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Salesforce
CPQ-201
Salesforce CPQ Admin Essentials for New Administrators
http://killexams.com/pass4sure/exam-detail/CPQ-201 Question: 52
Universal Containers has a requirement to ensure that Product B is always quoted with Product A in a bundle. The
products are in separate features and there is no clear indication that they must be sold together. They implemented a
Product Validation rule to fulfill this requirement, but received complaints that it was not user friendly.
What other approach should the Admin take to fulfill this requirement?
A. Create an Option Constraint with Type: Add.
B. Create a Configuration Price Rule to add Product
D. Create a Product Selection rule to add Product
F. Create an Option Constraint with Type: Dependency. Answer: C Question: 53
What is a valid formula for use in a Price Action where Target Object is Quote Line?
A. SBQQ__Product__r.SBQQ__DiscountSchedule__r.SBQQ__Order__c
B. SBQQ__Product__r.Name
C. SBQQ__Feature__r.SBQQ__Number__c
D. $User.FirstName Answer: B Question: 54
Bundle A has four Product Options within Product Feature A: Products A, B, C, and D. When Bundle A is added to a
Quote?
How should the Admin set up a Discount Schedule so that the quantities of all Product Options on this Quote are
aggregate?
A. Set the Discount Schedule on Product Feature A and mark the Cross Products: Checkbox as TRU
C. Set the Discount Schedule on Product Feature A and mark the Cross Products Checkbox as FALS
E. Set the Discount Schedule on the Product Option records and mark the Cross Products checkbox as TRUE
F. Set the Discount Schedule on the Product Option records and mark the Cross Products checkbox as FALSE Answer: A Question: 55
A User tries to add a specific product to the quote and has typed the full Product Name into the Product Name search
filter and clicks apply, but does not see the product in the search results.
What is the reason why this product is not displayed?
A. A hidden search filter was set
B. A product rule is firing
C. A quote process is active.
D. Sort Products in Memory is enabled. Answer: A Question: 56
The Admin has created the Promotional Discount ABC price rule below.
TABLE Assuming a quote where all conditions form this rule are met, which products on the quote get a discount?
A. Product C
B. Product A, Product B, and Product C
C. Product A and Product C
D. Product B and Product C Answer: D Question: 57
Universal Containers needs to set up a bundle so that the sales rep can set some values that apply to the bundle rent,
and others that apply to specific options.
Which two configurations meet this requirement?
A. Use custom product option fields for option-level values.
B. Use configuration attributes for option-level values.
C. Use custom product option fields for bundle-level values.
D. Use configuration attributes for parent-level values. Answer: A, D Question: 58
A User forgot to store an Additional Discount at the Quote level while they were in the Line Editor. Rather than going
back in, they have changed the field on the Quotes detail page. After doing so, however, no prices were updated to
reflect the new discount.
Which reason could explain this unexpected behavior?
A. The Additional Discount is only applied to the Amount fields on the Quote.
B. Fields updated outside of the Line Editor do not affect Pricing.
C. The Additional Discount field is not in the Calculating Fields field set.
D. A Price Rule is needed to inject this value into the Quote Lines. Answer: D Question: 59
Universal Containers has the following Discount Schedule attached to product L. Product L is a Product Option for
two bundles, A and B. A user at Universal Containers has added both bundles to a Quote. In Bundle A, Product L has
a Quantity of 7. In Bundle B, Product L has a Quantity of 8. On this Quote, however, both Product Options are being
discounted using the second tier in the table above.
Which two actions allow both Product Options to be discounted using the first tier?
A. Set the Aggregation Scope field on the Discount Schedule to None, as well as uncheck Cross Products.
B. Apply a separate discount schedule to the Product Option records in each Bundle.
C. Move Discount Schedule X from Product L to the corresponding Product Option records in each Bundle.
D. Change the Product Option Type for Product L to Related Product in both Bundles. Answer: AC Question: 60
Universal Containers wants to prevent a User from putting in a discretionary discount at or above 40 percent on any
quote Line.
How should the Admin implement this restriction?
A. An Alter Product Rule will use an Error Condition against the Quote Line object. The Additional Discount (%)
field will be tested in the Error Condition.
B. An Alert Product Rule will use an Error Condition against the Quote Line object. A Summary Variable will be used
to calculate the maximum discount.
C. A Validation Product Rule will use an Error Condition against the Quote Line object. The Additional Discount (%)
field will be tested in the Error Condition.
D. A Validation Product Rule will use an Error Condition against the Quote Line object. A Summary Variable will be
used to calculate the maximum discount. Answer: C
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Salesforce Administrators testing - BingNews
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https://killexams.com/exam_list/SalesforceTop 10 Salesforce Consulting Partners of 2023No result found, try new keyword!Salesforce has emerged as a leading CRM platform in recent years, and its widespread adoption by businesses of all sizes and industries is a testament to its success. However, the implementation and ...Sun, 04 Jun 2023 20:15:00 -0500en-UStext/htmlhttps://techbullion.com/top-10-salesforce-consulting-partners-of-2023/PreetyTak: A Leader in Blockchain and IT IndustryAs a leader, Preety has developed a new way of recruiting IT staff by interviewing them individually to identify their interests and skills.
New Delhi (India), May 16:Â PreetyTak, a Blockchain Technology Researcher, Evaluator, and Businesswoman, is a force to be reckoned with in the IT industry. With a Masterâs in Computer Applications and a Post-Graduate Diploma in Computer Applications, Preety has honed her technical expertise in the IT industry for over six years.
Preetyâs technical expertise includes more than five years of extensive experience in Salesforce CRM as QA/Administrator/Developer, Apttus Suite e-Contract Life Cycle Management and Approvals Management. Her knowledge of the security and sharing model used to finely control user access to different data is impressive. Preety has dealt with functionalities related to the sales cloud, service cloud, financial cloud, and SFDC service console. She is experienced in the scoping phase, gap analysis, testing, and implementation phase and is skilled in the effective employment of Apex Data Loader, Import Wizard, and Data Manipulation Language for data migration and management in bulk.
As a leader, Preety has developed a new way of recruiting IT staff by interviewing them individually to identify their interests and skills. She has facilitated planning sessions for projects with over 30 internal and 10 external contributors, managed the critical path, and finished 15% ahead of schedule. Preety has also developed a group of highly skilled IT workers into the most successful implementation in the history of Infoserv LLC.
Preety is currently working on three research projects, including the critical determinants of the application of blockchain technology in enhancing cybersecurity in the modern technology era. She is also investigating machine learning approaches for bank risk management and understanding wireless network technologies for upcoming generation digital stream processing.
Preetyâs skills include large team management, software development, Salesforce configuration and development, knowledge of sales development software, artificial intelligence and machine learning, implementation of Agile methodology, product management, wireless technologies, and cybersecurity in blockchain technology.
As the founder and managing director of Infoserv LLC, an IT staffing solutions organization that helps clients get the right resources for their technology enhancements and deployments, Preetyâs startup aims to create a team of experienced IT professionals, take up implementation of IT projects, and recruit IT professionals from every field across the US to build solutions for clients.
PreetyTak is a valuable contributor to the IT industry, making waves in Blockchain technology. Her work on the critical determinants of the application of blockchain technology in enhancing cybersecurity is crucial, given the growing importance of cybersecurity in the modern technology era. With her broad range of skills, the vision of perfection, and focused approach, PreetyTak is a leader in the IT industry, paving the way for future innovation and growth.
Disclaimer : Above mentioned article is a Consumer connect initiative, This article is a paid publication and does not have journalistic/editorial involvement of IDPL, and IDPL claims no responsibility whatsoever.
Above mentioned article is Brand desk article or whatever the client has confirmed, This article is a paid publication and does not have journalistic/editorial involvement of IDPL.
Mon, 22 May 2023 22:27:00 -0500entext/htmlhttps://www.india.com/brand-solution/business/preetytak-a-leader-in-blockchain-and-it-industry/Dell TechWorld 2023 â Security, AI And Multicloud
I spent the last few days in Las Vegas attending Dell TechWorld (DTW) and am happy to report I've returned home to Dripping Springs, Texas, no poorer due to gambling. I'm also pleased to report that Dell TechWorld was worth the trip and time away. In addition to catching up with old colleagues and friends, there was much news regarding Dell's strategy and vision.
As with most conferences, DTW had a theme. This year, it was technological innovation is the key to human progress. Based on this theme, the company focused on addressing what it sees as five significant challenges in the enterprise:
The future of work â Managing the remote workforce
Multicloud â While this may seem like an overplayed term, the challenges are real.
AI â Technical, ethical and operational barriers to adoption
Edge â Like Multicloud, this is talked about often but still encounters lots of challenges.
Security â It should baked into everythingâevery device, every server, every environment.
Dellâs five focus areas
Dell
While there is much to discuss across all of these areas, in this piece I will dive deeper into my three biggest takeaways and what I think of Dell's overall approach, vision and strategy.
Some events stand out for the right reasons; Dell DTW is one of them
Before getting into my analysis, I want to deliver the Dell analyst relations (AR) team recognition for putting on a wonderful event. I am on the road nonstop this time of year for conference season, so I see lots of good, bad and average events. DTW 2023 was amazingly well run, and I know that the folks who helped make it so don't ever get credit. So for my AR contact, Beth Williams: thank you for making this such a pleasant learning experience. And to AR leader Erin Zehr: you and your team are rock stars.
Security: Big leaps forward
I've traditionally considered Dell's security messaging adequate, albeit not exactly impressive. While others in the market have made a lot of noise around their security capabilities, Dell has quietly gone about building a solid security portfolio and partnerships.
In October of 2022, Dell announced its Zero Trust Center of Excellence (CoE) at DreamPort, the US Cyber Commandâs premier cybersecurity innovation facility. The function of this CoE will be to allow customers to test their environments against the U.S. Government's zero-trust security specifications. This is a real and practical value-add for IT and information security professionals to drive the highest levels of protection across their organizationsâsomething I would have jumped at the opportunity to use when I was in IT. And as of this spring, the CoE has entered the testing milestone as Dell prepares for U.S. Government validation.
At DTW, Dell took it one step further by announcing Project Fort Zero, an end-to-end validated zero-trust solution for Dell customers to deploy. With this initiative, Dell is bringing together over 30 of the leading cybersecurity companies in the market to help establish a zero-trust environment that adheres to the U.S. government's mandate.
Dell CoE qDell CoE quick factsâone integrator for zero trust Source: Dell uick factsâone integrator ... [+]for zero trust
Dell
Here's what I like about what Dell is doing. It uses its market influence to enable its customers to deploy a true zero-trust environment. And it is doing so through a consortium approach, where companies have a real incentive to work together to deliver a complete solution. More to the point, Dell understands that neither it nor any other company can be the only answer for zero trust. This is a team effort, and to its credit Dell is pulling together the players.
AI: Itâs everywhere
Surprising nobody, AI was a major focus area for Dell at DTW. It was part of every keynote, every group breakout and every discussion. And for good reason. During one keynote, Dell's Co-COO, Chuck Whitten said that AI might be the most significant technological innovation since the PC, the internet and even the smartphone (gulp). And when one thinks about the impact AI is having and will haveâon our lives, our economy, on everythingâhis statement makes sense.
More precisely, the conversations at DTW focused on generative AI (sick of hearing about ChatGPT yet?). By everybody's estimate, generative AI is going to change the way we work and the way we live. And because of this, organizations of all sizes are looking at ways to implement such an environment.
The challenge? Training a large language model (LLM) for your specific needs. Letâs say youâre a big sporting goods chain and want something like ChatGPT to serve as a shopping assistant for your customers. When a customer searches for a âdriver,â you want them to find a long golf clubânot a construction tool. Likewise, if a customer wants to find a âbatâ for their promising baseball player, you don't want the search to return something about the Mexican free-tailed bats that live in Austin. Now think about how you would apply this to a law firm sifting through millions of digitized pages of case law, briefs and so on. Or a pharmaceutical company whose inputs span drug discovery, clinical testing and safety reporting. This is where the concept of training domain-specific LLMs comes into play. It's all about context and relevance.
So, what did Dell Announce around AI at DTW? Well, a few things. But I will focus on what I found super compelling: Project Helix, which is a partnership between Dell and Nvidia to deliver a full-stack generative AI solution to its customers. Think curated generative AI for specific customer needs. Major law firm? Health care provider? Sporting goods store? Dell and Nvidia will deliver a pre-trained model and the tools needed to easily further optimize it.
Project Helixâa full stack GenAI solution from Dell & Nvidia
Dell
Like Dell's moves in security, I like this partnership with Nvidia. AI has been an almost science fiction-like concept to many businesses for a very long time. While we've talked about the eventual rise of this technology, its applicability has often been narrow in scope. And frankly, we've often misused the term entirely, placing the AI label on technology that is really advanced analytics.
Recently, though, generative AI has made AI tangible to far more people. And Dellâs partnership with Nvidia is going to make AI real for many businesses.
One last note on Project Helix. The NVIDIA software stack being used for it is powered by the newly launched Dell XE9680, a beast of a server that packs two Intel 4th Generation Xeon CPUs and eight Nvidia H100 GPUs.
Dellâs XE9680 powers Project Helix
Dell
While generative AI became white-hot just over the last few months, Dell, Nvidia and Intel must have started working on the ground-up design of this solution a couple of years ago. Thatâs impressive foresight.
Multicloud: We may be bored of talking about it, but itâs still relevant
âMulticloudâ and âhybrid multicloudâ are so overused that I'd be willing to bet that somewhere, college kids have created a drinking game around these terms. Yet we talk about these concepts so much because the industry still hasn't figured out how to consistently implement them elegantly, efficiently or economically.
At DTW, Dell discussed multicloud and its âas-a-Serviceâ solution, APEX, and how the company envisions enabling its customers to navigate this multicloud world more quickly and affordably.
My biggest takeaway from Dell's presentations on APEX is that everything starts with data. Data that is generated on the edge or in the cloud and must be shared with distributed applications. Legacy data that sits in a data warehouse and is critical for feeding algorithms that can help drive better customer outcomes.
And because of this need to make data from the datacenter to the cloud and from one cloud to another, storage is critical. The connective tissue that makes this work is the architecture that enables the movement of data between cloud and on-prem and from one cloud to another. To that end, Dell announced APEX Block Storage for AWS and Azure, as well as APEX File Storage for AWS. Running APEX storage in these clouds allows Dell customers to have clean integration from what Dell refers to as âcloud to groundâ or âground to cloud.â In other words, from on prem to off prem, and from off prem to on prem.
Dellâs cloud strategyâconnecting clouds through storage
Dell
In addition, Dell announced the APEX Cloud Platform for Microsoft Azure, VMware and Red Hat. Through these partnerships, Dell is trying to make the cloud experience (and environment) as tight as possible. The Red Hat partnership especially interests me because it allows IT administrators to manage their combined infrastructure, virtualized and containerized environments from the OpenShift interface.
The last thing to note on multicloud and APEX is around manageabilityâone of my favorite topics. At the event, Dell announced APEX Navigator for Multicloud Storage and APEX Navigator for Kubernetes. This was the sleeper hit of the show, in my opinion. Having a single SaaS-based console to manage my entire (Dell) storage environment is a big deal. It makes managing storage far less complexâand cheaperâwhile optimizing the entire environment.
As I mentioned, there's so much to discuss here, so capturing it all in a few paragraphs is hard. If you're interested in learning more, here are a couple of videos from Dell that are worth watching:
Bonus: An observation from the show floor
While I expected to see a seemingly endless number of AI and security startups and other companies on the show floor (which I did), I was surprised at the number of cooling companies I also saw. These covered a wide range of technologies from direct-to-chip to immersion cooling and everything in between.
GRC showing off its immersion cooling tank
Dell
Companies such as GRC, Zutacore and Chilldyne were out in force to showcase their solutions. Even Intel was showing off its chips being cooled by Zutacore in its booth. This only makes sense when you think about where the market is going. The XE9680 mentioned above thatâs so impressive puts out a lot of heat those H100 and Xeon processors. And the chips driving platforms like that are only going to get hotter.
It's worth checking out what some of these companies are doing regarding cooling, especially as you plan and implement refreshes to your infrastructure.
Final thoughts
It was a long couple of days at DTW 2023âin a good way. Besides the specifics covered above, my overall takeaway is that innovation is alive and well at Dell. I often talk about the pragmatic approach Dell takes to delivering solutions to the market. But that pragmatism also drives an innovation engine that has positioned the company as a leader in meeting companiesâ needs for what tomorrow brings.
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Wed, 31 May 2023 04:34:00 -0500Matt Kimballentext/htmlhttps://www.forbes.com/sites/moorinsights/2023/05/31/dell-techworld-2023---security-ai-and-multicloud/Google's Holographic Project Starline Shrinks to the Size of a TV
While most people have chosen to avoid wearing VR and AR headsets for one-on-one group chats, Google's Project Starline envisions some sort of happy medium between corporate Zooms and a future of floating holograms. The glasses-free 3D technology, which I got to demo last year, was originally designed to be a room-size installation. The latest prototype shown at Google's I/O developer conference now shows it's shrunken to the size of a large TV.
According to a Google blog post, the new prototypes are already being tested in trial groups at Salesforce, T-Mobile and WeWork. The goal is to shrink the experience down to something closer to a "more traditional video conferencing system."
Starline, created by some of the Google team that helped build the company's Daydream VR platform years ago, is a surprisingly convincing and sometimes uncanny full-size video chat experience. My conversation with someone over Starline last fall felt like talking to someone who was sitting right across from me: people seem realistically sized, and the array of cameras and depth-sensing equipment create realistic eye contact in a way that regular home video chats over tablets, phones and laptops sometimes don't.
The new design is made to sit next to a desk, making it seem like the 3D person sitting across from you is at the other side with you having a chat. The somewhat intimate feel of the first Starline demo I had was part of what made it feel even more like I was having a chat with someone at a coffee shop or office, as opposed to a farther-off webchat.
Google's had plans to install Project Starline in corporate offices as test programs to see if the idea, developed as a Labs project, could expand to other businesses. The new design, which looks a lot more like a real product than the experimental array of cameras I tried, certainly looks more office-friendly.
Google isn't the only company working on solving better video chats: Logitech's Project Ghost, which has a planned launch later this year, has a similar telepresence solution that doesn't use glasses-free 3D and can use more off-the-shelf webcam hardware.
As more next-wave AR hardware manufacturers like Apple, Google and Samsung start to test other ideas, maybe the idea of holographic collaboration will grow in different directions. In the meantime, Google's Project Starline looks like it might be an intermediary step to figure out something that works without wearing anything at all.
Thu, 18 May 2023 05:12:00 -0500entext/htmlhttps://www.cnet.com/tech/computing/googles-holographic-project-starline-shrinks-to-the-size-of-a-tv/Addigy Finds Apple Rapid Security Response (RSR) Updates Not Being Applied in 25 Percent of Managed macOS Devices
Customer Inspections Uncover a Quarter of macOS Devices Won't Accept MDM Updates; Addigy Rolls out Watchdog Utility to Ensure All Machines Enable Patches
MIAMI, FL / ACCESSWIRE / May 24, 2023 /Addigy, a leading provider of Apple device management solutions, today announced that it has found that Apple Rapid Security Response (RSR) updates are not being deployed in up to 25 percent of macOS devices within managed environments. RSR is a mechanism that allows Apple to deliver security updates to macOS devices more quickly than traditional software updates.
Addigy's clients have hundreds of thousands of macOS and iOS devices under management. Inspections of customer environments have definitively shown that some macOS devices end up in a âstuck state' after an update is pushed, but the update is never implemented. More concerningly, there is no way for IT departments to know which machines are not implementing RSR updates without manually inspecting each machine and enabling the update, and this doesn't just impact updates. Still, any MDM action on the device will also no longer be possible.
MDM commands and frameworks are increasingly used for device management and protection, so the health and responsiveness of the macOS MDM stack on the device is critical. Addigy discovered the RSR wasn't being implemented after finding that the MDM client binary gets stuck after executing the OSUpdateScan command and stops communicating with the Apple MDM Framework that Addigy follows. If the MDM client on the device is unresponsive, necessary MDM actions are delayed, leading to potential security vulnerabilities in this critical RSR case.
Based on Addigy's research, the issue is systemic and affects a quarter of all MDM-managed macOS environments. iOS and iPadOS devices do not seem to be affected by this. As a result, all MDM vendors and customers are encouraged to audit their environments to ensure the critical RSR update is making its way onto every eligible machine under management.
macOS and iOS devices are increasingly becoming the machines of choice for workers. Some proof points include:
"Our customers are in the healthcare industry, which is highly regulated, and as a result, all of our machines must have the latest versions of any security software installed and running to prevent data leaks, intrusions, or other disruptive events," said Dan Lowry, Sr. IT Administrator, Forian. "Our Apple-based end-points are critical to the trust our clients put in us and for our employees to be as productive as possible. We've been testing the Addigy MDM Watchdog utility to ensure none of our machines miss applying an update. Only tools like Addigy can fix MDM when it's in a broken state like this, as it's entirely unresponsive."
Addigy Implements MDM Watchdog utility
To ensure all machines receive and implement RSR updates, Addigy is rolling out a new MDM Watchdog utility to its customers. MDM Watchdog monitors the MDM framework on devices and automatically remediates those in which the condition was found. The Addigy MDM Watchdog feature will automatically monitor and ensure the devices are in a healthy state and communicating properly to ensure Updates and other critical MDM functionality operate when IT Admins need them, such as applying an emergency security patch like the RSR update.
"The stuck state condition we discovered within our customers' environments affects one out of every four devices, so the impact to macOS environments in any enterprise is likely the same," said Addigy CEO Jason Dettbarn. "We are committed to keeping our customers' macOS devices secure. The MDM Watchdog utility is a critical tool to ensure all of our customers' devices are automatically updated with the latest RSR and every future update."
The MDM Watchdog utility is available now to all Addigy customers. Addigy will release a MDM Watchdog utility that is free to customers of all MDM vendors within the next three weeks.
More than 4,000 organizations across the globe trust Addigy to help their IT teams manage Apple device security, inventory, reporting, mobile device management, policies, and troubleshooting. Addigy is the only cloud-based, multi-tenant Apple device management software that makes it easy for managed service providers and corporate IT teams to monitor and manage employees' Mac, iPad, and iPhone devices from a single location, anywhere in the world. Learn more at www.addigy.com.
Aaron Levie; Co-Founder, CEO & Director; Box, Inc.
Cynthia Hiponia; VP of IR; Box, Inc.
Dylan Smith; Co-Founder & CFO; Box, Inc.
Brian Christopher Peterson; Senior Research Associate; Raymond James & Associates, Inc., Research Division
Chad Michael Bennett; Senior Research Analyst; Craig-Hallum Capital Group LLC, Research Division
Jason Noah Ader; Partner & Co-Group Head of Technology, Media and Communications; William Blair & Company L.L.C., Research Division
Joshua Phillip Baer; Equity Analyst; Morgan Stanley, Research Division
Pinjalim Bora; Analyst; JPMorgan Chase & Co, Research Division
Rishi Nitya Jaluria; Analyst; RBC Capital Markets, Research Division
Steven Lester Enders; Research Analyst; Citigroup Inc., Research Division
Thomas Blakey; Research Analyst; KeyBanc Capital Markets Inc., Research Division
Presentation
Operator
Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Box, Inc. First Quarter 2024 Earnings Conference Call. (Operator Instructions) Thank you. Cynthia Hiponia, Head of IR, you may begin your conference.
Cynthia Hiponia
Good afternoon, and welcome to Box's First Quarter Fiscal Year 2024 Earnings Conference Call. I'm Cynthia Hiponia, Vice President of Investor Relations. On the call today, we have Aaron Levie, Box Co-Founder and CEO; and Dylan Smith, Box Co-Founder and CFO. Following our prepared remarks, we will take your questions. Today's call is being webcast and will also be available for a replay on our Investor Relations website at box.com/investors. Our webcast will be audio only. However, supplemental slides are now available for get from our website. We'll also post the highlights of today's call on Twitter at the handle @BoxIncIR. On this call, we will be making forward-looking statements, including our second quarter and full year fiscal 2024 financial guidance and our expectations regarding our financial performance for fiscal 2024 and future periods, including our free cash flow, gross margins, operating margins, operating leverage, future profitability, net retention rate, remaining performance obligations, revenue and billings, and the impact of foreign currency exchange rates and our expectations regarding the size of our market opportunity, our planned investments, future product offerings and growth strategies, our ability to achieve our revenue, operating margins and other operating model targets, the timing and market adoption of the benefits from our new products, pricing models and partnerships, our ability to address enterprise challenges and deliver cost savings to our customers, the impact of the macro environment on our business and operating results, and our capital allocation strategies, including potential repurchase of our common stock. These statements reflect our best judgment based on the factors currently known to us, and genuine events or results may differ materially. Please refer to our earnings press release filed today and the risk factors and documents we filed with the Securities and Exchange Commission, including our most recent annual report on Form 10-K for information on risks and uncertainties that may cause genuine results to differ materially from statements made on this earnings call. These forward-looking statements are made as of today, May 30, 2023, and we disclaim any obligation to update or revise them should they change or cease to be up to date. In addition, during today's call, we will discuss our 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. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release and the related supplemental slides, which can be found on the Investor Relations page of our website. Unless otherwise indicated, all references to financial measures are on a non-GAAP basis. With that, let me hand it over to Aaron.
Aaron Levie
Thank you, Cynthia, and thanks, everyone, for joining us today. We are pleased to deliver first quarter operating results above our guidance. This includes revenue growth of 6% year-over-year and 10% on a constant currency basis. In addition to a strong focus on profitability, resulting in operating margin of 23%, up 220 basis points from a year ago. Achieving these results in a challenging macro environment is a testament to the value of our Content Cloud platform and the operational discipline of our Boxers as we deliver substantial year-over-year bottom line improvements. While the dynamic macro economy continues to pressure IT spend and headcount growth expectations from our customers, trends we've seen continue to play out most notably in EMEA and smaller businesses in the U.S. We are also seeing strong traction and stickiness of our platform and customers, and our message is well aligned to the challenges they're facing today. Over the last quarter, I've had the opportunity to speak with hundreds of business and technology leaders, and it's clear that the dynamics enterprises face today are fully aligned with the pillars that underpin our strategy. Enterprises are focused on simplifying their IT environment, driving productivity across their businesses and protecting their most sensitive data. And across nearly all of my conversations in the last quarter, business leaders everywhere are looking to leverage the power of AI to help transform how they work and get even more value out of their data. Box's Content Cloud platform is best positioned to help these customers solve these challenges. And our Q1 customer wins illustrate how we will remain mission-critical for them. These wins include a global manufacturing company that collaborates with defense and federal government agencies, who is a new customer who purchased Box in Q1 in order to meet FedRAMP and ITAR compliance for content management. Also realizing the value to streamline its tech stack and integrate Box with its sales force instance to power the underlying compliant content layer for their customer portal. A multinational retailer expanded its use of Box with a 6-figure ramped enterprise license agreement and purchase of Box Shield to protect the vast amount of personal identifiable information that is stored inside a Box. And critical to our success is our continued execution of our product road map, which expands our TAM and adds value to our core platform with new product innovation. In Q1, we were pleased to announce the general availability of Box Canvas, which delivers a powerful new way for teams to unleash their creativity to take brainstorming and ideation to a new level while leveraging the enterprise-grade security, compliance and workflow automation capabilities of Box. Box customers now have access to unlimited Canvas' included in their plans, which enables us to disruptively enter this market, and we're already seeing amazing use cases emerge across our customers. Since we launched Box Sign, Box customers are taking advantage of unlimited e-signatures included in their plans, and have migrated use cases over from costly incumbents. In Q1, we released advanced e-signature features such as a dedicated Box Sign policy for Box Shield to provide users with the ability to seamlessly request signatures on documents, subject to Box Shield access policies. We also launched a Box Sign relay integration that specifically enables post-signature actions to be orchestrated and enables our customers to build end-to-end e-signature workflows in the Content Cloud. We also announced the next generation of Box's content migration solution, Box Shuttle, now built directly into the Box Admin Console. With Box Shuttle, content migration is a simple, accessible process and that organizations of all sizes can take full advantage of the many features and capabilities that the Content Cloud has to offer. Finally, an integral part of the product strategy is our ability to integrate deeply across the SaaS landscape, including with products like Microsoft Teams and Office, WebEx, Zoom, Google Workspace, ServiceNow, ITSM's technology solutions and much more. In Q1, in addition to delivering integration enhancements with Slack and Salesforce, we were pleased to announce a number of new technology partners that extend the value of Box including Notion, Sona, [NowerBites] and Cloudflare. As we look forward into FY '24 and beyond, our pace of innovation continues to accelerate. We are at the beginning stages of a new era of software. Similar to how cloud and mobile changed the technology landscape forever, AI has the opportunity to completely change how work is done. As highlighted by the meteoric rise of ChatGPT, we've recently begun to see a huge breakthrough in the potential of large language models or LLMs, which are now capable of bringing human level reasoning to a large number of tasks. However, the real power of these new AI models is when you use their intelligence to help you work securely with your own proprietary data set. For years, we've been able to ask questions about our structured data like the information that's in a database ERP system or CRM system. You can ask those systems for financial forecasts, sales pipeline results, inventory levels, supply chain details and more. But we had limited ability to ask questions of our unstructured data like content which is 80% of corporate data. And now we can, by safely bringing leading AI models to enterprise data. Enterprises can truly unlock the value that lies in their content. To do this, we need a way to connect these models safely, securely and compliantly to our enterprise content. As we announced just earlier this month, with Box AI, we're taking the power of the world's leading AI models starting initially with OpenAIs ChatGPT 3.5 and GPT4 and securely letting customers leverage them for their enterprise content. With Box AI, customers can ask questions of their content or generate new information leveraging Box Notes. Imagine being able to instantly ask things like how many days of parental leave can I take on an HR document or please summarize this report and provide 5 key takeaways on a quarterly earnings document or how would you pitch this product to a customer in the automotive industry when looking at a product overview document. But this is just the beginning. Ultimately, as a core platform capability, Box AI will be used throughout the product to continue to transform how we work with our content in a variety of ways. We can imagine in the future being able to use AI to automatically classify content in even more specific ways, automatically extract data using a relay workflow, platform APIs to interact with AI models from a variety of providers and being able to ask questions of a larger set of documents on a specific topic. And as a platform-neutral vendor, we will also be AI neutral, which means as new AI breakthroughs emerge for more vendors over time, we'll be in a position to bring the full power of their technology to Box and our customers. In addition to our collaboration with OpenAI, we recently announced that we are building on our strategic partnership with Google Cloud to integrate Google's advanced AI models into Box AI to create new ways for joint customers to work smarter and more productively with generative AI. Like any new technology era, our approach with Box AI is to execute on this opportunity with a high degree of thoughtfulness. Initial customer access will be granted through a design partner program and we are excited to keep you updated as we continue to innovate with Box AI to capitalize on the exciting new product opportunities this technology shift has created. Now turning to go-to-market. As we discussed at our Analyst Day in March, our optimized pricing and packaging initiatives have allowed us to see a greater total account value, higher net retention, higher gross margins and a more efficient sales process. Our strategy is to continue launching new multiproduct offerings over time, increasing the value to our customers by bringing them the full power of the Content Cloud. Our latest multiproduct offering, Enterprise Plus continues to be well over 90% of our suite sales in large deals, with suites comprising 69% of deals over $100,000 in Q1. We saw consistent suite attach rates in large deals across all of our geographies. Our Q1 customer expansions and new wins with Enterprise Plus include a U.S. company that develops and produces building materials and services expanded its use of Box with a 6-figure renewal and purchase of Enterprise Plus to gain the benefits of Shield and Box Governance. As more and more data is migrated into Box from old SharePoint sites and file servers, it was necessary for the company to implement the advanced security and compliance controls that Enterprise Plus provides. A leading U.S. hospital system and research institute expanded its use of Box in Q1 with an upgrade to Enterprise Plus in order to enable Box Sign for their clinical trials. Box' security posture is also a critical component to their technology ecosystem. In summary, our ability to deliver first quarter results above our guidance is a direct result of the compelling value of our Content Cloud platform and the execution we have been driving as a company. And with our latest Box AI efforts, we're building a powerful, platform-neutral approach for companies to securely bring AI to their content and transform how they work. I'm proud of the work that our Boxers do globally and at Box, our employees are critical to our ability to serve our customers successfully and innovate rapidly. In addition to being named #2 Best Place to Work by Glassdoor last quarter, Box was recently recognized by Fortune Magazine as #27 in the 100 best companies to work for in 2023. Finally, along with continuing to build out a strong culture, we remain steadfastly committed to driving a continued balance of growth and increased profitability in this very dynamic market while investing in growth drivers for the future, like Box AI. While currency headwinds and the IT spend environment are putting pressure on our top line results for this year, we continue to drive improved bottom line results through a culture of operational excellence and focused discipline on our spending while doubling down on new product development that will lead us to increasing long-term revenue growth. And with that, let me hand it off to Dylan.
Dylan Smith
Thanks, Aaron. Good afternoon, everyone, and thank you for joining us. Q1 was another strong quarter for Box with revenue, EPS and operating margin results all above the high end of guidance despite the challenging macroeconomic environment. We continued investing in profitable growth while optimizing our underlying cost structure, resulting in a resilient long-term financial model. Our balanced business model allows us to invest in innovative new products such as Box Canvas and Box AI generate continued gross margin and operating leverage and consistently return capital to our shareholders. In Q1, we delivered revenue of $252 million, up 6% year-over-year, above the high end of our guidance and representing 10% year-over-year growth on a constant currency basis. We now have nearly 1,680 total customers paying more than $100,000 annually, an increase of 14% year-over-year. Our suites attach rate of 69% in large Q1 deals demonstrates the value our Content Cloud platform is delivering to our large customers. 47% of our revenue is now attributable to suites customers, a significant 10-point increase from 37% a year ago. Even in this dynamic environment, Box's value proposition is resonating with customers as they look to Box to transform, simplify and secure their IT environment. We ended Q1 with remaining performance obligations, or RPO, of $1.2 billion, a 17% year-over-year increase or 19% growth on a constant currency basis. This strong growth was driven by continued lengthening in customer contract durations as well as an uptick in the volume of early renewals in recent quarters as customers look to more quickly adopt the full value of our suites offerings. We expect to recognize roughly 60% of our RPO over the next 12 months. Q1 billings of $192 million grew 11% year-over-year, ahead of our guidance of a mid-single-digit growth rate and representing 15% growth in constant currency. Our strong billings outcome in Q1 was due in large part to a high volume of early renewals, pulling forward billings of roughly $6 million that had been scheduled to renew later in the year. Our net retention rate at the end of Q1 was 106%, in line with our expectations. Our annualized full churn rate was 3% versus 4% in the prior year, demonstrating the criticality and stickiness of our product offerings even in the current environment. We expect full churn to remain at roughly 3% throughout this year. For the remainder of FY '24, we expect our net retention rate to stabilize in the range of 104% to 105% as we manage through the macroeconomic environment, resulting in lower seat expansion rates, particularly in our U.S. commercial and EMEA customers. Gross margin came in at 77.9% in Q1, up 160 basis points from 76.3% a year ago and well above the 76% range we had expected for the first half of this year. Our Q1 gross margin reflects the optimizations we're delivering as we execute on our public cloud migration strategy. We expect our duplicative public cloud and data center expenses to peak in Q2 leading to our gross margin expectations in the 76% range for Q2. As we look to the second half of the year, we fully expect gross margins to rebound to the high 70s. Q1 gross profit of $196 million was up 8% year-over-year, exceeding our revenue growth rate by 200 basis points. We once again delivered leverage across the entire business in Q1 with a 17% increase in operating income to $57 million. Our 22.8% operating margin was up 220 basis points from the 20.6% delivered a year ago. We delivered diluted non-GAAP EPS of $0.32 in Q1, up 39% from $0.23 a year ago and a full $0.05 above the high end of our guidance which includes an impact of negative $0.05 from FX. I would also note that Q1 marked the third consecutive quarter in which we delivered GAAP profitability. I'll now turn to our cash flow and balance sheet. In Q1, we generated free cash flow of $108 million, a 19% increase from $91 million in the year ago period. We delivered cash flow from operations of $125 million, a 16% increase from $108 million in the year ago period. Capital lease payments, which we included in our free cash flow calculation, were $10 million, down from $12 million in Q1 of last year. Let's now turn to our capital allocation strategy. We ended the quarter with $518 million in cash, cash equivalents, restricted cash and short-term investments. In Q1, we repurchased 1.7 million shares for approximately $44 million. As of April 30, 2023, we had approximately $97 million of remaining buyback capacity under our current share repurchase plan. We remain very committed to returning capital to our shareholders through stock repurchases, and we expect to actively repurchase additional shares in Q2. With that, I would like to turn to our guidance for Q2 and fiscal 2024. The U.S. dollar has continued to strengthen, resulting in a larger-than-expected FX headwind for Q2 and the second half of the year versus our initial FY '24 guidance. As a reminder, approximately 1/3 of our revenue is generated outside of the U.S., primarily in Japanese yen. The following guidance includes the expected impact of FX headwinds, assuming current exchange rates. For the second quarter of fiscal 2024, we anticipate revenue in the range of $260 million to $262 million, representing 7% year-over-year growth at the high end of this range or 11% in constant currency. We expect our Q2 billings growth rate in the low single-digit range on an as-reported basis reflecting an expected 100 basis point headwind from FX as well as the impact of the early renewals that contributed to our exceptionally strong Q1 billings results. We once again expect our Q2 RPO growth to be higher than our anticipated Q2 revenue growth rate. We expect our non-GAAP operating margin to increase to approximately 24%, representing a 230 basis point improvement year-over-year. We expect our non-GAAP EPS to be in the range of $0.34 to $0.35, representing a 25% year-over-year increase at the high end of the range and GAAP EPS to be in the range of $0.01 to $0.02. Weighted average diluted shares are expected to be approximately $150 million, flat with Q1. Our Q2 GAAP and non-GAAP EPS guidance includes an expected headwind from FX of approximately $0.05, primarily due to fluctuations in the yen as discussed previously for the full fiscal year ending January 31, 2024. We now expect FY '24 revenue in the range of $1.045 billion to $1.055 billion representing 6% year-over-year growth or 10% on a constant currency basis. This revised range reflects both the recent strengthening of the U.S. dollar versus the yen and the IT spending environment we discussed earlier. We now expect FX to have a negative 350 basis point impact to our FY '24 revenue growth rate versus our prior expectation of 300 basis points. We expect FY '24 gross margin to be roughly 77.5%, 50 basis points above our previous expectations. As we continue to execute on our important transition to the public cloud and unlock additional leverage in our model, we will be exiting FY '24 with an even stronger gross margin profile. As a result, we are raising our FY '24 non-GAAP operating margin guidance by 50 basis points to approximately 25.5% representing a 240 basis point improvement from last year's results of 23.1%. We are also raising our FY '24 non-GAAP EPS expectations to be in the range of $1.44 to $1.50 representing a 25% increase at the high end of the range versus $1.20 in the prior year, and we expect FY '24 GAAP EPS to be in the range of $0.17 to $0.23. Weighted average diluted shares are expected to be approximately $151 million. Our FY '24 GAAP and non-GAAP EPS guidance includes an expected annual impact from FX of approximately $0.20. For the full year of FY '24, we now anticipate currency headwinds to impact our billings growth rate by a little more than 100 basis points. We expect our FY '24 billings growth rate to be in the mid-single digit range on an as-reported basis. In summary, we are pleased with our execution in Q1. We once again demonstrated our disciplined and balanced model of investing for long-term growth while expanding both operating and free cash flow margins. We remain committed to achieving our FY '24 revenue growth plus free cash flow margin target of 35% or 39% in constant currency. In this dynamic macroeconomic environment, the Box Content Cloud is the platform that enterprises need to transform their business while lowering their costs. With that, Aaron and I will be happy to take your questions. Operator?
Question and Answer Session
Operator
(Operator Instructions) Your first question today comes from the line of Steve Enders with Citi.
Steven Lester Enders
I guess I just want to ask a little more on just the macroeconomic and what you're seeing out there? And I guess, what specifically is it in the EMEA and SMB business (inaudible) being impacted here. And I guess maybe how has that changed versus what we're seeing in the (inaudible) part of a couple of quarters?
Aaron Levie
Yes. This is Aaron. I'll take that. I think overall, the general trends were pretty similar to kind of Q4 and what we were already seeing at the tail end of Q3 of last year. We did want to call out kind of an incremental element of softness on the SMB front in the U.S. and what we're seeing in EMEA. But as you can kind of see in the general guidance as well as because of the FX impact, it really is just incremental, but we did want to kind of note that. Overall, I think as we've kind of talked about in the past couple of quarters, the general dynamic is you just sort of see that there's more scrutiny on larger deals, especially in those segments of the business where maybe previously, we'd be doing a $100,000 deal, and that would be in this today's environment, maybe fewer seats would be transacted and that would come under that level as an example. But overall, I think when you look at the kind of Q1 results, Q2 guide, I think we're seeing some healthy trends across the business, but we did want to just call it that incremental softness.
Steven Lester Enders
Okay. That's helpful there. And I think anyone asks on the AI side and (inaudible) announcements that you've -- you come out with already, but I guess, how should we think about the potential for monetization and maybe how you're thinking about funding and kind of going forward? I guess what's kind of the early read on how you're thinking about that aspect of the AI strategy?
Aaron Levie
Yes. So I do want to note, obviously, it's still pretty early in our overall journey with the latest wave of our Box AI efforts. Obviously, we've been in the space for a while and deeply understand the kind of potential in the use cases. But with -- what we're seeing with large language models as a pretty new frontier of use cases that we are unbelievably excited about, we want to make sure that we drive the right kind of product UX, the right kind of pricing and packaging, which is why we are taking a kind of measured approach as we roll this out. I think philosophically, the way that we think about it internally from a product and company standpoint is there are some use cases that we believe are just going to be kind of fundamentally table stakes for a product like ours. Some of those table stakes might be generating content with AI. Some of them might be asking questions of some amount of data leveraging AI. And in those cases, we want to try and ensure that we can broadly make that set of capabilities available. That's philosophical obviously, as we go through our design partner program and beta programs, we'll continue to evolve that. And then there are some maybe more either advanced capabilities or capabilities that have a high consumption dynamic related to them often through our platform or maybe in workflows where we will want to have incremental monetization via either our kind of platform API business or through our multiproduct suite packaging and that will be really driven by some of the use cases that we see from customers, again, especially through this design partner program. So I'd say kind of in the coming quarter or 2, stay tuned as we continue to evolve the ultimate pricing and packaging decisions, I think you've seen pretty similar dynamics in other -- either peer companies or big tech companies as they roll out beta programs of their products, trying to figure out what's the right kind of pricing model. We're basically doing the same. But I think the thing that we're -- we've already shown and done are very kind of public about now is we are going to be building this technology full force, and we think it's transformational in how we can work with our unstructured data and our content.
Operator
Your next question comes from the line of Josh Baer with Morgan Stanley.
Joshua Phillip Baer
Congrats on a nice quarter. I wanted to ask a few on use cases for Box, whether it's positioning for AI or cost cutting in this environment. Are there any use cases for Box that are really resonating around some of these themes today? And then separately or related, just wondering if you could talk a little bit about the mix of your customers that are using Box to collaborate in some way externally, like the external use case with partners or suppliers or customers or clients?
Aaron Levie
Yes. So maybe just in reverse order, I'd say the significant percentage of our -- especially our larger deals, so that make up increasingly the bulk of our revenue. There's a heavy degree of internal and external collaboration going on with our product. It's one of our key value propositions is our defense kind of -- you're in the defense industry, you need to collaborate with the government or other kinds of manufacturing partners. You need something that is both going to be compliant for, FedRAMP, let's say, and have advanced security controls and allow you to kind of move data in and outside the boundaries of your organization in a very secure, compliant, reliable way. So whether it's financial services, life sciences, health care, defense, the tech industry, external collaboration is certainly kind of a core part of our overall value proposition. In terms of some of the near-term deals, it's pretty broad-based in terms of the industries that we're seeing business in across everything from life sciences and health care, great deals in the retail sector, even in tech, seeing some healthy deals as well. And I think the use cases are really kind of centered around our 3 core pillars of improving the security posture of the organization by protecting their most important data, helping drive better collaboration and workflows around content and then our platform, which connects to all of their software. So really being a hub for content that connects into ServiceNow and Slack and Salesforce and Microsoft Teams Office and many more applications. So I think those 3 kind of core areas of focus remain extremely alive and well. And then our conversations, which I wouldn't necessarily attribute any major kind of deals in Q1 tied to this, but the conversations have increasingly been about what is the AI strategy of any given customer and enterprise it's driving certainly a lot of conversations we're now having about Box AI. I've had more CIOs and even CEOs in some cases, reach out around our strategy in AI than we've seen kind of in prior technology trends. And I think everybody is trying to figure out their strategy of how do they bring generative AI to their enterprise use cases, which is going to -- which requires a substantial amount of work in kind of the abstraction layer between AI models, customer data and cloud infrastructure, and that's exactly what we're building out. So we think we're in a really strong position to help customers with that.
Joshua Phillip Baer
If I could sneak one in for Dylan. Just wondering on the $6 million in early renewals, if you could provide some more color on what type of customers? What's driving that behavior? And then I guess, in regard to Q2 billings guidance, does that assume that the early renewal trend stops?
Dylan Smith
Yes. So in terms of what's driving those early renewals, tends to be a handful of larger customers, and the main dynamic that would cause a customer and similarly in Q1, what we saw to decide to renew early is typically to move into suites and be able to support some of the higher-value newer use cases that they want to get into rather than, for example, waiting for the natural renewal cycle the following quarter to be in to adopt suites and those capabilities. So that tends to be what we see is just the clear buy-in and understanding the value proposition from customers and just wanted to move more quickly to take those on. And the most of that $6 million did come out of Q2, and we always tend to take a fairly conservative approach kind of the baseline of early renewals that we see, and that's baked into our kind of billings expectations in any given quarter. So we're not necessarily expecting to see the same type of volume that we saw in Q1, but we would expect to see some customers elect to early renew in the second quarter as we tend to see maybe in the quarter.
Operator
Your next question comes from the line of Pinjalim Bora with JPMorgan.
Pinjalim Bora
Congrats on the quarter. Aaron, on AI, I understand you can't really talk about the monetization at this point. But as you're talking to your customers, what are you hearing from them in terms of uptake of these AI functionalities. And do you overall see kind of area as an accelerant to the growth rate maybe in the medium term?
Aaron Levie
Yes. So with conversations with customers, I would say that this is certainly probably the fastest amount of concerted energy that I've probably seen in the decade and half of doing Box on 1 single Topic from an IT standpoint. So cloud computing, I mean we worked for 5 years at least, really just doing the very basics of educating enterprises on why the cloud was useful and what efficiency they could get from the cloud. And then it was still another decade until you had the kind of mainstream adoption of cloud across the enterprise base. With AI, I think you have such a rapid alignment of customers on testing new use cases, trying out new products and capabilities. Obviously, things like ChatGPT have been front and center. Some companies are fully banning that. Some customers are -- some companies are enabling that. And what I think companies are trying to figure out is where is the productivity gain going to most come from? Is it going to come from going into an AI interface and just like a ChatGPT and asking a question and getting an answer back? Or is it going to come from AI reasoning over existing data and existing workflows in an enterprise and then becoming a productivity boost for those kinds of use cases. With Box AI, actually, we're going to help customers do both because with Box Notes, you'll be able to generate content instantaneously directly from the AI model and with Box Preview and with future products that we haven't announced yet, you'll be able to start to ask questions of the existing data you have. And so we think we can meet both of those use cases but it's incredibly early for customers overall. I'll deliver you just a kind of a sense of the types of conversations we're having where companies are saying, "Hey, I have hundreds or thousands or tens of thousands of documents of a specific topic, could be contracts, could be life sciences research data, could be very kind of bespoke content types in a specific industry." And they're saying, we have all this content. We want to be able to understand what's in it. We want to correlate trends across it. We want to ask questions of this data set. And right now, we have to have kind of humans manually go through this content to understand what's inside of it and apply metadata and to be able to actually kind of reason through it. And so they often don't get to the genuine use cases that are super exciting because they just don't have enough either humans or it would be too costly. And so they never get around to it. And so with AI, it starts to actually unlock and -- kind of tap into all of this value of the underlying data that they already have inside of Box or if they move more data into box, it can certainly provide even more value. And so those are the kind of conversations that we're having with customers. We have some companies that are saying, "Hey, we think we can identify new life sciences breakthroughs if we could correlate research across multiple research documents or we have a company in the advertising industry that believes that they could generate more revenue if they could quickly identify what projects to put certain advertisers on that wouldn't be known by any single individual inside their organization, it would only work if they actually collected all of the data across their organization to understand what kind of projects would make sense for certain advertisers. And so these are the really exciting kind of use cases which can drive productivity. They can drive new revenue opportunities for our customers. And so that's where we're certainly going to be pretty focused on. In terms of accelerating our revenue, I think because of how early it is, we want to be really thoughtful about that dynamic. I think to some extent, AI is going to become table stakes for all of modern software. And so we think it's going to be a huge driver of companies trying to get their data and their content into a really good logical architecture, the one that is secure, the one that's compliant, one that's in the cloud. we think we'll stand to benefit from that certainly and kind of the moving off of legacy fragmented systems. But at the same time, we recognize that companies in general will have a fixed amount of net new budget that they can bring to AI. And so there's going to be a lot of kind of volume for that budget. And so we want to be thoughtful about leaning too hard on that.
Pinjalim Bora
Got it. Very, very helpful. And one for Dylan. Dylan maybe the macro situation, the softness in the SMB and the EMEA. Maybe talk about the linearity of the quarter? How did that kind of fall through the 3 months in the quarter? Was it to (inaudible) towards the beginning. And also, if you can touch upon kind of the sequential revenue decline. Is that largely because of Box Consulting?
Dylan Smith
Sure. So starting with the linearity. We saw a pretty normal linearity in the first quarter both in those segments you mentioned as well as the rest of the business, like our enterprise segments. So nothing unusual from that standpoint. And then in terms of the sequential revenue decline, that was primarily driven by the number of days that we had that there are in Q1 versus Q4, which has about a $9 million impact to the quarter's revenue versus Q4. And then there was also a couple of million dollars from a very strong Box Consulting revenue outcome in the fourth quarter. So those combined add up to about $11 million. And then the first of those, the todays dynamic, that's something that is not unique to this year, but usually doesn't show up in as pronounced of a way as we typically have a stronger and higher volume of bookings in the fourth quarter to offset that. But that was the main driver of the sequential chain of revenue.
Operator
Your next question comes from the line of Jason Ader with William Blair. .
Jason Noah Ader
Aaron, I wanted to continue down the AI thread shockingly. First, I guess, I just wanted to -- let's look at it in 2 different ways. First, at a very high level, what does this mean for knowledge worker seats? And do you worry about that? Secondly, just on more on the kind of devil's advocate side, how does this -- how does the Microsoft competitive risk change or not, just because Microsoft has been at the forefront of a lot of this stuff? And then more on the kind of positive side, when you talk about monetization, I don't want to go there, but how are you using this internally maybe to Strengthen your cost structure and what are some of your thoughts there? Dylan, you can chime in there as well. I'm sure you've thought a lot about that.
Aaron Levie
Yes, great. We'll try and cover those. So on the first one, and just so I clarify, that was sort of like a meta kind of philosophical question on seat changes over time.
Jason Noah Ader
Yes, just a pool of knowledge workers potentially not growing as fast as it would have otherwise.
Aaron Levie
Yes. I'm -- this is a personal opinion. And even from a corporate financial standpoint, we're so early in our kind of total seat population that this would be a corporate view as well in terms of what the potential is for Box overall. But I strongly believe that this is going to be a net positive impact to just knowledge worker productivity as opposed to a net replacement to kind of large swaps of knowledge work. If you look at the genuine tasks that any one of us do in any of our jobs kind of across our roughly 2,500 employees or kind of anybody that we interact with, the vast majority of work that we're actually doing is sort of a collection of many subtasks; hundreds, thousands of subtasks that require us to have a large degree of context that we kind of maintain. And I think AI is going after those individual subtasks and in some cases, collections of subtasks, but really in a way that will just make us more productive overall. Maybe some roles will be 5% more productive, some roles may be 50% more productive. But I think the net result of that is that we just accelerate into the future faster as opposed to we kind of like do less work or that a company wouldn't want to grow faster if they could with AI and making their employees more productive. So in general, I think whether it's -- we'll produce more graphic designers and there'll be more engineers and our sales reps will be more efficient in working with customers. I see there's only a sign that we'll be able to either over time, globally, more people will be able to do those jobs and there'll be more demand for those skills overall because companies can then be more efficient. Instead of having maybe a sales rep or an engineer waste time trying to search or find information, they can be doing the more fun productive parts of their job of working with a customer or getting code released and building a feature. And so I think that's the kind of impact on the total knowledge worker population. So I'm firmly in the optimist camp on this one in terms of what it does to jobs. On Microsoft, so 2 things to note. One, we're partnering with OpenAI which by virtue leads you to partnering more broadly over time with Microsoft as well, given the OpenAI models generally running on Azure. So there's, I think, a lot of exciting potential on that collaboration and an area that we're going to cooperate with them, we think, pretty meaningfully. And so customers will be able to basically leverage the exact same AI that they would be seeing in any Microsoft products, but within Box as well. So that kind of adds a bit of a bit of benefit to our relationship there with CoPilot. CoPilot already has the ability to drive integrations with third-party software. And so Box was kind of announced at a high level last week at the Build conference as one of those integrations. And so we're going to deeply integrate across CoPilot in the various API endpoints that they create. So you'll see a lot of interoperability where maybe you go to CoPilot and you ask a question that needs to pull data from Box and Atlassian or Box Inc salesforce or any of the supported products. And so we think that will kind of be a very clear way that we can integrate. And overall, strategically, I think what you're going to see us do is go deeper specifically in content than what we believe any other player is going to be building out from an AI standpoint. And so understanding the content AI use cases is core to our value proposition and our expertise. And then I think the secondary element is our neutrality ends up being a huge benefit for customers. So today, obviously, OpenAI has many of the leading models. We announced a partnership with Google, where we'll certainly be working with Google technology. There's other great players in the market like and others. Our ability to be neutral to some of those kind of battles, we think, put us in a very strong position as well where customers can leverage wherever the various breakthroughs are coming from. And then in terms of cost structure, I'll let Dylan talk about it. But in general, we want to certainly ensure our employees are being as productive as possible and we want to leverage technology to do that.
Dylan Smith
And to build on that, I think our approach internally is pretty similar to what Aaron described on the overall knowledge worker dynamic, and it's a bit early to tell just exactly how this impacts everything and how AI ends up being embedded in the various tools that we use as Boxers. But broadly, we absolutely view it as a way to boost productivity. And so automating basic questions that Boxers will be answering is one example of that, an assistant to the subtasks that Aaron mentioned. And then there's just a lot of other cool ways for specific functions where, for example, can really supercharge the capabilities of our security instant response team and kind of identify anomalous activities on Box to be able to flag certain threats earlier. So I think it's really a lot of different jobs are going to be impacted in different ways, but we view it more as supercharging productivity and getting as much value out of the different tools that we're using as possible.
Operator
Your next question comes from the line of Tom Blakey with KeyBanc.
Thomas Blakey
A few questions actually just kind of bolted here. Could you just comment on the longer duration in deals? Just interesting, given the current macro, if you could just highlight why this might be happening, whether it be strategic reasoning or possibly even maybe discounting? Secondly, you mentioned quickly doing there on weaker bookings at the end of fiscal 4Q. Could you just maybe comment on booking trends and fiscal 1Q and into fiscal Q2, that would be helpful. And third and lastly, my AI question would be more around on the usage of it from your business model. I've seen some -- we've seen some impact on company's gross margins or at least modeled to have an impact on gross margins over time as especially the consumption-based modeling could maybe impact gross margin. It would be helpful just to get a comment on you from you doing on a longer-term look there with regard to AI and the model -- and the margins would be very helpful.
Aaron Levie
Sure. So we'll start and try and then if I miss something or the question -- but no, all good. So I would say on the duration component, first of all, that is something that we've actually been seeing pretty consistently for several quarters now where while it is a challenging macroeconomic environment, we are seeing for our customers increasing the viewing Box as a long-term strategic partner. And so especially with suites deals, Enterprise Plus and our larger customers, those tend to be multiyear renewals. And as -- when you combine that with the dynamic of more customers early renewing, so extending the average kind of contract durations out there. That's what's led to the outsized backlog growth. So that's up 22% year-on-year and is not because of any unusual or different approach to pricing or discounting that we're doing. It's more just customers having that long-term confidence and electing to sign longer contracts with us. In terms of the booking trends comparing kind of what we saw in Q4 of last year versus Q1 of this year, would generally describe it as pretty similar with most parts of the business kind of steady and delivering against our expectations. The areas that we called out, where we did see some incremental softening were U.S. commercial and EMEA customers. And then I would say it's a bit early to comment on Q2, but certainly, our expectations and what we're seeing in the business is baked into the guidance that we provided. And then to clarify on the gross margin, the question was that more about how we think AI will impact that specifically.
Jason Noah Ader
No. With regard -- we've seen some companies, for example, offering AI functionality to customers where that's adversely impacted their business model from a gross margin perspective. I was wondering if you want to make a comment on that. .
Aaron Levie
Yes. This is Aaron. I'll just jump in on that one. It kind of goes back to the first part, we think some of the basic use cases, we do want to try and make more broadly available, and by virtue of those being kind of lighter weight, we see less of a meaningful gross margin impact on that. And then for more of the advanced and kind of higher end use cases, we expect to charge customers in either moving them up to higher tier plans or through consumption models via our platform. And so in general, we're working to counteract any of the potential pressures. We're very confident in our long-term gross margin improvements. And we believe that some of these capabilities will just get based in -- built in as a baseline. But overall, not in a way that we think will show up to the numbers we're reporting.
Operator
Your next question comes from Chad Bennett with Craig-Hallum.
Chad Michael Bennett
So just a follow-up on the duration question. So just in terms of how we think about the kind of the economics you've laid out on moving from kind of a single seat kind of point product to suite in Enterprise Plus and whatnot that you've laid out over a couple of Analyst Days, are those economics or uplift are they still intact with the longer-duration deals? I'm assuming these longer duration deals kind of lean more suite driven than anything else. Just any commentary on how those economics are playing out?
Dylan Smith
Yes, those economics, specifically kind of the difference and the higher -- kind of stronger customer economics, top to bottom, including the pricing uplift if you're comparing a typical suit/enterprise plus customer versus a similarly sized customer just using the basic service. We are still seeing roughly a doubling in price per seat. And actually, on the contract duration, it's always been the case since we rolled out Suites and then Enterprise Plus that those have tended to be longer multiyear deals. And it's just as more and more of our revenue is coming from those customers, it's part of that mix shift that's actually driving the higher average contract durations. So not even a big change in the last quarter or very recently, we have been seeing backlog growing faster than revenue or deferred revenue for quite some time now.
Chad Michael Bennett
Okay. And then just maybe for a little bit of a look back on net retention, just considering your churn rate just continues to -- full churn continues to get better or stay at kind of record levels in a good way. Just from net retention from 112 to I think you said 106 today, kind of just -- can you rank order whether it's kind of seat growth or suite adoption? Or what's kind of really the main drivers of that deceleration?
Dylan Smith
Yes, sure. So it's actually -- and maybe the level set for everyone's benefit, there are really 3 components of our net retention rate. There's the seat expansion. There's the impact of pricing changes -- historically for us, pricing improvements and then the full churn rate comes out of those 2 expansion levers. And the stack rank in this case is pretty straightforward in that virtually all of it is attributable to a lower seat expansion. So we've continued to see consistent, steady improvements in price per seats, largely driven by the impact of more and more customers moving into suites at a higher price point. And then to your point, full churn has remained stable and very strong as well. So it really is entirely being driven by the pressures on the seat expansion rate.
Chad Michael Bennett
Okay. And then maybe one last one, if I could, real quick. Did you -- I might have missed it. Did you comment, Dylan, on how to think about billings growth for the year relative to revenue growth? And then I'll hop off.
Dylan Smith
Yes. So we expect our reported billings growth to be in the mid-single-digit percentage range, and that does include a little more than 100 basis point headwind from FX. So in the general range of our expected reported revenue growth of 6% is how we describe that.
Operator
Your next question comes from Rishi Jaluria from RBC.
Rishi Nitya Jaluria
Two for you. First, I'll cross another generative AI question just because it's so top of mind for everyone. But I want to think about the opportunities for you to maybe verticalize gen AI, especially given you are targeting a lot of verticals like health care, financial services, public sector, where, in many cases, you are a system of record. So it feels like there's some potential benefit there. But maybe if you could walk us through how you're thinking about the verticalization opportunity. That would be helpful. And then I've got a quick follow-up.
Aaron Levie
Yes. So you're spot on that -- the value in AI certainly increases the closer to the business process and the business domain that you can get to, kind of the general productivity horizontal elements are super exciting, very flashy, but the real business value is going to come when you can go to a health care provider and say, we can automate critical workflows of health record reviews or authoring. When you go to a talent agency and say, we can review movie scripts and get them routed to the right talent agent to take a look at or where you can go to finance and have earnings reports being read and kind of key insights being pulled out. . So I think over time, we'll find the sort of pockets of specialization based on critical use cases that we see either being repeatable or where there's heavy kind of customer concentration. And either things like our professional services organization or through partners or through our sales motion, really try and make it easy for customers to adopt those kind of capabilities, and then over time, establish, like, for instance, workflow patterns in Box Relay that might leverage AI through templated approaches that make sense on a per vertical basis. I think you have a lot of ways that this will start to show up within the product that we're just at the early stages of kind of scratching the service up. But I do think the vertical use cases will be one of the ways that this gets really delivered from a value standpoint.
Rishi Nitya Jaluria
Wonderful. Really helpful. And then really quickly, apologies if I missed this. Any color on momentum in Japan and how we should be thinking about that going forward for the rest of the year?
Aaron Levie
Yes. I think just the high-level color would be is still very resilient for us. A lot of great wins in the quarter across everything from government agencies to manufacturers to financial services, so kind of a strong quarter in Japan. And we're still -- we have, we think, reasonable and kind of healthy expectations for the results this year.
Operator
Your next question comes from the line of Brian Peterson with Raymond James.
Brian Christopher Peterson
And I'll keep it to one, in shocking way, it's an AI question. But Aaron, you mentioned in the past that content on Box is more valuable than content on legacy solutions. There's a lot of megatrends that are driving growth for your business, cloud security, et cetera. How do you view these LLM use cases as like a tipping point in terms of facilitating movement off of these legacy solutions. Is it one of the many or is it game changing? I just want to understand -- I know it's early, but how significant could this be at a high level of for you, I guess, maybe taking a 5- to 10-year outlook?
Aaron Levie
Yes. Great question. So it's actually -- it's probably 2 components. One is the sort of the legacy element. I can't imagine a product architecture -- technical architecture where you could take like a legacy network file share or legacy ECM on-premises system and somehow connect that to GPT4 and reasonably get any kind of experience that would work or be operable that customers would drive value from. So on that standpoint, it totally is -- it should be the nail in the coffin of kind of legacy on-prem content management and infrastructure to the extent they want the use cases that AI delivers. There's another element which is pretty exciting as well that we're starting to see customers just incrementally, but we'll obviously push on this more -- just incrementally start to really understand is fragmented data is just as much of a problem as content and legacy systems. And the reason for that is, let's say, you wanted to solve this problem of -- you want your sales reps and your companies be able to instantly get answers to questions about all of your product catalog. And and you want them to be able to go to an interface and just ask a question of what's the latest pricing for this product. Well, if your data is across lots of different systems, you will run into a bunch of challenges, which is the access permissions of that content might be different across each product, which makes it very, very hard to then reason through that data and ensure that the right people have access to that information. The individual interfaces for those products are going to be totally different for interacting with that data. And so you just want to be able to solve the problem of helping you reason through or understanding -- understand your unstructured content at scale. . And so we think this increasingly is going to cause enterprises to really start to pay attention to their content architecture, how is their content managed? Where is it managed? How fragmented is it? How do they get it into a spot with access controls and security and privacy that works in a modern way that they can bring AI to? And so even beyond the legacy element, the fragmentation element of content today we think customers are going to pay a lot more attention to having to do a couple of sessions with 2 groups of about kind of 20 or so CIOs from Fortune a couple of hundred companies, and you could see there's sort of eyes light up to the challenge that they're about to run into with content architecture. And a significant portion of these customers were not Box customers. They were just across the industry. And for the first time, they realized both simultaneously how much value was in their content because you could start to ask all of this unstructured data questions, and at the exact same time that they don't have the architecture that will let them get value out of that data based on the current course and speed that their infrastructure is running on. So we think it's going to bring up a really compelling, exciting conversations for companies. And we're going to come to the table pretty hard on the message and then make sure that we have the best platform for working with content in AI. This concludes our question-and-answer session for today. I now would like to turn the call back to Cynthia Hiponia.
Cynthia Hiponia
Great. Thank you, everyone, for joining this afternoon, and we look forward to updating you on our next earnings call.
Operator
This concludes today's conference. You may now disconnect.
Tue, 30 May 2023 23:47:00 -0500text/htmlhttps://hk.finance.yahoo.com/news/q1-2024-box-inc-earnings-114731341.htmlAddigy Finds Apple Rapid Security Response Updates Not Being Applied in 25 Percent of Managed macOS Devices
Customer Inspections Uncover a Quarter of macOS Devices Won't Accept MDM Updates; Addigy Rolls out Watchdog Utility to Ensure All Machines Enable Patches
MIAMI, FL / ACCESSWIRE / May 24, 2023 /Addigy, a leading provider of Apple device management solutions, today announced that it has found that Apple Rapid Security Response (RSR) updates are not being deployed in up to 25 percent of macOS devices within managed environments. RSR is a mechanism that allows Apple to deliver security updates to macOS devices more quickly than traditional software updates.
Addigy's clients have hundreds of thousands of macOS and iOS devices under management. Inspections of customer environments have definitively shown that some macOS devices end up in a 'stuck state' after an update is pushed, but the update is never implemented. More concerningly, there is no way for IT departments to know which machines are not implementing RSR updates without manually inspecting each machine and enabling the update, and this doesn't just impact updates. Still, any MDM action on the device will also no longer be possible.
MDM commands and frameworks are increasingly used for device management and protection, so the health and responsiveness of the macOS MDM stack on the device is critical. Addigy discovered the RSR wasn't being implemented after finding that the MDM client binary gets stuck after executing the OSUpdateScan command and stops communicating with the Apple MDM Framework that Addigy follows. If the MDM client on the device is unresponsive, necessary MDM actions are delayed, leading to potential security vulnerabilities in this critical RSR case.
Based on Addigy's research, the issue is systemic and affects a quarter of all MDM-managed macOS environments. iOS and iPadOS devices do not seem to be affected by this. As a result, all MDM vendors and customers are encouraged to audit their environments to ensure the critical RSR update is making its way onto every eligible machine under management.
macOS and iOS devices are increasingly becoming the machines of choice for workers. Some proof points include:
According to analyst research firmIDC, the penetration of Mac devices in the market is roughly 25 percent;
Some of the world'smost innovative companies deploy Mac at scale, including Salesforce, SAP, and Target.
"Our customers are in the healthcare industry, which is highly regulated, and as a result, all of our machines must have the latest versions of any security software installed and running to prevent data leaks, intrusions, or other disruptive events," said Dan Lowry, Sr. IT Administrator, Forian. "Our Apple-based end-points are critical to the trust our clients put in us and for our employees to be as productive as possible. We've been testing the Addigy MDM Watchdog utility to ensure none of our machines miss applying an update. Only tools like Addigy can fix MDM when it's in a broken state like this, as it's entirely unresponsive."
Addigy Implements MDM Watchdog utility
To ensure all machines receive and implement RSR updates, Addigy is rolling out a new MDM Watchdog utility to its customers. MDM Watchdog monitors the MDM framework on devices and automatically remediates those in which the condition was found. The Addigy MDM Watchdog feature will automatically monitor and ensure the devices are in a healthy state and communicating properly to ensure Updates and other critical MDM functionality operate when IT Admins need them, such as applying an emergency security patch like the RSR update.
"The stuck state condition we discovered within our customers' environments affects one out of every four devices, so the impact to macOS environments in any enterprise is likely the same," said Addigy CEO Jason Dettbarn. "We are committed to keeping our customers' macOS devices secure. The MDM Watchdog utility is a critical tool to ensure all of our customers' devices are automatically updated with the latest RSR and every future update."
The MDM Watchdog utility is available now to all Addigy customers. Addigy will release a MDM Watchdog utility that is free to customers of all MDM vendors within the next three weeks.
To learn more about the MDM Watchdog utility, please visit the following website: https://go.addigy.com/mdmwatchdog.
About Addigy
More than 4,000 organizations across the globe trust Addigy to help their IT teams manage Apple device security, inventory, reporting, mobile device management, policies, and troubleshooting. Addigy is the only cloud-based, multi-tenant Apple device management software that makes it easy for managed service providers and corporate IT teams to monitor and manage employees' Mac, iPad, and iPhone devices from a single location, anywhere in the world. Learn more at www.addigy.com.
Media Contact
Escalate PR for Addigy addigy@escalatepr.com
SOURCE: Addigy
View source version on accesswire.com: https://www.accesswire.com/756815/Addigy-Finds-Apple-Rapid-Security-Response-RSR-Updates-Not-Being-Applied-in-25-Percent-of-Managed-macOS-Devices
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