Summary of Box (NYSE:BOX) 2026 Conference Call Company Overview - **Company**: Box, Inc. (NYSE:BOX) - **Event**: 2026 Conference Call held on March 4, 2026 - **Key Speakers**: CEO Aaron Levie, CFO Dylan Smith Key Industry Insights - **Enterprise Data Utilization**: Enterprises are increasingly focused on leveraging their internal data, which includes contracts, marketing assets, and financial documents. The challenge has been effectively analyzing and utilizing this data for insights and applications [6][7] - **AI and Automation**: The introduction of the Enterprise Advanced plan is driving a "super cycle" of upgrades as companies seek to automate workflows using intelligent workflow automation and AI [7][10] - **Agent Integration**: The rise of AI agents within enterprises necessitates a platform that connects enterprise content to these agents, highlighting the need for a robust file management system [8][11] Financial Performance - **Q4 Results**: Box reported strong Q4 results, exceeding expectations. The Enterprise Advanced plan, launched a year ago, now represents 10% of total revenue, with a pricing uplift of 30%-40% per user for customers transitioning from previous plans [12][13][46][52] - **Revenue Growth**: The company has experienced three consecutive quarters of revenue acceleration, with guidance for continued growth in Q1. Expected constant currency revenue growth for the upcoming year is projected to be approximately 2 percentage points higher than the previous year [13][46] Product Developments - **Enterprise Advanced Plan**: This plan is designed to provide advanced capabilities around intelligent workflows and automation, which is seen as a significant value proposition for customers [46][47] - **AI Agents and Box AI Studio**: Box is focusing on deploying AI agents for document processing and data extraction, which can enhance operational efficiency and provide structured data for further analysis [39][40] Market Position and Competitive Landscape - **Competitive Advantage**: Box maintains a unique position by offering a single platform for file management, which is crucial as enterprises consolidate systems and migrate from legacy platforms [73][74] - **AI Integration**: The emergence of AI tools is viewed positively, as they create more data that needs to be managed and governed, aligning with Box's core offerings [63][65] Strategic Initiatives - **Investment in Sales and Marketing**: Box plans to grow its sales force and invest in customer success to enhance the adoption of new capabilities. The focus will be on high ROI demand generation marketing programs [80][81] - **Engineering Efficiency**: The company has built a center of excellence for engineering, particularly in Poland, to enhance productivity and innovation without significant incremental investment [81] Future Outlook - **Headcount Growth**: Box anticipates measured growth in headcount, particularly in sales and customer success roles, to support ongoing revenue growth and margin expansion [83][84] - **AI's Role in Workforce**: The integration of AI is expected to shift the roles of human workers, allowing them to focus on higher-level strategic tasks rather than routine operations [99][100] Additional Considerations - **Security and Governance**: As the number of AI agents increases, the need for robust security and governance frameworks becomes critical to prevent data breaches and ensure compliance [30][31] - **Long-term Vision**: Box is optimistic about the future, believing that the demand for effective data management solutions will continue to grow as enterprises increasingly rely on AI and automation [67][68]

Financial Data and Key Metrics Changes - In Q4, the company achieved revenue of $306 million, up 9% year-over-year or 8% in constant currency, and Q4 EPS of $0.49, exceeding guidance [6][23] - For fiscal 2026, total revenue reached $1.18 billion, an 8% increase year-over-year, with operating margins at 28% [6][22] - The company generated record free cash flow of $313 million, up 3% year-over-year [22][26] - Q4 gross margin was 82.3%, exceeding guidance of 82%, representing an increase of 130 basis points year-over-year [26] Business Line Data and Key Metrics Changes - Enterprise Advanced customers now account for 10% of total revenue, reflecting strong early traction [7][24] - Customers paying at least $100,000 annually grew by 9% year-over-year [23] - Total Suites customers now represent 66% of revenue, up from 60% a year ago [24] Market Data and Key Metrics Changes - Approximately 40% of revenue is generated outside the U.S., with 65% of this international revenue coming from Japan [28] - The company expects Q1 revenue to be approximately $304 million, representing about 10% year-over-year growth [28] Company Strategy and Development Direction - The company is focused on enhancing its intelligent content management platform with AI capabilities, aiming to drive automation in enterprise workflows [12][21] - Strategic investments will continue in key growth verticals and partnerships to capture market opportunities [20][31] - The company plans to deliver next-generation AI agent features and advanced workflow automation capabilities in FY27 [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of enterprise content and the role it plays in AI strategies, anticipating a significant increase in unstructured data [11][21] - The company is optimistic about the momentum seen with Enterprise Advanced and expects it to drive growth in the coming years [43][44] - Management noted that the macro environment and AI advancements are critical to the company's future performance [3][21] Other Important Information - The company repurchased approximately 9.7 million shares for about $293 million in FY26, representing over 90% of free cash flow generation [27] - The company expects FY27 gross margin to be approximately 81.5% and operating margin to be around 28% [30][31] Q&A Session Summary Question: What is the opportunity from AI and its impact on the content layer? - Management is excited about the role of content in agentic systems and expects a rise in software generated through AI, which will require secure storage for unstructured data [34][35][36] Question: What are the expectations for Enterprise Advanced in fiscal 2027? - Management anticipates continued growth from Enterprise Advanced, with pricing uplifts of 30%-40% expected to persist [42][44] Question: How is AI adoption progressing in regulated industries? - Management noted a healthy adoption of applied AI use cases in regulated industries, with a focus on data extraction and workflow automation [50][52] Question: Can you elaborate on the Q1 billings guidance and FX headwinds? - Management explained that the significant FX headwind in Q1 is due to prior year exchange rate movements, with an expected normalized impact for the year [53][56] Question: What is the outlook for net revenue retention? - Management expects net revenue retention to improve modestly, driven by pricing uplifts and net seat expansion [70][72] Question: How do you view the evolution of Enterprise Advanced customer adoption? - Management indicated that most Enterprise Advanced customers are upgrades from existing customers, with significant opportunities remaining for non-Enterprise Plus customers [84][86]

Financial Data and Key Metrics Changes - The company reported Q4 revenue of $306 million, representing a 9% year-over-year increase or 8% in constant currency [7] - For fiscal 2026, total revenue reached $1.18 billion, up 8% year-over-year, with operating margins at 28% [8][37] - Q4 EPS was $0.49, exceeding guidance, and operating income was $94 million with an operating margin of 30.6% [44] - Free cash flow for FY26 was $313 million, up 3% year-over-year [37][45] Business Line Data and Key Metrics Changes - The Enterprise Advanced offering now accounts for 10% of total revenue, reflecting strong customer demand [8][39] - Customers paying at least $100,000 annually grew by 9% year-over-year [38] - Total Suites customers now represent 66% of revenue, up from 60% a year ago [40] Market Data and Key Metrics Changes - Approximately 40% of revenue is generated outside the U.S., with 65% of international revenue coming from Japan [48] - The company expects Q1 revenue to be around $304 million, indicating a 10% year-over-year growth [48] Company Strategy and Development Direction - The company is focusing on enhancing AI capabilities and intelligent content management to drive growth [36][51] - Plans to invest in strategic go-to-market initiatives to capture market opportunities in AI and Enterprise Advanced [32][51] - The company aims to deliver advanced AI-powered workflow automation capabilities and enhance Box Extract for complex document processing [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of unstructured data and the need for secure content management platforms as AI adoption increases [34][35] - The company anticipates continued momentum in Enterprise Advanced and expects to see significant growth in the coming years [69][71] - Management highlighted the importance of applied AI use cases in driving enterprise content workflows, especially in regulated industries [80][83] Other Important Information - The company repurchased approximately 9.7 million shares for about $293 million in FY26, representing over 90% of free cash flow generation [46][47] - The company expects a gross margin of approximately 81.5% for Q1 and FY27, with operating margins projected at 28% to 28.5% [50][51] Q&A Session Summary Question: What is the opportunity from AI and how does it impact the content layer? - Management expressed excitement about the role of content in agentic systems and the expected rise in software generated through AI [56][58] Question: What are the expectations for Enterprise Advanced in fiscal 2027? - Management is optimistic about the continued growth of Enterprise Advanced, expecting it to drive significant revenue growth [68][71] Question: Can you discuss the state of enterprise AI adoption in regulated industries? - Management noted a healthy adoption of AI in regulated industries, driven by applied use cases that enhance workflows [78][83] Question: What is the impact of foreign exchange on Q1 billings growth? - Management explained that the high FX headwind is due to significant movements in the U.S. dollar to yen exchange rate from the previous year [84][86] Question: How is demand linearity observed in Q4? - Management reported positive linearity in demand, particularly in the commercial business and strong performance in Japan [90][92] Question: What are the components of net revenue retention expectations? - Management indicated that net revenue retention will improve due to a mix of pricing uplifts and net seat expansion [101][102] Question: Will pricing uplifts for Enterprise Advanced exceed 40% in the future? - Management does not expect significant increases in the pricing uplift but aims for overall contract value increases through monetizing platform components [104][106] Question: How do early adopters of Enterprise Advanced compare to later adopters? - Management noted that early adopters tend to be more engaged with the platform, benefiting from improved AI models over time [110][112]

Financial Data and Key Metrics Changes - In Q4 2026, the company achieved revenue of $306 million, representing a 9% year-over-year increase or 8% in constant currency [5][21] - For fiscal year 2026, total revenue reached $1.18 billion, up 8% year-over-year, with operating margins at 28% [5][20] - Q4 EPS was $0.49, exceeding guidance, and fiscal 2026 generated record free cash flow of $313 million, up 3% year-over-year [20][25] - Remaining performance obligations (RPO) grew to $1.7 billion, a 17% year-over-year increase, providing visibility into future revenue [23] Business Line Data and Key Metrics Changes - The Enterprise Advanced offering now accounts for 10% of total revenue, reflecting strong customer demand and growth in AI capabilities [5][22] - Customers paying at least $100,000 annually grew by 9% year-over-year, indicating strong adoption of higher-tier services [21] - Total Suites customers increased to 66% of revenue, up from 60% a year ago, showcasing the success of the Enterprise Advanced strategy [23] Market Data and Key Metrics Changes - Approximately 40% of revenue is generated outside the U.S., with 65% of international revenue coming from Japan [27] - The company anticipates Q1 2027 revenue to be around $304 million, representing a 10% year-over-year growth [27] Company Strategy and Development Direction - The company is focused on enhancing its intelligent content management platform, particularly through AI capabilities and workflow automation [11][19] - Strategic investments will continue in key growth verticals, including partnerships with major systems integrators and cloud marketplaces [18][29] - The company aims to leverage the rise of AI agents to transform enterprise content workflows, positioning itself as a critical platform for managing unstructured data [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential driven by AI and Enterprise Advanced, expecting continued momentum in fiscal 2027 [19][29] - The company is committed to maintaining operational efficiency and margin expansion while navigating macroeconomic challenges [29][30] Other Important Information - The company repurchased approximately 9.7 million shares for about $293 million in fiscal 2026, representing over 90% of free cash flow generation [26] - The upcoming fiscal year will see the launch of new products like Box Automate, enhancing workflow automation capabilities [14] Q&A Session Summary Question: What opportunities are seen from AI and how does it impact the content layer? - Management highlighted the critical role of content in agentic systems and the expected rise in software generated through AI, which will require secure storage for unstructured data [33][34] Question: What are the expectations for Enterprise Advanced in fiscal 2027? - Management is optimistic about the continued growth of Enterprise Advanced, which is expected to drive significant revenue growth [40][41] Question: How is AI adoption progressing in regulated industries? - Management noted a healthy adoption of applied AI use cases in regulated industries, emphasizing the platform's security and compliance capabilities [47][51] Question: Can you elaborate on the FX headwind in Q1? - The company explained that the significant FX headwind is due to unusual exchange rate movements from the previous year, which is expected to normalize over the year [52][54] Question: What is the outlook for net revenue retention? - Management expects modest improvement in net revenue retention driven by pricing uplifts and net seat expansion, with a balanced contribution from both factors [68][70]

Core Insights - Box, Inc. reported strong fourth-quarter earnings, surpassing both revenue and earnings estimates, which led to a rise in stock price during extended trading [1][2]. Financial Performance - The company achieved quarterly earnings of $0.49 per share, exceeding the consensus estimate of $0.34 per share [2]. - Quarterly revenue reached $305.88 million, surpassing the Street estimate of $304.28 million and showing an increase from $279.52 million in the same period last year [2]. Strategic Developments - Fiscal 2026 was highlighted as a significant year for Box, marked by the launch of Enterprise Advanced, which focuses on advanced AI and intelligent workflow automation [3]. - The CEO of Box, Aaron Levie, emphasized the importance of delivering powerful capabilities on a secure platform [3]. Future Outlook - For fiscal 2027, Box projects adjusted EPS of $1.55, slightly above the analyst estimate of $1.53, and revenue of $1.28 billion, compared to the $1.27 billion estimate [3]. Stock Performance - Following the earnings report, Box stock increased by 3.64%, reaching a price of $24.80 in extended trading [4].

Core Viewpoint - MongoDB, Inc. reported strong quarterly earnings and revenue that exceeded Wall Street expectations, but the stock price declined due to a softer near-term outlook [1][2]. Earnings Snapshot - Quarterly earnings were $1.65 per share, surpassing the Street estimate of $1.45 [2]. - Quarterly revenue reached $695.07 million, exceeding the consensus estimate of $667.15 million and increasing from $548.4 million in the same period last year [2]. Future Outlook - For the first quarter, MongoDB expects adjusted EPS between $1.15 and $1.19, below the analyst estimate of $1.21, and revenue between $659 million and $664 million, slightly below the estimate of $661.94 million [3]. - Analysts have mixed views on the near-term outlook, with some indicating a better medium-term outlook for enterprise AI adoption [6]. Analyst Insights - Needham's analyst Cikos views MongoDB as an emerging industry leader with strong products and significant market opportunities, highlighting a 60% year-over-year growth in new logos [3][4]. - Rosenblatt's analyst Abernethy noted steady customer adoption of MongoDB 8.0 and later versions, which support application modernization [5]. - Scotiabank's analyst Colville pointed out that MongoDB is a standout software company with durable customer demand, although he did not see evidence of accelerating market share in new database wins [6][7]. - Cantor Fitzgerald's analyst Blakey emphasized MongoDB's position as a core component of enterprise AI data stacks, supporting his Overweight rating [8].

Core Insights - Technology companies are increasingly integrating AI into their operations, with a focus on enhancing customer experience and operational efficiency. Coupang - Coupang's management believes AI will not disintermediate their business as consumers prioritize selection, service, and savings, which they aim to enhance through AI [2][3]. MercadoLibre - MercadoLibre introduced an AI-enhanced search experience in Q4 2025, improving product discovery and personalization, with 20% of GMV advised by their Seller Assistant [4][7]. - The company launched the Mercado Pago AI Assistant, which handled over 9 million conversations in Q4 2025, resolving 87% without human intervention, and plans to expand its capabilities [9]. - AI tools are driving higher adoption and spending in MercadoLibre's advertising technology, with new tools launched in Q4 2025 performing well during peak seasons [8]. - The Merchant Acquiring business saw 25% FX-neutral TPV growth in Brazil and 50% in Mexico in Q4 2025, aided by AI tools that enhance sales team effectiveness [10]. MongoDB - MongoDB's management reports a doubling of customers using AI capabilities, with significant growth in Vector Search and Voyage embedding models [13]. - A $90 million deal was signed with a large tech company to expand core and AI workloads on MongoDB's Atlas platform [14]. - The company is focusing on making its database more appealing to AI agents, ensuring it meets the needs of future AI applications [19][21]. - MongoDB is seeing a trend of enterprises wanting to modernize their technology stack, indicating a significant opportunity for growth [25][26]. Nu Holdings - Nu Holdings' AI model, nuFormer, is now in production for credit decisioning in Brazil, with plans to expand its use in lending and credit cards [29][30]. - The company has seen a 60% increase in unused credit limits, attributed to the deployment of predictive AI technologies [33]. - Management views AI as a significant opportunity for enhancing various aspects of banking, positioning Nu Holdings favorably against potential disruptions [31][32]. NVIDIA - NVIDIA's data center revenue grew 75% year-over-year in Q4 2025, driven by strong demand for its Blackwell architecture [36][37]. - The company is witnessing a transition to accelerated computing and AI across hyperscaler workloads, with evidence of strong ROI from major customers [38]. - NVIDIA's management believes that agentic AI has reached an inflection point, significantly impacting their business and driving demand for compute resources [39][43]. - The company has introduced new AI chips, the Rubin family, which are expected to enhance performance and reduce costs for inference tasks [44][45].

Financial Data and Key Metrics Changes - In Q3, the company reported revenue of $301 million, representing a 9% year-over-year growth, exceeding guidance [21][22] - Operating margin was 28.6%, with gross margin at 81.7%, both metrics surpassing expectations [23][24] - Net retention rate improved to 104%, up from 103% in Q2 and 102% year-over-year, driven by strong demand for Box AI [23][29] Business Line Data and Key Metrics Changes - Billings grew by 12% year-over-year to $296 million, exceeding guidance of approximately 10% [22][23] - Remaining performance obligations (RPO) reached $1.5 billion, growing 18% year-over-year, indicating strong customer demand [22][23] Market Data and Key Metrics Changes - The company noted that approximately one-third of revenue is generated outside the U.S., with 65% of international revenue coming from Japan [25] - The company is experiencing strong momentum in the federal sector, particularly after receiving FedRAMP High authorization [43] Company Strategy and Development Direction - The company is focusing on driving adoption of its AI-powered solutions, particularly through the Enterprise Advanced platform [16][29] - Strategic partnerships with major firms like AWS and Tata Consultancy Services are aimed at enhancing AI capabilities and expanding market reach [14][18] - The company is committed to becoming a leading AI-first organization, leveraging AI agents to improve productivity and customer service [20][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for Box AI and the potential for continued growth in net retention rates and seat expansions [46][60] - The company anticipates Q4 revenue to be approximately $304 million, with full-year revenue expected to reach $1.175 billion, reflecting an 8% year-over-year growth [26][27] Other Important Information - The company repurchased 2.4 million shares for approximately $77 million in Q3, with an additional $150 million authorized for share repurchase [24][25] - The company plans to settle $205 million of convertible notes due in January 2026 with cash [25] Q&A Session Summary Question: Insights on growth levers since March Analyst Day - Management indicated that growth levers are tracking well, with strong adoption of Enterprise Advanced and AI capabilities exceeding expectations [32][34] Question: Drivers of sales and marketing efficiency - Management noted improvements in sales productivity and emphasized ongoing investments in sales capacity and partnerships [37][39] Question: Update on FedRAMP High and federal vertical performance - Management confirmed positive momentum in federal sales, despite some deal timing shifts due to the government shutdown [42][43] Question: Impact of macro recovery on seat growth - Management acknowledged a macroeconomic element but emphasized that seat expansions are primarily driven by new use cases enabled by AI capabilities [44][46] Question: Competitive landscape and AI's impact on content management - Management highlighted that AI is expanding the content management market and driving migrations from legacy systems to Box [49][55] Question: Insights on Enterprise Advanced and seat growth - Management noted continued strength in both pricing and seat growth, indicating significant upside potential for net retention rates [59][60] Question: Go-to-market investment priorities - Management outlined a focus on verticalization, partner ecosystems, and scaling high ROI marketing programs as key investment areas [75][76]

Financial Data and Key Metrics Changes - In Q3, the company reported revenue of $301 million, representing a 9% year-over-year growth, exceeding guidance [21][22] - Operating margin was 28.6%, surpassing guidance, with gross margin at 81.7%, also exceeding expectations [23][24] - Net retention rate improved to 104%, up from 103% in Q2 and 102% year-over-year, driven by strong demand for Box AI and Enterprise Advanced [23][24] Business Line Data and Key Metrics Changes - Billings grew by 12% year-over-year to $296 million, exceeding guidance of approximately 10% [22][23] - Remaining performance obligations (RPO) reached $1.5 billion, growing 18% year-over-year, indicating strong customer demand for Box AI [22][23] Market Data and Key Metrics Changes - The company noted that approximately one-third of revenue is generated outside the U.S., with 65% of international revenue coming from Japan [25] - The strengthening of the U.S. dollar against the yen is expected to impact future revenue guidance [25] Company Strategy and Development Direction - The company is focused on driving adoption of its AI-powered solutions, particularly through the Enterprise Advanced platform [16][17] - Strategic partnerships, such as with AWS and Tata Consultancy Services, are aimed at enhancing AI capabilities and expanding market reach [14][18] - The company is positioning itself as a trusted platform for unstructured data with built-in AI governance and security [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for Box AI and the potential for continued growth in net retention rates and seat expansion [46][60] - The company anticipates delivering strong results in Q4, with revenue expected to be approximately $304 million, representing 9% year-over-year growth [25][26] Other Important Information - The company repurchased 2.4 million shares for approximately $77 million in Q3, with an additional $150 million authorized for share repurchase [24] - The company plans to settle $205 million of convertible notes due in January 2026 with cash [24][25] Q&A Session Summary Question: Growth levers since March Analyst Day - Management indicated that all growth levers are tracking well, with strong adoption of Enterprise Advanced and AI capabilities exceeding expectations [32][34] Question: Sales and marketing efficiency - Management noted improvements in sales and marketing efficiency, attributing it to investments in sales capacity and partnerships [37][39] Question: Federal vertical performance and pipeline - The company is seeing good momentum in the federal vertical, with FedRAMP High authorization enabling more complex government deals [42][43] Question: Seat growth dynamics - Management stated that seat growth is primarily driven by AI-enabled workflows rather than macroeconomic recovery [44][46] Question: Competitive landscape and AI impact - Management highlighted that AI is driving new use cases and increasing interest in migrating from legacy systems to Box [49][51] Question: Impact of Enterprise Advanced on pricing and seat growth - Management confirmed that both pricing and seat growth are contributing positively to net retention rate improvements [59][60] Question: Go-to-market investment priorities - Management emphasized the importance of investing in the partner ecosystem and verticalization of the sales force to drive growth [75][76]

Financial Data and Key Metrics Changes - In Q3, the company reported revenue of $301 million, representing a 9% year-over-year growth, exceeding guidance [21][22] - Operating margin was 28.6%, surpassing guidance, with gross margin at 81.7%, also exceeding expectations [23][24] - Net retention rate improved to 104%, up from 103% in Q2 and 102% in the previous year [23][24] Business Line Data and Key Metrics Changes - Billings grew by 12% year-over-year, driven by strong bookings, exceeding the guidance of approximately 10% [22][23] - Remaining performance obligations (RPO) reached $1.5 billion, growing 18% year-over-year, indicating strong customer demand for Box AI [22][23] Market Data and Key Metrics Changes - The company noted that Suite customers now account for 64% of revenue, up from 59% a year ago, indicating a shift towards higher-value offerings [22] - The company is seeing strong momentum in partner-led business, delivering double-digit revenue growth in partner-led wins in Q3 [17] Company Strategy and Development Direction - The company is focused on driving adoption of its AI-powered solutions, particularly through the Enterprise Advanced platform, which is seeing strong upgrades and new customer acquisitions [10][16] - Strategic partnerships, such as with AWS and Tata Consultancy Services, are aimed at enhancing AI capabilities and expanding market reach [14][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for Box AI and the Enterprise Advanced platform, expecting continued growth in net retention rates and seat expansions [23][36] - The company anticipates Q4 revenue to be approximately $304 million, representing about 9% year-over-year growth, and expects FY26 revenue to be around $1.175 billion [25][27] Other Important Information - The company repurchased 2.4 million shares for approximately $77 million in Q3, with a remaining buyback capacity of $35 million [24] - The company plans to settle $205 million of convertible notes due in January 2026 with cash [24] Q&A Session Summary Question: Growth levers since March Analyst Day - Management indicated that all growth levers are tracking well, with strong adoption of Enterprise Advanced and AI capabilities exceeding expectations [29] Question: Sales and marketing efficiency - Management noted improvements in sales and marketing efficiency, attributing it to investments in sales capacity and partnerships [30][31] Question: Federal vertical performance - The company is seeing good momentum in the federal vertical, aided by FedRAMP High authorization, despite some deal timing shifts due to the government shutdown [34] Question: Seat growth dynamics - Management stated that seat growth is primarily driven by AI-enabled workflows rather than macroeconomic recovery [35] Question: Competitive landscape with AI - Management highlighted that AI is catalyzing new use cases and increasing interest in migrating from legacy systems to Box [39][42] Question: Impact of Enterprise Advanced on pricing and seat growth - Management confirmed that both pricing and seat growth are contributing positively to net retention rates, with significant upside potential [43] Question: Path towards acceleration into next year - Management expressed confidence in returning to double-digit top-line growth, supported by strong underlying momentum [45]