BOX, INC. Citi’s 2026 Global TMT Conference

Yeah. I'd say the biggest driver of the acceleration we've seen, and just delivered our fifth consecutive quarter of accelerating revenue growth, is the momentum and overall impact from Enterprise Advanced, which is the highest tier offering that we have, introduced about a year and a half ago into the market. And that comes with both the higher end of the 30%-40% price per user uplift, but also enables a set of new use cases that is driving seat expansion. And that's been a big shift versus what that seat expansion was even 18 months ago. And so what we've done to enable that is really just driving Enterprise Advanced, honing in on those use cases, working with our customers to really make sure that we can communicate the value proposition, and if we get that time and opportunity, feel really good about where those conversations lead.

I would say the second piece that is the indirect dynamic that we are seeing is increasingly with AI becoming a top-down initiative from the board, the CEO, CIO, all the way down, Box is an enabler of not just our capabilities, but broader enterprise AI strategies because you hear it all the time, "I don't have an AI technology problem, I have a data problem," or a change management problem as well, but we can help with that. But really on the data side is what we can do is because of the power of the platform is also make sure that we can help and accelerate enterprise readiness for their broader AI strategies.

Yeah. So it will look a little bit different industry to industry, but fundamentally, the component of Enterprise Advanced and core of these really high-value AI workflows that we are delivering for customers really starts with data extraction, or metadata extraction, which is effectively pulling structured data out of unstructured contents. That can show up as part of a contract lifecycle management process, where you are pulling out all the fields, renewal date, key terms, whatever else, from contracts to a loan origination process, a client onboarding process. Really just at-scale ingestion of a lot of files and then taking that information and then doing something with it, which is part two that we see as front and center in most of the use cases that we are delivering, which is the automation from there. So okay, I have the information, have the insights, that's great. Then what? That might mean sending to compliance or legal if something's flagged to review, or just sending to the business owner to set up a task to sign off on, or going back directly and sending a notification to the customer, or whatever it might be, is really the second piece of that.

So it's really extract plus automate really makes the foundation of the use cases that we have seen customers adopting.

Yeah. In terms of the expansion, while we have several examples, more than a dozen Fortune 500 customers, companies who are wall to wall on Box, in the significant majority of our customers, there is still a significant seat expansion opportunity, on average about 6x versus today's footprint. That is where I think a lot of the use cases come in, as well as one of the big focus areas is both in terms of moving workloads and freeing up dollars for further Box investment is that legacy displacement opportunity.

Legacy enterprise content management tools in particular, which is a big focus and we see big opportunity for even additional workflows where there are a lot of capabilities around the way that we can handle custom objects that are not necessarily unstructured files to just some of the more bespoke, workflow-type capabilities are a couple areas of the roadmap that we think will allow us to unlock more and more of that opportunity.

Yeah. For content security, absolutely. We're very fortunate in the way that things have played out, that if you think about what we've been building for more than two decades, and the focus on security and compliance as a differentiator, is just as relevant in a world with agents, and actually more relevant than it is for humans. That's because if you think about it's basically the exact same problems that you'd be looking to solve or opportunities that we can address, but you think about instead of ex-employees, you now have an order of magnitude more agents running around. Unlike relying on the just EQ and good nature of human beings not to want to do anything too malicious with the content, sharing with people they shouldn't be sharing with, accessing information they shouldn't have access to, et cetera, agents lack that capability or understanding.

They're just going to want to do whatever you tell them to do in the way that they think is the most efficient, effective way to get there. So having those airtight permissions, access controls, as well as monitoring for threat detection, et cetera, just becomes that much more important and relevant. Absolutely top of mind for any customer we're talking to, an increasingly differentiator that's standing out in those conversations.