Zoom Communications Inc (ZM) 2024 Q2 法說會逐字稿

Okay. Hello, everyone, and welcome to Zoom's Q2 FY '23 Earnings Release Webinar. As a reminder today's webinar is being recorded. And now I would like to hand things over to Tom McCallum, Head of Investor Relations. Tom?

好的。大家好，歡迎參加 Zoom 的 23 財年第二季度收益發佈網絡研討會。提醒一下，今天的網絡研討會正在錄製中。現在我想把事情交給投資者關係主管湯姆·麥卡勒姆(Tom McCallum)。湯姆？

Thank you, David. Hello, everyone, and welcome to Zoom's earnings video webinar for the second quarter of fiscal 2024. I'm joined today by Zoom's Founder and CEO, Eric Yuan; and Zoom's CFO, 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.

謝謝你，大衛。大家好，歡迎參加 Zoom 2024 財年第二季度財報視頻網絡研討會。今天加入我的是 Zoom 創始人兼首席執行官 Eric Yuan； Zoom 的首席財務官 Kelly Steckelberg。我們的收益新聞稿於今天收盤後發布，可從 Investors.zoom.us 的投資者關係頁面下載。

Also on this page, you'll be able to find a copy of today's prepared remarks and a financial -- slide deck with financial highlights that, along with our earnings release, include a reconciliation of GAAP to non-GAAP financial results.

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財務幻燈片，其中包含財務要點，以及我們的收益發布，其中包括 GAAP 與非 GAAP 財務業績的調節表。

During this call, we will make forward-looking statements, including statements regarding our financial outlook for the third 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 strategy and business aspirations and product initiatives and the expected benefits of such initiatives.

在本次電話會議中，我們將做出前瞻性陳述，包括有關我們第三季度和2024 年整個財年的財務展望、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、未來發展的陳述。上市計劃、增長戰略和業務願望、產品計劃以及此類計劃的預期收益。

These statements are only predictions that are based on what we believe today, and actual results may differ materially. These forward-looking statements are subject to the risks and other factors that could affect our performance and financial results that we discuss in detail in our filings with the SEC, including the annual report on Form 10-K and quarterly reports on Form 10-Q.

這些陳述只是基於我們今天所相信的預測，實際結果可能存在重大差異。這些前瞻性陳述受到可能影響我們業績和財務業績的風險和其他因素的影響，我們在向SEC 提交的文件中詳細討論了這些風險和其他因素，包括表格10-K 的年度報告和表格10-Q的季度報告。

Zoom assumes no obligation to update any forward-looking statements that we may make on today's webinar. And with that, let me turn the discussion over to Eric.

Zoom 不承擔更新我們在今天的網絡研討會上可能做出的任何前瞻性聲明的義務。接下來，讓我把討論轉給埃里克。

Thank you, Tom. Thank you, everyone, for joining us today. So before starting, I'd like to welcome Dr. XD Huang as our CTO, who joins us after a successful career at Microsoft, where he most recently served as Azure AI CTO and their Technical Fellow. Dr. XD joins us at an optimal moment in our AI journey. In the past few months, we brought several new AI innovations to the market and announced an aggressive road map aimed at empowering our customers to work smarter and serve their customers better. And as we develop and deploy AI solutions, we strongly believe that technology should advance trust. We are privileged to have countless customers rely on us for their communications needs. We don't take that for granted. Earlier this month, we took the additional step in stating that Zoom does not use customer content to train our AI models or third-party AI models.

謝謝你，湯姆。謝謝大家今天加入我們。因此，在開始之前，我要歡迎 XD Huang 博士擔任我們的 CTO，他在 Microsoft 取得了成功的職業生涯後加入我們，最近擔任 Azure AI CTO 及其技術研究員。 XD 博士在我們人工智能之旅的最佳時刻加入我們。在過去的幾個月中，我們向市場推出了多項新的人工智能創新，並宣布了一項積極的路線圖，旨在幫助我們的客戶更智能地工作並更好地為客戶服務。當我們開發和部署人工智能解決方案時，我們堅信技術應該促進信任。我們很榮幸有無數客戶依靠我們來滿足他們的通信需求。我們並不認為這是理所當然的。本月早些時候，我們採取了額外措施，聲明 Zoom 不會使用客戶內容來訓練我們的 AI 模型或第三方 AI 模型。

I'm proud of the approach we are taking. By putting customers' privacy needs first, Zoom is taking a leadership position in ensuring customers can use our AI features with confidence that their content is protected.

我對我們正在採取的方法感到自豪。通過將客戶的隱私需求放在首位，Zoom 在確保客戶可以放心地使用我們的 AI 功能且其內容受到保護方面處於領先地位。

Now let me share how we have advanced in our mission of One Platform Delivering Limitless Human Connection. We launched Zoom Scheduler, which serves to reduce the hassle of scheduling with people outside your organization and Intelligent Director, which uses AI and multiple cameras to provide the best image and angle of participants joining from a conference room.

現在讓我分享一下我們如何在“一個平台提供無限的人際聯繫”的使命中取得進展。我們推出了 Zoom Scheduler，它可以減少與組織外部人員安排日程的麻煩，還推出了智能總監，它使用 AI 和多個攝像頭為從會議室加入的參與者提供最佳圖像和角度。

We also launched many new offerings like Zoom Clips, which enables asynchronous video conversations. And more and more customers are getting on Zoom Team Chat, driven by increased adoption of Zoom One and new features like Continuous Meeting Chat, which connects the transient in-meeting chat feature to the persistent Zoom Team Chat product. Currently, we have 2 Fortune 15 companies, 1 major consulting firm, a global F&B brand and a leading law firm using Zoom Team Chat as a core means of text-based communications.

我們還推出了許多新產品，例如 Zoom Clips，它可以實現異步視頻對話。由於 Zoom One 和連續會議聊天等新功能的採用率不斷提高，越來越多的客戶開始使用 Zoom Team Chat，該功能將短暫的會議中聊天功能與持久的 Zoom Team Chat 產品連接起來。目前，我們擁有 2 家財富 15 強公司、1 家大型諮詢公司、一個全球餐飲品牌和一家領先的律師事務所，使用 Zoom Team Chat 作為基於文本通信的核心手段。

Our Contact Center product has surpassed 500 customers, and we are rolling out about 90 new features and enhancements per quarter. We launched Workforce Management in early July to help customers streamline customer communications, manage agent needs and transform their customer experience, all from a single unified platform. WFM is already off to a great start, and we look forward to adding additional products to this suite to expand our native customer experience capabilities and revenue streams.

我們的聯絡中心產品已擁有超過 500 個客戶，並且每個季度推出約 90 個新功能和增強功能。我們於 7 月初推出了勞動力管理，幫助客戶簡化客戶溝通、管理座席需求並轉變他們的客戶體驗，所有這些都通過一個統一的平台實現。 WFM 已經有了一個良好的開端，我們期待在該套件中添加更多產品，以擴展我們的本地客戶體驗能力和收入來源。

We have progressed rapidly in our integration of Workvivo. After rolling it out internally, I could not be more impressed with the product and confident in the value it will bring to our customers in terms of building culture across a distributed workforce, ultimately delivering upon our strategic pillar of enabling hybrid work.

我們在 Workvivo 的集成方面進展迅速。在內部推出後，我對該產品留下了深刻的印象，並對它將在分散的員工隊伍中構建文化方面為我們的客戶帶來的價值充滿信心，最終實現我們支持混合工作的戰略支柱。

Speaking of which, a few weeks ago, we announced internally a structured hybrid approach, asking our Zoomies that live within commuting distance to come into their local office twice a week. Zoom is purpose-built for hybrid work, and it's on us to understand what our customers are experiencing in their hybrid journeys and what works and does not work for them.

說到這裡，幾週前，我們在內部宣布了一種結構化混合方法，要求居住在通勤距離內的 Zoomies 每週兩次到當地辦公室。 Zoom 專為混合工作而設計，我們有責任了解客戶在混合旅程中經歷了什麼，以及什麼對他們有效，什麼對他們無效。

We believe that this approach will enable us to continue to innovate for our customers and deliver what they need to be -- to succeed.

我們相信，這種方法將使我們能夠繼續為客戶創新，並提供他們所需要的東西——取得成功。

Now moving on to some of our customer wins.

現在繼續討論我們的一些客戶勝利。

First, we are very excited to expand with the United States Postal Service. In Q2, the postal service added a Zoom Team chat for 21,500 users to their existing Zoom for government deployment.

首先，我們非常高興能夠與美國郵政服務一起擴展業務。第二季度，郵政服務在其現有的 Zoom 中添加了可供 21,500 名用戶使用的 Zoom Team 聊天功能，以供政府部署。

Let me also thank Brookdale Senior Living, the largest operator of senior housing in the United States. Brookdale started as a Zoom Meetings customer in fiscal 2020. A year later, they began evaluating Zoom Phone. And in Q2, they went all-in on the cloud and upgraded to Zoom One in order to unify their communication needs under one integrated product.

我還要感謝美國最大的老年住房運營商布魯克代爾老年生活公司（Brookdale Senior Living）。 Brookdale 在 2020 財年開始成為 Zoom Meetings 客戶。一年後，他們開始評估 Zoom Phone。在第二季度，他們全面轉向雲併升級到 Zoom One，以便將他們的通信需求統一到一個集成產品下。

Let me also thank Perdue Farms. Like many of our customers' journeys, Perdue's started years ago with an initial Zoom Meetings deployment. Last fall, they went all-in with Zoom One Enterprise plus. However, the story does not end there. In Q2, Perdue added a Zoom Contact Center due to its native integration with the existing Zoom Phone deployment and our ambitious innovation road map.

我還要感謝珀杜農場。與我們許多客戶的旅程一樣，Perdue 幾年前就開始了最初的 Zoom Meetings 部署。去年秋天，他們全力支持 Zoom One Enterprise plus。然而，故事並沒有就此結束。在第二季度，Perdue 添加了 Zoom 聯絡中心，因為它與現有 Zoom Phone 部署以及我們雄心勃勃的創新路線圖進行了原生集成。

Let me also thank Valmont Industries. Valmont came onboard as a Zoom customer a little over a year ago with Meetings and Phone and quickly became a major platform adopter, including Zoom One and Zoom Contact Center. And in Q2, with the goal of utilizing AI to better service their customers and also their employees, they added a Zoom Virtual Agent due to its accuracy of intent understanding, ability to route issues to the correct agent, ease of use and quality of analytics.

我還要感謝瓦爾蒙特工業公司。一年多前，Valmont 通過 Meetings 和 Phone 成為 Zoom 客戶，並迅速成為主要平台採用者，包括 Zoom One 和 Zoom Contact Center。在第二季度，為了利用人工智能更好地服務客戶和員工，他們添加了 Zoom 虛擬代理，因為其意圖理解的準確性、將問題路由到正確代理的能力、易用性和分析質量。

We are so delighted to see our partnership with Valmont grow so quickly, and we are committed to innovating further to support their operations.

我們很高興看到我們與 Valmont 的合作關係發展得如此迅速，我們致力於進一步創新以支持他們的運營。

Finally, let me thank Dollar General. America's general store for choosing Zoom's Workvivo platform to connect employees as the digital heartbeat for the company. Dollar General will roll out Workvivo's employee engagement platform for its roughly 190, 000 employees to enhance the employee experience at the individual, group and district levels, drive employee dialogue and reinforce its strong culture.

最後，讓我感謝Dollar General。美國雜貨店選擇 Zoom 的 Workvivo 平台連接員工作為公司的數字心跳。 Dollar General 將為其大約 190, 000 名員工推出 Workvivo 員工參與平台，以增強個人、團體和地區層面的員工體驗，推動員​​工對話並強化其強大的文化。

Again, we are very excited to welcome and expand with USPS, Brookdale, Perdue Farms, Valmont, Dollar General and all of our customers worldwide. And with that, I'll pass it over to Kelly. Thank you.

我們再次非常高興地歡迎 USPS、Brookdale、Perdue Farms、Valmont、Dollar General 以及我們在全球範圍內的所有客戶，並與他們一起拓展業務。有了這個，我會把它交給凱利。謝謝。

Thank you, Eric, and hello, everyone. We are pleased that we beat our top line and profitability guidance in Q2. Here are a few milestones.

謝謝你，埃里克，大家好。我們很高興第二季度的營收和盈利能力超出了預期。以下是一些里程碑。

First, operating cash flow grew 31% year-over-year to $336 million.

首先，運營現金流同比增長 31% 至 3.36 億美元。

Second, Zoom Phone reached roughly $0.5 billion in annualized run rate revenue.

其次，Zoom Phone 的年化運營收入達到約 5 億美元。

And finally, we are excited that Zoom Contact Center has surpassed 500 customers in only 6 quarters.

最後，我們很高興 Zoom 聯絡中心在短短 6 個季度內就擁有超過 500 名客戶。

In Q2, total revenue grew 4% year-over-year to $1.139 billion, which includes $10 million of pressure from foreign exchange. This result was approximately $24 million above the high end of our guidance. Our Enterprise business grew 10% year-over-year and represented 58% of total revenue, up from 54% a year ago. We continue to see improvement in Online average monthly churn, which decreased to 3.2% from 3.6% in Q2 of FY '23.

第二季度總收入同比增長4%，達到11.39億美元，其中包括1000萬美元的外匯壓力。這一結果比我們指導的上限高出約 2400 萬美元。我們的企業業務同比增長 10%，佔總收入的 58%，高於一年前的 54%。我們繼續看到在線平均每月流失率有所改善，從 23 財年第二季度的 3.6% 降至 3.2%。

The number of Enterprise customers grew 7% year-over-year to approximately 218,100. Our trailing 12-month net dollar expansion rate for Enterprise customers came in Q2 at 109%. We saw 18% year-over-year growth in the upmarket as we ended the quarter with 3,672 customers contributing more than $100,000 in trailing 12 months revenue. These customers represent 29% of revenue, up from 26% in Q2 of FY '23 and include some of the amazing names that Eric highlighted earlier.

企業客戶數量同比增長 7%，達到約 218,100 家。第二季度，我們企業客戶的過去 12 個月淨美元增長率為 109%。本季度結束時，高端市場同比增長 18%，有 3,672 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 財年第二季度的 26%，其中包括 Eric 之前強調的一些令人驚嘆的名字。

Our Americas revenue grew 6% year-over-year, while EMEA and APAC declined by 1% and 3%, respectively. Absent currency impact, both EMEA and APAC would have been approximately flat year-over-year. On a quarter-over-quarter basis, all regions grew 3%.

我們的美洲地區收入同比增長 6%，而歐洲、中東和非洲地區和亞太地區分別下降 1% 和 3%。如果沒有匯率影響，歐洲、中東和非洲地區和亞太地區的同比情況將大致持平。按季度計算，所有地區均增長 3%。

Moving to our non-GAAP results, which exclude stock-based compensation expense and associated payroll taxes, acquisition-related expenses, net gains or losses on strategic investments, restructuring expenses and all associated tax effects. Non-GAAP gross margin in Q2 was 80.3%, an improvement from 78.9% in Q2 of last year. We are pleased with the strength of our gross margins as we continue to optimize usage across the public cloud and our co-located data centers for both existing and emerging technologies. For the full year, we expect non-GAAP gross margin to be approximately 79.7% as we make additional investments in new AI technologies.

轉向我們的非公認會計準則業績，其中不包括基於股票的補償費用和相關工資稅、收購相關費用、戰略投資的淨損益、重組費用和所有相關稅收影響。第二季度非 GAAP 毛利率為 80.3%，較去年第二季度的 78.9% 有所改善。隨著我們繼續優化公共雲以及現有和新興技術的託管數據中心的使用，我們對毛利率的強勁表現感到滿意。由於我們對新人工智能技術進行了額外投資，我們預計全年非 GAAP 毛利率約為 79.7%。

Research and development expense grew by 6% year-over-year to approximately $104 million. As a percentage of total revenue, R&D expense increased to 9.1% from 8.9% in Q2 of last year, reflecting our investments in expanding our product portfolio, including Zoom Contact Center, AI and more. Looking ahead, investing in innovation will remain a top priority for Zoom.

研發費用同比增長 6%，達到約 1.04 億美元。研發費用佔總收入的比例從去年第二季度的 8.9% 上升至 9.1%，反映出我們在擴大產品組合（包括 Zoom 聯絡中心、人工智能等）方面的投資。展望未來，投資創新仍將是 Zoom 的首要任務。

Sales and marketing expense decreased by 3% year-over-year to $276 million. This represented approximately 24.2% of total revenue, down from 26% in Q2 of last year. As a reminder, Zoomtopia will be held in Q3 of this year and will drive incremental marketing investment in the quarter.

銷售和營銷費用同比下降 3%，至 2.76 億美元。這約佔總收入的 24.2%，低於去年第二季度的 26%。需要提醒的是，Zoomtopia 將於今年第三季度舉辦，將帶動本季度增量營銷投資。

G&A expense declined by 19% to $73 million or approximately 6.4% of total revenue, down from 8.2% in Q2 of last year, as we continue to achieve greater efficiencies and experienced onetime savings in the quarter. Non-GAAP operating income grew by 17% to $462 million, exceeding the high end of our guidance of $410 million. This translates to a 40.5% non-GAAP operating margin, a meaningful improvement from 35.8% in Q2 of last year.

隨著我們繼續提高效率並在本季度實現一次性節省，一般管理費用下降了 19%，至 7300 萬美元，約佔總收入的 6.4%，低於去年第二季度的 8.2%。非 GAAP 營業收入增長 17%，達到 4.62 億美元，超出了我們指導的上限 4.1 億美元。這意味著非 GAAP 營業利潤率為 40.5%，比去年第二季度的 35.8% 有了顯著改善。

Our effective tax rate in Q2 was 18.5%. For the remainder of the year, our tax rate is expected to approximate the blended U.S. and federal state rate. Non-GAAP diluted earnings per share in Q2 was $1.34 on approximately 306 million non-GAAP diluted weighted average shares outstanding. This result was $0.28 above the high end of our guidance and $0.29 higher than Q2 of last year.

我們第二季度的有效稅率為 18.5%。在今年剩餘時間內，我們的稅率預計將接近美國和聯邦州的混合稅率。第二季度非 GAAP 攤薄每股收益為 1.34 美元，約 3.06 億股非 GAAP 攤薄加權平均已發行股票。這一結果比我們指導的上限高出 0.28 美元，比去年第二季度高出 0.29 美元。

Turning to the balance sheet. Deferred revenue at the end of the period was $1.37 billion, down approximately 2% from Q2 of last year. This was in line with the high end of the expectations that we shared last quarter. For Q3, we expect deferred revenue to be down 4% to 5% year-over-year, partially driven by shorter billing frequencies on Enterprise deals arising from the high interest rate environment.

轉向資產負債表。期末遞延收入為13.7億美元，較去年第二季度下降約2​​%。這與我們上季度共享的預期的上限一致。對於第三季度，我們預計遞延收入將同比下降 4% 至 5%，部分原因是高利率環境導致企業交易的計費頻率縮短。

Looking at both our billed and unbilled contracts, our RPO increased 9% year-over-year to approximately $3.5 billion. We expect to recognize approximately 59% of the total RPO as revenue over the next 12 months as compared to 61% in Q2 of FY '23 indicating lengthening contract durations on a year-over-year basis. As a reminder, our renewal seasonality peaks in Q1 and declines throughout the rest of the year.

從我們的計費和未計費合同來看，我們的 RPO 同比增長 9%，達到約 35 億美元。我們預計未來 12 個月將 RPO 總額的約 59% 確認為收入，而 23 財年第二季度的收入為 61%，表明合同期限同比延長。提醒一下，我們的續訂季節性在第一季度達到頂峰，並在今年剩餘時間內下降。

Operating cash flow in the quarter grew 31% year-over-year to $336 million. Free cash flow grew 26% year-over-year to $289 million. Both results include the approximately $60 million cash payment related to the legal settlement that we discussed last quarter. Our operating cash flow and free cash flow margins were 29.5% and 25.4%, respectively. We ended the quarter with approximately $6 billion in cash, cash equivalents and marketable securities, excluding restricted cash.

該季度運營現金流同比增長 31% 至 3.36 億美元。自由現金流同比增長 26% 至 2.89 億美元。這兩項結果均包括與我們上季度討論的法律和解相關的約 6000 萬美元現金支付。我們的經營現金流和自由現金流利潤率分別為 29.5% 和 25.4%。本季度末，我們擁有約 60 億美元的現金、現金等價物和有價證券（不包括限制性現金）。

Given the strength in profitability and collections, we are increasing our cash flow outlook for FY '24. We now expect free cash flow to be in the range of $1.2 billion to $1.23 billion. Turning to guidance. For Q3, we expect revenue to be in the range of $1.115 billion to $1.12 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 $400 million to $405 million.

鑑於盈利能力和收款能力的強勁，我們正在提高 24 財年的現金流前景。我們現在預計自由現金流將在 12 億美元至 12.3 億美元之間。轉向指導。對於第三季度，我們預計收入將在 11.15 億美元至 11.2 億美元之間，中間值相當於同比增長約 1%，按固定匯率計算為 2%。我們預計非 GAAP 營業收入將在 4 億至 4.05 億美元之間。

Our outlook for non-GAAP earnings per share is $1.07 to $1.09 based on approximately 309 million shares outstanding. We are also 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 $4.485 billion to $4.495 billion. At the midpoint, this represents approximately 2% year-over-year growth or 3% in constant currency, which we expect to be neutral in the back half of the year.

基於約 3.09 億股流通股，我們對非 GAAP 每股收益的預期為 1.07 至 1.09 美元。我們還很高興提高 24 財年全年的營收和盈利前景。我們現在預計收入將在 44.85 億美元至 44.95 億美元之間。中點來看，這意味著同比增長約為 2%，按固定匯率計算為 3%，我們預計今年下半年將保持中性。

Our increased total revenue guidance reflects a consistent view on Enterprise, with tempered expectations for Online for the remainder of the year. We expect our non-GAAP operating income to be in the range of $1.685 billion to $1.695 billion, representing an operating margin of approximately 38%. Our outlook for non-GAAP earnings per share for FY '24 is $4.63 to $4.67 based on approximately 308 million shares outstanding.

我們增加的總收入指引反映了對企業的一致看法，並對今年剩餘時間的在線業務的預期有所調整。我們預計我們的非 GAAP 營業收入將在 16.85 億美元至 16.95 億美元之間，營業利潤率約為 38%。基於約 3.08 億股流通股，我們對 24 財年非公認會計準則每股收益的預期為 4.63 至 4.67 美元。

Thank you to the entire Zoom team, our customers, our community and our investors for your trust and support. Before opening up for Q&A, we are excited about our premier user conference, Zoomtopia. It will be in person in San Jose as well as on Zoom Events. We look forward to sharing more about our expanding platform, new innovations and customer testimonials. Please join us at Zoomtopia on October 3 and 4. David, Please queue up our first question.

感謝整個 Zoom 團隊、我們的客戶、我們的社區和我們的投資者的信任和支持。在開始問答之前，我們對我們的頂級用戶會議 Zoomtopia 感到非常興奮。它將親自在聖何塞以及 Zoom Events 上進行。我們期待分享更多有關我們不斷擴展的平台、新創新和客戶評價的信息。請於 10 月 3 日至 4 日參加 Zoomtopia。David，請排隊我們的第一個問題。

Thank you, Kelly. (Operator Instructions) Our question will come from Mark Murphy with JPMorgan.

謝謝你，凱利。 （操作員指示）我們的問題將由摩根大通的馬克·墨菲提出。

Congrats on solid execution in the quarter. Curious if you can comment on the Zoom Scheduler product. It looks like a very attractive add-on option in a clear efficiency gain. I understand that, that's going to be free for some period of time and that looks like $6 per month for certain users. I understand it's going to be included in some of the other bundles. But can you just comment on how that's going to work? Maybe Eric, you can touch on the efficiency gains from that product? And Kelly, any type of a framework for the revenue potential out of that particular product?

祝賀本季度的紮實執行。很好奇您是否可以對 Zoom Scheduler 產品發表評論。它看起來是一個非常有吸引力的附加選項，可以明顯提高效率。據我所知，這將在一段時間內免費，並且對於某些用戶來說每月似乎是 6 美元。我知道它將包含在其他一些捆綁包中。但你能評論一下這將如何運作嗎？也許埃里克（Eric），您可以談談該產品的效率提升嗎？凱利，針對該特定產品的收入潛力有任何類型的框架嗎？

Yes. So I can talk on the product side. Kelly, feel free to tell me on the revenue potential. I think Mark, you're also right on. I guess probably you already tried it out is indeed very attractive. The reason why you look at the whole customers -- or even including Zoomies right? How we schedule the meeting. Let's say, Mark, I want to schedule a meeting with Zoom next week, it's so complicated, right?

是的。所以我可以談談產品方面。凱利，請隨意告訴我收入潛力。我想馬克，你也是對的。我想你可能已經嘗試過了，它確實很有吸引力。您為什麼要關注整個客戶，甚至包括 Zoomies，對嗎？我們如何安排會議。假設，馬克，我想安排下週與 Zoom 的會議，這太複雜了，對吧？

I need to reachout to your ea. You reach out my ea. Or maybe we are going to think, how about a calendar schedule -- is so hard meaning across the company, scheduling is so complicated, right? How to have the customers and simplify that experience, that's why I decided to introduce Zoom Scheduler, right? And also, there are some other start-up solutions out there. The customer indeed would like to lever the Zoom platform because they already used Meeting, Phone, Team and Chat, one more click, they can schedule the meeting with somewhere from outside organization, really like that experience. That's why we decided to build that.

我需要聯繫您的 ea。你伸出我的手。或者我們可能會想，日曆安排怎麼樣——在整個公司範圍內意義如此之大，安排如此復雜，對吧？如何吸引客戶並簡化體驗，這就是我決定引入 Zoom Scheduler 的原因，對嗎？此外，還有一些其他的初創解決方案。客戶確實希望利用 Zoom 平台，因為他們已經使用了會議、電話、團隊和聊天，只需單擊一下，他們就可以與外部組織的某個地方安排會議，非常喜歡這種體驗。這就是我們決定建造它的原因。

And we already have a free trial and as a customer, we already had a previous customer already. and also be part of the Zoom One as well down the road. And actually, it's doing very well and really simplify the way for you to schedule meetings with any other side of your organization. We're pretty excited about that opportunity.

我們已經有了免費試用版，並且作為客戶，我們已經有了以前的客戶。也將成為 Zoom One 的一部分。事實上，它的表現非常好，並且真正簡化了您與組織的任何其他方面安排會議的方式。我們對這個機會感到非常興奮。

Yes. I think in terms of its overall contribution, Mark, it's at a very attractive price point and will grow over time, certainly. But also, we think that what it does is make the product continue to be where you live and make especially our larger enterprise customers that much more retentive as it continues to spread the platform and how you spend your day.

是的。馬克，我認為就其總體貢獻而言，它的價格非常有吸引力，並且肯定會隨著時間的推移而增長。而且，我們認為它的作用是讓產品繼續出現在您居住的地方，尤其是我們的大型企業客戶，隨著它繼續傳播平台和您度過一天的方式，它們的保留率會更高。

Our next question comes from Meta Marshall with Morgan Stanley.

我們的下一個問題來自摩根士丹利的梅塔·馬歇爾。

So one of the questions that I had was just, what you're seeing in terms of the environment? I know that your upside kind of came from the Enterprise. Just wanted to get a sense of how the environment changed during the quarter, if there were any changes during the quarter. And just whether kind of that upside came as a result of kind of better upsells or just more deals kind of getting closing in shorter order?

所以我的問題之一就是，你對環境有何看法？我知道你的優勢來自於企業。只是想了解本季度的環境發生了怎樣的變化，以及本季度是否有任何變化。這種上漲是由於更好的追加銷售還是更多的交易在更短的時間內完成？

Yes. Thank you, Meta. So I would say in terms of Q2 versus Q1, the environment has been pretty consistent. We continue to see momentum in Zoom One, in Zoom Phone. There are still, I would say, lengthen sales cycles out there and customers really making sure that they take advantage of doing their full due diligence. But we're really excited about the vision that we can take for them not only around, obviously, the existing platform but what's also coming from an AI perspective.

是的。謝謝你，梅塔。所以我想說，就第二季度和第一季度而言，環境非常一致。我們繼續看到 Zoom One 和 Zoom Phone 的勢頭。我想說，仍然存在延長銷售週期的情況，而且客戶確實確保他們充分利用了盡職調查的優勢。但我們對我們可以為他們實現的願景感到非常興奮，顯然，不僅圍繞現有平台，而且還來自人工智能的角度。

And I think our customers are finding that very attractive, as you've heard from the customers that Eric talked about seeing a lot of momentum of customers that were originally Meeting customers really moving either into Zoom One or adding on Zoom Phone and considering Contact Center as well.

我認為我們的客戶發現這非常有吸引力，正如您從客戶那裡聽說的那樣，Eric 談到看到了很多客戶的動力，這些客戶最初是Meeting 客戶，真正轉向Zoom One 或添加Zoom Phone 並考慮聯絡中心以及。

Our next question comes from Kash Rangan from Goldman Sachs.

我們的下一個問題來自高盛的卡什·蘭根。

It looks like the Enterprise business is seeing stability with respect to attrition, et cetera. I'm curious to get your thoughts on the Online business. So that's -- it's still a substantial portion of the revenue and anything that you have identified that could help stabilize the attrition levels? And also, just while we're at it, what is the pricing power of Zoom? Like you talked about customers worried about inflation and doing shorter-term contracts, that I guess on the flip side means that you could raise prices. So wondering how much leverage we have at that.

看起來企業業務在人員流失等方面表現穩定。我很想知道您對在線業務的看法。那麼，這仍然是收入的很大一部分，您認為有什麼可以幫助穩定人員流失水平嗎？另外，就在我們討論這個問題時，Zoom 的定價能力有多大？就像您談到客戶擔心通貨膨脹並簽訂短期合同一樣，我想另一方面意味著您可以提高價格。所以想知道我們在這方面有多少影響力。

Yes. So in terms of the online segment, we were really pleased with the continued improvement that we're seeing in the recessing rates or the churn rates. They are really at historic lows. And so that's really great to see. And when the inner team continue to innovate, we just saw a little more volatility, and that's what we indicated in sort of tempered expectations for the rest of the year, but really pleased with the ongoing progress that we're seeing in that segment of the business.

是的。因此，就在線細分市場而言，我們對衰退率或流失率的持續改善感到非常滿意。它們確實處於歷史低點。很高興看到這一點。當內部團隊繼續創新時，我們只是看到了更多的波動，這就是我們對今年剩餘時間的預期有所緩和的預期，但對我們在該領域看到的持續進展感到非常滿意這生意。

And then in terms of the pricing power, I mean, Eric, feel free to chime in. But certainly, we continue to have a discussion with our customers when it comes up for renewals, looking for opportunities to potentially expand their usage of the portfolio moving them from Zoom Meetings to Zoom One is a very common upsell mechanism or, I should say, movement that we're seeing with our customers today and considering, is there an opportunity potentially given the value that they're seeing in the platform potentially for a price increase at renewal as well?

然後就定價能力而言，我的意思是，埃里克，請隨意插話。但當然，當需要續訂時，我們會繼續與客戶進行討論，尋找機會擴大他們對產品組合的使用將他們從Zoom Meetings 轉移到Zoom One 是一種非常常見的追加銷售機制，或者我應該說，我們今天與客戶一起看到的動向，並考慮到他們在平台中看到的潛在價值，是否存在潛在的機會續訂時也漲價嗎？

Yes. Just quickly, in terms of price and power and most of the businesses, they still view employee experience as the number one priority, right? That's why they really wanted to kind of give a customer the best of video service like a Zoom platform. Otherwise, probably they do not care for employee strength and when they need to compromise, that's not the case, right? And most of the customers we talked with has really appreciated the value and ease of use and quality of Zoom service.

是的。很快，在價格和力量方面以及大多數企業，他們仍然將員工體驗視為第一要務，對嗎？這就是為什麼他們真的想為客戶提供最好的視頻服務，比如 Zoom 平台。否則的話，可能他們不關心員工的力量，需要妥協的時候，情況就不是這樣了，對吧？我們採訪的大多數客戶都非常欣賞 Zoom 服務的價值、易用性和質量。

Our next question comes from Michael Funk with Bank of America.

我們的下一個問題來自美國銀行的邁克爾·芬克。

So congratulations on new logo additions, good momentum there and the Phone adds as well. Just wondering, Kelly, I mean, what has to happen with some of the other metrics, that did decelerate during the quarter. [NDRR] decelerated sequentially. Online churn up sequentially. Enterprise customer additions also slowed sequentially. So thinking about the acceleration in revenue growth we've been expecting or hoping for, which of those metrics is going to turn first? And how much visibility do you have into that turn?

因此，祝賀新徽標的添加，良好的勢頭，以及手機的添加。只是想知道，凱利，我的意思是，其他一些指標在本季度確實有所放緩，會發生什麼情況。 [NDRR] 依次減速。網上依次翻騰。企業客戶增加也環比放緩。因此，考慮一下我們一直期待或希望的收入增長加速，哪些指標將首先出現變化？您對該轉彎有多少可見度？

Yes. So a couple of things. Let me just comment on a couple of the metrics that you called out specifically. First of all, the Online term metric. As a reminder, we expect Q2 and Q4 to be seasonally higher than Q1 and Q3. So while it was up over Q1, it was down over Q4, and that's because of summer and winter holiday. So I think the 3.2 number is a really great number. And we are going to continue and many of our people continue to focus on opportunities to improve that.

是的。有幾件事。讓我簡單評論一下您特別提到的幾個指標。首先，在線術語指標。提醒一下，我們預計第二季度和第四季度的季節性高於第一季度和第三季度。因此，雖然第一季度有所上升，但第四季度有所下降，這是因為暑假和寒假的影響。所以我認為 3.2 這個數字是一個非常好的數字。我們將繼續下去，我們的許多人將繼續關注改進這一點的機會。

In terms of the Enterprise, we're really focusing on some of the approach as we've talked about earlier. Certainly, Zoom Phone is one of the key drivers in terms of expanding our customers uses to the platform. That doesn't necessarily result in new customers, but you could see that in the Enterprise customer metric as that starts to expand also the success of Zoom One is going to drive that expansion of more customers in the $100,000.

就企業而言，我們真正關注的是我們之前討論過的一些方法。當然，Zoom Phone 是擴大我們的客戶使用該平台的關鍵驅動因素之一。這並不一定會帶來新客戶，但您可以看到，在企業客戶指標中，隨著該指標開始擴大，Zoom One 的成功也將推動更多 100,000 美元客戶的擴張。

So I think those are the metrics that you should watch as great indicators as our enterprise team continues to sells in Phones, sells in One, sells in Contact Center. And then, of course, as AI becomes more front and center, you'll get to see that as well.

因此，我認為這些指標是您應該關注的重要指標，因為我們的企業團隊繼續銷售手機、銷售 One、銷售聯絡中心。當然，隨著人工智能變得更加前沿和中心，你也會看到這一點。

So just quickly then, so the [NDRR] for Enterprise that should improve as we exit the year, is that expectation of [1 0 9] should improve off that number?

那麼很快，當我們退出這一年時，企業的 [NDRR] 應該會改善，[1 0 9] 的預期是否應該改善這個數字？

You remember, it's a trailing 12-month number. it may come down a little bit more yet, but then start to inflect potentially at the back half of the year, but it might be into early of FY '25.

您還記得嗎，這是一個過去 12 個月的數字。它可能會進一步下降，但可能會在今年下半年開始出現變化，但可能會持續到 25 財年年初。

Our next question comes from James Fish from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 James Fish。

Kelly, for you or Eric, are you seeing optimizations on your seats showing a slowdown or a similar pace to what you've seen more recently? Is there any way to talk about the linearity in general? And Eric, we get the investment behind AI, and it seems like it's causing gross margins to drop a couple of points and guide sequentially. I guess what can you say that gives confidence that this isn't just further price degradation or just a higher level of conservatism on the other side of the coin?

凱利，對於您或埃里克來說，您是否看到座位的優化顯示出放緩或與您最近看到的類似的速度？有什麼辦法可以談論一般的線性嗎？埃里克（Eric），我們獲得了人工智能背後的投資，這似乎導致毛利率下降了幾個點並連續指導。我猜你能說什麼來讓人們相信這不僅僅是價格進一步下跌，或者只是硬幣另一面的更高水平的保守主義？

Kelly, you wanted to address the first one?

凱利，你想解決第一個問題嗎？

So in terms of the optimization of seats, what we've seen is I think we talked about the sales motion before that our reps have the opportunity to really get in there and talk to our customers, and they've done a great job about logo retention. And even if they are customers because they've had a dislocation in their employee base, taking that opportunity then to replace that revenue with an upsell of another product like Zoom Phone and showing them how overall we can drive such a great ROI for them and save them. And our sales team has been incredibly successful at that. And so that's what we're seeing, even though there's still a little bit of shifting, I would say, of seats in there, we're seeing lots of momentum on those upsells at that renewal period. And I just wanted to highlight, we only -- in terms of gross margin, we had 80.3 this quarter, and we only guided to 79.7. So it's not even 100 basis points of degradation. So Eric can talk about the reasons and why that is and what we're investing in.

因此，在座位優化方面，我們看到的是，我認為我們之前討論過銷售動議，我們的代表有機會真正進入那裡並與我們的客戶交談，他們在這方面做得很好標誌保留。即使他們是客戶，因為他們的員工基礎出現了混亂，也要利用這個機會用Zoom Phone 等其他產品的追加銷售來取代該收入，並向他們展示我們如何能夠為他們帶來如此巨大的投資回報率，拯救他們。我們的銷售團隊在這方面取得了令人難以置信的成功。這就是我們所看到的，儘管我想說，那裡的座位仍然有一點變化，但我們在續訂期間看到了這些追加銷售的強勁勢頭。我只是想強調，就毛利率而言，本季度我們的毛利率為 80.3，而我們的指導值僅為 79.7。所以下降幅度甚至不到 100 個基點。埃里克可以談談原因和原因以及我們正在投資什麼。

Yes, yes, gross margin is very, very strong. Again, in terms of the impact, it's just a short term, not long term. The reason why -- when it comes to AI, it's becoming more and more important. Many of our customers told us, they rely on Zoom platform, like all the features today, like Meeting Summary. Someone can take a meeting manually, right? How to leverage AI improve the productivity and efficiency, right? For sure, we needed to invest more.

是的，是的，毛利率非常非常高。再次強調，就影響而言，這只是短期的，而不是長期的。原因是——當談到人工智能時，它變得越來越重要。我們的許多客戶告訴我們，他們依賴 Zoom 平台，就像今天的所有功能一樣，例如會議摘要。有人可以手動參加會議，對吧？如何利用人工智能提高生產力和效率，對嗎？當然，我們需要投入更多。

The good news is we already invested 2 to 3 years ago, right? And that's why some of the feature are already ready. But how to further double down on that investment, right? We hired Doctor XD and also invested in a lot of the GPUs as well, our team, and we have a high confidence and those AI features will have a customer mark, right?

好消息是我們兩三年前就已經投資了，對吧？這就是為什麼某些功能已經準備就緒的原因。但如何進一步加倍投資，對嗎？我們聘請了Doctor XD，也投資了很多GPU，我們的團隊，我們有很高的信心，這些人工智能功能將有客戶標記，對吧？

And also our strategy is very differentiated, right? First of all, have a federated AI approach. And also the way we look at those AI features, how to help a customer improve productivity, that's very important, right? And because the customer already like us, not like some others, right, who gave you a so-called free services and then charge your AI features a real big price. That's not our case, right? We really care about the customer value and also add more and more innovations.

而且我們的策略也非常差異化，對吧？首先，採用聯合人工智能方法。我們看待這些人工智能功能的方式，如何幫助客戶提高生產力，這非常重要，對吧？因為客戶已經喜歡我們了，而不是像其他一些人一樣，對吧，他們給了你所謂的免費服務，然後向你的人工智能功能收取真正的高價。那不是我們的情況，對吧？我們非常關心客戶價值，並添加越來越多的創新。

At the same time, the way for us to look at it. Innovations not only for incremental innovation in terms of revenue AI but also how to lever the AI due to some brand new services to innovate, to deliver more value than customer expected. That's where we can monetize to lever the AI technology. That's why we keep investing more.

同時，也為我們提供了看待它的方式。創新不僅是收入人工智能方面的漸進式創新，還包括如何利用人工智能通過一些全新的服務進行創新，以提供比客戶預期更多的價值。這就是我們可以通過人工智能技術獲利的地方。這就是我們繼續加大投資的原因。

Again, the goal is about some brand new AI services like a Zoom [I keep for suit. Just to run it.] A lot of other services we are going to build it down the road. So stay tuned for the Zoomtopia.

同樣，我們的目標是一些全新的人工智能服務，比如 Zoom [我保留了這一點。只是為了運行它。] 我們將在未來構建許多其他服務。請繼續關注 Zoomtopia。

Our next question comes from Matthew VanVliet, BTIG.

我們的下一個問題來自 BTIG 的 Matthew VanVliet。

I wanted to dig in a little bit more on the trends you're seeing in the Contact Center. Can you help us with what situations you're seeing the most success in? Are these -- mostly have sort of Meetings in Phone? And then sort of within that, are you seeing more sort of internal help desk-type situations? Or are you seeing kind of higher volume customer-facing deployments as well?

我想更深入地了解您在聯絡中心看到的趨勢。您能幫助我們了解您在哪些情況下最成功嗎？這些——大部分都是電話會議嗎？然後，您是否看到更多內部幫助台類型的情況？或者您是否也看到了更高容量的面向客戶的部署？

Yes. Matt, it's a great question. First of all, I can tell you, take a Zoom Phone for example. We already deployed the Contact Center Zoom since a year ago, right? And our support team are very happy about our own deployment. It works extremely well, right? Because all those innovations and integrations. Speaking among customers, right? For sure, if we had a lots innovations every quarter. But in the brand recognition, right, it still -- will take some time. That's why quite often all the existing customers, they would likely deploy Zoom Contact Center integration very well with the Zoom Phone and also they found a new use case like internal hyperdesk, IT hyperdesk as (inaudible).

是的。馬特，這是一個很好的問題。首先我可以告訴你，以Zoom Phone為例。我們從一年前就已經部署了聯絡中心 Zoom，對嗎？我們的支持團隊對我們自己的部署非常滿意。它的效果非常好，對吧？因為所有這些創新和集成。跟顧客說話，對吧？當然，如果我們每個季度都有很多創新的話。但在品牌認知度方面，對吧，仍然需要一些時間。這就是為什麼所有現有客戶通常都會部署 Zoom Contact Center 與 Zoom Phone 的集成，並且他們還發現了一個新的用例，如內部 hyperdesk、IT hyperdesk（聽不清）。

At the same time, we also have some Contact Center customers who do not have a Zoom Phone, they don't have Zoom Meetings. They like a Contact Center. I think given the speed of innovation, I think we have a higher confidence not only SMB but also more and more middle class in our customer will realize the value of Zoom and Zoom Contact Center, I think something similar to what we did for Zoom Phone as well, right?

同時，我們也有一些聯絡中心客戶沒有 Zoom Phone，他們沒有 Zoom Meetings。他們喜歡聯絡中心。我認為考慮到創新的速度，我認為我們不僅對中小企業更有信心，而且我們的客戶中越來越多的中產階級也會意識到Zoom 和Zoom 聯絡中心的價值，我認為這與我們為Zoom Phone所做的類似也是吧？

When we started on SAP customer, existing customer, very soon realized, wow, there's a huge value and why not a try or tested out Zoom Contact Center as well, right? So that's the path for our -- to further grow our Contact Center business.

當我們開始關注 SAP 客戶時，現有客戶很快就意識到，哇，這有巨大的價值，為什麼不嘗試或測試一下 Zoom 聯絡中心，對吧？這就是我們進一步發展聯絡中心業務的途徑。

Our next question comes from Ryan Koontz with Needham

我們的下一個問題來自 Ryan Koontz 和 Needham

I wanted to ask about the healthy growth we're seeing here in the $100,000 accounts. Is that primarily displacement of legacy vendors that we're still seeing? Or are these other kind of competitive wins, greenfield-type wins? And can you share anything about kind of the effective playbook you're using up market there to expand these big logo wins?

我想問一下我們在 100,000 美元賬戶中看到的健康增長情況。我們仍然看到這主要是傳統供應商的取代嗎？或者這些是其他類型的競爭性勝利，綠地類型的勝利？您能否分享一下您正在使用的有效策略，以擴大這些大標誌的勝利？

Yes. I think some of that, Ryan, points to the ongoing success we're seeing with Zoom One. Customers really like the ability to buy the bundle, which meets all of their needs. And it's a great opportunity to see the value, especially previously existing Meetings customers seeing that opportunity. We do continue to see greenfield, especially Eric just highlighted Contact Center. Sometimes it's a way that they're coming in the door now, which is amazing.

是的。 Ryan，我認為其中一些原因是我們在 Zoom One 上看到的持續成功。客戶非常喜歡購買捆綁包的功能，因為它可以滿足他們的所有需求。這是一個看到價值的好機會，特別是以前的會議客戶看到了這個機會。我們確實繼續看到綠地，特別是埃里克剛剛強調的聯絡中心。有時他們現在就以這種方式進來，這真是太神奇了。

And then also, we still have a lot of customers that are Meetings customers that are upgrading to Phone as well. So it's a combination of both new customers that come in at that level as well as customers that grow up to that level over time.

此外，我們仍然有很多會議客戶也在升級到電話。因此，這是該級別的新客戶以及隨著時間的推移成長到該級別的客戶的組合。

Got it. Any general changes in the pricing environment market?

知道了。市場定價環境有何總體變化？

No, especially from Q1 to Q2, there weren't really significant changes. As I mentioned, there's still think lots of scrutiny around deal, but no other real changes in the environment.

不，特別是從第一季度到第二季度，並沒有真正重大的變化。正如我所提到的，仍然需要對交易進行大量審查，但環境沒有其他真正的變化。

Our next question comes from Siti Panigrahi with Mizuho.

我們的下一個問題來自 Mizuho 的 Siti Panigrahi。

My question on Contact Center again. That is -- that's a huge opportunity considering like 80% legacy still here to move to cloud. And you are starting from a clean slate, just building yourself in-house. So Eric, how are you trying to differentiate, I mean, among other cloud vendors right now in the Contact Center space.

我再次提出關於聯絡中心的問題。也就是說，考慮到 80% 的遺留資產仍然遷移到雲，這是一個巨大的機會。而你是從頭開始，只是在內部建立自己。埃里克（Eric），我的意思是，您現在如何在聯絡中心領域的其他雲供應商中脫穎而出。

And Kelly, should we think about this Contact Center next leg of growth? Is this adoption -- should be like Phone what we have seen in the last few years?

凱利，我們是否應該考慮聯絡中心的下一個增長階段？這種採用是否應該像我們過去幾年所看到的那樣？

Yes. So speaking of differentiation, first of all, we built the Contact Center service from ground up, right? This is -- considering the new multi architecture and also video is part of that as well. AI as hybrid AI components, we have invested in AI and also, at the same time, a seamless integration with other products as well. That's why we have a high confidence, right? And all like some other vendors there for a long, long time, right? And the architecture may not be modern and the performance, the quality and so on and so forth, right?

是的。所以說到差異化，首先，我們從頭開始構建了聯絡中心服務，對嗎？這是——考慮到新的多架構，視頻也是其中的一部分。人工智能作為混合人工智能組件，我們在人工智能方面進行了投資，同時也與其他產品進行了無縫集成。這就是為什麼我們有很高的信心，對嗎？和其他一些供應商一樣，他們已經在那里呆了很長一段時間了，對吧？而且建築可能不是現代的，性能、質量等等，對吧？

However, how to make sure every Enterprise customer during their RV process, right? They do look at Zoom. When they look at Zoom, we have a higher confidence, we can't compete. And also, we just had a lot of innovations around the Workforce Management platform as well and essentially Zoom Content Center to become our full Contact Center suite. Not just one part, right? It's targeted SMB and Enterprise and also with AI, I think we are innovating very fast, right, to compete against any other cloud-based or on-prem based and Contact Center vendors.

然而，如何確保每一位企業客戶在房車過程中對呢？他們確實關注 Zoom。當他們看到Zoom時，我們有更高的信心，我們無法競爭。此外，我們還圍繞勞動力管理平台進行了很多創新，本質上是 Zoom 內容中心，成為我們完整的聯絡中心套件。不只是一部分，對吧？它的目標是中小型企業和企業，還有人工智能，我認為我們的創新速度非常快，可以與任何其他基於雲或基於本地的聯絡中心供應商競爭。

And is that going to be similar like Phone kind of adoption?

這會像手機一樣被採用嗎？

Yes. Sorry, go ahead -- yes.

是的。抱歉，請繼續——是的。

Only 6 quarters old today. So it's very relative, right, to the existing ARR base. It's small. It's growing very quickly, though. So it won't be visible to you probably for at least another 4 -- I don't know, 4 to 5 to 6 quarters, probably, but we're really pleased with the growth. And then as Eric mentioned, when you start considering Workforce Management, of course, Zoom Virtual Agent, Quality Management, which is coming, it starts to be a platform unto itself that could really be a significant growth driver over time.

今天只有 6 個季度。所以它與現有的 ARR 基礎非常相關。它很小。不過，它的增長速度非常快。因此，您可能至少在另外 4 個季度內看不到它——我不知道，可能是 4 到 5 到 6 個季度，但我們對增長感到非常滿意。然後，正如Eric 提到的，當你開始考慮勞動力管理時，當然，Zoom 虛擬代理、質量管理即將推出，它本身就開始成為一個平台，隨著時間的推移，它可能真正成為一個重要的增長動力。

Our next question comes from Rishi Jaluria with RBC.

我們的下一個問題來自 RBC 的 Rishi Jaluria。

Two quick ones. First, look, I appreciate a lot of the investments you're making around generative AI. And I know it's early, but I want to think about how do you think longer term about your strategy around monetizing generative AI? Is it around specific modules and discretionally charging for them? Is it about gatekeeping them behind higher tiers and using that to drive upgrades?

兩個快的。首先，我很欣賞你們圍繞生成人工智能所做的大量投資。我知道現在還為時過早，但我想思考一下，從長遠來看，您如何看待生成式人工智能貨幣化的戰略？是否圍繞特定模塊並酌情對其進行收費？是為了將它們守在更高層之後並利用它來推動升級嗎？

And maybe alongside that, you're starting to see better adoption, I think, of your noncore products, including Zoom Phone $0.5 billion in ARR. Eric, you called out some great customer wins on Zoom Chat. How do you think about using generative AI as kind of a connective tissue to drive more usage of noncore products and maybe even of the entire Zoom One pricing and packaging?

我認為，也許與此同時，您開始看到您的非核心產品得到了更好的採用，其中包括 ARR 5 億美元的 Zoom Phone。埃里克（Eric），您在 Zoom Chat 上提到了一些偉大的客戶勝利。您如何看待使用生成式人工智能作為一種結締組織來推動非核心產品甚至整個 Zoom One 定價和包裝的更多使用？

Yes. That's a wonderful question. So look at the Zoom platform, right, so not only do we have Meetings, right? So some people still thought that we're just a Meeting company. I presume it as a -- not a case. A full patent company, right? For those customers, we deployed like Team Chat, USPS deployed Zoom Team Chat. A lot of companies deployed the Zoom Phone and Whiteboard Zoom Contact Center as well Scheduler and also the Zoom Clips. As we build more and more services, right? And essentially, when we double on our platform, how to look at everything from a customer perspective, how to add more value?

是的。這是一個很好的問題。那麼看看 Zoom 平台，對吧，所以我們不僅有會議，對嗎？所以有些人仍然認為我們只是一家會議公司。我認為這是一個——而不是一個案例。一家完整的專利公司，對嗎？對於這些客戶，我們部署了 Team Chat，USPS 部署了 Zoom Team Chat。許多公司部署了 Zoom Phone 和 Whiteboard Zoom Contact Center 以及 Scheduler 和 Zoom Clips。隨著我們構建越來越多的服務，對嗎？本質上，當我們在平台上加倍時，如何從客戶的角度看待一切，如何增加更多價值？

Let's take a Zoom One, for example. Customers say, I really like Zoom, already paid a deploying higher platform. A lot of features to take this generative -- GenAI features like Meeting summary and to leverage GenAI to write it as Team Chat and meeting inquiry and let's say, you are late to the meeting, how to get a quick real-time summary about what had been discussed over the past 5 minutes.

我們以 Zoom One 為例。客戶說，我真的很喜歡Zoom，已經付費部署了更高的平台。很多功能都可以生成 - GenAI 功能，例如會議摘要，並利用 GenAI 將其編寫為團隊聊天和會議查詢，假設您開會遲到了，如何快速獲得有關內容的實時摘要過去 5 分鐘內一直在討論。

All those GenAI features can make the entire platform, not only sticky, but also more value, right? So quite often, some customers say, yes, you can charge and some other competitors do that. We are taking a different approach. We think if you add more value to customers, and they are doing more. We're likely to move on to our entire platform, right? It does not mean we cannot monetize AI. How do you think about AI to build new services, right? I will one example. Back to 1995, 1996, I mean Internet was sort of born, when every -- let's say, the stores, right, when they imbraced Internet, you do not want to increase the price, right? You buy online, why increase price?

所有這些 GenAI 功能可以讓整個平台不僅有粘性，而且更具價值，對嗎？很多時候，一些客戶會說，是的，你可以收費，而其他一些競爭對手就會這麼做。我們正在採取不同的方法。我們認為，如果你為客戶增加更多價值，他們就會做得更多。我們可能會轉向整個平台，對吧？這並不意味著我們不能將人工智能貨幣化。您如何看待人工智能來構建新服務，對吧？我舉一個例子。回到 1995 年、1996 年，我的意思是互聯網誕生了，當每個——比方說，商店，對吧，當他們擁抱互聯網時，你不想提高價格，對嗎？網上買的，為什麼要漲價？

However, you can have the Internet to build new services, right, new innovations. That's why we're taking a different approach, not as some other competitors. They give some free service AI, Oh my god, they charge you a crazy price. I do not think that's fair to customers, right? And we are taking a different approach and more value to leverage GenAI to our existing customers focus on the future improvements to leverage GenAI.

然而，你可以通過互聯網來構建新的服務，對的，新的創新。這就是為什麼我們採取不同的方法，而不是像其他一些競爭對手那樣。他們提供一些免費服務人工智能，天啊，他們向你收取了瘋狂的價格。我認為這對顧客不公平，對嗎？我們正在採取不同的方法和更多的價值來利用 GenAI，讓我們現有的客戶專注於利用 GenAI 的未來改進。

At the same time, given our speed of innovation, how to leverage GenAI to be able to build some brand new AI services to monetize. That's our goal. That's our direction. Also that's our differentiated pricing strategy as well. Hopefully, my answer is clear. Otherwise, let's talk more at Zoomtopia.

同時，考慮到我們的創新速度，如何利用GenAI來構建一些全新的AI服務來貨幣化。這就是我們的目標。這就是我們的方向。這也是我們的差異化定價策略。希望我的答案是明確的。否則，讓我們在 Zoomtopia 上討論更多。

Our next question comes from Alex Zukin with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

I guess, so when I sit back and look at the quarter, this quarter looks a little bit different than last quarter. You grew sequentially your revenue base on Enterprise and Online for the first time together in some time where both of those things happen. Your Enterprise billings actually grew as well.

我想，所以當我坐下來看看這個季度時，這個季度看起來與上個季度有些不同。在企業版和在線版同時發生的一段時間內，您的收入基礎首次同時增長。您的企業賬單實際上也有所增長。

And so, I look at the guidance, and it looks like we're taking a step back, and I appreciate the conservatism in the macroeconomic environment. I appreciate the fact that you've got changes you're still working through in the go-to-market. But help us understand, if we look at the trends as they as churn stabilized to a point where we can expect, for instance, on the Online business that this is a new floor we can count on?

因此，我查看了指導意見，看起來我們正在後退一步，我很欣賞宏觀經濟環境中的保守主義。我很欣賞你們在上市過程中仍在努力進行的改變。但請幫助我們理解，如果我們看看趨勢，因為他們的流失穩定到我們可以預期的程度，例如，在在線業務上，這是我們可以依靠的新樓層？

Because if I look at the exit rate for Enterprise revenue, I don't think it's at the rate that any of us sitting here would be jumping up and down about you mentioned NRR on the Enterprise side starting to -- I think you said in flat but maybe go back up in the first half of next year, what's the right way to interpret the Enterprise growth exiting this year and into next year? And then I've got a quick follow-up.

因為如果我看一下企業收入的退出率，我認為我們坐在這裡的任何人都不會因為您提到企業方面的 NRR 開始而上下跳躍——我想您在持平，但明年上半年可能會回升，如何正確解讀今年退出和明年的企業增長？然後我會進行快速跟進。

Yes. So in terms of online, I would say that we are very pleased with the performance that we're seeing in the churn rate itself. And I do think we're stabilizing around a new level that is back to historic levels. And I think that's a reasonable assumption to make going forward. And then in terms of Enterprise, we're obviously not in a place that we're going to comment on FY '25 yet. We're not going to do that on this call.

是的。因此，就在線而言，我想說，我們對客戶流失率本身的表現非常滿意。我確實認為我們正在穩定在一個回到歷史水平的新水平附近。我認為這是一個合理的假設。然後就企業而言，我們顯然還沒有準備好對 25 財年發表評論。我們不會在這次電話會議上這樣做。

But Enterprise, when you look at it from -- when you look at it in terms of the growth rate that you're expecting, you've been back into, right, what it is. And we are, as you say, still considering no improvement from the macro at this point. And as you said, continuing to have the sales force settle into our new structure. We're thrilled to have Graeme leading the organization.

但是對於企業來說，當你從預期的增長率角度看待它時，你已經回到了正確的狀態。正如您所說，我們目前仍在考慮宏觀方面沒有任何改善。正如您所說，繼續讓銷售隊伍適應我們的新結構。我們很高興格雷姆領導這個組織。

We -- some of the transitions took a little bit longer in EMEA and APAC than the rest of the world, as you've heard us talk about. But as we're coming into Q3, the pipeline is strong. It's stronger than it was as we were coming into Q2. So I think those are the factors you can take into consideration as you're looking for the growth rate for the rest of the year.

正如您所聽到的，我們在歐洲、中東和非洲和亞太地區的一些轉型花費的時間比世界其他地區要長一些。但隨著我們進入第三季度，渠道很強大。它比我們進入第二季度時更強。因此，我認為當您尋找今年剩餘時間的增長率時，您可以考慮這些因素。

Okay. And then maybe, Eric, for you. Obviously, the evolution of Zoom from a point solution to a platform is nice to watch. You've talked about Zoom One. You've now given us that $500 million annualized number for Zoom Phone. What's the penetration today for Zoom One within the Enterprise base? And what's the penetration for the Phone product in the Enterprise base? And where does it go from here in your mind, like what does success look like for you?

好的。然後也許，埃里克，對你來說。顯然，Zoom 從單點解決方案到平台的演變值得關注。您談到了 Zoom One。您現在已經向我們提供了 Zoom Phone 年化價值 5 億美元的數字。 Zoom One 目前在企業群體中的滲透率是多少？電話產品在企業群體中的滲透率是多少？從這裡開始，它在你的腦海中會走向何方，比如你認為成功是什麼樣的？

Yes. I think Zoom Phone penetration is doing relatively well. But Zoom One, I think still has a huge opportunity, right? Zoom one is not only for Zoom Meetings, the Phone, right? Also the Team Chat, if the customer wanted to deploy our free great Team Chat solution and Whiteboard and a lot of other services, right, I think a huge opportunity, especially for medium and larger-sized customers. And we needed to kind of show them the value.

是的。我認為 Zoom Phone 的滲透率表現相對較好。但是Zoom One，我覺得還是有很大的機會的，對吧？ Zoom 1 不僅適用於 Zoom 會議、電話，對嗎？還有團隊聊天，如果客戶想部署我們免費的優秀團隊聊天解決方案和白板​​以及許多其他服務，對吧，我認為這是一個巨大的機會，特別是對於中型和大型客戶。我們需要向他們展示價值。

As I said earlier, about like GenAI features, all those kind of things is part of Zoom One, right? So leverage all those the cool features, right, to penetrate more about Zoom One the market share, right? And Zoom Phone itself is doing relatively well, but a huge opportunity ahead of us for Zoom One penetration. And I will say we just started. I give one example. I take a USPS, for example. When they realize, wow, you have a greater Team Chat solution is also part of Zoom One and also it's free. That's amazing, impressive, Why not deploy Zoom One, right? So many more customers when they realize the full potential of a Zoom One platform, I think that's the value, right? We need to do focus on.

正如我之前所說，像 GenAI 功能一樣，所有這些都是 Zoom One 的一部分，對吧？因此，利用所有這些很酷的功能，對吧，更多地滲透 Zoom One 的市場份額，對吧？ Zoom Phone 本身的表現相對較好，但 Zoom One 滲透率面臨著巨大的機會。我想說我們才剛剛開始。我舉一個例子。我以美國郵政局為例。當他們意識到，哇，你有一個更好的團隊聊天解決方案也是 Zoom One 的一部分，而且它是免費的。這太神奇了，令人印象深刻，為什麼不部署 Zoom One，對吧？當越來越多的客戶意識到 Zoom One 平台的全部潛力時，我認為這就是價值，對嗎？我們需要做重點。

Our next question comes from Peter Weed with Bernstein.

我們的下一個問題來自伯恩斯坦的彼得·威德。

And maybe this kind of follows up a little bit of what Alex was just getting at. But first off, I want to say it's really exciting to see the progress on Zoom Phone and Contact Center. It's been amazing to watch that and all the checks I do with folks are very positive on things that are going there.

也許這就是亞歷克斯剛剛所說的內容的一部分。但首先，我想說，看到 Zoom Phone 和聯絡中心取得的進展真的很令人興奮。看到這一點真是太棒了，我與人們一起做的所有檢查都對那裡發生的事情非常積極。

I think, Kelly, you commented a few minutes ago and were alluding to it with Alex here, that NRR may come down a bit before it starts reaccelerating maybe by the end of this fiscal year and maybe the beginning of next year, we start to see some line of sight to some benefit there. I'd really love to kind of dig into like what will drive that improvement? And kind of when I split the customer base, you do a really nice job of reporting both on, greater than 100,000 and less than 100,000, like some quick math suggests where it's been really painful recently is on the greater than 100,000 customers.

我想，凱利，你幾分鐘前評論過，並在這裡與亞歷克斯一起提到，NRR 可能會在開始重新加速之前下降一點，也許到本財年年底，也許明年年初，我們開始看到一些視線那裡有一些好處。我真的很想深入探討是什麼推動了這種改進？當我劃分客戶群時，你在報告大於 100,000 和小於 100,000 的客戶群時做得非常好，就像一些快速數學表明最近真正令人痛苦的是大於 100,000 的客戶。

And I tried to figure out like on that reacceleration is it about kind of reigniting those greater than 100,000 is the opportunity with the less than 100,000, like growing them up because they're less mature. And like really what is it that you are going to be delivering with these customers to reignite that between those customer bases?

我試圖弄清楚，重新加速是否意味著重新點燃那些超過 100,000 人的機會，就像讓他們長大，因為他們還不太成熟。實際上，您將向這些客戶提供什麼以重新點燃這些客戶群之間的關係？

So one of the things I commented on is that we have seen some dislocation in our customers' own employee base and that our sales reps do a great job when they're talking to those customers about helping them potentially right size if they have downsized in their employee base, but upselling and retaining that revenue in other parts of our platform. So as is there's still pressure in the macroeconomic environment, you're just going to see that a little bit, right?

因此，我評論的一件事是，我們看到客戶自己的員工基礎出現了一些混亂，並且我們的銷售代表在與這些客戶談論如果他們裁員時幫助他們調整規模時做得很好。他們的員工基礎，但在我們平台的其他部分追加銷售並保留該收入。那麼宏觀經濟環境仍然存在壓力，你只會看到一點，對嗎？

So maintaining logos, even maintaining the same amount of revenue, but would have been an upsell, if not for a down sell due to seat. So part of it is just an ongoing potential change in the macro, which we have not factored into the guidance that we gave. And then the continued acceleration of all these new products that we keep talking about, right? Phone is obviously doing really well. And it's well hit its stride. But remember, that's taken 3 to 4 years to accomplish.

因此，保留徽標，即使保持相同數量的收入，如果不是因為座位而降價銷售，也會是追加銷售。因此，部分原因只是宏觀方面持續的潛在變化，我們沒有將其納入我們給出的指導中。然後我們一直在談論的所有這些新產品的持續加速，對嗎？電話顯然表現得非常好。而且它已經大踏步前進了。但請記住，這需要三到四年的時間才能完成。

And so Contact Center that we expect to follow the same is just -- it just needs a little more time. And then you heard about all the additions into the Contact Center platform itself with ZDA, with Workforce Management and Quality Management that's coming, all of those will continue contribute to growth over time. And then Eric sort of hinted thinking about the ways that AI over time is going to help with both retention as well as potential opportunity to grow revenue.

因此，我們期望遵循同樣的聯絡中心只是 - 它只是需要更多的時間。然後您聽說了 ZDA 聯絡中心平臺本身的所有新增內容，以及即將推出的勞動力管理和質量管理，所有這些都將隨著時間的推移繼續促進增長。然後埃里克有點暗示，隨著時間的推移，人工智能將如何幫助保留人員以及增加收入的潛在機會。

So it's just -- some of these things just have to grow a little bit or age a little bit and mature into the stage that they're contributing in a way that you can see them.

所以，其中一些東西只需要成長一點或老化一點，然後成熟到他們以一種你可以看到的方式做出貢獻的階段。

And how high do you anticipate NRR being able to get once all that stuff works out? I mean, obviously, you've seen some of those headwinds. So you kind of know how much you're like, darn, I lost this and it would have been so much better. Like if you're looking forward, like what should we aspire to be getting NRR back to? And like how soon do you think we can get there?

一旦所有這些事情都解決了，您預計 NRR 能夠達到多高？我的意思是，顯然，你已經看到了其中一些不利因素。所以你知道你有多喜歡，該死，我失去了這個，它會好得多。就像如果你期待著，比如我們應該渴望讓 NRR 恢復到什麼水平？你認為我們多久能到達那裡？

Yes. Peter, we'll talk about that more when we're ready to give FY '25 guidance, but not today.

是的。 Peter，當我們準備好提供 25 財年指導時，我們會更多地討論這個問題，但不是今天。

Yes, I can maybe speculate a little bit more, Peter. So the question you asked was very similar to what earlier asked about Zoom One. Actually, today, the problem is Zoom is a too strong brand on Meetings side, right? Many of the customers unfortunately, they even did not realize we have a lot of other services, not to mention a Zoom One platform, right? That's the number one challenge that we are facing.

是的，我也許可以多推測一點，彼得。所以你問的問題與之前關於 Zoom One 的問題非常相似。實際上，今天的問題是 Zoom 在會議方面是一個太強大的品牌，對嗎？不幸的是，許多客戶甚至沒有意識到我們還有很多其他服務，更不用說 Zoom One 平台了，對吧？這是我們面臨的首要挑戰。

How to make sure all those -- even existing -- even for existing customers. They also think, oh Zoom is just a meeting, that's not the case, right? When we -- and share a greater story, make sure most of our customers are publicly realize our Zoom not only just the meetings had a full platform, I think the inflection point will not happen until then.

如何確保所有這些——甚至是現有的——甚至對於現有客戶。他們還想，哦Zoom只是一個會議，事實並非如此，對吧？當我們分享一個更大的故事，確保我們的大多數客戶公開意識到我們的 Zoom 不僅僅是會議擁有一個完整的平台時，我認為在那之前拐點不會發生。

Our next question comes from Taz Koujalgi with Wedbush.

我們的下一個問題來自 Taz Koujalgi 和 Wedbush。

Two questions. First one for you Kelly. I think you had a price increase for the Online business in Q1, and that was being phased out, I think, in different geos at different times. Has that been rolled out across the globe? And if you can comment on any tailwind you saw from that price increase in the Q2 Online business?

兩個問題。第一個給你的，凱莉。我認為第一季度在線業務的價格上漲了，而且我認為，在不同的地區、不同的時間，這一價格正在逐步取消。是否已在全球範圍內推廣？您能否評論一下您從第二季度在線業務價格上漲中看到的任何推動因素？

Yes. So it has been very effective in general in terms of maintaining strong retention rates and moving customers from monthly to annual as they continue to see value when we rolled out this price increase. And given that it's been in effect for the full time now, we're not going to break out, but break it out separately, but it certainly is overall having a great impact including in the momentum for our Online and it is -- I believe it's live in every market at this point.

是的。因此，總體而言，在保持強勁的保留率以及將客戶從每月一次轉移到每年一次方面非常有效，因為當我們推出此次提價時，他們繼續看到價值。鑑於它現在已經全面生效，我們不會突破它，而是單獨突破它，但它確實對整體產生了巨大的影響，包括我們在線的勢頭，它是——我相信目前它已經存在於每個市場。

Got it. And then one follow-up on Contact Center. I know it's just pretty early you've just started -- you've just had your first early customers. But any comments on price points you're seeing and attach rate of seats. So let's say a customer has 100 seats of Zoom Meeting, when customers buy a Contact Center, what is kind of the attach rate that you're seeing for these early customers?

知道了。然後是聯繫中心的一項後續行動。我知道你剛剛開始還為時過早——你剛剛擁有了第一批早期客戶。但任何有關您所看到的價格點的評論並附上座位率。假設客戶擁有 100 個 Zoom Meeting 席位，當客戶購買聯絡中心時，您看到的這些早期客戶的附加率是多少？

Yes. It's -- I mean it's very different, right, in terms of it's not anywhere near, like Phone, typically is near one to one and sometimes even more one to one for the attach rate. Contact Center is very different. It depends on the use case we're seeing of the customers. If it's an internal help desk, or if it's like -- one of our largest deals to date was a BPO, where it is their business, right? TO drive Contact Center. So I don't think there's necessarily a standard ratio that you can look at because it varies so much based on use cases.

是的。它是——我的意思是它非常不同，對吧，就它而言，它不像電話那樣接近，通常是接近一對一，有時甚至是一對一的附加率。聯絡中心非常不同。這取決於我們看到的客戶的用例。如果它是一個內部服務台，或者如果它是——我們迄今為止最大的交易之一是 BPO，那是他們的業務，對嗎？驅動聯絡中心。因此，我認為不一定有一個可以查看的標準比率，因為它根據用例而變化很大。

And then in terms of pricing, as a reminder, our list price for Contact Center is highly disruptive. It's $70 per seat. And given -- comparing that, it's -- given comparing it to the other competitors in the market, it's a really -- I think it brings a lot of value to our customers. So while Enterprise customers and large customers are going to get discounts, we've certainly been able to manage to maintain price points, given how disruptive and competitive it is compared to others in the market.

然後在定價方面，提醒一下，我們的聯絡中心標價極具顛覆性。每個座位 70 美元。考慮到 - 比較它 - 考慮到它與市場上的其他競爭對手相比，它確實 - 我認為它為我們的客戶帶來了很多價值。因此，雖然企業客戶和大客戶將獲得折扣，但考慮到與市場上其他產品相比，它具有多大的顛覆性和競爭力，我們當然能夠維持價格點。

Guys, sneaking just one more clarification. Kelly, you mentioned that we won't have visibility into Contact Center revenues for another 4 to 6 quarters. It's still very early. Were you implying that it will be close to 10% of revenues in 4 to 6 quarters?

伙計們，偷偷地再澄清一件事。 Kelly，您提到我們在接下來的 4 到 6 個季度內無法了解聯絡中心的收入。現在還很早。您的意思是在 4 到 6 個季度內將接近收入的 10%？

No, no, no. I don't mean to imply that at all. I just mean that I see that laughing -- that over time, you started to see Zoom Phone and we talked about like more milestone metrics and how it was contributing, that's what I was saying. I mean that would be the best growth rate if that were to occur.

不不不。我根本無意暗示這一點。我只是說我看到了笑聲 - 隨著時間的推移，你開始看到 Zoom Phone，我們討論了更多里程碑指標以及它如何做出貢獻，這就是我所說的。我的意思是，如果這種情況發生的話，這將是最好的增長率。

Our next question comes from Matt Stotler with William Blair.

我們的下一個問題來自馬特·斯托勒和威廉·布萊爾。

Maybe just a follow-up on Zoom Phone. If I look at the disclosure this quarter, $500 million ARR and last quarter, Zoom Phone was just 10% of revenue. The implication would be something in the ballpark of, let's say, 10%, maybe a little more sequentially in terms of growth for Zoom Phone ARR. I'll just dig into -- or double-click on, I guess, what's driving that growth, right? Is that indicative of the success we're seeing is Zoom One? Is that evidence of go-to-market maturity there? Is it some large customers like the BPO you just mentioned kind of ramping up? Anything you'd like to call out there?

也許只是 Zoom Phone 的後續。如果我看一下本季度披露的信息，ARR 為 5 億美元，而上個季度，Zoom Phone 僅佔收入的 10%。就 Zoom Phone 的 ARR 增長而言，這意味著大約是 10%，甚至可能更高一些。我想，我會深入研究——或者雙擊，是什麼推動了這種增長，對嗎？這是否表明 Zoom One 取得了成功？這是進入市場成熟的證據嗎？是像您剛才提到的 BPO 這樣的大客戶正在增加嗎？你有什麼想在那裡打電話的嗎？

Yes. I mean, actually, Matt, it's all of the above is what I would say. It's -- as we've taken -- as we are talking to our customers about renewals, taking the opportunity to talk to them about the value of Zoom One or talking about just helping them -- I think every CFO and CIO across the world today is trying to think about how do they drive more efficiencies in their organization and Zoom Phone is a great way to do that when you look at it compared to the ROI, especially of having an on-prem solution.

是的。我的意思是，實際上，馬特，以上就是我要說的。正如我們所採取的那樣，當我們與客戶談論續約時，利用機會與他們談論 Zoom One 的價值或談論幫助他們時，我認為世界各地的每一位首席財務官和首席信息官今天正在嘗試思考如何提高組織的效率，而當您將其與投資回報率（特別是擁有本地解決方案）進行比較時，Zoom Phone 是實現這一目標的好方法。

And then also with Contact Center. Contact Center is a driving force, Zoom Phone is a very natural adjacency to it. So I think it's a combination of all of that, and it's just going to continue to create more and more synergies as Zoom Contact Center especially continues to mature.

然後還有聯絡中心。聯絡中心是一個驅動力，Zoom Phone 是它的一個非常自然的鄰接點。所以我認為這是所有這些的結合，隨著 Zoom 聯絡中心的不斷成熟，它將繼續創造越來越多的協同效應。

Yes. Just quickly, when we talk with our customers, they really like we have a both -- they deploy both Zoom Meeting and Zoom Phone together. The Contact Center, a new opportunity, in particular, for those customers I think they don't want to deploy a point of solution, right? If you just have a Phone business, it's really hard to build a sustainable business customer base.

是的。很快，當我們與客戶交談時，他們真的很喜歡我們兩者兼而有之——他們同時部署了 Zoom Meeting 和 Zoom Phone。聯絡中心是一個新的機會，特別是對於那些我認為他們不想部署解決方案點的客戶，對嗎？如果你只有電話業務，那麼很難建立可持續的商業客戶群。

Phone and Meetings, they're very similarly integration, like you have a phone call, one more click and jump on the video meeting, right? So that's -- that kind of a similar experience really helped us further offset our Phone growth, right? If you just offer a point of solution, it's really not scalable, not a sustainable. And down the road, more and more customers would like to move on to a platform play like Zoom.

電話和會議，它們的集成非常相似，就像你打電話一樣，再點擊一下就跳轉到視頻會議，對吧？那麼，這種類似的體驗確實幫助我們進一步抵消了手機的增長，對嗎？如果你只是提供一個解決方案，那麼它確實不具有可擴展性，也不具有可持續性。未來，越來越多的客戶希望轉向 Zoom 這樣的平台。

Our next question comes from Sterling Auty with MoffettNathanson.

我們的下一個問題來自 Sterling Auty 和 MoffettNathanson。

Kelly, for the Online outlook, how much of this is that -- because it seems like the Online guidance is a little bit worse than what we had before. How much of this is macro? How much of this is execution? And Eric, one for you. When we think about AI and all the innovation that you're driving, how much of that AI innovation is just going to be driving and differentiating the core Zoom products versus bringing a premium monetization kind of pricing model or specific AI SKUs?

凱利，對於在線展望，這在多大程度上是這樣的——因為在線指導似乎比我們以前的指導要差一些。其中有多少是宏觀的？其中有多少是執行力？還有埃里克，給你一個。當我們考慮人工智能和您正在推動的所有創新時，人工智能創新有多少是為了推動和區分核心 Zoom 產品，而不是帶來優質的貨幣化定價模型或特定的人工智能 SKU？

Eric, do you want to go first?

埃里克，你想先走嗎？

Sure. Yes. So first of all, in terms of Online, Sterling, I know you have a pro account. Hopefully, you still have a pro account. And for sure, it can contribute to our Online growth.

當然。是的。首先，就在線而言，Sterling，我知道您有一個專業帳戶。希望您仍然擁有專業帳戶。可以肯定的是，它可以促進我們的在線增長。

So speaking about AI, I think we are taking a different approach. As I said earlier, from architecture perspective, it's different, federated AI. In terms of monetization, right? Again, we look at it how to leverage GenAI to improve our core Meeting experience and deliver more value, making the services more speaking, positive appreciation Zoom always offer more and more features values. And at the same time, we do not kind of charge them increase in price, increase the price a lot at all, right?

所以談到人工智能，我認為我們正在採取不同的方法。正如我之前所說，從架構的角度來看，它是不同的、聯合的人工智能。就貨幣化而言，對嗎？再次，我們看看如何利用 GenAI 來改善我們的核心會議體驗並提供更多價值，使服務更具發言性，積極讚賞 Zoom 始終提供越來越多的功能價值。與此同時，我們不會向他們收取漲價費用，根本不會大幅漲價，對吧？

That's right, we build a trust. They want to go to for Phone Zoom platform. At the same time, GenAI does bring huge opportunity like in terms of monetization, in terms of the new service. As I said earlier, how to leverage GenAI to build some branded new service. You cannot only turn on low-hanging fruits. You already deployed this service. I have a GenAI feature now, you need to pay a crazy price. I do not think that's sustainable.

沒錯，我們建立了信任。他們想去Phone Zoom 平台。與此同時，GenAI 確實帶來了巨大的機會，比如在貨幣化方面，在新服務方面。正如我之前所說，如何利用 GenAI 來構建一些全新的服務。你不能只關注容易實現的目標。您已經部署了此服務。我現在有了GenAI功能，你需要付出瘋狂的代價。我認為這是不可持續的。

A customer do not like it. right? That's our approach, how to leverage GenAI to make sure existing customer happy and leverage GenAI to build new services focused on innovation, innovation and innovation. That's our approach.

一個顧客不喜歡它。正確的？這就是我們的方法，如何利用 GenAI 確保現有客戶滿意，並利用 GenAI 構建專注於創新、創新、再創新的新服務。這就是我們的方法。

Thank you, Eric. And Sterling, in terms of Online, I would say we're pleased with the execution and where you see that is the ongoing stabilization in the churn rate. That, I think, has been really, really well done and stabilized over the last 4 quarters now. And I think that's a really great indication of the ongoing improvements of the platform, the buy flow, the movement of customers from monthly to annual where we do see some ongoing headwinds is in the overall macro, which is driving more for the top of the funnel.

謝謝你，埃里克。至於 Sterling，就在線而言，我想說我們對執行情況感到滿意，你會看到流失率持續穩定。我認為，在過去的四個季度裡，這一點做得非常非常好並且穩定下來。我認為這確實很好地表明了平台、購買流程、客戶從月度到年度的持續改進，我們確實看到整體宏觀上存在一些持續的逆風，這正在推動更多的頂部漏斗。

And that's where when the inner team continue to focus on new pricing packages, new payment currencies, things they can focus on to expand the top of the funnel so that over time and then eventually starting to add new products as well that can be sold online. That's what will eventually drive this. Ideally, we want it to not only be stable but to be a growth driver as well.

這就是當內部團隊繼續專注於新的定價方案、新的支付貨幣以及他們可以專注於擴大漏斗頂部的事情時，隨著時間的推移，最終開始添加可以在線銷售的新產品。這就是最終推動這一趨勢的原因。理想情況下，我們希望它不僅保持穩定，而且成為增長動力。

Okay. We have time for one more question. And that last question goes to William Power with Baird.

好的。我們還有時間再問一個問題。最後一個問題是由貝爾德和威廉·鮑爾提出的。

Maybe one more question on Contact Center. Great to see the traction there. I wonder if perhaps, Eric, if you can update us on where you are with respect to go to market? I know that has been a big focus. How much more room and opportunity is there on that front? And then I guess the second part of that is it feels like there's a big opportunity with respect to AI Contact Center being a new entrant, how do you think about the opportunity for whether it's virtual agent or other capabilities to help you be even more disruptive in that market?

也許還有一個關於聯絡中心的問題。很高興看到那裡的牽引力。埃里克，我想知道您能否向我們介紹您在市場方面的最新進展？我知道這是一個很大的焦點。這方面還有多少空間和機會？然後我想第二部分是，感覺人工智能聯絡中心作為一個新進入者有一個很大的機會，你如何看待虛擬代理或其他功能的機會來幫助你更具顛覆性在那個市場？

Yes, great question. So yes, speaking of go-to-market, I think on product front, we have a high, high confidence. If you look at Innovation speed, we have so many features and Workforce Management, a lot of other features are being introduced every quarter. In terms of go-to-market, I think not like what we did before for Meetings, right, by and large, more like primarily driven by direct business, Contact Center is different.

是的，很好的問題。所以，是的，說到進入市場，我認為在產品方面，我們有很高的信心。如果你看看創新速度，我們有很多功能和勞動力管理，每個季度都會推出許多其他功能。在進入市場方面，我認為與我們之前在會議方面所做的不同，總的來說，聯絡中心更像是主要由直接業務驅動的，它是不同的。

For sure, we need to double down, triple down on the indirect channel, right, embrace all the sort of partners and master agent and so on so forth. And we need to invest more on that front. And essentially, this is one of the things why not like Zoom Phone quickly accelerated revenue, but even have a greater Contact Center product. As you see the progress on go-to market front, I think that we will see the great result.

當然，我們需要在間接渠道上加倍、三倍地投入，擁抱所有類型的合作夥伴和總代理等等。我們需要在這方面投入更多。從本質上講，這就是為什麼不像 Zoom Phone 那樣迅速加速收入，但甚至擁有更強大的聯絡中心產品的原因之一。當您看到進入市場方面的進展時，我認為我們將看到巨大的結果。

And in terms of AI, not like other vendors, right, they already have Contact Center solution for a long, long time. When you look at AI kind of architecture and know they're flexible, right, how to add AI to that to all those existing layers. Maybe the Contact Center. We already realized the importance of AI, right? That's why we have a very flexible architecture. Not only do we build organic AI features but also we acquired Solvvy and also the Virtual Agent and so on and so forth. Organic growth and also the acquisition certainly help us a lot in terms of product innovation.

在人工智能方面，與其他供應商不同，他們已經擁有聯絡中心解決方案很長一段時間了。當您查看人工智能類型的架構並知道它們非常靈活時，如何將人工智能添加到所有現有層中。也許是聯絡中心。我們已經意識到人工智能的重要性了，對吧？這就是為什麼我們擁有非常靈活的架構。我們不僅構建了有機的人工智能功能，而且還收購了 Solvvy 和虛擬代理等等。有機增長和收購無疑對我們的產品創新有很大幫助。

And AI is going to put a big look for the Contact Center. We have higher confidence we can do very well on that front.

人工智能將為聯絡中心帶來重大影響。我們更有信心在這方面能夠做得很好。

Okay. This concludes our Q&A. I would now like to pass things back to Eric for closing comments.

好的。我們的問答到此結束。我現在想將事情轉回給埃里克以供結束評論。

Oh, Thank you all for joining us for the Q2 earnings call. I really appreciate for your great support and very, very beautiful. And thank you. Appreciate.

哦，謝謝大家參加我們的第二季度財報電話會議。我真的很感謝你們的大力支持，非常非常美麗。謝謝你。欣賞。

Thanks, everybody.

謝謝大家。

We thank you all for your participation, and we look forward to seeing you again. This concludes today's conference. Enjoy the rest of your day.

我們感謝大家的參與，並期待再次見到您。今天的會議到此結束。享受你一天剩下的時間。