Dropbox Inc (DBX) 2021 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining Dropbox's Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of Dropbox's website following this call.

下午好，女士們，先生們。感謝您參加 Dropbox 2021 年第四季度收益電話會議。 （操作員說明）作為提醒，本次電話會議正在錄音中，可在本次電話會議後從 Dropbox 網站的投資者關係部分重播。

I will now turn it over to Karan Kapoor, Head of Investor Relations for Dropbox. Mr. Kapoor. Please go ahead.

我現在將把它交給 Dropbox 投資者關係主管 Karan Kapoor。卡普爾先生。請繼續。

Thank you. Good afternoon, and welcome to Dropbox's Fourth Quarter 2021 Earnings Call. Today, Dropbox will discuss the quarterly financial results that were distributed earlier. Statements on this call include forward-looking statements, including future financial results, including our goals and expectations regarding future revenue growth, profitability and our ability to generate and sustain positive free cash flow; our expectations regarding anticipated benefits to our business and the impact to our financial results, including estimated impairment charges as a result of our shift to a Virtual First work model; our expectations regarding the future performance of our business; operational efficiencies we may achieve as a result of changes to our organizational structure; our expectations regarding remote work trends, related market opportunities and our ability to capitalize on those opportunities; our capital allocation plans, including expected timing and volume of share repurchases, future M&A opportunities and other investments; our ability to drive user growth and retention by enhancing our products, developing and offering new products for features and through strategic partnerships; our strategy as well as the ability of our key employees to execute our strategy and our overall future prospects and ability to generate shareholder value.

謝謝你。下午好，歡迎參加 Dropbox 2021 年第四季度財報電話會議。今天，Dropbox 將討論早些時候發布的季度財務業績。本次電話會議上的陳述包括前瞻性陳述，包括未來財務業績，包括我們對未來收入增長、盈利能力以及我們產生和維持正自由現金流的能力的目標和預期；我們對我們業務的預期收益和對我們財務業績的影響的預期，包括我們轉向虛擬優先工作模式導致的估計減值費用；我們對未來業務表現的期望；由於組織結構的變化，我們可能實現的運營效率；我們對遠程工作趨勢、相關市場機會以及我們利用這些機會的能力的期望；我們的資本分配計劃，包括預期的股票回購時間和數量、未來的併購機會和其他投資；我們通過增強我們的產品、開發和提供具有功能的新產品以及通過戰略合作夥伴關係來推動用戶增長和保留的能力；我們的戰略以及我們的關鍵員工執行我們的戰略的能力以及我們的整體未來前景和創造股東價值的能力。

These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call, in particular, those described in the risk factors included in our Form 10-Q for the quarter ended September 30, 2021, and the risk factors that will be included in our Form 10-K for the year ended December 31, 2021.

這些陳述受到已知和未知風險和不確定性的影響，可能導致實際結果與本次電話會議期間預計或暗示的結果存在重大差異，特別是截至 9 月 30 日的季度的 10-Q 表格中包含的風險因素中描述的那些, 2021 年，以及將包含在我們截至 2021 年 12 月 31 日止年度的 10-K 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 measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. A reconciliation of GAAP to non-GAAP results may be found in our earnings release, which was furnished with our Form 8-K filed today with the SEC and may also be found in the supplemental investor materials posted on our Investor Relations website. at investors.dropbox.com.

我們今天的討論將包括非公認會計準則財務指標。這些非公認會計原則措施應作為我們公認會計原則結果的補充而不是替代或孤立考慮。 GAAP 與非 GAAP 結果的對賬可以在我們的收益發布中找到，該發布與我們今天向 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。在investors.dropbox.com。

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

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

Thanks, Karan, and good afternoon, everyone. Welcome to our Q4 2021 earnings call. Joining me today is Tim Regan, our Chief Financial Officer. I'll start with a recap of 2021 and provide an overview of our strategy for 2022, then Tim will go over for our results for Q4 and fiscal year 2021, give guidance for Q1 and full year 2022 and provide an update on our long-term financial targets.

謝謝，Karan，大家下午好。歡迎參加我們的 2021 年第四季度財報電話會議。今天加入我的是我們的首席財務官 Tim Regan。我將從 2021 年的回顧開始，概述我們 2022 年的戰略，然後蒂姆將回顧我們在 2021 年第四季度和財政年度的業績，為第一季度和 2022 年全年提供指導，並提供我們長期的最新情況-長期財務目標。

So let's get started. To recap, 2021 was a strong year for Dropbox. We ended with over $2.2 billion in ARR, significantly increased our profitability, grew free cash flow by over 40% and reached approximately 600,000 paid teams. And throughout the year, we've stayed focused on our 3 strategic objectives and delivered even more value to our customers as we work towards our long-term vision to organize all your cloud content and the workflows around it.

所以讓我們開始吧。回顧一下，2021 年對 Dropbox 來說是強勁的一年。我們最終實現了超過 22 億美元的 ARR，顯著提高了我們的盈利能力，自由現金流增長了 40% 以上，並覆蓋了大約 600,000 個付費團隊。在這一年中，我們一直專注於我們的 3 個戰略目標，並為我們的客戶提供更多價值，因為我們努力實現我們的長期願景，以組織您的所有云內容和圍繞它的工作流。

Our first objective for 2021 was to evolve the Dropbox core offering. We made investments to simplify and remove friction from the experience to drive customer satisfaction and gains in long-term retention while also improving high-value actions like sharing content and previews and mobile and team onboarding flows.

我們 2021 年的第一個目標是發展 Dropbox 核心產品。我們進行投資以簡化和消除體驗中的摩擦，以提高客戶滿意度和長期留存率，同時改進高價值操作，例如共享內容和預覽以及移動和團隊入職流程。

I'm pleased to see these investments pay off. We've seen retention improve with churn coming down each quarter in 2021. And our rebuild of the mobile experience, which we began in 2020 and continued in 2021 was one of the biggest drivers of churn improvements. Last year, we also made improvements to quality, performance and sharing to drive mobile user acquisition and retention at the basic level. And these are crucial investments because nearly half of our basic sign-ups come from mobile and over 40% of mobile sign-ups come from users receiving shared content.

我很高興看到這些投資得到回報。我們已經看到，隨著 2021 年每個季度的流失率下降，留存率有所提高。我們從 2020 年開始並在 2021 年繼續重建的移動體驗是流失率改善的最大驅動力之一。去年，我們還對質量、性能和共享進行了改進，以在基礎層面推動移動用戶獲取和保留。這些都是至關重要的投資，因為我們近一半的基本註冊來自移動設備，超過 40% 的移動設備註冊來自接收共享內容的用戶。

We also reduced the friction in the onboarding experience for mobile and self-serve teams users. We made it easier for basic users with a corporate domain to find a team after signing up, which drove a 15% increase in the request-to-join rate. And we also saw a nearly 20% increase in the invites sent per team by encouraging existing team users to invite their collaborators to the team within the sharing flow.

我們還減少了移動和自助團隊用戶的入職體驗中的摩擦。我們讓擁有公司域的基本用戶在註冊後更容易找到團隊，這推動了加入請求率 15% 的增長。通過鼓勵現有團隊用戶在共享流程中邀請他們的協作者加入團隊，我們還看到每個團隊發送的邀請增加了近 20%。

Our second objective for 2021 was to invest in our product pipeline beyond the core experience. In early 2021, we acquired DocSend, a secure sharing and document analytics company. With DocSend, we added to our suite of document workflow capabilities, and I'm pleased to say it has outperformed our expectations each quarter. We're excited about DocSend's strength and our plans to further integrate it into Dropbox along with HelloSign.

我們 2021 年的第二個目標是在核心體驗之外投資我們的產品線。 2021 年初，我們收購了安全共享和文檔分析公司 DocSend。通過 DocSend，我們增加了我們的文檔工作流功能套件，我很高興地說它每個季度的表現都超出了我們的預期。我們對 DocSend 的實力以及我們將其與 HelloSign 一起進一步集成到 Dropbox 的計劃感到興奮。

We also launched our newest products into beta, Capture, Replay and Shop, which are designed to better support creative workflows and distributed teams. And lastly, in Q4, we closed our acquisition of Command E, a universal search company, that we believe will help bring our vision to life as we work to make it easier to find and organize all your cloud content. I'm really excited for our plans to build universal search into our road map and offer this capability to our users, which I'll share a bit more on later.

我們還將最新產品推出了測試版、Capture、Replay 和 Shop，旨在更好地支持創意工作流程和分佈式團隊。最後，在第 4 季度，我們完成了對通用搜索公司 Command E 的收購，我們相信這將有助於實現我們的願景，因為我們努力讓查找和組織所有云內容變得更加容易。我真的很高興我們計劃將通用搜索構建到我們的路線圖中並向我們的用戶提供此功能，稍後我將分享更多信息。

Our last objective of 2021 was driving operational excellence and executing against our long-term financial targets. I'm proud of our progress here as we expanded our non-GAAP operating margins nearly 9 points year-over-year, consistent with our improvements in 2020. And we increased free cash flow by over $200 million while delivering significant capital back to shareholders in the form of share repurchases, which Tim will discuss in more detail.

我們 2021 年的最後一個目標是推動卓越運營並針對我們的長期財務目標執行。我為我們在這裡取得的進步感到自豪，因為我們的非公認會計準則營業利潤率同比增長了近 9 個百分點，這與我們在 2020 年的改進一致。我們將自由現金流增加了超過 2 億美元，同時向股東返還了大量資本以股票回購的形式，蒂姆將更詳細地討論。

And finally, we completed a full year in our Virtual First operating model. And though we're still early in the transition, we're already realizing some of the benefits. Employees report that they value the flexibility that our model offers, are more productive, and we're also seeing positive trends in attracting and hiring diverse and distributed talent.

最後，我們在 Virtual First 運營模式中完成了一整年。儘管我們仍處於過渡的早期階段，但我們已經意識到了一些好處。員工報告說，他們重視我們的模式提供的靈活性，更有效率，而且我們也看到了吸引和僱用多元化和分散人才的積極趨勢。

I'm excited to build on all the great work from 2021 this year. As I've shared before, there's never been a better time in history to be building software to improve the experience of modern work, and Dropbox is uniquely positioned to support our customers as they transition to new ways of working.

我很高興能在今年 2021 年的所有偉大工作的基礎上再接再厲。正如我之前所分享的，歷史上沒有比現在更好的時候來構建軟件來改善現代工作體驗了，Dropbox 具有獨特的優勢，可以支持我們的客戶過渡到新的工作方式。

To help frame our strategy, I want to reiterate some of the key macro trends we continue to see in this environment. First, over the last year, we've continued to see companies accelerate their shift to the cloud as they adapt to more flexible or hybrid working models. We also see the ongoing growth of the creator economy as new tools and platforms offer more seamless ways to create, publish and monetize content. And more broadly, it's clear to us that the shift from working primarily in fiscal offices to working primarily in digital screens is a permanent one. We continue to see a huge opportunity to improve that experience and help organize the digital lives of our customers.

為了幫助制定我們的戰略，我想重申我們在這種環境中繼續看到的一些關鍵宏觀趨勢。首先，在過去一年中，隨著公司適應更靈活或混合的工作模式，我們繼續看到公司加速向雲遷移。我們還看到創作者經濟的持續增長，因為新工具和平台提供了更無縫的方式來創建、發布和貨幣化內容。更廣泛地說，我們很清楚，從主要在財務辦公室工作到主要在數字屏幕上工作的轉變是一種永久性的轉變。我們繼續看到改善這種體驗並幫助組織客戶的數字生活的巨大機會。

So with these themes in mind, this year, we remain focused on 3 important pieces of our strategy, much of which is consistent with the work we began in 2021. First, we'll continue to evolve our core FSS business to improve retention and drive monetization. Second, we're expanding workflows beyond FSS around documents with HelloSign and DocSend while also investing in rich media workflows to better serve creators. Finally, we'll stay focused on operational excellence as we continue to balance growth and profitability. I'll go deeper into each piece of that strategy starting with evolving our core business.

因此，考慮到這些主題，今年我們將繼續專注於我們戰略的 3 個重要部分，其中大部分與我們在 2021 年開始的工作一致。首先，我們將繼續發展我們的核心 FSS 業務以提高保留率和推動貨幣化。其次，我們正在使用 HelloSign 和 DocSend 將工作流程擴展到 FSS 以外的文檔周圍，同時還投資於富媒體工作流程以更好地為創作者服務。最後，我們將繼續專注於卓越運營，同時繼續平衡增長和盈利能力。我將從發展我們的核心業務開始深入研究該戰略的每一個部分。

In order to drive monetization, we're focused on improving retention, strengthening the top of our funnel and leveraging pricing and packaging. Let's start with retention. While we steadily reduce our churn rate over the past year, there's still more room for improvement in usability and speed in our mobile and sharing capabilities. Investments we're making here include updating our web architecture, which enables much faster web loading, improving mobile visuals when browsing and organizing and enhancing our search capabilities so users can find their content faster.

為了推動貨幣化，我們專注於提高留存率、加強我們的渠道頂端以及利用定價和包裝。讓我們從保留開始。雖然我們在過去一年中穩步降低了流失率，但我們的移動和共享功能的可用性和速度仍有很大的提升空間。我們在此進行的投資包括更新我們的 Web 架構，這可以加快 Web 加載速度，改善瀏覽和組織時的移動視覺效果，以及增強我們的搜索功能，以便用戶可以更快地找到他們的內容。

Virality and network effects are another key driver of retention as users who share tend to retain at higher rates. We've simplified the sharing experience, so it's easier for mobile users to access shared content. And we're also making it easier for work users, whether solo professionals or small teams, to quickly share and receive content across all of our surfaces. Teams will be easily able to see who has access to the content they've shared and any actions taken by recipients. Finally, we're enhancing the recipient experience for teams, making it more efficient for them to immediately engage with shared content, to reshare it, add more content to a shared folder or begin a related workflow like e-signature.

病毒式傳播和網絡效應是留存率的另一個關鍵驅動因素，因為分享用戶的留存率往往更高。我們簡化了共享體驗，因此移動用戶可以更輕鬆地訪問共享內容。而且，我們還讓工作用戶（無論是專業人士還是小型團隊）更容易在我們所有的平台上快速共享和接收內容。團隊將能夠輕鬆查看誰有權訪問他們共享的內容以及收件人採取的任何操作。最後，我們正在增強團隊的收件人體驗，使他們能夠更高效地立即參與共享內容、轉發共享內容、將更多內容添加到共享文件夾或開始電子簽名等相關工作流程。

And while reducing churn is one component of improving monetization, we're also focused on our top of funnel and on conversion. We've increased our marketing investments to drive product awareness of the new value that we provide beyond FSS, and we're making improvements to our web surfaces and our CRM to deliver more personalized and relevant product experiences, along with building a more seamless onboarding process overall. These investments also support our efforts to convert basic users, particularly on mobile, where we can easily surface some more of our high-value mobile features such as camera uploads and scanning and use mobile prompts and promotions to surface the right plan to users at the right time.

雖然減少客戶流失是提高盈利能力的一個組成部分，但我們也專注於我們的漏斗頂部和轉化率。我們增加了營銷投資，以提高產品對我們在 FSS 之外提供的新價值的認識，並且我們正在改進我們的 Web 界面和 CRM，以提供更加個性化和相關的產品體驗，同時構建更加無縫的入職體驗整個過程。這些投資還支持我們轉換基本用戶的努力，特別是在移動設備上，我們可以輕鬆地展示我們更多的高價值移動功能，例如相機上傳和掃描，並使用移動提示和促銷來向用戶展示正確的計劃。適當的時候。

Building on conversions, we're also experimenting with upsell opportunities through self-serve add-ons to drive more value from existing users. For example, in Q4, we rolled out our extended version history add-on to Plus users to allow them to extend deleted file recovery and version history from 30 days to a year. We'll continue iterating on this approach with adjacent products in the pipeline, and I'll have more to share on that in the coming quarters.

在轉化的基礎上，我們還嘗試通過自助服務插件來增加銷售機會，以從現有用戶那裡獲得更多價值。例如，在第四季度，我們向 Plus 用戶推出了擴展版本歷史記錄插件，允許他們將已刪除文件恢復和版本歷史記錄從 30 天延長到一年。我們將繼續使用正在開發的相鄰產品迭代這種方法，我將在接下來的幾個季度中分享更多信息。

In the past, we've also had success leveraging effective pricing and packaging to drive growth. And it's always been tied to high-value capabilities that we see demand for from our customers. And 2 areas we're especially focused on this year are security and automation. As more and more companies shift their workloads to the cloud, we continue to see security rank as a top spending priority for IT decision-makers of every kind from CIOs down to solo professionals.

過去，我們也成功地利用有效的定價和包裝來推動增長。它始終與我們看到客戶需求的高價值能力相關聯。今年我們特別關注的兩個領域是安全和自動化。隨著越來越多的公司將他們的工作負載轉移到雲端，我們繼續將安全列為從 CIO 到獨立專業人員的各種 IT 決策者的首要支出優先事項。

And this year, we plan to expand our offerings to include both lightweight capabilities like advanced alerts and insights and controls as well as more robust protection against today's most critical threats like ransomware and phishing. We'll also be building on our existing functionality like passwords to provide easy access to identity monitoring and managed share accounts for teams and freelancers. And most recently, we updated passwords into our browser first product and enabled password sharing, and we'll continue to iterate on this experience.

今年，我們計劃擴展我們的產品，以包括輕量級功能，如高級警報、洞察和控制，以及針對當今最嚴重的威脅（如勒索軟件和網絡釣魚）提供更強大的保護。我們還將在現有功能（如密碼）的基礎上進行構建，以便為團隊和自由職業者提供對身份監控和託管共享帳戶的輕鬆訪問。最近，我們將密碼更新到我們的瀏覽器首個產品中並啟用了密碼共享，我們將繼續迭代這種體驗。

In addition, we're committed to investing in automation and machine intelligence to help our users organize their content and search and discover content more easily. We've learned from our most passionate creative customers that they need more than folders to collect and organize their content, which tends to be large format and rich media. And they're used to targeted search to find what they're looking for, and they don't want to waste time browsing, [essentially] since most of them live in a hybrid world of traditional media and cloud content. So this year, we plan to improve the ways that users can view and manage their content through better suggestions and surfacing assisted and automated controls and search and performance.

此外，我們致力於投資自動化和機器智能，以幫助我們的用戶更輕鬆地組織他們的內容以及搜索和發現內容。我們從最熱情的創意客戶那裡了解到，他們需要的不僅僅是文件夾來收集和組織他們的內容，這些內容往往是大格式和富媒體。他們習慣於有針對性地搜索以找到他們正在尋找的內容，並且他們不想浪費時間瀏覽，[本質上]因為他們中的大多數人生活在傳統媒體和雲內容的混合世界中。因此，今年，我們計劃通過更好的建議和顯示輔助和自動化控制以及搜索和性能來改進用戶查看和管理其內容的方式。

As always, we improve our products. We add new functionality like security and automation and we increase the value for our customers. And as we do that, we'll also iterate on pricing and packaging that best reflects that value.

一如既往，我們改進我們的產品。我們添加了安全和自動化等新功能，並為客戶增加了價值。在我們這樣做的同時，我們還將迭代最能反映該價值的定價和包裝。

Now on to the second pillar of our strategy, which is expanding into adjacent workflows beyond FSS. In 2021, we saw the number of PDF files shared on Dropbox grow by nearly 40%, and the number of videos shared grew by over 25%. This kind of demand is why we're committed to driving workflows around documents with HelloSign and DocSend and around rich media like videos to better serve creatives and teams. HelloSign and DocSend were our fastest-growing businesses in 2021, and we're excited about the opportunity to expand their customer reach. An important part of this is bringing these products under the Dropbox umbrella, both through our back-end technology and brand. In this month, we relaunched DocSend as a Dropbox product with Dropbox DocSend and went live with an updated marketing website and more consistent user experience.

現在談談我們戰略的第二個支柱，它正在擴展到 FSS 之外的相鄰工作流程。 2021 年，我們看到在 Dropbox 上共享的 PDF 文件數量增長了近 40%，共享的視頻數量增長了 25% 以上。這種需求是我們致力於通過 HelloSign 和 DocSend 推動圍繞文檔的工作流程以及圍繞視頻等富媒體的工作流程，以更好地為創意人員和團隊服務的原因。 HelloSign 和 DocSend 是我們在 2021 年增長最快的業務，我們很高興有機會擴大他們的客戶範圍。其中一個重要部分是通過我們的後端技術和品牌將這些產品納入 Dropbox 旗下。本月，我們通過 Dropbox DocSend 重新推出了 DocSend 作為 Dropbox 產品，並推出了更新的營銷網站和更一致的用戶體驗。

In addition, we went to market with our first Dropbox and DocSend bundle, where we applied key learnings from our e-signature and Pro bundle, which has also seen increasing adoption. We continue to integrate HelloSign and DocSend to enable a true multiproduct experience that makes it easier for our customers to build the best plan for them in one checkout across both web and mobile. And we see more opportunity to further integrate these workflows into our core functionality so that users can see e-signature and analytics, for example, side-by-side with their FSS solution.

此外，我們將第一個 Dropbox 和 DocSend 捆綁包推向市場，我們在其中應用了從我們的電子簽名和 Pro 捆綁包中學到的關鍵知識，這也得到了越來越多的採用。我們將繼續集成 HelloSign 和 DocSend，以實現真正的多產品體驗，讓我們的客戶更輕鬆地通過網絡和移動設備一次結賬為他們制定最佳計劃。我們看到了將這些工作流程進一步集成到我們的核心功能中的更多機會，以便用戶可以看到電子簽名和分析，例如，與他們的 FSS 解決方案並排查看。

And in late Q3 and Q4, we also took our newest product experiences, Dropbox Capture, Shop and Replay to market to support creative professionals and teams around rich media. We've seen strong adoption and engagement for beta users who appreciate the ease of use of Shop and the time savings from Capture and Replay. Supporting creative professionals is an important part of our growth strategy as these are passionate and expanding base who are looking for more seamless ways to share digital content with their collaborators and their customers.

在第三季度末和第四季度，我們還將最新的產品體驗 Dropbox Capture、Shop 和 Replay 推向市場，以支持富媒體領域的創意專業人士和團隊。我們已經看到，對於那些欣賞 Shop 的易用性以及 Capture 和 Replay 所節省的時間的 Beta 用戶來說，他們的採用和參與度很高。支持創意專業人士是我們增長戰略的重要組成部分，因為他們充滿熱情並不斷擴大基礎，他們正在尋找更無縫的方式與他們的合作者和客戶共享數字內容。

For example, Dropbox was integral to the Sundance Film Festival's ability to seamlessly go virtual in 2021 and 2022. Sundance's team used Dropbox to request and share video content throughout the festival and collect, organize and share all the new assets that they needed to create a dynamic and more accessible experience for the filmmakers and the attendees.

例如，Dropbox 是聖丹斯電影節在 2021 年和 2022 年無縫虛擬化能力不可或缺的一部分。聖丹斯的團隊使用 Dropbox 在整個電影節期間請求和共享視頻內容，並收集、組織和共享他們創建電影所需的所有新資產為電影製作人和與會者提供動態和更容易獲得的體驗。

And then finally, we'll continue to focus on operational excellence. Our technology infrastructure team has done a great job strengthening our supply chain relationships to stay ahead of any constraints. We'll also roll out Kubernetes this year to improve our infrastructure utilization, which we expect to drive efficiency and reduce costs while allowing us to maintain a more flexible footprint between public and private cloud. This is a great example of our increasing efficiency and making progress towards our long-term financial goals, which Tim will outline.

最後，我們將繼續專注於卓越運營。我們的技術基礎設施團隊在加強我們的供應鏈關係方面做得很好，以保持領先於任何限制。今年我們還將推出 Kubernetes 以提高我們的基礎設施利用率，我們希望這將提高效率並降低成本，同時讓我們能夠在公共雲和私有云之間保持更靈活的足跡。這是我們提高效率並朝著我們的長期財務目標取得進展的一個很好的例子，蒂姆將對此進行概述。

And I'm really grateful to our employees who keep our business running and bring our culture to life. I'm pleased to share that once again, Dropbox has been included on the Forbes Best Employers List for 2022. And for the seventh year in a row, Dropbox received a perfect score on the Corporate Equality Index. We're proud to stand alongside many of our peers as we support diversity, equity and inclusion across all industries. We'll also continue to expand our geographic footprint and diversify our talent pool to Virtual First.

我真的很感謝我們的員工，他們讓我們的業務保持運轉，並將我們的文化帶入生活。我很高興再次與大家分享，Dropbox 已被列入 2022 年福布斯最佳雇主名單。Dropbox 連續第七年在企業平等指數中獲得滿分。在我們支持所有行業的多樣性、公平和包容性的同時，我們很自豪能與我們的許多同行站在一起。我們還將繼續擴大我們的地理足跡，並將我們的人才庫多樣化到 Virtual First。

To close, I'm really excited about our strategy and our opportunity this year. And I'm really proud of all the progress we made in 2021 to lay the groundwork for the important work we have ahead.

最後，我對我們今年的戰略和機會感到非常興奮。我真的為我們在 2021 年取得的所有進展感到自豪，這些進展為我們未來的重要工作奠定了基礎。

As I think about the future, what I'm most motivated by is a universal problem that we're solving for our customers and helping to organize their working lives in the new remote and hybrid world. As I shared earlier, we see the shift from physical offices to digital screens as a permanent one. And we see a lot of room for improvement in the chaotic and overwhelming experience of those screens today. Most knowledge workers are caught between the file and browser-based world, juggling a sea of web-based productivity apps. The 100 files we used to see on our desktops are now 100 tabs in our browsers. So in many ways, we're solving today's version of the same problem we saw back in 2007. Our foundational work in 2021 was an important step towards our long-term vision of building one organized place for your cloud content and all the workflows around it, and I'm looking forward to tear ahead.

當我想到未來時，最讓我感動的是我們正在為我們的客戶解決的一個普遍問題，並幫助他們在新的遠程和混合世界中組織他們的工作生活。正如我之前分享的，我們認為從實體辦公室到數字屏幕的轉變是永久性的。我們看到今天這些屏幕的混亂和壓倒性體驗有很大的改進空間。大多數知識工作者被夾在文件和基於瀏覽器的世界之間，在海量基於 Web 的生產力應用程序中游刃有餘。我們過去在桌面上看到的 100 個文件現在在我們的瀏覽器中變成了 100 個選項卡。因此，在許多方面，我們正在解決我們在 2007 年看到的相同問題的今天版本。我們在 2021 年的基礎工作是朝著我們為您的雲內容和周圍所有工作流構建一個有組織的地方的長期願景邁出的重要一步它，我期待著向前撕裂。

With that, I'll hand it over to Tim to walk through our financial results.

有了這個，我會把它交給蒂姆來看看我們的財務業績。

Thank you, Drew. On today's call, I'll walk through our fourth quarter and full year 2021 results, our 2022 guidance along with some context underlying this guidance, and then I will close with an update on our long-term targets.

謝謝你，德魯。在今天的電話會議上，我將介紹我們 2021 年第四季度和全年的業績、我們的 2022 年指導以及該指導背後的一些背景，然後我將介紹我們的長期目標的最新情況。

Starting with our fourth quarter and full year 2021 results. Total revenue for the fourth quarter increased 12.2% year-over-year to $565 million, beating our guidance range of $556 million to $559 million. Our revenue outperformance was driven by strength in our higher ASP offerings, such as our professional SKU, our teams plans and DocSend. Foreign exchange rates provided approximately a 150 basis point tailwind to growth.

從我們的 2021 年第四季度和全年業績開始。第四季度總收入同比增長 12.2% 至 5.65 億美元，超過了我們 5.56 億美元至 5.59 億美元的指導範圍。我們的收入表現出色是由我們更高的 ASP 產品的實力推動的，例如我們的專業 SKU、我們的團隊計劃和 DocSend。外匯匯率為增長提供了大約 150 個基點的順風。

Total ARR for the quarter grew 11.8% year-over-year for a total of $2.261 billion. On a constant currency basis, ARR grew by $43 million sequentially and 10.2% year-over-year. As Drew highlighted, our continued growth in ARR reflects our efforts to attract new users to our premium SKUs and to drive better retention by improving the user experience with a specific emphasis on mobile, work and teams users. We exited the quarter with 16.79 million paying users and added approximately 300,000 net new paying users in the fourth quarter driven by strength in our teams plans and the continued adoption of our family plan. Average revenue per paying user was $134.78 in Q4.

本季度的總 ARR 同比增長 11.8%，總計 22.61 億美元。按固定匯率計算，ARR 環比增長 4300 萬美元，同比增長 10.2%。正如 Drew 所強調的，我們 ARR 的持續增長反映了我們努力吸引新用戶使用我們的高級 SKU，並通過改善用戶體驗來提高留存率，特別強調移動、工作和團隊用戶。我們在本季度結束時擁有 1679 萬付費用戶，並在第四季度增加了大約 30 萬淨新付費用戶，這得益於我們團隊計劃的實力和我們家庭計劃的持續採用。第四季度每位付費用戶的平均收入為 134.78 美元。

Before we continue with further discussion of our P&L, I would like to note that unless otherwise indicated, all income statement figures mentioned are non-GAAP and exclude stock-based compensation, amortization of purchased intangibles, certain acquisition-related expenses, impairments of our real estate assets, expenses related to our reduction in force and net gains on our lease termination. Our non-GAAP net income also excludes net gains and losses on equity investments, the income tax benefit from the release of a valuation allowance on deferred tax assets and includes the income tax effect of the aforementioned adjustments.

在我們繼續進一步討論我們的損益表之前，我想指出，除非另有說明，否則提到的所有損益表數據均為非公認會計原則，不包括基於股票的薪酬、購買的無形資產的攤銷、某些與收購相關的費用、我們的減值房地產資產、與我們減少租約相關的費用和終止租賃的淨收益。我們的非公認會計原則淨收入還不包括股權投資的淨損益、釋放遞延稅資產估值減免帶來的所得稅收益，並包括上述調整的所得稅影響。

I'll now provide a brief update on our real estate strategy, where we are taking steps to de-cost our real estate portfolio as part of our transition to a Virtual First model.

我現在將簡要介紹一下我們的房地產戰略，作為我們向虛擬優先模式過渡的一部分，我們正在採取措施降低我們的房地產投資組合的成本。

We continue to make progress against our goals, executing subleases in Seattle and Ireland in the fourth quarter. As we anticipated during our previous earnings call, in the fourth quarter, we also successfully reached an agreement with our landlord to buy out a portion of our San Francisco lease where we had an existing subtenant in Q4. This resulted in a onetime payment of $32 million, which is reflected within our cash flow from operations, and a $14 million gain on lease termination, which is reflected within our GAAP results. As a reminder, this lease termination agreement will drive significant savings as the amount of rent payments avoided exceeds the amounts we otherwise would have generated from our previous sublease. In the future, we may enter into similar buyouts with our landlords, should the economics make sense for us, though there are no other pending deals at this time.

我們繼續朝著我們的目標取得進展，第四季度在西雅圖和愛爾蘭執行轉租。正如我們在之前的財報電話會議中所預期的那樣，在第四季度，我們還成功地與房東達成協議，買斷了我們在第四季度擁有現有分租客的舊金山租約的一部分。這導致一次性支付 3200 萬美元，這反映在我們的運營現金流中，以及 1400 萬美元的租賃終止收益，這反映在我們的公認會計原則結果中。提醒一下，該租賃終止協議將節省大量費用，因為避免的租金金額超過了我們之前從之前的轉租中產生的金額。將來，如果經濟對我們有意義，我們可能會與我們的房東進行類似的收購，儘管目前沒有其他待處理的交易。

Separately, during the fourth quarter, we incurred impairment charges of $14 million on our remaining facilities footprint as continued pandemic restrictions translated to slower-than-expected subleasing. This brings our cumulative impairment incurred to date to $430 million. We continue to estimate that our total impairment charges will be up to $450 million.

另外，在第四季度，由於持續的大流行限制轉化為慢於預期的轉租，我們對剩餘設施足跡產生了 1400 萬美元的減值費用。這使我們迄今為止產生的累計減值達到 4.3 億美元。我們繼續估計我們的總減值費用將高達 4.5 億美元。

Additionally, in Q4, our GAAP net income was favorably impacted by a $38 million onetime income tax benefit from the release of a valuation allowance on Irish deferred tax assets. This event is a result of our improved profitability, leading us to conclude that our valuation allowance on these deferred tax assets is no longer necessary. I would also note that there is no cash impact associated with this onetime benefit.

此外，在第四季度，我們的 GAAP 淨收入受到了 3800 萬美元的一次性所得稅收益的有利影響，該收益來自愛爾蘭遞延稅資產估值免稅額的釋放。這一事件是我們盈利能力提高的結果，導致我們得出結論，我們不再需要對這些遞延稅項資產進行估值準備。我還要指出，這種一次性福利不會產生現金影響。

With that, let's continue with the P&L. I'd note that all expense categories continue to benefit from lower facilities-related costs driven by pandemic restrictions and a reduction in depreciation as a result of the write-down in our real estate assets stemming from the aforementioned impairment.

有了這個，讓我們繼續看損益表。我注意到，所有費用類別繼續受益於由大流行限制驅動的設施相關成本降低以及由於上述減值導致我們的房地產資產減記而導致的折舊減少。

Gross margin was 81% for the quarter, representing an increase of 1 percentage point on a year-over-year basis. The improvement in our gross margin is primarily a result of the continued rollout of hardware efficiencies across our internally managed storage and data infrastructure.

本季度毛利率為 81%，同比增長 1 個百分點。我們毛利率的提高主要是由於我們在內部管理的存儲和數據基礎設施中不斷推出硬件效率。

Fourth quarter R&D expense was $148 million or 26% of revenue, which is slightly increased as a percent of revenue compared to the fourth quarter of 2020. Sales and marketing expense was $99 million or 17% of revenue, which decreased compared to 20% of revenue in the fourth quarter of 2020. G&A expense was $43 million or 8% of revenue, which decreased compared to 9% of revenue in the fourth quarter of 2020. In total, we earned an operating profit of $168 million in the fourth quarter, which represents an operating margin of 30% or a 4 percentage point improvement compared to the fourth quarter of 2020.

第四季度研發費用為 1.48 億美元，佔收入的 26%，與 2020 年第四季度相比略有增加。銷售和營銷費用為 9900 萬美元，佔收入的 17%，與 20% 相比有所下降2020 年第四季度的收入。G&A 費用為 4300 萬美元，佔收入的 8%，與 2020 年第四季度佔收入的 9% 相比有所下降。我們第四季度的營業利潤總計為 1.68 億美元，與 2020 年第四季度相比，營業利潤率為 30% 或 4 個百分點。

Net income for the fourth quarter was $160 million, which is a 36% improvement over the fourth quarter of 2020. Diluted EPS was a record $0.41 per share based on 386 million diluted weighted average shares outstanding, up from $0.28 per share based on 416 million diluted weighted average shares outstanding for the fourth quarter of 2020.

第四季度的淨收入為 1.6 億美元，比 2020 年第四季度增長 36%。攤薄後每股收益為創紀錄的 0.41 美元，基於 3.86 億股稀釋加權平均流通股，高於每股 0.28 美元（基於 4.16 億股） 2020 年第四季度的稀釋加權平均流通股。

Moving on to our cash balance and cash flow. We ended the quarter with cash and short-term investments of $1.718 billion. Cash flow from operations was $163 million in the fourth quarter and includes the impact of the aforementioned lease buyout of our headquarters in San Francisco. Capital expenditures were $1 million during the quarter. This resulted in quarterly free cash flow of $161 million compared to $158 million in Q4 of 2020. In the fourth quarter, we added $16 million to our finance leases for data center equipment.

繼續我們的現金餘額和現金流。我們以 17.18 億美元的現金和短期投資結束了本季度。第四季度的運營現金流為 1.63 億美元，其中包括上述對我們舊金山總部的租賃收購的影響。本季度的資本支出為 100 萬美元。這導致季度自由現金流為 1.61 億美元，而 2020 年第四季度為 1.58 億美元。第四季度，我們為數據中心設備的融資租賃增加了 1600 萬美元。

Let's turn to our share repurchase activity. In Q4, we repurchased 11.2 million shares, spending approximately $295 million, nearly doubling the number of shares purchased from Q3. As a reminder, our buyback program is structured to buy more shares at lower price points. At the end of Q4, we had approximately $344 million remaining on our $1 billion share repurchase authorization. Additionally, as we will discuss in greater detail later on this call, we're pleased to announce that earlier this month, our Board authorized an additional $1.2 billion share repurchase program.

讓我們轉向我們的股票回購活動。在第四季度，我們回購了 1120 萬股股票，花費了大約 2.95 億美元，幾乎是第三季度購買股票數量的兩倍。提醒一下，我們的回購計劃旨在以更低的價格購買更多股票。在第四季度末，我們在 10 億美元的股票回購授權中剩餘約 3.44 億美元。此外，正如我們稍後將在本次電話會議上更詳細討論的那樣，我們很高興地宣布，本月早些時候，我們的董事會批准了一項額外的 12 億美元的股票回購計劃。

Now let's turn to our full year 2021 results. Total revenue for 2021 was $2.158 billion, representing 12.7% year-over-year growth, beating our updated guidance range. On a constant currency basis, relative to the average rates across 2020, year-over-year growth would have been 11.1%. Reflecting on this for a moment, our 2021 total revenue beat our initial constant currency revenue guidance of approximately 8% by over 300 basis points as we executed against our strategic pillars and outperformed throughout the year. Gross margin was 81% for the year, which was up 1 percentage point from 2020. Operating margin was 30% for 2021, which was up 9 percentage points from 2020. This significant year-over-year improvement demonstrates our continued commitment to and ability to execute against our long-term financial targets.

現在讓我們看看我們 2021 年的全年業績。 2021 年的總收入為 21.58 億美元，同比增長 12.7%，超過了我們更新的指導範圍。按固定匯率計算，相對於 2020 年的平均利率，同比增長率為 11.1%。考慮到這一點，我們 2021 年的總收入比我們最初的固定匯率收入指引約 8% 高出 300 多個基點，因為我們執行了我們的戰略支柱並在全年表現出色。全年毛利率為 81%，比 2020 年上升 1 個百分點。2021 年的營業利潤率為 30%，比 2020 年上升 9 個百分點。這一顯著的同比改善表明我們持續的承諾和能力執行我們的長期財務目標。

Net income was $609 million for the year, a 56% improvement over last year. Diluted EPS was $1.54 per share based on 396 million diluted weighted average shares outstanding, up from $0.93 per share for the full year 2020. Cash flow from operations for 2021 was $730 million. Capital expenditures for the full year totaled $22 million, which resulted in free cash flow of $708 million or 33% of revenue. Free cash flow grew by over 40% year-over-year.

全年淨收入為 6.09 億美元，比去年增長 56%。基於 3.96 億股稀釋加權平均流通股，稀釋後每股收益為 1.54 美元，高於 2020 年全年的每股 0.93 美元。2021 年的運營現金流為 7.3 億美元。全年資本支出總計 2200 萬美元，自由現金流為 7.08 億美元，佔收入的 33%。自由現金流同比增長超過 40%。

In 2021, we also added $127 million to our finance lease lines for data center equipment. Net of repayments, our finance lease balance increased by $17 million. Finally, we repurchased approximately 41 million shares, spending over $1 billion in 2021. I'd now like to share our 2022 first quarter and full year guidance, where I will also provide some context on the thinking behind this guidance.

2021 年，我們還為數據中心設備的融資租賃額度增加了 1.27 億美元。扣除還款後，我們的融資租賃餘額增加了 1700 萬美元。最後，我們回購了大約 4100 萬股股票，在 2021 年花費了超過 10 億美元。我現在想分享我們 2022 年第一季度和全年的指導，我還將在其中提供一些關於該指導背後的思考的背景。

For the first quarter, we expect revenue to be in the range of $557 million to $560 million. We are assuming a minimal currency tailwind of approximately $1 million in the first quarter. Additionally, and as a reminder, there are fewer subscription days in the first quarter of each year. We expect non-GAAP operating margin to be in the range of 27.5% to 28%.

對於第一季度，我們預計收入將在 5.57 億美元至 5.6 億美元之間。我們假設第一季度的最小貨幣順風約為 100 萬美元。此外，提醒一下，每年第一季度的訂閱天數較少。我們預計非美國通用會計準則營業利潤率將在 27.5% 至 28% 之間。

As a reminder, there is some seasonality with first quarter operating margins as payroll taxes reset at the start of each year. Finally, we expect diluted weighted average shares outstanding to be in the range of 375 million to 380 million shares based on our trailing 30-day average share price.

提醒一下，由於工資稅在每年年初重置，第一季度營業利潤率存在一定的季節性。最後，根據我們過去 30 天的平均股價，我們預計稀釋後的加權平均流通股在 3.75 億至 3.8 億股之間。

For the full year, we expect revenue to be in the range of $2.320 billion to $2.330 billion. This range is inclusive of an approximate $16 million currency headwind. We expect gross margin to be approximately 81%. We expect non-GAAP operating margin to be approximately 29%. We expect free cash flow to be in the range of $760 million to $790 million. This includes $17 million in cash outflows for the 2022 installments of acquisition-related deal consideration holdbacks. Additionally, our free cash flow guidance is inclusive of an estimated $30 million headwind as a result of pending R&D tax legislation, which I will elaborate on shortly.

全年，我們預計收入將在 23.2 億美元至 23.3 億美元之間。這個範圍包括大約 1600 萬美元的貨幣逆風。我們預計毛利率約為 81%。我們預計非美國通用會計準則營業利潤率約為 29%。我們預計自由現金流將在 7.6 億美元至 7.9 億美元之間。這包括 2022 年與收購相關的交易對價扣留的 1700 萬美元現金流出。此外，我們的自由現金流指導包括估計 3000 萬美元的逆風，這是由於待定的研發稅立法，我將在稍後詳細說明。

As related to capital expenditures, we expect our addition to finance leases to be approximately 5% of revenue, and we expect cash CapEx to be in the range of $25 million to $35 million in 2022. We expect 2022 diluted weighted average shares outstanding to be in the range of 368 million to 373 million shares.

與資本支出相關，我們預計融資租賃的增加約佔收入的 5%，我們預計 2022 年現金資本支出將在 2500 萬美元至 3500 萬美元之間。我們預計 2022 年稀釋後的加權平均流通股數為在 3.68 億至 3.73 億股之間。

In addition to this formal guidance, I wanted to share some further context behind our expectations for 2022. As related to revenue, and as Drew shared, we've been investing across the business as we grow our product portfolio. Specifically, we have increased our investment in R&D and marketing initiatives in recent quarters in a targeted way to address key opportunities, including efforts aimed towards improving our retention trends, fueling growth areas such as DocSend and HelloSign through both product innovation and foundational improvements that help us capture the synergies inherent in these deals, and launching new features and capabilities aimed at improving conversion.

除了這個正式的指導之外，我還想分享我們對 2022 年預期背後的一些進一步背景。與收入相關，正如 Drew 所分享的，隨著我們擴大產品組合，我們一直在對整個業務進行投資。具體來說，我們在最近幾個季度增加了對研發和營銷計劃的投資，以有針對性地抓住關鍵機會，包括努力改善我們的保留趨勢，通過產品創新和有助於幫助的基礎改進來推動 DocSend 和 HelloSign 等增長領域我們捕捉這些交易中固有的協同效應，並推出旨在提高轉化率的新特性和功能。

We also continue to invest in ensuring a seamless experience for our customers as we adapt our desktop client to operating system updates and changes, most recently related to a new version of Mac OS. And we're also building out our capabilities in security and automation to address customer demand in an increasingly complex environment. As we continue to add value with these features and other investments in the user experience this year, we envision updates to our pricing and packaging approach for a subset of our customers to reflect this value. We expect the cumulative impact of these efforts to translate to monetization momentum, culminating and accelerating revenue growth in the back half of the year. Any changes we are considering on pricing and packaging in the second half of the year have been factored into this guidance.

我們還繼續投資以確保為客戶提供無縫體驗，因為我們使桌面客戶端適應操作系統更新和更改，最近與新版本的 Mac OS 相關。我們還在構建我們在安全和自動化方面的能力，以滿足客戶在日益複雜的環境中的需求。隨著我們今年繼續通過這些功能和其他投資增加用戶體驗的價值，我們設想為部分客戶更新我們的定價和包裝方法以反映這一價值。我們預計這些努力的累積影響將轉化為貨幣化勢頭，在今年下半年達到高潮並加速收入增長。我們正在考慮在下半年對定價和包裝進行的任何更改都已納入本指南。

As related to operating margins, we are facing a few exogenous headwinds this year that are playing a role in our guidance. In 2021, we benefited from an approximate 2-point FX tailwind, whereas in 2022, we are currently expecting roughly a 50 basis point headwind. We also expect to incur incremental T&E, event and overhead expenses in 2022 as pandemic restrictions soften and company travel and employee gatherings resume. Additionally, we will continue to invest in R&D and sales and marketing initiatives that carry a compelling ROI.

與營業利潤率相關，我們今年面臨一些在我們的指導中發揮作用的外部不利因素。 2021 年，我們受益於大約 2 個點的外匯順風，而在 2022 年，我們目前預計大約 50 個基點的逆風。隨著大流行限制的放寬以及公司旅行和員工聚會的恢復，我們還預計在 2022 年將增加 T&E、活動和管理費用。此外，我們將繼續投資於可帶來可觀投資回報的研發、銷售和營銷計劃。

As related to free cash flow, our guidance includes a $30 million cash tax headwind as a result of pending tax legislation that would defer recently effective laws that now require R&D costs to be capitalized for tax purposes. There is a possibility that the current legislation may be amended or repealed. However, until such time, we are including this impact in our guidance.

與自由現金流相關，我們的指導包括 3000 萬美元的現金稅逆風，這是由於未決的稅收立法將推遲最近生效的法律，這些法律現在要求將研發成本資本化以用於稅收目的。現行立法有可能被修改或廢除。但是，在此之前，我們會將這種影響納入我們的指導中。

Furthermore, I'll now share an update on our long-term targets, which we plan to achieve by 2024. Our infrastructure team continues to drive innovation and efficiency as we manage our storage footprint. As a result, we are now above the top end of our previous long-term gross margin target range, and we continue to see incremental room to drive efficiencies. As such, we are raising our long-term gross margin target to a range of 80% to 82%, up from our previous range of 78% to 80%.

此外，我現在將分享我們計劃到 2024 年實現的長期目標的最新情況。我們的基礎架構團隊在管理存儲足蹟的同時繼續推動創新和效率。因此，我們現在高於之前長期毛利率目標範圍的上限，並且我們繼續看到提高效率的增量空間。因此，我們將長期毛利率目標從之前的 78% 至 80% 提高到 80% 至 82% 的範圍。

As related to operating margins and despite the exogenous headwinds mentioned earlier, we are confident in our ability to drive leverage in our business. As a result, we are increasing our long-term operating margin target to a range of 30% to 32%, up from our previous range of 28% to 30%. It is important to note that even with raising our operating margin targets, we've maintained flexibility to invest in high ROI initiatives as top line growth remains a key priority for us. Additionally, despite the aforementioned cash tax headwinds, we are reiterating our goal of annual free cash flow of $1 billion by 2024.

與營業利潤率相關，儘管存在前面提到的外部不利因素，但我們對推動業務槓桿的能力充滿信心。因此，我們將長期營業利潤率目標從之前的 28% 至 30% 提高到 30% 至 32% 的範圍。重要的是要注意，即使提高了我們的營業利潤率目標，我們仍然可以靈活地投資於高 ROI 計劃，因為頂線增長仍然是我們的關鍵優先事項。此外，儘管存在上述現金稅不利因素，但我們重申到 2024 年年度自由現金流達到 10 億美元的目標。

Lastly, I want to share an update on our plan to return capital to shareholders in the form of share repurchases. We plan to exhaust our previously authorized $1 billion share repurchase program in the first half of this year. Furthermore, as previously mentioned, our Board has authorized an additional $1.2 billion share repurchase program, consistent with our strategy to allocate a significant portion of our annual free cash flow to share repurchases with the goal of reducing our share count.

最後，我想分享一下我們以股票回購的形式向股東返還資本的計劃的最新情況。我們計劃在今年上半年用完之前授權的 10 億美元股票回購計劃。此外，如前所述，我們的董事會已授權額外的 12 億美元股票回購計劃，這符合我們將年度自由現金流的很大一部分用於股票回購的戰略，以減少我們的股票數量。

In conclusion, our financial objectives remain intact. We continue to focus on balancing growth and profitability in a thoughtful, disciplined way. And we continue to allocate capital to initiatives that carry a compelling return while also returning cash to shareholders in the form of share repurchases. This strong rule of 40 financial profile enables us to invest in the biggest opportunities that we may see to enhance the value of our product offerings to drive long-term sustainable top line growth and to create shareholder value. We will continue to assess these opportunities, which could range from additional strategies to monetize our free user base, inorganic opportunities to enter into product adjacencies or organic initiatives as we aim to solve the challenges that our customers are facing.

總之，我們的財務目標保持不變。我們繼續專注於以深思熟慮、紀律嚴明的方式平衡增長和盈利能力。我們繼續將資金分配給具有可觀回報的計劃，同時以股票回購的形式向股東返還現金。這種強大的 40 財務狀況規則使我們能夠投資於我們可能看到的最大機會，以提高我們產品的價值，以推動長期可持續的收入增長並創造股東價值。我們將繼續評估這些機會，包括將我們的免費用戶群貨幣化的額外策略、進入產品鄰接的無機機會或有機計劃，因為我們旨在解決客戶面臨的挑戰。

In short, we continue to have many opportunities to win, and we are very excited about the road ahead.

簡而言之，我們繼續有很多獲勝的機會，我們對未來的道路感到非常興奮。

With that, I'll now turn it over to the operator for Q&A.

有了這個，我現在將它交給運營商進行問答。

(Operator Instructions)

（操作員說明）

Our first question comes from Mark Murphy with JPMorgan.

我們的第一個問題來自摩根大通的 Mark Murphy。

Congrats on all the progress that you're making. Drew, I had a question regarding Dropbox Capture and Replay products. What is it that's underpinning this move that you seem to have into video creation and targeting creatives? Just wondering if there's more to come on this video road map. And as well, can you just touch on the margin profile for maybe storing some of those larger video-type files?

祝賀你取得的所有進展。 Drew，我有一個關於 Dropbox Capture 和 Replay 產品的問題。是什麼支撐了您似乎在視頻創作和定位廣告素材方面採取的這一舉措？只是想知道這個視頻路線圖是否還有更多內容。而且，您能否只觸摸邊距配置文件以存儲一些較大的視頻類型文件？

Sure. I can start. So we're following customer demand, and we've been seeing an explosion in engagement with video on the platform over the last couple of years. And this is -- this dovetails with the rise of the creator economy, both with having more creative professionals on Dropbox and then a broader audience of more kind of casual creatives or creators. And Dropbox really resonates with these audiences because their workflows revolve around large files, rich media, and so we've gotten a lot of demand from these customers to better support video and their new workflows.

當然。我可以開始了。因此，我們正在關注客戶的需求，並且在過去幾年中，我們看到平台上的視頻參與度呈爆炸式增長。這與創作者經濟的興起相吻合，Dropbox 上有更多的創意專業人士，然後是更多類型的休閒創意者或創作者。 Dropbox 確實與這些受眾產生了共鳴，因為他們的工作流程圍繞大文件、富媒體展開，因此我們收到了這些客戶的大量需求，以更好地支持視頻和他們的新工作流程。

So Capture and Replay are an example of that. It's where you can communicate over video and help produce video in a distributed way. Dropbox Shop is another one where you can -- where we're helping our customers monetize their digital content. So we see that these customers are -- that Dropbox really resonates with these customers. They need more than what they get with the bundled solutions in their office suites. So we think it's going to be an exciting expansion opportunity for us.

所以 Capture 和 Replay 就是一個例子。在這裡，您可以通過視頻進行交流並幫助以分佈式方式製作視頻。 Dropbox Shop 是另一個您可以使用的地方——我們正在幫助我們的客戶通過他們的數字內容獲利。所以我們看到這些客戶是——Dropbox 真正引起了這些客戶的共鳴。他們需要的不僅僅是辦公室套件中的捆綁解決方案。所以我們認為這對我們來說將是一個令人興奮的擴張機會。

And then, Mark, this is Tim. Maybe I'll just add to that. As far as Capture, Replay and Shop, these are lean internal teams where these were not material contributors to our results in 2021 and not expected to materially contribute in the near term. These are certainly longer-term bets where we will be monitoring adoption and adjusting our resourcing accordingly.

然後，馬克，這是蒂姆。也許我會補充一點。就 Capture、Replay 和 Shop 而言，這些都是精幹的內部團隊，這些團隊對我們 2021 年的業績沒有重大貢獻，預計短期內也不會做出重大貢獻。這些肯定是長期的賭注，我們將監控採用情況並相應地調整我們的資源。

And as related to margins, you can see they're not having a material impact on our margins as indicated by the raise in our long-term targets to 80% to 82% for gross margins.

與利潤率相關，您可以看到它們對我們的利潤率沒有重大影響，正如我們將毛利率提高到 80% 至 82% 的長期目標所表明的那樣。

Yes. And so Tim, thank you for clarifying that. It kind of bridges right into my other question, which is on the increase in the long-term margin frameworks. Obviously, it's nice to see. I think I'm just wondering what is the delta that's creating the uplift there? For instance, maybe it's the real estate footprint coming down or maybe it's storage costs, maybe it's user acquisition costs or something else. Can you just help us bridge to that increase there?

是的。所以蒂姆，謝謝你澄清這一點。這有點像我的另一個問題，即長期保證金框架的增加。顯然，很高興看到。我想我只是想知道在那裡創造隆起的三角洲是什麼？例如，可能是房地產足跡下降，也可能是存儲成本，可能是用戶獲取成本或其他原因。你能幫助我們實現那裡的增長嗎？

Sure. So as you know, we are raising our long-term operating margin target to 30% to 32%, up from 28% to 30%. We do have some headwinds this year such as FX and post-pandemic costs such as additional T&E and other costs. But despite this, we do see the opportunity to drive leverage within the business, really starting with our infrastructure team as they continue to find ways to be more efficient with our storage costs. Then additionally, we see other ways to drive efficiencies such as the shift to lower-cost locations. And as a result, we do see the opportunity to raise these longer-term targets. But that said, we still have room to invest in growth opportunities, and we remain focused on driving sustainable top line growth.

當然。如您所知，我們將長期營業利潤率目標從 28% 提高到 30% 至 30% 至 32%。今年我們確實遇到了一些不利因素，例如外彙和大流行後的成本，例如額外的 T&E 和其他成本。但儘管如此，我們確實看到了提高業務槓桿率的機會，真正從我們的基礎架構團隊開始，因為他們繼續尋找提高存儲成本效率的方法。此外，我們還看到了其他提高效率的方法，例如轉移到成本較低的地點。因此，我們確實看到了提高這些長期目標的機會。但話雖如此，我們仍有投資增長機會的空間，我們仍然專注於推動可持續的收入增長。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Drew, there's been a lot of talk about the great pull forward during the pandemic. And I'm curious your thoughts about -- is there a digestion phase on the way? Or do you feel from what you're seeing in the signals that your clients are continuing to move forward at the same pace you saw over the last couple of years. Curious just to get your thoughts on the overall shape of demand and what you're seeing?

德魯，有很多關於大流行期間的巨大進步的討論。我很好奇你的想法——在路上有消化階段嗎？或者您是否從您所看到的信號中感覺到您的客戶正在以您在過去幾年中看到的相同速度繼續前進。只是想了解一下需求的整體形態以及您所看到的情況？

Sure. I think, I mean, maybe different shapes across the different businesses. I mean I'd say on the core business, it's been pretty stable. I mean we found a lot of our customers needed Dropbox before the pandemic, needed during the pandemic, needed after the pandemic. And then you have our businesses like HelloSign and DocSend where there were -- as these are like new habits like shifting from pen and paper-based workflows to adopting e-signature, for example. So there's a surge in demand during the pandemic, but that's moderated somewhat.

當然。我認為，我的意思是，不同的業務可能會有不同的形狀。我的意思是，我會說核心業務，它非常穩定。我的意思是，我們發現很多客戶在大流行之前需要 Dropbox，在大流行期間需要，在大流行之後需要。然後你有我們的業務，如 HelloSign 和 DocSend，因為這些就像新習慣，例如從基於筆和紙的工作流程轉變為採用電子簽名。因此，在大流行期間需求激增，但有所緩和。

And then another thing that we see is that as people are working out of screens more than offices going forward, there's a lot of room for improvement in that experience. And we find when we talk to customers that their content is all over the place. It's scattered in a lot of different places. They're using tons of different apps, 100 tabs open in their browser. And so we see a big opportunity for Dropbox to help organize your cloud content the same way that we help you organize your files. So there's an expansion opportunity where this is more acute for this challenge of fragmentation and my content being scattered and using all these different tools being more acute after the pandemic. So there's certainly a pull forward in terms of that complexity and this fragmentation becoming a bigger problem. So those are some of the dynamics that we see. And overall, we think the shift to distributed work will only create more demand for our tools.

然後我們看到的另一件事是，隨著人們在屏幕外工作而不是在辦公室工作，這種體驗還有很大的改進空間。當我們與客戶交談時，我們發現他們的內容無處不在。它分散在很多不同的地方。他們使用大量不同的應用程序，在他們的瀏覽器中打開了 100 個標籤。因此，我們看到 Dropbox 有很大的機會來幫助組織您的雲內容，就像我們幫助您組織文件一樣。所以有一個擴展機會，對於這種碎片化的挑戰和我的內容分散的挑戰更加尖銳，並且在大流行之後使用所有這些不同的工具變得更加尖銳。因此，在這種複雜性方面肯定會有一個進步，而這種碎片化成為一個更大的問題。所以這些是我們看到的一些動態。總體而言，我們認為向分佈式工作的轉變只會對我們的工具產生更多需求。

And just on the capital allocation, great to see the buyback, but some will ask why not plow that into more innovation and M&A? What's driving the conviction to keep driving that? Are you leaving enough room for M&A going forward? Can you just walk through that decision?

就資本配置而言，很高興看到回購，但有些人會問為什麼不把它投入到更多的創新和併購中呢？是什麼推動了繼續推動這一信念的動力？您是否為未來的併購留出了足夠的空間？你能完成那個決定嗎？

Sure. I can start. Tim, feel free to add on. I mean our business is really efficient. We're able to invest in a lot of growth areas, and we're always thinking about having a balance of growth and profitability. Unfortunately, we can afford to both fully fund our core business and some of the transformation we're working on there. We have our growth stage businesses with HelloSign and DocSend that are fully funded, and then we have a longer tail of newer products that we think are big long-term opportunities.

當然。我可以開始了。蒂姆，隨時補充。我的意思是我們的業務非常高效。我們能夠在很多增長領域進行投資，並且我們一直在考慮在增長和盈利能力之間取得平衡。不幸的是，我們有能力為我們的核心業務和我們正在進行的一些轉型提供全部資金。我們有 HelloSign 和 DocSend 的成長階段業務，資金充足，然後我們有更長的新產品尾巴，我們認為這些產品是巨大的長期機會。

So we feel good about our ability to invest organically while also continuing to expand margins, and we're pretty unconstrained in terms of capital. I'm also excited to the extent the market corrects that M&A can become more efficient. And so we're on the lookout for those kinds of opportunities opening up more, but at the same time, we'll still be disciplined. So over the last few years, we've really gotten a lot more disciplined and intentional about our capital allocation.

因此，我們對我們在繼續擴大利潤的同時進行有機投資的能力感到滿意，而且我們在資本方面幾乎不受限制。我也對市場糾正併購可以變得更有效率感到興奮。因此，我們正在尋找更多開放的機會，但與此同時，我們仍將遵守紀律。因此，在過去的幾年裡，我們在資本分配方面確實變得更加自律和有意識。

And maybe just to quickly add to that. We do, as Drew alluded to, have a very strong balance sheet and an efficient business model that does generate a lot of cash. And that gives us great flexibility to pursue share repurchases, M&A and organic investments. And as related to share repurchases, we do intend to allocate a significant portion of our annual free cash flow to share repurchases on an ongoing basis with the intention of reducing our share count.

也許只是為了快速添加。正如德魯所暗示的那樣，我們確實擁有非常強大的資產負債表和有效的商業模式，確實可以產生大量現金。這為我們進行股票回購、併購和有機投資提供了極大的靈活性。與股票回購有關，我們確實打算將我們年度自由現金流的很大一部分持續分配給股票回購，以減少我們的股票數量。

To Drew's point, as related to M&A, certainly, we'll look for businesses that complement our vision and product road map similar to HelloSign and DocSend. And as related to organic investments, we'll continue to invest in R&D to cultivate a diverse product portfolio and to drive revenue growth. And ultimately, Drew, Timothy and I will continue to assess the best use of our capital according to where we believe we can generate the best returns.

就 Drew 而言，與併購相關，我們當然會尋找能夠補充我們的願景和產品路線圖的企業，類似於 HelloSign 和 DocSend。在有機投資方面，我們將繼續投資於研發，以培育多樣化的產品組合併推動收入增長。最終，德魯、蒂莫西和我將繼續根據我們認為可以產生最佳回報的地方來評估我們資本的最佳用途。

Our next question comes from Steve Enders with KeyBanc.

我們的下一個問題來自於 KeyBanc 的 Steve Enders。

Okay. Great. I appreciate all the extra context on the guide. I guess I want to get a little better sense for how you're thinking about kind of the levers that you could potentially pull as you think about the revenue opportunity for the year. It seems like there's some things coming both on the pricing and packaging side, but what are -- are other incremental areas we either invest or optimize some of the experiences to drive better conversion rates?

好的。偉大的。我感謝指南中的所有額外上下文。我想我想更好地了解您在考慮今年的收入機會時如何考慮可能會拉動的槓桿。似乎在定價和包裝方面都有一些事情發生，但是我們投資或優化一些體驗以提高轉化率的其他增量領域是什麼？

Yes, I can start. So the growth -- there's a lot of growth levers. I mean the ones we're focused on include continued optimizations to our core FSS business. So we see lot of opportunities to continue the deposit momentum we've had on reducing churn, just improving engagement and simplifying the experience, improving top of funnel. And then we have our growth stage businesses with HelloSign and DocSend, which are still some of our fastest-growing businesses and a lot of headroom there, still pretty early innings for them.

是的，我可以開始了。所以增長——有很多增長槓桿。我的意思是，我們關注的重點包括對我們核心 FSS 業務的持續優化。因此，我們看到了很多機會來繼續我們在減少客戶流失、提高參與度和簡化體驗、改善漏斗頂部方面的存款勢頭。然後，我們擁有 HelloSign 和 DocSend 的成長階段業務，它們仍然是我們增長最快的一些業務，並且在那裡有很大的空間，對他們來說仍然很早。

There's an opportunity for a broader transformation in our core business, so evolving beyond syncing files to organizing all your cloud content, which I talked about a little bit earlier and then the longer tail, the earlier stage products like Capture and Replay and future M&A. So these are all levers were investing into different degrees, and we feel good about where the portfolio is right now.

我們的核心業務有機會進行更廣泛的轉型，因此從同步文件發展到組織所有云內容，我早些時候談到過，然後是較長的尾巴，早期的產品，如 Capture 和 Replay 以及未來的併購。所以這些都是不同程度的投資槓桿，我們對投資組合現在的位置感覺很好。

I mean it sounds like the -- some of the new pricing and packaging is coming later this year, but I guess, is there kind of a -- I guess what are kind of the areas that you're looking to kind of augment if there's kind of any early preview for at least how you're thinking about what some of the changes would be there?

我的意思是這聽起來像 - 一些新的定價和包裝將在今年晚些時候推出，但我想，是否有一種 - 我想如果你希望增加哪些領域至少有任何早期預覽，您如何考慮其中的一些變化？

Sure. This is Tim. I'll take that one. We're always thoughtful about our pricing and packaging approach to ensure it best reflects the value that we're delivering for our customers. And as we improve our products, provide new capabilities and deliver even more value for our customers later this year, we'll iterate on the right pricing and packaging approach. And we're also building out new capabilities such as security and automation features to address customer demand in an increasingly complex environment. And our 2022 guidance is inclusive of updates to our pricing and packaging approach. We'll have more detail to share in future quarters.

當然。這是蒂姆。我會拿那個。我們始終對我們的定價和包裝方法深思熟慮，以確保它最好地反映我們為客戶提供的價值。隨著我們在今年晚些時候改進我們的產品、提供新功能並為我們的客戶提供更多價值，我們將迭代正確的定價和包裝方法。我們還在構建安全和自動化功能等新功能，以滿足客戶在日益複雜的環境中的需求。我們的 2022 年指南包括對定價和包裝方法的更新。我們將在未來幾個季度分享更多細節。

And your next question comes from Kash Rangan with Goldman Sachs.

您的下一個問題來自高盛的 Kash Rangan。

Drew, I wanted to get your thoughts on the value proposition in the product and technology is almost very different and more enhanced certainly from the days of the IPO. How is the marketing and go-to-market changing as a result to accommodate the new workflows that you're building into the product? And also what does this mean for the pricing power of the company and what we all know to be a very inflationary environment?

Drew，我想了解一下您對產品和技術的價值主張的看法，這與 IPO 時代幾乎完全不同，而且肯定會更加增強。因此，營銷和進入市場將如何變化以適應您正在構建到產品中的新工作流程？這對公司的定價能力意味著什麼以及我們都知道這是一個非常通貨膨脹的環境？

Sure. Kash. Well, I'd say we're -- some of the changes since the IPO that you've alluded to, we've just had a lot of strength among creators, whether that's creative professionals or solopreneurs, SMBs, freelancers, gig economy. These are segments where we've had strength and where there's a lot of natural adjacencies. So as creators work on content, they need to do a variety of different things with it, whether that's on more on the video side and things like video production or monetizing digital content or on the document side, having richer sharing capabilities or e-signature.

當然。喀什。好吧，我想說我們是——自你提到的 IPO 以來的一些變化，我們在創作者中擁有很大的實力，無論是創意專業人士還是個體創業者、中小型企業、自由職業者、零工經濟.這些是我們有實力並且有很多自然鄰接的部分。因此，當創作者處理內容時，他們需要用它做各種不同的事情，無論是在視頻方面，還是在視頻製作或數字內容貨幣化等方面，還是在文檔方面，擁有更豐富的共享功能或電子簽名.

So we've certainly seen new kinds of demand or elevated demand on those fronts. As far as our marketing go-to-market, I think, at a high level, our philosophy is pretty similar where we focus on building a great end user experience. We focus on customers where they self-serve and organically adopt new tools. And these viral motions we're sharing, if I share -- if I use HelloSign or Dropbox and I share with you or send something to you for signature, in many cases, you become a new user or you certainly become exposed to our products. So it's an incredibly efficient motion, as you can see from just the fundamentals. And so the self-survival motion is really efficient. We've embraced that.

因此，我們肯定在這些方面看到了新的需求或需求增加。就我們的市場營銷而言，我認為，在高層次上，我們的理念與我們專注於打造出色的最終用戶體驗的理念非常相似。我們專注於客戶自助服務並有機地採用新工具。我們分享的這些病毒式動作，如果我分享——如果我使用 HelloSign 或 Dropbox 並與您分享或發送一些東西給您簽名，在許多情況下，您會成為新用戶，或者您肯定會接觸到我們的產品.所以這是一個非常有效的動作，你可以從基本面看出。所以自我生存運動真的很有效。我們已經接受了這一點。

I'd say one thing that is changing is as we become a truly multi-product, multi-business company that we're investing a lot in helping make sure that when we buy a HelloSign or a DocSend, we can quickly drive adoption through our existing base. And that's a huge source -- or our customer base is a huge source of option value and potential customers for all of our products. So we're investing a lot in our multiproduct foundation having more consistent branding, exposing our customers thoughtfully to all the different products. And then on the pricing and packaging front, we've had some early success with bundling and having new SKUs. So for example, we have our professional e-signature bundle with HelloSign. We have a similar thing with DocSend, and we're always tuning pricing and packaging.

我想說的一件事正在發生變化，隨著我們成為一家真正的多產品、多業務公司，我們投入了大量資金來幫助確保當我們購買 HelloSign 或 DocSend 時，我們可以通過以下方式快速推動採用我們現有的基地。這是一個巨大的來源——或者我們的客戶群是我們所有產品的期權價值和潛在客戶的巨大來源。因此，我們在多產品基礎上投入了大量資金，擁有更一致的品牌，讓我們的客戶深思熟慮地接觸所有不同的產品。然後在定價和包裝方面，我們在捆綁和擁有新 SKU 方面取得了一些早期的成功。例如，我們有帶有 HelloSign 的專業電子簽名包。我們與 DocSend 有類似的情況，我們一直在調整定價和包裝。

And then the last, I think, as we've touched on, obviously, we're monitoring inflation. And as -- and we always try to create a virtuous cycle of adding significant new value to our products and then iterating on our pricing or leveraging pricing as we feel like we've added enough value to justify it. So we expect that cycle will continue this year.

最後一點，我認為，正如我們所提到的，顯然，我們正在監測通貨膨脹。而且 - 我們總是試圖創造一個良性循環，為我們的產品增加重要的新價值，然後迭代我們的定價或利用定價，因為我們覺得我們已經增加了足夠的價值來證明它的合理性。因此，我們預計這一周期將在今年繼續。

Our next question comes from Rishi Jaluria with RBC.

我們的下一個問題來自 Rishi Jaluria 和 RBC。

Wonderful. Two here. First, I wanted to go back to the long-term operating model. Look, I appreciate you're raising the margin target. I guess I want to push back a little bit on your R&D target, right? You're talking about still spending 23% to 25% of revenue, which -- great that you're a product-led growth company and self-service. But I have to wonder, is that the right level when you're talking about 7.5% growth around there for 2022? You're talking about negative sequential growth for Q1. Maybe just remind us how you're thinking about your R&D expense in the context of your growth and where all that spending is going at this point, just given that that's a very high level for a software company at your growth rates? And then I've got a follow-up.

精彩的。這裡有兩個。首先，我想回到長期運營模式。聽著，我很感激你提高了保證金目標。我想我想稍微推遲一下你們的研發目標，對吧？你說的是仍然花費 23% 到 25% 的收入，這很好，你是一家以產品為主導的成長型公司和自助服務。但我不得不懷疑，當你談到 2022 年 7.5% 的增長率時，這個水平是否正確？你說的是第一季度的負連續增長。也許只是提醒我們您在增長的背景下如何考慮您的研發費用以及此時所有支出的去向，只是考慮到對於一家軟件公司而言，以您的增長率來說這是一個非常高的水平？然後我有一個跟進。

Sure. So we are investing for growth. And lately, we've been adding R&D head count where it does take some time for these investments to translate to net new ARR and to flow through to revenue. And we've been investing in what we see is our highest return initiatives where I would broadly break them into a few high-level buckets. And first, retention, where particularly as related to our mobile and teams customers, we continue to see room for improvement, Security and automation features, we're keeping content safe and easily accessible are key challenges that our customers are facing, enabling our multiproduct strategy as far as introducing our customers to our products, SKUs and add-ons in a seamless, intuitive way, investing in workflows, for example, adjacencies such as HelloSign and DocSend. And finally, ensuring a seamless experience for our customers as we adapt our desktop client to operating system updates and changes, most recently related to new versions of Mac OS where these are all foundational investments that can have a long-term impact, and we see these contributing to our longer-term revenue growth rates.

當然。因此，我們正在為增長而投資。最近，我們一直在增加研發人員數量，這些投資確實需要一些時間才能轉化為淨新 ARR 並轉化為收入。我們一直在投資於我們認為回報最高的計劃，我會將它們大致分為幾個高級別的部分。首先，保留，特別是與我們的移動和團隊客戶相關的，我們繼續看到改進的空間，安全和自動化功能，我們保持內容安全和易於訪問是我們的客戶面臨的主要挑戰，使我們的多產品成為可能以無縫、直觀的方式向我們的客戶介紹我們的產品、SKU 和附加組件的戰略，投資於工作流，例如 HelloSign 和 DocSend 等鄰接。最後，當我們調整桌面客戶端以適應操作系統更新和更改時，確保為客戶提供無縫體驗，最近與新版本的 Mac OS 相關，這些都是可以產生長期影響的基礎投資，我們看到這些有助於我們的長期收入增長率。

Got it. That's helpful. And then one figure, in terms of -- like on maybe take a high-level view, you were probably one of the first companies out there during the pandemic to go down this Virtual First strategy, and we're seeing more and more companies adopt that, which is great to see. From your experience, would love to hear, how are you thinking about the potential impact of that on employee retention, especially as we start to hear some really big tech companies talk about return to office as soon as the end of this month and definitely beyond that? How do you see that shaking out? And how you plan to drive employee retention and maybe alongside that, preserve Dropbox culture, while at the same time, keeping to this Virtual First approach?

知道了。這很有幫助。然後有一個數字，就 - 可能從高層次的角度來看，您可能是大流行期間首批採用虛擬優先戰略的公司之一，我們看到越來越多的公司採用那個，很高興看到。根據您的經驗，很想听聽，您如何看待這對員工保留的潛在影響，尤其是當我們開始聽到一些真正的大型科技公司談論最快在本月底甚至更長時間重返辦公室時那？你怎麼看這種震動？以及您計劃如何提高員工保留率，並可能同時保持 Dropbox 文化，同時保持這種虛擬優先方法？

Sure. Well, on balance, Virtual First has been really positive for us. I mean, last year, we saw a 126% increase in offer accepts. That's nearly double the number -- and then also nearly double the number of candidates for op enroll and even an uptick in what we call boomerang candidates, like folks that might leave the company and then come back within a year.

當然。好吧，總的來說，Virtual First 對我們來說確實是積極的。我的意思是，去年，我們看到接受報價的人數增加了 126%。這幾乎是這個數字的兩倍——然後也是幾乎兩倍的 op 報名候選人的數量，甚至我們所謂的迴旋鏢候選人的增加，比如可能離開公司然後在一年內回來的人。

So we're finding that from a hiring perspective, it's really resonating and unlocking new pools of talent. And I think more broadly, what you're seeing is that employees once they have the flexibility or when companies like ours offer this flexibility, they then -- employees demand it. So we think it positions us really well, and we think -- I'm really happy with the decisions that we started making back in, I think, October 2020 when we first rolled this out publicly.

因此，我們發現從招聘的角度來看，它確實能引起共鳴並釋放新的人才庫。而且我認為更廣泛地說，您所看到的是，一旦員工擁有靈活性，或者當像我們這樣的公司提供這種靈活性時，他們就會 - 員工要求它。因此，我們認為它對我們的定位非常好，我們認為 - 我對我們在 2020 年 10 月首次公開推出時開始做出的決定感到非常滿意。

That said, I mean, I think every company is still figuring out how do you maintain culture in a distributed environment. We are trying to get -- importantly, we're not remote only. We're Virtual First, meaning that the in-person experience is really critical. That's always been true, and we don't see a substitute for that. So we're also excited to -- hopefully, there -- we're able to return to office as it looks like we'll be able to do in the next few months after some false starts in the last several months. But we're really excited about being able to reintroduce the in-person experience. And our team has done a great job of thinking through how do we get the best of both of those worlds, get the best of the in-person experience, have really great retreats or just convening opportunities, but then give people flexibility to work from home day to day.

也就是說，我的意思是，我認為每家公司仍在研究如何在分佈式環境中維護文化。我們正在努力獲得——重要的是，我們不僅僅是偏遠地區。我們是虛擬優先的，這意味著親身體驗非常重要。這一直是正確的，我們看不到替代品。所以我們也很高興——希望在那裡——我們能夠重返辦公室，因為在過去幾個月的一些錯誤開始之後，看起來我們將能夠在接下來的幾個月內做到這一點。但我們真的很高興能夠重新引入面對面的體驗。我們的團隊在思考如何充分利用這兩個世界、獲得最好的面對面體驗、擁有非常好的務虛會或只是召集機會方面做得很好，但隨後又讓人們靈活地工作天天回家。

(Operator Instructions) Our next question comes from Pat Walravens with JMP Securities.

（操作員說明）我們的下一個問題來自 JMP 證券公司的 Pat Walravens。

It's Joe. I'm going to take on for Pat. And just one from our end. On HelloSign, can you give us an update on the competitive set there? How often are you going head-to-head? And then how penetrated do you think that market opportunity is?

是喬。我要接替帕特。我們這邊只有一個。在 HelloSign 上，您能否向我們介紹一下那裡的競爭情況？你多久正面交鋒一次？那麼您認為市場機會的滲透程度如何？

Sure. I can start. I mean things are going well with HelloSign, continues to be one of our fastest-growing businesses. And we've seen increasing adoption of our Pro, our professional and e-signature bundle, which allows customers to buy both Dropbox and HelloSign at a slight discount. And we're investing heavily here. So there's -- our customers have -- appreciate how we added SharePoint support, so you can send and sign documents natively within SharePoint.

當然。我可以開始了。我的意思是，HelloSign 進展順利，繼續成為我們增長最快的業務之一。我們已經看到越來越多地採用我們的 Pro，我們的專業和電子簽名包，它允許客戶以略微折扣購買 Dropbox 和 HelloSign。我們在這裡投入巨資。因此，我們的客戶對我們添加 SharePoint 支持的方式表示讚賞，因此您可以在 SharePoint 中本地發送和簽署文檔。

We launched a new mobile app last quarter. So we're always improving the experience. And more broadly, we see a pretty stable competitive environment. I mean I think our advantage is that HelloSign is focused on the same kind of product-led growth motion that Dropbox has been. I think there are similar dynamics where we're less reliant on -- or it's just a really efficient and scalable model. So it continues to be a big opportunity. I mean it's moderated somewhat after the big surge in the pandemic, but still we think it's early innings.

我們上個季度推出了一款新的移動應用程序。所以我們一直在改善體驗。更廣泛地說，我們看到了一個相當穩定的競爭環境。我的意思是，我認為我們的優勢在於 HelloSign 專注於與 Dropbox 一樣的以產品為主導的增長運動。我認為我們不太依賴類似的動態——或者它只是一個非常有效和可擴展的模型。因此，這仍然是一個巨大的機會。我的意思是，在大流行大幅激增之後，它有所緩和，但我們仍然認為這是早期的一局。

And I'm not showing any further questions at this time. I would now like to turn the call back over to Drew Houston for any further remarks.

我目前沒有提出任何進一步的問題。我現在想將電話轉回德魯休斯頓，以徵求任何進一步的意見。

All right, everyone. Well, thanks again for joining us today. We appreciate your continued support and look forward to speaking with you again next quarter.

好吧，大家。好吧，再次感謝您今天加入我們。我們感謝您一直以來的支持，並期待在下個季度再次與您交談。

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

謝謝你。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。