Dropbox Inc (DBX) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Dropbox second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I'd like to hand the conference over to your first speaker today, Peter Stabler, Head of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Dropbox 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。我想將會議交給今天的第一位發言者，投資者關係主管 Peter Stabler。請繼續。

Good afternoon, and welcome to Dropbox's second-quarter 2025 earnings call. As a reminder, we will discuss 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 at investors.dropbox.com.

下午好，歡迎參加 Dropbox 2025 年第二季財報電話會議。提醒一下，我們將在本次電話會議上討論非公認會計準則財務指標。我們的 GAAP 和非 GAAP 結果之間的定義和對帳可以在我們的收益報告和發佈於我們的 IR 網站 investors.dropbox.com 上的收益報告中找到。

We'll also make forward-looking statements on this call, including statements about our future outlook for the third quarter and fiscal-year 2025, as well as our expectations regarding our business assets, strategies, and the macroeconomic environment. Such statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those described.

我們也將在本次電話會議上做出前瞻性陳述，包括對第三季和 2025 財年未來展望的陳述，以及對我們的業務資產、戰略和宏觀經濟環境的預期。此類聲明受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。

Many of those risks and uncertainties are described in our SEC filings, including our most recent and forthcoming reports 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.

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，包括我們最近和即將發布的 10-Q 表報告。前瞻性陳述僅代表我們截至作出該陳述之日的信念和假設。除法律要求外，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 CEO and Co-Founder, Drew Houston.

現在我將把電話轉給 Dropbox 的執行長兼聯合創始人德魯·休斯頓 (Drew Houston)。

Thanks, Peter, and good afternoon everyone. Welcome to our Q2 2025 earnings call. I'm here with Tim Regan, our CFO. I'll start with our business and product highlights, and then Tim will walk through our Q2 results and outlook for the rest of the year. Let's dive in.

謝謝，彼得，大家下午好。歡迎參加我們的 2025 年第二季財報電話會議。我和我們的財務長 Tim Regan 一起來到這裡。我將首先介紹我們的業務和產品亮點，然後 Tim 將介紹我們的第二季業績以及今年剩餘時間的展望。讓我們開始吧。

Q2 capped off a solid first half of the year. Revenue came in ahead of guidance, and our continued focus on operating efficiency delivered another quarter of strong margin performance. 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.

第二季為今年上半年的穩健表現畫下了圓滿的句點。營收超越預期，我們持續專注於營運效率，再次實現了強勁的利潤率表現。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。

Starting with Dash. I'll walk through what's going well, highlight areas we're focused on improving, and share where we're headed. We just finished the second full quarter where Dash for business is done in market, and it's clear the value proposition is resonating. We're seeing customers expand their license count, which is a great early signal.

從 Dash 開始。我將介紹進展順利的方面，強調我們重點改進的領域，並分享我們的發展方向。我們剛結束了 Dash for business 在市場上推出的第二個完整季度，很明顯其價值主張引起了共鳴。我們看到客戶正在擴大他們的許可證數量，這是一個很好的早期訊號。

Our top priority has been building a great product experience and gathering user feedback to inform future development. As we noted last quarter, in April, we launched features designed to expand Dash's use cases and improve use of productivity, and we're excited by the feedback and engagement gains we're seeing.

我們的首要任務是打造出色的產品體驗並收集用戶回饋，為未來的發展提供參考。正如我們上個季度所指出的，在 4 月份，我們推出了旨在擴展 Dash 用例和提高生產力的功能，我們對所看到的反饋和參與度提升感到非常興奮。

Since launch, we've continued building new capabilities and most recently launched internet features like org charts, people pages, and top requested integrations like Workday. We've also made meaningful improvements to support faster activation in a more intuitive first use experience as we concentrate on streamlining onboarding.

自推出以來，我們不斷建立新的功能，最近推出了組織結構圖、人員頁面等網路功能以及 Workday 等最受請求的整合。我們也做出了有意義的改進，以支援在更直觀的首次使用體驗中更快地激活，因為我們專注於簡化入職流程。

With a strong feature set in place, we're now focused on fine tuning Dash's performance to build deeper user engagement, and although we're in early stages, recent results are encouraging. Rich Media Search, which was part of our April launch, now accounts for a double digit percent of total queries, and we're seeing growing adoption of Dash chat for answering questions, summarizing long documents, and providing draft writing assistance.

憑藉強大的功能集，我們現在專注於微調 Dash 的效能以建立更深層的用戶參與度，儘管我們還處於早期階段，但最近的結果令人鼓舞。富媒體搜尋是我們四月份推出的功能之一，目前佔總查詢量的兩位數百分比，而且我們看到越來越多的人採用 Dash 聊天來回答問題、總結長文檔以及提供草稿寫作幫助。

We've also seen strong sequential growth in key cohort metrics like weekly active users and activity rates per week, which is evidence that as customers gain familiarity with Dash repeat usage climbs. Building on this product and engagement momentum for the second half of the year, we're ramping our focus on user growth and monetization.

我們也看到每週活躍用戶和每週活動率等關鍵群組指標呈現強勁的連續成長，證明隨著客戶對 Dash 的熟悉程度不斷提高，重複使用率也在上升。基於該產品和下半年的參與勢頭，我們將更加關注用戶成長和貨幣化。

Customer conversations and usage data have helped us to refine our ideal customer profiles across industries and team sizes as we look to better target our outbound sales motion towards marketing, creative, and technology teams in the SMB to mid-market space, which are all historically strong verticals for us.

客戶對話和使用數據幫助我們完善了跨行業和跨團隊規模的理想客戶資料，因為我們希望更好地將我們的外向型銷售活動定位到中小企業到中型市場領域的營銷、創意和技術團隊，這些領域歷來都是我們強大的垂直領域。

Of course our large base of FSS customers represents a huge opportunity for Dash, since virtually all of our FSS users also have cloud content. And by bringing elements of Dash into our FSS product experience, we can accelerate awareness of Dash's functionality and ultimately help bridge our FSS users onto Dash.

當然，我們龐大的 FSS 客戶群對 Dash 來說是一個巨大的機遇，因為實際上我們所有的 FSS 用戶也擁有雲端內容。透過將 Dash 元素融入我們的 FSS 產品體驗，我們可以加速人們對 Dash 功能的認識，並最終幫助我們的 FSS 使用者使用 Dash。

And finally, we remain on track to complement our outbound sales effort with a self-serve version of Dash in the coming months to address the underserved SMB space for both our current FSS customers and those using other FSS solutions.

最後，我們將繼續按計劃在未來幾個月內推出自助服務版 Dash，以補充我們的外向銷售工作，從而為我們當前的 FSS 客戶和使用其他 FSS 解決方案的客戶解決服務不足的 SMB 領域問題。

Moving on to core FSS. As a reminder, our key focus for FSS this year is strengthening and simplifying our user experience while also improving operating efficiency. This quarter we made solid progress against both objectives and we're beginning to see tangible improvement in key operating metrics. For example, we redesigned the team's onboarding experience to make it easier than ever to get users up and running.

繼續討論核心 FSS。提醒一下，我們今年 FSS 的重點是加強和簡化使用者體驗，同時提高營運效率。本季我們在實現這兩個目標方面都取得了堅實的進展，並且我們開始看到關鍵營運指標的明顯改善。例如，我們重新設計了團隊的入職體驗，使用戶比以往更輕鬆地開始使用。

The early signal we're seeing is that faster onboarding has improved activation and set up rates by 5% and 10% respectively, while at the same time driving a 100% increase in desktop downloads. And this is an important metric since web and desktop crafts platform activity associated with higher engagement, improved retention.

我們看到的早期訊號是，更快的入門速度分別提高了啟動率和設定率 5% 和 10%，同時推動桌面下載量增加了 100%。這是一個重要的指標，因為網路和桌面工藝平台活動與更高的參與度和更好的保留率有關。

Our new unified checkout provides frictionless multi-product purchasing which enables customers to transact multiple purchases, including Dash, within a single purchase flow. We've also been making good progress on our retention initiatives. A good example is our redesigned cancellation flow that more clearly highlights the value we're providing.

我們新的統一結帳方式提供無摩擦的多產品購買，使客戶能夠在單一購買流程中完成包括 Dash 在內的多筆購買交易。我們的保留計劃也取得了良好的進展。一個很好的例子是我們重新設計的取消流程，它更清楚地突出了我們提供的價值。

So as a result of these and other initiatives we've seen meaningful retention games for both teams and individual customers. On the infrastructure side, we continue investing in backend improvements aimed at strengthening the usability and security of our platform.

因此，透過這些舉措和其他舉措，我們看到了對團隊和個人客戶都有意義的保留遊戲。在基礎設施方面，我們繼續投資於後端改進，旨在增強我們平台的可用性和安全性。

This quarter, improvements to our desktop sync engine reduced startup times for large accounts, and we continue to drive higher adoption of important security features like multi-factor authentication with new prompts and teams admin controls.

本季度，我們對桌面同步引擎的改進減少了大型帳戶的啟動時間，並且我們繼續推動重要安全功能的更廣泛採用，例如具有新提示和團隊管理控制的多因素身份驗證。

Within the individual's business, we continue to see good traction with our simple plan, which is our low price entry level plan designed for mobile-first customers. Across our document workflow business, we continue to invest in DocSend, and we've improved document upload flows, processing speeds, and simplified sharing of permissions.

在個人業務方面，我們繼續看到我們的簡單計劃獲得良好的吸引力，這是我們為行動優先客戶設計的低價入門級計劃。在我們的文件工作流程業務中，我們繼續投資 DocSend，並且我們改進了文件上傳流程、處理速度並簡化了權限共享。

These improvements are resonating with customers as DocSend continues to grow at double digit pace year over year. As mentioned previously, we remain focused on operating both Sign and FormSwift for maximum profitability, and both of these business lines continue to perform well against its objective.

隨著 DocSend 繼續以兩位數的速度逐年增長，這些改進引起了客戶的共鳴。如前所述，我們仍然專注於營運 Sign 和 FormSwift 以實現盈利最大化，並且這兩條業務線都繼續表現良好，符合其目標。

In closing, we're pleased with the progress we've made on our two key objectives in the first half of this year. Our Dash offering continues to improve, and we're seeing positive early signals with key engagement metrics.

最後，我們對今年上半年在兩個關鍵目標上取得的進展感到滿意。我們的 Dash 產品不斷改進，我們在關鍵參與度指標中看到了積極的早期訊號。

While we continue to optimize our outbound sales motion and improve our onboarding flows, we have a strong roadmap in place to unlock product led adoption of Dash that will accelerate the adoption among our customers.

在我們繼續優化外向銷售動作和改進入職流程的同時，我們制定了強有力的路線圖來解鎖以產品為主導的 Dash 採用，這將加速我們的客戶採用 Dash。

I'll now turn the call over to Tim to share a recap of our second-quarter financial performance as well as our updated full-year outlook.

現在我將把電話交給蒂姆，讓他回顧一下我們的第二季度財務業績以及最新的全年展望。

Thank you Drew. I'll cover our financial highlights from Q2, and then provide guidance for the third quarter and the full-year 2025. We executed well in the quarter with results coming in ahead of guidance and operating margin meaningfully exceeding our expectations.

謝謝你，德魯。我將介紹我們第二季的財務亮點，然後提供第三季和 2025 年全年的指導。本季我們表現良好，業績超乎預期，營業利潤率也大大超出我們的預期。

This performance reflects our continued commitment to driving efficiency within our core, file sync and share and document workflow businesses, as well as the stability of the core business, which gives us the opportunity to invest in future growth opportunities.

這項績效反映了我們持續致力於提高核心文件同步和共享以及文件工作流程業務的效率以及核心業務的穩定性，這使我們有機會投資未來的成長機會。

With that context in mind, let's turn to our Q2 financial performance. Starting with revenue where we are managing through expected year-over-year revenue headwinds related to our strategic decisions to scale back our FormSwift business and to reduce the number of outbound sellers supporting our core file signature business.

考慮到這一背景，讓我們來看看第二季的財務表現。從收入開始，我們正在應對與我們的策略決策相關的預期同比收入逆風，即縮減我們的 FormSwift 業務並減少支援我們核心文件簽名業務的出站賣家數量。

In Q2, total revenue declined 1.4% year over year to $626 million. Constant currency revenue declined 1.3% year over year to $626 billion. Excluding the impact of FormSwift, which acted as a 140 basis point headwind to revenue. Our year-over-year revenue growth would have been flat. Total ARR was $2.542 billion, down 1.2% year over year, and 1.1% on a constant currency basis.

第二季度，總營收年減 1.4% 至 6.26 億美元。以固定匯率計算，營收年減 1.3% 至 6,260 億美元。排除 FormSwift 的影響，FormSwift 對收入造成了 140 個基點的阻力。我們的年收入成長將持平。總 ARR 為 25.42 億美元，年減 1.2%，以固定匯率計算下降 1.1%。

FormSwift acted as a 160 basis point headwind to ARR in the quarter. We exited the quarter with 18.13 million paying users, a sequential decline of approximately 34,000 paying users. This quarter's decline in paying users was primarily driven by a reduced level of investment in FormSwift.

FormSwift 在本季對 ARR 造成了 160 個基點的阻力。本季結束時，我們的付費用戶數量為 1,813 萬，比上一季減少約 34,000 名付費用戶。本季付費用戶數量的下降主要是因為對 FormSwift 的投資減少。

Excluding the impact of FormSwift, paying users would have grown nominally in the quarter. The outperformance relative to our paying user expectations was primarily driven by our individual SKUs aided by retention gains stemming from improvements to our cancellation flows.

排除 FormSwift 的影響，本季付費用戶數將名義上成長。相對於我們的付費用戶預期而言，我們的出色表現主要得益於我們個人的 SKU，以及我們取消流程的改進所帶來的留存收益。

Our simple plan also contributed modestly. Average revenue per paying user was $138.32 as compared to $139.26 in the prior quarter. ARPU declined sequentially primarily due to the impact of FormSwift, as well as the continued rollout of our simple plan.

我們的簡單計劃也做出了微薄的貢獻。每位付費用戶的平均收入為 138.32 美元，而上一季為 139.26 美元。ARPU 環比下降主要是由於 FormSwift 的影響以及我們簡單計劃的持續推出。

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

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、房地產資產的淨損益、裁員費用以及股權投資的淨損失。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 82.2% for the quarter, down 230 basis points from the year ago period, as we continue to support our data center refresh cycle. Operating margin was 41.5%, ahead of our guidance of 37.5%, and up roughly 560 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 82.2%，較去年同期下降 230 個基點。營業利益率為 41.5%，高於我們的預期 37.5%，比去年同期高出約 560 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 a disciplined approach to hiring, as well as targeted reductions in performance marketing within our core business as we continue to find ways to drive efficiencies within our business.

營業利潤率年增，主要由於我們去年秋季 RIF 裁減了員工人數，以及從 FormSwift 進行策略轉變後降低了行銷支出。與我們的預期相比，營業利潤率主要受益於嚴格的招募方式，以及我們核心業務中績效行銷的有針對性的減少，因為我們繼續尋找提高業務效率的方法。

Net income for the second quarter was $198 million up 2% year over year. Diluted EPS for the second quarter was $0.71 based on 277 million diluted weighted average shares outstanding, compared to $0.60 in the year ago quarter, representing an 18% year-over-year increase.

第二季淨收入為 1.98 億美元，年增 2%。第二季稀釋每股盈餘為 0.71 美元（基於 2.77 億股稀釋加權平均流通股），而去年同期為 0.60 美元，較去年同期成長 18%。

Moving on to our cash flow and balance sheet. Cash flow from operations was $261 million an increase of 13% versus the year ago period. Q2 also included $18 million of interest payments, net of the associated tax benefit related to the amounts drawn under our term loan facility.

繼續討論我們的現金流量和資產負債表。經營現金流為 2.61 億美元，較去年同期成長 13%。第二季還包括 1800 萬美元的利息支付，扣除與我們的定期貸款提取金額相關的稅收優惠。

Capital expenditures were $2 million in the quarter, resulting in unlevered free cash flow of $276 million or $1 per share. In the quarter, we also added $25 million to our finance leases for data center equipment as we continue to invest in refreshing our data centers.

本季資本支出為 200 萬美元，導致無槓桿自由現金流為 2.76 億美元或每股 1 美元。本季度，我們也增加了 2,500 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 $955 million. In the second quarter, we repurchased approximately 14 million shares, spending approximately $400 million. As of the end of the second quarter, we had approximately $470 million remaining under existing share repurchase authorization.

本季末，我們的現金和短期投資為 9.55 億美元。第二季度，我們回購了約1,400萬股，花費約4億美元。截至第二季末，我們現有的股票回購授權剩餘金額約為 4.7 億美元。

I'll now offer our updated outlook for Q3 in the full-year 2025. For the third quarter of 2025, we expect revenue to be in the range of $622 million to $625 million. We are expecting a currency tailwind of approximately $3 million.

我現在將提供我們對 2025 年全年第三季的最新展望。對於 2025 年第三季度，我們預計營收將在 6.22 億美元至 6.25 億美元之間。我們預計貨幣順風約 300 萬美元。

On a constant currency revenue basis, we expect revenue to be in the range of $619 million to $622 million. We expect FormSwift to serve as a roughly 170 basis point headwind to revenue in the third quarter. We expect our non-GAAP operating margin to be approximately 37%.

以固定匯率收入計算，我們預計收入將在 6.19 億美元至 6.22 億美元之間。我們預計 FormSwift 將對第三季的收入造成約 170 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%。

Finally, we expect diluted weighted average shares outstanding to be in the range of 269 million to 274 million shares based on a 30-day trailing average share price. For the full-year 2025, we are raising the midpoint of our as reported revenue guidance range by $12.5 million.

最後，根據 30 天平均股價，我們預期稀釋加權平均流通股數將在 2.69 億股至 2.74 億股之間。對於 2025 年全年，我們將報告收入預測範圍的中點提高 1,250 萬美元。

Now expecting a range of $2.490 billion to $2.500 billion. We are also raising the midpoint of our constant currency revenue guidance by $2.5 million, now expecting a range of $2.488 billion to $2.498 billion. We continue to expect FormSwift to serve as a roughly 150 basis point headwind to revenue this year.

目前預計範圍為 24.9 億美元至 25 億美元。我們還將固定貨幣收入預測的中點提高了 250 萬美元，目前預計範圍為 24.88 億美元至 24.98 億美元。我們仍然預計 FormSwift 今年的收入將受到約 150 個基點的阻力。

Our gross margin outlook is unchanged at approximately 82%. We are raising our outlook for non-GAAP operating margin by 50 basis points from the high end of our previously provided range, where we now expect full year operating margin to be approximately 39%.

我們的毛利率預期保持不變，約為 82%。我們將非公認會計準則營業利潤率預期從先前提供的範圍的高端上調了 50 個基點，現在我們預計全年營業利潤率約為 39%。

We are raising unlevered free cash flow to be at or above $970 million. We also now expect cash interest expense, net of tax benefits of approximately $85 million down from $90 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. Finally, we continue to expect luted weighted average shares outstanding to be in the range of 276 million to 281 million shares.

我們正在將無槓桿自由現金流提高到 9.7 億美元或以上。我們現在也預計扣除稅收優惠後的現金利息支出將從 9,000 萬美元下降至約 8,500 萬美元。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%。最後，我們繼續預期流通在外的加權平均股數將在 2.76 億股至 2.81 億股之間。

I'll now share some additional perspective on this guidance for 2025. With respect to revenue, we are raising our guidance range as we flow through the benefit of recent FX tailwind, and as we're seeing some positive momentum across our core business, particularly across our retention efforts.

現在，我將分享一些有關 2025 年指導的額外觀點。就收入而言，我們正在提高指導範圍，因為我們受益於近期外匯順風的優勢，我們看到核心業務，特別是在保留工作中出現了一些積極勢頭。

Turning to paying users, we continue to anticipate a decline of approximately 1.5%, or about 300,000 users for the full year, with the remaining decline to be fairly balanced between Q3 and Q4. We continue to expect that FormSwift will represent roughly [50%]of the paying user decline this year.

談到付費用戶，我們仍然預計全年用戶數量將下降約 1.5%，約 30 萬名用戶，其餘下降將在第三季和第四季之間保持平衡。我們仍預期 FormSwift 將佔今年付費用戶下降的約 [50%]。

Where these plans also carry a higher average selling price and thus this decline will also introduce some pressure to our ARPU trends. The remainder largely represents expected near term down sales across our managed sales motion.

這些計劃的平均售價也較高，因此這種下降也會對我們的 ARPU 趨勢造成一些壓力。其餘部分主要代表了我們管理的銷售行動中預期的近期銷售下降。

Moving on to operating margins, we are raising our full year guidance by 50 basis points above the high end of our previously provided range, which largely reflects our outperformance thus far this year as we remain disciplined with our hiring and continue to find ways to optimize our marketing spend.

談到營業利潤率，我們將全年預期提高了 50 個基點，比我們之前提供的範圍的高端高出 50 個基點，這在很大程度上反映了我們今年迄今為止的出色表現，因為我們在招聘方面保持紀律，並繼續尋找優化營銷支出的方法。

We do, however, expect to invest further behind Dash as well as higher open roles in the second half of the year. We're also maintaining our full-year CapEx and finance lease guidance. We expect cash CapEx to ramp in the back half of the year to support certain facility restoration costs and data center buildouts.

然而，我們確實希望在今年下半年進一步投資 Dash 並增加開放職位。我們也維持全年資本支出和融資租賃指引。我們預計現金資本支出將在下半年增加，以支援某些設施修復成本和資料中心建設。

Regarding free cash flow, we are raising our unleveraged free cash flow guidance, roughly in line with the increased operating margins, largely reflecting our latest outlook on FX in the aforementioned cost savings. Our updated outlook also includes a modest expected benefit in the second half from lower cash taxes related to the One Big Beautiful Bill.

關於自由現金流，我們正在提高無槓桿自由現金流指引，大致與營業利潤率的成長一致，這在很大程度上反映了我們對上述成本節約中外匯的最新展望。我們最新的展望還包括下半年因《一項美麗大法案》相關的現金稅降低而帶來的適度預期收益。

Turning to WASO. Our latest WASO guidance assumes we exhaust our existing share repurchase program by the end of the year. In conclusion, we are executing well against our plans for the year. We're generating higher levels of efficiency across our core files so they could share business as well as our document work flow businesses, and we are seeing stability across our core business despite reductions in headcount and marketing spend.

轉向 WASO。我們最新的 WASO 指導假設我們將在今年年底前用盡現有的股票回購計畫。總而言之，我們今年的計劃執行得很好。我們正在提高核心文件的效率，以便它們可以共享業務以及我們的文件工作流程業務，儘管員工人數和行銷支出減少，但我們的核心業務仍然保持穩定。

We've also reduced our share count substantially, thus putting ourselves in a position to drive a meaningful increase in free cash per share this year. And we are making progress on both our product and go-to-market efforts for Dash. We look forward to sharing further updates on our progress in future quarters.

我們也大幅減少了股票數量，使我們今年能夠推動每股自由現金的大幅增加。我們在 Dash 的產品和市場推廣方面都取得了進展。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.

請與該接線員聯繫，以便我們解答疑問。

Thank you. At this time we'll conduct the question-and-answer session. (Operator Instructions)

謝謝。現在我們將進行問答環節。（操作員指示）

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Great. Thank you. This is Jaiden Patel on from Mark Murphy. I appreciate you taking the questions. You talked about Dash having a positive early signals, with key engagement metrics. Can you discuss qualitatively some of the retention or even downgrade prevention list you've observed among early Dash adopters versus existing cohorts?

偉大的。謝謝。我是馬克墨菲 (Mark Murphy) 的傑登帕特爾 (Jaiden Patel)。感謝您回答這些問題。您談到了 Dash 具有積極的早期訊號以及關鍵的參與度指標。您能否定性地討論一下您在早期 Dash 採用者和現有群體中觀察到的一些保留甚至降級預防清單？

Speaker, your mute is on mic. Your mic is on mute speaker?

發言人，您的麥克風已靜音。您的麥克風已靜音嗎？

Like let me know if it's coming on.

如果它即將到來，請告訴我。

You're still loud and clear.

你的聲音依然響亮而清晰。

Okay, we're good. All right, sorry about that. Not sure what happened, but we're good now. So with Dash, I mean, the first thing we've, you're you talking about momentum we're seeing with customers and just early adoption. I mean our first focus is making is building a great product experience and product quality and so things like our launch in April.

好的，我們很好。好的，很抱歉。不確定發生了什麼，但我們現在很好。所以對於 Dash，我的意思是，我們首先要談論的是客戶所看到的動力以及早期採用的情況。我的意思是，我們的首要重點是打造出色的產品體驗和產品品質，例如我們在四月推出的產品。

We're really proud of what we launched in April with things like image and media search. We really think that's, breaks new ground in our category, and we're seeing good engagement, double digit engagement or double digit percent of users engaging with image and media search.

我們對於四月推出的圖像和媒體搜尋等功能感到非常自豪。我們確實認為，這在我們的類別中開闢了新天地，並且我們看到了良好的參與度，兩位數的參與度或兩位數百分比的用戶參與圖像和媒體搜尋。

And then we look at a number of onboarding metrics as you'd imagine like getting the percentage of licenses provisioned up, making sure that people are having a good first experience with the product, making sure that week two, week three, week four retention is healthy and we've made big progress in each of those areas.

然後，我們會查看一些入職指標，例如取得已配置的授權百分比，確保人們對產品有良好的首次體驗，確保第二週、第三週、第四週的保留率是健康的，並且我們在每個領域都取得了很大進展。

And so those are some of the leading indicators we look at to make sure that we're retaining new customers as we turn on the faucet for user growth and attaching to the Dropbox base.

因此，這些是我們關注的一些主要指標，以確保我們在打開用戶成長的水龍頭並連接到 Dropbox 基礎時留住新客戶。

Got it. And then can you talk a bit about the cancellation flow? What sort of uplift or improvement did you see due to this change?

知道了。那麼您能談談取消流程嗎？您認為這項變革帶來了哪些提升或改善？

Sure, I think it's an example we're looking at across the funnel at different sources of regretted and or of voluntary and involuntary churn, and we saw that, there's a number -- this is sort of a lot we're stacking up a lot of, small wins, but an illustrative example might be in or is in a cancellation flow.

當然，我認為這是一個例子，我們正在研究整個漏斗中後悔的不同來源，或者自願和非自願的流失，我們看到，有一個數字 - 這是我們積累的很多小胜利，但一個說明性的例子可能是在或正在取消流程中。

As we better articulate the value that we're providing with Dropbox or like all the things that are in your Dropbox, often we find that customers might not be fully aware of, how deeply they're using the product or the value they're getting and so better messaging around that, we've shown to be a creative so. Lots of things like that and then as you'd imagine things like your billing optimizations and other things on involuntary turn are examples of the kinds of things that we've been tightening up.

當我們更好地表達我們透過 Dropbox 提供的價值或 Dropbox 中的所有內容時，我們經常發現客戶可能沒有完全意識到他們使用產品的深度或他們獲得的價值，因此圍繞這一點進行更好的信息傳遞，我們已經證明是一種有創意的做法。諸如此類的事情還有很多，正如您所想像的，諸如您的帳單優化和其他非自願的事情都是我們一直在加強的事情的例子。

Great. Thank you for taking the questions.

偉大的。感謝您回答這些問題。

Yeah.

是的。

Steven Enders, Citi.

花旗銀行的史蒂文‧恩德斯。

Hi, this is Palak for Steven Enders. Thank you for taking the questions. So my first question is, I think you had much better cheer than expected for the second quarter in a row. Yet you maintained, the 300,000 guide. So, is forms with declining at a slower pace than was expected, or what is going well, which is contributing to improved children in the first half?

大家好，我是 Steven Enders 的 Palak。感謝您回答這些問題。所以我的第一個問題是，我認為連續第二季你的表現比預期的要好得多。但你仍然堅持30萬的指導方針。那麼，表格下降的速度是否比預期的要慢，或者哪些方面進展順利，從而有助於上半年孩子們的進步？

Sure. With respect to paying users, yes, we do continue to anticipate a decline of about 1.5% or about 300,000 users for the full year expect that to be fairly balanced between Q3 and Q4 and continue to expect that FormSwift will represent roughly half of that decline.

當然。關於付費用戶，是的，我們確實繼續預計全年用戶數量將下降約 1.5% 或約 30 萬，預計第三季和第四季之間將保持相當平衡，並繼續預計 FormSwift 將佔下降量的大約一半。

FormSwift is performing well so far in the year, but still expect the same roughly half of that 300,000 impact from FormSwift for this year. And then the remainder largely represents expected near term down sells across our managed sales motion.

FormSwift 今年迄今表現良好，但預計今年 FormSwift 的影響力仍將只有 30 萬的一半左右。其餘部分主要代表了我們管理的銷售動議中預期的短期銷售下滑。

And then as far as churn, Drew just touched on a lot of factors that the team's focused on seeing some positive momentum on that front, and that's part of why we're able to raise our guidance for the full year is seeing some strong performance, as far as the team working on retention. So, good signals on churned and, pleased to see that flow through the results.

至於客戶流失，德魯剛剛談到了很多因素，團隊專注於看到這方面的一些積極勢頭，這也是我們能夠提高全年預期的原因之一，因為就團隊在留住客戶方面所取得的強勁表現而言。因此，良好的信號被攪動起來，並且很高興看到其流向結果。

Perfect. Thank you. And my next question is on Dash. So just curious, like, you mentioned the self-motion, and what would be the time frame for the self-motion this year and what are the key areas of investment you're looking at in Dash going forward, and what would be the monetization expectations for next year?

完美的。謝謝。我的下一個問題是關於 Dash 的。所以只是好奇，例如，您提到了自我激勵，那麼今年自我激勵的時間框架是什麼？您未來在 Dash 中關注的關鍵投資領域是什麼？明年的貨幣化預期是什麼？

Sure. So for Dash we are -- we plan to launch a self-served version of Dash, so basically a version anyone can download and start using, similar to, what we did with Dropbox 1.0, and we believe that's going to unlock both the large population in general and then also unlock the Dropbox self-serve base because if you if you look at it if you think about it, we've got 1.5 million business accounts, self-serve business accounts on Dropbox, and to best drive adoption of Dash, we need a self-serve version of the product.

當然。因此對於 Dash，我們計劃推出自助服務版 Dash，基本上任何人都可以下載並開始使用，類似於我們對 Dropbox 1.0 所做的，我們相信這將解鎖廣大民眾，然後解鎖 Dropbox 自助服務基礎，因為如果你仔細想想，我們在 Dropbox 上有 150 萬個商業賬戶、自助服務商業賬戶，為了自助服務商業帳戶，我們需要一個 Dash 的商業帳戶，為了自助版。

So that's a big area of focus for us for the second half of the year. And then second is integrating Dash into the Dropbox FSS experience and so you can think of Dash as both a standalone product that allows us to reach a new audience of people beyond our file syncing audience and it's also the AI layer across Dropbox FSS for our existing customers.

所以這是我們下半年重點關注的領域。其次是將 Dash 整合到 Dropbox FSS 體驗中，因此您可以將 Dash 視為一個獨立產品，它使我們能夠接觸到文件同步受眾之外的新受眾，同時也是我們現有客戶的 Dropbox FSS 上的 AI 層。

And so to that end we expect that you or the way we're our plan is to have dash be something that you add on top of FSS, to be able to get AI or be able to interact in natural language with your files. We'll have a lot more share on the specifics of that, and specifics of pricing and packaging, but how we monetize Dash overall is for non FSS users, it'll be a separate product and separate subscription and then we'll have different packages for people who are existing FSS customers to also adopt Dash and as you'd imagine we'll be experimenting and iterating on pricing and packaging specifically in different bundling and discount approaches.

因此，為此，我們期望您或我們的計劃是讓 dash 成為您在 FSS 之上添加的東西，以便能夠獲得 AI 或能夠使用自然語言與您的文件進行互動。我們將更多地分享有關它的具體細節以及定價和包裝的細節，但我們總體上如何將 Dash 貨幣化是針對非 FSS 用戶，它將是一個單獨的產品和單獨的訂閱，然後我們將為現有 FSS 客戶採用 Dash 提供不同的套餐，正如您所想像的，我們將在定價和包裝方面進行實驗和迭代，特別是在不同的捆綁和折扣方法。

Just to also briefly add on as far as the monetization expectations, I'd say our guidance certainly reflects our expectations and incorporates this self-serve roll out. I do think it will take time before Dash contributes meaningfully to our revenue growth given the size of our ARR base, and so again, refer to our guidance for our expectations for this year.

就貨幣化預期而言，我還要簡單補充一下，我們的指導肯定反映了我們的預期，並納入了這種自助服務的推出。考慮到我們的 ARR 基數規模，我確實認為 Dash 需要時間才能對我們的收入成長做出有意義的貢獻，因此，請再次參考我們對今年的預期指導。

Okay. Thank you so much.

好的。太感謝了。

Patrick Walravens, Citizen.

帕特里克·沃爾拉文斯，公民。

Hi guys. Thank you for taking the question. This is Nick on for Pat. Just one for me. We've seen [Slack] and others tighten API access, really limiting third party indexing and message history. Has Dash been affected by these changes and how are you navigating this kind of this environment of limitation?

嗨，大家好。感謝您回答這個問題。這是尼克 (Nick) 代替帕特 (Pat)。對我來說只有一個。我們看到 [Slack] 和其他公司收緊了 API 訪問，實際上限制了第三方索引和訊息歷史記錄。Dash 是否受到這些變化的影響？您如何應對這種限制環境？

Yes, so, yeah, for color, as you said, their stock's been changing some of their APIs or, sunsetting certain integrations, creating other ones, and so that has that forces all their partners to adapt to the new APIs and so we've certainly been doing that.

是的，是的，對於顏色，正如你所說，他們的庫存一直在改變他們的一些 API，或者停止某些集成，創建其他集成，這樣就迫使他們所有的合作夥伴適應新的 API，所以我們肯定一直在這樣做。

And importantly we still have access to Slack and a good partnership with them and so we're still able to provide the basic value of the product. I mean some things around the edges might be a little bit more onerous from a technical perspective or results might not be as exhaustive as we'd like, but I think you know that one world we'd be that'd be concerning is if partners or you know if we're in a world where partners were cutting off API access, we don't see that as likely. And mainly because customers, as you'd imagine, they put their data into these services and a service that locks out these integrations.

重要的是，我們仍然可以使用 Slack 並與他們建立良好的合作關係，因此我們仍然能夠提供產品的基本價值。我的意思是，從技術角度來看，一些邊緣問題可能會更加繁重，或者結果可能不像我們希望的那樣詳盡，但我認為，我們擔心的一個問題是，如果合作夥伴或我們所處的世界中的合作夥伴切斷了 API 訪問，我們認為這種情況不太可能發生。主要是因為，正如您所想像的，客戶將他們的資料放入這些服務和鎖定這些整合的服務中。

I mean, it's a pretty customer hostile thing to do, so I think it's like a difficult stance for a company to take in the long run, we know different companies are going to play with different knobs and dials with access, but we feel good both from a business and partnership standpoint because Dropbox also has a lot of content that, and integrations with other services.

我的意思是，這是一種非常不尊重客戶的做法，所以我認為從長遠來看，這對一家公司來說是一個艱難的立場，我們知道不同的公司會使用不同的旋鈕和撥號盤來訪問，但從業務和合作夥伴的角度來看，我們都感覺很好，因為 Dropbox 也有很多內容，並且與其他服務集成。

And so we provide value to folks that integrate with us so there's a good kind of business foundation there, and then there are also technical measures that you can take to improve coverage and ultimately give customers access to their data, regardless of what services it's in and actually to that end, our ability to integrate more deeply, and leverage some of these technical measures could be a competitive advantage for Dash. So we feel good about the trajectory of supporting Slack, although yeah, it's been a winding road.

因此，我們為與我們合作的人們提供價值，從而建立良好的業務基礎，同時還可以採取技術措施來提高覆蓋範圍，並最終讓客戶訪問他們的數據，無論它使用什麼服務，實際上，為此，我們更深入地整合並利用其中一些技術措施的能力可以成為 Dash 的競爭優勢。因此，我們對支持 Slack 的軌跡感到滿意，儘管這是一條曲折的道路。

Got it. Thank you very much.

知道了。非常感謝。

Thank you. (Operator Instructions) Matt Bullock, Bank of America.

謝謝。（操作員指示）美國銀行馬特·布洛克。

Great. Hi, thanks for taking the question. I wanted to ask about the strategy going forward for attacking the free base of, 700 million-plus registered users. I know over the years you've pushed a little bit harder on converting those users, but maybe help us think about the strategy going forward, if there's potential to accelerate or maybe, be a little bit harsher on, creating some more prepay conversion. Thanks, and I have one follow up.

偉大的。你好，謝謝你回答這個問題。我想問一下針對超過 7 億註冊用戶的免費基礎的未來策略。我知道這些年來你在轉換這些用戶方面付出了更大的努力，但也許可以幫助我們思考未來的策略，看看是否有潛力加速，或者可能更嚴厲一些，創造更多的預付費轉換。謝謝，我有一個後續問題。

Yeah, so we're tackling this in a number of directions, I think the most important is providing is continuing to provide more and more value so that people, get a lot of value and then then they pay for that value, so Dash is a good example of, providing a lot of -- providing a lot of new value to our free to our existing free users, beyond files, right, because all of those free users have cloud content as well and are a good fit for Dash.

是的，所以我們從多個方向解決這個問題，我認為最重要的是提供，繼續提供越來越多的價值，以便人們獲得很多價值，然後他們會為這些價值付費，所以 Dash 就是一個很好的例子，它為我們現有的免費用戶提供了很多新的價值，除了文件之外，對吧，因為所有這些免費用戶也有 Dash雲內容，非常適合。

And then since the beginning our free users are sort of the top of the funnel for our eventual paid users, virtually every subscriber started out as a free user in some form, so it's just the free users are an important part of the engine. That said, there's tons of optimizations we continue to do. So I mentioned, for example, we launched a Dropbox simple plan targeted at our mobile only customers.

從一開始，我們的免費用戶就是我們最終付費用戶的漏斗頂端，幾乎每個訂閱者都是以某種形式從免費用戶開始的，所以免費用戶是引擎的重要組成部分。也就是說，我們仍在繼續進行大量的最佳化。例如，我提到過，我們推出了一項 Dropbox 簡易計劃，專門針對我們的行動客戶。

Where we were able to provide an entry point that's more affordable to folks who are more price sensitive without cannibalizing the rest of our base, and so that's a way to capture some of the demand that otherwise would be unwilling or unable to subscribe to a higher price plan.

我們能夠為那些對價格更敏感的人們提供一個更實惠的切入點，而不會蠶食我們其他的用戶群，因此這是一種捕捉部分需求的方法，否則他們將不願意或無法訂閱更高價格的計劃。

And then there's, to your point, as you're alluding to, we've had success with just getting the balance of the value, the free value we provide, and making sure that's in balance with the premium, subscribe or subscriber value that we provide, over the years we've put in different phased -- in different things like device limits for free users, so that extremely engaged users aren't getting, too much value for free.

然後，正如您所暗示的，我們在提供價值平衡方面取得了成功，我們提供的免費價值，並確保與我們提供的付費、訂閱或訂戶價值保持平衡，多年來，我們分階段實施了不同的措施 - 例如免費用戶的設備限制等，以便高度參與的用戶不會獲得過多的免費價值。

And we continue to iterate on all aspects of pricing and packaging to get to improve the balance of like we want to drive adoption and broad adoption and you know it's a big advantage that we have this free top of funnel, but we can we obviously don't want to either under monetize or over monetize at the expense of one lever or the other.

我們將繼續迭代定價和包裝的各個方面，以改善平衡，就像我們希望推動採用和廣泛採用一樣，你知道我們擁有這個免費的漏斗頂部是一個很大的優勢，但我們顯然不想以犧牲一個槓桿或另一個槓桿為代價來導致貨幣化不足或過度貨幣化。

Super helpful thanks. And then just one quick follow up on Dash obviously in the self-serve launch coming later this year, how should we be thinking about, metrics and disclosures around Dash, how are -- we know how you're evaluating it internally, but how should we be thinking about, modeling or even evaluating, key metrics like users, etc.

非常有幫助，謝謝。然後，顯然在今年稍後的自助服務發布中，對 Dash 只有一個快速的跟進，我們應該如何考慮，圍繞 Dash 的指標和披露，我們知道您如何在內部對其進行評估，但我們應該如何考慮、建模甚至評估用戶等關鍵指標。

Sure, yeah, as we mature, as we get further along the life cycle, we'll obviously have more to share in principle, and we start with the just the quality of the experience, as I said then we focus on onboarding success, then we make sure the experience is retentive, that people are expanding and viral loops are working, that monetization is working, that paid retention is working, and we don't focus on them completely in series, but that's sort of the general.

當然，是的，隨著我們逐漸成熟，隨著我們在生命週期中走得更遠，我們顯然會在原則上分享更多，我們從體驗的質量開始，正如我所說，然後我們專注於入職成功，然後我們確保體驗是可保留的，人們在擴大，病毒式循環在發揮作用，貨幣化在發揮作用，付費保留在發揮作用，我們不會完全連續地關注它們，但這是一種一般情況。

(inaudible) sometimes it's noisy, so, as we like open up to a large new audience and some of those, there's fluctuation in those metrics and so, but as soon as, but we'll certainly provide more color on these -- on the different funnel metrics as we get more signal as we scale it up.

（聽不清楚）有時會很吵，所以，當我們向大量新觀眾開放時，這些指標就會有波動，但是，隨著我們擴大規模，獲得更多信號，我們肯定會提供更多關於這些 — — 關於不同漏斗指標的信息。

Super helpful. Thanks, Drew.

超有幫助。謝謝，德魯。

Thank you. I'm showing no further questions at this time. I'll I turn it back to Peter for closer remarks.

謝謝。我目前沒有其他問題。我將把話題轉回給彼得，以便他做更詳細的評論。

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

感謝大家今天的參與。我們期待下個季度與您交談。祝您下午愉快。

Thank you for your participation in today's conference. This just conclude the program, you may now disconnect.

感謝大家參加今天的會議。這只是完成了程序，您現在可以斷開連接。