Good afternoon, and welcome to Box's fiscal year 2023 Financial Analyst Day. I'm Cynthia Hiponia, Box's Vice President of Investor Relations, and on behalf of the Box team, I wanna thank you for joining us today. We have a great event planned over the next few hours. Aaron will kick things off with a look at our vision and strategy for the future. Diego will go over our product strategy and roadmap. We'll hand things over to Stephanie and Mark to cover our go-to-market strategy. We will then take a short break and return with Jess, who will cover our workforce strategy and ESG. Finally, Dylan will be presenting our long-term financial target model. We will then open it up for live Q&A. Let me remind you that this presentation contains forward-looking statements regarding our future business and financial expectations. There are a number of factors that could cause our actual results to differ materially from our expectations. You should not place undue reliance on forward-looking statements, and we assume no obligation, nor do we intend to update them. We encourage you to review the forward-looking statement disclosures in today's presentation materials and the risk factors in our SEC filings for more information. This presentation also includes certain non-GAAP financial measures. Unless otherwise indicated, all references we make today to financial measures will be on a non-GAAP basis. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in the appendix of this presentation, which can be found on our investor relations website. During today's presentation, we will also be sharing information on new products, features, and functionality that we are planning. This information is intended to outline our general product direction and should not be relied upon in making an investing decision. With that out of the way, I would like to now introduce our Board Chair, Bethany Mayer. Thank you, Cynthia. I'm excited to be here today to kick off this important event. I appreciated speaking with many of you over the course of last summer, heading into our annual shareholder meeting. Our Board and management team values the perspective of all shareholders, and our goal is to have ongoing discussions about Box's progress and potential. Today's Financial Analyst Day is an important part of these communications. The Box strategy that you will hear about today began with a transformation this company undertook a little more than two years ago, when the leadership team made deliberate, strategic decisions to build profitability into the core of the company while investing for growth. Consistent and solid operational execution of this strategy has led Box to the strongest financial position in its history. The company's fiscal 2022 results, with accelerating quarterly revenue growth, record operating margins, and consistent free cash flow generation, has led to significant value creation for Box shareholders over the past year, and this was accomplished while the team continued to bring advancements to its category-defining Content Cloud platform. Today, you'll be hearing from Box's leadership team, who will be providing a deep dive into Box's business, product, go-to-market, workforce, and financial strategy. As we look forward, I speak for the whole Board in saying that we could not be more confident in Box's ability to execute on its long-term strategy and further its mission to power how the world works together. Now I'm pleased to introduce Aaron Levie, Box Co-founder and CEO. Thank you, Bethany, and thank you to all of our investors and analysts that are tuning in today. Welcome to our FY 2023 Financial Analyst Day. I'm incredibly excited to be here with our leadership team, and we have a ton of content to walk through around the future of our company strategy, product strategy, go-to-market model, culture, financial strategy, and much more. FY 2022 was the year of execution and growth, and I could not be more proud of how the team delivered on our critical initiatives and business goals that we set out at the start of last year. We had massive product innovation, where we expanded into e-signature. We doubled down in much of our existing functionality, like Shield and Governance and our Platform capabilities. We'd entered into data migration with Box Shuttle and much more. We launched deeper partnerships with Microsoft, with Salesforce, Slack, Cisco, IBM, and many other key technology partners, ensuring that our customers could get access to their content from any device, any application, at any time. We also did strategic acquisitions to help accelerate our product roadmap. We acquired SignRequest, which was one of the leading end user e-signature technology solutions. We quickly onboarded that technology onto our platform and launched Box Sign within nine months of that acquisition. We also brought in technology to help with data migration, and we continue to be a strategic acquirer of technology, where we can tuck in IP and talent to accelerate our product roadmap. We also launched our new comprehensive suite offering, Enterprise Plus. Enterprise Plus, as you'll learn more about throughout the next couple sessions, brings together all of our advanced add-on product capabilities in one single, simple offering for our customers, allowing them to both save money when they buy all of our products up at once and go and disrupt more of the market by having one integrated platform of multiple products in a single suite. This is, as you'll hear from our various team members today, this is a major driver of our strategy and growth engine going forward. I'm also incredibly excited about the total scale of what we've been able to achieve with our customers globally. We now have well over 100,000 customers, and one of the things I'm most proud of at Box is the fact that we get to work with organizations across a wide range of industries and every single size of organization. Everything from small businesses to fast-growing disruptors like Airbnb or Spotify, to some of the world's largest companies like Cisco, IBM, AstraZeneca, and many more, all of which are leveraging our technology to be able to go and transform their respective industries, whether that's in healthcare and life sciences, financial services and insurance, the federal government, manufacturing, consumer products, and so much more. We'll hear throughout today's sessions what our customers are leveraging Box for as they go transform their businesses and completely power new ways of working. Last year in FY 2022, we also had major milestones of our customer traction. We reached 1,420 customers with total account value above $100,000 and 120 customers that are now paying over $1 million, and both of these metrics were up substantially year-over-year. Our customers are voting with their dollars. They're leveraging more of our platform, and this is driving the re-acceleration that we were able to share in FY 2022. We're really just getting started. When I look at FY 2023, the year we're now in and beyond, we have a tremendous opportunity to continue to drive re-accelerated, profitable growth at scale. Today, at our Financial Analyst Day, you're gonna hear about our strategy for driving that re-accelerated growth at scale. First, we're going after a $74 billion market with our Content Cloud, and there are significant tailwinds that are propelling our technology into the future of how companies wanna work with their data, and we'll go through these tailwinds in just a few moments. In a few minutes, you'll hear from Diego Dugatkin, who's gonna lead you through a session about what we're building with our product over the near and long run, as we build out our Content Cloud to power the future of work on a single platform and how we can capture more and more enterprise workloads with our technology. Steph and Mark are gonna share how we're going to drive our go-to-market engine with our land and expand motion, and how we deliver our platform at scale to over 100,000 customers, as well as how we're gonna bring on new logos to the platform as well. Dylan will discuss our financial model, and we'll be sharing some updates about how we're going to exceed Rule of 40 by FY 2025, in driving both re-acceleration of profitable growth as well as greater operating leverage at scale. Finally, Jess, our head of people, is going to share how our culture is enabling us to be able to deliver on these goals and our execution by delivering a world-class culture where we can do our best work, all enabled by a digital-first way of working. We hope that you'll enjoy the session and get a lot of value from some of the major updates throughout the business, but first, let's talk a little about the major tailwinds and trends happening in content that are shaping our strategy and our growth going forward. Our mission at Box is to power how the world works together. When we started the company in 2005, we had a very simple idea and mission. We wanted to make it easy to be able to securely access and share files from anywhere, any device, any time, any location, and to be able to collaborate with anyone. When we delivered this idea to the market, we saw a tremendous amount of opportunity happening in how businesses wanted to reshape how they work and do their business in the digital age. The digital age brought a major thrust of cloud computing that allowed companies to be able to leverage cloud infrastructure to be able to scale their operations from anywhere, be able to deliver software dynamically over the internet to help connect people and colleagues and be able to share information in a secure way. We also had the mobile revolution. Mobile meant that we could access our information from anywhere where we could communicate and collaborate on any device at any time. The combination of cloud computing and the mobile revolution led to digital transformation that began to impact every single industry. We had amazing disruptions led by companies like Netflix or Airbnb or Uber that went out and transformed every single industry. When we launched our company, we were riding on these major tailwinds of digital transformation, cloud computing, and the idea that we would be able to work from anywhere on any device. Then overnight, these trends just multiplied by a factor of 10. In 2020, as the world went remote due to COVID, everything became digital first. Digital was no longer a strategic advantage or a strategic imperative of organizations. It was a necessity to running your organization. We knew that when you couldn't meet with customers in person, we had to digitally sign our documents. We couldn't bring together team members, so we had to run brainstorms and all of our meetings over virtual meeting technology like Zoom, Webex, and Microsoft Teams and more, so we had to be able to work virtually. We knew that that now employees could be able to work from any location at any time in any time zone and be able to communicate and collaborate all around the world. This fundamentally shifted the way that we work from being about coming together in person and having digital as an overlay to how we worked, to where digital was fundamentally the center of how we worked together. Now we have entered an all-new way of working, and there are three big megatrends driving the future of work today. First, we know that we're gonna work from anywhere. Hybrid work is here to stay, and even as offices open up, and you'll hear from Jess about how our offices are beginning to open up, we know that we're gonna still work in a very digital first and digital-centric way. This means that hybrid work is gonna be stitched together through software where people can work from any device, any location at any time, and be able to access their data and their communication and their information from anywhere, even as they go back into offices. We know that every single transaction with customers, every element of commerce, every interaction across our supply chain is gonna become digital-first. Digital transformation is driving a massive ripple across every single industry. Whether it's onboarding a client at a bank or delivering a new product to market, we know that these interactions and transactions will be powered by software, and less and less be done in an analog or manual form. Finally, as everything goes digital and our work gets more distributed, we know that cybersecurity is more important than ever before. We've seen the effect of ransomware attacks, of data privacy challenges, of regulatory effects that have been enacted globally, and we know that we need to have better ways of protecting our most important information and our vital data to run our enterprises. Cybersecurity, compliance, and the regulatory changes happening are more important than ever before. These are the three big mega trends that are driving the future of work, working from anywhere, becoming digital-first in every way that we power our business processes, and cybersecurity and compliance being embedded into everything that we do. Work will never be the same again. We know that these effects are gonna transform everything about how we work with our information and most importantly to Box, our content. When we work from anywhere, we need seamless and simple access to our content. We know that we have to collaborate with internal and external stakeholders, so we have to have easier ways to be able to work with our content from any location. We need to be able to access content from any cloud application, whether that's Slack or Salesforce, ServiceNow, Microsoft Teams or more. We have to be able to get access to our content from any application or device. We know that business processes are gonna be digital first, so we have to start to digitize our paper-based and manual processes, move those to the cloud, and begin to drive more value and automation from those processes, which means we need low and no-code workflow solutions to power these digital workflows. We also need to gain intelligence and insights that get extracted from our data to be able to drive workflow automation inside the enterprise. We have to secure our content and protect the flow of content in and outside of our organizations. It no longer works to just keep content protected in our data centers or behind our firewalls. Content's gonna flow in and outside of the enterprise, and we need new ways to be able to power those experiences using machine learning and advanced threat detection and modern, more intelligent security controls. This also means that compliance and privacy have to be able to support global operations where data residency and compliance requirements are gonna be different by every single industry and vertical all around the world. These three big mega trends of working from anywhere, being digital first, and the cybersecurity challenges that we're facing, all of these center around how do we work with our content? Content is at the center of our customers' businesses, and content is becoming more important to their daily work than ever before. In financial services, content is how customers are onboarded, or how equity research is shared or how data rooms are created to be able to drive mergers and acquisitions. In construction, it's how buildings are created, blueprints are shared, and project plans are managed and secured. In retail, it's how new products come to life through CAD designs or images and marketing campaigns that have to be able to securely be managed and shared and collaborated on. In life sciences, it's the clinical research that goes into spreadsheets that get shared after a vaccine trial that creates a new drug. In government, it's how we work with our government agencies, all of the content that has to be generated, documents that have to be managed, or how NASA collaborates with the private sector to go to space, on all of the documentation that goes into those incredibly important mission-critical projects. In how in media and entertainment, the scripts that turn into films, the film production content that turns into the final movie, the marketing campaigns that goes out to create the next box office hit. All of our companies globally run on content, and content is our customer's business. Yet the challenge is in the digital age and in this digital-first age, the way we work with our content is more fragmented and in many cases insecure than ever before. When we go to most of our customers before we've introduced our platform to them, they usually have technology spread all across their organization, where content is being fragmented into many different silos. You have network attached storage vendors, you have document management software, you have enterprise file sync and share tools, all of which that have grown over the past couple of decades that companies have now implemented to be able to manage and share their files. Now in the cloud, the challenge has gotten even harder. We have e-signature point solutions. We have collaboration point solutions. Our content has become even more fragmented, especially as you wanna be able to access this content from other business applications like Slack or Salesforce and other tools. Our content is fragmented. It means that we have insecure systems and lower productivity, as well as increased costs that enterprises have to deal with to be able to manage their information. This problem is only growing in importance in the enterprise, and it's only becoming a bigger challenge. When you think about how much data we're talking about, in the average enterprise, 80% of our data is unstructured, and the vast majority of that data is actually content. For our structured data, we've implemented these modern platforms like Salesforce or Workday or Adobe or Snowflake to be able to manage our structured data, our semi-structured data. Yet for our content, our unstructured information, that's fragmented and strewn about so many different systems and applications. Again, those fragmented point solutions means that enterprises either spend too much money. Their data is fragmented across multiple silos. End users have lowered productivity because they can't easily access the latest version of a file or construct workflows across multiple systems. IT managers have to manage all of these different technologies, which means different administrative controls, different sets of APIs, and a lot of complexity in their own resourcing of being able to make all of this technology work. We say enough to this legacy way of managing our fragmented IT ecosystems around content. There has to be a better way, and we need a new approach in the enterprise, and that is the Content Cloud from Box. We have been building the leading platform to power the end-to-end life cycle of content in one single multi-tenant, SaaS-based architecture that again powers that complete life cycle of content. We've been building out platform functionality over the past many years to be able to power everything from how content gets ingested into Box, to be able to secure and protect and classify that data with Box Shield, be able to collaborate around content in real time in and outside the enterprise, and you'll hear from Diego about new functionality that we're gonna be introducing around that. New ways to automate workflows with Box Relay or get e-signatures with Box Sign, be able to publish content both internally into various constituents outside the enterprise, be able to analyze and get insights from content or retain and govern content with Box Governance, all of which gets connected to and integrated into all of the software that our customers are leveraging. That is the Content Cloud from Box, and we have leading capabilities in every single one of these areas that we're gonna both continue to double down on, as well as expand into additional categories over time that let us deliver the most value to our customers, so they can ultimately replace that fragmented stack of technology and deliver it on a single platform for their entire enterprise that powers that complete life cycle of content. Again, as I mentioned, that interoperability is so important to content. We wanna provide an open platform where you can store and manage content in one central platform, power the workflows around it, get e-signatures on it, better secure and manage that data, and then integrate it into all of the other software that you're using as an enterprise. That could be things like Salesforce for being able to have a CRM system where documents get accessed from the CRM technology, being able to integrate with Microsoft Teams or Slack, so you can access content from different communication or collaboration tools, be able to automate workflows using ServiceNow for ITSM, that same content is accessed into. Again, the full power of our platform is you store and manage content once, power the complete life cycle of content in our Content Cloud, and then integrate it into all of the software that you're using as an enterprise. One great example of how far we've gone is with our partnership with Microsoft. We have incredible integrations, as I mentioned, across Teams, but also Microsoft Office on the desktop and web, Azure, Windows, and many other technologies from Microsoft. Over the past couple of years, we have seen tremendous amount of updates around how our technologies work together, and we have a great relationship with Microsoft that makes it even easier for Box to work together with Microsoft's cloud technologies for our customers. In Q4, this was no exception that we had last year with so many of our customers jointly deploying Box plus M365 tools to be able to get their job done from anywhere. You'll hear more about our open platform and strategy again from Diego in a few moments. With our platform and with our expanded functionality, we are going after an updated $74 billion market by calendar 2025. When we look at the markets and how they break down, the initial markets that we started the company to go out and disrupt was really the storage and enterprise content management and collaboration spaces. We've since expanded additional addressable markets on top of our platform. We added e-sign capabilities, workflow automation capabilities, data security solutions with Box Shield, data governance solutions with Box Governance that expanded our market even further. As our platform continues to develop and as we add more and more functionality on top of our cloud, you'll continue to see us expand to even more use cases that we can power for our customers, ranging everything from digital asset management to secure data rooms, to sales portals and enablement, and much more, which ultimately allows us to address a $74 billion market with our end-to-end Content Cloud platform. We're gonna go and disrupt that entire market by providing, again, a single platform-based solution to help capture all of these use cases. Now, to get there, we have to have a very sophisticated and advanced product roadmap. You're gonna see us double down in three key areas, and again, I don't wanna give away too much of the surprise in what we're gonna be focused on, so I'll let Diego talk about this in a few minutes, but you'll see us double down in three big areas. The first is the most advanced capabilities to protect and secure content in the cloud. The second is being able to double down in workflow and collaboration. We wanna be the best place to be able to collaborate securely in and outside the enterprise, as well as power automated and intelligent workflows that can begin to streamline the ways that we work with our content at scale. Finally, our open platform approach allows us to integrate with and embed into all of our customers' software, whether that's leading commercial applications like Microsoft Teams or Office or Slack or Salesforce, or the applications that our customers are building themselves, whether that's a custom-built sales portal or insurance portal, a supply chain technology, or back-office systems that are used to route content between various applications. Our customers more and more are building on and leveraging our APIs to be able to power their own internal workflows and business processes. With the advancements on our roadmap that you'll soon learn about, we are gonna be able to power even more use cases for our customers across the entire enterprise. As Steph will share in a few minutes, we also are gonna be delivering our platform more and more across the entire enterprise. This means we can power everything from marketing teams that need digital asset management, sales teams that need client collaboration or sales enablement, operations teams that wanna be able to power field operations and supply chain collaboration, R&D teams that need to be able to centralize their documentation and knowledge, as well as work with contractors or partners, HR teams that need to be able to onboard their employees, and finance teams that need virtual data rooms or to be able to run regulatory processes, in the finance function. This is what our platform both solves today and over time will get even more advanced at delivering, for our customers. Now, to bring all of our technology to our customers into market, we are gonna continue to double down on our land, adopt, expand, and retain motion. This is a very efficient and repeatable sales motion that we've been building out for the past many years, and it allows us to both bring on new logos onto Box, ensure that we're driving as much adoption and usage of our product, be able to expand into our Enterprise Plus suite, as well as make sure that we retain our customers and ensure that they're sticky over the long run. You're gonna hear a bit more about our land, adopt, expand, retain strategy, how we're gonna be continuing to improve on each of these vectors, and what our sales strategy looks like for FY 2023 and beyond. At Financial Analyst Day, we hope that you'll learn a ton more about the business and how we're gonna be driving our three-year strategy of continued re-accelerated, profitable growth, as we deliver on our long-term, financial goals and metrics. With that, I just wanna say thank you again for attending the Financial Analyst Day, and looking forward to taking your questions in just a little bit. Thanks, Aaron. Hello, everyone. I'm Diego Dugatkin, Chief Product Officer at Box. I am so pleased to be here with you today. Picking up from where Aaron left off, we're going after a really big market, and today I'm going to offer my perspective on how we're building the world's leading Content Cloud. What's unique about Box is that our product vision is to power the complete content life cycle for our customers, and over time, we've been adding capabilities to achieve this. These new capabilities grow our value to reduce cost for customers. First, I'll do a quick recap of our product strategy to date. Then we'll dive into some exciting areas of innovation we have in store for the near future. We started with our core cloud content management product, Box. Content management wasn't about just managing an organization's content, it was about powering collaboration across the organization. We developed Box Notes, a native application embedded within Box that lets teams collaborate on the same document in real-time no matter where they were or what devices they were using. When it came to their content, organizations also had a clear need for enterprise-grade security and compliance. We introduced Box Governance for content lifecycle management across retention, disposition, and legal holds. We also introduced Box KeySafe for customers who wanted to manage their own encryption keys. We continued that momentum into the following year with Box Zones, which helps customers comply with data residency requirements. We introduced Box Platform, a powerful set of integrations, APIs, and developer tools that customers can leverage to make Box their own. Throughout our journey to the Content Cloud, we've made it a priority to give customers the insights they need to make good business decisions and drive differentiation in their markets, and that's why we created Box Skills, an open framework for AI-driven content use cases. In the past year, we've also made huge strides in the reporting and insights capabilities available to Box admins. Box Relay is our no-code workflow automation tool designed specifically for content-based workflows and provides our customers and the whole customer base the ability to streamline routine, often repetitive business processes involving content. Only a couple of years ago, we made a big leap in content security with Box Shield. Today, Box Shield introduces and includes a host of powerful features to help customers control access to sensitive content, prevent accidental data leaks, and protect themselves from an ever-changing cyber threat landscape. We also introduced Malware Deep Scan in Box Shield, which uses deep learning to detect potential malware, so IT admins can anticipate and prevent threats without disrupting the flow of business. Just last year, we acquired Cloud FastPath and launched the all-new Box Shuttle with self-serve and managed content migration offerings for customers of any size in any industry, delivering a fast, cost-effective, painless way to migrate petabytes of content from paper documents to files stored on-prem servers to the cloud. We also introduced Box Sign last year, natively integrated e-signatures included in all Box business and enterprise plans at no additional charge. E-signatures were the number one request feature from our customers, and they represent a business-critical, content-centric workflow that could help our customers accelerate their digital transformation. Last but not least, this year, in addition to deepening our investments in all of these areas, we're working on a new set of capabilities related to content curation and publishing, as well as new visually rich ways to help teams collaborate, whether they're virtual, hybrid, or in person. Our aim is to power the complete content life cycle, and we won't stop until we get there. We recognize that every company's tech stack is different and will continue to evolve. As a Content Cloud, one of our core strengths is connecting your content across every application, no matter where it was created, edited, shared, or used, the Content Cloud is your single secure platform for all your content with all your people across all of your apps. Let me now turn to our three-year product roadmap. As you know, our key differentiators can be expressed in three pillars. Frictionless security and compliance to protect your content without slowing you down and slowing down the flow of work. Seamless collaboration and workflow, for which we are one of the only platforms that helps you work securely with external collaborators, rather than requiring everyone to use the same tools. Our connected platform and integrations, so you can customize, extend, and build on Box without having to configure or replace the other tools you rely on. First, let's take a look at security and compliance. As we all know, the last two years have altered the security landscape in fundamental ways. When the pandemic hit, organizations became digital overnight, and that has led to exponential growth in the attack surface and in the amount of digital content organizations are working with. When talking to customers, we tend to see five key challenges. First, zero trust security, being able to control access and permissions at the device, user, or application level rather than just at the network level. Second, the data leak prevention and threat detection, the core focus of our Box Shield product. Third, the content lifecycle management, being able to classify, retain, and dispose of content throughout its life cycle. Fourth, industry and regulatory compliance, where in an audit landscape that is constantly changing and shifting becomes essential. Fifth, getting the right visibility and reporting into their content, users, and managed services and devices. The good news is that Box is uniquely positioned to help companies successfully navigate these five challenges. To that end, we'll make some strategic investments this year. In Core security, we'll provide more on-demand controls for devices, users, and sharing. With Box Shield, we're making an important shift from threat detection to threat protection and expanding smart access controls. With Box Governance, we're planning substantial improvements to retention, including more flexibility in policy types and better disposition insights. We're also committed to helping our customers meet the highest bar of compliance for the increasing amount of global regulation and industry standards. We'll also continue to improve the experiences we create for our valued Box admins with better monitoring and reporting tools. I'll dive into more detail on a couple of these areas. Let's start with Box Shield, where we are heavily investing to transform threat detection to threat protection and to expand smart access to address even more high-value use cases. Today, we have malware detection and a rollback process to protect customers from cyber threats, including ransomware. We are moving towards comprehensive ransomware protection, including anomalous file detection in Box Drive, automating response actions, and enabling easy restore of infected files to ensure business continuity. To help customers battle with account takeover threats, we're continuously adding new detection rules and automating incident responses to block unauthorized access, all while continuously improving accuracy and usability. We're also expanding smart access controls to help prevent conflicts of interest across business units and adding more classification-based security controls to prevent data leakage, such as restricting Box Sign signature requests of sensitive content and applying watermarking based on classification. Box Governance is one of our most successful and long-standing products, and we're planning substantial extensions for it. Based on our customers' requests, we're enabling even more flexibility in retention policies so they can change their retention policies as their business needs evolve. We plan on making event-based retention even better by enabling easy configuration for retention policies based on more key date triggers. To make it even easier for customers to assess the business impact of the retention policies, we are expanding our reporting improvements and disposition insights. We're continuing on a path to better enable content discovery use cases for legal, privacy, and security investigation needs. We will be upgrading the content management experience, including better search capabilities, setting the foundation for substantially improved e-discovery. Lastly, extending our existing trust capabilities will provide enhanced disposition with the ability to archive content. I'm very excited about our content lifecycle management future roadmap. We also want to strengthen our competitive stance and continue to cater to the global compliance and regulatory obligations of all our customers. We're focused on growing into even more regions across the world with in-region data storage and processing, with a near-term focus on EMEA. For our U.S. public sector customers, we're in the process of attaining the next level of FedRAMP certification, allowing customers to collaborate on their most sensitive, unclassified data on Box. The significant security investments we have made for FedRAMP will also enable us to meet additional state and local compliance standards like CJIS for criminal justice and law enforcement opportunities and StateRAMP for SLED customers. In Q1, also, life sciences customers can join us for early access to the GxP sandbox test environment, and in Q2, we will expand availability to all GxP customers. This past year, we achieved some big milestones, launching Box Sign for e-signatures, improving Box Relay for easier workflow automation and bringing it to all of our business plans, enhancing our mobile app with seamless capture functionality for image, audio, and video, and improving the macOS experience and install flow for Box Drive. Collaboration has changed forever. Hybrid fluid teams that are permanently or temporarily hybrid, and teams that form and disband on a project-by-project basis. Blurred work boundaries, where work happens across organizational and geographic boundaries, and across more than 200 applications that in the enterprise create a complicated environment. Modern workflows and more and more business processes that are digital, accelerating the speed of work and requiring automation for repetitive tasks such as e-sign, workflow, and more. Also frictionless security, where we know that security is paramount, but users won't accept security measures that stop the flow of work. Security needs to be frictionless to enable people to get work done when and how they need to do it without interruption. Let's take a look at some of the key investments we're making in those areas. First, Box Notes, our natively integrated cloud-based collaboration and editing tool, where we have continued to enhance Box Notes over the past few years, and we've seen great traction among our customers who use it for secure real-time collaboration across teams. This year, we'll make a significant, you know, set of steps towards making it easier for Notes users to collaborate on content from finalizing a project plan to designing a new product. To create new content from marketing assets to standard operating procedures and to easily organize and find their most important content. While Notes satisfies the most and more structured side of collaboration for things like documents, lists, projects, and tables, we're seeing also a significant rise in unstructured collaboration that now needs to happen in remote and hybrid formats. Things like brainstorms, mind maps, processes and workflows that need more visual collaborative formats. We are also exploring ways to help teams collaborate with those rich interactive visual tools that enable things like interactive brainstorming, wireframing, and designing process flows or immersive workshops, meetings and events, and much more to help teams stay connected no matter where they are. We're also actively working on creating a simple intuitive way to curate content for a better organization, discovery, and sharing experience. Think student portals, team or class microsites, and asset libraries with the same enterprise-grade security and permission settings you expect from Box. Finally, content insights. Beyond just managing content, we want to help customers understand how their content is performing so they can make better business decisions in real time. With content insights, we'll deliver easy-to-use, visually rich data and recommendations that drive better outcomes for our customers. Giving teams smarter, easier ways to collaborate is only one piece of the puzzle. We're also continuing to invest in Box Relay, our workflow automation tool, to help teams accelerate key business processes, increase productivity, and spend more time on valuable work rather than repetitive tasks. Next, let's talk about workflow and automation. The more we build on our Content Cloud capabilities, the more powerful our workflow solution becomes. By connecting Box Relay with other tools like Box Sign, we can help customers do things like automatically applying metadata templates to signed contracts or automatically assigning a signature request to someone else if it expires. This year, we'll be adding Relay workflow automations for Box Shield and Box Governance. For example, users will be able to easily assign documents to the right folders based on the retention periods associated with those folders on Box. We'll also continue to strengthen our Relay and file request capabilities. Because we like things in threes, we've distilled our strategy for Box Sign onto three priorities as well. First, enable high value, high volume use cases. Second, deliver a differentiated content cloud solution for eSign-powered processes. And third, drive customer satisfaction for user adoption. First, in talking to our customers, we've heard consistent demand for certain use cases. This year we'll deliver multi-document packages, which enable senders to package multiple documents as part of the same transaction. Sender attachments that lets senders include documents that a signer needs to review but not sign, like disclosures or terms and conditions. We'll also continue adding new compliance certifications since we know how important it is for eSignatures, particularly in different regions. We'll also be adding batch send, so a user can send a single request to a bulk list of signers, such as an incoming class of matriculants or everyone in a particular department, as well as self-service signing, where you can post a link and anyone can initiate the signature. For example, online event registrations, legal release forms, and so on. That way, we can let organizations collect a high volume of signatures easily. Similar to the point I made with Box Relay, what makes Box Sign truly unique is that it's part of Box. In other words, it's not just another standalone e-signature tool, it's an entire Content Cloud with an embedded e-signature solution. This year, we'll double down on that differentiation with Relay workflow integrations, a dedicated Shield policy for Box Sign, and governance integrations to connect e-signature events with retention policies. We'll also be expanding our API capabilities as well as Box Sign integrations with Microsoft, Salesforce, and others. Finally, one last area that's important to highlight is our platform and integrations. As I mentioned, one of the best things about Box is that it allows you to connect your content across every kind of app, device, user, and organization. No other platform out there is dedicated to letting you work the way you want with whatever other tools or solutions you want. The reason we are able to drive this level of integration and position Box as the central content layer for so many applications is because we are architected as a true platform, built on open APIs that we use to build our native Box applications, and that we make available to customers and partners, so they can leverage the underlying power of Box to create their own apps and experiences around content. That's what we see here. Everything we enable on Box, from securely previewing content, to uploading and sharing files, to even automating processes or leveraging Box Sign, can be accessed via API. Use of our APIs via custom applications and other use cases is on the rise. Last year, we had more than 1 trillion API calls and growing. While the platform is clearly an emerging way that customers and partners leverage Box, one of the most popular and important ways we deliver value to our customers is through more than 1,500 third-party application integrations our customers use with Box to power their everyday work. For example, we are one of the few platforms that's deeply integrated with all the major productivity suites, including Google Workspace. Not only can you open files from Box in Google Slides, Google Docs, or Google Sheets, but we're deeply embedded with Gmail. When you're working in those apps, it's a simple click to save your file straight back to Box. Given the massive surge in remote and hybrid work, it's no surprise we've invested in world-class integrations with Zoom and Cisco Webex as well. If there is one partner our customers are almost always focused on when it comes to integrations, it's Microsoft. The Box-Microsoft relationship is grounded in a shared focus on delivering customer value. Across the board, Box and Microsoft have worked to produce great experiences for our customers, not only in Teams and Office, but in Azure Active Directory, Outlook, security products like MIP, and many more. Looking ahead, we are delighted about the progress we have made to date and our future roadmap with Microsoft Teams. We expanded our scope with recent releases in our Box for Microsoft Teams integration with more granular controls and easier deployment at scale. This year, we plan to release the capability for admins to set Box as a default content layer in Teams, as well as introducing several new features to enable easier installation and better productivity for end users. Just like we've been seamlessly integrating with Teams, we also have developed a strong relationship and great customer experience with our Slack integration. Box provides a central content layer for Slack, and importantly for our customers, when files are uploaded to Box from Slack or viewed in Slack, the permissions and access settings remain consistent, so only the right people can access the right content, no matter where it was shared. Finally, speaking of Slack, we have also had a long-standing deep set of integrations with Salesforce overall. Today, when you are working in a customer record, it's that simple to access files related to that customer in Box, whether it was the latest sales proposal, contract, or account update. We are excited to keep deepening and creating powerful new experiences for our customers together with Salesforce and all of our partners. In many ways, we're just getting started. I joined the company last summer and I've been thrilled and blown away by the speed of our innovation and our customer focus. We have some amazing new products coming this year. Stay tuned, and thank you for your time today. I'd like now to hand it over to Stephanie Carullo to talk about our GTM strategy. Thanks, Diego. Hello, everyone. My name is Stephanie Carullo, and I'm the Chief Operating Officer here at Box, looking after all things go-to-market. In this role, I'm responsible for our sales, marketing, customer success, go-to-market operations, and enablement functions. In the next little section, I will provide you with a brief overview of the market opportunity, our go-to-market motion, and how we plan to continue to drive growth and adoption of Box. As Aaron mentioned, we have a clear strategy for growth here at Box. From a go-to-market lens, we are maniacally focused on that third column, going wider and deeper with our customers, as well as acquiring new customers through our land and expand motion. As both Aaron and Diego mentioned, our continued product innovation and roadmap is enabling us to go after a large and growing TAM with incredible opportunities to power the complete content life cycle of our customers. With more than 100,000 customers, we're committed to bringing the Content Cloud to all of our customers in one single integrated platform. When we look at our installed base, we have just scratched the surface in terms of seats sold within our customers, and we have a 7x user expansion opportunity before us. This in itself represents tremendous upside and opportunity for us today. How do we go after this opportunity? Our sales engagement model centers around the customer and on reaching all of our customer segments through an efficient land and expand motion. Simply put, we have a flywheel that starts with landing customers, then driving adoption of the Box platform, identifying more use cases and business value that leads to expansion, and then working closely to retain the customer by ensuring they derive the maximum value from Box, hence our land, adopt, expand, retain motion. Our go-to-market strategy, leveraging this motion, is really focused on three key priorities. Expand users and use cases, drive higher plan tiers, and increase retention. Let's dive a little deeper into each one, starting with expand users and use cases by going enterprise-wide to drive seat growth. I thought the best way to illustrate the success of this model is by sharing a few customer examples. This first one is a U.S. bank that has been a Box client for nearly a decade. In the beginning, they had a clear need for external collaboration for use cases such as client onboarding and client engagement, so they purchased Box and continued to expand seats. We quickly became the only approved collaboration platform across the entire business, and they decided to invest further in Box, so they purchased KeySafe as a part of their encryption strategy. They used our APIs to develop apps that support their client portal vault and provide a world-class user experience. They finally decided to upgrade to our Enterprise Plus plan so that they could take advantage of everything that we have to offer, expanding their use cases to employee onboarding, mobile field productivity apps, asset creation and distribution, and so much more. They're able to leverage Box Shield and Box Governance to improve their security posture and meet strict financial services requirements. One more thing, they successfully integrated Box and Microsoft 365 and Teams as part of their best-of-breed technology stack. This is a classic example of a customer we took through the entire land, adopt, expand, and retain motion. The second example is a public sector customer with lots of employees working on very, very sensitive data. They use Box for secure external collaboration. It started as a departmental solution that quickly grew into a full ELA, enterprise license agreement, and moved to the Enterprise Plus plan as well, so they can take advantage of Box Shield, Box Governance, KeySafe for very strict encryption and security requirements. They're also beginning to leverage Box Sign and Box Relay as part of their workflow process to review all of their key projects and milestones. They're a Box and Microsoft joint customer using Office Online editing and our Teams integration. Finally, our third example is a life sciences customer, and honestly, one of my favorites, because it came about as a result of the pandemic. They solve critical health issues through next-gen research and manufacturing. They use Box to securely collaborate on sensitive IP content as part of their R&D work. Box underpins their entire technology stack as the single integrated content platform. Their decision to go all in on Box was as a result of our ability to show them the value that we could deliver across every part of their business. They use our platform from everything, from contract management to DNA sequencing. They also leverage our GxP certification and Box Shield to ensure the highest level of security posture, and they integrate Box with best-of-breed solutions, including Microsoft. Another example of expanding users by going enterprise-wide with high-value use cases, and there were many more that we could share. I really wanted to highlight this through three very diverse industry examples. Our second priority is to drive higher plan tiers and increasing price per seat by powering these high-value use cases that you just heard about. As some of you know, we've been focused on bringing the full power of Box to our customers by giving them access to all of our products and services. Over time, we've evolved from selling add-on products to bundling more products and services into suites. We were super excited to announce our Enterprise Plus plan last year, which combined our most valued products and services into one offering with savings of up to 35%. Enterprise Plus truly represents the next step of our packaging strategy, providing everything a customer needs in one suite. Mark will share a little more detail on how Enterprise Plus has streamlined our selling motion and made it much easier for our customers to consume our products and derive the full value and benefits of Box. This slide sums it up so clearly. The clarity and simplicity of Enterprise Plus allows our customers to fully embrace and adopt all things Box, and it's playing out in the data. We're seeing that our suites allow customers to use more of our products across a wider set of use cases, addressing more business requirements. We'll continue to position Suites and educate the market on our differentiators as we look to tip the balance towards our bundled offerings. The last point I'd like to make is on the positive impact we are seeing in price per seat since launching Suites. It's up nearly 10% since we introduced Suites back in Q2 of FY 2020. We are super excited to drive this even higher in FY 2023. Finally, our third priority is to increase retention via broader product adoption and continued innovation. Diego shared with you all the innovation we continue to deliver, allowing us to add more and more value to our plans, like Enterprise Plus, and to address more use cases for our customers. Our go-to-market teams are excited to bring this rich and deep portfolio of products and features to all of our customers, supporting them on their digital transformation journey. This effort has resulted in some incredible improvements in net retention, as you can see, via a number of initiatives, from the introduction of new features like Box Sign to the in-product onboarding enhancements we've made to our account teams identifying more ways to use Box across the entire business. We are seeing customers adopt Box as their Content Cloud. To hear from a customer directly, I had the opportunity to catch up with Stanley Toh, Head of Enterprise End User Services at Broadcom, to discuss their journey with Box. Welcome, everyone. I am very, very excited to have Stanley Toh, the head of End User Services at Broadcom, with me here today. We are thrilled to have you, Stanley. For those who aren't as familiar with Broadcom as we are, Broadcom is a global infrastructure technology company in over 52 countries with over 20,000 employees and has been a long, long-standing customer of Box now for many years. Stanley, welcome. Great to see you. Thanks for having me, Steph. Stanley, you have been a customer of ours for a very, very long time now, and we thank you for that. I'd love you to just share a little bit about sort of our journey and where it all began way back in 2012, I think. What were the initial sort of use cases? What were you looking for at the time when you selected Box? Okay. Back in the days. Can I say back in the days? You can. Because it seems like so long ago, right? 12 years ago, right? If you look at it, that time, global teams and collaboration became more common because if you look at it, companies used to be very regional-focused. You know, more than a decade ago, you know, about a decade ago, people start to collaborate across regions. Global team become very common. Sharing and collaborating is very difficult if you only have one copy in your laptop. Mm-hmm. It's gonna be impossible, right? Your version control, your editing it's going to be super difficult. The only way you can share is you have a enterprise share on-prem. You know, in those days, everything is on-premise, right? Mm-hmm. VPN can be an expensive infrastructure to support. That's one of the use cases. We want to make collaboration easy for everybody. You were doing a lot of. One of the things that Broadcom, previously known as Avago, is known for is a lot of mergers and acquisitions. Yes. You were able to collaborate much more seamlessly with very sensitive information through the M&A process. Perhaps share a little bit about some of those activities. That's a good question. If you look at M&A, you share, when you first acquire a company, you would ask for a lot of their data, right? You want the data to be in one central location. Mm-hmm. You don't want them to email each other because during the M&A due diligence, the deal is not closed. It might not be approved. If you ask for sensitive data and they are being emailed, then it's very hard and difficult to track, right? If you have in one central repository, not only version control, you also know who downloaded it, who viewed it, all the audit trail is there. Mm-hmm. From a legal perspective, if you get an audit, you are covered. The other thing is also from the integration team perspective. If you look at it, you need the data, right? If the data is in one central place, you know where to look for it. You don't have to hunt for it. That is the entire project integration. Also working both within the organization and obviously through the M&A process, so many external parties that you're involved with, everyone knowingly having their content securely in Box as you're going through at a, I suspect, a fairly quick pace as you're working through a lot of these things. For all of our M&As, it's between 3-6 months. Wow. Full integration, right? I can give you an example for when we acquired CA, end-to-end integration, including the ERP, right? For what I think was an $18 billion deal, it took us less than nine months. Incredible. Actually, you highlighted, it's such a great story because you highlighted so many things that are critically important and our products such as Box Governance and Box Shield, the certifications, you mentioned, you know, the importance of legal hold, the security posture, all these things, which, you know, is wonderful to hear, particularly in the current environment. The last two years, I'm sure you're seeing this uptick in sort of cybersecurity issues, et cetera, and more so than anywhere being in so many countries across the globe, just the importance of that security posture must be top of mind for all of your executives, correct? Not only security posture, Steph, all the new policies coming in, all the new regulations coming in, right? Like Europe have the new NIS2, GDPR, DORA. Not only version control, data classification is also very important, right? Little known fact, actually, we actually have an automated data classification in Box. We use Box Relay. We work with the Box professional services team, and we set this up. The automation, the classification automation is based on your profile, your job function, and your level, right? Because we classify as highly confidential. That means no sharing, internal or external, but there may be exception. If you want to share with exception- Mm-hmm. You need to ask for request for permission, right? You have confidential, you have company data, and you have public data. Based on your role and profile, automatically, we will classify for you. If you leave it to the end users, you have thousands of files. Yeah. Who would actually classify? Nobody. I know, Stanley, you and the company have been a tremendous advocate and user of Box for many years now. We continue to bring great innovation to market and I'd love your thoughts on sort of including and adopting things like Box Sign, electronic signature into the workflows that you described. Tell me what you're most excited about in terms of the platform. Man, there's so many modules. You put me on the spot, Steph. If I need to choose only one of all those, I would say Relay because I think Relay has been the most unknown function in Box. With Relay, you can actually do so many things in it. You can create a workflow that connects to any other of your Box modules. For example, Box Sign, right? If you have a Relay workflow, right? Depending on the document, you can have a Relay to call for authorization or approval, and someone just has to click sign and approve. There are so many possibilities with Relay, and I think it's one of the Box functions that is most underutilized. Can you imagine a world without Box? I mean, if you think about the evolution that we've gone through with our company over the years in the Content Cloud, here we are today, what would, you know, what would it look like, really? In your mind, it clearly has added tremendous value to the way the business works day in, day out. How would you describe the Content Cloud at Broadcom? I'll be at a loss. Maybe I should look for another job. Like, we'll lose, you know, all the points that I have shared, right? You know, you'll lose the security of it. It will be difficult to go back to on-prem, you know, file share service, having people to do backup, and then when your service gets too large, your storage get too large, your backup, you know, time is too long, and people cannot access their files. They get unhappy at you, and they call you, "I can't access this. This is way too slow. I can't download that." No, I don't want to go back that. No. No way. I'll quit my job before. Stanley, it's been a pleasure. From the bottom of my heart, thank you for being an incredible customer of Box for many years now. We look forward to continuing on this journey together, and I look forward to hopefully seeing you in person very, very soon. Me too. Thank you so much, Stanley. Thank you. you. Thanks for having me. You're welcome. With that, we are excited to continue our strong momentum in FY 2023. We have a number of key focus areas that we're going to double down on, and I'd like to hand over to Mark Wayland, our Chief Revenue Officer, to share more sales details on our plan for the year. Thanks, Steph. I'm thrilled to share with you today our sales strategy for FY 2023 and beyond. This year and going forward, we're going to be focused on three key areas. Firstly, market expansion and bringing on net new logos to Box. Second, we're gonna be focused on customer expansion in our installed base. Third, we're gonna continue our investments in sales productivity. Let's talk about market expansion. There's a huge opportunity for us to grow across markets because we have a very balanced business. We get about 70% of our business from the U.S. and about 30% internationally, so there's big opportunity for us to grow internationally and, of course, further opportunity for growth in the U.S. We have a very balanced business across industries, so we'll double-click on that. We serve customers of all sizes, from small businesses to medium businesses to the world's largest enterprises, and there's growth opportunity across all segments. We get about 70% of our business from the installed base and about 30% from new logos. We think that that's a healthy mix, but we constantly need to be bringing on new logos because they are the future of Box in terms of growth. Let's take a look at our international markets. Because we're a cloud-based service, we can serve customers in every corner of the earth, but we really wanna invest our human resources in the markets that have the largest opportunity for growth. From a employees in region investment standpoint, we'll be investing for the years to come in these areas because they are the largest software markets for business applications. In our business, because we're all about that land, adopt, expand, retain motion, we need a whole team of go-to-market Boxers in order to make a customer successful. When presented with the opportunity to go invest in countries that are not on this list, we're really better served by putting more resources in Germany and more resources in France because the markets can really sustain that growth. You'll see us continue to invest in these large software markets. From an industry standpoint, Box serves customers in all industries, but we have very, very strong performance in industries that have large volumes of highly sensitive content that they need to collaborate upon, both internally and externally. You can see by the bubble sizes here, industries by revenues. This is the revenue that we currently have in our install base in these industries. You can see the ones that have the largest TAM on the right side based on those industries that have a high quantity of highly sensitive content. We do very well in financial services, life sciences, public sector. We have sort of outsized performance in media and entertainment, as you can imagine, large file size of highly sensitive data when movies and TV shows and the like are in production. From a segment standpoint, we serve customers of all sizes, which is strategic for us for a number of reasons. Because we're a multi-tenant cloud provider, we wanna serve customers of all sizes and be a part of that democratization of software. That means we need to make a Content Cloud that serves the needs of the world's largest organizations from a security and a compliance and a government standpoint, but we also need it to be so easy to use that the world's smallest organizations can adopt it. That's really one of the big, powerful things about our platform, is that the Content Cloud does just that. The other reason why this is important is it gives us a very balanced business. Sometimes the enterprise sales cycles can be longer, and the deals are larger, and you wanna have a business that's very repeatable and has monthly performance. The smaller deal sizes that we can drive in the mid-market and SMB segments help us really even out some of those peaks and valleys. Lastly, this is a great strategy in SaaS from an employee development standpoint because it allows us to attract sellers at many stages of their careers. We can hire sellers that are early in their career as SMB reps, and they can stay with us for many years as they move from mid-market to enterprise. We can also hire seasoned enterprise sales rep that have decades of experience into our enterprise segments, where they work with our largest customers and close our largest deals. Landing these new logos is really critical to our strategy. As I shared, 70% of our business comes from the install base and about 30% from new logos. We have to have a constant flow of new logos coming in to help us continue growing that 70% that we get from the install base. Let's talk about those install base customers. Really three big areas of focus in this year and going forward in terms of continuing the success that we've had in growing the install base. First of all, we're going to be growing and upgrading our customers into our Enterprise+ SKU, so we'll double-click on that. We're gonna be driving bigger deals while maintaining our deal cycles. We don't wanna extend deal cycles, 'cause we have a healthy set of data there. Lastly, we're going to be investing in and leveraging our partner ecosystem. Let's talk about Enterprise+. Enterprise+ is a new plan that we launched last year, which really includes all of the best parts of the Box Content Cloud, and it's been our most successful product to date. You can see here on the left the comparison of Enterprise+ adoption versus Suites adoption. These are obviously different date ranges, but both of them are the first six months of when these products were launched. Just huge success in the launch of Enterprise+. It really makes it easier for customers to purchase all of the power of the Content Cloud and then adopt it, hopefully as rapidly as possible with the help of our customer success teams. The big opportunity for us this year and going forward is we still have a massive install base that is not yet on Enterprise+ or Suites. That's the low-hanging fruit in the install base, is getting every one of those customers to do seat expansion, to go from maybe a departmental deployment to going wall to wall with Box, and then importantly, upgrading to Enterprise+. We also have a huge opportunity with the launch of Box Sign and other exciting products that you're learning about today. We're getting great feedback from Box Sign. You know, all of us in our personal and our professional lives at this point have signed documents with electronic signature, but enterprises are fatigued at how much they're spending on those products because many of them are paying really per signature or per envelope. We're taking a very disruptive approach to this market by including electronic signature with the Content Cloud, and that's getting very positive feedback in the market, and it's opening up all sorts of new electronic signature use cases that enterprises were unable to execute upon because of the pricing model. Price got in the way. We're really disrupting that market and getting really strong feedback from our installed base. The shift to Suites and to Enterprise Plus has really helped with big deal growth. We delivered very strong numbers year-over-year on big deal growth last year in FY 2022, and we'll do the same this year in FY 2023. You can see really that impact of Suites deals, that's Enterprise Plus and Suites, the $100,000 deals, the majority of them were on Enterprise Plus and Suites, and that's a very positive move for us, and we'll see that trend continue this year. Then lastly, as the Box Content Cloud gets more full-featured, we're getting involved in more and more strategic business process changes that are happening in our customers around the world. As we get involved in more of these complex deals and complex workflows, that means that we're increasingly integrated to more and more applications in the application architecture. That means that the workflows are getting more complex, which means the implementations require more and more support from our systems integrators partners. You'll see us investing very heavily in the years going forward with our ISV partners and very heavily with our SI partners as we deliver more and more of these complex implementations of the Box Content Cloud. Then lastly, this all comes together with big investments in sales productivity. Sales productivity is critical when you're a SaaS company like Box because if we don't have high levels of sales productivity, then we end up with unhealthy attrition in your workforce. When you have unhealthy attrition, you end up with an unhealthy mix of ramping and ramped sellers on your team. You need to make your sellers successful so you can have a healthy mix of ramped sellers that stay with you for a long time. Some of the things that we've been doing that are working quite well are our Content Cloud messaging, our switch to Enterprise Plus, which we've discussed, but it's really streamlining the sales motion. We've made huge investments in enablement, which is helping drive that productivity. Let's talk about Content Cloud. We launched the Content Cloud message and positioning last year, and it's gone extremely well. It's a very simple message that says what it does, and it does what it says. The thing that's been very exciting about it is that it translates across segments. When you share a Content Cloud with an SMB, they know what you mean. When you share it with the world's largest organizations, they know what you mean. It translates across industries, and it's been exciting to see how well it translates across languages. Our team in Japan has been reporting that the Content Cloud message is going very well in that market, which is an incredibly successful market for us. We get great feedback on the Content Cloud, and it's helping our sellers open up doors into both installed accounts and net new customers. We've been recognized by all the top industry analysts as being a leader with our Content Cloud. That includes Gartner, Forrester, IDC, and many others. All of these investments together are helping us drive incredible improvements in sales productivity, which we plan on continuing in the years to come. Over these last two years, as we've been in this unprecedented pandemic, we've been able to drive a 38% improvement in sales productivity over these last two challenging years because of all these investments. Our sellers are more successful today than they were two years ago, and that's driving higher levels of ARR for us as an organization and lower levels of AE attrition, which is a very healthy change for us to see. To recap, we are going to continue to invest in our go-to-market strategy and our go-to-market motion, which is all about landing new customers in all industries, in all companies of all sizes, getting them to adopt our technology at a rapid rate so that they can realize success and be wildly successful with the Content Cloud. When we do so, they wanna buy more from Box. They wanna go from a maybe a departmental deployment to a wall-to-wall deployment, and then we wanna upgrade them to Enterprise Plus, and then we wanna retain them for years and years. That's our strategy this year and for the years to come. Thanks for listening. Hello, I am Jessica Swank, Box's Chief People Officer. I lead our Global People and Communities team. Fiscal year 2022 was certainly a transformative year, powered by our ability to collaborate, connect, and create while working around the world. Through all the changes over the past couple of years, our culture continues to thrive. You have heard from Aaron, Diego, Steph, and Mark, and before we get to Dylan and the financial model, I wanted to discuss our workforce strategy and highlight our commitment to ESG. As Aaron mentioned, the dynamics around COVID forced a broad digital shift overnight and accelerated the necessity for the cloud to become the foundation for all work. What does a modern workforce strategy look like in a digital world? In this new digital-first era, employees need to be able to work from anywhere. Every business process that interacts with a customer or partner is going fully digital, and companies need to ensure their most important data is kept safe and secure. At Box, we are on the leading edge of this transformation. Box's Content Cloud powers the full life cycle of our most important content here at Box, allowing our global Boxers to truly work from anywhere while ensuring seamless collaboration and the best security and compliance. This flexibility allows us to build a significant presence around the world, including offices in Austin, Chicago, as well as global locations. We are targeting to have about 25% of our workforce located in lower-cost, high-value regions by the end of fiscal year 2025. This workforce strategy has also allowed us to tap into diverse and strong talent pools. Over the past couple years, we hired our global Chief Information Officer and our Head of Diversity, Equity, and Inclusion outside of our Redwood City headquarters. We are embracing a hub location strategy that includes strategic remote work, where we remain focused on hiring and developing exceptional talent around the world. We are also excited to announce that as of the end of March, all of our Box offices around the world will be open on a voluntary basis. We have enabled a hybrid work environment where flexible, virtual, and office-based work combine to create opportunities for our Boxers, speed and agility for our customers, and increased impact on our local and global communities. The future of work is here, and we are proudly leading this transformation by enabling a modern digital-first workforce here at Box. Another key priority for us is our environmental, social, and governance, or ESG. Our commitments are to protect our planet, invest in people and communities, and act with integrity. We formally launched these ESG commitments and principles over a year ago. You can read about the progress from this past year in the ESG framework available on our ESG web pages. Leading positive change in the world is a key priority for us and aligns with our mission to power how the world works together. By making it easy to securely share ideas, businesses are able to connect with customers, governments can better serve citizens, and nonprofits can make a greater impact. In addition to our initiatives to keep our workplace green, we believe that our ability to move organizations from legacy and paper-based processes to the cloud allows customers to work securely and efficiently from anywhere, reducing both office waste and the environmental impact of commuting. Box enables customers to move away from energy-intensive on-premise servers and decreases use of paper, which means trees saved and more carbon captured, an important lever in slowing climate change. At Box, we invest in our people and communities. That means our company values and culture are the foundation to all that we do, cultivating communities where people connect and thrive, including our 10 employee resource communities, while celebrating our unique backgrounds and experiences. We are proud to be ranked number five by Glassdoor in the category of Best Places to Work in 2022. We have found that our culture and our people have been and continue to be our greatest retention and recruiting tools. Finally, in corporate governance, we are proud of the breadth of backgrounds and experience that our Board brings to Box, with a particular focus on SaaS and enterprise software and a powerful track record of maximizing stockholder value. As of January 1, 2022, 70% of our directors have been on our Board for three years or less. Also, in fiscal year 2022, we adopted several corporate governance enhancements, which are detailed on the ESG pages of our Box website. We remain committed to the highest standards of corporate governance, compliance, and ethics. We strongly believe that our workforce strategy, our incredible culture and values, combined with our efforts in ESG, will enable us to build long-term value for our stakeholders, customers, teams, communities, and the planet. Again, you can read more in the ESG framework document available on our ESG web pages. Thank you, and let me now introduce Dylan Smith, our Co-founder and CFO. Thanks, Jess. You've now heard how Box's Content Cloud strategy has transformed our product capabilities and go-to-market execution over the past couple of years. Now, you'll hear how this drives our financial strategy and our key financial objectives. To deliver accelerating revenue growth, to expand margins through our focus on operational excellence, and to prudently allocate our capital in order to generate shareholder value. I'll begin with an overview of the journey we've been on over the past two years. We've been very intentional about driving rapid product innovation and delivering the full value of Box's platform to our customers. Our Content Cloud strategy is resonating in the market, and as our customers increasingly adopt higher value use cases, our underlying customer economics are steadily improving. As our key growth drivers are accelerating, we're confident in our ability to deliver strong top-line growth over a multi-year period. We've now built the operational engine to deliver long-term profitable growth, and combined with our disciplined capital allocation strategy, we're well-positioned to create significant shareholder value for years to come. FY 2022 was a phenomenal year for Box, highlighted by accelerating top-line growth, a material improvement in our net retention rate, and record levels of profitability. Last year, in FY 2022, we outperformed our initial expectations against all key metrics, demonstrating our strong operational execution. On the left, you can see our initial expectations, and on the right, you can see what we ultimately delivered. I'll now walk you through all five of these key metrics. Starting from the top, we delivered strong revenue growth of 13% year-over-year, well above our initial guidance of 9%-10% growth. Our billings growth, which is a leading indicator of future revenue, grew even faster, landing at 16% year-over-year growth and above our initial expectations. Turning to dollar-based net retention, which is a key measure of our customer economics, we ended the year at 111%, well ahead of our initial target of 104%. Moving now to non-GAAP EPS. Our sharp focus on delivering leverage across our model allowed us to significantly outperform our bottom line targets. In addition to exceeding our initial EPS guidance by $0.06, we grew operating income by a full 45% year-over-year. Putting it all together, we're proud to have outperformed our revenue growth plus free cash flow margin, our Rule of 40 commitment for the second consecutive year, delivering an outcome of 33%, well above our initial target of 30%. FY 2022's financial results provide clear evidence that our strategy to re-accelerate top-line growth while delivering higher profitability is working. Our consistent execution throughout the year drove accelerating revenue growth in all four quarters of FY 2022. For the full year, we delivered 13% year-over-year growth, an acceleration from the prior year's growth rate of 11%. The strong business momentum we're seeing has also allowed us to accelerate the key leading indicators of future revenue growth. As you can see, this past year, we accelerated the growth rate of our remaining performance obligations or RPO, which provides visibility into future revenue growth. Last year's RPO growth accelerated by 200 basis points year-over-year to 19%, with similar growth rates in short-term and long-term RPO. This improvement was driven both by the strong bookings momentum we're seeing across the business and by the impact of securing longer-term agreements to support our customers' content strategies. Billings growth and deferred revenue growth also accelerated this past year. We achieved billings growth of 16%, a significant acceleration from the 9% growth we delivered the prior year, while deferred revenue growth improved by 500 basis points year-over-year. Billings and deferred revenue are the leading indicators that are most directly correlated with our forward revenue growth as our average payment durations have been stable this past year. Our sharp focus on delivering profitable growth has allowed us to drive this top-line acceleration while also materially improving our financial profile over the past 2 years. What you see here is that our gross margin has continued to improve as we've accelerated growth. Box's gross margin has expanded by roughly 300 basis points over the past two years. We've generated consistent operating margin leverage through infrastructure optimizations, public cloud unit economics, and higher pricing power. As a result, this past year, gross profit grew by 15% year-over-year, 200 basis points faster than our revenue growth. In FY 2023, we expect gross margin to expand further to approximately 76%. This slide outlines the leverage we've created in our operating expenses, which in turn has delivered significant improvements in Box's operating margin. On the left, you can see that we've been generating leverage across the business, most notably in sales and marketing. As Mark highlighted, we've been able to achieve double-digit percentage improvements in sales force productivity over each of the past two years. We've also revamped our digital experiences to more efficiently generate demand in the market. Turning to R&D, our disciplined location strategy is enabling us to deliver rapid product innovation while also generating leverage from our R&D investments. Lastly, our focus on operational excellence, combined with our evolving workforce location strategy, has been generating G&A leverage as we scale. Turning to the chart on the right, you can see how these efforts have contributed to improvements in operating margin. In FY 2022, we expanded operating margin by more than 400 basis points to 20%, setting the stage for additional margin expansion in FY 2023. Putting it all together, the combination of accelerating revenue growth and strong margin expansion resulted in a Rule of 40 of 33% last year, exceeding our initial 30% target and achieving a significant improvement from the 26% we recorded in the prior year. We're well on our way to deliver against our commitment to be a rule of 40 company next year in FY 2024, which is an important indicator of our strong business model and financial profile. We're proud of the strong execution that Box has delivered this past year, improving our financial profile from top to bottom. You've already heard how our product enhancements and go-to-market approach are fundamentally changing how customers are using Box's Content Cloud solutions. Now I'm gonna walk you through how these higher value use cases and Suites adoption are driving much stronger customer economics, setting the stage for us to deliver continued improvements to our financial profile over time. Before we dive into Box's customer economics, I wanted to provide an overview of what our revenue base looks like today, which we look at in four different ways. Going left to right, today, a full 97% of our revenue is recurring, which, combined with our best-in-class 4% annualized churn rate, drives an extremely predictable revenue model. We've continued to diversify our customer and revenue base. International markets now represent 32% of total revenue, up from 29% a year ago, which has been led by continued strength in Japan and green shoots in EMEA. We have a very horizontal product, which allows Box to serve customers across all industry verticals with no single industry contributing more than 20% of our total revenue. Finally, over the past year, we've delivered double-digit growth across all segments of our business. We've seen the strongest traction within our enterprise segments, defined as customers with at least 2,000 employees. These enterprise customers now contribute 63% of our revenue, up from 55% a couple of years ago. Our diversified, sticky revenue base creates a resilient business model that enables us to drive profitable growth even in challenging economic environments. Heading into FY 2023, our customer base has never been stronger. Across all geographies, industries, and segments, we've been driving steady improvements in our underlying customer economics. I'll now walk you through what we've seen over this past year, going from left to right. $100,000+ deal volume increased by 25% year-over-year. Steph showed the steady pricing improvements we've achieved over time, resulting in a price per seat improvement of 7% this past year. Note that this is a blended metric and factors in volume discounting as we sell larger deals. On a like-for-like basis, the pricing increases that we've achieved are even greater. Next, the percentage of our revenue attributable to Suites customers increased by 11% year-over-year, and Suites customers now represent more than a third of our total revenue. Finally, our net retention rate, which is a trailing twelve-month metric, improved by 9 points year-over-year from 102% to 111%. This chart highlights the significant increase we achieved this past year in our new $100,000+ deal volume, growing 25% year-over-year. This outcome was fueled by the higher contract values associated with Suites sales globally and by more meaningful contributions from EMEA and SMB as those segments have been gaining momentum over the past year. On this slide, you're going to see how we've driven rapid growth across all large customer categories, looking at total customer count rather than just new deals. Our largest customers have an outsized impact on Box's revenue growth, fueled by our land, adopt, expand, and retain business model. $100,000+ customer growth accelerated this past year, growing by 17% year-over-year. These customers now contribute a full 65% of our total revenue. $500,000+ customers grew even faster, up 23% year-over-year. Finally, our $1 million+ customers grew by 20% year-over-year. Our largest customers demonstrate the power of our upsell and cross-sell motions as they continue to get more value out of Box's solutions with more than half of these customers having now adopted Suites. More than 80% of our $1 million+ customers were initially paying us less than $1 million annually, and a full 70% have expanded their annual contract values at least once in the past year. Now I'll show how our Content Cloud strategy is cascading through our entire customer base. On the left, you can see the revenue build from our customer cohorts over time with all customer cohorts now growing at healthy rates. While our newer customer cohorts are growing fastest, we've been focused on re-educating all Box customers about the full value of our Content Cloud solutions. We're encouraged to see that even our oldest cohorts are now regularly adopting Suites to power higher-value, stickier use cases, which is leading to stronger expansion and retention rates. On the right, you can see how the strength we're seeing in these cohorts ladders up to our overall net retention rate. We delivered an acceleration in our net retention rate for all four quarters of FY 2022, ending the year at 111%, a material improvement from 102% the prior year. Most of this improvement has been driven by more rapid customer expansion, which ended the year at 15%, resulting from a roughly equal contribution from seat upsells and pricing improvements. We've also been able to generate improvements in customer retention. Our dollar-based full churn rate is now 4% annualized, down from 5% a year ago. Driving Suites adoption has been a company-wide focus for the past couple of years, and this slide demonstrates that these efforts are paying off. Our Suites attach rate on $100,000+ deals has improved significantly year-over-year from 38% to 64%. When combined with the strong momentum we've seen in overall large deal growth, our $100,000+ Suites deal volume was up 110% over the prior year. Here, you see how Box's Suites momentum has been changing the composition of our revenue base. Suites customers now represent 35% of our total revenue, up from 24% a year ago. We've proven that we can successfully convert customers from more basic use cases to higher value use cases powered by our Suites offerings. As we've shared previously, 70%-75% of our new bookings are generated from existing customers. As you'd expect, the majority of our Suites sales have been driven by upselling and cross-selling customers who had been using Box for less sophisticated use cases. As Box Shield and Box Sign continue to gain traction in the market, and as more customers come up for renewal with Enterprise Plus as a renewal option, we're confident that these trends will continue. This slide compares the financial profile of customers based on which Box products they're using and demonstrates why Suites are such a powerful driver of our financial model. As you can see, adopting more products results in higher value, stickier use cases, which fundamentally strengthens our customer economics, from deal size to net retention to gross margin. Note that Core customers haven't yet purchased any additional products. Core Plus customers have adopted at least one additional product, but not a full suite, and Suites customers are aptly named. Starting from the top, our typical Suites customer pays more than 10x what our Core customers are paying, with Core Plus customers somewhere in the middle. These higher average contract values are driven both by much larger deployments and by stronger price per seat. When comparing a Suites customer with a similarly sized Core customer, we tend to see a rough doubling in price per seat. Next, you can see that the net retention rate of our customers has been strong across all customer types. I'd note that the strong net retention rate of our Core and Core Plus customers has largely been driven by the impact of converting a growing portion of these customers into Suites customers. At the same time, we've been adding significant value into even our more basic offerings, including workflow and e-signature capabilities, which increases our differentiation and product stickiness across all plans. As a result, our non-Suites customers now see net retention rates of roughly 110%, a significant improvement from roughly 100% a year ago. Still, our Suites customers have the highest net retention rates. Even without a cross-sell vector, these customers are continuing to derive additional value from Box's Content Cloud solutions. For Suites customers, the strength in seat expansion, combined with the highest relative retention rates, fuels an overall net retention rate of roughly 115%. Turning to gross margin, as customers adopt Box's more sophisticated product capabilities, our product differentiation generates more pricing power, resulting in stronger pricing and gross margin. As a result, as customers adopt more sophisticated product capabilities, their gross margins expand. The differences you see here in our relative customer economics means that as we migrate more and more customers to Suites, this mix shift will lead to an even stronger financial profile over time. You've now seen that our Content Cloud strategy is resonating in the market, leading to accelerating growth, higher profitability, and stronger customer economics. Next, I'm going to walk through how we plan to build on this foundation to drive further top-line acceleration and margin expansion in FY 2023 and beyond. I want to start by emphasizing that we remain committed to consistently improving our financial profile in the years ahead. The momentum we're seeing in our business gave us the confidence to raise our revenue growth plus free cash flow margin target for FY 2023 on March 2. At that time, we raised our expectation for this combined outcome to be roughly 37% above our previous target of 35%. Beyond FY 2023, we expect to continue improving both our revenue growth rate and free cash flow margin, resulting in generating a Rule of 40 of 40%-41% in FY 2024 and 43%-44% in FY 2025. This trajectory demonstrates the strength of our underlying business model and the confidence we have in the durability of the profitable growth that we've been able to deliver this past year. This chart outlines how we expect our customer base to evolve over the next three years. We expect Suites customers to generate more than half of our total revenue by FY 2025. Enhancing the value of Suites and supporting frictionless adoption will remain a top priority company-wide. As we deliver further product innovation, as selling suites increasingly becomes our default sales motion, and as we refine our pricing and package, we're confident that our suites momentum will continue for the next several years. We expect to steadily improve our profitability over the next three years, resulting in operating margin in the mid- to high-20s in FY 2025. We've now created a strong foundation to deliver profitable growth and will be building on the efforts of the past couple of years to unlock further leverage in our operating model. As you can see on the left, we expect to deliver nearly half of this operating margin improvement through gross margin expansion. I'll cover the operational and financial benefits of our public cloud strategy in a few minutes. We also expect that as the majority of our revenue eventually comes from Suites customers, the resulting stronger economics will create additional tailwinds to our overall gross margin profile. We're well-positioned to deliver leverage across the business, and we expect to improve each operating expense line as a percentage of revenue by at least one percentage point by FY 2025. Sales and marketing efficiency will be driven primarily by incremental improvements in sales force productivity, leveraging our more efficient digital channels and the impact of scaling our highly profitable renewal base. Research and development efficiency will be driven primarily by our workforce and location strategy. In the coming years, we expect the vast majority of our engineering hiring to be in lower cost locations, enabling Box to deliver both more rapid product innovation and additional R&D leverage. Our workforce and location strategy will also drive further efficiencies in G&A. Investments in system automation will allow us to generate more leverage from our G&A expenses as we scale. We will continue to take a rigorous ROI-based approach to all categories of spend, from how we generate demand in the market, to how we allocate R&D headcount, to our external labor strategy. As Jess mentioned earlier, we expect a full 25% of our employees to be located in lower cost locations by the end of FY 2025. Our multi-year public cloud migration will continue to be a critical initiative for us, yielding a multitude of operational benefits. To call out just a few of these, our public cloud strategy allows us to rapidly scale our infrastructure and deploy services wherever and whenever they're needed. Delivering these capabilities on demand to match our customers' needs minimizes unused server capacity. This also simplifies our internal operations and allows us to shift our engineering and operations teams' focus away from managing servers and toward delivering innovation for our customers. This approach also enables us to tap into the billions of R&D dollars that our partners have invested in storage capabilities, machine learning, and other content services. We're now well into this journey. We've already shifted a significant portion of our storage and database infrastructure to the cloud, and over the next couple of years, services such as networking and compute will follow suit. At the same time, our public cloud strategy delivers significant financial benefits and will be a core driver of continued gross margin expansion over the next few years. We expect to deliver gross margin in the 77% range in FY 2025, a roughly 250 basis point improvement from last year's result. We've structured long-term agreements with our public cloud partners to enable this migration with very compelling unit economics. This shift also allows us to manage fewer servers ourselves and to optimize server utilization. We're already seeing that happen. For example, combined capital lease payments and CapEx came in at roughly 9% of revenue two years ago, 7% last year, and we expect that to be roughly 5% of revenue in the current year and to continue trending down from there. Finally, our R&D teams will continue to deliver software efficiencies and optimize the way we manage and scale our public cloud environments. We feel confident that the combination of accelerating revenue growth and expanding operating margin will build toward an even stronger future financial profile. Combined with our focus on prudent capital allocation, we're well-positioned to deliver sustained long-term shareholder value. Ultimately, we think about our capital allocation strategy in terms of what will deliver the most value to our shareholders. This past year, our business generated $170 million of free cash flow, representing a 41% year-over-year improvement. Driven by accelerating revenue and improving free cash flow margin, we expect to deliver a 25%-30% compound annual growth rate in free cash flow over the next three years, more than doubling our free cash flow generation by FY 2025. We plan to use our strong balance sheet and our increasing free cash flow to accelerate our product roadmap by a disciplined strategic M&A. For example, this past year, we acquired the team and technology that allowed us to deliver Box Sign to our customers within 9 months. We made another acquisition that allowed us to enhance our data migration capabilities within Box Shuttle. We intend to use the majority of our free cash flow to return capital to our shareholders via share repurchases. We're sharply focused on managing equity dilution, and we're committed to reducing our annual equity burn rate and stock-based compensation as a percentage of revenue over the next three years. We'll also be leveraging share repurchases to offset dilution from equity compensation. With that in mind. Today, we're announcing a new share repurchase plan of up to $150 million in order to continue opportunistically returning capital to our shareholders. As a reminder, we ended this past year with nearly $600 million in cash and investments, and as of January 31, we had $131 million of remaining buyback capacity. This new incremental plan of up to $150 million will be executed in FY 2023. Share repurchase volumes will be a function of a predefined smart pricing grid intended to generate shareholder returns that exceed our cost of capital. Putting it all together, executing against the Content Cloud strategy that we've outlined today sets the stage for us to deliver both revenue acceleration and operating margin expansion over a multi-year period. I'll now walk you through our FY 2025 target model from top to bottom. Starting with revenue growth plus free cash flow margin, we expect to deliver a combined result of 43%-44% two years from now in FY 2025, which is 10-11 points higher than the outcome we delivered this past year. We expect roughly 1/3 of that improvement to come from higher revenue growth. We're confident that the strong momentum we're seeing in our underlying growth drivers and customer economics will translate into further revenue acceleration beyond this current year, delivering revenue growth in the 15%-17% range in FY 2025. This expected growth rate is 2 points higher than the growth rate we outlined in our previous FY 2024 target model. We will remain extremely focused on delivering profitable growth. Through our public cloud migration, workforce and location strategy, and operating discipline, we expect to deliver leverage across our P&L. You can expect that our sales and marketing spend as a percentage of revenue will be correlated with our revenue growth. If we continue to see key growth drivers accelerate and strong ROI on our growth investments, that would put us on a path toward the higher end of our revenue growth range, fueled by expenses at the higher end of our sales and marketing range. On the bottom line, we expect FY 2025 operating margin to be in the range of 25%-28%, driven by fairly consistent operating margin expansion on an annual basis. Finally, our net retention rate will be an important component of Box's long-term growth. We expect the portion of our growth attributable to existing customers to remain fairly steady in the 70%-75% range. As such, a net retention rate of 111%-113% in FY 2025 supports our revenue growth expectations for that year. Box is well-positioned to capture a growing portion of the massive market opportunity in front of us. As we execute against this opportunity, we're committed to driving meaningful improvements in our financial profile from top to bottom. Thank you again for joining us today. Our goal today was to provide you with an understanding of Box's vision for our Content Cloud platform, the large and growing TAM we're addressing, and the product go-to-market and financial strategies that underpin our FY 2025 target model. Box's transformation over the last two years has only been possible through the hard work of our employees and the support from our customers and partners. The future of work is here, and we have never been more excited about the opportunity ahead. With that, we're now happy to take your questions. Thank you. A reminder to our sell-side analysts to please queue up on the bridge line, and for any investors on the webcast, feel free to ask a question through the console or email ir@box.com. Now I'll turn it over to the operator. It's Jason now. Line of Jason Ader from William Blair. Your line is now open. Yeah, thanks. Can you hear me, guys? Jason, hey. Hello? Hey, Jason. We can hear you. You guys hear me okay? Yeah. Okay, great. All right, thank you. Yeah, I've got two questions. Hold on a second. I'm getting a lot of feedback here. One second. Oh, sorry about that. Yeah, yeah. One question for Dylan, one for Aaron. First for Dylan. What would the revenue opportunity be if all customers went to Enterprise Plus, Aaron? Sorry, Dylan. Sure, yeah. I'll hand it over to Dylan. Sure. As we've outlined, if you think about the direct impact from a customer using just our Core offering, moving to Enterprise Plus, we tend to see a rough doubling in price per seat. At the same time, those types of deals also tend to be much larger deployments, which is why you see average contract values of our Suites customers, including Enterprise Plus, be roughly 10x the value that our Core-only customers are paying on an annual basis. Significant expansion opportunity driven both by larger deployments in terms of seats and higher pricing because of the impact of moving into our higher pricing plans. Is there any dollar value you could give? What I would say is, if you think about the overall seat expansion opportunity, we have a roughly 6x expansion opportunity within our existing customers if you compare the number of paid seats they have today versus the total addressable population. There's that impact, and then on top of that is the pricing impact that I mentioned. Definitely a multiple in terms of addressable market within our current customers versus what they're paying today. Great. For Aaron, what is the average customer using today for content management? You know, what is the key trigger point where a customer says, "You know, there has to be a better way, and I need to talk to these guys. Sure. Yeah. I'll maybe give you what we see generally and then Mark can chime in with maybe some examples. Usually when we show up at an organization, they tend to have a mix of legacy and sometimes modern, but you know, kind of fragmented solutions that they're using for their content management environment. It could be on-premises SharePoint, it could be OpenText, it could be Documentum, it could be NetApp or EMC for file shares. Maybe end users have brought in point solutions at the end user level, maybe enterprise file sync and share technologies, maybe an e-sign integration. When we show up, we sort of look at this landscape of very fragmented, disconnected solutions. Oftentimes there'll be one, two, or three use cases the customer has, maybe external sharing securely with their partners or their ecosystem. Maybe it's a consolidated legacy IT environment. Maybe it's a brand new workflow that they want to be able to automate and streamline. We'll find those new use cases, and then we'll connect the dots between IT and the line of business that has those problems, and then ultimately, the content platform and the end-to-end work for those initial use cases. Our job from there is to go and expand that deployment over time. Mark, I don't know if you have thoughts to add on that. If I just highlight a couple of the examples I gave in the presentation. One of them, which was a financial services organization, we have many examples where there's a very specific use case. It could be a virtual data room. The life sciences one, it could be, you know, doing important research. Very clear use cases where current technology and/or their current tech stack just isn't able to address their ability to take those to market very quickly or to address sort of their own user requirements. There are very specific reasons around these cases, be it a, you know, horizontal play or something very much within an industry, that is really driving the customer to actually take advantage of Box products. Thanks very much. Thanks, Jason. Your next question comes from the line of Chad Bennett from Craig-Hallum. Your line's now open. Great. Thanks for taking my questions. Can you hear me okay? Yeah, Chad. Thanks. Yeah. Hey, guys. One of the slides that I thought was pretty interesting was the net expansion slide by Core Plus and Suites and the 115%+ net expansion on the suite side. I guess, you know, considering when a customer moves to the suite, they have the majority of the modules and functionality that you guys provide, if not all in Enterprise Plus and so forth. Help us understand kind of the driver of that 115% net expansion. Kind of an add-on to that is maybe for Aaron, you know, as you guys are building out the platform and the suite and you're seeing more suite adoption and you're seeing more usage of Sign and Relay and Shield and so forth, you know, as I hate to say, as you're potentially kind of the system of record for content, is there a bit of a flywheel effect of you. Once you get them on suite, you actually see that migration to the cloud onto the platform from legacy point products or just legacy data, you know, in a Documentum or something like that, start to really accelerate once they adopt Suite. Maybe if you could delve a little deeper into that stuff, that'd be great. Thank you. Sure. Yeah. I'll start. In terms of the dynamics that we're seeing, as you saw on that slide you referenced, we are seeing very healthy net retention rates across all customer types, but the dynamics are a little bit different. Whereas some of those Core Plus customers are driving that expansion in particular, both by seats and by moving into Suites increasingly, Suites customers are already bought into the full value of Box's capabilities. There, what's really driving that higher net retention rate, that 115%, is really around more accelerated seat expansion. Once they're using Box and kinda leveraging the full value of the platform, they're much more likely to go in and expand into more of that untapped seat opportunity we were talking about previously. That's what's driving it, is really the seat expansion disproportionately. At the same time, because those solutions, our Suites solutions, are higher value, stickier use cases, those Suites customers also have the strongest customer retention rates, which helps fuel that strong net retention as well. Building on from that retention side, which kinda gets to the second part of your question of that flywheel of you know, more content comes into the system. As we introduce more capabilities, you know, we hopefully are building a stickier product for our customers. That retention rate is really driven by being able to increase the value that we're offering. If you think back to you know, Box maybe four, five, six, seven years ago, we largely were used as a secure storage sharing and collaboration tool. Today, if you look at maybe our customers that are using the complete Content Cloud, we do everything from workflow automation, e-signature, advanced data security. Coming into this year, and as you saw from Diego's, you know, early visibility on the roadmap, you're gonna see new expansions into the future of collaboration, content publishing and portals, new APIs and integrations, and much more. So we're gonna drive this flywheel, which is enable customers to onboard via, you know, a number of use cases that are kind of their compelling events, whether that's secure external sharing, secure data rooms, being able to collaborate across their supply chain. Drive that land and expand motion as they adopt more of our capabilities, and then ultimately introduce the full suite to our customers. As you see us drive more product innovation, that's what will add even more value into our platform over time. Got it. Thanks much. Thank you. We have a question from an investor on the webcast, and this one is about Box Sign. When do you hope to achieve feature parity with DocuSign? Could you just talk about a little bit of the product differentiation between Box Sign, DocuSign, Adobe, and any other players? Yeah, great. So maybe I'll provide just a quick high-level framework and then hand it over to Diego to go a little bit deeper on the Sign front specifically. The best way to think about our strategy is we wanna build out a holistic platform that is built on the principles of the most secure Content Cloud that can enable how customers wanna work with their content, share it, collaborate it, automate business processes around it. When we looked at, for instance, the e-signature market, which was the most demanded new feature that customers were asking for from Box two years ago, we looked at all of the use cases around e-signature, all of the core functionality we already had around security, data governance, content management. For us, it became a very natural use case to say, "Well, what if we made it easier for customers just to do that e-signature from Box?" Our philosophy is can we get into markets where our strength in content management, security, you know, data protection allows us to have a more differentiated offering than some of the other competition, and then obviously a strong economic advantage because we can fold it into a single platform bundle. That's sort of the overall philosophy of why we entered e-sign and then also why you're gonna see us enter more markets. In terms of some of the upcoming features that I think will get us closer to more of the advanced features in this market, I'll let Diego kind of address some of that. Thank you. We are building enterprise features that are getting closer to parity, but the strategy is actually to integrate with the rest of the portfolio. We're leveraging Shield, we're leveraging everything that we already have in the platform in terms of Relay and using workflows that go together with signatures and then provide the value to our existing customers and upcoming ones to basically use Box as a whole complete platform instead of just single features alone. We're going after the use cases that provide most value to the customer. We are not intending to replace absolutely all use cases, but the most valuable that actually leverage the platform itself. Operator? Your next question comes from the line of Erik Suppiger from JMP. Your line is now open. Yeah, thanks for taking the question. Two questions. First off, do you think that you can sustain double-digit productivity gains through fiscal 2025? Is that what you're modeling? Then secondly, how is the level of experience of salespeople that you're hiring, how has that changed? I'll let Dylan maybe kick off with the overall productivity story, and then Mark, if you wanna build on that from a sales productivity standpoint. I would say that going forward we do expect to generate incremental improvements in sales force productivity. Based on the very strong gains that we saw these past couple of years, that gives us the confidence to invest at higher levels in growing our overall sales force. If you think about our bookings growth for the year ahead, for example, we expect the majority of that to come from higher sales capacity and then some of that to come from incremental improvements in our underlying sales force productivity. Yeah. Just to echo Dylan's comments, we will be hiring more sellers this year, so we won't have the same level of per rep productivity gains that we've seen the last couple of years 'cause we'll be increasing capacity to take advantage of the growth opportunity that we see in the marketplace. To answer your question on the types of sellers that we are hiring, the good news is that we hire people at different stages of their career. We wanna hire world-class enterprise software sellers, but we can hire them to sell to our SMB segment, to our mid-market segment, and to our enterprise segment. They can be sort of recently out of college, or they can be, you know, with decades and decades of enterprise software experience. We have roles at Box for people at all those different stages of their career growth, and then we have a great enablement program to help them grow and learn and move up through those segments and have opportunities to learn and earn more and stay with us for the long term. Okay. A quick question, just follow up on the Box Sign. Can you give us a sense of where you are from a attachment rate across your customers and where you hope that might go by the end of fiscal 2023? As you know, the product just became live in Q4 of last year. We have been starting to promote it within the customer base and make sure that all of our new customers coming on board are seeing that as a core part of our positioning. We'll be doing even more rollout activities throughout this year to make it, you know, much more accessible, defaulted on in some cases for customers as they onboard to Box. It's a sort of a rollout motion on that front. Overall, the adoption rates have been, you know, from our view, very strong for an early product. The reaction from customers have been incredibly strong. You know, two weeks ago, we had a customer advisory Board, and the feedback from that advisory board on even the early use cases that they were seeing organically happen within their organizations was really profound. That gives us a lot of confidence about what kind of impact this can have in FY 2023 and beyond. Do you think it could be double-digit attachment rates by the end of 2023? Well, the way to think about it is all of our customers have access to Box Sign. Attachment is not a metric that is sort of what you would classically think of. We made versions of Box Sign available to our Business Edition all the way up to our Enterprise Plus edition. It's much more about how do we drive as much adoption as possible on the product and then use the advanced features to create even more value as customers move up into Enterprise Plus. The only other thing that we did call out on the earnings call was that we do have individual monetizable APIs that if a customer wants to embed Box Sign into an application that they've developed, then they will pay for Box Sign API volume. That will be something that would have a sort of separate attach rate. It's only really used for customers that wanna use our APIs for that type of use case. We wouldn't really think about it in the same kind of, again, attach rate, type metric. For now, I would think about Box Sign as included in all of our, you know, business editions, all the way up to Enterprise Plus. We're gonna make sure we drive as much usage and stickiness of the product as possible, and then use that to drive seat expansion, greater price per seat over time, and more value for our customers. Great. Thank you very much. Thanks, Erik. Your next question comes from the line of George Iwanyc from Oppenheimer. Your line is now open. Thank you for taking my question. Mark, maybe you can give us some field perspective on which features really drive the new customer attach rate, and then, you know, what are the features that really are important from a expansion perspective? Yeah, happy to. There's really two areas where we get the most interest that are probably the most common sort of doors into an organization, and those would be external collaboration. Generally speaking, prospects are having challenges in sharing secure content externally with partner suppliers in their ecosystem, and that's a very common use case. Without a good solution, they revert to, you know, old models, email and whatnot. That's one area that generally gets us in. The other one that we see on an increasing basis is around security. I think last year we saw a number of net new logos that were purely purchased because of a security challenge. That's very common. Then I would say a third trend, which is very much an emerging one, is with the average enterprise having 187 SaaS applications. I don't know if it's 87 too many or 100 too many, but there's definitely SaaS fatigue within the organization, both among CIOs and among CFOs. There's an opportunity for consolidation. I think now with our roadmap, with Sign, and with a number of other offerings that we're coming out with, we have a very credible argument to CIOs and to CFOs that we can help them shrink the footprint of SaaS applications by consolidating on the Content Cloud. I think that there's sort of an app rationalization play in addition to security and external collaboration that we're seeing regularly. All right. Stephanie, maybe, could you give us a little bit more color on the digital initiatives and, you know, what you're seeing from a new customer pipeline perspective? Yeah, that's a great question. We spent a lot of time and effort sort of pre-pandemic, quite candidly, and then took advantage of all of the work that we had done and the investments we were making with engineering and our build colleagues to ensure that there was this seamless transition. In the last two years, we really are a digital-first company, and we wanted to make sure that that experience really shone brightly. We've spent a lot of time doing things like making sure that the in-product adoption is there. It's so that it's a seamless sort of transactional sort of buying pattern, but also just in terms of adoption of the product. We've done lots of work on box.com to ensure that everything from all things e-commerce that we're doing, from, you know, looking at the plans and upscaling and buying through the plans all the way through to adopting the products becomes a really seamless thing. Diego's team and our team have been sort of jointly working through that, and we've seen huge uptick. I mean, the self-service element is important. We want our customers to be able to buy more seats, to be able to buy more products at any point in time. We've really spent, I think a ton of investment making sure that that's a great experience, and we're gonna continue to do that. We wanna make sure that everything that our customers can see and touch is online. Anything else you'd add, Diego? I would say the use of Box Shuttle to basically do the intake and basically get the information, get the content onto Box, has been a great addition to the platform, and now we're making it much more self-service. That empowers the customers to basically do it themselves and save time, save money, and be more productive. We see an extraordinary adoption for it. It's a great addition. We are really hearing good things from the whole customer base on that. All right. Diego, since I have you, what features do you really, you know, are you really excited about when you look at the three-year roadmap? Oh, we need a long time for that. There are so many cool things coming up, and we mentioned a number of them. I mean, we have the whole ecosystem around Sign and the integration of Sign with workflows and integration with Sign and Security. You would see the value of having all of those working together. That's super exciting, not only technologically, but also for the value that we provide because it's a big differentiator. Back to the earlier question about basically how to compete in terms of feature parity, that's not the point. Actually, the differentiation in terms of the integration with the rest and with compliance, where we're very strong and we differentiate with other so, you know, solutions in the market that don't do that. It's very exciting to me. Another area that was also briefly mentioned but is super important to us is collaboration. We have a number of products coming up on that front of different types of collaboration and productivity increases that come from it. Super exciting. We have a number of things that basically help the customers basically operate more efficiently, like we mentioned, you know, Box Shuttle. We have also the infrastructure improvements that we're also working on that keep basically accelerating the deployment and the efficiency. Where you get data resiliency more effective also, especially in Europe, that also allows basically customers to work in country. That's also super important. The list is very long. I'm super proud of the number of things coming up. Feel free to ask if you want on any one in particular, but those are some of the areas of high excitement. Thank you. Thank you. I know that we had some echoing issues on the very first question, so I'd just like to ask it again so that everyone had an opportunity to hear the answer. The question from Jason Ader, William Blair, was what is the revenue opportunity if all customers were to move to Enterprise Plus? Yes. The opportunity when moving to Enterprise Plus is really the combination of the significant seat expansion opportunity, where we have a roughly 6x expansion opportunity in even a typical customer. There's the pricing and price per seat vector of adopting Suites, where we tend to see a rough doubling in price per seat versus customers who aren't using any of our add-on products. You can think about those two factors combined and kind of multiplied to get a sense of the total expansion opportunity when more and more of our customers adopt Suites. Thank you. We had another question regarding the workforce and what you are currently seeing in your hiring and attrition rates? Yeah. Maybe I'll take it at a high level and then hand it over to Jess. Overall, we're super happy about the current rates that we have of new folks coming on board. I think we remain one of the few places, especially in tech, where if you wanna have an insanely massive impact on how the world works, whether you wanna, you know, build software or sell software that NASA uses to go to space, or that AstraZeneca uses to develop a new clinical drug, or that Disney or Pixar use to make a film, there's not a lot of places you can work where you can have that kind of impact and work at sort of consumer internet scale, where tens of millions of people are gonna, you know, use our use the software that you're writing or experience the technology that that you're helping create. I think our competitiveness for talent is the best that it's ever been. Overall I've been very happy to see, you know, how the culture has responded in the past couple of years, especially amidst, you know, a very, very dynamic market. Jess, I don't know if you want to build on that. Yeah, definitely. To echo what you said, Aaron, I think it's an incredibly exciting time to be part of Box, both in terms of the roadmap, the products, the business success, but also I think our culture and the people continues to be both a way that we attract and we retain people. We're actually turning to the attrition question too. Our attrition actually has been steadily declining, despite, you know, kind of the intense pressure of success. Questions, and I appreciate all the context here. Dylan, first one for you. Is there a right way to think about kind of the trend line in sales capacity as we think about fiscal year 2025? Yeah. I'd say that if you think about bridging from FY 2022 last year, what we've talked about for this year, and then moving through to FY 2025, you would think about both the overall revenue growth outcomes and those improvements and then the underlying drivers to be fairly steady on an annual basis through FY 2025. I would say that that's spot on, that the way we talk about decomposing that growth between investments in sales capacity, improvements in sales force productivity, should generally hold in the coming years based on everything we're seeing in the business today. Got it. Maybe as a follow-up, this is probably a strange question to ask in light of all the momentum that you guys are seeing on pricing. It was interesting when you put up the user expansion slide, you know, obviously there's a big opportunity, but when you listen to how the customer is using it's more about use cases, right, and not about users. As we think about the evolution of the packaging, is there ever a scenario where it shifts more towards use cases in a way from users? I'm just curious to get your thoughts on that. Yeah. Maybe I'll take it at a high level and then Steph and I have been probably working on this the longest, but Mark, if you wanna build on this as well. For us, there's almost a one-to-one correlation between users and use cases. Our economic, you know, value is probably generated by the number of seats. By definition, to expand the number of users, usually more use cases are being introduced from the platform or the company is just literally, you know, bringing on more employees that they need more seats for those use cases. In many examples we'll go from one department, maybe the sales team or the marketing team that's leveraging Box, and then all of a sudden the customer has a couple more departments that want it, and then eventually it becomes enterprise-wide. The interesting thing is, as you go from those different departments, the use cases might have similar sort of generalities, secure collaboration, external sharing of data, workflow automation, you know, now e-signature, but the use cases for each of those divisions will likely be different. One might be, you know, an R&D team would be working with their supplier partners. A marketing team would be working with their ad agencies. You know, we have actually, I think, the advantaged position where we have a horizontal platform. Every single person on the planet that has a job interacts with content, and so everybody is doing something related to content. Some have more sensitive content than others, but in general, you're gonna be working with some form of information. We are in this great position where we can expand horizontally in an enterprise. We can expand based on use cases. We can expand based on functionality that we've offered. But we really like our horizontal model. I think the closest thing that gets to maybe what you're asking is what we do in our go-to-market team is try and introduce the sort of use cases through the go-to-market lens to the customer, so they can get those ideas much faster as opposed to kind of packaging up products and selling them as use cases and sort of independently monetizing in a slightly different way. But I don't know if you want to build on that, Steph. Yeah. Mark can probably add as well. The really cool thing about Box is that everyone can use it, and that's the beauty of it. The users are driving the use cases and that if the marketing department, if you start as a departmental sale in many of our clients, and let's say it's marketing, and they're using it for external collaboration and a whole bunch of, really cool and important things. The department next to them sort of gets wind of this as well, and the users are identifying that the use case as a horizontal use case is really relevant to them. That's how you go, you know, enterprise-wide, quite frankly. That's the really great thing about this platform, is that we can have umpteen conversations across the organization around multiple use cases through either a functional lens or a line of business lens and even an industry lens. You could be a financial services customer, and you really are looking for a virtual data room. The foundational elements of that still include all the horizontal benefits of external collaboration, et cetera, but very specifically addressing business needs. That's kind of what Mark and I do all day long, is we talk to customers about those examples. Yeah. I would just add, I think this is one of the most exciting things about what's going on with the Content Cloud platform, is that I agree with Aaron, we are about use cases and users, but the nature of the use cases that we're starting to support are by definition enterprise-wide. We're selling more and more wall-to-wall deals than ever before in company history, because if you're a Chief Information Security Officer and we implement Shield, which is our best-in-class security solution for the Content Cloud, you don't want a department in your company to have best-in-class security for their content while the other department does not. If you implement Box Sign for electronic signatures, and we're now starting to support a lot of these use cases for electronic signature that have not been lit up yet because organizations don't wanna pay the sort of per signature, per envelope charge. Take internal sort of employee only type things like onboarding documents or quarterly certification documents. Those are not going to be departmental in nature. These are gonna be enterprise-wide solutions. Really the nature of the product portfolio and what we're doing with the platform lends itself to more of these wall-to-wall, all employee type use cases, and I think that's a very exciting change for us. Great color. Thank you. Thanks, Jason. Your next question comes to the line of George Kurosawa from KeyBanc. Your line is now open. Hi, thanks for taking the question. This is George, on for Steve. First question I wanted to ask on the FY 2025 target model. Should we think about this as being as incorporating the same degree of conservatism that a typical annual guide would incorporate, or is this more of an aspirational target? I'll let Dylan take that. Yeah. Yeah, feel very confident in our ability to deliver against both the top and bottom line components of that FY 2025 target based on the momentum that we're seeing in the business. It's effectively assuming we continue to execute, do the things we've been doing, and so feel very confident when you think about the drivers of that from continued Suites adoption, generating continued improvements in sales force productivity and underpinned by very strong customer economics. Would say that we feel very confident in delivering against that. Certainly, as always, wanna be prudent with any targets that we put out there that we have a high degree of confidence in meeting or exceeding. Understood. Thank you. One follow-up on the Enterprise Plus strategy. Is it correct to think about this as additive or more replacing to the existing product suites? Is this sort of the next evolution, or is this something that's being sort of layered on top of what you currently have today? Yeah. I think maybe Steph showed, and then I'll let her build on this. We introduced Suites a couple years ago based on the feedback from customers that, you know, they wanted simpler ways of getting our multiple products that we had on as add-on solutions. Similarly, we looked internally and realized that our sales motion was probably becoming more inefficient because we were selling each product separately. That's what brought us to the initial bundles, which were our initial product suites. What happened was we ended up having four product suites, and we said, "Well, you know, what if we could even simplify this further for our both sales team and customers by creating a suite that we thought best represented our complete product lineup?" That was the Enterprise Plus plan. You can think about it as all of the lessons from our suites and delivering on this multi-product suite that we think is gonna be, you know, carrying a lot of the momentum going forward. Great. Actually, Mark, you've seen it firsthand the last five months, like this incredible seamless transition for our field teams to actually have conversations with customers about taking advantage of the whole platform. How would you describe it? Yeah. Just to echo the comments, it's really been about streamlining the sales motion and making it more repeatable so that we can serve hundreds of thousands of customers with our sales team that's across segments and across geographies and translates languages. It is really just a learning from the experience they have had with Suites, and we've just made that offering much better. You can see it in my presentation I shared. You can see the results on the first six months of E plus versus Suites. The results are dramatic, and we're really just getting started. Great. Thank you very much for taking the questions. Your next question comes to the line of Josh Baer from Morgan Stanley. Your line is now open. Thanks. Most of my questions have been asked, so we'll throw one in on gross margins. Great to see, like, all the breakouts in the 85%+ margins in Suites. I guess with that in mind and with the mix of Suites as a percent of revenue expected to be over 50% in FY 2025. I think that implies mid-60s for the rest of the business to get to 77% overall. But in that rest of the business, we know that 80% margins for Core Plus and the Core has 75%. So what does that imply for the under $5,000 customers or the education customers or anyone else that isn't captured on that slide? Separately, any reason to think that Suites would drop below 85% or, you know, is that 77% target really just conservative or anything else to consider there on margins? Piecing that apart, overall, I do feel very confident that we'll be able to continue improving our overall gross margin. Within those three customer categories, as we move more and more customers into Suites, we could see movements, you know, between those categories, but underpinned by an overall strengthening, based on the higher value stickier use cases associated with Suites adoption. I would say that for some of the smallest customers, those do have somewhat lower gross margins, but a pretty small percentage of our overall revenue, so isn't a material driver. I would say that if you think about those customer economics that we showed, that is the subscription gross margin across those customers. It doesn't factor in the impact of our lower margin professional services business, which is a roughly 3-point headwind when comparing subscription to total gross margin. Would factor that in. Then in terms of the overall conservatism, we definitely do see upside in our gross margin both for FY 2025 and beyond, particularly if we can continue to execute against all of the infrastructure and efficiency initiatives we outlined, and if we continue to see the type of pricing improvements that we've been delivering over the past few years, that would create some additional gross margin upside by FY 2025 as well. Great. Thanks, Dylan. That's helpful. Thanks, Josh. We have another question. This one is regarding Japan. You've been very successful in this region the last few quarters. Could you talk about the durability of this opportunity and how are you investing behind it? Yes. Can I just- Yeah. Go for it, Steph. I'm gonna steal this one. I spend a lot of time in Japan. We've had incredible growth in Japan. Katsunori's done a remarkable job of building a really nice business there for us, and we see a tremendous amount of opportunity ahead. One example, we just completed ISMAP compliance in the last year, which allows us to really fully enter sort of financial services and government markets in a way that we had never done before. We've already started seeing some incredible results just from, like, taking that industry lens through that compliance, so that just occurred. The opportunities are vast. We've actually opened an office. We've had an office open in Osaka now for nearly, I think, two years as well because we see a tremendous opportunity within Tokyo, in Osaka, and sort of going more broadly. We're really investing heavily in our resources on the ground there. We have a big team and a growing team right downtown and covering all industries right now. We are super excited. The moral of the story internally is we let Katsan get whatever he needs because the growth engine for us in Japan has just been tremendous and we see a lot of opportunities. We also just wanna sort of do a bit of a shout-out. We have an incredible partner ecosystem, probably the strongest partner ecosystem of any vendor, I think, in Japan, with over 400 partners working alongside our teams in that market, which is really allowing us to, I think, capitalize on the opportunities. We have a growing team on the ground, both ourselves and the broader ecosystem, and so our reach is really, really wide. We're super excited about sort of the year ahead and the, and the next five years, quite frankly. We've told them we've got to keep growing at the same rate that they have for the last five. Yeah, we'll continue to make investments for sure. Your next question comes from the line of Pinjalim Bora from JPMorgan. Your line's now open. Great to hear, everybody. Thank you for taking my questions. Great presentation, lots of information. I'll throw in a few. First, on the movement to Enterprise Plus, from a sales strategy point of view, seems like you have not completely rolled that into, if I understand that correctly, into the sales, into the field sales. When is that happening? Then if somebody is already in the Suites contract, how is that gonna? Is that gonna migrate? What? How are you gonna handle those situations? Let me set up the question then hand over to Mark. Steph had a slide in the presentation that hopefully clarified this. You know, you can generally think of Enterprise Plus as for most customers as a suite. It just has a different branding because we wanted it in our main product lineup to even be easier for them to consume. There's not any urgency to migrate customers. The set of features they have available to them, whether they're on one of our initial four suites or Enterprise Plus is the same. There are some, you know, slight modifications and improvements that we made over time, but nothing that is sort of impactful. It is available to all of our customers, and we have been pushing on it, but it's not a metric of moving customers from an initial suite to E Plus that is gonna be meaningful either economically or to the customer. The most important thing is that all of our customers from a total ARR standpoint move to our multi-product plans, which obviously Enterprise Plus is now the lead, you know, plan that we're pushing on. Yeah, it's all systems go on Enterprise Plus. We're in our third quarter of selling, and it's wildly successful. No tapping of the brake pedal on that product, so it's going very, very well in all segments, in all geographies, in all verticals. Pushing on it very hard. We lead with Enterprise Plus with our net new customers. We're looking to upgrade all of our existing customers to Enterprise Plus. When we lead with Enterprise Plus, we're leading with the full features of the Content Cloud platform. It's great to have other additions because sometimes we run into budget pressures or other objections, and that allows us a fallback position where we can still land the account, which is our business model, that land, adopt, expand motion. We can maybe land the account at a different price point and then give us a path to upgrade later. That's a very, very successful selling motion for us, and we'll see big lift from it this year. Got it. Understood. Okay. One question on the Content Cloud. One thing that kind of caught my attention, I think, you were talking about some of these use cases that has crossed linkages between Box Sign or, say, Box Shield policy with Box Sign or something else. Are you seeing customers really, you know, use such use cases increasingly? And could that really drive or act as a lever for driving churn down? Yeah. I'll maybe just quickly add a little philosophy and then maybe over to Diego and Steph from what they're seeing. Actually, Stanley from Broadcom kind of represents this, which is he talked about you know a classification policy they have with Relay. That is you know both the combination of security and workflow in one integrated fashion for them. Now you add in things like Box Sign into Relay you know plus our security functionality, and you can start to have an end-to-end business process from a customer onboarding, where they have to sign a document, they have to submit you know financial data. Maybe this is an onboarding process at a bank. That workflow needs to be you know end-to-end executed on the Box platform. We now have more and more of the capabilities to keep that life cycle of that business process on a single architecture. Whereas a couple of years ago, a customer would have to buy three or five different technologies, stitch them all together, do all that integration themselves, and even at the end of it, probably not have that great of a user experience. That's the power of this integrated offering and why our Content Cloud strategy is so important to really driving this growth going forward. Yeah, a couple more things. On one hand, by having everything integrated and protected with Shield, you reduce the surface area for potential attacks or risk. Companies that are concerned about security want basically consolidation to a fewer number of vendors. That's one dimension. Another dimension is something we haven't talked much yet in this Q&A, but we have a lot of integrations, too. It's not only the number of things that we have integrated from our platform in our own implementations, but also some of our partners that sometimes come to play. Some customers would come and say, "You know, my legal team is receiving a document that was sent by their partner on a Google Docs, you know, type of send, but they want to operate and work on the document on maybe on Microsoft software, and they keep everything in Box." That's quite unique, and that's a differentiator, too. It's not only basically our own implementations, but also who we work with that makes a big difference. Got it. Last question, I'll go back in the queue. Wanted to ask a question on Microsoft. I mean, we heard a lot of positive information on the partnership between Microsoft and Box today, with a lot of customer examples. Obviously it's clear what the differentiation that Box brings to the table versus the products that Microsoft offers. I was looking at Okta's Businesses at Work report that came out late January. It seems like Box features prominently as the content management platform there among the Microsoft 365 users. I think they say 25% of Microsoft 365 users are using Box today, which is pretty good. When I look at the trend, seems like from 2017 to 2022, it's kind of retracting back a little bit from, I think, 7-10 points, while apps like Slack or Zoom or Smartsheet, which might have competed with Microsoft products, are actually going the other direction. Wanted to ask you, I mean, is that? How do you make sense of that? Or would you say you're actually now with Content Cloud better positioned to gain that share of the Microsoft 365? Yeah. Overall, we're happy about our share and we will certainly be increasing that with our Content Cloud strategy. I think the results you know mostly of that metric is probably just the sheer increase in the number of Microsoft deployments within the Okta ecosystem. It's sort of you know we don't obviously have access to all their proprietary data but that seems to be one of the bigger drivers and the fact that we have over 100,000 customers on our platform. While there is some overlap with the Okta customer base it's you know it's clearly not a one for one given the sheer scale of our customer base. We have, you know, various other indicators around the interoperability trends that we're seeing within our customer base and our deals, you know, overall. Overall happy with the metric. You will see it go higher, but also, you know, probably not completely holistically representative of what we tend to see. And then I think as you saw in that report, you know, we're very clearly the number one enterprise Content Cloud ahead of any other independent vendor. We're certainly happy about our showing in general as the leading independent Content Cloud amongst that entire ecosystem. But I think, you know, overall, and you heard it from Mark, you heard it from Diego, you heard it from Steph, we are super focused on driving both a... An incredibly differentiated strategy versus maybe what would be in the offerings of Microsoft or other platforms, as well as one that perfectly complements how our customers are deploying Microsoft. If you think about a Microsoft deployment with, you know, Dynamics or Teams or Office 365 or Azure, that ability to have a Content Cloud that both integrates with all those applications, but very importantly integrates with all the other software that is not Microsoft. Being able to have a single source of truth for contracts that will show up in Teams as well as Salesforce, that's a very unique value proposition that certainly Microsoft can't, you know, claim to have, but also doesn't really exist in any of the legacy platforms as well, because those platforms are not as focused on interoperability and openness in a very seamless way. We think both our differentiation in terms of the features we're building out, e-signature, sort of new collaboration capabilities, workflow automation, those will continue to be very differentiated, and we'll go deeper in content, whereas Microsoft's probably going wider in productivity, as well as our ability to integrate and continue to partner successfully with Microsoft, which has obviously, you know, really been transformational in the past couple of years and very different from maybe how it was five or ten years ago. Those two are really important factors for our success. Mark or Diego? Thank you. No, very, very helpful. Awesome. Yeah, thank you. Your last question comes from the line of Rishi Jaluria from RBC. Your line is now open. Hey, wonderful. Thanks everyone for squeezing me in and appreciate all the detail that you've provided. I wanna just do two quick ones. First, just following up on the theme of Japan. You know, you've highlighted how it's been a great performing geography for you. You've highlighted some other kind of focus countries outside the U.S. You know, are there any particular geographies that you're particularly excited about seeing really good early traction or I guess asked in a more succinct way, which geography do you feel like could be the next Japan that's a runaway success? Then I've got a follow-up. Yeah. Well, I think in general it's always hard for us because we like a lot of our Exactly. Our regions. We might not give you a level of precision on that that you'd love. We are, you know, investing appropriate to the opportunity size that we see. We get very excited about the different upside and, you know, frankly, all of the regions that we're in, which is why Mark had a very kinda key point about how focused we are on the regions that we see a lot of upside in. I'll let you build on that if you'd like. Yeah. You can't have any favorite children. But we do see a lot of growth outside the U.S., not just in Japan, but outside the U.S. I think that as I stated in my earlier presentation, you know, the thing about our model is that when we bring on a new customer, it's not just a salesperson that's getting that work done, but we need a seller and a marketer and a legal person and a customer success. We need a whole team in order to make those customers successful and then to get them to adopt the technology, to be wildly successful with it, and then they will buy more seats, and they will upgrade to Enterprise Plus. We wanna make those investments with our employees, with Boxers in the regions around the world that have the highest yield. That's Western Europe, it's Australia, New Zealand, it's Canada, it's Japan. We're investing heavily in those countries that I shared in my presentation. I mean, to answer your question, there's a huge opportunity for us in Europe most certainly, and the largest markets there are obviously Germany, France, U.K., and Ireland. We have employees in those markets across all of our go-to-market functions, and we're investing heavily. We have great new leadership in Europe, and I'm expecting it to be a great year for our business there. All right. Wonderful. That's helpful. Just a question on Box Sign. You know, obviously seeing some nice customer use cases and some of the names that you announced, you know, looks like there's a decent amount of overlap between Box Sign and you know, the largest player in this space. Just how do you think about, you know, is this a situation where there's just gonna be coexisting or any of those customers talking about displacements or these particular use cases? Maybe walk us through how you're thinking about that dynamic. Thank you. Yeah. At a philosophical level, you can always think about anything we do through the lens of interoperability and openness. Even if we get into a market where we start competing, you know, maybe as a virtue of us offering more value for our customers, we will always let our customers have a choice of using another offering and being able to kind of swap in those components. Even today, customers can choose which e-signature vendor they wanna turn on, whether it's the Box Sign product or another e-sign vendor. That being said, we really are following our customers in this market in terms of the use cases that they've been asking for, the kind of demand and reaction that they've had where they've said, "Hey, I already have my contracts in Box. I already have my NDAs. I already have maybe my compliance documents. You know, could you make it easier for me to get those electronically signed in one seamless experience?" That was what compelled us to move into the space more. Certainly, the tailwinds around digital transformation were kind of the multiplier effect. Openness and interoperability is always our focus, but customers really were pulling us into you know, wanting an integrated seamless offering. In terms of customer demand, Mark, I don't know if you wanna share recent customer conversations of how customers are thinking about this, overall. Yeah. Our customers are thrilled about our approach with Sign. You know, I think the thing that we're hearing, and I'm experiencing in talking to customers around the world, is that really the signature itself, the actual signing of the signature, is really a feature, and it's now a feature of the Content Cloud. Everything that happens to that document before and after is really where the heavy lifting happens. When you use Box Sign as part of the Content Cloud, then you get to take advantage of really best-in-class governance and security and how that document gets shared. More importantly, how do I go find it later when I wanna go find that document again? These are areas where typical solutions, to Aaron's comments around stitching together solutions, get really messy for organizations. Really what I'm hearing from IT executives around the world is, like, "Can you guys go faster? I'm ready for it right now. How can we start turning it on now?" We're seeing heavy adoption of the product. We have enterprises around the world that are in POCs with Box Sign right now, and they're lighting up new electronic signature use cases that they have not lit up before. And it's a very disruptive approach to the market, making that really a feature of a Content Cloud. All right. Really helpful. Thank you. Thanks, Rishi. All right. Well, I just wanna say thanks again for everybody tuning in today. This is our FY 2023 Financial Analyst Day. You heard from some of the leaders in the company about what we're doing, where we're taking the business, and what the next few years look like for Box. So thanks again, and looking forward to staying in touch. Let's make this yet another year of a fantastic growth and results.