Zoom Communications Inc (ZM) 2024 Q4 法說會逐字稿

Okay. Hello, everyone, and welcome to Zoom's Q4 FY '24 Earnings 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.

好的。大家好，歡迎參加 Zoom 的 24 財年第 4 季收益網路研討會。提醒一下，今天的網路研討會正在錄製中。現在我想把事情交給投資人關係主管湯姆‧麥卡勒姆(Tom McCallum)。

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

謝謝你，大衛。大家好，歡迎參加 Zoom 2024 年第四季和整個財年的收益視訊網路研討會。今天加入我的是 Zoom 創辦人兼執行長 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 first quarter and full year 2025. 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2025 年第一季和全年財務展望的陳述。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、首選的預期-市場舉措、成長策略和業務願望以及產品舉措以及此類舉措的預期收益。

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 financial performance and financial results, which we discuss in detail in our filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. Zoom assumes no obligation to update any forward-looking statements 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表現和財務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，包括我們的10-K 表年度報告和10 表季度報告-Q。 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 just 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 FY '24, we made a tremendous amount of progress towards our mission of one platform delivering limitless human connection. As generative AI began to take the world by storm, we listened carefully to customers in order to deliver AI that can best serve their needs, with innovation that is responsible, empowering and built from the ground up in a way that permeates and unifies our entire platform.

謝謝你，湯姆。謝謝大家今天加入我們。在 24 財年，我們在實現透過一個平台提供無限人際聯繫的使命方面取得了巨大進展。隨著生成式人工智慧開始風靡世界，我們仔細傾聽客戶的意見，以便提供最能滿足他們需求的人工智慧，並透過負責任、賦權和從頭開始構建的創新，滲透和統一我們的整個團隊。平台。

Zoom AI Companion, our generative AI assistant, empowers customers and employees with enhanced productivity, team effectiveness and skills. Since its launch only 5 months ago, we expanded the AI Companion to 6 Zoom products, all included at no additional cost to licensed users.

Zoom AI Companion 是我們的生成式 AI 助手，可協助客戶和員工提高生產力、團隊效率和技能。自 5 個月前推出以來，我們將 AI Companion 擴展到了 6 種 Zoom 產品，所有這些產品都無需向許可用戶支付額外費用。

But we are far from done. Our future road map to AI is 100% guided by driving customer value. We are hard at work developing new AI capabilities to help customers achieve their unique business objectives, and we'll have more to share in a month at Enterprise Connect. We hope to see you all there.

但我們還遠遠未完成。我們未來的人工智慧路線圖 100% 以推動客戶價值為導向。我們正在努力開發新的人工智慧功能，以幫助客戶實現其獨特的業務目標，一個月後我們將在 Enterprise Connect 上分享更多內容。我們希望在那裡見到你們。

Our expanding Contact Center suite is a unified AI-first solution that offers tremendous value to companies of all sizes seeking to strengthen customer relationships and deliver better outcomes. The base product includes AI Companion, and our newly launched tiered pricing allows customers to add specialized CX capabilities such as AI Expert Assist, workforce management, quality management, virtual agent and omnichannel support.

我們不斷擴展的聯絡中心套件是一個統一的人工智慧優先解決方案，可為尋求加強客戶關係並提供更好結果的各種規模的公司提供巨大價值。基礎產品包括 AI Companion，我們新推出的分層定價允許客戶添加專門的 CX 功能，例如 AI 專家協助、勞動力管理、品質管理、虛擬代理和全通路支援。

Bolstered by its expanding features, our Contact Center suite is beginning to win in head-to-head competition with legacy incumbents. Beyond that, it is competing on its own merits with customers completely new to Zoom, broadening the funnel to the Zoom platform.

憑藉其不斷擴展的功能，我們的聯絡中心套件開始在與傳統現有產品的正面競爭中獲勝。除此之外，它還憑藉自身優勢與 Zoom 的全新客戶競爭，從而拓寬了 Zoom 平台的管道。

As Zoom becomes a full workplace solution, we are seeing customers migrate from other chat products on to Zoom Team Chat, very excited. Over the past year, Zoom Team Chat usage has increased 130% across our paid accounts. And our migration tool designed to simplify the transition has seen a 4x increase in downloads in the last 6 months.

隨著 Zoom 成為完整的工作場所解決方案，我們看到客戶從其他聊天產品遷移到 Zoom Team Chat，非常興奮。去年，我們的付費帳戶中 Zoom Team Chat 的使用量增加了 130%。我們旨在簡化過渡的遷移工具在過去 6 個月內下載量增加了 4 倍。

Customers across industries are moving to Zoom Team Chat, including a global supply chain leader who has migrated over 1,200 users, a major law firm who has migrated 1,500 users and also a financial payments leader who has moved over 2,000 users. Customers appreciate the improved user experiences and enhanced collaboration driven by our Zoom Team Chat product as well as the cost efficiencies realized by consolidating their communications and collaboration solutions on to Zoom.

各行各業的客戶都在轉向Zoom Team Chat，其中包括已遷移1,200 多名用戶的全球供應鏈領導者、已遷移1,500 多名用戶的大型律師事務所以及已遷移2,000 多名用戶的金融支付領導者。客戶對我們的 Zoom Team Chat 產品所帶來的改善的用戶體驗和增強的協作以及透過將其通信和協作解決方案整合到 Zoom 所實現的成本效率表示讚賞。

Last April, we acquired Workvivo, and its integration into the Zoom interface has strengthened its market position. In Q4, we upsold a Fortune 10 company and a long-standing Zoom customer on Workvivo, making it Workvivo's biggest customer to date. And on the flip side, we also saw a global bank, who started as a Workvivo customer, adopt the broader Zoom platform. As you can see, adding new products both organically and inorganically creates a virtuous cycle, allowing us to sell more product into a larger base.

去年4月，我們收購了Workvivo，它與Zoom介面的整合增強了其市場地位。第四季度，我們在 Workvivo 上追加銷售了一家財富 10 強公司和一家長期 Zoom 客戶，使其成為 Workvivo 迄今為止最大的客戶。另一方面，我們也看到一家全球銀行（最初是 Workvivo 客戶）採用了更廣泛的 Zoom 平台。正如您所看到的，有機和無機地添加新產品創造了一個良性循環，使我們能夠向更大的基地銷售更多產品。

We were very pleased to see Workvivo recognized as a leader by Magic Quadrant in its first report on intranet packaged solutions. Similarly, Zoom Revenue Accelerator was recognized as a strong performer in The Forrester Wave in its first year of being covered, an amazing testament to its value as a powerful AI-enabled tool driving value to sales teams.

我們很高興看到 Workvivo 在其第一份有關內部網路打包解決方案的報告中被魔力像限評為領導者。同樣，Zoom Revenue Accelerator 在被報導的第一年就被 Forrester Wave 評為表現強勁的產品，這令人驚嘆地證明了它作為強大的人工智慧工具的價值，為銷售團隊帶來了價值。

FY '24 was a difficult year from a macro perspective, and we faced those challenges head-on. We became more disciplined and focused while continuing to prioritize those opportunities. As a result, we are much better positioned than we were 1 year ago. Our platform moat is deeper, our contact center offering is more robust, and our go-to-market teams are primed with defined goals and sharpened expertise to drive growth and empower our customers.

從宏觀角度來看，24 財年是艱難的一年，我們正視這些挑戰。我們變得更加自律和專注，同時繼續優先考慮這些機會。因此，我們的處境比一年前好得多。我們的平台護城河更深，我們的聯絡中心產品更強大，我們的上市團隊擁有明確的目標和豐富的專業知識，以推動成長並為我們的客戶提供支援。

Now let's talk about some of our amazing customers. First, I'm so excited to welcome Broadcom, a global infrastructure technology leader, to the Zoom family. Recognizing the simplicity and ease of use of our expanding platform, they opted for the Zoom One Enterprise bundle to modernize the way they communicate and collaborate.

現在讓我們來談談我們的一些出色的客戶。首先，我非常高興地歡迎全球基礎設施技術領導者 Broadcom 加入 Zoom 大家庭。他們認識到我們擴展平台的簡單性和易用性，因此選擇了 Zoom One Enterprise 捆綁包來實現他們的溝通和協作方式現代化。

Let me also thank Diageo, a leading global beverage company for doubling down on Zoom. Seeing strong value from their existing Meetings, Phone and Rooms deployment, in Q4, they expanded to Zoom Contact Center and Zoom Virtual Agent.

我還要感謝全球領先的飲料公司帝亞吉歐 (Diageo) 對 Zoom 的大力支持。看到現有會議、電話和會議室部署的強大價值，他們在第四季度擴展到 Zoom 聯絡中心和 Zoom 虛擬代理商。

Let me also thank Community Financial Credit Union, a full-service financial cooperative, for investing in our broad Zoom One platform. They have chosen to modernize member engagement with Zoom Contact Center. Community Financial chose Zoom because of our one platform, video-first approach to solving all their communications needs. Zoom's integrations with key banking solutions through our APIs and partnerships were core to their decision-making process.

我還要感謝社區金融信用社（一家提供全方位服務的金融合作社）對我們廣泛的 Zoom One 平台進行投資。他們選擇透過 Zoom 聯絡中心實現會員互動現代化。 Community Financial 選擇 Zoom 是因為我們採用單一平台、視訊優先的方法來解決他們的所有通訊需求。 Zoom 透過我們的 API 和合作夥伴關係與主要銀行解決方案的整合是他們決策過程的核心。

Finally, let me thank Convera, the world's FX payments leader. Zoom Phone was the foundation of their Zoom engagement, and from there, they adopted the wider Zoom One platform in less than 2 years. Seeing the benefits of the tight integration of our products underpinned by AI Companion, they recently began to deeply leverage Zoom Team Chat in order to streamline their pre, during and post meeting communication all within the Zoom platform.

最後，讓我感謝全球外匯支付領導者 Convera。 Zoom Phone 是他們參與 Zoom 的基礎，從那時起，他們在不到 2 年的時間內採用了更廣泛的 Zoom One 平台。看到我們的產品在 AI Companion 的支援下緊密整合的好處，他們最近開始深入利用 Zoom Team Chat，以簡化 Zoom 平台內的會議前、會議期間和會議後溝通。

Everything we do here is rooted in our culture of delivering happiness. This is why our employees -- this is why the customer employees -- this is why employees, even more than IT departments, are our biggest champions. And of course, happy employees are the most productive, so choosing Zoom becomes a win for everyone. We are laser-focused on our mission and could not be more optimistic about our future. The best is yet to come.

我們在這裡所做的一切都植根於我們傳遞幸福的文化。這就是為什麼我們的員工——這就是為什麼客戶員工——這就是為什麼員工（甚至比 IT 部門更重要）是我們最大的支持者。當然，快樂的員工效率最高，因此選擇 Zoom 對每個人來說都是雙贏。我們專注於我們的使命，並對我們的未來感到非常樂觀。最好的還在後頭。

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

有了這個，我會把它交給凱利。謝謝。

Thank you, Eric, and hello, everyone. Let me start with a view of the financial highlights for FY '24. We were pleased with our strong finish to the year with Enterprise revenue growing 9% and free cash flow up 24%. We also achieved a non-GAAP operating margin of 39.2%, up 326 basis points from 35.9% in FY '23.

謝謝你，埃里克，大家好。首先讓我回顧一下 24 財年的財務亮點。我們對今年的強勁業績感到滿意，企業收入成長了 9%，自由現金流成長了 24%。我們也實現了 39.2% 的非 GAAP 營業利潤率，比 2023 財年的 35.9% 上升了 326 個基點。

In Q4, we saw traction in our emerging products, including a nearly 3x increase in Zoom Contact Center licenses as we not only added a significant number of new customers but also expanded average deal size. Zoom Phone customers with 10,000 or more seats grew 27% year-over-year to 95. And Zoom AI Companion have grown tremendously in just 5 months with over 510,000 accounts enabled and 7.2 million meeting summaries created as of the close of FY '24. We are excited about the strong growth across these new products and the benefits they drive for our customers.

在第四季度，我們看到了新興產品的吸引力，包括 Zoom 聯絡中心授權增加了近 3 倍，因為我們不僅增加了大量新客戶，而且還擴大了平均交易規模。擁有10,000 個或更多席位的Zoom Phone 客戶同比增長27%，達到95 個。 Zoom AI Companion 在短短5 個月內實現了巨大增長，截至24 財年結束，啟用了超過510,000 個帳戶，創建了720 萬份會議摘要。我們對這些新產品的強勁成長及其為客戶帶來的好處感到興奮。

Now let's dive into the financial results. In Q4, total revenue came in at $1.146 billion, up 3% year-over-year. This result was approximately $16 million above the high end of our guidance. Our Enterprise revenue grew 5% year-over-year and represented 58% of total revenue, up from 57% a year ago.

現在讓我們深入了解財務表現。第四季總營收為11.46億美元，年增3%。這一結果比我們指導的上限高出約 1600 萬美元。我們的企業收入年增 5%，佔總收入的 58%，高於一年前的 57%。

We continued to see improvement in online average monthly churn, which decreased to 3% from 3.4% in Q4 of FY '23. This is consistent with the previous quarter and the lowest churn we have ever reported.

我們繼續看到線上平均每月流失率有所改善，從 23 財年第四季的 3.4% 下降至 3%。這與上一季一致，也是我們報告的最低客戶流失率。

The number of Enterprise customers grew 3% year-over-year to approximately 220,400. Our trailing 12 month net dollar expansion rate for Enterprise customers in Q4 came in at 101%. We saw 10% year-over-year growth in the upmarket as we ended the quarter with 3,810 customers contributing more than $100,000 in trailing 12 months revenue. These customers represented 30% of revenue, up from 28% in Q4 of FY '23.

企業客戶數量年增 3%，達到約 220,400 家。第四季企業客戶的過去 12 個月淨美元擴張率為 101%。本季末，我們看到高端市場年增 10%，有 3,810 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 30%，高於 23 財年第四季的 28%。

Our Americas revenue grew 4% year-over-year, while EMEA was flat and APAC declined by 3%. The international performance was partially due to the FX headwinds in APAC as well as the impact from our sales reorganization in early FY '24 that took longer to complete internationally than domestically.

我們的美洲營收年增 4%，而歐洲、中東和非洲地區持平，亞太地區下降 3%。國際績效的部分原因是亞太地區的外匯逆風以及我們在 24 財年初期進行的銷售重組的影響，該重組在國際上完成的時間比國內更長。

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, income tax benefits from discrete activities and all associated tax effects. Non-GAAP gross margin in Q4 was 79.2%, which was slightly lower than 79.8% in Q4 of last year, mainly due to our investment in AI Companion.

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、離散活動的所得稅優惠以及所有相關的稅收影響。第四季非 GAAP 毛利率為 79.2%，略低於去年第四季的 79.8%，主要得益於我們對 AI Companion 的投資。

In FY '25, we expect our gross margin to be approximately 79%, reflecting focused investments in our AI features. Over the course of FY '25, we expect to directionally improve gross margin towards our long-term target of 80% as we continue to optimize our data center strategy and grow some of our higher ASP products like Zoom Contact Center.

25 財年，我們預期毛利率約為 79%，反映出我們對人工智慧功能的重點投資。在 25 財年，隨著我們繼續優化資料中心策略並發展 Zoom 聯絡中心等一些 ASP 較高的產品，我們預計將定向提高毛利率，實現 80% 的長期目標。

Non-GAAP income from operations grew by 10% year-over-year to $444 million, exceeding the high end of our guidance of $414 million. This translates to a 38.7% non-GAAP operating margin for Q4, an improvement from 36.2% in Q4 of last year.

非 GAAP 營運收入年增 10%，達到 4.44 億美元，超過了我們指導的上限 4.14 億美元。這意味著第四季的非 GAAP 營業利潤率為 38.7%，較去年第四季的 36.2% 有所改善。

Non-GAAP diluted net income per share in Q4 was $1.42 on approximately 313 million non-GAAP diluted weighted average shares outstanding. This result was $0.27 above the high end of our guidance and $0.20 higher than Q4 of last year.

第四季非 GAAP 攤薄每股淨利為 1.42 美元，約 3.13 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 0.27 美元，比去年第四季高出 0.20 美元。

Turning to the balance sheet. Deferred revenue at the end of the period was $1.27 billion, down approximately 3% from Q4 of last year. This was roughly 3 percentage points better than the high end of the range we provided last quarter. For Q1, we expect deferred revenue to be down 4% to 5% year-over-year.

轉向資產負債表。期末遞延營收為12.7億美元，較去年第四季下降約3%。這比我們上季度提供的範圍上限高出約 3 個百分點。對於第一季度，我們預計遞延收入將年減 4% 至 5%。

Looking at both our billed and unbilled contracts, our RPO increased 4% year-over-year to approximately $3.57 billion. We expect to recognize approximately 58% of the total RPO as revenue over the next 12 months as compared to 56% in Q4 of last year.

從我們的計費和未計費合約來看，我們的 RPO 年增 4%，達到約 35.7 億美元。我們預計未來 12 個月將 RPO 總額的約 58% 確認為收入，而去年第四季為 56%。

Operating cash flow in the quarter grew 66% year-over-year to $351 million. Free cash flow grew 81% year-over-year to $333 million. The sharp increase in our 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 30.6% million and 29%, respectively. We ended the quarter with approximately $7 billion in cash, cash equivalents and marketable securities, excluding restricted cash.

該季度營運現金流年增 66% 至 3.51 億美元。自由現金流年增 81% 至 3.33 億美元。我們的現金流量指標大幅增加是由於收款力道加大、費用管理有針對性和利息收入增加。我們的經營現金流和自由現金流利潤率分別擴大至 30.6% 和 29%。本季末，我們擁有約 70 億美元的現金、現金等價物和有價證券（不包括限制性現金）。

Turning to guidance. As we consider our view for Q1 and FY '25, we have not assumed any changes in the macroeconomic outlook. For Q1, we expect revenue to be approximately $1.125 billion. This incorporates 2 fewer days in Q1 and would represent approximately 1.8% year-over-year growth. We expect non-GAAP operating income to be in the range of $410 million to $415 million. Our outlook for non-GAAP earnings per share is $1.18 to $1.20 based on approximately 316 million shares outstanding.

轉向指導。當我們考慮對第一季和 25 財年的看法時，我們並未假設宏觀經濟前景有任何變化。我們預計第一季營收約為 11.25 億美元。這意味著第一季減少了 2 天，相當於年成長約 1.8%。我們預計非 GAAP 營業收入將介於 4.1 億至 4.15 億美元之間。基於約 3.16 億股流通股，我們對非 GAAP 每股盈餘的預期為 118 至 1.20 美元。

For the full year of FY '25, we expect revenue to be approximately $4.6 billion, which represents approximately 1.6% year-over-year growth. We expect Q2 to be the low point from a year-over-year growth perspective and to accelerate from there. We expect our non-GAAP operating income to be in the range of $1.72 billion to $1.73 billion, representing an operating margin of approximately 37.5%.

對於 25 財年全年，我們預計營收約為 46 億美元，年增約 1.6%。我們預計第二季將是年成長的低點，並從此加速成長。我們預計我們的非 GAAP 營業收入將在 17.2 億美元至 17.3 億美元之間，營業利潤率約為 37.5%。

Our outlook for non-GAAP earnings per share for FY '25 is $4.85 to $4.88 based on approximately 321 million shares outstanding. For FY '25, we expect free cash flow to be in the range of $1.44 billion to $1.48 billion. We believe that our strong cash flow generation and financial discipline, coupled with responsible capital allocation is a powerful combination.

基於約 3.21 億股流通股，我們對 25 財年非 GAAP 每股盈餘的預期為 4.85 至 4.88 美元。對於 25 財年，我們預計自由現金流將在 14.4 億美元至 14.8 億美元之間。我們相信，我們強大的現金流產生和財務紀律，再加上負責任的資本配置，是一個強大的組合。

As indicated in our earnings press release today, our Board has authorized a $1.5 billion share repurchase program that we will start executing this quarter. This not only underscores the confidence our Board and management team have in the future of Zoom, but also allows us to leverage our strong profitability, cash flow and balance sheet to drive shareholder returns while also allowing us the flexibility to consider M&A options to accelerate growth and deliver for our customers. As a note, the share count and EPS metrics in our guide do not account for the impacts from the shareholder repurchase program.

正如我們今天的收益新聞稿所示，我們的董事會已批准一項 15 億美元的股票回購計劃，我們將於本季開始執行。這不僅凸顯了我們的董事會和管理團隊對 Zoom 未來的信心，而且使我們能夠利用強大的盈利能力、現金流和資產負債表來推動股東回報，同時也使我們能夠靈活地考慮併購方案以加速增長並為我們的客戶交付。請注意，我們指南中的股份數量和每股盈餘指標並未考慮股東回購計畫的影響。

To echo what Eric said, we are optimistic about where we are now and where we are going. Our competitive position, innovation engine and customer base set us up for success in FY '25 and beyond. Thank you to the entire Zoom team, our customers our community and our investors for your trust and support.

正如艾瑞克所說，我們對我們現在的處境和未來的發展方向感到樂觀。我們的競爭地位、創新引擎和客戶群為我們在 25 財年及以後取得成功奠定了基礎。感謝整個 Zoom 團隊、我們的客戶、社群和投資者的信任和支持。

Before closing, I would like to thank just one more person for their support over the years. Our Head of IR, Tom McCallum, has decided to retire this summer after a seasoned 25-year IR career. Tom, it's been an honor and a pleasure to work with you. You have contributed tremendously to Zoom's success since even before the IPO and will be dearly missed. Thank you so much for all you have done and congratulations.

在結束之前，我還要感謝一位人士多年來的支持。我們的 IR 主管 Tom McCallum 在經歷了 25 年經驗豐富的 IR 職業生涯後，決定於今年夏天退休。湯姆，與您合作是我的榮幸與愉快。甚至在 IPO 之前，您就為 Zoom 的成功做出了巨大貢獻，我們將深深懷念您。非常感謝您所做的一切並表示祝賀。

I am pleased to announce that Charles Eveslage, who has worked with Tom and me for several years now, will assume the role. With Charles at the helm, we are confident that the investment community will continue to receive a high level of service from our IR team. Please hold your goodbyes for Tom for now as he will be with us until midyear to ensure a smooth transition.

我很高興地宣布，與湯姆和我共事多年的查爾斯·埃夫斯拉奇 (Charles Eveslage) 將擔任這一職位。在查爾斯的領導下，我們相信投資界將繼續從我們的投資者關係團隊獲得高水準的服務。請暫時與湯姆告別，因為他將和我們在一起直到年中，以確保順利過渡。

With that, David, please queue up the first question.

大衛，請先回答第一個問題。

(Operator Instructions) And our first question comes from William Power with Baird.

（操作員說明）我們的第一個問題來自 William Power 和 Baird。

I guess -- well, Kelly, you said to hold this for Tom. But Tom, I wanted to just say thanks for all the help over the years. Kelly, maybe just to kick it off with you. As we look at guidance, maybe just talk about what's providing confidence that the year-over-year growth should trough in Q2, if I heard you right. How do we think about the key drivers then to perhaps accelerate year-over-year growth in the back half of the year and perhaps into fiscal '26? And how do we think about that trajectory over the ensuing 18 months maybe as you get past that?

我想——好吧，凱利，你說過把這個留給湯姆。但是湯姆，我只想對多年來的所有幫助表示感謝。凱莉，也許只是為了和你一起開始。當我們查看指引時，也許只是談談是什麼提供了信心，如果我沒聽錯的話，同比增長應該在第二季度觸底。我們如何看待今年下半年甚至 26 財年可能加速年增的關鍵驅動因素？當你度過這段時期時，我們如何看待接下來 18 個月的軌跡？

Yes. So when you think about coming down in Q2 but then accelerating in the back half, this is the culmination of what we've been talking about for a while, which is the growth being driven by Zoom Phone, by Zoom Contact Center, which we've seen continue to mature by the effect that AI and adoption of Team Chat are having on the overall retention metrics of the company. So all of those factors is what gives us that confidence that we're going to see it come down in Q2 but then start to reaccelerate after that. And then, I mean, it's very early to comment on FY '26, but that will be an indicator that exit rate for FY '25 will be an indicator for FY '26.

是的。因此，當你考慮在第二季度下降但在後半段加速時，這就是我們一段時間以來一直在談論的高潮，即由 Zoom Phone 和 Zoom 聯絡中心推動的增長，我們人工智能和團隊聊天的採用對公司整體保留指標的影響使公司不斷成熟。因此，所有這些因素都讓我們有信心，我們將看到它在第二季度下降，但之後又開始重新加速。然後，我的意思是，現在評論 26 財年還為時過早，但這將是 25 財年的退出率將成為 26 財年的一個指標。

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。

I just wanted to ask maybe just in terms of on the deferred revenue -- in the past quarter, you mentioned that deferred revenue would kind of be down [in the] quarter or -- we saw it come down. And just wondering, last quarter, you had talked about the terms that you were seeing of people extending their deals come in a little bit. Just any trends that you're seeing just in terms of renewals and what you're kind of seeing in terms of renewals either in terms of products that they're adding but just also maybe term compression they might be seeing?

我只是想問一下遞延收入——在上個季度，您提到遞延收入會在本季度有所下降——或者我們看到它下降了。只是想知道，上個季度，您談到了您所看到的人們延長交易的條款。您在續約方面看到的任何趨勢以及您在續約方面看到的趨勢，無論是他們添加的產品，還是他們可能看到的術語壓縮？

So we've continued to see strength in renewals are -- huge thanks to our renewals team in Q4. Actually did an amazing job of exceeding their target, which was great to see. And what we have seen is the continued trend of our customers wanting shorter payment terms. They're hanging on to their cash. Remember, we talked about this in Q3 that, that's really what contributes to the decrease in deferred.

因此，我們繼續看到續訂的力量 - 非常感謝我們第四季的續訂團隊。事實上，他們的工作非常出色，超出了他們的目標，這真是令人高興。我們看到的是客戶希望縮短付款期限的持續趨勢。他們緊緊抓住現金。請記住，我們在第三季討論過這一點，這確實是導致延遲減少的原因。

And then the other thing is the timing of renewals. We are seeing customers not necessarily wait to their renewal period to start these discussions. For example, I reviewed a proposal today for a customer that's not going to renew for 6 months. So customers are really thinking ahead about their contracts and being very thoughtful about this. And what that does, it creates some variability in both the RPO and the deferred because it's very sensitive to the timing of these things.

另一件事是續訂的時間。我們發現客戶不一定要等到續約期才開始這些討論。例如，我今天審查了一位客戶的提案，客戶在 6 個月內不會續約。因此，客戶確實會提前考慮他們的合同，並且對此考慮得非常周到。這樣做的結果是，它會在 RPO 和延期中產生一些可變性，因為它對這些事情的時間安排非常敏感。

Our next question comes from Ethan Bruck from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Ethan Bruck。

Congrats on nice results. And I ask the question on behalf of -- Alex here. So I guess my question would just be a little bit back on the guidance for fiscal '25. Just if you can give some puts and takes. I know you said you're not factoring macro improvement, but how should we think about both the enterprise and online piece? I know you guys are rolling out some pricing increases, so maybe how to factor that going into numbers for next year. And just also the NRR piece, maybe roughly when you're expecting that to trough. Just any color on that would be great.

恭喜取得好成績。我代表 Alex 提出這個問題。所以我想我的問題只是有點回到 25 財年的指導。只要你能給出一些看跌期權。我知道你說你沒有考慮宏觀改善，但我們應該如何考慮企業和線上部分？我知道你們正在推出一些價格上漲，所以也許如何將其納入明年的數字中。還有 NRR 部分，也許大約是在你預期它會觸底的時候。只要有任何顏色就會很棒。

Yes. So in terms of the enterprise or the direct sales organization, we kind of touched on this in the prepared remarks. But they're off to a fast start this year. We're really excited about that. If you remember last year, we had not only the overall reduction in the company but the sales reorganization, which took a lot of time for the organization to recover from, frankly. And so seeing them well positioned to start off this year strong is really exciting to see, and that's certainly going to contribute to the overall growth that we're expecting to see, especially in the back half of the year.

是的。所以對於企業或直銷組織來說，我們在準備好的發言中談到了這一點。但今年他們的開局很快。我們對此感到非常興奮。如果你還記得去年，我們不僅進行了公司的整體裁員，還進行了銷售重組，坦白說，這花了很多時間讓組織恢復過來。因此，看到他們在今年強勢開局確實令人興奮，這肯定會有助於我們預期看到的整體成長，特別是在今年下半年。

And then from an online perspective, really pleased, for example, with the Q3 churn metric. I think considering that we typically see seasonally higher churn in Q2 and Q4, that churn rate holding from Q3 to Q4, that lowest rate of 3.0 is really indicative of all the improvements that team has made to the platform, the ongoing initiatives they put in place. And so all of those considerations is what gives us confidence around the FY '25 guide.

然後從線上角度來看，例如，對第三季的流失指標非常滿意。我認為，考慮到我們通常會在第二季度和第四季度看到季節性較高的流失率，從第三季度到第四季度，流失率保持不變，最低的3.0 率確實表明了團隊對平台所做的所有改進以及他們所採取的持續舉措地方。因此，所有這些考慮因素讓我們對 25 財年指南充滿信心。

Got it. That makes sense. And just a quick follow-up. It's just around some of the AI, like you're successfully embedding it across the platform. I'm just curious, as we think about kind of the monetization angles over the next few years, I mean, if you were to stack rank where you think the combination of moving users to higher SKUs, matching price to value, which you guys are obviously already doing, or getting folks to adopt more products on the upsell side into Contact Center, for example, just curious how you guys are thinking about that right now.

知道了。這就說得通了。只是快速跟進。它只是圍繞著一些人工智慧，就像你成功地將它嵌入整個平台一樣。我只是很好奇，當我們考慮未來幾年的貨幣化角度時，我的意思是，如果你要在你認為將用戶轉移到更高的SKU、將價格與價值相匹配的組合中進行排名，你們這些人顯然已經在這樣做，或者讓人們在聯絡中心採用更多的追加銷售產品，例如，只是好奇你們現在如何考慮這一點。

Yes. Sure. I can take it. So -- and we are monetizing AI on many fronts. You look at our Zoom AI Companion, right? So first of all, for our existing customers, because they all like the value we created, right, to generate meeting summary, meeting (inaudible) and so on and so forth, because of that, we really do not -- because customers, they're also trying to reduce the cost. That's why we do not charge the customers for those features. However, a lot of areas we can monetize. Take our AI Companion, for example. Enterprise customers, how to lever enterprise customer directionally, source data and also to build a tailored -- the Zoom AI Companion for those customers, sort of like a customized Zoom AI Companion, we can monetize.

是的。當然。我可以接受。因此，我們正在許多方面透過人工智慧貨幣化。你看看我們的 Zoom AI Companion，對吧？首先，對於我們現有的客戶來說，因為他們都喜歡我們創造的價值，對吧，產生會議摘要、會議（聽不清楚）等等，正因為如此，我們真的不喜歡——因為客戶，他們也在努力降低成本。這就是為什麼我們不向客戶收取這些功能的費用。然而，我們可以在許多領域貨幣化。以我們的人工智慧伴侶為例。企業客戶，如何定向撬動企業客戶，獲取數據，並為這些客戶構建量身定制的 Zoom AI Companion，有點像定制的 Zoom AI Companion，我們可以貨幣化。

And also look at all the services. Maybe I'll just take Contact Center, for example. We are offering Zoom Virtual Agent, that's one we can monetize. And recently, we announced 3 tiers of Zoom Contact Center product. The last one is per agent per month, we charge $149. The reason why, there are a few features. One of the feature is Zoom Expert Assist, right?

也要看看所有的服務。也許我會以聯絡中心為例。我們提供 Zoom 虛擬代理，這是我們可以獲利的一種。最近，我們發布了 3 層 Zoom 聯絡中心產品。最後一項是每個代理商每月，我們收費 149 美元。究其原因，有幾個特點。 Zoom Expert Assist 是其中一項功能，對嗎？

All those features are empowered by AI features. Not to mention, we are also going to build new services, and they're driven by Zoom AI Companion as well. I think this year, we are going to doubling down on Zoom AI Companion customization and also focus on monetization. That's our effort. So...

所有這些功能均由人工智慧功能提供支援。更不用說，我們還將建立新的服務，它們也由 Zoom AI Companion 驅動。我認為今年，我們將加倍加大 Zoom AI Companion 客製化力度，並專注於變現。這就是我們的努力。所以...

Our next question comes from Tyler Radke with Citi.

我們的下一個問題來自花旗銀行的泰勒拉德克 (Tyler Radke)。

I wanted to ask you about the recently announced buyback. $1.5 billion is impressive, 7% of your shares outstanding. But I guess what -- how do you kind of come up with that number? And does that signal anything about the size of potential M&A that you're hoping to do? Anything that you could just share in terms of why now and the decision process would be helpful.

我想問你有關最近宣布的回購的情況。 15 億美元是令人印象深刻的，佔已發行股票的 7%。但我猜——你是怎麼得出這個數字的？這是否顯示您希望進行的潛在併購規模？您可以分享的任何關於為什麼現在以及決策過程的內容都會有所幫助。

Yes. So we've talked about this many times in the past. Every quarter, we have this discussion about capital allocation with our Board, of course, with Eric. And with $7 billion sitting on our balance sheet today and the string of our cash flow outlook for FY '25, we feel confident that having an authorization in place does not preclude us and still provides us plenty of flexibility to do M&A transactions that we might see as exciting in the future.

是的。所以我們過去多次討論過這個問題。每個季度，我們都會與董事會（當然，還有艾瑞克）討論資本分配問題。目前我們的資產負債表上有70 億美元，以及25 財年的一系列現金流前景，我們相信，獲得授權並不妨礙我們，而且仍然為我們提供了足夠的靈活性來進行我們可能進行的併購交易。認為未來令人興奮。

And we continue to look for any opportunities that make sense to bring another organization to the Zoom portfolio. And we're targeting an amount that would approximately offset potentially most of the dilution for FY '25, and that's how we're thinking about it.

我們將繼續尋找任何有意義的機會，將另一個組織納入 Zoom 產品組合。我們的目標金額大約可以抵消 25 財年的大部分稀釋，這就是我們的想法。

Of course, you just did that quick calculation of math, but there's always variability in the execution of these programs. And we will be looking -- the way that we execute it is we set an approximate amount we want to acquire every single quarter. So we'll be evaluating this as we move through the year this year.

當然，您只是進行了快速的數學計算，但這些程式的執行總是存在變化。我們將關注－我們執行的方式是設定一個我們想要每季收購的大致金額。因此，我們將在今年度過這一年時對此進行評估。

Our next question comes from Tom Blakey from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Tom Blakey。

Congratulations on the, I'll say, early retirement, Tom. The -- just point of clarification first, Kelly on. I think Meta was asking about 2Q and the guide, and you mentioned something about being down. Were you implying, just point of clarification, that fiscal 2Q would be down quarter-on-quarter from fiscal 1Q?

我想說的是，恭喜你提前退休，湯姆。首先需要澄清一點，凱利。我認為 Meta 是在問 2Q 和指南，而你提到了一些關於宕機的事情。您是否暗示（只是澄清一下）第二財季將比第一財季環比下降？

We're saying that the year-over-year growth rate in Q2 will decline as compared to the year-over-year growth rate in Q1. Yes, it will be positive. It won't be -- it's not going to go negative based on our current outlook, but it will be lower than the year-over-year growth rate in Q1.

我們說第二季的年成長率將比第一季的年成長率下降。是的，這將是積極的。根據我們目前的前景，它不會出現負值，但會低於第一季的年成長率。

Sorry for the hand-holding there. My key question would be on the CCaaS. It sounds like you're off to a great start. There's a lot of demand out there hearing from your peers. I'd love to just give you the opportunity to talk about pricing, uptake of some of the virtual agent, agent assist functionality and maybe any type of -- what you baked into fiscal '25 in terms of visibility here as you've come out very strong here in the fourth quarter into fiscal '25?

抱歉，我一直牽著你的手。我的關鍵問題是關於 CCaaS。聽起來你有了一個好的開始。您的同行提出了很多需求。我很樂意為您提供機會來討論定價、某些虛擬代理的採用、代理輔助功能以及可能的任何類型——您來到這裡時在 25 財年的可見性方面所融入的內容進入25 財年第第四季表現非常強勁？

Eric, do you want to talk about Contact Center in general for a minute first?

Eric，您想先簡單談談聯絡中心嗎？

Sure. Absolutely. I think, Tom, you may not know actually. Recently, I got a new job here at Zoom. I become the Contact Center General Manager. All the product management team engineers, go-to-market team, sales, marketing, they all report to me directly. That means a huge opportunity ahead of us. Why I want to wear another head of GM of Contact Center seriously.

當然。絕對地。我想，湯姆，你實際上可能不知道。最近，我在 Zoom 找到了一份新工作。我成為聯絡中心總經理。所有的產品管理團隊工程師、行銷團隊、銷售、行銷團隊都直接向我報告。這意味著我們面臨著巨大的機會。為什麼我要認真戴另一個聯絡中心總經理的頭。

But anyway -- so based on customer feedback, very, very positive. We're doing extremely well every quarter. In Q4, the number is amazing. And plus, the reason why we have confidence to introduce like a 3-tiered pricing, because a lot of the customers told us, right? They probably need a very basic contact center solutions.

但無論如何——根據客戶的回饋，非常非常積極。我們每季都做得非常好。在第四季度，這個數字是驚人的。另外，我們之所以有信心推出三級定價，是因為很多客戶告訴我們的，對嗎？他們可能需要一個非常基本的聯絡中心解決方案。

The $69 per month per agent, very competitive, all the cool features. Or if they want some social channel, maybe auto phone dialer, they can pay another $30 more per agent. And for huge enterprise customers want to buy 1,000 agents and we gave them Zoom Expert Assist and also workforce management and quality management, all the features.

每個代理商每月 69 美元，非常有競爭力，所有功能都很酷。或者，如果他們想要一些社交管道，例如自動電話撥號器，他們可以為每位代理商另外支付 30 美元。對於想要購買 1,000 個代理商的大型企業客戶，我們為他們提供了 Zoom Expert Assist 以及勞動力管理和品質管理等所有功能。

You can see Zoom has become a full suite of contact center offering. We can compete head-to-head to any legacy incumbents. I'll give one example. Zoom, we -- internally, we deployed our Virtual Agent. Guess what? Every month, we saved 400,000 agent hours. And more than 90% inbound inquiries can be done by our Virtual Agent driven by the AI technology.

您可以看到 Zoom 已成為一整套聯絡中心產品。我們可以與任何傳統企業進行正面競爭。我舉一個例子。 Zoom，我們在內部部署了虛擬代理程式。你猜怎麼了？每個月，我們節省了 40 萬小時的座席時間。超過90%的入站查詢可以透過我們由人工智慧技術驅動的虛擬代理來完成。

I'm very excited about everything we are doing, and the feedback is very positive. Again, we are going to doubling down, tripling down on our contact center offering because that's a modern solution, AI-powered, video-first, and also we build a full suite. That's why we are so excited.

我對我們所做的一切感到非常興奮，反饋也非常積極。再次，我們將加倍、三倍地投入我們的聯絡中心產品，因為這是一個現代化的解決方案，由人工智能驅動，視頻優先，而且我們還構建了一套完整的套件。這就是為什麼我們如此興奮。

I think based on your enthusiasm, Eric, I'm going to raise your quota.

艾瑞克，我想基於你的熱情，我會提高你的配額。

Yes. I raise the quota to the sales team every day, so that's no difference. So...

是的。我每天都會向銷售團隊提高配額，所以這沒有什麼區別。所以...

And Kelly, what kind of outlook are you baking in, in terms of the strength there and the visibility commentary about fiscal '25? And then is that -- this is just enterprise right now, right? This is -- there's no self-service online here, right?

凱利，您對 25 財年的實力和可見度評論有何看法？然後就是──現在這只是企業，對吧？這是——這裡沒有線上自助服務，對嗎？

Correct.

正確的。

Not yet. But now, it's just -- yes, you're so right on. Thank you for helping us to monetize Contact Center in another way. So...

還沒有。但現在，只是——是的，你說得太對了。感謝您幫助我們以另一種方式透過聯絡中心獲利。所以...

Yes. So Tom, we looked at trends that we've been seeing, the number of customers, the growth rate, the size of the deals, which have been expanding over the last several quarters. And just -- and of course, sales capacity and taking all of that in consideration, including the new pricing tiers, that's how we built our outlook for FY '25.

是的。湯姆，我們研究了我們所看到的趨勢，客戶數量、成長率、交易規模，這些趨勢在過去幾個季度一直在擴大。當然，銷售能力並考慮到所有這些因素，包括新的定價等級，這就是我們建立 25 財年前景的方式。

Our next question comes from James Fish with Piper Sandler.

我們的下一個問題來自詹姆斯·菲什和派珀·桑德勒。

Tom, congrats on the announcement. Kelly, just going back to a couple of questions ago on how to think about the quantitative approach here on past or future price increases on the guide for this year.

湯姆，恭喜你宣布這一消息。凱利，回到之前的幾個問題，關於如何思考今年指南中過去或未來價格上漲的定量方法。

And for Eric, what's causing customers to move over to the Zoom chat function and off your main competitor like Teams? Just further consolidation onto one platform? Or is it AI Companion playing a larger role here, especially as you guys are including it as opposed to $30, $35 a month?

對 Eric 來說，是什麼原因導致客戶轉向 Zoom 聊天功能，而放棄 Teams 等主要競爭對手？只是進一步整合到一個平台上？還是 AI Companion 在這裡發揮更大的作用，特別是當你們把它包括在內，而不是每月 30、35 美元？

Kelly, you want to take the first one?

凱利，你想拿第一個嗎？

No, you go ahead. You go ahead first.

不，你繼續吧。你先走吧。

Sure. Sure. So James, one thing I think we did not do well, as I mentioned even before, is we did not do well on marketing front. A lot of customers, users, they do not know Zoom has a great and persistent team chat functionality at no additional cost. And it works extremely well. All the key features, any other competitor's product, they have also -- have that as well. Very well integrated with Zoom product.

當然。當然。所以詹姆斯，我認為我們做得不好的一件事，正如我之前提到的，是我們在行銷方面做得不好。許多客戶、用戶不知道 Zoom 擁有出色且持久的團隊聊天功能，無需額外付費。而且效果非常好。所有其他競爭對手的產品的關鍵功能，他們也都具備。與 Zoom 產品完美整合。

And plus, as you said -- you're so right on. Customers, they see -- using their chat solution, they want to use AI, right? I send you -- James, I send you a message. I want to leverage AI, send a long message. However, if you use other solutions, sometimes, other solutions itself, even without AI, it's not free, right? And in our case, not only do we have core functionalities, but also AI Companion built in also at no additional cost.

另外，正如你所說——你說得很對。客戶看到——使用他們的聊天解決方案時，他們想要使用人工智慧，對嗎？我給你發了一條訊息——詹姆斯，我給你發了一條訊息。我想利用人工智慧，發送一則長訊息。但是，如果你使用其他解決方案，有時，其他解決方案本身，即使沒有人工智慧，它也不是免費的，對嗎？在我們的例子中，我們不僅擁有核心功能，而且還內建了 AI Companion，無需額外費用。

I can use -- for any users, customers, you already have a Meeting license, Zoom Team Chat already built in, right? All the core features, you can use the Zoom AI Companion in order to leverage AI -- write a chat message and so on and so forth. It works so well at no additional cost.

我可以使用 - 對於任何用戶、客戶，您已經擁有會議許可證，Zoom Team Chat 已經內置，對嗎？所有核心功能，您都可以使用 Zoom AI Companion 來利用 AI——編寫聊天訊息等等。它運行良好，無需額外費用。

The total cost of ownership of the Zoom Team Chat is much better than any other team chat solutions. And also, we built in a native client, not like some other competitors. The web-based clients, sometimes, like I'm using Mac. And performance, so on and so forth is really not good and clunky experience. That's the reason why more and more customers, they discover Zoom Team Chat capabilities, wow, why not move to Zoom platform? They give the team chat functionalities at no additional cost, right? That's the reason why we have confidence. I hope more and more customers are going to move to Zoom Team Chat. We also built very seamless migration tools as well to have a customer migrate to Zoom Team Chat.

Zoom Team Chat 的總擁有成本比其他任何團隊聊天解決方案好得多。而且，我們內建了一個本地客戶端，這與其他一些競爭對手不同。有時，基於網路的客戶端，就像我使用 Mac 一樣。而性能等等確實不是很好而且笨拙的體驗。這就是為什麼越來越多的客戶發現 Zoom Team Chat 功能，哇，為什麼不遷移到 Zoom 平台呢？他們無需額外付費即可提供團隊聊天功能，對嗎？這就是我們有信心的原因。我希望越來越多的客戶轉向 Zoom Team Chat。我們也建立了非常無縫的遷移工具，讓客戶遷移到 Zoom Team Chat。

Thank you, Eric. In terms of the price increases, James. So certainly, the Online price increases that we talked about last call and that we're implementing in Q4 are in all of our forward-looking guidance. And then the renewals team, as they're talking to our customer about renewals where there are opportunities for price increases, we've seen those trends over the last few quarters they've been doing that. And that would also show up in the pipeline that the team has out there. So in that context, it's also been considered.

謝謝你，埃里克。在價格上漲方面，詹姆斯.因此，當然，我們上次電話會議中談到的線上價格上漲以及我們在第四季度實施的線上價格上漲都包含在我們所有的前瞻性指導中。然後續訂團隊，當他們與我們的客戶討論有價格上漲機會的續約時，我們在過去幾季中看到了他們一直在這樣做的趨勢。這也會出現在團隊現有的管道中。因此，在這種情況下，它也得到了考慮。

Yes. By the way, James and all the analysts here, if you log in with a Zoom client, you know my email address. We can create a Zoom Team Chat group, and let's get firsthand experience how powerful it is. So it's very easy. So...

是的。順便說一句，詹姆斯和這裡的所有分析師，如果您使用 Zoom 用戶端登錄，您就會知道我的電子郵件地址。我們可以建立一個 Zoom Team Chat 群組，讓我們親身體驗它的強大之處。所以這很容易。所以...

You can have one-on-one access to Eric, James, [face time with him].

您可以一對一地聯繫艾瑞克、詹姆斯，[與他面對面]。

Our next question comes from Matthew VanVliet with BTIG.

我們的下一個問題來自 BTIG 的 Matthew VanVliet。

I guess one more on the Contact Center. Curious in terms of how the mix is maybe different with channel involvement and partners being involved in those deals over the last couple of months as you really invested in the channel program.

我想聯絡中心還有一個。很好奇，當您真正投資通路計畫時，過去幾個月通路參與和合作夥伴參與這些交易的組合可能有何不同。

And then secondarily, what is the mix of, I guess, the Contact Center sales into existing customers, especially existing Zoom Phone customers? Is that any different than the early days of Zoom Phone in terms of mix?

其次，我想，聯絡中心向現有客戶（尤其是現有 Zoom Phone 客戶）的銷售是怎麼樣的？這與早期的 Zoom Phone 在組合方面有什麼不同嗎？

Yes. So -- Kelly, feel free to chime in. I think for the core Meeting product, by and large, this is directly driven, and Zoom Phone is mixed, right, direct and channel driven. You look at the Contact Center product, for sure, have Zoom Contact Center specialists here. But I think they're primarily driven by a lot of -- and very well established -- the third-party agents, right, and those are channel partners. So they already have a great relationship. We heavily invest into that area. So that's the reason why a lot of deals that are brought to us by those, the channel partners. Some of them even never use that. They are not Zoom Meeting customers, but also, they've become the first Zoom Contact Center customers. So that's kind of channel and also the Zoom Contact Center specialist.

是的。所以，Kelly，請隨意插話。我認為，對於核心會議產品來說，總的來說，這是直接驅動的，而 Zoom Phone 是混合的、正確的、直接的和渠道驅動的。你看看聯絡中心產品，一定有Zoom聯絡中心專家在這裡。但我認為它們主要是由許多——而且非常完善的——第三方代理商推動的，對吧，這些都是通路合作夥伴。所以他們已經有很好的關係了。我們大力投資該領域。這就是通路合作夥伴為我們帶來大量交易的原因。他們中的一些人甚至從不使用它。他們不是 Zoom Meeting 客戶，但也成為了第一批 Zoom 聯絡中心客戶。這就是一種管道，也是 Zoom 聯絡中心專家。

Also, at the same time, because Zoom Phone and Zoom Contact Center, we integrate it very well, and also we are training all those Zoom Phone specialists also to become a Zoom Contact Center specialist, right? The further have our internal sales capacity as well.

另外，同時，因為Zoom Phone和Zoom Contact Center，我們把它整合得很好，而且我們正在培訓所有這些Zoom Phone專家也成為Zoom Contact Center專家，對吧？另外還有我們的內部銷售能力。

I think the overall -- and you look at the revenue trajectory and, Kelly, correct me if I'm wrong, it's very similar to our Zoom Phone growth. And hopefully, after I become GM, maybe we can beat that as well. So -- and anyway, so that's where we are now. So...

我認為總體而言，你看看收入軌跡，凱利，如果我錯了，請糾正我，這與我們的 Zoom Phone 成長非常相似。希望在我成為總經理後，也許我們也能打敗它。所以——無論如何，這就是我們現在的處境。所以...

Yes. The only thing that I would add to that is we're very excited. We hired Chris Morrissey in November. He is a veteran in this space. So really excited to have his talents here at Zoom. And then one other thing to note, which has been interesting about Contact Center, is we actually have seen customers -- new customers coming for Zoom Contact Center. So it's also an opportunity to start to bring -- expose the platform to new prospects and customers as they're really excited about this really modern technology that we have in Zoom Contact Center.

是的。我唯一要補充的是我們非常興奮。我們在 11 月聘請了克里斯·莫里西 (Chris Morrissey)。他是這個領域的資深人士。非常高興能在 Zoom 擁有他的才華。另一件值得注意的事情是，聯絡中心的有趣之處在於，我們實際上已經看到了客戶——新客戶來到 Zoom 聯絡中心。因此，這也是一個開始向新的潛在客戶和客戶展示平台的機會，因為他們對我們在 Zoom 聯絡中心擁有的這項真正現代的技術感到非常興奮。

Yes. By the way, Chris reports to me directly. He came from NICE, so NICE inContact. So...

是的。順便說一句，克里斯直接向我報告。他來自尼斯，所以聯絡方式也很好。所以...

Our next question comes from Siti Panigrahi with Mizuho.

我們的下一個問題來自 Mizuho 的 Siti Panigrahi。

So how about the other growth driver you have, Phone -- on the Phone side? So help us understand like what's your penetration right now within the installed base on the Phone side? And any update in terms of whether the number of seats or revenue you have by end of this fiscal year?

那麼，您擁有的另一個成長動力——電話——在電話方面怎麼樣？那麼請幫助我們了解您現在在手機方面的安裝基礎中的滲透率是多少？到本財政年度結束時您擁有的席位數或收入是否有任何更新？

Yes. So we are really excited about the ongoing strength and growth in Zoom Phone. The -- in terms of the opportunity ahead, even internally, the penetration rate for deal attach is still under, I think, 20%. So that just highlights -- there's also a greenfield even within our existing Zoom customer base.

是的。因此，我們對 Zoom Phone 的持續實力和成長感到非常興奮。就未來的機會而言，即使在內部，我認為交易附加的滲透率仍低於 20%。所以這只是強調——即使在我們現有的 Zoom 客戶群中也有一個未開發的領域。

And the metric that we gave this quarter was that customers with greater than 10,000 seats increased 11% year-over-year or 27% -- sorry, 11% quarter-over-quarter, 27% year-over-year to 95%. So seeing lots of strength in that high end of the customer base, which we're really excited about. And we didn't give a seat count metric this quarter. It's probably something that we'll do in the next quarter or 2.

我們本季給出的指標是，擁有超過 10,000 個座位的客戶同比增長 11% 或 27%——抱歉，環比增長 11%，同比增長 27%，達到 95%。因此，看到高端客戶群的強大實力，我們對此感到非常興奮。本季我們沒有給出座位數指標。這可能是我們在下一兩個季度要做的事情。

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。

Maybe going back to the Contact Center piece and trying to loop in the AI Expert Assist side. When you're seeing customers come in, are they adopting the premium tiers off the bat? And do you have a sense of whether the usage of Expert Assist is ticking up as a result? Or is this something that we should think of as a future upsell driver as customers kind of land maybe at the low end and then expand over time?

也許回到聯絡中心部分並嘗試在人工智慧專家輔助方面循環。當您看到客戶進來時，他們是否立即採用高級套餐？您是否知道 Expert Assist 的使用率是否因此而增加？或者我們應該將其視為未來的追加銷售驅動因素，因為客戶可能會處於低端市場，然後隨著時間的推移而擴大？

Yes. That's a great question. The reason why we introduced the model tiers for the Contact Center because we really look at it from a customer perspective. Each customer, they have totally different demands or requirements. And sometimes, they do not care about -- and the social media channel, right? They just need a core functionality, right? Just a few hundred seats and then migrate from other cloud-based contact center solutions, really do not need workforce management or quality management, right? That's the reason why we have 3 tiers now, right?

是的。這是一個很好的問題。我們之所以引入聯絡中心的模型層，是因為我們真正從客戶的角度來看它。每個客戶都有完全不同的需求或要求。有時，他們並不關心社群媒體管道，對吧？他們只需要核心功能，對吧？只需幾百個席位然後從其他基於雲端的聯絡中心解決方案遷移，真的不需要勞動力管理或品質管理，對吧？這就是我們現在有 3 層的原因，對吧？

Quite often for the SMB customer, I think Zoom Contact Center essentials is good enough, right? And we talk with the customers with more than 1,000 agents. For sure, they would like to have those AI Expert Assist and workforce management or quality management, so on and so forth, right?

對於中小型企業客戶來說，我經常認為 Zoom 聯絡中心的必需品已經足夠好了，對吧？我們與1000多家代理商的客戶進行了交談。當然，他們希望擁有人工智慧專家協助和勞動力管理或品質管理等等，對吧？

That's the reason why, because customer demand, we have multiple tiers and our contact center specialists and those partners -- channel partners working together, right? Based on customer demand, we'll offer different tiers. We might introduce more in the future. We do not know. But again, we look at everything from a customer perspective. That's the reason why based on those multitiered packages, you can see that. The demand coming from every segment, SMB customers, large enterprise customers, and it's very healthy. So...

這就是為什麼，因為客戶的需求，我們有多個層次，我們的聯絡中心專家和那些合作夥伴－通路夥伴一起工作，對嗎？根據客戶的需求，我們將提供不同的等級。我們將來可能會推出更多。我們不知道。但同樣，我們從客戶的角度看待一切。這就是為什麼基於這些多層包，您可以看到這一點。需求來自各個細分市場，中小企業客戶、大型企業客戶，而且非常健康。所以...

And just to further what Eric said, the packages are off to a really great start. We've had approximately 3,700 licenses sold in those upper tiers. And the ASP for those is double what our existing ASP was before we introduced those additional tiers. So it really shows you how this is going to not only address a broader market but also accelerate our revenue growth here.

為了進一步說明艾瑞克所說的，這些軟體包是一個非常好的開始。我們已經在這些上層銷售了大約 3,700 個許可證。這些產品的 ASP 是我們在引入這些附加層之前現有 ASP 的兩倍。因此，它確實向您展示了這將如何不僅滿足更廣闊的市場，而且還能加速我們的收入成長。

Yes. Used to be a little bit over $50. Now it is $100. This is great result. So...

是的。以前是50多一點。現在是 100 美元。這是很棒的結果。所以...

Your next question comes from Taz Koujalgi with Wedbush.

您的下一個問題來自 Wedbush 的 Taz Koujalgi。

I have a question on the guide for next year. Kelly, how do you think about the breakdown between Enterprise growth and Online for next year? Should we see Online start growing year-over-year in '25?

我對明年的指南有疑問。凱利，您如何看待明年企業成長和線上成長之間的細分？我們是否應該看到線上業務在 25 年開始逐年成長？

Yes. We aren't going to give specific guidance for the segments, but we are really focused on continuing to have stabilization in the Online segment, which you saw happen again this quarter is -- actually both quarter -- both segments were slightly up in Q4, which was great to see. And really focusing on the initiatives to drive -- basically stabilization is how I would think about it for FY '25 in the Online segment.

是的。我們不會為這些細分市場提供具體指導，但我們確實專注於繼續保持在線細分市場的穩定，您會看到本季度再次發生這種情況- 實際上是兩個季度- 這兩個細分市場在第四季度均略有上升，很高興看到。真正專注於推動推動的舉措——基本上穩定是我對 25 財年線上業務的看法。

Got it. And then one follow-up for Eric. Eric, you mentioned increasing deal sizes for Contact Center. Can you compare when a customer buys Zoom Phone and buys Zoom Contact Center, are the deal sizes a lot different, similar? Because the ASP is a lot higher for Contact Center but I'm guessing the seat count is lower. How does the seat -- deal values compare between Phone and Contact Center?

知道了。然後是埃里克的後續行動。艾瑞克（Eric），您提到增加聯絡中心的交易規模。您能否比較一下顧客購買 Zoom Phone 和購買 Zoom Contact Center 時，交易規模是否大不相同或類似？因為聯絡中心的 ASP 要高得多，但我猜座位數會少一些。電話和聯絡中心之間的席位交易價值如何比較？

I think -- that's a great question. I think for sure, I do not think I can compare that. The reason Zoom Phone -- at Zoom Contact Center, as we started normally, so we have a lot of accounts. But every deal size is rather small. Now we see that every size of a deal is bigger and greater and greater, right? This is much better than before.

我認為——這是一個很好的問題。我想當然，我不認為我可以比較它。 Zoom Phone 的原因是在 Zoom 聯絡中心，正如我們正常啟動的那樣，我們有很多帳戶。但每筆交易的規模都相當小。現在我們看到每筆交易的規模都越來越大，對嗎？這比以前好多了。

And from that perspective, it's very different compared with Zoom Phone, right? That's the reason why you look at our -- the Zoom and the 3 package, right? And elite package is 100 -- I think, is $49 per user per month -- per agent per month. It's much bigger than Zoom Phone, right? That's the reason why I think in terms of pricing, it is very different. We see that more and more medium and large enterprise customers are double Zoom Contact Center. You can see that every deal size is much bigger. And we do not focus on number of seats, number of customers, but focus on the size of customers that's very healthy.

從這個角度來看，它與 Zoom Phone 相比有很大不同，對嗎？這就是您查看我們的 Zoom 和 3 套餐的原因，對嗎？精英套餐是 100 美元——我想是每個用戶每月 49 美元——每個代理商每月。它比 Zoom Phone 大得多，對吧？這就是為什麼我認為在定價方面有很大不同。我們看到越來越多的中大型企業客戶使用雙Zoom聯絡中心。你可以看到每筆交易的規模都要大得多。我們不關注座位數量、顧客數量，而是關注非常健康的顧客規模。

Our next question comes from Matthew Bullock with Bank of America.

我們的下一個問題來自美國銀行的馬修·布洛克。

I'll be asking on behalf of Mike Funk today regarding Zoom's progress and road map for Contact Center product development. Can you provide an update on the company's near-term priorities in terms of functionality improvement? And then in the longer term, where is the company's focus to better position the offering for larger-scale enterprise deployments?

今天我將代表 Mike Funk 詢問 Zoom 的進度以及聯絡中心產品開發的路線圖。您能否介紹一下公司近期在功能改善方面的優先事項的最新情況？那麼從長遠來看，公司的重點在哪裡，以便更好地定位更大規模的企業部署產品？

Yes. This is great. So first of all, I want to tell you from an architecture perspective, we are ready already for a very big live customers in terms of number of concrete agents, and we did a test, it works very well.

是的。這很棒。首先，我想從架構的角度告訴您，我們已經為非常大的現場客戶做好了具體代理數量的準備，並且我們做了測試，效果非常好。

For now, we just focus on the feature set. Again, we already have lots of features. Most of the customers, they can deploy Zoom Contact Center without any problem, either migrate from legacy contact center solution providers or migrate from the other cloud solution providers.

目前，我們只關注功能集。同樣，我們已經擁有很多功能。大多數客戶可以毫無問題地部署 Zoom 聯絡中心，無論是從傳統聯絡中心解決方案供應商遷移或從其他雲端解決方案供應商遷移。

In terms of new feature, for I think in the next few quarters, like one big feature is PCI compliance, right? We need to support that, right? And also how to support the channel partners, right, and also all those features may not be the core features, but also like PCI compliance and also the supported channel partners, right? All those features sort of like enterprise related, so -- and we're also working on that.

就新功能而言，我認為在接下來的幾個季度中，一個重要的功能是 PCI 合規性，對吧？我們需要支持這一點，對吧？還有如何支援通路合作夥伴，對吧，所有這些功能可能不是核心功能，但也像 PCI 合規性和支援的通路合作夥伴，對嗎？所有這些功能都有點像企業相關的，所以 - 我們也在努力解決這個問題。

And also some like workforce management and Q management further enhance that and also add a lot of AI features as well. I think as you can see, in the core feature set, already there, we just need to add a few here and there, and I think we are almost 100% ready. Like even for the social media channel, we already support -- and the other -- like in the social media channel, how do we support more the channels like WhatsApp, right? How to add WhatsApp there? It's just some corner feature here and there in the next few quarters. And yes, this team is working very hard on that. So...

勞動力管理和 Q 管理等一些功能進一步增強了這一點，並添加了許多人工智慧功能。我想正如你所看到的，在核心功能集中，已經存在了，我們只需要在這裡和那裡添加一些，我認為我們幾乎 100% 準備好了。就像社群媒體管道一樣，我們已經支援 - 以及其他 - 就像在社群媒體管道中一樣，我們如何支援更多像 WhatsApp 這樣的管道，對吧？如何在那裡添加 WhatsApp？這只是接下來幾季中的一些角落功能。是的，這個團隊正在為此努力。所以...

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

This is Arti on for Mark Murphy. Congrats on all the milestones. You mentioned in your prepared remarks about how AI Companion is integrated into your Contact Center suite of solutions. In our discussions with industry contacts, those sort of applications for gen AI have been pretty scaled pretty strong and a lot of customer interest. Are you guys seeing a similar pattern with customers? Is that an area where you're seeing kind of an outsized interest or utilization of the AI tools?

我是馬克墨菲的阿蒂。祝賀所有里程碑。您在準備好的評論中提到如何將 AI Companion 整合到您的聯絡中心解決方案套件中。在我們與行業聯繫人的討論中，新一代人工智慧的此類應用已經相當規模化，非常強大，並且引起了許多客戶的興趣。你們在客戶中看過類似的模式嗎？您是否在這個領域看到了對人工智慧工具的極大興趣或利用？

Yes, I think it's very similar. If you look at our Zoom Meeting product, right, customer discovered that Zoom AI Companion to help you with the meeting summary. And after they discovered that feature and they would like to adopt that, right? Contact Center, exact same thing. And like Virtual Agent, Zoom Expert Assist, right, leverage those AI features. Manager kind of knows what's going on in real time and also -- and the agent while can have the AI, to get a real-time in order base and any update about these customers.

是的，我認為非常相似。如果您查看我們的 Zoom Meeting 產品，對吧，客戶發現 Zoom AI Companion 可以幫助您完成會議摘要。在他們發現該功能後，他們想採用該功能，對吧？聯絡中心，完全相同的事情。與虛擬代理、Zoom Expert Assist 一樣，利用這些人工智慧功能。經理可以即時了解正在發生的事情，而且代理商也可以擁有人工智慧，以獲取即時訂單庫以及有關這些客戶的任何更新。

All those AI features can dramatically improve the agent efficiency, right? That's the reason why it's kind of -- will not take a much longer time for those agents to realize the value of the AI features because it's kind of very easy to use. And I think that in terms of adoption rate, I feel like Contact Center AI adoption rate even probably faster than the other -- the core features, so -- core services.

所有這些人工智慧功能都可以大大提高代理效率，對嗎？這就是為什麼這些代理商不需要花更長的時間就能意識到人工智慧功能的價值，因為它非常容易使用。我認為就採用率而言，我覺得聯絡中心人工智慧的採用率甚至可能比其他核心功能、核心服務更快。

Our next question comes from Matthew Harrigan with Benchmark.

我們的下一個問題來自 Benchmark 的 Matthew Harrigan。

Do you have any thoughts on the relative macro strength you're seeing in different markets, Pacific Rim, Japan? Obviously, Buffett was just extolling the virtues of Japan as an investment area right now, Europe, U.S., et cetera?

您對環太平洋地區、日本等不同市場的相對宏觀實力有何想法？顯然，巴菲特現在只是在吹捧日本作為投資地區的優點，歐洲、美國等等？

Yes. We agree. We see Japan as certainly a very important market for us. And it is a core focus for FY '25 is reinvesting and reinvigorating our go-to-market teams in both EMEA and APAC. We have new leadership in some of those markets and are really excited again about the quick start, the teams being in market, and we're ready to go look forward to great things from them this year.

是的。我們同意。我們認為日本對我們來說無疑是一個非常重要的市場。 25 財年的核心重點是對歐洲、中東和非洲和亞太地區的市場進入團隊進行再投資和重振。我們在其中一些市場有了新的領導層，並且對快速啟動和進入市場的團隊再次感到非常興奮，我們準備好期待他們今年的偉大成就。

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。

I really appreciate all the detail, and it's obviously pretty exciting news to see all the expansion opportunities going on with the enterprise customers, along with kind of maybe a floor coming in with the online customer group. I guess 2 follow-ups I've got around the enterprise customers. I don't think you commented on how churn is evolving with those customers. And obviously, with continued tailing in NRR, I'm trying to unpack what portion of that is coming from churn versus what portion of that is coming from the kind of continued refresh cycle you have with like long-tenured customers that are still coming down on seats.

我真的很欣賞所有的細節，看到企業客戶正在發生的所有擴張機會，以及線上客戶群可能出現的樓層，這顯然是非常令人興奮的消息。我想我已經圍繞著企業客戶進行了兩次後續行動。我認為您沒有評論過這些客戶的流失情況如何演變。顯然，隨著 NRR 的持續拖尾，我正在嘗試解開其中哪一部分來自流失，哪一部分來自持續更新周期，就像長期客戶仍在下降一樣座位上。

And then the second part is kind of if you look through on that NRR and you're talking about some acceleration going on later this year. And I think that's starting to mix in customers that no longer are those long tenure that have seats coming down, and it's really being replaced by those that -- the expansion is really in functionality is coming in. If you look at those customers that are kind of past their seat readjustment, how expansive are those customers that we can maybe look forward to out a year or so being a greater portion of the mix?

然後第二部分是，如果你仔細查看 NRR 並且你正在談論今年稍後發生的一些加速。我認為，這些客戶開始混合在一起，不再是那些長期任職、席位下降的客戶，而是真正被那些功能擴展的客戶所取代。如果你看看那些客戶，他們是座位調整已經過去了，我們可以期待一年左右的時間裡，這些客戶的範圍有多大？

Yes. So it's a really good point, Peter. So we've talked about this a few times, but in FY '24, we know -- we saw that the majority of our customers had a renewal event. So they had the opportunity to work with us as they needed to potentially rightsize their seat count.

是的。所以這是一個很好的觀點，彼得。我們已經多次討論過這個問題，但在 24 財年，我們知道 – 我們看到大多數客戶都進行了續訂活動。因此，他們有機會與我們合作，因為他們需要調整座位數。

Again, our renewals team has done an amazing job of taking the opportunity to talk to them about the opportunity to upgrade to Zoom One, to potentially add in Zoom Phone or additional products, so maintaining that spend. So we've seen some shifting around in terms of the overall portfolio, but really focused on maintaining that spend. And what that does is it really situates us very well as those customers start to grow again, that the customers are now sitting in different SKUs that potentially are more retentive and also at a higher price point, honestly, that they can grow into as they start adding seats again.

同樣，我們的續約團隊做得非常出色，他們利用這個機會與他們討論升級到 Zoom One 的機會，可能會添加 Zoom Phone 或其他產品，從而維持這筆支出。因此，我們看到整體投資組合發生了一些變化，但真正關注的是維持支出。這樣做的作用是，當這些客戶開始再次成長時，我們確實處於非常有利的位置，客戶現在坐在不同的SKU 中，這些SKU 可能更具保留性，而且價格也更高，說實話，他們可以隨著他們的增長而成長。再次開始添加座位。

We do see there's going to be a much lower percentage of our customers that are up for renewal this year that didn't have a renewal event last year. So we've seen, again, the majority of our customers, that they had something to work through in terms of rightsizing. We've seen the majority of them have the opportunity to do that in FY '24. So we expect that to have a much lower impact in FY '25.

我們確實看到，去年沒有進行續訂活動的客戶今年續訂的比例將會低得多。因此，我們再次看到大多數客戶在調整規模方面需要解決一些問題。我們看到他們中的大多數人都有機會在 24 財年做到這一點。因此，我們預計 25 財年的影響將小得多。

And the churn side of it, how much of the roll-off in NRR is because churn has gone up? Or is it continuing to be what it has always been on the enterprise side, pretty stable?

流失率方面，NRR 下降有多少是因為流失率上升？或者它會繼續保持企業方面一直以來的狀態，相當穩定嗎？

It's been pretty stable. We did -- we've talked about these customers that were rightsizing. You saw -- given the reductions that we saw across our customer base and you saw generally in organizations last year, there was some impact for that, but the churn rates themselves have been pretty stable.

一直很穩定。我們確實這樣做了——我們已經討論過這些正在調整規模的客戶。你看到了——考慮到我們去年在整個客戶群中看到的客戶群的減少以及你在組織中普遍看到的情況，這確實產生了一些影響，但客戶流失率本身相當穩定。

And you remember that our net RR number is a trailing 12-month metric. So you're likely going to see a little more decline in that metric before it starts to reaccelerate again, along with our revenue that we're expecting to see at the back half of this year.

您還記得我們的淨 RR 數是過去 12 個月的指標。因此，在該指標開始再次加速之前，您可能會看到更多的下降，以及我們預計在今年下半年看到的收入。

Our next question comes from Shebly Seyrafi with FBN Securities.

我們的下一個問題來自 FBN 證券公司的 Shebly Seyrafi。

So adjusted for the 2 fewer days in Q1, you're guiding for 3.6%, so 4% growth in Q1. And for the year, you're guiding for about 1.5% growth. I know you bottom in Q2, but it seems like with a reasonable projection, you're still going to be like 2% growth, roughly half the 4% growth in Q1 in the back half of the year, yet you're going to have these new products ramping, the Phone, the Contact Center, AI, et cetera. I'm trying to understand why you don't expect an adjusted revenue growth acceleration in the back half instead of the implied deceleration I get in my model.

因此，根據第一季減少的 2 天進行調整，您的指導值為 3.6%，即第一季成長 4%。今年的成長目標是 1.5% 左右。我知道你在第二季度觸底，但如果有一個合理的預測，你仍然會實現 2% 的增長，大約是今年下半年第一季 4% 增長的一半，但你會電話、聯絡中心、人工智能等新產品不斷湧現。我試著理解為什麼你不期望後半段調整後的收入成長加速，而不是我在模型中得到的隱含減速。

Yes. We do -- we are guiding to 1.8% in Q1. So that's the outlook that we are giving. If you're backing into something different -- but the guidance that we're giving, as a reminder, is 1.8% and then 1.6% for the full year with the decline that we are expecting from a year-over-year growth perspective in Q2.

是的。我們確實如此——我們預計第一季的成長率為 1.8%。這就是我們給出的前景。如果你支持不同的做法，但提醒一下，我們給出的指導是全年 1.8%，然後是 1.6%，我們從同比增長的角度預計會出現下降。在第二季度。

Let me be clear. But Q1 has a 1.8% hit from the 2 fewer days. So adjusted for that, it's 3.6% growth in Q1, right? So apples-to-apples, 3.6% goes down to something like 1% to 2% in the back half of the year, and you have new products ramping in the back half of the year. So I'm trying to understand that.

讓我說清楚。但由於減少了 2 天，第一季的成長率下降了 1.8%。經過調整後，第一季成長了 3.6%，對吧？因此，從蘋果到蘋果，下半年的成長率從 3.6% 下降到 1% 到 2%，下半年新產品將大量湧現。所以我試著去理解這一點。

So as I mentioned in the prepared remarks, we are not assuming any improvement in the overall macroeconomic outlook and/or changes significantly in terms of our international contribution. So all of that combined, we are taking what we believe to be an appropriately prudent outlook for the year.

正如我在準備好的演講中所提到的，我們並不認為整體宏觀經濟前景有任何改善和/或我們的國際貢獻發生重大變化。因此，所有這些綜合起來，我們對今年的前景持適當審慎的態度。

Our next question comes from Catharine Trebnick with Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的凱瑟琳·特雷布尼克。

So back to the Contact Center, to beat a dead horse. It seems like there is this -- a lot of the information I gathered was there's a big push for light contact centers and it seems that Zoom fits that quite well with your pricing model. And when I say light, I mean those are nonagents versus agents. So do you have like a split for the quarter that you were willing to share that would be agent versus nonagent? I'm just trying to get a good handle on that growth outside the traditional agents for license because there seems to be a good opportunity there.

所以回到聯絡中心，又是死馬當活馬醫。看起來是這樣的——我收集的許多資訊都是輕型聯絡中心的大力推動，而 Zoom 似乎非常適合你們的定價模式。當我說光時，我的意思是非代理​​與代理。那麼，您是否願意分享該季度的代理人與非代理人的分配情況？我只是想在傳統許可代理商之外更好地把握這種增長，因為那裡似乎有一個很好的機會。

I think direction-wise, you're so right. And on the one hand, for the real human agent, they still need more in contact center solution. We are working hard on that, replace legacy vendor solutions or other cloud business solutions.

我認為從方向上來說，你是對的。一方面，對於真正的人工座席來說，他們仍然需要更多的聯絡中心解決方案。我們正在努力解決這個問題，取代傳統的供應商解決方案或其他雲端業務解決方案。

On the other hand, and it is more and more demand, I think the customers that do not deploy a human agent anymore, right, can have the Virtual Agent. I think that's the reason why we also sell Zoom Virtual Agent as well. I think maybe in the next few quarters and maybe we are ready to disclose that. For now, I do not think that we're ready to disclose that number. I can -- but we focus on both sides. And either you do not have more agent, you can have the AI. This is good. Or you can buy more agents, and that's okay, too. So -- and yes, that's our plan.

另一方面，需求越來越多，我認為不再部署人工代理的客戶可以擁有虛擬代理。我認為這就是我們也銷售 Zoom 虛擬代理的原因。我想也許在接下來的幾個季度裡，也許我們已經準備好要披露這一點。目前，我認為我們還沒有準備好透露這個數字。我可以——但我們要關注雙方。要嘛你沒有更多的代理，你就可以擁有人工智慧。這很好。或者你可以購買更多的代理，也沒關係。所以——是的，這就是我們的計劃。

Our next question comes from Peter Levine with Evercore.

我們的下一個問題來自 Evercore 的 Peter Levine。

Kelly, your comments on M&A, can you maybe share with us what you're thinking in terms of inorganic contributions? But what area would you consider? Is it CCaaS? Is it like workflow collaboration? But any sense on kind of where you're thinking or how you're thinking about adding to the portfolio?

凱利，您對併購的評論，您能否與我們分享您對無機貢獻的看法？但您會考慮哪個領域？是CCaaS嗎？是不是像工作流程協作？但是，您對添加到投資組合中的想法或想法有什麼感覺嗎？

Yes. We've been exploring opportunities actually across all of those areas, Peter. We look for opportunities to either accelerate what we already have, which would obviously be in the CCaaS space, and a good example is what we did in the past with Solvvy around our virtual agent product or something that sits a little bit next to it, which Workvivo is a great example of that as well.

是的。彼得，我們實際上一直在探索所有這些領域的機會。我們尋找機會來加速我們已經擁有的東西，這顯然是在 CCaaS 領域，一個很好的例子是我們過去與 Solvvy 圍繞我們的虛擬代理產品或與之相近的產品所做的事情， Workvivo 也是一個很好的例子。

So we are continuing to look in areas both within our current portfolio as well as around us with things like productivity tools. So that's how we're thinking about it. Eric, is there anything you want to add?

因此，我們將繼續在我們目前的產品組合以及我們周圍的領域中尋找諸如生產力工具之類的東西。這就是我們的想法。艾瑞克，你還有什麼要補充的嗎？

Yes. You're so right on, just either they're technology driven or just to expand our TAM or maybe double down on our existing services. So pretty much those 3 things, yes, we are very interested on offering.

是的。你說得很對，他們要么是技術驅動的，要么只是為了擴展我們的 TAM，或者可能是我們現有服務的加倍投入。是的，我們非常有興趣提供這三件事。

We only have time for one more question, and that comes from George Iwanyc with Oppenheimer.

我們只剩下時間再問一個問題，這個問題來自喬治伊凡尼克和奧本海默。

Kelly, maybe expanding on your comments on the sales side and the reorg. How do you feel about your productivity in North America and internationally? And when you look at investing this year, like where are you putting the most effort?

凱利，也許可以擴展一下您對銷售方面和重組的評論。您對北美和國際的生產力有何看法？當你回顧今年的投資時，你在哪裡投入最多的精力？

Yes. So you saw in our results for Q3 and Q4 that we had reacceleration in sales productivity in the back half of FY '24. And again, off to a really fast start for FY '25. So excited about that. We are investing in both direct and channel on a global basis as it's really important that we keep fueling the growth driver that we have here in North America but also reinvesting and reinvigorating our international markets as well.

是的。因此，您在我們第三季和第四季的業績中看到，我們在 24 財年後半段的銷售生產力再次加速。 25 財年又迎來了一個非常快的開局。對此感到非常興奮。我們正在全球進行直接投資和通路投資，因為我們不僅要繼續推動北美的成長動力，還要對國際市場進行再投資和重振，這一點非常重要。

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

我們的問答到此結束。現在我想將事情轉回給埃里克以供結束評論。

Well, thank you all for your support. Thank you all for your time. I really appreciate, and see you next quarter. Thank you.

好的，謝謝大家的支持。感謝大家抽出寶貴的時間。我真的很感激，下個季度見。謝謝。

Again, this concludes today's release. We thank you all for your participation. From our family to yours, thank you.

今天的發佈到此結束。我們感謝大家的參與。從我們的家人到你的家人，謝謝你們。