Dropbox Inc (DBX) 2020 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen.

女士們先生們，下午好。

Thank you for joining Dropbox' Fourth Quarter 2020 Earnings Conference Call.

感謝您參加 Dropbox 2020 年第四季度收益電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of Dropbox' website following this call.

（操作員說明）提醒一下，本次電話會議正在錄製中，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 Mr. Rob Bradley, Head of Investor Relations for Dropbox.

我現在將其轉交給 Dropbox 投資者關係主管 Rob Bradley 先生。

Mr. Bradley, please go ahead.

布拉德利先生，請繼續。

Thank you, and good afternoon, and welcome to Dropbox' Fourth Quarter 2020 Earnings Call.

謝謝，下午好，歡迎來到 Dropbox 2020 年第四季度財報電話會議。

Today, Dropbox will discuss the quarterly financial results that were distributed earlier.

今天，Dropbox 將討論早些時候分發的季度財務結果。

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 estimate -- estimated impairment charges as a result of our shift to a Virtual First work model; expected performance of our business; operational efficiencies we may achieve as a result of changes to our organizational structure; 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 user growth and retention 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 overall future prospects and ability to generate shareholder value.

本次電話會議的聲明包括前瞻性聲明，包括未來的財務業績，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和對我們財務業績的影響的期望，包括估計——由於我們轉向虛擬優先工作模式而導致的估計減值費用；我們業務的預期表現；由於組織結構的變化，我們可能實現的運營效率；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；我們的資本配置計劃，包括股票回購的預期時間和數量、未來的併購機會和其他投資；我們通過增強我們的產品、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的關鍵員工執行我們戰略的能力；以及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 our risk factors included in our Form 10-Q for the quarter ended September 30, 2020 and the risk factors that will be included in our Form 10-K for the year ended December 31, 2020.

這些陳述受已知和未知的風險和不確定性的影響，這些風險和不確定性可能導致實際結果與本次電話會議期間預測或暗示的結果存在重大差異，特別是我們截至 9 月 30 日的季度的 10-Q 表格中包含的風險因素中描述的那些，2020 年以及我們截至 2020 年 12 月 31 日止年度的 10-K 表格中將包含的風險因素。

You should not rely on our forward-looking statements as predictions of future events.

您不應依賴我們的前瞻性陳述作為對未來事件的預測。

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.

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日的假設和信念，除法律要求外，我們不承擔更新這些陳述的義務。

Our discussion today will include non-GAAP financial measures.

我們今天的討論將包括非 GAAP 財務指標。

These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results.

這些非 GAAP 措施應作為我們 GAAP 結果的補充，而不是替代或孤立於我們的 GAAP 結果。

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.

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 表格一起提供，也可以在我們投資者關係網站上發布的投資者補充材料中找到。 dropbox.com。

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

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

Drew?

德魯？

Thanks, Rob.

謝謝，羅布。

Good afternoon, everyone, and welcome to our Q4 2020 earnings call.

大家下午好，歡迎來到我們的 2020 年第四季度財報電話會議。

I'm here with Tim Regan, our Chief Financial Officer.

我和我們的首席財務官蒂姆·裡根 (Tim Regan) 在一起。

I'll start our call today by recapping our accomplishments from 2020 and providing an overview of our priorities for 2021.

今天，我將通過回顧我們 2020 年取得的成就並概述我們 2021 年的優先事項來開始我們的電話會議。

Then I'll hand the call over to Tim, who will review financial results for the fourth quarter and full year, give guidance for Q1 and fiscal year 2021 and share some thoughts on our long-term model.

然後我會將電話轉給蒂姆，他將審查第四季度和全年的財務業績，為第一季度和 2021 財年提供指導，並就我們的長期模型分享一些想法。

2020 was a transformational year for Dropbox as the world abruptly shifted to working from home due to the pandemic.

2020 年對於 Dropbox 來說是轉型的一年，因為世界因大流行病突然轉向在家工作。

We helped many of our customers through this transition.

我們幫助許多客戶度過了這個過渡期。

We adapted quickly to the new environment ourselves, and we reoriented our product road map to address many of the new challenges and opportunities that distributed work presents.

我們自己迅速適應了新環境，並重新調整了產品路線圖，以應對分佈式工作帶來的許多新挑戰和機遇。

Even with the changing landscape, our business performed well.

即使環境不斷變化，我們的業務也表現良好。

For the full year, we delivered more than $1.9 billion in revenue.

全年，我們實現了超過 19 億美元的收入。

We crossed $2 billion in ARR, and we meaningfully increased our profitability.

我們的 ARR 突破了 20 億美元，並且顯著提高了盈利能力。

We ended 2020 with more than 15 million paying users and 525,000 business teams.

到 2020 年底，我們擁有超過 1500 萬付費用戶和 525,000 個業務團隊。

And throughout the course of the year, we remain focused on launching new features and products to help people organize their lives, both at home and at work.

在這一年中，我們仍然專注於推出新功能和產品，以幫助人們安排他們的家庭和工作生活。

To start, we introduced several features in the first half of 2020 to help our customers protect and secure their most important content.

首先，我們在 2020 年上半年推出了幾項功能，以幫助我們的客戶保護他們最重要的內容。

The first feature to highlight is Dropbox Passwords.

第一個要強調的功能是 Dropbox Passwords。

With Passwords, our users can store passwords in one secure place, sync across devices and access passwords from anywhere with 0 knowledge encryption.

使用密碼，我們的用戶可以將密碼存儲在一個安全的地方，跨設備同步並從任何地方訪問零知識加密的密碼。

We also introduced Vault, an additional layer of security for our customers' most valuable content, where that content is accessible with a unique PIN code.

我們還引入了 Vault，這是為我們客戶最有價值的內容提供的額外安全層，可以通過唯一的 PIN 碼訪問這些內容。

Users can also grant emergency access to their Vault to trusted friends or family, so they can access the protected content when needed.

用戶還可以向受信任的朋友或家人授予對其 Vault 的緊急訪問權限，這樣他們就可以在需要時訪問受保護的內容。

And finally, we introduced computer backup, which automatically backs up users' local desktop, documents and downloads folders to Dropbox for secure access on the go and retrieval in the event of hardware failure.

最後，我們推出了計算機備份功能，它會自動將用戶的本地桌面、文檔和下載文件夾備份到 Dropbox，以便在旅途中安全訪問並在硬件出現故障時進行檢索。

We believe these new features will drive better engagement and retention across our user base.

我們相信這些新功能將推動我們的用戶群更好地參與和保留。

In addition to these new features, we launched a new SKU called Family plan, which helps keep families connected and helps keep their content secure, with a central place for shared files like photos, videos and documents.

除了這些新功能之外，我們還推出了一個名為“家庭計劃”的新 SKU，它有助於保持家庭聯繫並幫助保護他們的內容安全，並為照片、視頻和文檔等共享文件提供一個中心位置。

Dropbox Family lets up to 6 family members share as much as 2 terabytes of data in 1 plan with a single bill.

Dropbox Family 最多可讓 6 名家庭成員在 1 個套餐中通過一張賬單共享多達 2 TB 的數據。

After positive signals from our initial launch, we broadly rolled out Family plan in October, and user adoption has been encouraging.

在我們最初發布的積極信號之後，我們在 10 月廣泛推出了家庭計劃，用戶採用率一直令人鼓舞。

We've also been building out our portfolio of products for distributed work.

我們還一直在構建用於分佈式工作的產品組合。

In 2020, customers relied even more on Dropbox to get their work done as we saw elevated engagement across our products early in the year.

2020 年，客戶更加依賴 Dropbox 來完成他們的工作，因為我們在年初看到我們產品的參與度有所提高。

And in an effort to better support them, we adapted our product road map quickly, making investments in content collaboration capabilities [beat] the files they can share.

為了更好地支持他們，我們迅速調整了我們的產品路線圖，投資於內容協作功能 [勝過] 他們可以共享的文件。

For example, as the need for e-signature increased, we introduced a deeper integration with HelloSign, making it easier to sign documents without ever leaving Dropbox.

例如，隨著電子簽名需求的增加，我們引入了與 HelloSign 的更深入集成，讓您無需離開 Dropbox 即可更輕鬆地簽署文檔。

We also launched HelloSign in 21 additional languages to better address the global e-signature market and to help cross-sell into our Dropbox user base.

我們還推出了 21 種其他語言的 HelloSign，以更好地應對全球電子簽名市場，並幫助交叉銷售我們的 Dropbox 用戶群。

These steps resulted in strong growth in HelloSign's ARR, end user paid seats and more than a 70% increase in end user signature requests.

這些步驟導致 HelloSign 的 ARR、最終用戶付費席位的強勁增長以及最終用戶簽名請求增加 70% 以上。

We also evolved Dropbox Spaces into a stand-alone experience that lives alongside the classic Dropbox file experience.

我們還將 Dropbox Spaces 發展成為與經典 Dropbox 文件體驗並存的獨立體驗。

Spaces is designed to solve an important problem.

Spaces 旨在解決一個重要問題。

The context and information we all need is scattered across a variety of different files and tools and messaging apps, leaving it up to each of us to piece everything together.

我們都需要的上下文和信息分散在各種不同的文件和工具以及消息傳遞應用程序中，讓我們每個人都可以將所有內容拼湊起來。

Moving to distributed work has put a lot more stress on the system as teams have had to adopt new ways of working remotely and have had to juggle a variety of tools like Zoom and Slack and many others.

轉向分佈式工作給系統帶來了更多壓力，因為團隊不得不採用新的遠程工作方式，並且不得不兼顧各種工具，如 Zoom 和 Slack 以及許多其他工具。

The goal of the new Spaces app is to simplify and organize this experience, bringing projects and teams together in a single virtual workspace, where they can quickly kick off projects, find and add any kind of content and easily track progress.

新的 Spaces 應用程序的目標是簡化和組織這種體驗，將項目和團隊聚集在一個虛擬工作區中，他們可以在其中快速啟動項目、查找和添加任何類型的內容並輕鬆跟踪進度。

The new Spaces experience is currently in private beta, but we're excited to roll it out more broadly to our users this year.

新的 Spaces 體驗目前處於私人測試階段，但我們很高興今年能更廣泛地向我們的用戶推出它。

And finally, in 2020, we expanded our add-on offerings with our new Creative Tools and Data Migration products.

最後，在 2020 年，我們通過新的創意工具和數據遷移產品擴展了我們的附加產品。

These were developed for some of our most passionate and demanding users to better handle key workflows and further differentiate Dropbox.

這些是為我們一些最熱情和最苛刻的用戶開發的，以更好地處理關鍵工作流程並進一步區分 Dropbox。

The creative community relies heavily on Dropbox to get their work done.

創意社區在很大程度上依賴 Dropbox 來完成他們的工作。

And today's tools don't solve all the challenges they face when working with large media files.

當今的工具並不能解決他們在處理大型媒體文件時面臨的所有挑戰。

In early 2020, we made investments to help take the headache out of creative, post-production and social media workflows.

2020 年初，我們進行了投資，以幫助解決創意、後期製作和社交媒體工作流程中令人頭疼的問題。

The Creative Tools Add-On simplifies viewing, facilitates remote collaboration with frame-based commenting and allows flexible workflow management, all while making transfers of large files simple and secure.

Creative Tools Add-On 簡化了查看，促進了基於框架的評論的遠程協作，並允許靈活的工作流程管理，同時使大文件的傳輸變得簡單和安全。

And with the new data migration add-on, business customers can seamlessly migrate files and permissions from local storage or other cloud storage solutions onto Dropbox.

借助新的數據遷移插件，企業客戶可以將文件和權限從本地存儲或其他雲存儲解決方案無縫遷移到 Dropbox。

They can also automatically map access rights and file structures to Dropbox, saving our customers time by reducing friction.

他們還可以自動將訪問權限和文件結構映射到 Dropbox，通過減少摩擦為我們的客戶節省時間。

This is especially helpful to customers as they were forced to transition quickly to remote work and needed to securely migrate their traditional file storage solutions to the cloud.

這對客戶特別有幫助，因為他們被迫快速過渡到遠程工作，並且需要將他們的傳統文件存儲解決方案安全地遷移到雲端。

In addition to reorienting our product road map, we transformed our company and work culture with our shift to Virtual First, bringing together the best of both the remote and in-person experience.

除了重新定位我們的產品路線圖外，我們還通過轉向 Virtual First 改變了我們的公司和工作文化，匯集了遠程和麵對面體驗的精華。

We're preserving the freedom and flexibility that remote work offers and reimagining our offices as places dedicated to meaningful in-person collaboration.

我們保留了遠程工作提供的自由和靈活性，並將我們的辦公室重新設想為致力於進行有意義的面對面協作的地方。

Most importantly, we believe going Virtual First offers us an opportunity to truly live our mission and build even better products for our customers in their transition to distributed work.

最重要的是，我們相信 Virtual First 為我們提供了一個機會，讓我們真正實現我們的使命，並為我們的客戶在向分佈式工作的過渡中構建更好的產品。

We also took a number of steps towards the end of 2020 to operate faster and more efficiently.

我們還在 2020 年底前採取了一些措施，以更快、更高效地運營。

First, we simplified our accountability structure, bringing product development, technology and our go-to-market functions together under our President, Timothy Young.

首先，我們簡化了我們的責任結構，將產品開發、技術和我們的上市職能整合到總裁 Timothy Young 的領導下。

Timothy's elevation to President will help us focus on our customers through closer collaboration and coordination between our engineering, design, product and customer-facing teams.

Timothy 晉升為總裁將通過我們的工程、設計、產品和麵向客戶的團隊之間更密切的協作和協調，幫助我們專注於客戶。

And finally, last month, we also announced an 11% reduction in force to streamline our teams against the new structure, strengthen our operational discipline and better align to our Virtual First strategy.

最後，上個月，我們還宣布裁員 11%，以根據新結構精簡我們的團隊，加強我們的運營紀律，並更好地與我們的 Virtual First 戰略保持一致。

So while this past year meant changes to our product road map, leadership and team structure, we believe we're set up for stability and execution in 2021.

因此，雖然過去一年意味著我們的產品路線圖、領導層和團隊結構發生了變化，但我們相信我們已經為 2021 年的穩定性和執行力做好了準備。

We have 3 company priorities for the year, and I'd like to walk you through each one with a little more detail.

今年我們有 3 個公司優先事項，我想詳細介紹一下每個事項。

First is evolving our core product.

首先是發展我們的核心產品。

Since our founding, millions of customers have trusted Dropbox to store and share their most important content.

自我們成立以來，數百萬客戶信賴 Dropbox 來存儲和共享他們最重要的內容。

This has always been our central product value and has led to our viral growth and global adoption.

這一直是我們的核心產品價值，並導致我們的病毒式增長和全球採用。

This year, we're evolving the core Dropbox experience to become the organizational layer across all of our users' content.

今年，我們正在改進核心 Dropbox 體驗，使其成為跨越我們所有用戶內容的組織層。

We'll aim to improve functionality to reduce friction and make collaboration and file sharing even more seamless.

我們的目標是改進功能以減少摩擦並使協作和文件共享更加無縫。

We expect these improvements will help drive activation, retention and migration into paid SKUs.

我們預計這些改進將有助於推動激活、保留和遷移到付費 SKU。

New updates include the automated organization of user content and simplified sharing and access features, which we believe will lead to greater retention and growth for the core business.

新的更新包括用戶內容的自動組織和簡化的共享和訪問功能，我們相信這將為核心業務帶來更大的保留和增長。

Second, we'll continue to invest in and expand our new product pipeline beyond the core experience.

其次，除了核心體驗之外，我們繼續投資和擴展我們的新產品線。

In 2021, we'll build on our early success with HelloSign to serve an increasingly distributed workforce.

2021 年，我們將在 HelloSign 早期成功的基礎上為日益分散的員工隊伍提供服務。

Our planned investments will help position HelloSign as the go-to solution for e-signature for individuals and teams through targeted awareness campaigns and prompts.

我們計劃的投資將通過有針對性的宣傳活動和提示，幫助將 HelloSign 定位為個人和團隊電子簽名的首選解決方案。

We also plan to continue scaling newer efforts like Spaces with strategic partnerships that add unique value to our users' workflows.

我們還計劃通過戰略合作夥伴關係繼續擴大 Spaces 等新項目，為我們用戶的工作流程增加獨特的價值。

Late last year, we previewed Spaces integrations with Zoom and Webex to offer users a single place for meeting notes, action items and project management, so they can stay connected long after they leave a meeting.

去年年底，我們預覽了 Spaces 與 Zoom 和 Webex 的集成，為用戶提供了一個存放會議記錄、行動項目和項目管理的地方，這樣他們就可以在離開會議後很長時間內保持聯繫。

Investing in partnerships and deep integrations like these provides a more seamless product experience for our customers and makes Dropbox an even more indispensable part of their workflows.

投資於此類合作夥伴關係和深度集成可為我們的客戶提供更加無縫的產品體驗，並使 Dropbox 成為他們工作流程中更加不可或缺的一部分。

We'll also plan to complement our new product pipeline with strategic acquisitions as we broaden our capabilities in content collaboration and other adjacencies.

隨著我們擴大在內容協作和其他鄰接方面的能力，我們還計劃通過戰略收購來補充我們的新產品線。

M&A will continue to be an important lever for us as we add to our team and product portfolio while being disciplined in our approach.

併購將繼續成為我們的重要槓桿，因為我們會增加我們的團隊和產品組合，同時遵守我們的方法。

And finally, we'll stay focused on operational excellence in 2021 and make progress towards our long-term financial targets and be deliberate in the use of our resources.

最後，我們將在 2021 年繼續專注於卓越運營，並在實現我們的長期財務目標方面取得進展，並謹慎使用我們的資源。

We're really proud of the progress we made in 2020, driving 9 points of operating margin improvement, combined with a $99 million increase in free cash flow.

我們為 2020 年取得的進展感到非常自豪，營業利潤率提高了 9 個百分點，自由現金流增加了 9900 萬美元。

And looking ahead, we'll continue to build efficiency and agility throughout the organization in a number of ways.

展望未來，我們將繼續以多種方式提高整個組織的效率和敏捷性。

We'll drive improvements and efficiencies in our infrastructure and storage as we continue to add users and content.

隨著我們繼續增加用戶和內容，我們將推動我們的基礎架構和存儲的改進和效率。

We'll also optimize investments in R&D, in sales and marketing, focusing on opportunities with the best ROI.

我們還將優化研發、銷售和營銷方面的投資，專注於具有最佳投資回報率的機會。

We expect these combined actions to continue improving our profitability and free cash flow.

我們預計這些聯合行動將繼續提高我們的盈利能力和自由現金流。

In summary, I'm proud of the team's work last year to adapt quickly to the changing macro environment and take care of our customers.

總而言之，我為團隊去年在快速適應不斷變化的宏觀環境和照顧我們的客戶方面所做的工作感到自豪。

We demonstrated our ongoing commitment to our long-term financial goals while still investing in growth.

我們展示了我們對長期財務目標的持續承諾，同時仍在投資於增長。

I believe we have the right plan in place to set us up for success, and now we're focused on executing against our strategy for 2021.

我相信我們已經制定了正確的計劃來為成功做好準備，現在我們專注於執行我們的 2021 年戰略。

We believe our opportunity is growing as the lines between home and work continue to blur, and there's increased demand for a more seamless collaboration experience.

我們相信，隨著家庭和工作之間的界限越來越模糊，以及對更無縫協作體驗的需求不斷增加，我們的機會越來越多。

Hundreds of millions of people already trust us to store and share their most important files.

數億人已經相信我們可以存儲和共享他們最重要的文件。

And we'll rely on that strength as we expand our capabilities to become the one organized place for their content and all the collaboration around it.

我們將依靠這種力量擴展我們的能力，成為他們的內容和圍繞它的所有協作的一個有組織的地方。

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

我現在將它交給蒂姆來完成我們的財務結果。

Thank you, Drew.

謝謝你，德魯。

I want to begin with a reminder of our investment thesis and our financial North Star as this provides the context for what we focus on and where we are headed.

我想首先提醒我們的投資主題和我們的金融北極星，因為這為我們關注的重點和我們的前進方向提供了背景。

Here are the core principles of our investment thesis: 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.

以下是我們投資主題的核心原則：到 2024 年將自由現金流翻一番，達到每年 10 億美元，為持續的收入增長進行投資，推動營業利潤率的年度改善，目標是 28% 到 30%，將資金分配給符合要求的有機計劃和收購符合我們的戰略和財務目標，並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來向股東返還資本，以減少我們的股份數量。

We believe that execution against these objectives will generate long-term value for our shareholders.

我們相信，按照這些目標執行將為我們的股東創造長期價值。

With this context, I'd like to talk through our fourth quarter and full year 2020 results, which demonstrate our continued progress against our long-term targets.

在此背景下，我想談談我們 2020 年第四季度和全年的業績，這些業績表明我們在實現長期目標方面持續取得進展。

Total revenue for the fourth quarter increased 13% year-over-year to $504 million.

第四季度總收入同比增長 13% 至 5.04 億美元。

Foreign exchange rates did not have an impact on year-over-year revenue growth for this period.

匯率對這一時期的同比收入增長沒有影響。

Total ARR for the fourth quarter was $2.022 billion, up 11% year-over-year.

第四季度總 ARR 為 20.22 億美元，同比增長 11%。

We continue to drive growth in ARR through the release of value-enhancing features, the introduction of new SKUs and add-on products and continued growth across HelloSign subscription plans.

我們通過發布增值功能、推出新的 SKU 和附加產品以及 HelloSign 訂閱計劃的持續增長，繼續推動 ARR 的增長。

We ended the year with 15.48 million paying users and added approximately 230,000 new paying users in the fourth quarter.

我們在年底擁有 1548 萬付費用戶，並在第四季度新增約 230,000 名付費用戶。

Average revenue per paying user for the quarter was $130.17.

本季度每位付費用戶的平均收入為 130.17 美元。

Before I turn to the P&L, I wanted to highlight some customer wins we had in the fourth quarter, where the team had success driving the adoption of new add-on products that we introduced in 2020.

在談到損益表之前，我想強調一下我們在第四季度贏得的一些客戶，在這些客戶中，團隊成功地推動了我們在 2020 年推出的新附加產品的採用。

First, we're pleased to announce that we signed one of the largest energy providers in the United States as a Dropbox customer.

首先，我們很高興地宣布，我們與美國最大的能源供應商之一簽約成為 Dropbox 客戶。

They turned to Dropbox to transform how they provide a secure cloud-based content storage solution for their on-site and field workers.

他們求助於 Dropbox 來改變他們為現場和現場工作人員提供基於雲的安全內容存儲解決方案的方式。

Committed to finding a solution that would ensure their IT security was best-in-class, the company selected Dropbox, along with our Data Governance Add-On, to modernize how teams such as project managers and field technicians work and collaborate on large and highly sensitive files.

該公司致力於尋找能夠確保其 IT 安全性一流的解決方案，因此選擇了 Dropbox 以及我們的數據治理附加組件，以實現項目經理和現場技術人員等團隊在大型和高度敏感文件。

Given the length of projects and compliance requirements that the company must adhere to, our Data Governance Add-On was a critical part of the solution.

考慮到公司必須遵守的項目長度和合規性要求，我們的數據治理附加組件是解決方案的關鍵部分。

Another one to highlight is 1000heads Group, a global media company based in Europe.

另一個值得強調的是總部位於歐洲的全球媒體公司 1000heads Group。

1000heads approached Dropbox as part of their strategy to secure and consolidate their data and empower their workforce in their creative and operational processes.

1000heads 將 Dropbox 視為其保護和整合數據並在創意和運營流程中為員工賦能的戰略的一部分。

Dropbox, along with Paper and the Creative Tools Add-On, will be a critical part of 1000heads' creative workflows.

Dropbox 連同 Paper 和 Creative Tools Add-On 將成為 1000heads 創意工作流程的重要組成部分。

By standardizing on one single collaborative space, 1000heads will have the ability to securely manage their content while making a move away from costly on-premise infrastructure.

通過標準化單一協作空間，1000heads 將能夠安全地管理其內容，同時擺脫昂貴的本地基礎設施。

Creative Tools was the most exciting piece of the puzzle for 1000heads as 90% of all their creative content is created in-house.

Creative Tools 是 1000heads 最令人興奮的拼圖，因為他們 90% 的創意內容都是在內部創建的。

In addition, the ability to access 10 years of historical company data allows these creatives to dip into previous campaigns for inspiration and content.

此外，由於能夠訪問 10 年的公司歷史數據，這些創意人員可以深入以前的活動中尋找靈感和內容。

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 expenses related to the acquisition of HelloSign and an impairment of our real estate assets.

在我們繼續進一步討論我們的損益之前，我想指出，除非另有說明，否則所有提到的損益表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、與收購 HelloSign 相關的某些費用以及我們的房地產資產減值。

Our non-GAAP net income also excludes net gains and losses on equity investments and includes the income tax effect of the aforementioned adjustments.

我們的非 GAAP 淨收入也不包括股權投資的淨收益和損失，並包括上述調整的所得稅影響。

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 in the supplemental investor materials posted on our Investor Relations website.

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 表格以及我們投資者關係網站上發布的補充投資者材料一起提供。

Additional information regarding the exchange rate assumptions used in our guidance may also be found in our supplemental investor materials.

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。

One reminder as part of moving to a Virtual First work model, we are taking steps to de-cost our real estate portfolio by subleasing our existing facilities.

作為轉向 Virtual First 工作模式的一部分，需要提醒的是，我們正在採取措施，通過轉租現有設施來降低我們的房地產投資組合的成本。

We previously shared on our third quarter earnings call that as we do not expect to recover the full value of our lease obligations, we anticipated recording an impairment charge in the range of $400 million to $450 million related to our real estate assets, with the vast majority of this impairment charge to be recorded in the fourth quarter of 2020 and a portion to be incurred in 2021.

我們之前在第三季度財報電話會議上分享說，由於我們預計無法收回租賃義務的全部價值，我們預計會記錄與我們的房地產資產相關的 4 億至 4.5 億美元的減值費用，其中有大量大部分減值費用將在 2020 年第四季度記錄，一部分將在 2021 年發生。

In the fourth quarter, we incurred an impairment charge related to our real estate assets of $398 million.

第四季度，我們產生了 3.98 億美元的與房地產資產相關的減值費用。

We continue to expect to incur additional charges relating to certain European leases over the next 12 months, which could range between 0 and $50 million, depending on the then current market and economic conditions.

我們繼續預計在未來 12 個月內將產生與某些歐洲租賃相關的額外費用，這可能在 0 到 5000 萬美元之間，具體取決於當時的市場和經濟狀況。

Now let's continue with the P&L.

現在讓我們繼續損益表。

Gross margin was 80% for the quarter, representing an increase of 2 percentage points on a year-over-year basis.

本季度毛利率為 80%，同比增長 2 個百分點。

The improvement in our gross margin is primarily a result of unit cost efficiency gains with our infrastructure hardware.

我們毛利率的提高主要是由於我們的基礎設施硬件提高了單位成本效率。

Turning to our operating expenses, I'd like to note that all expense categories benefited from lower facilities-related costs driven by our employees working from home as well as a reduction in depreciation as a result of the write-down in our real estate assets stemming from the impairment.

談到我們的運營費用，我想指出的是，所有費用類別都受益於我們的員工在家工作導致的設施相關成本降低，以及由於我們的房地產資產減記而導致的折舊減少源於減值。

Fourth quarter R&D expense was $129 million or 26% of revenue, which decreased compared to 30% of revenue in the fourth quarter of 2019.

第四季度研發費用為 1.29 億美元，佔收入的 26%，與 2019 年第四季度佔收入的 30% 相比有所下降。

Sales and marketing expense was $100 million in Q4 or 20% of revenue, which decreased compared to 22% of revenue in the fourth quarter of 2019.

第四季度的銷售和營銷費用為 1 億美元，佔收入的 20%，低於 2019 年第四季度佔收入的 22%。

G&A expense was $47 million or 9% of revenue, which decreased compared to 11% of revenue in the fourth quarter of 2019.

G&A 費用為 4700 萬美元，佔收入的 9%，與 2019 年第四季度佔收入的 11% 相比有所下降。

In addition to lower overhead, G&A benefited from nonrecurring releases of certain nonincome tax reserves.

除了較低的間接費用外，G&A 還受益於某些非所得稅儲備的非經常性釋放。

As a result, we earned $128 million in operating profit in the fourth quarter, which represented operating margin of 25%.

因此，我們在第四季度獲得了 1.28 億美元的營業利潤，營業利潤率為 25%。

This compares to 16% operating margin in the fourth quarter of 2019.

相比之下，2019 年第四季度的營業利潤率為 16%。

Net income for the fourth quarter was $118 million, which is a 75% improvement over the fourth quarter of 2019.

第四季度淨收入為 1.18 億美元，比 2019 年第四季度增長 75%。

Diluted EPS was $0.29 per share based on 416 million diluted weighted average shares outstanding, up from $0.16 per share for the fourth quarter of 2019.

基於 4.16 億股稀釋加權平均流通股，稀釋每股收益為 0.29 美元，高於 2019 年第四季度的每股 0.16 美元。

Moving on to cash balance and cash flow.

繼續討論現金餘額和現金流量。

We ended the quarter with cash and short-term investments of $1.116 billion.

我們以 11.16 億美元的現金和短期投資結束了本季度。

Cash flow from operations was $171 million in the fourth quarter.

第四季度的運營現金流為 1.71 億美元。

Capital expenditures of $12 million during the quarter resulted in free cash flow of $158 million or 31% of revenue.

本季度 1200 萬美元的資本支出產生了 1.58 億美元的自由現金流，佔收入的 31%。

In the fourth quarter, we added $40 million to our finance leases for data center equipment.

第四季度，我們在數據中心設備的融資租賃中增加了 4000 萬美元。

In addition, during our third quarter call, we shared our intention to increase the pace at which we repurchase shares under our existing $600 million share repurchase authorization, with the potential to exhaust this authorization by the end of the first quarter of 2021.

此外，在我們第三季度的電話會議上，我們表示打算根據現有的 6 億美元股票回購授權加快回購股票的步伐，並有可能在 2021 年第一季度末用完該授權。

In line with this intention, we repurchased 11 million shares in the fourth quarter, spending $220 million.

本著這一意圖，我們在第四季度回購了 1100 萬股股票，花費了 2.2 億美元。

Now let's turn to our full year 2020 results.

現在讓我們來看看我們 2020 年的全年業績。

Total revenue for 2020 was $1.914 billion, representing 15% year-over-year growth.

2020 年總收入為 19.14 億美元，同比增長 15%。

On a constant currency basis, relative to the average rates across 2019, year-over-year growth would have been 16%.

在固定匯率的基礎上，相對於 2019 年的平均匯率，同比增長將達到 16%。

Gross margin was 79% for the year, which was up 3 percentage points from 2019.

全年毛利率為 79%，較 2019 年上升 3 個百分點。

Operating margin was 21% for 2020, which was up 9 percentage points from 2019.

2020 年的營業利潤率為 21%，比 2019 年上升了 9 個百分點。

This significant year-over-year improvement demonstrates our commitment and ability to execute against our investment thesis.

這一顯著的同比改進表明了我們執行投資主題的承諾和能力。

Cash flow from operations for 2020 was $571 million.

2020 年運營現金流為 5.71 億美元。

Capital expenditures for the full year totaled $80 million, which yielded free cash flow of $491 million or 26% of revenue.

全年資本支出總計 8000 萬美元，產生的自由現金流為 4.91 億美元，佔收入的 26%。

Excluding headquarter spend, net of tenant improvement allowances for $26 million and the payout of HelloSign deal consideration holdback of $28 million, free cash flow would have been $545 million or 28% of revenue.

不包括總部支出、扣除 2600 萬美元的租戶改善津貼和 2800 萬美元的 HelloSign 交易對價預留支出，自由現金流將為 5.45 億美元或收入的 28%。

In 2020, we also added $146 million to our finance lease lines for data center equipment.

2020 年，我們還為數據中心設備的融資租賃額度增加了 1.46 億美元。

Net of repayments, our finance lease balance increased by $56 million.

扣除還款後，我們的融資租賃餘額增加了 5600 萬美元。

I'd now like to introduce our 2021 first quarter and full year guidance.

我現在想介紹我們 2021 年第一季度和全年的指導。

For the first quarter of 2021, we expect revenue to be in the range of $504 million to $506 million.

對於 2021 年第一季度，我們預計收入將在 5.04 億美元至 5.06 億美元之間。

Currency exchange rates assumed in this guidance account for an approximate 1.3 points of growth at the midpoint of guidance this quarter and are based on a combination of recent and historical average rates.

本指南中假設的貨幣匯率佔本季度指南中點約 1.3 個點的增長，並且基於近期和歷史平均匯率的組合。

We expect non-GAAP operating margin to be in the range of 27.5% to 28%.

我們預計非 GAAP 營業利潤率將在 27.5% 至 28% 之間。

This margin guidance excludes approximately $15 million related to the severance and benefits paid to employees impacted by a reduction in force in Q1.

該利潤率指引不包括與支付給受第一季度裁員影響的員工的遣散費和福利相關的約 1500 萬美元。

Finally, we expect diluted weighted average shares outstanding to be in the range of 409 million to 414 million shares based on our trailing 30-day average share price.

最後，根據過去 30 天的平均股價，我們預計稀釋後的加權平均流通股數將在 4.09 億至 4.14 億股之間。

For the full year 2021, we expect revenue to be in the range of $2.095 billion to $2.115 billion.

對於 2021 年全年，我們預計收入將在 20.95 億美元至 21.15 億美元之間。

Currency exchange rates assumed in this guidance account for an approximate 2 points of growth at the midpoint of guidance this year and are based on a combination of recent and historical average rates.

本指引中假設的貨幣匯率佔今年指引中點的大約 2 個點的增長，並且基於近期和歷史平均匯率的組合。

We expect gross margin to be approximately 1 point higher than fiscal 2020.

我們預計毛利率將比 2020 財年高出約 1 個百分點。

We expect non-GAAP operating margin to be in the range of 27% to 28%.

我們預計非 GAAP 營業利潤率將在 27% 至 28% 之間。

This also excludes the aforementioned severance benefits paid in Q1.

這也不包括上述第一季度支付的遣散費。

We expect free cash flow to be in the range of $645 million to $655 million.

我們預計自由現金流將在 6.45 億美元至 6.55 億美元之間。

This includes $31 million in cash outflows comprised of $16 million for the 2021 installments of deal consideration holdback related to our acquisition of HelloSign and onetime severance payments of approximately $15 million related to our reduction in force.

這包括 3100 萬美元的現金流出，其中包括與我們收購 HelloSign 相關的 2021 年分期付款交易對價的 1600 萬美元，以及與我們裁員相關的一次性遣散費約 1500 萬美元。

Finally, we expect 2021 diluted weighted average shares outstanding to be in the range of 402 million to 407 million shares.

最後，我們預計 2021 年攤薄加權平均流通股將在 4.02 億至 4.07 億股之間。

This reduction in our share count reflects our commitment to and the impact of our share repurchase program.

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影響。

In addition to this formal guidance, I wanted to share some further thoughts on our expectations for 2021.

除了這份正式指南之外，我還想就我們對 2021 年的期望分享一些進一步的想法。

While we don't formally guide to paying users, I want to provide some context on our expectations for this metric in 2021.

雖然我們沒有正式指導付費用戶，但我想提供一些背景信息，說明我們對 2021 年該指標的預期。

As a reminder, our objective is to drive growth in ARR in profitable and efficient ways without over-indexing on specifically growing either paying users or ARPU.

提醒一下，我們的目標是以有利可圖和高效的方式推動 ARR 的增長，而不會過度索引特定增長的付費用戶或 ARPU。

As we consider this and as part of the strategy behind our workforce reduction, we are prioritizing our land-and-expand and self-serve go-to-market motions, which are most efficient across our individual, small business and mid-market customers.

當我們考慮到這一點並作為我們裁員背後戰略的一部分時，我們正在優先考慮我們的土地和擴張以及自助式進入市場的動議，這些動議對我們的個人、小型企業和中端市場客戶最有效.

Accordingly, we intend to minimize the pursuit of opportunities that carry lower average seat prices, higher acquisition costs and greater degrees of customization, which could lead to lower paying user additions in certain quarters.

因此，我們打算盡量減少對平均座位價格較低、購置成本較高和定製程度較高的機會的追求，這可能導致某些季度的付費用戶增加量減少。

Conversely, we are also seeing early positive signals from the adoption of our Family plan, which could lead to higher paying user additions.

相反，我們也從我們的家庭計劃的採用中看到了早期的積極信號，這可能會導致更高的付費用戶增加。

As a result, we may see more variability in our paying user additions in the future.

因此，我們未來可能會看到付費用戶增加的更多變化。

Overall, we will continue to focus on our strengths that allow us to engage in our most efficient go-to-market strategies while investing in our existing and new products.

總的來說，我們將繼續專注於我們的優勢，使我們能夠在投資現有產品和新產品的同時實施最有效的上市戰略。

Separately, as related to capital expenditures, we expect our additions to our finance leases to be approximately 6% of revenue, and we expect cash CapEx to be in the range of $25 million to $35 million in 2021.

另外，與資本支出相關，我們預計我們增加的融資租賃約佔收入的 6%，我們預計 2021 年現金資本支出將在 2500 萬至 3500 萬美元之間。

Lastly, I want to reiterate our plan to return capital to shareholders in the form of share repurchases.

最後，我想重申我們計劃以股份回購的形式向股東返還資本。

We still plan to exhaust our previously authorized $600 million share repurchase program in the first quarter of 2021.

我們仍計劃在 2021 年第一季度用完我們之前授權的 6 億美元股票回購計劃。

In addition, our Board has authorized an additional $1 billion share repurchase program consistent with our strategy to allocate a significant portion of our annual free cash flow to share repurchases, with the goal of reducing our share count.

此外，我們的董事會還批准了一項額外的 10 億美元股票回購計劃，該計劃符合我們的戰略，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。

In conclusion, our progress in 2020 and our plan for 2021 keep us on a trajectory to achieve our long-term targets and our investment thesis.

總之，我們在 2020 年取得的進展和 2021 年的計劃使我們走上了實現長期目標和投資主題的軌道。

While we are approaching our gross margin and operating margin targets this year, we intend to continue to invest for sustainable revenue growth.

在我們今年接近毛利率和營業利潤率目標的同時，我們打算繼續投資以實現可持續的收入增長。

As a result, we may reinvest some of the savings that we are generating from our efficiency initiatives into growth opportunities.

因此，我們可能會將我們從效率舉措中產生的部分儲蓄重新投資到增長機會中。

We therefore remain committed to our target model and our 2024 free cash flow goal of $1 billion.

因此，我們仍然致力於我們的目標模型和 2024 年 10 億美元的自由現金流目標。

We look forward to sharing our progress along the way.

我們期待著分享我們一路走來的進步。

With that, I'll now turn it back to Drew for closing remarks.

有了這個，我現在將把它轉回給 Drew 作結束語。

Thank you, Tim, and thank you all for joining us today.

謝謝你，蒂姆，感謝大家今天加入我們。

2020 was an unpredictable year, and I'm proud of how our team responded.

2020 年是變幻莫測的一年，我為我們團隊的應對方式感到自豪。

We delivered 15% growth while making improvements in profitability and made necessary changes to ensure our business is operating with focus and efficiency as we pursue our long-term targets.

我們實現了 15% 的增長，同時提高了盈利能力，並進行了必要的變革，以確保我們的業務在追求長期目標的過程中專注、高效地運營。

We're excited about the road ahead and believe we're uniquely suited to help our users thrive in the new world of distributed work.

我們對未來的道路感到興奮，並相信我們是獨一無二的，可以幫助我們的用戶在分佈式工作的新世界中茁壯成長。

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

有了這個，我想打開問答環節。

Operator?

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馬克墨菲。

Yes.

是的。

Drew, what are you assuming for 2021 in terms of any lingering headwinds or tailwinds from the pandemic?

德魯，你對 2021 年大流行帶來的任何揮之不去的逆風或順風有何假設？

I think you had previously given us some insight into trends with trials and conversion rates.

我認為您之前已經向我們提供了一些關於試用和轉化率趨勢的見解。

How do you see that playing out?

你怎麼看結果？

And importantly, how do you think it will net out this year?

重要的是，您認為今年的淨收益如何？

More of a headwind or more of a tailwind?

更多的逆風還是更多的順風？

Yes.

是的。

So thanks, Mark, for the question.

馬克，謝謝你提出這個問題。

So as we shared last year, we had a surge in demand during the onset of the pandemic, elevated trial starts, things like that, which was mostly isolated to the first half.

因此，正如我們去年分享的那樣，在大流行病爆發期間，我們的需求激增，試驗開始增加，諸如此類的事情，這些事情大多只發生在上半年。

I mean engagement broadly has been up, and then we think in the -- we think more broadly or in -- for this year and beyond that the pandemic will be a tailwind given that folks are shifting to distributed work.

我的意思是廣泛參與已經上升，然後我們認為 - 我們認為更廣泛或 - 今年及以後，考慮到人們正在轉向分佈式工作，大流行將成為順風。

And Dropbox becomes a lot more important when you're working out of a screen instead of [canvas].

當您在屏幕而不是 [canvas] 上工作時，Dropbox 變得更加重要。

So we see a lot of -- as we've shared before, we see a lot of opportunity to address new pain points in the virtual work experience.

所以我們看到了很多 - 正如我們之前分享的那樣，我們看到了很多解決虛擬工作體驗中新痛點的機會。

Everybody has a need to keep all their content organized.

每個人都需要讓所有內容井井有條。

It's very fragmented and distracting and an overwhelming experience now.

它非常分散和分散注意力，現在是一種壓倒性的體驗。

So we think it's a huge opportunity for us.

所以我們認為這對我們來說是一個巨大的機會。

Okay.

好的。

And Tim, as a follow-up, when we dissect Q4, you arrive at this level of revenue growth through roughly 8% growth in paying users and 4% growth in ARPU.

蒂姆，作為後續行動，當我們剖析第四季度時，您可以通過付費用戶增長約 8% 和 ARPU 增長 4% 來達到這種收入增長水平。

And I know you're trying to deemphasize too much scrutiny on that.

我知道你試圖淡化對此的過多審查。

But I'm just wondering at a high level, how do you envision that balance when we look across the multiyear framework.

但我只是在高層次上想知道，當我們審視多年框架時，你如何看待這種平衡。

Do we think it's going to balance out eventually sort of mid-single-digit growth for each?

我們是否認為它最終會平衡每個人的中個位數增長？

Or do you think there could be some periods where that ARPU growth is sort of crossing above the paid user growth at some point?

或者您是否認為在某些時候 ARPU 增長會在某個時候超過付費用戶增長？

Sure.

當然。

Thanks for the question, Mark.

謝謝你的問題，馬克。

And as you know, we do focus on ARR as our primary metric.

如您所知，我們確實將 ARR 作為我們的主要指標。

We don't optimize for a given lever between paying users and ARPU as overly focusing on one or the other may not best reflect our strategy.

我們不會針對付費用戶和 ARPU 之間的給定槓桿進行優化，因為過度關注其中之一可能無法最好地反映我們的策略。

And while we don't formally guide to paying users, I did provide some additional commentary in my prepared remarks, where this year, we may see some variability in our net new paying user additions, stemming from a few things: our strategy to minimize the pursuit of larger deals that may carry lower ASPs, higher acquisition costs and greater degrees of customization; or conversely, we are seeing some early positive signals on the adoption of our Family plan, which we just launched last November.

雖然我們沒有正式指導付費用戶，但我確實在我準備好的評論中提供了一些額外的評論，今年，我們可能會看到我們的淨新付費用戶增加有一些變化，這源於以下幾點：我們的策略是盡量減少尋求可能帶來更低平均售價、更高收購成本和更大程度定制化的更大交易；或者相反，我們在去年 11 月剛剛推出的家庭計劃的採用方面看到了一些早期的積極信號。

So again, we may see more variability in our net new paying users this year, where, overall, we continue to focus on our most efficient and profitable go-to-market strategies while investing in our existing and new products.

因此，今年我們可能會再次看到淨新付費用戶的更多變化，總體而言，我們在投資現有產品和新產品的同時，繼續專注於我們最有效和最有利可圖的上市戰略。

And these types of competing dynamics between ARPU and paying users is indicative of why we do focus on ARR as our key metric.

ARPU 和付費用戶之間的這些類型的競爭動態表明了為什麼我們將 ARR 作為我們的關鍵指標。

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.

這是 Brent Thill 的 Luv Sodha。

Wanted to ask one on the go-to-market motion.

想問一個關於上市動議的問題。

Wanted to -- was there any benefit from the branding campaign?

想要——品牌推廣活動有什麼好處嗎？

I remember you guys initiated it at the end of Q3.

我記得你們是在第三季度末發起的。

So did that have any positive impact if any?

那麼這是否有任何積極影響（如果有的話）？

And more specifically on the go-to-market motion, would these changes mean that you're less focused on teams' users in the future?

更具體地說，關於進入市場的動議，這些變化是否意味著您將來會減少對團隊用戶的關注？

Sure.

當然。

I can take this.

我可以接受這個。

I mean as -- for context, we did have a brand campaign in Q4 highlighting Dropbox as a solution for teams at work and for businesses.

我的意思是——就上下文而言，我們在第四季度確實開展了一場品牌宣傳活動，強調 Dropbox 作為工作團隊和企業的解決方案。

And the campaign went well, basically to our expectations, and we continue to invest in marketing to drive awareness and to drive all elements of the funnel and have had success there.

活動進行得很順利，基本上達到了我們的預期，我們繼續投資於營銷以提高知名度並推動漏斗的所有元素，並在那裡取得了成功。

As far as focus on businesses and teams, I mean, as we've shared, 80% of our subscribers are using Dropbox at work.

就關注企業和團隊而言，我的意思是，正如我們所分享的那樣，我們 80% 的訂閱者在工作中使用 Dropbox。

We're very focused on teams.

我們非常注重團隊。

I'd say we're -- proportionately, a big strength of ours is that we have this really efficient and scalable self-serve engine.

我會說我們 - 按比例來說，我們的一大優勢是我們擁有這個真正高效且可擴展的自助服務引擎。

We have another strength, which is that Dropbox has brought in the organizations of all shapes and sizes.

我們還有另一個優勢，那就是 Dropbox 引入了各種形式和規模的組織。

But as far as where our dollars of investment go, we're going to prefer -- or we're going to allocate more -- we see higher returns in optimizing our self-serve engine and just maintaining cost discipline across all our different channels because we see that, I mean, the self-serve channel, just as one example of higher ASPs, lower acquisition costs, really scalable and viral.

但就我們的投資去向而言，我們更願意——或者我們將分配更多——我們在優化我們的自助服務引擎和保持所有不同渠道的成本紀律方面看到更高的回報因為我們看到，我的意思是，自助服務渠道，就像更高平均售價、更低購置成本的一個例子，真正具有可擴展性和病毒式傳播。

So it's really a refinement more than a major shift in strategy, incremental dollars going into the area of highest return.

因此，這實際上是一種改進，而不是戰略的重大轉變，增量資金進入了回報最高的領域。

Got it.

知道了。

And maybe one quick follow-up, if I may, on the NNPU side.

如果可以的話，也許可以在 NNPU 方面進行一次快速跟進。

Will -- what do you see in terms of like SMB spend?

威爾 - 您如何看待類似 SMB 的支出？

Can we expect some type of normalization in '21?

我們可以期待 21 年出現某種類型的正常化嗎？

So will that be kind of a tailwind to net new paid users?

那麼這會是吸引新付費用戶的順風嗎？

It's a great question.

這是一個很好的問題。

And I think I would have to just point back to the commentary that I gave to Mark on what we expect from an NNPU perspective and then just look to our revenue guidance for how this should all play out as far as SMB.

我想我必須回到我給馬克的評論，從 NNPU 的角度來看我們的期望，然後看看我們的收入指南，了解這一切應該如何在 SMB 方面發揮作用。

And we saw a lot of stability with SMBs in general, while the macro environment -- well, there's a lot happening in the macro environment.

我們看到中小型企業總體上很穩定，而宏觀環境——好吧，宏觀環境中發生了很多事情。

We find that a lot of Dropbox customers, SMBs, are knowledge workers and have been able to continue working from home.

我們發現很多 Dropbox 客戶、SMB 都是知識工作者，並且能夠繼續在家工作。

So we're relatively less impacted than other sectors for sure.

因此，我們肯定比其他行業受到的影響相對較小。

Our next question comes from DJ Hynes with Canaccord.

我們的下一個問題來自 Canaccord 的 DJ Hynes。

Drew, I want to ask about free user conversion and the levers that you have there, right?

德魯，我想問一下免費用戶轉換和你在那裡的槓桿，對嗎？

I mean look, we obviously saw a slowdown in the number of net new users added this year, at least relative to the last couple of years, in what I would have thought would be a pretty decent demand environment for Dropbox, right, given the move to distributed work.

我的意思是看，我們顯然看到今年淨新增用戶數量有所放緩，至少相對於過去幾年而言，我認為 Dropbox 的需求環境相當不錯，對吧，鑑於轉向分佈式工作。

So I guess the question is there's still this huge free user base out there.

所以我想問題是那裡仍然有這個龐大的免費用戶群。

Is it that the triggers have become less effective?

是觸發器變得不那麼有效了嗎？

Are we just getting deeper into the base and that there's a segment that's just never going to pay for the service?

我們是否只是深入到基礎中，並且有一個永遠不會為服務付費的細分市場？

Like what are the levers that you can pull to reaccelerate that free user conversion?

例如，您可以拉動哪些槓桿來重新加速免費用戶的轉化？

Sure.

當然。

I mean we still see a lot of headroom with free users, and we have continuously been improving our ability to convert free users.

我的意思是我們仍然看到免費用戶有很大的發展空間，並且我們一直在不斷提高我們轉換免費用戶的能力。

And as you pointed out, we have a number of levers to drive conversion.

正如您所指出的，我們有許多推動轉化的槓桿。

So I mean, we start with customer value, just building a great product experience, adding more.

所以我的意思是，我們從客戶價值開始，只是建立一個偉大的產品體驗，增加更多。

So when you look at some of the things we launched last year, we've launched a portfolio of new features around, for example, helping individuals keep their content secure, so computer backup, Passwords, Vault, things like that.

因此，當你看一下我們去年推出的一些東西時，我們推出了一系列新功能，例如，幫助個人保護他們的內容安全，所以計算機備份、密碼、保險櫃等等。

And we've seen those features and things like them drive paid trials, drive more conversions and so on.

我們已經看到這些功能和類似的東西推動了付費試用，推動了更多的轉化等等。

And then as teams expand, that's another lever, and the list goes on.

然後隨著團隊的擴大，這是另一個槓桿，而且這個例子還在繼續。

So there are a number of different levers that we -- and we optimize basically all of them.

因此，我們有許多不同的槓桿 - 我們基本上優化了所有這些槓桿。

And it also often takes time for free users to convert.

而且免費用戶轉化也往往需要時間。

So there are time constants involved, like sometimes, you -- it can take some time for you to fill up your Dropbox.

因此，這涉及到時間常數，就像有時，您可能需要一些時間來填滿您的 Dropbox。

So the -- if you're -- the storage is one hurdle, or you might start using it at home and then start using it at work and then you join a team.

所以——如果你是——存儲是一個障礙，或者你可能會在家裡開始使用它，然後開始在工作中使用它，然後你加入一個團隊。

So there is some -- we're basically -- there are a number of levers, and they're -- and it can take some time for folks to convert, and we're optimizing for a balance of driving more engagement and growth of the user base with monetizing them as effectively and quickly as possible.

所以有一些 - 我們基本上 - 有很多槓桿，而且他們 - 人們可能需要一些時間才能轉變，我們正在優化推動更多參與和增長的平衡的用戶群，盡可能有效和快速地將他們貨幣化。

And there's a bit of a trade-off there.

那裡需要權衡取捨。

Yes.

是的。

Yes.

是的。

Okay.

好的。

And then a question on Spaces.

然後是關於 Spaces 的問題。

So what are you seeing users do in Spaces that they weren't doing with the platform before it became available in private beta?

那麼，您看到用戶在 Spaces 中做了哪些他們在私人測試版可用之前沒有使用該平台做的事情？

And I guess, as outsiders to the organization, like what should we be paying attention to that says the Spaces strategy is working?

我想，作為該組織的局外人，我們應該注意什麼才能表明 Spaces 戰略正在發揮作用？

Sure.

當然。

Well, Spaces is pretty early in its evolution.

好吧，Spaces 的發展還很早。

Last year, we decided to evolve it into a stand-alone experience.

去年，我們決定將其發展成一種獨立的體驗。

And we'd started experimenting in this area with the new desktop app, so adding more collaborative features and shared folders and things like that.

我們已經開始使用新的桌面應用程序在這個領域進行試驗，因此添加了更多的協作功能和共享文件夾等等。

And what we realize is that there's enough room for a dedicated experience and one that where cloud content is a little bit more in the foreground instead of just files, and it's a workspace for a project more than a folder full of content or files.

我們意識到，有足夠的空間來提供專門的體驗，雲內容在前台的位置更多一點，而不僅僅是文件，它是一個項目的工作區，而不是一個充滿內容或文件的文件夾。

So it's -- what we're looking for with Spaces is to give teams one place for all their Google Docs and Dropbox files and Airtables and everything else and to be able to organize their work around projects.

所以它——我們正在尋找的 Spaces 是為團隊提供一個地方來存放他們所有的 Google Docs 和 Dropbox 文件以及 Airtables 和其他所有東西，並能夠圍繞項目組織他們的工作。

And so those kinds of -- some of that engagement is -- these are new problems that we're solving for our customers.

因此，這些——其中一些參與是——這些是我們正在為客戶解決的新問題。

So -- but that's the kind of engagement we want to see.

所以 - 但這是我們希望看到的那種參與。

So all that said, Spaces is pretty early.

綜上所述，Spaces 還很早。

We're -- we will have more to share on it in the coming quarters.

我們 - 我們將在未來幾個季度分享更多內容。

We're also excited about -- with Spaces, some of the new surface area we'll be working on is deepening partnerships with Zoom and Webex so that with Spaces, you'll be able to bring your content into the video meeting experience in new ways.

我們也很興奮——借助 Spaces，我們將致力於的一些新表面區域正在加深與 Zoom 和 Webex 的合作夥伴關係，這樣您就可以通過 Spaces 將您的內容帶入視頻會議體驗中新的方式。

So stay tuned for more on that.

因此，請繼續關注更多信息。

Our next question comes from Rishi Jaluria with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Rishi Jaluria。戴維森。

I wanted to start by going to a comment made during prepared remarks, Drew, which was about M&A as a potential opportunity.

我想首先談談在準備好的發言中發表的評論，德魯，這是關於併購作為一個潛在機會的。

Maybe -- and I know you've made some smaller acquisitions in the past, mostly technological.

也許——而且我知道你過去進行過一些較小的收購，主要是技術收購。

But can you give us a sense, if you were to consider inorganic, where would those adjacencies that make the most sense be?

但是你能給我們一個感覺嗎，如果你考慮無機物，那些最有意義的鄰接點在哪裡？

Would it be something akin to like what you did with HelloSign?

它會類似於您對 HelloSign 所做的事情嗎？

Would it be more product-based?

它會更基於產品嗎？

Maybe give us some color on how you're thinking about M&A?

也許給我們一些關於您如何考慮併購的顏色？

And then I've got a follow-up.

然後我有一個後續行動。

Sure.

當然。

Well, M&A has been an important lever to help us grow the business across the whole spectrum, from adding talent to the team, adding -- accelerating our product road map and adding new businesses like HelloSign.

好吧，併購一直是幫助我們在整個範圍內發展業務的重要槓桿，從為團隊增加人才，增加 - 加速我們的產品路線圖和增加 HelloSign 等新業務。

So I think HelloSign is a great example of where that's worked well.

所以我認為 HelloSign 是一個很好的例子，說明它在哪裡運作良好。

So we're always on the lookout for these opportunities, and our user base and distribution is a big advantage.

所以我們一直在尋找這些機會，我們的用戶群和分佈是一個很大的優勢。

As far as where we're looking, there are a lot of different user workflows around content and helping people do more with the content in their Dropbox.

就我們所看到的而言，圍繞內容有很多不同的用戶工作流程，可以幫助人們對 Dropbox 中的內容做更多的事情。

And I think HelloSign is a great example of that.

我認為 HelloSign 就是一個很好的例子。

So in addition to being able to store and share and access your content, being able to handle the e-signature workflows and more broadly, document workflows, is a natural adjacency for us.

因此，除了能夠存儲、共享和訪問您的內容之外，能夠處理電子簽名工作流程以及更廣泛的文檔工作流程對我們來說是一種天然的鄰接關係。

So we'll continue to look for opportunities and grow the portfolio through M&A.

因此，我們將繼續尋找機會並通過併購擴大投資組合。

Okay.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

And then just continuing down the path on HelloSign, could you give us a sense -- you did talk to -- about how the HelloSign ARR growth was -- has been strong this year.

然後繼續沿著 HelloSign 的道路前進，你能給我們一種感覺——你確實談過——關於 HelloSign ARR 的增長如何——今年一直很強勁。

Maybe can you talk a little bit more specifically about what you've seen in terms of the demand environment for HelloSign, how you're thinking about that business going forward and how meaningful a contributor you can expect it to be?

也許你能更具體地談談你在 HelloSign 的需求環境方面所看到的情況，你如何看待該業務的發展以及你可以期望它成為多麼有意義的貢獻者？

And maybe alongside that, you saw one of your competitors buy a small vendor in the digital signature space, just maybe how you're thinking about any changes in the competitive environment for HelloSign.

也許與此同時，您看到您的一個競爭對手在數字簽名領域收購了一家小型供應商，這也許正是您對 HelloSign 競爭環境的任何變化的看法。

Sure.

當然。

Well, we're really excited about HelloSign.

好吧，我們對 HelloSign 感到非常興奮。

It's the fastest-growing product in the company.

它是公司中增長最快的產品。

We saw strong growth in revenue in paid seats and signature requests last year.

去年，我們看到付費席位和簽名請求的收入強勁增長。

And I think the pandemic really accelerated the adoption of e-signature as a category.

而且我認為大流行確實加速了電子簽名作為一個類別的採用。

And so we're -- we've made big investments in accelerating HelloSign's growth that we're excited about, including more seamless integration with Dropbox or with the core Dropbox experience, internationalizing HelloSign, adding support for 21 languages.

所以我們 - 我們已經進行了大量投資來加速 HelloSign 的增長，這讓我們感到興奮，包括與 Dropbox 或與核心 Dropbox 體驗的更無縫集成，國際化 HelloSign，增加對 21 種語言的支持。

So we see it's pretty early innings, both for HelloSign, specifically in the category in particular, and there's a number of natural adjacencies around e-signature and just document workflow and better handling the document life cycle in general.

所以我們看到這是相當早的局，無論是對於 HelloSign，特別是在特定類別中，並且圍繞電子簽名和文檔工作流程以及更好地處理一般文檔生命週期有許多自然的鄰接關係。

As far as the competitive environment, one aspect of HelloSign that's really valuable to us is they have a similar customer base and similar go-to-market motion.

就競爭環境而言，HelloSign 對我們真正有價值的一個方面是他們擁有相似的客戶群和相似的上市行動。

They're driven by self-serve.

他們是由自助服務驅動的。

It's a self-serve viral go-to-market motion and -- which is really efficient and scalable.

這是一種自助式病毒式上市運動，而且非常高效且可擴展。

And we see Dropbox -- and compared to smaller competitors, we see Dropbox' scale and HelloSign's scale as a big advantage as now is the time when a lot of folks are going to be making decisions about which solution they go with.

我們看到了 Dropbox——與較小的競爭對手相比，我們認為 Dropbox 的規模和 HelloSign 的規模是一個很大的優勢，因為現在是很多人要決定使用哪種解決方案的時候。

Our next question comes from Jack Nichols with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Jack Nichols。

Can you talk about the expectation built in around the mix of personal versus business accounts and the ability to drive upsells?

你能談談圍繞個人賬戶和企業賬戶的混合建立的期望以及推動追加銷售的能力嗎？

And then I have a follow-up.

然後我有一個後續行動。

Sure.

當然。

I'll give you an update on the teams and individual mix with where the mix between teams and individuals has remained relatively consistent.

我會向您介紹團隊和個人組合的最新情況，以及團隊和個人之間的組合保持相對一致的地方。

On a revenue basis, our individual revenue mix grew in 2020 as a result of the Plus pricing initiative.

在收入基礎上，由於 Plus 定價計劃，我們的個人收入組合在 2020 年有所增長。

Of course, that said, we continue to see progress in our teams plan, as we do now have over 540,000 teams.

當然，也就是說，我們繼續看到我們的團隊計劃取得進展，因為我們現在擁有超過 540,000 個團隊。

And growing teams is certainly part of our long-term strategy, and all of this has been factored into our 2021 guidance.

不斷壯大的團隊當然是我們長期戰略的一部分，所有這些都已納入我們的 2021 年指導方針。

Okay.

好的。

Yes.

是的。

Super helpful.

超級有幫助。

And what's the best way to think about ARR growth expectations going forward for the new -- for the net new customers or upselling plans and higher ARPU?

對於新客戶或追加銷售計劃以及更高的 ARPU，考慮未來 ARR 增長預期的最佳方式是什麼？

I think the best way to think about it is to look again to our revenue guidance, where, maybe just specifically on ARR, we, of course, crossed an important threshold in Q4, passing over $2 billion in ARR and finishing the year at $2.022 billion.

我認為最好的思考方式是再次查看我們的收入指引，其中，也許只是具體到 ARR，我們當然在第四季度跨越了一個重要門檻，ARR 超過 20 億美元，並以 2.022 美元的價格結束了這一年十億。

And of course, this is the primary metric we look at, but we don't specifically guide to this, where, again, I'd look to our revenue guidance for our expectations.

當然，這是我們關注的主要指標，但我們並沒有具體指導這一點，我再次期待我們的收入指導來滿足我們的期望。

Our next question comes from Zane Chrane with Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Zane Chrane。

I was hoping to dig in a little bit more on the net revenue retention rate.

我希望更多地了解淨收入保留率。

You guys gave, I believe, a value of 90% around the time of IPO and update of 95% at the Analyst Day in 2019, I believe.

我相信，你們在 IPO 前後給出了 90% 的價值，並在 2019 年分析師日更新了 95%，我相信。

Can you give us an update on what that is for the overall business as well as for the customers that are on business plan?

您能否向我們介紹一下整體業務以及業務計劃中的客戶的最新情況？

Sure.

當然。

So we don't update this metric quarterly.

所以我們不會每季度更新一次這個指標。

Again, our revenue guidance factors in the latest trends.

同樣，我們的收入指導考慮了最新趨勢。

I can tell you that, at a high level, net revenue retention now is in the low 90s, in line with historical levels, where pricing increase do drive some ebbs and flows.

我可以告訴你，在高水平上，淨收入保留現在處於 90 年代的低位，與歷史水平一致，價格上漲確實推動了一些潮起潮落。

And as you know, we've worked through the Plus pricing increase at this point.

如您所知，此時我們已經完成了 Plus 價格上漲。

And as a reminder, a few factors that do contribute to [an NRR] include the migration of existing paying users to premium plans, the mix shift to teams and team expansion, where we are focused on driving this metric in a positive direction.

提醒一下，確實有助於 [an NRR] 的一些因素包括現有付費用戶向高級計劃的遷移、向團隊的混合轉變和團隊擴張，我們專注於推動這一指標朝著積極的方向發展。

That's helpful.

這很有幫助。

And so it sounds like it's declined a couple of percentage points since your last update of 95%.

所以聽起來自上次更新 95% 以來下降了幾個百分點。

Is that due to an uptick in churn from one particular segment?

這是由於某個特定細分市場的客戶流失率上升所致嗎？

Or is it kind of a deceleration expansion from the business side?

還是業務端的某種減速擴張？

It has much more to do with pricing where we've worked through that pricing increase, and now we're back to our historical levels absent pricing changes.

它與定價有很大關係，我們已經完成了價格上漲，現在我們回到了沒有價格變化的歷史水平。

I see.

我懂了。

So just the anniversary effect of that pricing change then.

因此，那隻是定價變化的周年紀念效應。

That's right.

這是正確的。

Got it.

知道了。

Okay.

好的。

And one last thing.

最後一件事。

I believe last time I looked in the K, you had -- 90% of revenue was through self-service channels.

我相信上次我看 K 時，你有 - 90% 的收入是通過自助服務渠道獲得的。

Has that changed materially over the last year?

在過去的一年中，這種情況發生了重大變化嗎？

No, that has stayed consistent.

不，這一直保持一致。

Thank you.

謝謝你。

This concludes the question-and-answer session.

問答環節到此結束。

I would now like to turn the call back over to Drew Houston for closing remarks.

我現在想把電話轉回給德魯休斯頓，請他作結束語。

Again, thanks, everyone, for joining us.

再次感謝大家加入我們。

I really appreciate your support.

非常感謝您的支持。

And stay safe, and we'll see you next quarter.

並保持安全，我們下個季度見。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。