Box, Inc. (BOX)

Analyst Day 2018

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Aug 30, 2018

Everybody. Welcome to Box's Financial Analyst Day. I wanted to thank you for spending time with us and learning about our business. My name is Luciano and I'm here with you today. Before we start, I wanted to go over some forward looking statements and I wanted to discuss our risk factors. So during the course of today's presentation, we're looking statements regarding our expected development of our products and services. We expect our best judgment based on us and actual events and events. Please refer to the risk factors of documents we should disclose in our financial results to differ materially from the financial results to differ materially from those set forth in the forward looking statements. These forward looking statements are being made as of today, August 30, 2018. We disclaim any obligation to revise them. In addition, during today's presentation, we will discuss non GAAP financial measures. These non GAAP financial measures should be considered in addition to not as a substitute for or in isolation from our GAAP results. When we post today's presentation in the IR section of our website, it will include disclosures regarding these non GAAP measures, including reconciliations with comparable GAAP results. With that out of the way, I wanted to share with you a little bit about my time here at Box. I joined Box at the end of December 2014 to help build out the Investor Relations program. In my 2nd week at Box, I jumped on a plane to spend 2 weeks with 3 executives to tell investors about our mission. At the time, we had only one main product and we had a strong ecosystem of partner integrations, but no strategic However, we had an ambitious vision, which was to enable enterprises to work more productively and securely in the cloud on any device, and we wanted to build a platform designed to deliver enterprise content collaboration into any application. Fast forward a quick 3.5 years later and that vision has not changed. However, our company has evolved into fulfilling that vision. We nearly doubled our number of customers to 87,000. We have 7 products in our portfolio. We have strategic partnerships with IBM, Microsoft, Amazon, Google, Apple and more, along with over 1400 integrations. We are in 69% of the Fortune 500 with customers like Walmart, GE, Coca Cola, Amira Pies, SunTrust, Allstate, McDonald's and the list goes on and on. Now we just begun on the next chapter of our vision as we recently evolved from selling a product to selling a solution, some of the largest enterprises from the most regulated industries. So with that, we'll be spending the next couple of hours talking about the blueprint for the digital workplace with our CEO and Co Founder, Aaron Levy, which will be followed by a customer panel with our friends from Ameriprise, SunTrust and Allstate, hosted by our Chief Products Officer, Jeju Patel Stephanie Carrillo, COO, will discuss our go to market strategy for solution selling and Dylan Smith, our CFO and co founder, will finish up with how we're driving growth and leverage in the enterprise. So with that, I'd like to welcome our CEO and Co Founder, Aaron Lovey to the stage. Thank you. Thank you, Alice. I appreciate that. Yes, is Mike going to work? Cool. It's all good. All right. So maybe just quick survey just so I have a sense of how much you have to go through. Can you make this slightly interactive? Who was in the main keynote yesterday? Okay. So I'm going to I'll try and do a slightly different version, but we certainly for the live cast, we want to make sure everybody gets a good sense of things. So we made some significant announcements yesterday around our product strategy and where we're going as a platform. I want to kind of recap some of key updates, why we made those decisions, how our product has been evolving and how we are continuing to work and transform our customers. The good news is this will not be 4.5 hours like it was yesterday morning. So we this is truly the synthesized ideas of what we talked about. So Box, as you know, our mission is to power how the world works together. We now have 87,000 customers and 60 9% of the Fortune 500 is using the product. And especially I think earlier today in G2's keynote, we talked a lot with some of our leading customers around how they're transforming their businesses, both in their digital workplace and how they're working in a modern way as well as their business processes. And that's incredibly exciting to see. And we're seeing that organizations from Coca Cola to the Met Police in London to Raymond James in Financial Services and Amgen, Eli Lilly, Pfizer, Johnson and Johnson and so many more in life sciences are using Box to fundamentally both again change how they work as well as change their business processes. And what all of these companies have in common is they're beginning to retire legacy systems, they're beginning to shut down legacy infrastructure, they're beginning to modernize the end user experiences that they're delivering to employees And more and more we're seeing them embed Box into their digital business processes. And what we tend to see across all industries is that fundamentally digital transformation is affecting every business. And we know this, this is what every vendor obviously is discussing, but we see it in 3 distinct ways. The first is employees need a modern digital experience for how they get their work done. They have to have much more engaging experiences within their organization. They have to be able to more easily share and collaborate. We just had a conversation with Stuart Butterfield, the CEO of Slack around what does agile look like at scale in a large organization. We need modern tools. We have more and more CIOs coming to us saying, I really we care way more about the end user experience of the software that we're delivering to our employees. And in many cases, they're even partnering now, people organization, with the HR organization around how do they deliver these modern ways of working. So we're seeing a fundamental transformation in the digital employee experience, which is a space that we've obviously played in now for about 13 years since the founding of the company. And more and more, we're being embedded into more of the modern digital business processes of our customers. And this is where Box is being used as a back end system for business process automation, where more customers are developing applications on top of our platform. And it's really about making sure that you can accelerate business processes that extend the front office and the back office. So how do we connect the customer facing experiences that an enterprise has with their back end systems and employee facing experiences? How do we begin to move customers off of legacy document management systems and storage infrastructure so they can modernize that approach to their architecture. And then eventually, coming later this year, of course, the ability to pull in AI services and really extract insights and data from the information that they're working with. And then finally, customers care about this and enterprises care about doing this in the context of all of the security, all the privacy, all the regulation challenges that they face. So whether it's GDPR from a geographic specific requirement or industry specific regulation like GXP or HIPAA compliance or FedRAMP and the federal government, our job is to make sure that we can meet all of the compliance requirements of our customers because they're facing an unending attack of challenges from a privacy and security standpoint. So when we think about digital transformation, we think about from these three perspectives. How do people work in the future in a modern way? How do we enable the business processes to be connected to how those employees work? And then how do we do so with a level of security, privacy and compliance that is unmatched by any other company in this space? We think that fundamentally, if we're going to transform our companies digital age that the way that we manage, share and work with our information when we go into most organizations and we have initial conversations with them about their digital transformation, the first starting point is, how are you managing what tools our employees use today to get their jobs done? And that will instantly tell us where that customer is on their journey and their ability to go and transform. And what we see in a lot of organizations is this fragmented architecture of content management and it's really due to sort of 4 or 5 eras of technology emerging with most enterprises are dealing You have legacy network file shares that emerged in the roughly in the early 90s. Then you had document management system that began to get used to do better document lifecycle, better document workflows, products like Documentive, SharePoint began to emerge. Then end users wanted to be able to share files and collaborate. So content management and user level consumer file sharing tool, Drive, Dropbox, OneDrive kind of got pulled into organizations. Then Enterprise has said we have to begin to interface directly with our customers in a line of business applications and other modern applications that are to get developed on infrastructure as a service. Finally, as we become more and more productive in the cloud, we're using products like Slack, Quip, Salesforce, Facebook Workplace and we now have this modern cloud stack for productivity. So when we go into most organizations and we say how are you managing your unstructured content, financial records, media content, presentation, the daily notes that you're all of the intellectual property that goes into designing a new product. Where is all that data going? And they end up showing us an architecture that looks something like this, going into 10, 20, 30, 50 different systems. Most of those systems are running on premises, but more and more of the end user use cases are moving to the cloud. And obviously, this is an area where got our initial start 13 years ago at Box. But what we know is that this content fragmentation is fundamentally preventing our customers from being able to transform. It means that you can't secure your data easily, you can't govern your information across all of your systems. The use cases that you have for each one of these products is completely different. So we're hopping between systems as we're getting our daily work done. When you look at that from an end user level, we don't see a single business process that extends past just a couple of people that won't interact with multiple systems and silos internal collaboration, external collaboration sharing with partners, now you have data moving through email, you have data moving into consumer tools. Then customers want to be able to publish that content, maybe it's for internal purposes or external. Now you have another set of content management systems that are in the enterprise. And then finally, for regulatory purposes or compliance, you might archive that information, you have to make it discoverable in the future. And so as we think about most modern business processes, we can't imagine how you can do that with this architecture, where your content is stored in 3 or 5 different places, where employees are hopping between different systems to be able to get their work done, it just doesn't work. And one question that we get a lot from customers and obviously the market generally is, well, what about Office 365? It must have solved this problem. In fact, actually in some cases, Office 365 makes this problem worse, because fundamentally OneDrive, which is their end user file sharing and synchronization tool is really meant for the personal file management tasks of all the daily work that we do. But the moment that you want to be able to share externally, the moment you want to be able to do true document management, you then begin to use SharePoint. And then beyond that, of course, if you want to build a custom application, you would use Azure. So 3 reasonably fine products on their own. The challenge is most workflows span all three of those use cases within a business. So as a user, I'm hopping between different systems. I don't know where the latest version of a file is. I can't add security, governance and compliance in one source of truth across all of my data. And then if I'm a developer, I can't instantly write to one API to find where my data is and then embed it into an application. So we think this is a major problem. We think this creates massive inefficiencies in how work gets done and our business processes. So we asked ourselves and this goes back about 10 years when we pivoted in the enterprise, we asked ourselves, what if enterprises have one platform for both their content management and their business process? And the business process piece has come in, in a more significant way over the past few years. So it really started out, what if we had one content for platform for 1 platform for our content and then what if we could eventually connect that into how the business workflow actually happens. And we said, okay, if we're going to deliver this single platform, we would have to do a set of things that no other platform can do in one place. And we identified a series of capabilities or characteristics that we felt like Box would have to deliver on in a best of breed way if we were going to be able to build this singular platform. And we asked why was it that for so many years when Documentum tried this or SharePoint tried this or other platforms tried this, why were they not able to deliver this idea and vision of a singular platform. And it was because the data ended up being trapped inside of the organization. You couldn't do external collaboration. You couldn't have a single source of truth for content that integrated into best of breed applications. So fundamental to our strategy and what you'll see at Boxworks throughout the yesterday as well as today is we have nearly every major technology company as a partner that shares the stage with us. Companies like Apple, Slack, ServiceNow, IBM, Microsoft earlier this morning and the list will go on later today with G2's next keynote later this afternoon. But fundamentally, we have to be able to integrate deeply into all of the applications our customers are using. So you have to be able to integrate deeply with the best of breed ecosystem. Then you have to be able to automate the business processes and workflows that span the front office and the back office. And this one is really, really unique in digital age, because we have more and more customer facing experiences. So digital applications, whether on mobile or the web, that enterprises are building that have to tie into an internal system or internal workflow that an employee is going to engage with. So my customer might be uploading documents to, in a claims process or in a wealth management process, an internal employee has to work with that content, be able to access it, market up and then share it back to that client. You don't want to have 2 different environments that people are working from or 2 different data silos that people are working from in that process. So we have to automate and connect our front office process with our back office process, our customer facing experience with the back end processes that we have. Then with the rise of ML and AI, we realized, well, we have this unbelievable weapon, which is the ability to take the power of computer intelligence and apply that to content and extract insights and data from our unstructured information. So with Box, we store tens of billions of files in every single one of those files is some critical insight that could be valuable, whether you want to search for it or if it gets prompted to you or you build a business process around it. And we know that with the tens of 1,000,000,000 of dollars being spent in R and D every year from all of the major technology vendors, we didn't want to be in a position where we had to compete with all the leading AI providers to be able to do this. We wanted to instead flip the model and say, if you like Azure Cognitive Services, you can pull that into Box. If you like IBM Watson, you can that into Box. If you like Google Cloud Platform, you can pull that capability into Box. So that's really where Skills was announced last year and this year we had some pretty significant updates ecosystem pull the power of that technology into the platform. And then finally, we have to be able to do this with a level of security and compliance for every industry and geography without sacrificing simplicity. And whenever we talk to any of our customers, still one of the singular biggest reasons why they decide to standardize Unbox is that native security model, whether it's our encryption key management, our advanced permission architecture, all of the reporting that we do, all of the advanced security classification features that we have and some of the announcement that we made yesterday, that ability to have one source of truth for content that you can secure centrally is a really powerful idea. And especially being able to deliver in highly regulated industries where we're seeing a lot of growth, where there's really no alternative to being able to move to the cloud. So we said, we would we have to do these 5 things in a best in class way and that allows our customers to have a single source of truth for content that again works for a significant portion of their unstructured information and the business processes around that. And that's the platform that we've delivered and I think everybody has a good sense of that. But this ability to have a layer of intelligent content services, a layer of advanced security and compliance offerings and then we build our applications on this platform. Box we have a Box Drive product that lets you do file, access stream from the cloud, those are built on our public APIs, which means any other developer, any other customer could have built those. Then we integrate into 1400 applications. And again, this is very, very core to our DNA. I think a lot of companies talk about interoperability and integrations. This is steeped in the culture of Box that we are a partner centric, partner first company when we think about innovation. Almost every product we build, we instantly think about the implications to the partner ecosystem as we create it. And in almost every product conversation, we're already calling partners and saying, how can you embed yourselves into what we're doing from an innovation standpoint very early in the process. So that is what gives us the ability to go more deeply integrate into our partner applications than probably any other company in enterprise software and especially within cloud content management. And one of the kind of great examples of this is Google, where we had an update to the partnership that we announced yesterday, I'll be talking about in just a few seconds. And then more and more, our customers are building custom applications in front of this platform. And this is the big idea of, if I store one file, whether that's from Box Drive on my desktop, whether that's uploading it from a mobile device, whether it's creating from the web, I want to be able to have that file accessible not only in the 3rd party applications that I'm working in, but any custom application I'm building for my enterprise. So now I can have one source of truth, whether it's a custom app, I'm building maybe some HR application, where that content can then flow into the end user experience of Box where an employee can log in and access that file, mark it up, do a task, kick off a workflow. That ability to be looking at that singular object, that singular record, no matter what system you're working in, is what more and more of our customers are relying on. And this is certainly why Gartner named us the leader in content collaboration platforms and we're the only company that shows up with a single product on both content services platforms, which is sort of the modern ECM quadrant from Gartner and content collaboration platforms, which is the sort of modern EFSS Gartner quadrant. And so this ability to have in one product, not one vendor showing up in 2 Magic Quadrants, 1 product showing up in 2 Magic Quadrants is something that we're really, really focused on. And Forrester sees the same thing around what the future of work looks like with Cloud Content Management. And the reason for this, when you look at from a feature comparison standpoint is there's not a single vendor that has the functionality you would need to be able to span the internal and external enterprise, mobile access, platform access, AI from different service providers, all market, market, what they're doing is they're saying OneDrive, it might be fine for end user file sharing, SharePoint might be fine for document management or collaboration, but the ability to have all of those capabilities in one source of truth for content is what fundamentally doesn't exist in the rest of the market. And this is what gives us the ability to have the most comprehensive platform. And as Alice mentioned, we're really just getting started with this vision. And I want to reinforce that everything we do is from the perspective of architecture. We want to architect a platform that offers a single source of truth of content and then deliver all of the services and advanced capabilities around that content that let our customers completely transform their businesses. So everything that we do from a functionality standpoint, from a partnership standpoint, from an innovation standpoint is built on this premise of one source of truth for content. So when we say we're just getting started, now we're at a point where we can build off that foundation that we've created. At Boxworks, we've obviously taken this even further, the idea of what CCM can do. We are going after a $45,000,000,000 market. We believe that market is comprised of everything of on premises storage infrastructure that we see as moving to the cloud, document management systems that we can replace not all systems and not all use cases, but a healthy chunk of them. Security services that are wrappers around content management or storage infrastructure and governance modules and other extended functionality workflow around content. So we're going after a pretty massive market that we think is fundamentally shifting from on premises systems to the cloud and we're trying to build out the leading platform. We built the leading platform, we're trying to continue to scale that as we go forward. So at Boxerge, we made 3 major announcements. The first was enhancements to how customers can deliver a digital workplace. This is the idea of able to work in real time with anyone from any application on the content that is pertinent to you. So that's what we've been doing from a digital workplace innovation standpoint. And again, this is largely if you're thinking about our history in the EFSS space, this is largely relative to the sort of modern forms of enterprise file sync and share. Then we said, we want to be able to connect the work that's happening at the end user level to more of the business processes within the organization. How do we automate those processes? How do we embed Box more deeply into other systems of record? How do we be able to bring AI and other intelligence into Box, so that way you can structure unstructured information? This is really what we see as the future of digital business. And then finally, what has been always core to Box, but where we're going to be driving even more innovation from is the ability to have advanced security and data protection in the cloud. So as I mentioned, digital workplace is all about working in a fundamentally modern way. This is most customers call us and start their engagement initially with us. They all of a sudden say, we need to have better employee experiences. We need modern end user tools that they can use. We want to be able to work in real time globally. We have way more partners than ever before, so we have to share externally in a very secure way. And I don't want to have to train employees on how to use software. So I'm going to secure way. And I don't want to have to train employees on how to use software. So I don't want to be able I don't want to use tools that are too hard or too cumbersome to be to leverage. And this is where again, we really got our start. So when we think about the digital workplace, it's not just about content, it's about communication, it's about editing that content, it's about publishing content in different systems. So our partnership ecosystem is central to being able to drive a digital workplace. We've got a great partnership with Office 365 for real time co editing online. We mentioned yesterday and updated on our partnership with Apple, deep integration with Iwork. And yesterday, we highlighted where we're going to be going with our partnership with Google, which is an incredibly significant partnership for us to be able to offer choice in the enterprise around the productivity suites that customers offer have. We also integrate deeply into Facebook Workplace. We're advancing our partnership with Slack, Salesforce. We integrate with ServiceNow that we announced and so many more applications that we're integrating Box into to be able to have one source of truth for content. As we look at these partnerships, one big update that we did, I mentioned, was with Google. We are seeing more and more large enterprises clearly move things like Exchange to the cloud with Office 365, but ultimately want choice when it comes to letting employees have the best tools to be able to do their work with. And so we're having a surprising number of conversations, some in large banks, some in healthcare institutions, some in life sciences that are saying, yes, we're going to be moving to Office 365, but there's some class employees, maybe it's the millennials coming in, maybe it's a division that they just brought on board or new acquisition, where they want to be able to offer some choice at the productivity suite level, where they to be able to have employees use Google Docs or Google Sheets or Google Slides, where they want to be able to work in real time with those set of capabilities. So we're the 1st platform that in one source of truth for enterprise content management, you can connect to Office Online, to Iwork and Apple and also to Google Suite. So that ability to take a Google Doc, store it in Box, open it up instantly, do real time collaboration within Google and all of the data saved back to box, which means I have one permissions architecture, I have one security model, I have one governance model, if I want to add classification to that, I can very easily. And that is what we're delivering with Google. Google in fact had to re architect many of the capabilities within Google Docs to able to enable this for our joint customers. So it was a pretty significant technical feat to be able to enable that. So we're really excited about Google partnership. We are rolling this out in beta today with our customers and it will be generally available later this year and we'll be talking more about that later this year. We also introduced an all new activity stream for all of the activity that's happening with your content and deeper integrations for how you can get access to those applications directly in Box. So when you're looking at a file in Box, we want to make it easy to do things like share in Slack, share in Salesforce, share in Facebook Workplace, but then also as activity happens in those applications published back into Box, the events that are going on. So now when you're looking at a piece of content, you can see the timeline of how that file traversed or traveled through different applications that the customer was using. Maybe it was shared in a Slack channel, maybe it was published to a Salesforce record, you want to be able to look at that singular document and know exactly what's happened. So you have an unbelievable amount of context in where that content has been going. And when we've been showing this to customers, they've been blown away because previously, they used to have to replicate files into all those different systems and they don't end up with a source of truth that says this is the most recent version of a file, this is the regulated copy of the content, we can go to an auditor and say we know exactly where our information lives and how it's being accessed. So that was a really big update and continues to advance our partner ecosystem. So across digital workplace, we announced an all new activity stream and recommended apps that will be coming next year, early in the year. We announced Box for G Suite and the update to that partnership. Beta is available now, general availability later this year and we're working on some more announcements on that front. And then we did an update on Box Feed, which is now in beta that lets customers be able to have better discovery of content directly within Box. As we look to digital business, as I mentioned, this is all about how do we embed Box more into the business processes of an organization. How do we automate structured and collaborative work in one place? So the ad hoc processes and the structured processes all can live in one system. How do we capture insights using AI? And then how can you build on top of box to be able to create engaging digital experiences? And we believe that transformation requires that companies actually go and digitize the business processes. On one hand, you have to modernize the way you work, modernize your innovation, make sure you become much more nimble and agile. On the other hand, your processes internally also have to equally modernize. So we have a lot of work in this space. We partner with IBM to co develop Relay. We partner with Pega to integrate into Pega's BPM systems. We made a significant announcement last week with ServiceNow and we had CJ decide head of product from ServiceNow on stage yesterday to talk about our partnership with ServiceNow. So we want to make sure no matter what business process system our customers are using, what workflow platform they're using, we can take content from Box and embed it into that application. But we know that there's a huge opportunity to automate more of the end user tasks and the collaborative work that's happening on a daily basis. And when we look at a lot of the business processes at Boxx, it's things like weekly pipeline forecast, content submission, reviewing digital assets, being able to do sales training distribution, document redlining and contract management, the ability to have a release tracker for how our products rolling out. So all of these tasks that end users are doing, millions and millions of times a day on Box, we said, what if we could bring more automation capabilities to that. So once you do a repetitive process multiple times, we can actually help you go and streamline that, so it's a lot more efficient. And what all of these processes have in common is they fundamentally combine collaborative work and structured work. So the idea of at this specific day, an event kicks off the need to red line or work on a piece of content, where a bunch of people have to go contribute, which is collaborative, then that document gets finalized, gets shipped to our general counsel who has to approve it and then ultimately that gets tagged with metadata and then gets distributed out to a number of people. This is the real work that's happening in every single enterprise every day. It's just not automated. People are having to make up for lack of automation and use a bunch of social systems and other ways of communicating to be able to move the process along. We said, what if you could have the ability to move events through a pipeline and as different tasks get accomplished, whether those are again collaborative tasks or structured tasks, you can have that all in one place. Now 5 years ago, 5 or so years ago, we launched a feature called automations in Box and it did this in a very, very problem. Brought on a team recently with a small tuck in acquisition that we did with this company progressively and we fully staffed the effort. We said, what if we can now automate basically any capability within the platform. So sort of if this then that framework for anything happening in Box. If this file gets uploaded, move it to this person, add this task, apply this metadata, once it gets approved, move it along on its journey. And that's the all new Box automations and tasks in our platform. And that's going to be available early next year. We're going to be getting customers on the beta of the new version hopefully sooner than that. But it's really this idea of how do I automate the collaborative work that's happening. This is the 90% of enterprise work that we have not been able to bring automation to. So we know that we're going to constantly be trying to improve and make more efficient our business processes and loan processing and claims management. We have a lot more innovation that companies can do there, especially when you pull an AI. But what is the 90% of unstructured work that has a certain degree of repetition to it? How do we begin to automate that work, make that more streamlined, make that much more efficient for every knowledge worker and every business process in our organization. And that's what the new automations and tasks is going to be able to deliver. And finally, on the digital business side, we know that the winners in the digital age are going to be companies that extract the best insights, the most knowledge from their data. And this is really what we're seeing in the AI space. So the ability to take insurance images and pull out the appropriate information, healthcare data and be able to see signal from noise, retail and be able to see trends in a market or capture intelligence from content that we're working on. And we know that most of our information today is unstructured, most of our data is unstructured and this is the 100 of billions and trillions of files that are being created that are images, videos, documents that we don't know much about. And we know the only way to do this at scale is with AI and machine learning. And so last year, we announced a new technology called Box Skills and the whole premise of Box Skills is, what if we could have a framework that would make it incredibly easy for anyone in an organization that is technical at least, be able to pull in the power of AI from any major cloud AI provider, IBM Watson, Azure Cognitive Services, Google Cloud, AWS and with a few lines of code, be able to actually go and bring intelligence to their content. And so Box Skills effectively enables that. We abstracted away a lot of the system a lot of the system capabilities and actions you'd have to take as a developer to be able to move content securely from the box to a public cloud AI provider and be able to extract the appropriate metadata, apply it back into the Box user interface and be able to work on it in a really simple way. So that's what the Box Skills Framework is all about. And what we announced is Box Skills Kit, which is the developer kit that lets developers go and actually build these skills. So this is a really powerful way that any developer is going to be able to take any of the innovation happening in the AI space, so the tens 1,000,000,000 of dollars in R and D and be able to bring in the power of that technology into content in Box that leverages the privacy, security and compliance of Box, but pulls in the AI from any major vendor. That's Box Skills Kit. We are also working on efficient ways that we can lower the friction and even reduce the time it takes to get going with Box Skills Kit. So how do we make it within a few clicks, easy to be able to deploy AI directly within Box using these partners as well. So that's something that we're working on. But Skills Kit has been what customers have been asking us for, for the the most out of these technologies. So that is generally available in December and we're really, really excited about that one. So automations in Box early next year, Box Skill Kit GA in December and then ultimately custom trained AI models with skills kit with custom skills is going to be coming next year as well. So the ability to pull in auto train services into your content, that's also going to be coming in the next year. Finally, we haven't talked about a lot of this recently, because we've been working in the background on a bunch of this technology, but we wanted to do a pretty significant update on the future of data protection and security within Box. We know that implementing security and protection data protection today calls for a completely different approach. If you think about the enormous amount of data that we have, the ways that we're working with that data, all of the new challenges that we're facing, we know that perimeter based security doesn't work, but even rigid non perimeter cloud security doesn't really work in the digital age. The boundaries of our organization are blurring, so we're sharing with an enormous amount of external partners and colleagues, vendors, clients, contractors. We know that attacks are gaining in sophistication as represented by this image of an attacker. I saw that for the first time yesterday, I was like, that's a little awkward. Okay. So I don't like it's just the classically like hackers don't wear masks, like they're just on their computer, they don't need a mask, they usually tape their camera if necessary. But we know that attacks are gaining in sophistication. This is pretty important. And there's more access points than ever before. So people are working on more mobile devices, they're working in more applications. And so we know that there's so many different ways that information is being worked on. And so we know that there's you can't use rigid typical policy based security to be able to secure this enterprise. If we go to some of our organizations, maybe we'll talk about it, Jeetu will talk about it in a few minutes. We have some customers that work with 1,000 of external constituents, firms, not just individuals, different organizations. You can't keep up with that in typical structured and rigid policy based security models. We can only use machine learning and intelligence to be able to actually secure that way of working. So yesterday, we introduced Box Shield to our customers. We wanted to give a little bit of a heads up and a preview of where Box Shield is going and what it is, because we have a lot of customers that have been asking to jointly innovate with us and very, very regulated industries, highly security conscious organizations that wanted to be early in this process. So we wanted to give a preview of where we're going with this technology, which is the idea of bringing intelligence to security within Box. And so the way that we're solving it and last year we introduced Box Graph is taking the map of activity that's happening in Box, all of the users and who they're connected with and the uploads that they're doing and the devices that they're accessing from and the applications that they're working in, that has built a model for each enterprise that we work with that lets us effectively see the patterns of context, actually an aberration from typical behavior. A user is accessing a type of content that typically that user or users like that user have access before. Or when somebody logs in from one device and very recently they logged in, in a location that would been impossible to be in both of those places within those time stamps, we can then detect that very easily. Or if I'm externally collaborating with Affirm, that is the first time that we introduced that external collaborator into our network that has a higher sensitivity associated with that type of work. So we said, what if we could actually begin to provide more signal from the noise that event logs and traditional logging systems are providing, more signal to the security professionals that are using Box and managing Box to be able to say, maybe you should look at this higher risk activity that's happening in the system. And this is something that basically every single CSO on the planet has been asking us for when we go and talk about, which is I don't want to just know every download, every upload, every access that somebody has done. I need that for forensics. I need that post facto. I need to be able to see that from an analysis standpoint. But I want to be able to have more signal. I know that not all of my content is created or treated equally. I know that I have more sensitive information, more sensitive partners, more sensitive locations or geographies that people might not be able to work from. And those are the areas that I want to tune Box to be able to alert me on that type of activity. So this is what Box Shield is all about. And we're going to be launching with 2 major of pattern of work you want to be alerted to. And smart access lets you create classification policies to be able to have additional levels of security on highly restricted content. So if you are a defense contractor, you might want to ensure that certain intellectual property is being shared outside the enterprise as compared to other content that can be. And so you want to be able to classify your data intelligently and then have smart policies get kicked off because of that. And so that's what Box Shield is all about. And then eventually we'll be enabling a content firewall feature that gives you even more advanced security protection as content is being accessed and worked on. The only kind of guidance I'd give at a high level from a pricing and product standpoint is is we are treating this initially as an add on product. So we were thinking about this in the realm of a governance, but we are working on better ways that we can get this in the hands of as many customers as possible. So just hopefully you can appreciate some need for flexibility as we think about how we're going to bring this into market. We think this completely bolsters and transforms our security story. So we are working on the ultimate pricing and packaging of this product. But mission the mission is every single, especially large organization on the planet, we want to make sure is leveraging this to be able to help secure their enterprise. There's certainly no guidance from a revenue standpoint and its contribution to Box. And so when you look at all of that, our digital workplace and how we're enabling a modern way of working, especially with third party applications, digital business processes and how do we actually go and begin to reengineer the underlying process within our organization, bring more automation to that and the future of security and hope that you've seen that today and hopefully yesterday. And we're really, really excited to be on this journey with obviously our shareholders and our partners, but then ultimately all of the customers in the world. So that's cloud content management from Box. I'm going to hand it over to Jeetu that's going to lead a panel hearing Q and A after Dylan. Thanks, Jeetu. I'm going to go at a little bit of a slower pace than Aaron, but we'll make sure we cover the same amount of content. So what we thought we'd do is rather than just talk a whole lot about ourselves, we thought we'd have our customers tell you about what problems they're solving with us and specifically what their journey has been as they've gone through. So we've got 3 customers that I'd love to have on the panel. The way that we'll this, we'll have the first 20 minutes or so with or maybe 25 minutes in Q and A that I have got few questions I wanted to make sure that we can set a baseline for and then open it up to Q and A for all of you as well. This is a pretty big commitment from some of customers to do this and this kind of audience. Typically, customers shy away from doing this. I really appreciate it. So why don't I just invite all the customers up on stage. So we've got Ameriprise and Scott from Ameriprise, who's the VP of AppDev there. We've got SunTrust and Ken from SunTrust, who's the SVP and CIO I'm sorry, CTO. And then we've got Mike Antigonelli, who is from Allstate. So great customers that we've actually had a chance to work with over the course of the past few months years. And what I thought we'd do is we'd start out by maybe each one of you just sharing a little bit about what your role in the organization is and specifically what you've been doing and how your industry has been changing a little bit Hopefully, everybody can hear me all right. Ahead. Thank you, G2. Hopefully, everybody can hear me all right. I've been with Ameriprise 22 years, and all of that has been in technologies. As far as my role and responsibilities, I'm responsible for application development for primarily focused on our advisor tools and capabilities. We have 10,000 advisors that are located all across the U. S. And ultimately, we want to ensure that they have the tools that they need in order to appropriately service and onboard new clients for our organization. So then your second question was kind of How long is your world changing? Well, regulations regulatory environment is obviously causes a fair amount of scrutiny. So just ensuring that we have the appropriate controls in place to ensure that we're protecting the data of our clients and our advisors as well. That's definitely a major objective that we're trying to accomplish. And then also just the digital movement, right? We're trying to become more and more efficient. We've got roots in paper, and unfortunately, that's the world that we live in and I'm probably not alone making that statement. And we're constantly trying to push the envelope and become more and more of additional organization. Thank you. Ken? Yes. So glad to be here. I've been at SunTrust about 5 years now. My current role is the consumer CTO that covers our consumer bank, which is primarily based on Private Wealth Management, our retail and all the omnichannel associated channels with the retail side as well as mortgage. But then I also play an enterprise role for all of our client facing digital across all of our businesses and also for all of our beforehand was involved in architecture and Chief Architecture to bring Box into the bank. For us, I mentioned it a little bit earlier today, the changing landscape of customer expectations and client expectations are leading us to really looking at technology differently. When Aaron was talking about a lot of the different silos and all the different logos and how all this stuff has to stitch together, it's real for me. So when we start looking at all of the different partners that we use, we're trying to look to make sure that we're leveraging partners who are more open. We're looking at architecture differently. We're looking because it's you can't really scale, especially for a bank our size. We all have to have apps. We all have to have certain things available to our clients, and we look for scale busters, and things like the cloud and APIs and microservices and all of those terms of mind. That's awesome. Mike? My name is Mike Antinoli. I'm of mind. That's awesome. Mike? My name is Mike Antinoli. I lead the mobile product team at Allstate. So my team is is responsible for consumer mobility at Allstate. The insurance business has changed a lot. I mean, we're undergoing digital transformation especially for Insurance, because it tends to be an especially for Insurance because it tends to be unnecessarily complex, and it's a low engagement industry. So our digital programs are aligned towards that. But mobility has really kind of transformed insurance the last few years, and that's with the rise of telematics and then also the use of photos and videos in property claims and insurance claims and inspections. I'm going to talk about those use cases in a little bit. So Scott, you've been a customer of ours for quite a while. And the progression has been pretty remarkable where you started as a journey with using our basic kind of content and collaboration products. And then over time, you've actually migrated a lot of data over to Box. You're using it in a much more sophisticated way. Can you just walk through the journey that you had with Box? Absolutely. It's been an evolution of sorts. It started in 20 13. As you said, we basically rolled out our file sync and share capabilities from Boxy, rolled out to all our advisors and staff. And we were doing that primarily address a corporate risk. Those advisors and staff, as I said, we're paper based primary organization over the years. And with that, we had advisers that were storing paper files with all of the client PII information in their filing cabinets. They were storing them in boxes, and who knows where those boxes ended up. As we tried to move them more and more towards electronic documents, they would then just save those documents on their laptops, which could then be exposed to theft and risk as well. So we really saw the advantages of being able to provide our advisors this cloud solution, a secure environment in order to store all deeper lift out of our advisors. Many of them are franchisees, so they can kind a deeper lift out of our advisers. Many of them are franchisees, so they can kind of dictate how they run their own businesses. But in order to do that, they we discovered that we kind of partnered with them a little bit, right? We they in the past, the only way they could get their new business set up was to send us forms overnight and then we'd have to scan those in, run them through the back end processes and establish the account. So and they were spending money to do that as well. So we basically developed a new tool that allowed them to send documents electronically from their office, their desktop to our home office. And basically, and input into the home office and to save the cost is, is you got to and input into the home office and to save the cost is you got to leverage the Box platform. And we just that sealed the deal for us. They jumped right on board. They love the faster uptake and account opening processes. So that was a big win for us in 2014. 2016, we'd been collaborating and working with Box around governance because we are highly regulated. We had very large repositories our books and records FINRA compliance capabilities, and we saw an opportunity in working with Box to be able to, again, consolidate those tools and capabilities and save money at the same time. So in 2016, we purchased the Box platform. We migrated dozens and dozens of terabytes of content off existing platforms, put them into the cloud on box in a very safe and secure manner that met our regulatory compliance. So that was hugely How much data did you migrate? It's roughly 110 terabytes. And then the latest one that we've engagement that we've had with Box has been with Platform. That started in 2017, and that was then focused more from our client side. We had a tool in place that was sitting on SharePoint. We had some challenges and some obstacles with that particular platform that allowed clients to actually share content with their advisers in a secure manner. And we saw an opportunity with Box to, again, replace that existing platform with a more robust, more feature based secure solution and at a lower cost. So we implemented that just early this year, and we now have I think we crossed over 500,000 clients that are leveraging that particular platform in about 8 months. Wow. So you started with basic collaboration capabilities, then you made sure that you actually were able to retire some ECM been able to take out a fair amount of costs from retiring your legacy ECM systems, your network file shares, the kind of things in nature. So pretty comprehensive kind of journey. The value has been across the board, not only from an experience perspective, productivity perspective, but as you said, to the shareholder, cost saves. And your the announcements that we made, are these relevant to the kind of things that you folks are going from a direction standpoint on the kind of innovations we're making in the product itself? Yes. I would agree with Ken. I mean, the comments that Aaron made is that you guys are thinking and Box is thinking in the right direction, right? Being able to pull all the pieces together, it just doesn't for us being a very large organization with a lot of history and a lot of skeletons in legacy environment. It takes time to move things forward. And but I love the fact that Box is willing to partner with us and make the tools available to kind of allow us to take advantage of And prior to Box, what were you using for doing all these things? So the particularly on the legacy side, we had for the repositories, we had IBM FileNet, and then we had another large repository that was homegrown. And but we were able to replace that. That was probably for the bunch of different tooling that you might have had that you were just building custom apps? Correct. Yes. And Ken, what use cases are you focused on primarily as you think about SunTrust and where you saw the easy the easy use cases are some of the things that you hear about, right? It's the file shares and the get off the share points and the things like that, and those are all things that are in our pipeline and we're looking to work with. However, when you think about the whole components around putting business process and how do you establish better collaboration and workflow throughout your applications and stringing applications together. The first use case that we're really excited about is more along where you're really bringing your client and our back office and middle office teammates together. So we've got what we think is a bespoke experience on a client portal that's more of a tailored digital experience where we expect to leverage Box almost as a client vault for all of our clients' documents. So right now, we have it live, our portal with our Private Wealth clients, but that will extend into our business, our Wholesale Banking and Business Banking clients. And so if you think conceptually, especially in the Wholesale business, where you have the ability to go in, interact with the bank just as you normally do for a number of different ways that we would transact and do work with them, but then to be able to upload all your information seamlessly, very easy, but then allow that to automatically push workflow down into the different systems. So we again, to use some of the logos on the page, we're a big Salesforce user. We've been Salesforce client now for 15 years. We do a lot of loan origination on our Salesforce platform with our Ncino partners. So being able to receive a document from a client and automatically kick off that workflow and send those documents directly into sales force and then be able to originate a potential loan or renewal or what have you, I mean, that is literally handoffs that we don't have to worry about that are automated workflow that all start with the ability to interact with our client in a very different way in a way that is secure and we don't have to worry about all the things that you talked about around files being shared or saved down to desktops or sitting in a drawer somewhere. And then to also then be able to take that same file and send it across to different other systems. I mean, it's a pretty powerful vision and where we're ultimately wanting to head. And a year is a long enough amount of time. How would you gauge the relationships going? What's the progress level that you think is being made internally? Yes. No, I think the relationship has been fantastic. I think you mentioned the regulatory environment. We're no stranger to regulatory environment in the Financial Services industry. And I think when you think about the progression around the usage of public cloud and SaaS capabilities, the regulators continue to get more and more open and understanding about how some of these things are used. So I think the biggest part that's been super helpful for us is just the work that your team has done to come in and help not just educate our regulators and our teammates on how we can leverage the product, but even some of our own internal risk and audit teammates, so that way they can better understand how the product is used. And was sharing a story the other day. We had an opportunity and had one of our auditors come and say, I think we could use Box to fix this, which 2, 3 years ago, you would have never even thought that an auditor would say we should use cloud storage to solve a potential security problem. That's just a very different world. Is that kind of shift starting to happen where as we're getting more and more mature in the cloud now that people are now starting to say this it's okay. And as banking has been one of the slowest movers in moving into the cloud. Are you starting to see that shift happen now? Yes, I think so. I think a lot of banks have taken a very strong kind of hybrid cloud or more private cloud approach. SaaS has always been big. I mean, we've done deals obviously with Salesforce and Workday, and we're working with ServiceNow at the moment and relationship with them, people leveraging, whether it be Microsoft, and we have a relationship with them. Sure. Amazon was our first kind of public cloud foray there. So I think you're going to see people start to leverage it more and more. And as the security continues to just get more and more up, people start to realize that it's probably more secure in certain areas for certain workloads than if you had your own data center itself. And I know that this is something that is as we build our partnerships out with the different collaborative editing tools, are you subscribing to the theory that, hey, while we might have a relationship with Microsoft, there are other people that might have different use cases for which they might want to use Google or Iwork. And are you starting to see like a lot of choice that you want to provide to your users? Yes. I mean, Aaron's comment about millennials and I actually fit in that category, right there on the cusp. I don't think I act like 1 all the time, but that's okay. Me too. I'm a little bit I'm 22. Yes, exactly. But I've got a whole design team, right? So I mean, if you think about it, I don't think a lot of banks had a design team before in a consumer banking world. We just built products or integrated software. My design team walks in the door, and they all are looking not like me or not like 90% of the bankers in our boxers. They want Max, they want Slack, of course. Yes, of course, of of course. Yes, of course, of course. So the reality is, is that we have to give them choice, right? I mean, I think I mentioned it earlier when we were talking, the war on talent is real. And so you're either going to get with it or you're not going to be around or you're going to put suboptimal products out for your clients. So what you're saying is this is actually far more strategic from the standpoint of you won't be able to attract the right talent and you don't have the tools in place. Yes, it is. And I give you guys a lot of credit. The open concepts that you guys are working with, specifically in that AI space, I mean, I remember sitting in the offices last year and starting to talk about the box skills and how you're looking at that. I mean, that's the exact type of approach and strategy that we want to have around. We want to be able to consume best of breed. We don't want to be locked into any given specific area. So it allows us to move at speed and a pace that we wouldn't be able to do before. So I mean that strategy is fantastic. That's awesome. Mike, you're doing some super creative stuff at Allstate. You and I met about, I think, 1 year, 1.5 years ago when you were starting to kind of think about this stuff. And can you share with everyone like how insurance is a business changing? What do you do at Allstate? And what specifically are you doing with us? Yes, yes. So we started looking at Box about a year ago, and we came to Boxworks last year. And so we became a customer just in 2018. Our primary use for Box is a little bit different in that we are opening up our customer facing mobile app to allow upload content of their property, so photos and videos of their home, the contents inside their home, and we're going to store that in box. And then we're going to share that with the back office when appropriate. So we're really looking for a solution that was customer centric, something that could go into a consumer facing application at scale, but then also work with our or their back office systems. So we really liked the things that were happening with Box. It was easy to use. It's funny I listen to Ken's stories because I'm also an employee of a financial organization, and some of those same themes that you mentioned are true for the mobile app developers and the designers that we have that work for us as well. So it seemed like a great fit, a great solution. Converting that over to box. And so far, so good. Our of converting that over to Box, and so far, so good. Our developers really like it. The Allstate policyholder will not know that they're using Box. It's going to be seamlessly integrated into the Allstate mobile app. So we just saw it being a really good fit for what we wanted to do with property photos and videos and all the different file formats that Box supports is a huge plus and just really strong usability and ability to integrate into the rest of our systems. And so the app that you've built, Box is fully white labeled. You as a user wouldn't even know that you're using Box in the background, but you don't have to rebuild any of the encryption sharing, security, all those capabilities, just rely on our APIs. Exactly, yes, exactly. And our developers like to they like to build custom things just like anywhere. But this with the speed to market, it was so much better with a solution that security, that worked already, that already had U. S. Components and already had a lot of that for them to develop on is much faster and easier than us starting from scratch and building something 100% custom. And prior to this, if you didn't have Box, what would you have how would your developers what kind of efficiencies do they get as a result of having these set of APIs for context? Yes. Great question. They'd have to develop the APIs in addition to the front end. And then we'd have to work with our kind of our legacy storage and file sharing tools inside of Allstate. And ultimately, from a consumer facing standpoint, I knew that's not where we wanted our content to go because in over time, that's all going to migrate to another place because we're using a lot of legacy infrastructure and a lot of legacy file sharing and content storage places. So I wanted to kind of maybe jump ahead to where the marketplace is going as opposed to, 1st of all, developing our own APIs was going to be custom and maintaining that custom code is too much work. We can't afford to do it. And then the last thing I wanted is our content to go into the legacy repositories. Like I said, all that stuff is going to change in the next few years. Yes. And Ken, I forgot to ask you this one, but prior to using Box, what were the set of tools that you were using to get some of these things done? I think we were collecting them all. We had every version of FileNet that you could possibly have. We did a lot on SharePoint, a lot on even some people would use local OneDrive type stuff and not even really use it the right way. Some even custom And what was your calculus given that some tools like OneDrive and all of those are free compared to the fact that you have to pay money for Box? Why did you decide to go that route? Well, I mean, I think it's features, functionality, security, all of the reasons that we talk about. I mean And is neutrality one of them? Or just business model wise, we have a structural advantage that stands for the portfolio? Yes. I mean, I think the fact that you guys are taking I mentioned earlier, the open approach to everything. We're trying to be an open bank, right? So as we continue to try to move towards open banking, we should probably eat our own dog food and not say, okay, we're going to make penny wise and pound foolish decisions. We want to put the best tools in our teammates and our clients' hands as possible. Yes. So we have about 10 in our clients' hands as possible. Yes. So we have about 10, 11 minutes left. So what I thought we'd do is we'd also open it up to questions in the room. So we'll I mean, I could keep going as you've witnessed over the past 2 days, but it'd be great to get some questions from the audience. Sir? I think we might have to get a microphone. How about I just run to you? Ittai from Oppenheimer. Just had a couple of questions on migration. As you first adopted Box, can you go through details on the also the hidden costs that are associated in moving into boxes. And one of the challenges we've heard from customers all the time here when we talk to them is that the transition from a non Box to a Box platform is not simple. It's complicated. There's risks involved. There's hidden costs involved. Help me get my hands around that. I guess, I'll start with that one. For our content migration from primarily IBM FileNet and our internal back end solution to into Box. To a certain extent, we sat down and really were focused on trying to ultimately, our primary driver for that was and our funding mechanism was to generate the cost save. We were then obviously, we wanted to bring in the benefits of governance and all the retention rules and policies and the compliance with our regulators. But in order to really get us off the ground, we had to come up with some significant saves to essentially fund the effort and kind of self fund it. So in doing that, we didn't do a full, what I would call, migration. We just migrated the content. So we didn't we basically took the content that was sitting in a back end repository. We had applications that had front ends that access to the documents really kind of from more of an end user perspective. We didn't touch the end user perspective. All we did was really shift uplift and shift the content from 1 repository to Box. And basically, we leveraged Box in this particular scenario from a governance perspective as an alternative storage solution. And then really, the cost that we had to incur was leveraging the box APIs that were available to us to write services so that those front end applications when they wanted to do a search or they wanted to view a particular document, they would call a service layer that would then access the Box APIs to render the information coming back. So we were very efficient from the standpoint of being able to the time consuming thing was just moving the content. The really to write the services and build the interfaces didn't take us that much time. It was basically a 12 month project and 6 to 9 months of it was to complete the migration. So it really worked very well for us, and we didn't touch any of our end users from an impact perspective. So that was kind of the way that we tried to be creative in creating a project and a funding mechanism in order to move forward. Other questions? I was one over here. Hi. Thanks guys for your time. Phil Wenzel, Wells Fargo. I have a question about box skills. Obviously, it's just coming into GA here. But what are your thoughts on Box Skills in terms of applying it to your implementation of Box? And also, each of you has had some sort of legacy ECM tool. When you think about their AI strategies of sort of spin your own versus Box's, I don't know, call it BYOML or something, the BYO AI in the chain together multiple clouds. How do you think about that as well? Maybe Mike and Ken can start with that. So either one of you? Yes. I can just tell you my thoughts on image recognition and that kind of technology. We have developers and IT people who want to develop that themselves using Watson or Google Cloud. And I say, maybe that's fine, and they put together the POCs, and they kind of do it on their own. But if we're just going to get it as part of a product extension for a product that we're already using, and it leverages the best of breed across all those different AI the best of breed across all those different AI tools. And I'd rather just ride the road map up of where the industry is going from a leader like Box or someone else and try to maintain our own custom. So I look at it as a big plus. We haven't used it yet, so it's early days coming out. Thank you for building it. But I think we'll get to it at some point. I think it's just a matter of time before everyone's using these types of things. Yes. I'll answer it with a slightly different lens, right? So I don't have the same budget as a lot of the larger institutions might have, right? So I look at where am I going to spend my precious dollars that I have to make sure I'm creating a competitive advantage for the bank. And if I have the ability to consume capabilities from some of these providers, whether it be Google or Amazon or whatever, to your client experience than ultimately build stuff that's client experience than ultimately build stuff that's commoditized. So I think the idea that not only do I not have to build it, but Box themselves figured out a way to ultimately be the place where they can connect their clients to other solutions that are already there, is a fantastic value prop for folks at least our size or even smaller. Other questions? There's one over here. Ken, your comments about the war on talent and some of the new recruits not wanting the services that you have, can you be more specific what are some examples of those vendors, applications or services that you're using? Because I think that's pretty important understand the changes. It runs on a mainframe. Yes, it's funny. I was telling my wife that I want my kids to grow up and go and learn COBOL Because I think, honestly, if you were a kid in college right now and you could do some COBOL, you might be able to demand quite the salary. But that's kind of true. I mean, it's a lot of the stuff that's running on these old mainframe solutions, I think, is certain products, and I won't tell you which ones. I mean, they're older than I am, especially in the Financial Services space. You think of a lot of these a lot of us and competitors, I mean, they're running a lot of cloud attack more of the front end applications. Cloud attack more of the front end applications and more of the user and then kind of work their way through the middle office with things like Sales Force and other workflow solutions come into play. But I think you already see it right now in the industry where now you've got companies that are attacking those big nasty legacy core processing components and looking at leveraging cloud capabilities to do that. So I mean that's nobody wants to come in and work on a system that was from 1970. And Ken, would you also say that it's not just the mainframe applications, but there's a lot of kind of client server applications. If you look at the millennials, that's not the pattern of work in which they want to work in, which are very heavy interface and they want something that's mobile and lightweight and something that can be very collaborative? Yes. You look at I mean, go to any bank and I guarantee that the majority of the banks, if you ask them, how do you originate a loan in your bank, they probably have like 16 different loan origination systems, right? And the majority of them are not ones that are very flexible. They're not API or microservices driven. They're Lexi, so integration and it's just point to point stuff that's not what they want to do. And even on the I would say, more so on the analytics side, when you start thinking about data and analytics, no there's not a lot of people that are itching to leverage things like SAS Grids. They're wanting to use R and Python and more of these open source tools because that's what they're learning in school and there's power behind those tools. So you've got to figure out a way to just not just change what's on the glass for your users and your clients, but truly, what are you exposing to your internal employees? So even if you give them a foosball table and it doesn't work, it doesn't not get enough Foosball table mainframe or a bad combination. Yes, it's not. You're living a lie. We'll take another maybe 1 or 2 questions, one question maybe. Who was the auditor that was using Box? We will not go there, but good try. So So one thing, Ken, that you did with your team was actually you took a tour of Box and you actually went at a deeper level than just our product or functionality, but how we built software, how we operated. How do you see just like when you think about your next generation of vendors and the deeper partnership with them, how do you see that kind of changing? And maybe Scott and Mike, feel free to chime in also, but I do think that's actually a changing current of we're going deeper from a partnership standpoint with customers and really culturally being a lot more integrated in that sense? Yes. I will tell you, we were still kind of dating at that point in time. And I came into over to the office, and I think we were in the middle of really looking at our IT strategy and how we are looking at infrastructure as code and how are we leaning into DevOps and changing and delivering in a more agile fashion. And what was really fascinating was just to kind of be able to pick the brain and understand the journey and the transformation that you all had at Box, where you're going from your own data centers to leveraging cloud, to looking at APIs and microservices, to moving into DevOps. I mean, last night, I was bothering G2 at the hotel as soon as I landed and asking him, what do you call your software level? And so I level. And so I think that's been really helpful. I mean, I spent a couple of minutes talking about Kubernetes with one of your guys last time and containerization strategies. And that's the piece that's really cool is that you're not just selling me a product, you're actually interested in our transformation. And I mean, personally, I haven't seen Aaron in a while, and the first thing he said was, Hey, how's the DevOps thing going? Because that matters. So that means something as a client, and I thank you and the rest of your team for that. I have to say on behalf of everyone at Box and I'm sure the audience as well, we really appreciate you being so candid and transparent and open with us. Thank you for taking the time to come out all the way to the event. Big round of applause. And hopefully, you have a great rest of the event. Great. Thanks so much. Cheers. All right. Thank you. So next up is Steph. Hi, everyone. Thanks, Jeetu. You sort of did some of my job for me, I think, so I appreciate that. Good afternoon, everyone. Excited to be here again. I'm going to dive right in and take us through our strategy and then head over to Dylan before we do questions. So let's talk about solution selling. So as you just heard from 3 of our clients and I've spent the last 48 hours with over 50 or 60 of our CIOs, enterprises are all embarking on this digital transformation. And you heard from 3 that are fairly advanced in Financial Services. And the reality is they're all at different very beginning of their journey. We've got a lot of legacy systems and they're trying to very beginning of their journey. They've got a lot of legacy systems, and they're trying to figure out what that story looks like for them. But we all know that the future work is going to look radically different. And you heard from these 3 gentlemen that they've seen it within their own organizations. And so as we spend more time with enterprises, there is no doubt in our mind that cloud content management is the solution that's essentially going to revolutionize the way they do business. And what I'd like to do today is sort of give you an essence of some of the things that we've been doing. And really, it is about putting the customer first. And it's really nice to hear Ken speak at the end about the interaction and the engagements that we have with our clients. We have over 87,000 customers at the center of everything we do. They're core to our strategy and the priorities that we set for ourselves every day. And as I think about it, I sort of bucket it into 3 areas. So from a market reach perspective, we obviously work with clients of all shapes and sizes across all industries and government, and we really look to do this across all geographies as well. And they're looking for us to continue to drive and help them sort of develop these strategies as they go and embark on these journeys. We've got to go deeper with our engagements. And it's funny that he can talk about the auditors and the extended enterprise seeing the solutions of Box. The reality is we've maintained and nurtured great relationships with CIOs and IT teams and CISOs over the years. The fact of the matter is we've spent the last few years going deeper into these organizations and building relationships across all lines of business and across the extended enterprise. And we know that when we do this, we're actually solving for problems. That's what we're trying to do on this journey. This is not about biosync and share. You just sort of heard it very clearly from these three clients, but we hear it every single day. I'm on the road constantly. And the reality is they're thinking about content as sort of the core essence of their strategy. And so going deeper is critical for us to be able to help them on that journey. And then they're asking us, so who are these best of breed? And the reality is, we feel very fortunate to be partnering with so many of them and really building these deep integrations. And together, we're helping customers on their journey, and we're helping them transform the way they work, both inside their organizations and more broadly across the organization. And what I wanted to do, not realizing that the 3 clients would do this for me, I wanted to try and illustrate for you this evolution that we're seeing from being sort of a single product, single threaded to really selling solutions. And so I thought I'd just pick one of our clients, and this is a Fortune 100 customer. It's a technology company. And I wanted to show you sort of the evolution of our engagement with this particular organization. So about 5 or so years ago, we started a proof of concept. At the time, it was around secure external collaboration. It was within a very specific sort of line of business within their organization. And very, very quickly, it started to go viral. And so as we went in and we continued to develop deeper relationships, the CIO gave us access to other parts of the organization. And very quickly, we started to see widespread adoption of Box. And then they recognized that there were more use cases that were becoming more prevalent. And so the next two use cases that they identified was the opportunity to do more around their partner and vendor management, which is a really big piece of their business. And so together with their developers, they built some really cool apps using Box platform to essentially just revolutionize that entire part of their business and really fundamentally change the processes and workflows that they were using. And so we continue to grow this as we've gone further and further in the organization. They're now not quite wall to wall, but just about, in the last 12 months, with all of the security breaches and cybersecurity and ongoing regulatory sort of demands on the customer, they saw that it was important to purchase governance as well. And so we're continuing to drive this solution sale. And this is what they're expecting from us. We're doing this in conjunction with our partners. But we're spending a lot of time really thinking about how do we help them sort of really shift within their organizations. And so consider to shared with you sort of what I consider to be our 4 key pillars to really driving growth. And just a reminder for everyone, I said to you we wanted to 2x, 3x ACV. We want to continue to drive retention across our customer base. We want to extend our reach, both in terms of international markets, but more importantly, our partner ecosystem. And then all importantly, we wanted to make sure that we were driving the efficiencies across our organization. And so let me jump in and give you a little bit of an update on what we've been doing. So we'll start with ACV. And so we've seen some really good progress. And so in the first $100,000 deals grew nearly 30%, which is a really good leading indicator in terms of our strategy and our evolution to solution selling and the overall growth that we're trying to see around ACV. And what we did, in essence, to in a very structural and operational way, we made some changes in order to really start to drive that evolution. And so the first thing we did was we looked at incentives compensation plan. And so by doing this, we put additional focus on our key thresholds, so 100 ks, 500 ks and above 1,000,000. And so we really started to drive the sellers thinking about going deeper and wider and really thinking about selling solutions. At the same time, we made it critically important to continue to drive add on products. And so we built that into the plan to drive that behavioral change. The second thing we did is we added some sales specialist resources. And so as we continue to add to our portfolio of products, we wanted to make sure, having done this for a long time, you've got to take sellers and customers on this journey. And so we brought some specialist overlay resources in who could go deeper in governance or in GXP or in platform. And so that has really started to get some traction. We did some work to pipeline development. We've revisited some of the methodologies and models that we had in place to really help us focus on the different types of personas in our organization, to really start to drive to the right contacts in our customers and to deepen these engagements and generate some new logos and new business for us as well. And as a result of doing that, we've been able to really continue to drive our executive programs and just start to strengthen the relationships more broadly across our customers. And so these efforts have really started to shift and accelerate the evolution to being really a solution selling organization. And so on top of what we saw with the big deals, we started to see other really positive indicators. So from a product add on perspective, as you can see, 70% of the deals over $100,000 has product attached to it. And even our smaller deals still had nearly 50% product attached. And so this is work that I'm doing in conjunction with G2 and other people across the organization to really holistically start thinking about how we continue to drive deeper with our customers. And that led to an increase in our add on product bookings as well. And so year over year, we saw 60% growth in the first half. And so we know that we're starting to get traction. And again, just speaking to our customers, they're looking for us to continue to help them as they rethink sort of the organization and processes within them. And so that's a little bit about ACV. Retention. So we've done a lot in retention as well, really trying to ensure that we're driving greater adoption and usage of our products in all of our customers. And so within customer success, we continue to fine tune our model into how we best service our customers and really drive that user growth. And as part of that effort, one of the things that's really enabled us to actually continue to go deeper is our Box Consulting. And I think last year, I mentioned that we were going to double down in terms of our consulting, and it really is driving those partnerships in order to really increase our retention rates. And so as you can see, again, we saw an increased attach rate of consulting services, doubled it year over year in the first half. We had over 700 engagements in the first half around implementation, change management, which is really critical. I heard a little bit about this from our customer panel. And this is really top of mind, and I'll share a little bit more on the partner ecosystem section and then just digital transformation. And a lot of this happened as a result of some of the new offerings we brought into market. And so we announced Box Transform earlier in the year, Box Shuttle, which is our data migration service offering. Both of these services have really helped us work more closely with our customers as they embark and they continue to accelerate their digital transformation journeys. And then we also made structural changes to the comp plan for consulting as well. We sort of put it up as sort of right in lights, next to product add on and really the solution selling because quite frankly, we believe there's a tremendous opportunity for us and for our partners to really help customers, especially around change management and some of the work that we're doing around digital transformation. And so we decided to make a structural change there as well. The next area is reach. And when I talk about reach, I think about it in 2 different ways. I think about our international markets and the investments that we've made there and then I think about our partner ecosystem that really sort of gives us that extended reach and differentiation. So we'll start with our international markets. So as you can see, they're continuing to represent a larger slice of the pie for us and up to 24% of our total revenue. And we've seen some really interesting things happen over the last few months. So we made a leadership change in EMEA. We're really excited to have Chris Baker come on board. He's been on board now for just under a month. And we are excited to have that new leadership. We introduced some great new products. Multi Zones was incredibly well received, both in EMEA and in Japan. And then we felt really good about being one of the very first SaaS companies, if not the first, to be GDPR ready back in May, the day this went live, so to speak, in EMEA. And so we've continued to really put the right foundation in place to accelerate our business in Europe. We put a new leader in place in Australia. And then, Japan, what can I say? Japan continues to go from strength to strength. KAAT san has put an incredible team on the ground there, and they continue to drive into the enterprise with very, very large sort of global brands, and we've seen this acceleration. We recently had our sort of version of Boxworks, Boxworks Tour in Japan, which Aaron spoke at a couple of months back. It was incredible. We had nearly 4,000 people. They have close to 400, 500 partners actively wanting to work with us. It's a really, really great story. We have clearly been able to articulate our value proposition in that market, and we continue to go from strength to strength, and we'll continue to see more of that in the future. And then the other side of reach is our partners, and I'm just going to build this out. And so you've probably for those of you who have had the opportunity to be at the conference this week, you've heard a lot about the importance that we're putting on our partners. They're really critical sort of piece of the puzzle for us. I think I went through this last year, but just to refresh it for folks, so we had 5 different partner types, not sort of atypical or it's very typical of most tech companies. And we've been able to continue to focus on strengthening our relationships in each of these categories, our technology partners, our SIs, our reseller service providers and then the strategic partnerships that we have with Microsoft and IBM. They are a critical part of our success story to drive into solution selling because quite frankly, as you heard from the panel today, our customers are looking for us to bring other partners to the table to help them solve for problems. And as we go deeper with these use cases, be they're either horizontal or vertical, they are looking for best of breed as they create their own technology stacks. And so we feel very proud of the work that Neil and his team is doing in really driving this, and you'll see more to come on this over the next months. In terms of some of the things that we've been doing and the results, as you can see, we 40% of our bookings was influenced or touched by partners, which is sort of a record high for us and it's 32% year over year growth. So they really are becoming a key part of the story. We've had tremendous amount of success in recent times with some of the ISVs and the system integrators. And I think the folks in the panel mentioned a few of the partners that we've been playing with, and they're really key to helping us solve for some of these problems. The integrations are critical. We made some terrific announcements this week. And so you heard about some of the work we've done in recent times, G Suite and Quip and continuing to work with Apple and Microsoft. And then, of course, the skills and the importance of skills as we move forward and really continuing to further deepen our partnerships with our cloud providers. And so just to give you an example of kind of what the landscape looks like for a customer and why our role becomes critically important for them on this journey. So this Jones Lang LaSalle. They're one of the world's largest real estate and property developers. And as we've worked with them for a long time, they've been a great client of ours. And this is kind of their modern technology stack. This is what's helping them be successful. And so just very quickly, they use Office 3 65 for everyday collaboration. They use Adobe Sign because they have 100 of 1000 of contracts, sort of being distributed all over the world as they sign up new properties. They use Salesforce, so they're account managers, they're property managers. They all manage their customer relationships through Salesforce. They're using Tableau for insights and analytics. Their reseller was ahead, and they use a really great little niche systems integrator, CodeLead, who partnered with them to develop a real estate application that really is changing how properties are managed. And so this is pretty typical, quite candidly. And therefore, for us, it's a tremendous opportunity to go deeper and wider and really start to think about sort of expanding our footprint and really moving towards this solution sale. And so lastly, efficiency. And so we've continued to really focusing on some of the primary productivity drivers. I've spoken about a number of them, so the changes we've made to really driving our pipeline model, the big deal to add on and consulting attach rates and then the partner influence deals. And as you can see, we're headed in the right direction. We're making really good progress on this front. And so I feel good about the strategy that we put into place when I last spoke with you. And if I sort of bring it all back together, it sort of starts and finishes with the customers. They are trying to navigate these waters and it has not the job of the CIO has definitely not gotten any easier in the 25 years I've been at this. And so we try to put them at the center of everything we do from engineering up. And as we think about what they're looking for, we're here to help them and serve them in whatever industry they're in, whatever country they reside in. We're going to continue to deepen our relationships. We're going to bring our best of breed partnerships to the table because I truly believe and what we continue to hear from our customers is that cloud content management is going to revolutionize the way they do business. It's going to fundamentally transform the way they work. And we have this incredible opportunity that we're going to continue to capitalize on. And so that is a brief summary of what we've been doing. So I'll hand over to Dylan and then we'll take some questions at the end. Thank you. Awesome. Thanks, Steph. So I'm Dylan Smith, Box Co Founder and Chief Financial Officer. Today, Aaron gave a recap of our product strategy as well as a lot of the announcements from this week. Jeetu discussed how this is showing up in customer environments, leading a discussion with some of our customers. And then Steph shared how we've been delivering these new solutions into the market. And what I'll talk about today is how all of this comes together and flows into the numbers and our financial model with a focus on how we're driving growth and overall leverage in the business model. First, wanted to give a recap of financial results from the first half of the year. So as a reminder, Box has a January 31 fiscal year end, so we're currently in FY 2019. That means we wrapped up our Q2 on July 31 and we reported those results just just a couple of days ago. And while we're still fairly early in our solution selling evolution, we've had a really solid start to the year, as Steph just discussed. So overall, our revenue growth in the first half was 20% year on year and 22% enhanced developer fee that we've talked about, that growth rate would have been in the low 20s as well. On the bottom line, we delivered a 0.12 dollars improvement on non GAAP EPS and we're committed to delivering positive non GAAP EPS in the Q4 of this year. We've also seen strong progress on our cash flows, improving cash from operations by 18,000,000 year on year. And if we look at because our cash flow is fairly seasonal based on billings, if we look at the trailing 12 months for the business, we've generated $55,000,000 of cash from operations, which is roughly 10% of revenue over that time period. And then our free cash flow has followed a similar trajectory, although the improvements a little bit less, because we did have some facilities related CapEx in the first half of the year that we didn't have the year prior and we've seen an increase in capital lease payments as well. So overall, these results demonstrate the strong momentum that we've been seeing in the business. So today, we've shared why we believe that we are so well positioned to go after the massive cloud content management market opportunity in front of us. Steph joined a year ago this month and has really helped us accelerate our evolution in terms of how we sell these solutions and the traction that we've made around cloud content management. Today, I'm going to double click into some of these metrics that sort of represent how we think about a successful evolution on those dimensions as well as our customer cohorts and our customer economics have been improving as a result. And then finally, we'll talk about Box's overall business model, specifically where we have been and expect to generate leverage and growth on our path to $1,000,000,000 and beyond. So this evolution into cloud content management wouldn't be possible without all the company and by the end of this year, we'll have delivered 7 additional products into the market. Some of these have helped us enter new markets, some of them have And we're actually seeing a bigger uplift on a price per seat basis when we sell these products versus what we were seeing a year ago. Back then, that uplift was in the 20% to 30% range above the core per product and this year, it's been in the 30 percent to 40% range. We've also introduced a couple of catalysts that have really helped drive this disruption in the markets that we're serving and the increase in Box adoption. So Box Drive was launched earlier this year. That doesn't show up in this chart as it's not a separate add on revenue generating product, but it's really helped customers move off of some of these legacy network file shares and the like. We also introduced or we'll be introducing Box Skills later this year, which can be a big catalyst as it allows customers to go after some of these use cases around artificial intelligence, machine learning that are just not possible in premises environment. Multi zones also became generally available, well that's kind of rolled into the zones lines, so not called out here. And then we also announced the general availability of Shield for next year. So combined, these new add on products have been generating between 20% 25% of our new bookings over the past few quarters. And by the time we're at a $1,000,000,000 run rate, we expect the contribution from these add on products to be in the 50% range of new bookings. So these products are becoming increasingly material for us. And they're also helping drive higher pricing. So what we've seen in the first half of the year is about a 30% increase in overall price per seat versus where we were just a couple of years ago. We talked about for years as having stable per user pricing in the $100 per user per year range. We did see kind of on a like for like basis increases in terms of even what customers were buying the core seats for, but that was being offset by volume discounting. As we moved up market, we've sold larger deals and we tend to offer volume discounts with those. That's why in Q4, when you look at this chart, you see a little bit of a seasonal dip as we have a higher volume of the larger deals in that period. But over the past 18 months, this volume discounting has been more than offset by the impact of these add on products as they increasingly gain traction. So of that 30% improvement we've seen over the past couple of years, about 2 thirds of that is being driven by the impact of these add on products and the other third is being driven by an increase in the core seat price that we've been able to command. And as we look at the overall new product attach rates, it's so fundamental to our strategy, you get to see this one twice. And as Steph noted and as you can see, we've had a 10 percentage point improvement in the attach rate in the first half of this year versus last year in customers or in deals that are at least $100,000 in value. That impact and improvement is in the high teens for deals in the $10,000 to $100,000 range. So pretty to 100 year to date had governance attached and platform has been performing really nicely as well. In the first half, attached to about 20 percent of the 6 figure deals that we sold and also coming off of a very, very strong Q4 that we had. So this slide is showing the same trends and the same cuts of our customer base, but now looking at what the cumulative attach rate is for these add on products across our customer base, not just the new deals in that period and the attach rate that we showed on the last slide. So you've seen in our 100 ks plus customer population, now 44% of those customers have purchased at least one add on product and that's a significant improvement over 30 percent a year ago. And going forward, we will continue to introduce additional products into the market and we will also be launching various initiatives, including product suites to further enable these solution selling motions and to drive multiple products across our customer base. But solution selling isn't just leading to bigger deals and higher pricing, it's also leading to stickier customer deployments as well. So one of the metrics that we highlight and are very proud of is our overall churn rate, here on in the middle on this slide, and that's sitting at 4.5 percent on an annualized basis. The exciting dynamic that we're seeing is when a customer has purchased an add on product and is up for renewal, we see less than 2% churn in that customer population, right? And that stick year population is growing as a percentage of our overall business as we saw in the last slide. As a reminder, all of these metrics are trailing 12 month metrics and looking at the population of customers that are paying at least $5,000 a year. And we also are seeing really, really strong economics even in our smallest customers. Although they're not showing up in these metrics, the churn rate is a bit higher, but the expansion is a lot higher. So the overall net retention in our smallest customers is actually even stronger than the metric that we report. And we have seen over time a decrease in our net expansion rates. As we've talked about, that's being driven by a couple of different factors. The first of which is that we are increasingly seeing larger initial deals, which while it's great for the business, does in some cases take away from that future expansion opportunity in those customers. And we are also seeing some downward pressure on this rate from the expansion of some of our oldest customer cohorts and we'll talk about some of the details there in just a bit. But overall, we have a lot of confidence in the stability in these metrics, both because we are seeing an improvement in the in period churn over the last couple of quarters, even though it's not being fully captured in these metrics because of the way it's calculated and we're also seeing a really, really strong pipeline of customer expansion, particularly in the Q4. So here, we'll drill into the customer growth, as that land and expand dynamic is really the underlying engine that's driving growth across all customer cohorts. So what you're looking at on the right is the compounded annual growth rate of each of our customer cohorts since the time of their initial sale. But what we're looking at and seeing in the business over the past 12 months is that our newer customers, especially those who are adopting add on products and our newer customer cohorts are growing faster. So if you look at the net retention rate in the population of customers who signed up through FY 2014, that's about 106%. The customers who signed up between FY 2015 and FY 2017 is about 115% and our newest customer adds are growing even faster, right? So really haven't had as much success driving add on product attach into some of our oldest customers and that's a big focus area and opportunity for us going forward. So here, we're looking at all of our customers, who as of the end of the second quarter were paying at least $1,000,000 had at least $1,000,000 of recurring revenue. And going through this is definitely my favorite part of Analyst Day preparation, kind of looking at every single one of these sales to all of these customers, reading the have twice as much fun as a couple of years ago, as we now have have twice as much fun as a couple of years ago, as we now have 60 customers paying at least $1,000,000 annually versus 30 2 years ago. And just to orient everyone, what you're looking at here, each one of these 60 customers is a row on this chart. These blue boxes represent a year in which that customer expanded, grew their contract value with us. And then those green boxes represent the year that those customers first passed that $1,000,000 recurring revenue run rate. So or what you're seeing overall is that the trends that we talked about a year ago haven't changed significantly, but we continue to see a lot of success and with us. And one thing that we are seeing increasingly, especially if you look at the lower right of this chart is, as I mentioned earlier, we are more often seeing larger initial sales to these customers as these green boxes are showing up a lot earlier, more regularly over the past few years. But interestingly, on the other side, if you look at our overall big deal sales, dollars 500,000 plus deals, dollars 1,000,000 plus deals, those are increasingly being sold to customers who are already paying at least $1,000,000 What we are seeing though is a change in what these customers are buying, particularly the types of products and kind of multiple a deal that included at least one of our add on products. Overall, and that's what's being shown through these blue stars. Those represent a deal that included at least one of our add on products. Overall, 60% of these customers have now purchased at least one add on product, and that's a big change from 25%, which is where we were a couple of years ago, but we still have a lot more room to drive these additional products and deepen these use cases even in our largest customers. So we see a big opportunity for continued growth, not just by selling additional products, but by selling additional seats as well. And from an industry standpoint, you can see there's a pretty good mix of industries here. We tend to see and have seen the greatest success of Box platform for those customers. So we now have a dozen $1,000,000 plus financial services customers and all but one of them have purchased at least one add on product. So now we're going to revisit the economics that we see across the customer lifecycle, comparing costs to land, expand and renew our customer base and our revenue base and how that translates into a highly profitable customer base over time. And all expenses that we're going to be looking at are fully burdened expenses, so captures everything you'd see in the P and L from ramping reps to allocated acquisition side of the house, we've seen an improvement here over the past year. We now spend about 1 point $6.5 in sales and marketing for every $1 of new annual recurring revenue that we bring in. That's an improvement from $1.75 a year ago and $1.90 the year before that. What's causing this? So largely being caused by, as I mentioned earlier, larger upfront deals, which leads to lower overall customer acquisition cost as you don't necessarily see a much different sales cost sales and marketing cost, whether when you go through an enterprise selling cycle, whether you land on the other end of that with $100,000 versus $1,000,000 deal. So that's definitely driving some leverage in the model. We're also seeing some pretty good signs on the productivity front. So our ramped rep productivity is up slightly year on year, which is helping this metric, although overall productivity has been roughly flat as we've been scaling out the sales force as we've talked about. But even overall productivity, what accounting for this, is up in North America, Australia and Japan year on year, although overall productivity is down year on year in EMEA, as well as Canada, although that's largely a function of how we've been scaling out what is still a relatively small sales team. So turning to the expand selling motion, as you'd expect, this is more efficient than landing customers. Once we've built relationships with customers, cleared the initial security, legal, compliance hurdles, we tend to see much smoother deal processes as well as higher win rates. So we spend $0.90 in sales and marketing for each dollar of recurring expand revenue. So we breakeven on that spend within a year and that's fairly consistent with what we saw last year. And we continue to have a highly efficient renewal engine. So we still spend about $0.05 of sales and marketing for every renewal dollar that we bring in. So if you think about the economics of our overall renewal base, assuming 75% gross margins, you're looking at a contribution margin for customers of about 70%. So what all this means is that, as our customer base continues to grow and mature, it drives a huge amount of leverage naturally in our business model. And when you put it all together, every dollar of new annual recurring revenue we bring in will ultimately generate more than $9 of value over a 10 year period with today's customer economics. And this includes not just the sales and marketing costs, but the cost to serve those customers as well. And so again, really that means that there is enormous future value embedded in our roughly $600,000,000 recurring revenue base today. And while we're pretty pleased with these economics and the improvements we've driven in some of these areas, there's a lot that we're doing to improve efficiencies across the business, particularly around sales and marketing. So overall, we've driven pretty significant leverage in sales and marketing over the past year, 6 percentage points in the first half of the year relative to the first half last year, even as we've been scaling out our sales force, and that was 8 percentage points in Q2. So going bottom to top in terms of these categories of spend, the first is around headcount spend. We have driven a little bit of leverage there, but as talked about, it has been an investment year over the past year for us, especially as it relates to scaling out our sales force. So the majority of that leverage is actually driven by the way that commission expenses are treated under 606 versus 605. So there's some leverage there, but not the full kind of 4 percentage points that you're looking at. We have, as mentioned, had a target and are on track to grow that sales force quota carrying reps by about 20 percent this year. And based on everything that we're seeing in the business, at this point, we would expect to see roughly the same growth in our sales force next year in FY 2020. The next category, flat year on year, that's overhead, everything that's oftentimes tied to headcount, but also includes other kind of expenses like IT, travel, etcetera. And we have driven some improvements different facilities and rent expense as we've opened or expanded a few different offices that will now scale into over time. And then lastly, where we've driven a lot of improvement is our overall demand gen efforts. So last year at Analyst Day, we talked about some of the marketing and other infrastructure investments we plan to make and those are already starting to show up and generating higher ROI for a lot of the dollars that we're putting into the market in the form of pipeline and new ARR. So we've been able to drive leverage there in the model and 1% of that improvement is also related to the decreasing costs to support our free user base or free user inherent business model leverage point of view. We've talked about the way that the different costs of land expand and renewals drive leverage in the model. We also expect to see our average rep tenure and productivity improve as those ramping reps become more tenured and expect to continue to drive scale in other areas of the business naturally, whether it's free user marketing or rent expense because of some of the recent build outs. And then going forward, as Steph mentioned and as we've talked about, we're very focused on driving improvements rep productivity as we further drive our these solutions selling efforts into the market. We're also doing a lot to improve our lead to close efficiencies, shorten deal cycles, whether it's from a systems point of view or moving more and more these transactions online as a fulfillment channel as you build out that infrastructure and that should drive efficiencies not just in sales and marketing, but in G and A as well. And then finally, expecting to really leverage our partners to enhance sales efficiency. So it's just one example, Japan is almost an entirely partner led selling motion and that's the region where we see the best sales efficiencies out of our different regions globally. So we're not just driving leverage and haven't just driving leverage in sales and marketing, but really across all areas of the business. You can see that across the various categories through those charts on the left. That also flows directly through the operating margins. And again, we are on track to deliver positive non GAAP operating margins in the Q4 of this year. We've also seen strong free cash flow margin improvements free cash flow margin improvement because the seasonality I mentioned earlier, that's why we split out first half in that chart. And we are committed to delivering positive free cash flow in the Q3 of this year, the Q4 of this year and for FY 2019 overall. So overall, we're making strong progress toward our $1,000,000,000 model and we expect to see steady improvements in leverage in each of the management traction and our compelling customer economics that gives us such confidence that we're on a path to building a multibillion dollar company. The past several quarters, we have been very focused on driving solution selling across the business, both as it relates to enablement, customer education and pipeline generation. And while this takes time, things are working and we're seeing very strong demand across our customer base and prospects. And just to hit on some of the key growth drivers that we've talked about and how we think about measuring success in these areas. From an add on product point of view, that would show up, as you'd imagine, in terms of add on product attach rates as well as big deal outcomes and ultimately customer retention. In terms of driving deeper customer engagements, that should show up both on in terms of customer expansion as well as reduced churn or customer retention. And we'd also expect to see strong continued progress on large box consulting deals that are used to drive customer transformations. On the partnership side, we've been building a world class partner ecosystem to expand distribution and leverage, as Steph talked about, but it's also an important enabler and contributor to our technology and what we can offer to customers. So for example, both Box Zones and Box Skills, as well as Box Relay, have been very closely connected to the strategic focus from customers around data residency and privacy, compliance and those play into Box's strengths. And so we expect international growth to outpace growth in North America at least for the next several years to come. And all of these growth drivers, if we're successful, should also have a positive impact on rep productivity as well as overall leverage in the model. As it relates to that market overall and the obligatory TAM slide, that I had the good fortune of being got to speak to this one, We are in a complex and evolving market, and it's at the center of increasingly valuable content centric use cases. We're already seeing a big shift in over the just the past couple of years in how customers are thinking about the market and how they're increasingly deploying Box to address more of these cloud content management use cases versus enterprise file sync and shared use cases. And as our product evolves, we are well positioned to disrupt all of these different categories of spends, whether it is retiring legacy network storage to disrupting a huge chunk of the enterprise content management market to addressing some of these emerging greenfield opportunities through Box Platform and Box Skills. And as we mentioned on our recent earnings call, we expect to deliver more than $1,000,000,000 of revenue in FY 2022, and we're already seeing strong progress against this milestone. We are on track to reaccelerate our bookings growth this year and to reaccelerate our revenue and billings growth next year in FY 2020. And while we are seeing more back end loaded sales, fundamentally, our view of the business hasn't changed. We are still on track the target model that we laid out a couple of years ago, delivering gross margins in the 75% range, driving leverage across all areas of the business with the biggest improvement expected in sales and marketing and expect to deliver operating margins north of 10% and free cash flow margins north of 15%. And given all the growth catalysts we've talked about and some of the trends that we're seeing emerging in the business, over the next couple of years, we see a lot to be excited about. So as a recap, we are well positioned to seize the huge cloud content management opportunity in front of us. We're doing that through a very differentiated product, particularly around our security and compliance capabilities and from a very differentiated architecture, where having a single content platform enables not just the best of breed architectures that customers are increasingly looking to deploy, but also enable some of these newer emerging artificial intelligence use cases that are driving a lot of demand for our various services. And we're already seeing this push into solution selling show up in some of the numbers, especially around big deal traction and our add on product attach rates. From a business model point of view, we've been driving significant leverage in the model and we also benefit from one of the most predictable models in software. So more than 95% of our revenue is recurring. We see less than 5% customer churn on an annual basis. And even as it relates to our new sales, about 2 thirds of those are coming from our existing customers, where we tend to have much stronger pipeline visibility. So today, hopefully, we left you with why we're so confident in Box's future as we scale to $1,000,000,000 and beyond. And with that, I will call my friends and colleagues back up to the stage. Just to clarify, did everybody catch the columns on that the blue chart, everybody was good with which years we were looking at? Yes. Okay. Allison, yes. Everybody else is noted. Okay, fine. P. Tab? It was black on blue, so it's hard to read which. So I don't know if you want to add On the path to billion side? Yes. The right most column, when you look at the materials that should be available on our IR website would be the columns to focus on. But happy to address any questions about those columns as well. Over here. Hey, guys. Thanks for the day. Very informative, very helpful. A couple of questions from me. First, can I use my box next year? To it was Street Combat trying to get to the little stand down there in the exhibit hall. Exporting box parts? Yes. Well, I checked, it doesn't say expire, so I guess that's a good thing. Treat it like a real currency, okay? Sorry. I assume it's expired. Very good. Dylan, the information you provided was very helpful and Stephanie as well kind of putting the 2 the comments of both of you together, seeing the expansion in the large deals, as you mentioned, I think it was 29% of 100 ks deals and you've talked about the attach rate of products, how that percentage is rising up to the right and hopefully that pattern continues. I guess what I'm missing in that information is that I have no information about seat growth, right? That's kind of the missing gap here for me. And so with the lack of that, and I'm trying to reconcile your 20% revenue growth with large deal growth, which is larger than 20% and with attach rates that are growing larger than 20% as well. How I think about seed growth? Is that not working all that well? It's just it doesn't seem like you're talking about that, that much, but help me understand what's going well there, what's not going well there, how do you tweak that? And of course, if you can provide exact data on it, that will be great as well. Yes. So maybe I'll start with kind of some of the numbers and Seth can give some color in terms of what we're driving operationally. But just to get a broad sense of things, we haven't broken out the Exact seat growth, although we do report the number of paying users that we have in each period that can be a helpful proxy for how things are going there. What I would say is that over the past few quarters, the total add on products, which include sales to both existing and new customers, has been about 20% to 25% of our total new overall, so the remainder would be from kind of core seats. And if you think about overall, about 2 thirds of our new bookings are sold to existing customers and a third to new customers. So that's a high level breakdown in terms of you can get a sense, I mean, new product attach might be across new and existing customers, should give a decent approximation for what that looks like. And then just in terms of some of the programs that we have undertaken, so we're doing a number of things. So we've been driving an ELA strategy for the last few months as we've gone deeper in our customers and really thinking about how do we go wall to wall, where very clearly there's a tremendous opportunity. Out there and having these conversations around digital workplace and digital business. And it's fundamentally changing the way they think about us and our ability to actually do this. So we're going to continue we sort of instituted that. It's going to become part of the DNA of the organization. We're really going to start to think much broader in terms of the way we actually go out and approach our customers. Melissa Franchi from Morgan Stanley. A lot of excitement around box skills, and that's going to be GA in December. Aaron, can you just remind us the monetization strategy around box skills? Is this intended to help drive greater seat growth and just greater customer acquisition around box scales? Or are you monetizing that separately? Yes. So first of all, it's definitely very early in the monetization kind of strategy and even what we learned from platform is 3 years ago, our pricing model was different than how a lot of customers consume it today. So we do treat this as an area of evolution for us. But in general, because skills are based on the amount of volume of data that you're pumping through the system, it will likely correspond to the amount of data and be a directionally a consumption based pricing model. And it's important to distinguish that there's the skills framework, which is sort of the volume of data you pump through skills and then the actual AI service that you're going to leverage, which in some cases might be priced separately by the AI vendor themselves. So we're really charging for the skills utilization. So we think about skills less about as sort of driving the price per seat up in Box and much more about as a catalyst to move more of a company's business processes or content in the Box. And so yet another sort of death knell or nail in the coffin for legacy ECM systems. And for us, we see this just as a massive differentiator versus legacy approaches. And certainly to the extent that we through customers deploying this, we see more ways that we can monetize. We'll certainly take a look at that. But for the most part, what we just want is a mass degree of customers moving content in the box, automating their business processes. We're very, I think, comfortable with even today's price per seat that we're seeing just at a macro level. Certainly, we see upside in that. But I think what we now want is just as many users and as many use cases on Box as possible. Hey, guys. Versace Galeria, Dia Davidson. I appreciate all the color here, super helpful. Dylan, quick one for you and then one for Steph, if I can. Dylan, you brought up the self-service channel. I know in the past you've mentioned that there's been a little bit of challenges on there. Can you give us a sense for what investments and what moves you're making to improve self-service as a channel and kind of drive more new business there? And then, Steph, you brought up the Box Consulting. Can you give us a sense for what's driving demand there and how we should be thinking about Box consulting at scale and maybe what an ideal attach would look like relative to core box? Thanks. Yes. So on the self serve front, I would say that our strategy hasn't really changed versus where we were a year ago, and we did flag that as an area that was underperforming versus our expectations heading into last year. What I would say is that, that business is back on track and performing at a much healthier clip and is growing at a decent rate year on year. But that doesn't mean that we've changed the strategy or even the investment level into that engine. It is a very highly efficient process, both in terms of driving direct sales as well as from a fulfillment engine point of view. So we are seeing that grow, but we haven't shifted or kind of reshifted time resource into the engine, but have been really pleased with how it's growing. We reduced the opportunity and I mentioned this briefly on the leverage slide is we've been successful with driving a greater volume of opportunities even if they are rep credited opportunities, just saying, hey, do this online, maybe it's a customer who is working with a sales rep, they might still get commissions on the deal, but they're able to buy more seats or transact online or even buy additional products that we've increasingly made available online. So I would say that what we have done is continue to make that a better and better experience to have more and more of that customer engagement and those customer actions online and see opportunity to continue doing that, but wouldn't expect us to re shift our investment strategy toward that part of the business. And then in terms of consulting, it's always been this really nice sort of little engine for us at Box. I think it's about, what is it, 7% or 8% of the business? Under the revenue. Under the 4% of revenue. And Tim Smith, who drives that business for us, he's really built a pretty compelling set of use cases for our customers. So we've been doing more of the traditional services. And then there was a crying need for what we introduced as Box Transform, which is really, as we've gone deeper with customers, they've wanted us to really help them think about this sort of transformation journey. And so we had an opportunity to input resources into some of our accounts and really start to help them rethink business process and workflows and automation and a whole bunch of other things. A couple of great stories. I think there was one of our clients is on stage today. We had Farmers Insurance up there in Rehan. We've been doing a tremendous amount of consulting services with Farmers as they've been looking at how to improve the service to their clients. And so we've been innovating with them, and we've had consultants sort of work through each step of that journey with them. We did a great project and just continuing stage 2 of that with U. S. Forest Service. We've migrated a ridiculous amount of data. We've helped drive adoption more broadly across that entire department. And so we're doing everything from helping them through transformation, driving education among sort of the end users, IT admin folks, etcetera, and then just continuing to also work with Neil's partners. And so in conjunction with our system integrators, we're actually working side by side in a whole bunch of engagements, financial services, health care, life sciences and Fin Services. So it's a really neat model for us. I think about 100 consultants now. So they're doing a tremendous job, and we've been really pleased with the value that they can help as we go sort of deeper with customers. I know, Aaron, you can get passionate about consulting. Yes, but then I can queue up for the next 10 minutes. But all I would just say is the reason why we love it so much is and why it's very strategic for us and where we certainly see it growing over time is this idea of cloud content management is relatively new because so many customers are used to these disparate content silos and haven't even realized how big of a challenge that is. So we have the skill set, which is we know now all the best practices of what the taxonomy you want for content management, how do you do the change management, how do you integrate Box into all the different system of records that you're using. And so we have a skill set now and of blueprints effectively that let us do that at a much faster speed and at a way higher success rate than really anybody else they could go to. And that's why customers are question. Okay. Phil Winslow again, Wells Fargo. A question for Aaron. Would you describe sort of a blurring of lines between cloud content management and stake and share about a single architecture? A question I get a lot from investors is, does sort of the customer actually think that way or are they thinking, okay, I need this for my employees for collaboration and then I'll use this for some sort of workflow application? What are customers saying? What is your pitch to them about, hey, why it's not 2 individual choices, but sort of one architecture and then follow-up for Steph? Yes. I think in general, and then it'd be good for Jeetu to add anything because certainly seen the space, but the I think in general, what we tend to find is traditionally speaking, you would think of EFSS as end user file sharing and storage. And then traditional ECM is really the business process, the governance engine, document management. But when you actually expose to the customer their own business process, what they see is, well, my file is hopping between the EFSS system, then it's going into a governance system, then it's being emailed out to the client, then it's going through some kind of custom application. So as soon as you actually show or have the customer sort of experience their own business process through the lens of both the end user, and the IT architecture, they realize that actually this is just one business process and it's very dynamic and you're hopping between different use cases with that same piece of content. So what we see and I think what broad technology industry analysts are starting to identify is that these two worlds actually make sense to combine to some extent or at least overlap in a pretty significant way, where you have this idea of the digital workplace transformation, which is that end user file sharing, file collaboration, the digital business process. There's usually a space in between, which is really that actual process happening. And that's where things like automations, that's where our 3rd party integrations come into play, And that's where things like automations, that's where our 3rd party integrations come into play. But ultimately, we have to go evangelize this market and we have to make sure that the ecosystem continues to move in this direction. I think though the benefit to the breadth of our strategies, it means we actually have multiple vectors into customer, which is pretty cool because it means that if the customer is really interested in employee transformation, we're probably going to have a little bit more of a digital workplace story. If the customer is having a customer facing digital transformation sort of operation happening within their business, then we're lean a little bit more to digital business. And you actually saw in this panel a multitude of those initial use cases where on Allstate, it's a bit more of a customer facing trend that they're driving first. In SunTrust, it was both and in Ameriprise, it started with employees. So I think what we're going to see is our ability to go into organizations through either of those vectors, but then ultimately get customers to use the full breadth of the platform. The only thing I'd add to that is, if you just think about the life cycle of content and how people naturally work, it's currently very unnatural in these legacy systems. So you might think about you started creating some content. And then once that content gets created, you might want to go out and share it with some team members internally. Then after you've actually gotten that to a certain draft stage, a certain final stage, you might want to share it with some customers externally. And then once you've gotten and shared with the external customers for some feedback, you might want to publish it. And then eventually, there's content that needs to get kind of archived and then eventually disposed. That entire life cycle, currently when you go out and look at legacy systems, you might have like 5 or 6 different systems that you might go through the entire life cycle with. So one, it's a really unnatural act. And 2, the policy engine doesn't actually apply across that entire life cycle. So by definition, you're out of compliance in certain cases when you move from like OneDrive to SharePoint and then from SharePoint to extranet team sites and then so that's actually the structural breakdown that happens in these systems when you have too many of these fractured repositories. And then you compound on that the fact that they are all pretty closed and don't even work with the ecosystem of vendors that your users might want to work with the content with, it actually kind of confounds the issue even further. So what we do is, given the fact that it's a single platform and that single platform make sure that your content, have the right policies applied to it, make sure that there's collaboration on it, make sure you can tie into a third party systems, now you have automation. There's like a huge amount of compounding value that continues to keep accretive. Got it. And then a question, I guess, for the whole team. Steph, if I look at your slides from last year, that you had up there about driving growth and you talked about the 4 columns today. One of the things that wasn't discussed in there was packaging, sort of pricing such packaging. I mean, you talked about Alistair actually at the beginning of having 7 products now. Is it sort of start instead of having everything a la carte, would it actually reduce friction if you went to more of a suite model? I'll take it on. I can take it. That's right. I'll take it first and then Jeetu can jump in because we've been talking about this a lot. So one of the reasons why we've been pushing this enterprise license agreement model is because we felt that there was an opportunity for us to do some packaging. And so that's what we've done around both digital workplace and digital business. Actually, we have a third package around security specifically that sort of ties the 2 together. And so we have actually been in conversations with a number of clients who sort of said that to us and we've said, yes, makes a ton of sense, having done this for a long time, Shih Tzu and I. It's sort of a logical progression for us. And we've been thinking as new products come to market and as we think of Shield, as we think of Skills, how do these neatly come together to deliver value sort of at that exponential level? So we will definitely continue to do more packaging, and we're going to take direct feedback from customers. As we think about how they want to deploy box in their environments, it will ultimately shape the way we look at packaging as we move forward. But we're doing some of that right now and getting some really good results. Yes. The only thing I'd add over there is there is value in having the discrete SKUs because sometimes you might have a security buyer and sometimes you might have a compliance buyer and sometimes you might have an end user computing buyer and they might have different kind of budget kind of pools that you can tap into. But in a lot continued basis. But you don't simplify the expense of taking away the choice of buying it in on a continued basis. But you don't simplify the expense of taking away the choice of buying it individually. You just want to make sure that you have some more bundles and packages in place. Rob Owens from KeyBanc Capital Markets. So help us understand that given everything you're saying, just the velocity of the business. And although you don't give a seat count, we can calculate new paid users has been decelerating quite meaningfully. And is this just a function of where you're at as you're trying to move up markets and you expect that to reaccelerate? And as we look forward, will more of the growth be explained by increasing user price? Should we expect that growth to tick up? Because if we look at other cloud businesses and Aaron, your keynote with Todd was great today. I mean, they're seeing it on the Okta front and he thinks that content should be a control point too. So is this an education problem? Why are we seeing kind of this slowing effect and what should we think about going forward? Maybe I'll start with the pure kind of strategic part of the question and if Dylan wants to layer in any other data, feel free to go for it. But I think it's a great question. Actually, it's something that we spend a lot of time internally, which is especially around this packaging of how much emphasis are we putting on add on products and improving price per seat? How much emphasis are we putting on going enterprise wide from a seat standpoint? And how do we make sure we tune the right balance in our go to market engine and our sales force? We have a product that fundamentally is a 100,000,000 plus seat type of product. And so we are dissatisfied with the kind of growth rate of those users and kind of what we've done thus far. But I think this is why we're spending a lot of time saying and as Steph brought up our ELAs as an example, just and that's just one program as a tactic to say how do we get customers to get customers to get example and that's just one program as a tactic to say how do we get customers to go from that land and expand slide that Steph showed where it took 6 or 7 years to get them to enterprise wide adoption, how do we do that in 2 or 3 years? In some cases, how do we do that right off the bat in that first sale with a customer? So this is, I think, one mostly of execution and our execution and how we're telling the story to customers where they don't just think about Box as the tool for their external collaboration. They don't just think about Box as the tool for the marketing department or the product development team. But truly as sort of an employee right to have a platform to really secure way with that content layer. And that's, I think, positioning, that's our sales dynamics, that's certainly what we incentivize and what we spend time talking to our customers about. But while I don't think we're pointing at any specific numbers, I do expect that given the reacceleration that we're driving, you will see that show up on the seat count as well because of the nature of how we're selling and that need to sell enterprise wide to be able to drive that type of conversation. Brian Peterson from Raymond James. And actually, can I say one more thing? I'm sorry. Go ahead. Okay. Sorry. So the other thing I think that's happening is, I do think that customers are finally like part of this has been a maturity of the category and customers are now they're getting it and they don't have to be as tepid as they once were. If we look at Ken from SunTrust, that initial deal was, I think, for a very large portion of their end user population. 5 years ago, they would have just tested us out in marketing or product development. And they just knew like, of course, we're going to offer an end user application to share and collaborate. And of course, that same set of content is going to plug into our other business systems. So why would we be doing this in pockets of the organization? So that's happening with the maturity of the category. But again, we have to respond with our execution, sorry. So just a quick clarification for Dylan. So you mentioned the reacceleration next year in growth. I just want to make sure I'm clear. Is that related to the 605 to 605 comparison at 22% or is that the 606 to 605 at 20 percent? That's relative to the 20% comparison. And we'll give more color, of course, into that and billings growth and expectations on our Q4 call. Okay. I got more time. Steve Kerr is not for another couple of hours. We got time. You want to talk about consulting? Yes. I'd love to talk about the transformation seeing. Yes. Okay. Stuff like, oh, we got it. Okay. Okay. Juju's got to go from the beginning. All right. Thank you so much, fellow panelists, Dylan, Juju, Steph. I'll close things up for a second or while we're sitting, I guess. Yes. Okay. So just to be we spend probably collectively a few 1000 hours rehearsing Boxworks. But one thing we don't rehearse is how to leave Financial Analyst Day from the stage. That's the one part that we don't practice. So I apologize. But let me just say, certainly, hopefully, you have a good sense of what we're doing as a business, how we've been growing. The core of our strategy is this idea of 1 source of truth for content building around that. I think as you've seen in the keynotes, hopefully, you were able to catch G2 this morning, the adoption across industry, across geography, this is a fairly U. S. Centric conference just by the nature of where we house it, but we're seeing this across the board. As Steph mentioned, seeing Japan growth be pretty incredible. EMEA, while in some regions where we still have some work to do, we are seeing some pretty solid adoption. So the trends that we're seeing, I think, represented by the customers that you saw on stage today here and early in the day, I think, are becoming broader and broader. We have more work to do to make sure that the rest of the world sees this and is adopting Box in an enterprise fashion, but I think we're seeing the signs of that execution come together. We called out at the beginning of this year that this was going to be a year where we were evolving that sales We wanted to make sure we were doing more solution selling, more enterprise wide selling, more add on product selling. And that evolution, I think, we're seeing some really great early signs of it. We do see the reacceleration that we talked about and that commitment to the FY $22,000,000,000 full year number, Although, I know that there was some questions about the precision of that run rate and that's just something that we feel like is still a couple of years out and there are different dynamics in terms of add on product rates, solution selling. So we want to get a little bit more focused on the full year number. But we're seeing some pretty incredible early signs and certainly in the back half of this year, very, very confident in the growth that we're seeing will continue. So just wanted to say thanks again for coming out to the event and learning more about the business. Also, if you have a cell phone, many of you do in this room, please donate. We have some great non profit partners that are part of this event. We'd love you to support what they're up to. Hopefully, see you do we have I don't think we have a slide. Do you know the number? It's 56,882 and just text box, and then I'll get you to a link. We've got 3 different causes that we talked about and you can put in anything from $1 on north. Some of you have more than $1 I know, But I do think that we do have some great organizations, International Rescue Committee, Black Girls Code, which is doing some amazing work on improving the diversity of the tech pipeline, which is obviously well needed in the industry. So and T for us, which is a great organization, but really appreciate the support of that. And then we'll see you throughout the event. Maybe if you're coming to our Big Boy concert tonight, that's he's half of OutKast for those of you who are familiar with OutKast, the great musical group and we'll see you there. I'm not familiar with OutKast. Everybody is. So we're good. Everybody is very familiar,

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