Zoom Video Communications Inc (ZM) 2023 Q4 法說會逐字稿

Thank you, Kelcey. Hello, everyone, and welcome to Zoom's earnings video webinar for the fourth quarter and full year of FY '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，歡迎觀看 Zoom 23 財年第四季度和全年的收益視頻網絡研討會。 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. 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 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重點的幻燈片，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 first quarter and full fiscal year 2024, our expectations regarding financial and business trends, impacts from the macro environment, our market position, opportunities, go-to-market initiatives, growth strategies and business aspirations and product initiatives and the expected benefits of such initiatives. These statements are only predictions that are based on what we believe today, and actual results may differ materially.

在此次電話會議中，我們將做出前瞻性陳述，包括關於我們對 2024 年第一季度和整個財政年度的財務展望、我們對財務和業務趨勢的預期、宏觀環境的影響、我們的市場地位、機遇、未來的陳述——上市計劃、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。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。

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 we may make on today's webinar.

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 show you a quick video highlighting our exciting technologies before turning the discussion over to Eric. Kelcey, please queue up the video.

因此，在將討論轉交給 Eric 之前，讓我向您展示一個簡短的視頻，重點介紹我們令人興奮的技術。 Kelcey，請排隊觀看視頻。

(presentation)

（推介會）

Wow, that's amazing. Thank you, Tom, and thank you, everyone, for joining us today. So FY '23 was truly a pivotal period in our evolution into a full collaboration platform. As you saw in the video, we launched multiple innovations to help transform work and expanded our product portfolio to open new markets.

哇，太神奇了。謝謝你，湯姆，也謝謝大家今天加入我們。因此，23 財年確實是我們向完整協作平台發展的關鍵時期。正如您在視頻中看到的那樣，我們推出了多項創新來幫助轉變工作並擴展我們的產品組合以開闢新市場。

Since Zoom Contact Center's release early last year, we have worked hard to expand its features, functionality and integrations. In Q4, we landed a 2,000-seat contact center deal, our largest to date. It has truly demonstrated the rapid progress we have made towards becoming a full-fledged contact center solution.

自 Zoom Contact Center 去年初發布以來，我們一直在努力擴展其特性、功能和集成。在第四季度，我們達成了迄今為止最大的一筆 2,000 座聯絡中心交易。它真實地展示了我們在成為成熟的聯絡中心解決方案方面取得的快速進步。

And the success of our Zoom One bundle, which we launched last June, contributed to the strong performance of Zoom Phone, which, in Q4, exceeded 5.5 million seats, making us a clear leader in the space. We closed out the fiscal year with the release of Zoom Virtual Agent, an intelligent conversational AI and a chatbot solution that we believe will transform the way businesses assist their customers and employees.

我們去年 6 月推出的 Zoom One 捆綁包的成功為 Zoom Phone 的強勁表現做出了貢獻，Zoom Phone 在第四季度擁有超過 550 萬個席位，使我們成為該領域的明顯領導者。我們以 Zoom Virtual Agent 的發布結束了本財年，這是一種智能對話式 AI 和聊天機器人解決方案，我們相信這將改變企業協助客戶和員工的方式。

FY '23 was not without its challenges. We experienced headwinds in terms of currency impact, online contraction and deal scrutiny, which continued into Q4. And a few weeks ago, we made the very tough but necessary decision to reduce our team by 15% and saying goodbye to around 1,300 hard-working, talented Zoom colleagues.

FY '23 並非沒有挑戰。我們在貨幣影響、在線收縮和交易審查方面遇到了不利因素，這種情況一直持續到第四季度。幾週前，我們做出了一個非常艱難但必要的決定，將我們的團隊縮減 15%，並告別了大約 1,300 名勤奮、才華橫溢的 Zoom 同事。

I want to extend to my heartfelt appreciation and deepest the gratitude for their crucial contribution to Zoom. This painful exercise has been a tremendous learning experience for us, and it allows us to look inward to reset ourselves so we can weather the economic environment with greater focus and agility, deliver for our customers and achieve Zoom's long-term vision.

我要對他們對 Zoom 做出的重要貢獻表示衷心的感謝和最深切的感謝。這種痛苦的練習對我們來說是一次巨大的學習經歷，它使我們能夠向內看並重新設定自己，以便我們能夠更加專注和敏捷地應對經濟環境，為我們的客戶提供服務並實現 Zoom 的長期願景。

Now let me discuss our strategic focuses in FY '24 and beyond. First, we'll help redefine teamwork through offering new immersive experiences that improved employee engagement and modern collaboration tools for ideation across locations and modalities. And we will give teams everything they need through a single pane of glass.

現在讓我討論我們在 24 財年及以後的戰略重點。首先，我們將通過提供新的沉浸式體驗來幫助重新定義團隊合作，這些體驗提高了員工的敬業度，並提供了用於跨地點和模式構思的現代協作工具。我們將通過單一管理平台為團隊提供他們所需的一切。

Second, the age of AI and large language models has arrived, and we want to empower smarter experiences and workflows that truly enable our customers to benefit from these transformational tools. By embedding AI into more workflows, we can provide our customers with richer, more actionable insights that empower them to work smarter and serve their customers better.

其次，人工智能和大型語言模型的時代已經到來，我們希望賦予更智能的體驗和工作流程，真正讓我們的客戶從這些轉型工具中受益。通過將 AI 嵌入到更多工作流程中，我們可以為客戶提供更豐富、更具可操作性的見解，使他們能夠更智能地工作並更好地為客戶服務。

Zoom IQ, Zoom Virtual Agent as well as our translation, captioning and meeting summary tools are just at the beginning. We will layer more AI technologies into our products to truly help our customers maximize their ROI on our platform and thrive in this new era of computing.

Zoom IQ、Zoom Virtual Agent 以及我們的翻譯、字幕和會議摘要工具才剛剛開始。我們將在我們的產品中加入更多人工智能技術，真正幫助我們的客戶最大限度地提高他們在我們平台上的投資回報率，並在這個新的計算時代蓬勃發展。

Third, we will offer more and more departments tailored solutions to meet their nuanced digital transformation needs. We constantly solicit feedback not only from CIOs but also heads of sales, customer experience leads and many other leaders across various industries. Zoom IQ for Sales was built in this collaborative fashion and has already added tremendous value to many sales teams.

第三，我們將為越來越多的部門提供量身定制的解決方案，以滿足他們細緻入微的數字化轉型需求。我們不僅不斷徵求首席信息官的反饋，還徵求銷售主管、客戶體驗負責人和各行各業的許多其他領導者的反饋。 Zoom IQ for Sales 就是以這種協作方式構建的，並且已經為許多銷售團隊增加了巨大的價值。

You can expect additional industry-specific and department-specific applications developed both by us and our third-party partners. All of this comes together as a collaboration platform that unites people to unlock their potential, enables more dynamic and intelligent experiences and allows us to reimagine productivity and work.

您可以期待由我們和我們的第三方合作夥伴共同開發的其他行業特定和部門特定的應用程序。所有這一切匯集在一起，形成一個協作平台，將人們團結起來，釋放他們的潛力，帶來更加動態和智能的體驗，並讓我們重新構想生產力和工作。

As we navigate this period of technological and economic volatility, our role as a trusted partner providing best-in-class unified communications services has never been more crucial. Again, this is a tremendous opportunity in front of us, and we are very confident that our strong foundation, ambitious vision and customer-centric culture will enable us to seize this opportunity and continue to lead the way in the unified communications and collaboration space.

在我們度過這個技術和經濟動盪時期的過程中，作為提供一流統一通信服務的值得信賴的合作夥伴，我們的角色從未像現在這樣重要。同樣，這是擺在我們面前的巨大機遇，我們非常有信心，我們強大的基礎、雄心勃勃的願景和以客戶為中心的文化將使我們能夠抓住這一機遇，繼續在統一通信和協作領域處於領先地位。

Now moving on to some of our customer wins. I want to thank Aramco, one of the world's leading integrated energy and chemicals companies, for establishing a strategic partnership with Zoom. This is a landmark multiyear partnership where we will provide a full suite of collaboration services, including Zoom Meetings, Team Chat, Phone, Events and Zoom Rooms.

現在繼續我們的一些客戶勝利。我要感謝世界領先的綜合能源和化工公司之一沙特阿美與 Zoom 建立戰略合作夥伴關係。這是具有里程碑意義的多年合作夥伴關係，我們將提供全套協作服務，包括 Zoom 會議、團隊聊天、電話、活動和 Zoom Rooms。

In addition, we will work together to build a data center in the region and explore the joint development of innovative technology solutions. We are so grateful that Aramco has chosen to partner with Zoom on their digitization strategy.

此外，我們將共同在該地區建設數據中心，探索聯合開發創新技術解決方案。我們非常感謝沙特阿美選擇與 Zoom 合作實施其數字化戰略。

I'd also like to thank Nasdaq, my favorite company, who has been a Zoom customer for several years, Recognizing Zoom's strong reliability, security and ease of use, they expanded to Zoom One, our all-in-one unified communications and collaborations bundle. As part of this expansion, Nasdaq will be deploying Zoom Phone and also adding capabilities like a translation and advanced Whiteboard to their Zoom Meetings.

我還要感謝納斯達克，我最喜歡的公司，多年來一直是 Zoom 的客戶，認識到 Zoom 強大的可靠性、安全性和易用性，他們擴展到 Zoom One，我們的多合一統一通信和協作捆。作為此次擴展的一部分，納斯達克將部署 Zoom Phone，並為其 Zoom Meetings 添加翻譯和高級白板等功能。

I want also to thank Raymond James, a leading financial services company, for expanding their relationship with us by integrating Zoom Phone to their Zoom Meetings implementation for a more complete communications package. We are excited to work with Raymond James to provide a highly reliable and secure system, enabling their employees to communicate, collaborate and ultimately thrive in a hybrid work world.

我還要感謝領先的金融服務公司 Raymond James，通過將 Zoom Phone 集成到他們的 Zoom Meetings 實施中以獲得更完整的通信包，從而擴大了他們與我們的關係。我們很高興與 Raymond James 合作提供高度可靠和安全的系統，使他們的員工能夠在混合工作環境中進行交流、協作並最終茁壯成長。

I want to also thank Barracuda Networks, which builds cloud-first, enterprise-grade security solutions, for expanding with Zoom. A long-standing Zoom Meetings customer, Barracuda saw the value of having a single platform for all their communications needs and upgraded wall-to-wall to Zoom One Enterprises Plus in Q4.

我還要感謝 Barracuda Networks，它構建了雲優先的企業級安全解決方案，通過 Zoom 進行擴展。作為 Zoom Meetings 的長期客戶，Barracuda 看到了擁有滿足其所有通信需求的單一平台的價值，並在第四季度將 wall-to-wall 升級為 Zoom One Enterprises Plus。

In addition, Barracuda also chose Zoom IQ for Sales to enhance sales engagement and Zoom Contact Center to elevate the customer experience. Again, thank you, Aramco, Nasdaq, Raymond James, Barracuda Networks and all of our customers worldwide.

此外，梭子魚還選擇了 Zoom IQ for Sales 來增強銷售參與度，並選擇了 Zoom Contact Center 來提升客戶體驗。再次感謝沙特阿美、納斯達克、雷蒙德詹姆斯、梭子魚網絡和我們在全球的所有客戶。

And before closing, let me express my warm welcome to Cindy Hoots, for joining our Board of Directors. Cindy brings a wealth of experience and currently is the Chief Digital Officer and Chief Information Officer at AstraZeneca. We're so excited to work with her.

在結束之前，讓我熱烈歡迎 Cindy Hoots 加入我們的董事會。 Cindy 帶來了豐富的經驗，目前是阿斯利康的首席數字官和首席信息官。我們很高興能和她一起工作。

I also want to welcome our new Chief Product Officer, Smita Hashim, who joins us from a seasoned executive career at Microsoft and Google. We are also super excited to work with her.

我還要歡迎我們的新任首席產品官 Smita Hashim，他曾在 Microsoft 和 Google 擔任過經驗豐富的高管，現在加入我們。我們也非常高興能與她合作。

And with that, I'll pass over to Kelly. Thank you.

有了這個，我將交給凱利。謝謝。

Thank you, Eric, and hello, everyone. Let me start with a few of the financial highlights for FY '23 and the results for Q4 and then provide our outlook for Q1 and FY '24. We delivered solid results in FY '23. Here were some of the highlights. Our Enterprise business grew 24%, our non-GAAP operating margin was 35.9%, and we achieved a free cash flow margin of 27%.

謝謝你，埃里克，大家好。讓我從 23 財年的一些財務亮點和第四季度的結果開始，然後提供我們對 24 財年第一季度和 24 財年的展望。我們在 23 財年取得了可觀的成績。以下是一些亮點。我們的企業業務增長了 24%，我們的非 GAAP 營業利潤率為 35.9%，我們實現了 27% 的自由現金流利潤率。

In Q4, total revenue came in at $1.118 billion, up 4% year-over-year and 6% in constant currency. This result was approximately $13 million above the high end of our guidance. The growth in revenue was primarily driven by strength in our Enterprise business, which grew 18% year-over-year and represented 57% of total revenue, up from 50% a year ago. We expect Enterprise customers to comprise an increasingly higher percentage of total revenue over time.

第四季度，總收入為 11.18 億美元，同比增長 4%，按固定匯率計算增長 6%。這一結果比我們指導的上限高出約 1300 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 18%，佔總收入的 57%，高於一年前的 50%。隨著時間的推移，我們預計企業客戶在總收入中所佔的比例將越來越高。

From a product perspective, we had strong growth in Zoom Phone, coupled with contribution from Zoom Rooms and other products. Online average monthly churn decreased to 3.4% from 3.8% in Q4 of FY '22 and increased slightly from 3.1% in Q3, as expected, due to seasonality.

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。由於季節性，在線平均每月流失率從 22 財年第四季度的 3.8% 下降到 3.4%，並從第三季度的 3.1% 略有上升。

The number of Enterprise customers grew 12% year-over-year to approximately 213,000. Our trailing 12-month net dollar expansion rate for Enterprise customers in Q4 came in at a healthy 115%. We saw a 27% year-over-year growth in the upmarket as we ended the quarter with 3,471 customers contributing more than $100,000 in trailing 12 months revenue. These customers represent 28% of revenue, up from 23% in Q4 of FY '22, and span diverse industries such as healthcare, education, government and more.

企業客戶數量同比增長 12% 至約 213,000。我們在第四季度為企業客戶提供的 12 個月淨美元增長率達到了 115% 的健康水平。我們看到高端市場同比增長 27%，因為我們在本季度結束時有 3,471 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 28%，高於 22 財年第四季度的 23%，涵蓋醫療保健、教育、政府等多個行業。

Our Americas revenue grew 10% year-over-year. EMEA continues to be impacted by the stronger dollar, macro headwinds and online performance, which, combined, led to a decline of 9% year-over-year. APAC, also impacted by the stronger dollar, declined 5% year-over-year.

我們的美洲收入同比增長 10%。歐洲、中東和非洲地區繼續受到美元走強、宏觀逆風和在線業績的影響，這些因素加在一起導致同比下降 9%。亞太地區也受到美元走強的影響，同比下降 5%。

Now turning to expenses and margins. A quick note on our GAAP results. In Q4, they included a onetime stock-based compensation expense of $208 million due to the sunsetting of our supplemental grant program, which carries neither dilutive nor tax deduction impacts.

現在轉向費用和利潤率。關於我們的 GAAP 結果的快速說明。在第四季度，由於我們的補充贈款計劃的終止，他們包括了 2.08 億美元的一次性基於股票的補償費用，該計劃既沒有稀釋也沒有減稅影響。

Moving on to 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.

繼續我們的非 GAAP 結果，其中不包括基於股票的補償費用和相關的工資稅、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的稅收影響。

Non-GAAP gross margin in Q4 was 79.8%, an improvement from 78.3% in Q4 of last year and 79.5% last quarter. The sequential improvement was mainly due to optimizing usage across the public cloud and our co-located data centers. For FY '24, we expect non-GAAP gross margin to be approximately 79.5%.

第四季度非美國通用會計準則毛利率為 79.8%，高於去年第四季度的 78.3% 和上一季度的 79.5%。連續改進主要是由於優化了公共雲和我們位於同一地點的數據中心的使用。對於 24 財年，我們預計非 GAAP 毛利率約為 79.5%。

Research and development expense grew by 43% year-over-year to approximately $103 million. As a percentage of total revenue, R&D expense increased to 9.2% from 6.7% in Q4 of last year, reflecting our investments in expanding our product portfolio. Looking ahead, innovation will remain a top priority for Zoom.

研發費用同比增長 43%，達到約 1.03 億美元。作為總收入的百分比，研發費用從去年第四季度的 6.7% 增加到 9.2%，反映了我們對擴大產品組合的投資。展望未來，創新仍將是 Zoom 的重中之重。

Sales and marketing expense grew by 20% year-over-year to $301 million. This represented approximately 26.9% of total revenue, up from 23.4% in Q4 of last year. As part of our restructuring, we are optimizing our go-to-market strategy to better support our Enterprise customers and drive additional productivity. G&A expense declined by 12% to $84 million or approximately 7.5% of total revenue, down from 8.9% in Q4 of last year, as we focused on achieving greater efficiencies in our back office.

銷售和營銷費用同比增長 20% 至 3.01 億美元。這約佔總收入的 26.9%，高於去年第四季度的 23.4%。作為我們重組的一部分，我們正在優化我們的上市戰略，以更好地支持我們的企業客戶並提高生產力。 G&A 費用下降 12% 至 8400 萬美元，約佔總收入的 7.5%，低於去年第四季度的 8.9%，因為我們專注於提高後台辦公室的效率。

Non-GAAP operating income was $405 million, exceeding the high end of our guidance and -- excuse me, exceeding the high end of our guidance of $326 million as we took actions to reprioritize our investments in Q4. This translates to a 36.2% non-GAAP operating margin for Q4 as compared to 39.2% in Q4 of last year.

非 GAAP 營業收入為 4.05 億美元，超過了我們指導的上限，並且 - 對不起，超過了我們指導的 3.26 億美元的上限，因為我們採取行動重新安排了第四季度的投資。這意味著第四季度的非美國通用會計準則營業利潤率為 36.2%，而去年第四季度為 39.2%。

Non-GAAP diluted earnings per share in Q4 was $1.22, $0.44 above the high end of our guidance. Due to our share repurchase program, our Q4 weighted average share count has decreased year-over-year by approximately 5 million shares to 301 million.

第四季度非 GAAP 攤薄後每股收益為 1.22 美元，比我們指導的上限高出 0.44 美元。由於我們的股票回購計劃，我們第四季度的加權平均股數同比減少約 500 萬股至 3.01 億股。

Turning to the balance sheet. Deferred revenue at the end of the period was $1.3 billion, up 11% year-over-year from $1.2 billion. This is above our guidance as we saw increased commitments from customers and extended contract durations. Looking at both our billed and unbilled contracts, our RPO totaled approximately $3.4 billion, up 30% year-over-year from $2.6 billion. We expect to recognize approximately 56% of the total RPO as revenue over the next 12 months as compared to 63% in Q4 of last year.

轉向資產負債表。期末遞延收入為 13 億美元，較上年同期的 12 億美元增長 11%。這超出了我們的指導，因為我們看到客戶的承諾增加了，合同期限也延長了。查看我們的已開票和未開票合同，我們的 RPO 總額約為 34 億美元，比去年同期的 26 億美元增長 30%。我們預計在未來 12 個月內將總 RPO 的約 56% 確認為收入，而去年第四季度為 63%。

As a reminder, our annual seasonality of renewals is weighted towards the first half of the year. We expect Q1 deferred revenue to be up 0% to 1% year-over-year, partially due to the strengthening of the dollar starting late in Q1 of FY '23. Since then, the major currencies we do business in are down 5% to 10% vis-a-vis the dollar.

提醒一下，我們每年的續訂季節性都集中在上半年。我們預計第一季度遞延收入同比增長 0% 至 1%，部分原因是美元從 23 財年第一季度末開始走強。從那時起，我們開展業務的主要貨幣兌美元匯率下跌了 5% 至 10%。

We ended the quarter with approximately $5.4 billion in cash, cash equivalents and marketable securities, excluding restricted cash. We had operating cash flow in the quarter of $212 million, up from $209 million in Q4 of last year. Free cash flow was $183 million as compared to $189 million in Q4 of last year. Our margins for operating cash flow and free cash flow were 18.9% and 16.4%, respectively.

本季度結束時，我們擁有約 54 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。我們在本季度的運營現金流為 2.12 億美元，高於去年第四季度的 2.09 億美元。自由現金流為 1.83 億美元，而去年第四季度為 1.89 億美元。我們的經營現金流和自由現金流的利潤率分別為 18.9% 和 16.4%。

Because the Section 174 tax legislation requiring capitalization of R&D expenses was not repealed in FY '23, we incurred an additional cash tax payment in Q4. Despite this payment, we still exceeded the high end of our previously provided range by $36 million for a full year total of $1.186 billion. For FY '24, we expect free cash flow to be in the range of $1.2 billion to $1.25 billion.

由於要求研發費用資本化的第 174 條稅法在 23 財年沒有廢除，我們在第四季度產生了額外的現金稅款。儘管支付了這筆款項，我們仍然比之前提供的範圍的高端高出 3600 萬美元，全年總額為 11.86 億美元。對於 24 財年，我們預計自由現金流將在 12 億美元至 12.5 億美元之間。

Now turning to guidance. For the first quarter of FY '24, we expect revenue to be in the range of $1.08 billion to $1.085 billion, which, at the midpoint, would represent approximately 1% year-over-year growth or 2% in constant currency. We expect non-GAAP operating income to be in the range of $374 million to $379 million. Our outlook for non-GAAP earnings per share is $0.96 to $0.98 based on approximately 304 million shares outstanding. This outlook reflects the 3 fewer days in Q1 versus all other quarters.

現在轉向指導。對於 24 財年第一季度，我們預計收入將在 10.8 億美元至 10.85 億美元之間，按中點計算，這將代表同比增長約 1% 或按固定匯率計算增長 2%。我們預計非 GAAP 營業收入將在 3.74 億美元至 3.79 億美元之間。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 0.96 美元至 0.98 美元。這一前景反映出第一季度與所有其他季度相比減少了 3 天。

For the full year of FY '24, we expect revenue to be in the range of $4.435 billion to $4.455 billion, which, at the midpoint, represents approximately 1% of year-over-year growth or 2% in constant currency. We expect our non-GAAP operating income to be in the range of $1.606 billion to $1.626 billion, representing a non-GAAP operating margin of approximately 36%. Our tax rate is expected to approximate the blended U.S. federal and state rates. Our outlook for non-GAAP earnings per share is $4.11 to $4.18 based on approximately 309 million shares outstanding.

對於 24 財年全年，我們預計收入將在 44.35 億美元至 44.55 億美元之間，按中點計算，約占同比增長的 1% 或按固定匯率計算的 2%。我們預計我們的非 GAAP 營業收入將在 16.06 億美元至 16.26 億美元之間，代表非 GAAP 營業利潤率約為 36%。我們的稅率預計接近美國聯邦和州的混合稅率。基於約 3.09 億股已發行股票，我們對非 GAAP 每股收益的預期為 4.11 美元至 4.18 美元。

Zoom is dedicated to maintaining a careful balance between growth and profitability. We remain committed to innovating our platform, optimizing our go-to-market motions and evolving our culture to meet the dynamic needs of the market. We are confident that our continued investment in innovation will enable us to provide an even greater value to our customers, while also positioning us for sustained growth.

Zoom 致力於在增長和盈利之間保持謹慎的平衡。我們仍然致力於創新我們的平台，優化我們的上市行動並發展我們的文化以滿足市場的動態需求。我們相信，我們對創新的持續投資將使我們能夠為客戶提供更大的價值，同時也為我們的持續增長做好準備。

Thank you to the Zoom employees, our customers, our community and our investors. Kelcey, please queue up our first question.

感謝 Zoom 員工、我們的客戶、我們的社區和我們的投資者。 Kelcey，請排隊等待我們的第一個問題。

(Operator Instructions) And our first question will come from Fred Lee with Credit Suisse.

（操作員說明）我們的第一個問題將來自瑞士信貸的 Fred Lee。

Can you all hear me?

你們都能聽到嗎？

Yes.

是的。

Yes, I could.

是的我可以。

Kelly, just a question regarding the full year operating margin guide, which looks like it's coming in around 5 percentage points above consensus. I was wondering if you could break down where those efficiencies are coming from. How much was coming from the RIF versus efficiencies in other operating expense items?

凱利，關於全年營業利潤率指南的問題，看起來比共識高出約 5 個百分點。我想知道您是否可以分解這些效率的來源。 RIF 與其他運營費用項目的效率相比有多少？

Yes. Thank you. So as I mentioned in the prepared remarks, we started really focusing on driving efficiencies across the business in Q4, as you saw in the results. This came from looking across all third-party spend and then as we moved into Q1, of course, the reduction.

是的。謝謝。因此，正如我在準備好的評論中提到的那樣，正如您在結果中看到的那樣，我們開始真正專注於在第四季度提高整個企業的效率。這是來自查看所有第三方支出，然後當我們進入第一季度時，當然會減少。

And so it's really a combination of that as well as looking across all of our business processes, including go-to-market, where there's a restructuring happening, to really focus the resources on our Enterprise customers and be as efficient as we can in our commercial and small business teams.

因此，這實際上是這兩者的結合，同時還要審視我們所有的業務流程，包括進入市場，進行重組，真正將資源集中在我們的企業客戶身上，並儘可能提高我們的效率商業和小型企業團隊。

Got it. And a quick question for Eric. With regard to everything that's happening around AI and generative AI, you've talked a little bit about some of the new product areas where you're expecting some initial impact. So how would you -- what kind of analogy can you draw for investors and for us with regard to the uptake of all things generative AI? A little bit of commentary on that would be greatly appreciated.

知道了。還有一個簡單的問題要問埃里克。關於圍繞 AI 和生成 AI 發生的一切，您已經談到了一些您預計會產生初步影響的新產品領域。那麼你會如何 - 你可以為投資者和我們得出什麼樣的類比來理解生成人工智能的所有事物？對此提供一點評論將不勝感激。

Sure. So yes, first of all, that's a great question about AI. I think your question about AI sort of reminds me of 1995, 1996 when Internet was -- the first wave of Internet revolution. I was so excited. That's why I moved to Silicon Valley, right, to embrace that first wave of revolution. And since then, I was a [sucker] for real-time collaboration until today.

當然。所以是的，首先，這是關於人工智能的一個很好的問題。我認為你關於人工智能的問題讓我想起了 1995 年、1996 年互聯網出現的第一波互聯網革命浪潮。我是如此興奮。這就是為什麼我搬到矽谷去迎接第一波革命的原因。從那時起，直到今天，我一直是實時協作的 [傻瓜]。

I can tell you, speaking of AI, I'm as excited as 1995 maybe. Sorry, I'm wrong, maybe more excited than 1995, 1996, given my engineering and product background. I think AI (inaudible) sort of faced the challenge, at the same time, also have a huge opportunity ahead of all of us, right?

我可以告訴你，說到 AI，我可能和 1995 年一樣興奮。抱歉，我錯了，考慮到我的工程和產品背景，我可能比 1995 年、1996 年更興奮。我認為人工智能（聽不清）有點面臨挑戰，同時，也有一個巨大的機會擺在我們面前，對吧？

Given our strong innovation culture, I think AI can truly help Zoom, right, to evolve us, to cut sort of part of the Zoom 2.0 journey, right? I think Zoom may be the AI-first company. Speaking of specifically features all leverage AI. And even before we talk about ChatGPT and talk about all those AI, actually, we already invest having on AI, right? So some customers may not see that, right? Like noise reduction, even virtual background, a lot of things like that.

鑑於我們強大的創新文化，我認為人工智能可以真正幫助 Zoom，對，讓我們進化，減少 Zoom 2.0 旅程的一部分，對吧？我認為 Zoom 可能是 AI-first 公司。說到具體功能，所有功能都利用了 AI。甚至在我們談論 ChatGPT 和所有這些 AI 之前，實際上，我們已經在 AI 上進行了投資，對吧？所以有些客戶可能看不到，對吧？像降噪，甚至虛擬背景，很多這樣的東西。

Even recently, we announced a feature called Zoom smart and meeting summary, where we already leveraged GPT3 to augment our ML, right, to improve that experience. And we are going to double down, triple down on AI. A lot of features like virtual agent or Zoom IQ for Sales, our chat solution, e-mail candidate as well, I think AI can truly empower everything we are doing here and will benefit the customers.

甚至最近，我們還宣布了一項名為 Zoom smart 和會議摘要的功能，我們已經利用 GPT3 來增強我們的 ML，對，以改善這種體驗。我們將在 AI 上加倍、三倍下注。許多功能，如虛擬代理或 Zoom IQ for Sales、我們的聊天解決方案、電子郵件候選人，我認為人工智能可以真正賦予我們在這裡所做的一切，並將使客戶受益。

Plus we are taking a very open approach. And we have our own AI engineers, a lot of tenants working very hard and also are going to partner with other companies. They're opening their eyes. This is a great company and adjusted target recently, and this is great. Again, I can talk a lot about AI. I'm very, very excited.

此外，我們正在採取非常開放的方式。我們有自己的 AI 工程師，很多租戶都非常努力地工作，也將與其他公司合作。他們正在睜開眼睛。這是一家很棒的公司，最近調整了目標，這很棒。同樣，我可以談論很多關於 AI 的話題。我非常非常興奮。

And Michael Funk with Bank of America has the next question.

美國銀行的 Michael Funk 有下一個問題。

I'm unmuted on my phone.

我的手機沒有靜音。

Now we can hear you, Michael.

現在我們可以聽到你的聲音了，邁克爾。

Okay. So first, for you, Eric. You have a trended cash balance. It's a huge strategic asset for Zoom, specifically, today, when a lot of your competitors don't have that optionality. So what is the argument, in your opinion, against deploying that cash to further your advantage and improve your capacity?

好的。首先，埃里克。您有趨勢現金餘額。這對 Zoom 來說是一項巨大的戰略資產，特別是在今天，當您的許多競爭對手都沒有這種選擇權時。那麼，在您看來，反對部署這些現金來擴大您的優勢和提高您的能力的理由是什麼？

So yes, when it comes to money, I better delegate it to Kelly, probably she's better (inaudible) have a manager (inaudible).

所以是的，當涉及到金錢時，我最好將它委託給凱利，也許她最好（聽不清）有一個經理（聽不清）。

Thank you, Michael. I don't think there is any argument against deploying our cash, certainly to continue to advance our technology, advance our customer base. And as I said, we are constantly looking for opportunities.

謝謝你，邁克爾。我認為沒有任何理由反對部署我們的現金，當然是為了繼續推進我們的技術，擴大我們的客戶群。正如我所說，我們一直在尋找機會。

And as I've mentioned in the past, we have kind of 3 main criteria, of course, we look at. We look at the technology as we want to make sure that we would be providing our customers something that works as well as the core of Zoom does today, the core Zoom platform. We look at the culture to make sure that the organizations could come together very, very well. As you know, we take culture so, so seriously here. And Eric and the whole executive team have spent a lot of time focusing on building that.

正如我過去提到的，我們有 3 個主要標準，當然，我們會查看。我們關注這項技術，因為我們希望確保我們能為我們的客戶提供與 Zoom 核心平台（即 Zoom 平台）一樣有效的產品。我們著眼於文化，以確保這些組織能夠非常非常好地團結在一起。如您所知，我們非常重視文化。埃里克和整個執行團隊花了很多時間專注於構建它。

And then last but certainly not least is valuation. And that has been tricky in the past. We've seen great assets that we love. We just couldn't get there as, unfortunately, all of you know. And so we now see that becoming easier and easier. So I will tell you that Sanjay and his team have been very busy continuing to look for targets for us, and it certainly is a part of our strategy that we're considering for FY '24.

最後但同樣重要的是估值。這在過去一直很棘手。我們已經看到了我們喜愛的偉大資產。不幸的是，我們無法到達那裡，因為你們都知道。所以我們現在看到這變得越來越容易。所以我會告訴你，Sanjay 和他的團隊一直非常忙，繼續為我們尋找目標，這當然是我們正在考慮的 FY '24 戰略的一部分。

Great. And Kelly, while I have you, back to the earlier question about the delta and operating income, fiscal '23 to fiscal '24. We estimated earlier next month about a $260 million benefit from the RIF. Is there an issue with my math around that?

偉大的。凱利，當我有你的時候，回到之前關於三角洲和營業收入的問題，23 財年到 24 財年。下個月早些時候，我們估計 RIF 將帶來約 2.6 億美元的收益。我的數學有問題嗎？

We're not going to get into the specifics around the reduction. I will tell you, it was pretty consistently applied across the company, the 15% that Eric mentioned, across the organizations as well as U.S. and some of our other locations outside of the U.S. So you can take that into consideration as you're calculating what you think the savings are.

我們不打算討論減少的細節。我會告訴你，它一直適用於整個公司，Eric 提到的 15%，適用於所有組織以及美國和我們在美國以外的其他一些地點，所以你可以在計算時考慮到這一點你認為節省的是什麼。

We will now move on to Meta Marshall with Morgan Stanley.

我們現在將與 Morgan Stanley 一起轉向 Meta Marshall。

Great. Maybe, Kelly, just for you, to start with, maybe versus where we were 90 days ago when you were kind of talking about low to mid-single-digit potential for fiscal '24. Just trying to get a sense of is kind of the incremental conservatism. Is that more around the enterprise or the online business, particularly given that you did see some kind of stabilization in the online business in the quarter?

偉大的。也許，凱利，只是為了你，首先，也許與我們 90 天前的情況相比，當時你在談論 24 財年的中低個位數潛力。只是想了解一種漸進的保守主義。是更多地圍繞企業還是在線業務，特別是考慮到您確實看到本季度在線業務出現某種穩定？

Yes. I guess, I don't know that I would say -- I mean, remember on the Q3 call, we weren't specifically giving guidance. We were trying to help sort of give, I think, a little bit of visibility, but we were still right in the midst of doing our FY '24 planning. So as we continue to work on that with all of the go-to-market teams and also made this decision around the team and the reduction, putting all of that together came up with what we've now guided to.

是的。我想，我不知道我會說——我的意思是，記得在第三季度的電話會議上，我們沒有專門提供指導。我認為，我們試圖幫助提供一點可見度，但我們仍然在製定我們的 24 財年計劃。因此，當我們繼續與所有進入市場的團隊一起努力，並圍繞團隊和裁員做出這個決定時，將所有這些放在一起，得出了我們現在的指導方針。

And we do continue to see headwinds that we spoke about. Of course, currency is still a challenge, and we're going to see some -- as compared to year-over-year, we're going to see some impact in Q1 because, remember, the dollar really started to strengthen at the back half of Q1 last year. So you should expect to see some year-over-year impact there as well as just these changes in -- especially the go-to-market teams right now, making sure that we get everybody lined up and looking at where that is. But all of that was considered as we set the FY '24 guidance.

我們確實繼續看到我們談到的逆風。當然，貨幣仍然是一個挑戰，我們將看到一些 - 與去年同期相比，我們將在第一季度看到一些影響，因為，請記住，美元真的開始走強去年第一季度後半段。因此，您應該期望在那裡看到一些同比影響以及這些變化 - 特別是現在的上市團隊，確保我們讓每個人都排隊並查看它在哪裡。但在我們制定 FY '24 指南時，所有這些都被考慮到了。

Got it. And then maybe, Eric, in the past, you guys have wanted to have kind of this singular Zoom platform and let the third-party apps be where you would kind of do the departmental or industry use cases. And it sounded like there was some departure from that. So I guess I just wanted to get a sense of are there going to be different Zoom additions for kind of some of these different verticals? Or will it still kind of be largely third-party driven?

知道了。然後，埃里克，過去，你們可能希望擁有這種單一的 Zoom 平台，讓第三方應用程序成為您處理部門或行業用例的地方。聽起來有些偏離。所以我想我只是想了解一下這些不同的垂直領域是否會有不同的縮放功能？或者它仍然會在很大程度上由第三方驅動嗎？

Yes, I think that's a good question. First of all, I don't think that we will depart -- departure to what are we trying to do before. So many is more like augment on whatever doing now because given a lot of new opportunities, I do not think everything should be done by our own developers, right? And that's why we also want to have the third-party. I don't want something that's treated as strategy, just more augment what we're doing today.

是的，我認為這是一個很好的問題。首先，我不認為我們會離開 - 離開我們之前嘗試做的事情。這麼多更像是對現在所做的任何事情的補充，因為有很多新機會，我不認為所有事情都應該由我們自己的開發人員完成，對嗎？這就是為什麼我們也希望擁有第三方。我不想要被視為戰略的東西，只是更多地增強我們今天正在做的事情。

(Operator Instructions) And we'll go ahead, and we'll move on to Mark Murphy with JPMorgan.

（操作員說明）我們將繼續，我們將繼續與摩根大通的馬克墨菲。

So you've added so much value into the product. When we look at the amount of recording storage, the whiteboarding, you have mail and calendar client and so much more that's on the come. Could you update us perhaps on your pricing strategy and whether you think this could be the right time to perhaps increase prices a bit or even to just go out of maybe activate a CPI adjustment that would benefit you?

所以你已經為產品增加了很多價值。當我們查看錄音存儲量、白板、郵件和日曆客戶端以及即將推出的更多內容時。您能否向我們介紹一下您的定價策略，以及您是否認為現在是時候稍微提高價格，甚至只是退出可能對您有利的 CPI 調整？

Yes, Kelly, please go ahead.

是的，凱利，請繼續。

Sure. We have announced a price increase for our online customers that we will be effective. I believe the date is March 1, as we announced it last -- earlier this month. And we believe that reflects -- and that's only for monthly customers, not for annual customers. And we believe that starts to reflect the value, as you said, that we have created for our customers over the last few years. It's been many, many, many years, it predates me since the last time there was a price increase.

當然。我們已經宣布對我們的在線客戶提價，我們將有效。我相信日期是 3 月 1 日，正如我們本月早些時候宣布的那樣。我們相信這反映了 - 這僅適用於每月客戶，而不適用於年度客戶。正如您所說，我們相信這開始反映出我們在過去幾年中為客戶創造的價值。自從上次價格上漲以來，已經很多很多年了。

And then on the Enterprise side, we did a pricing update all-inclusive with Zoom One, the bundle that we came up with last year. And we believe that really reflects the best way for our customers to buy and to get full value out of the platform. And that considers all of the products that are included and what we feel is an appropriate price point at this time.

然後在企業方面，我們對 Zoom One 進行了全包定價更新，這是我們去年提出的捆綁包。我們相信這確實反映了我們的客戶購買和從平台中獲得全部價值的最佳方式。這考慮了所有包含的產品以及我們認為目前合適的價格點。

Okay. But so nothing planned outside of Zoom One on the Enterprise side and nothing more material than what you had already announced?

好的。但是，在企業方面，除了 Zoom One 之外沒有什麼計劃，沒有什麼比你已經宣布的更重要的了嗎？

Yes. That's right.

是的。這是正確的。

Piper Sandler's James Fish has the next question.

Piper Sandler 的 James Fish 有下一個問題。

This is Quinton on for Jim Fish. In terms of the longer-term vision for Zoom, how is the team thinking about the maturity of the core Meetings and Phone products at this point, especially following what was a really strong Phone quarter in Q4? Do we need adoption of emerging products like Contact Center and E-mail or Calendar to reaccelerate growth as we look to '25 and '26? Or are there catalysts that can help the core products kind of reaccelerate from the guided 2024 levels?

這是 Jim Fish 的 Quinton。就 Zoom 的長期願景而言，團隊目前如何考慮核心會議和電話產品的成熟度，尤其是在第四季度電話季度表現強勁之後？展望 25 和 26 年，我們是否需要採用聯絡中心和電子郵件或日曆等新興產品來重新加速增長？或者是否有催化劑可以幫助核心產品從 2024 年的指導水平重新加速？

I think great question. I think we sort of focused on both. Take the Phone, for example, the market potential is still huge. And we are doing extremely well and will help us more because, given the product, very reliable, as it's really innovation and better than any other fund service providers. That's why our core parts are showing huge growth opportunity.

我認為很好的問題。我認為我們有點專注於兩者。以Phone為例，市場潛力還是很大的。我們做得非常好，並且會幫助我們更多，因為鑑於產品非常可靠，因為它確實是創新的，並且比任何其他基金服務提供商都更好。這就是為什麼我們的核心部分顯示出巨大的增長機會。

I've decided that the new product Zoom Contact Center, Virtual Agent and Zoom IQ for Sales down the road and more and more department applications in particular, AI and is not a grid layer, I feel like a lot of new opportunity ahead of us.

我已經決定新產品 Zoom Contact Center、Virtual Agent 和 Zoom IQ for Sales 以及越來越多的部門應用程序，特別是 AI，而不是網格層，我覺得我們面前有很多新機會.

I think in the second half of this year, probably the transition period for us. Given the -- we launched the Zoom Contact Center early last year, Zoom IQ for Sales as well. Although the new services plus new services in the pipeline, I think, will help us, we need to focus on both. The reason why our (inaudible) are all-human collaboration platform. right? You can live within a Zoom interface, you can get most of the work done, right? I think that that's our business.

我認為在今年下半年，可能是我們的過渡期。鑑於——我們去年年初推出了 Zoom 聯絡中心，Zoom IQ for Sales 也是如此。我認為，儘管新服務加上正在籌備中的新服務會對我們有所幫助，但我們需要同時關注這兩者。我們（聽不清）是全人類協作平台的原因。正確的？你可以生活在 Zoom 界面中，你可以完成大部分工作，對吧？我認為那是我們的事。

Rishi Jaluria with RBC has the next question.

RBC 的 Rishi Jaluria 有下一個問題。

I just wanted to have one, which I wanted to dive a little bit deeper into some of the new features I think you're seeing. I know Mark brought out earlier, but if you're thinking about chat, mail, calendaring. Just to the extent possible, I would love to hear what have you seen in terms of actual uptake rates of these features, right? Because it's available to anyone who's on Zoom One, but probably are actively using it.

我只是想擁有一個，我想更深入地了解一些我認為你會看到的新功能。我知道 Mark 早些時候提出來了，但如果你正在考慮聊天、郵件和日曆。在可能的範圍內，我很想听聽您在這些功能的實際採用率方面看到了什麼，對嗎？因為 Zoom One 上的任何人都可以使用它，但可能正在積極使用它。

And if you think about those customers who are using these additional features or modules, what are you seeing from those customers in terms of anything like engagement, time spent on the platform, retention, ARPU, expansion rates, anything like that. Because I think that would really help us get some color in terms of your ability to expand into a broader Enterprise communication platform.

如果你想想那些使用這些附加功能或模塊的客戶，你從這些客戶那裡看到了什麼，比如參與度、在平台上花費的時間、保留率、ARPU、擴展率等等。因為我認為這真的可以幫助我們了解您擴展到更廣泛的企業通信平台的能力。

Yes, that's a great question. First of all, I would say, last year, right, we developed more than 1,500 features. I think our team worked extremely hard. But one thing we did not do well I think we should improve -- read about the product adoption and say, after we finish developing features, we also need to remember, and customers may not know it. Again, this is something important for us this year.

是的，這是一個很好的問題。首先，我想說，去年，對吧，我們開發了 1,500 多個功能。我認為我們的團隊工作非常努力。但有一件事我們做得不好，我認為我們應該改進——閱讀產品採用情況並說，在我們完成功能開發後，我們還需要記住，客戶可能不知道。同樣，這對我們今年來說很重要。

Having said that, a lot of customers, in order to find a lot of good features, take Nasdaq for example, right? They would like to consolidate like meeting with a Whiteboard as well. It has a Whiteboard. They really like that, right? And also now the feature, we will also have a team chat, which is a precision channel solutions. We used that for many years. A lot of investor customers also deployed. Why do they want to pay for other services up their phone?

話雖如此，很多客戶為了找到很多好的功能，以納斯達克為例，對吧？他們也想像使用白板一樣鞏固會議。它有一個白板。他們真的很喜歡，對吧？還有現在的功能，我們也會有團隊聊天，這是一個精準的渠道解決方案。我們用了很多年。很多投資者客戶也部署了。他們為什麼要為手機上的其他服務付費？

Wow, Zoom has a very scalable, also very flexible the grid and the team chat solution after they found that they tested, they also like that, right? They also dub all those features. A lot of things like that, not to mention the sales department, right, and upsell Zoom IQ for Sales opportunity.

哇，Zoom 有一個非常可擴展的，也非常靈活的網格和團隊聊天解決方案，他們測試後發現，他們也很喜歡，對吧？他們還配音所有這些功能。很多這樣的事情，更不用說銷售部門了，對了，追加銷售 Zoom IQ 以獲得銷售機會。

Again, a lot of innovations but we focus on product adoption, let the customer know that, a huge value from the Zoom platform, right? So that's something we need to focus on. And quite a few probably all use Zoom Team Chat. I can tell you, again, it's much better, Whiteboard as well. So anyway, a lot of features, innovations, we should focus on adoption.

同樣，很多創新，但我們專注於產品採用，讓客戶知道，Zoom 平台的巨大價值，對吧？所以這是我們需要關注的事情。很多人可能都使用 Zoom Team Chat。我可以再一次告訴你，這要好得多，Whiteboard 也是如此。所以不管怎樣，很多功能，創新，我們應該重點採用。

And we will now hear from Matt VanVliet with BTIG.

我們現在將聽到來自 BTIG 的 Matt VanVliet 的講話。

I guess one last point, Eric, curious, maybe if you could share a few details or some of the winning points around the Contact Center product? What's driving the adoption there? Are you seeing replacing existing contact centers? Or are some of these sort of net new where video is going to be a key component, whether it's field service or things of that nature, where video really lends an extra help to it.

我想最後一點，埃里克，很好奇，也許你可以分享一些關於聯絡中心產品的細節或一些勝利點？是什麼推動了那裡的採用？您要更換現有的聯絡中心嗎？或者是其中一些視頻將成為關鍵組成部分的網絡新事物，無論是現場服務還是那種性質的東西，視頻確實為其提供了額外的幫助。

Yes, great question. So on product front, right? So we are -- we launched it early last year, right, almost 1-year anniversary now. I think we are going to keep innovating. And essentially, today, look at our -- the Contact Center customer. We just grew the 2,000 sales Contact Center solution, right? They tested everything in the funnel Wow. Zoom Contact Center works very well, not only for the -- just -- like early last year, we won quite a few deals for internal IT help desk. This is for their support agent, right? A lot of features are already built in.

是的，很好的問題。那麼在產品方面，對嗎？所以我們 - 我們去年年初推出了它，現在差不多 1 週年了。我認為我們將繼續創新。從本質上講，今天，看看我們的聯絡中心客戶。我們剛剛發展了 2,000 個銷售聯絡中心解決方案，對嗎？他們測試了漏斗中的所有東西哇。 Zoom Contact Center 運作良好，不僅是因為 - 就像 - 就像去年年初一樣，我們贏得了很多內部 IT 幫助台的交易。這是給他們的支持人員的，對吧？許多功能已經內置。

I think the protocol front in adding any more and more features very quickly, I think we are doing very well. I have a huge confidence for our product team. However, on the go-to market side, I think we should have done a better job, to be honest with you, right? And suppose the buyer is different, right? The good news over the past 12 months, we learned a lot, working to sort of change our go-to-market strategy, right?

我認為協議前端在添加越來越多的功能方面非常迅速，我認為我們做得很好。我對我們的產品團隊充滿信心。然而，在進入市場方面，老實說，我認為我們應該做得更好，對吧？假設買家不同，對吧？過去 12 個月的好消息是，我們學到了很多東西，努力改變我們的上市策略，對吧？

And make sure all those traditional customers, no matter which on-premise solution are deployed or other cloud Contact Center deployed, we should let them know, right? Zoom has very scalable contact center solutions like those third-party resellers, right, and also to change our go-to-market model for contact center because the product works so well. So that part, I think we need to focus on this year.

並確保所有這些傳統客戶，無論部署了哪種本地解決方案或部署了其他雲聯絡中心，我們都應該讓他們知道，對嗎？ Zoom 擁有非常可擴展的聯絡中心解決方案，就像那些第三方經銷商一樣，對，並且還改變了我們聯絡中心的上市模式，因為該產品運作良好。所以那部分，我認為我們需要關註今年。

And our next question will come from Tyler Radke with Citi.

我們的下一個問題將來自花旗銀行的 Tyler Radke。

So clearly, the profitability guidance was much stronger than consensus, and you've talked about some of the hard decisions you've made as it relates to restructuring. Kelly and Eric, I'm wondering just about your willingness to kind of expand margins from here. Obviously, you're guiding to a pretty low revenue growth for the coming year of about 1%. But how do you just think about the puts and takes on future margin expansion from here in a scenario where you don't get a reacceleration in total revenue.

很明顯，盈利能力指引比共識強得多，而且你已經談到了你做出的一些與重組有關的艱難決定。凱利和埃里克，我想知道你們是否願意從這裡擴大利潤。顯然，你指導來年的收入增長非常低，約為 1%。但是，在您沒有獲得總收入重新加速的情況下，您如何考慮看跌期權並從這裡承擔未來的利潤率擴張。

Tyler, we're always focused on being as efficient as possible in our gross margin. And you've seen -- we said we expect to be 79.5% for next year, which is right on top of our long-term target margins. In terms of our operating margins, we want to always watch for opportunities for investment in top line growth is that's really what we are driving for.

泰勒，我們一直專注於盡可能提高毛利率。你已經看到——我們說我們預計明年的利潤率將達到 79.5%，這正好高於我們的長期目標利潤率。就我們的營業利潤率而言，我們希望始終關注對收入增長的投資機會，這才是我們真正追求的目標。

So we will continue to make these decisions and watch for opportunities throughout the year. If we see opportunities to invest in go-to-market, maybe channel programs, anything that we can do to drive top line growth, that would be our first priority. But as we said in the prepared remarks, we're going to balance that with profitability. So we're certainly committed to the guidance that we set. I don't think we're committing to expanding beyond that today. As again, our first priority is continuing to accelerate through go-to-market efficiencies as well as continuing to expand our product portfolio.

因此，我們將繼續做出這些決定，並在全年尋找機會。如果我們看到投資進入市場的機會，也許是渠道計劃，我們可以做任何事情來推動收入增長，那將是我們的首要任務。但正如我們在準備好的評論中所說，我們將平衡盈利能力。因此，我們當然致力於我們設定的指導。我認為我們今天不會承諾擴大範圍。同樣，我們的首要任務是繼續通過提高上市效率以及繼續擴大我們的產品組合來加速。

UBS' Karl Keirstead has the next question. But Kelly and Eric, he's on audio only, so he won't appear to you via video.

瑞銀的 Karl Keirstead 有下一個問題。但是凱利和埃里克，他只有音頻，所以他不會通過視頻出現在你們面前。

I'm good. Thank you. Sorry.

我很好。謝謝。對不起。

No problem with that, Karl. In that case, we'll move on to Siti Panigrahi with Mizuho.

沒問題，卡爾。在這種情況下，我們將與 Mizuho 一起前往 Siti Panigrahi。

So when you think about this year's growth, I know you're expecting some online segment to kind of bottom at some point. So what's your expectation when you think about online segment versus Enterprise? I know this is, again, a renewal will come in Q1, Q2. And what are you now pushing to your customer during renewal? I know last few years, it is Phone. So what other products you're right now pushing during renewal?

因此，當您考慮今年的增長時，我知道您預計某些在線細分市場會在某個時候觸底。那麼，當您考慮在線細分市場與企業細分市場時，您的期望是什麼？我知道這將在第一季度、第二季度再次更新。在續訂期間，您現在向客戶推送什麼？我知道最近幾年，它是電話。那麼您現在在續訂期間推出的其他產品是什麼？

So in terms of the expectations for online this year, they are consistent with what we've been saying for the last couple of quarters, which we expect it to stabilize during mid next year from a dollar amount, meaning starting to see the -- we've seen it continue to decline quarter-over-quarter from a dollar perspective for the last probably 5 or 6 quarters.

因此，就今年在線的預期而言，它們與我們在過去幾個季度所說的一致，我們預計它會在明年年中從美元數量穩定下來，這意味著開始看到 -從美元的角度來看，我們已經看到它在過去可能 5 或 6 個季度中繼續環比下降。

And when we get kind of like Q2 to Q3 of next year, we expect to see that start to stabilize, which is great when you look at all the initiatives that are in place. And then I'm sorry, the last part of your question about renewals was about?

當我們有點像明年第二季度到第三季度時，我們希望看到這種情況開始穩定下來，當您查看所有已實施的舉措時，這很棒。抱歉，您關於續訂問題的最後一部分是關於？

Yes, also Enterprise part of the business, how you're thinking about the growth and renewal.

是的，企業也是業務的一部分，您如何看待增長和更新。

Yes. So renewals were [knocked], right? There's always an opportunity to talk to our Enterprise customers around Zoom One, the platform bundle, which we think is a great opportunity for our Enterprise customers to help our prospects and customers understand the full features of the platform. And then, of course, there is a natural opportunity to do that as they're going through the renewals period.

是的。所以續約被[敲了]，對吧？總是有機會與我們的企業客戶圍繞平台包 Zoom One 進行交流，我們認為這是一個很好的機會，可以幫助我們的企業客戶幫助我們的潛在客戶和客戶了解該平台的全部功能。然後，當然，當他們正在經歷續約期時，自然有機會這樣做。

And as we guided, we expect renewals to be strong in Q1. However, there is going to be that impact of currency that we've already experienced for Q2 through Q4. But unfortunately, we have 1 more quarter against the previous year comps that there's going to be some impact and some headwinds there.

正如我們所指導的那樣，我們預計第一季度的續訂將很強勁。但是，我們已經在第二季度到第四季度經歷了貨幣的影響。但不幸的是，與上一年相比，我們還有一個季度會產生一些影響和一些逆風。

And Sterling Auty with SVB MoffetNathanson has the next question.

SVB MoffetNathanson 的 Sterling Auty 有下一個問題。

Kelly, maybe just to clarify on that last answer, now that we're in fiscal '24 on that online answer you just gave, you meant that we'd see the turn Q2, Q3 of this fiscal year, correct?

凱利，也許只是為了澄清最後一個答案，既然我們在你剛剛給出的在線答案上進入了 24 財年，你的意思是我們會看到本財年的第二季度、第三季度，對嗎？

Sorry, did I say -- yes, this fiscal year. Yes, for FY '23.

抱歉，我說過——是的，這個財政年度。是的，對於 23 財年。

Yes, I just want to make sure people didn't think fiscal '25.

是的，我只是想確保人們不會想到 25 財年。

Not FY '25, no. Thank you for clarifying.

不是 FY '25，不。謝謝你的澄清。

So in terms of questions, I want to take the other side of it and go to the Enterprise. What's built into the expectation for full year revenue around the Enterprise and maybe dive into at least some qualitative commentary around net retention and what you expect on renewals from customers and what you're expecting from contribution of new customers. So what needs to happen for the Enterprise to deliver that side?

所以就問題而言，我想從它的另一面去企業。對企業全年收入的預期是什麼，也許至少會深入探討一些關於淨保留率的定性評論，以及您對客戶續約的期望以及您對新客戶貢獻的期望。那麼，企業需要做什麼才能實現這一點？

So we expect renewals -- we talked about renewals over the last year, the last 12 months, and we expect them to consider -- continue at kind of the same rate. And what we've mentioned in the past is that we have seen some contraction in seats as organizations around the world are experiencing reductions. So working with them on that.

因此，我們預計續約——我們談到了過去一年、過去 12 個月的續約，我們希望他們考慮——繼續以同樣的速度進行。我們過去提到的是，隨著世界各地的組織都在裁員，我們看到席位有所縮減。所以與他們合作。

But on the other side, the opportunity to really bring a lot of value to our customers through our total cost of ownership, which includes expansion of the total portfolio. So as you saw, Phone really, really resonating very well, especially in this economy.

但另一方面，我們有機會通過我們的總擁有成本（包括擴展總產品組合）真正為我們的客戶帶來很多價值。所以正如你所看到的，電話真的非常非常好地引起共鳴，尤其是在這種經濟環境下。

And Contact Center, while it's still small, small from an absolute dollar perspective, it doubled the ARR or contact center doubled from Q3 to Q4. So again, small relative dollars, but really exciting to see it coming into its own.

而聯絡中心，雖然它仍然很小，從絕對美元的角度來看很小，但它使 ARR 或聯絡中心從第三季度到第四季度翻了一番。再次重申，相對美元較少，但看到它成為現實真的很令人興奮。

And that -- we expect that to continue to contribute through all of this year, but then really start to accelerate from a contribution perspective in FY '25, and I do mean FY '25 in that comment. And then, of course, there's Zoom IQ for sales as well, which is on kind of a similar trajectory in terms of Contact Center, that small dollar contribution, but accelerating in terms of its overall growth.

而且——我們預計這將在今年全年繼續做出貢獻，但從 25 財年的貢獻角度來看，真正開始加速，我在評論中的意思是 25 財年。然後，當然，還有用於銷售的 Zoom IQ，它在聯絡中心方面處於類似的軌跡，即小額美元貢獻，但在整體增長方面加速。

We'll now hear from Matt Stotler with William Blair.

我們現在將聽到 Matt Stotler 和 William Blair 的談話。

Kelly, maybe just one on -- a follow-up on Zoom One. You mentioned some strength there, obviously, relatively early days, a couple of quarters in. I would love to get some color on maybe the portion of new customers that are going with the Zoom One bundle versus other paths to buying Zoom products?

凱利，也許只是一個 - Zoom One 的後續行動。顯然，你提到了一些優勢，很明顯，相對較早的日子，幾個季度。我很想了解一下使用 Zoom One 捆綁包的新客戶與購買 Zoom 產品的其他途徑的部分情況？

And then what the characteristics are that you're seeing of those early adopters, right, both in terms of customer size, whether they're adopting that for specific departments and rolling that out like you've seen the core Meetings product historically. Any color there would be helpful.

然後你看到那些早期採用者的特徵是什麼，對吧，無論是在客戶規模方面，還是他們是否為特定部門採用它，並像你在歷史上看到的核心會議產品一樣推出它。那裡的任何顏色都會有所幫助。

I think what's amazing and really interesting about Zoom One is it's not just new customers that are buying the Zoom One bundle, it's existing customers as well that are upgrading. And as a reminder, it includes Zoom Meetings, but also Zoom Phone. It includes Team Chat and Whiteboard. So really starting to see customers embracing the full effects of the platform.

我認為 Zoom One 令人驚奇和真正有趣的地方在於，購買 Zoom One 捆綁包的不僅僅是新客戶，還有正在升級的現有客戶。提醒一下，它包括 Zoom Meetings，還包括 Zoom Phone。它包括團隊聊天和白板。所以真正開始看到客戶接受該平台的全部效果。

We have a Fortune 10 customer now that is a long-standing customer of ours that moved on to the Zoom One bundle and has standardized on Zoom Team Chat, which we're super excited to see. So that's the example of what starts to happen when these customers are really exposed to the full value of the platform that we can bring to them. And I don't know exactly the percentage of how it broke out in Q3 -- Q4, but it is really starting to take the lead in terms of how our Enterprise sales teams are selling.

我們現在有一位財富 10 強客戶，他是我們的長期客戶，轉向使用 Zoom One 捆綁包並在 Zoom Team Chat 上標準化，我們非常高興看到這一點。所以這就是當這些客戶真正接觸到我們可以為他們帶來的平台的全部價值時開始發生的事情的例子。而且我不知道它在第三季度 - 第四季度爆發的確切百分比，但它確實開始在我們的企業銷售團隊的銷售方式方面處於領先地位。

Anything you want to add, Eric?

埃里克，你有什麼要補充的嗎？

No, that's great. Thank you.

不，那太好了。謝謝。

Moving on to Kash Rangan with Goldman Sachs.

與高盛一起轉向 Kash Rangan。

I just wanted to understand how we should reconcile the guidance going forward vis-a-vis what seems to be pretty close to the anniversary effect of the SMB attrition. And then we should start to really mirror the growth of the so-called Enterprise business, but the guidance still seems to be quite conservative. Can you just help us understand what might have happened at a higher level, incrementally, relative to this anniversary effect and what we should be seeing by this time, a real acceleration of the business.

我只是想了解我們應該如何協調未來的指導與似乎非常接近 SMB 減員的周年效應。然後我們應該開始真正反映所謂的企業業務的增長，但指導似乎仍然相當保守。您能否幫助我們了解相對於週年紀念效應，在更高層次上逐步發生的情況，以及我們此時應該看到的情況，即業務的真正加速。

Sure. So one thing to remember, Kash, is that while we are expecting the online portion of the business to stabilize from a dollar perspective during the year, it is still down year-over-year because of what happened in FY '23, where it was much higher. The dollar amounts were much higher in those earlier quarters as it came down.

當然。因此，Kash，要記住的一件事是，雖然我們預計該業務的在線部分在這一年中從美元的角度來看會穩定下來，但由於 23 財年發生的事情，它仍然同比下降高得多。在下降的前幾個季度，美元金額要高得多。

So we still have the unfortunate impact of the online segment of the business tamping down the growth of the Enterprise business. And so that's what you're seeing reflected there. And -- so the stabilization that occurs this year will really help as we look forward to next year, which we've always said is sort of reacceleration to the back half of this year into FY '25, and that's what we see in our internal models today.

因此，我們仍然受到業務在線部分抑制企業業務增長的不幸影響。這就是你在那裡看到的反映。而且 - 所以今年發生的穩定將真正幫助我們期待明年，我們一直說這是今年下半年進入 25 財年的重新加速，這就是我們在我們看到的今天的內部模型。

Got it. Curious, Kelly, why does it take until fiscal '25 to see the effect -- the net effect to be positive? Can you help us understand the timing of why it takes another year from now?

知道了。奇怪的是，凱利，為什麼要到 25 財年才能看到效果——淨效果是積極的？你能幫助我們理解為什麼需要一年後的時間嗎？

Well, there's the combination of, first of all, online is still down year-over-year. And so you're not going to start to see the year-over-year stabilization of online until the back half of -- even though the dollars are stabilizing, right, the year-over-year comparables are still down until the very back half of this year.

好吧，首先，在線的組合仍然同比下降。因此，直到下半年，你才會開始看到在線網絡的同比穩定——即使美元正在穩定，對，同比可比數據仍然下降，直到下半年今年的一半。

And then while we've seen all the strength we've talked about in Zoom One and Zoom Phone, part of the expected growth is coming from these other newer products that are still -- so they're doing great, all positive indicators, but they're still so early in their trajectory. But if you remember and think about how -- where Zoom Phone was in its second year of life, that's where Zoom Contact Center and to Zoom IQ for sales. And now you see Zoom Phone, which is about to turn 4, I believe, how it's really contributing. So we've just got a little time ahead to get those products maturing and really contributing.

然後，雖然我們已經看到了我們在 Zoom One 和 Zoom Phone 中談到的所有優勢，但部分預期增長來自這些其他新產品，這些產品仍然——所以它們做得很好，所有積極指標，但他們的發展軌跡還處於早期階段。但是，如果你還記得併想一想——Zoom Phone 在其生命的第二年的位置，就是 Zoom Contact Center 和 Zoom IQ 用於銷售的地方。現在你看到 Zoom Phone，我相信它即將迎來第 4 代，它是如何真正做出貢獻的。所以我們還有一點時間讓這些產品成熟並真正做出貢獻。

We'll now hear from Bernstein's Peter Weed.

我們現在將聽到伯恩斯坦的彼得威德的消息。

Maybe I'll follow up on that and kind of reinforce what appears to be a reasonably conservative revenue guide this year. When we start to think about some of the things you've chatted about earlier in this conversation, everything from stabilization in the online business, which may even do better than that perhaps, hopefully, with some of the pricing increases that go on. All of the product that you've been shipping, these types of things.

也許我會跟進這一點，並加強今年似乎相當保守的收入指南。當我們開始考慮您在本次對話中早些時候談到的一些事情時，從在線業務的穩定化，甚至可能做得更好，希望隨著一些價格的上漲。您運送的所有產品，這些類型的東西。

And when we take into account the fact that a year ago on the top line, this business was even a little bit smaller than what we're anticipating in quarter 1, this upcoming year might be. Help me understand why we would do as bad, I guess, has only a 1% year-over-year, like what's the downside case that gets us there? Or is this more of an opportunity to perhaps start to see some of the lift coming out of here?

當我們考慮到一年前的收入這一事實時，這項業務甚至比我們在第一季度的預期還要小一點，來年可能會這樣。幫助我理解為什麼我們會做得很糟糕，我猜，年增長率只有 1%，比如讓我們走到這一步的不利情況是什麼？或者這更多的是一個機會，或許可以開始看到一些提升從這裡出來？

So remember, for Q1, there is the definite impact of being 3 fewer days, which has real impact as compared -- 3 fewer days of rev rec as well as the impact of currency, which we didn't have last year. So that year-over-year impact is going to definitely be visible in Q1 of FY '24.

所以請記住，對於第一季度，減少 3 天有一定的影響，相比之下，這具有真正的影響——減少 3 天的 rev rec 以及貨幣的影響，這是我們去年沒有的。因此，在 24 財年的第一季度，這種同比影響肯定會顯現出來。

And then we continue to see in the Enterprise elongated sales cycles, deal scrutiny, I was sort of lapping with a fellow CFO saying, this is the year of the CFO because I have gotten invited to speak at more sales kickoffs this year than you can imagine because every sales team is having to learn how to sell to the CFO and including ours.

然後我們繼續在企業中看到延長的銷售週期，交易審查，我有點和一位首席財務官同事說，這是首席財務官的一年，因為今年我受邀在更多的銷售啟動會上發言，比你能做到的想像一下，因為每個銷售團隊都必須學習如何向首席財務官（包括我們的）銷售產品。

And that is exactly the experience that we're having. And so it just means they're taking a little bit longer and everybody is being very, very thoughtful about their purchases. And so all of that was taken into consideration as we set our full year guidance.

這正是我們所擁有的經驗。所以這只是意味著他們要花更長的時間，而且每個人都對他們的購買非常、非常周到。因此，在我們制定全年指導時，所有這些都被考慮在內。

I guess many of those things or stuff, I guess, in the second half of this year, you have been addressing and are kind of carrying forward, so they're not kind of brand new. I would think that some of this, unless you are anticipating another leg down, for some reason, are there any additional legs down relative to things that you've been already seeing in the business?

我想很多這樣的事情，我想，在今年下半年，你一直在解決並且有點發揚光大，所以它們並不是全新的。我認為其中一些，除非您出於某種原因預計會有另一條腿，相對於您在業務中已經看到的事情，是否還有其他腿？

Or is this just conservatism on like we just don't know how long this stuff is going to really be impacting? And we can't really say how much people are going to be purchasing the Zoom One bundle, which is kind of the standard thing that you're putting out. Really how well people are going to react to price increases this year so that it's really created a floor on which we hope to do better then.

或者這只是保守主義，就像我們只是不知道這些東西會真正影響多久？我們真的不能說有多少人會購買 Zoom One 捆綁包，這是你推出的標準產品。真的，人們對今年價格上漲的反應有多好，因此它真的創造了一個底線，我們希望在此基礎上做得更好。

I definitely think there is a question as to the state of the economy. And when it comes to investments, while we think we are incredibly well positioned with our total cost of ownership and the value that we bring to our customers, everybody is being very cautious until there's better visibility about the potential of a recession or not and where we're going to come through this. And we expect that could impact us at least through the rest of this year.

我絕對認為經濟狀況存在問題。在投資方面，雖然我們認為我們在總體擁有成本和為客戶帶來的價值方面處於非常有利的地位，但每個人都非常謹慎，直到人們對經濟衰退的可能性以及經濟衰退的可能性有更好的了解。我們會度過難關的。我們預計這至少會影響我們今年餘下的時間。

Taz Koujalgi with Wedbush has the next question.

Wedbush 的 Taz Koujalgi 有下一個問題。

Two questions, one for Eric. Eric, when you spoke about Zoom One traction in the quarter. and it's still pretty early. I understand that, but when you sell a customer Zoom One from Zoom Meetings, what is the difficult uplift you're seeing in the deal sizes? Let's say somebody has Zoom Meetings today and that were to Zoom One, what is the kind of the uptick you get in the deal value there?

兩個問題，一個給 Eric。埃里克，當你在本季度談到 Zoom One 的牽引力時。現在還很早。我明白這一點，但是當你從 Zoom Meetings 向客戶出售 Zoom One 時，你看到交易規模的困難提升是什麼？假設有人今天召開了 Zoom Meetings，那是 Zoom One，你在那裡的交易價值有什麼樣的增長？

Yes. Normally -- this is a good question. It comes from upmarket opportunities, right? And a lot of our SMB customers, they do not use like Whiteboard and some other features. As an Enterprise customer, given the economic uncertainty and challenge cost reduction, they would like to consolidate, right, into 1 platform, right? And most of the tool from a total window perspective. When you look at the Zoom product, they're trying to understand what kind of other services features they can leverage more and then also talk a bit Whiteboard and Team Chat, Contact Center, Zoom IQ for Sales, more and more, obviously, opportunity.

是的。通常——這是一個很好的問題。它來自高檔機會，對嗎？而我們的很多 SMB 客戶，他們不使用像 Whiteboard 和其他一些功能。作為企業客戶，考慮到經濟的不確定性和降低成本的挑戰，他們希望整合到一個平台中，對吧？大多數工具都是從總窗口的角度來看的。當您查看 Zoom 產品時，他們試圖了解他們可以更多地利用哪些其他服務功能，然後還會談論一些白板和團隊聊天、聯絡中心、Zoom IQ for Sales，顯然，越來越多的機會.

This is a great time for those upper market customers, especially commercial and interest customers, right? Because they are trusted brand. they know those services take viable for example. They know we are doing innovating. They know our service will be better than others, why not deploy Zoom Whiteboard. This is a great example. So...

對於那些高端市場客戶，尤其是商業和利益客戶來說，這是一個很好的時機，對吧？因為他們是值得信賴的品牌。他們知道這些服務以可行為例。他們知道我們正在進行創新。他們知道我們的服務會比其他人更好，為什麼不部署 Zoom Whiteboard。這是一個很好的例子。所以...

So the early deals that you've had so far, what is the uplift you've seen in, I guess, dollars you're getting from that customer? How much do you see, typically, I guess, as an uptick factor when somebody goes from just using Zoom Meetings to using Zoom One? What is the -- what's the, I guess, the upsell or the uptick in the deal value?

因此，到目前為止，您已經達成的早期交易，我想您從該客戶那裡獲得的美元帶來的提升是什麼？我猜，當有人從只使用 Zoom Meetings 到使用 Zoom One 時，你通常認為有多少是一個上升因素？什麼是——我猜，交易價值的加售或上漲是什麼？

It really depends on the customer. The thing that I would point out, though, is it's not just the uplift in the dollar amount. It's the retention that we see, which is really important to us. As customers that have more -- I remember at Analyst Day, we showed that chart that like -- I can't remember exactly what it is more than 50% improved retention rates when they have more than 1 product deployed. And so the value of us having a broader platform in there, including the 1 that is much more intensive like Zoom Chat and Zoom Phone really brings a lot of value to us.

這真的取決於客戶。不過，我要指出的是，這不僅僅是美元數量的增加。這是我們看到的保留，這對我們來說非常重要。作為擁有更多的客戶——我記得在分析師日，我們展示了那個圖表——我不記得當他們部署了超過 1 種產品時，保留率提高了 50% 以上是什麼。因此，我們擁有更廣泛平台的價值，包括像 Zoom Chat 和 Zoom Phone 這樣更密集的 1，確實給我們帶來了很多價值。

Got it. And just one follow-up, Kelly. Typically, we see customers -- companies having free cash flow margins, higher than operating margins. Yours reversed last year. I think you had a drag from cash taxes and stock-based comp. Is that -- would that -- again, your guide implies free cash flow margin, I believe, lower by about 9 points from operating margin. Does that reverse at the point in the future? Or do we see that as more of a permanent gap?

知道了。還有一個後續行動，凱利。通常，我們看到客戶——自由現金流利潤率高於營業利潤率的公司。你的去年逆轉了。我認為你受到現金稅和股票補償的拖累。那是——那——再次，你的指南暗示自由現金流利潤率，我相信，比營業利潤率低大約 9 個百分點。這會在未來的某個時間點逆轉嗎？還是我們認為這更像是一個永久性的差距？

Given that we are a cash tax payer for here to eternity now, I think you're likely to see it be slightly under, but what we're getting back to, which was very disruptive last year, is a more normalized relationship between those 2 as we're on more of a normal force now from a cash tax perspective.

鑑於我們現在是永遠的現金納稅人，我想你可能會看到它略微不足，但我們要回到的是，去年非常具有破壞性的是，這些人之間的關係更加正常化2 因為從現金稅的角度來看，我們現在處於更正常的狀態。

Moving on to Matthew Harrigan with Benchmark.

轉到 Benchmark 的 Matthew Harrigan。

I'm sorry, I tried to take myself out of the queue. I sent a message.

抱歉，我試圖讓自己退出隊列。我發了一條消息。

No problem at all. Thanks, Matthew. All right. Well, we'll go ahead and, in that, case move on to William Power with Baird.

完全沒有問題。謝謝，馬修。好的。好吧，我們將繼續，在這種情況下，我們將繼續與 Baird 一起討論 William Power。

Great. A lot of my questions have been answered, but I did want to ask about Zoom Phone. It looked like a particularly strong quarter. I think the push around Zoom One is probably helping. But it'd be great to get any other perspective on what seems to be a nice acceleration there in Zoom Phone adoption. And any color you're able to provide just around pricing trends? And when does this become a 10% revenue component?

偉大的。我的很多問題都得到了解答，但我確實想問一下 Zoom Phone。這看起來是一個特別強勁的季度。我認為圍繞 Zoom One 的推動可能有所幫助。但是，如果能從任何其他角度了解 Zoom Phone 的採用似乎是一個很好的加速，那就太好了。您可以提供任何顏色來了解定價趨勢嗎？這什麼時候成為 10% 的收入組成部分？

In terms of when it's going to become 10%, it's sometime early this year in FY '24, and we are very excited about the momentum. We had a 100% year-over-year growth in the product. And you get -- it's back to -- even in this economy and especially in this economy, companies looking for opportunities to standardize on 1 vendor and also because there is a lot of value to be gained by getting rid of those on-prem servers as well as the very disruptive price point that we have, all the way around, it's just proving to be very, very attractive.

就何時達到 10% 而言，現在是今年 24 財年的某個時候，我們對這一勢頭感到非常興奮。我們的產品同比增長 100%。而且你會 - 它又回到了 - 即使在這種經濟中，尤其是在這種經濟中，公司也在尋找機會在一家供應商上進行標準化，而且因為擺脫那些本地服務器可以獲得很多價值以及我們所擁有的非常具有破壞性的價格點，一直以來，它都被證明是非常非常有吸引力的。

And as Eric mentioned, there's still a lot of opportunity in market available, so we expect that to continue. I don't know it's going to expect -- just to remind everybody, Q2 and Q4 tend to be our really peak quarters in terms of Zoom Phone ads. So while we had an amazing number of additions in Q4, I don't expect that necessarily to be the new bar. We expect to be seasonally down in Q1, but still very excited, but the momentum continues to be up and to the right.

正如埃里克所說，市場上仍有很多機會，所以我們預計這種情況會繼續下去。我不知道會發生什麼——只是提醒大家，就 Zoom Phone 廣告而言，第二季度和第四季度往往是我們真正的高峰期。因此，雖然我們在第四季度增加了驚人數量的產品，但我認為這不一定是新的標準。我們預計第一季度會出現季節性下降，但仍然非常興奮，但勢頭繼續向上和向右。

JMP Securities, Patrick Walravens has the next question.

JMP Securities，Patrick Walravens 有下一個問題。

Great. I have a really fun question for Eric. So Eric, in 2021, you guys invested in Cvent before their deal and you also invested in Monday. So how do you feel about those 2 spaces today? How do you feel about the event technology? And how do you feel about collaborative work management?

偉大的。我有一個非常有趣的問題要問埃里克。所以埃里克，在 2021 年，你們在交易前投資了 Cvent，你們也投資了周一。那麼您今天對這兩個空間有何看法？您如何看待事件技術？您如何看待協同工作管理？

So given this is a fun question, maybe I should launch a ChatGPT to let (inaudible) answer to your questions is better. So I might give you a fun answer. Well, anyway, I think monday.com, interesting, right? Because the reason why I invest in them, a lot of our customers, they also -- expression in Europe, right, also deploy the service. They would like them to integrate with us and also they're also Zoom customers as well, I think as far as I know.

因此，鑑於這是一個有趣的問題，也許我應該啟動一個 ChatGPT，讓（聽不清）更好地回答您的問題。所以我可能會給你一個有趣的答案。好吧，無論如何，我認為 monday.com 很有趣，對吧？因為我投資他們的原因，我們的很多客戶，他們也在歐洲表達，對，也部署了服務。據我所知，他們希望他們與我們整合，而且他們也是 Zoom 的客戶。

And I think it's more like, from a customer perspective, right, they want us working together, right, to integrate them. That's reason why I invest them, right? Zoom -- Cvent, for example, and during COVID, right, and a lot of customers have deployed our Zoom and more webinars and Zoom events. And especially for those hybrid events, right, in-person events, we are more like a pure technology platform, right? We also invest some other components to help to make sure we have streamlined your events management.

而且我認為這更像是，從客戶的角度來看，他們希望我們一起工作，對，整合他們。這就是我投資它們的原因，對吧？ Zoom——例如 Cvent，在 COVID 期間，很多客戶部署了我們的 Zoom 以及更多網絡研討會和 Zoom 活動。特別是對於那些混合活動，對，面對面的活動，我們更像是一個純技術平台，對吧？我們還投資了一些其他組件來幫助確保我們簡化了您的活動管理。

That's why we partner with Cvent, right? We see the opportunity to further solidify our leadership, why not to invest them. I think given now it's more a company we support hybrid work, I think Cvent -- I think they would do well. That's another reason why we invested in them. So that's pretty much -- maybe my answer not as fun as the ChatGPT, but that's pretty much I can do.

這就是我們與 Cvent 合作的原因，對吧？我們看到了進一步鞏固我們領導地位的機會，為什麼不投資他們呢。我認為現在更多的是我們支持混合工作的公司，我認為 Cvent ——我認為他們會做得很好。這是我們投資它們的另一個原因。所以這差不多 - 也許我的回答不如 ChatGPT 有趣，但我能做的差不多了。

We do have time for 1 additional question. That will come from Ryan MacWilliams with Barclays.

我們確實有時間再回答 1 個問題。這將來自巴克萊銀行的 Ryan MacWilliams。

My question is kind of in the same spirit as Pat's question. But Kelly, it looks like you filled the remaining amount of your share repurchase authorization this quarter? I guess, how are you thinking about a new authorization for a buyback? And in terms of M&A, would Zoom potentially look at acquisitions where you already have a competing product today? Or are you generally looking at adjacent solutions?

我的問題與 Pat 的問題有點相似。但是凱利，你這個季度的股份回購授權，你好像填滿了剩餘的金額？我想，您如何考慮新的回購授權？在併購方面，Zoom 是否會考慮在您今天已經擁有競爭產品的情況下進行收購？還是您通常在尋找相鄰的解決方案？

In terms of M&A, we look at both. We've been very successful in the past by buying those technology tuck-ins to accelerate our development, as you've seen with the Saudi acquisition, which has been a great accelerant for us in terms of Contact Center and continue to look at those. But also looking at other areas that there might be leaders in the space that makes sense for us. So we're continuing to look at both.

在併購方面，我們兩者都看。我們過去通過購買這些技術來加速我們的發展非常成功，正如您在沙特收購中看到的那樣，這對我們在聯絡中心方面起到了很大的促進作用，並繼續關注這些.但也要看看其他領域，該領域可能存在對我們有意義的領導者。因此，我們將繼續關注兩者。

And we -- every quarter, we talk to our Board about our capital allocation strategy. And of course, M&A is at the top of the list. We do not, as you indicated, have a buyback authorization in place today. We will continue to look for opportunities to deploy our capital in the best way possible for our investors.

我們 - 每個季度，我們都會與董事會討論我們的資本分配策略。當然，併購是最重要的。正如您所說，我們今天沒有回購授權。我們將繼續尋找機會，以對我們的投資者盡可能最好的方式配置我們的資本。

And right now, we -- again, as I said earlier, our #1 focus is reaccelerating top line growth and making sure that we have the flexibility to do that if opportunities arise. And so that's why, for the moment, we've decided to hold at least on requesting an authorization for a buyback.

而現在，我們——再次，正如我之前所說，我們的第一重點是重新加速收入增長，並確保在機會出現時我們有足夠的靈活性來做到這一點。因此，這就是為什麼目前我們決定至少暫停請求回購授權。

And again, everyone, that does conclude our Q&A for today. I'll go ahead and pass it back to you, Eric, for any closing or additional comments.

再一次，大家，今天的問答結束了。埃里克，我會把它傳回給你，以徵求任何結束意見或補充意見。

Thank you all. I really appreciate your time. I love you all. Thank you. Take care.

謝謝你們。我真的很感激你的時間。我愛你們。謝謝。小心。

Bye, everybody.

大家再見。

Thank you.

謝謝。

And again, everyone, this does conclude today's earnings release. As always, we thank you all for your participation, and we look forward to seeing you again in the spring and summer. Until then, take care and enjoy the rest of your day.

再一次，大家，這確實結束了今天的收益發布。一如既往，我們感謝大家的參與，期待春夏再見。在那之前，保重並享受剩下的一天。