Dropbox Inc (DBX) 2021 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining Dropbox's First Quarter 2021 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 2021 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 it over to Page Portas, Investor Relations at Dropbox. Ms. Portas, please go ahead.

我現在將把它交給 Dropbox 投資者關係部的 Page Portas。波塔斯女士，請繼續。

Today, Dropbox will discuss quarterly financial results that were distributed earlier. 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 impact to our financial results, including estimated impairment charges and subleasing income as a result of our shift to a virtual-first work model; expected 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; future M&A opportunities and other investments; our ability to drive future user growth, upgrades and retention by enhancing our products, developing and offering new products or features through our acquisitions; our strategy and the effectiveness of strategy in achieving our business goals and overall future prospects and ability to generate shareholder value.

今天，Dropbox 將討論早些時候發布的季度財務業績。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；我們對我們財務業績的預期影響的預期，包括由於我們轉向虛擬優先工作模式而導致的估計減值費用和轉租收入；我們業務的預期表現；我們對遠程工作趨勢、相關市場機會以及我們利用這些機會的能力的期望；我們的資本分配計劃，包括預期的股票回購時間和數量；未來的併購機會和其他投資；我們通過收購增強我們的產品、開發和提供新產品或功能來推動未來用戶增長、升級和保留的能力；我們的戰略和戰略在實現我們的業務目標和整體未來前景以及創造股東價值的能力方面的有效性。

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 our risk factors, including in our Form 10-K for the year ended December 31, 2020, and the risk factors that will be included in our Form 10-Q for the quarter ended March 31, 2021.

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，我們的風險因素中描述的那些因素，包括我們截至 2020 年 12 月 31 日止年度的 10-K 表格，以及將包括在我們截至 2021 年 3 月 31 日的季度的 10-Q 表格中的風險因素。

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.

您不應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 www.investors.dropbox.com. Additional information regarding the exchange rate assumptions used in our guidance may also be found in our supplemental investor materials.

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的收益發布中找到，該發布與我們今天向美國證券交易委員會提交的 8-K 表一起提供，也可以在我們的投資者關係網站 www 上發布的補充投資者材料中找到。 Investors.dropbox.com。有關我們指南中使用的匯率假設的其他信息也可以在我們的補充投資者材料中找到。

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

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

Good afternoon, everyone, and welcome to our Q1 2021 earnings call. On the call with me is Tim Regan, our Chief Financial Officer. Today, I'll share our business and product highlights from the quarter. Tim will then review our Q1 financial results, provide guidance for the second quarter and update our outlook for the remainder of the year. And before we get to our results, I'd like to thank our employees, customers and partners for their support and their contributions to a successful quarter.

大家下午好，歡迎參加我們的 2021 年第一季度財報電話會議。與我通話的是我們的首席財務官 Tim Regan。今天，我將分享我們本季度的業務和產品亮點。蒂姆隨後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。在我們得出結果之前，我要感謝我們的員工、客戶和合作夥伴的支持以及他們對一個成功的季度所做的貢獻。

Around this time last year, we, along with many of our customers, were managing through an unprecedented global pandemic and a sudden shift to distributed work. It was certainly a challenging time, and I'm proud of the way our team showed up and supported our customers.

大約在去年的這個時候，我們和我們的許多客戶正在應對前所未有的全球流行病和突然轉向分佈式工作。這當然是一個充滿挑戰的時期，我為我們的團隊出現並支持我們的客戶的方式感到自豪。

While many companies are still adjusting to this shift and grappling with decisions about hybrid, flexible or remote work, one thing is clear, the traditional way of working has changed forever. We've made decisions about our own workforce, adopting what we're calling a virtual-first way of working, combining the best of both fully remote and in-person collaboration.

儘管許多公司仍在適應這種轉變並努力做出關於混合、靈活或遠程工作的決策，但有一點很清楚，傳統的工作方式已經永遠改變了。我們已經對自己的員工做出了決定，採用了我們所謂的虛擬優先工作方式，結合了完全遠程和麵對面協作的優點。

And as we shared previously, we reoriented our entire product roadmap to address the challenges our customers face in this new environment. At the same time, we also reorganized and streamlined our teams against our new strategies. And now we're focused on execution. This new era of distributed work has given rise to new opportunities for us and sped up several trends that were already in play. We've seen spikes in rich media and video content. We've seen the rise of freelance economy and an accelerated shift of businesses to the cloud. And we're seeing these trends reflected in our own business with the increased growth in our professional SKU, expansion within SMBs and heightened demand for new capabilities that connect our customers' content to their workflows. As our progress this quarter demonstrates, there's never been a better time in history to be building collaboration software, and I'm excited about our road ahead.

正如我們之前分享的那樣，我們重新調整了整個產品路線圖，以應對我們的客戶在這個新環境中面臨的挑戰。與此同時，我們還針對我們的新戰略重組和精簡了我們的團隊。現在我們專注於執行。這個分佈式工作的新時代為我們帶來了新的機會，並加速了一些已經在發揮作用的趨勢。我們已經看到富媒體和視頻內容的激增。我們已經看到自由經濟的興起和企業向雲的加速轉移。我們看到這些趨勢反映在我們自己的業務中，隨著我們專業 SKU 的增長、中小型企業內部的擴展以及對將客戶內容與其工作流程連接起來的新功能的需求增加。正如我們本季度取得的進展所表明的那樣，歷史上沒有比現在更好的時間來構建協作軟件了，我對我們前進的道路感到興奮。

Turning to the quarter, we saw a positive momentum in the business as we continue to execute against our strategy. Revenue growth is strong, and our non-GAAP operating margin expand meaningfully as we drove operational efficiencies and stayed on course with our long-term targets. We also completed several financial transactions that improved our ability to execute against our investment thesis, which Tim will speak to in more detail.

談到本季度，隨著我們繼續執行我們的戰略，我們看到了業務的積極勢頭。收入增長強勁，我們的非公認會計原則營業利潤率顯著擴大，因為我們提高了運營效率並保持了我們的長期目標。我們還完成了幾項金融交易，提高了我們執行投資論文的能力，蒂姆將對此進行更詳細的介紹。

As I shared last quarter, we have 3 strategic priorities for 2021. Evolving the core business, investing in new products and driving operational excellence. I'm proud of the team's execution and the progress we've made against each of these in Q1.

正如我上個季度所分享的，我們在 2021 年有 3 個戰略重點。發展核心業務、投資新產品和推動卓越運營。我為團隊的執行力以及我們在第一季度針對這些方面取得的進展感到自豪。

Let's start with an update on our first priority, evolving the core business. As a reminder, this strategy is focused on building on the strength in the simple and intuitive core Dropbox experience to improve our functionality, make collaboration around content more seamless, and help organize our users' content, tools and workflows.

讓我們從更新我們的首要任務開始，即發展核心業務。提醒一下，該策略的重點是利用簡單直觀的核心 Dropbox 體驗來改進我們的功能，使圍繞內容的協作更加無縫，並幫助組織用戶的內容、工具和工作流程。

As we make these investments, we believe they'll drive higher levels of engagement, better retention and ultimately, stronger revenue from our core business. One way we improved the user experience this quarter was streamlining our in-product promotions to ensure people can focus on their content and their work. We were successful in maintaining our overall conversion volumes while reducing the total number of Dropbox promotions the average user sees.

隨著我們進行這些投資，我們相信它們將推動更高水平的參與度、更好的保留率，並最終從我們的核心業務中獲得更強勁的收入。本季度我們改善用戶體驗的一種方式是簡化我們的產品內促銷活動，以確保人們可以專注於他們的內容和工作。我們成功地保持了整體轉化量，同時減少了普通用戶看到的 Dropbox 促銷總數。

As a result, we're now able to more purposefully surface in product prompts at optimal moments to encourage upsell and cross-sell of our products. This simplified experience gives our users a more seamless way to engage with Dropbox, while still retaining the flexibility to strategically leverage in-product prompts to drive adoption of our newer products.

因此，我們現在能夠更有針對性地在最佳時機出現在產品提示中，以鼓勵我們產品的追加銷售和交叉銷售。這種簡化的體驗為我們的用戶提供了一種與 Dropbox 互動的更加無縫的方式，同時仍然保留了戰略性地利用產品內提示來推動採用我們的新產品的靈活性。

Evolving the core is also about delivering more value to our basic users to promote conversion to our paid SKUs. For example, last year, we launched Dropbox Passwords to all our paid users to help them stay organized and better connect their tools. And we recently launched a freemium version of Passwords to our basic users to deliver more value beyond FSS and introduce them to some of the premium capabilities that we offer as part of our core products.

發展核心還在於為我們的基本用戶提供更多價值，以促進向我們付費 SKU 的轉化。例如，去年，我們向所有付費用戶推出了 Dropbox Passwords，以幫助他們保持井井有條並更好地連接他們的工具。我們最近向我們的基本用戶推出了密碼的免費增值版本，以提供超越 FSS 的更多價值，並向他們介紹我們作為核心產品的一部分提供的一些高級功能。

As more basic users are exposed to and find value in these premium features, we believe this will help drive activation, retention and migration into paying plans. I'm also excited to share the progress we've made with Transfer, which we introduced as a standalone SKU late in the first quarter. Now it's easier for basic users to discover and upgrade to the Transfer plan, which we expect will drive additional uplift in our paid user conversions and retention rates.

隨著越來越多的基本用戶接觸到這些高級功能並從中發現價值，我們相信這將有助於推動激活、保留和遷移到付費計劃。我也很高興分享我們在 Transfer 方面取得的進展，我們在第一季度末將其作為獨立 SKU 推出。現在，基本用戶更容易發現併升級到轉移計劃，我們預計這將進一步提高我們的付費用戶轉化率和保留率。

We see this as the first step in making the Transfer product more broadly available to our user base as we continue to iterate on our upsell funnels to drive ARR growth. As a final example of how we're evolving our core products, I'll share an update on the progress we're making with our Family plan. The Family plan feature family's digital lives connected with one organized place to share photos, videos and important documents. It supports 2 terabytes of shared storage for up to 6 users, each with their own personal folders, a centralized family room and access to premium features like Vault, Transfer, Backup and Passwords.

我們認為這是向我們的用戶群更廣泛地提供 Transfer 產品的第一步，因為我們將繼續迭代我們的追加銷售渠道以推動 ARR 增長。作為我們如何改進核心產品的最後一個示例，我將分享我們在家庭計劃方面取得的進展的最新情況。家庭計劃將家庭的數字生活與一個有組織的地方聯繫起來，以共享照片、視頻和重要文件。它支持多達 6 位用戶的 2 TB 共享存儲空間，每個用戶都有自己的個人文件夾、集中式家庭活動室以及訪問保險櫃、傳輸、備份和密碼等高級功能。

Since launching last fall, we've seen exciting traction with tens of thousands of Family rooms created. And the feedback has been great. Customers are finding unique value in their ability to easily share important family content like photos and videos on an ongoing basis.

自去年秋天推出以來，我們已經看到了令人興奮的吸引力，創造了數以萬計的家庭房。反饋非常好。客戶發現他們能夠持續輕鬆地分享照片和視頻等重要家庭內容的獨特價值。

Collectively, by streamlining the total number of Dropbox promotions our users see, releasing Passwords to our basic users and continuing to invest in solutions like Transfer and Family plan, we're making great progress in evolving the core Dropbox experience.

總的來說，通過簡化用戶看到的 Dropbox 促銷活動的總數、向我們的基本用戶發布密碼並繼續投資於轉移和家庭計劃等解決方案，我們在發展核心 Dropbox 體驗方面取得了巨大進展。

We're building on our routes and files that can share and delivering even more value to our users with a differentiated feature set, while remaining true to our core product philosophy, a simple and easy to use experience that helps people manage both their work and personal lives. We believe this focus will strengthen our relationship with our customers and help us sustain healthy growth in the core business.

我們正在構建我們的路線和文件，這些路線和文件可以通過差異化的功能集為我們的用戶共享和提供更多價值，同時忠於我們的核心產品理念，一種簡單易用的體驗，幫助人們管理他們的工作和個人生活。我們相信，這一重點將加強我們與客戶的關係，並幫助我們維持核心業務的健康增長。

Let's move to our second priority, which is investing in new products as we cultivate and scale additional capabilities beyond the core Dropbox experience. As one of only a handful of SaaS companies that have ever reached $2 billion in ARR, we believe we have a big opportunity to build on success of our core business and expand to new and into adjacent product areas.

讓我們轉向我們的第二個優先事項，即在我們培養和擴展超出核心 Dropbox 體驗的其他功能時投資新產品。作為少數幾家 ARR 達到 20 億美元的 SaaS 公司之一，我們相信我們有很大的機會在我們核心業務的成功基礎上再接再厲，並擴展到新的和相鄰的產品領域。

We're tapping into that success as we invest in powerful tools like DocSend and HelloSign to the next-generation of freelancers and SMBs in the new distributed work environment. In March, we announced our acquisition of DocSend, a secure document sharing and analytics product. This acquisition builds upon a key strength of ours to sharing.

我們正在利用這一成功為新分佈式工作環境中的下一代自由職業者和 SMB 投資強大的工具，如 DocSend 和 HelloSign。 3 月，我們宣布收購安全文檔共享和分析產品 DocSend。此次收購建立在我們分享的關鍵優勢之上。

Today, users share hundreds of millions of documents using Dropbox every year, which leads to viral extension and increased retention. The acquisition of DocSend expands on our sharing capabilities, offering users added security, along with powerful analytics on how viewers are engaging with their content.

如今，用戶每年使用 Dropbox 共享數以億計的文檔，從而導致病毒式傳播並提高保留率。收購 DocSend 擴展了我們的共享功能，為用戶提供了更高的安全性，以及對觀眾如何與他們的內容互動的強大分析。

It's also a great fit within our broader product portfolio. The combination of Dropbox, HelloSign and DocSend will give our customers a full suite of self-serve products and help them manage critical document workflows end-to-end and ultimately drive meaningful business results. For example, client services teams and creative professionals who already rely on Dropbox to organize and collaborate on documents, presentations and projects can use DocSend to deliver proposals and track engagement and use HelloSign to sign contracts. Not only does this acquisition unlock greater value for our customers, but the combination of these 3 products can help drive adoption and upsell across our product portfolio. DocSend is a great addition to the Dropbox family and will allow us to deliver more functionality to meet our customers' needs. I want to extend a warm welcome to the DocSend team, and I look forward to everything we're going to achieve together.

它也非常適合我們更廣泛的產品組合。 Dropbox、HelloSign 和 DocSend 的結合將為我們的客戶提供一整套自助產品，並幫助他們管理端到端的關鍵文檔工作流程，並最終推動有意義的業務成果。例如，已經依賴 Dropbox 來組織和協作處理文檔、演示文稿和項目的客戶服務團隊和創意專業人士可以使用 DocSend 提交提案和跟踪參與度，並使用 HelloSign 簽署合同。此次收購不僅為我們的客戶帶來了更大的價值，而且這 3 種產品的結合有助於推動我們產品組合的採用和追加銷售。 DocSend 是對 Dropbox 系列的重要補充，它將使我們能夠提供更多功能來滿足客戶的需求。我想熱烈歡迎 DocSend 團隊，我期待著我們將共同實現的一切。

Let's turn to HelloSign, which continues to be one of our fastest growing products. In Q1, the team made great progress towards our goal of becoming a leading new signature solution in the SMB market and in target international markets. First, we launched our bundle Dropbox Professional and HelloSign Essentials SKU, which we're calling Professional plus ESI. As I mentioned earlier, we're seeing increased engagement from freelancers and SMBs, and this is especially reflected in our professional SKU, where we've seen more than 30% increase in paid users year-over-year.

讓我們轉向 HelloSign，它仍然是我們增長最快的產品之一。在第一季度，團隊朝著成為中小企業市場和目標國際市場領先的新簽名解決方案的目標取得了長足的進步。首先，我們推出了捆綁包 Dropbox Professional 和 HelloSign Essentials SKU，我們稱之為 Professional plus ESI。正如我之前提到的，我們看到自由職業者和中小型企業的參與度有所提高，這尤其反映在我們的專業 SKU 中，我們看到付費用戶同比增長超過 30%。

We're capitalizing on this momentum by exposing these users to more of our expanded functionality like HelloSign, as our customers look for comprehensive ecosystems that serve all of their business needs. In turn, we drive further awareness of our e-signature capabilities and deliver additional value to our customers. We're also seeing traction in international markets. After launching HelloSign in the 21 additional languages last year, we've continued to offer geographic-specific solutions tailored to meet the needs of our international users.

我們正在利用這一勢頭，讓這些用戶接觸更多我們擴展的功能，例如 HelloSign，因為我們的客戶正在尋找能夠滿足其所有業務需求的綜合生態系統。反過來，我們進一步提高了對我們電子簽名功能的認識，並為我們的客戶提供了額外的價值。我們也看到了國際市場的吸引力。去年以 21 種其他語言推出 HelloSign 後，我們繼續提供針對特定地理區域的解決方案，以滿足我們國際用戶的需求。

In Japan, for example, we now support electronic hanko stamp seals, which are often used in lieu of these signatures in that region. DocSend and HelloSign are great examples of how we're building on the success of our core experience and expanding into adjacent markets to increase the value that our users get from Dropbox. We'll continue to invest here, both through M&A and in our organic innovation pipeline with products like Spaces to drive our next stage of growth.

例如，在日本，我們現在支持電子印章印章，該印章在該地區經常用於代替這些簽名。 DocSend 和 HelloSign 是很好的例子，說明我們如何在核心體驗的成功基礎上向周邊市場擴張，以增加我們的用戶從 Dropbox 獲得的價值。我們將繼續在這裡投資，通過併購和我們的有機創新管道，使用 Spaces 等產品來推動我們下一階段的增長。

Finally, we'll stay focused on our third priority of operational excellence as we improve the efficiency, reliability and security of our technical infrastructure while increasing our operational discipline, and optimizing our capital structure for high ROI investments.

最後，我們將繼續專注於卓越運營的第三個優先事項，因為我們提高了技術基礎設施的效率、可靠性和安全性，同時增加了我們的運營紀律，並優化了我們的資本結構以實現高 ROI 投資。

This quarter, we executed on a number of important initiatives, including closing on our convertible debt raise, implementing an additional $1 billion share repurchase authorization and driving a 13-point improvement in our operating margins. While we're making great progress against our profitability metrics, we remain focused on investing for the future. We've always been focused on balancing growth and profitability, and we believe our recent alignment against these 3 priorities sets us up to be more nimble, innovative and to dedicate more resources towards building new products.

本季度，我們執行了多項重要舉措，包括結束可轉換債務融資、實施額外 10 億美元的股票回購授權以及將營業利潤率提高 13 個百分點。雖然我們在盈利指標方面取得了長足進步，但我們仍然專注於為未來投資。我們一直專注於平衡增長和盈利能力，我們相信我們最近對這三個優先事項的調整使我們更加靈活、創新，並將更多資源用於開發新產品。

In looking ahead, we'll continue to be disciplined with our capital while still making thoughtful ROI-based investments. And we believe these efforts enhance our ability to reinvest in growth initiatives, execute against our investment thesis and continue generating shareholder value.

展望未來，我們將繼續嚴格控制我們的資本，同時仍會進行深思熟慮的基於 ROI 的投資。我們相信，這些努力增強了我們對增長計劃進行再投資、執行我們的投資論點並繼續為股東創造價值的能力。

In summary, I'm proud of our first quarter results, as we relied on our strengths to address the growing demand for more seamless collaboration software. We continue to execute well against our 2021 priorities, delivering more value to our users with both our core products and new capabilities, while strengthening our balance sheet and improving profitability.

總之，我為我們的第一季度業績感到自豪，因為我們依靠我們的優勢來滿足對更無縫協作軟件不斷增長的需求。我們繼續在 2021 年的優先事項上執行良好，通過我們的核心產品和新功能為我們的用戶提供更多價值，同時加強我們的資產負債表並提高盈利能力。

I'll now turn it over to Tim to walk through our financial results.

我現在將把它交給蒂姆來介紹我們的財務結果。

Thank you, Drew. As I've done before, I want to begin with a reminder of our financial objectives, as this provides the context for how we operate the business and outlines where we are headed. The core tenets of our financial plan are as follows: doubling free cash flow to $1 billion annually by 2024, investing for continued revenue growth, driving annual improvements in operating margins targeting 28% to 30%, allocating capital to organic initiatives and acquisitions that align with our strategic and financial objectives and returning capital to shareholders by allocating a significant portion of our annual free cash flow to share repurchases with the goal of reducing our share count.

謝謝你，德魯。正如我之前所做的那樣，我想首先提醒我們的財務目標，因為這為我們如何運營業務提供了背景，並概述了我們的發展方向。我們財務計劃的核心原則如下：到 2024 年將自由現金流翻一番，達到每年 10 億美元，投資以實現持續的收入增長，推動營業利潤率的年度提高，目標是 28% 至 30%，將資金分配給符合要求的有機計劃和收購通過將我們年度自由現金流的很大一部分分配給股票回購，以減少我們的股票數量，從而實現我們的戰略和財務目標並向股東返還資本。

We believe that execution against these objectives will generate long-term value for our shareholders, and we remain committed to making decisions in line with this financial trajectory. Today, I'll talk through our performance for the quarter, our updated guidance for the year and some of the actions we've taken in the period, which I'll tie back to and demonstrate our progress executing against these objectives.

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，我們仍然致力於根據這一財務軌跡做出決策。今天，我將討論我們本季度的業績、我們更新的年度指導以及我們在此期間採取的一些行動，我將與這些行動聯繫起來並展示我們在執行這些目標方面取得的進展。

Let's first turn to our quarterly results. Total revenue for the first quarter increased 12% year-over-year to $512 million, beating the high end of our guidance. Foreign exchange rates provided a 1-point tailwind to growth. Total ARR for the quarter was $2.112 billion, up 13% from the year ago period. On a constant currency basis, ARR grew $61 million sequentially and 12% year-over-year. I'd note that we update the FX rates used to calculate ARR at the start of each year.

讓我們先看看我們的季度業績。第一季度總收入同比增長 12% 至 5.12 億美元，超過了我們指引的高端。外匯匯率為增長提供了 1 個百分點的順風。本季度總 ARR 為 21.12 億美元，同比增長 13%。按固定匯率計算，ARR 環比增長 6100 萬美元，同比增長 12%。我注意到我們會在每年年初更新用於計算 ARR 的外匯匯率。

We continue to drive growth in ARR through the release of value-enhancing features, the introduction of new SKUs, such as Family plan, the expansion of HelloSign's capabilities and market awareness and the acquisition of DocSend. We exited the quarter with 15.83 million paying users, and added approximately 350,000 net new paying users in the first quarter, driven in part by positive momentum in the adoption of our Family plan. Average revenue per paying user was $132.55 in Q1.

我們通過發布增值功能、引入新的 SKU（如家庭計劃）、擴大 HelloSign 的能力和市場意識以及收購 DocSend 繼續推動 ARR 的增長。我們在本季度結束時擁有 1583 萬付費用戶，並在第一季度增加了大約 35 萬淨新付費用戶，部分原因是我們採用家庭計劃的積極勢頭。第一季度每位付費用戶的平均收入為 132.55 美元。

Before I turn to the P&L, I'd like to highlight some of our go-to-market wins in the period. As a reminder, our go-to-market strategies involve both our self-serve motion as well as our outbound sales motion. On the self-serve side, we've recently made meaningful improvements to the way users discover and purchase our paid SKUs. Now our web pages more clearly surface our selection of paid plans as well as the corresponding features each plan offers. This has helped SMBs adopt our Pro plan, which offers robust functionality for sharing, transfer and file requests.

在我轉向損益表之前，我想強調一下我們在此期間的一些進入市場的勝利。提醒一下，我們的市場營銷策略既涉及我們的自助服務活動，也涉及我們的對外銷售活動。在自助服務方面，我們最近對用戶發現和購買我們付費 SKU 的方式進行了有意義的改進。現在，我們的網頁更清楚地顯示了我們選擇的付費計劃以及每個計劃提供的相應功能。這有助於 SMB 採用我們的 Pro 計劃，該計劃提供強大的共享、傳輸和文件請求功能。

These improvements have also helped our individual users to discover and migrate to our new family plan. In Q1, we saw a resulting improvement in conversion rates stemming from these changes, helping to drive our revenue performance. On the outbound side, we are excited to announce that an American building materials retailer is now a Dropbox Enterprise customer.

這些改進還幫助我們的個人用戶發現並遷移到我們的新家庭計劃。在第一季度，我們看到這些變化帶來了轉化率的提高，有助於推動我們的收入表現。在出站方面，我們很高興地宣布，一家美國建材零售商現已成為 Dropbox Enterprise 客戶。

The company has over 400 retail locations nationwide and has helped to transform millions of homes with their digital rendering resources. They chose Dropbox to enable the creative workflows that take place across their marketing and design teams while also allowing them to securely share and receive content from external vendors.

該公司在全國擁有 400 多個零售點，並通過其數字渲染資源幫助改造了數百萬個家庭。他們選擇 Dropbox 來支持其營銷和設計團隊之間的創意工作流程，同時還允許他們安全地共享和接收來自外部供應商的內容。

Before we continue with further discussion of our P&L, I would like to note that unless otherwise indicated, all income statement measures mentioned are non-GAAP and excludes stock-based compensation, amortization of purchased intangibles, certain acquisition-related expenses, impairments of our real estate assets, and expenses related to our reduction in force.

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衡量指標都是非公認會計原則，不包括基於股票的補償、購買的無形資產的攤銷、某些與收購相關的費用、我們的減值房地產資產，以及與我們減少兵力有關的費用。

Our non-GAAP net income also excludes net gains and losses on equity investments and includes the income tax effect of the aforementioned adjustments. As we have previously mentioned, given that we have transitioned to a virtual-first model, we have taken steps to decost our real estate portfolio by subleasing our existing facilities. We have estimated total impairment charges of up to $450 million associated with this transition. In Q4 last year, we recorded a charge of $398 million, representing the vast majority of the impairment we expect to incur.

我們的非公認會計原則淨收入也不包括股權投資的淨損益，並包括上述調整的所得稅影響。正如我們之前提到的，鑑於我們已經過渡到虛擬優先模式，我們已採取措施通過轉租現有設施來降低我們的房地產投資組合的成本。我們估計與這一過渡相關的總減值費用高達 4.5 億美元。去年第四季度，我們記錄了 3.98 億美元的費用，占我們預計將產生的減值的絕大部分。

In Q1, we recorded an additional impairment charge of $17 million driven by several factors, including the impairment of DocSend's lease, additional costs stemming from the sale of our San Francisco headquarters and other factors. This brings our cumulative impairment incurred to date to $416 million. We continue to estimate the high end of our total exposure to be $450 million. As a reminder, we continue to expect to generate in excess of $800 million in sublease cash inflows over the course of these leases, which predominantly range in duration between 13 and 15 years.

在第一季度，我們記錄了 1700 萬美元的額外減值費用，其中包括 DocSend 租賃的減值、出售舊金山總部產生的額外成本和其他因素。這使我們迄今為止發生的累計減值達到 4.16 億美元。我們繼續估計我們總敞口的高端為 4.5 億美元。提醒一下，我們繼續預計在這些租賃過程中將產生超過 8 億美元的轉租現金流入，主要在 13 至 15 年之間。

Now let's continue with the P&L. I'd note that all expense categories continue to benefit from lower facilities-related costs driven by employees working from home, a reduction in depreciation as a result of the write-down in our real estate assets stemming from the aforementioned impairment as well as lower overall costs related to our workforce reduction, which took effect in Q1.

現在讓我們繼續看損益表。我注意到，所有費用類別都繼續受益於員工在家工作所帶來的設施相關成本降低、由於上述減值導致我們的房地產資產減記而導致的折舊減少以及較低的與我們裁員相關的總體成本，這在第一季度生效。

Gross margin was 80% for the quarter, representing an increase of 2 percentage points on a year-over-year basis. The improvement in gross margin is primarily a result of unit cost efficiency gains with our infrastructure. First quarter R&D expense was $131 million or 26% of revenue, which decreased compared to 31% of revenue in the first quarter of 2020. Sales and marketing expense was $88 million or 17% of revenue, which decreased compared to 21% of revenue in the first quarter of 2020. In addition, we delayed certain marketing initiatives, which are now expected to occur in the second half of 2021.

本季度毛利率為 80%，同比增長 2 個百分點。毛利率的提高主要是由於我們的基礎設施提高了單位成本效率。第一季度研發費用為 1.31 億美元，佔收入的 26%，低於 2020 年第一季度收入的 31%。銷售和營銷費用為 8800 萬美元，佔收入的 17%，低於 21% 的收入2020 年第一季度。此外，我們推遲了某些營銷計劃，現在預計這些計劃將在 2021 年下半年進行。

G&A expense was $43 million or 8% of revenue, which decreased compared to 10% of revenue in the first quarter of 2020. As a result, we earned $149 million in operating profit in the first quarter, which represented an operating margin of 29%, which is a 13 percentage point improvement compared to the first quarter of 2020.

G&A 費用為 4300 萬美元，佔收入的 8%，與 2020 年第一季度佔收入的 10% 相比有所下降。因此，我們第一季度的營業利潤為 1.49 億美元，營業利潤率為 29% ，與 2020 年第一季度相比提高了 13 個百分點。

Net income for the first quarter was $142 million, which is more than a 100% improvement over the first quarter of 2020. Diluted EPS was a record $0.35 per share based on 405 million diluted weighted average shares outstanding, up from $0.17 per share for the first quarter of 2020.

第一季度的淨收入為 1.42 億美元，比 2020 年第一季度提高了 100% 以上。根據 4.05 億股稀釋加權平均流通股計算，稀釋後每股收益為創紀錄的每股 0.35 美元，高於上一季度的每股 0.17 美元。 2020 年第一季度。

Moving on to our cash balance and cash flow. We ended the quarter with cash and short-term investments of $1.916 billion. Cash flow from operations was $116 million in the first quarter. Capital expenditures were $7 million during the quarter. This resulted in free cash flow of $109 million, which compares to $25 million in Q1 of 2020.

繼續我們的現金餘額和現金流。我們以 19.16 億美元的現金和短期投資結束了本季度。第一季度的運營現金流為 1.16 億美元。本季度的資本支出為 700 萬美元。這導致自由現金流為 1.09 億美元，而 2020 年第一季度為 2500 萬美元。

In the first quarter, we also added $24 million to our finance leases for data center equipment. We also executed some important financing initiatives in the quarter that not only improve our overall capital structure but enable us to continue delivering value back to our shareholders.

在第一季度，我們還為數據中心設備的融資租賃增加了 2400 萬美元。我們還在本季度執行了一些重要的融資計劃，這些計劃不僅改善了我們的整體資本結構，而且使我們能夠繼續為股東創造價值。

In February, we successfully raised nearly $1.4 billion, including the exercise of the related overallotment options through a 0 coupon convertible debt offering, which was comprised of roughly equivalent 5- and 7-year notes. We then used $62 million of the net proceeds towards executing bond hedge and warrant transactions, which effectively raised the conversion price of the notes to over $46 per share, representing a 100% conversion premium over our share price on the day of the offering. These collective terms culminated in some of the most favorable pricing seen in comparable offerings in recent years. This transaction strengthens our balance sheet, and allows us to support organic growth initiatives, pursue M&A and return capital to shareholders through share repurchases.

2 月，我們成功籌集了近 14 億美元，包括通過 0 息可轉換債券發行行使相關的超額配售權，該債券由大致相等的 5 年期和 7 年期票據組成。然後，我們將 6200 萬美元的淨收益用於執行債券對沖和認股權證交易，這有效地將票據的轉換價格提高到每股 46 美元以上，比我們在發行當天的股價高出 100% 的轉換溢價。這些集體條款最終導致了近年來可比產品中出現的一些最優惠的價格。此次交易加強了我們的資產負債表，使我們能夠支持有機增長計劃、進行併購並通過股票回購向股東返還資本。

Looking ahead, we will remain disciplined in allocating capital to high ROI opportunities. I'd also like to provide an update on our share repurchase strategy. As we signaled during our November earnings call, we increased the pace of our share repurchases, starting in the fourth quarter of 2020. Accordingly, in Q1, we exhausted our first $600 million authorization and subsequently announced a new $1 billion share repurchase authorization. Over the course of Q1, we repurchased nearly 19 million shares, spending approximately $430 million.

展望未來，我們將在將資金分配給高投資回報率的機會方面保持紀律。我還想提供有關我們股票回購策略的最新信息。正如我們在 11 月財報電話會議上所暗示的那樣，我們從 2020 年第四季度開始加快了股票回購的步伐。因此，在第一季度，我們用盡了我們的第一個 6 億美元授權，隨後又宣布了一項新的 10 億美元的股票回購授權。在第一季度，我們回購了近 1900 萬股股票，花費了大約 4.3 億美元。

These figures include shares we repurchased in conjunction with our convertible notes offering, which were not related to our existing share repurchase program. As a result and as of the end of Q1, we have approximately $970 million remaining on our $1 billion share repurchase authorization. We continue to believe that utilizing our capital for share repurchases is efficient, and we will leverage the strength of our balance sheet to deliver returns back to our shareholders.

這些數字包括我們與我們的可轉換票據發行一起回購的股票，這與我們現有的股票回購計劃無關。因此，截至第一季度末，我們在 10 億美元的股票回購授權中剩餘約 9.7 億美元。我們仍然相信，利用我們的資金進行股票回購是有效的，我們將利用資產負債表的優勢為股東帶來回報。

With that, let's turn to guidance for Q2 and for the full year. For the second quarter of 2021, we expect revenue to be in the range of $522 million to $525 million. Currency exchange rates assumed in this guidance account for approximately 2 points of growth at the midpoint of guidance, and are based on a combination of recent and historical average rates. We expect non-GAAP operating margin to be in the range of 27.5% to 28%. Finally, we expect diluted weighted average shares outstanding to be in the range of 397 million to 402 million shares based on our trailing 30-day average share price.

有了這個，讓我們轉向第二季度和全年的指導。對於 2021 年第二季度，我們預計收入將在 5.22 億美元至 5.25 億美元之間。本指引中假設的貨幣匯率在指引中點佔大約 2 個增長點，並基於近期和歷史平均匯率的組合。我們預計非美國通用會計準則營業利潤率將在 27.5% 至 28% 之間。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 3.97 億至 4.02 億股之間。

For the full year, we are raising our revenue guidance range, which was previously $2.095 billion to $2.115 billion to $2.118 billion to $2.130 billion. Currency exchange rates assumed in this guidance account for approximately 2 points of growth at the midpoint of guidance and are based on a combination of recent and historical average rates. We continue to expect gross margins to be approximately 80%. We continue to expect non-GAAP operating margins to be in the range of 27% to 28%.

對於全年，我們正在提高我們的收入指導範圍，之前為 20.95 億美元至 21.15 億美元至 21.18 億美元至 21.3 億美元。本指引中假設的貨幣匯率在指引中點佔大約 2 個增長點，並基於近期和歷史平均匯率的組合。我們繼續預計毛利率約為 80%。我們繼續預計非美國通用會計準則營業利潤率將在 27% 至 28% 之間。

We are raising our free cash flow guidance range, which was previously $645 million to $655 million to $670 million to $690 million. This includes $29 million in cash outflows comprised of $16 million for the 2021 installments of deal consideration holdback related to our acquisition of HelloSign.

我們正在提高我們的自由現金流指導範圍，之前為 6.45 億美元至 6.55 億美元至 6.7 億美元至 6.9 億美元。這包括 2900 萬美元的現金流出，其中 1600 萬美元用於與我們收購 HelloSign 相關的 2021 年分期交易對價保留。

And onetime severance payments of approximately $13 million related to our reduction in force. We continue to expect capital expenditures for 2021 to be in the range of $25 million to $35 million, net of tenant improvement allowances. We continue to expect additions to our finance lease lines to be approximately 6% of revenue in 2021.

與我們裁減兵力有關的一次性遣散費約為 1300 萬美元。我們繼續預計 2021 年的資本支出將在 2500 萬美元至 3500 萬美元之間，扣除租戶改善津貼。我們繼續預計我們的融資租賃額度將在 2021 年佔收入的 6% 左右。

Finally, we expect 2021 diluted weighted average shares outstanding to be in the range of 397 million to 402 million shares, down from our previous guidance range of 402 million to 407 million shares. This reduction in our share count reflects our commitment to an anticipated impact of our share repurchase program.

最後，我們預計 2021 年稀釋加權平均流通股將在 3.97 億至 4.02 億股之間，低於我們之前的指導範圍 4.02 億至 4.07 億股。我們股票數量的減少反映了我們對股票回購計劃預期影響的承諾。

To share some additional context on this guidance. We are raising the midpoint of our full year revenue guidance from 10% to 11% year-over-year growth where approximately half of this increase relates to the strength we are seeing in our organic business, and the remaining half relates to the revenue contribution from our acquisition of DocSend.

分享有關本指南的一些其他背景信息。我們將全年收入指引的中點從 10% 提高到 11%，其中大約一半與我們在有機業務中看到的實力有關，其餘一半與收入貢獻有關從我們收購 DocSend 開始。

We are maintaining our operating margin guidance as we absorb DocSend into our P&L as certain marketing initiatives initially planned for Q1 shift to the second half of the year, and as we plan to make strategic investments back into the business to drive long-term revenue growth. We are raising our free cash flow guidance due to an increase in expected billings from our organic business in DocSend as well as increased confidence in the favorable impact of FX rates.

我們將維持我們的營業利潤率指導，因為我們將 DocSend 吸收到我們的損益表中，因為最初計劃在第一季度轉移到下半年的某些營銷計劃，以及我們計劃對業務進行戰略投資以推動長期收入增長.由於我們在 DocSend 的有機業務的預期賬單增加以及對外匯匯率有利影響的信心增加，我們正在提高我們的自由現金流指導。

With regard to paying users and ARPU, as I mentioned during our call in February, as we drive upsell to Family plan and other SKUs, while concurrently shifting away from pursuing large paying user deals with low ASPs, we could see variability in both paying users and ARPU on a go-forward basis relative to historical trends. We, therefore, continue to focus on ARR growth as being the best indicator of the long-term health of our business.

關於付費用戶和 ARPU，正如我在 2 月份的電話會議中提到的那樣，隨著我們推動向家庭計劃和其他 SKU 追加銷售，同時不再追求低 ASP 的大型付費用戶交易，我們可以看到兩個付費用戶的變化與歷史趨勢相關的 ARPU 和 ARPU。因此，我們繼續將 ARR 增長作為衡量我們業務長期健康狀況的最佳指標。

Lastly, while we are rapidly approaching our long-term gross margin and operating margin targets, we remain focused on investing for sustainable revenue growth. Accordingly, we plan to reinvest some of the savings we are generating from our efficiency initiatives into growth opportunities where we see a compelling ROI. Therefore, we remain committed to our target model, to our 2024 free cash flow goal of $1 billion and to generating shareholder value.

最後，雖然我們正在迅速接近我們的長期毛利率和營業利潤率目標，但我們仍然專注於投資以實現可持續的收入增長。因此，我們計劃將我們從效率計劃中產生的部分節省再投資於我們看到令人信服的投資回報率的增長機會。因此，我們仍然致力於我們的目標模型、2024 年 10 億美元的自由現金流目標和創造股東價值。

In conclusion, we're off to a solid start to the year. We delivered strong results across both the top and bottom line, strengthened our balance sheet through our capital raise, reduced our share count by accelerating our share repurchase activity, and enhanced our growth potential with the acquisition of DocSend. We continue to execute against our financial objectives, and we remain on course to achieve our long-term targets.

總之，我們今年的開局不錯。我們在收入和利潤方面都取得了強勁的業績，通過籌集資金加強了我們的資產負債表，通過加速我們的股票回購活動減少了我們的股票數量，並通過收購 DocSend 增強了我們的增長潛力。我們將繼續執行我們的財務目標，並繼續實現我們的長期目標。

With that, I'll now turn it back to Drew for his concluding thoughts.

有了這個，我現在把它轉回給德魯，讓他得出結論。

Thank you, Tim, and thank you all for joining us today. As our Q1 results demonstrate, we remain focused on executing [on our] 2021 priorities, our long-term financial goals and our commitment to our shareholders. We believe we're well positioned to meet the opportunity ahead of us as customers continue to look for technology that helps them adapt to the rapidly evolving working environment. On behalf of our management team, I'd like to thank our customers, our partners and the entire Dropbox team.

謝謝你，蒂姆，謝謝大家今天加入我們。正如我們的第一季度業績所顯示的那樣，我們仍然專注於執行 [我們的] 2021 年優先事項、我們的長期財務目標和我們對股東的承諾。我們相信，隨著客戶繼續尋找能夠幫助他們適應快速發展的工作環境的技術，我們已做好準備迎接我們面前的機遇。我謹代表我們的管理團隊感謝我們的客戶、合作夥伴和整個 Dropbox 團隊。

And with that, I'd like to open up the call for Q&A. Operator?

有了這個，我想打開問答的電話。操作員？

(Operator Instructions) Our first question comes from Mark Murphy with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Mark Murphy。

Congratulations on a healthy result. So I'm noticing that the rate of deceleration is improving quite a bit. You have 3 consecutive quarters where revenue growth is basically 12.5% to 13.5%, and you're lifting it on the year. Can you shed any light on which levers you're pulling to influence that? In other words, the conversion retention, new products, et cetera, and just how sustainable do you think this improvement is in terms of kind of improving that rate of desell?

恭喜取得健康的結果。所以我注意到減速率正在提高很多。你有連續三個季度的收入增長基本上是 12.5% 到 13.5%，而且你正在提高它。您能否闡明您正在拉動哪些槓桿來影響這一點？換句話說，轉化保留率、新產品等，以及您認為這種改進在提高銷售率方面的可持續性如何？

Sure. Thanks, Mark. This is Drew, and I can start, and Tim can build on and cover some of the specifics. But I mean, the way we look at it is we have a lot of opportunity in the core business, and we're driving growth from a broader portfolio of products. So in the core business, we spoke to some of the improvements we've been making, and we see -- we continue to see lots of levers there to drive conversion and retention and improve the experience in things like Transfer and Passwords, Family plan, all good examples.

當然。謝謝，馬克。這是 Drew，我可以開始，Tim 可以建立並涵蓋一些細節。但我的意思是，我們看待它的方式是，我們在核心業務中有很多機會，我們正在通過更廣泛的產品組合來推動增長。因此，在核心業務中，我們談到了我們一直在進行的一些改進，我們看到 - 我們繼續看到許多槓桿來推動轉換和保留，並改善轉移和密碼、家庭計劃等方面的體驗，都是很好的例子。

And then we're growing the portfolio. So HelloSign has been one of our fastest growing businesses. We just added DocSend, and we'll continue to have a broader innovation pipeline, both organic and -- organic bets and M&A. So all that is to say, we have a lot of different levers. We're pulling many of them, and we're excited about the progress we've been making.

然後我們正在擴大投資組合。因此，HelloSign 一直是我們發展最快的業務之一。我們剛剛添加了 DocSend，我們將繼續擁有更廣泛的創新渠道，包括有機的和有機的賭注和併購。所以這就是說，我們有很多不同的槓桿。我們正在拉動他們中的許多人，我們對我們所取得的進展感到興奮。

That's exactly right. And maybe to build on that. So our guidance does have us growing at about 11% at the midpoint, which is a 1% increase from the guidance we shared in February, where half of that is from DocSend and the other half is from the expected organic performance. And it's really attributed to all the factors that Drew discussed in his prepared remarks, the Family plan, adding Passwords to our basic plan, launching the standalone Transfer SKU, HelloSign, Docsend where we have many initiatives we're working on to drive growth, and we're not overly reliant on the success of any one initiative. And we absolutely will continue to invest to drive sustainable revenue growth, where we are seeing a compelling ROI.

這是完全正確的。也許在此基礎上再接再厲。因此，我們的指導確實讓我們在中點增長了約 11%，這比我們在 2 月份分享的指導增加了 1%，其中一半來自 DocSend，另一半來自預期的有機表現。這實際上歸功於 Drew 在他準備好的評論中討論的所有因素，家庭計劃，將密碼添加到我們的基本計劃，推出獨立的 Transfer SKU、HelloSign、Docsend，我們正在努力推動增長，我們並不過分依賴任何一項舉措的成功。我們絕對會繼續投資以推動可持續的收入增長，我們看到了令人信服的投資回報率。

Okay. So it sounds like it's a diversified kind of portfolio effect across the products. I wanted to just ask one other quick one, which is the top of the funnel activity. I recall that had spiked at the onset of the pandemic. And then I think logically, we were expecting that, that would start to subside.

好的。因此，這聽起來像是一種跨產品的多元化投資組合效應。我只想問另一個快速的問題，這是漏斗活動的頂部。我記得在大流行開始時已經飆升。然後我認為從邏輯上講，我們預計會開始消退。

I'm just wondering now, how is the top of funnel behaving into return to the office activity and business cycle recovery?

我現在只是想知道，漏斗頂部在回歸辦公活動和商業周期恢復方面表現如何？

Sure. So I mean, there's a -- as you mentioned, there was a surge of demand in Q2 last year. But overall, our business has been pretty stable. I mean, our customers needed Dropbox before lockdown, during lockdown and they'll need it afterwards is kind of the way I see it. And that said, I mean, it's been a big tailwind for HelloSign as lots of customers started adopting using it for the first time.

當然。所以我的意思是，正如你所提到的，去年第二季度的需求激增。但總的來說，我們的業務相當穩定。我的意思是，我們的客戶在鎖定之前和鎖定期間需要 Dropbox，之後他們會需要它，這就是我的看法。也就是說，我的意思是，這對 HelloSign 來說是一個很大的順風，因為許多客戶第一次開始採用它。

So in total, we think the world moving to distributed work will be a big tailwind for our business. And as we move towards reopening, as most companies have some kind of hybrid model, there's a lot of room for improvement in the tools we use to manage that. So HelloSign and DocSend are a couple of examples but we're thinking much more broadly to.

因此，總的來說，我們認為轉向分佈式工作的世界將是我們業務的一大推動力。隨著我們走向重新開放，由於大多數公司都有某種混合模式，我們用來管理它的工具還有很大的改進空間。所以 HelloSign 和 DocSend 是幾個例子，但我們正在考慮更廣泛的範圍。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

This is Luv Sodha on for Brent Thill. Congrats on a great quarter. I wanted to ask one on DocSend. If you could maybe talk a little bit about the vision with the acquisition and maybe give us any insight into the number of users or the ARR contribution from DocSend for the year?

這是布倫特希爾的 Luv Sodha。祝賀一個偉大的季度。我想在 DocSend 上問一個。如果你能談談收購的願景，或者讓我們了解一下 DocSend 當年的用戶數量或 ARR 貢獻？

Sure. I can start just at a high level. So we think DocSend is a great fit. And they help customers -- DocSend helps customers manage and share their business-critical documents. They give business leaders more control, visibility, powerful engagement analytics. And the reasoning is that this is a national expansion opportunity for us, for Dropbox, where there's tens of billions of documents in Dropbox. Our customers want to do a lot of things with them. The more we can help with workflows, these are natural adjacencies.

當然。我可以從高水平開始。所以我們認為 DocSend 非常適合。他們幫助客戶——DocSend 幫助客戶管理和共享他們的關鍵業務文檔。它們為業務領導者提供了更多的控制權、可見性和強大的參與分析。理由是，這對我們來說是一個全國性的擴張機會，對於 Dropbox 來說，Dropbox 中有數百億文件。我們的客戶想和他們一起做很多事情。我們對工作流程的幫助越多，這些就是自然的鄰接關係。

And then for DocSend, we can help them accelerate their growth and reach a larger audience. And then more broadly, the combination of Dropbox plus DocSend plus HelloSign means that we can address the whole life cycle of a document or address these workflows end-to-end.

然後對於 DocSend，我們可以幫助他們加速發展並接觸更多的受眾。更廣泛地說，Dropbox、DocSend 和 HelloSign 的結合意味著我們可以處理文檔的整個生命週期或端到端處理這些工作流。

So you could start with a contract saved in Dropbox, you can share it and iterate on it through DocSend and get feedback analytics. And then sign it in HelloSign. And so being able to handle the whole experience and then we think there's an opportunity where the -- where it's additive. And the -- and overall, these are individually big markets, collectively, they're big and growing, and there's lots of natural alignment on many dimensions. But with DocSend, in particular, the product strategy, their go-to-market motion, they similarly have a self-serve [and viral] model, it's really efficient and scalable. So overall, we see a really great fit, particularly as the world moves to distributed work and needs better ways of managing content. Can't rely on any of [getting office together], which we see these as really exciting opportunities.

因此，您可以從保存在 Dropbox 中的合同開始，您可以共享它並通過 DocSend 對其進行迭代並獲得反饋分析。然後在 HelloSign 中籤名。因此，能夠處理整個體驗，然後我們認為有一個機會 - 它是附加的。而且 - 總的來說，這些都是單獨的大市場，總的來說，它們很大並且在不斷增長，並且在許多方面都有很多自然的一致性。但是對於 DocSend，尤其是產品策略、他們的上市行動，他們同樣有一個自助服務 [和病毒式] 模型，它非常高效和可擴展。因此，總的來說，我們看到了非常合適的選擇，尤其是當世界轉向分佈式工作並且需要更好的內容管理方式時。不能依賴任何[一起上任]，我們認為這是非常令人興奮的機會。

And then let me try to give you some color on their financial impact. So we purchased DocSend for roughly $165 million, with about $30 million held back for key executives to be paid over a 3-year period, similar to how we structured the deal with HelloSign. And some further insight, DocSend contributed about $15 million to ARR in the quarter. Where as a reminder, we record the ARR from acquired companies in the period we close the acquisition.

然後讓我試著給你一些關於他們的財務影響的顏色。因此，我們以大約 1.65 億美元的價格購買了 DocSend，並保留了大約 3000 萬美元用於在 3 年內向主要高管支付報酬，類似於我們與 HelloSign 的交易結構。還有一些進一步的見解，DocSend 在本季度為 ARR 貢獻了約 1500 萬美元。提醒一下，我們在完成收購期間記錄了被收購公司的 ARR。

We also added about 35,000 paying users to our totals. And then as related to the P&L, the impact to Q1 was nominal as the deal closed on March 22. For the full year, we do expect the revenue contribution to be roughly 0.5 point to our total revenue, and we are absorbing their expenses into our P&L, where this has been factored into our guidance.

我們還在總數中增加了大約 35,000 名付費用戶。然後與損益相關，當交易於 3 月 22 日結束時，對第一季度的影響是名義上的。對於全年，我們確實預計收入貢獻約為我們總收入的 0.5 個百分點，我們正在將他們的費用吸收到我們的損益表，這已被納入我們的指導。

Got it. Great. And maybe one quick follow-up on the top of the funnel question that was asked earlier. I guess, in terms of the overall demand, are you seeing like SMB spend come back? I know, obviously, last year, you might have seen some impact from the SMB side. So will that sort of be a tailwind going forward?

知道了。偉大的。也許是對之前提出的漏斗問題頂部的快速跟進。我想，就整體需求而言，您是否看到 SMB 支出回升？我知道，很明顯，去年，您可能已經看到了 SMB 方面的一些影響。那麼這會是一種順風嗎？

Yes. I mean, we're fortunate to have a lot of stability in general. And then -- or the SMBs that are on Dropbox tend to be knowledge workers, so they're relatively less impacted, which has been a good thing.

是的。我的意思是，我們很幸運總體上擁有很大的穩定性。然後 - 或者 Dropbox 上的中小型企業往往是知識工作者，所以他們受到的影響相對較小，這是一件好事。

And then, I mean, one thing -- one dynamic we are seeing is our professional SKU has been doing really well. So it's been growing 30% year-over-year. And one big strength that we have is as we -- is Dropbox through our self-serve and viral motion, we can reach -- and we can profitably acquire small business customers, freelancers, the SMBs more than if we had a [nuclear] more reliant on the conventional sales force.

然後，我的意思是，一件事——我們看到的一個動態是我們的專業 SKU 一直做得很好。因此，它的年增長率為 30%。我們擁有的一大優勢是——通過我們的自助服務和病毒式傳播，我們可以接觸到 Dropbox——我們可以獲得比擁有 [核] 更多的小企業客戶、自由職業者和中小企業更加依賴傳統的銷售隊伍。

So part of the tailwind is just following demand. There's the whole passion economy, creators, rising freelancers that we're seeing contribute to demand. And we expect will continue.

因此，部分順風只是跟隨需求。我們看到整個激情經濟、創造者、不斷上升的自由職業者都對需求做出了貢獻。我們預計將繼續。

Our next question comes from Steve Enders with KeyBanc.

我們的下一個問題來自於 KeyBanc 的 Steve Enders。

Great. Just want to follow-up a little bit there on the DocSend plans. I'm wondering how you're thinking about incorporating DocSend into the rest of the product. If you have plans to incorporate similar to what you're doing with HelloSign, where you built it into plans? Or what's kind of the expectations there going forward?

偉大的。只是想對 DocSend 計劃進行一些跟進。我想知道您是如何考慮將 DocSend 整合到產品的其餘部分中的。如果您計劃將類似於您對 HelloSign 所做的事情納入計劃，您將其納入計劃的哪個位置？或者對未來有什麼樣的期望？

Sure. Well, immediately, we'll start integrating -- well, we're already starting to integrate them into our go-to-market motion. So making DocSend more available to our customers through our sales team. And then similar to DocSend, we're -- or sorry, similar to HelloSign, we're building integrations in the product experience and bringing those closer together. We see it as a -- we see it -- and so mainly, we're focused on driving distribution of DocSend to our existing audience. And then in parallel, we'll be building tighter integrations.

當然。好吧，我們將立即開始整合——好吧，我們已經開始將它們整合到我們的上市行動中。因此，通過我們的銷售團隊讓我們的客戶更容易使用 DocSend。然後類似於 DocSend，我們是 - 或者對不起，類似於 HelloSign，我們正在構建產品體驗的集成並將它們更緊密地結合在一起。我們將其視為 - 我們看到了 - 因此，主要是，我們專注於將 DocSend 分發給我們現有的受眾。然後同時，我們將構建更緊密的集成。

Okay. Got you. That's helpful. And then I know you just raised the convert in the last quarter. But I guess, how you're kind of thinking about the rank order of those plans. I think you laid out a few things from M&A to buybacks to organic growth. But how you kind of think about the rank ordering of importance there as you think about the plans there going forward?

好的。得到你。這很有幫助。然後我知道你剛剛在上個季度提高了轉換率。但我想，你是如何考慮這些計劃的等級順序的。我認為您列出了從併購到回購再到有機增長的一些內容。但是，當您考慮未來的計劃時，您如何看待那裡的重要性排序？

I think we absolutely have the room to do each one of them. So we plan to allocate a significant portion of our annual free cash flow to share repurchases. That's absolutely still the plan. M&A, that will continue to be an important part of our strategy. You can look at DocSend, HelloSign, great examples of the types of deals we're interested in, and we strengthened our balance sheet with the convert where we can continue to pursue those strategies. And we will absolutely continue to be disciplined with valuations. So we structured our business where we continue to be able to invest in growth, organic growth, continue to invest in M&A and continue to pursue share repurchases.

我認為我們絕對有足夠的空間去做每一個。因此，我們計劃將年度自由現金流的很大一部分分配給股票回購。這絕對是計劃。併購，這將繼續成為我們戰略的重要組成部分。您可以查看 DocSend、HelloSign，以及我們感興趣的交易類型的很好的例子，我們通過轉換加強了我們的資產負債表，我們可以繼續追求這些策略。我們絕對會繼續遵守估值。因此，我們構建了我們的業務，使我們能夠繼續投資於增長、有機增長，繼續投資併購並繼續尋求股票回購。

(Operator Instructions) Our next question comes from Ben Rose with Battle Road Research.

（操作員說明）我們的下一個問題來自 Battle Road Research 的 Ben Rose。

Yes. Wanted to ask on a couple of items. One is, either Tim or Drew, could you speak to the contribution of international revenue during the quarter, total international and how that changed from last year?

是的。想問幾個項目。一個是蒂姆或德魯，您能否談談本季度國際收入的貢獻，國際總收入以及與去年相比有何變化？

Sure. That hasn't changed materially. It's about a 50-50 split as far as the international contribution to revenue. And so yes, that will be disclosed as part of our 10-Q filing tomorrow, but has not changed materially.

當然。這並沒有發生實質性的變化。就國際收入貢獻而言，這大約是 50-50 的比例。所以是的，這將作為我們明天提交的 10-Q 文件的一部分進行披露，但沒有發生重大變化。

Okay. And then just a question on product pricing. I was just curious to know how you are thinking about the pricing of various different plans, whether you are anticipating or contemplating any price increases for the user base over time.

好的。然後只是關於產品定價的問題。我只是想知道您如何考慮各種不同計劃的定價，無論您是預期還是考慮隨著時間的推移用戶群的任何價格上漲。

Nothing specific to share about future plans there. I mean, one thing we are focused on is we have an enormous space for users, which represent a big opportunity. We will certainly continue to drive them to the standard Dropbox plans, but we're also creating a broader menu of new subscription options and entry points basically and optimizing pricing and packaging in general.

關於那裡的未來計劃，沒有什麼具體可分享的。我的意思是，我們關注的一件事是我們為用戶提供了巨大的空間，這代表了一個巨大的機會。我們肯定會繼續推動他們使用標準的 Dropbox 計劃，但我們也在創建更廣泛的新訂閱選項和入口點菜單，並在總體上優化定價和包裝。

So Dropbox Transfer is an example of the standalone SKU we launched in Q1, and we'll continue to experiment and double down on what's working. So we certainly are looking at pricing -- or we continue to look at pricing and packaging in general, and that's an important monetization lever for us for us.

因此，Dropbox Transfer 是我們在第一季度推出的獨立 SKU 的一個示例，我們將繼續試驗並加倍努力研究有效的方法。所以我們當然正在考慮定價——或者我們繼續關注定價和包裝，這對我們來說是一個重要的貨幣化槓桿。

Okay. And if I may, just to ask one additional question. I know that part of the changes over the last several months has been your doubling down on -- reaching users via the self-serve model and sort of less emphasis on direct sales. I was just curious to know your thoughts on how that has been contributing to the strong growth that we're seeing in recent quarters?

好的。如果可以的話，我只想問一個額外的問題。我知道過去幾個月的部分變化是你加倍努力——通過自助服務模式接觸用戶，而不那麼強調直銷。我只是想知道您對這對我們最近幾個季度的強勁增長有何貢獻的想法？

Yes. So I mean, our rationale for this is -- we'll continue to serve larger customers. And one of our strengths is that Dropbox is organically adopted and companies of all sizes, including large companies, that's going to continue.

是的。所以我的意思是，我們這樣做的理由是——我們將繼續為更大的客戶服務。我們的優勢之一是 Dropbox 被有機地採用，各種規模的公司，包括大公司，都將繼續下去。

But when it comes to paid customer acquisition, we want to play to our strengths and be disciplined in our investments and streamline some of our efforts. So our land and expand model and self-serve motion is really scalable and profitable in general. And we find that our outbound efforts in mid-market or in the mid-market segment tend to be more efficient and profitable than some of the high end of the enterprise. So these changes are more just about focus and really doubling down on our most efficient go-to-market motions. And we find that the very large customers or the revenue coming from very large customers is less than 10% of revenue.

但在付費客戶獲取方面，我們希望發揮我們的優勢，在投資中保持自律，並簡化我們的一些工作。因此，我們的土地和擴展模型以及自助服務總體上確實具有可擴展性和盈利能力。我們發現，我們在中端市場或中端市場領域的對外努力往往比一些高端企業更高效、更有利可圖。因此，這些變化更多地只是關注焦點，並真正加倍關注我們最有效的上市行動。我們發現超大客戶或來自超大客戶的收入不到收入的 10%。

And I'm currently showing no further questions at this time. I'd like to turn the call back over to Drew Houston for closing remarks.

我目前沒有提出其他問題。我想把電話轉回 Drew Houston 來做結束語。

Great. Well, thank you, everyone, for joining us. We hope you and your families are staying safe and well, and we'll see you next quarter.

偉大的。好吧，謝謝大家加入我們。我們希望您和您的家人平安無事，我們下個季度再見。

This concludes today's conference call. You may now disconnect. Thank you, everyone, for participating.

今天的電話會議到此結束。您現在可以斷開連接。謝謝大家的參與。