Dropbox Inc (DBX) 2020 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for joining Dropbox' Second Quarter 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of Dropbox' website following this call.

女士們，先生們，美好的一天。感謝您參加 Dropbox 2020 年第二季度收益電話會議。 （操作員說明）作為提醒，本次電話會議正在錄音中，可在本次電話會議後從 Dropbox 網站的投資者關係部分重播。

I will now hand the call over to Lev Finkelstein, Dropbox' VP of Corporate Finance and Strategy. Please go ahead.

現在，我將把電話轉給 Dropbox 的企業財務和戰略副總裁 Lev Finkelstein。請繼續。

Thank you. Good afternoon, and welcome to Dropbox' Second Quarter 2020 Earnings Call. Today, Dropbox will discuss the quarterly financial results that were distributed earlier. Statements on this call include forward-looking statements, including the potential impact of the COVID-19 pandemic and related public health responses on our business, financial results and the economy; statements relating to the expected performance of our business, future financial results, including expectations regarding future profitability and our ability to generate and sustain positive free cash flow; our ability to extend our platform by developing and offering new products and features; our strategy as well as the ability of our key employees to execute our strategy, long-term growth, and overall future prospects. 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-K for the year ended December 31, 2019, and the risk factors that will be included in our Form 10-Q for the quarter ended June 30, 2020.

謝謝你。下午好，歡迎參加 Dropbox 2020 年第二季度財報電話會議。今天，Dropbox 將討論早些時候發布的季度財務業績。本次電話會議的聲明包括前瞻性聲明，包括 COVID-19 大流行和相關公共衛生應對措施對我們的業務、財務業績和經濟的潛在影響；與我們的業務預期業績、未來財務業績有關的報表，包括對未來盈利能力的預期以及我們產生和維持正自由現金流的能力；我們通過開發和提供新產品和功能來擴展我們平台的能力；我們的戰略以及我們的關鍵員工執行我們的戰略、長期增長和整體未來前景的能力。這些陳述受已知和未知風險和不確定性的影響，可能導致實際結果與本次電話會議期間預計或暗示的結果存在重大差異，特別是截至 12 月 31 日止年度的 10-K 表格中包含的風險因素中描述的那些，2019 年，以及將包含在我們截至 2020 年 6 月 30 日的季度的 10-Q 表中的風險因素。

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 financial 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, which can be found 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財務措施應作為我們公認會計原則結果的補充而不是替代或孤立考慮。 GAAP 與非 GAAP 結果的對賬可以在我們今天向 SEC 提交的 8-K 表格隨附的收益發布中找到，也可以在我們的投資者關係網站上發布的補充投資者材料中找到，該網站可以在investors.dropbox.com 上找到。

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。

Thanks, Lev, and good afternoon, everyone. Welcome to our Q2 earnings call. On the call with me is Ajay Vashee, our Chief Financial Officer. And Olivia Nottebohm, our Chief Operating Officer, will also join us during Q&A. Similar to last quarter, the 3 of us are dialing in remotely from our homes. So please forgive us for any sound quality issues or background noise over the next hour.

謝謝，列夫，大家下午好。歡迎來到我們的第二季度財報電話會議。與我通話的是我們的首席財務官 Ajay Vashee。我們的首席運營官 Olivia Nottebohm 也將加入我們的問答環節。與上個季度類似，我們三個人在家中遠程撥號。因此，請原諒我們在接下來的一個小時內出現的任何音質問題或背景噪音。

I'd like to start by thanking Ajay for all he's contributed to Dropbox over the last 8 years. As you've likely seen, we've announced that he'll be leaving us this fall to spend more time with the family and then transition to a career in venture capital. When Ajay started at Dropbox, the cloud collaboration market was still nascent, and we were just getting started. We only had 100 employees. During his tenure, he's helped us scale to a public company with a resilient, profitable business model and nearly 3,000 employees all over the world. We're grateful for the strong foundation and incredible team he's established, and we couldn't have gotten here without him. Ajay's leadership and investment in his team makes this a relatively seamless transition.

首先，我要感謝 Ajay 在過去 8 年中為 Dropbox 所做的一切。正如您可能已經看到的，我們已經宣布他將在今年秋天離開我們，花更多的時間陪伴家人，然後過渡到風險投資行業。當 Ajay 在 Dropbox 開始工作時，雲協作市場還處於萌芽階段，而我們才剛剛起步。我們只有 100 名員工。在他的任期內，他幫助我們發展成為一家擁有彈性、盈利的商業模式並在全球擁有近 3,000 名員工的上市公司。我們感謝他建立的強大基礎和令人難以置信的團隊，沒有他我們不可能走到今天。 Ajay 的領導力和對團隊的投入使這次過渡相對順利。

On that note, I'm excited to welcome Tim Regan, our Chief Accounting Officer, as our new CFO. In his last 3 years of the company, Tim has demonstrated exceptional leadership with the operational skill and discipline needed for his new role. Tim brings over 2 decades of experience to Dropbox. He was previously a controller of Pandora and held senior positions at Dolby and Ernst & Young. We couldn't be happier to have Tim as our new CFO and are confident that Dropbox will be successful in his capable hands. He'll officially step into the role on September 15, and Ajay will remain an adviser to the company until mid-October to ensure a smooth transition.

在這方面，我很高興歡迎我們的首席會計官 Tim Regan 擔任我們的新首席財務官。在公司工作的最後 3 年中，Tim 展示了卓越的領導能力以及新職位所需的運營技能和紀律。 Tim 為 Dropbox 帶來了超過 2 年的經驗。他之前是 Pandora 的控制人，並在杜比和安永擔任高級職位。我們非常高興有 Tim 擔任我們的新 CFO，並且相信 Dropbox 將在他能幹的手中取得成功。他將於 9 月 15 日正式上任，Ajay 將繼續擔任公司顧問，直至 10 月中旬，以確保順利過渡。

With that, let's turn to the remainder of our call. Today, I'll talk about our business and product highlights and the continued expansion of our ecosystem. Ajay will review our Q2 financial results, touch on our go-to-market strategy and provide guidance for Q3 and fiscal 2020.

有了這個，讓我們轉向我們通話的其餘部分。今天，我將談談我們的業務和產品亮點以及我們生態系統的持續擴展。 Ajay 將審查我們的第二季度財務業績，探討我們的上市戰略，並為第三季度和 2020 財年提供指導。

Before we move to our quarterly results, I want to provide some updates around how we're managing operations in a distributed work environment. The health and safety of our employees remains our #1 priority, and we've officially extended our work from home policy through the end of the year. I also want to commend the entire team at Dropbox for doing an incredible job navigating these unprecedented circumstances. Over the past few months, they've been hard at work launching new features and products aimed at helping our users manage their most important workflows during these unique times.

在我們轉向我們的季度業績之前，我想提供一些關於我們如何在分佈式工作環境中管理運營的更新。員工的健康和安全仍然是我們的第一要務，我們已正式將居家辦公政策延長至年底。我還想讚揚 Dropbox 的整個團隊在應對這些前所未有的情況時所做的出色工作。在過去的幾個月裡，他們一直在努力推出新功能和產品，旨在幫助我們的用戶在這些特殊時期管理他們最重要的工作流程。

We've also been focused on providing extra support to our customers most impacted by COVID-19. In certain cases, we provided relief by extending the payment terms and changing invoice frequency to ensure they have the tools they need to get their best work done.

我們還一直專注於為受 COVID-19 影響最嚴重的客戶提供額外支持。在某些情況下，我們通過延長付款期限和更改發票頻率來提供救濟，以確保他們擁有完成最佳工作所需的工具。

And over the past quarter, we also expanded several of our larger-scale educational deployments and onboarded new customers like the University of Michigan. Our deployment with the University of Michigan represents one of our largest educational deals to date as institutions around the world look to accelerate their digital transformation efforts and shift to a remote learning environment. Companies are also increasing their reliance on Dropbox as they make the transition to distributed work.

在過去的一個季度中，我們還擴展了幾個更大規模的教育部署，並吸引了密歇根大學等新客戶。我們與密歇根大學的部署是迄今為止我們最大的教育交易之一，因為世界各地的機構都希望加快其數字化轉型努力並轉向遠程學習環境。在向分佈式工作過渡的過程中，公司也越來越依賴 Dropbox。

Just a few weeks ago, a major European luxury retail company significantly expanded their deployment with Dropbox to over 20,000 seats. As part of the 7-figure deal, the company plans to accelerate their shift to the cloud and cited our new desktop application as a critical tool for their employees to securely collaborate on one -- with one another wherever they are.

就在幾週前，一家大型歐洲奢侈品零售公司使用 Dropbox 將其部署顯著擴大到 20,000 多個座位。作為 7 位數交易的一部分，該公司計劃加速他們向雲的轉變，並將我們的新桌面應用程序作為員工安全協作的關鍵工具——無論他們身在何處。

We're fortunate and proud that our product lends itself well to the facilitation of remote work and collaboration. I'm excited to announce that we now have more than 500,000 Dropbox Business teams on our platform. And over the past quarter, more than 450,000 of those teams are now using our new desktop application, which gives knowledge workers a unified home for their content and connects them to popular tools like Slack, Zoom and Atlassian.

我們很幸運也很自豪，我們的產品非常適合促進遠程工作和協作。我很高興地宣布，我們的平台上現在擁有超過 500,000 個 Dropbox Business 團隊。在過去的一個季度中，超過 450,000 個團隊現在正在使用我們的新桌面應用程序，它為知識工作者提供了一個統一的家來存放他們的內容，並將他們連接到 Slack、Zoom 和 Atlassian 等流行工具。

Across Q2, trial volumes to our team and individual plans also remained elevated and were 20% higher than pre-COVID levels. I'd note that the conversion rates of these larger cohorts have remained consistent with average historical figures, which is encouraging and underscores the value that users are driving from our products and platform.

在第二季度，我們團隊和個人計劃的試驗量也保持在較高水平，比 COVID 之前的水平高出 20%。我會注意到，這些較大群組的轉化率與平均歷史數據保持一致，這是令人鼓舞的，並強調了用戶從我們的產品和平台中獲得的價值。

Turning to our quarterly results. In Q2, we continue to see strength across our business. Revenue grew 18% year-over-year on a constant currency basis driven by increases in both paying users and ARPU. We also drove robust margin expansion as we continue to deliver a healthy balance of growth and profitability. These results underscore the strength of our global collaboration platform, our efficient go-to-market strategy and our operational discipline.

轉向我們的季度業績。在第二季度，我們繼續看到我們業務的實力。在付費用戶和 ARPU 增長的推動下，按固定匯率計算，收入同比增長 18%。隨著我們繼續實現增長和盈利能力的健康平衡，我們還推動了強勁的利潤率擴張。這些結果凸顯了我們全球協作平台的實力、我們高效的上市戰略和我們的運營紀律。

Let's move on to some of the product highlights from the quarter. We're focused on providing more value to our users through consistent feature and product introductions. And in Q2, we added a number of high-value features to our Plus SKU to give users the tools they need to better manage both their work and personal lives.

讓我們繼續討論本季度的一些產品亮點。我們專注於通過一致的功能和產品介紹為我們的用戶提供更多價值。在第二季度，我們在 Plus SKU 中添加了許多高價值功能，為用戶提供他們需要的工具，以更好地管理他們的工作和個人生活。

First, we launched Dropbox Passwords. Dropbox Passwords enables users to store login credentials for websites and apps and synced them across all of their devices. And with zero-knowledge encryption, users can ensure their data's securely protected and accessible only to them.

首先，我們推出了 Dropbox Passwords。 Dropbox Passwords 使用戶能夠存儲網站和應用程序的登錄憑據，並在他們的所有設備上同步這些憑據。通過零知識加密，用戶可以確保他們的數據受到安全保護並且只有他們自己可以訪問。

We also launched Vault, a secure folder with an extra layer of security for all your most important personal files, like insurance cards and passports and personal financial information. Content stored in Vault is only accessible with a pin code, and users can enjoy peace of mind knowing that they can designate access to trusted friends and family members in the event of emergency.

我們還推出了 Vault，這是一個安全文件夾，可為您所有最重要的個人文件（如保險卡和護照以及個人財務信息）提供額外的安全保護。存儲在 Vault 中的內容只能通過 PIN 碼訪問，用戶可以放心，因為他們可以指定在緊急情況下訪問受信任的朋友和家人的權限。

And finally, we launched computer backup, a feature that allows users to automatically back up folders on their PC or Mac, including their desktop, downloads and documents folders, directly into their Dropbox. Files and folders are continuously sync between the cloud and the user's hard drive, and changes made to their content are automatically updated in both locations.

最後，我們推出了計算機備份功能，該功能允許用戶自動將 PC 或 Mac 上的文件夾（包括桌面、下載和文檔文件夾）直接備份到 Dropbox 中。文件和文件夾在雲和用戶硬盤之間持續同步，對其內容所做的更改會在兩個位置自動更新。

These 3 features are now available in beta to our Plus subscribers and represent one of the biggest updates we've made to this SKU since its inception.

這 3 項功能現在以測試版形式提供給我們的 Plus 訂閱者，是我們自此 SKU 推出以來對其進行的最大更新之一。

In addition to improving the Plus plan, we also launched a brand-new SKU into beta last quarter: Dropbox Family. This new SKU keeps a family's digital lives connected with one organized place to share photos, videos and important documents. Dropbox Family lets up to 6 members share 2 terabytes of storage under 1 plan with 1 bill. Members can create shared spaces to make content easily accessible to the whole family, and each member has their own private space for personal content. We're currently beta testing the Dropbox Family product with select Dropbox users and plan to roll it out more broadly across the second half of the year.

除了改進 Plus 計劃外，我們還在上個季度推出了一個全新的 SKU 進入測試版：Dropbox Family。這個新的 SKU 將家庭的數字生活與一個有組織的地方聯繫在一起，以共享照片、視頻和重要文件。 Dropbox Family 允許多達 6 名成員在 1 個計劃下共享 2 TB 的存儲空間和 1 個賬單。成員可以創建共享空間，使全家人都可以輕鬆訪問內容，並且每個成員都有自己的私人空間來存放個人內容。我們目前正在與部分 Dropbox 用戶進行 Dropbox Family 產品的 Beta 測試，併計劃在今年下半年更廣泛地推出該產品。

In Q2, we also continue to make progress against our product integration strategy with HelloSign. HelloSign is now natively embedded in the Dropbox product surfaces. And now, when a user opens a file in Dropbox, they can quickly identify which fields need to be signed and send that file out for e-signature. And once the file is signed by the recipient, the complete document is automatically saved into the appropriate Dropbox folder. This is a big improvement to the overall user experience. Not only does the entire end-to-end workflow live within Dropbox, but this also makes HelloSign the primary e-signature tool for Dropbox users around the world.

在第二季度，我們還繼續在與 HelloSign 的產品集成戰略方面取得進展。 HelloSign 現在原生嵌入在 Dropbox 產品界面中。現在，當用戶在 Dropbox 中打開文件時，他們可以快速確定哪些字段需要簽名並將該文件發送出去以進行電子簽名。收件人簽署文件後，完整的文檔會自動保存到相應的 Dropbox 文件夾中。這是對整體用戶體驗的重大改進。不僅整個端到端的工作流程都存在於 Dropbox 中，這也使 HelloSign 成為全球 Dropbox 用戶的主要電子簽名工具。

To capitalize on the growing international opportunity, we also launched HelloSign in 21 additional languages this past quarter, bringing effortless e-signature functionality and a fully localized experience to businesses globally. We also expanded our customer service to include additional support hours for the EMEA and APJ regions. Investments like the use have helped to propel adoption of the HelloSign product suite.

為了利用日益增長的國際機遇，我們還在上個季度推出了 21 種其他語言的 HelloSign，為全球企業帶來輕鬆的電子簽名功能和完全本地化的體驗。我們還擴展了我們的客戶服務，包括針對 EMEA 和 APJ 地區的額外支持時間。使用等投資有助於推動 HelloSign 產品套件的採用。

Across Q2, usage of both the HelloSign API product as well as the core eSignature solution increased by more than 25% relative to Q1 levels. And trials to HelloSign's digital fax solution, HelloFax, also increased by more than 25% during the same period. It's exciting to see this increased usage of HelloSign products, and we remain committed to leveraging our broad distribution channels to continue driving adoption of HelloSign SKUs.

在整個第二季度，HelloSign API 產品和核心電子簽名解決方案的使用量都比第一季度增加了 25% 以上。同期，對 HelloSign 數字傳真解決方案 HelloFax 的試用也增加了 25% 以上。很高興看到 HelloSign 產品的使用量增加，我們將繼續致力於利用我們廣泛的分銷渠道來繼續推動 HelloSign SKU 的採用。

And beyond the improvements we made to the core Dropbox and HelloSign experiences, we've also been focused on expanding our ecosystem of trusted partners to position Dropbox at the center of our users' workflows. And in Q2, we launched the new Dropbox App Center, a place where users can discover and learn about and connect apps to their Dropbox account, helping to create more engaging, higher-value and retentive experience within our platform. Now customers can easily link commonly used tools from partners like Canva, Smartsheet and Google to their Dropbox account with just a few clicks.

除了對 Dropbox 和 HelloSign 核心體驗進行改進之外，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。在第二季度，我們推出了新的 Dropbox 應用中心，用戶可以在這裡發現和了解應用並將其連接到他們的 Dropbox 帳戶，從而幫助在我們的平台內創造更具吸引力、更高價值和持久性的體驗。現在，客戶只需點擊幾下即可輕鬆地將來自 Canva、Smartsheet 和 Google 等合作夥伴的常用工具鏈接到他們的 Dropbox 帳戶。

In summary, we delivered another great quarter. Demand for our products remain strong as more people have turned to both Dropbox and HelloSign to manage their most important workflows. We're also excited about the opportunity ahead. It's clear to me that the shift to distributed work will ultimately be as significant as the shift to mobile or the shift to cloud, and all knowledge workers need new and better ways to organize their working lives in this new environment. We've completely reoriented our product road map since March and see many opportunities to design new products and experiences for distributed work, and I'm excited to share more of what we've been working on in the second half of the year.

總之，我們又交付了一個很棒的季度。隨著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，對我們產品的需求依然強勁。我們也對未來的機會感到興奮。我很清楚，向分佈式工作的轉變最終將與向移動或向雲的轉變一樣重要，所有知識工作者都需要新的、更好的方式來在這個新環境中組織他們的工作生活。自 3 月以來，我們已經完全重新定位了我們的產品路線圖，並看到了許多為分佈式工作設計新產品和體驗的機會，我很高興能分享更多我們在下半年所做的工作。

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

我現在將把它交給 Ajay 來介紹我們的財務業績。

Drew, thank you for all of your support and partnership over the past 8 years. It's been an absolute pleasure working alongside you and the Dropbox team, and I'm going to miss everyone at the company as I move on to my next endeavor. I'd also like to convey how excited I am to pass the reins to Tim. Tim was my first hire as CFO and couldn't be more prepared to help lead Dropbox through its next phase.

Drew，感謝您在過去 8 年中的所有支持和合作。與您和 Dropbox 團隊一起工作非常愉快，我會想念公司的每一個人，因為我會繼續我的下一個工作。我還想表達我是多麼興奮將韁繩交給蒂姆。 Tim 是我作為首席財務官的第一個僱員，他已經準備好幫助領導 Dropbox 進入下一階段。

Turning to the numbers. Our Q2 results continue to demonstrate our strong execution and focus on delivering a healthy balance of top line growth and profitability. Total revenue for the quarter was up 16% year-over-year to $467 million. On a constant currency basis, year-over-year growth would have been 18%. ARR for the quarter was $1.931 billion, an increase of $67 million quarter-over-quarter and an increase of 17% year-over-year. On a constant currency basis, year-over-year ARR growth would have been 18%.

轉向數字。我們的第二季度業績繼續展示我們強大的執行力，並專注於實現收入增長和盈利能力的健康平衡。本季度總收入同比增長 16% 至 4.67 億美元。按固定匯率計算，同比增長率為 18%。本季度的 ARR 為 19.31 億美元，環比增長 6700 萬美元，同比增長 17%。按固定匯率計算，ARR 的年增長率為 18%。

We ended Q2 with 15 million paying users and ARPU was $126.88 in the period. Our continued growth in ARR reflects our strategy to methodically convert our highest-value users to drive sustainable monetization and retention. We've also been focused on supporting our customers as they manage the transition to remote work and learning, from small and large businesses to global universities.

我們在第二季度結束時擁有 1500 萬付費用戶，該期間的 ARPU 為 126.88 美元。我們 ARR 的持續增長反映了我們有條不紊地轉換我們的最高價值用戶以推動可持續貨幣化和保留的戰略。我們還一直專注於支持我們的客戶，因為他們管理從小型和大型企業到全球大學的遠程工作和學習的過渡。

With that, let's touch on some of the go-to-market strategies we implemented this past quarter. Over the last few months, our data science team has been experimenting with a HelloSign upsell model that identifies which Dropbox customers are most likely to convert to a paying HelloSign subscriber. Based on file types, shared folder activity and certain engagement characteristics, the machine learning model aggregates a list of Dropbox users who would benefit from HelloSign's e-signature capabilities. Armed with this context, our growth team surfaced a series of in-app targeted prompts and notifications promoting HelloSign and its feature set. The initial experimentation period has been promising. Users identified by the model signed up for a HelloSign trial at a 50% higher rate relative to a control group. And with the recent HelloSign and Dropbox deep integration that Drew mentioned earlier, we're excited about the opportunity for us to continue cross-selling HelloSign into our installed base of over 600 million registered users.

有了這個，讓我們談談我們在上個季度實施的一些上市策略。在過去的幾個月裡，我們的數據科學團隊一直在試驗 HelloSign 追加銷售模型，該模型可以確定哪些 Dropbox 客戶最有可能轉換為付費 HelloSign 訂閱者。根據文件類型、共享文件夾活動和某些參與特徵，機器學習模型匯總了將受益於 HelloSign 電子簽名功能的 Dropbox 用戶列表。在此背景下，我們的增長團隊推出了一系列應用內有針對性的提示和通知，以宣傳 HelloSign 及其功能集。最初的試驗期很有希望。該模型確定的用戶註冊 HelloSign 試用的比例比對照組高 50%。隨著 Drew 之前提到的最近 HelloSign 和 Dropbox 的深度集成，我們很高興有機會繼續將 HelloSign 交叉銷售到我們超過 6 億註冊用戶的安裝群中。

Let's move on to some of our customer highlights. In Q2, we had a number of wins across a range of verticals, including media, construction, education and retail. We're excited to share that Divimove, a new-generation media company with 9 offices across Europe, is now a Dropbox Business customer. Divimove approached Dropbox to find a more efficient way to collaborate across their organization. Dropbox will be a critical part of Divimove's media workflows, and the company plans to leverage key integrations with Adobe as well as native features like Dropbox Transfer to optimize how they manage the content creation life cycle from concept ideation to final asset delivery. In addition to facilitating increased productivity, we are also working closely with Divimove to provide seamless data migration services as they move their content to the Dropbox platform.

讓我們繼續討論我們的一些客戶亮點。在第二季度，我們在媒體、建築、教育和零售等一系列垂直領域取得了多項勝利。我們很高興與大家分享 Divimove 是一家在歐洲設有 9 個辦事處的新一代媒體公司，現已成為 Dropbox Business 客戶。 Divimove 與 Dropbox 取得了聯繫，希望找到一種更有效的方式在整個組織內進行協作。 Dropbox 將成為 Divimove 媒體工作流程的關鍵部分，該公司計劃利用與 Adobe 的關鍵集成以及 Dropbox Transfer 等原生功能來優化他們管理從概念構思到最終資產交付的內容創建生命週期的方式。除了促進提高生產力外，我們還與 Divimove 密切合作，在他們將內容移動到 Dropbox 平台時提供無縫的數據遷移服務。

In addition, we're pleased to announce that Tokyo Reiki Kogyo is now a Dropbox enterprise customer. Tokyo Reiki Kogyo is a Japan-based distributor and services provider for HVAC projects for large-scale building sites. They turn to Dropbox to provide a secure cloud-based storage solution for their on-site and field workers. They were also focused on implementing a solution that would ensure their customers and partners could share and collaborate around large, content-rich file types. After evaluating Dropbox against 2 other competitors, Tokyo Reiki Kogyo selected Dropbox for a multiyear deployment to modernize how their teams work and collaborate.

此外，我們很高興地宣布 Tokyo Reiki Kogyo 現已成為 Dropbox 企業客戶。 Tokyo Reiki Kogyo 是一家位於日本的大型建築工地 HVAC 項目的分銷商和服務提供商。他們求助於 Dropbox 為其現場和現場工作人員提供基於雲的安全存儲解決方案。他們還專注於實施一種解決方案，以確保他們的客戶和合作夥伴能夠圍繞內容豐富的大型文件類型進行共享和協作。在將 Dropbox 與其他 2 家競爭對手進行對比後，Tokyo Reiki Kogyo 選擇了 Dropbox 進行多年部署，以實現團隊工作和協作方式的現代化。

Before I move on to the rest of the P&L, I want to note that unless otherwise indicated, all income statement measures that follow are non-GAAP and excludes 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. 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.

在我繼續討論損益表的其餘部分之前，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。 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。

Moving to the P&L. Gross margin for the quarter was 79%, an increase of 3 percentage points compared to the second quarter of 2019. The increase in gross margin was driven by unit cost efficiency gains with our infrastructure hardware, including lower depreciation as a share of revenue. We now expect fiscal 2020 gross margin to be approximately 2 percentage points higher than 2019.

轉到損益表。本季度的毛利率為 79%，與 2019 年第二季度相比增加了 3 個百分點。毛利率的增加是由我們的基礎設施硬件帶來的單位成本效率提高推動的，包括折舊佔收入的比例降低。我們現在預計 2020 財年的毛利率將比 2019 年高出約 2 個百分點。

Moving to operating expenses. Second quarter R&D expense was $135 million or 29% of revenue compared to 30% in Q2 a year ago. The decrease as a percentage of revenue was driven by work from home related savings offset by higher headcount and investments in new product development and testing.

轉向運營費用。第二季度研發費用為 1.35 億美元，佔收入的 29%，而去年第二季度為 30%。收入百分比的下降是由於與家庭相關的儲蓄工作被更高的員工人數和對新產品開發和測試的投資所抵消。

S&M expense was $92 million in the quarter or 20% of revenue compared to 24% in Q2 a year ago. The decrease was due to greater efficiencies in marketing-related spend relative to Q2 of 2019 as well as lower event-driven spend due to COVID-19.

本季度的 S&M 費用為 9200 萬美元，佔收入的 20%，而去年第二季度為 24%。下降的原因是與 2019 年第二季度相比，營銷相關支出的效率更高，以及 COVID-19 導致的事件驅動支出減少。

G&A expense was $48 million or 10% of revenue compared to 11% of revenue in Q2 a year ago. The decrease was due to work from home related savings as well as lower nonincome-based taxes.

G&A 費用為 4800 萬美元，佔收入的 10%，而去年第二季度佔收入的 11%。減少的原因是家庭相關儲蓄的工作以及較低的非收入稅。

Taken together, we earned $96 million in operating profit in the second quarter. This translates to a record 21% operating margin, which is an 11 percentage point improvement from Q2 of 2019.

總而言之，我們在第二季度獲得了 9600 萬美元的營業利潤。這意味著營業利潤率達到創紀錄的 21%，比 2019 年第二季度提高了 11 個百分點。

Net income for the quarter was $93 million, up from $42 million a year ago. Diluted EPS was $0.22 per share based on 421 million diluted weighted average shares outstanding, up from $0.10 in Q2 a year ago. I'd also note that we were once again GAAP profitable in Q2.

本季度的淨收入為 9300 萬美元，高於一年前的 4200 萬美元。基於 4.21 億股稀釋加權平均流通股，稀釋後每股收益為 0.22 美元，高於一年前第二季度的 0.10 美元。我還要指出，我們在第二季度再次按公認會計原則盈利。

Moving on to cash balance and cash flow. We ended Q2 with cash and short-term investments of $1.118 billion. Cash flow from operations was $146 million in the quarter. Capital expenditures were $26 million, yielding free cash flow of $120 million or 26% of revenue. CapEx in Q2 included $14 million of spend on our corporate headquarters, of which $6 million was offset by tenant improvement allowances.

繼續現金餘額和現金流。我們以 11.18 億美元的現金和短期投資結束了第二季度。本季度運營現金流為 1.46 億美元。資本支出為 2600 萬美元，產生 1.2 億美元的自由現金流或收入的 26%。第二季度的資本支出包括我們公司總部的 1400 萬美元支出，其中 600 萬美元被租戶改善津貼所抵消。

In Q2, we continued to pay a portion of the deal consideration holdback related to our acquisition of HelloSign. These payouts will occur quarterly through Q1 of 2022. Excluding the headquarter spend, net of TIAs of $8 million and payout of HelloSign deal consideration holdback of $4 million, free cash flow would have been $132 million or 28% of revenue.

在第二季度，我們繼續支付與收購 HelloSign 相關的部分交易對價保留。這些支出將在 2022 年第一季度每季度進行一次。不包括總部支出，扣除 800 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 1.32 億美元或收入的 28%。

In Q2, we also added $30 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.

在第二季度，我們還為數據中心設備的融資租賃額度增加了 3000 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 our guidance. While our business has certainly been resilient and we've benefited from some emergent tailwinds, we remain mindful of the broader macroeconomic risks and unpredictability that the second half of the year may bring. Similar to last quarter, we factored this into our guidance as appropriate.

現在讓我們轉向我們的指導。雖然我們的業務確實具有彈性，並且我們已經從一些新興的順風中受益，但我們仍然注意下半年可能帶來的更廣泛的宏觀經濟風險和不可預測性。與上個季度類似，我們酌情將此納入我們的指導。

With that, let's move on. For the third quarter of 2020, we expect revenue to be in the range of $481 million to $484 million. On a constant currency basis, we estimate that revenue would be approximately $2 million higher. We expect non-GAAP operating margin to be in the range of 17.5% to 18% and diluted weighted average shares outstanding to be in the range of 421 million to 426 million based on our trailing 30-day average share price.

有了這個，讓我們繼續。對於 2020 年第三季度，我們預計收入將在 4.81 億美元至 4.84 億美元之間。在固定貨幣基礎上，我們估計收入將增加約 200 萬美元。根據我們過去 30 天的平均股價，我們預計非 GAAP 營業利潤率將在 17.5% 至 18% 之間，攤薄加權平均流通股在 4.21 億至 4.26 億股之間。

For the full year 2020, we are raising our revenue guidance range, which was previously $1.880 billion to $1.900 billion to 1.891 billion to $1.901 billion. On a constant currency basis, we estimate that revenue would be approximately $13 million higher or a range of $1.904 billion to $1.914 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 18.8 億美元至 19.00 億美元至 18.91 億美元至 19.01 億美元。在固定貨幣基礎上，我們估計收入將增加約 1300 萬美元，或介於 19.04 億美元至 19.14 億美元之間。

We are raising our non-GAAP operating margin guidance range, which was previously 17.5% to 18%, to 18% to 18.5%. And we are raising our free cash flow guidance range, which was previously $460 million to $470 million, to $465 million to $475 million. This range includes onetime spend related to the build-out of our corporate headquarters as well as the payout of deal consideration holdback related to our acquisition of HelloSign. Excluding these items, free cash flow would be $515 million to $525 million.

我們正在將我們的非 GAAP 營業利潤率指導範圍（之前為 17.5% 至 18%）提高到 18% 至 18.5%。我們正在將我們的自由現金流指導範圍從之前的 4.6 億美元到 4.7 億美元提高到 4.65 億美元到 4.75 億美元。該範圍包括與我們公司總部擴建相關的一次性支出以及與我們收購 HelloSign 相關的交易對價滯留的支出。不包括這些項目，自由現金流將為 5.15 億美元至 5.25 億美元。

Finally, we expect 2020 diluted weighted average shares outstanding to be in the range of $420 million to $425 million based on our trailing 30-day average share price.

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 億美元至 4.25 億美元之間。

In conclusion, the investments we've made in our business from both a product and go-to-market perspective, continue to perform well, especially amidst a rapidly changing global environment. We've continued to innovate and deliver more value to our users, enabling them to do their best work, and I'm excited about our potential going forward.

總之，我們從產品和市場進入的角度對我們的業務進行的投資繼續表現良好，尤其是在快速變化的全球環境中。我們不斷創新並為我們的用戶提供更多價值，使他們能夠做到最好，我對我們未來的潛力感到興奮。

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

我現在把它轉回 Drew 來做結束語。

Thank you, Ajay. At Dropbox, we're committed to helping our users do their best work during these unprecedented times. And with our profitable self-serve business model and continued product innovation, we believe we're well positioned to tackle the opportunity. 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，阿傑。在 Dropbox，我們致力於幫助我們的用戶在這個前所未有的時期盡其所能。憑藉我們有利可圖的自助業務模式和持續的產品創新，我們相信我們已經做好了把握機遇的準備。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 Alex Zukin with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Alex Zukin。

And Ajay, it's been a pleasure working with you on these calls, you will be missed.

Ajay，很高興與您一起處理這些電話，您會很想念的。

So maybe just 2 quick ones for me. Drew, when you think about the combination of headwinds and tailwinds brought from COVID on the business with respect to the SMB market, given the net adds number, this quarter was the strongest you've had in some time. Is it fair to say that the tailwinds around the increasing need of your business and the strategic value proposition -- like, is it fair for us to think that you're now kind of starting to see an actual tailwind that could be durable? And I've got a quick follow-up.

所以對我來說可能只是兩個快速的。德魯，當您考慮到 COVID 給 SMB 市場帶來的不利因素和不利因素時，考慮到淨增加數，本季度是您一段時間以來最強勁的季度。公平地說，圍繞您的業務不斷增長的需求和戰略價值主張的順風 - 例如，我們認為您現在開始看到可能持久的實際順風是否公平？我有一個快速跟進。

Sure. Thanks, Alex. Yes, as you saw, measures like trial volumes continue to be elevated. I mean some of the surges tapered off since Q1. But in SMB, certainly, we see that our Dropboxers -- both have been turning to Dropbox for distributed work since the beginning, and they've continued to do that since COVID, and we've seen elevated demand. And more broadly, we see big opportunities to improve the distributed work experience in general. I mean we're addressing a universal need. Every knowledge worker needs an organized place for their content that works with all platforms. And even with the shift to COVID, I mean, Dropbox is like an essential part of business operations. So we've seen sort of continued strength and resilience post shift to COVID, and we see a lot of opportunities to reimagine the distributed work experience going forward.

當然。謝謝，亞歷克斯。是的，正如你所看到的，試驗量等措施繼續增加。我的意思是，自第一季度以來，一些飆升逐漸減弱。但在 SMB 中，當然，我們看到我們的 Dropbox 員工從一開始就開始使用 Dropbox 進行分佈式工作，並且自 COVID 以來他們一直在這樣做，而且我們看到需求增加。更廣泛地說，我們看到了總體上改善分佈式工作體驗的巨大機會。我的意思是我們正在解決一個普遍的需求。每個知識工作者都需要一個有組織的地方來存放與所有平台一起工作的內容。即使轉向 COVID，我的意思是，Dropbox 仍然是業務運營的重要組成部分。因此，我們已經看到了轉移到 COVID 後的持續力量和彈性，我們看到了很多重新構想未來分佈式工作體驗的機會。

Okay. And then maybe just on the quick follow-up is, how would you assess the health of the SMB market, maybe for Drew or Ajay?

好的。然後也許只是快速跟進，您將如何評估中小企業市場的健康狀況，也許是德魯或阿傑？

And then last quarter, you talked about seeing early signals in your kind of pipelines that were very positive, but you weren't ready to make the call whether that elevated pipeline is actually driving more deals or conversions. So now after a few months in COVID, can you talk to both of those 2 things?

然後在上個季度，您談到在您的管道中看到非常積極的早期信號，但您還沒有準備好做出判斷，無論提升的管道是否真的推動了更多的交易或轉化。所以現在在 COVID 呆了幾個月後，你能談談這兩件事嗎？

Sure. Well, I can start, and Ajay can chime in. Well, I think, again, with SMBs, we're mindful of the broader macroeconomic environment and what might happen in the second half. But in general, businesses that employ knowledge workers that can work from home have been less disrupted. And again, Dropbox tends to be critical to an SMB's operations. So it's not really a discretionary purchase. So we feel good on that front.

當然。好吧，我可以開始，Ajay 可以插話。好吧，我認為，對於中小型企業，我們要注意更廣泛的宏觀經濟環境以及下半年可能發生的情況。但總的來說，僱用可以在家工作的知識型員工的企業受到的干擾較小。同樣，Dropbox 往往對 SMB 的運營至關重要。所以這並不是真正的自由購買。所以我們在這方面感覺很好。

Yes, this is Ajay. Just to jump in and maybe provide a little bit of commentary around some business metrics and trends, Alex, to help answer your question. The business has been resilient. Our churn rate remained relatively stable from Q1 to Q2. That was the case last quarter as well, as we noted on that call, and that revenue retention improved for us quarter-to-quarter. And this is really because the majority of our subscribers are knowledge workers, and we play an important role in managing business-critical content for them really more so now than ever.

是的，這是阿傑。只是跳進去，也許就一些業務指標和趨勢提供一些評論，亞歷克斯，以幫助回答你的問題。該業務一直具有彈性。從第一季度到第二季度，我們的客戶流失率保持相對穩定。正如我們在那次電話會議上指出的那樣，上個季度也是如此，而且我們的收入留存率逐季度提高。這真的是因為我們的大多數訂閱者都是知識工作者，我們在為他們管理業務關鍵內容方面發揮著重要作用，現在比以往任何時候都更加重要。

And as it relates to some of those tailwinds that we saw in Q2 to ARR and to paying users, higher top-of-funnel demand, the demand that Drew talked to on trial volumes, did result in higher levels of conversions to our paid plans. And then to the question you had in pipeline, we also closed some large outbound deals in university deployments in the period as well. All that being said, just one note I would make on as we provide commentary on paying users, our focus is on profitably growing our total ARR base, certainly, versus optimizing for a specific number there quarter-to-quarter. And so that will remain our priority going forward.

由於它與我們在第二季度看到的 ARR 和付費用戶的一些順風有關，更高的漏斗頂部需求，Drew 談到的試用量需求，確實導致了更高水平的付費計劃轉換.然後對於您在管道中提出的問題，我們還在此期間完成了一些大學部署的大型對外交易。話雖如此，當我們對付費用戶發表評論時，我只想做一個說明，我們的重點當然是盈利性地增加我們的總 ARR 基礎，而不是按季度優化特定數字。因此，這將仍然是我們前進的優先事項。

And next question comes from Mark Murphy with JPMorgan.

下一個問題來自摩根大通的 Mark Murphy。

Yes. Ajay, it's been great working with you, and I wanted to wish you all the best in your future role.

是的。 Ajay，和你一起工作真是太好了，我希望你在未來的角色中一切順利。

Thanks, Mark.

謝謝，馬克。

Yes. Absolutely. And congrats on a very nice quarter and strong guidance.

是的。絕對地。並祝賀一個非常好的季度和強有力的指導。

I wanted to hone in on the ARR growth of 18% in constant currency. Again, nice to see the health and, actually, acceleration in the ARR growth. I know you touched on a couple of these, but I was curious if you could help us understand just to what extent -- when we see that acceleration, to what extent could we tie it to the conversion of the remote work-driven trials that Alex had asked about? Kind of to what extent were any of those outbound large deals kind of chunky that might have moved that? And then to what extent could we maybe look at it and say that there's adoption of the new desktop app maybe factoring in?

我想了解以固定匯率計算的 18% 的 ARR 增長。再次，很高興看到健康狀況，實際上，ARR 增長加速。我知道你談到了其中的幾個，但我很好奇你是否能幫助我們了解在多大程度上——當我們看到這種加速時，我們可以在多大程度上將其與遠程工作驅動試驗的轉換聯繫起來亞歷克斯問過什麼？這些對外大宗交易中的任何一項可能在多大程度上推動了這一點？然後我們可以在多大程度上看待它並說可能會採用新的桌面應用程序？

Sure. It's really a combination of all of the above, Mark, is the answer, and I can kind of break it apart for you. Starting with some of those COVID tailwinds and the work from home tailwinds, Drew mentioned across Q2 those trial volumes to both our individual and team plans were up on average about 20% relative to pre-COVID levels. And we began to see some of those conversions come through in Q2, and those conversion rates remain consistent with historical levels. And so that was part of the tailwind there. And as it relates to HelloSign, usage of their eSignature products, both their API product as well as our core eSignature solution, we're also up about 25% Q2 to Q1. And so that was also -- a business tailwind. Those were 2 of the tailwinds that helped us deliver that $67 million of sequential net new ARR this past quarter.

當然。這實際上是上述所有內容的組合，馬克，就是答案，我可以為你分解它。從一些 COVID 順風和家庭順風的工作開始，Drew 提到在第二季度，我們個人和團隊計劃的試驗量相對於 COVID 之前的水平平均增長了約 20%。我們開始看到其中一些轉化在第二季度實現，並且這些轉化率與歷史水平保持一致。所以這是順風的一部分。由於它與 HelloSign、他們的電子簽名產品、他們的 API 產品以及我們的核心電子簽名解決方案的使用有關，我們在第二季度到第一季度也增長了約 25%。所以這也是 - 一個商業順風。這些是幫助我們在上個季度實現 6700 萬美元的連續淨新 ARR 的兩個順風。

And we also had a number of growth initiatives, and we're always working on cultivating that growth initiative pipeline. There's -- there are things we launch every quarter. A handful of those initiatives were also successful and a tailwind to the business. And our outbound team has reoriented really successfully from a team that was traveling more actively to one that's really been leveraging telesales. And demand for our products has been strong, so they've been able to convert a number of those opportunities. So it was a combination, really, of all those factors that allowed us to accelerate that net new ARR growth on a year-over-year basis quarter-to-quarter.

我們也有一些增長計劃，我們一直在努力培育增長計劃管道。有 - 我們每個季度都會推出一些東西。其中一些舉措也取得了成功，並為業務帶來了順風。我們的外呼團隊已經成功地從一個更積極地出差的團隊重新定位為一個真正利用電話銷售的團隊。對我們產品的需求一直很強勁，因此他們能夠轉化其中的許多機會。因此，實際上，這是所有這些因素的結合，使我們能夠逐季加速淨新 ARR 增長。

Okay. Got it. And Ajay, just since you mentioned some of the new initiatives, I wanted to ask, Drew, how you're thinking about maybe sizing the opportunity for Dropbox Passwords and just how you're thinking about the ability to ring fence and encrypt a data set that presumably is pretty sensitive, high-value information and potentially something that would be targeted.

好的。知道了。還有 Ajay，剛才你提到了一些新舉措，我想問一下，Drew，你是如何考慮可能為 Dropbox Passwords 確定機會的，以及你是如何考慮圍欄和加密數據的能力設置可能是非常敏感、高價值的信息，並且可能會成為目標。

Sure. Well, we see Passwords as playing to a lot of our strengths around user trust and security and a lot of the huge investments we've made and continue to make there, and it's a natural fit. And for things like Dropbox Vault, Dropbox Passwords, these are pretty universal workflows that our customers have. And a lot of what motivated us to build more focused solutions around them was seeing that, one, a lot of customers were requesting Dropbox to do more in these areas. And then secondly, people are already kind of using Dropbox -- or storing this information in Dropbox, and we see it -- we saw an opportunity to provide a more focused experience and then add value to our higher-tier plans. And so we think that these areas, again, play to our strengths.

當然。好吧，我們認為 Passwords 發揮了我們在用戶信任和安全性方面的許多優勢，以及我們已經並繼續在那裡進行的大量巨額投資，這很自然。對於 Dropbox Vault、Dropbox Passwords 之類的東西，這些都是我們的客戶擁有的非常通用的工作流程。促使我們圍繞它們構建更專注的解決方案的很多原因是，很多客戶要求 Dropbox 在這些領域做更多的事情。其次，人們已經在使用 Dropbox——或者將這些信息存儲在 Dropbox 中，我們看到了——我們看到了提供更專注的體驗並為我們的更高級別計劃增加價值的機會。因此，我們認為這些領域再次發揮了我們的優勢。

And customers also want the ability to do this in a platform-agnostic or cross-platform way. A lot of the other alternatives they might be using might be tied to one device or one platform, but a lot of customers want to be able to work on -- work across their iPhone and their Windows PC, so that's another big strength of ours.

客戶還希望能夠以與平台無關或跨平台的方式來做到這一點。他們可能使用的許多其他替代品可能與一台設備或一個平台相關聯，但許多客戶希望能夠在他們的 iPhone 和 Windows PC 上工作，這是我們的另一大優勢.

And then I'd say more broadly, when you look at these use cases and you look at post-COVID, where the lines between home and work have blurred even more -- or about blurred as much as possible since we're literally working from home, we see one of Dropbox' core strengths is supporting both the work and personal use cases in a platform-agnostic way. And then while both of these features were introduced for your personal lives, in the future, things like securing documents, managing passwords is also highly relevant at work. So we look at our personal and work product portfolios and road maps as reinforcing one another.

然後我會更廣泛地說，當你查看這些用例並查看後 COVID 時，家庭和工作之間的界限更加模糊——或者說盡可能模糊，因為我們實際上是在工作在家裡，我們看到 Dropbox 的核心優勢之一是以與平台無關的方式支持工作和個人用例。然後，雖然這兩個功能都是為您的個人生活而引入的，但在未來，諸如保護文檔、管理密碼之類的事情在工作中也高度相關。因此，我們將我們的個人和工作產品組合以及路線圖視為相互補充。

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

我們的下一個問題來自 Rishi Jaluria 和 D.A.戴維森。

Ajay, I'll echo my peers in saying it's been a pleasure working with you, and best wishes for the next gig. And also, I want to extend my congratulations to Tim on the new role.

Ajay，我會回應我的同行說很高興與你合作，並祝愿下一場演出。此外，我要祝賀蒂姆擔任新職務。

I wanted to start first by talking about the Michigan deal, I mean, really impressive land. Wondering if you could give a little bit more color on that deal, especially because you are replacing a cloud competitor, not an on-premise to cloud motion. And presumably, Michigan chose you over Microsoft and Google even though they've got long-standing relationships with both vendors. So maybe a little bit more color on that?

我想首先談談密歇根的交易，我的意思是，非常令人印象深刻的土地。想知道你是否可以在這筆交易上多加一點色彩，特別是因為你要替換雲競爭對手，而不是雲運動的內部部署。據推測，密歇根州選擇了你而不是微軟和谷歌，儘管它們與這兩家供應商都有長期的合作關係。所以可能會增加一點顏色？

And broadly, how are you thinking about the higher ed opportunity, especially with so many universities going virtual this coming semester? And then I've got a follow-up.

從廣義上講，您如何看待高等教育機會，尤其是在即將到來的學期有這麼多大學進行虛擬化的情況下？然後我有一個跟進。

Rishi, this is Olivia Nottebohm. I'll actually take this question, and thank you for the question. We were excited to partner with University of Michigan. It was across campus deployment, meaning that it was both for their students as well as their faculty. And for us, that's something we're very proud of, and we're partnering with them closely to build out what they need for remote education.

瑞希，這是奧利維亞·諾特博姆。我真的會回答這個問題，謝謝你的問題。我們很高興與密歇根大學合作。這是跨校園部署，這意味著它既適用於他們的學生，也適用於他們的教師。對我們來說，這是我們非常自豪的事情，我們正在與他們密切合作，以建立他們對遠程教育的需求。

And this is an area of focus for us. In fact, I hosted an education CIO forum this morning with a number of education CIOs, and they are very much on their front foot thinking about how does technology lead education going forward. And it's nice to see that they're bringing us into the conversation and very much think of ourselves as a partner to them. Other education wins we've had was -- were Northwestern and University of Pennsylvania and Arizona State, just to name a few.

這是我們關注的一個領域。事實上，我今天早上與一些教育 CIO 主持了一個教育 CIO 論壇，他們非常積極地思考技術如何引領教育向前發展。很高興看到他們將我們帶入對話並非常認為自己是他們的合作夥伴。我們獲得的其他教育勝利是——西北大學、賓夕法尼亞大學和亞利桑那州立大學，僅舉幾例。

I think the other exciting part about this is that as the graduating classes of these educational institutions leave and graduate, they then take that Dropbox love with them. So it's an evergreen model where a quarter of the population is graduating and then, of course, being refilled as they come in. So we're excited about this business opportunity overall.

我認為另一個令人興奮的部分是，隨著這些教育機構的畢業生離開和畢業，他們會帶著對 Dropbox 的熱愛。所以這是一個常青的模式，四分之一的人口正在畢業，然後，當然，隨著他們的到來，他們會被重新填滿。所以我們對這個整體的商機感到興奮。

Great. That's really helpful, Olivia. And then, Ajay, I wanted to go a little bit more detail on the guidance for next quarter, specifically on the operating margin side. I mean you're talking about operating margins declining sequentially pretty meaningfully. Just wondering if you could give a little bit more color on why it would be declining from Q2 to Q3. And what factors are driving that?

偉大的。這真的很有幫助，奧利維亞。然後，Ajay，我想更詳細地介紹下季度的指導，特別是在營業利潤率方面。我的意思是你說的營業利潤率連續下降非常有意義。只是想知道您是否可以提供更多關於為什麼它會從第二季度到第三季度下降的顏色。是什麼因素推動了這一點？

Sure. It's a great question. It's really driven by timing of spend. And we made the decision to shift some marketing spend from Q2 to Q3, and I'll turn things over to Olivia in just a moment to provide a little bit more context on that. It's a campaign that we're going to be launching in the fall.

當然。這是一個很好的問題。這實際上是由消費時機驅動的。我們決定將一些營銷支出從第二季度轉移到第三季度，我稍後將把事情交給 Olivia，以提供更多的背景信息。這是我們將在秋季推出的一項活動。

But generally speaking, I will say, Rishi, that we are expecting to generate more efficiency this year. So this is the driver of us raising our FY '20 operating margin guidance to 18% to 18.5%, that being up from the 17.5% to 18% last quarter. So structurally, we are getting more and more efficient in the business. And I think you can see, based on the results that we delivered in Q2, we've now executed to well within our prior long-term target range before we raised those targets earlier in this year. So definitely, we feel good about the profitability trajectory were on as a business.

但總的來說，我會說，Rishi，我們預計今年會產生更高的效率。因此，這是我們將 20 財年營業利潤率指引提高至 18% 至 18.5% 的驅動力，高於上一季度的 17.5% 至 18%。因此，在結構上，我們的業務效率越來越高。而且我認為您可以看到，根據我們在第二季度交付的結果，在我們今年早些時候提高這些目標之前，我們現在已經很好地執行了我們之前的長期目標範圍。因此，毫無疑問，我們對作為一家企業的盈利軌跡感到滿意。

And I'll turn it over to Olivia to give a little bit more context on some of that marketing spend.

我會把它交給 Olivia 來提供一些關於營銷支出的更多背景信息。

Right. So we ended up moving some marketing spend out into the early fall. We're going to be launching an awareness campaign to really drive knowledge about the Dropbox solutions for business and specifically for remote work. We're really excited for that. It will be both a top-of-funnel awareness campaign but then also pulling those through so that we're ensuring that we have conversion off of the investment that we're putting at the top of the funnel.

正確的。所以我們最終將一些營銷支出轉移到了初秋。我們將發起一項宣傳活動，以真正提高有關 Dropbox 業務解決方案的知識，特別是遠程工作。我們對此感到非常興奮。這將是一個漏斗頂部的意識活動，但也會拉動這些活動，以便我們確保我們從漏斗頂部的投資中獲得轉化。

Our next question comes from Heather Bellini with Goldman Sachs.

我們的下一個問題來自高盛的 Heather Bellini。

Ajay, best wishes. You will be missed. Thanks for everything over the years.

阿傑，最好的祝愿。你會被想念的。感謝多年來所做的一切。

I just wanted to ask a little bit about any trends you're seeing that are noteworthy in terms of quarterly versus annual pay.

我只是想問一點關於你看到的任何在季度工資和年度工資方面值得注意的趨勢。

Sure. This is Ajay. I can start, and then Drew, feel free to chime in with any context that you have. I think from some of these larger, more elevated cohorts that we've seen post COVID as the world has shifted to a remote work and a remote learning mode, there has been higher demand for our monthly plans in those cohorts. And so that drove some of the variance that you might have seen quarter-to-quarter to things like billings, absolute dollars of billings and billings growth rate.

當然。這是阿傑。我可以開始，然後是 Drew，您可以隨意加入任何背景。我認為，隨著世界轉向遠程工作和遠程學習模式，我們在 COVID 之後看到了一些更大、更高級別的群體，這些群體對我們的月度計劃的需求更高。因此，這推動了您可能會看到的一些差異，例如賬單、賬單的絕對美元和賬單增長率。

So there has been a mix shift there on a -- from a gross new paying user perspective. On an aggregate basis across our 15 million paying users, it takes a lot to move that overall ratio between the annual and monthly, so that hasn't changed a whole lot. But from a gross perspective new paying user perspective quarter-to-quarter, we've seen a slightly higher uptick on kind of monthly relative to annual.

因此，從新付費用戶的角度來看，那裡發生了混合轉變。在我們 1500 萬付費用戶的總體基礎上，要在年度和月度之間移動該總體比率需要很多時間，所以這並沒有太大變化。但從總的角度來看，新付費用戶季度與季度相比，我們看到月度相對於年度的增長略高。

That being said, we have seen a lot of stability with respect to retention. As I mentioned earlier, that churn for us was pretty stable from Q1 to Q2. Net revenue -- retention improved quarter-to-quarter, again, that being because the vast majority of our paying users are knowledge workers, and we're playing a pretty important role for them in managing their content.

話雖如此，我們在留存率方面看到了很多穩定性。正如我之前提到的，從第一季度到第二季度，我們的流失率相當穩定。淨收入 - 留存率逐季度提高，這是因為我們的絕大多數付費用戶都是知識工作者，我們在他們管理內容方面扮演著非常重要的角色。

Next question comes from Brent Thill with Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

This is Luv Sodha on for Brent Thill. First of all, Ajay, best wishes to you.

這是布倫特希爾的 Luv Sodha。首先，阿傑，向你致以最良好的祝愿。

I had a couple of questions. One was on the HelloSign opportunity. I know you guys mentioned that you're cross-selling more HelloSign deals to Dropbox users. So wanted to maybe get some color on what the cross-sell opportunity is. How many -- maybe how many Dropbox users currently are -- have HelloSign? And what's the opportunity there? And then I have a follow-up as well.

我有幾個問題。其中之一是 HelloSign 機會。我知道你們提到你們正在向 Dropbox 用戶交叉銷售更多的 HelloSign 交易。所以想了解一下交叉銷售機會是什麼。有多少——也許目前有多少 Dropbox 用戶——擁有 HelloSign？那裡有什麼機會？然後我也有後續行動。

Cool. I can start and Olivia, please chime in. But yes. As you noted, we continue to see strong demand for HelloSign and, given COVID and the shift remote work, obviously, a lot of elevated demand for eSignature. And we're really excited that HelloSign has now been fully integrated into Dropbox. So in Q2, we launched a brand -- or an improved experience where HelloSign is now natively embedded into the Dropbox product. So our users can easily send and sign and safely store their most important agreements in one seamless workflow without ever having to leave Dropbox. And it's one of our fastest-growing businesses. So definitely seeing elevated demand and a big opportunity there.

涼爽的。我可以開始了，Olivia，請插話。但是是的。正如您所指出的，我們繼續看到對 HelloSign 的強勁需求，並且鑑於 COVID 和輪班遠程工作，顯然對電子簽名的需求大幅增加。我們非常高興 HelloSign 現已完全集成到 Dropbox 中。所以在第二季度，我們推出了一個品牌——或者改進的體驗，HelloSign 現在已原生嵌入到 Dropbox 產品中。因此，我們的用戶可以在一個無縫的工作流程中輕鬆發送、簽署和安全存儲他們最重要的協議，而無需離開 Dropbox。它是我們發展最快的業務之一。所以肯定會看到需求增加和那裡的巨大機會。

And then on the outbound side, we closed more than 20 deals where we had at least 1 of HelloSign's product bundled into the customer's Dropbox deployment. So more and more, we're seeing a demand for combined solutions on that front.

然後在出境方面，我們完成了 20 多項交易，其中我們將至少 1 款 HelloSign 產品捆綁到客戶的 Dropbox 部署中。因此，我們越來越多地看到在這方面對組合解決方案的需求。

I would also say our model is very much organic, where we -- the self-serve motion begins and kicks us off. And I'm really, really excited that every single Dropbox user right now can have 3 free e-signatures on HelloSign, right? So they can get that experience and enjoy that experience, and then they have the opportunity to become a paid user. So there's part of this element that's great because we don't even have to actively do the cross-sell. It's there for our own existing customers to see and use for themselves.

我還要說我們的模型是非常有機的，我們 - 自助服務運動開始並讓我們開始。而且我真的非常興奮，現在每個 Dropbox 用戶都可以在 HelloSign 上擁有 3 個免費的電子簽名，對吧？所以他們可以獲得那種體驗並享受那種體驗，然後他們就有機會成為付費用戶。所以這個元素的一部分很棒，因為我們甚至不必積極進行交叉銷售。它是供我們現有的客戶自己查看和使用的。

Got it. And maybe for the follow-up…

知道了。也許是為了後續……

And even in Q2 -- I was just going to say, even in Q2, usage of the eSignature solution and HelloSign's API products increased by more than 25% versus Q1. So it's been good to see the tailwind there.

甚至在第二季度——我只想說，即使在第二季度，電子簽名解決方案和 HelloSign 的 API 產品的使用量也比第一季度增加了 25% 以上。所以很高興看到那裡的順風。

Got it. And maybe one quick follow-up on -- it sounds like you guys are seeing some great tailwinds from work from home. I guess, as you look to 2021 and into the future, do you believe that these growth rates are sustainable going forward? And that's it for me.

知道了。也許是一個快速的跟進——聽起來你們在家工作中看到了一些很棒的順風。我想，當你展望 2021 年和未來時，你認為這些增長率在未來是可持續的嗎？對我來說就是這樣。

Sure. Well, for me, the big opportunity is, again, that we're addressing this universal need, right, that every knowledge worker needs an organized place for their content that works with all their platforms. And this is an even bigger need now that we're working from home post COVID because so many of us have Office docs and Google docs and Airtables scattered across a number of platforms, and we don't see any of our competitors solving this problem. So looking to 2020 -- or 2021, that's a big opportunity for us. And we're building Dropbox into an organizing layer for all your content that's platform-agnostic and brings it all together. And second, moving higher in the stack and handling more of the workflows around your content, and things like Passwords and what we've done with HelloSign are good examples of that.

當然。嗯，對我來說，最大的機會是，我們正在解決這個普遍的需求，對，每個知識工作者都需要一個有組織的地方來存放他們的內容，並且可以與他們的所有平台一起工作。現在我們在 COVID 後在家工作，這是一個更大的需求，因為我們中的許多人都擁有分散在多個平台上的 Office 文檔、谷歌文檔和 Airtables，而且我們沒有看到任何競爭對手解決這個問題.因此，展望 2020 年或 2021 年，這對我們來說是一個巨大的機會。我們正在將 Dropbox 構建為您所有內容的組織層，該層與平台無關並將所有內容整合在一起。其次，在堆棧中移動更高並處理更多圍繞您的內容的工作流，密碼之類的事情以及我們對 HelloSign 所做的事情就是很好的例子。

And I think the shift to distributed work is a transformative opportunity and, as I said in my opening remarks, not unlike the shift to mobile or shift to the cloud. And we're in the first inning of that transformation. None of the tools we're using are purpose-built for this environment. So -- and I think you design things pretty differently for the new world. So that's what we've been doing. We've reoriented our product road map around this, and we'll have a bigger update in the second half about our smart workspace.

而且我認為向分佈式工作的轉變是一個變革性的機會，正如我在開場白中所說的那樣，與向移動或云的轉變沒有什麼不同。我們正處於這種轉變的第一局。我們使用的所有工具都不是專門為這種環境構建的。所以——我認為你為新世界設計的東西完全不同。這就是我們一直在做的事情。我們已經圍繞這個重新定位了我們的產品路線圖，我們將在下半年對我們的智能工作空間進行更大的更新。

And I would just add on -- and I think that's a fantastic answer, Drew. I'd just add on a related note. We absolutely remain on a trajectory to achieve the long-term targets that we outlined earlier this year. And so we continue to be on a trajectory to deliver over $1 billion in annual free cash flow by 2024. And certainly, as it relates to next year, we'll have more to share when we issue guidance on our call in February.

我想補充一下——我認為這是一個很棒的答案，Drew。我只是添加一個相關的註釋。我們絕對保持在實現我們今年早些時候概述的長期目標的軌道上。因此，我們將繼續走在到 2024 年提供超過 10 億美元年度自由現金流的軌道上。當然，由於它與明年有關，當我們在 2 月份就電話會議發布指導時，我們將有更多的東西可以分享。

Our next question comes from [Justin Grieco] with Citi.

我們的下一個問題來自花旗的 [Justin Grieco]。

I'm in for Walter Pritchard. A question on usage intensity. And it's really through the financial angle because, as I'm looking at the revenues year-over-year, you've increased your revenues, call it, $66 million and while you were keeping your cost of revenue essentially flat year-over-year. So it doesn't really look like you're rushing to install new servers or procure AWS capacity. So what can you tell us about your average engagement per user during COVID?

我支持沃爾特·普里查德。關於使用強度的問題。這實際上是從財務角度來看的，因為當我查看年同比收入時，你的收入增加了，稱之為 6600 萬美元，而你的收入成本基本上與去年同期持平——年。因此，看起來您並不急於安裝新服務器或採購 AWS 容量。那麼，您能告訴我們您在 COVID 期間每位用戶的平均參與度嗎？

Well, I can speak to engagement, and Ajay can speak to financials. As I shared earlier, we've seen broad adoption across the board, both of things like HelloSign and our new desktop app. So progress we've made there, adoption of the new desktop app and 450,000 Dropbox Business teams that was up from 350,000 in the prior quarter. And again, weekly actives are up 50% quarter-to-quarter as well. So those are some of the measures we look at.

好吧，我可以談談訂婚，而 Ajay 可以談談財務。正如我之前分享的那樣，我們已經看到了廣泛的採用，比如 HelloSign 和我們的新桌面應用程序。因此，我們在這方面取得了進展，採用了新的桌面應用程序和 450,000 個 Dropbox Business 團隊，高於上一季度的 350,000 個。再一次，每週活躍量也環比增長 50%。這些是我們關注的一些措施。

And the new desktop app's also a new foundation for us to drive adoption of all of our new products across the board. And so having these seamless experiences or having more surfaces allows us to have seamless integrations with HelloSign and all of our partner products.

新的桌面應用程序也是我們推動所有新產品全面採用的新基礎。因此，擁有這些無縫體驗或擁有更多表面使我們能夠與 HelloSign 和我們所有的合作夥伴產品無縫集成。

Yes. And I would just add to that. On the gross margin front, we're always focused on bringing down our unit costs and driving incremental efficiency, and we've done a good job of that over the past few quarters and the past few years. So things like our rollout of SMR technology as well as our new cold storage tier. We're always innovating on that infrastructure layer, both as it relates for the unit cost of storage as well as compute. And so that's helping us drive a lot of that year-over-year efficiency as utilization increases.

是的。我只想補充一點。在毛利率方面，我們始終專注於降低單位成本並提高效率，在過去幾個季度和過去幾年中，我們在這方面做得很好。因此，我們推出了 SMR 技術以及我們新的冷藏層。我們一直在該基礎架構層上進行創新，因為它與存儲的單位成本以及計算相關。因此，隨著利用率的增加，這有助於我們提高每年的效率。

Lastly, just…

最後，只是……

And actually, I'd just say -- well, just engagement is important to us because we see that customers who engage more retain better, have higher lifetime value, and same thing for collaborative users, same thing for folks that use our integrations. And so we're focused both on driving direct monetization by selling more high-value plans and then indirect monetization, just increasing retention and lifetime value.

實際上，我只想說 - 好吧，參與對我們很重要，因為我們看到參與更多的客戶保留得更好，具有更高的生命週期價值，對於協作用戶來說也是如此，對於使用我們集成的人來說也是如此。因此，我們專注於通過銷售更多高價值計劃來推動直接貨幣化，然後是間接貨幣化，只是增加保留率和生命週期價值。

Okay. And then on the ARPU sequential increase, it was a little bit less than in prior quarters. To what extent did the trial conversions have an effect on that mix? And what can you tell us about how that is going to evolve going forward?

好的。然後在 ARPU 的連續增長上，它比前幾個季度要少一些。試用轉換對這種組合有多大影響？您能告訴我們關於未來將如何發展的信息嗎？

Sure. This is Ajay. I can take that question. I would say it was really higher demand for our products resulted in the acceleration of some larger-scale deployments and conversions. It's a point that you just made. And so we talked about University of Michigan. There were other larger-scale EDU deployments that Olivia mentioned. And so certainly, while all of those are a benefit to revenue, ARR and paying user growth and they underscore the value users are getting from our platform, those were a modest headwind to ARPU for the period and will be a modest headwind to ARPU for the year. And so it's really that outperformance on the paying user front that's driving that. And the organic tailwinds to ARPU continue to be very strong. So those attach rates of new paying users to our premium and team plans, that mix shift from individual to team over time and gross new ASP for us, which is effectively the ARPU for new paying users, that continues to meaningfully lead our blended average ARPU. So that runway for expansion remains.

當然。這是阿傑。我可以接受這個問題。我想說的是，對我們產品的更高需求導致了一些更大規模部署和轉換的加速。這是你剛剛提出的一個觀點。所以我們談到了密歇根大學。 Olivia 還提到了其他更大規模的 EDU 部署。因此，當然，雖然所有這些都對收入、ARR 和付費用戶增長有利，並且它們強調了用戶從我們的平台獲得的價值，但在此期間，這些對 ARPU 來說是一個適度的逆風，對 ARPU 來說將是一個適度的逆風。那一年。因此，推動這一點的真正原因是付費用戶方面的出色表現。對 ARPU 的有機順風繼續非常強勁。因此，那些將新付費用戶的比率附加到我們的保費和團隊計劃中，隨著時間的推移，從個人到團隊的混合轉變以及對我們來說新的總 ASP，這實際上是新付費用戶的 ARPU，繼續有意義地引領我們的混合平均 ARPU .所以擴張的跑道仍然存在。

Our next question comes from Jason Ader with William Blair.

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

This is Billy Fitzsimmons on for Jason Ader. One of the key data points you guys provided last quarter was around increased trials compared to pre-COVID levels, and that's something that obviously continued into this quarter as well. And I start with that because one of the interesting announcements last quarter was around changes to your mobile onboarding flow, so targeting users who are more likely to convert. And mentioned you last -- you mentioned this quarter that you're making changes to your HelloSign conversion engine as well.

這是傑森·阿德的比利·菲茨西蒙斯。你們上個季度提供的一個關鍵數據點是與 COVID 之前的水平相比增加了試驗，這顯然也延續到了本季度。我從這個開始，因為上個季度的一個有趣的公告是圍繞你的移動用戶引導流程的變化，所以針對更有可能轉化的用戶。最後提到了你——你在本季度提到你也在對你的 HelloSign 轉換引擎進行更改。

So I understand it might be a bit early a sign to provide any initial takeaways from some of those changes to your mobile data-driven conversion engine. But any first kind of details or first thoughts that you've seen in the past couple of months on either shifts in mobile customer close rates or customer feedback since implementing those changes? And I ask because, though it's early, I had imagined changes in aggregate mobile conversions are good for future HelloSign conversions.

因此，我知道現在可能有點早了，從您的移動數據驅動轉換引擎的一些更改中提供任何初步結論。但是，您在過去幾個月中看到的任何關於移動客戶關閉率或實施這些更改後客戶反饋的變化的第一種細節或初步想法？我之所以這麼問是因為，雖然現在還為時過早，但我曾想像過移動轉化總量的變化對未來的 HelloSign 轉化有好處。

Yes. I mean we're focused on certainly improving the mobile experience and then just making the overall experience across all our surfaces more seamless. And the majority -- I mean one way we look at the opportunity is the majority of our users who work are still either free users or on individual subscriptions. And so that represents a lot of embedded value, and it's one of our biggest upsell opportunities.

是的。我的意思是我們專注於改善移動體驗，然後只是讓我們所有表面的整體體驗更加無縫。大多數 - 我的意思是我們看待機會的一種方式是我們工作的大多數用戶仍然是免費用戶或個人訂閱。因此，這代表了很多嵌入式價值，這是我們最大的追加銷售機會之一。

And other examples of streamlining and simplifying experiences are we want to help folks get into Dropbox Business teams. And so we streamlined -- we've made a lot of progress with things like streamlining the invitation process and onboarding process. And we've also continued to optimize our conversion engines -- or conversion engine to match users to higher-value plans and so on. And so we make steady progress on a number of dimensions on that front.

我們希望幫助人們加入 Dropbox Business 團隊，以及其他簡化和簡化體驗的例子。所以我們進行了精簡——我們在簡化邀請流程和入職流程等方面取得了很大進展。我們還繼續優化我們的轉換引擎——或轉換引擎以將用戶匹配到更高價值的計劃等等。因此，我們在這方面的許多方面都取得了穩步進展。

And our last question comes from Zane Chrane with Bernstein Research.

我們的最後一個問題來自 Bernstein Research 的 Zane Chrane。

I just wanted to dig into that net dollar retention rate. The expansion quarter-over-quarter, is that primarily a function of the mix shift to more business customers with business customers growing faster than those on consumer plans? Or is the mix holding relatively steady and the increase is driven by a kind of consistent renewal among your consumer plans with the expansion with your business users?

我只是想深入了解淨美元保留率。季度環比擴張，主要是因為企業客戶的業務增長速度快於消費者計劃中的業務客戶，這主要是因為業務組合轉向了更多的商業客戶嗎？還是混合保持相對穩定，並且增長是由您的消費者計劃中的一種持續更新以及您的業務用戶的擴展所推動的？

Yes. It's a great question. This is Ajay. Overall, we've seen those churn rates, the gross retention rates remain relatively stable across the business and the expansion we've been able to drive there in net revenue retention twofold. You touched on both of the factors. One is us continuing to drive expansion of existing Dropbox Business teams, so teams adding more licenses to their deployment. And we're also always driving a mix shift towards teams. So every period, we're converting more and more gross new licenses as team deployments relative to individual. And so that mix shift over time is changing.

是的。這是一個很好的問題。這是阿傑。總體而言，我們已經看到了這些流失率，整個業務的總保留率保持相對穩定，並且我們已經能夠在淨收入保留率方面實現兩倍的擴張。你談到了這兩個因素。一是我們繼續推動現有 Dropbox Business 團隊的擴展，以便團隊在其部署中添加更多許可證。我們也一直在推動向團隊的混合轉變。因此，每個時期，我們都會將越來越多的總新許可證轉換為相對於個人的團隊部署。因此，隨著時間的推移，這種混合轉變正在發生變化。

Okay. Got it. And when should we expect the net dollar retention rate to cross into the triple digits? It seems like that's really the inflection point where you could stabilize revenue growth and really accelerate the margin expansion.

好的。知道了。我們什麼時候應該期望淨美元保留率達到三位數？看起來這真的是你可以穩定收入增長並真正加速利潤率擴張的拐點。

Yes. We don't -- so we provide formal guidance or report formally against net retention, so we'll continue to provide color commentary. But certainly, we've been pleased with the trajectory and trend that, that metric has been on since our IPO, and it has been improving pretty steadily. And so to the extent we have some milestones that we hit, that it makes sense to rest of share publicly, that's something that we'll certainly consider.

是的。我們沒有——所以我們提供正式的指導或正式報告淨留存率，因此我們將繼續提供顏色評論。但可以肯定的是，我們對自 IPO 以來一直採用的軌跡和趨勢感到滿意，並且一直在穩步改善。因此，就我們達到的一些里程碑而言，公開分享其餘部分是有意義的，這是我們肯定會考慮的事情。

Thank you. I will now turn the call over to CEO Drew Houston for any further remarks.

謝謝你。我現在將把電話轉給首席執行官德魯休斯頓，以徵求任何進一步的意見。

All right. Well, thanks again, everyone, for joining us this afternoon. We hope you're staying safe and healthy. And we look forward to speaking with you again next quarter.

好的。好吧，再次感謝大家今天下午加入我們。我們希望您保持安全和健康。我們期待下個季度再次與您交談。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. 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。