Cloud storage company Box Inc. BOX 65.93% went public earlier today, raising $175 million. It was the culmination¹ of a very long process for the decade-old company, which originally filed for the IPO last March but delayed pricing due to concerns that investors² would be turned off by its massive losses. Box would calm those concerns a bit by more than doubling revenue for the year ending January 31, and already has seen its stock pop nearly 70% higher than the $14 per share IPO price.

云存储公司Box于1月23日正式上市，成功融资1.75亿美金。这家拥有十年历史的公司所经历的IPO之路可谓非常漫长，它于去年三月就申请了IPO，但由于担心投资者会因公司的巨额亏损而对其股票敬而远之，最终还是推迟了上市日期。目前Box的表现可能会让投资者们多少产生了一些心理安慰，截至今年1月31日，Box公司的全年营收翻了一番还多，而且它的股票价格已经比14美元每股的IPO价格高出了近70%。

Fortune spoke³ to Box CEO Aaron Levie and CFO Dylan Smith today from The New York Stock Exchange. What follows is an edited transcript⁴ of our conversation:

上市当日，《财富》在纽交所采访了Box公司的CEO阿隆o列维和CFO狄伦o史密斯。以下是本次采访节选：

FORTUNE: It has been a long time since you first filed to go public. Why January 23?

财富》：从你们首次申请上市至今，已经过去了很长一段时间，为什么选在1月23日上市？

Levie:It was either this or January 22.

列维：我们选定的日期不是1月22日就是23日。

Smith:We’ve always taken a very long-term view of the business, and had planned to go public both when we were ready and when the market was ready for us. It wasn’t always the most straight-forward path, but we’re thrilled to be where we are today… Our goal was to continue to execute and educate the market on our model and show leverage⁵ around our model. There were no specific milestones⁶ we were looking for.

史密斯：我们一直用长远的眼光看待这件事，打算等到自己和市场都准备好了的时候再上市。这个过程并不总是一帆风顺，但能够到今天这个程度，我们还是很高兴……我们的目标是继续执行我们的商业模式，并让市场了解，展示这个模式的杠杆作用。我们并没有特地寻找什么明确的“时间表”。

You once tweeted that “if your stock shoots up, you left money on the table.” Do you regret leaving so much money on the table?

你曾在Twitter上称，如果公司股价涨得很高，你会‘把钱留在台面上’。现在这么多钱都留在了台面上，你是否感到后悔？

Levie:I can’t comment on the dynamics⁷ of the pricing process, but there are certain tweets that that won’t make as much sense anymore… We have a business model that requires you to understand the disruption going on in enterprise IT, and are very happy to have brought on strong investors who are committed to the re-platforming of the enterprise.

列维：我没法评价定价过程的变化，不过我们以前在Twitter上发的有些内容肯定没有意义了……我们的业务模式需要你理解企业IT领域的变革，非常高兴吸引来了愿意致力于重塑企业平台的强势投资者。

Was there an unexpected question you heard repeatedly from prospective⁸ investors during the road show?

在路演过程中，你有没有听到预期投资者反复提到某个预料之外的问题？

Levie:Some of the misunderstanding of our business, and part of this is due to us being in a quiet period for eight or nine months, was that we are a storage company. We’re not. We are a software company with 80% gross margins⁹ that sells per seat. I think there was some initial confusion over that, and not understanding that storage is part of our infrastructure¹⁰ as opposed to something we sell. Users get unlimited¹¹ storage, and pay us for our apps. That was already understood by people who have followed our company the closest, but not by people who were new to it.

列维：有些人对我们的企业有误解，部分原因是由于我们在首次申请上市后沉寂了八九个月的时间，有人认为我们的公司是一家做存储的公司，但我们不是。我们是一家软件公司，80%的毛利来自软件销售。我认为这就是别人一开始误解我们的地方，他们不了解存储只是我们基础架构中的一部分，而不是主打卖点。用户可以获得无限的存储空间，然后付费买我们的应用。那些一直紧密关注我们公司的人已经理解了这一点，但有些新接触到我们的人并不理解。

During your interview at Fortune Brainstorm¹² Tech last July, you mentioned that one mistake Box made with the original filing timing¹³ was that, in the prior year, you had made a lot of costly¹⁴ investments that had not yet borne revenue fruit. Can you better explain that, and should investors expect similar expenditures¹⁵ in a year from now, or two?

你在去年七月《财富》举办的科技头脑风暴大会上曾提到，Box在选择IPO的时机上犯了一个错误，前一年你们做了大量烧钱的投资，还没有在营收上体现出成果。现在你能否更好地解释这一点，另外今后一两年你们是否还会做出类似的投资支出？

Levie:Around calendar 2012-2013 we did make a number of new investments. Things like international expansion and building up a field sales force. It takes time for those sales and marketing¹⁶ investments to kind of mature, and we’re now seeing those efficiencies play out in the business in our current fiscal¹⁷ year. We’ll continue to grow sales and marketing expenses over time, but they will decline as a percentage of revenue over time.

列维：在2012年到2013年，我们的确做出了一批新的投资，用于国际扩张和组建现场销售团队等等。这些在销售和营销上的投资需要时间才能发展成熟。而现在这些投资带来的效益已经开始在本财务年度逐步显现。随着时间的推移，我们的销售和市场开支还会继续提高，但它们占公司营收的比例会随着时间逐步下降。

Do you have any concerns that some employees will leave now that their vested stock options have become liquid securities?

现在有些员工的优先认股权已经成了流动证券，你是否担心有些员工会因此离开公司？

Levie:We have an entreprenurial culture, and I’m sure some employees are are very good in early-stage endeavors are likely to go do that. But we’ve been growing the team with very committed Boxers¹⁸, which is what we call ourselves, and this is a very typical phase for a growing company. We’ll continue to build out the company and bring new people in.

列维：Box有一种创业文化，当然有些员工在创业早期阶段的确很出色，也可能这样做。但我们的团队也一直在增长，他们都是对Box的事业非常投入的人，我们把他们称为“自己人”。对于一家增长中的公司来说，这也是一个非常典型的阶段。我们会继续构建公司，不断引入新人。（财富中文网）