Zoom Video Communications Inc (ZM) 2024 Q3 法說會逐字稿

Well, hello, everyone, and welcome to Zoom's Q3 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.

好吧，大家好，歡迎參加 Zoom 的 24 財年第 3 季收益發佈網路研討會。提醒一下，今天的網路研討會正在錄製中。現在我將把事情交給投資者關係主管湯姆·麥卡勒姆(Tom McCallum)。湯姆，交給你了。

Thank you, Kelcey. Hello, everyone, and welcome to Zoom's earnings video webinar for the third 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，歡迎參加 Zoom 2024 財年第三季財報影片網路研討會。今天加入我的是 Zoom 創辦人兼執行長袁徵 (Eric Yuan)； Zoom 的財務長 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 release, include a reconciliation of GAAP to non-GAAP financial results.

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。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包含財務要點的幻燈片，其中包括我們的收益發布，其中包括 GAAP 與非 GAAP 財務業績的調整表。

During this call, we will make forward-looking statements, including statements regarding our financial outlook for the fourth 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，包括有關我們第四季度和2024 年整個財年的財務前景的陳述。我們對財務和業務趨勢、宏觀經濟環境的影響、我們的市場地位、機會、發展的預期市場計劃、成長策略和業務願望、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 in financial results, which we discussed in detail on our filings with the SEC, including the annual report on Form 10-K and quarterly reports on Form 10-Q. Zoom assumes no obligation to update any forward-looking statements we may make on today's webinar.

這些陳述只是基於我們今天所相信的預測，實際結果可能有重大差異。這些前瞻性陳述受到可能影響我們財務業績表現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- 的季度報告。問。 Zoom 不承擔更新我們在今天的網路研討會上可能做出的任何前瞻性聲明的義務。

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

接下來，讓我把討論轉給艾瑞克。

Thank you, Tom. Thank you, everyone, for joining us today. In early October, we hosted Zoomtopia, our yearly customer and innovation-focused event and it was awesome. Like last year, we ran it hybrid on Zoom Events. Thousands joined us in-person and many multiples of that virtually.

謝謝你，湯姆。謝謝大家今天加入我們。十月初，我們舉辦了 Zoomtopia，這是我們一年一度的以客戶和創新為中心的活動，非常棒。和去年一樣，我們在 Zoom Events 上混合運行。數千人親自加入我們，其中的許多人透過虛擬方式加入。

Among the in-person attendees were 40 customer presenters such as JPMorgan, MIT, Boston Consulting Group, HubSpot, and Kohl's, who spoke about their amazing experiences on Zoom and excitement about the future.

現場與會者包括摩根大通、麻省理工學院、波士頓顧問集團、HubSpot 和 Kohl's 等 40 位客戶演示者，他們講述了他們在 Zoom 上的驚人體驗以及對未來的興奮。

We also showcased newly-released innovations like Zoom AI Companion, as well as Zoom AI Expert Assist and a Quality Management for the Contact Center. Zoom AI Companion is especially noteworthy for being included at no additional cost to our paid plans, and has fared tremendously well with over 220,000 accounts enabling it and a 2.8 million meeting summaries created as of today. Remarkable growth in less than three months.

我們也展示了新發布的創新產品，例如 Zoom AI Companion、Zoom AI Expert Assist 和聯絡中心品質管理。 Zoom AI Companion 尤其值得注意的是，它無需額外費用就包含在我們的付費計劃中，並且表現非常出色，截至目前已有超過 220,000 個帳戶啟用它，並創建了 280 萬份會議摘要。不到三個月的時間就取得了顯著的成長。

At Zoomtopia, I also had the pleasure of sharing the stage with Flex, a global manufacturing and supply chain leader, who spoke about how they use Zoom to connect their large, distributed workforce of 170,000 employees across 30 countries. Flex started using Zoom Meetings in 2017, quickly followed by Zoom Rooms and Zoom Team Chat. Since then, Flex increased Team Chat users by 200%, and Zoom Rooms by 245%. They also became power users of Zoom Whiteboard, creating over 13,000 Whiteboards. And moving to Zoom Phone allowed them to eliminate 50% to 70% of circuits and infrastructure across the globe, and reduce total cost of ownership. We were so happy to have Flex share their journey at Zoomtopia, and cannot wait for what is in store for our partnership next.

在 Zoomtopia，我還很榮幸與全球製造和供應鏈領導者 Flex 同台，他講述瞭如何使用 Zoom 將分佈在 30 個國家/地區的 170,000 名員工組成的龐大、分散的員工隊伍聯繫起來。 Flex 於 2017 年開始使用 Zoom Meetings，隨後很快又推出了 Zoom Rooms 和 Zoom Team Chat。此後，Flex 將 Team Chat 用戶數量增加了 200%，Zoom Rooms 用戶數量增加了 245%。他們也成為 Zoom Whiteboard 的高級用戶，創建了超過 13,000 個白板。轉向 Zoom Phone 使他們能夠消除全球 50% 到 70% 的電路和基礎設施，並降低總擁有成本。我們很高興 Flex 能夠分享他們在 Zoomtopia 的旅程，並且迫不及待地等待我們接下來的合作夥伴關係。

Now moving on to some of our customer wins in Q3. First, let me thank Dropbox, who has been an amazing customer for many years starting with Meetings and then extending to Zoom Rooms, Phone and Events. In Q3 they selected Zoom Virtual Agent and Zoom Contact Center to provide world-class AI-enabled support to their global user base.

現在繼續討論我們在第三季贏得的一些客戶。首先，我要感謝 Dropbox，多年來，他一直是一位出色的客戶，從會議開始，然後擴展到 Zoom Rooms、電話和活動。在第三季度，他們選擇了 Zoom 虛擬代理和 Zoom 聯絡中心，為其全球用戶群提供世界級的人工智慧支援。

Let me also thank Amynta Group, a premier insurance services company, who initially adopted Zoom Phone and Zoom Contact Center on a limited scale in Q1 of this year. Seeing how our modern solution offered superior agility, customization for CX flows, and administrative functionality, in Q3 they decided to standardize their customer-facing sales support on the Zoom stack and add Workforce Management, leading to a nearly 5x increase in their monthly spend with us.

我還要感謝首屈一指的保險服務公司 Amynta Group，該公司在今年第一季首次小範圍採用了 Zoom Phone 和 Zoom Contact Center。看到我們的現代解決方案如何提供卓越的敏捷性、CX 流程的定制和管理功能，他們在第三季度決定在Zoom 堆疊上標準化其面向客戶的銷售支援並添加勞動力管理，從而使他們的每月支出增加了近5 倍我們。

I'd also like to congratulate the Virgin Group on their launch of Workvivo to bring together 60,000 employees across almost 40 Virgin companies on one platform. The Virgin Family Workvivo platform is helping to drive social connection encourage collaboration and boost brand knowledge. It’s inspiring to see how the Virgin Group is bringing the platform to life and strengthening culture with Zoom's Workvivo.

我還要祝賀 Virgin Group 推出 Workvivo，將近 40 家 Virgin 公司的 6 萬名員工聚集在一個平台上。 Virgin Family Workvivo 平台正在協助推動社交聯繫、鼓勵協作並提升品牌知識。看到維珍集團如何透過 Zoom 的 Workvivo 賦予平台生命並強化文化，真是令人鼓舞。

These wins are a testament to the investments we are making in our customer experience offering, with the rapid pace of new innovations like Workforce Management, Quality Management, Zoom Virtual Agent and AI Expert Assist. They also highlight our progress with employee experience, especially with integrating Workvivo into the Zoom client. Thanks to so much to Dropbox, Amynta, and Virgin Group. I love you all.

這些勝利證明了我們在客戶體驗產品方面的投資，以及勞動力管理、品質管理、Zoom 虛擬代理和 AI 專家輔助等新創新的快速發展。他們也強調了我們在員工體驗方面取得的進展，特別是在將 Workvivo 整合到 Zoom 客戶端方面。非常感謝 Dropbox、Amynta 和 Virgin Group。我愛你們。

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

我會把它交給凱利。

Thank you, Eric, and hello, everyone. We're pleased that we beat our top line and profitability guidance in Q3. Here are a few milestones.

謝謝你，埃里克，大家好。我們很高興第三季的營收和獲利能力超出了預期。以下是一些里程碑。

First, Zoom Phone reached approximately 7 million paid seats. Second, Zoom Contact Center reached approximately 700 customers as of quarter end, while Zoom Virtual Agent customers nearly doubled quarter-over-quarter. And finally, the number of customers on Zoom One bundles that include Zoom Phone grew approximately 330% year-over-year. These proof points demonstrate our customers' willingness to entrust us with their critical CX and EX processes and their commitment to grow with us as we expand our platform.

首先，Zoom Phone 的付費席位達到約 700 萬。其次，截至季末，Zoom 聯絡中心的客戶數量約為 700 名，而 Zoom 虛擬代理客戶數量則較上季增加近一倍。最後，包括 Zoom Phone 在內的 Zoom One 套裝的客戶數量年增約 330%。這些證據表明，我們的客戶願意將他們的關鍵 CX 和 EX 流程委託給我們，並承諾在我們擴展平台時與我們一起成長。

In Q3, total revenue came in at $1.137 billion, up 3% year-over-year and 4% in constant currency. This result was approximately $17 million above the high end of our guidance. Our Enterprise business grew 8% year-over-year and represented 58% of total revenue, up from 56% a year ago. We continue to see improvement in online average monthly churn, which decreased to 3.0% from 3.1% in Q3 of FY '23. This is the lowest churn rate we have ever reported.

第三季總營收為 11.37 億美元，年增 3%，以固定匯率計算成長 4%。這一結果比我們指導的上限高出約 1700 萬美元。我們的企業業務年增 8%，佔總營收的 58%，高於一年前的 56%。我們繼續看到線上平均每月流失率有所改善，從 23 財年第三季的 3.1% 下降至 3.0%。這是我們報告過的最低流失率。

The number of Enterprise customers grew 5% year-over-year to approximately 219,700. Our trailing 12-month net dollar expansion rate for Enterprise customers in Q3 came in at 105%. We saw a 14% year-over-year growth in the upmarket as we ended the quarter with 3,731 customers contributing more than $100,000 in trailing 12 months revenue. These customers represent 29% of revenue, up from 27% in Q3 of FY '23. Our Americas revenue grew 5% year-over-year, while EMEA and APAC declined by 2% each. On a constant currency basis, APAC grew slightly year-over-year.

企業客戶數量年增 5%，達到約 219,700 家。第三季企業客戶的過去 12 個月淨美元擴張率為 105%。本季結束時，高端市場年增 14%，有 3,731 名客戶在過去 12 個月的收入中貢獻了超過 10 萬美元。這些客戶佔營收的 29%，高於 23 財年第三季的 27%。我們在美洲的營收年增 5%，而歐洲、中東和非洲 (EMEA) 和亞太地區則分別下降 2%。以固定匯率計算，亞太地區較去年同期略有成長。

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 and all associated tax effects. Non-GAAP gross margin in Q3 was 79.7%, an improvement from 79.5% in Q3 of last year, but slightly lower than the first half of this year. The strong performance in gross margin was primarily driven by the optimization of usage across the public cloud and our co-located data centers, partially offset by our additional investments in new AI technologies. For the full year, we expect non-GAAP gross margin to be approximately 80%.

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的工資稅、收購相關費用、戰略投資的淨收益或損失以及所有相關的稅收影響。第三季非美國通用會計準則毛利率為79.7%，較去年第三季的79.5%有所改善，但略低於今年上半年。毛利率的強勁表現主要是由於公有雲和我們的同地資料中心的使用優化所推動的，但部分被我們對新人工智慧技術的額外投資所抵消。我們預計全年非 GAAP 毛利率約為 80%。

Non-GAAP operating income grew by 17% to $447 million, exceeding the high end of our guidance of $405 million. This translates to a 39.3% non-GAAP operating margin, a meaningful improvement from 34.6% in Q3 of last year.

非 GAAP 營業收入成長 17%，達到 4.47 億美元，超過了我們指導的上限 4.05 億美元。這意味著非 GAAP 營業利潤率為 39.3%，較去年第三季的 34.6% 有了顯著改善。

Non-GAAP diluted earnings per share in Q3 was $1.29 on approximately 310 million non-GAAP diluted weighted average shares outstanding. This result was $0.20 above the high end of our guidance and $0.22 higher than Q3 of last year.

第三季非 GAAP 攤薄每股收益為 1.29 美元，約 3.1 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 0.20 美元，比去年第三季高出 0.22 美元。

Turning to balance sheet. Deferred revenue at the end of the period was $1.32 billion, down approximately 3% from Q3 of last year. This was roughly 1 percentage point better than the high end of our guidance we provided last quarter. For Q4, we expect deferred revenue to be down 6% to 8% 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。期末遞延營收為13.2億美元，較去年第三季下降約3%。這比我們上季度提供的指導上限高出約 1 個百分點。對於第四季度，我們預計遞延收入將年減 6% 至 8%，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 10% year-over-year to approximately $3.6 billion. We expect to recognize approximately 58% of the total RPO as revenue over the next 12 months as compared to 59% in Q3 of last year, 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約來看，我們的 RPO 年增 10%，達到約 36 億美元。我們預計未來 12 個月將 RPO 總額的約 58% 確認為收入，而去年第三季為 59%，這表明合約期限同比延長。提醒一下，我們的續訂季節性在第一季達到頂峰，並在今年剩餘時間內下降。

Operating cash flow in the quarter grew 67% year-over-year to $493 million. Free cash flow grew 66% year-over-year to $453 million. The sharp increase of cash flow metrics was due to stronger collections, targeted expense management, and higher interest income. Our operating cash flow and free cash flow margins expanded to 43.4% and 39.9%, respectively.

該季度營運現金流年增 67% 至 4.93 億美元。自由現金流年增 66% 至 4.53 億美元。現金流量指標的大幅成長是由於收款力道加大、費用管理有針對性、利息收入增加。我們的經營現金流和自由現金流利潤率分別擴大至 43.4% 和 39.9%。

We ended the quarter with approximately $6.5 billion in cash, cash equivalents and marketable securities, excluding restricted cash. Given the strength in profitability and collections, we are increasing our free cash flow outlook for FY '24. We now expect free cash flow to be in the range of $1.34 billion to $1.35 billion, which at the midpoint would represent 13% year-over-year growth.

本季末，我們擁有約 65 億美元的現金、現金等價物和有價證券（不包括限制性現金）。鑑於獲利能力和收款能力的強勁，我們正在提高 24 財年的自由現金流前景。我們現在預計自由現金流將在 13.4 億美元至 13.5 億美元之間，中間值將代表年增 13%。

Turning to guidance. For Q4, we expect revenue to be in the range of $1.125 billion to $1.13 billion, which at the midpoint would represent approximately 1% year-over-year growth. Adjusting for currency impact, this projection is slightly higher than the previously implied guidance from our Q2 call. We expect non-GAAP operating income to be in the range of $409 million to $414 million. Our outlook for non-GAAP earnings per share is $1.13 to $1.15 based on approximately 312 million shares outstanding.

轉向指導。對於第四季度，我們預計營收將在 11.25 億美元至 11.3 億美元之間，中間值將代表同比增長約 1%。調整貨幣影響後，該預測略高於我們先前第二季電話會議所暗示的指導。我們預計非 GAAP 營業收入將在 4.09 億美元至 4.14 億美元之間。基於約 3.12 億股流通股，我們對非 GAAP 每股盈餘的預期為 113 至 1.15 美元。

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 $4.506 billion to $4.511 billion which at the midpoint represents approximately 3% year-over-year growth.

我們也很高興提高 24 財年全年的營收和獲利前景。我們現在預計營收將在 45.06 億美元至 45.11 億美元之間，中間值相當於年增約 3%。

We expect our non-GAAP operating income to be in the range of $1.74 billion to $1.745 billion, representing an operating margin of approximately 39%. Our outlook for non-GAAP earnings per share for FY '24 is $4.93 to $4.95 based on approximately 308 million shares outstanding.

我們預計我們的非 GAAP 營業收入將在 17.4 億美元至 17.45 億美元之間，營業利潤率約為 39%。基於約 3.08 億股流通股，我們對 24 財年非公認會計原則每股收益的預期為 4.93 至 4.95 美元。

Thank you to the entire Zoom team, our customers, our community and our investors for your trust and support. Kelcey, please queue up the first question.

感謝整個 Zoom 團隊、我們的客戶、我們的社群和我們的投資者的信任和支持。凱爾西，請排隊回答第一個問題。

Thank you, Kelly. And as Kelly mentioned, we will now move into the Q&A session. (Operator Instructions). Our first question will come from Ryan MacWilliams with Barclays.

謝謝你，凱利。正如凱利所提到的，我們現在將進入問答環節。 （操作員說明）。我們的第一個問題將來自巴克萊銀行的瑞安·麥克威廉斯。

Just to start with Kelly, do you have any changes in the overall macro environment in the third quarter compared to the second quarter? And could you touch on how linearity did throughout the quarter for new bookings?

首先凱利，您認為第三季整體宏觀環境與第二季相比有什麼變化嗎？您能否談談整個季度新預訂的線性度如何？

Yes. Ryan, so the macro has been pretty consistent from Q2 to Q3. We continue to see similar trends in terms of deal scrutiny, back-end loaded. So the quarter from a direct perspective was fairly back-end loaded. As a reminder, the online segment of the business is typically pretty linear throughout the quarter.

是的。 Ryan，所以從第二季到第三季的宏觀情況非常一致。我們在交易審查和後端加載方面繼續看到類似的趨勢。因此，從直接角度來看，本季的後端負載相當大。提醒一下，該業務的線上部分在整個季度通常都是線性的。

I think the only thing that got a little worse from Q2 to Q3 was actually FX, as you saw in Asia Pac that had -- that was a fairly significant headwind for us, whereas Asia Pac would have at least been flat year-over-year, if not for that impact.

我認為從第二季度到第三季度唯一變得更糟的實際上是外匯，正如您在亞太地區看到的那樣——這對我們來說是一個相當大的逆風，而亞太地區至少會同比持平——如果不是因為這種影響的話。

Moving on to Meta Marshall with Morgan Stanley.

接下來是摩根士丹利的 Meta Marshall。

Maybe just a question on kind of what feedback you're getting on the AI Companion. And that's a pretty big jump in kind of customers using it. So just what features are they really liking, and is it kind of helping with some of the free-to-pay conversion that you guys were hoping for?

也許只是一個關於您在 AI Companion 上得到的回饋類型的問題。使用它的客戶數量大幅增加。那麼他們真正喜歡哪些功能，這是否有助於實現你們所希望的一些免費到付費的轉換？

Yes, it's a great question. I think we are very, very proud of our team's progress since it launched the Zoom AI Companion, as I mentioned earlier, right, a lot of accounts enabled that. Remember, this is no additional cost to [outpay] the customer. A lot of features. One feature of that is like take a meeting summary, for example. Amazingly, it's very accurate and it really save the meeting host a lot of time. And also, our federated AI approach really contributed to that success because we do not count on a single AI model, and in terms of latency, accuracy, and also the response, the speed and so on and so forth, I think, it really helped our AI Companion.

是的，這是一個很好的問題。我認為我們對我們團隊自推出 Zoom AI Companion 以來所取得的進步感到非常非常自豪，正如我之前提到的，對吧，很多帳戶都啟用了這一點。請記住，這並不是[支付]客戶的額外費用。很多功能。例如，其中一個功能就是記錄會議摘要。令人驚訝的是，它非常準確，確實為會議主持人節省了大量時間。而且，我們的聯合人工智慧方法確實為這一成功做出了貢獻，因為我們不依賴單一的人工智慧模型，而且在延遲、準確性以及響應、速度等等方面，我認為，它確實幫助了我們的人工智慧伴侶。

Again, and for the online producers and also it's no additional cost. For sure, for free users, they do not -- they cannot enjoy this AI Companion, for sure, it's a [data health] for those who free to approve for online upgrade. So anyway, so we keep innovating on AI Companion. We have high confidence. That's a true differentiation compared to any other AI features, functionalities offered by some of our competitors.

再說一次，對於線上生產商來說，也沒有額外的費用。當然，對於免費用戶來說，他們不能——他們無法享受這個AI伴侶，當然，對於那些免費批准線上升級的人來說，這是一個[數據健康]。所以無論如何，我們在 AI Companion 上不斷創新。我們有很高的信心。與我們的一些競爭對手提供的任何其他人工智慧特性和功能相比，這是真正的差異化。

Our next question on Kasthuri Rangan with Goldman Sachs.

我們的下一個問題是關於高盛的 Kasthuri Rangan。

Thank you very much. Happy to see the results, and Happy Thanksgiving. I just had one question, if I could restrict myself to one. The SMB online churn 3%, I know it came down from 3.1%. Any initiatives that you are undertaking that could bring that number even down more significantly because I would assume that, that would have big implications for your growth rate and margins, which are already quite good.

非常感謝。很高興看到結果，感恩節快樂。我只有一個問題，我能否限制自己只回答一個問題。中小企業線上流失率為 3%，我知道它是從 3.1% 下降的。您正在採取的任何舉措都可能使該數字更加顯著下降，因為我認為這將對您的成長率和利潤率產生重大影響，而這已經相當不錯了。

Well, Wendy and her team are always working on initiatives. But I think what Eric was just mentioning about AI is probably really going to be a key differentiator and a retention -- retention tool in the future, because as a reminder, all of the AI Companion features come included for our free -- sorry, for our paid users. So we're seeing it not only help with conversion, but we really believe that for the long term, it will help with retention as well.

嗯，溫迪和她的團隊一直致力於採取措施。但我認為艾瑞克剛才提到的人工智慧可能真的會成為一個關鍵的差異化因素和未來的保留工具，因為提醒一下，所有的人工智慧伴侶功能都是免費的——抱歉，對於我們的付費用戶。因此，我們看到它不僅有助於轉化，而且我們確實相信，從長遠來看，它也有助於保留。

And gosh, I've gotten this question many times, and I would say like, this is the lowest we've ever seen, but also our platform is so much better. It's infinitely better than where it was on a pre-pandemic basis for our online users. And so I think we will -- this is how we're modeling it at this level. But I think over time, you should continue to see retention just continue to improve.

天哪，我已經問過這個問題了，我會說，這是我們見過的最低價格，但我們的平台也好多了。對於我們的線上用戶來說，這比大流行前的情況要好得多。所以我認為我們會——這就是我們在這個層面上建模的方式。但我認為隨著時間的推移，您應該會繼續看到保留率不斷提高。

But let me add on the [world] side, also with the happy side coming to you as well. So more and more customers realize, wow, Zoom Events for online users, it's not only for Zoom Meeting. A lot of other features, right? And like take a Zoom Team Chat for example, this is a great position which had a solution. It's part of offering, even for free users as well, right? For the paid user for sure, a lot of other features, the more they spend time on Zoom platform, really as well. This is pretty powerful, not only just for meetings but the entire platform.

但讓我補充一下[世界]方面，快樂的一面也會降臨到你身上。因此，越來越多的客戶意識到，哇，Zoom Events 面向線上用戶，它不僅適用於 Zoom Meeting。還有很多其他功能，對吧？以 Zoom Team Chat 為例，這是一個很好的位置，有一個解決方案。這是產品的一部分，即使對於免費用戶也是如此，對吧？對於付費用戶來說，他們在 Zoom 平台上花費的時間越多，其他許多功能也確實如此。這非常強大，不僅適用於會議，而且適用於整個平台。

Wells Fargo, Michael Turrin. Please go ahead with your question.

富國銀行，麥可‧特林。請繼續你的問題。

I guess as a complement to Kash's question, you're showing stabilization here on some of the major metrics, the Enterprise expansion metric took a step down to 105%. And so just wondering what it takes for that metric to similarly show stabilization as given like in Q1 renewal cohort and kind of walking through that. Anything on the product side for us to consider or just any other commentary there is helpful.

我想作為 Kash 問題的補充，您在一些主要指標上表現出穩定性，企業擴張指標下降到 105%。因此，我只是想知道該指標需要什麼才能像第一季續訂隊列中給出的那樣顯示出穩定性，並進行遍歷。產品方面的任何需要我們考慮的內容或任何其他評論都會有幫助。

Well, as a reminder, it's a trailing 12-month metric. So as we've worsely seen our growth rates come down this year that's following behind it. But absolutely, we believe that AI Companion in general as well as the success that we are seeing in Zoom Phone, in Zoom Contact Center, Zoom Virtual Agent, all of those will be key contributors to seeing that metric start to reaccelerate again as we see our growth rate starting to reaccelerate as well.

提醒一下，這是一個過去 12 個月的指標。因此，當我們今年的成長率下降時，情況就更糟了。但絕對地，我們相信AI Companion 總體上以及我們在Zoom Phone、Zoom Contact Center、Zoom Virtual Agent 中看到的成功，所有這些都將是看到該指標開始再次加速的關鍵貢獻者，正如我們所看到的我們的成長率也開始重新加快。

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

我們的下一個問題將來自美國銀行的邁克爾·芬克。

So just on the deferred revenue guidance for 4Q, Kelly, in the commentary on the macro and the rates affecting that. How should we think about growth rate in calendar year '24 given the decline in deferred revenue and impact on new deals in Enterprise?

因此，凱利在對宏觀經濟和影響宏觀經濟的利率的評論中談到了第四季度的遞延收入指導。考慮到遞延收入的下降以及對 Enterprise 新交易的影響，我們應該如何看待 24 日曆年的成長率？

Yes. So I mean what's very interesting, if you look at, right, you see growth in RPO, but you're seeing a decline in deferred revenue, which implies customers while they're committing for long-term agreements, they are preferring to pay in shorter-term increments to keep their cash and take advantage of the interest rate environment.

是的。所以我的意思是，非常有趣的是，如果你看一下，對，你會看到RPO 的成長，但你會看到遞延收入的下降，這意味著客戶在承諾長期協議時，他們更願意支付費用以短期增量保留現金並利用利率環境。

So the other thing, as a reminder, right, we're going to have a big renewal cycle in Q1, and then that's the peak and it's going to come down. And we believe that in FY '24 that we're currently in, we had -- the majority of our customers had some sort of renewal period during FY '24, which means that we believe that we've moved through a lot of our customers that were impacted themselves by a reduction. And we've talked in the past about our team has been doing a great job of preserving that spend.

因此，另一件事，提醒一下，我們將在第一季有一個大的更新周期，然後那就是高峰，然後就會下降。我們相信，在我們目前所處的 24 財年，我們的大多數客戶在 24 財年期間都有某種續約期，這意味著我們相信我們已經經歷了許多受到削減影響的客戶。我們過去曾談到我們的團隊在保留這筆支出方面做得很好。

But to the extent we're helping them rightsize or transition from Zoom Meetings to say, a Zoom One bundle. We think the majority of customers, we know the majority of our customers have gone through that renewal period in FY '24. So that by the time we get into FY '25, hopefully, we're in a little more normalized renewal cycle.

但在某種程度上，我們正​​在幫助他們調整規模或從 Zoom Meetings 過渡到 Zoom One 套裝。我們認為大多數客戶，我們知道我們的大多數客戶都經歷了 24 財年的續約期。因此，當我們進入 25 財年時，我們希望能夠進入一個更正常化的更新週期。

And moving on to Karl Keirstead with UBS.

接下來是瑞銀 (UBS) 的卡爾凱斯特德 (Karl Keirstead)。

Okay. Great. Thank you. Kelly, the Phone business has been a big part of the Zoom growth algorithm lately. So I'm wondering if you could elaborate on how that part of the business did in the quarter. On the surface, and I know that you round that seat number, but it looks like the sequential phone seat adds might have been a lot less than the last several quarters. Maybe that's rounding, but I wanted to give you a platform maybe to elaborate about that part of the business.

好的。偉大的。謝謝。 Kelly 表示，電話業務最近一直是 Zoom 成長演算法的重要組成部分。所以我想知道您是否可以詳細說明該部分業務在本季的表現。從表面上看，我知道您四捨五入了該座位號，但看起來連續電話座位數可能比過去幾個季度少了很多。也許這是四捨五入，但我想給你一個平台，也許可以詳細說明這部分業務。

So Q3 cyclically, just as a reminder, Q1 and Q3 cyclically are our lower orders, given that our Enterprise reps -- some of our enterprise reps are on 6 month quotas. So we've historically seen the big Zoom Phone, just add quarters be in Q2 and Q4. What we did see in Q3 was that customers in the upper segments. So customers with greater 10,000 seats grew 9% quarter-over-quarter. So we're seeing a lot of strength in the upper end of Zoom Phone. So really happy to that. I mean that's the largest increase we've had so far this year.

因此，第三季是週期性的，提醒一下，考慮到我們的企業代表——我們的一些企業代表有 6 個月的配額，第一季和第三季的週期性是我們的較低訂單。因此，我們歷史上已經看到大型 Zoom Phone，只是在第二季和第四季增加了季度。我們在第三季確實看到的是高端客戶。因此，擁有 10,000 個以上座位的客戶較上季成長了 9%。所以我們看到了 Zoom Phone 高階產品的強大實力。對此我真的很高興。我的意思是，這是今年迄今為止我們的最大增幅。

And then as a reminder, we haven't always given that metric, honestly at the exact same period. So it's a little bit hard for you to tell exactly how it's trending every single quarter. And as just in the past, we'll continue to update you on future milestones as they make sense.

提醒一下，老實說，我們並不總是在同一時期給出該指標。因此，您很難確切地了解每個季度的趨勢。與過去一樣，我們將繼續向您通報未來有意義的里程碑。

George Iwanyc with Oppenheimer has the next question.

奧本海默的喬治·伊凡尼克提出了下一個問題。

So Kelly, maybe following up on Zoom Phone, can you give us a bit of extra color on the contact center and the customer traction you're seeing there?

那麼 Kelly，也許會跟進 Zoom Phone，您能給我們一些有關關聯絡中心以及您在那裡看到的客戶吸引力的額外資訊嗎？

Yes. So as we mentioned, we're up to over 700 customers on Zoom Contact Center, and we saw our Zoom Virtual Agents product double the number of customers quarter-over-quarter. So really excited there. I mean, maybe Eric can talk about some of the features and functionality, but we're thrilled with the progress that we're making there so far.

是的。正如我們所提到的，我們在 Zoom 聯絡中心上擁有超過 700 名客戶，我們看到我們的 Zoom 虛擬代理產品的客戶數量比上一季翻了一番。那裡真的很興奮。我的意思是，也許埃里克可以談論一些特性和功能，但我們對迄今為止所取得的進展感到非常興奮。

Yes. So we are extremely excited about our Contact Center opportunity. And it feels like back to a few years ago, when we announced the Zoom Phone, right? Quite often, a lot of people mentioned, wow, it would take you guys many years to get recognized, deployed by large customers and look at what we have today in terms of number of (inaudible) for phone I feel like if we ask it well, I think we are going to follow the similar journey and maybe even better because if you look at our Contact Center and modern architecture, extremely stable and plus a lot of AI features and innovation speed.

是的。因此，我們對聯絡中心的機會感到非常興奮。感覺就像回到了幾年前，當時我們發布了 Zoom Phone，對嗎？很多時候，很多人提到，哇，你們需要很多年才能得到大客戶的認可和部署，看看我們今天擁有的手機數量（聽不清），我覺得如果我們問的話好吧，我認為我們將遵循類似的旅程，甚至可能更好，因為如果你看看我們的聯絡中心和現代架構，非常穩定，加上許多人工智慧功能和創新速度。

I think whenever a customer really take a Zoom Contact Center seriously, he value the Zoom Contact Center. The feedback is very consistent. Wow, I did not realize you guys have a so powerful Contact Center, it's just amazing, right? I think that there's further boosted our team's confidence, let's it double down, triple down our own Contact Center.

我認為只要客戶真正認真對待 Zoom 聯絡中心，他就會重視 Zoom 聯絡中心。反饋非常一致。哇，我沒想到你們有這麼強大的聯絡中心，太棒了，對吧？我認為這進一步增強了我們團隊的信心，讓我們自己的聯絡中心加倍、加倍努力。

Again, it's modern architecture, very scalable. I also shared quite a few customer cases, right, during this call, and we are very, very excited. A lot of new AI features in Virtual Agent and Workforce Management and so on and so forth. And this is something we are very, very excited.

同樣，它是現代架構，非常可擴展。我在這次電話會議中也分享了許多客戶案例，對吧，我們非常非常興奮。虛擬代理和勞動力管理等方面有許多新的人工智慧功能。這是我們非常非常興奮的事情。

We'll know hear from Peter Levine with Evercore.

我們將會聽到 Peter Levine 和 Evercore 的來信。

Maybe for Kelly, as I look at gross margins, how sustainable is it keeping at these levels? I know AI Companion is being given away from as part of the package, I guess, prepaid users. But if you think about the cost to run these models, the margin profile of Contact Center and Phone. How durable is it to kind of sustain these levels?

也許對凱利來說，當我考慮毛利率時，保持在這些水準的可持續性如何？我知道 AI Companion 是作為套餐的一部分贈送給預付費用戶的。但如果您考慮運行這些模型的成本，聯絡中心和電話的利潤概況。維持這些水準有多持久？

And then second, as you think into next year, you have guided, but what's the best way to think about stock-based comp and dilution as you kind of manage through that?

其次，當您考慮明年時，您已經進行了指導，但是當您對此進行管理時，考慮基於股票的補償和稀釋的最佳方法是什麼？

Yes. So in terms of our gross margins, we'll obviously give FY '25 guidance on our call next quarter. But as we are working on our planning, our DevOps team is doing an amazing job of continuing to optimize around the data centers and being very thoughtful about leveraging capacity to its highest and best use and making room for all of this AI innovation. So while we are going to invest, and we're actually -- we're going to invest to the extent that XD and the team really believe that we need to and that for the long term, it's an amazing ROI when you look at what it's going to do for our customers, for our growth and for our retention.

是的。因此，就我們的毛利率而言，我們顯然會在下個季度的電話會議中給出 25 財年的指導。但在我們制定規劃的過程中，我們的DevOps 團隊做得非常出色，他們繼續圍繞數據中心進行優化，並非常深思熟慮地充分利用容量，以實現最高和最佳利用，並為所有這些人工智能創新騰出空間。因此，當我們要進行投資時，我們實際上會進行投資，XD 和團隊確實相信我們需要這樣做，而且從長遠來看，這是一個驚人的投資回報率它將為我們的客戶、我們的成長和我們的保留做些什麼。

But we do expect there's going to be some impact on gross margins. I mean we -- I don't think it's going to be significant because the team will continue to operate in the very efficient manner that they do and run our co-los that way, but we do expect there's going to be some impact to our gross margin as we move forward.

但我們確實預計這會對毛利率產生一些影響。我的意思是，我認為這不會產生重大影響，因為團隊將繼續以非常高效的方式運營，並以這種方式運行我們的合作夥伴，但我們確實預計這會對我們前進的毛利率。

Do you want to add anything, Eric?

你想補充什麼嗎，艾瑞克？

Yes. So you are right on. Just to echo on what Kelly side, led by our CTO, XD and his team our federated AI approach, as I mentioned earlier, really contribute a lot. So for sure, and there's a cost impact, but extremely manageable, right? And our team is really, really, I think I had a very smart federated AI architecture. That's why I think in terms of cost, very manageable, but also the quality is pretty good. So and we are keep innovating on that.

是的。所以你是對的。正如我之前提到的，我們的 CTO、XD 和他的團隊領導的 Kelly 方面，我們的聯合 AI 方法確實做出了巨大貢獻。所以可以肯定的是，這會產生成本影響，但非常可控，對嗎？我們的團隊真的，真的，我認為我有一個非常聰明的聯合人工智慧架構。這就是為什麼我認為就成本而言，非常易於管理，而且品質也相當不錯。因此，我們正在不斷創新。

Thanks, Eric. Peter, regarding stock-based comp, about 1/3 of our expense this year is related to the supplemental grants. So as a reminder, those that vest along with how the underlying grants are vesting. So there's a couple more years for that to just start to bleed off, if you will. If you're going to model that out.

謝謝，埃里克。 Peter，關於股票補償，我們今年大約 1/3 的費用與補充補助有關。因此，提醒一下，那些歸屬以及基礎贈款的歸屬方式。所以，如果你願意的話，還有幾年的時間，這種情況才會開始消失。如果你要建模的話。

And we will now hear from Patrick Walravens with JMP Securities.

我們現在將聽取 JMP 證券的 Patrick Walravens 的演講。

Great. So Eric, what is your ideal customer profile on the Contact Center side of the business?

偉大的。那麼艾瑞克（Eric），您在聯絡中心業務方面的理想客戶檔案是什麼？

That's great question. I think first of all, again, this is based on architecture and AI features. I think for now the medium-size because the reason why for very, very large customers, even if our architecture, everything, ever ready, but sometimes they just want to look at, hey, you are still too early, but even up for fully ready. That's the reason why sometimes even we do not reach out to them. It's very large, let's say tens of thousands agents and customers. if they take our solutions seriously...

這是一個很好的問題。我認為首先，這是基於架構和人工智慧功能的。我認為目前中等規模的原因是，對於非常非常大的客戶來說，即使我們的架構，一切都準備好了，但有時他們只是想看看，嘿，你還太早了，但即使是完全準備好了。這就是為什麼有時我們也不聯絡他們的原因。它非常大，可以說有數以萬計的代理商和客戶。如果他們認真對待我們的解決方案...

Oops, did Eric freeze or did I freeze.

哎呀，埃里克凍住了還是我凍住了。

I think Eric is...

我認為埃里克是...

I don't know if that was me.

我不知道那是不是我。

Okay. Let me...

好的。讓我...

Sorry for that.

對此感到抱歉。

You're back, okay. We lost you for a minute there.

你回來了，好吧。我們在那裡失去了你一分鐘。

I'm sorry. And so given the new solution while it's sort of a modern architecture and all the new AI features, my point it is, if those, let's say, like 20,000, 10,000 agent and customers, if they look at our solutions seriously, they have confidence. Because of that, we want to be a little bit of proactive, focus on medium-sized companies, like from a hundreds of agent. (inaudible) That's our obviously a sweet spot.

對不起。因此，考慮到新的解決方案，雖然它是一種現代架構和所有新的人工智慧功能，我的觀點是，如果那些，比方說，像20,000、10,000 名代理商和客戶，如果他們認真地看待我們的解決方案，他們就有信心。正因為如此，我們希望採取一點積極主動的態度，專注於中型公司，例如數百家代理商。 （聽不清楚）這顯然是我們的最佳選擇。

But do know me, I'm going to stop here, as I mentioned earlier, like any event, very big large companies, when you look at our Contact Center solution seriously, we have a confidence we're going to win. But however, to get there, we're focused on the medium-sized companies.

但請了解我，正如我之前提到的，就像任何活動一樣，非常大的大公司，當您認真看待我們的聯絡中心解決方案時，我們有信心獲勝。但為了實現這一目標，我們將重點放在中型公司上。

I could give you a quick example, Patrick. We have a customer called Vensure, which -- they provides like payroll and HR services. And they became in the last year, they doubled their Zoom Phone seats. They've doubled their Contact Center our seats, and they're 4 digits now. They also have deployed Workforce Management as well as quality management and Zoom VA. So really taking advantage of the whole suite of Zoom products, not only the Contact Center and its extensions, but the full suite of Zoom. And I think when they start to deploy like that, they really see the power, and it's been very exciting to see them grow.

我可以給你舉一個簡單的例子，派崔克。我們有一個名為 Vensure 的客戶，他們提供薪資和人力資源服務。去年，他們將 Zoom Phone 席位增加了一倍。他們將我們的聯絡中心席位增加了一倍，現在是 4 位數。他們還部署了勞動力管理以及品質管理和 Zoom VA。因此，真正利用整套 Zoom 產品，不僅是聯絡中心及其擴展，而是整套 Zoom。我認為，當他們開始這樣部署時，他們真正看到了力量，看到他們成長是非常令人興奮的。

Our next question comes from Arjun Bhatia with William Blair.

我們的下一個問題來自阿瓊·巴蒂亞和威廉·布萊爾。

Can you just touch on the international business a little bit? It seems like it's certainly trailing the U.S. But what gets that business to turn around? And maybe talk about some of your new growth drivers, how they're faring there with Zoom Phone and Contact Center?

能簡單談談國際業務嗎？看起來它確實落後於美國，但是是什麼讓該業務扭轉局面呢？也許可以談談你們的一些新的成長動力，它們在 Zoom Phone 和聯絡中心的表現如何？

Yes. So Unfortunately, both EMEA and APAC over the last year have been impacted both by currency and then EMEA has been impacted by the general economy and the war there. But in terms of our focus, we have very recently actually added a new European leader and a new leader in Australia and New Zealand. So we're very excited about the team. And since we did the reorganization earlier this year, those regions have just taken a little bit longer than the U.S. but we're starting to see that momentum build again and really excited about what they're going to contribute and watching their success in the future.

是的。不幸的是，歐洲、中東和非洲地區和亞太地區去年都受到貨幣的影響，然後歐洲、中東和非洲地區受到整體經濟和那裡戰爭的影響。但就我們的重點而言，我們最近實際上增加了一位新的歐洲領導人以及澳大利亞和紐西蘭的新領導人。所以我們對這個團隊感到非常興奮。自從我們今年早些時候進行重組以來，這些地區只花了比美國更長的時間，但我們開始看到這種勢頭再次增強，並對他們將做出的貢獻感到非常興奮，並看到他們在未來。

Our next question will come from Alex Zukin with Wolfe Research. His video is not answering, it may just be audio only.

我們的下一個問題將來自 Wolfe Research 的 Alex Zukin。他的影片沒有回答，可能只是音訊。

This is Ethan Brock on for Alex. He's in [train] right now. I just had two quick questions. Just how do we think at what level should we expect or when for the NRR of the Enterprise cohort to trough? Just any kind of puts and takes around Enterprise revenue in the quarter, right, in and above your expectations, it grew sequentially. And it was also -- it was probably like RPO, cRPO. cRPO bookings has all accelerated. I guess, is it fair to think that for next year's enterprise growth rate would be above what's implied in the 4Q guide? And just if you can give any more kind of color around the 4Q numbers and kind of what you're expecting in the Online churn, that would be helpful.

我是伊桑·布洛克（Ethan Brock）替亞歷克斯發言。他現在在[火車]上。我只有兩個簡單的問題。我們如何看待企業群體的 NRR 應該達到什麼水準或何時達到谷底？只要圍繞本季度企業收入進行任何類型的調整和調整，正確的、符合或高於您的預期，它都會持續成長。它也可能類似於 RPO、cRPO。 cRPO 預訂量均已加速。我想，明年的企業成長率會高於第四季度指導中暗示的水平是否公平？如果您可以為第四季度的數字提供更多的顏色以及您對線上流失的期望，那將會有所幫助。

Yes. So we did see strength in the direct bookings, they were very back-end loaded in Q3, which just continues this theme that we've been talking about in terms of the overall macro. And as we look forward to Q4, we have, typically we have the benefit of having year-end where customers are having their year-end on 12/31 and then we have our year-end on January 31. And of course, we have our 6-month quota-carrying reps that are coming to the end of their quota cycle. So hopefully taking advantage of their accelerators. But we are expecting similar behavior in terms of even if we have a 12/31 sort of bump expecting that to be back-end loaded and then January 31 one as well.

是的。因此，我們確實看到了直接預訂的強勁勢頭，它們在第三季度的後端負載非常大，這延續了我們一直在整體宏觀方面討論的主題。當我們展望第四季度時，我們通常有這樣的好處：客戶在 12 月 31 日結束年終，然後我們在 1 月 31 日結束年終。當然，我們我們的 6 個月配額代表即將結束其配額週期。因此希望能夠利用他們的加速器。但我們預計會有類似的行為，即使我們有 12/31 的碰撞，預計後端加載，然後 1 月 31 日也是如此。

In terms of your question around net dollar expansion, we're not going to give -- I mean, we don't guide on that. I expect that given your growth rates have come down a little bit more that there might be a little bit more room for that to come down even further until it starts to stabilize and probably reaccelerate sometime next year.

關於你關於美元淨擴張的問題，我們不會給出——我的意思是，我們不會對此提供指導。我預計，鑑於成長率下降得更多，可能還有進一步下降的空間，直到它開始穩定並可能在明年某個時候重新加速。

Okay. And then just a quick follow-up. Just on the comment you made in your prepared remarks around the shorter billings duration. I guess, is there just any way to qualitatively think relative to 3Q, if there's any change, just how to think about obviously, people moving to a more different -- shorter payment terms. So just how we think about that in terms of what's implied in the 4Q guide?

好的。然後進行快速跟進。只是關於您在準備好的評論中就較短的計費持續時間發表的評論。我想，是否有任何方法可以相對於第三季進行定性思考，如果有任何變化，顯然如何思考人們轉向更不同的、更短的付款條件。那麼我們該如何看待第四季指南中暗示的內容呢？

Yes. We -- so we commented first time, we saw and seeing this trend was in Q2. If you remember, we also talked about this in our prepared remarks, we saw this happening. And given the interests are high, I don't expect it's going to change any time soon. I think -- the good news is from the health of the underlying business, right, customers are committing to longer-term duration contracts, they just are preferring to pay on shorter term. And yet, we obviously had very strong cash flow in the period. So I don't think it's something you should be worried about.

是的。我們——所以我們第一次發表評論，我們看到並看到這種趨勢是在第二季。如果您還記得，我們​​在準備好的發言中也談到了這一點，我們看到了這種情況的發生。鑑於人們的興趣很高，我預計這種情況不會很快改變。我認為，好消息來自基礎業務的健康狀況，對，客戶承諾簽訂長期合同，他們只是更喜歡短期付款。然而，我們在此期間顯然擁有非常強勁的現金流。所以我不認為這是你應該擔心的事情。

And our next question is going to come from Mark Murphy at JPMorgan. Mark will be audio only.

我們的下一個問題將由摩根大通的馬克墨菲提出。標記將僅是音訊。

This is Ardie on for Mark Murphy. Congrats on the quarter. You guys called out the Virgin Group and their launch of Workvivo across 60,000 employees and a number of the workforce-related innovations you've launched recently. Can you just speak to the adoption of those products and what kind of momentum you're seeing on that front?

這是馬克墨菲的阿迪。恭喜本季。你們讚揚了 Virgin Group 及其在 60,000 名員工中推出的 Workvivo，以及你們最近推出的一些與勞動力相關的創新。您能談談這些產品的採用情況以及您在這方面看到的勢頭嗎？

Yes, do you want to that?

是的，你想那樣嗎？

Yes, Kelly, go ahead.

是的，凱利，繼續吧。

I mean we're really excited about Workvivo. They -- first of all, in terms of operating, they're continuing to run as an operating unit, which -- we're making sure that we support them and their continued momentum, and we've already talked about -- we talked about Dollar General on the call last quarter and their amazing adoption.

我的意思是我們對 Workvivo 感到非常興奮。首先，在營運方面，他們將繼續作為一個營運單位運營，我們確保支持他們及其持續的勢頭，我們已經討論過 - 我們在上個季度的電話會議上談到了Dollar General 及其令人驚嘆的採用情況。

So we're really excited about that team. They -- when they joined us, we said, welcome to the family and gave them an accelerated bookings target, and they are running and achieving against that. So really thrilled to have them and watching that continue to succeed.

所以我們對這個團隊感到非常興奮。我們說，當他們加入我們時，歡迎加入這個大家庭，並給了他們加速預訂的目標，他們正在努力實現這一目標。非常高興能擁有他們並看到他們繼續取得成功。

Our next question is going to come from Catharine Trebnick with Rosenblatt.

我們的下一個問題將由凱瑟琳·特雷布尼克和羅森布拉特提出。

Has your appetite for M&A changed at all in the last year? All day long on CNBC they kept saying, oh, we're looking for growth, reacceleration of growth. So I'm just wondering if you're looking at the $6.5 billion, and your attitude towards M&A?

去年您對併購的興趣有改變嗎？他們整天在 CNBC 上不斷地說，哦，我們正在尋求成長，成長的重新加速。所以我想知道您是否正在考慮這 65 億美元，以及您對併購的態度？

Yes. Thank you, Catharine. M&A is something that we evaluate and think about for as a potential strategy all the time. I have a corp dev team that looks at opportunities on a daily basis. And we have a very strong lens that we look through in terms of evaluating that is, first of all, the technology and what does it bring to our customers.

是的。謝謝你，凱瑟琳。併購是我們一直評估和思考的潛在策略。我有一個公司開發團隊，每天都會尋找機會。我們有一個非常強大的鏡頭來評估，首先是技術以及它為我們的客戶帶來了什麼。

We would always want to make sure that our customers continue to enjoy a really high-quality product like they do with Zoom today. We look at the culture to make sure that it's something that we think work well with Zoom. It's usually a really good indicator success of integrating two companies.

我們始終希望確保我們的客戶繼續享受真正高品質的產品，就像他們今天使用 Zoom 一樣。我們會審視文化，以確保我們認為它適合 Zoom。這通常是兩家公司整合成功的一個很好的指標。

And then, of course, we look at the lens of valuation and does it make sense? Is it a price that we are willing to pay. And because we have such a high bar, it honestly has been hard to find companies that we love that makes it through all three of those tests. And it doesn't mean that we wouldn't love to find someone that did. There are some really great companies out there.

然後，當然，我們從估值的角度來看，這是否有意義？這是我們願意付出的代價嗎？由於我們的標準如此之高，老實說，很難找到我們喜歡的公司能夠通過所有這三項測試。這並不意味著我們不喜歡找到這樣做的人。那裡有一些非常偉大的公司。

And for one reason or the other to date, we just haven't found the right match, but it doesn't mean that we won't. And that is why we have purposely remained, retained, I should say, the flexibility of having that cash on our balance sheet so that if we do see something interesting, we're able to act on it.

到目前為止，由於某種原因，我們只是還沒有找到合適的匹配對象，但這並不意味著我們不會找到合適的匹配對象。這就是為什麼我們特意保留了，我應該說，保留了資產負債表上現金的靈活性，這樣，如果我們確實看到了一些有趣的事情，我們就能夠採取行動。

Moving on to KeyBanc's Tom Blakey.

接下來是 KeyBanc 的 Tom Blakey。

Good to see you, Eric, and hi, Kelly. Just wondering quickly on the stability that we were talking about a couple of quarters ago in Online. It's a pretty impressive that we went back and forth on that a little bit here and that's been very stable. I mean obviously you talked about the record churn. Can you just maybe -- maybe update us that on that in terms of should we expect the same type of stability in Online into the fiscal 4Q and maybe even similarly into fiscal '25, that would be helpful.

很高興見到你，艾瑞克，嗨，凱利。只是很快想知道我們幾個季度前在線上討論的穩定性。令人印象深刻的是，我們在這裡反覆討論了這一點，而且非常穩定。我的意思是，顯然你談到了唱片流失的問題。您能否告訴我們最新情況，我們是否應該期望線上業務在第四季度甚至 25 財年保持同樣的穩定性，這會很有幫助。

Yes. So the team has done a lot of work this year to -- on many fronts around Online. First of all, stabilizing retention, which you're seeing us the benefits of that today as well as focusing on free-to-pay conversion because it's really important that we're continuing to fill the top of the funnel, and those are things like force brakes.

是的。因此，該團隊今年在線上方面的許多方面做了很多工作。首先，穩定留存率，您今天看到了我們的好處，以及專注於免費到付費的轉化，因為我們繼續填充漏斗的頂部非常重要，這些都是事情就像強制煞車一樣。

And as Eric mentioned earlier, also being able to procure additional products online, things like whiteboard and scheduler are very well aligned to the strategy of our online buyers. So those are all of the initiatives that Wendy and her team are continuing to focus on.

正如埃里克之前提到的，還能夠在線採購其他產品，例如白板和調度程序等，非常適合我們在線買家的策略。這些都是溫蒂和她的團隊繼續關注的所有舉措。

In terms -- I mean, we hold ourselves to a very high standard. We see stabilization. What we really want to see is dollar stabilization quarter-over-quarter. And while it's very, very close, it's not quite there. And I expect it will be slightly down, just very, very slightly down again in Q4. But as we're working on FY '25 planning with the team, really looking forward to initiatives that drive stabilization, and if not, some growth into FY '25.

我的意思是，我們對自己要求非常高的標準。我們看到穩定。我們真正希望看到的是美元季度環比穩定。雖然它非常非常接近，但它並不完全在那裡。我預計第四季會略有下降，只是非常非常輕微的下降。但當我們正在與團隊一起制定 25 財年規劃時，我們非常期待能夠推動穩定的舉措，如果沒有的話，也期待在 25 財年實現一些成長。

The next question is from Shebly Seyrafi with FBN Securities.

下一個問題來自 FBN 證券公司的 Shebly Seyrafi。

Yes. You guided deferred revenue to decline 6% to 8% in Q4. Do you shorter billing frequencies with Enterprise customers. The question I have is what kind of decline would that have been without that billing frequency change?

是的。您指導第四季遞延收入下降 6% 至 8%。您是否縮短了企業客戶的計費頻率？我的問題是，如果沒有改變計費頻率，那麼會出現什麼樣的下降？

And related to this, you're going to have a big renewal cycle in Q1. So do you expect deferred revenue growth to pick up meaningfully in Q1?

與此相關的是，第一季將有一個大的更新周期。那麼您預期第一季遞延營收成長會大幅回升嗎？

Yes. So as a reminder, the way the deferred revenue trends throughout the year is it's always the highest in Q1 and then it declines throughout the year. And there's two things that are happening. First of all, Q1 is the largest renewal period. So if the bucket gets filled up, and then that's getting amortized through the rest of the year. But also the subsequent renewal cycles are lower than Q1.

是的。因此，提醒一下，全年遞延收入趨勢的方式是，它總是在第一季最高，然後全年下降。有兩件事正在發生。首先，Q1是最大的更新期。因此，如果水桶被填滿，那麼它就會在今年剩餘的時間裡攤提。但隨後的更新周期也低於第一季。

So it's the inverse of probably every other SaaS company in the world where usually you're adding higher renewals every single quarter, we are actually adding a lower number -- a lower dollar amount of renewals every single quarter.

因此，這可能與世界上所有其他SaaS 公司相反，在這些公司中，通常每個季度都會增加更高的續訂量，而我們實際上增加的數量較少——每個季度的續訂金額較低。

So as Q1 is getting amortized down, what's coming into refill at the top of that bucket is coming down every single quarter. And that's why you have seen for quite a number of years now, typically a sequential decline in deferred revenue quarter-over-quarter.

因此，隨著第一季的攤銷，每季補充的金額都會減少。這就是為什麼多年來您一直看到遞延收入通常逐季連續下降。

We'll now hear from James Fish with Piper Sandler.

現在我們將聽取詹姆斯·菲什和派珀·桑德勒的發言。

Appreciate all the details around some of the product lines. But building off of a few prior questions with that Contact Center, customer count up is about 700 versus the 500 last quarter. If my math is right, given kind of what you guys have talked about with price points kind of seems like we're nearing $100 million of ARR now? Or how should we think about that average seat count at this point?

了解某些產品線的所有細節。但根據先前與該聯絡中心提出的一些問題，客戶數量約為 700 人，而上季度為 500 人。如果我的數學是正確的，考慮到你們談論的價格點，我們現在的 ARR 似乎已經接近 1 億美元了？或者我們現在應該如何考慮平均座位數？

And then, Eric, for you, look, it got released and was available this quarter, but how has that workforce engagement solution really gone in terms of penetration with the Contact Center installed bases, is that acting as sort of a consolidation function underneath for especially small mid-market.

然後，埃里克，你看，它已發布並在本季度推出，但是該勞動力敬業度解決方案在聯絡中心安裝基礎的滲透方面真正發揮了怎樣的作用？尤其是中小型市場。

I think if you look at the Contact Center, right? So not only just for us to offer the whole Contact Center of capabilities, we want to offer a full platform, right, including Workforce Management, right? This is the -- based on modern architecture, not something like, hey, you have on-premise solution for a long time, you just put it into the -- in the cloud, that's not the case. We built everything from the ground up. It's tied and integrated well with our core Contact Center solutions.

我想如果你看看聯絡中心，對嗎？因此，我們不僅要提供整個聯絡中心的功能，還想提供一個完整的平台，包括勞動力管理，對吧？這是基於現代架構的，而不是類似，嘿，你有很長一段時間的本地解決方案，你只是把它放到雲端中，事實並非如此。我們從頭開始建立一切。它與我們的核心聯絡中心解決方案緊密結合並整合。

That's the reason why when you look at our customers right from SMB, medium-sized, all the way to large enterprise, I think we are ready. And however, as I mentioned earlier, sweet spotters should be the major. However, one thing is realized, customer, do you want to have a one seamless experience in for everything, Contact Center, Workforce Management, Virtual Agent, AI feature called, [indie] so we are trying to offer all of them.

這就是為什麼當你看看我們的客戶，從中小企業、中型企業一直到大型企業時，我認為我們已經準備好了。然而，正如我之前提到的，甜蜜點應該是主要的。然而，我們意識到一件事，客戶，您是否希望在所有方面都獲得一種無縫體驗，例如聯絡中心、勞動力管理、虛擬代理、稱為[獨立]的人工智慧功能，因此我們正在努力提供所有這些功能。

So that's kind of our strategy. In terms of our Workforce Management contribution, it really helped because we tell customer, hey, we offer everything to you. We are not going to let you deploy other third-party Workforce Management solutions. We offer all the services, all the functional to you with one platform.

這就是我們的策略。就我們的勞動力管理貢獻而言，它確實很有幫助，因為我們告訴客戶，嘿，我們為您提供一切。我們不會讓您部署其他第三方勞動力管理解決方案。我們透過一個平台為您提供所有服務和所有功能。

Yes. And James, in terms of your ability to kind of understand how those products are progressing themselves, we'll do as we done with others and announced milestone metrics as we start to see them emerge. They're just so new right now that doesn't really sense, but we will do that over time.

是的。詹姆斯，就您了解這些產品本身如何進展的能力而言，我們將像對待其他產品一樣，並在我們開始看到它們出現時宣布里程碑指標。它們現在還很新，並沒有真正的意義，但隨著時間的推移，我們會這樣做。

We are not ready to share with a number, exact number yet about how many customers deploy the Workforce Management, so let's stay tuned in the future quarters.

我們還沒有準備好透露有多少客戶部署了勞動力管理的具體數字，所以讓我們在未來幾季繼續關注。

And our next question will come from Matt VanVliet fleet with BTIG.

我們的下一個問題將來自 BTIG 的 Matt VanVliet 車隊。

Yes. I guess following up one more on sort of the Contact Center and Zoom Phone. In terms of overall customer mix, you're well below 1% penetration on customer -- on Contact Center here. Is there a target that you think is sort of the next few years of the customers you're going to go after? How high do you think of roughly 200,000 customers? You have an existing Contact Center that you've maybe identified and comparably work your way into.

是的。我想接下來還會有關於聯絡中心和 Zoom Phone 的事情。就整體客戶組合而言，您在聯絡中心的客戶滲透率遠低於 1%。您是否認為未來幾年要追求的客戶目標是什麼？您認為大約 20 萬名客戶有多高？您可能已經找到了一個現有的聯絡中心，並且可以按照您的方式進行操作。

And then sort of following up on that, what percentage, if you can share the over 100,000 customers, 100,000 revenue customers have Zoom Phone or Zoom Contact Center as an attachment there.

然後跟進這個問題，如果你可以分享超過 100,000 個客戶，那麼 100,000 個收入客戶有 Zoom Phone 或 Zoom Contact Center 作為配件。

So I guess the way that I think about Contact Center and its progress is that it's so far is very, pulling in a very similar road map, if you will, than that Zoom Phone did. So if you think about -- we can see the visibility internally just as we could with Zoom Phone.

因此，我想我對聯絡中心及其進展的看法是，到目前為止，它與 Zoom Phone 的路線圖非常相似。因此，如果您想一想，我們可以像使用 Zoom Phone 一樣看到內部可見度。

But in terms of ARR as a metric for example, it's going to take a little while for that to be something that's visible to you. But so far, it's tracking in a very, very similar way that Zoom Phone did, which I think is very encouraging. And that we need a couple more years and then it starts to be a really significant growth contributor. It just start small and then grow quickly, and that's what we're seeing.

但以 ARR 作為指標為例，您需要一段時間才能看到它。但到目前為止，它的追蹤方式與 Zoom Phone 非常相似，我認為這非常令人鼓舞。我們還需要幾年的時間，然後它才開始成為真正重要的成長貢獻者。它剛開始很小，然後迅速增長，這就是我們所看到的。

And also, if you look at opportunity, very similar as well. Many years ago, a lot of our Enterprise customers, their phone, you see deployments still on plan. Today, you look at most of our Enterprise customer, Contact Center still on track. So that's why a lot of opportunity ahead of us, in particular, given out modern architecture is very scalable.

而且，如果你看看機會，也非常相似。許多年前，我們的許多企業客戶，他們的電話，您會看到部署仍在計劃中。今天，您看看我們的大多數企業客戶，聯絡中心仍然在正軌上。這就是為什麼我們面前有很多機會，特別是考慮到現代建築具有很強的可擴展性。

Needham's Ryan Koontz has the next question.

Needham 的 Ryan Koontz 有下一個問題。

Happy Thanksgiving. From Zoomtopia, yes, team we're really impressed with the Zoom Rooms and what you're doing there. The innovation really seems years ahead of the market. And I wondered how you -- what's your updated view on the Rooms opportunity for the company. Do you think it's strong enough that you can use that as a lead as almost a stand-alone product? And you see the market opportunity more promising for you with that product. You have to go-to market initiatives, those sort of questions.

感恩節快樂。是的，Zoomtopia 團隊的 Zoom Rooms 以及你們在那裡所做的事情給我們留下了深刻的印象。這項創新似乎確實領先市場數年。我想知道您對公司的客房機會有何最新看法。您認為它足夠強大，您可以將其用作幾乎獨立產品的主導產品嗎？您會發現該產品的市場機會對您來說更有希望。你必須採取市場行動，諸如此類的問題。

So, yes, Ryan. So speaking of the opportunity, you're also right. We never, in our customer, in on for many years, right, they deployed the Zoom Rooms for more and more customers. I mean they try to embrace hybrid work. They need to have a modern solution for their conf-rooms, they evaluated multiple solutions, Zoom Rooms indeed stands out is indeed years ahead of any other competitors.

所以，是的，瑞安。所以說到機會，你也是對的。我們從來沒有，在我們的客戶中，很多年了，對吧，他們為越來越多的客戶部署了 Zoom Rooms。我的意思是他們嘗試接受混合工作。他們需要為其會議室提供現代化的解決方案，他們評估了多種解決方案，Zoom Rooms 確實脫穎而出，領先任何其他競爭對手數年。

However, sometimes for customers when they try to support a hybrid work right now, they're in the middle of embracing hybrid work, right? What's the new layout of the entire workplace and how many conf-room they needed to support and so on and so forth, right? That's why a lot of opportunities.

然而，有時對於客戶來說，當他們現在嘗試支援混合工作時，他們正處於擁抱混合工作的過程中，對吧？整個工作場所的新佈局是什麼以及他們需要支援多少個會議室等等，對吧？這就是為什麼有很多機會。

At the same time, (inaudible) when they work together with customers and not only for conf-room innovation, but also entire workplace, the management, what's the new layout that one is supposed. I think a lot of opportunity, not only for conf-room itself, like how to reserve a desk, right?

同時，（聽不清楚）當他們與客戶合作時，不僅是會議室創新，而且是整個工作場所、管理階層，應該有什麼新的佈局。我認為有很多機會，不僅僅是會議室本身，例如如何預訂辦公桌，對吧？

All those things we all build in as a part of the Zoom Rooms, like for example, like a digital signage and also part of Zoom Rooms as the full -- the conf-room or workplace solution, and that's why we needed to make sure a focus on marketing side to share with the customer. Again, Zoom Rooms is not only just for your conf-room solution, but it's for hybrid work and also for entire workplace as well.

所有這些東西我們都作為 Zoom Rooms 的一部分構建，例如數位標牌，也是 Zoom Rooms 的一部分作為完整的會議室或工作場所解決方案，這就是為什麼我們需要確保專注於行銷方面與客戶分享。同樣，Zoom Rooms 不僅適用於您的會議室解決方案，而且適用於混合工作以及整個工作場所。

We'll move on to Peter Weed with Bernstein.

我們將繼續討論彼得·威德和伯恩斯坦。

Thank you. I think for the first time, at least as far as I can look at in the model, it looks like the kind of larger enterprise that's greater than $100,000 enterprise customers were roughly flat quarter-over-quarter. But we're hearing the great stories about customer expansions and the number of those customers has continued to increase, which would imply there's a whole another set of customers that are either shrinking or churning and it appears that got more pronounced this quarter than perhaps we've seen recently.

謝謝。我認為，至少從我在模型中看到的情況來看，這是第一次，規模超過 10 萬美元的企業客戶的規模環比大致持平。但我們聽到了有關客戶擴張的精彩故事，而且這些客戶的數量持續增加，這意味著還有另一組客戶正在萎縮或流失，而且本季度的情況似乎比我們上一季更為明顯。最近見過。

How should we think about those effects? And is that more churn? Or is it downgrades? And when customers are churning or downgrading, where they're going? And is this something that is kind of temporary and you see it kind of ending? Or is it something where we may have some pain for a bit of time before we get through some effects?

我們該如何看待這些影響？這會造成更多的流失嗎？或者說是降級了？當客戶流失或降級時，他們會去哪裡？這是暫時的事情嗎？你認為它會結束嗎？或者在我們經歷一些影響之前我們可能會經歷一段時間的痛苦？

Yes. So I think we've talked about this the last couple of quarters. We certainly have seen impact in our customers having retraction in their own businesses, in their own employee count. So we -- if that's the situation that we are working with them, we -- so the good news is we've not seen a lot of logo churn. It has been more down selling in terms of rightsizing, their meeting license numbers. And yet even in that situation, our team is doing a great job of taking the opportunity to transition them from potentially meetings to one of our Zoom One bundles that include Zoom Phone.

是的。所以我認為我們在過去幾個季度已經討論過這個問題。我們當然已經看到我們的客戶收縮自己的業務和員工數量所帶來的影響。因此，如果我們與他們合作的情況就是這樣，那麼好消息是我們沒有看到很多徽標流失。在規模調整和會議許可證數量方面，它的銷售力度更大。但即使在這種情況下，我們的團隊也做得很好，抓住機會將他們從潛在的會議轉移到我們的 Zoom One 捆綁包中，其中包括 Zoom Phone。

We talked about in our prepared remarks, we saw that grow over 300% year-over-year in terms of the number of customers that are using those bundles, and that's great for many reasons, right, in terms of retention and having more than one product deployed, we see as very advantageous to customer retention.

我們在準備好的發言中談到，我們看到使用這些捆綁包的客戶數量同比增長了 300% 以上，這有很多原因，對吧，就保留率和擁有超過我們認為部署一種產品對於保留客戶非常有利。

So we certainly have worked with many, many, many of our customers this year on ensuring that they have the right package in place. And -- but I also talked about earlier, this earlier on the call, that we know that the majority of our customers have had some sort of renewal period in FY '24, meaning that we hope, we anticipate that as we've got and get through the end of this year, we've moved through most of those transitions where organizations have done their own reductions and are aligning their licenses to that.

因此，今年我們當然與許多、許多、許多客戶合作，確保他們擁有正確的包裝。而且- 但我之前也談過，在電話會議的早些時候，我們知道我們的大多數客戶在24 財年都有某種續約期，這意味著我們希望，我們預計，因為我們已經得到了到今年年底，我們已經完成了大部分過渡，組織已經完成了自己的削減，並正在調整他們的許可證。

But it sounds like you're not seeing an uptick in churn. This is mostly just that kind of reduction in force. And once we're through that, then you set a [4] in so that the expansions can kind of work going forward on all the great things people are buying, which even us at Bernstein, we're great customers and love the product.

但聽起來您並沒有看到客戶流失率上升。這主要就是那種力量的減少。一旦我們完成了這個任務，你就可以設定一個[4]，這樣擴展就可以在人們購買的所有偉大的東西上繼續進行，甚至我們在伯恩斯坦，我們都是偉大的客戶並且喜歡這個產品。

So yes, I mean that's, we're not giving FY '25 guidance, just to be clear. But yes, but that's in general what we anticipate, just knowing that we've worked through most of our customer renewals this year, and I assume that they've gotten through their reductions. Now it depends on what happens overall with the macro, but that's what we believe to be the case.

所以，是的，我的意思是，我們不會提供 25 財年的指導，只是澄清一下。但是，是的，但這總體上是我們的預期，只要知道我們今年已經完成了大部分客戶續約，我認為他們已經完成了削減。現在這取決於宏觀整體發生的情況，但這就是我們認為的情況。

Our next question will come from Taz Koujalgi with Wedbush.

我們的下一個問題將由 Taz Koujalgi 和 Wedbush 提出。

Sorry, can you guys hear me now?

抱歉，你們現在聽得到我說話嗎？

Yes.

是的。

A question on Zoom Phone. So Kelly, can you give us the ARR last quarter, we have the Zoom Phone seat this quarter. Further, if I do a rough math on the ASP, it comes down to like $7 to $8 something per month, which seems like almost half or even more of the list price. If you can just confirm that and has that discounting gone down, gone up?

關於 Zoom Phone 的問題。 Kelly，您能給我們上個季度的 ARR嗎？本季我們有 Zoom Phone 席位。此外，如果我對 ASP 進行粗略計算，每月約為 7 至 8 美元，這似乎幾乎是標價的一半甚至更多。如果你能確認一下，折扣是下降了還是上升了？

So as a reminder, you can buy Zoom Phone either for $10 per license per month if you have metered calling on top or $15 if you get unlimited long distance. So the ASP is going to depend on which version of that, which of the SKU the customers are buying and how they come together.

提醒一下，如果您有按流量計費的通話功能，您可以每月每個許可證 10 美元的價格購買 Zoom Phone，如果您獲得無限長途通話，則可以以 15 美元的價格購買 Zoom Phone。因此，ASP 將取決於其版本、客戶購買的 SKU 以及它們如何組合在一起。

And then if you think about some of our largest enterprise customers, we do discount not just for obviously, for Zoom Phone, but the overall value of their purchases or their value of being a customer for longevity in terms of length of cycles, willingness to pay upfront. So all of those things contribute, but it sounds like you're right in. You're right in sort of the ballpark. We have not seen a dramatic shift in those discounts up or down.

然後，如果你考慮我們的一些最大的企業客戶，我們不僅會為 Zoom Phone 打折，還會打折他們購買的整體價值或他們作為長期客戶的價值，包括週期長度、購買意願等。預付。所以所有這些事情都有貢獻，但聽起來你是對的。你在某種程度上是對的。我們還沒有看到這些折扣的大幅上升或下降。

And just one follow-up. Is that similar to what you're seeing in the Contact Center or since your I think the list price was 70 for Contact Center. Any comment on how the discounting in contact center compares to what you've seen in Zoom Phone?

只有一個後續行動。這是否與您在聯絡中心看到的類似，或因為您的聯絡中心標價為 70。對於聯絡中心的折扣與您在 Zoom Phone 中看到的折扣相比有何評論？

Yes. No. I don't think if you can correlate them. They're very different products with a different sales cycle and their approach. So I don't think you can try to take a percentage discount necessarily from one product and expect it to apply to a different one.

是的。不，我不認為你能將它們聯繫起來。它們是非常不同的產品，具有不同的銷售週期和方法。因此，我認為您不能嘗試從一種產品中獲得一定的百分比折扣，並期望它適用於其他產品。

We will now hear from Tyler Radke with Citi.

我們現在將聽取花旗集團泰勒拉德克 (Tyler Radke) 的演講。

So Kelly, if I look at the midpoint of your guidance for Q4, it's about 1% growth in then there is some currency in there. But how should we be thinking about that as a jumping off point for fiscal year '25? What are kind of the puts and takes that would cause growth to be higher than that, and also lower. It does sound like you're starting to see some stabilizations in parts of the business. But just help us frame for how we should be thinking about that trajectory beyond Q4.

所以凱利，如果我看一下你對第四季度指導的中點，它大約是 1% 的增長，然後那裡有一些貨幣。但我們該如何考慮將其作為 25 財年的起點呢？什麼樣的看跌期權和看跌期權會導致增長高於或低於該水平。聽起來確實開始看到部分業務趨於穩定。但請幫助我們建立我們應該如何思考第四季之後的軌跡。

Yes. So we will obviously give FY '25 guidance on the Q4 call. However, I do think that the Q4 implied extra rate and considerations around the macro? And if it is stabilizing or improving over time are important considerations. We do see -- we've talked about many great aspects of our business today, growth in Phone, growth in Contact Center, stabilization and all Online, all could be contributors that could drive growth in FY '25 to be slightly higher than the implied Q4 exit rate. But right now, I mean, if you look at the extra rate consider the macro and take all that into account as you're modeling.

是的。因此，我們顯然會在第四季的電話會議上給予 25 財年的指導。但是，我確實認為第四季度暗示了額外的利率和宏觀的考慮？隨著時間的推移，它是否穩定或改善是重要的考慮因素。我們確實看到——我們今天討論了我們業務的許多重要方面，電話業務的成長、聯絡中心的成長、穩定性和所有線上業務，所有這些都可能成為推動25 財年成長略高於2025 財年成長的貢獻者。隱含的第四季退出率。但現在，我的意思是，如果您查看額外費用，請考慮宏觀因素，並在建模時考慮所有這些因素。

We'll move on to William Power with Baird.

我們將繼續討論威廉·鮑爾（William Power）和貝爾德（Baird）。

Great. Maybe a couple of quick follow-ups. I guess, Eric, to an earlier question on AI Companion, can you just talk about where you're seeing the greatest usage. I mean what are customers most focused on? And what's the early feedback look like? And what are customers asking for in AI? Where can you continue to add more value there?

偉大的。也許有一些快速的後續行動。我想，Eric，對於先前關於 AI Companion 的問題，您能否談談您在哪些方面看到了最大的用途。我的意思是客戶最重視什麼？早期的回饋是什麼樣的？客戶對人工智慧有什麼要求？您可以在哪裡繼續增加更多價值？

Yes, it's a great question. First of all, AI Companion it includes a lot of features. Like if you are related to the call, you want to instead of what's going on, what kind of the point I missed, and so you can quickly ask, right, all those kind of features. And also when you use our team chat, you can have a composer chat solution and a lot of features built upon that, right?

是的，這是一個很好的問題。首先，AI Companion它包含了許多功能。就像如果你與通話相關，你想要的不是發生了什麼，我錯過了什麼樣的點，所以你可以快速詢問，對吧，所有這些功能。而且，當您使用我們的團隊聊天時，您可以擁有一個作曲家聊天解決方案以及在此基礎上構建的許多功能，對嗎？

And one of the key features customer really like is very for sure stepping forward is the meeting summary, right? And after meeting over, not only to be generated. Sometimes, your record a meeting or sometime you do not record a meeting anymore. You just record a summary. And that feature works extremely well. We do see among a lot of other features, customers already started in a blink. I think this went probably one of the highlights. It is very easy to use and you see the very obvious in our way right to enable that feature.

客戶真正喜歡的關鍵功能之一是會議摘要，對嗎？而見面結束後，不只生成。有時，您會錄製會議，有時您會不再錄製會議。您只需記錄一個摘要即可。而且這個功能效果非常好。我們確實看到，在許多其他功能中，客戶已經立即開始使用。我認為這可能是亮點之一。它非常容易使用，您可以在我們的方式中看到非常明顯的啟用該功能的方法。

So again, it's a lot of other features as well. And like for me, I also use our -- the client, (inaudible) client, connect and other services you can, right? You can have you compose e-mail as well, right? It's a lot of features, right? And down the road awareness for the Whiteboard with AI Companion as well. Almost every service entire platform, we're going to lever the AI Companion. So and a lot of features and the AI Companion.

再說一次，它還有很多其他功能。就像我一樣，我也使用我們的客戶端、（聽不清楚）客戶端、連線和其他服務，對嗎？您也可以讓您撰寫電子郵件，對嗎？它有很多功能，對吧？以及 AI Companion 的白板意識。幾乎每個服務整個平台，我們都會利用 AI Companion。還有很多功能和人工智慧伴侶。

Make sure you enable meeting summary and explore so many features, I'm pretty sure you'll love that. So we've got a lot of very positive feedback from those early adopter.

確保啟用會議摘要並探索如此多的功能，我很確定您會喜歡它。因此，我們從早期採用者那裡得到了很多非常正面的回饋。

And our last question is going to come from Stephen Bersey with HSBC. Stephen, if you want to go ahead -- I believe, Stephen, just disconnected. Stephen, are you still out there? If you are not, I don't think he's no longer with us.

我們的最後一個問題將由匯豐銀行的史蒂芬·伯西（Stephen Bersey）提出。史蒂芬，如果你想繼續下去——我相信，史蒂芬，剛剛斷開連接。史蒂芬，你還在外面嗎？如果你不這樣做，我認為他不會再和我們在一起了。

So you know what, Eric, I'll just turn out to you for closing remarks.

所以你知道嗎，埃里克，我將請你做結束語。

Yes. So first of all, thank you all for your time to join our Q3 earnings call, I really appreciate. I wish you all and your families have a wonderful holiday season. Thank you again for your great support. Thank you.

是的。首先，感謝大家抽出時間參加我們的第三季財報電話會議，我真的很感激。祝大家和家人有個愉快的假期。再次感謝您的大力支持。謝謝。

Thank you so much, Eric. I apologize, Kelly. Again, everyone, this concludes today's earnings release. As Eric and Kelly mentioned, we thank you all for your participation. And from our family to yours. May you and yours have a safe and happy holiday season. Enjoy the rest of your day.

非常感謝你，埃里克。我道歉，凱利。各位，今天的財報發佈到此結束。正如艾瑞克和凱利所提到的，我們感謝大家的參與。從我們的家人到你的家人。祝您和您的家人度過一個安全、快樂的假期。享受你一天剩下的時間。