Zoom Communications Inc (ZM) 2023 Q3 法說會逐字稿

Now I will hand things over to Tom McCallum, Head of Investor Relations. Tom, over to you.

現在我將把事情交給投資者關係主管 Tom McCallum。湯姆，交給你了。

Thank you, Kelsey. Hello, everyone, and welcome to Zoom's earnings webinar for the third quarter of fiscal '23. I'm joined today by Zoom's Founder and CEO, Eric Yuan; and Zoom's CFO, Kelly Steckelberg.

謝謝你，凱爾西。大家好，歡迎參加 Zoom 的 23 財年第三季度收益網絡研討會。 Zoom 的創始人兼首席執行官 Eric Yuan 今天加入了我的行列；和 Zoom 的首席財務官 Kelly Steckelberg。

Our earnings press release was issued today after the market closed and may be downloaded from the Investor Relations page at investors.zoom.us. Also on this page, you'll be able to find a copy of today's prepared remarks, a slide deck with financial highlights that, along with our earnings press release, include a reconciliation of GAAP to non-GAAP financial results. During this call, we will make forward-looking statements, including statements regarding our financial outlook fourth quarter and full fiscal year 2023, our expectations regarding financial and business trends, impact from the macroeconomic developments in the Russia, Ukraine war, our market position, opportunities, growth strategy and business aspirations and product initiatives and the expected benefits of such initiatives.

我們的收益新聞稿於今天收市後發布，可從 investors.zoom.us 的投資者關係頁面下載。此外，在此頁面上，您還可以找到今天準備好的評論的副本、帶有財務重點的幻燈片，以及我們的收益新聞稿，包括 GAAP 與非 GAAP 財務結果的對賬。在此次電話會議中，我們將做出前瞻性陳述，包括關於我們第四季度和整個 2023 財年的財務展望、我們對財務和業務趨勢的預期、俄羅斯宏觀經濟發展的影響、烏克蘭戰爭、我們的市場地位、機會、增長戰略和商業抱負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 discussed in detail in our filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. Zoom assumes no obligation to update any forward-looking statements that we may make today 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。這些前瞻性陳述受可能影響我們業績和財務結果的風險和其他因素的影響，我們在向美國證券交易委員會提交的文件中詳細討論了這些因素，包括我們的 10-K 表格年度報告和 10 表格季度報告-問。 Zoom 沒有義務更新我們今天可能在今天的網絡研討會上做出的任何前瞻性陳述。

And with that, let me turn the discussion over to Eric.

然後，讓我將討論轉交給埃里克。

Thank you, Tom, and thank you, everyone, for joining us today. So last week, we hosted our first fully hybrid Zoomtopia using Zoom Events and it was great. We unveiled new innovations like Zoom Mail and Calendar, which enable users to frictionlessly navigate across their e-mail, calendar and other Zoom products all within the same client. And Zoomtopia, many of our customers highlighted how they use our expanding platform to do more in the world of flexible work.

謝謝你，湯姆，也謝謝大家今天加入我們。所以上週，我們使用 Zoom Events 舉辦了我們的第一個完全混合的 Zoomtopia，這非常棒。我們推出了 Zoom Mail 和 Calendar 等新創新，使用戶能夠在同一客戶端內順暢地瀏覽他們的電子郵件、日曆和其他 Zoom 產品。和 Zoomtopia，我們的許多客戶強調了他們如何使用我們不斷擴展的平台在靈活工作的世界中做更多事情。

At our first partner connect event, we hosted hundreds of channel partners, who are very excited about working with us to drive adoption of the Zoom platform globally. And our developer partners showcased add-on apps that connect interrelated workflows for Zoom client. As global organizations adapt to how, when and where work happens, human connection remains paramount. Zoom is purpose-built to meet all kinds of connections possible, effective and meaningful. We have developed and launched more than 1,500 features and enhancement on the Zoom platform this year, advancing how people connect with each other, their organization and their customers, ultimately opening the door wide for creativity and collaboration.

在我們的第一個合作夥伴連接活動中，我們接待了數百名渠道合作夥伴，他們非常高興與我們合作，推動 Zoom 平台在全球範圍內的採用。我們的開發合作夥伴展示了連接 Zoom 客戶端相關工作流程的附加應用程序。隨著全球組織適應工作的方式、時間和地點，人際關係仍然至關重要。 Zoom 專為滿足各種可能、有效和有意義的連接而設計。今年，我們在 Zoom 平台上開發並推出了 1,500 多項功能和增強功能，促進了人們彼此、組織和客戶之間的聯繫，最終為創造力和協作打開了大門。

Of course, even as we celebrate our innovations and customers, we still face a backdrop of a challenging macroeconomic environment. We continue to see FX pressure and heightened deal scrutiny for new business, but we remain focused on delivering happiness to our customers by innovating our platform and expanding our go-to-market capabilities. Zoom provides a full suite of communications solutions and an attractive total cost of ownership that enables teams to do more with less. And our new product like Zoom Contact Center and Zoom IQ for Sales enable revenue generation and drive productivity. The continued strength of our enterprise growth is a testament to how the value proposition of our platform resonates with customers even in tougher economic environments.

當然，即使我們慶祝我們的創新和客戶，我們仍然面臨著充滿挑戰的宏觀經濟環境。我們繼續看到外匯壓力和對新業務的交易審查加強，但我們仍然專注於通過創新我們的平台和擴大我們的上市能力來為我們的客戶帶來快樂。 Zoom 提供全套通信解決方案和極具吸引力的總擁有成本，使團隊能夠事半功倍。我們的新產品，如 Zoom Contact Center 和 Zoom IQ for Sales，可以創造收入並提高生產力。我們企業增長的持續實力證明了即使在更艱難的經濟環境中，我們平台的價值主張也能與客戶產生共鳴。

As we enable customers to drive greater efficiency, we also are focusing on our own efficiency. We have always been judicious with investments, prudent about spending and we have commanded robust margins since our IPO. So this is not a major shift for us. We will continue to drive innovation, customer value and platform expansion, balanced with an increasing emphasis on efficiency and profitability. We're continuing to see strong targets with customers spending greater than $100,000 in trailing 12 month revenue, which was up 31% year-over-year. Once more, these customers are increasingly seeing value in buying the whole platform, with thousands of customers already buying Zoom One packages. From an industry perspective, the largest deals came from tech, media and the financial services, and we also had notable wins in retail, transportation and pharma.

在幫助客戶提高效率的同時，我們也關注自身的效率。我們一直謹慎投資，謹慎支出，自首次公開募股以來我們獲得了可觀的利潤率。所以這對我們來說不是一個重大轉變。我們將繼續推動創新、客戶價值和平台擴展，同時更加重視效率和盈利能力。我們繼續看到客戶在過去 12 個月的收入中支出超過 100,000 美元，同比增長 31%。再一次，這些客戶越來越多地看到購買整個平台的價值，成千上萬的客戶已經購買了 Zoom One 套餐。從行業角度來看，最大的交易來自科技、媒體和金融服務，我們在零售、運輸和製藥領域也取得了顯著的勝利。

On the tech front, let me first thank Qualtrics, the leader and the creator of the Experience Management category, for expanding their partnership with us. Qualtrics recently upgraded to Zoom One Enterprise, which provides the full power of the Zoom platform to their users and allows them to make a meaningful connection with meetings, team chat, whiteboard, phone and more in 1 offering. We are delighted to offer Qualtrics a broad set of communications products integrated into 1 secure and easy-to-use platform.

在技術方面，首先讓我感謝體驗管理類別的領導者和創建者 Qualtrics 擴大了與我們的合作夥伴關係。 Qualtrics 最近升級到 Zoom One Enterprise，它為其用戶提供 Zoom 平台的全部功能，並允許他們通過會議、團隊聊天、白板、電話等在 1 產品中建立有意義的聯繫。我們很高興為 Qualtrics 提供集成到一個安全且易於使用的平台中的廣泛的通信產品集。

Our enterprise segment comprises not only large publicly treated companies, but also many private companies of all sizes who see great value in enhancing their Zoom implementations by moving towards our full UC platform. Let me give you a few examples. First of all, I'd like to thank Vensure Employer Services, a privately owned professional employer organization for placing their trust in Zoom. In Q3, we added 5,500 Zoom Phone seats and 650 Zoom Contact Center seats, demonstrating the promise they saw in adopting a modern integrated solution for their teams to interact.

我們的企業部門不僅包括大型上市公司，還包括許多各種規模的私營公司，他們認為通過轉向我們的完整 UC 平台來增強其 Zoom 實施具有巨大價值。讓我舉幾個例子。首先，我要感謝私營專業雇主組織 Vensure Employer Services 對 Zoom 的信任。在第 3 季度，我們增加了 5,500 個 Zoom Phone 席位和 650 個 Zoom Contact Center 席位，展示了他們在採用現代集成解決方案讓團隊進行互動時看到的希望。

Let me also thank Chime Solutions for establishing and already expanding their partnership with Zoom, which includes Zoom One and Zoom Contact Center. Founded with an unwavering focus on bringing jobs and opportunities to underrepresented communities, Chime Solutions delivers high-touch contact-center solutions to midsize companies and Fortune 500 corporations. After seeing how well Zoom Contact Center addressed many of the customers' needs and gaining confidence in Zoom's ability to deliver innovation at a rapid pace, they decided to replace their legacy solution with the Zoom Contact Center. Executing our innovation road map for Contact Center will give us opportunity to further enhance our partnership with Chime Solutions in the quarters and years to come.

我還要感謝 Chime Solutions 建立並擴大了與 Zoom 的合作夥伴關係，其中包括 Zoom One 和 Zoom Contact Center。 Chime Solutions 成立之初就堅定不移地致力於為代表性不足的社區帶來工作和機會，為中型公司和財富 500 強企業提供高接觸聯絡中心解決方案。在看到 Zoom Contact Center 如何很好地滿足客戶的許多需求並對 Zoom 快速提供創新的能力充滿信心後，他們決定用 Zoom Contact Center 替換他們的舊解決方案。執行我們的聯絡中心創新路線圖將使我們有機會在未來幾個季度和幾年內進一步加強與 Chime Solutions 的合作夥伴關係。

I also want to thank G-P, the #1 SaaS-based Global Employment platform for trusting Zoom Phone to transform their communication systems and support employees across their organization. G-P understood the value of our integrated platform of communication products from their experience using Zoom Meetings, Zoom Webinars, Team Chat and Zoom Rooms. G-P ultimately opted for Zoom Phone as a missing piece in their UC stack in order to improve their customers' experience while also enjoying the savings benefits of a cloud-based PBX solution integrated into a full communications platform.

我還要感謝 G-P，它是排名第一的基於 SaaS 的全球就業平台，感謝它信任 Zoom Phone 來改變他們的通信系統並支持整個組織的員工。 G-P 從他們使用 Zoom Meetings、Zoom Webinars、Team Chat 和 Zoom Rooms 的經驗中了解到我們通信產品集成平台的價值。 G-P 最終選擇 Zoom Phone 作為其 UC 堆棧中的缺失部分，以改善客戶體驗，同時享受集成到完整通信平台的基於雲的 PBX 解決方案的節省優勢。

Also, I'd like to add that G-P is Zoom's global expansion employment partner and has played a critical role in our growth strategy, giving us the agility and speed to enter into new markets very quickly. Again, thank you, Qualtrics, Vensure, Chime Solutions and G-P and all of our customers worldwide. And with that, I'll pass it over to Kelly. Thank you.

另外，我想補充一點，G-P 是 Zoom 的全球擴張就業合作夥伴，在我們的增長戰略中發揮了關鍵作用，使我們能夠迅速進入新市場的敏捷性和速度。再次感謝 Qualtrics、Vensure、Chime Solutions 和 G-P 以及我們在全球的所有客戶。有了這個，我會把它傳遞給凱利。謝謝你。

Thank you, Eric. Let me now turn to the quarter's results and guidance. In Q3, total revenue came in at $1.102 billion, up 5% year-over-year and 7% in constant currency. This result was approximately $2 million above the high end of our quarterly guidance. The growth in revenue was primarily driven by strength in our enterprise business, which grew 20% year-over-year and represented 56% of total revenue, up from 49% a year ago.

謝謝你，埃里克。現在讓我談談本季度的結果和指導。第三季度，總收入為 11.02 億美元，同比增長 5%，按固定匯率計算增長 7%。這一結果比我們季度指導的上限高出約 200 萬美元。收入的增長主要是由我們企業業務的實力推動的，該業務同比增長 20%，佔總收入的 56%，高於一年前的 49%。

We expect enterprise customers to comprise an increasingly higher percentage of total revenue over time. From a product perspective, we had strong growth in Zoom Phone, coupled with contributions from Zoom Rooms and other products. At Investor Day earlier this month, we introduced a new metric, online average monthly churn. In Q3, this metric continued to improve to 3.1% from 3.7% in Q3 of FY '22 and 3.6% last quarter. We are pleased that this metric has now returned to pre-pandemic levels.

我們預計，隨著時間的推移，企業客戶在總收入中所佔的比例將越來越高。從產品的角度來看，我們在 Zoom Phone 方面取得了強勁增長，再加上 Zoom Rooms 和其他產品的貢獻。在本月早些時候的投資者日，我們推出了一個新指標，在線平均每月流失率。在第三季度，該指標繼續從 22 財年第三季度的 3.7% 和上一季度的 3.6% 提高到 3.1%。我們很高興該指標現已恢復到大流行前的水平。

The number of enterprise customers grew 14% year-over-year to approximately 209,300. Our trailing 12-month net dollar expansion rate for enterprise customers in Q3 came in at a healthy 117%. We saw 31% year-over-year growth in the upmarket as we ended the quarter with 3,286 customers contributing more than $100,000 in trailing 12 months revenue. These customers represent 27% of revenue, up from 22% in Q3 of FY '22.

企業客戶數量同比增長14%至約209,300。我們在第三季度為企業客戶提供的 12 個月淨美元增長率達到了 117% 的健康水平。我們看到高端市場同比增長 31%，因為我們在本季度結束時有 3,286 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 27%，高於 22 財年第三季度的 22%。

Our Americas revenue grew 11% year-over-year. EMEA continues to be impacted by the stronger dollar, the Russia-Ukraine war and online performance, which combined led to a decline of 9% year-over-year. APAC, which was also impacted by the stronger dollar, declined 3% year-over-year.

我們的美洲收入同比增長 11%。歐洲、中東和非洲地區繼續受到美元走強、俄烏戰爭和在線業績的影響，這些因素共同導致同比下降 9%。亞太地區也受到美元走強的影響，同比下降 3%。

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 associated tax effects.

現在轉向盈利。我將重點關注我們的非 GAAP 結果，其中不包括基於股票的補償費用和相關工資稅、收購相關費用、淨訴訟結算、戰略投資的淨收益或損失、參與證券的未分配收益以及所有相關稅收影響.

Non-GAAP gross margin in Q3 was 79.5%, an improvement from 76% in Q3 of last year and 78.9% 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 this, we expect our full year gross margin to be approximately 79%.

第三季度非美國通用會計準則毛利率為 79.5%，高於去年第三季度的 76% 和上一季度的 78.9%。連續改進主要是由於優化了公共雲的使用和我們越來越多的共址數據中心。鑑於此，我們預計全年毛利率約為 79%。

Research and development expense grew by 59% year-over-year to approximately $108 million. As a percentage of total revenue, R&D expense increased to 9.8% from 6.4% in Q3 of last year. This reflects our ongoing investments in expanding Zoom's product portfolio and delivering on our customers' evolving needs. We expect to exit the year in the range of 10% to 12% of total revenue, consistent with our long-term target.

研發費用同比增長 59% 至約 1.08 億美元。研發費用佔總收入的百分比從去年第三季度的 6.4% 上升至 9.8%。這反映了我們在擴展 Zoom 產品組合和滿足客戶不斷變化的需求方面的持續投資。我們預計今年退出的收入佔總收入的 10% 至 12%，這與我們的長期目標一致。

Sales and marketing expense grew by 27% year-over-year to $301 million. This represented approximately 27.3% of total revenue, up from 22.6% in Q3 of last year. We continue to invest judiciously in sales capacity and channel partner expansion. G&A expense grew by 6% to $87 million or approximately 7.9% of total revenue, in line with 7.8% in Q3 of last year.

銷售和營銷費用同比增長 27% 至 3.01 億美元。這約佔總收入的 27.3%，高於去年第三季度的 22.6%。我們繼續明智地投資於銷售能力和渠道合作夥伴擴張。 G&A 費用增長 6% 至 8700 萬美元，約佔總收入的 7.9%，與去年第三季度的 7.8% 持平。

Non-GAAP operating income was $381 million, exceeding the high end of our guidance of $330 million as we continue to thoughtfully prioritize investments. This translates to a 34.6% non-GAAP operating margin for Q3 as compared to 39.1% in Q3 of last year. Non-GAAP diluted earnings per share in Q3 was $1.07, $0.24 above the high end of our guidance. Due to our share repurchase program, our Q3 weighted average share count has decreased year-over-year approximately 4 million shares to 302 million.

非 GAAP 營業收入為 3.81 億美元，超過了我們 3.3 億美元指導的上限，因為我們繼續深思熟慮地優先考慮投資。這意味著第三季度的非美國通用會計準則營業利潤率為 34.6%，而去年第三季度為 39.1%。第三季度非 GAAP 攤薄後每股收益為 1.07 美元，比我們指導的上限高出 0.24 美元。由於我們的股票回購計劃，我們第三季度的加權平均股數同比減少約 400 萬股至 3.02 億股。

Turning to the balance sheet. Deferred revenue at the end of the period was $1.4 billion, up 14% year-over-year from $1.2 billion. Looking at both our billed and unbilled contracts, our RPO totaled approximately $3.2 billion, up 32% year-over-year from $2.5 billion. We expect to recognize approximately 59% of the total RPO as revenue over the next 12 months as compared to 67% in Q3 of last year, reflecting the trend towards longer-term contracts. As a reminder, our annual 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 Q4 deferred revenue to grow at approximately 2% to 3% year-over-year.

轉向資產負債表。期末遞延收入為 14 億美元，較上年同期的 12 億美元增長 14%。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 25 億美元增長 32%。我們預計在未來 12 個月內將總 RPO 的約 59% 確認為收入，而去年第三季度為 67%，這反映了長期合同的趨勢。提醒一下，我們的年度續訂季節性是前端加載，並在今年剩餘時間緩和，反映出連續較小的續訂基數。因此，我們預計第四季度遞延收入將同比增長約 2% 至 3%。

We ended the quarter with approximately $5.2 billion in cash, cash equivalents and marketable securities, excluding restricted cash. Year-to-date, we have repurchased $991 million of our own stock, representing approximately 11 million shares. We had operating cash flow in the quarter of $295 million as compared to $395 million in Q3 of last year. Free cash flow was $273 million as compared to $375 million in Q3 of last year. Our margins for operating cash flow and free cash flow were 26.8% and 24.7%, respectively.

本季度結束時，我們擁有約 52 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。年初至今，我們已經回購了 9.91 億美元的自有股票，約合 1100 萬股。我們在本季度的運營現金流為 2.95 億美元，而去年第三季度為 3.95 億美元。自由現金流為 2.73 億美元，而去年第三季度為 3.75 億美元。我們的經營現金流和自由現金流的利潤率分別為 26.8% 和 24.7%。

As previously discussed, this year, we have seen larger cash outflows from an increase in cash taxes starting in Q2, which relates to the depletion of our NOLs and the lower tax deductions for stock-based compensation caused by the stock price decline. We now expect free cash flow to be at the high end of our range of $1 billion to $1.15 billion. As a reminder, our range assumes that the Section 174 tax legislation requiring capitalization of R&D expenses will be repealed or deferred by Congress by the end of this fiscal year.

如前所述，今年，我們看到從第二季度開始的現金稅增加導致現金流出量增加，這與我們的 NOL 耗盡以及股價下跌導致的基於股票的補償的稅收減免有關。我們現在預計自由現金流將處於 10 億美元至 11.5 億美元範圍的高端。提醒一下，我們的範圍假設要求研發費用資本化的第 174 條稅收立法將在本財政年度末被國會廢除或推遲。

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-20's, while our online business will decline approximately 8% for the year. For the fourth quarter of FY '23, we expect revenue to be in the range of $1.095 billion to $1.105 billion, which, at the midpoint, would represent approximately 3% year-over-year growth or 5% in constant currency. We expect non-GAAP operating income to be in the range of $316 million to $326 million.

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 年代中期增長，而我們的在線業務全年將下降約 8%。對於 23 財年第四季度，我們預計收入將在 10.95 億美元至 11.05 億美元之間，按中點計算，這將代表同比增長約 3% 或按固定匯率計算增長 5%。我們預計非 GAAP 營業收入將在 3.16 億美元至 3.26 億美元之間。

Our outlook for non-GAAP earnings per share is $0.75 to $0.78 based on approximately 301 million shares outstanding. For the full year of FY '23, we now expect revenue to be in the range of $4.37 billion to $4.38 billion, which at the midpoint represents approximately 7% year-over-year growth or 8.5% in constant currency. This represents a decrease of $15 million from our previous full year guidance, of which approximately $14 million is attributable to the FX pressure in Q3 and Q4.

基於約 3.01 億股已發行股票，我們對非 GAAP 每股收益的預期為 0.75 美元至 0.78 美元。對於 23 財年全年，我們現在預計收入將在 43.7 億美元至 43.8 億美元之間，中點表示同比增長約 7% 或按固定匯率計算增長 8.5%。這比我們之前的全年指導減少了 1500 萬美元，其中約 1400 萬美元歸因於第三季度和第四季度的外匯壓力。

We now expect our non-GAAP operating income to be in the range of $1.49 billion to $1.5 billion, representing a non-GAAP operating margin of approximately 34%. This is an increase of $50 million or 1%, respectively, as compared to our Q2 guidance. Our tax rate is expected to approximate the blended U.S. federal and state rate. Our outlook for non-GAAP earnings per share is $3.91 to $3.94 based on approximately 304 million shares outstanding.

我們現在預計我們的非 GAAP 營業收入將在 14.9 億美元至 15 億美元之間，代表非 GAAP 營業利潤率約為 34%。與我們的第二季度指導相比，這分別增加了 5000 萬美元或 1%。我們的稅率預計接近美國聯邦和州的混合稅率。基於約 3.04 億股已發行股票，我們對非 GAAP 每股收益的預期為 3.91 美元至 3.94 美元。

Zoom remains focused on thoughtfully balancing growth and profitability through platform innovation, customer value creation and partner ecosystem expansion. Thank you to the Zoom team, our customers, our community and our investors. Kelsey, please queue up our first question.

Zoom 仍然專注於通過平台創新、客戶價值創造和合作夥伴生態系統擴展來平衡增長和盈利能力。感謝 Zoom 團隊、我們的客戶、我們的社區和我們的投資者。凱爾西，請排隊我們的第一個問題。

(Operator Instructions) And of course, our first question is going to come from Meta Marshall with Morgan Stanley.

（操作員說明）當然，我們的第一個問題將來自摩根士丹利的 Meta Marshall。

Great. Congrats on the quarter. Maybe just sticking with the online business for a second and kind of the stabilization of that business. Clearly, you saw the churn statistics improve. But just wanted to get a sense of how you guys are thinking about stabilization there, how you guys are thinking about just initiatives on new adds as well as free-to-pay conversion.

偉大的。祝賀這個季度。也許只是堅持在線業務一秒鐘，並在某種程度上穩定該業務。顯然，您看到流失統計數據有所改善。但只是想了解一下你們是如何考慮那裡的穩定性的，你們是如何考慮新增加的舉措以及免費到付費轉換的。

Yes. So as we shared at Analyst Day a few weeks ago, we're really happy with the continued improvement in the churn, first of all, and it improved even further in Q3. And the fact that now 70% of those cohorts have moved beyond that 16-month period in which we really see stabilization, and we continue to see that happen. Wendy and her team are really focused on continuing to look at initiatives for conversion. Those include things like adding local currencies, adding local payment types as well as looking at packages that make sense. So all of that is still in process and what we're thinking and we had talked about before is we expect online to stabilize from a dollar perspective in Q2 of next year. And based on our most recent forecast, that is still the case.

是的。因此，正如我們幾週前在分析師日分享的那樣，我們對流失率的持續改善感到非常高興，首先，它在第三季度進一步改善。事實上，現在這些人群中有 70% 已經超過了我們真正看到穩定的 16 個月時期，而且我們繼續看到這種情況發生。 Wendy 和她的團隊真正專注於繼續研究轉換計劃。其中包括添加本地貨幣、添加本地支付類型以及查看有意義的套餐等內容。因此，所有這些仍在進行中，我們正在考慮和我們之前討論過的是，我們預計明年第二季度從美元的角度來看，在線業務將趨於穩定。根據我們最近的預測，情況仍然如此。

Moving on to Mark Murphy with JPMorgan.

轉到摩根大通的馬克墨菲。

Thank you very much. I'll add my congrats. A very nice free cash flow performance. I wanted to ask you, Eric, the pace of R&D activity is so rapid at the moment. To what extent do you anticipate that perhaps some of the new product innovations, and I'm thinking of Zoom Mail, Calendar, Zoom Spot and others could perhaps enhance the stickiness of the usage patterns, right, or drive engagement and collaboration higher in a way that could maybe benefit your -- either your dollar retention rates or maybe some of the premium plan adoption?

非常感謝。我會加上我的祝賀。非常好的自由現金流表現。我想問你，埃里克，目前研發活動的步伐如此之快。您預計某些新產品創新在多大程度上可能會增強使用模式的粘性，我正在考慮 Zoom Mail、Calendar、Zoom Spot 和其他產品，對吧，或者推動更高的參與度和協作可能有利於您的方式 - 無論是您的美元保留率還是某些保費計劃的採用？

Yes. So Mark, that's a great question. That's the reason why we had a very successful Zoomtopia because we announced so many innovations, almost every innovation. When we look at that what we can do to either add value to the existing customer to focus on stickiness or maybe the potential revenue opportunity, right? Look at every features, I think we always follow that principle.

是的。馬克，這是一個很好的問題。這就是為什麼我們有一個非常成功的 Zoomtopia 的原因，因為我們宣布瞭如此多的創新，幾乎每一項創新。當我們看到我們可以做些什麼來為現有客戶增加價值以關注粘性或潛在的收入機會時，對嗎？看看每個功能，我認為我們始終遵循該原則。

Look at email and calendar, look at online paid users, the subscribers, and we do not offer the free users, right? For all those online, the pro buyers to give email calendar for free, they can use the e-mail calendar to serve, it's another great service, which is an improvement, right? Look at all other features like sports and all those features certainly can help our integrated customers, also make our services more sticky. Not only do they Zoom for schedule meetings, but also can use that to make the office environment.

看看電子郵件和日曆，看看在線付費用戶，訂閱者，我們不提供免費用戶，對嗎？對於所有在線的親們，免費贈送電子郵件日曆，他們可以使用電子郵件日曆來服務，這是另一個很棒的服務，這是一種改進，對吧？看看所有其他功能，比如運動，所有這些功能肯定可以幫助我們整合客戶，也可以使我們的服務更具粘性。他們不僅可以通過 Zoom 來安排會議，還可以用它來營造辦公環境。

So for free users, right, for sure, like additional features for the client, right? So every feature in the mission, I think, for sure, we will add more value to our customers, either drive stickiness or drive potential revenue opportunity like a Zoom IQ, virtual agent and the Contact Center and what virtual agent like your coach and a lot of features like that. So we are very, very excited. And again, and the feedback from customers are very, very positive and they are very excited about adopting those new features and enhancements.

所以對於免費用戶，對，當然，就像客戶端的附加功能一樣，對吧？因此，我認為任務中的每個功能肯定會為我們的客戶增加更多價值，無論是提高粘性還是推動潛在的收入機會，如 Zoom IQ、虛擬代理和聯絡中心，以及虛擬代理，如你的教練和很多這樣的功能。所以我們非常非常興奮。再一次，客戶的反饋非常非常積極，他們對採用這些新功能和增強功能感到非常興奮。

Crédit Suisse's Fred Lee has the next question.

Crédit Suisse 的 Fred Lee 有下一個問題。

I was wondering if you could talk a little bit about the macro impact on Phone adoption and maybe give us an update on Zoom for adoption overall as you have over the past couple of quarters?

我想知道您是否可以談談對手機採用的宏觀影響，並可能像過去幾個季度一樣向我們介紹一下 Zoom 的整體採用情況？

Yes. So we continue to see strength in Zoom Phone. As a reminder, we announced on the last call that we had crossed over the 4 million seat mark. We also added 9 customers in Q3 that have purchased over 10,000 seats and that brings us to a total of 64 customers in that category. So I think it shows continued strength, especially in the up market even in these challenging economic times. So we're excited about the prospects that we continue to see there. And as we keep promising you all, we'll break it out when it gets 10% of revenue. So you'll be able to see that then a little more clearly.

是的。因此，我們繼續看到 Zoom Phone 的實力。提醒一下，我們在上次電話會議上宣布我們已經突破了 400 萬個席位大關。我們還在第三季度增加了 9 名客戶，他們購買了超過 10,000 個席位，這使我們在該類別中的客戶總數達到 64 名。所以我認為它顯示出持續的實力，尤其是在高端市場，即使在這些充滿挑戰的經濟時代。因此，我們對在那裡繼續看到的前景感到興奮。正如我們一直向大家承諾的那樣，當它獲得 10% 的收入時，我們將打破它。這樣你就能更清楚地看到這一點。

Yes. Fred, to add on to what Kelly said, more and more customers are increasingly looking at our Zoom platform, Zoom UC platform used to be looking at the phone product, Phone or Meetings or Webinar or Team Chat. Now look at a full UC stack because that will give you a better experience in terms of the total ownership of cost is also much better. That's why more and more customers are moving towards our full Zoom platform, and I'm very excited about the opportunities there.

是的。 Fred，補充一下 Kelly 所說的，越來越多的客戶正在關注我們的 Zoom 平台，Zoom UC 平台過去關注的是電話產品、電話或會議、網絡研討會或團隊聊天。現在看看完整的 UC 堆棧，因為這會給你帶來更好的體驗，總的擁有成本也更好。這就是為什麼越來越多的客戶轉向我們完整的 Zoom 平台的原因，我對那裡的機會感到非常興奮。

Now moving on to Michael Turrin with Wells Fargo.

現在轉向富國銀行的 Michael Turrin。

On the front-end loaded renewal seasonality, you had a useful tidbit on the deferred revenue growth you're expecting in Q4. Can you just maybe walk through how you gear up for that as a company given it's a little bit outside the norm on general calendar cycles that we're used to seeing. What kind of visibility do you have into that cohort currently and is there anything you can do to shift that profile? Or is it just kind of gradual as this rolls forward and you've gotten just accustomed to it internally, thus far?

在前端加載續訂季節性方面，您對第四季度預期的遞延收入增長有一個有用的花絮。你能否介紹一下作為一家公司你是如何為此做好準備的，因為它有點超出了我們過去看到的一般日曆週期的規範。您目前對該群體有什麼樣的可見性，您可以做些什麼來改變這種形象？或者它只是一種漸進的方式，因為它向前滾動並且你已經在內部習慣了它，到目前為止？

Yes. So as a reminder, this occurred, right, due to the significant increase of customers we had during Q1 in the early stages of the pandemic and what has happened is due to the practice that we have internally of making it easy for our customers, we co-term when they add on additional products or expand their seat count, for example. So it's continued to actually exacerbate, if you will, when we're upselling customers that front-end loaded phenomenon.

是的。因此，提醒一下，這發生了，是的，由於我們在大流行初期第一季度的客戶顯著增加，而發生的事情是由於我們內部採取的讓客戶輕鬆的做法，我們例如，當他們添加額外的產品或增加他們的座位數時。因此，如果您願意的話，當我們向客戶推銷前端加載現象時，它實際上會繼續惡化。

So it will start to level out over time as we see customers in Q2 and Q4 being our largest seasonal quarters due to the 6-month quotas of our upmarket reps, but as you say, we are used to it now internally. Everybody knows this is how it works. We're coming into, I guess, our third renewal period and we've seen strength in each of the last 2 cycles. So we're able to accommodate. We know how it works. And it's just something we know that it's not aligned with most of the rest of the industry, which is why we keep reminding you and trying to give you as much color as possible around that.

因此，由於我們的高端代表有 6 個月的配額，我們看到第二季度和第四季度的客戶是我們最大的季節性季度，因此它將隨著時間的推移開始趨於平穩，但正如您所說，我們現在已經在內部習慣了。每個人都知道它是如何工作的。我想，我們即將進入第三個更新期，我們在過去兩個週期中的每一個週期中都看到了實力。所以我們能夠容納。我們知道它是如何工作的。我們知道它與大多數其他行業不一致，這就是為什麼我們不斷提醒您並嘗試為您提供盡可能多的顏色。

And our next question will come from Kash Rangan with Goldman Sachs.

我們的下一個問題將來自高盛的 Kash Rangan。

Happy Thanksgiving in advance. Good to see you, Eric and Kelly. I had a question on the enterprise business. I think most of us on the call, at least me, we're waiting for the tilt where the enterprise business will -- the strength of the enterprise business can offset the weakness in the online business. As we wait for that, I'm curious to get your take on the expansion rate. I think it came in at 117% or so.

提前感恩節快樂。很高興見到你，埃里克和凱利。我有一個關於企業業務的問題。我想我們中的大多數人，至少我，正在等待企業業務的傾斜——企業業務的優勢可以抵消在線業務的弱點。在我們等待的時候，我很想知道你對擴張率的看法。我認為它達到了 117% 左右。

And the number of customer -- it used to be higher in prior quarters, the number of net new as enterprise still also not quite rebounding and recovering. Can you give us some perspective on how much of is macro versus maybe competition from the likes of Teams, et cetera? And Eric, how does this play out into your broader adoption thesis for the Zoom platform? When are we likely to see these metrics inflect the other way that could validate your overall thesis that Zoom is not just about video meetings, but a broader communication platform?

而客戶數量——前幾個季度曾經更高，淨新企業數量也沒有完全反彈和恢復。你能給我們一些觀點，看看有多少是宏觀的，而不是來自團隊等的競爭？埃里克，這如何影響您對 Zoom 平台的更廣泛採用論點？我們什麼時候可能會看到這些指標以另一種方式發生變化，從而驗證您的整體論點，即 Zoom 不僅僅是關於視頻會議，而是一個更廣泛的交流平台？

Eric, do you want to talk about Zoom One first, and then I'll talk about the metrics after that?

埃里克，你想先談談 Zoom One，然後我再談談指標嗎？

Yes, sure, absolutely. So Kash, that is a good question. And you look at the customer projects, right, as we move towards the Zoom One platform, right, so, and leverage our full UC stack, started from Meetings many years ago. We had the Phone, Webinar, Team Chat and so on and so forth. I think the problem was that previously when it comes to Zoom, everybody probably assume that is just video conferencing and that's not the case. That's why we are doubling down our Zoom One marketing awareness, also talk to the customers, make them understand, not only do we offer the best with content service, but also if you look at our other offerings, that's a full UC stack and also have Contact Center as well.

是的，當然，絕對。卡什，這是個好問題。你看看客戶項目，對吧，當我們轉向 Zoom One 平台時，對吧，所以，並利用我們多年前從 Meetings 開始的完整 UC 堆棧。我們有電話、網絡研討會、團隊聊天等等。我認為問題在於，以前談到 Zoom 時，每個人可能都認為這只是視頻會議，但事實並非如此。這就是為什麼我們要加倍提高 Zoom One 的營銷意識，還要與客戶交談，讓他們理解，我們不僅提供最好的內容服務，而且如果你看看我們的其他產品，那是一個完整的 UC 堆棧，而且也有聯絡中心。

I think that will take a little bit of time. But as long as customers realize, wow, Zoom has a full stack and plus also have a very flexible Team Chat, plus this is free, it works so well, integrated other UC solutions, I think customers are showing a great excitement about adopting the full UC platform. And more and more customers are moving towards our full UC stack, rather than just the Meetings or Phone.

我認為這需要一點時間。但只要客戶意識到，哇，Zoom 擁有完整的堆棧，而且還有非常靈活的團隊聊天，而且它是免費的，效果很好，集成了其他 UC 解決方案，我認為客戶對採用完整的 UC 平台。越來越多的客戶轉向我們的完整 UC 堆棧，而不僅僅是會議或電話。

And that's why we are very excited because if you look at all those offerings working together seamlessly. And in terms of total orders costs much better because many times customers are trying to consolidate their full UC stack. UC stack in the platform different, but we might use a e-mail Calendar or SharePoint or the office from other vendors. But in terms of UC stack, we want to deploy the best service. That's why we are going to win on UC stack plus the CCaaS as well.

這就是為什麼我們非常興奮，因為如果你看到所有這些產品無縫地協同工作。而且在總訂單成本方面要好得多，因為很多時候客戶都在嘗試整合他們的完整 UC 堆棧。平台中的 UC 堆棧不同，但我們可能會使用來自其他供應商的電子郵件日曆或 SharePoint 或辦公室。但就 UC 堆棧而言，我們希望部署最好的服務。這就是為什麼我們要在 UC 堆棧和 CCaaS 上取勝。

And Kash, just in terms of like your comment about renewals, I want to highlight, especially in the enterprise renewals remain very, very strong. We were actually slightly ahead of our internal forecast for Q3. So we continue to see -- we've talked about many metrics, growth and expansion in the enterprise. It's just -- as you say, we're waiting for that stabilization in online to -- because right now, it's really having a dampening effect on the overall growth rate of the company.

卡什，就像你對續約的評論一樣，我想強調，特別是在企業續約方面仍然非常非常強勁。我們實際上略高於我們對第三季度的內部預測。所以我們繼續看到——我們已經討論了企業的許多指標、增長和擴張。只是 - 正如你所說，我們正在等待在線穩定 - 因為現在，它確實對公司的整體增長率產生了抑製作用。

George Iwanyc with Oppenheimer has the next question.

George Iwanyc 和 Oppenheimer 有下一個問題。

Eric, maybe with all the enterprise progress you're showing. Can you give us an update on Contact Center and the adoption that you're seeing there?

埃里克，也許你展示的所有企業進步。您能否向我們提供有關 Contact Center 的最新信息以及您在那裡看到的採用情況？

Yes. So yes, again, the Contact Center is a new service, we're very excited in particular for those customers who deploy or the food service, they would like a console that you see the use cases together. And also, we found interesting use cases is, well, not only do those traditional customer interaction department started deploying the Zoom Contact Center, but also the internal IT desk as well, right?

是的。所以，是的，聯絡中心再次是一項新服務，我們非常興奮，特別是對於那些部署或食品服務的客戶，他們想要一個控制台，您可以一起看到用例。而且，我們發現有趣的用例是，不僅那些傳統的客戶交互部門開始部署 Zoom 聯絡中心，而且內部 IT 部門也開始部署，對吧？

And again, the Contact Center use cycle a little bit longer like the Meetings. But however, the showcase -- our platform capability and the speed of innovation, customers are very excited. And plus, you look at our own business, right? And we used to deploying other cloud contact center solutions, after we set our own contact center solutions, our teams themselves are very, very excited. And a lot of potential pipelines and use right in the pipeline. And also we are doubling down on that. And again, the product side, we have higher companies, go-to-market side, we are gaining traction as quickly as possible because, again, it takes some time plus also leverage channel and internal go-to-market investment.

同樣，Contact Center 使用周期比 Meetings 長一點。但是，展示——我們的平台能力和創新速度，客戶非常興奮。另外，您看看我們自己的業務，對嗎？而我們以前部署其他的雲聯絡中心解決方案，在我們設置了自己的聯絡中心解決方案之後，我們的團隊自己都非常非常興奮。還有很多潛在的管道和管道中的使用權。我們也在加倍努力。再一次，在產品方面，我們有更高的公司，進入市場方面，我們正在盡快獲得牽引力，因為這再次需要一些時間，還要利用渠道和內部進入市場投資。

And I think that's a future big revenue driver for us, especially customer like CCaaS and UC together, right, and with a much better experience and also the total ownership of costs also much better.

而且我認為這對我們來說是未來的重要收入驅動因素，尤其是像 CCaaS 和 UC 這樣的客戶，對吧，並且具有更好的體驗，而且成本的總所有權也更好。

Moving on to Siti Panigrahi with Mizuho.

與 Mizuho 一起前往 Siti Panigrahi。

Just wanted to ask about macro pressure. You talked about last quarter sales elongation on the enterprise side. What kind of plans you are seeing, anything worsened, and also how does that impact your pipeline as well?

只是想問一下宏觀壓力。你談到了上一季度企業方面的銷售增長。你看到什麼樣的計劃，有什麼惡化的，這對你的管道有何影響？

So we certainly have seen impact, as I mentioned, from FX of the reduced guidance of $15 million, $14 million of that is coming from FX pressure, and you saw that certainly in our year-over-year growth in Europe and in APAC. In the enterprise, again, renewals stay strong, excitement about the products. But as we discussed, it's continued in terms of additional deal scrutiny, I think all of my peer CFOs now are looking at deals, and that's just causing elongation in general not that things are losing rather that we're losing deals.

因此，正如我所提到的，我們當然已經看到外匯減少 1500 萬美元的指導的影響，其中 1400 萬美元來自外匯壓力，而且您肯定在我們在歐洲和亞太地區的同比增長中看到了這一點。在企業中，更新仍然很強勁，對產品的興奮。但正如我們所討論的那樣，它在額外的交易審查方面仍在繼續，我認為我所有的同行首席財務官現在都在關注交易，這只是導致一般的延長，而不是事情正在失去，而不是我們正在失去交易。

They're just taking longer to get done and potentially some of them pushing over quarters. But we haven't seen that impact. It's just taking longer and longer, not that they're going anywhere else. It's just taking longer to get those done.

他們只是需要更長的時間才能完成，而且其中一些可能會超過幾個季度。但我們還沒有看到這種影響。只是花的時間越來越長，而不是他們要去其他地方。只是需要更長的時間來完成這些。

Now the good news is, right, especially with all of the new products, the consolidation that we offer is a really great value story for our customers in terms of elimination of additional vendors, getting rid of on-prem servers and that continues to be a great story that our customers love.

現在好消息是，對，特別是對於所有新產品，我們提供的整合對於我們的客戶來說是一個非常有價值的故事，因為它消除了額外的供應商，擺脫了本地服務器，並且繼續是一個我們的客戶喜歡的偉大故事。

SVB Moffett, Sterling Auty has the next question.

SVB Moffett，Sterling Auty 有下一個問題。

Kelly, maybe following on that. I want to understand -- the 20% growth in enterprise in the quarter versus the guidance of low to mid-20% for the full year, does that mean that there's a little bit of a back-end loaded hockey stick or a bump up that we'll see next quarter? And specifically, I think investors are really interested in trying to gauge how should that business react as we move into next fiscal year in light of the concern about layoffs across all industries and a lot of your Zoom meetings, et cetera, are based on per employee per seat pricing?

凱利，也許會繼續。我想了解 - 本季度企業增長 20% 與全年 20% 中低水平的指導相比，這是否意味著後端加載曲棍球棒或增加下個季度我們會看到嗎？具體來說，鑑於對所有行業裁員的擔憂以及許多 Zoom 會議等都是基於每個每個座位的員工定價？

Yes. So we certainly -- and we've talked about this the last couple of quarters, have seen more and more of our deals shifting to the end of the quarter and taking on that more historically natural cycle that we didn't -- we haven't seen since really early in the pandemic, but that is absolutely the case for us. And we have adjusted our forecast for Q4 for some of that linearity as well. We have continued to see, as I keep saying, strength in our renewals. And I think that's because while there's concern about layoffs, there's this other phenomenon about flexible work. right?

是的。所以我們當然 - 我們在過去幾個季度討論過這個問題，已經看到我們越來越多的交易轉移到季度末，並採用我們沒有的歷史上更自然的周期 - 我們沒有從大流行的早期就開始出現了，但對我們來說絕對是這樣。我們也針對某些線性調整了對第四季度的預測。正如我一直說的那樣，我們繼續看到我們更新的力量。我認為那是因為雖然人們擔心裁員，但還有關於彈性工作的另一種現象。正確的？

Everybody wants to continue to working in the way they become accustomed to. And as long as employers are supporting that and their employees it really means everybody needs a Zoom license. If you're out of the office, even 1 day a week, you need that Zoom license for Phone, for Meetings for, whatever, Zoom One. And so I think that is really compelling reasons for organizations to continue to renew with you.

每個人都想繼續以他們習慣的方式工作。只要雇主和他們的員工支持這一點，這就真的意味著每個人都需要 Zoom 許可證。如果您不在辦公室，即使一周有 1 天，您也需要 Zoom Phone、Meetings 等 Zoom One 許可證。因此，我認為這是組織繼續與您續約的真正令人信服的理由。

Thank you, Sterling. Even for those businesses, right, after deploy before the full UC stack, look at the Zoom Chat is getting more and more popular. And also we found that those can be used for their personal use cases as well, right? Because there's free. That's why a lot of tractions for other parts of our entire UC platform.

謝謝你，斯特林。即使對於那些企業，對吧，在完整的 UC 堆棧之前部署之後，看看 Zoom Chat 越來越受歡迎。而且我們還發現這些也可以用於他們的個人用例，對嗎？因為有免費的。這就是為什麼我們整個 UC 平台的其他部分有很多吸引力。

Our next question will come from Michael Funk with Bank of America.

我們的下一個問題將來自美國銀行的 Michael Funk。

Michael, if you can hear us, please go ahead, start your video and come off mute to ask your question. We'll go ahead and move on to William Power with Baird.

邁克爾，如果你能聽到我們的聲音，請繼續，開始你的視頻並關閉靜音來提問。我們將繼續與 Baird 一起討論 William Power。

Right. probably for Kelly, a pretty notable increase in stock-based compensation expense. I know you talked about this at the Investor Day, too, that you expected given top-ups to be more elevated. Would be great to just get a little more perspective as to how you're thinking about that going forward. Is this closer to a peak level? Should -- it will stay at this level?

正確的。可能對凱利來說，基於股票的補償費用顯著增加。我知道你在投資者日也談到了這一點，你希望給定的充值會更高。如果能更深入地了解你是如何看待這件事的，那就太好了。這是不是更接近巔峰水平了？應該——它會保持在這個水平嗎？

Maybe over a longer-term time frame, how investors should expect that to trend. And I guess kind of tied to that, you've been aggressive on the stock buyback front, what are the plans there going forward? And how could that tie into how you think about stock-based compensation?

也許在更長期的時間框架內，投資者應該如何期待這種趨勢。我想這與此有關，你在股票回購方面一直很積極，未來有什麼計劃？這如何與你對股票薪酬的看法聯繫起來？

So first, we believe that the supplemental grant program is really important for the strategy of the company in terms of retaining our employees and keeping them focused and not having to worry about that. And the supplemental grants vest over the same period as the underlying grant that they're tied to. So you are going to see this level continue for a few years as those grants are vesting through. And many of them originally were 4-year grants, so they have 2 or 3 years left in which you're going to see that stock-based comp as those underlying shares are vesting.

因此，首先，我們認為補充贈款計劃對於公司的戰略非常重要，因為它可以留住我們的員工並讓他們保持專注，而不必為此擔心。補充贈款與其相關的基礎贈款在同一時期授予。所以你會看到這個水平持續幾年，因為這些贈款正在歸屬。其中許多最初是 4 年的贈款，所以他們還有 2 或 3 年的時間，你會在這些基礎股票歸屬時看到基於股票的補償。

With the stock, once the stock stabilizes, then you will see less impact from that or less need for additional grants. So we're hoping that we're at that place and that you're going to not see additional supplemental grant in that same level. But until we get past probably another year's worth, we might have some more.

對於存量，一旦存量穩定下來，您就會看到這種影響較小或需要額外贈款的情況較少。因此，我們希望我們在那個地方，並且您不會在同一級別看到額外的補充撥款。但在我們度過可能又一年的價值之前，我們可能還有更多。

In terms of the repurchase, as you heard, we purchased $991 million, so -- or 11 million shares. So we have a little bit of room with that. And once we've completed that, we'll evaluate whether or not we want to ask the Board for authorization. We haven't done that yet.

在回購方面，正如你所聽到的，我們購買了 9.91 億美元，即 1100 萬股。所以我們有一點空間。完成後，我們將評估是否要請求董事會授權。我們還沒有這樣做。

And we'll now hear from Matt Stotler with William Blair.

我們現在將聽到 Matt Stotler 和 William Blair 的講話。

Maybe just one more on the online business. It'd be great to maybe get some color, some commentary on the economics of that business, the margin profile as it compares to the enterprise segment of the business and what the implication there is as that revenue mix continues to shift, specifically in the context of the updated long-term figures you gave us a couple of weeks ago.

也許只是關於在線業務的一個。如果能獲得一些顏色，對該業務的經濟性的一些評論，與該業務的企業部門相比的利潤率概況以及收入組合繼續變化的含義，特別是在你幾週前給我們的最新長期數據的背景。

Yes. So we've talked about this before, our online business is a higher-margin business as it's largely -- not completely, but largely untouched by any person from a sales organization. There are some online account executives that are there to answer questions. But it's minimal compared to our enterprise sales organization. So we certainly took -- we've done a lot of work on modeling what that looks like. And we've taken that into consideration as we laid out our long-term margins that we shared with you at Analyst Day, as we look forward for the next several years and how we think the mix could shift between the online -- sorry, online and enterprise businesses.

是的。所以我們之前已經談過這個，我們的在線業務是一項利潤率更高的業務，因為它在很大程度上——不完全是，但基本上沒有受到銷售組織的任何人的影響。有一些在線客戶經理在那裡回答問題。但與我們的企業銷售組織相比，它是微不足道的。所以我們當然採取了 - 我們已經做了很多工作來模擬它的樣子。我們在製定我們在分析師日與您分享的長期利潤時考慮到了這一點，因為我們期待未來幾年以及我們認為在線之間的組合如何轉變 - 抱歉，在線和企業業務。

Moving on to Ryan MacWilliams with Barclays.

轉到巴克萊銀行的 Ryan MacWilliams。

Follow up on Matt's question. Kelly, you previously noted a potential inflection in the online business early to mid- next year. With churn now right at around pre-pandemic levels, but we're still seeing revenue declines sequentially in this segment, any updates as potential inflection? And also, is there any impact from existing Zoom customers upselling to enterprise on this online business segment?

跟進馬特的問題。凱利，你之前提到過明年年初到年中在線業務的潛在變化。現在流失率大約在大流行前水平，但我們仍然看到該細分市場的收入連續下降，是否有任何更新作為潛在的拐點？而且，現有的 Zoom 客戶向企業追加銷售對這個在線業務部門有什麼影響嗎？

So yes, the answer is yes. There are customers that eventually upsell into enterprise, which is great, right, because that means they're expanding and they're becoming a bigger customer overall, which we love to see, but that does then -- I mean, it's not company churn, but it looks like it's moving out of the online business into the enterprise. And in terms of -- the way we're talking about it is a stabilization of online, and we expect that from a dollar perspective, to still happen in Q2 of next year based on our current forecast that we're seeing.

所以是的，答案是肯定的。有些客戶最終會向企業追加銷售，這很好，對，因為這意味著他們正在擴張，他們正在成為一個整體上更大的客戶，我們樂於看到這一點，但那確實——我的意思是，這不是公司流失，但看起來它正在從在線業務轉移到企業。就-我們談論它的方式是在線穩定，我們預計從美元的角度來看，根據我們目前看到的預測，明年第二季度仍會發生這種情況。

I'm moving on to Parker Lane with Stifel.

我要和 Stifel 一起去帕克巷。

Kelly, you referenced thousands of customers that have signed up for Zoom One since it launched, I believe, about 5 months ago. Can you help me understand the profile of those customers a little bit better? The majority of them tend to be existing customers that have been migrated onto Zoom One new packaging or are you seeing a big net new cohort as well? And then two, is it skewing more enterprise for customers that are thinking about going with Zoom One? Or are you also seeing a pretty decent spread across all different size organizations?

凱利，你提到了自 Zoom One 推出以來已經註冊的數千名客戶，我相信，大約 5 個月前。你能幫我更好地了解這些客戶的概況嗎？他們中的大多數往往是已遷移到 Zoom One 新包裝的現有客戶，或者您是否也看到了一大群新客戶？其次，它是否讓更多企業傾向於考慮使用 Zoom One 的客戶？或者您是否也看到在所有不同規模的組織中都有相當不錯的分佈？

So Eric, I know you love to talk about Zoom One. Do you want to talk about it for a second, just...

埃里克，我知道你喜歡談論 Zoom One。你想談談它嗎，只是...

Absolutely. I think first of all, thank you, Parker. You look at our Zoom One, we launched several months ago, right? And I look at all those customers, minimum-sized enterprise, SMB, they all see the value, what we see and almost every market the second they are moved towards the Zoom One package, they do see the value. But you not see any test markets that the segment truly standing out from all the way from SMB to enterprise. And I think that's exactly what we anticipated.

絕對地。我想首先要謝謝你，帕克。你看看我們幾個月前推出的 Zoom One，對吧？我看著所有這些客戶，最小規模的企業，SMB，他們都看到了價值，我們看到的幾乎每個市場，當他們轉向 Zoom One 軟件包時，他們確實看到了價值。但是你沒有看到任何測試市場，該細分市場從 SMB 到企業一直脫穎而出。我認為這正是我們所預期的。

Thank you, Eric. I would just add to that, that the key customer wins that we saw in Zoom One in Q3 were a pretty balanced mix of new as well as customers that are upselling as they're adding new products to the portfolio. So we're really happy about that, that we're seeing traction in both aspects of the business.

謝謝你，埃里克。我只想補充一點，我們在第三季度的 Zoom One 中看到的關鍵客戶勝利是新客戶和在向產品組合中添加新產品時追加銷售的客戶的相當平衡的組合。因此，我們對此感到非常高興，因為我們在業務的兩個方面都看到了吸引力。

And we'll now hear from Shebly Seyrafi with FBN Security.

我們現在將聽到來自 FBN Security 的 Shebly Seyrafi 的消息。

So I'd like to hear from you what you think your current visibility is compared to, say, 3 months ago. I noticed that your RPA grew by 32% year-to-year, which is impressive. But you also had a decline in your CRPO percentage over the past several quarters, your expansion rate has been declining. And with your guidance for deferred revenue to grow 2% to 3% with my model and getting billings down 10% year-to-year in Q4, and you've never really had a billings decline in my model.

所以我想听聽您認為與 3 個月前相比，您當前的知名度如何。我注意到你們的 RPA 同比增長了 32%，這令人印象深刻。但是在過去的幾個季度中，您的 CRPO 百分比也有所下降，您的擴張率一直在下降。根據您對我的模型的遞延收入增長 2% 至 3% 的指導，以及第四季度賬單同比下降 10%，我的模型中您從未真正看到過賬單下降。

So just talk about the visibility you have right now versus 3 months ago, and when you think you might see this stabilize. Is it a few quarters or is it a few years?

因此，只需談談您現在與 3 個月前的可見度，以及您認為何時可以看到這種穩定。是幾個季度還是幾年？

Yes. So the current RPO pressure is largely related to the online customers and the decline that you're seeing in online as the long-term RPO really benefits from the direct and -- or the enterprise side of our business, which are managed by the direct business and have more annual and multiyear contracts. That's kind of why you see that shift in terms of the overall percentage.

是的。因此，當前的 RPO 壓力在很大程度上與在線客戶以及在線客戶的下降有關，因為長期 RPO 確實受益於直接和 - 或者我們業務的企業方面，這些業務由直接管理業務，並有更多的年度和多年期合同。這就是為什麼你會看到整體百分比發生變化的原因。

I would say, and then the other impact that we're having that we can't -- which is difficult to predict, of course, is FX, right? So you have to consider that, which is more concentrated online than an enterprise. But you heard we, in our guidance that we've reduced, we said about $14 million of that, we believe to be attributable to FX. In general, I would say the economics or the state of our business hasn't changed, meaning, our enterprise business and our enterprise sales organization is stable.

我想說的是，我們無法實現的其他影響——當然，這很難預測，是外匯，對吧？所以你要考慮到，線上比企業更集中。但是你聽說我們，在我們減少的指導中，我們說其中大約 1400 萬美元，我們認為這歸因於外匯。總的來說，我會說經濟或我們的業務狀況沒有改變，這意味著我們的企業業務和我們的企業銷售組織是穩定的。

They're continuing to operate in the same way. The online business with the improvement in churn as well as the way that the majority of it now has shifted out along beyond the 15 months is really helpful in terms of our ability to forecast that business. And so I think the visibility is the same. There's just some different reasons for all those different components that you're talking about.

他們繼續以同樣的方式運作。在線業務隨著客戶流失率的提高以及其中大部分業務在 15 個月後轉移的方式對我們預測該業務的能力非常有幫助。所以我認為能見度是一樣的。您正在談論的所有這些不同的組件只是有一些不同的原因。

The deferred is -- again, the decline you're seeing in Q4 is really due to the front-end loaded nature of our business. And then remember, so the front-end billing -- sorry, the renewals happen at the front end of the year, that's where you're going to see the upswing in billings, the upswing in deferred and then that gets amortized over the years, so deferred's coming down. And then we have much lower renewals in Q4 as well. So the renewals that are filling up the bucket are much, much smaller. So it's -- you mentioned many factors and there's different reasons for all of those.

延期是 - 再一次，你在第四季度看到的下降實際上是由於我們業務的前端負載性質。然後記住，所以前端計費 - 抱歉，續訂發生在年底，所以 deferred 下降了。然後我們在第四季度的續訂率也低得多。因此，填滿桶的續訂要小得多。所以它是 - 你提到了很多因素，所有這些都有不同的原因。

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。

I think given some of your customers are pushing back on launch decisions, are you able to kind of toggle your sales force being focused more on those back-to-base opportunities. And then, Kelly, just a follow-up. Can you share how many of those 9 -- I think you said 9,000, 10,000 seat phone customers are net new to Zoom and then maybe just share were these legacy PBX replacements? Or are you going in and replacing another cloud provider?

我認為，鑑於您的一些客戶正在推遲發布決定，您是否能夠讓您的銷售人員更加專注於那些返回基地的機會。然後，凱利，只是一個後續行動。你能分享一下這 9 個中有多少——我想你說過 9,000、10,000 個座席電話客戶是 Zoom 的新手，然後也許只是分享這些傳統 PBX 的替代品？還是您要進入並更換另一個雲提供商？

Yes. So first of all, remember, our strategy for selling Zoom Phone is selling into the existing installed base. So I don't know actually a split between those 9, but I'm sure that the majority of those were existing Zoom customers. And I think I would say there's a focus on the company that, as Eric has talked about, of expanding not beyond -- not to just Phone, right, but expanding to the full platform.

是的。所以首先，請記住，我們銷售 Zoom Phone 的策略是向現有安裝基礎銷售。所以我不知道這 9 個人之間到底有什麼區別，但我確信其中大多數是現有的 Zoom 客戶。而且我想我會說，正如埃里克所說，公司的重點是擴展而不是超越 - 不僅僅是電話，對，而是擴展到整個平台。

So that's really what we have our teams focusing on now. It's Zoom One, it's Contact Center, it's Zoom IQ for Sales. Now it's e-mail and Calendar and really thinking about that complete platform, including Zoom Chat and the adoption within organization. So for all the reasons we've been talking about in terms of retention, flexibility for organizations to reduce vendors, the cost savings, the total cost of ownership that they see by having that combined, that for all of those reasons, that's really becoming the focus of our enterprise sales organization.

所以這真的是我們團隊現在關注的重點。它是 Zoom One，它是聯絡中心，它是 Zoom IQ for Sales。現在是電子郵件和日曆，真正考慮的是完整的平台，包括 Zoom Chat 和組織內的採用。因此，由於我們一直在討論的所有原因，包括保留、組織減少供應商的靈活性、成本節省以及他們看到的總擁有成本，由於所有這些原因，這真的成為我們企業銷售組織的重點。

And our next question will come from Matthew Niknam with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Matthew Niknam。

I wanted to ask, you mentioned the greater value that customers are seeking out from the broader platform. I'm just wondering, are there specific areas where you see maybe more room to strengthen the platform and with the compression we've seen in market valuations, how are you thinking about potential inorganic opportunities?

我想問，您提到了客戶正在從更廣泛的平台中尋求更大的價值。我只是想知道，您是否認為在某些特定領域可能有更多空間來加強平台，並且隨著我們在市場估值中看到的壓縮，您如何看待潛在的無機機會？

So Eric, do you want to talk about the platform and the value they see?

那麼埃里克，你想談談平台和他們看到的價值嗎？

Yes, sure, absolutely. I think for those customers, right, who deploy Zoom One platform, right, they really like it. The reason why you look at the when same client, the same interface, right, and if you have a scheduled meeting, you can use our Zoom Team Chat to communicate with your teammates and customers make a Zoom call, whiteboard there, now we added a Calendar fully integrated together. I think that's the whole value. And plus, if you look at the customer, we used to be deploying many other partners, always 1 platform, the full UC stack.

是的，當然，絕對。我認為對於那些部署 Zoom One 平台的客戶來說，他們真的很喜歡它。你看同一個客戶端，同一個界面的原因，對吧，如果你有一個預定的會議，你可以使用我們的 Zoom Team Chat 與你的團隊成員和客戶進行溝通，打一個 Zoom 電話，那裡有白板，現在我們添加了一個完全集成在一起的日曆。我認為這就是全部價值。另外，如果你看看客戶，我們過去常常部署許多其他合作夥伴，總是一個平台，完整的 UC 堆棧。

That is value, a seamless experience. And that's why more and more customers, no matter which other cloud business solutions they deploy, for example, we deploy other cloud solutions now they realize the full value of the entire Zoom One platform. We see more and more and customers, they just reach out to us rather than we reach order to them to offset. Now they reach out to us to say, "Yes, I see the great value." And that's why more and more innovations will be built upon the Zoom One platform. And yes, consumers the recently announced and that's our focus to double down on our platform story.

這就是價值，一種無縫的體驗。這就是為什麼越來越多的客戶，無論他們部署了哪種其他雲業務解決方案，例如，我們部署其他雲解決方案，現在他們都意識到了整個 Zoom One 平台的全部價值。我們看到越來越多的客戶，他們只是聯繫我們，而不是我們向他們下訂單來抵消。現在他們聯繫我們說，“是的，我看到了巨大的價值。”這就是為什麼越來越多的創新將建立在 Zoom One 平台上。是的，最近宣布的消費者是我們加倍關注平台故事的重點。

And just in terms of inorganic opportunities, if you can elaborate on that?

就無機機會而言，您能否詳細說明一下？

Sure. So we continue every day to look at opportunities. And yes, the compression evaluation certainly is not lost on us. What we're always trying to balance, of course, is what would it bring to our customers, what would it bring or the impact potentially on our culture and then, of course, the value and the state of the technology, right? We have a high bar for both talent and technology here at Zoom.

當然。所以我們每天都在繼續尋找機會。是的，我們當然不會錯過壓縮評估。當然，我們一直在努力平衡的是它會給我們的客戶帶來什麼，它會帶來什麼或對我們的文化產生什麼潛在影響，當然還有技術的價值和狀態，對嗎？ Zoom 對人才和技術都有很高的要求。

So it's been difficult, I would say, to date to find something that really meets all of those standards. Eric is a very hard judge, but that doesn't mean that we're stopping, and we continue to look for opportunities every day.

所以我想說，迄今為止很難找到真正符合所有這些標準的東西。埃里克是一個非常嚴厲的判斷者，但這並不意味著我們要停下來，我們每天都在繼續尋找機會。

Also, in terms of the full platform experience that I mentioned, our customer, the #1 thing they like our experience. Let's say, if you look at the other biggest service provider, right, how to make sure you have a consistent experience, that's not easy. That's why we tend to look at all those greater technology companies like some we acquired many years ago, again, if you want to just the focus on the branded new service, we might think about the inorganic opportunity. But now look at the UC platform. We already every -- now we just focus on the go-to-market side, right? And we are -- we have a high confidence like we're getting more and more traction there.

此外，就我提到的完整平台體驗而言，我們的客戶是他們喜歡我們體驗的第一件事。比方說，如果你看看其他最大的服務提供商，對吧，如何確保你擁有一致的體驗，這並不容易。這就是為什麼我們傾向於關注所有那些更偉大的科技公司，比如我們多年前收購的一些公司，同樣，如果你只想專注於全新的服務，我們可能會考慮無機機會。但是現在看看UC平台。我們已經——現在我們只關注上市方面，對吧？而且我們 - 我們有很高的信心，就像我們在那裡獲得越來越多的牽引力一樣。

Moving on to Alex Zukin with Wolfe Research.

轉到 Wolfe Research 的 Alex Zukin。

Guys, just maybe I have one question that it's a bit forward, it's a bit hard. But -- if I look at the -- kind of to Shebly's point, the forward-looking metrics and the implicit guide for enterprise revenue next quarter is about 15% to maintain that low 20s for the full year. If you go forward a second, it does look like growth next year is going to be kind of in the low to mid-single digits, assuming the normalization or stabilization of the online business and assuming some further decel with the macro getting tougher.

伙計們，也許我有一個問題，那就是它有點前衛，有點難。但是 - 如果我看 - Shebly 的觀點，下個季度企業收入的前瞻性指標和隱含指南約為 15%，以保持全年的 20 多歲低點。如果你再往前看，假設在線業務正常化或穩定，並假設隨著宏觀經濟變得更加艱難，明年的增長確實會是中低個位數。

With OpEx growing nearly 30% this year, how are we thinking about a worsening environment? Like what's the recession playbook for Zoom? We've seen some companies take some pretty meaningful steps with respect to employees with respect to dialing up, if you will, the efficiency of the business. What's the plan, what's the recession plan here, maybe for both you and Eric?

隨著今年 OpEx 增長近 30%，我們如何看待不斷惡化的環境？比如 Zoom 的經濟衰退劇本是什麼？我們已經看到一些公司在員工方面採取了一些非常有意義的措施，以提高業務效率。計劃是什麼，這裡的經濟衰退計劃是什麼，也許對你和埃里克都是如此？

Yes. So I think that your assessment in terms -- we're not giving -- we just maybe caveat first of all, we're not giving FY '24 guidance on this call. We will do that obviously at the Q4 call. But your assessment, in the way you're kind of thinking about the top line growth is right in line with kind of how we're thinking about it right now. And in terms of then from an operating margin perspective, the way we're thinking about it is, as we're working on our FY '24 plan, we are being very, very thoughtful about prioritization of investments. It's how I would say it.

是的。所以我認為你的評估——我們沒有給出——我們可能首先要警告，我們不會在這個電話會議上給出 24 財年的指導。我們顯然會在第四季度電話會議上這樣做。但是你的評估，以你對收入增長的思考方式，與我們現在的思考方式是一致的。從營業利潤率的角度來看，我們考慮的方式是，在我們制定 24 財年計劃時，我們對投資的優先順序非常、非常深思熟慮。這就是我要說的。

And as you noted, we have grown our expenses, and we've hired a lot this year. And so being very thoughtful about ensuring that they're focused on the right things that we are prioritized internally. We are committed to continuing on innovation and meeting our customers' needs as well as go-to-market expansion. Those are really the top priorities that we have and making sure that we have resources in the right areas for that. I guess that's what I would say.

正如你所指出的，我們增加了開支，而且今年我們招聘了很多人。因此，要非常周到地確保他們專注於我們在內部優先考慮的正確事情。我們致力於繼續創新，滿足客戶的需求以及市場擴張。這些確實是我們的首要任務，並確保我們在正確的領域擁有資源。我想這就是我要說的。

Yes. So Alex, I think we're in a much better position. You look at the efficiency and the potential productivity improvements like cash flow profitability and, of course, we hired, as Kelly mentioned, we hired a lot of team mates this year. I think that they are going to reach full productivity next year. That's why I think -- yes, I think we can weather the storm, right? And for any either short term or long term or short or long recession, and yes, we feel very confident to drive efficiency and productivity.

是的。所以亞歷克斯，我認為我們的處境要好得多。你看看效率和潛在的生產力改進，比如現金流盈利能力，當然，正如凱利提到的，我們今年僱傭了很多隊友。我認為他們明年將達到滿負荷生產。這就是為什麼我認為 - 是的，我認為我們可以渡過難關，對嗎？對於任何短期或長期或短期或長期衰退，是的，我們非常有信心提高效率和生產力。

And I guess maybe just as a follow-up. If I look at the buyback cadence given -- on the one side, Kelly, if you're talking about having to issue shares as long as the stock goes down, on the other side, you have $5 billion in cash on the balance sheet to buy back stock. So how do we -- because I get a lot of questions about dilution, particularly given the supplemental share buyback. So at least on that front, what's the right way to think about over the next year, over the next 2, 3 years, how -- ex M&A, how you're going to leverage that cash balance?

我想也許只是作為後續行動。如果我看一下給出的回購節奏——一方面，凱利，如果你說的是只要股票下跌就必鬚髮行股票，另一方面，你的資產負債表上有 50 億美元的現金回購股票。那麼我們如何 - 因為我收到很多關於稀釋的問題，特別是考慮到補充股票回購。所以至少在這方面，在接下來的一年裡，在接下來的 2、3 年裡，思考的正確方法是什麼——不考慮併購，你將如何利用現金餘額？

Yes. So we think based on the share repurchase program that we've had -- we currently have in place, we've done a good job of being able to offset the dilution from the supplemental shares. We want to be very thoughtful about our cash flows. We just talked about M&A for example. And so especially as we're focusing on our FY '24 plan, our balancing the opportunity for managing dilution as well as earnings on that cash and M&A opportunities.

是的。因此，我們認為，基於我們現有的股票回購計劃——我們目前已經實施，我們在抵消補充股的稀釋方面做得很好。我們希望對我們的現金流進行深思熟慮。例如，我們剛剛談到了併購。因此，特別是當我們專注於我們的 24 財年計劃時，我們平衡管理稀釋的機會以及現金和併購機會的收益。

So all of those are being considered as we look forward for FY '24. And that's really what we have to say today. We'll have more to talk about when we come back for the Q4 call.

因此，在我們期待 24 財年的時候，所有這些都在考慮之中。這就是我們今天要說的。當我們回來參加第四季度電話會議時，我們會有更多的話題要談。

And we'll now hear from Ryan Koontz with Needham & Company.

我們現在將聽到 Needham & Company 的 Ryan Koontz 的來信。

Can unpack the strength in enterprise and how to think about that revenue growth across different product categories? If not quantitative, can you kind of give us an idea where Phone stacks up versus expanded meeting license and any other products look like they can become meaningful in the next 12 months as you look at that on the enterprise side?

能否解開企業的實力以及如何考慮不同產品類別的收入增長？如果不是定量的，您能否給我們一個想法，即 Phone 與擴展的會議許可證相比，以及任何其他產品看起來在未來 12 個月內在企業方面變得有意義？

Yes. So really happy with the progress we've seen with Zoom One, with Zoom Phones and the strength in Zoom Rooms in Q3. We also certainly see potential in contact center and sales like they're just so early that from a -- we're seeing progress there and excitement, but it's early stages. So in terms of what they're contributing overall to the dollar amount, it's minimal at this point. But we are seeing growth in terms of quarter-over-quarter expansion in those products. So that's really exciting to see.

是的。對我們在第三季度看到的 Zoom One、Zoom Phones 和 Zoom Rooms 的優勢感到非常高興。我們當然也看到了聯絡中心和銷售方面的潛力，因為它們還很早，以至於我們看到了那裡的進步和興奮，但它還處於早期階段。因此，就他們對美元金額的總體貢獻而言，目前是微不足道的。但我們看到這些產品的環比擴張有所增長。所以這真的很令人興奮。

And our next question will come from Catharine Trebnick with MKM.

我們的下一個問題將來自 MKM 的 Catharine Trebnick。

One of mine is on your partner program. You brought in a new partner executive last July. Could you specify any particular areas that he's going to concentrate on to drive more revenue? He just interviewed in one of the CRM magazines and said he wants to get to 50% revenue through the channel. And can you just address some of the ideas that he has to implement?

我的一個在您的合作夥伴計劃中。去年 7 月，你引進了一位新的合夥人高管。您能否指定他將專注於增加收入的任何特定領域？他剛剛接受了一份 CRM 雜誌的採訪，並表示他希望通過該渠道獲得 50% 的收入。你能談談他必須實施的一些想法嗎？

So yes, Todd, Catharine is referring to Todd, who joined us, I think, a couple of quarters ago, he's great, at Zoomtopia. He hosted our first partner connect with over 400 partners were there. So that was super exciting to see. And while there are lots of opportunities, I think one of the biggest areas of opportunity is international partner expansion. We've done a good job over the last few years of building up Master Agents and carriers here in the U.S., but it's still relatively nascent outside the U.S. So that will be a big area of focus for sure.

所以，是的，托德，凱瑟琳指的是托德，我認為他是幾個季度前加入我們的，他很棒，在 Zoomtopia。他主持了我們的第一個合作夥伴連接，那裡有 400 多個合作夥伴。所以看到這一點非常令人興奮。雖然有很多機會，但我認為最大的機會領域之一是國際合作夥伴的擴張。在過去的幾年裡，我們在美國這裡建立 Master Agents 和運營商方面做得很好，但它在美國以外的地區還處於相對新生的階段，因此這肯定會成為一個重要的關注領域。

And James Fish with Piper Sandler.

還有 James Fish 和 Piper Sandler。

Most of mine have been asked, but I did actually want to ask on the enterprise sales investment that we've been talking about the last, like, a couple of years. How are you guys looking to balance productivity improvements to support your margin stability versus expanding capacity, especially as these reps who, over the last few years, really had the advantage of an easier sales cycle with Meetings especially? Is there any way to also understand the experience of reps underneath in terms of how much are fully productive at this point?

我的大部分問題都被問到了，但我確實想問一下我們最近幾年一直在談論的企業銷售投資。你們如何尋求平衡生產力提高以支持您的利潤穩定性與擴大產能，特別是作為這些代表，在過去幾年中，他們確實擁有更輕鬆的銷售週期優勢尤其是會議？有沒有什麼方法可以了解下面的代表在此時完全有效率的情況下的經驗？

Yes. So in terms of our reps, we are constantly looking at opportunities to help make them more productive. And as you -- we were just talking about we've hired a lot over the last few years. And as we look forward to FY '24, we'll be making many fewer hires. So we're really looking for how do we enable the reps, how do we make sure that we have the overlay teams in the right places to support them. As a reminder, that's -- we have specialists that are selling Contact Center and Phone. And that's a really important aspect of making sure that everybody is aligned on serving our customers in the best way possible.

是的。因此，就我們的銷售代表而言，我們一直在尋找機會幫助他們提高工作效率。就像你一樣——我們只是在談論我們在過去幾年裡僱傭了很多人。當我們期待 24 財年時，我們將招聘更少的員工。所以我們真的在尋找我們如何啟用代表，我們如何確保我們在正確的地方有覆蓋團隊來支持他們。提醒一下，那是——我們有銷售聯絡中心和電話的專家。這是確保每個人都以盡可能最好的方式為我們的客戶提供服務的一個非常重要的方面。

So that is a big focus. We also have a new President, Greg Tomb, that you all met last quarter. And he's been spending a lot of time helping us think about that, especially as we're moving up in the enterprise stack and that's his experience, where his background is. And then -- and really focusing on making sure that our comp plans aligned. That's another thing that we're taking a look at for FY '24 as well.

所以這是一個很大的重點。我們還有一位新總裁 Greg Tomb，你們在上個季度見過面。他花了很多時間幫助我們思考這個問題，尤其是當我們在企業堆棧中向上移動時，這就是他的經驗，他的背景所在。然後——真正專注於確保我們的薪酬計劃一致。這也是我們正在為 FY '24 考慮的另一件事。

And James, another big point just to add on to what Kelly said. And also the Zoom IQ for Sales product certainly added value to drive our team's productivity, right, especially when reps that work remotely, right, how to manage their productivity, drive efficiency, take some actions, right, quickly. I think we deployed Zoom IQ for Sales by end of this month. Literally every rep will be fully trained on Zoom IQ for Sales. Not only do we have our sales productivity and also we'll create a lot of opportunity for us to sell more and more Zoom IQ for Sales. That's a future value or areas to drive productivity.

詹姆斯，另一個要點是補充凱利所說的話。而且 Zoom IQ for Sales 產品肯定會增加價值，以提高我們團隊的生產力，對，尤其是當代表遠程工作時，對，如何管理他們的生產力，提高效率，採取一些行動，對，對，對。我想我們在本月底之前部署了 Zoom IQ for Sales。從字面上看，每個銷售代表都將接受 Zoom IQ for Sales 的全面培訓。我們不僅擁有我們的銷售生產力，而且我們將為我們創造很多機會來銷售越來越多的 Zoom IQ for Sales。這是推動生產力的未來價值或領域。

Moving on to Matthew VanVliet with BTIG.

轉到 BTIG 的 Matthew VanVliet。

I guess you highlighted Zoom Rooms. And curious how much of that uptick do you feel like has been sort of a return to office for a number of companies and really having that mixed modality of a conference room and still having remote workers in. And how much, I guess, sort of risk might that come under over the next several quarters of being a growth lever as we've seen layoffs, as we see a slower macro and maybe that's not an additive spend that the companies are going to want to undertake when they're already paying for the individual Zoom licenses?

我猜你強調了 Zoom Rooms。好奇的是，你覺得這種上升有多少是因為許多公司回到辦公室，真正擁有會議室的混合模式，但仍然有遠程工作人員。我猜有多少，有點像在接下來的幾個季度中，作為增長槓桿的風險可能會下降，因為我們已經看到裁員，因為我們看到宏觀經濟放緩，也許這不是公司在已經支付時想要承擔的附加支出對於個人 Zoom 許可證？

Yes. I think it's very similar to Zoom Meeting licenses in the aspect of as long as you have a hybrid workforce, you need the right technology in your conference rooms, to ensure that you have this inclusive experience that we've all become so accustomed to. And we continue to listen to our customers, customers work on innovations to ensure that we provide that, but I don't think it's going to go away. I mean we'll see what happens, right?

是的。我認為它與 Zoom Meeting 許可證非常相似，只要你擁有混合勞動力，你的會議室就需要合適的技術，以確保你擁有我們已經習以為常的包容性體驗。我們繼續聽取客戶的意見，客戶致力於創新以確保我們提供這一點，但我認為它不會消失。我的意思是我們會看到會發生什麼，對嗎？

I think it's still yet to come to see what happens with like commercial real estate. However, Zoom Rooms and the importance of those in a hybrid workforce, I just -- I can't tell you how important that is. I can't stress enough the importance of that. And that's really what our customers are seeing as well as they're in some sort of state of a hybrid work environment.

我認為像商業地產這樣的情況還有待觀察。然而，Zoom Rooms 以及那些在混合勞動力中的重要性，我只是——我無法告訴你它有多重要。我怎麼強調它的重要性都不為過。這確實是我們的客戶所看到的，以及他們處於某種混合工作環境的狀態。

And also, Matt, I'll add just quickly. So it used to be like you look at the conference room, right, most of the usage are used internally for internal cost. I look at the Zoom Rooms, that's not the case. A lot of customers are leveraging Zoom, to talk to the customers and their partners, right? That's one difference because that's the reason why customer like Zoom, right? When you talk with the customer partners, you want to make sure they have the best experience, right?

還有，馬特，我會很快補充。所以它以前就像你看會議室一樣，對，大部分使用量都是內部使用的，用於內部成本。我查看了 Zoom Rooms，事實並非如此。許多客戶正在利用 Zoom 與客戶及其合作夥伴交談，對嗎？這是一個區別，因為這就是客戶喜歡 Zoom 的原因，對嗎？當您與客戶合作夥伴交談時，您希望確保他們擁有最好的體驗，對嗎？

And another thing even for those companies who might think about laying off employees and reduce number of the employees, guess what? Less taxes, but more common rooms. Then otherwise, what can you do, right, to double down our customer and partner, right? And that's why we still see the great opportunity ahead of us.

還有一件事，即使對於那些可能考慮裁員和減少員工人數的公司來說，你猜怎麼著？更少的稅，但更多的公共房間。否則，你能做什麼，對，加倍我們的客戶和合作夥伴，對嗎？這就是為什麼我們仍然看到擺在我們面前的巨大機遇。

And we'll move on to Tyler Radke with Citi.

我們將繼續與花旗的 Tyler Radke 合作。

Kelly, in terms of the Q4 guide, I understand that currency was a bit of a factor there on the lower outlook. But can you just unpack kind of what you're assuming from a macro perspective? Is the Q4 guide relative to what was implied last quarter? Is it incorporating churn getting worse in SMB or weaker net adds? Or maybe you're seeing something on the enterprise side? Just help us understand the non-FX side in terms of what you're expecting for Q4.

凱利，就第四季度指南而言，我知道貨幣是影響較低前景的一個因素。但是你能從宏觀的角度解開你假設的東西嗎？ Q4 指南是否與上一季度的暗示相關？它是否包含客戶流失在 SMB 中變得更糟或淨增加更弱？或者，也許您在企業方面看到了一些東西？只是幫助我們了解您對第四季度的期望方面的非外匯方面。

Yes. So in the online segment of the business for Q4, we expect churn to be pretty much in line with Q3. I mean it's likely that number is going to bounce around a little bit quarter-to-quarter, and that's going to all be visible to you now as we report it, but we're not forecasting any dramatic changes there. And then in the online segment, I would say that the -- I mean, sorry, in the enterprise segment, I would say the biggest change that we're seeing is just this continued push to deals being at the back end of the quarter. And so that linearity -- over the last few years, we had a much more balanced linearity in our enterprise segment. And what that leads to, of course, is deals contributing to revenue in the quarter.

是的。因此，在第四季度的在線業務部分，我們預計客戶流失率與第三季度基本持平。我的意思是，這個數字很可能會在每個季度之間略有反彈，並且在我們報告時您現在都可以看到這一點，但我們並沒有預測那裡會有任何戲劇性的變化。然後在在線部分，我會說 - 我的意思是，抱歉，在企業部分，我會說我們看到的最大變化就是在本季度末繼續推動交易.因此，這種線性——在過去幾年中，我們在企業領域的線性更加平衡。當然，這會導致交易對本季度的收入做出貢獻。

And we're seeing much less of that as these deals are going back to the more traditional back end, really, really back end of the quarter. Now we have the benefit in Q4 of having kind of the 2 periods of December 31 close and then the January 31 close, but we are expecting the linearity more consistent like with what we've seen in Q3 than what we saw a year ago.

而且我們看到的情況要少得多，因為這些交易正在回到更傳統的後端，真的，真的是本季度的後端。現在我們在第四季度獲得了 12 月 31 日收盤和 1 月 31 日收盤這兩個時期的好處，但我們預計線性度與我們在第三季度看到的情況相比一年前更一致。

And we have time for one additional question from Karl Keirstead with UBS.

我們還有時間回答 Karl Keirstead 和 UBS 的另一個問題。

Kelly, I'd just love to ask you about the -- your perceived utility of the billings number. Traditionally, we look at that number as a decent proxy for business momentum. But obviously, minus 10% in 4Q and plus 1% for the full year. I'm guessing you would argue that, that's a poor proxy for Zoom's momentum. So can you opine on that a little bit? Because I think maybe there's some consternation about that negative 10 implied-percent billings.

凱利，我只想問你關於 - 你對賬單號碼的感知效用。傳統上，我們將該數字視為業務發展勢頭的良好代表。但很明顯，第四季度為負 10%，全年為正 1%。我猜你會爭辯說，這不能很好地代表 Zoom 的發展勢頭。那麼你能對此發表一點意見嗎？因為我認為負 10 的隱含百分比賬單可能讓人有些驚慌。

Thank you, Karl. I should have said this earlier. So as a reminder, we don't guide to billings. We never have, because we don't think that they are a good indicator for us because of the large percentage of our customers that are, especially in the online segment of the business -- that are on monthly contracts. And so because they bill and they pay us monthly, they don't show up in that number. And so that's why it doesn't -- it isn't really a good proxy for you to use.

謝謝你，卡爾。我應該早點說這個。所以提醒一下，我們不指導賬單。我們從來沒有，因為我們認為它們對我們來說不是一個好的指標，因為我們的客戶中有很大一部分，尤其是在業務的在線部分——是按月簽訂合同的。因此，因為他們按月向我們收費，所以他們不會出現在那個數字中。這就是為什麼它沒有——它並不是一個真正適合您使用的代理。

Okay. And as a follow-up, Kelly, is there anything else that's skewing that DR number? Is there any change to invoicing terms or maybe more flexible payment terms to customers that maybe on the margin are impacting DR as well?

好的。作為後續行動，Kelly，還有什麼其他因素會影響 DR 數字嗎？發票條款是否有任何變化，或者對客戶更靈活的付款條款是否也可能影響 DR？

Nothing significant. It's really more about the timing -- you're talking about the deferred revenue, specifically, right? Really about the seasonality of the renewals, I can't stress that enough for everybody. Remember, it's the 2 factors. It's the fact that they bill in Q1 and then so you're going to see an uptick in billings and deferred and collections and then that amortizes over time. And then the billings in Q4 are just a lot smaller. So you have this double impact, right?

沒什麼大不了的。這實際上更多的是關於時間——你在談論遞延收入，具體來說，對吧？關於續訂的季節性，我怎麼強調都不為過。請記住，這是兩個因素。事實上，他們在第一季度開具賬單，然後你會看到賬單、遞延和收款的增加，然後隨著時間的推移攤銷。然後第四季度的賬單要小得多。所以你有這種雙重影響，對吧？

Now you've amortized a lot of the deferred that was picked up in Q1, so we're down at the lowest period in Q4 and the billings in Q4 are the lightest period to refill that bucket. So it's going to -- this is going to be a phenomenon that we're going to see for years to come, as I talked about until, over time, we start to see more and more of our bookings happening in Q4 but that's going to take a long time.

現在你已經攤銷了第一季度收到的很多延期付款，所以我們處於第四季度的最低時期，第四季度的賬單是重新填滿該桶的最輕時期。所以這將是 - 這將是我們將在未來幾年看到的一種現象，正如我所說的，直到隨著時間的推移，我們開始看到越來越多的預訂發生在第四季度，但這種情況正在發生需要很長時間。

And again, that does conclude our Q&A session for today. I'll go ahead and turn things back over to Eric for any closing or additional remarks.

再一次，我們今天的問答環節到此結束。我會繼續，然後將事情交還給埃里克（Eric），以徵求任何結束意見或補充意見。

Thank you. First of all, thank you for every Zoom employees' great work. Thank you for every customer, partner and investors' great support. You all have wonderful holiday. Thank you again, see you in our Q4 meeting. Thank you.

謝謝你。首先感謝每一位Zoom員工的出色工作。感謝每一位客戶、合作夥伴和投資者的大力支持。你們都有美好的假期。再次感謝您，我們第四季度會議見。謝謝你。

Thank you, Eric. And again, this does conclude today's earnings release. We thank you all so much for your participation. And from our family to yours, may you have a safe and happy holiday season. Enjoy the rest of your day. And again, we'll see you next quarter.

謝謝你，埃里克。再一次，這確實結束了今天的收益發布。我們非常感謝大家的參與。從我們的家人到您的家人，願您度過一個安全快樂的假期。享受你剩下的一天。再一次，我們下個季度見。