Zoom Communications Inc (ZM) 2024 Q1 法說會逐字稿

Well, hello, everyone, and welcome to Zoom's Q1 FY '24 Earnings Release Webinar. As a reminder, today's webinar is being recorded. And now I will hand things over to Tom McCallum, Head of Investor Relations. Tom, over to you.

大家好，歡迎來到 Zoom 的 24 財年第一季度收益發佈網絡研討會。提醒一下，今天的網絡研討會正在錄製中。現在我將把事情交給投資者關係主管 Tom McCallum。湯姆，交給你了。

Thank you, Kelcey. Hello, everyone, and welcome to Zoom's earnings video webinar for the first quarter of fiscal year 2024. 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，歡迎收看 Zoom 2024 財年第一季度收益視頻網絡研討會。今天有 Zoom 的創始人兼首席執行官 Eric Yuan 參加。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 and a slide deck with financial highlights that, along with our earnings press 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.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和帶有財務亮點的幻燈片，連同我們的收益新聞稿，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 -- for second quarter and full fiscal year 2024, our expectations regarding financial and business trends, impacts from the macroeconomic environment, our market position, opportunities, go-to-market initiatives, growth strategies and business aspirations, and product initiatives and expected benefits from such initiatives. These statements are only predictions that are based on what we believe today, and actual results may differ materially. These forward-looking statements are subject to the risks and other factors that could affect our performance and financial results, which we discuss in detail in our filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. Zoom assumes no obligation to update any forward-looking statements that we may make on today's webinar.

在這次電話會議中，我們將做出前瞻性陳述，包括關於我們第一季度和第二季度以及整個 2024 財年的財務展望、我們對財務和業務趨勢的預期、宏觀經濟環境的影響、我們的市場地位、機會、進入市場的舉措、增長戰略和業務願望，以及產品舉措和此類舉措的預期收益。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。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，我們在提交給美國證券交易委員會的文件中對此進行了詳細討論，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 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. As we continue to execute on the strategic focuses, which I shared with you all last quarter, we are very grateful for the support, feedback and trust that we have received from our customers and investors.

謝謝你，湯姆，也謝謝大家今天加入我們。在我們繼續執行我上個季度與大家分享的戰略重點時，我們非常感謝我們從客戶和投資者那裡得到的支持、反饋和信任。

Last month, we closed our acquisition of Workvivo, which we are super excited about. Workvivo is a modern employee communication and engagement platform. Their solution combines a social Internet and employee app into one central hub, forming the heart of a company's digital ecosystem.

上個月，我們完成了對 Workvivo 的收購，我們對此感到非常興奮。 Workvivo 是一個現代員工溝通和參與平台。他們的解決方案將社交互聯網和員工應用程序結合到一個中央樞紐中，構成了公司數字生態系統的核心。

Incorporating Workvivo's feature-rich technology into our all-in-one collaboration solution will allow us to offer Zoom customers a unified platform that keeps knowledge workers and the frontline employees informed, engaged and connected throughout the work day regardless of in-person, remote or hybrid work style.

將 Workvivo 的功能豐富的技術整合到我們的一體式協作解決方案中，將使我們能夠為 Zoom 客戶提供一個統一的平台，讓知識工作者和一線員工在整個工作日中隨時了解情況、參與和聯繫，無論是面對面、遠程還是混合工作方式。

According to Enterprise Apps Today, communicative employees have mobile workers who are 5x more productive and feel 3x less burned out. The Workvivo team is working very hard to capitalize on this opportunity and is 100% aligned with our culture of delivering happiness to customers and employees. We are so excited to join forces with Workvivo and help our customers raise the bar for employee communication and engagement.

根據 Enterprise Apps Today 的說法，溝通型員工的移動工作人員的工作效率提高了 5 倍，而感到精疲力竭的情況減少了 3 倍。 Workvivo 團隊正在非常努力地利用這個機會，並且 100% 與我們為客戶和員工帶來快樂的文化保持一致。我們很高興能與 Workvivo 聯手，幫助我們的客戶提高員工溝通和參與的標準。

Last quarter, we reiterated our strong positioning in AI and highlighted our expanded vision to see generative AI permeate and elevate productivity across our portfolio. In Q1, we made considerable progress towards that vision.

上個季度，我們重申了我們在 AI 領域的強大定位，並強調了我們擴大的願景，即看到生成式 AI 滲透並提高我們產品組合的生產力。在第一季度，我們在實現這一願景方面取得了相當大的進展。

We outlined our approach to AI is to drive forward solutions that are federated, empowering and responsible. Federated means flexible and customizable to businesses' unique scenarios and nomenclature. Empowering refers to building solutions that improve individual and team productivity as well as enhance the customers' experience. And responsible means customer control of their data with an emphasis on privacy, security, trust and safety.

我們概述了我們的 AI 方法是推動聯合、授權和負責任的解決方案。聯合意味著靈活且可根據企業的獨特場景和術語進行定制。賦能是指構建能夠提高個人和團隊生產力並增強客戶體驗的解決方案。負責任意味著客戶對其數據的控制，強調隱私、安全、信任和安全。

At Enterprise Connect, we unveiled ZoomIQ's new set of in-beta features leveraging generative AI to support chat and e-mail compose and meeting summary. We are also building new features to summarize long chat threads, catch up tardy meeting participants on what they missed and brainstorm in Whiteboard.

在 Enterprise Connect 上，我們推出了 ZoomIQ 的一組新的測試版功能，利用生成 AI 來支持聊天和電子郵件撰寫以及會議摘要。我們還在構建新功能來總結長聊天線程，讓遲到的會議參與者了解他們錯過的內容，並在 Whiteboard 中集思廣益。

Last week, we announced our strategic investment in Anthropic, an AI safety and research company working to build reliable, interpretable and steerable AI systems. Our partnership with Anthropic further boosts our federated approach to AI by allowing Anthropic's AI assistant, Claude, to be integrated across Zoom's entire platform.

上週，我們宣布了對 Anthropic 的戰略投資，Anthropic 是一家人工智能安全和研究公司，致力於構建可靠、可解釋和可操縱的人工智能係統。我們與 Anthropic 的合作夥伴關係通過允許 Anthropic 的 AI 助手 Claude 集成到 Zoom 的整個平台，進一步增強了我們的 AI 聯合方法。

We plan to begin by layering Claude into our Contact Center portfolio, which includes Zoom Contact Center, Zoom Virtual Agent, and now in-beta Zoom Workforce Engagement Management. With Claude guiding agents towards trustworthy resolutions and empowering several service for end users, companies will be able to take customer relationships to the next level.

我們計劃首先將 Claude 納入我們的聯絡中心產品組合，其中包括 Zoom 聯絡中心、Zoom 虛擬座席，以及現在處於測試階段的 Zoom Workforce Engagement Management。在 Claude 的指導下，代理人獲得可信賴的解決方案並為最終用戶提供多種服務，公司將能夠將客戶關係提升到一個新的水平。

Now moving on to some of our customer wins. I would like to thank Major League Baseball. MLB has long used the power of the broader Zoom platform to strengthen its connection to fans and teams. And this quarter, we expanded our relationship by launching a first-of-its-kind partnership that leverages Zoom Contact Center to enhance real-time replay reviews and deliver increased transparency to baseball fans. By introducing Zoom technologies into operations on and off the field, MLB strives to create an engaging and unique experience for its fans and teams.

現在繼續我們的一些客戶勝利。我要感謝美國職棒大聯盟。 MLB 長期以來一直利用更廣泛的 Zoom 平台的力量來加強與球迷和球隊的聯繫。本季度，我們通過啟動首個此類合作夥伴關係擴大了我們的關係，該合作夥伴關係利用 Zoom Contact Center 來增強實時重播評論並為棒球迷提供更高的透明度。通過將 Zoom 技術引入場內和場外的運營，MLB 努力為其球迷和球隊創造引人入勝的獨特體驗。

I would like to thank Virginia Tech for expanding our relationship by adding more than 10,000 Zoom Phone seats as well as Zoom Contact Center to their Zoom Meetings deployment. We brought responsiveness, reliability and regulatory compliance to this large expansion, and Virginia Tech leverages Zoom's unified communications platform to build a next-gen solution integrated across meetings, phone and contact center to serve the entire university community.

我要感謝弗吉尼亞理工大學通過在 Zoom Meetings 部署中增加 10,000 多個 Zoom Phone 席位和 Zoom Contact Center 來擴大我們的關係。我們為這次大規模擴張帶來了響應能力、可靠性和合規性，弗吉尼亞理工大學利用 Zoom 的統一通信平台構建了跨會議、電話和聯絡中心的下一代解決方案，為整個大學社區提供服務。

I would also like to thank Vensure Employer Services, which has grown its workforce significantly the past few years through hiring and M&A. In Q1, Vensure expanded their existing footprint with us by adding approximately 10,000 Zoom Phone seats and 800 Zoom Contact Center seats as well as our AI-powered Zoom Virtual Agent and Zoom IQ for Sales. It's so exciting to see customers leverage our natively integrated Phone plus Contact Center solutions and invest in our next-generation AI-enabled products across their businesses.

我還要感謝 Vensure Employer Services，它在過去幾年中通過招聘和併購顯著增加了員工隊伍。在第一季度，Vensure 通過增加大約 10,000 個 Zoom Phone 席位和 800 個 Zoom Contact Center 席位以及我們的 AI 支持的 Zoom 虛擬代理和 Zoom IQ for Sales 擴大了他們現有的足跡。看到客戶利用我們本地集成的電話和聯絡中心解決方案，並在他們的業務中投資於我們的下一代人工智能產品，真是令人興奮。

Finally, I want to thank My Plan Manager, Australia's leading services provider for the National Disability Insurance Program. MPM chose Zoom Contact Center for its attractive total cost of ownership, the deep integration with Salesforce, and the vision and future road map for customer experience. And our journey did not end with contact center, appreciating the value of the platform, they also decided to standardize on Zoom One. We're so happy to partner with MPM to help them deliver a world-class customer and employee experience to their clients and disability service providers.

最後，我要感謝澳大利亞領先的國家殘疾保險計劃服務提供商 My Plan Manager。 MPM 選擇 Zoom Contact Center 是因為其具有吸引力的總擁有成本、與 Salesforce 的深度集成以及客戶體驗的願景和未來路線圖。我們的旅程並沒有以聯絡中心結束，他們意識到平台的價值，還決定在 Zoom One 上進行標準化。我們很高興與 MPM 合作，幫助他們為其客戶和殘疾服務提供商提供世界一流的客戶和員工體驗。

Again, thank you so much, MLB, Virginia Tech, Vensure Services, MPM and all of our customers worldwide.

再次非常感謝 MLB、弗吉尼亞理工大學、Vensure Services、MPM 以及我們在全球的所有客戶。

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

有了這個，我會把它傳遞給凱利。謝謝。

Thank you, Eric, and hello, everyone. We are pleased that we beat our top line and profitability guidance in Q1. Here are a few milestones. First, our non-GAAP gross margin of 80.5% exceeded our long-term target. Second, after adjusting for the 3 fewer days in the quarter, our online revenue was slightly up sequentially. And last, the moment you've all been waiting for, Zoom Phone surpassed 10% of revenue in the quarter.

謝謝你，埃里克，大家好。我們很高興我們在第一季度超過了我們的收入和盈利指導。這裡有幾個里程碑。首先，我們 80.5% 的非美國通用會計準則毛利率超過了我們的長期目標。其次，在調整了本季度減少的 3 天后，我們的在線收入環比略有上升。最後，在你們一直等待的那一刻，Zoom Phone 在本季度的收入超過了 10%。

In Q1, total revenue came in at $1.105 billion, up 3% year-over-year and 5% in constant currency. This result was approximately $20 million above the high end of our guidance. Our Enterprise business grew 13% year-over-year and represented 57% of total revenue, up from 52% a year ago.

第一季度，總收入為 11.05 億美元，同比增長 3%，按固定匯率計算增長 5%。這一結果比我們指導的上限高出約 2000 萬美元。我們的企業業務同比增長 13%，佔總收入的 57%，高於一年前的 52%。

As I mentioned in the quarterly milestones, our Online business improved meaningfully in the quarter as it benefited from many initiatives, including the price increase and buy flow optimization. In addition, we saw online average monthly churn decrease to 3.1% from 3.6% in Q1 of FY '23 and 3.4% last quarter. We are pleased that this part of our business is stabilizing sooner than expected.

正如我在季度里程碑中提到的那樣，我們的在線業務在本季度有了顯著改善，因為它受益於許多舉措，包括價格上漲和購買流程優化。此外，我們看到在線平均每月流失率從 23 財年第一季度的 3.6% 和上一季度的 3.4% 降至 3.1%。我們很高興這部分業務比預期更快地穩定下來。

The number of Enterprise customers grew 9% year-over-year to approximately 215,900. Our trailing 12-month net dollar expansion rate for enterprise customers in Q1 came in at 112%.

企業客戶數量同比增長 9% 至約 215,900。我們在第一季度為企業客戶提供的 12 個月淨美元增長率為 112%。

We saw 23% year-over-year growth in the upmarket as we ended the quarter with 3,580 customers contributing more than $100,000 in trailing 12 months revenue. These customers represent 29% of revenue, up from 24% in Q1 of FY '23, and span diverse industries such as health care, education, government and more.

我們看到高端市場同比增長 23%，因為我們在本季度結束時有 3,580 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 29%，高於 23 財年第一季度的 24%，涵蓋醫療保健、教育、政府等多個行業。

As expected, we did experience some distraction across the global sales team due to the previously announced headcount reduction and subsequent sales reorganization. Despite the distraction, our Americas revenue grew 8% year-over-year, while EMEA and APAC declined by 8% and 5%, respectively.

正如預期的那樣，由於之前宣布的裁員和隨後的銷售重組，我們確實在全球銷售團隊中遇到了一些干擾。儘管存在干擾，但我們的美洲收入同比增長了 8%，而歐洲、中東和非洲地區和亞太地區的收入分別下降了 8% 和 5%。

The decline in EMEA was primarily attributable to the outsized impact of the headcount reduction due to local regulations prolonging the process, the Russia-Ukraine war and the stronger dollar. The decline in APAC was primarily attributable to the stronger dollar.

歐洲、中東和非洲地區的下降主要歸因於當地法規延長流程、俄羅斯-烏克蘭戰爭和美元走強導致裁員的巨大影響。亞太地區的下滑主要歸因於美元走強。

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, restructuring expenses and all associated tax effects. Non-GAAP gross margin in Q1 was 80.5%, an improvement from 78.6% in Q1 of last year and 79.8% last quarter. We are pleased that we have achieved our long-term target as we drove sequential improvement mainly due to optimizing usage across the public cloud and our co-located data centers. For FY '24, we still expect non-GAAP gross margin to be approximately 79.5%, reflecting additional investments in new AI technologies.

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、淨訴訟和解、戰略投資的淨收益或損失、參與證券的未分配收益、重組費用和所有相關稅收影響。第一季度非美國通用會計準則毛利率為 80.5%，高於去年第一季度的 78.6% 和上一季度的 79.8%。我們很高興我們已經實現了我們的長期目標，因為我們推動了連續改進，這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，我們仍預計非 GAAP 毛利率約為 79.5%，反映出對新 AI 技術的額外投資。

Research and development expense grew by 25% year-over-year to approximately $106 million. As a percentage of total revenue, R&D expense increased to 9.6% from 7.9% in Q1 of last year, reflecting our investments in expanding our product portfolio, including Zoom Contact Center, AI and more. Looking ahead, innovation will remain a top priority for Zoom.

研發費用同比增長 25%，達到約 1.06 億美元。研發費用佔總收入的百分比從去年第一季度的 7.9% 增加到 9.6%，反映出我們在擴大產品組合方面的投資，包括 Zoom Contact Center、AI 等。展望未來，創新仍將是 Zoom 的重中之重。

Sales and marketing expense grew by 4% year-over-year to $278 million. This represented approximately 25.2% of total revenue, up from 24.9% in Q1 of last year.

銷售和營銷費用同比增長 4% 至 2.78 億美元。這約佔總收入的 25.2%，高於去年第一季度的 24.9%。

G&A expense declined by 10% to $84 million or approximately 7.6% of total revenue, down from 8.6% in Q1 of last year as we focused on achieving greater back-office efficiencies and savings.

G&A 費用下降 10% 至 8400 萬美元，約佔總收入的 7.6%，低於去年第一季度的 8.6%，因為我們專注於實現更高的後台效率和節約。

Non-GAAP operating income expanded to $422 million, exceeding the high end of our guidance of $379 million. This translates to a 38.2% non-GAAP operating margin, an improvement from 37.2% in Q1 of last year.

非 GAAP 營業收入擴大至 4.22 億美元，超過了我們 3.79 億美元指導的上限。這意味著非 GAAP 營業利潤率為 38.2%，比去年第一季度的 37.2% 有所提高。

Non-GAAP diluted earnings per share in Q1 was $1.16 on approximately 304 million non-GAAP diluted weighted average shares outstanding. This result was $0.18 above the high end of our guidance and 13% higher than Q1 of last year.

第一季度非 GAAP 攤薄每股收益為 1.16 美元，約有 3.04 億股非 GAAP 攤薄加權平均流通股。這一結果比我們指導的上限高出 0.18 美元，比去年第一季度高出 13%。

Turning to the balance sheet. Deferred revenue at the end of the period was $1.4 billion, up 3% year-over-year from $1.3 billion. This is slightly above our guidance and primarily driven by renewals during our largest seasonal renewal quarter.

轉向資產負債表。期末遞延收入為 14 億美元，較上年同期的 13 億美元增長 3%。這略高於我們的指導，主要是由我們最大的季節性續訂季度的續訂推動的。

Looking at both our billed and unbilled contracts, our RPO totaled approximately $3.5 billion, up 16% year-over-year from $3 billion. We expect to recognize approximately 59% of the total RPO as revenue over the next 12 months as compared to 63% in Q1 of FY '23 and 56% in Q4 of FY '23. The sequential increase in current RPO as a percentage of total RPO was primarily due to shorter contract durations in recent Enterprise deals arising from uncertainty in the macro environment.

查看我們的已開票和未開票合同，我們的 RPO 總額約為 35 億美元，比去年同期的 30 億美元增長 16%。我們預計在未來 12 個月內將總 RPO 的約 59% 確認為收入，而 23 財年第一季度為 63%，23 財年第四季度為 56%。當前 RPO 佔總 RPO 百分比的環比增長主要是由於宏觀環境的不確定性導致近期企業交易的合同期限縮短。

We expect Q2 deferred revenue to be down 2% to 4% year-over-year, which takes into account the recent trend of shorter durations on Enterprise deals and our renewal seasonality, which peaks in Q1 and declines throughout the year.

我們預計第二季度遞延收入將同比下降 2% 至 4%，這考慮到了企業交易持續時間縮短的近期趨勢以及我們的續約季節性（在第一季度達到頂峰並全年下降）。

We ended the quarter with approximately $5.6 billion in cash, cash equivalents and marketable securities, excluding restricted cash. We had operating cash flow in the quarter of $418 million as compared to $526 million in Q1 of last year. Free cash flow was $397 million as compared to $501 million in Q1 of last year. Our operating cash flow and free cash flow margins were 37.9% and 35.9%, respectively.

本季度結束時，我們擁有約 56 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 4.18 億美元，而去年第一季度為 5.26 億美元。自由現金流為 3.97 億美元，而去年第一季度為 5.01 億美元。我們的經營現金流和自由現金流利潤率分別為 37.9% 和 35.9%。

Due to a net legal settlement expected to occur later this year, we are revising our cash flow outlook for FY '24. We now expect free cash flow to be in the range of $1.14 billion to $1.19 billion. In FY '24 and going forward, we expect our smallest cash tax payments to occur in Q1 and the largest to occur in Q2.

由於預計將在今年晚些時候進行淨法律結算，我們正在修改 24 財年的現金流量展望。我們現在預計自由現金流將在 11.4 億美元至 11.9 億美元之間。在 24 財年及以後，我們預計我們的現金稅支付最小值將發生在第一季度，而最大的將發生在第二季度。

Now turning to guidance. For Q2, we expect revenue to be in the range of $1.11 billion to $1.15 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 $405 million to $410 million. Our outlook for non-GAAP earnings per share is $1.04 to $1.06 based on approximately 307 million shares outstanding.

現在轉向指導。對於第二季度，我們預計收入將在 11.1 億美元至 11.5 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 4.05 億美元至 4.1 億美元之間。基於約 3.07 億股已發行股票，我們對非 GAAP 每股收益的預期為 1.04 美元至 1.06 美元。

As our Online business is stabilizing, we wanted to give you all some additional onetime color on how we see it playing out in the coming quarters. We expect our online revenues to be approximately $480 million in Q2 and be relatively flat thereafter in FY '24.

隨著我們的在線業務趨於穩定，我們想給大家一些額外的一次性色彩，說明我們如何看待它在未來幾個季度的表現。我們預計我們的在線收入在第二季度約為 4.8 億美元，此後在 24 財年相對持平。

We are pleased to raise our top line and profitability outlook for the full year of FY '24. We now expect revenue to be in the range of $4.465 billion to $4.485 billion, which at the midpoint represents approximately 2% year-over-year growth or 3% in constant currency. We expect our non-GAAP operating income to be in the range of $1.63 billion to $1.65 billion, representing a non-GAAP operating margin of approximately 37%. Our tax rate is expected to approximate the U.S., federal and state blended rates. Our outlook for non-GAAP earnings per share is $4.25 to $4.31 based on approximately 308 million shares outstanding.

我們很高興提高 24 財年全年的收入和盈利前景。我們現在預計收入將在 44.65 億美元至 44.85 億美元之間，中點代表約 2% 的同比增長或 3% 的固定匯率。我們預計我們的非 GAAP 營業收入將在 16.3 億美元至 16.5 億美元之間，代表非 GAAP 營業利潤率約為 37%。我們的稅率預計接近美國、聯邦和州的混合稅率。基於約 3.08 億股已發行股票，我們對非 GAAP 每股收益的預期為 4.25 美元至 4.31 美元。

As we look to reignite growth and maintain profitability, we are committed to doing so in the right way. We are pleased to have recently issued our second ESG report, which includes additional data regarding our greenhouse gas emissions inventory and recommit Zoom to achieving 100% renewable energy for our direct operations by 2030.

當我們希望重振增長並保持盈利能力時，我們致力於以正確的方式做到這一點。我們很高興最近發布了我們的第二份 ESG 報告，其中包括有關我們溫室氣體排放清單的更多數據，並再次承諾 Zoom 到 2030 年實現我們直接運營的 100% 可再生能源。

Our core value of care is as important as ever. It is embedded in how our product fosters emissions reductions while supporting inclusiveness. It's also evident in our corporate and employee giving.

我們的核心護理價值一如既往地重要。它嵌入在我們的產品如何在支持包容性的同時促進減排。這在我們的企業和員工捐贈中也很明顯。

You heard it from Eric. We are innovating extremely quickly to bring our customers the immense benefits of generative AI and empower modern collaboration. We are trusted and loved by our amazing and diverse set of customers, and we are fortunate to be one of the most recognized brands in the world.

你從埃里克那裡聽說的。我們正在以極快的速度進行創新，為我們的客戶帶來生成式 AI 的巨大好處，並增強現代協作能力。我們受到了不起的、多元化的客戶群的信任和喜愛，我們有幸成為世界上最知名的品牌之一。

In Q1, we made some very tough decisions related to team size, structure and incentives that have understandably caused distraction in the short term but at the same time, exemplify our commitment to long-term growth and profitability. With a focus on the future, we have refreshed our mission and vision: One platform delivering limitless human connection. Thank you to the entire Zoom team, our customers, our community and our investors.

在第一季度，我們做出了一些與團隊規模、結構和激勵措施相關的非常艱難的決定，這些決定在短期內造成了乾擾，但同時也體現了我們對長期增長和盈利能力的承諾。著眼於未來，我們更新了我們的使命和願景：一個提供無限人際聯繫的平台。感謝整個 Zoom 團隊、我們的客戶、我們的社區和我們的投資者。

With that, Kelcey, please queue up our first question.

有了這個，Kelcey，請排隊我們的第一個問題。

Thank you so much, Kelly. (Operator Instructions) as And our first question will come from Goldman Sachs' Kash Rangan.

非常感謝你，凱利。 （操作員說明）我們的第一個問題將來自高盛的 Kash Rangan。

All right. Well, hearing no response, we'll go ahead and move on to Meta Marshall with Morgan Stanley.

好的。好吧，沒有聽到任何回應，我們將繼續與摩根士丹利一起轉向 Meta Marshall。

All right. I think I got mine to work. Perfect. Appreciate it. I noted that you were taking down kind of -- or not taking down but giving back some of the gross margin upside that you saw in the quarter and noted that, that was for some of your AI investments. Eric, I guess I'm just wondering how you're judging kind of build versus buy when it comes to AI or just where to leverage kind of the ecosystem of AI development that's going on versus investments that you want to make.

好的。我想我已經開始工作了。完美的。欣賞它。我注意到你正在取消某種 - 或者沒有取消但放棄了你在本季度看到的一些毛利率上升，並指出，這是你的一些人工智能投資。埃里克，我想我只是想知道，當涉及到 AI 時，你如何判斷構建與購買的類型，或者只是在何處利用正在進行的 AI 開發生態系統與你想要進行的投資。

Yes, good question. I think it looks like everyone seem to have just woken up to AI. Actually, we have been busy on AI front for a few years. If you look at the past several -- 2 of the largest acquisitions, right, Solvvy and Kites, right, all of them are AI-based. Internally, we also have AI team as well because we understand the importance of AI, in particular, during recently by the generative AI momentum.

是的，好問題。我認為看起來每個人似乎都剛剛意識到 AI。實際上，我們在人工智能方面已經忙了幾年。如果你看一下過去的幾次 - 2 次最大的收購，正確的，Solvvy 和 Kites，正確的，它們都是基於人工智能的。在內部，我們也有 AI 團隊，因為我們了解 AI 的重要性，尤其是最近在生成 AI 勢頭的情況下。

I think, first of all, we do have our own AI team. We have our own internally developed AI models as well. We also will take up a very open approach. Essentially, we announced our federated approach to AI. We announced the collaboration with OpenAI at the Enterprise Connect. We also doubled on our partnership with Anthropic recently as well and down the road, maybe some open source AI models available, we are also going to embrace that.

我認為，首先，我們確實有自己的 AI 團隊。我們也有自己內部開發的人工智能模型。我們還將採取非常開放的方式。從本質上講，我們宣布了我們對 AI 的聯合方法。我們在 Enterprise Connect 上宣布了與 OpenAI 的合作。我們最近也加倍加強了與 Anthropic 的合作關係，並且在未來，也許一些開源 AI 模型可用，我們也將接受它。

Again, we look at everything from end user perspective, right? First of all, we have a team really dedicated on AI. And also, when we sit down with the customers, some customers, yes, really like Anthropic model. Yes, why not? We doubled on that other partnership. We know we can leverage their API as well, right? So we are taking our federated approach, which is to put a customer centric, right? That's why we are very, very excited about this AI momentum can truly improve our product experience.

同樣，我們從最終用戶的角度來看一切，對嗎？首先，我們有一個真正致力於 AI 的團隊。而且，當我們與客戶坐下來時，一些客戶，是的，真的很喜歡 Anthropic 模型。是的，為什麼不？我們在其他夥伴關係上加倍努力。我們知道我們也可以利用他們的 API，對嗎？所以我們正在採用我們的聯合方法，即以客戶為中心，對嗎？這就是為什麼我們對這種 AI 勢頭能夠真正改善我們的產品體驗感到非常非常興奮。

And moving on to Michael Funk with Bank of America.

並轉向美國銀行的 Michael Funk。

Yes. Another question for you, Eric, if I could. Just some more detail on how you think about AI integrating into your own platform. Do you think about it more as an enhancement or as a separate SKU? And then how do you monetize AI within your platform?

是的。埃里克，如果可以的話，再問你一個問題。關於您如何看待將 AI 集成到您自己的平台中的更多詳細信息。您是將其更多地視為增強功能還是單獨的 SKU？那麼你如何在你的平台內通過 AI 獲利？

It's a good question. I would say the answer is both. You take our Zoom IQ for Sales, for example, right? It's extremely important, right? When you send all the sales people back at home or work remotely, how to help them to improve their productivity? That's the reason why we announced Zoom IQ for Sales and even way before the generative AI momentum, right? And internally developed large language models really help us, right? We can monetize that AI, empower the Zoom IQ for Sales product.

這是個好問題。我會說答案是兩者兼而有之。例如，您以我們的 Zoom IQ for Sales 為例，對嗎？這非常重要，對吧？當你讓所有的銷售人員都回家或遠程工作時，如何幫助他們提高生產力？這就是為什麼我們宣布 Zoom IQ for Sales 的原因，甚至是在生成 AI 勢頭出現之前，對吧？而且內部開發的大型語言模型確實對我們有幫助，對吧？我們可以通過 AI 獲利，為 Zoom IQ for Sales 產品提供支持。

At the same time, you look at our feature-rich collaboration portfolio, like a meeting summary, the e-mail and chat -- compose a chat message and Zoom Contact Center and Virtual Agent and also recently in beta, right, Workforce Management Solution as well, all of them will be empowered based on the AI, the platform, right? So on the one hand, we leverage AI to look at almost every features we have to empower those features and also elevate the customer, the product experience.

同時，您可以查看我們功能豐富的協作產品組合，例如會議摘要、電子郵件和聊天——撰寫聊天消息以及 Zoom Contact Center 和 Virtual Agent，以及最近處於測試階段的 Workforce Management Solution同樣，所有這些都將基於 AI 平台獲得授權，對吧？因此，一方面，我們利用 AI 來查看我們擁有的幾乎所有功能，以增強這些功能並提升客戶和產品體驗。

At the same time, a lot of monetization opportunities, right? Zoom IQ for Sales is just one example, right, as we have more opportunity for us. Again, we think AI does bring tremendous opportunity for us because we focus on communication. Take Workvivo, for example, right? We just acquired them in the employee communication and engagement level, how to leverage AI to improve that product experience as another example. Again, full of opportunities here at Zoom with AI.

同時，很多貨幣化機會，對吧？ Zoom IQ for Sales 只是一個例子，對吧，因為我們有更多的機會。同樣，我們認為人工智能確實為我們帶來了巨大的機會，因為我們專注於溝通。以 Workvivo 為例，對吧？我們剛剛在員工溝通和參與層面獲得了他們，另一個例子是如何利用人工智能來改善產品體驗。同樣，Zoom with AI 充滿了機遇。

All right. So let's go to Kash again with Goldman Sachs, Kash, I think you're out there driving, so he's going to stay off video.

好的。所以讓我們和高盛一起去卡什，卡什，我想你在外面開車，所以他會遠離視頻。

Exactly. I appreciate you watching out for my safety. But just so you know that I'm not a bot, I'm a human, I just will turn on that video very quickly on. So Eric, I'm curious to get your take. So I want you to, if you don't mind, drill a little bit deeper to generative AI and while a lot of software companies are announcing partnerships with LLMs based on the content and data that they uniquely possess, we're also at a point where many companies are identifying very unique workflows and productivity scenarios that differentiate them going forward, right?

確切地。我感謝你注意我的安全。但你要知道我不是機器人，我是人，我會很快打開那個視頻。埃里克，我很想听聽你的看法。所以我希望你，如果你不介意的話，對生成人工智能進行更深入的研究，雖然很多軟件公司都宣布根據他們獨特擁有的內容和數據與法學碩士建立合作夥伴關係，但我們也處於許多公司正在確定非常獨特的工作流程和生產力場景，這將使他們在未來脫穎而出，對嗎？

So in that regard, just so -- there's a scenario -- everybody in UCaaS will ultimately have a generative AI strategy. So when you start to have these LLMs work with your core products and given the vast user base and behaviors that you've contained in your knowledge base, how do you think Zoom is uniquely qualified to get productivity scenarios that are very unique to Zoom, sorry, using the same word again, that could be more enduring as a source of competitive advantage because the first chapter of UCaaS was all about providing the core capability of the technology, which you did an amazing job of, but I'm curious, the next leg of productivity growth and how you can take this company forward.

所以在這方面，就是這樣——有一種情況——UCaaS 中的每個人最終都會有一個生成人工智能策略。因此，當您開始讓這些 LLM 與您的核心產品一起工作，並考慮到您知識庫中包含的龐大用戶群和行為時，您認為 Zoom 如何有資格獲得 Zoom 非常獨特的生產力場景，抱歉，再次使用同一個詞，作為競爭優勢的來源，這可能會更持久，因為 UCaaS 的第一章都是關於提供技術的核心能力，你在這方面做得非常出色，但我很好奇，生產力增長的下一步以及如何推動這家公司向前發展。

Yes, good questions. We have a great integration with the Tesla cars, right? If you drive a Tesla, it's just one click and join the call. Even if you can turn off the video, the audio will be always on. Anyway, so back to your AI question. I think, first of all, if you look at the generative AI, 2 things is very important, right? So first of all, if you do not start a few years back, just given what's going on in the AI industry, AI world, it's, oh my god, a lot of things. However, we already started investing AI a few years back. We should understand that, the reason why our Zoom IQ for Sales was developed based on our own internally developed large language model.

是的，好問題。我們與特斯拉汽車有很好的整合，對吧？如果您駕駛的是 Tesla，只需單擊一下即可加入通話。即使您可以關閉視頻，音頻也會始終打開。不管怎樣，回到你的 AI 問題。我認為，首先，如果你看一下生成式人工智能，有兩件事非常重要，對吧？所以首先，如果你不從幾年前開始，就考慮到人工智能行業、人工智能世界正在發生的事情，我的天哪，有很多事情。然而，我們早在幾年前就開始投資人工智能。我們應該明白，為什麼我們的 Zoom IQ for Sales 是基於我們自己內部開發的大型語言模型開發的。

Having said that, there are 2 things really important. One is the model, right? So OpenAI has a model, Anthropic and Facebook as well, Google and those companies. But the most important thing is how to leverage these models to fine tune based on your proprietary data, right? That is extremely important when it comes to collaboration, communication, right? Take a zoom employee, for example. We have so many meetings, right, and talk about -- every day, like our sales team use the Zoom call with the customers. We accumulated a lot of, let's say, internal meeting data. How to fine tune the model with those data, it's very important, right?

話雖如此，有兩件事非常重要。一個是模型，對吧？所以 OpenAI 有一個模型，Anthropic 和 Facebook，還有谷歌和那些公司。但最重要的是如何利用這些模型根據您的專有數據進行微調，對嗎？這在協作、溝通方面非常重要，對吧？以 Zoom 員工為例。我們有很多會議，對，並且談論 - 每天，就像我們的銷售團隊與客戶一起使用 Zoom 電話一樣。我們積累了很多，比方說，內部會議數據。如何用這些數據微調模型，這很重要，對吧？

Not only just for the AI model itself because it will evolve for sure and also, we're also going to embrace, at the same time, how to leverage our proprietary data to fine tune these AI models towards our industry. That's very important. Look at -- take meeting, for example, right? I think the industry is probably -- we have more data than anybody else, right given all the past, many years' experience. How to fine tune that model with those data? And I think this is our unique -- will help us to deliver unique experience to customers.

不僅對於 AI 模型本身，因為它肯定會發展，而且我們還將同時接受如何利用我們的專有數據來微調這些 AI 模型以適應我們的行業。這非常重要。看——以開會為例，對吧？我認為這個行業可能是——我們擁有比任何人都多的數據，鑑於過去多年的經驗，這是正確的。如何使用這些數據微調該模型？我認為這是我們的獨特之處——將幫助我們為客戶提供獨特的體驗。

If any other company, you may have -- let's say, you have a greater AI model, however, how to fine tune. It's a lot of effort, right? That's the reason why we think that's something unique for us to truly empower AI to deliver a differentiated experience to our customers.

如果有任何其他公司，你可能有——比方說，你有一個更好的人工智能模型，但是，如何微調。這是很大的努力，對吧？這就是為什麼我們認為這對我們來說是獨一無二的，可以真正使人工智能能夠為我們的客戶提供差異化的體驗。

Okay. We'll move on to Tom Blakey with KeyBanc.

好的。我們將通過 KeyBanc 繼續討論 Tom Blakey。

Kelly and Eric, good to see you guys. There were -- some large competitor of yours has been in the news lately with Microsoft possibly needing to create a separate SKU for their Teams product in terms of debundling that product. I know how important the collaboration component is to Zoom's vision of becoming the communications operating system for large enterprises. And just noting with Kelly's updated color in terms of online with that -- with the online business stabilizing, which is great. The implied guide for the enterprise business is for pretty good decel into the second half. So just wondering how Zoom is thinking about, if at all, the potential impact or opportunity there, just to get an understanding of the importance of the collaboration component to your product.

凱利和埃里克，很高興見到你們。有 - 你的一些大型競爭對手最近出現在新聞中，微軟可能需要為他們的團隊產品創建一個單獨的 SKU 來拆分該產品。我知道協作組件對於 Zoom 成為大型企業通信操作系統的願景有多麼重要。只是注意到凱利在網上的更新顏色——網上業務穩定下來，這很好。企業業務的隱含指南是進入下半年相當不錯的減速。所以只是想知道 Zoom 如何考慮（如果有的話）那裡的潛在影響或機會，只是為了了解協作組件對您的產品的重要性。

Well, as we noted, we talked about earlier in the quarter, I don't think that the adjustment that you're seeing is necessarily related to competition and more due to, as we expected, some distraction internally due to the reorganization, but we feel great about the structure of our sales organization now with Graeme, especially as our Chief Sales Officer, and Wendy leading the online team and that we've made the hard decisions to get them focused and ready now to execute for the rest of the year. And we're just looking forward to seeing that come to light over the next couple of quarters.

好吧，正如我們所指出的，我們在本季度早些時候談到過，我認為您所看到的調整不一定與競爭有關，而且正如我們預期的那樣，更多是由於重組導致內部分心，但是我們現在對我們的銷售組織結構感覺很好，Graeme 尤其是作為我們的首席銷售官，Wendy 領導在線團隊，我們做出了艱難的決定讓他們集中精力並準備好執行剩下的工作年。我們只是期待在接下來的幾個季度中看到這一點。

And our next question will come from Parker Lane with Stifel.

我們的下一個問題將來自 Stifel 的 Parker Lane。

Kelly, I was hoping you could give us a better understanding of just how -- to what degree contract duration is actually compressed during the quarter, how much that will be an impact as we progress through the year. And is that more of a factor in any particular product set? Or was it pretty much across the board?

凱利，我希望你能讓我們更好地了解本季度合同期限實際壓縮到什麼程度，隨著我們在這一年的進展，這將產生多大的影響。在任何特定產品集中，這是否更重要？或者它幾乎是全面的？

Yes. It was pretty uniformly across our direct segment of the business especially

是的。它在我們直接的業務部門中非常一致，尤其是

(technical difficulty)

（技術難度）

thing to be thoughtful about every decision, which is every buying decision, I should say, which is not new, is just taking -- giving themselves time to make sure that they are getting the product deployed. And we expect it to be not long term in nature, but in order to reflect that, we updated our guidance based on, as we talked about, deferred revenue as well for the coming quarter.

對每一個決定都要深思熟慮，我應該說，這是每一個購買決定，這不是新的，只是給自己時間來確保他們正在部署產品。我們預計它本質上不是長期的，但為了反映這一點，我們根據我們談到的遞延收入以及下一季度的遞延收入更新了我們的指導。

We will now hear from Peter Levine with Evercore.

我們現在將聽到 Peter Levine 與 Evercore 的對話。

Maybe, Eric, one for you is when you think about the use case of AI and you think across like phone, video, contact center, where do you envision seeing the most kind of uplift in terms of client adoption of AI? Just curious to know where you're seeing that today.

埃里克，也許對你來說，當你考慮人工智能的用例時，你會像電話、視頻、聯絡中心一樣思考，你認為在客戶採用人工智能方面，哪裡會出現最大的提升？只是想知道您今天在哪裡看到的。

I think on many fronts, right, like take Anthropic investing, for example, right? For sure, we are going to lever that not only for the entire portfolio, but we are going to start from a contact center, the Virtual Agent and the Contact Center-related features. We'll also look at our core meeting platform, right, a meeting summary. It is extremely important, right? And it's also we have our team chat solution and also how to lever that to compose a chat.

我認為在很多方面都是對的，例如以人類投資為例，對嗎？當然，我們不僅會在整個產品組合中利用這一點，而且我們將從聯絡中心、虛擬代理和聯絡中心相關功能開始。我們還將查看我們的核心會議平台，對，會議摘要。這非常重要，對吧？我們也有我們的團隊聊天解決方案，以及如何利用它來進行聊天。

Remember, last year, we also have e-mail [candidate] as well, how to leverage generative AI to understand the context, right, and kind of bring all the information relative to you and help you auto generate the message, right? When you send an e-mail back to customers or prospects, right, either chat message or e-mail, right, you can leverage generative AI as well, right?

請記住，去年，我們也有電子郵件 [candidate]，如何利用生成 AI 來理解上下文，正確的，並且有點帶來與您相關的所有信息並幫助您自動生成消息，對嗎？當您向客戶或潛在客戶發回電子郵件時，無論是聊天消息還是電子郵件，您也可以利用生成 AI，對嗎？

I think a lot of areas -- even like you like say, maybe you might be late to the meeting, right? 10 minutes later, you join the meeting. You really want to understand what had happened, right? Can you get a quick summary over the past 10 minutes? Yes, you just also leverage generative AI as well. You also can get that as well. It's kind of almost a lot of key use cases, right? I think we'll be empowered by those AI capabilities. That's why we are looking at almost every area, right, how to leverage generative AI to improve that experience.

我認為很多方面——甚至就像你喜歡說的那樣，也許你可能會遲到，對吧？ 10 分鐘後，您加入了會議。你真的很想了解發生了什麼，對吧？你能快速總結一下過去 10 分鐘的情況嗎？是的，您也可以利用生成式 AI。你也可以得到它。這幾乎是很多關鍵用例，對吧？我認為我們將被這些人工智能能力所賦予的力量。這就是為什麼我們正在研究幾乎每個領域，正確的，如何利用生成人工智能來改善這種體驗。

take OpenAI for example. This is a great company, and also a lot of companies are leveraging their AI. Not only bigger companies, small companies, we also announced the collaboration with them, at Enterprise Connect, right? So that's why, as I said earlier, 3 things, right? You understand the large language model, how to fine tune that with your own data and also revisit almost every feature you have. Are there any ways to empower those features? Are there any ways to monetize. That's why we take a holistic approach and also, we like our federated approach to AI. By the way, internally, we do have AI team. It should understand the large language models, not something other companies -- you just have [work up] for AI. So...

以 OpenAI 為例。這是一家偉大的公司，而且很多公司都在利用他們的人工智能。不僅大公司，小公司，我們也在 Enterprise Connect 上宣布了與他們的合作，對吧？所以這就是為什麼，正如我之前所說的，有 3 件事，對嗎？您了解大型語言模型，如何使用您自己的數據對其進行微調，並重新審視您擁有的幾乎所有功能。有什麼方法可以增強這些功能？有沒有賺錢的方法。這就是我們採用整體方法的原因，而且我們喜歡我們的 AI 聯合方法。順便說一句，在內部，我們確實有 AI 團隊。它應該理解大型語言模型，而不是其他公司的東西——你只是為 AI [努力]。所以...

And moving on to Rishi Jaluria with RBC.

並與 RBC 一起前往 Rishi Jaluria。

All right. Wonderful. Eric, I want to stay on the AI train for a little bit. You've obviously talked about some great use cases and feels like there's a big opportunity. I want to ask about maybe the potential to start to verticalize some of the AI solutions because it feels like you have a huge opportunity around distribution, doing things like adding AI tools on top of videos for video interviews and giving real-time signals, for example? And I'm sure that's one being discussed internally. So I just want to understand maybe how are you thinking about that opportunity to verticalize. And is that something that can make maybe direct monetization a little bit more easy because the value prop is very straight out of the box?

好的。精彩的。 Eric，我想在 AI 列車上待一會兒。您顯然已經談到了一些很棒的用例，並且感覺有很大的機會。我想問問是否有可能開始垂直化一些人工智能解決方案，因為感覺你在分銷方面有巨大的機會，做一些事情，比如在視頻之上添加人工智能工具進行視頻採訪，並提供實時信號，對於例子？我確信這是內部正在討論的一個問題。所以我只想了解您如何看待垂直化的機會。這是否可以使直接貨幣化變得更容易一些，因為價值支柱非常直接開箱即用？

Yes, that's a great question. By the way, I downloaded the OpenAI mobile iOS app. I should ask ChatGPT to answer to a lot of question. But anyway, you are so right on. It comes vertical -- I would say, the opportunity, there are 2 things. One is a departmental level. Another one is a vertical industry, right? You look at our Zoom IQ for Sales, specifically targeted sales use case or sales department, right? Contact Center is for supported one. You're so right. Down the road, HR department or even marketing, almost every department, they all use Zoom, right? How to leverage AI to build a differentiated solution, right? That is the opportunity. That's one opportunity.

是的，這是一個很好的問題。順便說一句，我下載了OpenAI移動iOS應用程序。我應該請 ChatGPT 回答很多問題。但無論如何，你是對的。它是垂直的——我想說，機會有兩件事。一是部門級。另一個是垂直行業，對吧？您看看我們的 Zoom IQ for Sales，專門針對銷售用例或銷售部門，對嗎？聯絡中心是支持的一個。你是對的。在路上，人力資源部門甚至市場營銷，幾乎每個部門，他們都使用 Zoom，對嗎？如何利用人工智能構建差異化解決方案，對嗎？這就是機會。這是一個機會。

Another opportunity really about the vertical industry. Take health care, for example. Zoom by far is #1 on telemedicine, right? How to leverage that, right, and with those proprietary data, right, and also working together with the customers, right, and fine tune this AI model, right? This is one example.

垂直行業的另一個機會。以醫療保健為例。到目前為止，Zoom 是遠程醫療的第一名，對吧？如何利用它，對，以及那些專有數據，對，還與客戶合作，對，對這個 AI 模型進行微調，對嗎？這是一個例子。

Another example is a lot of law firms are also using Zoom as well, right? And how to lever the AI to truly empower those use cases is also another opportunity.

另一個例子是很多律師事務所也在使用 Zoom，對嗎？而如何利用 AI 真正為這些用例賦能也是另一個機會。

I think, as I said earlier, AI truly brings tremendous opportunity to us, so we got to leverage that. The good news, we're already heavily invested in this area for a few years.

我認為，正如我之前所說，人工智能確實給我們帶來了巨大的機會，所以我們必須利用它。好消息是，我們已經在這個領域投入了大量資金幾年了。

And our next question comes from Catharine Trebnick with Rosenblatt Securities.

我們的下一個問題來自 Rosenblatt Securities 的 Catharine Trebnick。

All right. In the last 2 years, a lot of changes has happened. First, everybody worked from home and now people are going back to the office. So has that actually changed any of your opportunities when you're looking at marketing, your products. I was thinking in terms of Zoom Room and then some of the areas where you want everybody to be equal in your Zoom Room viewing. So has that changed anything? Have you seen anything different from that?

好的。在過去的 2 年裡，發生了很多變化。首先，每個人都在家工作，現在人們正在回到辦公室。當您考慮營銷和產品時，這是否真的改變了您的任何機會。我考慮的是 Zoom Room，然後是一些你希望每個人在 Zoom Room 觀看中都是平等的領域。那麼這改變了什麼嗎？你見過有什麼不同嗎？

Yes, it's a good question. Good news is it's a question not about AI anymore. So you are so right. I think that during COVID, right, there's a lot of consumer use cases, right? Almost every family, you have with [conference] account, like a Zoom account, right? After COVID, I think you look at the usage, right. Consumer-centric usage, I think, less and less. But however, to support hybrid work, enterprise customers, they are going to leverage video conferencing more and more not only just to support remote work.

是的，這是個好問題。好消息是這不再是關於 AI 的問題。所以你是對的。我認為在 COVID 期間，有很多消費者用例，對吧？幾乎每個家庭都有 [會議] 帳戶，例如 Zoom 帳戶，對嗎？在 COVID 之後，我想你看看用法，對吧。我認為，以消費者為中心的使用越來越少。但是，為了支持混合工作，企業客戶將越來越多地利用視頻會議，而不僅僅是支持遠程工作。

When you try to support hybrid work, how to reserve a desk, all those basic features, right, how to make sure -- when you join the meeting from a conference room, right, remote people, they can't see you, right? Not only -- just one big -- a square, right? So everyone who are sitting in the conference room, equally, we have a square as well, a Zoom square, right? So those kind of experiences extremely important, right? A lot of features are built upon enabling hybrid work, right?

當您嘗試支持混合工作時，如何預訂辦公桌，所有這些基本功能，對，如何確保——當您從會議室加入會議時，遠程人員看不到您，對嗎？ ？不僅——只是一個大的——一個正方形，對吧？所以坐在會議室裡的每個人，同樣，我們也有一個廣場，一個 Zoom 廣場，對嗎？所以這些經歷非常重要，對吧？很多功能都是建立在支持混合工作的基礎上的，對吧？

That's -- even Workvivo is another example, right? During the hybrid work, right, quite often, you use a chat, Zoom, Team chat, you use the e-mail or use the phone call meetings. But sometimes, also want to announce a very exciting news and record a video. How to distribute those to employees and sometimes even to customers? That's the reason why we acquired Workvivo as well.

那是——甚至 Workvivo 也是一個例子，對吧？在混合工作期間，對，你經常使用聊天、縮放、團隊聊天、電子郵件或電話會議。但有時，也想宣布一個非常振奮人心的消息並錄製一段視頻。如何將這些分發給員工，有時甚至分發給客戶？這也是我們收購 Workvivo 的原因。

I think hybrid work is going to stay. That's the reason why a lot of new use cases, right? How to double down on that? Take conference room, for example, we have the Smart Gallery review feature, right? Customers like that. However, in some cases, customers say [I have still a ton of] work. I have a huge conference room. How do you support that? That's the reason why we are working on supporting 3 cameras, right? That's another way to embrace hybrid work.

我認為混合工作將繼續存在。這就是為什麼有很多新用例的原因，對吧？如何加倍努力？以會議室為例，我們有智能圖庫審閱功能，對吧？客戶就是這樣。但是，在某些情況下，客戶會說 [我還有很多] 工作要做。我有一個很大的會議室。你怎麼支持？這就是我們致力於支持 3 個攝像頭的原因，對嗎？這是擁抱混合工作的另一種方式。

I think the hybrid work does bring another kind of huge opportunity to us, especially it's hard to convince everyone back to office 5 days a week. Even for us, even if I talked with many CEOs, everyone wanted, right, sometimes we wanted to see employees more. But however, this is kind of to let employee work anywhere. It sort of become a fashion. It's hard to force employees back at home. That's why you have to embrace hybrid work. That's the reason why Zoom can play a much bigger role to support hybrid work.

我認為混合工作確實給我們帶來了另一種巨大的機會，尤其是很難說服每個人每週 5 天回到辦公室。即使對我們來說，即使我和許多首席執行官交談，每個人都希望，對，有時我們希望更多地看到員工。但是，這有點讓員工在任何地方工作。它有點成為一種時尚。很難強迫員工回家。這就是為什麼你必須接受混合工作。這就是 Zoom 可以在支持混合工作方面發揮更大作用的原因。

And William Blair's Matt Stotler has the next question.

威廉布萊爾的馬特斯托特勒有下一個問題。

Maybe just one on the contact center side. So you obviously continue to innovate on the product front for Contact Center. But last time we got a deep update, there was still some honing that was needed on the go-to-market front. Love to just get an update on what you're seeing on that front, overall adoption of the Contact Center product suite and then what you think are the keys to driving further adoption going forward.

也許只有一個在聯絡中心方面。因此，您顯然會繼續在 Contact Center 的產品方面進行創新。但是上次我們進行深度更新時，在進入市場方面仍然需要一些磨練。樂於了解您在這方面所看到的最新情況、Contact Center 產品套件的整體採用情況，以及您認為推動進一步採用的關鍵因素。

Kelly, do you want to take it?

凱利，你要拿走它嗎？

Yes. So our Contact Center leader is Scott Brown. He is a great addition to our team. And we are focusing from a go-to-market perspective now in the same way that we took Zoom Phone. We are hiring. We have some onboard already, but we were hiring additional contact center specialists who will act as an overlay team and be there to support the account executives to go in as it's more of a technical sale and give them the opportunity to eventually, over time, all become versed in how to sell Contact Center. So we're in the process of that today. And as I said, we've approved more reps, so we're excited about making the investment there.

是的。所以我們的聯絡中心負責人是 Scott Brown。他是我們團隊的重要補充。我們現在正以與 Zoom Phone 相同的方式從上市的角度著眼。我們正在招聘。我們已經有一些人在船上，但我們正在招聘更多的聯絡中心專家，他們將充當覆蓋團隊，並在那裡支持客戶主管進入，因為這更像是一種技術銷售，並讓他們最終有機會，隨著時間的推移，所有人都精通如何銷售聯絡中心。所以我們今天正在處理這個過程。正如我所說，我們已經批准了更多的代表，所以我們很高興在那裡進行投資。

Moving on to William Power with Baird.

與貝爾德一起轉向威廉·鮑爾。

Yes, I wanted to ask a question on Online. It's great to see that segment finally stabilizing. Maybe kind of 2 parts tied to that. Any early color with respect to the price increases and what you're seeing out of that? And as you look forward for the guidance for Online, Maybe Just some broader framework for how you're thinking about both churn and top of funnel, what gives you the confidence on both those fronts that this really is going to stabilize here?

是的，我想在網上提問。很高興看到該部分最終穩定下來。也許有兩部分與此相關。關於價格上漲的任何早期顏色以及您從中看到的是什麼？當您期待在線指南時，也許只是一些更廣泛的框架來說明您如何考慮流失和漏斗頂部，是什麼讓您對這兩個方面的信心真正會在這裡穩定下來？

Yes. So we've seen a very positive reaction to the price increase. The -- when we came into the year and we were modeling it, we've actually seen better-than-expected retention rates in response to that. So that's been really great as well as Wendy's done a lot of work around the Online buy flow, which has also seen a very positive response.

是的。因此，我們看到了對價格上漲的非常積極的反應。 - 當我們進入這一年並對其進行建模時，我們實際上已經看到響應於此的保留率好於預期。所以這真的很棒，Wendy 圍繞在線購買流程做了很多工作，這也得到了非常積極的回應。

And then we've talked about it in the past, but there's a whole road map of other initiatives that are being worked on and continue to be added, including things like additional payment currencies, additional payment types and additional offerings. So those are all the top-of-the-funnel items you're referring to.

然後我們在過去討論過它，但是還有其他正在製定和繼續添加的計劃的完整路線圖，包括額外的支付貨幣、額外的支付類型和額外的產品。因此，這些都是您所指的所有漏斗頂部項目。

And then they've also done a lot of work to the flow when people -- the cancellation flow when people come through, which is also contributing to the improved retention rates, and we feel great about them. Now they've been -- it was 3.1% in Q3, 3.4% in Q4, now 3.1% again or maybe -- yes, 3.4% and now back to 3.1% again in Q1. And as we said, we expect Q2 and Q4 to be seasonally higher quarters due to the holidays in those periods and the flexibility we give our customers to come and go as they need the product.

然後，當人們來訪時，他們也對流程做了很多工作——取消流程，這也有助於提高保留率，我們對他們感覺很好。現在他們已經 - 第三季度為 3.1%，第四季度為 3.4%，現在再次為 3.1% 或者也許 - 是的，3.4%，現在在第一季度再次回到 3.1%。正如我們所說，由於這些時期的假期以及我們為客戶提供的靈活性，我們預計第二季度和第四季度將出現季節性增長，因為他們需要產品。

So the churn, we're very pleased with, and we've seen the behavior expect -- exactly as we expected it coming back down in Q1. So that gives us confidence that it's going to be within that range for the foreseeable future.

因此，我們對流失率感到非常滿意，並且我們已經看到了預期的行為——正如我們預期的那樣，它會在第一季度回落。因此，這讓我們有信心在可預見的未來它會在這個範圍內。

By the way, just quickly to add on what the Kelly said, right? So as we add more and more new services, also can help us more upsell opportunities even for Online segment. Take the Zoom Scheduler for example. We announced that new service, right? And some customers already paid for other services like [Calendaring], right? Customers, yes, I'd like it to go with Zoom, deploy something similar, right? It's part of the package, right? I think a lot of upsell opportunities for us to target the Online segment as well.

順便說一句，只是快速補充一下凱利所說的話，對吧？因此，隨著我們添加越來越多的新服務，即使對於在線細分市場，也可以幫助我們獲得更多的追加銷售機會。以 Zoom Scheduler 為例。我們宣布了這項新服務，對嗎？一些客戶已經為其他服務付費，例如 [Calendaring]，對嗎？客戶，是的，我希望它與 Zoom 一起使用，部署類似的東西，對嗎？它是包裹的一部分，對吧？我認為我們也有很多針對在線細分市場的追加銷售機會。

And moving on to Siti Panigrahi with Mizuho.

並與 Mizuho 一起前往 Siti Panigrahi。

Eric, when you -- I just want to dig into this Workvivo acquisition. Do you see that more of a long-term opportunity? Or do you see that something that we can think of, this is some sort of technology that you can cross sell into their base in near term? And what sort of -- is there some particular vertical or segment where you can see more traction there? Could you give some little bit elaborate in terms of revenue opportunity from that?

埃里克，當你——我只想深入了解這次對 Workvivo 的收購。你認為這是一個長期的機會嗎？或者你看到我們能想到的東西，這是一種你可以在短期內交叉銷售到他們基地的技術？什麼樣的 - 是否有一些特定的垂直或細分市場在那裡你可以看到更多的牽引力？你能詳細說明一下從中獲得收入的機會嗎？

Yes, great question. So first of all, you look at our collaboration platform, right? We really want to offer a unified communication and collaboration platform. Customers can leave within the Zoom platform, right? I think today is -- one of the problems we are facing, customer also mention for us as well, right, quite often, they send all kind of message either to e-mail. It's really hard to find, not scalable or you send a message through chat, better than all those public channels, right?

是的，很好的問題。首先，您看一下我們的協作平台，對嗎？我們真的很想提供一個統一的交流和協作平台。客戶可以在 Zoom 平台內離開，對吧？我認為今天是——我們面臨的問題之一，客戶也為我們提到，對，他們經常通過電子郵件發送各種消息。它真的很難找到，不可擴展，或者你通過聊天發送消息，比所有那些公共渠道都要好，對吧？

Customers also wanted to essentially like see a video message, right? I want to share to the entire employee base and/or maybe a departmental news, right? All those kind of -- the accounting, right? Are there any other better ways to share and engage with employee, right? I think that's the reason why we think Workvivo can play a big role, right, to focus on those kind of use cases, right? It's not only for the short-term missing -- a key missing element of our entire product portfolio, but also for -- in the long run, also is -- will help us a lot because of the AI, right, because how do you make sure you have more data, right, and really collaboration, communication-related data, right?

客戶還想從本質上喜歡看視頻消息，對嗎？我想與整個員工群分享和/或部門新聞，對嗎？所有這些——會計，對吧？還有其他更好的方式來與員工分享和互動嗎？我認為這就是我們認為 Workvivo 可以發揮重要作用的原因，對吧，專注於這些用例，對吧？這不僅是為了短期缺失——我們整個產品組合中缺失的一個關鍵元素，而且——從長遠來看，也是——因為人工智能，對我們有很大幫助，對吧，因為如何你確保你有更多的數據，對，真正的協作，與通信相關的數據，對嗎？

It's Workvivo for sure. Every day, we engage with our employees. With the Workvivo platform, you will generate lots of data, right? All those, again, are very -- I would say, is relevant and meaningful, right? How to leverage the AI, right? That's why, in the long run, certainly, it can help us more.

肯定是 Workvivo。每天，我們都與員工互動。使用 Workvivo 平台，您將生成大量數據，對嗎？所有這些，再次，非常 - 我會說，是相關和有意義的，對吧？如何利用人工智能，對嗎？這就是為什麼從長遠來看，它當然可以幫助我們更多。

Next question will come from George Iwanyc with Oppenheimer.

下一個問題將來自 George Iwanyc 和 Oppenheimer。

Kelly, maybe building on the stabilization you've seen on the Online side. Can you give us a sense of what your expectations are from an expansion rate on the enterprise side as you look out over the next couple of quarters?

凱利，也許建立在你在在線方面看到的穩定性之上。在您展望未來幾個季度時，您能否告訴我們您對企業方面的擴張率的期望是什麼？

Yes. We don't guide specifically around the expansion rate, but as a reminder, it is a trailing 12-month metric. So given that it's at 112% and you can look at where the enterprise growth rate is that possibly has the opportunity to come down slightly more until it starts to reaccelerate as we expect both online and direct revenue to start reaccelerating as we get to the back half of this year and that the net dollar expansion rate is going to trail behind that.

是的。我們不會專門圍繞擴張率進行指導，但提醒一下，這是一個過去 12 個月的指標。因此，鑑於它是 112%，你可以看看企業增長率可能有機會略微下降，直到它開始重新加速，因為我們預計在線和直接收入都將開始重新加速，因為我們到了後面今年一半，美元淨擴張率將落後於此。

Wolfe Research's Alex Zukin will have the next question.

Wolfe Research 的 Alex Zukin 將提出下一個問題。

Can you hear me okay? So I guess I'll try the -- kind of a two-parter. One is just a simple how do you plan to monetize generative AI functionality in the product rather than making it a part of the overall experience. And the second is, from an enterprise revenue growth perspective, I think the rate of decel being contemplated from the mid-20s last year in the first half to just over 5% in the second quarter guide implied, that's a much larger rate of decel than I think we all contemplated or thought. So how do we -- like is it upsell? Is it cross-sell? Is it new products that are launching? Is it later revenue recognition? Like what is it that's driven that rate of decel? And how do you reaccelerate obviously, but how do you get back to a double-digit growth rate in that regard because it seems like that's where a lot of the valuation oomph is coming from for the stock?

你能聽到我說話嗎？所以我想我會嘗試——一種兩人合作的方式。一個只是一個簡單的問題，你打算如何通過產品中的生成人工智能功能獲利，而不是讓它成為整體體驗的一部分。第二個是，從企業收入增長的角度來看，我認為從去年上半年的 20 年代中期到第二季度指南中略高於 5% 的減速率暗示，這是一個更大的減速率比我想我們都考慮過或想過的要多。那麼我們如何 - 比如它是追加銷售嗎？是交叉銷售嗎？是否推出了新產品？是後期收入確認嗎？是什麼推動了這種減速？你如何明顯地重新加速，但是你如何在這方面恢復到兩位數的增長率，因為這似乎是股票的很多估值優勢的來源？

Kelly, I'll address the first one. You'll take the second one. I think in terms of how to monetize generative AI, I think, first of all, take Zoom IQ for Sales for example. That's a new service to target the sales department. That AI technology is based on generative AI, right, so we can monetize. And also seeing some features, think even before the generative AI popularity. We have a live translation feature, right? And also, that's not a free feature. It is a paid feature, right, behind the pay wall, right, and also a lot of good features, right?

凱利，我將解決第一個問題。你會拿第二個。我認為在如何將生成人工智能貨幣化方面，我認為首先以 Zoom IQ for Sales 為例。這是一項針對銷售部門的新服務。人工智能技術是基於生成人工智能的，對吧，所以我們可以貨幣化。並且還看到了一些功能，甚至在生成 AI 流行之前就想到了。我們有實時翻譯功能，對嗎？而且，這不是一項免費功能。這是一個付費功能，對吧，在付費牆後面，對吧，還有很多好的功能，對吧？

Take the Zoom meeting summary, for example, for enterprise and customers, if you deploy Zoom One, we have those features, right? For thousands of customers, they are still free. All those SMB customers, they did not deploy Zoom One. They may not get to those features, right? That's the reason -- another reason for us to monetize. I think there's multiple ways to monetize, yes.

就拿Zoom會議總結來說，對企業和客戶來說，如果你部署Zoom One，我們有那些功能，對吧？對於成千上萬的客戶，他們仍然是免費的。所有那些 SMB 客戶，他們都沒有部署 Zoom One。他們可能無法使用這些功能，對嗎？這就是原因 - 我們貨幣化的另一個原因。我認為有多種方式可以獲利，是的。

And then in terms of the enterprise outlook, as I mentioned earlier, we expected the distraction in Q1 as there was impact to the sales org not only from the reduction but also reorganization. And we feel really good about the structure of the sales organization now. And we've also, as I mentioned, we are prioritizing where we want to continue to invest and just recently committed to adding more reps in the Contact Center team for example. We hired a leader in Europe, which we haven't had before, so really excited to have Frederic join us.

然後就企業前景而言，正如我之前提到的，我們預計第一季度會分散注意力，因為銷售組織不僅受到裁員的影響，而且受到重組的影響。我們現在對銷售組織的結構感覺非常好。正如我所提到的，我們也正在優先考慮我們想要繼續投資的地方，例如最近承諾在聯絡中心團隊中增加更多代表。我們在歐洲聘請了一位我們以前從未有過的領導者，非常高興 Frederic 能加入我們。

And all of these put us -- bring us to be very well positioned to execute for the rest of the year. And now we're looking to the sales team to do exactly that. And they -- we talked about we have an amazing platform that's there for them to sell, and we're all rallying behind them to support them to see them execute.

所有這些都讓我們——讓我們在今年餘下的時間里處於非常有利的位置。現在我們希望銷售團隊能夠做到這一點。他們——我們談到我們有一個很棒的平台供他們銷售，我們都在他們身後團結起來支持他們看到他們執行。

Moving on to Michael Turrin with Wells Fargo.

轉向富國銀行的邁克爾·圖林。

Kelly, on the billings deferred revenue side, you came in a little bit ahead of what you were guiding for a few percentage points from last quarter despite some duration impact, so I'm wondering if there's any way you can help us quantify those duration impacts either on Q1 or the Q2 guide and anything else you can provide just to help us think through seasonality as you've now passed the heavier renewal period but mentioned maybe some sales transition impacts still out there. Just help us think through just what's contemplated in the guide from a few different levels.

凱利，在賬單遞延收入方面，儘管持續時間受到一些影響，但你比上一季度的指導要高出幾個百分點，所以我想知道你是否有任何方法可以幫助我們量化這些持續時間對 Q1 或 Q2 指南的影響以及您可以提供的任何其他內容，只是為了幫助我們考慮季節性，因為您現在已經過了較重的續訂期，但提到可能仍然存在一些銷售過渡影響。只是幫助我們從幾個不同的層面來思考指南中所考慮的內容。

Yes. So I think on the billing duration impact, as I said earlier, we don't expect this to be a long-term impact. We think it's just indicative of some of the uncertainty that's in the macro environment today and just watching and being thoughtful about the impact that it's having on deferred and then you also heard it in terms of RPO. But we've seen this impact before, and we've also seen customers come back then. And I think especially as we continue moving towards more bundles, Zoom One, Contact Center, Zoom Phone, those are all products that customers are going to commit to for the longer term.

是的。所以我認為關於計費持續時間的影響，正如我之前所說，我們預計這不會是長期影響。我們認為這只是表明當今宏觀環境中存在的一些不確定性，只是觀察並考慮它對延期的影響，然後你也聽到了 RPO 方面的影響。但我們之前已經看到了這種影響，我們也看到客戶當時回來了。我認為，尤其是當我們繼續轉向更多捆綁產品時，Zoom One、Contact Center、Zoom Phone，這些都是客戶將長期承諾使用的所有產品。

So I think as you continue to see more and more of those in our pipeline and being sold by the enterprise team, that, that duration impact will start to expand again. And then in terms of the balance between enterprise and online, we're thrilled that enterprise has stabilized a little bit earlier than we expected. Given the days in the month -- the days of the quarter, that's why we gave a more specific view because it's a little bit tricky when you look at it for the rest of the year. And the guidance contemplates all the things that we already talked about in terms of the pipeline and all the initiatives the online team is working on and then, of course, the restabilization, if you will, of our direct sales org at the same time.

所以我認為，隨著你繼續看到越來越多的產品在我們的管道中並被企業團隊出售，持續時間的影響將再次開始擴大。然後就企業和在線之間的平衡而言，我們很高興企業比我們預期的要早一點穩定下來。考慮到一個月中的天數——本季度的天數，這就是為什麼我們給出了更具體的觀點，因為當你在今年餘下的時間裡看它時，它有點棘手。該指南考慮了我們已經在管道方面討論過的所有事情，以及在線團隊正在開展的所有舉措，當然，如果你願意的話，同時重新穩定我們的直銷組織。

And Ryan MacWilliams with Barclays has the next question.

巴克萊銀行的 Ryan MacWilliams 有下一個問題。

Great. Appreciate it, guys. And congrats on Zoom Phone reaching 10% of sales. Just thinking back a few years, pretty amazing that this metric only came after reaching 5 million Phone seats sales, so quite the run. Look, I love all that AI questions so far, but I guess I'll just ask the boring macro question. Kelly, are you seeing any differences in the impact of macro to the Online segment versus the Enterprise segment? And have you seen any changes at renewal on the Enterprise side, maybe from an enterprise logo like churn standpoint?

偉大的。欣賞它，伙計們。並祝賀 Zoom Phone 達到銷售額的 10%。回想幾年，這個指標僅在達到 500 萬個電話座席銷量之後才出現，真是太神奇了。看，到目前為止，我喜歡所有 AI 問題，但我想我只會問無聊的宏觀問題。 Kelly，您是否看到宏觀對在線細分市場和企業細分市場的影響有何不同？您是否看到企業方面的續訂有任何變化，也許是從企業徽標（例如客戶流失）的角度來看？

No. So our enterprise renewals, as you know, Q1 is our highest seasonal quarter, and the renewals were exactly in the range of where we expected them to be for the quarter. So that was really great to see. And then in terms of Online, where we've seen strength that we've already talked about, I think it's increasing the top of the funnel. We've also continued to see strength in annual plans, which is great. And this is due to the -- just a reminder, when we did the price increase, we didn't increase the price for the annual plan.

不，所以我們的企業續訂，如您所知，第一季度是我們最高的季節性季度，續訂正好在我們預期的季度範圍內。所以這真的很高興看到。然後就在線而言，我們已經看到了我們已經討論過的優勢，我認為它正在增加漏斗的頂部。我們還繼續看到年度計劃的實力，這很棒。這是因為 - 提醒一下，當我們提高價格時，我們沒有提高年度計劃的價格。

So it just shows customers committing to the amazing value that they see in Zoom and the discount that they get for committing to the long term. But of course, that's amazing for us because the lifetime value of those annual customers is so much greater.

因此，它只是向客戶展示了他們對他們在 Zoom 中看到的驚人價值的承諾，以及他們因長期承諾而獲得的折扣。但當然，這對我們來說是驚人的，因為這些年度客戶的終身價值要大得多。

Patrick Walravens with JMP Securities has the next question. I'm not sure he's out there, Patrick, do you want to come off mute and start your video for us? All right. Hearing no response, we'll go ahead...

JMP Securities 的 Patrick Walravens 有下一個問題。我不確定他在外面，帕特里克，你想關閉靜音並為我們開始你的視頻嗎？好的。沒有回應，我們繼續……

I'll come off mute. I'm going to turn off the video and you can see why. The -- Eric, can you talk to us a little bit about sort of the (inaudible) and what part of that is appealing to [invest]?

我會靜音。我要關掉視頻，你會明白為什麼。 - 埃里克，你能和我們談談（聽不清）以及其中哪一部分對 [投資] 有吸引力嗎？

Patrick, so sorry, your audio is cutting out for us. Will you try one more time? And unfortunately, we might have to skip you if it doesn't improve, but try again, please.

帕特里克，很抱歉，你的音頻被切斷了。你再試一次好嗎？不幸的是，如果它沒有改善，我們可能不得不跳過你，但請再試一次。

No worries. Eric, can you just talk a little bit more about Anthropic and what they believe come with it?

不用擔心。 Eric，你能多談談 Anthropic 以及他們相信它會帶來什麼嗎？

Sure, sure, sure.

當然，當然，當然。

You heard Anthropic. Yes.

你聽說過人擇。是的。

Yes, yes. I think, yes, Anthropic is a great partner, and it's a great team. And when we look at the AI landscape, I think why not double down on that partnership, right? And given our federated AI approach, right, internally, we discussed that happened to be in the middle of using another round of financing, right? That's why how to solidify our partnership, right? Again, they are a great team, great technology. And I think this is no brainer for us. We invest in them to further solidify the partnership.

是的是的。我認為，是的，Anthropic 是一個很棒的合作夥伴，也是一個很棒的團隊。當我們審視人工智能領域時，我想為什麼不加倍努力，對吧？考慮到我們的聯合人工智能方法，對吧，在內部，我們討論過碰巧正在使用另一輪融資，對吧？這就是為什麼要鞏固我們的伙伴關係，對嗎？同樣，他們是一支偉大的團隊，偉大的技術。我認為這對我們來說很簡單。我們投資於他們以進一步鞏固合作夥伴關係。

And yes, so that's pretty much because look at our Contact Center, right? We will further empower our Contact Center offering, right, and also that would be applied to our entire product portfolio. Again, this is very important to our federated approach to AI, and that's the reason why we invest in them. So..

是的，這很大程度上是因為看看我們的聯絡中心，對吧？我們將進一步增強我們的聯絡中心產品，對，這也將應用於我們的整個產品組合。同樣，這對我們的 AI 聯合方法非常重要，這就是我們投資它們的原因。所以..

We'll go ahead and move on to Matthew Niknam with Deutsche Bank.

我們將繼續與德意志銀行的 Matthew Niknam 交談。

Just 2 quick ones on cash flow maybe for Kelly. First, accounts receivable the last 2 years, it's been about a drag of $80 million this quarter, much better only about $29 million. Wondering what changed there in terms of cash collections. And then secondly, in terms of the legal settlement, if you can just quantify and let us know maybe when we should anticipate that.

可能只有 2 個關於現金流的快速報告適用於 Kelly。首先，過去兩年的應收賬款，本季度拖累了大約 8000 萬美元，好得多，只有大約 2900 萬美元。想知道在現金收集方面發生了什麼變化。其次，就法律和解而言，如果您可以量化並讓我們知道我們何時應該預見到這一點。

Yes. In terms of the settlement, Matthew, we -- it's not clear exactly when that will be completed in terms of the payment. That's why we said, for the full year, we're updating. It could be in Q2. It could also be in Q3. That's why we just wanted to give you visibility into that.

是的。就和解而言，Matthew，我們——目前尚不清楚付款何時完成。這就是為什麼我們說，全年我們都在更新。它可能在第二季度。它也可能在第三季度。這就是為什麼我們只想讓您了解這一點。

And then in terms of your first point about collections, I think part of that, honestly, is just the continued improvement that we're seeing in our team around collections and our ongoing DSOs and also, as we've seen online, when there's more online, especially annual, that is -- the online is mostly paid via credit card. So that is an improvement in terms of our DSOs usually as that's growing because the DSOs on online are about 3 days, if that helps.

然後就你關於收藏的第一點而言，老實說，我認為其中一部分只是我們在我們的團隊中看到的關於收藏和我們正在進行的 DSO 的持續改進，而且，正如我們在網上看到的那樣，當有更多在線，尤其是每年，也就是說——在線主要是通過信用卡支付的。因此，就我們的 DSO 而言，這通常是一種改進，因為它正在增長，因為在線 DSO 大約需要 3 天，如果有幫助的話。

And the legal settlement, if you could just quantify how much that is.

還有法律和解，如果你能量化的話。

It's exactly the amount -- it's the difference between our previous guidance. Let me say it this way. There was no other change to our cash flow outlook other than the anticipated potential net legal settlement.

這正是數量——這是我們之前的指導之間的差異。讓我這樣說吧。除了預期的潛在淨合法結算外，我們的現金流前景沒有其他變化。

Shebly Seyrafi with FBN Securities has the next question.

FBN Securities 的 Shebly Seyrafi 有下一個問題。

So you're implicitly guiding for your Enterprise growth rate to decelerate to something like 6% in Q2 and maybe 3% to 4% in the back half. It was only double digits in the past. So I know you have a lot of changes this year with the sales force, et cetera. After this year -- or do you target double-digit growth in Enterprise? Or is it like an upper single-digit growth rate?

因此，您隱含地指導您的企業增長率在第二季度減速到 6% 左右，下半年可能減速到 3% 到 4%。過去只是兩位數。所以我知道你今年在銷售團隊等方面有很多變化。今年之後——還是您的目標是企業業務實現兩位數增長？或者它就像一個較高的個位數增長率？

And also related, the Online business is stabilizing at $480 million for the next few quarters, it looks like. Q4, that means 0 growth versus negative growth. Is it a growth business afterwards as well? So I'm just looking, after this year, is Online a growth business? Is Enterprise low double digits or upper single-digit growth rate business?

同樣相關的是，在線業務在未來幾個季度穩定在 4.8 億美元，看起來。第四季度，這意味著零增長與負增長。之後也是成長型企業嗎？所以我只是想看看，今年之後，在線業務是否會增長？企業是低兩位數還是高個位數增長率的企業？

All the investments that we are making today are focused on growing the top line and investing in ways to do that for the future for both online and the direct business. So that's innovation. It's expanding our platform. It's focusing on investing in the go-to-market teams in terms of what we've talked about earlier like the Contact Center, adding a leader to Europe, really focusing on marketing in the right way.

我們今天所做的所有投資都集中在增加收入，並投資於未來在線和直接業務的方式。這就是創新。它正在擴展我們的平台。它的重點是根據我們之前討論過的聯絡中心，投資於進入市場的團隊，為歐洲增加一個領導者，真正專注於以正確的方式進行營銷。

And we haven't obviously given FY '25 guidance but the goal is, and we've talked about before, starting to see reacceleration of growth as we exit FY '24 and having that continue into FY '25. We're so early in the year of FY '24, but lining up everything to anticipate reacceleration as we exit the year.

而且我們顯然沒有給出 25 財年的指導，但目標是，我們之前已經討論過，隨著我們退出 24 財年並繼續進入 25 財年，開始看到增長的重新加速。我們在 24 財年的這一年還早，但在我們結束這一年時，一切都在等待重新加速。

And the Enterprise?

企業呢？

Across -- potentially...

跨越——可能……

I'm just saying, the Enterprise, is it upper single digits or low double-digit growth rate, the way you're targeting it, not guiding, just targeting?

我只是說，企業，它是高個位數還是低兩位數的增長率，你瞄準它的方式，而不是指導，只是瞄準？

Yes, I'm not going to get that specific, especially this early. We'll be prepared more, right, to talk about that later this year.

是的，我不會說得那麼具體，尤其是這麼早。我們會做好更多準備，對吧，在今年晚些時候討論這個問題。

And we'll move on to Karl Keirstead with UBS.

我們將與 UBS 一起轉向 Karl Keirstead。

Okay. Great. Kelly, just to follow on that conversation about driving for acceleration next year and earlier on, you talked about innovation being a huge priority, that seems to me like there's the potential to shift a little bit the growth margin trade-off as you invest to drive growth next year. I'm wondering if you're intending to signal that high 30s, 40% margins, everybody on the call should consider sort of a peak. And then if I could ask a clarification, did Workvivo impact at all your guidance for this year?

好的。偉大的。凱利，繼續關於明年和早些時候推動加速的談話，你談到創新是一個巨大的優先事項，在我看來，當你投資於推動明年的增長。我想知道你是否打算發出 30 多歲、40% 的高利潤率的信號，電話中的每個人都應該考慮某種程度的峰值。然後，如果我可以澄清一下，Workvivo 是否對您今年的所有指導產生了影響？

Yes. Thank you, Karl. So as a quick reminder, our long-term target operating margin is lower, much lower than where we are operating today. And that is, as we've said in the past, to give us the opportunity as we see opportunities for investment to do so. We are really focused on doing everything we can to drive top line growth and continue to take market share. In the period of time where we've had slower growth, we've been focused on balancing that with profitability, but as we see opportunities, we absolutely could bring our margins down.

是的。謝謝你，卡爾。因此，快速提醒一下，我們的長期目標營業利潤率較低，遠低於我們今天的運營水平。那就是，正如我們過去所說的那樣，在我們看到投資機會時給我們機會。我們真的專注於盡我們所能來推動收入增長並繼續佔據市場份額。在我們增長放緩的時期，我們一直專注於平衡增長與盈利能力，但當我們看到機會時，我們絕對可以降低利潤率。

So yes, I think we're at probably the peak of where our margins are, but again, we're always being very thoughtful about growth and profitability and balancing both of those. And then in terms of the Workvivo team, given they're amazing and we're really excited about bringing them into the family, but they're having really, I would say, minimal impact on both the top line and the bottom line today.

所以，是的，我認為我們可能處於利潤率的頂峰，但同樣，我們總是非常考慮增長和盈利能力，並在這兩者之間取得平衡。然後就 Workvivo 團隊而言，鑑於他們很棒，我們很高興將他們帶入大家庭，但我想說，他們對今天的頂線和底線的影響真的很小.

We have time for one additional question, which will come from Sterling Auty with MoffettNathanson.

我們還有時間提出另一個問題，該問題將來自 Sterling Auty 和 MoffettNathanson。

Hopefully, my connection holds up. Just wondering back on the Enterprise. Given the Online, $480 million a quarter stabilization, it implies the enterprises revenue is well below Street consensus. Did we analysts just have the mix model (inaudible) wrong? Or was the disruption or something having a bigger impact on the Online -- or on the Enterprise business for the rest of the year?

希望我的聯繫能保持下去。只是想回到企業。考慮到在線業務每季度穩定在 4.8 億美元，這意味著企業收入遠低於華爾街的普遍預期。我們分析師只是把混合模型（聽不清）弄錯了嗎？或者在今年餘下的時間裡，中斷或對在線或企業業務產生更大影響的事情？

I think there's 2 things. I think, first of all, we've seen Online stabilize much more quickly than we anticipated or than we had been indicating to all of you. So I think the overall mix for the year is probably shaping up to be a little bit different than you anticipated and even on -- that we anticipated at the beginning of the year.

我認為有兩件事。我認為，首先，我們看到在線穩定的速度比我們預期的要快得多，也比我們向大家指示的要快得多。因此，我認為今年的整體組合可能與您預期的有所不同，甚至與我們在今年年初的預期有所不同。

And then we're doing -- as I said, we're doing everything we can to focus on supporting our direct sales organization. The distraction in Q1 was not de minimis, right? It was -- as I said, it was across not only the reduction but also a reorganization and some changes to incentives and comp plans. And so we're very happy that that's all behind us now, and we're all looking forward to do everything we can to support them and regain momentum there.

然後我們正在做——正如我所說，我們正在盡我們所能專注於支持我們的直銷組織。 Q1 中的干擾不是微不足道的，對吧？正如我所說，它不僅涉及裁員，還涉及重組以及對激勵和補償計劃的一些改變。所以我們很高興現在一切都過去了，我們都期待盡我們所能來支持他們並在那裡重新獲得動力。

And again, this does conclude our question-and-answer session. So I'll pass it back to you, Eric, for any closing or additional remarks.

再一次，這確實結束了我們的問答環節。因此，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。

Well, thank you all for your time. Really appreciative for all your support, and thank you and see you all in the next meeting. Appreciate it. Take care.

好吧，謝謝大家的寶貴時間。非常感謝大家的支持，謝謝大家，我們下次會議再見。欣賞它。小心。

Bye, everyone.

回見了各位。

And again -- sorry, Kelly. And again, this does conclude today's earnings release. We thank you all for your participation. So go enjoy your summer, and we will see you next quarter.

再次——對不起，凱利。再一次，這確實結束了今天的收益發布。感謝大家的參與。所以去享受你的夏天吧，我們下個季度再見。