BOX - Earnings call transcript Q4 2019

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Operator

Good afternoon. My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fourth Quarter and Fiscal Year 2019 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator of you Head conference. begin Investor Lopatto, may Relations, your Alice

Alice Lopatto

afternoon, fourth call. Box's welcome fiscal Good to conference quarter and XXXX earnings

On have Dylan the we our call and CEO; Aaron Smith, Levie, CFO. our today,

remarks, prepared and Investor webcast Relations be is also at www.box.com/investor. our questions. Today's we Following will on replay call for available website being take our will

webcast Our will be audio only.

are available website. our for from However, download now supplemental slides

positive today's will free flow profitability, and our actual call results On products them XXXX will making or on obligation for of at materially. any and Form information as they and the or strategies, and uncertainties our to differ annual planned periods, and the We we highlights events other and for future may our future also on based products, our up-to-date. @boxincir. results growth to to we the of XX-K best partnerships. financial cash recent investments Securities including update be revise timing market refer disclaim or Please differ and filed and our the risk financial on cause targets forward-looking model new our of and market and and and ability to us factors including may expected the we this materially. statements, and long-term report of press most actual XX, call, operating cease being with change currently factors revenue release FYXX These statements our timing guidance to risks statements Commission, our our be on These reflect February today, known judgments documents Exchange maintaining made should post benefits are forward-looking to leverage, handle performance, operating achieve and our expectations our and adoption XXXX regarding size, our expectations of Twitter QX our FY and regarding that

to, a In addition, our financial discuss for as not or should will measures. during results. GAAP in in from be These non-GAAP today's financial substitute call, we non-GAAP addition measures considered, isolation

for website method. QX the comparisons all a made unless Having results financial this release measures, otherwise year-over-year hand over against modified in reconciliation can Unless we You disclosures financial results for method, results website. indicated, updated and our Relations ASCXXX PowerPoint retrospective can Relations transition find reconciliations our and With ASCXXX of all presentation, the adopted refer which are to are release measures press under in modified these with disclosures found please are non-GAAP recognition to under GAAP related the Also otherwise earnings page reflect compared note, our including under the Investor ASCXXX, revenue on under references on the financial ago, a our let fiscal of adoption financial press to our dated. me which retrospective it Please year to regarding comparable our Aaron. our ASCXXX. new be of basis. deck ASCXXX QX to year supplemental standards Investor a that, transition additional the on non-GAAP

Aaron Levie

IBM, content the and full help million Alice ecosystem to year by their our XXXX strategic Gartner ourselves industry Microsoft of market leaders and customers have and as call. a than to and Forrester. continue are now $XXX more Thanks, and experts position with businesses Google and consistently joining like revenue for fiscal partners have include everyone leader including in the thanks we In cloud recognized XX,XXX transform We customers for management. achieved

positive million XX% Street, major and Live including MGM Health up Red non-GAAP Revenue up $XXX.X versus and quarter the delivered last ago, and and than State versus wins nine XX% quarterly a we was customers year XX Billings closed with to than more XX our year-over-year Studios year was quarter ago. deals two $XXX,XXX EPS results, deals Robin. $XXX.X million greater with was In in System, million our we first XX year line $X profitability. Turning non-GAAP deals of Allina $X.XX, in finally over Nation, QX expansions $XXX,XXX Intuit, year-over-year.

saw taking pipeline more moved complex in ultimately throughout in strong seven by While few to our expectations the result we the quarter in as QX. We and ahead segment of the year. figure continue strength deal $XXX,XXX into this are figure underperformed were deal our plus we deals and pipeline close longer enterprise These of a quarter. deals the of out encouraged a event the and against seven

experienced Additionally than we FYXX weakness throughout a previously greater anticipated. this and weakness shared as QX in from impact we EMEA saw we in

now We've regions we across While sales ago. unified North And standardization year add-on these product improving America XX% momentum the we've leaders all need to been execution our drive business. more To our or promoted expectations, across solution in and new of selling sales strategy one and compared and processes solutions months key at strategy training more our and hired past to over our working aggressively our selling across $XXX,XXX results XX% the deal a we've growth. with and by didn't We're achieved evidenced plus EMEA. global drive growth including our six sales segments. new is $XXX,XXX as deals least meet our confident strong of

With these ever more FYXX opportunity. in management progress saw on content building we confident in investments and than we remain cloud the the

fiscal our go-to-market customers content with $X digital category we're one, and processes cloud building that two on management efforts. accelerating content Number our revenue the growth customers in As our our two, powers focused management we kick number beyond. and objectives next defining transformation to through to platform our our key billion on drive of digital XXXX, path phase cloud

cloud Box the natively enabling year enterprise one, the within for and from move as the working is leveraging our partners, it overwhelming and Markets processes on primed be solutions This updates. advance manual will middle Box seamless are Companies defining business a with generation being competitive an anytime manufacturing diverse with, will the smarter and Box platform. Entering category built world this part and demand and than launched start automate help across processes are new in standalone across our compete and more customers and more. and management new a automation. services, all of companies processes rapidly later power wealth will addition and we far contract of product by platform Box in to enterprises product Box to built management $XX addition too cloud to have their around launching challenges. enable. faster and Relay. customers, and capabilities capabilities anyplace. Documentum feedback In BoxWorks. it's When line three; power today we'll the extended exciting cyber in costly from these customers Yet global billion content massive content is digital at business in business being and of security with by are capabilities. hyper most back Box Two; the Let's digital threat only new first sold for collaboration content will be move year, we'll held client on-prem Relay legacy content look that opportunity focused building management, skew customers next products to management ways security processes And the the they enterprise more. cloud. the simpler network enterprises all need in difficult complex skills transformation want heard age. product and marketing, the history content metadata business of they is urgent of by ever. to apparent roadmap automation storage sales, OpenText conversations intelligent Number year, and technology built and for and systems business workloads markets and at automation processes most Box platform Platform do. are challenges. The and business business and industry retire enabling their on digital dealing to apps, to the suites announced Further Legacy Combined, automation also center a natively systems be on and manage power premise is entirely our Box detection every enable workflow to systems. Shield. to offering All make be enterprise management focus the compliance Content like these infrastructure retire to to metadata this represent workflow be We've share we our across the too ECM with on from management up new legacy content From everything in is Box's year. ERP integrate processes in we'll of advancing that FYXX new classification native Relay FYXX companies with they Throughout this Box legacy enhancing ground Box that they of an to customers management the vendor. every to our launching our largest critical consume the across content SharePoint the we've

For an initiatives. Logistics, warehouse warehousing power Platform to Skills logistics instance, international one through Box will company Lineage Box leverage QX in customers new we closed and automation

up into customers an this Shield across we a devices growing year. threat detection accessed will a need natively classification brand To from will to be hearing customers being due bring their posture property. product in Shield history suites making new of Finally is our Box. and it add and prospective of network product that and for the add-on innovation the as launching power from to of security protecting easier by with launching much content content the We're to apps, already critical Box intelligent in later partners Shied this, exciting our content to FYXX solve we'll more Box cloud. platform products cloud setting approach management be external shared locations, security in for be full of product intellectual we'll half Box's first and on the in year FYXX. and new our adopt most increasing transformational the customers risk success to

across content Turning focus second Box organization the year. business evolve and To Box focus and file the content for do for the as processes digital of platform a storage enabling The cloud capabilities. our workplace when selling the a is an to tool extended area set a full entire the cloud leverages consultatively digital realized of from Box year for to powering has with as of enterprise. past selling for power our management to full this, transformation, digital broad Box platform for enterprise management sharing been our

QX business with and outcomes streamlining a examples the content product the more is ensuring in were Box over and business transformational the possibilities tied customers $XXX,XXX to strategy existing transforming of and the add on and customers. purchase and Platform way, they're of our and deals processes that technology management, how new much major significant of products solution in focused deals. in with more Governance, larger driving XXX on acceleration lower cases XX% compliance organization. process company deals selling When solution seven selling content Our used accounting and add receive for Fortune XX form to and their cloud cost deal deal IT in of sell Cross KeySafe we risk. around strategies larger where on across driving to figure or include the is A few and QX a selling successful key security drive savings, able with this full we're strategic

offices We to ELA effort retire used Platform and Box We customer sales like in to their MGM to throughout segments faster. Relay world Box's field content and operations. tied solution Shield to Box solution while sales our suites by longstanding new improved chain end-to-end class executive selling Governance finally, talent shares. win financial on make to all is even an sales our working find sales a products customers business adopt and building globally our full leadership, selling better from close Skills, coordinate platforms, and strategy purchased of it like where rigorous and will Box marketing experience focused be compensation to to progress early where Skills, Two; and who Studios will update essential execution also on a production selling. multizones across training, Box hiring improve purchase three; FYXX achieved top content leverage encouraged of Box lines our implementing as platform. one, plans applications between core digital [indiscernible] Box file with and and Governance, the global promoting MGM with supply repository cloud distributed easier and add our candidates offering network through And we're the to to of Box processes and our management for and further began we're they number

of While billions business customers as for processes the are of Within to base organizations. potential the our our and capabilities revenue of set today power collaboration alone opportunities full to leverage begin productivity. big upside their know customers in secure Box's existing cloud. leverage majority digital our customer in dollars Box there the customers We across our

into differentiate breed best workplace the is selling we're non-GAAP our core our Our up, protects to Heading more the and execution digital our to enterprise enterprises on I'll the With cloud in powers cloud only management an power drive journey capabilities Dylan. business. is first information number time, along to and a continue on refining transformation. job to content hand path of stack. to focused collaboration billion across same consistent leverage Box over our the extending of business to as accelerate beyond. revenue the their profitability and to Box platform one platform as that, also valuable content it most FYXX, showing we're leverage Box year in that IT we further At targeting business full motion wrap while move across customers the solution To the management working modern $X processes,

Dylan Smith

our by solid thank QX our second continue up year with of off year-over-year deals year. flat deals regions was positive non-GAAP consecutive with outside in Japan marked in free a over billings expectation two came XX of XX% as XX calculated our year performance for and million XX and XX% versus ago, XX% the cash over the business deals We achieved strong us from us. delivered In original coming falling nine of year throughout which over today. million for driven capped mid-XXs. year of everyone quarter of joining couple at the year-over-year Fourth a as first million profitability afternoon, versus United in States growth and of $XXX,XXX closed leverage revenue we flow a in drive milestones QX's Good $XXX.X We growth year representing ago. revenue and QX, we adjusted and ago important to billings model. short quarter Aaron. Thanks $XXX,XXX $X in our $XXX.X XX% of strong you QX

of to year-over-year. million, had As figure longer Aaron mentioned this deals taking outcome EMEA. $XXX.X was the XX% disappointing are than of we year-over-year. was XX% was seven revenue up an preferred our expected million some in Total $XXX Backlog close result and that execution increase

revenue. customers We expectations and our strategy XXX paying at billings we're our recurring making in deal up than While $XXX,XXX market meet our XX% did confident figure our highly results least overall seven not CCM of opportunity. have and annually more now

upsell a early product more year-over-year. delivered accounts growth. we a large long-term up stickiness cross opportunity to and our The this add strong to efforts. sell on strategy capitalize is is We're which momentum initiative will as critical of portfolio selling and in in product drive solution value on Our XX% our than on build these the position we've in

roughly ago. revenue run Now of our rate in a versus year XX% roughly QX XX%

margin quarter. year XX.X% at came gross a non-GAAP Turning margins, and XX.X% ago last to XX.X% versus

to a of to reminder line to the margins slight result this in data our on footprint FYXX We on a and rates. improvement add that year-over-year some demand a were attach with upfront We been basis As in perceived pleased made seeing the past based we've gross users. investments XX our product expectations. as paid price a center expand we've year in now higher mainly million on our see have original were impact

primary period. growth millions will addressing part multi-exabyte goals. savings complex infrastructure of cloud accomplish subsequent requirements customer FYXX migrating of hybrid our the which of center tens cost to dollars three significantly strategy, complaints will our three-year data scale, to over regions As lower and be footprint Supporting our we in

redundant year. move, over of leading we'll As the temporarily elevated course be FYXX [ph] centers this data facilities location part to expenses of occupying next call throughout the

throughout we're we gross expect this million from related a migration successful in quarter representing XX% margin significant and to the complete of expecting driving mid-XXs. expenses operational marketing efficiency. includes revenue we another were FYXX adoption XX%. from efficiencies, up was roughly QX quarter X% continue Sales $XX.X benefit improvement we margin XX% Once of such, gross in prior range XX% these As the year, to to ASCXXX. back which the to of to trend as the toward drive and

we ahead, year-over-year. force and we reps solution sales expect XX% strategy. greater to [indiscernible] marketing in In with as FYXX in on field our XX% more to efficiencies sales up range Looking FYXX in US leverage Japan. sales grow hirers entering the to of XXX from XX% gain drive focusing We're and we selling plan the our

and million revenue invest development we of flat the development Box enhancement expenses year to continued our with the Platform. continue research Relay, Shield were in XX% Box of product offerings. as $XX.X This and Next of or Box ago, a included

$XX.X were year. last Our XX% revenue QX XX% administrative to in or general and of million costs compared of

G&A to from expect in we operational and greater leverage drive We as scale. benefit continued excellence

ago. drove efficiency non-GAAP improvement point at our in X% margin to a negative coming operational X% versus solid year positive on focus Our year-over-year percentage QX operating XX a

guidance. an above came end year our improvement result, from negative well high a ago positive $X.XX of non-GAAP $X.XX As a the in EPS at and

One business of powerful strong model our makes our elements is retention. the so that key customer

annualized an on in basis. churn QX X.X% full Our rate was

least increasingly become for basis. In X% roughly on who add seen churn stickier. products customers at was the annualized that add QX, full on an we've rate they had Importantly, product purchased our one adopt on as customers

Our basis in on products. expansion seat an strong primarily net was of sells add our rate existing XX% customers driven annualized on growth cross and by

ended a such XXX% stable versus quarter the two prior with rate the we of quarters. As net retention

the onto cash in Let cash, of from $XX.X operations We million $XX.X ended to $X.X sheet ago. million cash me QX, compared our year flows lease cash equivalents ago. into and factor million flow. balance total We $XXX.X with million versus flow $X.X restricted ago. now million a versus a move cash. $X.X $X year our and In were Capital quarter a year was payments we million which calculation cash million free delivered CapEx

CapEx lease be year of for combined capital revenue QX. revenue and and X% expect to We X% to the payments full of X% roughly of in FYXX

Finally, to we flow compared of generated fourth our now cash pleased $XX.X to ago. XX% for and of the or cash that, in to million $XX.X flow year year full With XXXX. fiscal quarter achieved free the million positive a QX revenue of free in guidance. turn We're have let's

we XXXX, For representing revenue with execution full range and of of million million seven factors fiscal roughly to figure in prior both incorporates our $XX the of expect performance $XXX This each deal million. be headwind under EMEA to in to the year QX these of guidance in revenue impact versus $XXX the expectations. FYXX

of cases. approximately realize a $X Additionally, was spend with its reduced in represent use FYXX. customers month one unique This did they value will initial their not revenue million of its this upon renewal which our the earlier headwind as situation a significantly customer full of us

be XXX approximately FYXX to the diluted non-GAAP to our negative in million on of positive shares. expect $X.XX range We EPS $X.XX

Our is shares. of $X.XX approximately range negative million XXX to to negative expected EPS in on be $X.XX GAAP the

achieving breakeven our FYXX. a we recall, quarter in roughly may that EPS shared non-GAAP You of expectations ago

guidance business to see first from the delivering we're across FYXX non-GAAP we're leverage our and As in profitability. year of you continuing can our targeting drive

not quarter more guidance QX than QX $X creates million little first million the For XXXX, $XXX that comparisons. a range million. fewer of Note we're fiscal of setting revenue impact three has year-over-year in $XXX QX, versus to of revenue the but days which does headwind than

expect the around don't guide we we trend some to typically billings provide year. billings, the want we While to throughout color

our Year-over-year and inline. always quarter-to-quarter underlying a business. billings can to to deviate of to and While expect rate thus track of factors. our not due few variable roughly different from expect growth generally this we we is meaningful comparisons billings momentum a see the revenue metric our and revenue growth of be In indicator QX, rate

First; an in period. we prepays year saw multi-year volume of the elevated ago

previously churn mentioned creates Second; to the event billings. QX significant impact of a headwind the

million enhanced final representing throughout headwind fee as Finally, billings. our QX FYXX we stated an QX associated were from developer to $X payments the QX built with to additional

As before particularly have such, of we growth a single-digit in low be QX returning expect to remainder rates to the tough more comparison for year-over-year growth and QX normalized range will billings the FYXX.

will of $X.XX for the confident our that market to $X.XX non-GAAP XXX be of to we're range FYXX. $X.XX negative in and expect achieve overtime negative than be EPS We to combined cloud We negative differentiated $X.XX remain in EPS what opportunity our to in us management increasingly million in content shares. with allow portfolio to anticipating rates our on the approximately negative product growth GAAP range faster

While top open revenue With reacceleration us that, revenue sales we're for on Operator? full line of lower like early we're to in XXXX. fiscal $X our strategy. our and would our of in the achieve year results focused it for QX encouraged I We're traction to our to in target selling for FYXX driving questions. seeing FYXX the solution growth order by expectations billion up led

Operator

your Philip question [Operator Winslow from first comes Fargo. Instructions] Wells with

Your line open. is

Philip Winslow

growth, dig just go-to-market also but to your increases. billings on wanted in headcount comments about Just

just kind last all headcount I about follow-up backed - You like to believe - sales and of XXX I also the assignment, carrying. just correlate sales one changes. in, just to mass you quick How low about that. through the thinking about in the walk about because a productivity that guidance implied it versus of in quarter being year teens there. And wondering I'm made lot the this kind just you XX% year? the ended year versus this I how XX% thinking than are go-to-market. takes billings of productivity call sort headcount of kind of you talked If you're to believe puts because coming

Dylan Smith

all start variety in I'll Is is quarter-to-quarter line a year-over-year can to rates large I factors, such for so durations the we and billings revenue Dylan. as customer renewals. variable note of metric while of driven as comparisons would that, changes Sure, with track first generally roughly timing that accept payment from be This and of pretty Phil. growth to

I we underlying So naturally indicator a around of momentum think billings in here wouldn't comment about the gave we're seeing meaningful that the as our business.

On the productivity talked seen the front, inconsistency of basis terms this you've as mentioned some in productivity as year. region-by-region we've a on

that XX% So in we're US XX% growing of to performance well as better we're where in really the be within going as most the the to such focused on seeing field as headcount things across these as start improves. to we the other in doing as well, add see of we're rollout we then to Japan. regions as some business may And productively that regions

different particularly So coming field, we're the and that there productivity the really in across on the in a globe we're here. few be driving very, very to improvements on year focused areas is going focused

the there's component. So an operational first,

enablement As Aaron of we mentioned some our selling comp and place more further that sales plan incentives tweaking execution in training as with just consistent align lot of drive revamping, have as that well really the to to the strategy. solution a

up the add in with generally this that been we've think showed past in on pretty in products I way large year pleased deals.

product of Box as then year, year the to leadership us Relay the introducing sweeps time, well component making and new again sell in will available going we be second Box is is half as Relay improve front. product the Shield which capabilities. generally half the first third on for second Box the So in component this first the and help the We're bigger further productivity. this the deals around And think

now North we EMEA. the and that for America key filled searching positions have So, been we've in

big And leadership help in soon particularly year three the see that, the to outcomes. so drive and improvements of first growth productivity as the even and the should factors, side as these should start operational product half deal those really

Philip Winslow

deals. Just then And tax as metric it. I to in that, the to Got add follow-up terms the rate missed $XXX,XXX ons of of

call I in terms rolling see was and quarters. terms out? you are add and bundling, on. it thinking I mean of think it to mentioned this some about in the those sort What see roll that in of that how did on did in? of you out actually XX You I little mentioned how impact remember, something and wonder QX I bundles then accumulative bundles it thinking is sort just half. we this and about experimenting last in Where out? what those last you're quarter should with - making this you How the driving of do you is the quarter first the was of the this and year formalized. a more roll bundling expect timing these of when

Dylan Smith

then for and for which six add the a this metric that high in bundling the XXs figure quarter, was deals is strategy to confirm Sure, I'll from attach on the question And ago. there. again Aaron rates it over to product on our turn up XX% year

Aaron Levie

in solution able the evolution more as over the solutions full management large customers suite individual on contents being towards bring adding to around out to basis and sharing want selling three the selling customers. add having platform then of Phil origin additional product What and of added or platform moving is, we've Data the really [ph] of to cloud finding each we're one-off four selling cloud capabilities the mode and content get Boxes We of core. our we're on Aaron. obviously file for security is product is core collaboration value a really capabilities, Box years the advance products been like been past Governance, transactions. This has our to

buy the that of our of conversations workflow and with advanced customer to automation going say little as insinuated to capabilities in Box our that can digital Governance, quite content with of availability platform will Workflow, to so the really So is help eventually capabilities really some of management the with allow and QX then us customers transformation. to to Data general early a and Shield ability security new then Box that we've QX our suite from which for success with be bit Relay a a bit to our you in bring best

been can base already that's first a but to tested looking that to less are or in the packaged year. of do So within offering customer more entire and that's what bring our this that we customer we market want make through half we to conversation

well early So excited quite the customers capabilities. of a which sales from breadth are our way about about better our that signal something in reps know as very and full and excited we purchase to Box's that seen, it the we're use strong already then field is we've

Philip Winslow

Thanks guys. Great.

Operator

Your is next Franchi Stanley. from with Melissa Morgan question

open. is line Your

Unidentified Analyst

This question is some that so answer with you've of what Melissa. ahead the of My that investments and you're a made about little and demand for seeing some we've if you connecting billings data of was talk CapEx weaker Josh like the to center of that more bit on in increased seen, pipeline. the maybe

Aaron Levie

overall satisfied deal QX seeing Yes, and not I so especially the this with big not pipeline. figure is strong deals. results happy we're segments in very still again We're the Aaron. mean the seven

agencies often and large a have still pipeline that seeing from deals we in to nature the the view legal and momentum in tend in changed overall are business. However standpoint. the complex life banking more of very be government those we're and the to compliance or regulated pipeline be security sciences in year our But this not where tend or customers customers for the

to preparing into customer the to centers capital much and platform. facilities. to of due expenditures usage the on data our data growth just sheer the customers continued the us that requires growth As then center of our - of amount more of move scalable the obviously and We're base it relates

as obviously public In hybrid migration that, cloud two addition usage means operate gross of an making a out to so partners and of cloud as standpoint happen, we have has temporarily from centers our extra Dylan which on margin that to impact data we're redundancy a while result that of mentioned.

locations center more outside to one of we going will driven of of kind that that base margin factor then this other have to a the lower the lower which performance in and overtime. locations is better the is, So of cost this core with ultimately that's scalability for data capacity something growth lead is in want the and that already we're key of California, footprint gross cost customer our is seeing forward by completely room ensure growth we points

Unidentified Analyst

Thanks that lot a Aaron clarification makes one sense. And of and for Dylan.

EMEA deals large Thank FYXX the that pipeline, deals the mention pushed from to still impact just $XX just on you. the million make longer you did So as that in sales want large deals out was to revenue cycle from got side? or sure guidance that but

Dylan Smith

which that of coming impact impact another so from revenue some the FYXX. EMEA addition these result Yes which expected FYXX a roughly as expected larger an for on the $XX is to was of is in, deals impact not million

Unidentified Analyst

Thanks.

Operator

with is Sachs. Ted question Goldman next Lin from Your

Your line is open.

Ted Lin

do and deals kind slip the deals rates for dig anticipate I a And slip you talk forward there. be to guess slip that to first the just were in guess on about legal wanted to first I in of cycle Thank and and closed complexities of month what those the the on little I kind there. [indiscernible] and you can going the the caused sales you. figure trend Year. more of a that seven Governance to New lengthen bit trends deals

Aaron Levie

as and sensitive review, data involves pretty always that parts kind could very not to improving the that and that sales some through. and And customers these reviews of of was privacy a client have property broad in the of the operational a records, budgeting their where within which to threshold these within the transactions their work well information first say, given customers government be we our talking and the a we're about set be intellectual it the But fully we're data the could complexity of to don't files is finance and that's due already then does course of year. very I individuals some on of move kinds control. obviously our the compliance that of just that lot again does So in security unfortunately review, continue, organizations go - rigor and and the deals of often due puts we high all larger data around decisions of happening of process. expect to throughout that

own driven across that sure to and these make these they improving line. finish we possible constantly operational our of that we're nature deals as rigor can complexity obviously drive the smoothly well the that the rigor and the as the get we're really can as strategic internal processes over So these these of increased transactions to the working and to sales as has make by of past years, couple sure happen

the and XXXK deal year-over-year I a a translates XXXK in on number. a segments healthy because the did the XXXK note, show growth a figure segments deal think XXXK as the the cumulative through miss deal and very it's basis and segments deals both seven

we specifically. the just a million to did growth $X basis, XXXK strong year-over-year look that sales if see segment segments So on you in at

deals these figure strong not category seven QX results. those overall in momentum QX and deals, larger seven we're pipeline. those So in about but on happy We're figure selling that seeing both our

get degree So next of where see we'll into of that's the majority the those couple we things high these confident quarters and up. that of have deals throughout show closed QX we'll a

Ted Lin

the thank maybe slower competitive you Are about can the you more anything you management tell a content guess curve there demand environment. and or I environment? for seeing is adoption in cloud overall perhaps Thanks. Great, us

Aaron Levie

information. fact go through the customers their much Where sharing important sale now to legacy more of customer regulated or of more to more that a cycle. relatively dealing again where within more transactions tend drove which that depth its adoptions is parties it automating set nature nature to think sales and again business be was the the customers much This content processes, out the file of evolution platform, a be to base where tool kind and a straightforward just their manufacturing in with where collaboration many I from that and first they're a down compliance involved security and chains are might even reach for within tends or cases more these in even supply strategic shut customer processes given of is of this they're being in our able systems.

is deals However cycle ultimately these able way much deal obviously type as larger greater retention, customer result we differentiation the more see sales sizes and of much a well. of to from as benefit then of do our

seeing the evaluation we're beyond. So expect bulk that an pockets speed whole revenue the becomes we that our get but business of through do incredible of execution drive billion this to it again of as there execution something But and we the we're success and not and we driving $X now more we're company, that with around. go it's that reach in is which some to satisfied want replicate uniform

Dylan Smith

Yes is to little and a Dylan just there. this bit add

these most better general covered trend we across deals not management as of these of through Aaron came mentioned, this already note our figure it deals in of taking it of beyond saying complexities because solvable to kind - and these deals of just had it, a just ahead still influence the and end, of is deals execution of play in are of being all particular because a think Aaron deals on larger we quarter most these factors throughout as longer seeing But didn't expected expecting. seven and government think while and down getting are business I to, - this large lot delayed what set such merger, our of in did external just that as close we've We're to close more although the of we've And the the ultimately the deal some almost sort our pipeline another couple close. not FYXX. to shutdown. is the but these of fourth one in

Ted Lin

questions. Great. Thanks for taking the

Operator

Owens from with is question Markets. Capital KeyBanc next Rob Your

is open. line Your

Mike Casado

you out figure Dylan, Rob deals the around sense that us do Casado How million Mike other us get on And to those the year? provide color the is any over headwind? you to $XX seven play help you deals, us the referenced? headwind understand how you in Owens. million of This can helping at expect assumptions you a course relative can arrived for $XX

Aaron Levie

quarter terms cumulative Sure, impact near deals of part earlier forecasted we and and to how so quarter so closing those term what effectively It color. adjustments through deals year. front. visibility entered impact in a impact in categories that happened on a originally are give confidence year to those between of we're expecting that and we the the in effectively the then of we firmer kind those of quarter in throughout that deals mentioned had close those annualized of the of as some fourth it it expected would that's at sort QX and we in ultimately the and on of set as of close we are what maybe expected from of versus But committed into in for the ultimately different had roll value deals the associated bit the the delta figure It little really of the different that happened does the for categories versus to that. deals what it's basically between FYXX, expected that of have that fourth delta kind probably so really was adjusted had deals looking that - then as to looking depending course that weighted, take making revenue with we our at have in contract on

Mike Casado

two sales with the is to That's in place in of structure just Thank only the function then force. educating better is How sell EMEA solution And you. now. new helpful. is And a there? margin the team satisfied leadership with being the for quarters able

Aaron Levie

changes actually we're seeing in even new start strong QX from leader of set last new so We've the a mentioned beyond of of the that we early Yes the made bringing leaderships. signs year.

kind segments running have are of new our key of We that in of EMEA. within kind leadership countries sub-regional some

suites investments that collaboration it EMEA going the be is of and specifically our to do where work to really enabling and introduction going in in we solution talent we is selling suite more as there. for sales made momentum and sales leadership with broadly, customers to in EMEA strong we've rigor very capabilities. sales have from been very to of our some really is file through our move So well This have believe however overall increasing something the this processes as use and across training, product all we helpful sharing of segments, to Box using full Box's the an help evolution

revenue the early the and recovery to this again guidance. half QX results some seeing see driving that on the satisfied within with happy year. signs, But that So big with part of first which expect of is we not a do we're this

Mike Casado

guys. Thanks Fantastic.

Operator

question next Murphy Mark is Your with Morgan. JP

Your open. line is

Unidentified Analyst

that a This What rate is than in one expected you originally Murphy. some year. Mark circumstances why you realize thought renewed cases that unforeseen originally the those or on The those Matt of mentioned to were they headwind this they low revenue customer cases? able are lower they realize used and used of they targets now? into were to behalf going some What of mentioned the much Kaus to [ph] weren't ran meet

Aaron Levie

cost and that They right ones value bridge expansion of in working it's so in organization high IT value prior down place. which more high to resulted standpoint with sell. with context value of the much very cases, looked we the The of They being initially than kind relationship new relationship couldn't deal. that given on others to, had verse deal brief we new a Yes that cases. with customer so within of remain prior connection leadership had some structured just so the is used up overall context ended with strategy we're leadership was of and of that the the now leadership a the customer unfortunately drive a the different of from in some used number the of start We whole this kind structure. some an that stronger gap

of and the a - unique set actually account we structure think to in this cases So by go unfortunately driven a created a opportunity lot But leadership. the forward particular. was prior used of see prior again I that there in mismatch

So of with. consistent not see on future driving customer growth this any we're really definitely kind a with on, perspective that recovering even but something trend that specific one-off from something our focused we in

Unidentified Analyst

Thank you.

contributed Fujitsu or that out much update us called able in the also or to comment drive it? You strength strength Japan. Can how to partnership how and they're on they you

Aaron Levie

about Yes, driving co-sell happy kind results disproportionate one so ecosystem seeing This right but growth, Fujitsu directing and them we're is of IBM including is resellers modelable just of an many kind of Japan. from basis, Absolutely now. in on international a amount Japan with we're certainly major our where absolute even it's [ph] Japan. fantastic partners of other

relationship growth seeing partner Fujitsu strong the with very I'd of say, But ecosystem. and the that ecosystem broader both So really that as we're healthily strong region. - partner as we're results a seeing kind as well in customer Japan in is performing from

Unidentified Analyst

Thank you. it. Got

Operator

Oppenheimer. Your next with question is from [Indiscernible]

is Your line open.

Unidentified Analyst

the steady your to when Dylan, or going of you give the you relative are up down competition? look this at rates current us because a you sense ticking earlier. win covered Can environment whether I think or

Dylan Smith

our so rates Yes been strong. win and pretty have stable

at, win the of than cloud quarters. a set cases We'd the of more The deal much of we many they more used more over particularly that or complex there that the any on so associated say that seeing rates tend So cases seen basis. longer either rates to as less there as significant the products of on we those as been cycles. in sort that greater have, you're of changes used past with we even board in the to in kind a that see whether rates we've those win content competitor-by-competitor looking haven't deals those higher win types higher differentiated. are competitive conversations mention environment tend are nature, cases kind to changed several and be management types hasn't of across But were are basic always

Aaron Levie

environment. more is would IT on only and helping and customers cost I the build go Yes thing that is, more from retire we're their

in funding of help document tend lot technologies the and necessarily with legacy infrastructure able go helping to budgeting storage which as replace often that as Box improve as, so new retire. well much is customers So for competitor not and we're work as management can't customers obviously a net and to the the times Box systems, and retire competing the legacy cloud

in we're around able trend win our and our in being so an seeing notifications rates infrastructure. win management and And document retiring increasing storage help legacy shutdown to

Unidentified Analyst

that, getting kind lift like-for-like if to stable and right All well? perspective from seems lean mix a just as pricing that is related. is the on you're primarily It products, comparing of like you're

Aaron Levie

overall takes and are kind on we used stability deals and again, on seat we the high get value we more significant just to puts and discounting. higher tailwind tend the per Yes, on see larger the we the incremental by level seeing from two value add seats that see the of and with from puts basis products so price most that we're and an takes, uplift the cases products as that these offset volume give these

see overall So did that ago. is up the price per with we where been XX% versus We price we've slight roughly seat two, pretty set pleased way improvement continued been is and years improvement, trending. were over the per X.X overall

Unidentified Analyst

that this on relative that XX%, you it. comes leverage adder year, products? like when with question to Do products have Relay you've pricing of on XX% the you extra feel have seen last later my you past And new for those that type the upgrade the some security product

Aaron Levie

the more is are even of than this are Yes governance module. nature in so absolute premium - products I think those Aaron, absolutely sort data

a which advance using etc. I only we're workflow platform. be time size customers. management looking our overall, products governance tool productivity the to introduce, from but platform that of see on more obviously will suites think and a and data we capabilities boxes capabilities open our But pricing are cloud move we'll automation as a customers due collaboration content get over volume again to Box to capabilities, add any products stronger they'll discounts based the include sold to as power continue really of individual security to these given add on think again customers obviously that than sale, on However the collection I

Unidentified Analyst

Great, thank you.

Operator

is question with from Raymond next James. Your Brian Peterson

line Your is open.

Brian Peterson

Dylan a anything stats driven question on gave and how business think Hi anything with momentum the by this we channel the of help channel about changed are hear the there read didn't some in hear prepared many lot Has larger partners? I quarter. that? you. for the Is for partners, the of channel Normally to remarks, deals into Aaron, just we that

Aaron Levie

how or change significant where No resellers. going put etc. question. do but which we more to likes particular us evolution There and drive products. more our great the and sure see we wanted power work of even with the Accenture, on evolution go-to-market on the Deloitte in of emphasis take the that really of upsells customers focus to full system is on, make the on that our happening a it's Box integrators Yes we covered is that's you're with much broader integrators this year efforts channels an with on technology our larger about to

particular we to wanted make so lot sure that our a And emphasis of on model. dimension we put business of

that as more we're reflect to of the this is our big channel not partnership again forward evolve versus more bring will see as these director go making we the much for vehicle management us. content platform I as in a whether again system so overtime, and think but we more certainly you'll our comments use to as customers. and distribution really the bigger in cloud mix and is channel focus more integrators and driving we'll solutions customer continue sure strategic see But to customers year

Dylan Smith

partner. And our closed overall figure so deals to our remain business the with and a yes of XX% XX% does were channel and fourth of about quarter co-sold six channel in

by driven most of through we are the little Japan deals strong quarters bit Although in all part, large virtually as that growth saw we really those is in higher the mentioned that than channel. the in that

Brian Peterson

revenue Dylan that any in it. I breakout in you. know for that but guys. maybe domestic of we terms of one international international there get give is EMEA Thanks versus us Got sense size revenue. And of clarification the the can you

Dylan Smith

and then No, sense of revenue so relates to as type headed XX% magnitude of the of it a be it's what low would is kind from grow mentioned overall growth a given we been EMEA really and say roughly by in percentage improving that's range think sense get able of to by from opportunity, Japan that and order But to revenue seeing inconsistency well. we've our of the execution offset that kind to contribution today. teens we overall by international just scale, by of a of overtime of as a be we've get some that market driven kind as seen, in the of kind bit rate, the has that year-on-year, improved the business the revenue overall Aaron Out our to we the that as EMEA. as that should as the contribution of of

Operator

Michael Your with is Bank. next Turrin from question Deutsche

line Your is open.

Michael Turrin

I into was XXXX. touch could we your heading hoping around thoughts fiscal on more, seasonality

has solution a I a throughout the the think to result more we're all pretty of actually backend of expecting held But year this loaded rate selling. see year. move as consistent to growth

to if back just You've provide But added I'm of still forward. move QX. a to bill around going pattern in larger some seasonal you're ended the in color more solution trajectory wondering selling expecting deals

Dylan Smith

that do we be case. to Sure, expect so the

few would consistent as expect particularly As is same from in a comes break say in larger we renewals. I grow, billings of you we FYXX years fairly been the again that down mentioned ultimately seasonality's the the portion now. over kind of we what past roughly

us the So see won't given significantly move you current the probably needle scale.

customers some QX, be QX but selling not trends, there selling off these QX shift this of see strong to as that little is of as expect we're particularly solution addition to to that we us. billings bit expected larger in into QX into from we for in mentioned continued push So those headwinds coming because of similar well a both

mid-teens probably in or low QX. in see QX in to high-XXs kind to mid-teens So to in then the would and contribution to expect and QX, growth billings QX mid breakdown to overall of

Michael Turrin

trade basis, Dylan, Okay one back then at expansion to here? that push plans about are that margin on the of for more off dial maybe thinking now that's profitability and you've to growth How forward here? any all an reached on maybe and you from degree helpful adjusted margin. going potential potentially the

Dylan Smith

we're that's most right what in really to expect we do of in line focus of driver is probably the past, likely the of what actual on would basis variability Yes determine to so I you'll the growth more do potential really terms we're a discussed those and grow say as the we the think is talked profitability sales and and we grow sales of segment-by-segment kind to growth think in the have of based and at productivity note capacity the in seeing marketing to and going as terms terms year invest if seeing of of we're certain biggest profitability. our and think this regions pipeline a where likely overall we in for not, continued force invest think this that, then a growth cliff the to which that the is of If what pipeline, I impacting we sales I most in healthy more to spend region-by-region, performance be rate on a about we and then and and that, year. see there type to years we'll expecting in sales mix that item and on in see regions leverage But drive pretty the healthy coming in lot is we'll leverage. we've

margin or go consistent entering expansion and basis and the formal so FYXX. each of it this we now rates So I FYXX XXX growth our just call improvement would so fairly that this FYXX that, healthy into points year just which see in between and of to of all putting expect of would inputs didn't operating through get good we're in FYXX about those around feel roughly margins guidance that when up say would pretty sort overtime give we

Michael Turrin

That's you're helpful, thanks. questions. Appreciated taking the

Operator

Your next is question from Bennett Chad Craig-Hallum. with

Your line open. is

Chad Bennett

weakness? in Maybe say Dylan. between billings I the figure or this million headwind of overlap first some of where a The some $XX figure seven quarter. one seven Europe a deal year. and there Are and EMEA? weakness deal the meaning clarification should the obviously to with for out fourth those those there - or weakness exclusive weakness the Are is the result large EMEA mutually EMEA deals It's of

Dylan Smith

categories. separate are so EMEA, two those

headwind. of those of close the didn't, the EMEA there part is in figure overlap we'd we seven while So as categorized expect terms that deals in had it EMEA

So exclusive each those are two categories are separate that million. mutually about $XX

Chad Bennett

think kind excess generally understand or enthusiasm I work? of then selling the confidence your and I years of guess in you've last solution the Dylan. trying growth. or and of Okay speaking, kind I'm maybe [indiscernible] headcount behind for grown of to excess growth in billings revenue couple of certainly well Aaron over

what are QX based Obviously will not year-over-year be is four missed you selling for sales seeing And you it what on your down working, quarter quarters billings But your since these strong. be are users evidence working? negative negative this like solution four if It down given where at would evident is time. it think again in apparent. deals, Thanks. that accumulate you're quarter are again fiscal would large if and doing You trailing basis. billings per think because metric you're you've year-over-year trailing guidance really I'm obviously on a you the I first guess really are based fourth billings solution if billings paying know certainly - look and paying the seasonally went I that's user, your it looks

Aaron Levie

the Yes, maybe I clarify so cover evidence to think we're and to growth wants headcount couple then higher side seeing can I numbers add. kind because Dylan than sales of rate revenue

do to clarify couple numbers we want there. So

They're driving really seen of as and base about our we the being of represent overall of of segment representative base the to broader think don't which plus $XXX,XXX platform kinds they full especially the I look are, that while customers at customers. when often sold are of CCM and impact Box deals the transactions a volume, using in reps more of sales more more to that in reach starting customers. grow are ways strategic have those and we year-over-year customers now our XX% and base large where

customers set So broader it's broader of of a reaching from set sellers. a

would just of with we're driving customers. more able the on is But re-energize two transactions which more weeks the bring really team really off throughout kick kind speed sales disappointed much product we're We we're throughout some sales our at to our really rolling of reps sales, large strategic to and strategic relationships seeing this drive. driving very incredible say that great obviously from out with opportunity, a I FYXX, examples did ago are life and add So the about business. entire

the very deal for we're of given seven sales and So these cycle length seeing I obviously especially impact then that we're force. improve reps than strong we need energy full deals figure happening to the fact think have throughout momentum, the that continue again, and But growth would sales dent taking and our on boarding the to like is our the revenue on regular processes new expect. then to longer we that changes

that's So we're we of impact, forward. have base, however cloud to a again about lot their within businesses going size thus customer that not amount satisfied to an the customers based results and opportunity early we're transform going trends confidence with and content that the we're seeing they incredible how the of the how see of on talking the management we

Dylan Smith

Dylan to a clarify and bit. then, just Yes

revenue relates a And of seen bunch the kind largest year-on-year a different the trend the it's numbers. growth of region overall. and so you're in sales and for a flat grew all overtime sales years sales a our the meaningful as growth how This an sense seeing expect not level anytime on year On was revenue be and deal to faster our success as or XX% last with give this not it force solid doing been by XX% billings regional seen, few large to we've by that's certainly is year, just that the [indiscernible] this was high to sales and I'd of with the But force the we've as past force. we the in seen it we've the But basis improvement overall. that the even some than work about also. past productivity over metric pretty force year, trends the US productivity revenue so terms and our in then, the and productivity numbers kind as growth of our of coming of probably user well that trends guidance say of traction of and

performance East about, of of the year-on-year EMEA regions and where and from given leading charge coast, as been you'd we've West the kind expect south with have of the of as then and commentary down year-on-year some Coast Coast and lower would regions currently central talked we terms productivity productivity. terms In was we ramping saw in significantly

then And more our with basis. bit regional much consistent well sales Japan a segment, inside as that productivity force sales commercial significant globally improvements a While in was in year-on-year. saw performance on better

So over lot and there. overall, years last again all of it again pretty the was flat. the productivity kind year in, different improving few sub different regions been a over stories But past and of has

Chad Bennett

Great. Thanks for the color.

Operator

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

line Your is open.

Rishi Jaluria

on got to you on Dylan. XX% that's it And $X look model because accelerate that confidence CAGR Aaron a still with FYXX quick table that? giving the me you. have I if follow-up still I If following to ones, implies what in then billion table, start and in let to it at is current for is over guidance it your the going years Two if two revenue the

Aaron Levie

strategy existing to top still entirety products within right customers. base, just sell the especially we're of and our suites of so Yes the our being amount eventually add on now. tremendous multiple billions customers. at just deal growth of revenue of this very base, When reacceleration focused look then multiple We that customer to within see a again and customer and opportunity existing dollars we big is our on our the able

our FYXX, we right now that products So even would the when we add look But revenue very target look we when $X customer put that for we're reacceleration confident have, on base, at our we're the revenue we that lower in the in and something liked achieve continuing to of that's FYXX have billion in the on us. is onto look energy. drive. at again when our reacceleration at entirely our putting is does leadership on this opportunity, position we in that and guidance so where all focus that then more Obviously of

Rishi Jaluria

million if about your spend. adjusted That XX% year, what large this then with Aaron. its figure All $XX line XX% guidance next about EMEA, you've million the would just in ASCXXX the related million on reducing right, done deal be the of growth next headwind in seven and would together million, top your, or from year's thanks then parts And from $XXX of $X be in the midpoint $XX I which combined that's moving split realistically guidance Dylan, rate FYXX deceleration to customer from year. for growth

revenue You've an the growth Day in year. the past at seeing Analyst definitely discussed next quarter and in acceleration

me square adding moving why these Thanks. acceleration. the and just amount So even help that observations still for parts two wouldn't together an in

Dylan Smith

takes to revenue impact with guidance kind on that to parts of this that around we basis, expectations biggest Sure. be Would things revenue expectations other what Would to there and that, going an business our for we've the just the say first commentary revenue of clarified was magnitude, say in FYXX relate reported a year's that that of order impact wanted around of and were had give to and bunch in our numbers. performance all other and puts to of earlier commentary had XXX those tried have of phrased when a based and next impacts lot terms XXX growth and was FYXX always so growth well as certainly on how we our Other size in as buckets, there well. factors are do also of to FYXX. prior just as said

Rishi Jaluria

you All right. guys. Thank

Operator

Erik Your next question Suppiger with Securities. JMP from is

open. line Your is

Erik Suppiger

increase higher candidates You've voluntary sales cost? maybe you made enterprise involuntarily. do be seasoned more changes turnover sales the or revisit have sales on hiring, to are to you a that looking any that forward number the that And might you're need going think had for people front, a you either of you

Aaron Levie

This is Aaron.

of move I quarter with Obviously expectations. into think we've line in factors. variety seen can retention relatively for a rates our

standpoint. on recruited end-to-end a been of focused maybe selling times all But sort of that on expectations been for our we candidates overall marketing bringing solutions pulling companies customers as have more environment from traditionally and cost kind from. into very and can kind sales reps We this that often sales to priced of have that in at lead different

customers So bigger but see kinds evolving about we're in can the accounts. competition sales sure of drive our changes after, transactions our after, we of into a it any to going sales we're standpoint terms is of terms solution go absolutely from going a force don't in much make continuing what we reps and into

Erik Suppiger

to Do be of out very or in training needs you your still is the go-to-market? feel figuring it a that it like where is much is work progress still kind optimal

Aaron Levie

fortunately can in our these Yes the making sales and bit exactly more past focus that our an with larger go this. of our a that's that in the a this want further in much very right we've on team with enablement. mentioned the in, processes. of much over building with do and investing to get especially to brought takes selling and a actually in rigorous making sales sales is kind area We training it more plans compensation been way bigger with transaction. is solutions to Dill we're new what rigorous all continuing tweak these to really enablement It's as - sure line sure invest equipped And couple deals, everybody of training even training something message, the get here - strong run leader we but to is we even a off this very and sell we've fact foundation quarters. just content And in

So now again kind - last we year, optimistic last of just momentum really momentum complete the kicked But results. year evolution into and satisfied speed in we're the coming which building we're with with really we're start that again not and about we this on early success this seeing it's that of year so off we're this. doing very strong again building the off the and

Erik Suppiger

Thank you. good. Very

Operator

question from with Wells comes Winslow last Your Philip Fargo.

is open. Your line

Philip Winslow

Thanks guys follow-up. my for taking

a items. of Just housekeeping couple

product have up have was Two; we user Did the non-current? I QX question, us the you just did QX year-over-year. those transcript the think backlog total one. just non-current, total split QX. on paid you and split you the - count? the gave of a then I for mentioned RP with if but partner for got [indiscernible] the you you that current you in Dylan for user of metrics have versus That's take have the also current, account XX% First, net a third

Dylan Smith

clarification. metric so on the some of Sure, starting we're

So total in registered was XX.X users million. ending the year quarter

So about? what you was the asking were that channel metric

Philip Winslow

contracts in partners For through QX. the XXXK

was it I in about think of half QX. some

Dylan Smith

don't number top off In we'll head, have QX follow-up a my on of I that.

bit up deferred maybe of confirm on with terms in a in long-term a of year came which year-on-year. lower deferred through was which is million because down in always and $XXX then the of that little because put $XXX our backlog short-term we'll the then ending that was total up And $XXX was to our at and more up performance XX% short-term, then that's made million XX% the sheet fee long-term year the kind performance long-term deferred which the the overall was combination XX% on But of XX%, impact much from think primarily a the remaining year breakdown XX% of enhanced up piece went million, obligation revenue, context full in I of just XX% that's balance the remaining deferred was year-on-year, at XX% backlog ended that deferred which ago. but and obligation, that. of developer bigger of amount again and and an headwind revenue

Philip Winslow

months. non-current if for for And versus have the next you XX the breakdown current [indiscernible]

Dylan Smith

but deferred non-current current the have revenue I piece. the piece, versus backlog No don't

Philip Winslow

And you what last in ex- Okay full you're sort fee question, just of XXs, growth that developer would like doing growth equal the enhanced developer the things fee? that it. had of billings got metric billings is for for what also kind of one was year look ex-

Dylan Smith

billings growth roughly to up in year headwinds so being ended percentage Yes X FYXX. points that the in

Philip Winslow

Got right. Thanks All a it. lot.

Operator

turn portion Q&A call. concludes remarks. back the I presenters any this of to And for now over closing things will today's the

Alice Lopatto

speaking everyone you today next we with forward Well and you us quarter. thank joining for to look

Operator

This concludes call. today's conference

disconnect. You may now

Box (BOX) 28 Feb 192019 Q4 Earnings call transcript