mission critical thing. The reason that people stay on Dropbox is because their most important information is on there and they have this whole sharing network set up in both personal and work context. And so we and we’ve also just observed that while there are the general trends, I think we’re all looking in, you know, keeping an eye on the macro environment, and we haven’t really seen major changes in these trends.

我們的許多訂戶已經與我們合作了很長時間。從這個角度來看，Dropbox 是一個非常重要的任務。人們繼續使用 Dropbox 的原因是，他們最重要的資訊都在那裡，並且他們在個人和工作環境中建立了整個共享網路。因此，我們也觀察到，雖然存在整體趨勢，但我認為我們都在關注宏觀環境，我們還沒有真正看到這些趨勢發生重大變化。

And so some of what we’ve seen around we have seen, like, price sensitivity with SMBs, but both in our, like, SMB segment and consumer segment or individual segment, we haven’t really seen, like, major new changes to leading indicators that indicate some big impact on the macro environment. I mean, obviously, that that can change, but it’s not something we’ve seen yet.

因此，我們看到了一些情況，例如中小企業的價格敏感性，但無論是在中小企業領域還是消費者領域或個人領域，我們還沒有真正看到領先指標發生重大變化，這表明對宏觀環境產生了重大影響。我的意思是，顯然，這種情況可能會改變，但目前我們還沒有看到這種情況。

And, Rishi, this is Tim. And maybe as Drew was alluding to as related to guidance, we’ve not seen any meaningful change in our trends at this point, but certainly mindful of this incremental macro risk. We’re also facing some uncertainty as to the pacing of Formswift’s revenue just given the elimination of our marketing investment in that business. And so I’d say we are being prudent with the guidance we’ve shared.

里希，這是提姆。也許正如德魯所暗示的與指導相關的那樣，我們目前還沒有看到趨勢發生任何有意義的變化，但我們肯定會注意到這種漸進的宏觀風險。由於我們取消了對業務的行銷投資，我們對 Formswift 的營收成長速度也面臨一些不確定性。因此我想說，我們對所分享的指導是謹慎的。

Matt Bullock, Bank of America.

美國銀行的馬特‧布洛克 (Matt Bullock)。

This is Matt on for Mike Funk. So really strong margin during the quarter. It sounds like there was some timing benefit in sales and marketing, but there was also a pretty substantial downtick in R&D spend, I think down about 20% year-over-year. Should we expect that run rate to be sustainable under the new operational structure? Or should we expect R&D intensity to come back up as some of these investments in Dash contain a ramp?

這是 Matt 為 Mike Funk 主持的節目。因此本季的利潤率確實很高。聽起來銷售和行銷方面有一些時機優勢，但研發支出也出現了相當大的下降，我認為比去年同期下降了約 20%。我們是否應該期望在新的營運結構下運作率能夠持續？或者我們應該預期研發強度會回升，因為 Dash 中的一些投資有所增加？

Sure. I’d say it’s largely sustainable. If you look at our guidance, we’re raising our guidance to 38% to 38.5%, certainly largely reflects our latest outlook on FX. And as you noted, while we beat on operating margins in the first quarter, some of that was due to delayed vendor spend and hiring that we expect to incur later this year. And specific to R&D, certainly mindful of our R&D spend.

當然。我想說它很大程度上是可持續的。如果你看一下我們的指引，我們將指引提高到 38% 至 38.5%，這在很大程度上反映了我們對外匯的最新展望。正如您所說，雖然我們第一季的營業利潤率超過了預期，但部分原因是我們預計今年稍後會出現供應商支出和招聘延遲的情況。具體到研發，我們當然要注意研發支出。

We’re very focused on optimizing the core business for efficiency. We’re certainly making good progress with that effort but also rotating investments towards our higher growth opportunities such as Dash, where we will continue to invest marketing and headcount to support that.

我們非常注重優化核心業務以提高效率。我們在這方面的努力確實取得了良好的進展，但我們也將投資轉向了 Dash 等更高成長的機會，我們將繼續投資行銷和員工來支持它。

Understood. Thank you. And then just one more quick follow-up, if I could. Sounds like the integration work on Dash is progressing nicely. Are there are there any other major integrations coming down the pipeline that are worth noting that you think could be an unlock for demand?

明白了。謝謝。如果可以的話，我再快速跟進。聽起來 Dash 的整合工作進展順利。您認為還有其他值得關注的、可能釋放需求的重大整合嗎？

So one area where we’re really focused is building a self-serve version of Dash to which is, important for unlocking the potential of our self-serve base. So if you think about the more than half a million business customers on Dropbox, the vast majority of those are self-serve. So having a version of Dash that you can just kind of get up and download and get up and running, on your own is important.

因此，我們真正關注的一個領域是建立 Dash 的自助服務版本，這對於釋放我們自助服務基礎的潛力非常重要。因此，如果你想想 Dropbox 上超過 50 萬的商業客戶，你會發現其中絕大多數都是自助服務的。因此，擁有一個您可以自行下載並啟動和運行的 Dash 版本非常重要。

And then we also have a lot of historical strength which will leverage again in in the self-serve and viral motion and things like stacks and sharing really accelerating growth. So really building that connectivity between FSS and Dash and then making it so it’s, like, really easy for folks to both existing customers to get up and running on Dash in a seamless way and also for new customers, we think that’s going to be a big accelerant.

然後，我們還擁有許多歷史優勢，這些優勢將再次在自助服務和病毒式傳播以及堆疊和共享等方面發揮作用，真正加速成長。因此，真正建立 FSS 和 Dash 之間的連接，然後使現有客戶和新客戶能夠輕鬆無縫地在 Dash 上啟動和運行，我們認為這將是一個巨大的加速器。

And I’d just say another part is just touching on the competitive comment before is in our sweet spot, which is largely SMBs in mid-market, we really don’t see a lot of competition. And when I talk to customers and prospects, most of them have not even heard of some of the enterprise focused competitors. So we see this as a lot of white space for Dropbox, which is another area another reason why we’re really focused on building from strength in our in our home field.

我想說的另一部分是關於競爭的評論，之前我們討論的是最佳點，也就是中端市場的中小企業，我們確實沒有看到太多的競爭。當我與客戶和潛在客戶交談時，他們中的大多數人甚至沒有聽說過一些以企業為中心的競爭對手。因此，我們認為這對 Dropbox 來說是一個很大的空白，這也是我們真正專注於在自己的領域中發揮優勢的另一個原因。

Alex Nguyen, Jefferies.

傑富瑞 (Jefferies) 的亞歷克斯阮 (Alex Nguyen)。

Yes. Hi. This is Alex for Brent Thill. I want to ask about the recent addition of Promoted AI to the team. It looks like the senior individuals there specialize in marketplace app technology. So can you talk more about the strategic implication of this addition, and how are you intending to leverage Promoted AI expertise within your overall business?

是的。你好。我是亞歷克斯，代表布倫特·蒂爾 (Brent Thill)。我想問一下最近加入團隊的 Promoted AI 的情況。看起來那裡的高級人員專門研究市場應用技術。那麼，您能否詳細談談這項新增功能的策略意義，以及您打算如何在整體業務中利用 Promoted AI 專業知識？

Yes. So Promoted AI is a recent acquisition we made. It’s a really talented team with a lot of machine learning and AI experience both within their startup, but then also at a lot of established companies. And they’re coming in to really strengthen our machine learning and search and AI talent on Dash. And they were doing some work on or their company is doing work on advertising, but we’re not going to be leveraging that here.

是的。Promoted AI 是我們最近收購的。這是一支非常有才華的團隊，他們在新創公司和許多成熟公司都擁有豐富的機器學習和人工智慧經驗。他們的加入確實增強了我們在 Dash 上的機器學習、搜尋和人工智慧人才。他們或他們的公司正在做一些廣告工作，但我們不會在這裡利用這一點。

Yes. Okay. That’s helpful. And then I have another follow-up. I want to ask about the investment throughout the year for Dash that you were implying in your commentary and guidance. What do those expenditures look like? I imagine some of it, it would be to increase the headcount in sales and then the overall sales channel distribution. So, yeah, would love to hear more about that.

是的。好的。這很有幫助。然後我還有另一個後續問題。我想問一下您在評論和指導中暗示的 Dash 全年投資情況。這些支出是什麼樣的呢？我想其中的一部分將是增加銷售人員的數量，然後增加整體銷售管道的分佈。是的，我很想聽到更多有關這方面的資訊。

Sure. So we will continue to invest in in hiring and marketing investments behind Dash, and that will be some degree of R&D, some as well as sales and marketing. Drew just alluded to Promoted.ai, which is an R&D investment that we’re making behind Dash. And, certainly, as we’re scaling up our sales and marketing function, gaining momentum behind that, we’ll continue to add sellers to support Dash. So I expect that investment to hit both sales and marketing and R&D throughout the year.

當然。因此，我們將繼續在 Dash 背後的招募和行銷方面進行投資，這將是一定程度的研發，以及銷售和行銷。德魯剛剛提到了 Promoted.ai，這是我們對 Dash 進行的一項研發投資。當然，隨著我們擴大銷售和行銷功能並獲得發展動力，我們將繼續增加賣家來支持 Dash。因此我預計這項投資將在全年對銷售、行銷和研發產生影響。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

Congratulations on the better-than-expected results in the quarter. So I actually have sort of a product related question, Drew. What so, you know, you’re talking about, like, connectors for Slack and Team and Zoom and Canva. How hard is it to build those connectors? Like, what what’s involved?

恭喜本季業績優於預期。所以我實際上有一個與產品相關的問題，德魯。那麼，您知道，您談論的是 Slack、Team、Zoom 和 Canva 的連接器。建造這些連接器有多難？比如，涉及什麼？

It’s pretty challenging. It sort of sounds easy, but, it is deceptively difficult, and requires a pretty significant R&D, investment to do it properly. So in a lot of ways, what we’re really talking about is a new form of sync where we have, obviously, lot of experience. But this is a pretty mission critical, capability where it needs to be to operate at Dropbox’s scale. It needs to be totally reliable.

這非常具有挑戰性。這聽起來很容易，但實際上卻很難，需要大量的研發和投資才能做好。因此，在很多方面，我們真正談論的是一種新的同步形式，顯然我們在這方面擁有豐富的經驗。但這是相當關鍵的任務，需要具備 Dropbox 規模才能運作的能力。它必須完全可靠。

It needs to be completely permissions aware. We have to be good partners in terms of consumption and are you making sure that we’re making an appropriate number of API calls and handling rate limits? And, anyway, that’s a very long tail of technical considerations.

它需要完全了解權限。在消費方面，我們必須成為良好的合作夥伴，您是否確保我們進行了適當數量的 API 呼叫並處理速率限制？而且，無論如何，這都是一個很長的技術考慮問題。

And we just as some color, we early on, we experimented with using some of these third party, you know, integrations as a service, type partners, but we found that they had significant scalability and engineering correctness and reliability issues. So we both.

就像一些顏色一樣，我們早期嘗試使用一些第三方整合即服務類型合作夥伴，但我們發現它們具有顯著的可擴展性和工程正確性和可靠性問題。所以我們兩個都是這樣的。

You know, just sort to safeguard our customers’ data. We felt, the responsible choice was to bring this in house, but we also see that as also we also see that as a potential part of our moat and a and a technical advantage to really make the experience as seamless and performant as possible. And so it’s an important investment.

你知道，只是為了保護我們客戶的資料。我們認為，負責任的選擇是將其引入公司內部，但我們也認為這是我們護城河的潛在組成部分，也是一項技術優勢，可以真正使體驗盡可能無縫和高效。所以這是一項重要的投資。

Yeah. I agree. And so my follow-up is when you, when you rolled out the spring '25 release, you sort of summarized the four areas of, you know, search across video audio images, kick start content creation. Number three, connect to even more of the tools. We just discussed that. Number four, more control over what your team can and can’t. Right? Which of those is the most expensive and time consuming for you? Is it what we just talked about?

是的。我同意。因此，我的後續問題是，當您推出 25 年春季版本時，您總結了四個領域，即搜尋視訊音訊影像，啟動內容創作。第三，連結更多的工具。我們剛剛討論過這個。第四，更好地控制你的團隊能做什麼和不能做什麼。正確的？其中哪一個對你來說最昂貴、最耗時？就是我們剛才講的那個嗎？

I think they’re all big investments with somewhat different shape. I think, certainly, when you’re supporting images and video, that’s really like, on the one hand, that that is an expensive capability and requires a lot of storage and compute. That said, you know, certainly for the Dropbox customers, we’re already we’re already handling the storage at scale and doing it really efficiency efficiently.

我認為它們都是大投資，只是形式略有不同。我認為，當然，當你支援圖像和影片時，一方面，這是一種昂貴的功能，需要大量的儲存和計算。話雖如此，您知道，對於 Dropbox 客戶來說，我們已經在大規模處理存儲，而且效率很高。

So while on the one hand, it is, you know, it’s a big technical lift, on the other hand, it’s way you know, it’s much easier for us to support these use cases efficiently and profitably than, than a smaller the smaller scale competitor. And we’re drafting off of a lot of the technical investments we’ve made over the last 18 years.

因此，一方面，這是一項巨大的技術提升，另一方面，與規模較小的競爭對手相比，我們更容易高效且有利可圖地支援這些用例。我們正在根據過去 18 年所做的大量技術投資進行起草。

Thank you. Ladies and gentlemen, I am showing no further questions in the queue. I would now like to turn the call back over to Peter for closing remarks.

謝謝。女士們、先生們，隊列中沒有其他問題了。現在我想將電話轉回給彼得，請他做最後發言。

Thanks, Towanda, and thank you, everyone, for joining us today. We look forward to speaking you to again next quarter. Have a good day.

謝謝 Towanda，也謝謝大家今天加入我們。我們期待下個季度再次與您交談。祝你有美好的一天。

Ladies and gentlemen, that concludes today’s conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。