Zoom Video Communications Inc (ZM) 2023 Q2 法說會逐字稿

Well, hello, everyone, and welcome to Zoom's Q2 FY '23 Earnings Release Webinar. As a reminder, today's webinar is being recorded. And now, I will hand things over to Tom McCallum, Head of Investor Relations. Tom, over to you.

好吧，大家好，歡迎參加 Zoom 的 23 財年第二季度收益發佈網絡研討會。提醒一下，今天的網絡研討會正在錄製中。現在，我將把事情交給投資者關係主管湯姆麥卡勒姆。湯姆，交給你了。

Thank you, Kelcey. And hello, everyone. Welcome to Zoom's Earnings Webinar for the Second Quarter of Fiscal '23. I'm joined today by Zoom's Founder and CEO, Eric Yuan; Zoom's CFO, Kelly Steckelberg; and we are also pleased to have our new President, Greg Tomb, join us for today's call.

謝謝你，凱爾西。大家好。歡迎參加 Zoom '23 財年第二季度的收益網絡研討會。今天，Zoom 的創始人兼首席執行官 Eric Yuan 加入了我的行列； Zoom 的首席財務官 Kelly Steckelberg；我們也很高興我們的新總統 Greg Tomb 加入我們今天的電話會議。

Our earnings press release was issued today after the market closed and may be downloaded from the Investor Relations page at investors.zoom.com. Also on this page, you'll be able to find a copy of today's prepared remarks and a slide deck with financial highlights, that along with our earnings release, include a reconciliation of GAAP to non-GAAP financial results.

我們的收益新聞稿於今天收市後發布，可從investors.zoom.com 的投資者關係頁面下載。同樣在此頁面上，您將能夠找到今天準備好的評論的副本和帶有財務亮點的幻燈片，連同我們的收益發布，包括 GAAP 與非 GAAP 財務結果的對賬。

During this call, we will make forward-looking statements, including statements regarding our financial outlook for the third quarter and full fiscal year 2023. Our expectations regarding financial and business trends, impacts from macroeconomic developments, the Russia-Ukraine war, our market position, opportunities, growth strategy and business aspirations and product initiatives and the expected benefits of such initiatives.

在本次電話會議期間，我們將發表前瞻性陳述，包括關於我們第三季度和 2023 財年全年財務展望的陳述。我們對財務和業務趨勢的預期、宏觀經濟發展的影響、俄羅斯-烏克蘭戰爭、我們的市場地位，機會，增長戰略和業務願望和產品計劃以及此類計劃的預期收益。

These statements are only predictions that are based on what we believe today, and actual results may differ materially. These forward-looking statements are subject to the risks and other factors that could affect our performance and financial results, which we discuss in detail in our filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Zoom assumes no obligation to update any of these forward-looking statements we may make on today's webinar.

這些陳述只是基於我們今天所相信的預測，實際結果可能存在重大差異。這些前瞻性陳述受到可能影響我們業績和財務業績的風險和其他因素的影響，我們在提交給美國證券交易委員會的文件中詳細討論了這些因素，包括我們關於表格 10-K 的年度報告和我們關於表格 10 的季度報告-Q。 Zoom 不承擔更新我們在今天的網絡研討會上可能做出的任何這些前瞻性陳述的義務。

And with that, let me turn things over to Eric.

有了這個，讓我把事情交給埃里克。

Hey. Thank you, Tom. And thank you, everyone, for joining us today. I'm on the road now, and my Internet access is limited. I will hand my remarks to Kelly and Greg and then join you all for the Q&A portion. Thank you.

嘿。謝謝你，湯姆。感謝大家今天加入我們。我現在在路上，我的互聯網訪問受到限制。我將把我的發言交給凱利和格雷格，然後和大家一起參加問答環節。謝謝你。

Thank you, Eric. And thank you, everyone, for joining us today.

謝謝你，埃里克。感謝大家今天加入我們。

Let me start with what's on everyone's mind, the macro environment. Zoom is not immune to the global downturn, but the situation is more complex than meets the eye. Our Enterprise business continued to post strong growth, which we believe is because cloud migration and digital transformation continue to be a priority even when and perhaps especially when the economy slows.

讓我從每個人的想法開始，宏觀環境。 Zoom 也不能倖免於全球經濟衰退，但情況比想像的要復雜得多。我們的企業業務繼續保持強勁增長，我們認為這是因為雲遷移和數字化轉型仍然是當務之急，尤其是在經濟放緩時。

The headwinds we saw mainly relate to the strengthening dollar, new Online subscriptions and to a lesser extent, bookings linearity. We have implemented initiatives focused on driving new Online subscriptions, which have shown early promise, but were not enough to overcome the macro dynamics in the quarter.

我們看到的不利因素主要與美元走強、新的在線訂閱有關，在較小程度上與預訂線性有關。我們已實施旨在推動新在線訂閱的舉措，這些舉措已顯示出早期的希望，但不足以克服本季度的宏觀動態。

We believe Zoom remains well positioned in this environment as customers look to increase productivity and collaboration while moving away from expensive legacy vendors. Our products are designed to drive efficiency and cost savings within organizations and are loved by both their employees and their customers.

我們相信 Zoom 在這種環境中仍然處於有利地位，因為客戶希望在遠離昂貴的傳統供應商的同時提高生產力和協作。我們的產品旨在提高組織內的效率和成本節約，深受員工和客戶的喜愛。

In addition, we have strong margins and cash flows as well as a large cash balance. Even still, we are taking a prudent and cautious approach in this environment, with focused investments and hiring to drive innovation and customer happiness.

此外，我們擁有強大的利潤率和現金流以及大量現金餘額。儘管如此，在這種環境下，我們仍採取審慎和謹慎的態度，通過集中投資和招聘來推動創新和客戶滿意度。

Our platform strategy is playing out very well, and Zoom Rooms and Zoom Phone are critical components of that strategy. In fact, Zoom Phone was a real star in Q2, hitting several milestones. The number of customers, with 10,000 or more paid seats, increased 112% year-over-year. In addition, we broke our record for the largest Zoom Phone deal twice in the quarter, first with a global retailer and then with a global bank, both with more than 125,000 seats. Deals like these led Zoom Phone to post a record quarter and surpass 4 million seats in August.

我們的平台戰略執行得非常好，Zoom Rooms 和 Zoom Phone 是該戰略的關鍵組成部分。事實上，Zoom Phone 在第二季度是真正的明星，達到了幾個里程碑。擁有 10,000 個或更多付費座位的客戶數量同比增長 112%。此外，我們在本季度兩次打破了最大的 Zoom Phone 交易記錄，首先是與一家全球零售商，然後是與一家全球銀行，均擁有超過 125,000 個座位。此類交易導致 Zoom Phone 在 8 月份創下季度記錄並超過 400 萬個席位。

We are also seeing early traction for Zoom Contact Center and Zoom IQ for Sales. Zoom Contact Center is only 6 months old, but has already had deal sizes reach seats that we did not expect until its second year. And customers value the user-friendly interface, efficiency gains and savings they see in shifting to our modern, cloud-based, AI-driven contact center solution.

我們還看到了 Zoom Contact Center 和 Zoom IQ for Sales 的早期吸引力。 Zoom 聯絡中心成立僅 6 個月，但交易規模已經達到了我們在第二年才預期的席位。客戶在轉向我們現代的、基於雲的、人工智能驅動的聯絡中心解決方案時看到了用戶友好的界面、效率的提高和節省。

We are proud of the team that drove these results, and I'm thrilled to have Greg with us today. Greg joined last quarter as our new President, leading our go-to-market teams and the office of the global CIO. He brings a wealth of leadership experience, scaling bellwether Internet and enterprise companies. Greg, welcome to our call today.

我們為推動這些成果的團隊感到自豪，我很高興今天有 Greg 和我們在一起。 Greg 上個季度以新總裁的身份加入我們，領導我們的上市團隊和全球首席信息官辦公室。他帶來了豐富的領導經驗，擴展了領先的互聯網和企業公司。格雷格，歡迎您今天來電。

Well, thank you, Kelly, and I'm very happy to join today.

好吧，謝謝你，凱利，我很高興今天能加入。

We would love to have you introduce some customer wins for the quarter.

我們很樂意為您介紹本季度的一些客戶勝利。

Absolutely, Kelly. Well, hello, everyone. Very nice to meet all of you. I wish it was in person. We actually did have an exceptional sales quarter in the Enterprise market, and I'll let Kelly give you more details in a minute.

當然，凱利。嗯，大家好。很高興認識大家。我希望是當面的。實際上，我們在企業市場上確實有一個出色的銷售季度，我會讓凱利在一分鐘內為您提供更多詳細信息。

We had a number of great new wins, including one of the largest U.S. health care providers out there. I can't give you their name yet, we will in the future, but they did choose Zoom Meetings and Zoom Phone to provide telehealth services to their broad number of caregivers and patients. I mean they were just really impressed with Zoom's strong integration between video and voice, to support 40,000-plus employees and their external community, for a wide variety of telehealth needs.

我們取得了許多偉大的新勝利，其中包括美國最大的醫療保健提供者之一。我還不能告訴你他們的名字，我們將來會告訴你，但他們確實選擇了 Zoom Meetings 和 Zoom Phone 來為他們的廣大護理人員和患者提供遠程醫療服務。我的意思是，他們對 Zoom 視頻和語音之間的強大集成印象深刻，它支持 40,000 多名員工及其外部社區，滿足各種遠程醫療需求。

I also want to thank UCLA. And you may know this or may not, but they were recognized by U.S. News & World Report as the #1 public university in the U.S. And I want to thank them because they expanded their relationship with Zoom by adding 15,000 Zoom Phone licenses. And this large investment will accelerate their journey to the cloud and will offer them the benefits of truly having a unified communications platform.

我還要感謝加州大學洛杉磯分校。你可能知道也可能不知道，但他們被《美國新聞與世界報導》評為美國排名第一的公立大學。我要感謝他們，因為他們通過增加 15,000 個 Zoom Phone 許可證擴大了與 Zoom 的關係。這筆巨額投資將加速他們的雲之旅，並為他們提供真正擁有統一通信平台的好處。

The next company I want to thank is Warner Bros. Discovery, a premier global media entertainment company. I want to thank them for partnering with Zoom on its global communications needs. Our partnership actually began before the merger with Discovery and really kicked into gear once these 2 iconic brands merged. And they have chosen to expand their meetings and phone deployment, and we're really excited to deliver for them a full integrated suite of communication services.

我要感謝的下一家公司是華納兄弟探索公司，它是一家首屈一指的全球媒體娛樂公司。我要感謝他們與 Zoom 合作解決其全球通信需求。我們的合作夥伴關係實際上是在與 Discovery 合併之前開始的，並且在這兩個標誌性品牌合併後真正開始發揮作用。他們已經選擇擴大他們的會議和電話部署，我們真的很高興為他們提供一整套集成的通信服務。

Next, I would like to thank Ancestry. And you probably know Ancestry as the global leader when it comes to family history. I want to thank them for also expanding their relationship with Zoom, the strong customer relationship that we built during the original Zoom Meetings deployment. And they also had a successful partnership with Solvvy. It allowed us to expand this to a complete platform. We included Zoom Phone. We have a scalable, now conversational AI-based chat system in place and self-service capabilities from Solvvy.

接下來，我要感謝祖先。在家族史方面，您可能知道 Ancestry 是全球領導者。我要感謝他們還擴大了與 Zoom 的關係，這是我們在最初的 Zoom Meetings 部署期間建立的牢固的客戶關係。他們還與 Solvvy 建立了成功的合作夥伴關係。它使我們能夠將其擴展到一個完整的平台。我們包括 Zoom Phone。我們擁有一個可擴展的、基於對話式 AI 的聊天系統，以及來自 Solvvy 的自助服務功能。

And last, let me also thank Optiv, the cyber advisory and solutions leader. Today, they deliver strategic and technical expertise to nearly 6,000 companies across every major industry. Optiv started as a Zoom Meetings customer back in 2016, then they expanded to Zoom Phone last year, and they really appreciated how reliable and simple our integrated solutions work. And then this last quarter, in Q2, they decided to replace their legacy contact center with Zoom Contact Center. And it's more than 275 agents supporting roughly 90 workflows. And they were so impressed with our rapid product iteration, our road map for integrations with other SaaS tools as well as the ability to greatly reduce costs.

最後，我還要感謝網絡諮詢和解決方案領導者 Optiv。如今，他們為各個主要行業的近 6,000 家公司提供戰略和技術專業知識。 Optiv 早在 2016 年就開始作為 Zoom Meetings 的客戶，然後他們在去年擴展到 Zoom Phone，他們非常欣賞我們的集成解決方案的工作可靠性和簡單性。然後在第二季度的最後一個季度，他們決定用 Zoom 聯絡中心取代他們的傳統聯絡中心。超過 275 個代理支持大約 90 個工作流。他們對我們快速的產品迭代、與其他 SaaS 工具集成的路線圖以及大幅降低成本的能力印象深刻。

So again, I mean, thank you, UCLA; thank you, Warner Bros.; thank you, Ancestry; thank you, Optiv. And to all those customers that did business with us in Q2, we greatly appreciate it.

再說一次，我的意思是，謝謝你，加州大學洛杉磯分校；謝謝你，華納兄弟；謝謝你，祖先；謝謝你，奧提夫。對於在第二季度與我們開展業務的所有客戶，我們非常感謝。

And with that, Kelly, I'll pass it back to you.

有了這個，凱利，我會把它還給你。

Thank you, Greg. Now let me turn to the quarter's results and guidance.

謝謝你，格雷格。現在讓我談談本季度的業績和指導。

In Q2, total revenue grew 8% year-over-year to $1.099 billion, approximately $16 million below the low end of our quarterly guidance. A stronger U.S. dollar, which had an impact of approximately $8 million, weaker new Online sales and to a lesser extent, back-end linearity in the quarter, were the biggest factors contributing to the miss.

第二季度，總收入同比增長 8% 至 10.99 億美元，比我們季度指引的低端低約 1600 萬美元。美元走強（影響約 800 萬美元）、新在線銷售疲軟以及本季度後端線性度較低，是導致該季度業績下滑的最大因素。

We recognize that the revenue results are disappointing and below our expectations as we navigate the current environment. It should be noted that while our Online business saw lower new subscriptions, Renewals in Online continued to improve. And as we just discussed, we have launched a number of initiatives to drive new Online subscriptions around local pricing, packaging and free-to-paid conversion.

我們認識到，在當前環境下，收入結果令人失望且低於我們的預期。值得注意的是，雖然我們的在線業務新訂閱量有所下降，但在線續訂量繼續改善。正如我們剛剛討論的那樣，我們已經啟動了一系列舉措來推動圍繞本地定價、包裝和免費到付費轉換的新在線訂閱。

The growth in revenue was primarily driven by strength in our enterprise business. Revenue from Enterprise customers grew 27% year-over-year and represented 54% of total revenue, up from 46% a year ago. We expect revenue from Enterprise customers to become an increasingly higher percentage of total revenue over time. From a product perspective, we had strong growth in Zoom Meetings and Zoom Phone, coupled with contributions from Zoom Rooms and other products.

收入的增長主要是由我們企業業務的實力推動的。來自企業客戶的收入同比增長 27%，佔總收入的 54%，高於一年前的 46%。我們預計，隨著時間的推移，來自企業客戶的收入佔總收入的比例將越來越高。從產品的角度來看，我們在 Zoom Meetings 和 Zoom Phone 方面取得了強勁的增長，再加上 Zoom Rooms 和其他產品的貢獻。

The number of Enterprise customers grew 18% year-over-year to approximately 204,100. Our trailing 12-month net dollar expansion rate for Enterprise customers in Q2 came in at a healthy 120%.

企業客戶數量同比增長 18%，達到約 204,100。我們在第二季度為企業客戶提供的 12 個月淨美元擴張率達到了健康的 120%。

We saw a 37% year-over-year growth in the upmarket as we ended the quarter with 3,116 customers contributing more than $100,000 in trailing 12 months revenue. These customers represented 26% of revenue, up from 20% in Q2 of FY '22.

截至本季度末，我們看到高端市場同比增長 37%，有 3,116 名客戶在過去 12 個月的收入中貢獻了超過 100,000 美元。這些客戶佔收入的 26%，高於 22 財年第二季度的 20%。

As the majority of our revenue has shifted back to the enterprise and we have moved beyond the pandemic buying patterns, we are returning to more normalized Enterprise sales cycles, with linearity weighted towards the back end of the quarter. This contributed to higher-than-expected deferred revenue in Q2. And as we believe this customer behavior will persist, we have factored it into our outlook.

由於我們的大部分收入已經轉移回企業，並且我們已經超越了大流行的購買模式，我們正在回歸更加正常化的企業銷售週期，線性加權偏向本季度末。這導致第二季度的遞延收入高於預期。由於我們相信這種客戶行為將持續存在，我們已將其納入我們的展望。

Our Americas and APAC revenue grew 12% and 10% year-over-year, respectively. EMEA continues to be impacted by the Russia-Ukraine war, the strengthening dollar and Online performance, which led to an 8% year-over-year revenue decline.

我們的美洲和亞太地區收入分別同比增長 12% 和 10%。 EMEA 繼續受到俄羅斯-烏克蘭戰爭、美元走強和在線表現的影響，導致收入同比下降 8%。

Now turning to profitability. I will focus on our non-GAAP results, which exclude stock-based compensation expense and associated payroll taxes, acquisition-related expenses, net litigation settlements, net gains or losses on strategic investments, undistributed earnings attributable to participating securities and all tax effects resulting from non-GAAP adjustments.

現在轉向盈利能力。我將重點關注我們的非公認會計原則結果，其中不包括基於股票的薪酬費用和相關的工資稅、收購相關費用、淨訴訟和解、戰略投資的淨損益、參與證券的未分配收益以及由此產生的所有稅收影響來自非公認會計原則的調整。

Non-GAAP gross margin in Q2 was 78.9%, an improvement from 76.2% in Q2 of last year and 78.6% last quarter. The sequential improvement was mainly due to optimizing usage across the public cloud and our increasing number of co-located data centers. Given the improvements we are seeing so far this year, we expect gross margins to be approximately 78% for the remainder of the year, which is higher than our previous view.

第二季度非美國通用會計準則毛利率為 78.9%，高於去年第二季度的 76.2% 和上一季度的 78.6%。連續改進主要是由於優化了公共雲的使用以及我們越來越多的共址數據中心。鑑於我們今年迄今看到的改善，我們預計今年剩餘時間的毛利率約為 78%，高於我們之前的預期。

Research and development expense grew by 81% year-over-year to approximately $98 million driven by our focus on innovation. As a percentage of total revenue, R&D expense increased to 8.9% from 5.3% in Q2 of last year. Our expanding product portfolio reflects our ongoing investments in building out Zoom's platform and delivering on our customers' evolving needs. We plan to further invest in R&D to reach our long-term target of 10% to 12% of total revenue.

由於我們對創新的關注，研發費用同比增長 81% 至約 9800 萬美元。研發費用佔總收入的比例從去年第二季度的 5.3% 上升至 8.9%。我們不斷擴大的產品組合反映了我們在構建 Zoom 平台和滿足客戶不斷變化的需求方面的持續投資。我們計劃進一步投資於研發，以實現佔總收入 10% 至 12% 的長期目標。

Sales and marketing expense grew by 35% year-over-year to $286 million. This represented approximately 26% of total revenue, up from 20.7% in Q2 of last year. We are committed to investing in growth areas, including sales capacity, channel partner enablement and product marketing.

銷售和營銷費用同比增長 35% 至 2.86 億美元。這約佔總收入的 26%，高於去年第二季度的 20.7%。我們致力於投資增長領域，包括銷售能力、渠道合作夥伴支持和產品營銷。

G&A expense grew by 2% to $90 million or approximately 8.2% of total revenue.

G&A 費用增長 2% 至 9000 萬美元，約佔總收入的 8.2%。

Non-GAAP operating income expanded to $394 million, exceeding the high end of our guidance of $365 million as we continue to thoughtfully prioritize investments. This translates to a 35.8% non-GAAP operating margin for Q2 compared with 41.6% a year ago and 37.2% last quarter.

非美國通用會計準則營業收入擴大至 3.94 億美元，超過了我們指導的 3.65 億美元的高端，因為我們繼續深思熟慮地優先考慮投資。這意味著第二季度非 GAAP 營業利潤率為 35.8%，而去年同期為 41.6%，上一季度為 37.2%。

Non-GAAP diluted earnings per share in Q2 was $1.05 on approximately 307 million weighted average shares outstanding. This result was $0.13 above the high end of our guidance.

第二季度非 GAAP 攤薄後每股收益為 1.05 美元，加權平均流通股約為 3.07 億股。這一結果比我們指導的高端高出 0.13 美元。

Turning to the balance sheet. Deferred revenue at the end of the period was $1.4 billion, up 19% year-over-year from $1.2 billion. This result was meaningfully higher than what we previously forecasted due to the strong Enterprise bookings, which were back end-weighted in the quarter.

轉向資產負債表。期末遞延收入為 14 億美元，較去年同期的 12 億美元增長 19%。由於本季度後端加權的企業預訂強勁，這一結果明顯高於我們之前的預測。

Looking at both our billed and unbilled contracts, our RPO totaled approximately $3.2 billion, up 37% year-over-year from $2.3 billion. We expect to recognize approximately 61% of the total RPO as revenue over the next 12 months as compared to 69% in Q2 of last year, reflecting a shift towards longer-term plans.

查看我們的已開票和未開票合同，我們的 RPO 總額約為 32 億美元，比去年同期的 23 億美元增長 37%。我們預計在未來 12 個月內將大約 61% 的總 RPO 確認為收入，而去年第二季度為 69%，這反映了向長期計劃的轉變。

As a reminder, our seasonality of renewals is front end-loaded and moderates over the rest of the year, reflecting the sequentially smaller renewal base. As such, we expect Q3 deferred revenue to grow at approximately 13% to 14% year-over-year.

提醒一下，我們的續訂季節性是前端加載的，並且在今年剩餘時間裡會有所緩和，這反映了續訂基數依次變小。因此，我們預計第三季度遞延收入將同比增長約 13% 至 14%。

We ended the quarter with approximately $5.5 billion in cash, cash equivalents and marketable securities, excluding restricted cash. We have purchased $426 million of stock, representing 4.1 million shares over the last 2 quarters as part of our $1 billion repurchase program.

我們在本季度末擁有約 55 億美元的現金、現金等價物和有價證券，不包括受限制的現金。作為我們 10 億美元回購計劃的一部分，我們在過去兩個季度購買了 4.26 億美元的股票，代表 410 萬股。

We had operating cash flow in the quarter of $257 million as compared to $468 million in Q2 of last year. Adjusted free cash flow was $222 million as compared to $455 million in Q2 of last year. Our margins for operating cash flow and adjusted free cash flow were 23.4% and 20.2%, respectively.

我們本季度的經營現金流為 2.57 億美元，而去年第二季度為 4.68 億美元。調整後的自由現金流為 2.22 億美元，而去年第二季度為 4.55 億美元。我們的經營現金流和調整後自由現金流的利潤率分別為 23.4% 和 20.2%。

As previously discussed, these metrics include a large cash outflow from an increase in cash taxes starting in Q2. As we update our full year outlook for the P&L and take into account the lower tax deductions for stock-based compensation caused by the lower stock price, we would expect adjusted free cash flow to be between $1 billion to $1.15 billion.

如前所述，這些指標包括從第二季度開始增加現金稅導致的大量現金流出。隨著我們更新損益表的全年展望，並考慮到股價下跌導致的股票薪酬減稅減少，我們預計調整後的自由現金流將在 10 億美元至 11.5 億美元之間。

Now turning to guidance. This outlook is consistent with what we are observing in the market today. Specifically, it assumes that our Enterprise business will grow in the low to mid-20s, while our Online business will decline 7% to 8% for the year as compared to the previously provided flat outlook.

現在轉向指導。這一前景與我們今天在市場上觀察到的一致。具體來說，它假設我們的企業業務將在 20 年代中期至 20 年代中期增長，而與之前提供的持平展望相比，我們的在線業務今年將下降 7% 至 8%。

For the third quarter of FY '23, we expect revenue to be in the range of $1.095 billion to $1.1 billion. We expect non-GAAP operating income to be in the range of $325 million to $330 million. Our outlook for non-GAAP earnings per share is $0.82 to $0.83 based on approximately 306 million shares outstanding.

對於 23 財年第三季度，我們預計收入將在 10.95 億美元至 11 億美元之間。我們預計非美國通用會計準則營業收入將在 3.25 億美元至 3.3 億美元之間。基於大約 3.06 億股流通股，我們對非公認會計原則每股收益的展望為 0.82 美元至 0.83 美元。

For the full year of FY '23, we now expect revenue to be in the range of $4.385 billion to $4.395 billion, which would represent approximately 7% year-over-year growth. At the midpoint, this represents a decrease of approximately $150 million as compared to our previous full year guidance. Of this decrease, approximately $35 million is due to the stronger dollar and $115 million is attributable to the broader macroeconomic environment.

對於 23 財年的全年，我們現在預計收入將在 43.85 億美元至 43.95 億美元之間，同比增長約 7%。在中點，與我們之前的全年指導相比，這意味著減少了約 1.5 億美元。在這一減少中，大約 3500 萬美元是由於美元走強，1.15 億美元是由於更廣泛的宏觀經濟環境。

We now expect our non-GAAP operating income to be in the range of approximately $1.44 billion to $1.45 billion. We are still targeting a non-GAAP operating margin of approximately 33% as we have adjusted spending in the second half to focus on high ROI areas and have seen a modest benefit to expenses from FX. Our tax rate is expected to approximate the blended U.S. federal and state rate. Our outlook for non-GAAP earnings per share is $3.66 to $3.69 based on approximately 307 million shares outstanding.

我們現在預計我們的非公認會計原則營業收入將在約 14.4 億美元至 14.5 億美元之間。我們仍將非 GAAP 營業利潤率的目標定為約 33%，因為我們已在下半年調整支出以專注於高 ROI 領域，並看到外匯支出帶來的適度收益。我們的稅率預計將接近美國聯邦和州的混合稅率。基於大約 3.07 億股流通股，我們對非公認會計準則每股收益的預期為 3.66 美元至 3.69 美元。

Before opening up for Q&A, we are excited to share our Zoomtopia event with you. It is our premier user conference and will be run on Zoom Events. We look forward to sharing our platform strategy, new innovations and customer testimonials. Please join us at Zoomtopia and our Investor Day on November 8.

在開放問答之前，我們很高興與您分享我們的 Zoomtopia 活動。這是我們的首要用戶會議，將在 Zoom Events 上舉行。我們期待分享我們的平台戰略、新的創新和客戶推薦。請加入我們的 Zoomtopia 和 11 月 8 日的投資者日。

Zoom remains focused on building out our platform, leading in the hybrid work world, enhancing the customer experience and expanding into more and more business workflows. We will continue to make strategic moves to drive future growth as we navigate the current environment. Thank you to the Zoom team, which has grown to 8,000 strong, our customers, our community and our investors.

Zoom 仍然專注於構建我們的平台，在混合工作世界中處於領先地位，增強客戶體驗並擴展到越來越多的業務工作流程。在當前環境下，我們將繼續採取戰略舉措來推動未來增長。感謝擁有 8,000 人的 Zoom 團隊、我們的客戶、我們的社區和我們的投資者。

Kelcey, please queue up our first question.

凱爾西，請排隊我們的第一個問題。

(Operator Instructions) And our first question is going to come from Kash Rangan with Goldman Sachs. All right. Well, hearing nothing from Kash, we'll go ahead and we will move on. William, I'm sorry, I'm putting you on the spot here. I didn't let you know that you're next. But William Power with Baird, if you'll go ahead and unmute and turn your camera on for us.

（操作員說明）我們的第一個問題將來自高盛的 Kash Rangan。好的。好吧，沒有聽到 Kash 的任何消息，我們將繼續前進，我們將繼續前進。威廉，對不起，我把你放在這兒了。我沒有讓你知道你是下一個。但是威廉·鮑爾和貝爾德，如果你繼續為我們取消靜音並打開你的相機。

Let me maybe start, Kelly. You noted, I think, $115 million of macro impacts now in full year guidance. Maybe just help us unpack that a bit. How much of that relates to the Online pressure versus any changes you're seeing on the Enterprise side, whether it pertained to longer sales cycles? Any changes in seat counts, seat count pushback? And any other commentary you can provide there?

讓我開始吧，凱利。我認為，您在全年指導中指出了 1.15 億美元的宏觀影響。也許只是幫助我們解開一點。其中有多少與在線壓力有關，與您在企業方面看到的任何變化有關，是否與更長的銷售週期有關？座位數有什麼變化，座位數推遲嗎？您可以在那裡提供任何其他評論嗎？

Yes. The majority of that is really coming from Online, William. So when you look at the difference in the guidance, and previously, we had expected Online to be approximately flat for the year, and now we're saying it's going to be in the range of 7% to 8% down, that's really where the majority of that is coming from. On a base of about $2 billion, that's where we're seeing it.

是的。其中大部分確實來自在線，威廉。因此，當您查看指南中的差異時，之前，我們曾預計今年 Online 將大致持平，現在我們說它將在 7% 到 8% 的範圍內下降，這真的是其中大部分來自。在大約 20 億美元的基礎上，這就是我們所看到的。

We continue to see strength in the Enterprise, which you can see as the increase in deferred. We are moving more towards back-end linearity, which had some impact on the revenue. But we continue to see great work done by our Enterprise team in getting those deals in just a little bit later in the quarter.

我們繼續看到企業的實力，你可以看到延期的增加。我們正朝著後端線性方向發展，這對收入產生了一些影響。但我們繼續看到我們的企業團隊在本季度晚些時候完成這些交易方面所做的出色工作。

Okay. No, that's helpful. Maybe if I can sneak one more in, I mean, just really strong Phone results, 125 -- 225,000 customers. Maybe just any color on kind of sales cycles for a deal of that size. When do we expect the revenue to start to flow through? And just any commentary maybe just on the pipeline of larger deals, whether that size or bigger deals generally?

好的。不，這很有幫助。也許如果我可以再偷偷摸摸，我的意思是，電話結果非常強勁，125 - 225,000 名客戶。對於這種規模的交易，也許只是任何一種銷售週期的顏色。我們預計收入何時開始流入？任何評論都可能只是關於更大交易的管道，無論是規模還是更大的交易？

Yes. Greg, do you want to talk about this...

是的。格雷格，你想談談這個嗎...

Yes, I can comment. I mean yes, I mean, Q2 was a pretty amazing quarter around Zoom Phone, extremely high win rates. And I think we exceeded the -- I think you mentioned this, Kelly, the 4 million user mark, right? So to do that in 3 years is just incredible.

是的，我可以發表評論。我的意思是，是的，我的意思是，第二季度是 Zoom Phone 的一個非常驚人的季度，勝率極高。而且我認為我們超過了--我想你提到了這一點，Kelly，400 萬用戶大關，對吧？因此，在 3 年內做到這一點簡直令人難以置信。

There is a -- we see a large number of our Enterprise customers today looking for ways to consolidate and have a more modern communication experience, and the fact that it's fully integrated with Video makes it a natural place to go. So I think you're going to continue to see this really big uptick in our Enterprise as taking advantage of both Video and Phone together. So -- and our pipeline is showing that now.

有一個 - 我們今天看到我們的大量企業客戶正在尋找整合和擁有更現代通信體驗的方法，而它與視頻完全集成的事實使其成為一個自然的去處。因此，我認為您將繼續看到我們企業的這種真正大的增長，因為它同時利用了視頻和電話。所以 - 我們的管道現在正在顯示這一點。

Moving on to Meta Marshall with Morgan Stanley.

與摩根士丹利一起轉向 Meta Marshall。

Maybe, Kelly, just starting with some of the initiatives that you mentioned, kind of taking on the SMB business and the actions that they're taking and just how that informs the 7% to 8% down during the year, what would they be without some of those initiatives? Just what's kind of informing that?

也許，凱利，剛從你提到的一些舉措開始，有點像中小型企業業務和他們正在採取的行動，以及這如何影響年內 7% 到 8% 的下降，他們會是什麼沒有這些倡議？到底是什麼通知？

And then maybe just if you could kind of speak to as you were making some of these OpEx decisions, on what is kind of high priority or high ROI, just kind of what is going into that decision-making process?

然後也許只是在您做出一些運營支出決策時，您可以談談什麼是高優先級或高投資回報率，以及決策過程中的哪些內容？

So I think we touched on this. I'm going to start with your second question first. We touched on this in the Q1 call as well. We will continue as a company to focus on the areas that drive innovation. So that really means R&D as well as driving growth. So that's sales ops.

所以我認為我們談到了這一點。我先從你的第二個問題開始。我們在第一季度的電話會議中也談到了這一點。作為一家公司，我們將繼續專注於推動創新的領域。所以這真的意味著研發和推動增長。這就是銷售操作。

And we have taken the tact for a while now of trying to be as efficient as we can around cost of goods sold and of course, G&A, to the extent that, of course, we always want to ensure the product and the platform is reliable and we're supporting our customers' needs, but trying to do that as efficiently as we can. And in fact, we indicated in the prepared remarks, we expect gross margins to come in a little bit higher than where we had previously at 78% for the rest of the year.

我們已經採取了一段時間的策略，試圖在銷售成本，當然還有 G&A 方面盡可能高效，當然，我們總是希望確保產品和平台是可靠的我們正在支持客戶的需求，但會盡可能高效地做到這一點。事實上，我們在準備好的評論中表示，我們預計今年剩餘時間的毛利率將略高於我們之前的 78%。

And then in terms of Online, Wendy and her team have just done an amazing job of really thinking about how do we continue to improve the conversion rate of free-to-paid. They have done that through different initiatives, especially including pricing and packaging on a global basis. And we've seen retention rates continue to improve as well as conversion rates. We just -- the sort of the challenge that we're seeing overall in the Online business is new customer additions. But as they continue to focus on the initiatives, I'm sure that will improve our time as well.

然後在在線方面，Wendy 和她的團隊剛剛完成了一項了不起的工作，真正思考了我們如何繼續提高免費到付費的轉化率。他們通過不同的舉措做到了這一點，尤其是在全球範圍內進行定價和包裝。我們已經看到保留率和轉化率繼續提高。我們只是 - 我們在在線業務中看到的總體挑戰是新客戶的增加。但隨著他們繼續關注這些舉措，我相信這也會改善我們的時間。

And Bernstein's Peter Weed has the next question.

Bernstein 的 Peter Weed 提出了下一個問題。

I think, in the past, you've given us some guidance to help us understand, on the net retention number in Enterprise, where some of that's coming from. Certainly, I think just a quick estimate suggests that you're seeing a continued tailing there. And in the past, I think you've been seeing better support on the larger customers relative to some of the smaller customers.

我認為，在過去，您給了我們一些指導，以幫助我們了解 Enterprise 的淨保留人數，其中一些來自哪裡。當然，我認為只是一個快速的估計表明你在那裡看到了持續的拖尾。在過去，我認為您已經看到相對於一些小客戶而言，大客戶得到了更好的支持。

How should we be looking at that right now? Is that continuing to be the trend, where your larger, established customers are expanding their use across the platform? Are you seeing additional strength in the smaller customers that are coming up?

我們現在應該如何看待它？這是否會繼續成為趨勢，您的較大的、已建立的客戶正在跨平台擴展他們的使用？您是否在即將到來的小客戶中看到了額外的優勢？

And by the way, as a second part to this question, I think the implication that I see out of the numbers that you've posted is actually a bit of a reacceleration on new customers on the Enterprise side. And I would love to hear a little bit about how you're seeing that.

順便說一下，作為這個問題的第二部分，我認為我從您發布的數字中看到的含義實際上是對企業方面的新客戶的重新加速。我很想听聽您對此的看法。

And I know that you saw -- you said, hey, there's some linearity creating some challenges at the back end of the quarter, but to also kind of outperform on new customers there with some of those challenges is pretty nice. And I'm just trying to understand how much momentum you see in that going forward, in the face of some of these linearity issues.

而且我知道您看到了-您說，嘿，在本季度末有一些線性度造成了一些挑戰，但是在其中一些挑戰的新客戶中也表現出色是非常好的。面對其中一些線性問題，我只是想了解你在未來看到了多少動力。

Sure. So let me talk about the net dollar expansion, and then I'll let Greg or Eric talk about new customers. But we have said for a while, when you remember that the strategy for selling Zoom Phone and Zoom Rooms, Contact Center, et cetera, is to sell into our existing installed base, it's exactly as you said. We continue to see some of our largest customers continue to expand. Some of those Zoom Phone wins moved our customers.

當然。所以讓我談談淨美元擴張，然後讓格雷格或埃里克談談新客戶。但是我們已經說過一段時間了，當您記得銷售 Zoom Phone 和 Zoom Rooms、聯絡中心等的策略是向我們現有的安裝基礎銷售時，正如您所說的那樣。我們繼續看到我們的一些最大客戶繼續擴大。其中一些 Zoom Phone 的勝利感動了我們的客戶。

We -- when you go back and look at the customer counts of how many -- the growth rates that we saw and greater than 100,000 trailing 12 months, like it's really significant growth, which supports exactly what you're saying.

我們 - 當你回頭看看有多少客戶數量時 - 我們看到的增長率以及過去 12 個月超過 100,000 的增長率，就像這是非常顯著的增長，這完全支持你所說的。

And as a reminder, the net dollar expansion number now is focused on just the Enterprise portion of our business. It doesn't include the Online segment of the business. But Greg or Eric, would either of you like to just touch on new customers for the quarter?

提醒一下，現在的淨美元擴張數字只集中在我們業務的企業部分。它不包括業務的在線部分。但是 Greg 或 Eric，你們中的任何一個人都想談談本季度的新客戶嗎？

Yes, sure, sure. Just [a little bit]. So Peter, [you look at it at] Q2, right, look [at it that our] Enterprise [wins are] doing very well. Just a very, very big health care organization, they deploy Zoom not only for Phone, but also for telemedicine as well. And we do see a lot of the new opportunities like that, just so, and so yes, doing extremely well in the -- on the Enterprise front.

是的，當然，當然。只是[一點點]。所以彼得，[你看它] Q2，對，看[我們的] Enterprise [wins] 做得很好。只是一個非常非常大的醫療保健組織，他們不僅為電話部署了 Zoom，還為遠程醫療部署了 Zoom。我們確實看到了很多這樣的新機會，就是這樣，所以是的，在企業方面做得非常好。

Yes, I would add to what Eric and Kelly said, is that I think we'll continue to see that solid customer base in the enterprise expanding with us. I do think when you take a look at Online, it is a little mixed because we've got a lot of individual consumers that are down there that we're looking for ways to get them to move from free to paid. And what we're doing right now seems to be working, but we've got to keep at it and continue to run additional actions.

是的，我想補充一下 Eric 和 Kelly 所說的話，我認為我們將繼續看到企業中穩固的客戶群與我們一起擴大。我確實認為，當您查看 Online 時，情況有些複雜，因為我們有很多個人消費者，我們正在尋找讓他們從免費轉向付費的方法。我們現在正在做的事情似乎正在奏效，但我們必須堅持下去並繼續採取額外的行動。

But I think we've got a really great story that's coming together on the Enterprise. And from a sales perspective, we're trying to focus more and more in the Enterprise, on how we're going to market, how we're marketing these companies and the value proposition, again, around the whole platform.

但我認為我們有一個非常棒的故事，它將在企業版上走到一起。從銷售的角度來看，我們正試圖越來越多地關注企業，關注我們如何營銷，我們如何營銷這些公司以及價值主張，再次圍繞整個平台。

We really have a great platform story today that allows companies to have more of an integrated end-to-end communication, a modern communication platform, and they can get rid of a lot of point solutions that are -- they bought 20 years ago that are causing them a lot of pain and costing a lot of money. So I think we'll see this trend continue.

我們今天確實有一個很棒的平台故事，它允許公司擁有更多集成的端到端通信，一個現代通信平台，他們可以擺脫很多單點解決方案——他們在 20 年前購買了給他們帶來了很大的痛苦並花費了很多錢。所以我認為我們會看到這種趨勢繼續下去。

And by the way, on the net retention piece, you talk about FX. How much of the drag on net retention because you're not providing a constant currency basis of it was due to the FX effect versus just being truly slower growth?

順便說一句，在淨留存方面，你談到了 FX。由於您沒有提供恆定的貨幣基礎，因此對淨留存率的拖累有多少是由於外匯效應而不是真正放緩的增長？

Yes. We're not going to break out FX down to that level of detail. But what I will say, if you step all the way back -- and we talked about this in the Q1 call as well. If you look at the impact that FX and the war in Europe is having on the year-over-year growth, it's 200 basis points. So you can think about there's 2 full percentage points of impact coming from things that are kind of out of our control from both FX and the war on the total year-over-year growth rate.

是的。我們不會將 FX 分解到那種詳細程度。但是我要說的是，如果你退後一步——我們也在第一季度的電話會議中談到了這一點。如果你看看外彙和歐洲戰爭對同比增長的影響，它是 200 個基點。所以你可以想一想，外彙和戰爭對總同比增長率的影響是我們無法控制的，有 2 個百分點的影響。

(Operator Instructions) And we'll move on to Matt Stotler with William Blair.

（操作員說明）我們將繼續與 William Blair 一起討論 Matt Stotler。

Maybe I'll just ask one, kind of doubling down on the macro question and conversation. I mean Kelly, you noted that you look at updated guidance and back out the impact from the Online business, back out the incremental FX impact versus prior guidance. It actually implies that you're expecting improvement in the Enterprise segment of the business on a like-for-like basis.

也許我會問一個，在宏觀問題和對話上加倍努力。我的意思是凱利，您注意到您查看了更新的指南並取消了在線業務的影響，並取消了與先前指南相比的增量外匯影響。這實際上意味著您期望企業的企業部門在類似的基礎上有所改進。

And so I would just be interested to kind of get some deeper color on what you're seeing in terms of buying behavior in that segment of the market, right? I mean like you said, no one is immune from a slowdown in the macro. So are you seeing any sort of change in -- on the Enterprise side in customer behavior, spending patterns, anything like that, that you can point to?

因此，我只是有興趣對您在該市場細分市場的購買行為方面所看到的情況進行更深入的了解，對嗎？我的意思是，就像你說的，沒有人能免受宏觀經濟放緩的影響。那麼，您是否看到企業方面的客戶行為、支出模式等任何類型的變化，您可以指出這些變化？

We definitely had a strong Q2 in terms of Enterprise sales, that's, you can see, reflected in the deferred. It just came later in the quarter, which is why it didn't really have impact on revenue within the quarter. But we continue to -- as all the things we've talked about, right, Zoom Phone having incredible strength and performance in the quarter; really already seeing momentum in Contact Center this early, 6 months in, we have some remarkable names that have signed up for Contact Center that we'll be excited to share with you at some point in the future.

在企業銷售方面，我們肯定有一個強勁的第二季度，也就是說，你可以看到，反映在遞延。它只是在本季度晚些時候出現，這就是為什麼它對本季度的收入沒有真正的影響。但我們繼續——正如我們所談論的所有事情一樣，Zoom Phone 在本季度擁有令人難以置信的實力和表現；早在 6 個月後，聯絡中心就已經看到了勢頭，我們有一些非凡的名字已經註冊了聯絡中心，我們很高興在未來的某個時候與您分享。

But already, the seat sizes that we're seeing for Contact Center, I think we would not have expected them to come for another 18 to 24 months yet. So I think all of that shows that the platform transition is really working very, very well and that customers continue to love and see the efficiency they get from Zoom.

但是，我們已經看到聯絡中心的座位大小，我想我們不會期望它們會再過 18 到 24 個月。所以我認為所有這些都表明平台過渡確實非常非常好，客戶繼續喜歡並看到他們從 Zoom 獲得的效率。

And especially as they're thinking about -- maybe, Greg, you can talk about this, sort of what I heard from the sales team is these transition of deals, moving from the CIO to the CFO, and customers really being thoughtful about the cost there. And Zoom competes very well when it's competitively priced.

尤其是當他們正在考慮的時候——也許，格雷格，你可以談談這個，我從銷售團隊那裡聽到的是這些交易的過渡，從首席信息官到首席財務官，客戶真的在考慮那裡的費用。當價格具有競爭力時，Zoom 的競爭非常好。

Yes. I mean I would say it's -- I don't think it would be surprising to anybody to think that any of these large transactions that are going through approval aren't getting that extra set of eyes from a finance perspective. But what's interesting is that we're in a world where hybrid work is not going away, right? It actually complicates things, but having a platform that supports that is really important even at the CEO level, right, because it helps them with attrition issues. It helps them hire the best people. It helps them have faster decisions, inclusive decisions.

是的。我的意思是我會說它 - 我認為任何人認為這些正在通過批准的大型交易中的任何一個都沒有從財務角度得到額外的關注，這並不奇怪。但有趣的是，我們處於一個混合工作不會消失的世界，對吧？它實際上使事情複雜化，但即使在 CEO 級別，擁有一個支持這一點的平台也非常重要，對，因為它可以幫助他們解決人員流失問題。它幫助他們僱傭最優秀的人。它可以幫助他們做出更快的決策，包容性的決策。

So having the right communication platform, no different than having the right decision around security or supply chain, these are just the top 3 or 4 that are sitting at the Board and the CEO level. And so they do get approved, right, I mean, other than having a couple of sets of eyes and maybe come in after us for a little bigger discount here or there, which delayed it a week or 2.

因此，擁有正確的溝通平台，與圍繞安全或供應鏈做出正確決策沒有什麼不同，這些只是董事會和 CEO 級別的前 3 或 4 名。所以他們確實得到了批准，對，我的意思是，除了有幾雙眼睛，可能會在這里或那裡獲得更大的折扣，這會推遲一到兩週。

I don't think we had anything major that slipped from quarter-to-quarter because people weren't going to spend the money. So I mean, I was -- I mean, I've been here now for 2 months, and I was really -- I mean, I was personally really amazed by how strong the execution was by our sales team and how the deals that were committed flowed through the process.

我不認為我們有任何重大的季度下滑，因為人們不會花錢。所以我的意思是，我是——我的意思是，我現在已經在這裡待了兩個月，我真的——我的意思是，我個人真的很驚訝我們的銷售團隊的執行力如此之強，以及交易如何承諾流經整個過程。

The other thing that I would just highlight is we also continue to see strength in movement from monthly to annual contracts, in both our Online as well as our Enterprise business. And as you know, that really helps from a retention perspective and also continues to build the deferred.

我要強調的另一件事是，在我們的在線業務和企業業務中，我們還繼續看到從月度合同到年度合同的趨勢。如您所知，從保留的角度來看，這確實有幫助，並且還會繼續建立延期。

The next question will come from Matt VanVliet with BTIG.

下一個問題將來自 BTIG 的 Matt VanVliet。

Maybe, Kelly, I wonder if you could expound on the last part, or maybe for Greg. In terms of the sales and marketing investments, just maybe some of the areas that you're adding the most headcount, if you can talk to maybe the 2 or 3 areas that you're seeing the most headcount growth.

也許，凱利，我想知道你是否可以解釋最後一部分，或者也許是格雷格。在銷售和營銷投資方面，可能只是您增加員工人數最多的一些領域，如果您可以談談您看到員工人數增長最多的 2 或 3 個領域。

And then from a sales efficiency standpoint, maybe for Greg, just what kind of processes are you bringing to the table, bringing in, maybe just some different mindsets around driving that sales efficiency as we look forward and become more Enterprise-focused?

然後從銷售效率的角度來看，也許對 Greg 來說，你帶來了什麼樣的流程，帶來了，也許只是一些不同的心態來推動銷售效率，因為我們期待並變得更加以企業為中心？

Yes. Please, Greg, go ahead.

是的。格雷格，請繼續。

Okay. So on the first part of your question, repeat it again. I heard the sales efficiency. What was the first part?

好的。所以在你問題的第一部分，再重複一遍。聽說銷售效率。第一部分是什麼？

Just headcount, what areas are seeing the most growth in total sales headcount.

只是人數，哪些領域的總銷售人數增長最快。

Yes. No, no. That's a really good question, right? So one is we are increasing our focus up to the larger Enterprise side of the house, what we call majors and Enterprise, right? Because there's a lot of money there that we're just missing. We just don't have the coverage.

是的。不，不。這是一個非常好的問題，對吧？所以一個是我們正在將我們的注意力增加到房子的更大的企業方面，我們稱之為專業和企業，對嗎？因為那裡有很多我們只是缺少的錢。我們只是沒有覆蓋範圍。

So you'll see a lot of our investment in marketing going there, right? You'll get a flavor for that at Zoomtopia as well when you take a look at the value propositions and how we're bringing our products to market. We've got a handful of new products that are just -- they're moving faster than we thought. You saw Zoom Phone. Kelly talked about Contact Center. We've got another one, IQ for Sales, right? So they're all going to get extra attention.

所以你會看到我們在營銷方面的大量投資，對嗎？當您查看價值主張以及我們如何將我們的產品推向市場時，您也會在 Zoomtopia 了解這一點。我們有一些新產品——它們的發展速度比我們想像的要快。您看到了 Zoom Phone。凱利談到聯絡中心。我們還有另一個，IQ for Sales，對吧？所以他們都會得到額外的關注。

And then the other area is international, right? So international, I mean, we are -- we've got a lot of opportunity there. And it's untapped, and so that's getting a bigger attention from us as well. And then the last one I would mention is around our ecosystem, right? I mean I know we don't publish much around our ecosystem, but we've got a potential to grow our ecosystem, add partners and get that force multiplier effect out of our ecosystem.

然後另一個領域是國際的，對吧？所以國際化，我的意思是，我們是——我們在那裡有很多機會。它還沒有被開發，所以這也得到了我們更大的關注。然後我要提到的最後一個是圍繞我們的生態系統，對嗎？我的意思是我知道我們並沒有在我們的生態系統中發布太多內容，但我們有潛力發展我們的生態系統、增加合作夥伴並從我們的生態系統中獲得這種力量倍增效應。

So well, and the other one was on efficiency, right? Is that what you said, yes?

很好，另一個是關於效率的，對吧？是你說的，是嗎？

Yes.

是的。

So when you take a look at efficiency, I think the -- I think we're a little too nice in how we sell our product from a discounting perspective, right? So I think we've got the ability to be a little smarter about how we price and discount our products. And then, again, it's making sure we're deploying our sales resources in the right place, right?

因此，當您查看效率時，我認為 - 我認為我們從折扣的角度銷售產品的方式有點太好了，對吧？所以我認為我們有能力對我們的產品定價和折扣方式更聰明一點。然後，再次確保我們將銷售資源部署在正確的地方，對嗎？

So we don't need to be stuck in certain boundaries because that's how we set up, coming into the year, our structure and how we manage the sales organization. We can be much smarter now on how we deploy those resources to get the biggest return on those resources, which we are looking at right now.

因此，我們不需要拘泥於某些界限，因為這就是我們建立、進入這一年、我們的結構以及我們管理銷售組織的方式。我們現在可以更聰明地部署這些資源，以獲得這些資源的最大回報，我們現在正在研究這一點。

Oh, Eric, do you want to add to that at all? Okay.

哦，埃里克，你想補充一下嗎？好的。

No, that's good. That's good, thank you.

不，那很好。那很好，謝謝。

And moving on to Rishi Jaluria with RBC.

並與 RBC 一起前往 Rishi Jaluria。

I just wanted to dial a little bit more into some of the wins that you've seen on the Contact Center side. Can you give us a little bit more color in terms of what types of customers these are? Was it a competitive process? I imagine you are unseating one of the legacy players. But were there other CCaaS vendors in that discussion as well? Just any color you could give would be helpful.

我只是想進一步了解您在聯絡中心方面看到的一些勝利。關於這些是什麼類型的客戶，你能給我們更多的色彩嗎？這是一個競爭過程嗎？我想你正在取代一位傳統球員。但是該討論中是否還有其他 CCaaS 供應商？您可以提供的任何顏色都會有所幫助。

Do you want to take that, Eric?

你想接受那個嗎，埃里克？

Yes, sure. Yes, yes. So yes, thank you, Rishi. So -- and Kelly mentioned earlier, right, so -- and we are still probably in the early stage of the product development [in the face], but actually, it's more than what we expected because as Kelly mentioned earlier, some of the customers we thought probably they are going to deploy later on, but they didn't deploy and were very, very successful.

是的，當然。是的是的。所以，是的，謝謝你，Rishi。所以——凱利前面提到過，對，所以——我們可能仍處於產品開發的早期階段[面對]，但實際上，這超出了我們的預期，因為正如凱利之前提到的，一些我們認為他們可能會在以後部署的客戶，但他們沒有部署並且非常非常成功。

And also, we also found some new use cases, like the internal IT support, right, and IT desk, right? And plus, some other, the customers who deployed Zoom Meetings and Zoom Phone, they look at our platform solutions, hey, you already [what a colleague is under]. After they did a test, interestingly enough, they said, wow, it works so well. And it's also why [they] also deploy Zoom Contact Center as well, with the seamless experience and [as feedback] in architecture.

而且，我們還發現了一些新的用例，比如內部 IT 支持，對吧，還有 IT 台，對吧？此外，還有其他一些客戶，他們部署了 Zoom Meetings 和 Zoom Phone，他們查看了我們的平台解決方案，嘿，你已經 [一個同事在做什麼]。他們做了一個測試後，有趣的是，他們說，哇，效果很好。這也是 [他們] 還部署 Zoom Contact Center 的原因，它具有無縫的體驗和 [作為反饋] 在架構中。

And also, we are going to be very aggressive and double down on that, from Zoom's perspective, because the product is ready. And it will [take] Zoom for our own support team, for example. We successfully managed to replace other Contact Center solutions with our own solution. The feedback is extremely positive. That's why it gives us [deep and more] confidence, right, and further boosted the team confidence, right, to sell more in the second half and then also [next for the] fiscal year.

而且，從 Zoom 的角度來看，我們將非常積極並加倍努力，因為產品已經準備就緒。例如，它將為我們自己的支持團隊 [採取] Zoom。我們成功地用我們自己的解決方案替換了其他聯絡中心解決方案。反饋非常積極。這就是為什麼它給了我們[更深更深]的信心，對，並進一步增強了團隊的信心，對，在下半年和[下一個]財政年度銷售更多。

Yes. I would add. I would say, in almost every one of them, we are replacing an older legacy solution, right, one that is costly and complex. And most of them, they can't change them and they can't -- they don't have the flexibility to enhance them, right? So we bring a more flexible, innovative solution that could be implemented very fast, right?

是的。我會補充。我想說，在幾乎每一個中，我們都在替換舊的遺留解決方案，對，一個昂貴且複雜的解決方案。他們中的大多數，他們不能改變它們，他們不能——他們沒有增強它們的靈活性，對吧？所以我們帶來了一個更靈活、更創新的解決方案，可以非常快速地實施，對吧？

It is integrated with our other solutions. It is lower cost in many cases. And people have been very positively impressed with the solution. And like Kelly said, that the deals are bigger than we thought they were going to be. So yes, it's been a great 2 quarters now of bringing this new product to market, so we've got some pretty high hopes.

它與我們的其他解決方案集成。在許多情況下成本更低。人們對該解決方案印象深刻。就像凱利所說的那樣，這些交易比我們想像的要大。所以，是的，將這款新產品推向市場已經過去了兩個季度，所以我們寄予厚望。

Our next question will come from James Fish with Piper Sandler.

我們的下一個問題將來自 James Fish 和 Piper Sandler。

It's fairly new, but you guys talked about the consolidation impact. What are you guys seeing with traction, specifically with Zoom One and pricing overall, especially relative to the early days of Zoom United?

這是相當新的，但你們談到了整合的影響。你們看到了什麼有牽引力，特別是 Zoom One 和整體定價，尤其是相對於 Zoom United 的早期階段？

And Kelly, secondly, on guide. Given you talked about the issue being more on the new subscription side for Online, are you still assuming monthly churn for Online actually gets better in the second half of the year like you were before?

其次是凱利，在指南上。鑑於您談到這個問題更多地出現在 Online 的新訂閱方面，您是否仍然假設 Online 的每月流失率實際上會像以前一樣在下半年變得更好？

So let's talk about that one first. So in terms of Online, we continue to see stability in the retention rates at that 16-month plus, and we'll show you that chart again when we get to Analyst Day in November. And we're at about 70% of our Online business now, has crossed over that 16-month mark. So it's bringing a lot of stability.

所以讓我們先談談那個。因此，就在線而言，我們繼續看到 16 個月以上的保留率保持穩定，當我們到 11 月的分析師日時，我們將再次向您展示該圖表。現在，我們的在線業務約占我們在線業務的 70%，已經超過了 16 個月的大關。所以它帶來了很大的穩定性。

What we had talked about previously was we expected to see an inflection point for Online in Q4. And given the reduction in the guide, it's more likely that's going to come in the first half of next year.

我們之前談到的是，我們預計第四季度在線業務將出現拐點。鑑於指南的減少，它更有可能在明年上半年出現。

And then in terms of the traction of Zoom One, so it's just 1 quarter in, but we have seen some great progress there. And I think it's serving the purpose that is needed. I mean, Greg, you can certainly comment on that. But it's really meant to ease the buying process for our largest Enterprise customers and package up the platform in a way for them that really makes sense to meet their needs.

然後就 Zoom One 的牽引力而言，它只有 1 個季度，但我們已經看到了一些巨大的進步。我認為它正在服務於所需的目的。我的意思是，格雷格，你當然可以對此發表評論。但這實際上是為了簡化我們最大的企業客戶的購買流程，並以一種真正有意義的方式來打包平台，以滿足他們的需求。

Yes. And I think it also, just from an awareness perspective, helps this extremely large customer base that we have understand that, look, we're way more than meetings. And it gives them a way to step in if they want to try Phone, for example, or to take advantage of our incredible chat functionality.

是的。而且我認為，僅從意識的角度來看，它也有助於我們了解這個龐大的客戶群，看，我們不僅僅是會議。例如，如果他們想嘗試電話，或者利用我們令人難以置信的聊天功能，它為他們提供了一種介入的方式。

I mean it's -- we have an incredible chat functionality, that probably, Eric, you can correct me if I'm wrong, like 70% of our customers don't even know we have. And then when they start using it, it gets very, very pervasive.

我的意思是——我們有一個令人難以置信的聊天功能，也許，Eric，如果我錯了，你可以糾正我，就像我們 70% 的客戶甚至不知道我們有。然後當他們開始使用它時，它變得非常非常普遍。

So -- but it just gives us a way to show our customers that there's a lot more to this platform they can get value out of, and that's what we're seeing. So -- and it gives us, from a salesperson in a contractual standpoint, the ability to walk in and say, what does a better contractual relationship look like with Zoom, that can be stickier and longer-term. I don't know if you want to add to that, Eric.

所以——但它只是給了我們一種方式來向我們的客戶展示他們可以從這個平台中獲得更多價值，這就是我們所看到的。所以——從合同的角度來看，它讓我們有能力走進來說，與 Zoom 建立更好的合同關係是什麼樣子的，這種關係可能更具粘性和長期性。我不知道你是否想補充一點，埃里克。

No, it's great. Thank you, Greg. Yes.

不，這很棒。謝謝你，格雷格。是的。

And we'll now hear from Matthew Niknam with Deutsche Bank.

我們現在將聽取德意志銀行的 Matthew Niknam 的來信。

So I have one about the industry. One of the bigger incumbents in the UC and CC space seems to be hitting some elevated financial difficulty. I'm just wondering what sort of opportunity that presents for you, whether it's organic or inorganic.

所以我有一個關於這個行業的。 UC 和 CC 領域的較大老牌企業之一似乎遇到了一些更高的財務困難。我只是想知道會給你帶來什麼樣的機會，無論是有機的還是無機的。

And then just one follow-up on linearity. I think you had referenced maybe some back end-loaded sales in the quarter. Any more color you can give in terms of what drove this maybe relative to some of your initial expectations a couple of months ago?

然後只是對線性的跟進。我認為您可能參考了本季度的一些後端銷售。相對於幾個月前你最初的一些預期，你能給出更多的顏色嗎？

So I'll talk about the linearity first. So I think that it's just -- as we said in the prepared remarks, there's 2 things happening, right? More and more of our deals are now coming from the Enterprise, and then the majority of our revenue is coming there. And we have definitely now moved beyond the pandemic buying patterns.

所以我先談談線性度。所以我認為這只是——正如我們在準備好的評論中所說，發生了兩件事，對吧？現在，我們越來越多的交易來自企業，然後我們的大部分收入都來自企業。我們現在肯定已經超越了大流行的購買模式。

So our linearity had been much more moderated, I would say, over the last 2.5 years as the Online business itself is more balanced within the quarter just by its nature. And then the Enterprise business, even itself, during the pandemic buying periods, it didn't follow the sort of normal deal cycles that we had seen. There were less proof of concepts. There were less review, honestly.

因此，我想說，在過去的 2.5 年裡，我們的線性度要緩和得多，因為在線業務本身在本季度內就其性質而言更加平衡。然後是企業業務，甚至其本身，在大流行購買期間，它並沒有遵循我們所看到的那種正常交易週期。概念證明較少。老實說，評論較少。

And now, that has really all shifted back. And so it's just taken us, I think, a little bit of time to understand exactly where we were in that cycle. And we really saw it, that we're back to pre-pandemic linearity, which is very normal, right, for a SaaS business. It just hasn't been normal for us for the last few years.

而現在，這一切都變回了。因此，我認為，我們只是花了一點時間來了解我們在那個週期中的確切位置。我們真的看到了，我們回到了大流行前的線性狀態，這對於 SaaS 業務來說是非常正常的，正確的。在過去的幾年裡，這對我們來說並不正常。

Yes. I can address that organic growth or maybe the M&A opportunity. I think, Matthew, look at the UC and CC, the customer experience is extremely important, right? And you look at how we build our Phone business, right, in less than 3 years, 4 million paid seats, right?

是的。我可以解決有機增長或併購機會。我認為，Matthew，看看 UC 和 CC，客戶體驗非常重要，對吧？你看看我們是如何建立我們的電話業務的，在不到 3 年的時間裡，400 萬個付費席位，對吧？

And that's the reason why we know actually our team, we can build a better product. Why not? Can we double-down on that, right? It takes some time, but it's organic growth. It can help us build a better product, ultimately can make our customers happier. I think we should continue that.

這就是我們真正了解我們的團隊的原因，我們可以打造更好的產品。為什麼不？我們可以加倍努力，對嗎？這需要一些時間，但它是有機增長。它可以幫助我們構建更好的產品，最終可以讓我們的客戶更快樂。我認為我們應該繼續這樣做。

Occasionally, for sure, some technology or some other areas, we also like to explore. Like recently, we acquired the Solvvy team. This is a great asset to us. It will further help us in the Contact Center business. And also, we'll keep an eye on that as well, right? But ultimately, direction-wise, I think we have high confidence about our product team's execution. We think we can build a much better new service.

有時，當然，某些技術或某些其他領域，我們也喜歡探索。像最近一樣，我們收購了 Solvvy 團隊。這對我們來說是一筆巨大的財富。它將進一步幫助我們開展聯絡中心業務。而且，我們也會密切關注這一點，對吧？但最終，在方向上，我認為我們對我們的產品團隊的執行充滿信心。我們認為我們可以構建更好的新服務。

And we'll now hear from Alex Zukin with Wolfe Research.

我們現在將聽到來自 Wolfe Research 的 Alex Zukin 的來信。

This is Strecker on for Alex. Kelly, I would like to unpack the Enterprise segment a little bit more. So just to be clear, is the growth coming more from ramping reps or selling back into the base with IQ and filling a Contact Center? And then given you maintain the 20%-plus growth target, is it fair to -- for us to assume that you have not contemplated any lengthening of sales cycles or a worsening macro into this line?

這是亞歷克斯的 Strecker。凱利，我想進一步解開企業部分的包裝。因此，需要明確的是，增長更多來自於增加銷售代表還是通過智商向基地銷售並填補聯絡中心？然後，鑑於您維持 20% 以上的增長目標，是否公平 - 我們假設您沒有考慮過任何延長銷售週期或使這條線的宏觀惡化？

And then lastly, can you just frame how we should think about the sustainability of this growth beyond this year? Because the guidance does imply some deceleration while on easier comps in the back half.

最後，您能否描述一下我們應該如何看待今年以後這種增長的可持續性？因為指導確實意味著在後半部分更容易的比賽中出現一些減速。

Yes. So as I said in the prepared remarks, we have assumed that the linearity that we saw occurring in Q2 is consistent for the rest of the year. So any of the back end-loaded, right, it will contribute less revenue to this year in each of the individual quarters, so we've assumed that's a similar trend for the rest of the year.

是的。因此，正如我在準備好的評論中所說，我們假設我們在第二季度看到的線性度在今年剩餘時間裡是一致的。因此，任何後端加載，對，它將在每個單獨的季度為今年貢獻更少的收入，所以我們假設今年剩餘時間的趨勢類似。

In terms of future growth, we're not prepared to comment on that. We'll do that when we give full year guidance later this year.

就未來的增長而言，我們不准備對此發表評論。我們將在今年晚些時候提供全年指導時這樣做。

And then the growth is, honestly, it's coming from both, as you heard earlier, continuing to expand into our customers, so expansion with Zoom Phone, Zoom IQ, Zoom Contact Center. Especially, also Zoom Rooms, had a fairly strong quarter as people are still thinking about the future of hybrid work and what does that mean for them. And we are continuing to see, at least I think in Q2, the percentage of ramped reps was higher than ramping reps, and that always is a positive contribution.

然後，老實說，增長來自兩者，正如您之前聽到的那樣，繼續擴展到我們的客戶，因此通過 Zoom Phone、Zoom IQ、Zoom Contact Center 進行擴展。特別是 Zoom Rooms 的季度表現也相當強勁，因為人們仍在思考混合工作的未來以及這對他們意味著什麼。而且我們繼續看到，至少我認為在第二季度，漸進代表的百分比高於漸進代表，這始終是一個積極的貢獻。

And then just a quick follow-up. What have you seen in 3Q so far in terms of SMB and Enterprise bookings linearity?

然後只是快速跟進。到目前為止，您在 3Q 中看到了 SMB 和企業預訂線性度方面的情況？

Yes. It's so early in the quarter that we wouldn't comment on that yet.

是的。本季度太早了，我們還不會對此發表評論。

Catharine Trebnick with MKM has the next question.

MKM 的 Catharine Trebnick 提出了下一個問題。

You've talked quite a bit on Zoom Phone, Contact Center. Could you give us a little bit more detail around the Zoom Rooms? It seems like, in this hybrid environment, that would probably be getting more traction. And can you provide more color around the sales motion, if you ran any specials, and who you typically displace?

您已經在 Zoom Phone、聯絡中心談了很多。您能給我們介紹一下 Zoom Rooms 的更多細節嗎？看起來，在這種混合環境中，這可能會獲得更大的吸引力。如果您有任何特價商品以及您通常會取代誰，您能否為銷售活動提供更多色彩？

I'll let you have that one, Eric.

我會讓你有那個，埃里克。

Yes. So I think, Catharine, you're so right. I think, especially when it comes to hybrid office and hybrid work, Zoom Rooms is becoming more and more important, right? If you look at [it, our Zoom functionality, the] feature set innovation, I think [are] actually better than any other solution [out] there.

是的。所以我認為，凱瑟琳，你是對的。我認為，尤其是在混合辦公和混合工作方面，Zoom Rooms 變得越來越重要，對吧？如果你看看 [它，我們的 Zoom 功能，] 功能集創新，我認為 [它們] 實際上比 [外面] 的任何其他解決方案都要好。

But however, in early this year, right, I mean, a lot of businesses, when they started exploring going back, they tried to look at their [conference] setup and really wanted to make sure they have a new solution. That's the reason why they picked it up, the Zoom Rooms. But also, over the past several months, and also, we do see -- and some companies also want to be conservative in what's happening in the -- on the economic front, right?

但是，在今年年初，對，我的意思是，很多企業，當他們開始探索回歸時，他們試圖查看他們的 [會議] 設置，並真的想確保他們有一個新的解決方案。這就是他們選擇 Zoom Rooms 的原因。而且，在過去的幾個月裡，我們確實看到——一些公司也希望在經濟方面保持保守，對吧？

And as they have a big office, campus, most employees probably still work remotely, and I would say it's kind of, sometimes, wow, it's a lot of the new Zoom Rooms, and sometimes, we see a slowdown. But overall, like direction-wise, and a lot of the companies, they would likely deploy the very innovative solution like Zoom Rooms and to truly improve their hybrid work experience.

由於他們有一個很大的辦公室和校園，大多數員工可能仍然在遠程工作，我會說，有時，哇，這是很多新的 Zoom Rooms，有時，我們會看到放緩。但總的來說，就像方向和許多公司一樣，他們可能會部署像 Zoom Rooms 這樣非常創新的解決方案，並真正改善他們的混合工作體驗。

Moving on to Siti Panigrahi with Mizuho.

與瑞穗一起前往 Siti Panigrahi。

Kelly, I just wanted to unpack a little bit on the Online segment. So what sort of trend are you seeing in the churn in the Online segment? And on the new customer acquisition, you made some changes on that one-on-one meetings now limiting to 40 minutes. It's been now more than a month. So what sort of trends are you seeing that paid -- free-to-paid conversion as it -- did it fall below your expectation or what sort of trends are you seeing?

凱利，我只是想稍微了解一下在線部分。那麼您在在線細分市場的流失中看到了什麼樣的趨勢？在新客戶獲取方面，您對現在限制為 40 分鐘的一對一會議進行了一些更改。現在已經一個多月了。那麼你看到了什麼樣的趨勢——付費轉換——免費到付費的轉換——它是否低於你的預期，或者你看到了什麼樣的趨勢？

Yes. So in terms of churn, we have certainly seen that continue to improve and stabilize. As we said -- touched on this a little bit in the prepared remarks, it was a little bit better than expected, where we saw -- the impact you're seeing in the forward-looking guidance is the acquisition of new customers. And again, Wendy and her team are doing an amazing job on initiatives to improve that. They just haven't had enough impact yet to offset what we're seeing in the quarter.

是的。因此，在客戶流失方面，我們當然已經看到它繼續改善和穩定。正如我們所說——在準備好的評論中稍微提到了這一點，它比我們看到的預期要好一點——你在前瞻性指導中看到的影響是獲得新客戶。再一次，Wendy 和她的團隊在改善這一點的舉措方面做得非常出色。他們只是還沒有產生足夠的影響來抵消我們在本季度看到的情況。

The -- for example, what you're talking about, the 40-minute limit, really did help in the free-to-paid conversion, and that is considered as you look forward in the rest of our full year guidance and as well as many of the other initiatives they're working on. But when you look at the -- especially in Europe, the impact we saw there as well as combined with FX, and that is more concentrated -- having a more concentrated impact on Online than Enterprise, that's what is driving the reduction in the year-over-year guidance.

- 例如，您所說的 40 分鐘限制確實有助於免費到付費的轉換，這被認為是您在我們全年指導的其餘部分中期待的，以及與他們正在開展的許多其他舉措一樣。但是當你看到——尤其是在歐洲，我們在那裡看到的影響以及與外匯相結合的影響，而且更加集中——對在線的影響比對企業的影響更集中，這就是推動今年減少的原因- 超過一年的指導。

Tyler Radke with Citi.

泰勒拉德克與花旗。

Maybe a couple for Greg. First of all, welcome aboard. I wanted to just kind of get your perspective on the sales organization and particularly, in the Enterprise, just kind of how you see the pricing dynamic. Obviously, it's a competitive market. But on one hand, you are driving a lot of value for Enterprise customers. So do you think there's an opportunity for maybe higher-priced SKUs or an upsell motion?

也許格雷格一對。首先，歡迎登機。我想了解您對銷售組織的看法，特別是在企業中，您如何看待定價動態。顯然，這是一個競爭激烈的市場。但一方面，您正在為企業客戶帶來很多價值。那麼，您認為可能有更高價格的 SKU 或追加銷售動議的機會嗎？

And then secondly, if you could just comment on the Enterprise customer net additions, which I think were down quite a bit sequentially and year-over-year, if there was a size mix shift driver there. Just any color would be helpful.

其次，如果您可以評論企業客戶淨增加量，我認為如果存在規模組合轉變驅動因素，我認為該增加量按順序和同比下降了很多。任何顏色都會有幫助。

Okay. I mean I'll take the first one. And Kelly, I'll give you the second one on the details. I mean our number of customers did go up in the high end, so -- but I'll let you cover that. So from a value perspective, I don't see us bringing out higher-level SKUs. What I do see us doing though is doing a much better job of describing and articulating the value proposition we bring to the customer and building business cases for the large enterprises so they can make a bigger purchase with us, so we don't have to discount as much.

好的。我的意思是我會拿第一個。還有凱利，我會給你第二個細節。我的意思是我們的高端客戶數量確實增加了，所以 - 但我會讓你涵蓋這一點。因此，從價值的角度來看，我認為我們不會推出更高級別的 SKU。不過，我確實看到我們做的是更好地描述和闡明我們為客戶帶來的價值主張，並為大型企業構建業務案例，以便他們可以與我們進行更大的購買，所以我們不必折扣一樣多。

Okay. I think we've got -- we're doing really great in the Enterprise, but I don't think we're doing really great at really selling high at that Board level, CEO level, and being really smart about how we construct our business cases and value. And that's something that we're going to work to improve on, which I think will have a really big impact.

好的。我認為我們已經——我們在企業方面做得非常好，但我認為我們在董事會層面、首席執行官層面的真正高銷量以及對我們如何構建的非常聰明方面做得併不好我們的業務案例和價值。這就是我們要努力改進的地方，我認為這會產生很大的影響。

So we've got some work to do with our sales force and from a training perspective. But I -- we just did a really big training exercise about 2 weeks ago and already started some of this. And it was received extremely well with our sales force. So I mean, what we don't want to do is be like our competition and just try to win on giving big discounts and giving away free stuff. That's not what we're about.

因此，從培訓的角度來看，我們與我們的銷售人員有一些工作要做。但是我——大約兩週前我們剛剛進行了一次非常大的訓練練習，並且已經開始了其中的一些練習。我們的銷售人員對此非常滿意。所以我的意思是，我們不想做的就是像我們的競爭對手一樣，只是試圖通過提供大折扣和免費贈送東西來取勝。這不是我們的目的。

Yes. And then in terms of the growth of the Enterprise customer base, so as a reminder, the selling strategy for Zoom Phone, for Contact Center or Zoom IQ for Sales is to sell into the existing installed base. And so going forward, especially as you continue to see great progress in those products, you're going to see growth continuing to come from our existing installed base, with layering on of new customers on top of that. So you should not be surprised to see that customer count declining even while our revenue is growing.

是的。然後就企業客戶群的增長而言，提醒一下，Zoom Phone、Contact Center 或 Zoom IQ for Sales 的銷售策略是向現有的安裝群銷售。因此，展望未來，尤其是當您繼續看到這些產品取得巨大進展時，您將看到增長繼續來自我們現有的安裝基礎，並在此基礎上增加新客戶。因此，即使我們的收入在增長，客戶數量也在下降，您應該不會感到驚訝。

Karl Keirstead with UBS has the next question.

瑞銀的 Karl Keirstead 提出了下一個問題。

Kelly, this one for you. So we, and I think a lot of investors on this call, anchor our valuation models for Zoom shares in your free cash flow numbers. So free cash flow for 2Q, obviously, it came in a little bit light, and your guidance for the full year is several hundred million below, I think, the Street consensus. So it would be good to understand that a little bit more.

凱利，這個給你。因此，我們以及我認為本次電話會議中的很多投資者都將我們對 Zoom 股票的估值模型錨定在你的自由現金流數字中。所以第二季度的自由現金流，顯然，它有點輕，我認為你對全年的指導比華爾街共識低幾億。因此，最好多了解一點。

So I guess, I wanted to ask you, if you could just pinpoint the factors, maybe weighing on cash flow. And then as everybody models out into next year, are there any key things to keep in mind? Are there any sort of onetime weights that might be alleviated next year?

所以我想，我想問你，如果你能查明這些因素，也許會影響現金流。然後隨著每個人都在明年建模，有什麼關鍵的事情要記住嗎？明年有沒有可能減輕的一次性權重？

Yes. Thank you for asking. So just as a quick reminder, we have actually never sort of officially guided towards free cash flow, but we understand this is very difficult to model, so we're trying to give more insights to it.

是的。謝謝你的慰問。因此，作為一個快速提醒，我們實際上從未正式引導自由現金流，但我們知道這很難建模，所以我們正試圖提供更多的見解。

I think the biggest change that we're trying to help everyone understand is that we have now fully utilized all of our NOLs, and we are a full cash taxpayer. And so that is having a large impact. And in fact, in Q2, the way it normally falls, right, is we actually paid 2 quarters' worth of taxes in 1 quarter because you pay like the Q1 estimated provision. You pay that in April, and so we had double the impact. So it's $200 million to $250 million worth of cash taxes that are now reflected in that.

我認為我們試圖幫助每個人理解的最大變化是，我們現在已經充分利用了我們所有的 NOL，而且我們是一個全額現金納稅人。所以這會產生很大的影響。事實上，在第二季度，它通常下降的方式是，我們實際上在 1 個季度支付了 2 個季度的稅款，因為您像第一季度的估計準備金一樣支付。你在四月份支付了這筆費用，所以我們的影響翻了一番。因此，現在反映在其中的是價值 2 億至 2.5 億美元的現金稅。

And the other thing to consider is there's one other impact that is driving up our cash tax rate, which is as our stock price has declined, we typically get a deep -- tax deduction for things called disqualifying disposition, which is when employees sell their stock. As the stock price has declined, you can imagine employees are holding on until they see potentially greater value in their stock.

另一件要考慮的事情是，還有另一個影響正在推高我們的現金稅率，即隨著我們的股價下跌，我們通常會得到一個很深的稅收減免，即所謂的取消資格處置，即員工出售他們的資產。股票。隨著股價下跌，您可以想像員工會堅持下去，直到他們看到股票潛在的更大價值。

And so our disqualifying dispositions have dropped. At the same time, we've used up our NOLs, which means our tax rate has gone up and our cash taxes have gone up a little bit. So we expect that to moderate as we regain value in the stock price over time.

所以我們取消資格的傾向已經下降。同時，我們已經用完了我們的 NOL，這意味著我們的稅率上升了，我們的現金稅也上升了一點。因此，隨著我們隨著時間的推移重新獲得股價的價值，我們預計這種情況會有所緩和。

Okay. And then, Kelly, just in terms of next year, anything onetime about everything you just said? Or should we assume somewhat similar free cash flow margins next year? I don't want to corner you in the guidance, maybe just talk through variables.

好的。然後，凱利，就明年而言，你剛才說的每件事都有什麼一次性的嗎？或者我們應該假設明年的自由現金流量利潤率有些相似？我不想在指導中讓你陷入困境，也許只是通過變量來討論。

Yes. Well, I think the biggest -- I mean, we are going to be a cash taxpayer from now on, right? That is done. I think that the question is what happens with the disqualifying dispositions, which is a variable deduction, which will largely correlate likely with a potential increase in our stock price over time and how much employees are selling their stock.

是的。嗯，我認為最大的——我的意思是，從現在開始，我們將成為現金納稅人，對吧？就這樣完成了。我認為問題在於取消資格的處置會發生什麼，這是一個可變扣除，這在很大程度上可能與我們的股價隨著時間的推移可能上漲以及有多少員工出售他們的股票有關。

And rejoining us again is Kash Rangan with Goldman Sachs.

再次加入我們的是高盛的 Kash Rangan。

If you look at the business, if you look at the core work minus the Phone, Call Center and the IQ for Sales, how is that part of the business trending? I mean are you at a point where, inclusive of the Online channel, things seem to be stabilizing? And how do we look at the mix of business, incoming business, over the intermediate term or maybe in the near term as the year unfolds between the core versus the Phone product and non-Video products?

如果你看業務，如果你看核心工作減去電話、呼叫中心和銷售智商，那麼這部分業務的趨勢如何？我的意思是，您是否正處於包括在線渠道在內的情況似乎趨於穩定的地步？隨著這一年在核心產品與電話產品和非視頻產品之間展開，我們如何看待中期或短期內的業務組合、傳入業務？

Yes. I mean the Zoom Phone was certainly the star, if you will, of Q2, but we continue to see strength in our core Meetings platform. It had really strong growth in the period as well. And the majority of our business in Online is still core Meetings as well. So the majority of that business is coming from core Meetings. And the work, all the work that, that team is doing to continue to improve the free to convert paid -- the free-to-paid conversion will continue to drive more strength in the Meetings business as well.

是的。我的意思是，Zoom Phone 無疑是第二季度的明星，但我們繼續看到核心會議平台的實力。它在此期間也有非常強勁的增長。我們在線上的大部分業務仍然是核心會議。因此，大部分業務來自核心會議。該團隊正在做的所有工作，以繼續改進免費到付費的轉換——免費到付費的轉換也將繼續推動會議業務的更多實力。

But is there a way to delineate what the core is doing minus the Phone business? The Phone is a separate -- you have separate revenue pricing...

但是，有沒有一種方法可以描述核心業務減去電話業務後的工作情況？電話是單獨的——你有單獨的收入定價......

Yes. Kash, we don't break it out that way. What we've always said is, from a revenue perspective, we'll start to bring out -- break out these products when they hit their 10% of revenue. You can imagine, we're getting very close on Zoom Phone. So I think in the next couple of quarters, you'll likely start to see that, which will give you some insight.

是的。卡什，我們不會那樣打破它。我們一直說的是，從收入的角度來看，我們將開始推出——當這些產品達到其收入的 10% 時，將其推出。你可以想像，我們在 Zoom Phone 上已經非常接近了。所以我認為在接下來的幾個季度中，你可能會開始看到這一點，這會給你一些洞察力。

I'm moving on to Matthew Harrigan with Benchmark.

我將繼續與 Benchmark 聯繫 Matthew Harrigan。

Could you be a little more expansive on the regions? [While you had a] very strong [dollar] in APAC, up 10%, even for free-fall in the yen and some other Asian currencies being weak, do you have a reasonable buffer if Putin decides to turn off, toggle off Nord Stream 1 when we get to winter?

你能在這些地區再擴大一點嗎？ [雖然您在亞太地區擁有非常強勁的 [美元]，上漲 10%，即使日元自由落體和其他一些亞洲貨幣疲軟，如果普京決定關閉，關閉 Nord，您是否有合理的緩衝？當我們到達冬天時，流 1？

And then lastly, I think you alluded a little -- touched on this a little bit earlier, but can you talk about any variation in the Online versus Enterprise activity by geography? Is it fairly different in Asia and Europe from the Americas?

最後，我想你提到了一點——早些時候談到了這一點，但你能談談按地域劃分的在線與企業活動的任何變化嗎？亞洲和歐洲與美洲有很大不同嗎？

Okay. Let me take the last one first. So in terms of Online, Online certainly has been the most impacted in EMEA. So that's where -- when we talk about the guidance and some of the impacts it's having there, between FX in general and the Russia-Ukraine war, it's having much more of an impact on Online than it is in our Enterprise business. And then -- I'm sorry, I didn't quite catch the first part of your question.

好的。讓我先拿最後一個。因此，就在線而言，在線無疑是歐洲、中東和非洲地區受影響最大的。所以這就是 - 當我們談論指導和它在那裡產生的一些影響時，在一般的外彙和俄羅斯 - 烏克蘭戰爭之間，它對在線的影響比對我們的企業業務的影響要大得多。然後 - 對不起，我沒有完全理解你問題的第一部分。

On APAC, you were up 10% in U.S. dollars in that region, even though currency [is similar to the euro, I mean, with Japanese Yen, where you are looking to] have a very strong organic APAC result in certain markets.

在亞太地區，您在該地區以美元計算上漲了 10%，儘管貨幣 [類似於歐元，我的意思是，日元，您正在尋找的地方] 在某些市場上具有非常強勁的亞太地區有機結果。

Yes. I mean -- Greg, feel free to join in. But yes, we did see strength, especially in Japan. We had a very strong Q2 there.

是的。我的意思是——格雷格，請隨意加入。但是，是的，我們確實看到了實力，尤其是在日本。我們在那裡有一個非常強勁的第二季度。

Moving on to Ryan Koontz with Needham.

與Needham 一起轉向Ryan Koontz。

Just a follow-up on that last one about Europe and the kind of Online headwinds you're seeing there. Any geographic variance within Europe you can comment on? Is it continent-wide? Is it more Eastern Europe-weighed? Any kind of color you can give us there would be helpful.

只是對最後一個關於歐洲和你在那裡看到的在線逆風的跟進。您可以評論歐洲內部的任何地理差異嗎？是全大陸的嗎？是不是更偏重於東歐？你能給我們的任何顏色都會有幫助。

Yes, it's pretty pervasive, unfortunately, across the continent that we've seen it as you can tell based on the magnitude of the impact.

是的，不幸的是，它在整個非洲大陸都非常普遍，我們已經看到了它，你可以根據影響的程度來判斷。

And our next question will come from Peter Levine with Evercore.

我們的下一個問題將來自 Evercore 的 Peter Levine。

Maybe Eric or Kelly, just to tack on another question with Contact Center, can you kind of explain to us where you are with the product today in terms of standing up against the Five9s, the Genesys, just the NICE of the world? And then second, if you look out over the next 12, 24 months, like what's going to differentiate Zoom Contact Center to kind of get customers to take a second look?

也許 Eric 或 Kelly，只是為了回答聯絡中心的另一個問題，您能否向我們解釋一下您在與 Five9s、Genesys 以及世界上的 NICE 抗衡方面今天的產品在哪裡？其次，如果你展望未來 12 個月、24 個月，Zoom 聯絡中心有什麼不同之處，可以讓客戶重新審視？

And I know squeezing a third here. But Kelly, in your prior -- one of your prior questions, you mentioned the seat count was higher for Contact Center. Just curious, can you give us an average seat count for Contact Center today if you're willing to do that?

我知道在這裡擠三分之一。但是凱利，在您之前的一個問題中，您提到聯絡中心的座位數更高。只是好奇，如果你願意的話，你能給我們今天聯絡中心的平均座位數嗎？

Eric, do you want to take the first couple?

埃里克，你要帶第一對嗎？

Sure, sure. Absolutely. Peter, if you look at our Contact Center, right, as I mentioned earlier, right, so customer experience is extremely important, right? We built this new solution, not like any other solutions, [no one] on-prem or the cloud [has a similar] solution. That -- those solutions were built many years ago, right? So this is more the interface, and we already solicited the customer feedback. We know what they really wanted to have.

一定一定。絕對地。彼得，如果你看看我們的聯絡中心，對，正如我之前提到的，對，所以客戶體驗非常重要，對吧？我們構建了這個新的解決方案，不像任何其他解決方案，[沒有人]本地或云[有類似的]解決方案。那 - 這些解決方案是多年前構建的，對嗎？所以這更多的是界面，我們已經徵求了客戶的反饋。我們知道他們真正想要什麼。

And also, a much better integration with our core UC product as well, like Zoom Phone. And quite often, when we talk about the Zoom Phone customer, [they prefer], hey, you already have a Contact Center right now, right? And that's more like one aspect of the innovation.

此外，還與我們的核心 UC 產品（如 Zoom Phone）進行了更好的集成。很多時候，當我們談論 Zoom Phone 客戶時，[他們更喜歡]，嘿，你現在已經有了聯絡中心，對吧？這更像是創新的一個方面。

And also, look at some functionality feature set, right? You can [talk on] the Video. And also, more and more AI features as well and also the AI and Video [and more in interface]. And I think, plus, I think ultimately, we already won the customer trust. [We know], and we listen to the customer feedback very carefully. Whenever they have some new feature requests or anything, we can innovate much faster. That's the reason why I think, customers, they are willing to try Zoom Contact Center, also [I think] deploy Zoom Contact Center.

而且，看看一些功能特性集，對吧？你可以[談論]視頻。此外，還有越來越多的 AI 功能以及 AI 和視頻 [以及更多的界面]。而且我認為，另外，我認為最終，我們已經贏得了客戶的信任。 [我們知道]，我們非常仔細地聽取客戶的反饋。每當他們有一些新的功能請求或任何東西時，我們都可以更快地進行創新。這就是為什麼我認為客戶願意嘗試 Zoom Contact Center，也 [我認為] 部署 Zoom Contact Center。

And then, Kelly, anything on the seat count?

然後，凱利，關於座位數的任何事情？

Yes. What I would say is I think I'm just looking at a list of deals right here on the screen, and I think that we probably moved into at least the average seat size being in the triple digits. So we have our largest deal approaching 4 digits, I would say, and then probably on average is in that triple-digit size right now.

是的。我想說的是，我認為我只是在屏幕上查看交易列表，我認為我們可能至少進入了三位數的平均座位大小。所以我們最大的交易接近 4 位數，我想說，然後平均而言，現在可能是這個三位數的規模。

I mean the one thing I would add, and it's probably in a lot of commentary now, but we'll be showcasing a lot of these customers at Zoomtopia, right? So we'll get -- you'll have a lot -- if you attend any of that or have anybody attend that or you hear what's coming out of it, you'll get a lot of Contact Center details.

我的意思是我要添加的一件事，現在可能在很多評論中，但我們將在 Zoomtopia 展示很多這些客戶，對吧？所以我們會得到 - 你會得到很多 - 如果你參加任何一個或有任何人參加，或者你聽到它的結果，你會得到很多聯絡中心的詳細信息。

And now, we'll move on to our next question, which will come from Michael Turrin with Wells Fargo Securities.

現在，我們將繼續討論下一個問題，該問題將來自富國銀行證券公司的邁克爾·特林。

Kelly, you had some helpful quantifications on the major segments of the business and the drivers. On the Enterprise side, there's comments around more back end-weighted linearity. It sounds pretty clear you're assuming a similar shape hold. But in terms of quarterly versus rest of year, I know 4Q purchasing decision cycles in Enterprise are often significant.

凱利，您對業務的主要部分和驅動因素進行了一些有用的量化。在企業方面，有關於更多後端加權線性的評論。聽起來很清楚你假設一個類似的形狀。但就季度與一年其他時間而言，我知道企業的第四季度採購決策週期通常很重要。

Maybe you can just add more around the visibility you have into the Enterprise segment, the renewal base there. I think investors would just greatly appreciate any commentary around the degrees of precision you have with Enterprise versus Online...

也許您可以添加更多關於您對企業部分的可見性，那裡的更新基礎。我認為投資者會非常感謝您對企業與在線的精確度的任何評論......

Sure. So as a reminder, our upmarket teams, both majors and Enterprise that Greg talked about earlier, are on 6-month quotas. So again, now that we're sort of beyond pandemic buying periods and we've returned to a more normalized seasonality, which sees peaks in bookings in Q2 and in Q4, so everybody should expect -- for example, we had this discussion in Q1 as well.

當然。所以提醒一下，我們的高端團隊，包括格雷格之前談到的專業和企業，都有 6 個月的配額。再說一次，既然我們已經過了大流行的購買期，而且我們已經回到了更加正常的季節性，第二季度和第四季度的預訂量達到了高峰，所以每個人都應該期待——例如，我們在Q1 也是如此。

Like we -- if you remember, our last record quarter for Zoom Phone was in Q4. And then we talked about it, that seat count was actually acquired during Q1 was down. And now, we're having another record in Q2. So everybody should expect that that's kind of the seasonality we're going to see as we have these reps all running to achieve their accelerators in Q2 and in Q4. And again, that's sort of just a typical Enterprise seasonality that we're going to see based on the way our comp lines are structured.

就像我們一樣——如果你還記得的話，我們對 Zoom Phone 的上一個創紀錄季度是在第四季度。然後我們談到它，在第一季度獲得的座位數量實際上是下降的。現在，我們在第二季度再創紀錄。因此，每個人都應該期望這是我們將看到的那種季節性，因為我們讓這些代表都在運行以在第二季度和第四季度實現他們的加速器。再說一次，這只是一個典型的企業季節性，我們將根據我們的組合線的結構方式看到它。

Ryan MacWilliams with Barclays, please go ahead.

巴克萊銀行的 Ryan MacWilliams，請繼續。

And Eric, I just want to say I saw the acquisition of your new Contact Center. Looks really interesting. So look and see more there. Kelly, 2 for you, just on Enterprise additions for the rest of this year. Should we think that the bulk of that is coming from Zoom Phone net seat adds?

還有埃里克，我只想說我看到了你們對新聯絡中心的收購。看起來真的很有趣。因此，在那裡查看並查看更多內容。凱利，2 給你，只是關於今年剩餘時間的企業補充。我們是否應該認為其中大部分來自 Zoom Phone 網絡席位添加？

And then just as we think about maturing base of your existing Meetings customers, right, is that additive to growth at this point? Like do you have a sense of where the ZIP Code for that net expansion rate is?

然後就像我們考慮讓您現有的 Meetings 客戶基礎成熟一樣，對，這對目前的增長有幫助嗎？您是否知道該淨膨脹率的郵政編碼在哪裡？

Yes. So I think Enterprise additions, for the second half, will not be just Zoom Phone. I mean Zoom Phone is certainly very strong momentum that we are seeing, but we expect continued contribution from Zoom Rooms will certainly be strong. Contact Center, we expect to continue growing as well as Zoom IQ. So that all of those will continue to add to the overall growth in the Enterprise, along with we continue to see additions in Meetings as well.

是的。因此，我認為下半年的 Enterprise 新增功能將不僅僅是 Zoom Phone。我的意思是，我們看到 Zoom Phone 的勢頭肯定非常強勁，但我們預計 Zoom Rooms 的持續貢獻肯定會很強勁。聯絡中心，我們預計將繼續增長以及 Zoom IQ。因此，所有這些都將繼續促進企業的整體增長，同時我們也將繼續看到會議中的新增功能。

And then, yes, so in a maturing basis, the Enterprise, Meetings, especially internationally, continues to grow. Like don't underestimate or don't assume that sort of the maturity level of Video adoption that we see here in the U.S. is at the same level on an international basis. And there are still significant opportunity outside of the U.S. to continue to grow our core Meetings platform.

然後，是的，所以在成熟的基礎上，Enterprise、Meetings，尤其是在國際上，繼續增長。就像不要低估或不要假設我們在美國看到的那種視頻採用成熟度在國際上處於同一水平。在美國以外仍有重要機會繼續發展我們的核心會議平台。

Well, thank you to everyone who stayed on with us a little late today. And again, that does conclude our Q&A session for today. Kelly, I'll go ahead and turn it back to you for closing or additional remarks.

好吧，感謝今天晚一點與我們在一起的每一個人。同樣，這確實結束了我們今天的問答環節。凱利，我會繼續把它轉給你，以便結束或補充說明。

Thank you. Thank you so much, everyone, for joining us today and appreciating -- and we really appreciate all the support that you give us every day.

謝謝你。非常感謝大家今天加入我們並感謝你們——我們非常感謝你們每天給予我們的所有支持。

Thank you so much, Kelly. And again, everyone, that does conclude today's earnings release. We always thank you all so much for your participation. Enjoy the rest of your day. We'll see you next quarter.

非常感謝你，凱利。再次，每個人，這確實結束了今天的收益發布。我們總是非常感謝大家的參與。享受你一天的剩餘時間。我們下個季度見。

Thank you, Kelcey.

謝謝你，凱爾西。

You're welcome.

別客氣。