Dropbox Inc (DBX) 2022 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining Dropbox's First Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of Dropbox's website following this call.

下午好，女士們，先生們。感謝您參加 Dropbox 2022 年第一季度收益電話會議。 （操作員說明）作為提醒，本次電話會議正在錄音中，可在本次電話會議後從 Dropbox 網站的投資者關係部分重播。

I will now turn the program over to Karan Kapoor, Head of Investor Relations for Dropbox. Mr. Kapoor, please go ahead.

我現在將把這個項目交給 Dropbox 投資者關係主管 Karan Kapoor。卡普爾先生，請繼續。

Good afternoon, and welcome to Dropbox's First Quarter 2022 Earnings Call. Today, Dropbox will discuss the quarterly financial results that were distributed earlier.

下午好，歡迎參加 Dropbox 2022 年第一季度財報電話會議。今天，Dropbox 將討論早些時候發布的季度財務業績。

Statements on this call include forward-looking statements, including future financial results, including our goals and expectations regarding future revenue growth, profitability and our ability to generate and sustain positive free cash flow; our expectations regarding anticipated benefits to our business and the impact to our financial results including estimated impairment charges as a result of our shift to a Virtual First work model; our expectations regarding the future performance of our business; our expectations regarding remote work trends related market opportunities and our ability to capitalize on those opportunities; our capital allocation plans, including expected timing and volume of share repurchases; and our ability to drive user growth and retention through marketing and by enhancing our products, developing and offering new products or features and through strategic partnerships; our strategy as well as the ability of our key employees to execute our strategy; and our overall future prospects and ability to generate shareholder value.

本次電話會議上的陳述包括前瞻性陳述，包括未來財務業績，包括我們對未來收入增長、盈利能力以及我們產生和維持正自由現金流的能力的目標和預期；我們對我們業務的預期收益以及對我們財務業績的影響的預期，包括我們轉向虛擬優先工作模式導致的估計減值費用；我們對未來業務表現的期望；我們對遠程工作趨勢相關市場機會的期望以及我們利用這些機會的能力；我們的資本分配計劃，包括預期的股票回購時間和數量；我們通過營銷和增強我們的產品、開發和提供新產品或功能以及通過戰略合作夥伴關係來推動用戶增長和保留的能力；我們的戰略以及我們關鍵員工執行我們戰略的能力；以及我們的整體未來前景和創造股東價值的能力。

These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call. In particular, those described in the risk factors included in our Form 10-Q for the quarter ended March 31, 2022, and the risk factors that will be included in our Form 10-K for the year ended December 31, 2022. You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on assumptions and beliefs as of today, and we undertake no obligation to update them, except as required by law.

這些陳述受已知和未知風險和不確定性的影響，可能導致實際結果與本次電話會議中預計或暗示的結果存在重大差異。特別是，我們在截至 2022 年 3 月 31 日的季度的 10-Q 表中包含的風險因素，以及將在我們的截至 2022 年 12 月 31 日的年度的 10-K 表中包含的風險因素。您應該不依賴我們的前瞻性陳述作為對未來事件的預測。我們在本次電話會議上所做的所有前瞻性陳述均基於截至今天的假設和信念，除法律要求外，我們不承擔更新它們的義務。

Our discussion today will include non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. A reconciliation of GAAP to non-GAAP results may be found in our earnings release, which was furnished with our Form 8-K filed today with the SEC, and may also be found in the supplemental investor materials posted on our Investor Relations website at investors.dropbox.com.

我們今天的討論將包括非公認會計準則財務指標。這些非公認會計原則措施應作為我們公認會計原則結果的補充而不是替代或孤立考慮。 GAAP 與非 GAAP 結果的對賬可以在我們今天向 SEC 提交的 8-K 表格隨附的收益發布中找到，也可以在我們的投資者關係網站上發布的補充投資者材料中找到.dropbox.com。

I would now like to turn the call over to Dropbox's Co-Founder and Chief Executive Officer, Drew Houston. Drew?

我現在想將電話轉給 Dropbox 的聯合創始人兼首席執行官 Drew Houston。德魯？

Thanks, Karan, and good afternoon, everyone. Welcome to our Q1 2022 earnings call. Joining me today is Tim Regan, our Chief Financial Officer. And I'll first share our business and product highlights from the quarter, and then Tim will review our Q1 financial results, provide guidance for the second quarter and update our outlook for the remainder of the year.

謝謝，Karan，大家下午好。歡迎來到我們的 2022 年第一季度財報電話會議。今天加入我的是我們的首席財務官 Tim Regan。我將首先分享我們本季度的業務和產品亮點，然後蒂姆將審查我們的第一季度財務業績，為第二季度提供指導並更新我們對今年剩餘時間的展望。

Before we begin, I'd like to extend a warm welcome to our newest Board member, Abhay Parasnis who was appointed in March. Abhay served as Chief Technology Officer at Adobe for 7 years, and over the course of his tenure, held other leadership roles, including Chief Product Officer and Chief Strategy Officer. I first met Abhay many years ago, and I'm thrilled to have him join our board. His familiarity with our customers and his experience leading technology, operations and engineering during times of transformation will be really helpful to us as we work towards our long-term vision of building 1 organized place for all your cloud content and the workflows around it.

在開始之前，我想熱烈歡迎我們最新的董事會成員 Abhay Parasnis，他於 3 月被任命。 Abhay 在 Adobe 擔任了 7 年的首席技術官，在他的任期內，還擔任過其他領導職務，包括首席產品官和首席戰略官。多年前我第一次見到 Abhay，我很高興他能加入我們的董事會。他對我們客戶的熟悉以及他在轉型期間領導技術、運營和工程的經驗將對我們非常有幫助，因為我們致力於實現我們的長期願景，即為您的所有云內容及其周圍的工作流建立一個有組織的地方。

And as we and the rest of the world navigate through this period of geopolitical and economic uncertainty, our strong performance and execution this quarter reflect the resilience of our business and our team's ability to stay focused on our strategy. We saw solid growth in our teams and professional plans, along with continued strength from DocSend and our Family plan, while driving stronger-than-expected profitability.

隨著我們和世界其他地區度過這一地緣政治和經濟不確定的時期，我們本季度的強勁表現和執行反映了我們業務的彈性以及我們團隊保持專注於我們戰略的能力。我們看到我們的團隊和專業計劃的穩健增長，以及 DocSend 和我們的家庭計劃的持續實力，同時推動了強於預期的盈利能力。

Before I walk through some of the product highlights from Q1 in more detail, I want to quickly remind you of our 2022 initiatives that we outlined in February. First, we're continuing to evolve our core FSS business to improve retention and drive monetization. Second, we're expanding into workflows beyond FSS around documents with HelloFax and DocSend and rich media content to better serve creators and freelancers. Finally, we remain focused on operational excellence as we continue to balance growth and profitability, as Tim will discuss further.

在更詳細地介紹第一季度的一些產品亮點之前，我想快速提醒您我們在 2 月概述的 2022 年計劃。首先，我們將繼續發展我們的核心 FSS 業務，以提高保留率並推動貨幣化。其次，我們正在將使用 HelloFax 和 DocSend 以及富媒體內容的文檔擴展到 FSS 以外的工作流程，以更好地服務於創作者和自由職業者。最後，我們將繼續專注於卓越運營，同時繼續平衡增長和盈利能力，蒂姆將進一步討論。

So we'll start with our efforts around retention. I'm pleased with our progress here as we continue to see our churn rate come down as a result of improvements we've made to the user experience. Last quarter, we further improved the sharing experience by giving users the ability to sense share links with edit permissions. In the past, recipients of shared links could only view content and weren't able to edit or collaborate on it directly. Now with edit permissions, recipients can easily collaborate with folders in the same way as a single piece of content.

因此，我們將從保留率方面的努力開始。我對我們在這方面取得的進展感到高興，因為我們對用戶體驗的改進使我們的客戶流失率繼續下降。上個季度，我們通過讓用戶能夠感知具有編輯權限的共享鏈接，進一步改善了共享體驗。過去，共享鏈接的接收者只能查看內容，不能直接對其進行編輯或協作。現在有了編輯權限，收件人可以像處理單個內容一樣輕鬆地與文件夾協作。

We also drove meaningful improvement in loading performance with previews, which is one of our most traffic services. After a number of technical improvements, users are seeing these pages load 30% faster compared to the beginning of the year. We believe that performance enhancements like these should drive further retention gains.

我們還通過預覽推動了加載性能的有意義的改進，這是我們流量最大的服務之一。經過多項技術改進後，用戶發現這些頁面的加載速度比年初快了 30%。我們認為，像這樣的性能提升應該會進一步提高留存率。

We also made progress in our basic user monetization efforts around conversion, particularly through our mobile channel. We leverage targeted prompts to a larger cohort of mobile basic users where we saw an opportunity to drive conversion rates higher and early results are encouraging. We continue to see opportunity to drive more personalized and effective mobile prompts so we can service the right plan to individual users at the right time, whether it's the Plus, Pro or Family plan. And we continue to see expansion with Teams as we've made it easier for external collaborators to request to join a Dropbox paid team, which drives incremental free users to these plans.

我們還在圍繞轉化的基本用戶貨幣化工作方面取得了進展，特別是通過我們的移動渠道。我們利用有針對性的提示來吸引更多的移動基本用戶，在這些用戶中我們看到了提高轉化率的機會，並且早期結果令人鼓舞。我們繼續看到推動更加個性化和有效的移動提示的機會，以便我們能夠在正確的時間為個人用戶提供正確的計劃，無論是 Plus、Pro 還是家庭計劃。我們繼續看到 Teams 的擴展，因為我們讓外部合作者更容易請求加入 Dropbox 付費團隊，這促使更多的免費用戶加入這些計劃。

As I touched on last quarter, we're committed to iterating on pricing and packaging as we bring new products and features to market in response to customer demand. This quarter, we launched our newest version of Dropbox backup with upgraded restoration flow and management settings. Backup allows users to keep their computer hard drive or external hard drive secure with an easy-to-use automated cloud backup solution. It gives our customers extra peace of mind beyond FSS. With just a few clicks, users can easily set up automatic backups and complete full restorations.

正如我上個季度提到的那樣，我們致力於在定價和包裝上進行迭代，因為我們將新產品和功能推向市場以響應客戶需求。本季度，我們推出了最新版本的 Dropbox 備份，升級了恢復流程和管理設置。備份允許用戶通過易於使用的自動雲備份解決方案來保護他們的計算機硬盤驅動器或外部硬盤驅動器的安全。它讓我們的客戶在 FSS 之外更加安心。只需單擊幾下，用戶就可以輕鬆設置自動備份並完成完整恢復。

Over the last year, we saw millions of paid users activate the original backup future. This gave us insight into how to enhance it and repackage it as a stand-alone product for both our basic users and new potential users who don't have an existing FSS account. This differentiated pricing and packaging approach expands our distribution to a wider audience of customers searching exclusively for cloud backup solutions. We plan to leverage our existing go-to-market motion to drive backup as a new product along with strategic partnerships. We also included this enhanced version of backup in our paid FSS plans and continuing to see strong activation rates from existing customers, which we believe will drive retention gains.

去年，我們看到數百萬付費用戶激活了原始備份未來。這讓我們深入了解瞭如何增強它並將其重新打包為我們的基本用戶和沒有現有 FSS 帳戶的新潛在用戶的獨立產品。這種差異化的定價和包裝方法將我們的分銷範圍擴大到更廣泛的專門搜索雲備份解決方案的客戶群。我們計劃利用我們現有的進入市場的行動來推動備份作為一種新產品以及戰略合作夥伴關係。我們還在付費 FSS 計劃中加入了這種增強版本的備份，並繼續看到現有客戶的強勁激活率，我們相信這將推動保留率的提高。

Moving to our second initiative of expanding document and creative workflows beyond FSS. Over the past few months, we released several updates to strengthen our multiproduct portfolio, building on momentum from HelloSign and DocSend and developing deeper integrations into the Dropbox platform. Last month, we introduced HelloSign templates, where Dropbox users can streamline these signature requests by turning their most frequently used documents into templates.

轉到我們的第二項計劃，即在 FSS 之外擴展文檔和創意工作流程。在過去的幾個月裡，我們發布了幾項更新以加強我們的多產品組合，利用 HelloSign 和 DocSend 的勢頭，並開發更深入的與 Dropbox 平台的集成。上個月，我們推出了 HelloSign 模板，Dropbox 用戶可以通過將他們最常用的文檔轉換為模板來簡化這些簽名請求。

High-volume documents like NDAs or offer letters or purchase orders can now easily be created and edited and tracked through the entire signing life cycle, all from within Dropbox. We also released a highly requested PDF editing feature, which allows users to rearrange and insert, rotate, delete PDF pages natively from within the Dropbox experience. These integrations are great examples about streamlining the document workflow process can drive user satisfaction and engagement which ultimately leads to higher retention.

現在可以在整個簽名生命週期中輕鬆創建、編輯和跟踪 NDA 或報價信或採購訂單等大容量文檔，所有這些都可以在 Dropbox 中完成。我們還發布了要求很高的 PDF 編輯功能，它允許用戶在 Dropbox 體驗中以本機方式重新排列和插入、旋轉、刪除 PDF 頁面。這些集成是關於簡化文檔工作流程的很好的例子，可以提高用戶滿意度和參與度，最終導致更高的保留率。

We also saw a continued adoption of our eSign and Pro bundles as well as the DocSign bundle with Advanced Teams, which launched last quarter. By surfacing the eSign and Pro bundle to basic users in a similar targeted approach as we do with our existing paid individual plans, we saw a halo effect of greater conversion to Plus and Pro.

我們還看到我們的 eSign 和 Pro 捆綁包以及上個季度推出的 Advanced Teams 的 DocSign 捆綁包繼續採用。通過以與我們現有的付費個人計劃類似的有針對性的方法向基本用戶展示 eSign 和 Pro 捆綁包，我們看到了更多轉換為 Plus 和 Pro 的光環效應。

DocSend, which completed its first full year as part of Dropbox, continues to exceed our expectations. We're also starting to drive revenue synergies through deeper integration of DocSend into the core Dropbox platform. Now when users click to share their content, they can choose send and track, which leverages DocSend's capabilities to track our recipients' spent time reviewing the content. This extension to the core Dropbox experience has already driven self-serve DocSend revenue by users coming from the core Dropbox platform.

DocSend 作為 Dropbox 的一部分完成了第一個全年，繼續超出我們的預期。我們還開始通過將 DocSend 更深入地集成到核心 Dropbox 平台來推動收入協同效應。現在，當用戶點擊分享他們的內容時，他們可以選擇發送和跟踪，這利用了 DocSend 的功能來跟踪我們的收件人查看內容所花費的時間。這種對核心 Dropbox 體驗的擴展已經通過來自核心 Dropbox 平台的用戶推動了自助 DocSend 收入。

And last month, we launched DocSend dashboard analytics, which gives customers insights into their most engaged contacts and visitor data. We're pleased with the strong organic growth from DocSend and see more opportunity to drive its adoption to more teams by investing in marketing and partnerships. And as we expand document workflows within Dropbox, we'll be strategic in marketing to specific audiences where we believe our more integrated platform will resonate, allowing us to reach a wider set of teams customers. Sales, HR and project management teams are some examples of customers who rely on document workflows, like NDAs, proposals and other contracts.

上個月，我們推出了 DocSend 儀表板分析，讓客戶深入了解他們最活躍的聯繫人和訪問者數據。我們對 DocSend 強勁的有機增長感到高興，並看到更多機會通過投資營銷和合作夥伴關係來推動更多團隊採用它。隨著我們在 Dropbox 中擴展文檔工作流程，我們將戰略性地針對特定受眾進行營銷，我們相信我們更加集成的平台會引起共鳴，從而使我們能夠接觸到更廣泛的團隊客戶。銷售、人力資源和項目管理團隊是依賴文檔工作流程（如 NDA、提案和其他合同）的客戶的一些示例。

We're focused on driving more awareness of our capabilities beyond core FSS to these groups in addition to creative customers, which remain a core demographic for us. And in Q1, we continued to iterate on our creative product experiences, Capture, Replay and Shop. For Capture, we launched several new features, like better markup, video trimming and viewer insights and closed captions. With Replay, we're seeing high customer satisfaction scores among our beta users so far, and we see more opportunity to invest in capabilities to make this a competitive video collaboration tool.

除了創意客戶（仍然是我們的核心人群）之外，我們還專注於提高對這些群體的核心 FSS 之外的能力的認識。在第一季度，我們繼續迭代我們的創意產品體驗、捕捉、回放和購物。對於 Capture，我們推出了幾項新功能，例如更好的標記、視頻修剪和觀看者洞察以及隱藏式字幕。到目前為止，通過 Replay，我們在測試版用戶中看到了很高的客戶滿意度得分，並且我們看到了更多投資於功能以使其成為具有競爭力的視頻協作工具的機會。

And last month, we launched Shop in public data. Users can now customize storefronts and URLs, embed HTML codes and add tipping capabilities, and we're building more tools for sellers this quarter. While these are still early product bets, we're excited to get these differentiated yet simple, lightweight tools in the hands of more creators.

上個月，我們在公共數據中推出了 Shop。用戶現在可以自定義店面和 URL，嵌入 HTML 代碼並添加小費功能，我們本季度正在為賣家構建更多工具。雖然這些仍是早期的產品賭注，但我們很高興能將這些差異化但簡單、輕量級的工具交到更多創作者手中。

We're helping our customers do more with their content, and I'm pleased with our progress in building solutions that allow them to seamlessly and efficiently move their work forward in the new remote and hybrid world. I believe the rise of remote work will be the best thing to happen to knowledge work in generations, but it requires a complete rethinking of the office, the work week and the technology that we use to get our work done.

我們正在幫助我們的客戶利用他們的內容做更多事情，我對我們在構建解決方案方面取得的進展感到高興，這些解決方案使他們能夠在新的遠程和混合世界中無縫高效地推進他們的工作。我相信遠程工作的興起將是幾代人以來知識工作最好的事情，但它需要對辦公室、工作周和我們用來完成工作的技術進行徹底的重新思考。

Dropbox is taking the lead here with our Virtual First strategy. In Q1, we reopened our U.S. studios, allowing us to finally experience Virtual First as it was originally intended, where employees can benefit from the flexibility that remote work offers and the in-person collaboration that comes with our studio model. And we're seeing positive early feedback from employees. In a recent survey, nearly 70% of our employees reported that Virtual First helped them be more productive by providing more time for focus to work. But during the last couple of years of COVID and lockdowns, employees also reported a decline in the ability to build relationships with colleagues, especially those outside of their media teams.

Dropbox 憑藉我們的 Virtual First 戰略在這方面處於領先地位。在第一季度，我們重新開放了我們的美國工作室，讓我們最終能夠按照最初的預期體驗 Virtual First，員工可以從遠程工作提供的靈活性和我們工作室模式帶來的面對面協作中受益。我們看到了員工的積極早期反饋。在最近的一項調查中，我們近 70% 的員工表示，Virtual First 通過提供更多時間專注於工作來幫助他們提高工作效率。但在過去幾年的 COVID 和封鎖期間，員工還報告說與同事建立關係的能力下降，尤其是與媒體團隊之外的同事建立關係的能力下降。

So we all know how critical it is to bring that in-person experience back safely, both to foster creativity and make progress on our mission and service of our customers. We're also navigating this transition to flexible and remote work.

因此，我們都知道安全地帶回這種親身體驗是多麼重要，既可以培養創造力，又可以在我們的使命和客戶服務方面取得進展。我們也在將這種過渡過渡到靈活的遠程工作。

As I've shared before, we're on a mission to design a more enlightened way of working where technology helps you do your best work. I'm confident we're on the right path to helping our customers with many of these universal challenges and building towards our vision.

正如我之前分享的那樣，我們的使命是設計一種更開明的工作方式，讓技術幫助你做到最好。我相信我們正在幫助我們的客戶應對這些普遍挑戰並朝著我們的願景邁進的正確道路上。

And with that, I'll hand it over to Tim to walk through our financial results.

有了這個，我會把它交給蒂姆來看看我們的財務業績。

Thank you, Drew. Before turning to our quarterly results, I'd like to start with a reminder of our financial strategy. We continue to focus on balancing growth and profitability in a thoughtful, disciplined way. We remain committed to our long-term objectives, including delivering operating margins of 30% to 32% and generating annual free cash flow of $1 billion by 2024. We also remain focused on allocating capital to growth initiatives, both organic as well as through acquisitions, while also returning a significant portion of our free cash flow to shareholders in the form of share repurchases. We believe that execution against these objectives will generate long-term value for our shareholders.

謝謝你，德魯。在轉向我們的季度業績之前，我想先提醒一下我們的財務戰略。我們繼續專注於以深思熟慮、紀律嚴明的方式平衡增長和盈利能力。我們仍然致力於實現我們的長期目標，包括到 2024 年實現 30% 至 32% 的營業利潤率並產生 10 億美元的年度自由現金流。我們還繼續專注於將資本分配給增長計劃，包括有機增長計劃和收購計劃，同時還以股票回購的形式將我們的大部分自由現金流返還給股東。我們相信，針對這些目標的執行將為我們的股東創造長期價值。

Today, I'll talk through our performance for the quarter and our updated guidance for the year that demonstrates that we continue to operate the business in line with these principles. Let's begin with our first quarter results. Total revenue for the quarter increased 9.9% year-over-year to $562 million, beating our guidance range of $557 million to $560 million. Foreign exchange rates provided an approximate $1 million tailwind to growth, in line with our guidance.

今天，我將討論我們本季度的業績和我們更新的年度指導，這表明我們繼續按照這些原則經營業務。讓我們從第一季度的業績開始。本季度總收入同比增長 9.9% 至 5.62 億美元，超過了我們 5.57 億美元至 5.6 億美元的指導範圍。根據我們的指導，外匯匯率為增長提供了大約 100 萬美元的順風。

Total ARR for the quarter grew 8.4% year-over-year for a total of $2.290 billion. On a constant currency basis, ARR grew by $40 million sequentially and 8.9% year-over-year. I'd note that we update the FX rates used to calculate ARR at the start of each year. We continue to drive growth in ARR through strength in our teams the adoption of our Family plan and momentum in our document workflow businesses, HelloSign and DocSend.

本季度的總 ARR 同比增長 8.4%，總計 22.9 億美元。按固定匯率計算，ARR 環比增長 4000 萬美元，同比增長 8.9%。我注意到我們會在每年年初更新用於計算 ARR 的外匯匯率。我們通過增強團隊實力、採用家庭計劃以及在文檔工作流程業務 HelloSign 和 DocSend 中的發展勢頭，繼續推動 ARR 的增長。

We exited the first quarter with 17.09 million paying users and added approximately 300,000 net new paying users sequentially, driven in part by our Family plan.

我們以 1709 萬付費用戶退出第一季度，並連續增加了大約 30 萬淨新付費用戶，部分原因是我們的家庭計劃。

Average revenue per paying user was $134.63 in Q1. ARPU decreased by $0.15 sequentially as the mix shift to higher price plans was more than offset by an FX headwind and the strength in Family plan, which, as a reminder, is comprised of 6 seats, and therefore, carries a lower ARPU profile.

第一季度每位付費用戶的平均收入為 134.63 美元。 ARPU 環比下降 0.15 美元，因為向更高價格計劃的組合轉變被外匯逆風和家庭計劃的實力所抵消，提醒一下，家庭計劃由 6 個席位組成，因此 ARPU 較低。

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, impairments of our real estate assets and expense related to our reduction in force. Our non-GAAP net income also includes the income tax effect of the aforementioned adjustments.

在我們繼續進一步討論我們的損益表之前，我想指出，除非另有說明，否則提到的所有損益表數據均為非公認會計原則，不包括基於股票的薪酬、購買的無形資產的攤銷、某些與收購相關的費用、我們的減值與我們減少兵力有關的房地產資產和費用。我們的非公認會計原則淨收入還包括上述調整的所得稅影響。

I'll now provide a brief update on our real estate strategy, where we are taking steps to de-cost our real estate portfolio as part of our transition to a Virtual First model. We continue to make progress against our goals, executing subleases in San Francisco, for a portion of our headquarters as well as Seattle and Ireland since our last earnings call. We did not incur any impairment charges in the quarter, with our cumulative impairment incurred to date remaining at $430 million. We continue to estimate that our total impairment charges will be up to $450 million.

我現在將簡要介紹一下我們的房地產戰略，作為我們向虛擬優先模式過渡的一部分，我們正在採取措施降低我們的房地產投資組合的成本。自上次財報電話會議以來，我們繼續在實現目標方面取得進展，在舊金山、部分總部以及西雅圖和愛爾蘭執行轉租。我們在本季度沒有產生任何減值費用，迄今為止我們產生的累計減值仍為 4.3 億美元。我們繼續估計我們的總減值費用將高達 4.5 億美元。

With that, let's continue with the P&L. First quarter R&D expense was $157 million or 28% of revenue, which increased compared to 26% of revenue in the first quarter of 2021. The increase in R&D was driven by our continued momentum in hiring to drive future revenue growth, where we are investing in DocSend and HelloSign, developing adjacent products and features to our core file sync and share category, and strengthening our retention and conversion capabilities. We also continue to invest in ensuring a seamless experience for our customers as we adapt our desktop clients to operating system updates as well as investing in our own security by bolstering our data protection while improving detection, response and compliance practices so our users can continue to trust our platform.

有了這個，讓我們繼續看損益表。第一季度研發費用為 1.57 億美元，佔收入的 28%，與 2021 年第一季度佔收入的 26% 相比有所增加。研發費用的增長是由於我們為推動未來收入增長而招聘的持續動力，我們正在投資在 DocSend 和 HelloSign 中，為我們的核心文件同步和共享類別開發相鄰產品和功能，並加強我們的保留和轉換能力。我們還繼續投資以確保為我們的客戶提供無縫體驗，因為我們使我們的桌面客戶端適應操作系統更新，並通過加強我們的數據保護同時改進檢測、響應和合規實踐來投資於我們自己的安全性，以便我們的用戶可以繼續相信我們的平台。

First quarter sales and marketing expense was $88 million or 16% of revenue, which decreased compared to 17% of revenue in the first quarter of 2021. First quarter G&A expense was $42 million or 7% of revenue, which also decreased compared to 8% of revenue in the first quarter of 2021. In total, we earned an operating profit of $170 million in the first quarter, which represents an operating margin of 30% or a 1 percentage point improvement compared to the first quarter of 2021. Our Q1 operating margin exceeded guidance by over 2 points, and it was primarily driven by our stronger-than-expected revenue performance, efficiencies stemming from hiring in lower-cost locations as well as delayed costs that we now expect to incur later this year.

第一季度銷售和營銷費用為 8800 萬美元，佔收入的 16%，與 2021 年第一季度收入的 17% 相比有所下降。第一季度 G&A 費用為 4200 萬美元，佔收入的 7%，與 8% 相比也有所下降2021 年第一季度的收入。總體而言，我們第一季度的營業利潤為 1.7 億美元，與 2021 年第一季度相比，營業利潤率為 30% 或提高了 1 個百分點。我們的第一季度運營利潤率超出預期超過 2 個百分點，這主要是由於我們強於預期的收入表現、在低成本地區招聘帶來的效率以及我們現在預計今年晚些時候會產生的延遲成本。

Net income for the quarter was $141 million, roughly flat compared to the first quarter of 2021 as our income tax expense increased significantly due to the impact of R&D tax legislation newly effective in '22. And given that we have now fully utilized our NOLs for non-GAAP tax purposes. Diluted EPS was $0.38 per share based on 373 million diluted weighted average shares outstanding, up from $0.35 per share based on 405 million diluted weighted average shares outstanding for the first quarter of 2021.

本季度的淨收入為 1.41 億美元，與 2021 年第一季度相比大致持平，因為由於 22 年新生效的研發稅法的影響，我們的所得稅費用顯著增加。鑑於我們現在已將我們的 NOL 充分用於非 GAAP 稅收目的。稀釋後每股收益為 0.38 美元，基於 3.73 億股稀釋加權平均流通股，高於每股 0.35 美元（基於 2021 年第一季度 4.05 億股稀釋加權平均流通股）。

Moving on to our cash balance and cash flow. We ended the quarter with cash and short-term investments of approximately $1.5 billion. Cash flow from operations was $141 million in the first quarter. Capital expenditures were $11 million during the quarter. This resulted in free cash flow of $131 million compared to $109 million in Q1 of 2021. In the first quarter, we added $20 million to our finance leases for data center equipment.

繼續我們的現金餘額和現金流。我們在本季度末的現金和短期投資約為 15 億美元。第一季度的運營現金流為 1.41 億美元。本季度的資本支出為 1100 萬美元。這導致自由現金流為 1.31 億美元，而 2021 年第一季度為 1.09 億美元。第一季度，我們為數據中心設備的融資租賃增加了 2000 萬美元。

Let's turn to our share repurchase activity. In Q1, we repurchased 11 million shares, spending approximately $260 million. At the end of Q1, we had approximately $84 million remaining on our previous $1 billion share repurchase authorization. As a reminder, last quarter, our Board approved a new $1.2 billion authorization, which we expect to commence this quarter once we exhaust the previous authorization.

讓我們轉向我們的股票回購活動。在第一季度，我們回購了 1100 萬股股票，花費了大約 2.6 億美元。在第一季度末，我們之前的 10 億美元股票回購授權剩餘約 8400 萬美元。提醒一下，上個季度，我們的董事會批准了一項新的 12 億美元的授權，我們預計一旦我們用完之前的授權，該授權將在本季度開始。

I'd now like to share our guidance for the second quarter and provide an update to our full year 2022 guidance. I will also provide some context on the thinking behind this guidance. For the second quarter of 2022, we expect revenue to be in the range of $568 million to $571 million. We are assuming a currency headwind of approximately $3 million in the second quarter. We expect non-GAAP operating margin to be approximately 28.5%. Finally, we expect diluted weighted average shares outstanding to be in the range of 366 million to 371 million shares based on our trailing 30-day average share price.

我現在想分享我們對第二季度的指導，並更新我們的 2022 年全年指導。我還將提供一些有關該指南背後的想法的背景信息。對於 2022 年第二季度，我們預計收入將在 5.68 億美元至 5.71 億美元之間。我們假設第二季度的貨幣逆風約為 300 萬美元。我們預計非美國通用會計準則營業利潤率約為 28.5%。最後，根據我們過去 30 天的平均股價，我們預計稀釋後的加權平均流通股在 3.66 億股至 3.71 億股之間。

For the full year 2022, we are maintaining our revenue guidance range of $2.320 billion to $2.330 billion. This range is inclusive of 2 headwinds. The first is an approximately $14 million currency headwind. And the second is a high single-digit million dollar impact from changes to our service and sanctions in Russia, which I will discuss more in a minute. We continue to expect gross margin to be approximately 81%. We are raising non-GAAP operating margin to be between 29% to 29.5%, up from the prior guidance of approximately 29%. We are maintaining free cash flow guidance to be in the range of $760 million to $790 million. This includes $17 million in cash outflows for the 2022 installments of acquisition-related deal consideration holdbacks.

對於 2022 年全年，我們將維持 23.20 億美元至 23.30 億美元的收入指導範圍。這個範圍包括 2 個逆風。首先是大約 1400 萬美元的貨幣逆風。第二個是我們在俄羅斯的服務和製裁的變化帶來的高個位數百萬美元的影響，我將在一分鐘內進行更多討論。我們繼續預計毛利率約為 81%。我們將非公認會計原則的營業利潤率從之前的大約 29% 的指導值提高到 29% 至 29.5% 之間。我們將自由現金流量指引維持在 7.6 億美元至 7.9 億美元之間。這包括 2022 年與收購相關的交易對價扣留的 1700 萬美元現金流出。

Additionally, our free cash flow guidance is inclusive of an estimated $30 million headwind resulting from the impact of R&D tax legislation newly effective in 2022. We continue to expect capital expenditures for 2022 to be in the range of $25 million to $35 million. We continue to expect additions to our finance lease lines to be approximately 5% of revenue in 2022. Finally, we expect 2022 diluted shares outstanding to be in the range of 366 million to 371 million shares, down from our previous guidance range of 368 million to 373 million shares. This reduction in our share count reflects our commitment to and anticipated impact of our share repurchase program.

此外，我們的自由現金流指導包括因 2022 年新生效的研發稅法的影響而產生的估計 3000 萬美元的逆風。我們繼續預計 2022 年的資本支出將在 2500 萬美元至 3500 萬美元之間。我們繼續預計 2022 年融資租賃額度的增加約佔收入的 5%。最後，我們預計 2022 年攤薄後流通股將在 3.66 億股至 3.71 億股之間，低於我們之前的指導範圍 3.68 億股3.73億股。我們股票數量的減少反映了我們對股票回購計劃的承諾和預期影響。

To share some additional context on this guidance, we are maintaining our full year revenue guidance. As mentioned, we expect the impact from discontinuing new sales and financial sanctions in Russia to be in the high single-digit millions of dollars to revenue this year. Despite this, our outperformance in the first quarter and the trends we are seeing within the business give us confidence that we can absorb the impact of Russia, while still maintaining our initial revenue guidance.

為了分享有關該指南的更多背景信息，我們將維持全年收入指南。如前所述，我們預計俄羅斯停止新的銷售和金融制裁對今年收入的影響將達到數百萬美元。儘管如此，我們在第一季度的出色表現以及我們在業務中看到的趨勢使我們相信我們可以吸收俄羅斯的影響，同時仍保持我們最初的收入指導。

Additionally, and as a reminder, we continue to expect updates to our pricing and packaging approach for a subset of our customer base. These changes will incorporate the value that we have been adding to our plans, in particular, capabilities that we have been developing and will soon release related to security. I look forward to sharing more this quarter on these pricing and packaging changes.

此外，提醒一下，我們繼續期待我們的一部分客戶群更新我們的定價和包裝方法。這些更改將包含我們一直在為我們的計劃添加的價值，特別是我們一直在開發並將很快發布的與安全相關的功能。我期待在本季度分享更多關於這些定價和包裝變化的信息。

As related to operating margins, while we continue to expect margin headwinds in 2022 from FX as well as incremental T&E, office reopening and event expenses as pandemic restrictions soften, we are raising our 2022 operating margin guidance as we are seeing success in our ability to hire top talent outside of traditional high-cost tech hubs, such as San Francisco, New York and Seattle. As related to free cash flow, we are maintaining our free cash flow guidance. While we are expecting a high single-digit million dollar impact to revenue from Russia, we expect a larger and more immediate impact to billings given our ratable revenue recognition model. Thus, a larger cash impact will be absorbed this year, offsetting the benefits of our increased operating margins.

與營業利潤率相關，雖然我們繼續預計 2022 年來自外彙的利潤率逆風以及隨著大流行限制的放鬆而增加的 T&E、辦公室重新開放和活動費用，但我們正在提高 2022 年的營業利潤率指導，因為我們看到了成功的能力在舊金山、紐約和西雅圖等傳統的高成本科技中心之外聘請頂尖人才。至於自由現金流，我們維持我們的自由現金流指引。雖然我們預計俄羅斯的收入會受到數百萬美元的高影響，但鑑於我們可評估的收入確認模型，我們預計會對賬單產生更大、更直接的影響。因此，今年將吸收更大的現金影響，抵消我們增加的營業利潤率帶來的好處。

Lastly, we are maintaining and remain committed to our long-term targets, which, as a reminder, are expected to be achieved by 2024 and include our goals of delivering operating margins of 30% to 32%, and $1 billion in annual free cash flow.

最後，我們將維持並繼續致力於實現我們的長期目標，提醒一下，這些目標預計將在 2024 年實現，其中包括實現 30% 至 32% 的營業利潤率和 10 億美元年度自由現金的目標流動。

In conclusion, we had a solid start to the year, delivering strong results and continuing to be focused on balancing growth and profitability in a thoughtful, disciplined way.

總而言之，我們今年開局良好，取得了強勁的業績，並繼續專注於以深思熟慮、紀律嚴明的方式平衡增長和盈利能力。

With that, I'll now turn it over to the operator for Q&A.

有了這個，我現在將它交給運營商進行問答。

(Operator Instructions) Our first question comes from the line of Brent Thill from Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Brent Thill。

This is Luv Sodha on for Brent Thill. Maybe the first one for Drew. Could you talk about maybe the overall demand environment that you're seeing out there in the light of macro concerns, both from the war and higher interest rates here in the United States? And what impact that is having on your customer base?

這是布倫特希爾的 Luv Sodha。也許是德魯的第一個。您能否談談您從宏觀擔憂中看到的整體需求環境，包括戰爭和美國的高利率？這對您的客戶群有什麼影響？

Sure. So I'd say, overall, things have been pretty stable. I mean, I think we, like most companies have been impacted by the situation in Russia and Ukraine. And as we shared, that's like a high single-digit million dollar revenue hit. But more broadly, we see things are pretty stable. I mean, our churn rates continue to improve and a lot of opportunity around the business, and we find that Dropbox is kind of a -- it's a fundamental product that people need in kind of all environments. And we saw that in the pandemic, people needed Dropbox before the pandemic, during and after. So there was a lot of stability there.

當然。所以我想說，總的來說，事情一直很穩定。我的意思是，我認為我們和大多數公司一樣，都受到了俄羅斯和烏克蘭局勢的影響。正如我們所分享的，這就像一個數百萬美元的高收入。但更廣泛地說，我們看到情況相當穩定。我的意思是，我們的客戶流失率不斷提高，業務中也有很多機會，我們發現 Dropbox 是一種——它是人們在所有環境中都需要的基本產品。我們看到，在大流行期間，人們在大流行之前、期間和之後都需要 Dropbox。所以那裡有很大的穩定性。

Got it. And then maybe one question on the conversion that you've seen. You cited higher conversion. Could you maybe talk about the initiatives that are upfront there? And could we expect the conversion to paid improve over the next few quarters?

知道了。然後可能是關於您所看到的轉換的一個問題。你引用了更高的轉化率。您能否談談那裡的前期舉措？我們能否期望在接下來的幾個季度中，付費轉化率會有所提高？

Sure. We continue to do a great job with conversion. You can see that flowing through to net new paying users, where we added 300,000 net new paying users in the quarter. You can see that we beat our Q1 guidance range. And then, of course, we're maintaining our full year guidance range despite absorbing the impact of Russia. Again, that's being in the high single-digit millions. And so we see success across many different initiatives that we're working on. Drew talked a bit about retention. We're seeing team expansion success. We're seeing growth in areas such as DocSend and HelloSign and of course, SKUs such as Pro and Family Plan are also contributing to that growth.

當然。我們繼續在轉換方面做得很好。您可以看到這一點流向了淨新付費用戶，我們在本季度新增了 300,000 個淨新付費用戶。您可以看到我們超過了第一季度的指導範圍。然後，當然，儘管吸收了俄羅斯的影響，我們仍維持全年的指導範圍。同樣，這是高個位數的數百萬。因此，我們看到我們正在開展的許多不同舉措都取得了成功。 Drew 談到了一些關於留存的問題。我們看到了團隊擴張的成功。我們看到了 DocSend 和 HelloSign 等領域的增長，當然，Pro 和 Family Plan 等 SKU 也在促進這種增長。

Our next question comes from the line of Joey Marincek from JMP Securities.

我們的下一個問題來自 JMP Securities 的 Joey Marincek。

First one, so Drew, just on the core business. I'm just curious to get your thoughts on how penetrated do you think that opportunity is? How do you think about the opportunity that lies ahead there and sort of the runway for growth available to you?

第一個，Drew，就在核心業務上。我只是想知道你的想法，你認為這個機會有多深入？您如何看待擺在面前的機會以及可供您使用的增長跑道？

Sure. So in the core business or the FSS business, I mean we're still seeing a lot of headroom in the areas that Tim mentioned that we're improving on conversion or we're improving our retention. We're iterating on pricing and packaging in a number of ways. And you look at things like Dropbox Backup, that started out as a feature in paid plans last year with millions of our subscribers were adopting it, and now it's a separate SKU and a lower price entry point into Dropbox, which is important given the size of our free user base, so giving people stepping stones into paid plans.

當然。因此，在核心業務或 FSS 業務中，我的意思是在蒂姆提到我們正在提高轉換率或我們正在提高保留率的領域中，我們仍然看到了很大的空間。我們正在以多種方式迭代定價和包裝。你看看 Dropbox Backup 之類的東西，它最初是去年付費計劃中的一項功能，我們的數百萬訂閱者正在採用它，現在它是一個單獨的 SKU，並且是 Dropbox 的一個較低價格的切入點，考慮到它的規模，這一點很重要我們的免費用戶群，因此為人們提供付費計劃的墊腳石。

So I think there's continued headroom there and then in the FSS business across the funnel. But as you know, we're investing in a lot of other adjacencies or certainly our workflow products. And then I think that there's a big opportunity for us around evolving from sinking files to organizing all your cloud content, and we watch as our customers and probably all of us on this call struggle with keeping track of the 100 tabs you have open in your browser and all your stuff and all these different drives and different cloud tools in many ways, finding information, organizing information is much harder in the cloud era than it was in the file era, and we don't see anybody addressing these problems at scale.

所以我認為那裡還有持續的空間，然後是整個渠道的 FSS 業務。但如您所知，我們正在投資許多其他的鄰接，或者當然是我們的工作流產品。然後我認為我們有很大的機會從下沉文件發展到組織你所有的雲內容，我們看著我們的客戶，可能我們所有人在這個電話會議上都在努力跟踪你在你的文件中打開的 100 個標籤。瀏覽器和你所有的東西以及所有這些不同的驅動器和不同的雲工具在很多方面，在雲時代查找信息、組織信息比在文件時代要困難得多，而且我們看不到有人大規模解決這些問題.

So when you think about what we're solving that look like, we think universal search is an important part of that and acquisitions like Command E or an acquisition last year, we made Command E is a universal search company. They're fully integrated into Dropbox and a number of other ways that you can better organize your cloud content. So I think we think that's a big opportunity that dramatically expands the market beyond the kind of classic constraints of FSS.

因此，當您考慮我們正在解決的問題時，我們認為通用搜索是其中的重要組成部分，像 Command E 這樣的收購或去年的收購，我們使 Command E 成為一家通用搜索公司。它們已完全集成到 Dropbox 以及您可以更好地組織雲內容的許多其他方式中。所以我認為我們認為這是一個巨大的機會，可以極大地擴展市場，超越 FSS 的經典限制。

That's super helpful. And then on the M&A front, given the pullback in valuations, how are you thinking about M&A at this point? And maybe any color you can share on the M&A pipeline would be helpful.

這非常有幫助。然後在併購方面，鑑於估值回落，您現在如何看待併購？也許您可以在併購管道上分享的任何顏色都會有所幫助。

Sure. Yes. I mean as valuations moderate or as things correct in the broader market, obviously, no one wants a challenging environment. But on balance, that massively plays to our strengths. So M&A becomes a lot more affordable or efficient. We've had some good success there. And then we'll continue to be disciplined, but I think the door opens to do -- to make bigger bets on M&A. And so we're certainly on the lookout.

當然。是的。我的意思是，隨著估值溫和或大盤情況正確，顯然，沒有人想要一個充滿挑戰的環境。但總的來說，這極大地發揮了我們的優勢。因此，併購變得更加實惠或高效。我們在那裡取得了一些不錯的成功。然後我們將繼續遵守紀律，但我認為大門敞開了——在併購上下更大的賭注。因此，我們當然在關注。

Awesome. And then one more, if I may. Just for Tim. How do you feel about your progress towards the $1 billion free cash flow target? And what work do you feel like you still need to get done to get there? Congrats on the quarter.

驚人的。如果可以的話，再來一個。只為蒂姆。您如何看待您在實現 10 億美元自由現金流目標方面取得的進展？你覺得你還需要完成哪些工作才能到達那裡？祝賀本季度。

Sure. So we are making strong progress in marching towards the $1 billion free cash flow target. We're obviously maintaining that target, maintaining our -- and also maintaining our guidance for the year of $760 million to $790 million. We do have a bit of a tax headwind this year with this new tax legislation. But despite that, we're maintaining and marching towards that $1 billion. There's a few factors at play that we'll continue to navigate. We are continuing to execute against our Virtual First subleasing strategy. We've done a nice job executing subleases for a portion of our San Francisco facility this quarter as well as Seattle and Ireland. So that's certainly a factor.

當然。因此，我們正在朝著 10 億美元的自由現金流目標邁進。我們顯然在維持這個目標，維持我們的 - 並且維持我們對 7.6 億美元至 7.9 億美元的年度指導。今年，這項新的稅收立法確實給我們帶來了一些稅收阻力。但儘管如此，我們仍在維持並朝著這 10 億美元邁進。有幾個因素在起作用，我們將繼續探索。我們將繼續執行我們的 Virtual First 轉租策略。我們在本季度為我們舊金山的部分設施以及西雅圖和愛爾蘭執行轉租工作做得很好。所以這肯定是一個因素。

And then continuing to hire in lower-cost locations, again, another part of our Virtual First strategy. So those are 2 factors. And again, we feel very confident in our ability to land that $1 billion target.

然後繼續在成本較低的地點招聘，這也是我們虛擬優先戰略的另一部分。所以這是兩個因素。再一次，我們對實現 10 億美元目標的能力充滿信心。

Our next question comes from the line of Jason Ader from William Blair.

我們的下一個問題來自 William Blair 的 Jason Ader。

This is Billy Fitzsimmons on for Jason Ader. One of your features introduced to Dropbox over the past couple of years a lot organically some inorganically. Drew, you talked about Capture, Replay and Shop in the quarter. If you look broadly across these features and the ones introduced over the past couple of years, any that are outperforming internal expectations or maybe ones customers are gravitating more towards over others?

這是傑森·阿德的比利·菲茨西蒙斯。在過去幾年中，您向 Dropbox 介紹的功能之一是有機的，有些是無機的。 Drew，您在本季度談到了捕獲、回放和購物。如果您全面了解這些功能以及過去幾年推出的功能，您會發現哪些功能超出了內部預期，或者客戶更傾向於其他功能？

Sure. I think there's -- I'm really happy with the state of the portfolio comparing a much broader portfolio with mobile products really scaling compared to a couple of years ago. So I think there's a lot of good in there. I mean, things like Capture, Replay and Shop are early, but showing positive signs. And as a single example, I'd say DocSend is doing super well. I mean they continue to outperform the expectations we had at the beginning and continue to be planned, and I think they're an example of something that's been a great addition to the portfolio.

當然。我認為有——與幾年前相比，將更廣泛的產品組合與真正擴展的移動產品進行比較，我對產品組合的狀態感到非常滿意。所以我認為那裡有很多好處。我的意思是，像 Capture、Replay 和 Shop 這樣的東西還很早，但顯示出積極的跡象。作為一個例子，我想說 DocSend 做得非常好。我的意思是他們繼續超越我們一開始的預期並繼續計劃，我認為他們是對投資組合的一個很好的補充的一個例子。

Got it. And then if I'm not mistaken, you guys did a major price increase a few years ago. And I know you've made some changes to your SKUs and added a ton of new features kind of going off the first question. Is it possible that especially in an inflationary environment like we're in right now that a broad-based price increase could be in the cards or makes sense?

知道了。然後，如果我沒記錯的話，你們幾年前進行了大幅提價。而且我知道您已經對您的 SKU 進行了一些更改，並添加了大量新功能，就像第一個問題一樣。特別是在像我們現在這樣的通貨膨脹環境中，有沒有可能廣泛的價格上漲或有意義？

The short answer is yes. I mean you see a lot of other SaaS companies or other people saying the same environment and same factors. And we've had a lot of success with iterating on pricing and packaging generally in the past. And so we think of it as kind of a flywheel where we add value to each of our plans and as we add more value, pricing is a lever to capture more value.

簡短的回答是肯定的。我的意思是你看到很多其他 SaaS 公司或其他人說相同的環境和相同的因素。過去，我們在定價和包裝方面的迭代取得了很大的成功。因此，我們將其視為一種飛輪，我們為每個計劃增加價值，並且隨著我們增加更多價值，定價是獲取更多價值的槓桿。

And maybe, Billy, this is Tim, I'll quickly add on to that. We're -- specifically this year, we are building new capabilities, such as security features to address customer demand in this increasingly complicated environment where our 2022 guidance does include some updates to our pricing and packaging approach, and we'll actually have more to share this quarter on that, where, as a reminder, just given our ratable revenue recognition model, the revenue impact will flow to both 2022 and 2023, just based on the billing cycles of our customers.

也許，比利，這是蒂姆，我會很快補充。我們 - 特別是今年，我們正在構建新功能，例如在這個日益複雜的環境中滿足客戶需求的安全功能，我們的 2022 年指導確實包括對我們的定價和包裝方法的一些更新，實際上我們將擁有更多在本季度分享這一點，提醒一下，鑑於我們的可評級收入確認模型，收入影響將流向 2022 年和 2023 年，這取決於我們客戶的計費周期。

(Operator Instructions) Our next question comes from the line of Rishi Jaluria from RBC.

（操作員說明）我們的下一個問題來自 RBC 的 Rishi Jaluria。

Wonderful. I guess, number one, I wanted to follow up on an earlier question talking about the success that you're seeing on the monetization and conversion to paid users. Can you maybe give an illustrative example or 2 of some initiatives that you've been able to do to drive that? And maybe how we should be thinking about the sustainability of that going forward? And then I've got a follow-up for Tim.

精彩的。我想，第一，我想跟進一個較早的問題，討論您在貨幣化和轉化為付費用戶方面所看到的成功。您能否舉一個說明性的例子或 2 個您已經能夠採取的舉措來推動這一點？也許我們應該如何考慮未來的可持續性？然後我對蒂姆進行了跟進。

Sure. I mean, so at a high level, we look across the funnel from top of the funnel and sign-ups all the way to how we onboard users and then how they convert to paid plans and virality or in the virality, they have a few sharing. So I say at the top of the funnel, lots of improvements due to simplifying the onboarding experience, in particular in mobile experience. We found that in the mobile sharing experiences, we found that as a key viral loop for us. We've seen lots of opportunities to simplify the experience and take friction out of that. And then that really helps on top of funnel driving mobile sign-ups by making that move as effective as possible.

當然。我的意思是，在高層次上，我們從漏斗和註冊的頂部查看漏斗，一直到我們如何吸引用戶，然後他們如何轉換為付費計劃和病毒式傳播或病毒式傳播，他們有一些分享。所以我在漏斗的頂部說，由於簡化了入職體驗，特別是在移動體驗方面，有很多改進。我們發現，在移動共享體驗中，我們發現這是一個關鍵的病毒循環。我們已經看到了很多簡化體驗並消除摩擦的機會。然後，通過使移動盡可能有效，這確實有助於推動移動註冊的漏斗。

And then on the conversion front, I think another example is just how we've been iterating on the packaging and introducing new SKUs and things like Backup. And so we tested Backup as part of our paid plans last year and now it's a separate SKU. And that's just an example of us being able to monetize our free user base better by offering multiple ways in or multiple price points, cheaper entry points, in addition to just having more products to offer our customers.

然後在轉換方面，我認為另一個例子就是我們如何迭代包裝並引入新的 SKU 和諸如備份之類的東西。所以我們去年測試了備份作為我們付費計劃的一部分，現在它是一個單獨的 SKU。這只是我們能夠通過提供多種方式或多個價格點、更便宜的入口點，以及為我們的客戶提供更多產品，從而更好地利用我們的免費用戶群獲利的一個例子。

So I'd say we have a lot more kind of parts to the engine than we used to and opportunity in all of them. And so we triage like where is the area of the highest opportunity and continue investment. The biggest ones churn. Like there was a churn reductions that have come from improving performance, improving experience. That's a huge driver and are really the most important lever for the business, big progress and expect that to continue.

所以我想說我們的引擎部件比我們過去擁有的部件種類多得多，而且所有這些部件都有機會。因此，我們會像最有機會的領域一樣進行分類並繼續投資。最大的攪動。就像通過提高性能和改善體驗來減少客戶流失一樣。這是一個巨大的驅動力，並且確實是企業最重要的槓桿，取得了巨大的進步，並期望這種情況繼續下去。

Got it. That's really helpful. And then, Tim, I just wanted to maybe a housekeeping question on the FX headwind that you talked about. So you talked about $14 million for the full year. Just to clarify, is that $14 million total in 2022 revenue? Or is that $14 million additional FX headwinds on top of the $16 million that you talked about when you reported Q4?

知道了。這真的很有幫助。然後，蒂姆，我只是想問一個關於你所說的外匯逆風的管家問題。所以你談到了全年的 1400 萬美元。澄清一下，2022 年的總收入是 1400 萬美元嗎？還是在您報告第四季度時談到的 1600 萬美元之外，還有 1400 萬美元的外匯逆風？

Yes, good question. It's $14 million for the full year is an update relative to $16 million we gave previously. But I wouldn't add the 2 together, it's an updated view or it's 14% for the full year now.

是的，好問題。全年的 1400 萬美元是相對於我們之前提供的 1600 萬美元的更新。但我不會把這兩個加在一起，這是一個更新的視圖，或者現在全年的 14%。

Okay. And just to kind of follow up on that. Can you help us understand kind of -- I guess I'm starting to understand how that's the case when most companies are -- software companies are seeing stronger FX headwinds than when they initially guided 90 days ago. Maybe can you just remind us about your top currency exposures and why that might be the case that you're seeing a relative tailwind of $2 million relative to 90 days ago, whereas most other software companies are talking headwinds?

好的。只是為了跟進。您能否幫助我們理解——我想我開始理解大多數公司的情況是怎樣的——軟件公司看到的外匯逆風比 90 天前最初指導時更強。也許您能提醒我們您的最大貨幣風險敞口，以及為什麼您看到相對於 90 天前的 200 萬美元的相對順風，而大多數其他軟件公司都在談論逆風？

Sure. Yes. Fair question. Hard for me to really comment on how to compare it to others, just given that our billings can be denominated in varying currencies. But maybe just from a methodology perspective, walking into the start of the year versus walking out of the end of Q1, we did see an improvement in rates from those moments in time. So for example, the lead-up into January versus the lead-up into April, rates improved according to our billing currencies.

當然。是的。公平的問題。考慮到我們的賬單可以以不同的貨幣計價，我很難真正評論如何將其與其他人進行比較。但也許只是從方法論的角度來看，進入年初而不是走出第一季度末，我們確實看到了這些時刻的利率有所提高。因此，例如，從 1 月份開始到 4 月份開始，費率根據我們的計費貨幣有所改善。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Drew Houston for any further remarks.

這確實結束了今天節目的問答環節。我想把程序交還給 Drew Houston 以作進一步的評論。

Great. Well, all right, everyone, thank you again for joining us today. We appreciate your continued support and look forward to speaking again next quarter.

偉大的。好吧，好的，大家，再次感謝你們今天加入我們。我們感謝您一直以來的支持，並期待在下個季度再次發言。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們，先生們，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。