While Dropbox has been investing in AI and machine learning technology for many years, we're all witnessing an unprecedented wave of innovation around generative AI and large language models. As we discussed on our last call, we took some important actions in Q2 to better align our investment strategy with our long-term growth initiatives and to drive product velocity against our AI roadmap. So, with that backdrop, I'll touch on what we're working on to drive these objectives, starting with our first objective of building AI-powered product experiences to improve knowledge work. Much of the work here has been foundational, focusing on driving retention and conversion, and I'll share more about the progress we made during the quarter. Our second objective is continuing to evolve the core file sync and share experience to specifically address customers' workflows around documents and videos. Our company mission at Dropbox is to design a more enlightened way of working and I'm proud that we've accelerated our roadmap here with Dropbox Dash and our progress in AI, which I'll discuss in a minute. The first objective is around building AI-powered product experiences to help our customers organize their working lives. However, we are still navigating a difficult macroenvironment that continues to impact our Teams customers and pressures growth in our DocSend and Sign businesses.īefore, I walk through the highlights from the quarter in more detail, I want to quickly remind you of our primary business objectives that I outlined last quarter. I'm pleased to report that we had a solid quarter, once again beating our guidance across all metrics, led by revenue outperformance in FormSwift and some recovery within our Individuals SKUs as the progress we saw in late Q1 continued into Q2. And I'll first share our business and product highlights from the quarter, and then Tim will review our Q2 financial results and provide guidance for the rest of the year. Joining me today is Tim Regan, our Chief Financial Officer. Thanks, Karan, and good afternoon, everyone. I would now like to turn the call over to Dropbox's Co-Founder and Chief Executive Officer, Drew Houston. A reconciliation of GAAP and non-GAAP results is provided in our earnings release and on our website at. We'll also discuss non-GAAP financial measures, which are not prepared in accordance with Generally Accepted Accounting Principles. Factors and risks that could cause our actual results to differ materially from these forward-looking statements are set forth in today's earnings release and in our quarterly report on Form 10-Q filed with the SEC. They are also based on assumptions as of today, and we undertake no obligation to update them as a result of new information or future events. These statements are subject to risks and uncertainties that could cause actual results to differ materially. Good afternoon, and welcome to Dropbox's second quarter 2023 earnings call.īefore we get started, I'd like to remind you that our remarks today will include forward-looking statements such as our financial guidance and expectations, including our long-term objectives and forecasts for our third quarter and fiscal year 2023 and our expectations regarding our revenue growth, profitability, operating margin and free cash flow, as well as our expectations regarding our business, assets, products, strategies, technology, employees, users, demand, industry trends, and the macroeconomic environment. I will now turn the call over to Karan Kapoor, Head of Investor Relations for Dropbox. As a reminder, this conference call is being recorded, and will be available for replay from the Investor Relations section of Dropbox website following this call. After today's presentation, there will be an opportunity to ask questions. All participants will be in a listen-only mode. Thank you for joining Dropbox Second Quarter 2023 Earnings Conference Call. Karan Kapoor - Head of Investor Relationsĭrew Houston - Co-Founder and Chief Executive Officer ( NASDAQ: DBX) Q2 2023 Earnings Conference Call Aug5:00 PM ET
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