Dropbox Inc (DBX) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the First Quarter 2020 Dropbox Earnings Conference Call.

女士們，先生們，感謝您的支持，歡迎參加 2020 年第一季度 Dropbox 收益電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

It is now my pleasure to introduce Head of Investor Relations, Darren Yip.

現在我很高興向大家介紹投資者關係主管Darren Yip。

Thank you.

謝謝你。

Good afternoon, and welcome to Dropbox's First Quarter 2020 Earnings Call.

下午好，歡迎參加 Dropbox 2020 年第一季度財報電話會議。

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

今天，Dropbox 將討論早些時候發布的季度財務業績。

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 new products or features, our strategy as well as the ability of our key employees to execute on our strategy, long-term growth and overall future prospects.

本次電話會議上的陳述包括前瞻性陳述，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、與我們業務的預期業績、未來財務業績相關的陳述，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、我們通過開發新產品或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的能力、長期增長和整體的未來前景。

These statements are subject to known and unknown risks and uncertainties that could cause the actual results to differ materially from those projected or implied during this call.

這些陳述受已知和未知風險和不確定性的影響，可能導致實際結果與本次電話會議中預計或暗示的結果存在重大差異。

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 March 31, 2020.

特別是，我們在截至 2019 年 12 月 31 日止年度的 10-K 表格中包含的風險因素中描述的風險因素，以及將在截至 2020 年 3 月 31 日止季度的 10-Q 表格中包含的風險因素。

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

您不應依賴我們的前瞻性陳述作為對未來事件的預測。

All forward-looking statements that we make on this call are based on assumptions and beliefs as of today, and we undertake no obligation to update them except as required by law.

我們在本次電話會議上所做的所有前瞻性陳述均基於截至今天的假設和信念，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.

我們今天的討論將包括非公認會計準則財務指標。

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

這些非公認會計原則措施應作為我們公認會計原則結果的補充而非替代或孤立考慮。

A reconciliation of our 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.

我們的 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 SEC 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.

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

Drew?

德魯？

Thanks, Darren.

謝謝，達倫。

Good afternoon, everyone, and welcome to our Q1 earnings call.

大家下午好，歡迎來到我們的第一季度財報電話會議。

Thank you for taking the time to join us today, especially under the current circumstances.

感謝您今天抽出時間加入我們，尤其是在當前情況下。

On the call with me is Ajay Vashee, our Chief Financial Officer.

與我通話的是我們的首席財務官 Ajay Vashee。

Olivia Nottebohm, our Chief Operating Officer, will also join us during Q&A.

我們的首席運營官 Olivia Nottebohm 也將加入我們的問答環節。

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.

我們三個人在家中遠程撥入，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。

Today, I'll provide an update on the top of funnel and engagement trends we're seeing as a result of COVID-19 and talk to business and product highlights from the last quarter.

今天，我將提供有關 COVID-19 導致的漏斗和參與趨勢的最新信息，並討論上一季度的業務和產品亮點。

Ajay will review our Q1 financial results, touch on our go-to-market strategy and provide guidance for Q2 and fiscal 2020.

Ajay 將審查我們的第一季度財務業績，探討我們的上市戰略，並為第二季度和 2020 財年提供指導。

First, I want to provide some perspective on how the team here at Dropbox is responding to COVID-19.

首先，我想就 Dropbox 團隊如何應對 COVID-19 提供一些觀點。

I'm really proud of how quickly our employees have adapted to working effectively in this challenging environment.

我真的為我們的員工能夠如此迅速地適應在這個充滿挑戰的環境中有效工作而感到自豪。

We continue to hold regular, company-wide town hall meetings across our global offices, and productivity has remained high even as the vast majority of us have shifted to working remotely while reorienting our product road map to adapt to emerging customer demand.

我們繼續在我們的全球辦事處定期舉行全公司範圍的市政廳會議，即使我們中的絕大多數人已經轉向遠程工作，同時重新定位我們的產品路線圖以適應新興的客戶需求，生產力仍然很高。

In addition, our infrastructure teams have been hard at work to ensure we continue to operate without any service interruptions or issues and are able to support higher utilization during this time.

此外，我們的基礎架構團隊一直在努力工作，以確保我們在沒有任何服務中斷或問題的情況下繼續運營，並能夠在此期間支持更高的利用率。

I want to thank the team for staying focused on serving our customers and to continuing to provide them with the tools they need to get work done.

我要感謝團隊一直專注於為我們的客戶服務，並繼續為他們提供完成工作所需的工具。

In times like these, the ability for teams to easily access and work together on content takes on an even greater significance.

在這樣的時代，團隊輕鬆訪問和共同處理內容的能力具有更大的意義。

We launched the new Dropbox last year to address unmet needs around distributed teamwork and collaboration.

我們去年推出了新的 Dropbox，以解決分佈式團隊合作和協作方面未滿足的需求。

It's a smart workspace to organize users' content, connect their tools and bring teams together, helping users stay in sync and reducing the friction of working remotely.

這是一個智能工作空間，用於組織用戶的內容、連接他們的工具並將團隊聚集在一起，幫助用戶保持同步並減少遠程工作的摩擦。

We believe the accelerated transition to remote work that's underway will have lasting effects that will favor companies like ours in the long run and create added demand for our products.

我們相信，正在加速向遠程工作的過渡將產生持久的影響，從長遠來看，這將有利於像我們這樣的公司，並為我們的產品創造更多需求。

And we're starting to see that in our top of funnel metrics.

我們開始在我們的漏斗指標頂部看到這一點。

Over the last few months, we've seen an increase in free trial starts across both our team and individual plans.

在過去的幾個月裡，我們的團隊和個人計劃的免費試用開始有所增加。

Since mid-March, daily Dropbox Business team trials increased by approximately 40% over pre-COVID levels at the outset of the year, with higher levels of engagement and collaborative activity.

自 3 月中旬以來，Dropbox Business 團隊的每日試用比年初的 COVID 之前水平增加了約 40%，參與度和協作活動水平更高。

Similarly, daily trial starts to our Plus individual plan increased over 25% over these same periods.

同樣，我們的 Plus 個人計劃的每日試用期在這些時期增加了 25% 以上。

We'll be closely monitoring these newer cohorts for conversion trends and business contribution in the coming weeks and months.

在接下來的幾周和幾個月內，我們將密切關注這些較新的同類群組的轉化趨勢和業務貢獻。

In addition to the higher demand we've seen in our top of funnel, we've also seen increased adoption of our new desktop app.

除了我們在漏斗頂部看到的更高需求外，我們還看到我們新的桌面應用程序的採用率有所增加。

Now available to all users, early adoption of our new desktop app has grown to over 350,000 of our over 450,000 Dropbox Business teams.

現在可供所有用戶使用，我們的新桌面應用程序的早期採用率已經增長到我們超過 450,000 個 Dropbox Business 團隊中的超過 350,000 個。

And over the past couple of months, weekly active users on the new desktop app has increased by approximately 60%.

在過去的幾個月裡，新桌面應用程序的每週活躍用戶增加了大約 60%。

We've also seen significantly higher usage of HelloSign in recent months and with the number of signature requests of 3x from average levels across January and February.

最近幾個月，我們還看到 HelloSign 的使用量顯著增加，簽名請求數量是 1 月和 2 月平均水平的 3 倍。

And HelloWorks, our fully customizable document workflow solution, has seen an uptick in new COVID-19 related use cases.

HelloWorks 是我們完全可定制的文檔工作流解決方案，在新的 COVID-19 相關用例中有所增加。

Lenders have leveraged the product to send out tens of thousands of small business loan relief applications and a New York-based urgent care facility relied on HelloWorks to process nearly 2,000 patient intake forms in April alone.

貸方利用該產品發送了數以萬計的小企業貸款減免申請，僅在 4 月份，一家位於紐約的緊急護理機構就依靠 HelloWorks 處理了近 2,000 份患者入院表格。

Increased interest in Dropbox has also come from higher education institutions that have shifted to a remote learning model.

對 Dropbox 的興趣增加還來自已轉向遠程學習模式的高等教育機構。

Demand for our products from universities is increasing and professors are using Dropbox Paper as a tool to make educational content more accessible and collaborative for students.

大學對我們產品的需求不斷增加，教授們正在使用 Dropbox Paper 作為一種工具，讓學生更容易訪問和協作教育內容。

In Q1, we also launched a program to donate free Dropbox licenses to NGOs battling COVID-19 as well as K-12 teachers.

在第一季度，我們還啟動了一項計劃，向與 COVID-19 作戰的非政府組織以及 K-12 教師捐贈免費的 Dropbox 許可證。

And we're continuing to support our local hospitals and medical professionals on the front lines.

我們將繼續支持前線的當地醫院和醫療專業人員。

We want to do everything we can to help critical efforts like these.

我們想盡我們所能來幫助像這樣的關鍵努力。

Turning to our quarterly results.

轉向我們的季度業績。

In Q1, we continued to see strength across our business.

在第一季度，我們繼續看到整個業務的實力。

Revenue grew 19% year-over-year on a constant currency basis, driven by paying users growth and ARPU expansion.

在付費用戶增長和 ARPU 擴張的推動下，按固定匯率計算，收入同比增長 19%。

We also achieved record operating margins and reached GAAP profitability for the first time.

我們還實現了創紀錄的營業利潤率，並首次達到了 GAAP 盈利能力。

These results underscore the strength of our global collaboration platform, our efficient go-to-market strategy and our operational discipline.

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.

讓我們繼續討論本季度的一些產品亮點。

We're always focused on building a great experience for our users.

我們始終專注於為用戶打造出色的體驗。

This quarter, we added notable features to our deep integration with Zoom, allowing users to do even more without ever leaving Dropbox.

本季度，我們在與 Zoom 的深度集成中添加了一些值得注意的功能，讓用戶無需離開 Dropbox 就可以做更多事情。

Now users can record a Zoom meeting and save it along with a transcript directly to Dropbox.

現在，用戶可以錄製 Zoom 會議並將其與成績單一起直接保存到 Dropbox。

From there, they can securely share the transcript and recording with team members and keep them in the loop when they can't make it to a meeting.

從那裡，他們可以安全地與團隊成員共享腳本和錄音，並在他們無法參加會議時讓他們保持循環。

And since transcript files are indexed using our full text search feature, they'll show up when user search for any phrase mentioned during a videoconference.

由於腳本文件是使用我們的全文搜索功能編制索引的，因此當用戶搜索視頻會議中提到的任何短語時，它們就會顯示出來。

Given that many of our collective users are now working remotely, this has proven to be a timely product release.

鑑於我們的許多集體用戶現在都在遠程工作，事實證明這是一個及時的產品發布。

Heading into April, we saw a 20x increase in usage of our Zoom integration compared to February levels.

進入 4 月份，與 2 月份的水平相比，我們看到 Zoom 集成的使用量增加了 20 倍。

This quarter, we also launched a number of improvements to the admin experience.

本季度，我們還對管理體驗進行了多項改進。

Empowering IT is an important focus area for us as we drive adoption of Dropbox within business teams.

在我們推動業務團隊採用 Dropbox 時，增強 IT 能力是我們的一個重要重點領域。

In Q1, we introduced an updated insights dashboard.

在第一季度，我們推出了更新的洞察儀表板。

This refreshed dashboard, part of the Dropbox Business admin console, enables IT to easily review user activity and take relevant action as needed.

這個刷新的儀表板是 Dropbox Business 管理控制台的一部分，使 IT 能夠輕鬆查看用戶活動並根據需要採取相關措施。

The new dashboard allows admins to see which outside domains their team is sharing with and how often, generate at-a-glance stats on-paid license utilization, pending invites, active members and suspended members and monitor sharing activity for compliance.

新的儀表板允許管理員查看他們的團隊正在與哪些外部域共享以及共享頻率，生成一目了然的統計數據，付費許可證使用情況、待定邀請、活躍成員和暫停成員，並監控共享活動以確保合規性。

In Q1, we also launched new admin and security features into HelloSign enterprise.

在第一季度，我們還在 HelloSign 企業版中推出了新的管理和安全功能。

Customers to this SKU can now streamline multi-team management with centralized visibility and delegation controls, providing oversight over documents, templates, branding and usage.

該 SKU 的客戶現在可以通過集中的可見性和委派控制來簡化多團隊管理，從而對文檔、模板、品牌和使用進行監督。

These capabilities empower IT to stay in control as utilization scales.

這些功能使 IT 能夠隨著利用率的擴展而保持控制。

Enterprise features like these have already helped HelloSign land one of its largest deals to date.

諸如此類的企業功能已經幫助 HelloSign 達成了迄今為止最大的交易之一。

We're excited to announce that another leading on-demand services platform joined a growing number of delivery companies, including Instacart, who are leveraging HelloSign.

我們很高興地宣布，另一個領先的按需服務平台加入了越來越多的交付公司，包括正在利用 HelloSign 的 Instacart。

The customer will deploy HelloSign enterprise plus to create a faster and more seamless onboarding experience for restaurants and will drive improved eSignature workflows across several business functions.

客戶將部署 HelloSign 企業版，為餐廳創造更快、更無縫的入職體驗，並將推動跨多個業務功能改進電子簽名工作流程。

Together, our new Dropbox Business insights dashboard and the advanced admin and security features we introduced for HelloSign help to streamline the admin experience as teams scale their deployments of Dropbox.

我們新的 Dropbox Business 洞察儀表板以及我們為 HelloSign 引入的高級管理和安全功能有助於在團隊擴展 Dropbox 部署時簡化管理體驗。

In addition to improving our native admin functionality, we've been investing in key partnerships to bring Dropbox Business teams tools to manage and secure a best-of-breed SaaS environment.

除了改進我們的原生管理功能外，我們還一直在投資建立重要的合作夥伴關係，以便為 Dropbox Business 團隊提供工具來管理和保護一流的 SaaS 環境。

Our Advanced Team & Content Controls Add-On, launched in partnership with BetterCloud, empowers IT admins with even greater control over data protection, enhanced visibility and auditability and automated user life cycle management.

我們與 BetterCloud 合作推出的高級團隊和內容控制插件使 IT 管理員能夠更好地控制數據保護、增強的可見性和可審計性以及自動化的用戶生命週期管理。

In Q1, we closed 9 outbound deals where the Advanced Team & Content Controls Add-On was cited as a key differentiator.

在第一季度，我們完成了 9 項對外交易，其中高級團隊和內容控制插件被認為是關鍵差異化因素。

This included a Dropbox enterprise win to displace a competitor at a physician group with over 5,000 employees across 200 locations, specializing in emergency medicine and acute care.

其中包括 Dropbox 贏得企業的勝利，取代了一家在 200 個地點擁有 5,000 多名員工的醫師集團的競爭對手，該集團專門從事急診醫學和急症護理。

With our Advanced Team & Content Controls Add-On, Dropbox addresses the customer's need for a HIPAA-compliant tool to enable collaboration among highly distributed workforce.

通過我們的高級團隊和內容控制插件，Dropbox 滿足了客戶對符合 HIPAA 標準的工具的需求，以實現高度分散的員工之間的協作。

To wrap things up, Q1 was a strong quarter for us amidst a rapidly shifting global environment.

總而言之，在快速變化的全球環境中，第一季度對我們來說是一個強勁的季度。

The record trial volumes and customer engagement trends have been encouraging, but we remain cognizant that there are likely headwinds ahead for the broader economy.

創紀錄的試驗量和客戶參與趨勢令人鼓舞，但我們仍然認識到，更廣泛的經濟可能會面臨逆風。

At Dropbox, we remain committed to our customers, and we'll continue to focus on enhancing the capabilities of our products to facilitate distributed and remote work.

在 Dropbox，我們始終致力於為客戶服務，我們將繼續專注於增強我們產品的功能，以促進分佈式和遠程工作。

Our efforts to improve the experience for IT admins will help teams efficiently and securely expand their deployments, and our latest integrations and partnerships help our users bring all their different tools together so that they can focus on their work wherever they may be.

我們為改善 IT 管理員體驗所做的努力將幫助團隊高效、安全地擴展他們的部署，我們最新的集成和合作夥伴關係幫助我們的用戶將他們所有不同的工具整合在一起，這樣他們就可以隨時隨地專注於他們的工作。

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

我現在將把它交給我們的首席財務官 Ajay 來介紹我們的財務業績。

Thank you, Drew.

謝謝你，德魯。

Our Q1 results demonstrate our strong execution and focus on delivering a healthy balance of top line growth and profitability.

我們的第一季度業績證明了我們強大的執行力，並專注於實現頂線增長和盈利能力的健康平衡。

Total revenue for the quarter was up 18% year-over-year at $455 million.

本季度總收入同比增長 18%，達到 4.55 億美元。

On a constant currency basis, year-over-year growth would have been 19%.

按固定匯率計算，同比增長率為 19%。

ARR for the quarter was $1.864 billion, up 16% from the year ago period.

本季度的 ARR 為 18.64 億美元，同比增長 16%。

On a constant currency basis, ARR grew $53 million quarter-over-quarter and 17% year-over-year.

按固定匯率計算，ARR 環比增長 5300 萬美元，同比增長 17%。

I'd note that in Q1 of every year, we update the FX rates used to calculate ARR.

我注意到，在每年的第一季度，我們都會更新用於計算 ARR 的外匯匯率。

We ended Q1 with 14.6 million paying users, and ARPU was $126.30 in the period.

我們在第一季度結束時擁有 1460 萬付費用戶，該期間的 ARPU 為 126.30 美元。

ARR reflects our strategy to methodically convert our highest value users to drive sustainable monetization and retention.

ARR 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。

Let me highlight a few ways we're executing on this strategy.

讓我強調一下我們執行這一戰略的幾種方式。

Over the past several months, we've enhanced our mobile onboarding flows for users who sign up for a Dropbox Plus trial to drive higher levels of engagement and conversion to our platform.

在過去的幾個月中，我們為註冊 Dropbox Plus 試用版的用戶改進了移動設備入門流程，以提高我們平台的參與度和轉化率。

Our data science team identified certain actions that mobile users can take in the first few weeks of their trial, such as sharing links to content, which increased their propensity to convert into a paying subscriber.

我們的數據科學團隊確定了移動用戶在試用的前幾周可以採取的某些行動，例如分享內容鏈接，這增加了他們轉變為付費訂閱者的傾向。

With these insights in mind, our engineering teams have been revamping our onboarding prompts to encourage users on a Plus trial to take these types of actions, thereby helping to drive notable improvements in our mobile trial conversion rate.

考慮到這些見解，我們的工程團隊一直在改進我們的入職提示，以鼓勵 Plus 試用版的用戶採取這些類型的操作，從而幫助我們顯著提高移動試用版的轉化率。

This is an investment we're particularly excited about in light of the elevated trial volume that Drew spoke to earlier.

鑑於德魯早些時候談到的試驗量增加，這是一項我們特別興奮的投資。

Let's move on to some of our customer highlights.

讓我們繼續討論我們的一些客戶亮點。

In Q1, we had a number of wins across a range of verticals, including health care, technology, education and insurance.

在第一季度，我們在一系列垂直領域取得了多項勝利，包括醫療保健、技術、教育和保險。

We're excited to announce that Usborne Publishing is now a Dropbox Business customer.

我們很高興地宣布 Usborne Publishing 現已成為 Dropbox Business 客戶。

Usborne Publishing is a leading U.K.-based publisher of children's books that turned to Dropbox as part of its accelerated shift to a remote work strategy due to COVID-19.

Usborne Publishing 是英國領先的兒童圖書出版商，由於 COVID-19，該出版商轉向 Dropbox 作為其加速轉向遠程工作戰略的一部分。

With the onset of the virus in the U.K., the company needed to enable employees on the production and creative teams who were dependent on on-premise file servers to work from home with a tool that they could deploy quickly.

隨著病毒在英國的爆發，該公司需要讓依賴本地文件服務器的製作和創意團隊的員工能夠使用他們可以快速部署的工具在家工作。

In less than a week, Dropbox Business was purchased and provisioned to all employees.

在不到一周的時間裡，Dropbox Business 被購買並提供給所有員工。

Usborne cited Dropbox's widespread usage in the media industry and key integrations with Adobe products as being critical to their decision to adopt our platform.

Usborne 稱 Dropbox 在媒體行業的廣泛使用以及與 Adobe 產品的關鍵集成對於他們決定採用我們的平台至關重要。

In addition, we're pleased to announce that the University of Oregon is now a Dropbox customer.

此外，我們很高興地宣布俄勒岡大學現已成為 Dropbox 客戶。

Dropbox will be made available to all faculty, staff and students at Oregon's flagship public university.

Dropbox 將提供給俄勒岡州旗艦公立大學的所有教職員工和學生。

Our products were already widely adopted across the university's faculty with particularly high usage among research professors who leverage Dropbox to collaborate with colleagues at other institutions.

我們的產品已經在該大學的教職員工中廣泛採用，在利用 Dropbox 與其他機構的同事協作的研究教授中使用率特別高。

With this purchase, the University of Oregon will now be able to administer all Dropbox usage centrally using the IT controls available to enterprise customers.

通過此次購買，俄勒岡大學現在將能夠使用企業客戶可用的 IT 控件集中管理所有 Dropbox 使用情況。

Our support of FERPA, HITECH and HIPAA protocols was key to becoming a trusted partner to the university.

我們對 FERPA、HITECH 和 HIPAA 協議的支持是成為大學值得信賴的合作夥伴的關鍵。

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 exclude stock-based compensation, amortization of purchased intangibles and certain expenses related to the acquisition of HelloSign.

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.

Our non-GAAP net income also excludes net gains and losses on equity investments.

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。

A reconciliation of GAAP to non-GAAP results may be found in our earnings release, which was furnished with our Form 8-K filed today with the SEC and in the supplemental investor materials posted on our Investor Relations website.

GAAP 與非 GAAP 結果的對賬可以在我們今天向 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.

轉到損益表。

Gross margin for the quarter was 78%, an increase of 3 percentage points compared to the first quarter of 2019.

本季度毛利率為 78%，較 2019 年一季度增長 3 個百分點。

The increase in gross margin was driven by unit cost efficiency gains with our infrastructure hardware, including lower depreciation as a share of revenue.

毛利率的增長是由我們的基礎設施硬件的單位成本效率提高推動的，包括折舊佔收入的比例降低。

We continue to expect fiscal 2020 gross margin to be approximately 1.5 points higher than 2019.

我們繼續預計 2020 財年的毛利率將比 2019 年高出約 1.5 個百分點。

Moving to operating expenses.

轉向運營費用。

First quarter R&D expense was $140 million or 31% of revenue compared to 30% in Q1 a year ago.

第一季度研發費用為 1.4 億美元，佔收入的 31%，而一年前第一季度為 30%。

The increase as a percentage of revenue was primarily driven by higher head count as well as investments in new product development and testing.

佔收入百分比的增長主要是由於員工人數增加以及對新產品開發和測試的投資。

S&M expense was $96 million in the first quarter or 21% of revenue compared to 24% in Q1 a year ago.

第一季度的 S&M 費用為 9600 萬美元，佔收入的 21%，而去年第一季度為 24%。

The decrease was due to greater efficiencies in marketing-related spend relative to Q1 of 2019.

下降的原因是與 2019 年第一季度相比，營銷相關支出的效率更高。

G&A expense was $47 million or 10% of revenue compared to 11% of revenue in Q1 a year ago.

G&A 費用為 4700 萬美元，佔收入的 10%，而一年前第一季度佔收入的 11%。

The decrease was due to lower non-income-based taxes.

減少的原因是非收入稅減少。

Taken together, we earned $73 million in operating profit in the first quarter.

總而言之，我們第一季度的營業利潤為 7300 萬美元。

This translates to a record 16.1% operating margin which is a 6 percentage point improvement from Q1 of 2019.

這意味著營業利潤率達到創紀錄的 16.1%，比 2019 年第一季度提高了 6 個百分點。

Net income for the quarter was $70 million, up from $42 million a year ago.

本季度的淨收入為 7000 萬美元，高於一年前的 4200 萬美元。

Diluted EPS was $0.17 per share, based on 419 million diluted weighted average shares outstanding, up from $0.10 in Q1 a year ago.

稀釋後每股收益為 0.17 美元，基於 4.19 億股稀釋加權平均流通股，高於一年前第一季度的 0.10 美元。

As Drew noted earlier, Q1 was also our first quarter of GAAP profitability, an important milestone for us.

正如 Drew 之前指出的，第一季度也是我們第一季度的 GAAP 盈利能力，這對我們來說是一個重要的里程碑。

While we may see some fluctuations quarter-to-quarter based on timing of spend, we expect to be GAAP-profitable for the fiscal year.

雖然我們可能會根據支出時間看到一些季度與季度之間的波動，但我們預計本財年將實現 GAAP 盈利。

Moving on to cash balance and cash flow.

繼續現金餘額和現金流。

We ended Q1 with cash and short-term investments of $1.101 billion.

我們以 11.01 億美元的現金和短期投資結束了第一季度。

Cash flow from operations was $53 million in the quarter.

本季度運營現金流為 5300 萬美元。

Capital expenditures were $28 million, yielding free cash flow of $25 million or 6% of revenue.

資本支出為 2800 萬美元，產生 2500 萬美元的自由現金流或收入的 6%。

CapEx in Q1 included $21 million of spend on our new headquarters, of which $8 million was offset by tenant improvement allowances.

第一季度的資本支出包括我們新總部的 2100 萬美元支出，其中 800 萬美元被租戶改善津貼所抵消。

In Q1, we also incurred the first payout of deal consideration holdback related to our acquisition of HelloSign.

在第一季度，我們還首次支付了與收購 HelloSign 相關的交易對價保留。

Excluding the headquarter spend net of TIAs of $13 million and payout of HelloSign deal consideration holdback of $16 million, free cash flow would have been $54 million or 12% of revenue.

扣除 1300 萬美元的 TIA 淨支出和 1600 萬美元的 HelloSign 交易對價保留支出，自由現金流為 5400 萬美元或收入的 12%。

In Q1, we also added $35 million to our finance lease funds for data center equipment.

在第一季度，我們還為數據中心設備的融資租賃資金增加了 3500 萬美元。

We expect additions to our finance lease funds to be approximately 8% of revenue in 2020.

我們預計 2020 年我們的融資租賃資金將佔收入的 8% 左右。

Now let's turn to our guidance.

現在讓我們轉向我們的指導。

Since our IPO 2 years ago, we've maintained a consistent guidance philosophy, that being to guide to what we have a certain degree of visibility into and revise our outlook over time as we build more signal on business trends and initiatives in our pipeline.

自 2 年前首次公開募股以來，我們一直保持一致的指導理念，即隨著我們在管道中建立更多關於業務趨勢和計劃的信號，指導我們對某種程度的可見性並隨著時間的推移修改我們的前景。

And while our near-term revenue and earnings remain quite predictable given our subscription-based model, COVID-19 introduces some uncertainty across the second half of the year.

儘管鑑於我們基於訂閱的模型，我們的近期收入和收益仍然相當可預測，但 COVID-19 在下半年引入了一些不確定性。

Our business has been resilient over the past few months, and we believe our product portfolio uniquely positions us to support the global shift to remote work and remote learning that's underway.

在過去的幾個月裡，我們的業務一直保持彈性，我們相信我們的產品組合具有獨特的優勢，可以支持正在進行的全球向遠程工作和遠程學習的轉變。

As Drew mentioned earlier, we're seeing some encouraging top of funnel trends related to both team and individual trial volumes, although it's still early on this front.

正如 Drew 之前提到的，我們看到了與團隊和個人試驗量相關的一些令人鼓舞的漏斗趨勢頂部，儘管這仍處於早期階段。

On the other hand, the weakening of foreign currencies relative to the U.S. dollar as well as lower interest rates could negatively impact our revenue and free cash flow for the remainder of the year if they persist at current levels.

另一方面，如果外幣兌美元匯率走弱以及利率下降，如果它們持續保持在當前水平，可能會對我們今年剩餘時間的收入和自由現金流產生負面影響。

And like every other SaaS business today, we need to remain mindful of the broader macroeconomic risks and unpredictability that the second half of the year may bring.

與當今所有其他 SaaS 業務一樣，我們需要時刻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。

With that, let's move on.

有了這個，讓我們繼續。

For the second quarter of 2020, we expect revenue to be in the range of $463 million to $466 million.

對於 2020 年第二季度，我們預計收入將在 4.63 億美元至 4.66 億美元之間。

On a constant currency basis, we estimate that revenue would be approximately $5 million higher.

在固定貨幣基礎上，我們估計收入將增加約 500 萬美元。

We expect non-GAAP operating margin to be in the range of 16.5% to 17.5% and diluted weighted average shares outstanding to be in the range of 417 million to 420 million, based on our trailing 30-day average share price.

根據我們過去 30 天的平均股價，我們預計非公認會計準則營業利潤率將在 16.5% 至 17.5% 之間，稀釋加權平均流通股在 4.17 億至 4.2 億股之間。

For the full year 2020, we are revising our revenue guidance range, which was previously $1.890 billion to $1.905 billion to $1.880 billion to $1.900 billion to account for FX headwinds introduced by COVID-19.

對於 2020 年全年，我們正在修訂我們的收入指導範圍，該範圍之前為 18.9 億美元至 19.05 億美元至 18.80 億美元至 19.00 億美元，以應對 COVID-19 帶來的外匯逆風。

On a constant currency basis, we estimate that revenue would be approximately $16 million higher for a range of $1.896 billion to $1.916 billion, which is largely consistent with our guidance on last quarter's earnings call.

在固定貨幣基礎上，我們估計收入將增加約 1600 萬美元，介於 18.96 億美元至 19.16 億美元之間，這與我們對上一季度財報電話會議的指導基本一致。

We continue to expect non-GAAP operating margins to be in the range of 17.5% to 18%.

我們繼續預計非美國通用會計準則營業利潤率將在 17.5% 至 18% 之間。

We are revising our free cash flow guidance range, which was previously $475 million to $485 million, to $460 million to $470 million to account for FX headwinds and lower interest rates as a result of COVID-19.

我們正在修改我們的自由現金流指導範圍，該範圍之前為 4.75 億美元至 4.85 億美元，至 4.6 億美元至 4.7 億美元，以應對因 COVID-19 導致的外匯逆風和較低的利率。

This range includes onetime spend related to the build-out of our new corporate headquarters as well as the payout of deal consideration holdback related to our acquisition of HelloSign.

該範圍包括與我們新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。

Excluding these items, free cash flow would be $510 million to $520 million.

不包括這些項目，自由現金流為 5.1 億至 5.2 億美元。

Net of FX and interest-related adjustments, our free cash flow guidance would have remained consistent with the figures we provided on last quarter's earnings call or approximately $15 million higher.

扣除外彙和利息相關調整後，我們的自由現金流指引將與我們在上一季度財報電話會議上提供的數據保持一致，或增加約 1500 萬美元。

Finally, we expect 2020 diluted weighted average shares outstanding to be in the range of 419 million to 422 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 年攤薄加權平均流通股在 4.19 億至 4.22 億股之間。

Moving forward, we remain focused on supporting our employees and customers during these unprecedented times.

展望未來，我們將繼續專注於在這些前所未有的時期為我們的員工和客戶提供支持。

We also remain committed to delivering long-term shareholder value.

我們還繼續致力於為股東創造長期價值。

Like every other company, we're closely monitoring the evolving macroeconomic environment.

與其他所有公司一樣，我們正在密切關注不斷變化的宏觀經濟環境。

And while Dropbox is certainly not immune to external pressures, we do feel that we're uniquely positioned.

雖然 Dropbox 肯定不能免受外部壓力的影響，但我們確實覺得我們處於獨特的位置。

We're operating an efficient, self-serve driven business, which underpins our strong free cash flow generation.

我們正在經營一個高效、自助驅動的業務，這為我們強大的自由現金流生成奠定了基礎。

This has enabled us to build a healthy balance sheet with over $1 billion in cash and short-term investments.

這使我們能夠建立一個健康的資產負債表，擁有超過 10 億美元的現金和短期投資。

Looking ahead, while we'll certainly continue investing in our business, we're also committed to driving efficiencies and higher levels of productivity across the company to execute to the long-term targets we outlined on last quarter's call.

展望未來，雖然我們肯定會繼續投資於我們的業務，但我們也致力於提高整個公司的效率和更高水平的生產力，以執行我們在上季度電話會議上概述的長期目標。

We remain focused on generating over $1 billion of annual free cash flow by 2024 and achieving our long-term operating margin target of 28% to 30%.

我們仍然專注於到 2024 年產生超過 10 億美元的年度自由現金流，並實現我們 28% 至 30% 的長期營業利潤率目標。

As always, our goal is to deliver a healthy balance of growth and profitability, and we're excited about the opportunity ahead.

與往常一樣，我們的目標是實現增長和盈利能力的健康平衡，我們對未來的機會感到興奮。

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.

謝謝你，阿傑。

In conclusion, I'm proud of our execution in what's been a challenging environment.

總之，我為我們在充滿挑戰的環境中的執行感到自豪。

We're in a solid position with a suite of products that facilitate remote and distributed work, a profitable self-serve business model and a healthy balance sheet.

我們擁有一套促進遠程和分佈式工作的產品、可盈利的自助業務模式和健康的資產負債表，處於穩固的地位。

On behalf of our management team, I'd like to take a moment to thank our customers, partners and the entire Dropbox team.

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.

有了這個，我想打開問答電話。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

And our first question comes from the line of Alex Zukin with RBC Capital Markets.

我們的第一個問題來自加拿大皇家銀行資本市場的 Alex Zukin。

Maybe just the first one around the benefits or the tailwinds that you're seeing from work from home.

也許只是您在家工作中看到的好處或順風的第一個。

You mentioned the top of funnel.

你提到了漏斗的頂部。

I'd love to hear kind of anecdotally what you're seeing from existing customers, expanding seat counts.

我很想听聽你從現有客戶那裡看到的軼事，擴大座位數量。

And ultimately, what have you seen maybe thus far in Q2 and the month of April with respect to those conversion rates?

最終，到目前為止，您在第二季度和 4 月份看到的關於這些轉化率的情況可能是什麼？

And then I got one quick follow-up.

然後我得到了一個快速的跟進。

Sure.

當然。

Alex, this is Drew.

亞歷克斯，這是德魯。

So we've certainly seen higher demand at the top of the funnel, engagement is up.

因此，我們當然已經看到漏斗頂部的需求更高，參與度也在上升。

And as I mentioned, our -- the new desktop app, the engagement -- weekly actives are up 60% in the last couple of months.

正如我所提到的，我們的——新的桌面應用程序，參與度——在過去幾個月裡每週活躍度增加了 60%。

And then conversions have held up so far and churn has been stable so far.

到目前為止，轉化率一直保持不變，客戶流失率也很穩定。

That said, we're monitoring everything pretty closely, given the macroeconomic environment and unpredictability that the second half may bring.

也就是說，鑑於下半年可能帶來的宏觀經濟環境和不可預測性，我們正在密切關註一切。

But more broadly, we think this is a huge opportunity because right now, we've been all forced to work from home in the most like unplanned and dramatic way possible and I think there's a lot of room for improvement in that experience.

但更廣泛地說，我們認為這是一個巨大的機會，因為現在，我們都被迫以最可能的計劃外和戲劇性的方式在家工作，我認為這種體驗還有很大的改進空間。

And Dropbox has always helped people to work from wherever they are.

Dropbox 一直幫助人們隨時隨地工作。

And right now everyone needs that.

現在每個人都需要它。

But we've been very focused on how do we do more for our users in -- or how do we design that experience to be really great.

但是我們一直非常關注我們如何為用戶做更多的事情——或者我們如何設計出真正很棒的體驗。

And we've certainly seen a lot of elements of our strategy with our Slack and Zoom integrations.

我們當然已經通過 Slack 和 Zoom 集成看到了我們戰略的許多要素。

And our Zoom integration engagement being up 2,000%, for example, as being good validation of that strategy.

例如，我們的 Zoom 集成參與度提高了 2,000%，這很好地驗證了該策略。

But really, just making sure that our road map is as aligned as possible to get after the opportunity is our biggest focus.

但實際上，只是確保我們的路線圖盡可能一致以抓住機會是我們最大的關注點。

Perfect.

完美的。

And then maybe just -- you mentioned, Drew, churn and maybe just also for Ajay.

然後也許只是 - 你提到了，德魯，流失，也許也只是為了阿傑。

Just can you talk about what you're seeing in terms of churn or net retention trends by the various cohorts where you expect them to maybe end up or trough?

您能否談談您所看到的客戶流失或淨留存趨勢方面的情況？您希望他們可能最終或低谷？

And then how should we think about just exposure to either SMB trends or maybe troubled industries?

那麼我們應該如何考慮僅僅接觸中小企業趨勢或陷入困境的行業？

Sure.

當然。

This is Ajay.

這是阿傑。

Happy to jump in there.

很高興跳進去。

And then, Drew, feel free to add any context that you'd like to.

然後，Drew，隨意添加您想要的任何上下文。

As Drew mentioned, our business has been very resilient to date.

正如 Drew 所說，迄今為止，我們的業務一直非常有彈性。

Churn was stable for us from Q4 of '19, Q1 of '20, and that continues to be the case today.

從 19 年第 4 季度到 20 年第 1 季度，客戶流失對我們來說是穩定的，今天仍然如此。

And this is really because the majority of our subscribers are knowledge workers, and we play a really important role in managing business-critical content for them.

這實際上是因為我們的大多數訂閱者都是知識工作者，我們在為他們管理關鍵業務內容方面發揮著非常重要的作用。

That being said, we'll be keeping a close eye on retention in newer cohorts where we're seeing elevated trial volumes.

話雖如此，我們將密切關注我們看到試驗量增加的新隊列的保留情況。

Still very early for us on that dimension because a lot of these cohorts, Alex, as you can imagine, have signed up over the past months.

對我們來說在這個維度上還很早，因為很多這樣的同夥，亞歷克斯，正如你想像的那樣，在過去的幾個月裡已經簽約了。

So I'm just a little bit beyond that.

所以我只是稍微超出了一點。

And so it's still pretty early there.

所以現在還很早。

And we do need to keep an eye like every other company on the potential impact from broader macroeconomic trends on existing subscribers, but we are being proactive about where we're investing.

我們確實需要像其他公司一樣密切關注更廣泛的宏觀經濟趨勢對現有訂閱者的潛在影響，但我們正在積極主動地考慮我們的投資方向。

As Drew said, we've been adapting our product road map for the year to really support this accelerated shift to distributed work.

正如 Drew 所說，我們今年一直在調整我們的產品路線圖，以真正支持這種加速向分佈式工作的轉變。

And so for example, we're proactively investing in levers to improve and mitigate churn rates across the second half of the year into the future.

例如，我們正在積極投資槓桿，以改善和降低未來下半年的客戶流失率。

We're implementing new more flexible cancellation flows to facilitate higher rates of retention.

我們正在實施新的更靈活的取消流程，以提高保留率。

So we're investing everywhere that it makes sense for us to right now.

因此，我們現在在所有對我們有意義的地方進行投資。

But so far, things have been stable for us across both individuals and teams.

但到目前為止，個人和團隊的情況對我們來說都是穩定的。

And I -- and just building on that, we're really focused on helping our customers adapt to the remote work environment and ensure they're getting the most out of the platform.

而我——並以此為基礎，我們真正專注於幫助我們的客戶適應遠程工作環境，並確保他們充分利用該平台。

And then, as Ajay said, we're taking other measures to proactively address churn and offering support and selective financial relief to ensure that customers can manage.

然後，正如 Ajay 所說，我們正在採取其他措施來主動解決客戶流失問題，並提供支持和選擇性的財務救濟，以確保客戶能夠管理。

But overall, we find that our customer base even in SMBs, like knowledge workers have been -- who've been working from home have been less disrupted than average.

但總的來說，我們發現我們的客戶群，即使是在中小型企業，就像知識工作者一樣——在家工作的人受到的干擾低於平均水平。

And Dropbox is often essential to their business operations as opposed to discretionary because all businesses, all people need to collaborate around content especially and that continues to be true when you're working from home.

而且 Dropbox 通常對他們的業務運營至關重要，而不是任意的，因為所有企業、所有人都需要圍繞內容進行協作，尤其是當您在家工作時，這仍然是正確的。

And our next question comes from the line of Jason Ader with William Blair.

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

Thanks for the greater detail on the top of funnel metrics.

感謝您提供有關漏斗指標頂部的更多詳細信息。

Definitely helpful to get some of that and interested to hear your thoughts on kind of historical analytics around that.

絕對有助於獲得其中的一些信息，並有興趣聽聽您對圍繞它的歷史分析的想法。

But my question is -- probably the question I get most from investors.

但我的問題是——可能是我從投資者那裡得到的最多的問題。

How big a market is there for Dropbox Spaces long term, given the dominance of Microsoft Teams that's emerging and the fact that they've got a lot of the same smart workspace features and bundle the app in Office 365.

考慮到新興的 Microsoft Teams 的主導地位以及他們擁有許多相同的智能工作區功能並將應用程序捆綁在 Office 365 中的事實，Dropbox Spaces 的長期市場有多大。

Sure.

當然。

So I mean we see a big opportunity for us because when you look at our customers' workflows, they need to collaborate on content and then, that's usually a parallel or complementary experience to their messaging tool.

所以我的意思是我們看到了一個巨大的機會，因為當您查看我們客戶的工作流程時，他們需要在內容上進行協作，然後，這通常是他們的消息傳遞工具的並行或互補體驗。

So when people are using something like Teams and Slack -- Teams or Slack, often what they're talking about is content of this Dropbox.

因此，當人們使用 Teams 和 Slack 之類的東西時——Teams 或 Slack，他們談論的通常是這個 Dropbox 的內容。

These are complementary -- these tend to be complementary experiences.

這些是互補的——這些往往是互補的體驗。

And I think with the proliferation of all the different apps, more and more customers are turning to Dropbox for a platform-agnostic solution that pulls it all together because the bundled offerings tend to favor the tools within the suite and -- but our customers may be using something like Office, but they're often also using G Suite, and they're using tools like Slack and Zoom and so on.

而且我認為隨著所有不同應用程序的激增，越來越多的客戶轉向 Dropbox 尋求一個與平台無關的解決方案，因為捆綁的產品傾向於支持套件中的工具，而且 - 但我們的客戶可能他們在使用 Office 之類的東西，但他們也經常使用 G Suite，而且他們使用的是 Slack 和 Zoom 等工具。

And more and more, we need a way to tie it all together.

越來越多，我們需要一種方法將它們聯繫在一起。

So the opportunity for Dropbox Spaces is, I mean, really every knowledge worker, every business, every team needs to collaborate around content.

因此，Dropbox Spaces 的機會實際上是每個知識工作者、每個企業、每個團隊都需要圍繞內容進行協作。

And I think more and more, we're going to have a need to organize our work in a way that's a bit of a different and complementary experience to messaging.

而且我越來越認為，我們將需要以一種與消息傳遞有點不同和互補的體驗的方式來組織我們的工作。

The channel for chat is just one part of the experience.

聊天頻道只是體驗的一部分。

And we see the content workflows as really being our strength.

我們認為內容工作流程確實是我們的優勢。

But don't you think -- Drew, don't you think the Teams is trying to -- I mean has a similar vision in terms of smart workspace in terms of not just chat and messaging?

但是你不認為——Drew，你不認為團隊正在嘗試——我的意思是在智能工作空間方面有類似的願景，而不僅僅是聊天和消息傳遞？

Yes.

是的。

Although I think there are challenges of that model with the kind of synchronous messaging or chat model as you scale.

儘管我認為隨著規模的擴大，這種模型在同步消息傳遞或聊天模型方面存在挑戰。

I don't think in 5 years, we'll look back and think, hey, the secret to productivity is putting people in like 50 different chat rooms simultaneously all day.

我不認為 5 年後，我們回首往事會想，嘿，生產力的秘訣是讓人們整天同時在 50 個不同的聊天室中。

I think it becomes a very noisy and distracting environment at scale.

我認為它在規模上變成了一個非常嘈雜和分散注意力的環境。

By all means, chat will be -- chat remains and will always be like an important ingredient.

無論如何，聊天將是——聊天仍然存在，並且將永遠是一個重要的組成部分。

But I think the challenge is, like if you go on vacation for a couple of days, you come back and have to read hundreds of pages of transcript to figure out what's going on.

但我認為挑戰在於，如果你去度假幾天，你回來後必須閱讀數百頁的成績單才能弄清楚發生了什麼。

And so I think there's going to be -- or there's already and will continue to be an increasing need to organize work and have a more focused place to go that can pull together all the different tools you're using.

所以我認為將會有——或者已經並將繼續越來越需要組織工作，並有一個更專注的地方可以將你正在使用的所有不同工具整合在一起。

And I don't see Teams or the messaging apps doing that.

而且我沒有看到 Teams 或消息傳遞應用程序這樣做。

And certainly...

當然...

And just to bring some of the -- right.

只是為了帶來一些——對。

Yes.

是的。

I think those are fantastic points here.

我認為這些都是很棒的觀點。

And just, Jason, to bring this back to the metrics for us.

只是，傑森，把它帶回到我們的指標上。

We are seeing higher and higher levels of adoption and engagement around that desktop application, as Drew mentioned earlier.

正如 Drew 之前提到的，我們看到該桌面應用程序的採用和參與度越來越高。

Now the majority of our business teams, over 350,000 of our 450,000-plus business teams, are engaging with that application, and we've seen that 60% increase in activity over the past couple of months.

現在，我們的大多數業務團隊，即 450,000 多個業務團隊中的 350,000 多個，都在使用該應用程序，我們看到過去幾個月的活動增加了 60%。

And 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。

Yes.

是的。

And congrats on the great resilience you're showing in the business model.

祝賀你在商業模式中表現出的強大彈性。

Drew, you mentioned solid uplift in the top of funnel metrics since mid-March.

Drew，您提到自 3 月中旬以來漏斗指標頂部的穩步提升。

And I'm interested in how much of that activity do you think we'll look back on and say that it was onetime surge versus ongoing usage where they'll continue and take it into the workplace over time.

我很感興趣，你認為我們會回顧多少這種活動，並說這是一次激增而不是持續使用，隨著時間的推移，他們將繼續並將其帶入工作場所。

And then, Ajay, I wanted to ask you that your fiscal year guidance, it seems to be adjusting for FX and interest rates.

然後，阿傑，我想問你，你的財政年度指導，似乎正在調整外彙和利率。

I was wondering if you could clarify what the assumption is for COVID-19 impact.

我想知道您是否可以澄清對 COVID-19 影響的假設是什麼。

Or is it just that you see the tailwinds as offsetting?

還是只是您認為順風正在抵消？

Sure.

當然。

I'll start.

我會開始的。

I mean I think it's a little too early to tell to what extent this is a surge versus a permanent uplift.

我的意思是，我認為現在判斷這在多大程度上是激增還是永久上升還為時過早。

Certainly, a huge percentage of the world is being forced into a remote work state for the first time.

當然，世界上很大一部分人第一次被迫進入遠程工作狀態。

But I think the effects of it will persist much -- or well beyond when we physically go back into the office.

但我認為它的影響會持續很長時間——或者遠遠超過我們回到辦公室時的影響。

And I think one of the things that you immediately find missing when you're working from home is being able to have that kind of contact of the people around you.

而且我認為，當您在家工作時，您會立即發現缺少的一件事就是能夠與周圍的人建立這種聯繫。

And suddenly, things that were relatively straightforward, like what's everybody up to, what important things happened on my team today, become pretty challenging when your only window into work is like a video conference or a messaging tool.

突然之間，當你唯一的工作窗口就像視頻會議或消息傳遞工具時，相對簡單的事情，比如每個人都在做什麼，今天我的團隊發生了什麼重要的事情，變得非常具有挑戰性。

So we see a big opportunity to help -- the kinds of things we're working on are thinking about, well, how do I get a sense of everyone around me, how do I make it easier to figure out what's happening on my team without having to wade through hundreds of pages of chat messages, of email.

所以我們看到了一個很大的幫助機會——我們正在做的事情正在考慮，嗯，我如何了解我周圍的每個人，我如何更容易弄清楚我的團隊正在發生什麼無需瀏覽數百頁的聊天消息和電子郵件。

And even after we physically go back to work, the shift to distribute work as we -- distributed work is going to be permanent.

即使在我們實際重返工作崗位之後，分配工作的轉變也將是永久性的。

And I think there's going to be a silver lining to that, which is we're all going to have more flexibility because even if you're primarily going to the office, but if you go on commute, you being able to work from home and be equally productive, that would be a big benefit to a lot of people.

我認為這會有一線希望，那就是我們都將擁有更大的靈活性，因為即使你主要去辦公室，但如果你繼續通勤，你就可以在家工作並且同樣富有成效，這對很多人來說都是一個很大的好處。

But the tools aren't really designed for that right now.

但是這些工具現在並不是真的為此而設計的。

So that's really a big opportunity for us to expand what we do in terms of helping people with distributed work.

所以這對我們來說是一個很大的機會，可以擴展我們在幫助人們進行分佈式工作方面所做的工作。

And to answer the second part of your question on the guidance philosophy there.

並回答關於那裡的指導理念的問題的第二部分。

I would reiterate a couple of points, Mark.

我要重申幾點，馬克。

So one, given the resilience of the core business, to your point, we are largely maintaining our annual guidance, net of currency and interest rate movements introduced by COVID-19.

因此，鑑於核心業務的彈性，就您而言，我們在很大程度上維持我們的年度指導，扣除 COVID-19 引入的貨幣和利率變動。

And we are seeing some encouraging top of funnel trends.

我們看到了一些令人鼓舞的漏斗趨勢頂部。

It is still early on that front.

在這方面還為時過早。

We want to monitor those cohorts for both conversion and retention information data.

我們希望監控這些同類群組的轉化和留存信息數據。

And we do remain mindful of the broader macroeconomic risks the second half of the year may bring.

我們確實仍然注意今年下半年可能帶來的更廣泛的宏觀經濟風險。

And so there's certainly more that we will learn in the coming months, and we'll share an updated view of the second half of the year on our August call and that will incorporate more granular perspective on top of funnel trends, subscriber mix, some of those retention rates of existing and new cohorts as well as some more information on that realignment of our product road map to focus on really accelerating and enabling this move to distributed work for our customers.

因此，在接下來的幾個月裡，我們肯定會學到更多東西，我們將在 8 月的電話會議上分享下半年的最新觀點，這將在漏斗趨勢、訂戶組合等方面納入更細緻的觀點現有和新隊列的保留率以及有關重新調整我們的產品路線圖的更多信息，以專注於真正加速和實現向客戶分佈式工作的轉變。

And our next question comes from the line of Rishi Jaluria with D.A. Davidson.

我們的下一個問題來自 Rishi Jaluria 和 D.A.戴維森。

First, I wanted to ask, how should we be thinking about the consumer side of the business?

首先，我想問，我們應該如何考慮企業的消費者方面？

I know 80% of your customers are our business users or using Dropbox at work.

我知道您 80% 的客戶是我們的業務用戶或在工作中使用 Dropbox。

But for that remaining 20% that's consumer, especially with unemployment up at, I think, 33 million or higher last I checked.

但剩下的 20% 是消費者，尤其是在我上次檢查失業率達到 3300 萬或更高的情況下。

What are you seeing out of that?

你從中看出了什麼？

How are you thinking about that?

你是怎麼想的？

And then I've got a follow-up.

然後我有一個跟進。

Well, I'd say we're -- as you pointed out, we certainly have a large audience.

好吧，我想說我們——正如你所指出的，我們當然有很多觀眾。

We certainly have an audience of people who use Dropbox only or who use Dropbox primarily for personal use cases.

我們當然有一些只使用 Dropbox 或主要將 Dropbox 用於個人用例的人。

But the vast majority, over time, we share around 80% of our users use Dropbox both for work use cases or blended home and work use case.

但隨著時間的推移，絕大多數人都認為，大約 80% 的用戶將 Dropbox 用於工作用例或家庭和工作混合用例。

And so the big opportunity we see there -- we're less focused on the pure consumer use cases because I think given a lot of the dynamics you mentioned, I think it's a little more challenging.

所以我們在那裡看到了巨大的機會——我們不太關注純粹的消費者用例，因為我認為鑑於你提到的很多動態，我認為這更具挑戰性。

That said, I think there's this -- I think there's this blurred line between home and work, that we're all particularly experiencing right now, now that we're working literally at a home.

也就是說，我認為是這樣的——我認為家庭和工作之間的界限很模糊，我們現在都特別經歷過，現在我們實際上是在家里工作。

We see Dropbox as having a particular strength in that boundary where you can go between your personal and work-life seamlessly, in a way that other tools don't offer because they only focus on personal or they only focus on work.

我們認為 Dropbox 在這方面具有特殊優勢，您可以在個人生活和工作生活之間無縫切換，這是其他工具無法提供的，因為它們只關注個人或只關注工作。

And so a number of the things we're working on in terms of our personal launches have a use case in a work context as well.

因此，我們在個人發布方面正在做的許多事情在工作環境中也有一個用例。

And then that's been true of Dropbox historically.

從歷史上看，Dropbox 也是如此。

So we prioritize these features that have both a personal and work use case.

因此，我們優先考慮這些既有個人用例又有工作用例的功能。

Certainly, our primary focus is on work.

當然，我們主要關注的是工作。

But I think when -- going after the pure consumer market is tougher from a business model perspective, and that's really not a big segment for us.

但我認為，從商業模式的角度來看，追求純粹的消費市場更加困難，這對我們來說真的不是一個很大的細分市場。

Okay.

好的。

Got it.

知道了。

That's helpful.

這很有幫助。

And then I wanted to ask, what are you seeing in terms of buying behavior from customers any -- things like extended payment or contract renegotiations and maybe alongside that, what are you seeing in terms of deal duration?

然後我想問一下，您對客戶的購買行為有何看法——比如延期付款或合同重新談判，也許除此之外，您對交易期限有何看法？

Because, Ajay, I know, I believe it was a couple of quarters ago, you did mention that you were seeing more customers opting for monthly over annual.

因為，Ajay，我知道，我相信這是幾個季度前，您確實提到您看到更多的客戶選擇每月而不是每年。

Just wanted to understand what are you seeing in terms of those trends.

只是想了解您對這些趨勢的看法。

Rishi, this is Olivia, and I'll take that question.

Rishi，我是 Olivia，我會回答這個問題。

So we have had selective asks from certain customers, and we've considered each one thoughtfully, really gauging the moment of need for our customers and trying to make them successful.

因此，我們收到了某些客戶的選擇性詢問，我們深思熟慮地考慮了每一個問題，真正衡量了客戶的需求時刻，並努力讓他們成功。

And we're doing targeted extension of net payment terms, and we're changing our invoice frequency as well in certain situations.

我們正在有針對性地延長淨付款期限，並且在某些情況下我們也在改變我們的發票頻率。

These are all ARR-neutral mechanisms that we're doing to help assist our customers in this crisis.

這些都是我們正在採取的 ARR 中性機制，以幫助我們的客戶應對這場危機。

And we also see the flip side of it.

我們也看到了它的另一面。

So we also see situations where customers are moving quickly to respond and immediately need to be provisioned to extra seats and licenses.

因此，我們還看到客戶快速響應並立即需要配置額外席位和許可證的情況。

And we do that instantaneously, and then we wait for the paperwork and the contracting to catch up.

我們立即執行此操作，然後等待文書工作和合同簽訂。

So a hospital in Boston that needed an extra 100 additional seats to manage bed inventory.

因此，波士頓的一家醫院需要額外增加 100 個座位來管理床位庫存。

We spun that up immediately, and then we'll be cashing it on the renewal cycle in a month when they do a true-up.

我們立即啟動了它，然後我們將在一個月後的更新周期中兌現，當他們進行調整時。

Yes.

是的。

And I would just -- this is Ajay, I would just add that on some of that relief, Rishi, it's been offered to really a small number of customers, so a relatively immaterial impact on our business there.

而且我只是 - 我是 Ajay，我只想補充一點，Rishi，它提供給了非常少數的客戶，因此對我們在那裡的業務產生了相對無關緊要的影響。

And as it relates to your question on duration to annual versus monthly, that's more pertinent to the self-serve business and primarily to our individual subscribers.

由於它與您關於年度與月度持續時間的問題有關，這與自助服務業務更相關，主要與我們的個人訂戶有關。

And there where we have seen some of this surge in demand, so this increase in volumes over the past few months, a lot of that surge has been monthly as people kind of rapidly acclimate to a remote work and distributed work environment.

在那裡，我們看到了一些需求激增，因此在過去幾個月中，交易量有所增加，隨著人們迅速適應遠程工作和分佈式工作環境，其中大部分都是每月一次的。

But we're keeping a close eye on that.

但我們正在密切關注這一點。

It does change week-to-week.

它確實每週都在變化。

And 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。

I just got a follow-up.

我剛剛得到了跟進。

You mentioned some of those encouraging top of funnel trends, which is great to see.

你提到了一些令人鼓舞的漏斗趨勢頂部，很高興看到。

Ajay, I just wanted to go back, it was probably 2 quarters ago and then you reiterated it again last quarter that you expected these lower net sub adds, the roughly 300,000 you added this quarter and the prior quarter.

Ajay，我只是想回去，可能是 2 個季度前，然後您在上個季度再次重申，您預計這些較低的淨子增加，您在本季度和上一季度增加的大約 300,000。

And you had talked about that the primary reason was just given the anniversary of the pricing increase.

你曾說過，主要原因是剛剛獲得了漲價週年紀念日。

Is this something that we should assume is largely behind us at this point?

在這一點上，我們應該假設這在很大程度上已經落後了嗎？

And so when you're thinking about your guidance, you're thinking that, that sub number inflects a little bit higher?

所以當你考慮你的指導時，你在想，那個子數字會變高一點？

Or should we assume it stays the same?

或者我們應該假設它保持不變？

And I guess the flip side would be just kind of any commentary around ARPU trends for 2Q.

而且我想另一面只是關於第二季度 ARPU 趨勢的任何評論。

Sure.

當然。

I will say like to start, as it relates to some of the increase in top of funnel demand, that is still very early in that a lot of those users are still in a trial state.

我會說開始，因為它與漏斗頂部需求的一些增加有關，這還很早，因為很多用戶仍處於試用狀態。

So they haven't yet converted into a paying user.

所以他們還沒有轉變為付費用戶。

And so there's more that we'll learn there, more that we'll share there in future months and quarters.

因此，我們將在那裡學到更多東西，我們將在未來幾個月和幾個季度分享更多東西。

But as you noted on our Q3 '19 earnings call, we did note that paying users growth will be slightly lower in subsequent quarters as a result of our Plus repricing and repackaging initiative.

但正如您在 19 年第三季度財報電話會議上所指出的那樣，我們確實注意到，由於我們的 Plus 重新定價和重新包裝計劃，隨後幾個季度的付費用戶增長將略低。

And that's consistent with our expectations when we launched it.

這與我們推出它時的預期一致。

And that initiative overall continues to be a tailwind to revenue.

總體而言，這一舉措仍然是收入的順風車。

And I would also note that profitably growing our total ARR base versus optimizing for a specific net new paying user number is our priority and where you'll see us focus resourcing and commentary going forward.

而且我還要指出，與優化特定的淨新付費用戶數量相比，增加我們的總 ARR 基礎並從中獲利是我們的首要任務，您將看到我們將重點放在資源和評論上。

That being said, historically, the primary driver of revenue growth for us has been conversion volume.

話雖如此，從歷史上看，我們收入增長的主要驅動力一直是轉化量。

And the secondary driver has been ARPU expansion.

次要驅動因素是 ARPU 擴展。

And that balance will persist for us going forward across this year and into the future.

這種平衡將在我們今年和未來繼續保持下去。

I think probably 1 data point I can share to give you a little bit more context, and I shared a little bit about this last quarter, is that the output of our conversion engine continues to be very consistent, that gross new conversion engine at 1 million gross new paying users per quarter, and those trends were consistent in Q1 as well.

我想可能我可以分享 1 個數據點來為您提供更多背景信息，我分享了關於上個季度的一點點，即我們的轉換引擎的輸出仍然非常一致，新轉換引擎的總產量為 1每季度的新付費用戶總數為 100 萬，這些趨勢在第一季度也是一致的。

And our next question comes from the line of Sarah Hindlian-Bowler with Macquarie.

我們的下一個問題來自麥格理的 Sarah Hindlian-Bowler。

I just wanted to follow up on Alex's question at the start of the call.

我只是想在通話開始時跟進亞歷克斯的問題。

I think one of the things that I'm grappling with, and I think others are as well, is trying to just get a gauge as to how exposed you are to some of the major industry verticals that are particularly just shuttered from COVID-19 right now, and we're trying to just balance how much demand you're seeing from work from home and school from home that's helping to offset that.

我認為我正在努力解決的一件事，我認為其他人也是如此，就是試圖衡量你對一些主要垂直行業的暴露程度，這些垂直行業尤其是剛剛從 COVID-19 中關閉現在，我們正試圖平衡您從在家工作和在家上學看到的多少需求，這有助於抵消這一點。

So maybe a little bit more color on specific vertical exposure you have.

因此，在您擁有的特定垂直曝光上可能會增加一點顏色。

And then I have a follow-up for you.

然後我有一個跟進你。

I think this one is really better for Drew.

我認為這對德魯來說真的更好。

Just thinking about the incredible conversion you're seeing with the desktop app.

想想您在桌面應用程序中看到的令人難以置信的轉換。

It's really impressive.

這真的令人印象深刻。

And so what are you guys doing to drive the number of teams users you're seeing up on that desktop app so quickly?

那麼你們正在做些什麼來推動您在該桌面應用程序上看到的團隊用戶數量如此之快？

Sure.

當然。

I can speak to both.

我可以和兩個人說話。

Sure.

當然。

Yes, I can speak to both at a very high level.

是的，我可以在非常高的水平上與兩者交談。

And Olivia, yes, please add to specific verticals.

Olivia，是的，請添加到特定的垂直領域。

I mean the first thing I'd say is we have a very -- customers of all sizes, we have a very diversified customer base, which I think is a strength for us.

我的意思是我要說的第一件事是我們有一個非常 - 各種規模的客戶，我們有一個非常多元化的客戶群，我認為這對我們來說是一個優勢。

And as I said before, a lot of the sectors that are hardest hit are ones where you can't go back to work or where the demand is still evaporated and especially in segments like SMBs and knowledge workers, like kind of a sweet spot.

正如我之前所說，許多受災最嚴重的行業是您無法重返工作崗位或需求仍然蒸發的行業，尤其是在中小型企業和知識工作者等領域，就像一個甜蜜點。

A lot of those folks can continue working.

很多人可以繼續工作。

And for them, Dropbox continues to be an essential tool.

對他們來說，Dropbox 仍然是必不可少的工具。

So I think we're relatively less impacted than the typical company, although given the macro environment, this is something we're going to be monitoring closely, and we've shared what we see so far.

因此，我認為我們受到的影響比典型公司相對要小，儘管考慮到宏觀環境，這是我們將密切關注的事情，並且我們已經分享了迄今為止的所見所聞。

And then the second, how we're driving conversion.

然後是第二個，我們如何推動轉化。

What we're helping people, migrate people from kind of the classic use of Dropbox and navigating in the file system to showing them that they can have a much richer experience in the new desktop app, and that would include both the Dropbox tray, where we've got a lot of machine intelligence features and make it a lot easier to access content that -- or much easier to find the content that you're looking for, and then bringing a lot of the collaborative features into the core experience so that historically, when we were kind of just in the operating system, if I commented a file, you can -- commented on a file, you couldn't necessarily see that because that interface is provided by the operating system.

我們正在幫助人們，將人們從 Dropbox 的經典使用和文件系統中導航遷移到向他們展示他們可以在新的桌面應用程序中獲得更豐富的體驗，這將包括 Dropbox 托盤，其中我們有很多機器智能功能，讓訪問內容變得更容易——或者更容易找到你正在尋找的內容，然後將許多協作功能引入核心體驗，所以從歷史上看，當我們只是在操作系統中時，如果我評論了一個文件，您可以- 評論一個文件，您不一定會看到，因為該界面是由操作系統提供的。

In our new experience, all of that is really built into the experience.

在我們的新體驗中，所有這些都真正融入了體驗。

And if you want to -- and more.

如果你想 - 等等。

So if you want to share something via Slack or use any number of our integrations, you can do that directly from the experience.

因此，如果您想通過 Slack 分享某些內容或使用我們的任意數量的集成，您可以直接從體驗中做到這一點。

And the fact that we have a desktop app installed and can upgrade that way makes it a pretty seamless process.

我們安裝了桌面應用程序並且可以通過這種方式進行升級這一事實使其成為一個非常無縫的過程。

And so we're always tuning how we introduce people in that experience, but we're happy with the progress of the rollout.

因此，我們一直在調整我們介紹這種體驗的人的方式，但我們對推出的進展感到滿意。

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 for Pat.

這是帕特的標記。

So you guys mentioned a little bit about the HelloSign strength.

所以你們提到了一點關於 HelloSign 的力量。

I was wondering if you can give us a little more whether the strength is coming from SMB or enterprise.

我想知道您是否可以給我們更多的信息，無論實力來自中小企業還是企業。

And would you expect the strength continue after COVID?

您是否期望在 COVID 之後繼續保持強勁勢頭？

Well, I can start at a high level and others chime in.

好吧，我可以從高水平開始，其他人也會加入。

Well, when you think about having to work from home, then you can see how eSignature, the demand for eSignature goes up.

好吧，當您考慮必須在家工作時，您會看到電子簽名的需求如何上升。

And we've seen, for example, number of signature requests is up 3x across HelloSign products so that -- and we've seen a spike, a similar spike in new trial starts for HelloSign as we have with the core Dropbox product.

例如，我們已經看到，HelloSign 產品的簽名請求數量增加了 3 倍，因此 - 我們看到了一個高峰，在 HelloSign 的新試用開始中出現了類似的高峰，就像我們在核心 Dropbox 產品中看到的那樣。

And so we think it's very helpful for the eSignature in general.

因此，我們認為這對電子簽名總體來說非常有幫助。

And then -- and I talked about the end user product, there's also a product called HelloWorks, which is a document workflow product that for example, a lot of the delivery services used to onboard their drivers and delivery services like Instacart have been using HelloWorks for a long time.

然後——我談到了最終用戶產品，還有一個叫做 HelloWorks 的產品，它是一個文檔工作流產品，例如，許多用於裝載司機的交付服務和 Instacart 等交付服務一直在使用 HelloWorks需很長時間。

We had just added another major delivery platform and then we've seen a bunch of COVID-related use cases.

我們剛剛添加了另一個主要的交付平台，然後我們看到了一堆與 COVID 相關的用例。

So as I said, the lenders using HelloSign to help people process relief or loan applications.

正如我所說，貸方使用 HelloSign 來幫助人們處理救濟或貸款申請。

So I'd say it's been more on the end user side, but we've actually seen the pipeline -- we've been building pipeline in both.

所以我想說它更多的是在最終用戶方面，但我們實際上已經看到了管道——我們一直在兩者中建立管道。

Yes.

是的。

Just to add to that, we see increase in trials across customer segments.

除此之外，我們看到跨客戶群的試驗有所增加。

It's pretty consistent across the board, not surprisingly, obviously, given the new world that we're in, but it's nice to see the consistency of it.

考慮到我們所處的新世界，這很明顯，這並不奇怪，但很高興看到它的一致性。

And we have time for one more question, and that comes from the line of Zane Chrane with Bernstein Research.

我們還有時間再提出一個問題，這個問題來自伯恩斯坦研究公司的讚恩·克蘭 (Zane Chrane) 的觀點。

And I commend you guys on really great transparency in your 10-K, you had some really helpful data on the quarterly ARR over the past couple of years.

我讚揚你們在 10-K 中非常透明，在過去幾年中，你們有一些關於季度 ARR 的非常有用的數據。

And when I look at how much incremental ARR you added this quarter relative to the paid user adds, it seems to suggest you've had a pretty substantial increase year-over-year in the effective average ARPU of the paid users you're adding.

當我查看本季度相對於付費用戶添加的 ARR 增量時，似乎表明您正在添加的付費用戶的有效平均 ARPU 同比大幅增長.

So it seems like there's a couple of ways to interpret that.

所以似乎有幾種方法可以解釋這一點。

On one hand, maybe you're bringing a lot more business customers at much higher prices, and that's driving up the effective average ARPU of those sub adds.

一方面，也許你以更高的價格帶來了更多的商業客戶，這推動了這些子添加的有效平均 ARPU。

On the other hand, you could have attrition of the lower value consumers coming out that's driving it up just due to the mix shift.

另一方面，您可能會減少價值較低的消費者，而這正是由於混合轉變而導致的。

How should we think about what's driving that and the relative difference between those 2 factors?

我們應該如何思考是什麼驅動了這一點以及這兩個因素之間的相對差異？

Or is there something else maybe I'm missing that could be driving that effective ARPU higher on net sub adds?

或者是否還有其他可能我錯過的東西可以推動淨子添加的有效 ARPU 更高？

Yes.

是的。

This is Ajay.

這是阿傑。

It's a great question and observation, I think reflective of our strategy at the company, and that's to focus on high-value conversion to drive profitable ARR growth.

這是一個很好的問題和觀察，我認為反映了我們公司的戰略，那就是專注於高價值轉換以推動盈利的 ARR 增長。

And you're seeing that reflected in the metrics and in the numbers today.

您會在今天的指標和數字中看到這一點。

I think what you're alluding to is something that we disclosed at IPO called gross new ASP, which is effectively the ARPU for our new paying users.

我認為您所暗示的是我們在 IPO 中披露的稱為總新 ASP 的東西，這實際上是我們新付費用戶的 ARPU。

And we've pretty methodically increased gross new ASP over the past 2 years.

在過去的 2 年裡，我們有條不紊地提高了新的 ASP 總額。

And it was the highest that it's ever been in this past quarter, and it meaningfully leads blended average ARPU.

這是過去一個季度以來的最高值，並且有意義地領先於混合平均 ARPU。

And so the new paying users that we're converting are -- tend to convert at higher and higher rates every period to one of our premium plans.

因此，我們正在轉換的新付費用戶傾向於在每個時期以越來越高的比率轉換為我們的高級計劃之一。

So to one of our team plans or to our premium individual plan, Dropbox Professional.

因此，對於我們的團隊計劃之一或我們的高級個人計劃 Dropbox Professional。

And so that attach rates increase for us every period.

因此，我們每個時期的附加費率都會增加。

And then there's also a tailwind from some of the pricing and packaging changes that we've made over the past few quarters and years.

然後，我們在過去幾個季度和幾年中所做的一些定價和包裝變化也帶來了順風。

Very helpful.

非常有幫助。

Very helpful.

非常有幫助。

And just a follow-up on that -- go ahead.

只是對此的後續行動- 繼續。

I was just going to add, and I think both trends you -- or both of your hypotheses are true.

我只是想補充一下，我認為你的兩種趨勢 - 或者你的兩個假設都是正確的。

I mean we're less focused on pure consumer use cases.

我的意思是我們不太關注純粹的消費者用例。

We're less focused on legacy use cases like cloud storage.

我們不太關注云存儲等傳統用例。

We're more focused on high-value use case.

我們更關注高價值用例。

So that's a good measure of adding higher value customers, and that's why we've been fortunately more focused on ARR in aggregate because we're trying to drive that mix shift intentionally.

因此，這是增加更高價值客戶的一個很好的衡量標準，這就是為什麼我們幸運地更加關注總體 ARR，因為我們正試圖有意識地推動這種混合轉變。

That's helpful.

這很有幫助。

And just a quick follow-up.

只是一個快速的跟進。

So should I interpret that to maybe mean that as the consumers become a smaller portion of the mix, you'll have enough new business customers coming in at higher prices that the year-over-year growth in net new ARR turns positive again?

那麼我是否應該將其解釋為可能意味著隨著消費者在組合中所佔的比例越來越小，您將有足夠多的新商業客戶以更高的價格進入，以至於淨新 ARR 的同比增長再次轉為正數？

So we don't guide to ARR.

所以我們不指導 ARR。

I would look to our revenue growth for our revenue guidance for a sense of the growth that we expect.

我會關注我們的收入增長，以了解我們的收入指導，以了解我們預期的增長。

But certainly, we're focused on driving some of those structural improvements to conversion volumes and the tailwinds that you see to ARPU are ones that we see persisting, both across the near and medium term, just given how much headroom we have there between gross ASP and ARPU and how much higher those new paying users are coming in at on an ASP perspective.

但可以肯定的是，我們專注於推動轉化量的一些結構性改進，而您看到的 ARPU 順風是我們認為在短期和中期持續存在的順風，只是考慮到我們在總收入之間有多少淨空ASP 和 ARPU 以及從 ASP 角度來看這些新付費用戶的收入要高多少。

Got it.

知道了。

Congrats on a great quarter and best wishes for weathering this pandemic.

恭喜您度過了一個美好的季度，並祝愿您度過了這場大流行。

Thank you.

謝謝你。

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

我現在將把電話轉回給首席執行官 Drew Houston，以徵求任何進一步的意見。

All right.

好的。

Well, thank you, everyone, for joining us, and I want to thank my team one more time for their heroic efforts in continuing to run the business under some pretty extreme conditions and taking care of our customers.

好吧，謝謝大家加入我們，我想再一次感謝我的團隊，感謝他們在一些非常極端的條件下繼續經營業務並照顧我們的客戶的英勇努力。

And we're really proud of the progress we've been making.

我們真的為我們所取得的進步感到自豪。

And so we hope -- and for all of you, we hope you're all hanging in there and staying safe, and we'll see you next quarter.

所以我們希望 - 對於你們所有人，我們希望你們都堅持並保持安全，我們下個季度再見。

Thanks.

謝謝。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program, and you may now disconnect.

這確實結束了程序，您現在可以斷開連接。