Dropbox Inc (DBX) 2020 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for joining Dropbox' Third Quarter 2020 Earnings Conference Call. (Operator Instructions)

女士們，先生們，下午好，感謝您參加 Dropbox 的 2020 年第三季度收益電話會議。 （操作員說明）

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.

提醒一下，本次電話會議正在錄音，可在本次電話會議後從 Dropbox 網站的投資者關係部分重播。

I will now turn the call over to Rob Bradley, Head of Investor Relations for Dropbox. Mr. Bradley, please go ahead.

我現在將把電話轉給 Dropbox 投資者關係主管 Rob Bradley。布拉德利先生，請繼續。

Thank you, and good afternoon, and welcome to Dropbox' Third Quarter 2020 Earnings Call. Today, Dropbox will discuss the quarterly financial results that were distributed earlier.

謝謝大家，下午好，歡迎參加 Dropbox 2020 年第三季度財報電話會議。今天，Dropbox 將討論早些時候發布的季度財務業績。

Statements on this call include forward-looking statements, including our expectations regarding anticipated benefits to our business and the impact to our financial results and business operations, including estimated impairment charges and subleasing income as a result of our shift to a Virtual First work model; our expectations regarding remote work trends, related market opportunities and our ability to capitalize on those opportunities; operational efficiencies we may achieve as a result of changes to our organizational structure; expected performance of our business; our capital allocation plans, including expected timing and volume of share repurchases; future M&A opportunities and other investments; 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 ability to extend our platform by 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.

本次電話會議上的陳述包括前瞻性陳述，包括我們對我們業務的預期收益以及對我們的財務業績和業務運營的影響的預期，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；由於組織結構的變化，我們可能實現的運營效率；我們業務的預期表現；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；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；我們通過開發和提供新產品或功能以及通過戰略合作夥伴關係擴展我們平台的能力；我們的戰略以及我們關鍵員工執行我們戰略的能力；和整體的未來前景。

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 June 30, 2020, and the risk factors that will be included in our Form 10-Q for the quarter ended September 30, 2020.

這些陳述受到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期間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，包括在截至 6 月的季度的 10-Q 表格中2020 年 9 月 30 日，以及將包含在我們截至 2020 年 9 月 30 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 investors.dropbox.com.

我們今天的討論將包括非公認會計準則財務指標。這些非公認會計原則措施應被視為對我們的公認會計原則結果的補充，而不是替代或孤立。 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，也可以在我們的投資者關係網站上發布的補充投資者材料中找到。 dropbox.com。

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

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

Thanks, Rob. Good afternoon, everyone, and welcome to our Q3 2020 earnings call. Joining me today is Tim Regan, our long-time Chief Accounting Officer and newly appointed Chief Financial Officer. I'm excited to have Tim in this critical role and to have him join me today.

謝謝，羅伯。大家下午好，歡迎參加我們的 2020 年第三季度財報電話會議。今天加入我的是蒂姆·裡根，我們的長期首席會計官和新任命的首席財務官。我很高興讓蒂姆擔任這個關鍵角色並讓他今天加入我的行列。

I'll start by walking through some of the key elements of the third quarter, and then Tim will share the details of our financial performance and update our outlook for the remainder of the year.

我將首先介紹第三季度的一些關鍵要素，然後蒂姆將分享我們財務業績的細節並更新我們對今年剩餘時間的展望。

Before jumping into the quarter, I'd like to quickly reflect on 2020 as we approach the end of the year. In many ways, this was a critical year for Dropbox. And when I spoke to all of you on our earnings call in February, neither I nor anyone else could have imagined how the world would be upended by the pandemic.

在進入本季度之前，我想在臨近年底的時候快速回顧一下 2020 年。從很多方面來說，今年對於 Dropbox 來說都是關鍵的一年。當我在 2 月份的財報電話會議上與大家交談時，我和其他任何人都無法想像世界會如何被大流行所顛覆。

2020 has certainly had its challenges. But we also believe that the shift to distributed work means that our opportunity has never been bigger. This year, our customers relied on us more than ever to help them with the transition to distributed work, and we were fortunate to have the building blocks in place to be resilient in the current environment.

2020 年當然面臨挑戰。但我們也相信，向分佈式工作的轉變意味著我們的機會從未如此大。今年，我們的客戶比以往任何時候都更加依賴我們來幫助他們過渡到分佈式工作，我們很幸運能夠在當前環境中擁有彈性的構建塊。

We continue to be focused on the commitments we made in February towards our long-term model, driving operational efficiency and generating value for our shareholders. This quarter, I'm happy to share some of the progress we've made.

我們將繼續專注於我們在 2 月份對我們的長期模式所做的承諾，提高運營效率並為我們的股東創造價值。本季度，我很高興分享我們取得的一些進展。

First, I'd like to share more detail on our workplace strategy with Virtual First, and then some context on recent changes to our organizational structure, which we believe set us up for greater focus, faster decision-making and operational excellence going into 2021. After that, I'll talk about the continued success we're seeing in our product portfolio and with our ecosystem before turning it over to Tim.

首先，我想與 Virtual First 分享我們的工作場所戰略的更多細節，然後是關於我們組織結構最近發生變化的一些背景信息，我們相信這使我們能夠在 2021 年更加專注、更快地做出決策並實現卓越運營. 在那之後，我將談論我們在產品組合和生態系統中看到的持續成功，然後再將其交給蒂姆。

I'll start with Virtual First. Last month, we announced that Dropbox is moving to a Virtual First way of working. I don't think anyone could have anticipated how the entire world went to working from home overnight in the most dramatic and abrupt way possible. But we believe this shift to distributed work will continue long after the pandemic ends. And we're well positioned for this shift.

我將從虛擬優先開始。上個月，我們宣布 Dropbox 正在轉向虛擬優先的工作方式。我認為沒有人能夠預料到整個世界如何以最戲劇性和最突然的方式在一夜之間在家工作。但我們相信，這種向分佈式工作的轉變將在大流行結束後很長時間內繼續下去。我們已經為這種轉變做好了準備。

Our product at its core helps enable distributed work. Our customers have been turning to Dropbox to work more flexibly since our founding in 2007. And so when we first shifted to remote work earlier this year after lockdown, our product helped us transition pretty seamlessly and helped many of our customers. It helped a publisher in London that was forced to migrate off their in-house servers, was able to get up and running on Dropbox in a week. And the Italian Red Cross relied on Dropbox to help coordinate their emergency response during their crisis. And these are just a few examples. As a result of COVID, we've seen increased adoption and usage this year across a variety of industries. And as virtually all knowledge work becomes digital, organizing all your team's content-based workflows in one place has never been more important.

我們的產品核心有助於實現分佈式工作。自 2007 年成立以來，我們的客戶一直在轉向 Dropbox 以更靈活地工作。因此，當我們在鎖定後於今年早些時候首次轉向遠程工作時，我們的產品幫助我們無縫過渡並幫助了許多客戶。它幫助倫敦一家被迫遷移其內部服務器的出版商在一周內啟動並在 Dropbox 上運行。意大利紅十字會依靠 Dropbox 在危機期間幫助協調他們的應急響應。這些只是幾個例子。由於 COVID 的影響，我們看到今年各行各業的採用和使用有所增加。由於幾乎所有的知識工作都變得數字化，將團隊所有基於內容的工作流程組織在一個地方變得前所未有的重要。

For our employees, the vast majority embrace this new reality and have said that they didn't want to return to the way things were before. They don't want to lose the flexibility and focus they've gained, they don't want to go back to long commutes. But we also know that things aren't perfect.

對於我們的員工來說，絕大多數人都接受了這一新現實，並表示他們不想回到以前的狀態。他們不想失去他們已經獲得的靈活性和專注力，他們不想回到長途通勤中。但我們也知道事情並不完美。

I think we're all adjusting to sitting on Zoom meetings all day, getting bombarded with e-mails and notifications, and we miss being in the office and bonding and collaborating with our co-workers. Many companies responded to this by announcing either a fully remote or an ad hoc hybrid approach. But we saw challenges with both of these. Going fully remote cuts out the in-person experience that's critical to building relationships and culture. And leaving it up to employees when they come to the office, both reduces the benefit of having a physical space, if a large percentage of the team is working from home and also contributes to an unequal playing field for remote employees.

我認為我們都在適應整天坐在 Zoom 會議上，被電子郵件和通知轟炸，我們想念在辦公室裡與同事的聯繫和合作。許多公司通過宣布完全遠程或臨時混合方法對此作出回應。但我們看到了這兩個方面的挑戰。完全遠程會切斷對建立關係和文化至關重要的親身體驗。如果團隊中有很大一部分人在家工作，那麼當他們來到辦公室時將其留給員工，這既會降低擁有物理空間的好處，也會導致遠程員工的競爭環境不平等。

So we saw this as a unique opportunity to reinvent how we work, to combine the best elements of the remote and in-person experience. We landed on a new model that we call Virtual First, which means that most focused solo work will happen at home, but we know that in-person collaboration is still critical for building relationships and healthy teams and maintaining our company culture. So we're turning our offices into collaborative spaces, we call Dropbox Studios.

因此，我們認為這是一個獨特的機會，可以重塑我們的工作方式，將遠程和麵對面體驗的最佳元素結合起來。我們採用了一種稱為虛擬優先的新模式，這意味著最專注的個人工作將在家裡進行，但我們知道面對面的協作對於建立關係和健康的團隊以及維護我們的公司文化仍然至關重要。因此，我們將辦公室變成了協作空間，我們稱之為 Dropbox Studios。

We believe this approach gives our team increased flexibility in how they work and live. It allows us broader access to talent that was previously out of reach, and it has the potential to create efficiencies consistent with our commitments to profitable growth. But the most important reason we chose this approach is that it truly allows us to live out our mission. While we build products that help people work from anywhere, we know that all the tools people use at work today weren't truly built for distributed teams. We believe the world is permanently shifting in this direction, and now we have an opportunity to build even better products to address all the pain points we're experiencing. But we can only do that if we're on the leading edge ourselves. With Virtual First, we'll be a distributed team building for distributed teams. I'm really excited about the shift for us and look forward to sharing more about how this will play out in our product strategy in the coming quarters.

我們相信這種方法可以讓我們的團隊在工作和生活方面更加靈活。它使我們能夠更廣泛地接觸到以前無法獲得的人才，並有可能創造與我們對盈利增長的承諾相一致的效率。但我們選擇這種方法的最重要原因是它真正讓我們能夠完成我們的使命。雖然我們構建的產品可以幫助人們在任何地方工作，但我們知道人們今天在工作中使用的所有工具並不是真正為分佈式團隊構建的。我們相信世界正在朝著這個方向永久轉變，現在我們有機會打造更好的產品來解決我們遇到的所有痛點。但只有當我們自己處於領先地位時，我們才能做到這一點。通過 Virtual First，我們將成為分佈式團隊的分佈式團隊建設。我對我們的轉變感到非常興奮，並期待在未來幾個季度分享更多關於這將如何在我們的產品戰略中發揮作用的信息。

I'm also happy to share our recent news that Timothy Young, our SVP and GM of Core Dropbox has been promoted to President, and he'll continue to report to me as part of my executive team. In his new role, he'll oversee an expanded scope of our engineering, product, design and go-to-market teams, which means our COO, Olivia Nottebohm, and her respective teams, along with our platform engineering teams, will begin reporting in to Timothy. This will allow us to have closer collaboration between engineering, design, product and our go-to-market teams and will ultimately help us create better products and experiences for our customers. In addition, this new structure will allow me to spend more time working on longer-term strategy and innovation, while Timothy handles more the day-to-day business operations. Timothy is a rare combination of excellent product leader, successful entrepreneur and experienced operator at scale. And I'd like to congratulate him on his new role.

我也很高興分享我們最近的消息，即我們的高級副總裁兼 Core Dropbox 總經理 Timothy Young 已被提升為總裁，他將繼續作為我執行團隊的一員向我匯報。在他的新職位上，他將監督我們的工程、產品、設計和上市團隊的範圍擴大，這意味著我們的首席運營官 Olivia Nottebohm 和她各自的團隊以及我們的平台工程團隊將開始報告在提摩太。這將使我們能夠在工程、設計、產品和我們的上市團隊之間建立更緊密的合作，並最終幫助我們為客戶創造更好的產品和體驗。此外，這種新結構將使我能夠將更多時間用於長期戰略和創新，而蒂莫西則更多地處理日常業務運營。 Timothy 是優秀的產品領導者、成功的企業家和經驗豐富的大規模運營商的罕見組合。我要祝賀他擔任新角色。

We believe the shift to distributed work presents a massive opportunity. Our leadership changes and Virtual First strategy give us the opportunity to realign our resources in order to create a more nimble and streamlined organization that will allow us to perform at our best.

我們相信向分佈式工作的轉變帶來了巨大的機會。我們的領導層變動和 Virtual First 戰略讓我們有機會重新調整資源，以創建一個更靈活、更精簡的組織，讓我們發揮最佳表現。

Now I'll turn to our quarterly results. In Q3, we continued to see broad strength across our business. Both actual and constant currency revenue grew 14% year-over-year, driven by the addition of nearly 300,000 paying users and growing ARPU. We also exceeded our operating margin guidance in the quarter, demonstrating our commitment to efficiency gains and operational discipline. Tim will discuss some of those specifics shortly. But before that, I'd like to provide an update on the progress we made this quarter to deliver products that help our customers organize their lives at home and work.

現在我將轉向我們的季度業績。在第三季度，我們繼續看到我們業務的廣泛實力。由於增加了近 30 萬付費用戶和不斷增長的 ARPU，實際和固定貨幣收入均同比增長 14%。我們在本季度也超過了我們的營業利潤率指導，證明了我們對提高效率和運營紀律的承諾。 Tim 將很快討論其中的一些細節。但在此之前，我想介紹一下我們本季度在交付產品方面取得的進展，這些產品可以幫助我們的客戶組織他們的家庭和工作生活。

As you may recall, we announced a number of new features in June, including Dropbox Passwords, Vault and Backup. We also rolled out our new Family plan. These products address the needs of many of our customers who use Dropbox to store and protect their sensitive information and share important content with family members. These new features are all generally available now in our Plus, Professional and Family plans, and early indications are positive.

您可能還記得，我們在 6 月份宣布了一些新功能，包括 Dropbox Passwords、Vault 和 Backup。我們還推出了新的家庭計劃。這些產品滿足了我們許多使用 Dropbox 存儲和保護其敏感信息並與家庭成員共享重要內容的客戶的需求。這些新功能現已在我們的 Plus、Professional 和 Family 計劃中普遍可用，並且早期跡像是積極的。

We're seeing strong adoption from our user base, and we've seen a nice lift in trials and purchases. At the core of these new offerings are 2 main objectives: first, they provide value to our paid users and help our customers stay better organized across both their work and personal lives; second, they help improve customer retention and conversion, as users who do more with our products and use them both at home and work, have higher engagement and lower propensity to churn. We're encouraged by the early signs we're seeing.

我們看到了用戶群的強烈採用，並且我們看到試用和購買有了很大的提升。這些新產品的核心有兩個主要目標：首先，它們為我們的付費用戶提供價值，並幫助我們的客戶在工作和個人生活中保持井井有條；其次，它們有助於提高客戶保留率和轉化率，因為使用我們的產品更多並在家庭和工作中使用它們的用戶具有更高的參與度和更低的流失傾向。我們對看到的早期跡象感到鼓舞。

We also saw strong adoption of HelloSign in Q3, and it continues to be our fastest-growing product. We're generating awareness with an international marketing campaign and are hosting webinars in numerous geographies. Additionally, our native Dropbox integration and expansion of HelloSign to 21 new languages allowed us to introduce the product to millions of Dropbox users worldwide. We believe these investments will help HelloSign thrive as more and more people turn to eSignature to support their digital workflows in the remote work environment.

我們還在第三季度看到了 HelloSign 的大力採用，它仍然是我們增長最快的產品。我們正在通過國際營銷活動提高知名度，並在多個地區舉辦網絡研討會。此外，我們的本地 Dropbox 集成和 HelloSign 擴展到 21 種新語言使我們能夠向全球數百萬 Dropbox 用戶介紹該產品。我們相信，隨著越來越多的人轉向電子簽名來支持他們在遠程工作環境中的數字工作流程，這些投資將幫助 HelloSign 蓬勃發展。

And the market has noticed our progress. In Q3, HelloSign was recognized as the #2 overall eSignature vendor in G2's fall report as well as being ranked #1 for ease of adoption. We're excited to see this traction and continue to be optimistic about the opportunity ahead.

市場也注意到了我們的進步。在第三季度，HelloSign 在 G2 的秋季報告中被公認為排名第二的整體電子簽名供應商，並且在易於採用方面排名第一。我們很高興看到這種牽引力，並繼續對未來的機會持樂觀態度。

Turning to an update on our new product efforts. We had a busy quarter with some exciting developments that I'd like to touch on. First, we introduced 2 new add-ons, Creative Tools and Data Migration. With these add-ons, we're excited to give customers more choice to construct the product suite that best fits their needs. Taking work from kickoff to the finish line can often be a complicated multi-step process, particularly for media professionals. And today's tools don't solve all the problems the creative community faces, while trying to keep their projects on track. That's why we made investments earlier this year to offer integrations to help take the headache out of creative, post-production and social media workflows.

轉向我們新產品工作的更新。我們有一個繁忙的季度，我想談談一些令人興奮的發展。首先，我們引入了 2 個新的附加組件，創意工具和數據遷移。通過這些附加組件，我們很高興為客戶提供更多選擇來構建最適合他們需求的產品套件。從開始到終點線的工作通常是一個複雜的多步驟過程，尤其是對於媒體專業人士而言。而今天的工具並不能解決創意社區面臨的所有問題，同時試圖讓他們的項目保持在正軌上。這就是為什麼我們在今年早些時候進行了投資以提供集成以幫助解決創意、後期製作和社交媒體工作流程中的難題。

As this community relies more and more on Dropbox to get their work done, this quarter, we were happy to announce our new Creative Tools add-on, designed to help our users who work with large media files. Creative Tools will help simplify viewing, facilitate remote collaboration, including frame-based commenting, and allow for flexible workflow management. More than most, media professionals work with large files that create unique challenges. And working remotely adds to that challenge, creating roadblocks to efficient output. The new Creative Tools add-on makes large file transfers secure and easy.

由於這個社區越來越依賴 Dropbox 來完成他們的工作，本季度，我們很高興地宣布了我們的新創意工具插件，旨在幫助我們處理大型媒體文件的用戶。創意工具將有助於簡化查看、促進遠程協作，包括基於框架的評論，並允許靈活的工作流程管理。與大多數人相比，媒體專業人員處理的大文件會帶來獨特的挑戰。遠程工作增加了這一挑戰，為高效輸出設置了障礙。新的 Creative Tools 插件使大文件傳輸變得安全和容易。

Importantly, for media professionals on the move, it also provides the capability to preview large files without downloading. Similarly, this quarter, we also partnered with Adobe to launch Dropbox Transfer for Adobe Creative Cloud, streamlining the way users deliver final projects. We've seen increased adoption and usage of Dropbox Transfer in this environment. And Transfer is designed to let users securely send large files to anyone with optional custom branding, even those without a Dropbox account. With our Creative Tools add-on and the new Adobe integration, we're continuing to make Dropbox the best place to keep creative work moving.

重要的是，對於移動中的媒體專業人士，它還提供了無需下載即可預覽大文件的功能。同樣，本季度，我們還與 Adobe 合作推出了適用於 Adobe Creative Cloud 的 Dropbox Transfer，簡化了用戶交付最終項目的方式。我們已經看到在這種環境中越來越多地採用和使用 Dropbox Transfer。 Transfer 旨在讓用戶安全地將大文件發送給任何具有可選自定義品牌的人，即使是那些沒有 Dropbox 帳戶的人。通過我們的創意工具插件和新的 Adobe 集成，我們將繼續使 Dropbox 成為保持創意工作的最佳場所。

Data Migration was another important add-on we introduced in this quarter. Data Migration allows business customers to quickly migrate files and permissions from local storage and other cloud storage solutions into Dropbox Business. With this add-on, access rights and pre-existing file structures can be automatically mapped to Dropbox, minimizing potential pain points of a migration to our product.

數據遷移是我們在本季度推出的另一個重要插件。數據遷移允許企業客戶將文件和權限從本地存儲和其他雲存儲解決方案快速遷移到 Dropbox Business。有了這個插件，訪問權限和預先存在的文件結構可以自動映射到 Dropbox，最大限度地減少遷移到我們產品的潛在痛點。

In addition, users of this add-on will benefit from analytics and comprehensive reporting capabilities that are critical to management of company data by admins. Beyond the improvements to our core products, we've also been focused on expanding our ecosystem of trusted partners to position Dropbox at the center of our users' workflows. The new Dropbox app center, launched in Q2, is a place where our users can discover, learn about, install and connect apps to their Dropbox account, helping to create a more engaging and streamlined experience with our platform.

此外，此插件的用戶將受益於對管理員管理公司數據至關重要的分析和綜合報告功能。除了改進我們的核心產品外，我們還專注於擴展我們值得信賴的合作夥伴生態系統，將 Dropbox 置於用戶工作流程的中心。新的 Dropbox 應用中心於第二季度推出，我們的用戶可以在這裡發現、了解、安裝應用並將其連接到他們的 Dropbox 帳戶，從而幫助我們的平台創造更具吸引力和簡化的體驗。

Users can find apps categorized by use cases, including communications, marketing and design and project management, expand the number of available apps and simplifying the process for developers to connect their apps to Dropbox. We've also been focused on expanding and deepening our collaboration with our ecosystem of trusted partners. And part of the strategy is to continue to improve integrations with apps used frequently together with Dropbox, such as Zoom.

用戶可以找到按用例分類的應用程序，包括通信、營銷和設計以及項目管理，擴大可用應用程序的數量，並簡化開發人員將他們的應用程序連接到 Dropbox 的過程。我們還一直專注於擴大和深化我們與值得信賴的合作夥伴生態系統的合作。該戰略的一部分是繼續改進與經常與 Dropbox 一起使用的應用程序的集成，例如 Zoom。

As part of Zoom's recent launches and apps, we were excited to preview a deeper product integration that allows users to prepare for meetings in one organized place. Customers will be able to use the Dropbox Zoom app to put together an agenda for an upcoming meeting and make sure everyone is on the same page before, during and after the meeting. They'll also be able to sign action items and share notes with the rest of the team to ensure everyone is in the loop. This is important progress towards our vision for a smart workspace. We want to help streamline our users' most common workflows so that they can spend less time switching between apps and more time in getting important work done.

作為 Zoom 最近發布和應用程序的一部分，我們很高興能夠預覽更深入的產品集成，使用戶可以在一個有組織的地方准備會議。客戶將能夠使用 Dropbox Zoom 應用為即將舉行的會議制定議程，並確保每個人在會議之前、期間和之後都在同一頁面上。他們還可以簽署行動項目並與團隊其他成員共享筆記，以確保每個人都參與其中。這是我們實現智能工作空間願景的重要進展。我們希望幫助簡化用戶最常見的工作流程，以便他們可以花更少的時間在應用程序之間切換，而將更多時間用於完成重要工作。

Helping people with their meetings workflows, as we're doing with Zoom, is just one example of many new opportunities we have for making distributed work more effective. And back in March, we completely reoriented our product road map to address the distributed work opportunity. And we're excited to share more of the details and launch some of these new efforts over the next few quarters.

正如我們對 Zoom 所做的那樣，幫助人們處理會議工作流程只是我們為提高分佈式工作效率而擁有的許多新機會的一個例子。早在 3 月份，我們就完全重新定位了我們的產品路線圖，以解決分佈式工作機會。我們很高興能分享更多細節，並在接下來的幾個季度推出一些新的努力。

In summary, we delivered another great quarter. Demand for our products remains strong, as more people have turned to both Dropbox and HelloSign to manage their most important workflows. It's clear to us that in the long run, the shift to distributed work will be as significant as a shift to mobile or the shift to cloud. We see an even greater opportunity to improve the remote work experience by helping our users organize their work and home lives. And by truly living our mission as a Virtual First company, we believe we're on the leading edge of developing the tools our users need for the new world.

總之，我們又交付了一個很棒的季度。對我們產品的需求依然強勁，因為越來越多的人同時使用 Dropbox 和 HelloSign 來管理他們最重要的工作流程。我們很清楚，從長遠來看，向分佈式工作的轉變將與向移動或向雲的轉變一樣重要。通過幫助我們的用戶組織他們的工作和家庭生活，我們看到了改善遠程工作體驗的更大機會。通過真正履行我們作為 Virtual First 公司的使命，我們相信我們在開髮用戶在新世界中所需的工具方面處於領先地位。

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. I'm excited to join today with this being my first earnings call as the CFO of Dropbox. As many of you know, I've been with the company for many years, formerly as Chief Accounting Officer, and have helped scale the finance organization as we develop the longer-term financial targets that we shared during our earnings call in February.

謝謝你，德魯。我很高興今天能加入，這是我作為 Dropbox 首席財務官的第一次財報電話會議。正如你們許多人所知，我在公司工作多年，曾擔任首席會計官，並在我們制定長期財務目標時幫助擴展了財務組織，我們在 2 月份的財報電話會議上分享了這些目標。

In particular, our objectives of aiming to deliver operating margins between 28% to 30% and annual free cash flow of $1 billion in 2024. These long-term targets exemplify some of the core tenets of our investment thesis, which I would summarize as follows: as an organization, we are committed to, and focused on, consistently executing against the guidance that we give, while also investing for continued revenue growth; driving annual improvements in operating margins; doubling free cash flow to $1 billion in 2024, representing a CAGR of roughly 20% over this time horizon; and thoughtfully allocating capital to organic initiatives, M&A opportunities, as exemplified by HelloSign; and returning capital to shareholders through share repurchases.

特別是，我們的目標是在 2024 年實現 28% 至 30% 的營業利潤率和 10 億美元的年度自由現金流。這些長期目標體現了我們投資論文的一些核心原則，我將總結如下：作為一個組織，我們致力於並專注於始終按照我們提供的指導執行，同時也為持續的收入增長進行投資；推動營業利潤率的年度提高；到 2024 年，自由現金流翻一番，達到 10 億美元，在此期間的複合年增長率約為 20%；並深思熟慮地將資金分配給有機計劃和併購機會，例如 HelloSign；並通過股份回購向股東返還資本。

As we work to achieve our stated long-term targets, we plan to leverage our ability to generate cash by allocating a significant portion of our annual free cash flow to share repurchases on an ongoing basis with the intention of maintaining a spend level that will at least offset dilution and potentially reduce share count. We also expect to invest in future M&A opportunities, utilizing the cash on our balance sheet, cash we generate and do not spend on buybacks and our balance sheet debt capacity.

在我們努力實現我們既定的長期目標時，我們計劃通過分配我們年度自由現金流的很大一部分來持續分享回購，以維持支出水平，從而利用我們產生現金的能力。最小抵消稀釋並可能減少股票數量。我們還期望投資於未來的併購機會，利用我們資產負債表上的現金、我們產生但不用於回購的現金以及我們的資產負債表債務能力。

Lastly, I will note that this financial model and targets include ongoing investment in future product bets that could yield additional upside. We believe that execution against these objectives will generate long-term value for our shareholders.

最後，我要指出的是，這種財務模型和目標包括對未來產品賭注的持續投資，這可能會產生額外的上行空間。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。

With that, I would like to turn to our Q3 results that demonstrate our execution in line with this investment thesis. Total revenue for the quarter was up 14% year-over-year on an actual and constant currency basis to $487 million. ARR ended the quarter at $1.981 billion, an increase of $50 million quarter-over-quarter and an increase of 12% year-over-year. On a constant currency basis, year-over-year growth would have been 13%.

有了這個，我想轉向我們的第三季度業績，這些業績證明了我們的執行力符合這個投資論點。按實際和固定匯率計算，本季度總收入同比增長 14% 至 4.87 億美元。本季度末 ARR 為 19.81 億美元，環比增長 5000 萬美元，同比增長 12%。按固定匯率計算，同比增長為 13%。

Our continued growth in ARR reflects our strategy to attract new paying users, drive users to our premium plans and improve retention. We ended Q3 with 15.25 million paying users, adding over 290,000 net new paying users in the quarter. ARPU was $128.03.

我們的 ARR 持續增長反映了我們吸引新付費用戶、推動用戶使用我們的高級計劃和提高保留率的戰略。我們在第三季度結束時擁有 1525 萬付費用戶，本季度淨新增付費用戶超過 29 萬。 ARPU 為 128.03 美元。

Now I'd like to recap some of the go-to-market strategies we utilized in the period. As a reminder, one of our go-to-market motions includes leveraging data science to identify self-serve users within our basic user base with a high propensity to convert to paid plans.

現在，我想回顧一下我們在此期間使用的一些上市策略。提醒一下，我們進入市場的一項舉措包括利用數據科學在我們的基本用戶群中識別自助服務用戶，這些用戶很容易轉換為付費計劃。

During the third quarter, the data science team used machine-learning methods to target users that have a high propensity to adopt the Family SKU. This strategy is designed to drive net new paying users and simultaneously reduce potential cannibalization of existing paying users. Additional efforts were made by our data team to best predict which paid offerings were the best fit for existing basic users. The model is used to segment hundreds of millions of users into various categories based on their likelihood to upgrade to either Plus or Business plans.

在第三季度，數據科學團隊使用機器學習方法鎖定了採用 Family SKU 傾向高的用戶。該策略旨在推動淨新付費用戶，同時減少對現有付費用戶的潛在蠶食。我們的數據團隊做出了額外的努力，以最好地預測哪些付費產品最適合現有的基本用戶。該模型用於根據用戶升級到 Plus 或 Business 計劃的可能性將數億用戶分成不同的類別。

These initiatives have had encouraging early signs by improving trial conversion rates through specific prompts. I want to now move on to some customer wins within our outbound go-to-market motion, where the team drove wins in a variety of sectors, including software, telecom and retail, among others. We are excited to announce that TV Asahi, a leading Japanese media company is now a Dropbox enterprise customer. TV Asahi is migrating from an existing solution based on Dropbox' collaborative strengths, excellent product and security performance. Hundreds of their employees in production, sales and business planning will use Dropbox enterprise as they prepare for the broadcast of the 2021 Olympic Games.

通過通過特定提示提高試驗轉化率，這些舉措已經有了令人鼓舞的早期跡象。我現在想在我們的外向市場行動中繼續取得一些客戶勝利，團隊在包括軟件、電信和零售等在內的多個領域取得勝利。我們很高興地宣布，領先的日本媒體公司 TV Asahi 現已成為 Dropbox 企業客戶。 TV Asahi 正在從基於 Dropbox 的協作優勢、出色的產品和安全性能的現有解決方案進行遷移。他們的數百名生產、銷售和業務規劃員工將在準備 2021 年奧運會轉播時使用 Dropbox Enterprise。

We also continue to see strength in the education space as a globally ranked top research university in the U.K. is now a Dropbox enterprise customer. We partnered with this research leader to address their top initiatives, to improve innovation amongst researchers and staff, transform to a cloud-first approach and consolidate legacy hardware solutions and costs. Already identified by the university's researchers and industry peers as their research platform of choice, Dropbox was evaluated and determined to be the best strategic partner to enable collaboration.

我們還繼續看到教育領域的實力，因為英國一所全球排名第一的研究型大學現在是 Dropbox 的企業客戶。我們與這位研究領導者合作，解決他們的首要計劃，提高研究人員和員工的創新能力，轉變為雲優先的方法，並整合傳統的硬件解決方案和成本。 Dropbox 已被該大學的研究人員和行業同行確定為他們選擇的研究平台，並被評估並確定為實現協作的最佳戰略合作夥伴。

And finally, we expanded our relationship with a leading video game company. The developer currently relies on Dropbox as part of their game development. And due to the sheer size of the files they are working on, Dropbox was the best solution that provided a way for 1,500 developers to sync and access their content in a timely manner.

最後，我們擴大了與一家領先的視頻遊戲公司的關係。開發人員目前依賴 Dropbox 作為其遊戲開發的一部分。由於他們正在處理的文件非常龐大，Dropbox 是最好的解決方案，它為 1,500 名開發人員提供了一種及時同步和訪問其內容的方式。

With that, I'll now review the rest of the P&L. But before I do, I want to note that unless otherwise indicated, all income statement measures that follow are non-GAAP and exclude stock-based compensation, amortization of purchased intangibles and certain expenses related to the acquisition of HelloSign. Our non-GAAP net income also excludes net gains and losses on equity investments and includes the income tax effect of the aforementioned adjustments. 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.

有了這個，我現在將回顧損益表的其餘部分。但在我這樣做之前，我想指出，除非另有說明，否則以下所有損益表衡量標準都是非公認會計原則，不包括基於股票的薪酬、購買的無形資產的攤銷以及與收購 HelloSign 相關的某些費用。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。 GAAP 與非 GAAP 結果的對賬可以在我們今天向 SEC 提交的表格 8-K 以及我們的投資者關係網站上發布的補充投資者材料中找到。

Gross margin for the quarter was 80%, which was an increase of 3 percentage points compared to Q3 2019. This improvement was driven by unit cost efficiency gains with our infrastructure hardware, including lower depreciation as a share of revenue. For operating expenses, third quarter R&D expense was $132 million or 27% of revenue compared to 30% in Q3 a year ago. The decrease as a percent of revenue was driven by lower professional services and personnel spend.

本季度的毛利率為 80%，與 2019 年第三季度相比增加了 3 個百分點。這一改善是由於我們的基礎設施硬件提高了單位成本效率，包括折舊佔收入的比例降低。在運營費用方面，第三季度的研發費用為 1.32 億美元，佔收入的 27%，而去年第三季度為 30%。佔收入百分比的下降是由於專業服務和人員支出減少所致。

Sales and marketing expense was $96 million in the third quarter, or 20% of revenue compared to 23% in Q3 a year ago. This decrease was due to lower event-driven spend due to COVID-19. In addition, we launched our brand campaign late in the third quarter to most closely align with our product launches. As a result, the associated expenses and payments related to this brand campaign will now shift to Q4.

第三季度的銷售和營銷費用為 9600 萬美元，佔收入的 20%，而去年第三季度為 23%。這一下降是由於 COVID-19 導致事件驅動的支出減少。此外，我們在第三季度末推出了品牌活動，以最接近我們的產品發布。因此，與該品牌活動相關的相關費用和付款現在將轉移到第四季度。

G&A expense in Q3 was $50 million or 10% of revenue, which was in line with the third quarter of 2019. In total, operating income in the third quarter was $112 million, reflecting an operating margin of 23%, an all-time high. Operating income increased 100% over Q3 2019 and is the result of driving revenue growth; increasing our operational efficiency, with respect to head count costs; being prudent with our spend, particularly in light of COVID-19; and the shift of the aforementioned brand campaign from Q3 to Q4.

第三季度的 G&A 費用為 5000 萬美元，佔收入的 10%，與 2019 年第三季度持平。第三季度總營業收入為 1.12 億美元，營業利潤率為 23%，創歷史新高.營業收入比 2019 年第三季度增長 100%，是推動收入增長的結果；在人數成本方面提高我們的運營效率；謹慎使用我們的支出，特別是考慮到 COVID-19；以及上述品牌活動從第三季度到第四季度的轉變。

We believe this improvement in our operating margins affirms our ability to execute against our longer-term targets. Net income for the quarter was $110 million, up from $56 million a year ago. Diluted EPS was $0.26 per share based on 420 million diluted weighted average shares outstanding, up from $0.13 per share in the third quarter of 2019.

我們相信，營業利潤率的這種提高肯定了我們執行長期目標的能力。本季度的淨收入為 1.1 億美元，高於一年前的 5600 萬美元。基於 4.2 億股稀釋加權平均流通股，稀釋後每股收益為 0.26 美元，高於 2019 年第三季度的每股 0.13 美元。

Turning to our cash balance and cash flow. We ended Q3 with cash and short-term investments of $1.226 billion. Cash flow from operations was $201 million in the quarter. Capital expenditures were $14 million, yielding free cash flow of $187 million or 38% of revenue.

轉向我們的現金餘額和現金流。我們以 12.26 億美元的現金和短期投資結束了第三季度。本季度運營現金流為 2.01 億美元。資本支出為 1400 萬美元，產生了 1.87 億美元的自由現金流或收入的 38%。

Excluding the headquarter spend, net of TIAs of $3 million, and the payout of HelloSign deal consideration holdback of $4 million, free cash flow would have been $194 million or 40% of revenue. In Q3, we also added $42 million to our finance lease lines for data center equipment. We expect additions to our finance lease lines to be approximately 8% of revenue in 2020.

不包括總部支出，扣除 300 萬美元的 TIA 和 400 萬美元的 HelloSign 交易對價保留支出，自由現金流為 1.94 億美元或收入的 40%。在第三季度，我們還為數據中心設備的融資租賃額度增加了 4200 萬美元。我們預計到 2020 年，我們的融資租賃額度將佔收入的 8% 左右。

Now let's turn to guidance. For the fourth quarter of 2020, we expect revenue to be in the range of $497 million to $499 million. On a constant currency basis, we estimate that revenue would be approximately $2 million lower, Non-GAAP operating margin to be in the range of 22% to 22.5% and diluted weighted average shares outstanding to be in the range of 417 million to 422 million shares based on our trailing 30-day average share price.

現在讓我們轉向指導。對於 2020 年第四季度，我們預計收入將在 4.97 億美元至 4.99 億美元之間。在固定貨幣基礎上，我們估計收入將減少約 200 萬美元，非 GAAP 營業利潤率將在 22% 至 22.5% 之間，稀釋加權平均流通股在 4.17 億至 4.22 億之間股票基於我們過去 30 天的平均股價。

For the full year 2020, we are raising our revenue guidance range, which was previously $1.891 billion to $1.901 billion to $1.907 billion to $1.909 billion. On a constant currency basis, we estimate that revenue would be approximately $9 million higher, for a range of $1.916 billion to $1.918 billion.

對於 2020 年全年，我們正在提高我們的收入指導範圍，之前為 18.91 億美元至 19.01 億美元至 19.07 億美元至 19.09 億美元。在固定貨幣基礎上，我們估計收入將增加約 900 萬美元，範圍為 19.16 億美元至 19.18 億美元。

We are raising our non-GAAP operating margin guidance range, which was previously 18% to 18.5% to approximately 20%. And we are raising our free cash flow guidance range, which was previously $465 million to $475 million to $480 million to $490 million. Finally, we expect 2020 diluted weighted average shares outstanding to be in the range of 420 million to 425 million shares based on our trailing 30-day average share price.

我們正在將我們的非公認會計原則營業利潤率指導範圍從之前的 18% 到 18.5% 提高到大約 20%。我們正在提高我們的自由現金流指導範圍，之前為 4.65 億美元至 4.75 億美元至 4.8 億美元至 4.9 億美元。最後，根據我們過去 30 天的平均股價，我們預計 2020 年稀釋加權平均流通股在 4.2 億至 4.25 億股之間。

In addition to this guidance for the remainder of 2020, I wanted to highlight a few additional items that we believe will contribute to our execution against our investment thesis. First, as Drew noted, we are moving to a Virtual First company. This will have a financial impact as we take steps to de-cost our real estate portfolio, work to generate a return on our facilities through subleases and work to balance out our employee population by hiring in low-cost locations. We believe these steps will yield a net positive impact to our financial statements over time and will help us generate a return on our facilities.

除了對 2020 年剩餘時間的指導之外，我還想強調一些其他項目，我們認為這些項目將有助於我們執行我們的投資論點。首先，正如 Drew 所說，我們正在轉向一家 Virtual First 公司。隨著我們採取措施降低房地產投資組合的成本，努力通過轉租為我們的設施帶來回報，並通過在低成本地點招聘來平衡我們的員工人數，這將產生財務影響。我們相信，隨著時間的推移，這些步驟將對我們的財務報表產生淨積極影響，並將幫助我們在設施上產生回報。

While the actual amount and timing of the benefits will depend on the outcome of negotiations with potential subtenants, we estimate that this strategy may generate in excess of $800 million in cash flows over the course of these agreements, which predominantly range in duration between 13 and 15 years. This enhances our ability to invest in growth initiatives, return capital to shareholders and achieve our long-term targets. This said, as we do not expect to recover the full value of our lease obligations, we will record a GAAP impairment charge in the range of $400 million to $450 million related to our right-of-use and other lease-related assets.

雖然收益的實際金額和時間將取決於與潛在轉租人的談判結果，但我們估計該策略可能會在這些協議的過程中產生超過 8 億美元的現金流，這些協議的持續時間主要在 13 至15年。這增強了我們投資增長計劃、向股東返還資本和實現長期目標的能力。這就是說，由於我們預計不會收回我們的租賃義務的全部價值，我們將記錄與我們的使用權和其他租賃相關資產相關的 4 億美元至 4.5 億美元的 GAAP 減值費用。

The vast majority of this impairment charge will be recorded in the fourth quarter of 2020, though a portion may be incurred during the first half of 2021. I would also note that we plan to exclude this impairment charge from our non-GAAP operating income. And as such, these charges have not been included in our operating margin guidance.

大部分減值費用將記錄在 2020 年第四季度，儘管一部分可能會在 2021 年上半年產生。我還要指出，我們計劃從我們的非公認會計原則營業收入中排除這項減值費用。因此，這些費用並未包含在我們的營業利潤率指導中。

Next, I wanted to highlight our approach to managing our capital. Looking forward, as we work to achieve our long-term goals, we intend to allocate a significant portion of our annual free cash flow to share repurchases on an ongoing basis with the intention of maintaining a spend level that will at least offset dilution and potentially reduce share count. In addition, in the near term, we intend to increase the pace at which we repurchase shares under our existing repurchase authorization, with the potential to exhaust our current share repurchase authorization by the end of the first quarter of next year.

接下來，我想強調我們管理資本的方法。展望未來，隨著我們努力實現我們的長期目標，我們打算將我們年度自由現金流的很大一部分用於持續的股票回購，以維持至少抵消稀釋和潛在的支出水平減少股票數量。此外，在短期內，我們打算在現有的回購授權下加快回購股份的步伐，並有可能在明年第一季度末用完我們目前的股份回購授權。

We believe that utilizing our capital in this way is efficient, and we will ensure that we put the strength of our ability to generate cash to work. Collectively, our financial results and these future planned steps demonstrate our commitment to, and execution against, our investment thesis. We will continue to invest in revenue growth, improve our operating margins, aim to deliver $1 billion of free cash flow in 2024 and allocate capital to high-ROI initiatives. While it is early in the journey, we made good progress on these goals in this most recent quarter, and we remain on the path of delivering against our long-term targets.

我們相信，以這種方式利用我們的資金是有效的，我們將確保我們將產生現金的能力發揮作用。總的來說，我們的財務業績和這些未來計劃的步驟表明了我們對投資理念的承諾和執行。我們將繼續投資於收入增長，提高我們的營業利潤率，目標是在 2024 年實現 10 億美元的自由現金流，並將資金分配給高投資回報率的計劃。雖然還處於起步階段，但我們在最近一個季度在這些目標上取得了良好進展，並且我們仍然在實現我們的長期目標的道路上。

With that, I will turn it back to Drew for his concluding thoughts.

有了這個，我將把它轉回給德魯，以獲得他的結論性想法。

Thank you, Tim, and thank you all for joining us today. We're all really excited about the road ahead and believe we're uniquely suited to help our users thrive during the transition to distributed work. So on behalf of our management team, I'd like to take a moment to thank our customers, partners and the entire Dropbox team.

謝謝你，蒂姆，謝謝大家今天加入我們。我們都對未來的道路感到非常興奮，並相信我們非常適合幫助我們的用戶在向分佈式工作過渡期間茁壯成長。因此，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。

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

有了這個，我想打開問答電話。操作員？

(Operator Instructions) Our first question comes from the line of Rishi Jaluria with D.A. Davidson.

（操作員說明）我們的第一個問題來自 Rishi Jaluria 與 D.A.戴維森。

This is Philip Rigby on for Rishi. I wanted to start with deeper integrations with Canvas that you announced back in August. Now that, that's had a couple of months to settle in universities, curious if you have any insights you can share from usage of Dropbox by schools on Canvas? Or just even more broadly, what you've seen in terms of user adoption within education in the fall term?

這是Rishi的Philip Rigby。我想從您在 8 月份宣布的與 Canvas 的更深入集成開始。現在，已經有幾個月的時間在大學安頓下來，想知道您是否可以從 Canvas 上的學校使用 Dropbox 中分享任何見解？或者更廣泛地說，您在秋季學期教育中的用戶採用率方面看到了什麼？

Sure. This is Tim. I can start on that. So to your point, we did add an integration with Canvas. We also added one with Blackboard recently, and we've seen great traction with our EDU space, adding The University of Michigan last quarter and a few other universities in the past. So I think EDU is definitely part of our strategy and one of our long-term initiatives to keep driving ARR in the right direction.

當然。這是蒂姆。我可以從那開始。因此，就您而言，我們確實添加了與 Canvas 的集成。我們最近還使用 Blackboard 添加了一個，我們已經看到我們的 EDU 空間具有很大的吸引力，上個季度添加了密歇根大學和過去的其他幾所大學。因此，我認為 EDU 絕對是我們戰略的一部分，也是我們不斷推動 ARR 朝著正確方向發展的長期舉措之一。

Great. And then on R&D declining sequentially in the quarter, can you talk a little bit more about the drivers there? And just how you're thinking about hiring in R&D in the near term?

偉大的。然後關於本季度研發連續下降，你能多談談那裡的驅動因素嗎？你是如何考慮在短期內招聘研發部門的？

Sure. So we continue to see strong efficiency in R&D and really across all of our OpEx categories. And I think that's where you see our operating income continued to be strong. We did increase operating income 100% year-over-year, ending the quarter with 23% operating margin, up 10 points year-over-year and expect to deliver 20% in op margin for the year. Within R&D, we're seeing efficiency as far as our personnel spend, and we continue to expect that throughout the rest of the year.

當然。因此，我們繼續看到研發和所有運營支出類別的強大效率。我認為這就是你看到我們的營業收入繼續強勁的地方。我們確實同比增加了 100% 的營業收入，本季度末營業利潤率為 23%，同比增長 10 個百分點，預計全年營業利潤率將達到 20%。在研發方面，我們看到了人員支出的效率，並且我們在今年餘下的時間裡繼續期待這一點。

Our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

This is Pinjalim sitting in for Mark. Drew, one product question for you. I mean content is obviously in the center of majority of the business processes. While we have seen some workflow capabilities in HelloSign and some inside of Paper, we have not seen a general-purpose workflow engine from Dropbox that could go into automating business processes around content. Do you think that's an area that Dropbox might venture into at some point?

這是 Pinjalim 替 Mark 坐下。德魯，給你一個產品問題。我的意思是內容顯然是大多數業務流程的中心。雖然我們在 HelloSign 和 Paper 中看到了一些工作流功能，但我們還沒有看到 Dropbox 的通用工作流引擎可以用於圍繞內容自動化業務流程。您認為 Dropbox 在某個時候可能會涉足這個領域嗎？

Sure. Yes. So certainly, we've done a lot more moving into workflows in general. And the way we focus on that is really from an end user self-serve perspective and just thinking about what those key workflows are around content and expanding into them. So HelloSign is a great example. There are a number of others, Dropbox Transfer for sending content. And so initially, we're focused on just addressing these workflows directly that are adjacent to the content. But you're right. I think more broadly, content -- or there's all kinds of workflows that revolve around content. We address those through our ecosystem integrations. We partner with a lot of the horizontal workflow automation tools to drive the ability to get content in and out of Dropbox is generally well supported by the workflow automation tools. And more broadly, just expanding into a lot of our customers' key workflows around content continues to be a big focus for us.

當然。是的。所以當然，我們在一般工作流程方面做了很多工作。我們關注這一點的方式實際上是從最終用戶自助服務的角度來看，只是考慮那些圍繞內容的關鍵工作流程並擴展到它們。所以 HelloSign 就是一個很好的例子。還有許多其他的，用於發送內容的 Dropbox Transfer。因此，最初，我們專注於直接解決與內容相鄰的這些工作流程。但你是對的。我想更廣泛地說，內容——或者有各種圍繞內容的工作流程。我們通過生態系統集成來解決這些問題。我們與許多橫向工作流自動化工具合作，以推動將內容輸入和輸出 Dropbox 的能力通常得到工作流自動化工具的良好支持。更廣泛地說，只是擴展到我們的許多客戶圍繞內容的關鍵工作流程仍然是我們的重點。

Understood. And on to -- Tim, one question for you. Thanks for reiterating the long-term goals, that's pretty exciting. But I think in the past, you have mentioned that you would like to maintain kind of a double-digit revenue growth rate as you progress towards the long-term target. Is that still applicable? And how are you thinking of that growth coming from ARPU versus user growth? Do you think it will be more weighted towards ARPU versus user growth or more balanced?

明白了。然後——蒂姆，有一個問題要問你。感謝您重申長期目標，這非常令人興奮。但我認為，您過去曾提到，隨著您朝著長期目標邁進，您希望保持兩位數的收入增長率。這仍然適用嗎？您如何看待來自 ARPU 與用戶增長的增長？您認為與用戶增長相比，ARPU 會更重要還是更平衡？

Sure. Great question. We will have more to share on our February call, when we issue 2021 guidance as far as long-term growth. I can say that we are investing for double-digit revenue growth. And perhaps more on the profitability front, even with conservative revenue growth rates, we have confidence in our long-term margin trajectory of 28% to 30%, and our cash flow target of $1 billion in 2024, compounding -- free cash flow at a 20% CAGR over that time horizon.

當然。好問題。當我們發布關於長期增長的 2021 年指導時，我們將在 2 月的電話會議上分享更多信息。我可以說我們正在為兩位數的收入增長進行投資。也許更多的是在盈利能力方面，即使收入增長率保守，我們對我們 28% 至 30% 的長期利潤率軌跡以及 2024 年 10 億美元的現金流目標充滿信心，複合 - 自由現金流為在該時間範圍內的複合年增長率為 20%。

So we are extremely focused on executing against that long-term model. As far as the split between paying users and ARPU, we don't formally guide to either paying users or ARPU. I'd look to our revenue guidance for the best reference point for our expectations and profitably growing our total ARR base is our goal as opposed to optimizing for paying users or ARPU. Historically, paying users has been the largest contributor to that growth. And I guess, I wouldn't see that changing materially into the future.

因此，我們非常專注於執行該長期模型。至於付費用戶和 ARPU 之間的劃分，我們沒有正式指導付費用戶或 ARPU。我希望我們的收入指導能夠為我們的預期提供最佳參考點，並且盈利地增加我們的總 ARR 基礎是我們的目標，而不是針對付費用戶或 ARPU 進行優化。從歷史上看，付費用戶一直是這一增長的最大貢獻者。而且我想，我不會看到這種情況在未來發生實質性變化。

Our next question comes from the line of 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. I had a couple questions. One was around, obviously, the new product initiatives, especially the 2 add-ons that you mentioned, Creative Tools and Data Migration. Wanted to sort of see what kind of revenue opportunity this would provide. Are these add-ons that you're planning to monetize? Or any additional details there would be helpful.

這是布倫特希爾的 Luv Sodha。我有幾個問題。顯然，其中一個是圍繞新產品計劃，尤其是您提到的 2 個附加組件，創意工具和數據遷移。想看看這會提供什麼樣的收入機會。您是否打算通過這些附加組件獲利？或者那裡的任何其他細節都會有所幫助。

Yes. So it's -- both of these add-ons are really about making the experience better for our larger customers. So Migration, obviously, is easing the onboarding process, making easier to get up and running on Dropbox. And the Creative Tools focusing on the creative segment. So Dropbox is really differentiated among users that -- or you think about the creative audience, they work with a lot of large files, a lot of the creative suites and the fact that we handle large files well is really important to them, and we see a lot of opportunities to simplify their workflows. So yes, we are -- these are add-ons that we're monetizing directly. They're certainly good examples of our focus on really making the creative community successful, and we've done other things in that area recently. We got a partnership with Adobe and other -- and similar partnerships elsewhere. So we're definitely focused on these kinds of communities where Dropbox is really differentiated, and we see a lot of opportunities more broadly to have other add-ons and cross-sell opportunities.

是的。因此，這兩個附加組件實際上都是為了為我們的大客戶提供更好的體驗。因此，顯然，遷移正在簡化入職流程，更容易在 Dropbox 上啟動和運行。以及專注於創意部分的創意工具。所以 Dropbox 在用戶中確實與眾不同——或者你想想創意受眾，他們處理大量大文件、大量創意套件，我們處理好大文件這一事實對他們來說非常重要，我們看到很多機會來簡化他們的工作流程。所以是的，我們是——這些是我們直接貨幣化的附加組件。它們無疑是我們專注於真正讓創意社區成功的好例子，而且我們最近在該領域做了其他事情。我們與 Adobe 和其他公司以及其他地方的類似合作夥伴建立了合作夥伴關係。因此，我們絕對專注於 Dropbox 真正與眾不同的這類社區，並且我們看到了更多更廣泛的機會來擁有其他附加組件和交叉銷售機會。

Got it. And maybe one quick one on the operating margin side. Obviously, historic margins, but I guess, could you contextualize how much of the benefit you saw was like onetime versus how much is sustainable going forward? And any indication on like what sales and marketing spend will be for next quarter?

知道了。在營業利潤率方面，也許是一個快速的。顯然，歷史利潤，但我想，你能把你看到的好處中有多少是一次性的，而有多少是可持續的？以及關於下一季度銷售和營銷支出的任何跡象？

Sure. So again, we're extremely focused on executing against our long-term model, which targets 28% to 30% operating margin. And as noted, operating margin increased to 100% year-over-year. As far as the drivers in the third quarter, key drivers were higher revenue; increasing our operational efficiency with respect to head count costs; being prudent with our spend, particularly in light of COVID; and improvement in our FX rates.

當然。同樣，我們非常專注於執行我們的長期模型，該模型的目標是 28% 到 30% 的營業利潤率。如前所述，營業利潤率同比增長至 100%。就第三季度的驅動因素而言，主要驅動因素是收入增加；提高我們在人數成本方面的運營效率；謹慎使用我們的支出，尤其是在 COVID 的情況下；並提高我們的外匯匯率。

I wouldn't necessarily call out any onetime items. One matter that I did mention in my remarks was our brand campaign shifted to the fourth quarter, so a bit of a delta relative to the guidance we gave last quarter as far as what drove some of that beat. And so some of that is shifting into the fourth quarter, but that's all factored into our guidance.

我不一定會說出任何一次性物品。我在講話中確實提到的一件事是我們的品牌活動轉移到了第四季度，因此相對於我們上季度給出的指導，就推動了一些節拍而言，這有點三角洲。所以其中一些正在轉移到第四季度，但這一切都納入了我們的指導。

Our next question comes from the line of Pat Walravens with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Pat Walravens。

This is Mark on for Pat. So I have 2 quick ones, if I may. So one is just could you give us an update on HelloSign this quarter. And two, how are you thinking about M&A to add additional functionalities to take advantage of the work-from-home trend?

這是帕特的標記。所以我有兩個快速的，如果可以的話。因此，您能否在本季度向我們提供有關 HelloSign 的最新信息。第二，您如何看待併購以增加額外功能以利用在家工作的趨勢？

Yes. Thanks for the question. So first, on HelloSign, we continue to see strong demand. I mean trial volumes in Q3 continued to be 45% above pre-COVID levels. We've recently integrated HelloSign more fully into the Core Dropbox product as well as our go-to-market efforts. And then on the product itself, for example, in Q3, we made HelloSign available in 21 additional languages for broader reach. So this could -- so HelloSign continues to be a big opportunity for us. It's one of our fastest-growing businesses. We think it's still early innings for HelloSign. And then more broadly, with M&A, we're always on the lookout for great opportunities there. I mean M&A has been a really important building block as we've grown the company. And so we're always looking for opportunities to accelerate innovation by adding to our team or product portfolio. And our strong balance sheet, free cash flow, we got the firepower to pursue these opportunities with a big user base and platform to help drive distribution. So certainly, on lookout for opportunities, and we'll be disciplined with these investments.

是的。謝謝你的問題。首先，在 HelloSign 上，我們繼續看到強勁的需求。我的意思是第三季度的試驗量繼續比 COVID 之前的水平高出 45%。我們最近將 HelloSign 更全面地集成到 Core Dropbox 產品以及我們的上市工作中。然後在產品本身上，例如，在第三季度，我們提供了 21 種其他語言的 HelloSign，以擴大覆蓋面。所以這可能 - 所以 HelloSign 對我們來說仍然是一個巨大的機會。這是我們發展最快的業務之一。我們認為 HelloSign 仍處於早期階段。然後更廣泛地說，通過併購，我們一直在尋找巨大的機會。我的意思是，隨著我們公司的發展，併購一直是一個非常重要的組成部分。因此，我們一直在尋找機會通過增加我們的團隊或產品組合來加速創新。我們強大的資產負債表和自由現金流，讓我們有能力利用龐大的用戶群和平台來尋求這些機會，以幫助推動分銷。因此，當然，在尋找機會時，我們將在這些投資方面受到紀律處分。

Our next question comes from the line of Heather Bellini with Goldman Sachs.

我們的下一個問題來自高盛集團的 Heather Bellini。

Great. Most of mine have been answered, Drew, but I just wanted to ask a little bit about what you're seeing in terms of the funnel. You guys talked a lot about kind of top-of-funnel enhancement during the pandemic as a result of everyone switching to working remotely. So I was wondering if you could just give us an update on kind of how those conversions are progressing versus your plans. And then also, obviously, just given the environment and kind of significant job losses everywhere, how are you -- how is gross churn trending versus what you would have been seeing, call it, pre the COVID levels? And is it starting to show signs, but it's actually -- that gross churn might be coming down a little bit?

偉大的。德魯，我的大部分問題都已得到答复，但我只是想問一下您在漏斗方面看到的情況。由於每個人都轉向遠程工作，你們在大流行期間談論了很多關於漏斗頂部的增強。因此，我想知道您是否可以向我們提供有關這些轉換與您的計劃相比的進展情況的最新信息。然後，很明顯，考慮到環境和到處都有大量的失業，你好嗎 - 總流失趨勢與你在 COVID 水平之前所看到的情況相比如何？它是否開始出現跡象，但實際上 - 總流失率可能會下降一點？

Sure. This is Tim. The COVID demand surge that we experienced was largely constrained to the second quarter, and we're pleased to have converted and retained those users at levels consistent with historical trends. This has all been factored into our guidance and is part of what's driving our raise. In the third quarter, trial starts were closer to our historical norms. And we do continue to see elevated trial starts in some of our premium SKUs and new products. Just to give a few examples. Professional is actually up 25% from pre-COVID levels, and HelloSign is actually up 45% from pre-COVID levels. And we're seeing steady conversion and retention relative to historical levels.

當然。這是蒂姆。我們所經歷的 COVID 需求激增在很大程度上受限於第二季度，我們很高興將這些用戶轉換並保留在與歷史趨勢一致的水平。這一切都已納入我們的指導，也是推動我們加薪的一部分。在第三季度，試驗開始更接近我們的歷史標準。我們確實繼續看到我們的一些優質 SKU 和新產品的試用開始增加。只是舉幾個例子。 Professional 實際上比 COVID 之前的水平提高了 25%，HelloSign 實際上比 COVID 之前的水平提高了 45%。我們看到相對於歷史水平的穩定轉換和保留。

And then, I guess, maybe to add a little bit on the churn front, not metrics that we're updating quarterly. But to give you some color, across the business, churn continues to be stable, and retention is within historical levels.

然後，我想，也許是在客戶流失方面增加一點，而不是我們每季度更新的指標。但是為了給您一些色彩，在整個業務中，客戶流失率繼續保持穩定，並且保留率在歷史水平之內。

Yes. And just building on that, particularly with the SMBs that we have on our platform, I mean, Dropbox is often essential to their business operations as opposed to discretionary because all businesses need to collaborate around content, and knowledge workers -- and these kind of knowledge workers can generally work from home and they've been less disruptive.

是的。只是在此基礎上，特別是對於我們平台上的中小型企業，我的意思是，Dropbox 通常對他們的業務運營至關重要，而不是自由裁量權，因為所有企業都需要圍繞內容和知識工作者進行協作——而這類知識工作者通常可以在家工作，而且他們的破壞性較小。

There are no further questions. I would now like to turn the call back to your CEO, Drew Houston, for closing remarks.

沒有進一步的問題。我現在想將電話轉回給您的首席執行官 Drew Houston，以致閉幕詞。

All right. Well, we want to thank everyone for joining us, really appreciate your support, and stay safe, and we'll talk to you next quarter.

好的。好吧，我們要感謝大家加入我們，非常感謝您的支持，並保持安全，我們將在下個季度與您交談。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。