Dropbox Inc (DBX) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to Dropbox's third-quarter 2025 earnings conference call.

您好，感謝您的耐心等待。歡迎參加 Dropbox 2025 年第三季財報電話會議。

(Operator Instructions) Please note that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄音。

I will now hand the conference over to speaker host, Peter Stabler. Please go ahead.

現在我將把會議交給主持人彼得·斯塔布勒。請繼續。

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

下午好，歡迎參加 Dropbox 2025 年第三季財報電話會議。

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 at investors.dropbox.com.

再次提醒大家，我們將在本次電話會議上揭露非GAAP財務指標。有關我們 GAAP 和非 GAAP 結果的定義和調節表，請參閱我們發佈在投資者關係網站 investors.dropbox.com 上的收益報告和收益簡報。

We will also make forward-looking statements on this call, including statements about our future outlook for our fourth 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. Many of those risks and uncertainties are described in our SEC filings, including our most recent and forthcoming reports on Form 10-Q.

我們也將在本次電話會議上發表前瞻性聲明，包括對第四季和 2025 財年未來展望的聲明，以及對公司業務、資產、戰略和宏觀經濟環境的預期。此類聲明存在已知和未知的風險和不確定性，可能導致實際結果與所述結果有重大差異。這些風險和不確定性中的許多都已在我們的美國證券交易委員會文件中進行了描述，包括我們最新的和即將發布的 10-Q 表格報告。

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.

前瞻性陳述僅代表我們截至作出該等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.

現在我將把電話交給 Dropbox 的執行長兼聯合創始人 Drew Houston。

Thanks, Peter. Good afternoon, everyone.

謝謝你，彼得。大家下午好。

Welcome to our Q3 2025 earnings call. And I'm here with Tim Regan, our CFO.

歡迎參加我們2025年第三季財報電話會議。我現在和我們的財務長提姆·雷根在一起。

I'll walk through our business and product highlights. And then, Tim will cover our Q3 results and our outlook for the rest of the year.

我將介紹我們的業務和產品亮點。接下來，蒂姆將介紹我們第三季的業績以及今年剩餘時間的展望。

Our teams executed well this quarter. Constant currency revenue came in comfortably ahead of guidance, driven primarily by better-than-expected retention across our individual and self-serve Teams plans. Non-GAAP operating margin was up meaningfully year over year, reflecting our focus on operational efficiency, along with some timing-related spending shifts that Tim will cover.

本季我們團隊表現出色。以固定匯率計算，收入輕鬆超過預期，這主要得益於個人版和自助式團隊版計劃的用戶留存率好於預期。非GAAP營業利潤率同比顯著增長，這反映了我們對營運效率的重視，以及一些與時間相關的支出調整，蒂姆將對此進行介紹。

Now, let's dive into our two strategic priorities, which are scaling Dash and simplifying and strengthening our core FSS business.

現在，讓我們深入探討我們的兩個策略重點，即擴大 Dash 的規模，以及簡化和加強我們的核心 FSS 業務。

We'll start with Dash. Our industry is spending trillions of dollars on AI models that can explain quantum physics but can't find your Q2 board deck. This is the problem that we're solving with Dash. Specifically, the issue with today's tools is that they don't understand your context at work.

我們先從Dash開始。我們的產業在人工智慧模型上投入了數兆美元，這些模型可以解釋量子物理，但卻找不到你的 Q2 闆卡。這就是我們用 Dash 來解決的問題。具體來說，如今的工具存在的問題在於它們不了解你的工作環境。

Consumer AI tools don't know about your company. Copilot can't see your Slack. Gemini can't see your Salesforce. You're always starting from zero, cutting and pasting and uploading documents, one at a time. Meanwhile, SMBs are either overlooked by enterprise search tools or stuck using consumer tools that weren't billed for business and create real security risks around data leakage.

消費級人工智慧工具並不了解你的公司。副駕駛看不到你的 Slack 訊息。Gemini無法存取您的Salesforce。你總是從零開始，一次只能剪下、貼上和上傳一個文件。同時，中小企業要麼被企業搜尋工具忽略，要麼只能使用非企業級的消費級工具，造成資料外洩方面的真正安全風險。

Dash solves this by connecting to all your work apps from Microsoft, Google, Slack, Notion, everything you use. You get 1 search box instead of 10. You get AI that actually sees your full picture, not just one ecosystem slice. Unlike consumer AI, Dash is built for business from the ground up, with the security and admin controls that IT teams actually need.

Dash 透過連接到你使用的所有工作應用程式（包括 Microsoft、Google、Slack、Notion 等）來解決這個問題。你只會得到 1 個搜尋框，而不是 10 個。你將獲得能夠真正了解你整體情況的人工智慧，而不僅僅是生態系統的某一部分。與消費級人工智慧不同，Dash 從一開始就是為企業而建構的，具備 IT 團隊真正需要的安全和管理控制功能。

In Q3, we made the Dash product significantly better. Search latency dropped by 75%, while quality actually improved. For creative professionals, a core segment for us, Dash now transcribes videos, let you chat with them, and can search text within images and scans.

第三季度，我們對 Dash 產品進行了顯著改進。搜尋延遲降低了 75%，而搜尋品質實際上有所提高。對於我們的核心客戶群——創意專業人士而言，Dash 現在可以轉錄視頻，讓您與他們聊天，還可以搜尋圖像和掃描件中的文字。

We also brought on the Mobius Labs team to push our multimodal capabilities even further. They're building AI models that are optimized for large-scale multimedia processing, opening up entirely new workflows for Teams working with video. We upgraded the stacks our intelligent content collections, with ranked answers and simpler sharing.

我們也引進了 Mobius Labs 團隊，以進一步提升我們的多模態能力。他們正在建立針對大規模多媒體處理進行最佳化的 AI 模型，為使用影片的 Teams 開闢了全新的工作流程。我們升級了智慧內容庫，增加了排名答案和更簡單的分享功能。

Dash is the only AI tool for SMBs that goes beyond search and chat to actually help organize and share content across your entire company.

Dash 是唯一一款面向中小企業的 AI 工具，它超越了搜尋和聊天功能，真正幫助組織和分享整個公司的內容。

We're seeing strong early engagement. 60% of our managed Dash weekly active users are now using Dash at least two days a week, which tells us that the product is becoming part of their daily workflow and security remains critical.

我們看到用戶早期參與度很高。在我們管理的 Dash 週活躍用戶中，有 60% 的用戶現在每周至少使用 Dash 兩天，這表明該產品正在成為他們日常工作流程的一部分，而安全性仍然至關重要。

IT admins need to protect their company's content. This quarter, we shipped automated protection for high-risk sharing. Admins can now enforce policies that automatically detect and fix issues like public links or inappropriate external access.

IT管​​理員需要保護公司的內容。本季度，我們推出了針對高風險共享的自動化保護措施。管理員現在可以強制執行策略，自動偵測並修復公共連結或不當外部存取等問題。

Finally, we made two important announcements during our fall launch a couple of weeks ago.

最後，我們在幾週前的秋季新品發表會上發布了兩項重要公告。

First, we launched the self-serve version of Dash in the US so you can now go to dropbox.com/Dash and get your team up and running. No multi-month deployments. No (inaudible) set-up fees. Just sign in with your work e-mail, connect your apps, and go. This led to us reach the many SMB customers that enterprise-focused companies can't.

首先，我們在美國推出了 Dash 的自助服務版本，現在您可以造訪 dropbox.com/Dash，讓您的團隊快速上手。無需進行長達數月的部署。無（聽不清楚）設定費。只需使用您的工作郵箱登錄，連接您的應用程序，即可開始使用。這使我們能夠接觸到許多大型企業無法觸及的中小企業客戶。

We're starting by pricing in it at $19 per user per month; and current and advanced file (inaudible) customers are eligible for a 50% first-year discount.

我們最初的定價為每位使用者每月 19 美元；現有和高級文件（不明）客戶可享第一年 50% 的折扣。

Second, for our Dropbox Business customers, we started rolling out native Dash integration inside of the Dropbox app. This brings Dash's search, chat, and stacks directly into the FSS experience our customers already know. You can ask questions of your files in natural language, get summaries, and find related content.

其次，對於我們的 Dropbox Business 客戶，我們開始在 Dropbox 應用程式內推出原生 Dash 整合。這使得 Dash 的搜尋、聊天和堆疊功能直接融入我們的客戶已經熟悉的 FSS 體驗中。你可以用自然語言詢問文件相關問題，取得摘要，並找出相關內容。

Trial users also get the standalone version of Dash for deeper capabilities and the ability to connect all of the rest of your work apps beyond your files.

試用用戶還可以獲得 Dash 的獨立版本，以獲得更強大的功能，並能夠連接除文件之外的所有其他工作應用程式。

Dash within Dropbox is starting to roll out to Dropbox FSS teams on the web, with mobile and desktop coming in the next few months. To ensure a great experience, we're rolling it out in stages over the coming quarters, starting with a waitlist for US-based FSS customers.

Dropbox 中的 Dash 功能正在逐步向 Dropbox FSS 團隊的網頁版推出，行動版和桌面版將在未來幾個月內推出。為了確保良好的體驗，我們將在接下來的幾個季度分階段推出，首先為美國 FSS 客戶設立候補名單。

This launch represents a significant milestone. It broadens access and introduce to Dash (inaudible) FSS user base and to new SMB customers. Early cohorts are showing good engagement, particularly with search. We're gathering feedback, improving the product daily and laying the groundwork (inaudible) in trials to (inaudible).

此次發布會標誌著一個重要的里程碑。它擴大了存取權限，並向 Dash（聽不清楚）FSS 用戶群和新的中小企業客戶介紹了 FSS。早期用戶群體表現出良好的參與度，尤其是在搜尋方面。我們正在收集回饋，每天改進產品，並在試驗中打好基礎（聽不清楚）（聽不清楚）

Turning to core FSS, where our focus remains on simplifying and strengthening the user experience, while driving efficiency. We continue to make progress on retention and downsell, driven by better value communication and better optimizing our cancellation flows. With improved sharing, sync, and storage management tools, our individuals business just posted our highest ever CSAT scores.

接下來是核心 FSS，我們的重點仍然是簡化和加強使用者體驗，同時提高效率。我們透過改善價值溝通和優化取消流程，在客戶留存和降價銷售方面持續取得進展。憑藉改進的共享、同步和儲存管理工具，我們的個人業務取得了有史以來最高的客戶滿意度評分。

We're also focused on trial conversion. This quarter, we started testing better localization with region-specific value messaging and landing pages, expecting conversion gains over time.

我們也十分關注試用轉換率。本季度，我們開始測試更好的本地化，包括針對特定地區的價值資訊和著陸頁，期望隨著時間的推移提高轉換率。

We're also testing a low friction import tool for Google Drive and One Drive users, making it easier to switch providers right in the sign-up flow.

我們也正在測試一款針對 Google Drive 和 OneDrive 用戶的低摩擦導入工具，讓用戶在註冊過程中更容易切換服務提供者。

Our new Unified checkout brings FSS, Dash, and add-ons into a single streamlined purchase flow for Teams trials, including an Apple Pay option coming later this quarter. Early results show conversion gains and will extend this to Individuals trials later this quarter.

我們全新的統一結帳流程將 FSS、Dash 和附加元件整合到簡化的 Teams 試用版購買流程中，其中包括本季稍後推出的 Apple Pay 選項。初步結果顯示轉換率有所提高，並將於本季稍後將此結果推廣至個人試驗。

For IT admins, we launched the storage management dashboard, showing team data usage and trends, which addresses the top customer request and helps drive our highest-ever IT admin CSAT score.

對於 IT 管理員，我們推出了儲存管理儀表板，顯示團隊資料使用情況和趨勢，這滿足了客戶最迫切的需求，並有助於推動我們獲得有史以來最高的 IT 管理員客戶滿意度評分。

DocSend had another solid quarter with double-digit revenue growth, driven by a 17% increase in total account creations and strong engagement. The DocSend team is applying learnings from core FSS to drive retention gains.

DocSend 又迎來了一個穩健的季度，收入實現了兩位數的增長，這主要得益於帳戶創建總數增長了 17% 以及用戶參與度的大幅提升。DocSend 團隊正在應用從核心 FSS 中獲得的經驗來提高使用者留存率。

Sign and Form Swift modestly exceeded expectations.

Sign and Form Swift 的表現略微超乎預期。

It's been an eventful quarter. Just like we took the cloud the last mile in 2007 by giving you a folder that (inaudible) everywhere, with Dash, we're taking AI the last mile by connecting it to your actual work.

這真是個多事之秋。就像我們在 2007 年透過提供一個可以（聽不清楚）隨處存取的資料夾，實現了雲端運算的最後一公里一樣，有了 Dash，我們正在透過將其與您的實際工作連接起來，實現人工智慧的最後一公里。

With Dash self-serve live and Dash and Dropbox rolling out, we're building awareness, driving trials, and turning early users into advocates.

隨著 Dash 自助服務上線以及 Dash 和 Dropbox 的推出，我們正在提高知名度、推動試用，並將早期用戶轉化為支持者。

Our core team is making real progress strengthening and simplifying FSS, while operating more efficiently.

我們的核心團隊在加強和簡化FSS的同時，也在提高營運效率方面取得了實質進展。

The momentum is energizing. We look forward to updating you on our progress in the coming months.

這股勢頭令人振奮。我們期待在接下來的幾個月向您報告我們的進展。

I want to thank everyone on the Dropbox team for all their hard work this quarter.

我要感謝 Dropbox 團隊的每位成員在本季付出的辛勤努力。

I'll now turn it over to Tim to cover our Q3 financial performance and Q4 outlook.

現在我將把發言權交給提姆，讓他來介紹我們第三季的財務表現和第四季的展望。

Thank you, Drew. I'll cover our financial highlights from Q3. And then, provide guidance for the fourth-quarter and the full-year 2025.

謝謝你，德魯。我將介紹我們第三季的財務亮點。然後，提供 2025 年第四季和全年業績指引。

We executed well against our objectives this quarter, with results coming in ahead of our expectations. Our core team is making progress stabilizing our self-serve file Fike, Sync, and Share business areas, while concurrently driving meaningful operating leverage.

本季我們出色地完成了目標，業績超乎預期。我們的核心團隊在穩定自助檔案 Fike、Sync 和 Share 業務領域方面取得了進展，同時實現了有意義的營運槓桿效應。

This is giving us the opportunity to invest in new growth bets such as Dash, which are also making progress, as we now have several go-to-market motions up and running to help take advantage of the large market opportunity in front of us.

這讓我們有機會投資像 Dash 這樣的新興成長項目，這些項目也正在取得進展，因為我們現在已經啟動並運行了幾個市場推廣活動，以幫助我們抓住眼前巨大的市場機會。

We're also reducing our share count substantially, thus putting ourselves in a position to drive a meaningful increase in free cash flow per share this year.

我們也將大幅減少股份數量，使我們有能力在今年實現每股自由現金流的顯著成長。

With this in mind, I'll now turn to our Q3 financial performance.

有鑑於此，我現在將談談我們第三季的財務表現。

In Q3, total revenue declined 70 basis points year over year to $634 million. Constant currency revenue declined 120 basis points year over year to $631 million. Excluding the impact of FormSwift, which acted as a 150 basis points headwind to revenue, our year-over-year constant currency revenue was slightly positive, driven by relative strength in our individual SKUs.

第三季總營收年減70個基點至6.34億美元。以固定匯率計算，營收年減 120 個基點至 6.31 億美元。剔除 FormSwift 的影響（該公司對收入造成了 150 個基點的不利影響），我們按固定匯率計算的同比收入略有增長，這主要得益於我們各個 SKU 的相對強勁表現。

Total ARR was $2.536 billion, down 1.7% year over year and 1.5% on a constant currency basis. FormSwift acted as a 160 basis points headwind to ARR in the quarter.

總年度經常性收入為 25.36 億美元，年減 1.7%，以固定匯率計算下降 1.5%。FormSwift在本季對年度經常性收入造成了160個基點的負面影響。

We exited the quarter with 18.07 million paying users, a sequential decline of approximately 64,000 paying users. The quarter's decline was primarily driven by downsell within our managed account base, as well as our reduced level of investment in FormSwift.

本季末，我們的付費用戶數為 1,807 萬，比上一季減少了約 6.4 萬付費用戶。本季業績下滑主要是因為我們管理的客戶群的銷售降級，以及我們對 FormSwift 的投資減少所致。

Counteracting this, we are seeing positive traction from our simple SKU, our lower-priced, lower -storage plan targeted to mobile-first users. Average revenue per paying user was $139.7 as compared to $138.32 in the prior quarter. ARPU increased sequentially primarily due to FX rate tailwinds, as well as shift to both higher-priced and monthly plans.

與此相反，我們看到我們簡單的 SKU（價格更低、儲存容量更小的套餐）針對行動優先用戶，獲得了積極的市場反響。付費用戶平均收入為 139.7 美元，而上一季為 138.32 美元。ARPU（每位用戶平均收入）較上季成長，主要得益於匯率利好以及向更高價位和按月付費方案的轉變。

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 excludes stock-based compensation, amortization of purchased intangibles, certain acquisition-related expenses, workforce reduction expenses, and debt gains on equity investments. Our non-GAAP net income also includes the income tax effect of the aforementioned adjustments.

在我們繼續進一步討論損益表之前，我想指出，除非另有說明，所有提及的損益表數據均為非GAAP數據，不包括股票選擇權費用、購買的無形資產攤銷、某些收購相關費用、裁員費用以及股權投資的債務收益。我們的非GAAP淨收入也包括上述調整的所得稅影響。

Gross margin was 81.4% for the quarter, down 260 basis points from the year-ago period, reflecting higher depreciation stemming from our data center refresh cycle, as well as investments we are making in our infrastructure for Dash.

本季毛利率為 81.4%，比去年同期下降 260 個基點，反映出資料中心更新週期帶來的折舊增加，以及我們對 Dash 基礎設施的投資。

Operating margin was 41.1%, ahead of our guidance of 37% and up roughly 490 basis points from the year-ago period. Operating margin increased year over year largely due to headcount reductions from our (inaudible), the elimination of marketing spend for FormSwift, and targeted reductions in core performance marketing. Compared to our guidance, operating margin benefited primarily from delayed hiring, lower outside services, and marketing spend, as well as some one-time benefits.

營業利益率為 41.1%，高於我們先前 37% 的預期，比去年同期成長了約 490 個基點。營業利潤率年增主要得益於我們（聽不清楚）的員工人數減少、取消 FormSwift 的行銷支出以及有針對性地削減核心績效行銷。與我們的預期相比，營業利潤率主要受益於招募延遲、外部服務和行銷支出減少，以及一些一次性收益。

Net income for the third quarter was $197 million, up 3% year over year. Diluted EPS for the third quarter was $0.74, based on 265 million diluted weighted average shares outstanding, compared to $0.60 in the year ago quarter. representing a 23% year-over-year increase.

第三季淨利為 1.97 億美元，年增 3%。第三季稀釋後每股收益為 0.74 美元，基於 2.65 億股稀釋後加權平均流通股計算，而去年同期為 0.60 美元，較去年同期成長 23%。

Moving on to our cash flow and balance sheet, cash flow from operations was $302 million, an increase of 10% versus the year-ago period. Q3 included $21 million of interest payments, net of the associated tax benefit related to amounts drawn under our term loan facility.

接下來來看我們的現金流量表和資產負債表，經營活動產生的現金流量為 3.02 億美元，比去年同期成長了 10%。第三季包括 2,100 萬美元的利息支出，扣除與根據我們的定期貸款安排提取的款項相關的稅收優惠後。

Capital expenditures were $8 million in the quarter, resulting in unlevered free cash flow of $314 million or $1.19 per share, up 39% and year over year. In the quarter, we also added $45 million to our finance leases for data center equipment, as we continue to refresh our data centers, though we are nearing the end of this refresh cycle.

本季資本支出為 800 萬美元，產生 3.14 億美元的非槓桿自由現金流，即每股 1.19 美元，較去年同期成長 39%。本季度，我們還增加了 4,500 萬美元的資料中心設備融資租賃，因為我們將繼續更新我們的資料中心，儘管我們即將結束這項更新週期。

As related to capital allocation, in September, we amended our existing credit agreement to add $700 million and delayed draw secured term loans under similar terms as our initial term loan from December 2024, with no interest expense for undrawn amounts in 2025. We expect to draw these funds early next year to retire our March 2026 convertible notes. As a result, we will not incur incremental interest expense this year related to this transaction.

關於資本配置，我們在 9 月修改了現有的信貸協議，增加了 7 億美元，並根據與我們最初的定期貸款類似的條款，從 2024 年 12 月起延期提取擔保定期貸款，2025 年未提取的金額不計利息支出。我們預計將於明年初提取這些資金，用於償還我們 2026 年 3 月到期的可轉換債券。因此，今年我們不會因這項交易而產生額外的利息支出。

As of the end of the quarter, we have $1.15 billion drawn at $1.55 billion available to draw under our term loans. We ended the quarter with cash and short-term investments of $925 million.

截至本季末，我們已提取11.5億美元，而根據我們的定期貸款，可提取金額為15.5億美元。本季末，我們持有現金及短期投資9.25億美元。

Concurrent with our September capital raise, our Board also authorized a new $1.5 billion share repurchase program. In the third quarter, we repurchased approximately 14 million shares, spending approximately $390 million. As of the end of the third quarter, we had approximately $1.58 billion remaining under our existing share repurchase authorization.

在9月進行融資的同時，我們的董事會也批准了一項新的15億美元股票回購計畫。第三季度，我們回購了約 1,400 萬股股票，花費約 3.9 億美元。截至第三季末，我們現有的股票回購授權下還剩餘約 15.8 億美元。

I'll now offer our updated outlook for Q4 and the full-year 2025.

接下來，我將提供我們對第四季和 2025 年全年的最新展望。

For the fourth quarter of 2025, we expect revenue to be in the range of $626 million to $629 million. We are expecting a currency tailwind of approximately $3 million. On a constant currency revenue basis, we expect revenue to be in the range of $623 million to $626 million. We expect FormSwift to serve as a roughly 170 basis points headwind to revenue in the fourth quarter. We expect our non-GAAP operating margin to be approximately 37%. Finally, we expect diluted weighted average shares outstanding to be in the range of 256 million to 261 million shares, based on our 30-day trailing average share price.

我們預計 2025 年第四季的營收將在 6.26 億美元至 6.29 億美元之間。我們預計匯率波動將帶來約 300 萬美元的利多。以固定匯率計算，我們預計營收將在 6.23 億美元至 6.26 億美元之間。我們預計 FormSwift 將在第四季對營收造成約 170 個基點的不利影響。我們預計非GAAP營業利潤率約為37%。最後，根據我們 30 天滾動平均股價，我們預計稀釋後的加權平均流通股數量將在 2.56 億股至 2.61 億股之間。

For the full-year 2025, we are raising the midpoint of our as-reported revenue guidance range by $18 million, now expecting a range of $2.511 billion to $2.514 billion. We are also raising the midpoint of our constant currency revenue guidance by $17 million, now expecting a range of $2.508 billion to $2.511 billion. We now expect FormSwift to serve as a roughly 130 basis points headwind to revenue this year. Our gross margin outlook is unchanged at approximately 82%.

對於 2025 年全年，我們將已公佈的收入預期範圍的中點提高了 1800 萬美元，現在預計範圍為 25.11 億美元至 25.14 億美元。我們同時將以固定匯率計算的營收預期中位數上調 1,700 萬美元，目前預計收入範圍為 25.08 億美元至 25.11 億美元。我們現在預計 FormSwift 今年將對營收造成約 130 個基點的不利影響。我們的毛利率預期維持約 82% 不變。

We are raising our outlook for non-GAAP operating margin by 100 basis points to approximately 40%. We expect unlevered free cash flow to be at or above $1 billion. We continue to expect cash interest expense, net of tax benefits, of approximately $85 million. We are also lowering our CapEx guidance to be in the range of $20 million to $25 million for the full year.

我們將非GAAP營業利潤率預期上調100個基點至約40%。我們預計未槓桿自由現金流將達到或超過 10 億美元。我們預計扣除稅收優惠後，現金利息支出約為 8,500 萬美元。我們同時下調了全年資本支出預期，預計在 2,000 萬美元至 2,500 萬美元之間。

We are maintaining our outlook for addition to finance lease lines to be approximately 6% of revenue. Finally, we now expect diluted weighted average shares outstanding to be in the range of 273 million to 278 million shares.

我們維持先前對新增融資租賃額度佔收入約 6% 的預期。最後，我們現在預計稀釋後的加權平均流通股數量將在 2.73 億股至 2.78 億股之間。

I'll now share some additional perspective on this guidance for 2025 and provide some early thinking on 2026.

接下來，我將分享一些關於 2025 年指引的補充觀點，並對 2026 年提出一些初步想法。

With respect to revenue, we are raising our full-year revenue guidance to reflect our outperformance this past quarter, as well as stronger structural retention trends across our self-serve SKUs that we expect to continue through the remainder of the year.

在營收方面，我們提高了全年營收預期，以反映我們上一季的出色表現，以及我們自助服務 SKU 中更強勁的結構性客戶留存趨勢，我們預計這種趨勢將在今年剩餘時間內持續下去。

Turning to paying users, we now expect a full-year decline of roughly 250,000, an improvement from our prior outlook of 300,000 paying users. Our better-than-expected results on paying users is driven by strong retention, with our self-serve File, Sync, and Share SKUs and the early success of our lower-priced simple plan. We expect this outperformance to be partially offset by softer results within our managed sales motion where we continue to see near-term downsell activity. Consistent with our prior commentary, FormSwift is expected to account for roughly half of the total decline this year.

就付費用戶而言，我們現在預計全年將減少約 25 萬用戶，比我們先前預測的 30 萬付費用戶有所改善。付費用戶數量超出預期，這得益於我們強大的用戶留存率，以及自助式文件、同步和共享 SKU 和價格較低的簡易方案的早期成功。我們預計，這種優異表現將被我們管理的銷售業務中較為疲軟的業績部分抵消，因為我們繼續看到近期降價銷售活動。與我們先前的評論一致，FormSwift預計將佔今年總跌幅的一半左右。

Moving on to operating margins, we are raising our full-year guidance by 100 basis points, primarily driven by more disciplined hiring, efficiencies within performance marketing, lower outside services spend, and some one-time benefits. At the same time, we anticipate some incremental investment in headcount and marketing next quarter to support Dash.

接下來談談營業利潤率，我們將全年預期上調 100 個基點，主要原因是招聘更加嚴格、績效行銷效率提高、外部服務支出減少以及一些一次性收益。同時，我們預計下個季度將在人員配備和行銷方面增加一些投資，以支持 Dash 的發展。

We're lowering our full-year CapEx guidance, as we've rightsized our data center investment for the rest of the year, consistent with our disciplined approach to managing spend across the business.

我們下調了全年資本支出預期，因為我們已經調整了今年剩餘時間的資料中心投資規模，這與我們在整個業務中嚴格管理支出的方法一致。

We're lowering our full-year weighted average shares outstanding outlook, reflecting the additional capacity under our share repurchase program and our commitment to reducing share count, over time.

我們將下調全年加權平均流通股預期，這反映了我們股票回購計劃的額外能力以及我們逐步減少流通股數量的承諾。

Finally, we are raising our unlevered free cash flow guidance roughly in line with the rate to operating margins, where we now expect unlevered free cash flow to be at or above $1 billion. Surpassing $1 billion in unlevered free cash flow will mark the milestone for the company, representing both the level we've been building towards for many years, as well as a testimony to the strength of our business model.

最後，我們將無槓桿自由現金流預期上調，大致與營業利潤率保持一致，我們現在預計無槓桿自由現金流將達到或超過 10 億美元。超過 10 億美元的非槓桿自由現金流將成為公司的里程碑，這既代表了我們多年來一直在努力達到的水平，也證明了我們商業模式的實力。

We're proud of the progress we've made on this front and look forward to continuing the momentum.

我們為在這方面取得的進展感到自豪，並期待繼續保持這一勢頭。

I'll wrap with some early thoughts on 2026.

最後，我再談談我對2026年的一些初步看法。

With respect to revenue, our strategy next year will largely reflect the continuation of our goals for this year, with a significant focus on scaling Dash and strengthening our self-serve Teams business, all with the aim of returning to revenue growth.

在收入方面，我們明年的策略將很大程度上延續今年的目標，重點是擴大 Dash 的規模並加強我們的自助式 Teams 業務，所有這些都是為了恢復收入成長。

However, we expect to continue to face near-term revenue headwinds from our strategic decision to exit the FormSwift business, as well as to reduce our investments in our managed sales motion and performance marketing for our core business.

然而，由於我們退出 FormSwift 業務的策略決策，以及減少對核心業務的管理銷售流程和效果行銷的投資，我們預計近期仍將面臨收入方面的不利影響。

With respect to operating margins, we'll be lapping the reduction in force we made in October of 2024 and, thus, we'll not have this margin expansion tailwind heading into next year.

就營業利潤率而言，我們將抵消 2024 年 10 月的裁員影響，因此，明年我們將無法享受利潤率擴張的利好。

Additionally, 2026 will be an important year for Dash. With expanded go-to-market motions and increased marketing investment, we will aim to drive higher trial usage, engagement, and conversion. As customer traction builds, we'll retain flexibility to invest further in growth. Consequently, we don't currently foresee 2026 to be a year of margin expansion.

此外，2026 年對 Dash 來說也將是重要的一年。透過擴大市場推廣力度和增加行銷投入，我們將致力於提高試用率、用戶參與度和轉換率。隨著客戶數量的成長，我們將保持靈活性，進一步投資於業務成長。因此，我們目前預期 2026 年不會是利潤率擴張的一年。

Having only launched our Dash self-serve motions a few weeks ago, we are just now seeing true customer signals on these motions and, thus, we'll be refining our expectations and plans over the coming months as we gain more insight. Therefore, we will have more to share on our expectations for 2026 during our February earnings call.

由於我們的 Dash 自助服務功能僅在幾週前推出，我們現在才開始看到這些功能的真實客戶回饋，因此，隨著我們獲得更多洞察，我們將在接下來的幾個月中不斷完善我們的預期和計劃。因此，我們將在2月的財報電話會議上分享更多關於我們對2026年的預期。

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

接線員，請開啟提問頻道。

(Operator Instructions)

（操作說明）

Steven Enders, Citi.

Steven Enders，花旗集團。

This is [Paula], on for Steve Enders from Citi. Congratulations on the great quarter.

這位是[Paula]，她將代表花旗銀行的Steve Enders為您帶來報道。恭喜你們本季取得佳績。

My first question was, with Dash in self-serve now, just was curious as to what you're hearing on early feedback on Dash. (inaudible) progress? I know it's not going to be a big part of your revenue but is any portion of the raised guide including Dash monetization?

我的第一個問題是，既然 Dash 現在已經可以自助使用了，我很好奇您從早期反饋中了解到了哪些關於 Dash 的資訊。 （聽不清楚）進展如何？我知道這不會是你收入的很大一部分，但是籌集的資金中是否包含 Dash 貨幣化這部分？

I can start with on the Dash front and the self-serve launch. It's early days. The launch was a couple of weeks ago but, more broadly, with Dash, the basic value props are resonating. Customers appreciate the ability to search across all their different apps. They appreciate having an AI system that actually knows about them, their company; and then, some unique features of Dash, things like stacks, which are smart collections that allow you to organize content across any platform and beyond just files. And then, lastly, Protect and Control, which helps IT admins identify and remediate any overshared content.

我可以先從 Dash 系統和自助啟動功能說起。現在下結論還為時過早。雖然 Dash 的發布是幾週前的事了，但更廣泛地說，它的基本價值主張引起了共鳴。用戶很喜歡能夠在所有不同的應用程式中進行搜尋的功能。他們很欣賞擁有一個真正了解他們、了解他們公司的 AI 系統；此外，Dash 還具有一些獨特的功能，例如堆疊，這是一種智慧集合，可讓您跨任何平台（不僅限於文件）組織內容。最後，還有「保護和控制」功能，它可以幫助 IT 管理員識別和修復任何過度共享的內容。

Like, those are the pillars of value that are all resonating.

這些都是能夠引起共鳴的價值支柱。

And then, we're focused on driving the adoption of Dash standalone and also, driving the integration into the FSS products.

然後，我們將專注於推動 Dash 獨立版的普及，以及推動其與 FSS 產品的整合。

So we'll have a lot more to share on specifics there.

所以，我們之後會分享更多具體細節。

I'll turn it to Tim, as far as guidance.

我會請教提姆，讓他提供指導。

Sure. As far as the raise in guidance, I'd attribute it more to our outperformance from our individual SKUs. We also saw some continued improvements in churn and downsell for Teams, following changes to the cancellation flow that we implemented last quarter.

當然。至於業績預期上調，我認為這更多是由於我們各個 SKU 的出色表現。繼上個季度我們對取消流程進行更改之後，我們也看到 Teams 的客戶流失率和降價銷售情況持續改善。

Sign and FormSwift also performed slightly ahead of expectations in DocSend; also grew double digits due to the success of our advanced data room plan.

Sign 和 FormSwift 在 DocSend 的表現也略微超出預期；由於我們先進的資料室計劃的成功，也實現了兩位數的成長。

So those are more of the factors, though, Dash is also a contributor. .

所以以上是更多因素，不過，Dash 也是影響因素。。

Perfect. My follow-up is, one of the comments is, I think, about delayed hiring. I was just curious as to -- when it goes to backfilling the risk and your investments in Dash, which areas are you going to be focusing on hiring for Q4 and for FY26?

完美的。我的後續問題是，其中一條評論似乎與招聘延遲有關。我只是好奇——在填補風險和您在 Dash 的投資方面，您將在第四季度和 2026 財年重點招聘哪些領域的人才？

Yeah. Sure. We're always looking to add talent to the company, with respect to Dash. We will be investing in head count to AI folks, in particular. Also, we'll be investing in marketing to further the engagement and adoption of Dash.

是的。當然。我們一直在為公司尋找人才，尤其是在 Dash 方面。我們將加大對人工智慧人才的投入。此外，我們將加大行銷投入，以進一步提高 Dash 的用戶參與度和普及率。

We're always also looking for M&A that can accelerate our product roadmap. We've acquired and promoted (inaudible) and Mobius Labs in recent quarters that are accelerating our capabilities when it comes to Dash.

我們一直在尋找能夠加速我們產品路線圖的併購機會。最近幾個季度，我們收購並推廣了（聽不清楚）和 Mobius Labs，這加快了我們在 Dash 方面的能力。

We are also backfilling some open roles across the company. But Dash, with those investments in headcount and marketing, those are the primary investments, both in Q4 and in 2026.

我們也在公司內部填補一些空缺。但 Dash 在人員配置和行銷方面的投資，是第四季和 2026 年的主要投資。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Wonderful. Maybe just two for me here.

精彩的。我這裡可能就選兩個吧。

First, I wanted to maybe double click a little bit on M&A philosophy from here. I know you, Tim, just referred to a recent acquisition you've made. As you think throughout the history of Dropbox, right, there's been some acquisitions that I'm sure you'd say, hey, these have been great, including (inaudible), which later became or helped you launched Dash. Some maybe having a little less successful (inaudible), like FormSwift, which has been obviously a headwind on growth.

首先，我想就併購理念再深入探討。我知道你，提姆，剛才你提到了你最近完成的一項收購。回顧 Dropbox 的發展歷程，你肯定會想到一些收購，我相信你會說，嘿，這些收購都很棒，包括（聽不清楚），這些收購後來發展成了 Dash，或者幫助你們推出了 Dash。有些公司可能不太成功（聽不清楚），例如 FormSwift，這顯然對它的發展造成了阻礙。

As we think about the history of Dropbox as M&A, can you maybe talk a little bit about what learnings you've had from thema and how you can use those to inform you as you contemplate future M&A opportunities, especially just given your cash generation and especially just given the opportunity to use M&A to accelerate what you're doing on the AI front?

當我們回顧 Dropbox 的併購歷史時，您能否談談您從中獲得了哪些經驗教訓，以及您如何利用這些經驗教訓來引導您思考未來的併購機會，尤其是在考慮到您的現金流狀況以及利用併購來加速您在人工智慧領域所做工作的機會時？

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

然後，我還有一個後續問題。

Sure. Yeah. Great question.

當然。是的。問得好。

We've learned a lot. Broadly, we've had a lot of success with M&A, in terms of being able to accelerate our product roadmap and expand the business. And so, certainly, a lot of our new products have been ceded by acquisitions.

我們學到了很多。整體而言，我們在併購方面取得了巨大的成功，能夠加快產品路線圖的推進並擴大業務。因此，我們許多新產品都是透過收購獲得的。

Things like Nira and (inaudible) are good recent examples of opening access to new markets and speeding us up. DocSend, another -- so I think one of the lessons is the importance of, like, buying leadership in categories. DocSend is an example of a category leader that's done well.

像 Nira 和（聽不清楚）這樣的公司都是近期開拓新市場、加快發展步伐的良好例證。DocSend，還有一家——所以我認為其中一個教訓是，在品類中佔據領導地位的重要性。DocSend 是一個表現出色的品類領導者的例子。

I think there's probably some acquisitions I wish it did; and then, others I'm glad I didn't. So I think we've been disciplined on valuation. That will continue.

我認為可能有些收購是我希望它做的；而另一些收購我則慶幸它沒有做。所以我認為我們在估值方面一直很嚴謹。這種情況還會持續下去。

We're open to more transformative acquisitions but we're going to continue to maintain that disciplined approach. So yes, those are a few of the lessons.

我們樂於進行更多具有變革意義的收購，但我們將繼續保持這種嚴謹的態度。是的，以上就是其中的一些教訓。

M&A continues to be an important lever for growing the company.

併購仍是公司發展的重要槓桿。

That's very helpful. And then, maybe, just continuing a little bit on Dash. Look, it's good to see some early signs of success, continue to broaden it out, maybe if we were to fast-forward, call it, two to three years, and we're having this same call, what would, in your mind, be the proof points of, hey, our vision for Dash has been successful? Is that something that shows up in meaningfully accelerated growth? Is that something that shows up more in, you've now expanded the aperture of customers you can go after and, therefore, your TAM is larger?

那很有幫助。然後，或許可以繼續稍微聊聊 Dash。你看，看到一些早期成功的跡像是件好事，要繼續擴大規模。也許如果我們快轉到兩三年後，我們再進行同樣的電話會議，在你看來，哪些證據可以證明我們對 Dash 的願景已經成功？這是否體現在顯著加速的成長中？這是否意味著，你現在擴大了可以爭取的客戶群，因此，你的潛在市場規模也更大了？

Maybe can you just walk us through how you're thinking about -- from a multiyear perspective because I'm willing to be patient; just thinking about benchmarking success of Dash over time.

或許您可以從多年角度出發，向我們詳細介紹一下您的考慮方式——因為我願意耐心等待——只是想隨著時間的推移，對 Dash 的成功進行基準測試。

Sure. First, we'd be measuring it to the usual KPIs around adoption and revenue growth and such. But I think the bigger picture is there's a big gap between AI's potential at work and what people actually experience.

當然。首先，我們會根據通常的KPI指標（例如採用率和收入成長等）來衡量它。但我認為更重要的一點是，人工智慧的實際應用潛力與人們的實際體驗之間存在著巨大差距。

As I said earlier in my remarks, our industry is spending trillions of dollars to train these models that can heat you quantum physics but I can't find your Q2 board deck. Similar to the cloud, when we started, there was this gap between what was possible with this new infrastructure and these new technical capabilities and people's lived experience and there was a lot of important design and technical work to take the cloud last mile.

正如我之前所說，我們這個行業正在花費數萬億美元來訓練這些模型，這些模型可以讓你了解量子物理學，但我找不到你的 Q2 電路板。與雲端運算類似，當我們開始的時候，這種新的基礎設施和新技術能力與人們的實際體驗之間存在差距，因此需要進行大量重要的設計和技術工作才能將雲端運算真正落地。

We believe and we see there's a lot of important technical and design work that we're doing with Dash to take AI the last mile network because part of why you see these reports of 95% of pilots failing and things like that is because the AI (inaudible) tools are using aren't connected to your context.

我們相信，並且我們看到，我們正在與 Dash 合作開展許多重要的技術和設計工作，以將人工智能應用於最後一公里網絡，因為之所以會看到 95% 的試點項目失敗之類的報道，部分原因是人工智能（聽不清）工具與你的實際情況不符。

And so success looks like closing that context gap. There are not a lot of shortcuts. Closing that gap entails integrating to, basically, the entire known universe of SaaS applications in every productivity ecosystem and building a deep index and understanding of people's context at work.

因此，成功似乎在於彌合這種背景差距。捷徑並不多。彌合這一差距需要與每個生產力生態系統中已知的所有 SaaS 應用程式進行整合，並建立對人們工作環境的深入指標和理解。

And then, I think from an industry standpoint, that's really Dropbox's unique contribution to AI: being able to gather all the context and assemble and format that an AI model can understand.

然後，我認為從行業角度來看，這就是 Dropbox 對人工智慧的獨特貢獻：能夠收集所有上下文信息，並將其整理和格式化，以便人工智慧模型能夠理解。

And then, from a business perspective, one of the -- it's an example I've used a few times but I keep going back to Netflix's transition when they went from DVD mailing to streaming, where it turned out the best thing they could do for the DVD mailing business was layer in streaming and what that did for them was twofold.

然後，從商業角度來看，我舉過幾次 Netflix 從 DVD 郵寄轉型到串流媒體的例子，結果證明，他們能為 DVD 郵寄業務做的最好的事情就是加入串流媒體服務，而這給他們帶來了雙重好處。

So one is it took what otherwise was viewed as business with, like, limited future growth opportunities and then, it extended the customer lifetime indefinitely because of those people, as they were able to bridge DVD mailing subscribers to streaming -- they both kept Netflix on your credit card statement and, even more important, for the existing users. And so the core business ended up being a lot more valuable than you might have otherwise calculated. And then, second, it unlocked a TAM that was 10 or more times (inaudible) -- or two magnitude larger with streaming than they had with DVD mailing.

一方面，它改變了原本被視為未來成長機會有限的業務模式，另一方面，它無限期地延長了客戶的生命週期，因為他們能夠將 DVD 郵寄訂閱用戶過渡到串流媒體服務——他們既讓 Netflix 保留在你的信用卡帳單上，更重要的是，也讓現有用戶繼續使用這項服務。因此，核心業務最終的價值遠遠超出你的預期。其次，它解鎖了比 DVD 郵寄方式大 10 倍甚至更多（聽不清楚）——或者說大了兩個數量級的潛在市場。

So we see that. We see parallels. It's not the exact same situation but we see parallels between our File, Sync business and organizing all your cloud content and connecting AI to your work context.

我們看到了這一點。我們看到了相似之處。雖然情況不完全相同，但我們看到我們的文件同步業務與組織所有雲端內容並將人工智慧連接到您的工作環境之間存在相似之處。

We see both a natural evolution of the value we're already providing to our core users. And then, we're able to unlock new generations of Dropbox users, who, for one reason or another, aren't using files in Dropbox today.

我們看到，這既是我們現有為核心使用者提供的價值的自然演進，也是對我們現有價值的自然延伸。這樣一來，我們就能吸引新一代的 Dropbox 用戶，他們因為各種原因，目前還沒有使用 Dropbox 中的檔案。

Matthew Bullock, Bank of America.

馬修‧布洛克，美國銀行。

Great. Congrats on the solid quarter here.

偉大的。恭喜你們本季業績穩健。

Drew, maybe if you could just help us think about what you're hearing in terms of feedback from the Dash sales reps out there selling into the team's installed base? What's causing friction? What's working well in the cycle? And then, now with the self-serve motion up and running, how should we think about self-serve contribution versus managed sales for Dash over the next couple of years?

Drew，你能不能幫我們想想你從Dash銷售代表那裡聽到的回饋，他們是如何向團隊的現有客戶群推銷產品的？摩擦是由什麼造成的？這個週期中哪些環節運作良好？那麼，隨著自助服務模式的啟動和運行，在接下來的幾年裡，我們應該如何看待 Dash 的自助服務貢獻與託管銷售之間的關係呢？

Sure. The feedback we've been getting -- I shared a bit of it earlier. Most importantly, the fundamental value propositions around AI, that's connected to your work context around universal search, around stacks, around protected control. Those are all resonating, as expected.

當然。我們收到的一些回饋——我之前分享過一部分。最重要的是，人工智慧的基本價值主張與你的工作環境息息相關，例如通用搜尋、技術堆疊和受保護的控制。正如預期的那樣，這些都引起了共鳴。

And then, we're seeing healthy signs of frequency and depth of engagement. So 60% of users are using Dash multiple times per week. That's the thing we want to see.

而且，我們看到了參與頻率和參與深度的健康跡象。因此，60% 的用戶每週多次使用 Dash。這正是我們想看到的。

And then, that said, I think there's structural challenges with the enterprise business in that it's pretty crowded and noisy. If you think about it, there's -- every CIO has got a long line of AI start-ups and big companies pitching them on AI things. I think there's been a fair amount of disappointment or customers feeling burned by broken promises or having bad experiences with things like Copilot. So I think that you just have a fatigued audience there.

話雖如此，我認為企業業務也存在結構性挑戰，因為這個行業非常擁擠且吵雜。仔細想想，每個資訊長都會收到一長串人工智慧新創公司和大公司推銷人工智慧產品的請求。我認為，很多客戶都感到失望，或者因為承諾落空而受到傷害，或者在使用像 Copilot 這樣的產品時有過糟糕的體驗。所以我覺得你們那裡的觀眾可能已經感到疲倦了。

And then, the situation is just completely different in SMB, which is exactly where we have our home field advantage. So we see no scaled competitors that do anything similar to Dash. We've got 575,000 paying businesses already on Dropbox. It's a very natural evolution of the value we already provide by starting with your files and then, extending with Dash to everything else. We can follow a lot of the same playbook as Dropbox 1.0.

而在中小企業中，情況就完全不同了，這正是我們擁有主場優勢的地方。因此，我們沒有看到任何規模相當的競爭對手提供與 Dash 類似的服務。Dropbox 上已經有 575,000 家付費企業用戶了。這是對我們現有價值的非常自然的演進，我們從您的文件入手，然後透過 Dash 擴展到其他所有內容。我們可以沿用 Dropbox 1.0 的許多做法。

You might ask, like, well, okay, if that's going be such a big opportunity, why isn't there more competition? The answer is it's because it's a very difficult technical problem. It can be expensive to solve, especially if you're using the public cloud. So other start-up competitors or enterprise-focused competitors -- the customer conversation starts with, like, a $50,000 set-up fee and a multi-month deployment process, that's going to be unachievable or it's going to roll out a lot of SMB adoption.

你可能會問，好吧，如果這是一個如此大的機會，為什麼競爭不激烈呢？答案是，因為這是一個非常棘手的技術問題。解決這個問題可能成本很高，尤其是在使用公有雲的情況下。因此，其他新創競爭對手或以企業為中心的競爭對手——客戶對話一開始就提出 5 萬美元的設定費和數月的部署過程，這要么是無法實現的，要么會阻礙中小企業採用。

A lot of our engineering effort has gone into a lot of the same efficiencies and really getting the design and the UX rate to turn Dash into a product that you can just download, be up and running in a few minutes, just wire up you -- connect your apps and go.

我們投入了大量的工程精力來提高效率，真正提升設計和用戶體驗，使 Dash 成為一款您可以下載、幾分鐘內即可啟動運行、只需連接您的應用程式即可使用的產品。

And then lastly, the efficiency we have or our technical infrastructure is a huge enabler here. So we're able to also offer the service at a much lower price point or, at least, lower cost structure than competitors because we're able to drive the -- when you look at our gross margins and margin expansion over the years, a lot of that comes from a really efficient infrastructure. And so we're able to take advantage of that and then, extend it into new areas to basically provide a product that few others can match when it comes to be able to have a self-serve product to begin with.

最後，我們擁有的效率或技術基礎設施也是一個巨大的推動因素。因此，我們能夠以遠低於競爭對手的價格點提供服務，或至少以更低的成本結構提供服務，因為我們能夠推動——當你查看我們這些年的毛利率和利潤率增長時，你會發現這很大程度上得益於我們高效的基礎設施。因此，我們能夠利用這一點，並將其擴展到新的領域，從而提供一種很少有其他產品能夠與之匹敵的自助服務產品。

And then, also, a lot of the innovation that we've done, as far as going beyond documents and text to supporting images and video, we see these as having compounding advantages.

此外，我們所做的許多創新，例如超越文件和文本，支援圖像和視頻，我們認為這些都具有疊加優勢。

You have to have a lot of these parts all coming together to be able to launch a product like Dash into the SMB segment and have a successful self-serve product.

要將像 Dash 這樣的產品推向中小企業市場並取得成功，需要所有這些因素完美結合。

Got it. And then, just a quick follow-up, if I could, here. Just on managed sales channel downsells. How did that trend in the third quarter, relative to expectations? And then, how should we think about quantifying any headwinds from those downsells in the fourth quarter?

知道了。然後，如果可以的話，我想在這裡補充一個簡單的後續問題。僅針對託管銷售通路的降價銷售。第三季這趨勢與預期相比如何？那麼，我們應該如何量化第四季這些降價促銷活動帶來的任何不利影響呢？

Sure. Over the past couple of quarters, we have seen some self-serve teams turn into downsell. We've seen that improve actually, following continued work around cancellation flows that better demonstrate the value we're providing to our users.

當然。在過去的幾個季度裡，我們看到一些自助服務團隊變成了降價銷售團隊。我們看到情況確實有所改善，這得益於我們不斷改進取消流程，更好地展現了我們為用戶提供的價值。

On the managed sales side of things, we do still see some elevated downsell levels across our (inaudible) motion, following our decision to reduce our investments in this motion, following a (inaudible) last year. So that was part of the numbers of paying users past quarter.

在銷售管理方面，由於去年我們決定減少對該領域的投資，我們仍然看到（聽不清楚）領域的降價銷售水平有所上升。這是上個季度付費用戶數量的部分數據。

We still expect some elevated levels of downsells across the (inaudible) business in the fourth quarter, as well.

我們預期第四季整個業務（聽不清楚）仍會出現一定程度的降價促銷。

Mark Murphy, J.P. Morgan.

馬克墨菲，摩根大通。

This is Jaiden Patel, on for Mark Murphy. We just have one.

這裡是傑登·帕特爾，代馬克·墨菲報道。我們只有一個。

You've got exposure to both consumer and small business customers that ultimately tie back to the health of the consumer. How would you characterize end-user behavior today? Are you seeing any incremental pressure stabilization in consumer lines cohorts?

你既能接觸到消費者客戶，也能接觸到小型企業客戶，而這最終都與消費者的健康息息相關。您如何描述當今終端使用者的行為？您是否觀察到消費者產品線群體的壓力趨於穩定？

Sure. From our perspective, trends have been pretty stable. You see ongoing price sensitivity. But that's -- I wouldn't say there's anything particularly new there.

當然。從我們的角度來看，趨勢一直相當穩定。你可以看到價格敏感度持續存在。但是——我不會說那裡有什麼特別新奇的東西。

And then, we also see with our customers, Dropbox tends to be a pretty mission-critical thing for a small business that's using it. All their most important information is there.

此外，我們還發現，對於使用 Dropbox 的小型企業來說，Dropbox 往往是至關重要的工具。他們最重要的訊息都在那裡。

So it's relatively less cyclical than some other areas. But I wouldn't say there's been major changes to the trends we've been seeing.

因此，與其他一些地區相比，它的周期性波動相對較小。但我認為我們所看到的趨勢並沒有發生重大變化。

(Operator Instructions)

（操作說明）

Patrick Walravens, Citizens Bank.

派崔克·瓦爾拉文斯，公民銀行。

This is (inaudible), on for Pat. Congratulations a great quarter. Really excited to hear Dash is going so well.

這是（聽不清楚），請帕特接聽。恭喜你，這個季度業績很棒。聽到Dash一切順利，真是太高興了。

I was curious if you could provide any color on what specific integrations are performing well with Dash customers?

我想請教一下，您能否具體說明哪些整合方案在Dash客戶中表現良好？

And then, I have a quick follow-up.

然後，我還有一個簡短的後續問題。

Sure. It's a lot of the ones you'd expect. Certainly, all the top productivity apps so the office suites; communication tools, like Slack; and then, the rest of the most common apps so things like Salesforce and Workday, which added HubSpot; and (inaudible) others. So we've long been at a point where we feel like we have good connector coverage and can deliver on the promise of actually connecting [AID] or work contacts.

當然。很多都是你意料之中的那種。當然，所有頂級生產力應用程序，例如辦公室套件；通訊工具，例如 Slack；以及其他最常見的應用程序，例如 Salesforce 和 Workday，還有 HubSpot；以及（聽不清楚）其他應用程式。因此，我們早就覺得我們擁有良好的連接器覆蓋範圍，能夠兌現連接[AID]或工作聯絡人的承諾。

And then, our (multiple speakers) --

然後，我們的（多位發言者）——

As my follow-up -- please continue.

我的後續問題是——請繼續。

Sorry. Sorry. I just want to make sure I answered your question.

對不起。對不起。我只是想確認我是否回答了你的問題。

Did I miss anything?

我漏掉了什麼嗎？

No. I think that's what I was looking to hear.

不。我想這就是我想聽到的。

The follow-up is related in that we asked last quarter about, with API access limitations that Slack is implemented -- I was just really curious on your perspective on the competitive landscape there, if you're still seeing conversations around limiting access. And then, conversely, competitor was launching a product that wanted to access Dropbox data? How do you think about something like that?

後續問題與我們上個季度詢問的 Slack 實施的 API 存取限制有關——我真的很好奇您對這方面的競爭格局有何看法，您是否仍然看到有關限制訪問的討論。反過來，競爭對手推出了一款想要存取 Dropbox 資料的產品？你對這樣的事情有什麼看法？

Sure. To date, we've been able to maintain access to the major platforms. Slack's a partner. We integrate well with them.

當然。到目前為止，我們一直能夠保持對主要平台的存取權限。Slack是我們的合作夥伴。我們與他們融合得很好。

I think part of it is having these bilateral relationships with companies. I think it helps that Dropbox is also an important content repository for a lot of customers. And so we're able to set up business relationships well and have a good balance of trade.

我認為部分原因在於與這些公司建立雙邊關係。我認為，Dropbox 對許多用戶來說也是一個重要的內容儲存庫，這對它的發展很有幫助。因此，我們能夠建立良好的商業關係，並保持良好的貿易平衡。

And then, our view is that there's going to be a lot of -- any two large tech companies are going to have a lot of surface area. We'll compete on the margins. But, ultimately, we want to deliver a good experience for our shared customers.

然後，我們的觀點是，任何兩家大型科技公司都會擁有很大的競爭面積。我們將在邊緣地帶展開競爭。但歸根結底，我們希望為我們的共同客戶提供良好的體驗。

And so we keep our eyes on the horizon to make sure there's not some fragmentation or restriction of access to the customers' data. But I think the biggest force in favor of interoperability is, really, customers want to get more value out of their data. They don't appreciate it when you try to lock them out of their data or charge them twice for access to their own data. So I think that gravitational pull is really important.

因此，我們會密切關注事態發展，確保不會出現客戶資料存取方面的碎片化或限制。但我認為，推動互通性的最大動力實際上是，客戶希望從他們的數據中獲得更多價值。當你試圖阻止他們存取自己的資料或對他們存取自己的資料收取兩次費用時，他們是不會喜歡的。所以我認為引力非常重要。

From our perspective, we tend to be interoperable.

從我們的角度來看，我們傾向於實現互通性。

Kash Rangan, Goldman Sachs.

Kash Rangan，高盛集團。

This is [Lina], on for Kash.

這是莉娜，她代表卡什上場。

I was wondering if you can talk a little bit about how the pricing and packaging initiatives have resonated with customers so far, as well as any learnings you've had from the pricing for Dash and how that might evolve going forward?

我想請您談談到目前為止，定價和包裝方面的舉措對客戶的反應如何，以及您從 Dash 的定價中獲得了哪些經驗教訓，以及未來定價可能會如何發展？

Sure. We continue to optimize pricing and packaging in the core business. You've seen things like our simple SKU, which is performing well. For folks who are, for example, mobile customers or price-sensitive -- that gives us a more affordable entry point on the way to becoming a full subscriber. So that's worked well.

當然。我們將繼續優化核心業務的定價和包裝。你們已經看到了像我們這種銷售情況良好的簡單 SKU。例如，對於行動用戶或對價格敏感的用戶來說，這為我們提供了一個更實惠的入門途徑，讓他們能夠成為正式用戶。所以效果很好。

And then, with Dash, we have a starting point that we're excited about. As I mentioned before, the efficiencies we're able to get with our technical infrastructure allow us to come in at a much more affordable price point than our competitors.

然後，有了 Dash，我們就有了一個讓我們感到興奮的起點。正如我之前提到的，我們技術基礎設施的效率提升使我們能夠以比競爭對手更實惠的價格提供產品。

It's early days, though, so we'll learn a lot from our customers in the coming quarters. But we think it's a really attractive offer. We also are able to offer a pretty significant discount to existing Dropbox users to help drive adoption.

不過現在還處於早期階段，所以在接下來的幾個季度裡，我們將從客戶身上學到很多。但我們認為這是一個非常有吸引力的提議。我們還可以向現有的 Dropbox 用戶提供相當大的折扣，以幫助推動用戶成長。

So our fundamental cost structure and business model, we see as a major strength and something that's hard, certainly, for start-ups to replicate.

因此，我們認為我們基本的成本結構和商業模式是一項主要優勢，對於新創公司來說，這無疑是很難複製的。

Seth Gilbert, UBS.

瑞銀集團的賽斯吉伯特。

First, I know it might be a little bit early but I was wondering if you're expecting -- maybe not looking for a quantifiable answer but are you expecting any meaningful contribution on the revenue side from Dash next year? Or is that maybe still a little bit too early?

首先，我知道現在問這個問題可能有點早，但我很想知道您是否預期——也許我並不想要一個量化的答案，但您是否預期 Dash 明年會在收入方面做出任何有意義的貢獻？或者現在說這些可能還太早？

Well, certain -- our first focus is on driving adoption. That is where the vast majority of our attention is going: to both attaching Dash to the hundreds of thousands of existing business teams on Dropbox business accounts and then, we're also going to start -- then, we're also working on monetization, especially as we start to get the adoption flywheel going.

當然－我們首要關注的是推動用戶採納。這就是我們目前投入的絕大部分精力：一方面，我們將 Dash 連接到 Dropbox 企業帳戶中數十萬個現有的企業團隊；另一方面，我們也在著手進行盈利，尤其是在我們開始推動用戶增長的良性循環之後。

Now, there's some trade-offs or decisions to make about how much do we turn the dial -- more towards gaining share and driving adoption or driving near-term monetization. We think it's in our interest to err on the side of gaining share and attaching users and driving engagement but we'll be getting a lot more signal on both in the coming year.

現在，我們需要權衡利弊，做出一些決定，決定我們應該在多大程度上調整策略——是更多地追求市場份額和推動普及，還是更多地追求短期盈利。我們認為，在獲取市場份額、維繫用戶關係和提升用戶參與度方面做出一些犧牲符合我們的利益，但明年我們將從這兩方面獲得更多回饋。

As far as materiality or what that signal looks like, we'll share a lot more in the coming quarters and as we guide for '26.

至於實質問題或該訊號的具體表現形式，我們將在接下來的幾季以及對 2026 年的展望中分享更多資訊。

Got it. And then, just as a follow-up, you've been pretty active on the buyback front. I was just curious if (inaudible), generally speaking, plans to continue at the, like -- sorry, $400 million to $500 million level per quarter?

知道了。另外，我想補充一點，你們在股票回購方面一直非常活躍。我只是好奇（聽不清楚），一般來說，是否計劃繼續保持每季 4 億至 5 億美元的水平？

Sure. We remain very committed to our share repurchase program, which, of course, aims to reduce share count, over time. I'd look to our weighted average share count forecast for our expectations on the pacing of repurchases for this year. I'd expect that to be relatively similar, heading into next year.

當然。我們仍然非常重視我們的股票回購計劃，該計劃當然旨在隨著時間的推移減少股票數量。對於今年的股票回購速度，我會參考我們的加權平均股份數量預測。我預計明年情況會大致類似。

There are no further questions in the queue at this time.

目前隊列中沒有其他問題了。

I will now turn the call back over to Peter for any closing remarks.

現在我將把電話轉回給彼得，請他作總結發言。

Thanks, everyone, for joining us today.

感謝各位今天蒞臨。

We look forward to speaking with you next quarter.

我們期待下個季度與您再次溝通。

Hope you all have a good evening.

祝大家晚安。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。