Box, Inc. (NYSE:BOX) Q3 2020 Earnings Conference Call - Final Transcript

Nov 26, 2019 • 05:00 pm ET

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Box, Inc. (NYSE:BOX) Q3 2020 Earnings Conference Call - Final Transcript

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Q & A
Operator
Operator

[Operator Instructions]

And your first question comes from the line of Phil Winslow from Wells Fargo. Your line is open.

Analyst
Richard Hilliker

Hi guys, this is Rich Hilliker on for Phil. Congratulations on the quarter and thanks for the details on three-pronged initiative that you both outlined. Aaron, in particular, you mentioned that suites will be a primary way that Box goes to market in the future. And Dylan, on kind of a similar note, you mentioned that with an increased focus on efficiency, so it's going to be more business from add-on products. So just putting these two things together, I'm wondering, A, you highlighted a couple of suite related deals in the quarter. Wondering how customers, new customers in particular are feeling about suite? And also in light of this three-pronged initiative kind of wondering how should we think about this impacting your efforts to win land and expand moving forward, because it sounded like there was an emphasis on add-on sales and efficiency. And then I have a follow-up. Thanks.

Executive
Aaron Levie

Yeah, so. So firstly, we are, because of the positioning of suite has really the full complete platform of Relay and Governance and platform and obviously now Shield, in our new customer conversations that we're having, customers get to see the full power of CCM right at the beginning of the conversation and some customers who elect to get started with maybe not the complete package because they want to be able to really get their feet wet and start using it really quickly, but more and more right upfront in the initial conversation with customers, we're able to position the full value of Box because of our complete suite.

So we're really happy about that. It's going to improve our win rates and competitiveness in the market, because you're going to get the full value of Box right upfront. Going forward in terms of really driving that greater efficiency and focus across the sales force, as we noted on the call, we are going to be really focused on making sure that we go into our current installed base of 97,000 customers and drive a significant amount of cross-sell and up-sell, which really just kind of further pushes on our land and expand sales motion. At the same time, obviously, when we see great opportunities to bring new customers on board, we're going to do that. So you're going to see new logo growth in end markets or regions or segments where we have a lot of, a lot of potential, still of new clients to bring on board. But then in more mature markets or segments, you're going to see a lot of upsell of our existing customer base.

Executive
Dylan Smith

Yeah. And this is Dylan. And to build on that not driving any real work structure change but rather expect that a greater emphasis and greater proportion of our bookings to be coming from our installed base, more result of that focus that Aaron mentioned and incentives that were