$BOX Guidance:

"We expect Q4 revenue to be approximately $279 million, representing 6% year-over-year growth. This includes an expected headwind from FX of approximately 90 basis points representing an impact of roughly $2 million versus our previous expectations. We anticipate our Q4 billings growth rate to be in the low single-digit range. This includes an expected tailwind from FX of approximately 80 basis points. We expect our Q4 non-GAAP operating margin to be approximately 27.5% and which includes the previously mentioned BoxWorks expenses as well as an expected negative impact of approximately 100 basis points due to FX. This represents an 80 basis point improvement year-over-year and a 180 basis point improvement in constant currency. We expect our Q4 non-GAAP EPS to be approximately $0.41 as compared to $0.42 a year ago. This includes an expected headwind of approximately $0.02 from FX and $0.01 from noncash deferred tax expenses. Weighted average diluted shares are expected to be approximately $151 million. For the full fiscal year ending January 31, 2025. We anticipate revenue to be approximately $1.09 billion, representing approximately 5% year-over-year growth and 7% growth in constant currency. We now expect an FX headwind of roughly 190 basis points versus our previous expectations of 170 basis points. We now expect our FY '25 billings growth rate to be approximately 4%. We now expect FX to have a negative impact of approximately 140 basis points on this year's billings growth versus our previous expectations of approximately 30 basis points. This represents an incremental $12 million in FX headwinds since we last provided guidance. Our FY '25 gross margin expectations remain approximately 81%, a year-over-year improvement of 360 basis points. We are raising our FY '25 non-GAAP operating margin guidance by 50 basis points to be approximately 28%, representing a 330 basis point improvement year-over-year. We now expect FX to have a negative impact on operating margin of roughly 140 basis points versus our previous expectations of 130 basis points. We are raising our EPS expectations for the full year. 

We now expect FY '25 non-GAAP EPS to be approximately $1.70, representing a 16% increase versus $1.46 in the prior year. This includes the $0.05 headwind from the deferred tax expenses that I noted previously as well as an expected FX headwind of $0.13, which is $0.01 higher than our previous expectations. Weighted average diluted shares are now expected to be approximately $149 million. We are proud of the strong results we delivered in Q3, including record gross and operating margins and sustaining a double-digit RPO growth rate. Going forward, we're excited to roll out the innovative new products that we unveiled at BoxWorks, enabling enterprises to realize the full value of their content and transform how they work. Our proven cost discipline and operational excellence allow us to strategically invest in the massive opportunity ahead of us as we remain focused on delivering long-term shareholder value."
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