Zoom Communications Inc (ZM) 2025 Q1 法說會逐字稿

I will hand things over to Charles Eveslage, incoming Head of Investor Relations. Charles, over to you.

我將把事情交給即將上任的投資者關係主管 Charles Eveslage。查爾斯，交給你了。

Thank you, Kelcey.

謝謝你，凱爾西。

Hello, everyone, and welcome to Zoom's earnings video webinar for the first quarter of fiscal year 2025. I'm joined today by Zoom's Founder and CEO, Eric Yuan; and Zoom's CFO, Kelly Steckelberg.

大家好，歡迎參加 Zoom 2025 財年第一季財報視訊網路研討會。 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 press 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副本和包含財務要點的幻燈片，其中包括我們的新聞稿，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 second quarter and full fiscal 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. 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 risks and other factors that could affect our performance and financial results, which we discuss in detail in our filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. Zoom assumes no obligation to update any forward-looking statements we may make on today's webinar.

在本次電話會議中，我們將做出前瞻性聲明，包括有關我們第二季度和 2025 年整個財年財務前景的聲明；我們對財務和商業趨勢的期望；宏觀經濟環境、我們的市場地位、機會、進入市場舉措、成長策略和業務願望的影響；產品舉措以及此類舉措的預期效益。這些陳述只是基於我們今天所相信的預測，實際結果可能有重大差異。這些前瞻性陳述受到可能影響我們業績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-Q表季度報告。 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, Charles. Thank you, everyone, for joining us today.

謝謝你，查爾斯。謝謝大家今天加入我們。

Our rapid innovation over the years has taken us far beyond video conferencing. Every step of the way has been guided by our mission to solve customer problems and enable greater productivity. In the process, we have very deliberately created a communication and collaboration powerhouse with AI infused natively across the platform.

多年來，我們的快速創新已經遠遠超出了視訊會議的範圍。我們的每一步都以解決客戶問題並提高生產力的使命為指導。在這個過程中，我們非常有意地創建了一個溝通和協作的強大平台，並將人工智慧融入整個平台中。

Time and time again, we are recognized as a leader by Gartner, G2, TrustRadius and many others. And we are so pleased that in March, Fast Company added Zoom to their prestigious list of the World's Most Innovative Companies of 2024, further validating our dedication and providing our customers with a high-quality, open collaboration platform powered by AI that just works.

我們一次又一次被 Gartner、G2、TrustRadius 等眾多機構認可為領導者。我們非常高興3 月份，Fast Company 將Zoom 添加到其著名的2024 年全球最具創新力公司名單中，這進一步驗證了我們的奉獻精神，並為我們的客戶提供了一個由AI 驅動且行之有效的高品質、開放式協作平台。

In March, we announced the Zoom Workplace, our AI-powered collaboration platform designed to help our customers streamline communications, improve productivity, increase employee engagement and optimize in-person time.

今年 3 月，我們推出了 Zoom Workplace，這是我們由人工智慧驅動的協作平台，旨在幫助我們的客戶簡化溝通、提高生產力、提高員工敬業度並優化面對面時間。

Within the launch of Zoom Workplace are new enhancements and capabilities like multi-speaker view, document collaboration, AI-powered portrait lighting, along with upcoming features and products like Ask AI Companion, which will work across the platform to help employees make the most of their time. The Workplace launch also boosts Zoom Phone, Team Chat, Events and Whiteboard with many more AI Companion capabilities to help make our customers more productive.

Zoom Workplace 的推出包括新的增強功能和功能，如多發言者視圖、文件協作、人工智慧驅動的肖像照明，以及即將推出的功能和產品，如Ask AI Companion，這些功能和產品將跨平台工作，幫助員工充分利用他們的時間。 Workplace 的發布也透過更多 AI Companion 功能增強了 Zoom Phone、團隊聊天、活動和白板功能，幫助我們的客戶提高工作效率。

One of the core pillars of Zoom Workplace is optimizing in-person time and embracing flexible work. Our Spaces portfolio has expanded from Zoom Rooms into integrated adjacencies like Workplace Reservation, Visitor Management and Digital Signage. As of the end of Q1, the cumulative number of Zoom Rooms licenses purchased was over 2 million. And in the last 12 months, we provisioned over 100,000 desks in Workspace Reservations to support in-office work.

Zoom Workplace 的核心支柱之一是優化面對面時間並擁抱彈性工作。我們的空間產品組合已從 Zoom Rooms 擴展到工作場所預訂、訪客管理和數位看板等整合鄰接功能。截至第一季末，累計購買的 Zoom Rooms 許可證數量超過 200 萬張。在過去 12 個月中，我們在工作空間預訂中配置了超過 100,000 個辦公桌來支援辦公室工作。

Leading financial services and legal firms such as Capital One and Cooley use Zoom Rooms to support their globally dispersed hybrid workforce, and others like Flex and BAYADA Home Health Care have expanded from Zoom Rooms to Workspace Reservation in order to optimize in-office time.

Capital One 和Cooley 等領先的金融服務和律師事務所使用Zoom Rooms 來支持其全球分散的混合型員工隊伍，Flex 和BAYADA Home Health Care 等其他公司已從Zoom Rooms 擴展到工作空間預訂，以優化辦公時間。

Zoom Workplace is also designed to increase employee engagement through the integration of Workvivo into our platform. In Q1, we landed a major telco customer on Workvivo, who bought approximately 100,000 seats, and Workvivo was named Meta's only preferred migration partner for its customers as it retires Workplace from Meta. Our success in employee experience represents an important beachhead for us in upselling customers on the full suite.

Zoom Workplace 還旨在透過將 Workvivo 整合到我們的平台來提高員工敬業度。第一季度，我們在 Workvivo 上找到了一位主要電信客戶，他們購買了大約 100,000 個席位，隨著 Workplace 從 Meta 退出，Workvivo 被指定為 Meta 客戶的唯一首選遷移合作夥伴。我們在員工體驗方面的成功是我們向客戶追加銷售全套產品的重要灘頭堡。

Zoom Workplace exists alongside and is designed to seamlessly integrate with our business services, including Zoom Events, Revenue Accelerator, Contact Center, Virtual Agent and others.

Zoom Workplace 並存，旨在與我們的業務服務無縫集成，包括 Zoom Events、Revenue Accelerator、聯絡中心、虛擬代理等。

Zoom Contact Center, launched only 2 years ago, is ready for prime time. We now support PCI Compliance, opening the door for customers that have payment processing in their workflows. We also received FedRAMP Moderate authorization for our Essentials and Premium SKUs, allowing U.S. government agencies and entities doing business with them to leverage Zoom Contact Center.

Zoom 聯絡中心僅在兩年前推出，現已準備好迎接黃金時段。我們現在支援 PCI 合規性，為在工作流程中進行支付處理的客戶打開大門。我們也獲得了 Essentials 和 Premium SKU 的 FedRAMP Moderate 授權，允許美國政府機構和與其開展業務的實體利用 Zoom Contact Center。

We have launched all key social channels, including Facebook Messenger, WhatsApp and Gmail; and have enabled direct transfers between contact center agents and other departments via Zoom Phone, helping to further bridge the employee and customer experiences.

我們推出了所有主要社交管道，包括 Facebook Messenger、WhatsApp 和 Gmail；並透過 Zoom Phone 實現了聯絡中心座席與其他部門之間的直接轉接，有助於進一步彌合員工和客戶的體驗。

As a result of how far the product has come, we have seen strong growth in a number of deals where we have beat or displaced a Gartner Top 4 CCaaS player. We have also strengthened our Channel partnerships, leading to a significant increase in our Channel wins and ability to compete for larger deals. ASPs are heading north buoyed by the popularity of our higher tier packages that allow agents and managers to lean further into AI with AI Expert Assist, Workforce Management, Quality Management, and more.

由於該產品已經取得了長足的進步，我們看到許多交易的強勁增長，我們已經擊敗或取代了 Gartner 四大 CCaaS 參與者。我們也加強了通路合作關係，從而顯著增加了我們的通路勝利和競爭更大交易的能力。受到我們更高層級套餐的普及的推動，ASP 正在向北發展，這些套餐允許代理商和經理透過 AI 專家協助、勞動力管理、品質管理等進一步深入了解 AI。

Now let me recognize some of our amazing customers. First, let me thank Expedia, who needs no introduction, for becoming a Lighthouse Zoom Revenue Accelerator customer in the quarter, leaning heavily into our AI products to drive revenue. A power user of Zoom Phone for years, they wanted to better automate workflows, coach sellers and drive efficiencies. We partner with them on an initial quadruple-digit seat Zoom Revenue Accelerator deal, which includes working directly with their team to improve and tailor the product based on their business model and industry-specific use case. We're so excited about this AI-centric partnership to drive value for Expedia and continuously improve our platform based on customer feedback.

現在讓我來認識我們的一些出色的客戶。首先，讓我感謝 Expedia（無需介紹）在本季成為 Lighthouse Zoom Revenue Accelerator 客戶，並大力依賴我們的 AI 產品來增加營收。他們多年來一直是 Zoom Phone 的高級用戶，希望能更好地實現工作流程自動化、指導銷售人員並提高效率。我們與他們合作進行了初始四位數的 Zoom Revenue Accelerator 交易，其中包括直接與他們的團隊合作，根據他們的業務模式和行業特定用例改進和客製化產品。我們對這種以人工智慧為中心的合作夥伴關係感到非常興奮，它可以為 Expedia 帶來價值，並根據客戶回饋不斷改進我們的平台。

Let me also set Major League Baseball. A year ago, MLB made a highly strategic decision to adopt the Zoom Contact Center. In Q1, it chose to expand our successful partnership by integrating Zoom Quality Management into the Zoom Contact Center deployment. This enhancement further strengthens their fan engagement strategy and streamline business operations. MLB was particularly impressed by the interactive features, enhanced accessibility, and the ability of Zoom Quality Management to support a virtual fan engagement.

讓我也設定美國職棒大聯盟。一年前，MLB 做出了採用 Zoom 聯絡中心的高度策略決策。在第一季度，它選擇透過將 Zoom 品質管理整合到 Zoom 聯絡中心部署中來擴大我們成功的合作夥伴關係。這一增強進一步加強了他們的粉絲參與策略並簡化了業務運營。 MLB 的互動功能、增強的可訪問性以及 Zoom 品質管理支援虛擬球迷參與的能力給 MLB 留下了特別深刻的印象。

Let me also thank Centerstone, a nonprofit health system specializing in mental health and substance use disorder treatments for individuals, families, and veterans, for doubling down on zoom. Seeing strong value from their existing Zoom Meetings, Zoom Phone and Rooms deployed, in Q1, they expanded Zoom Phone and added Zoom Contact Center in order to leverage AI to provide better care, and Zoom Team Chat in order to streamline communications in all from a single platform.

我還要感謝 Centerstone，一個專門為個人、家庭和退伍軍人提供心理健康和藥物濫用障礙治療的非營利性衛生系統，感謝他們加倍努力。看到現有Zoom 會議、Zoom Phone 和部署的Room 的巨大價值，他們在第一季擴展了Zoom Phone 並添加了Zoom 聯絡中心，以便利用AI 提供更好的護理，並添加Zoom Team Chat 以便簡化所有溝通單一平台。

I'm also very excited to share that we greatly expanded our footprint with a leading global financial services firm, who doubled their Zoom Phone seats to over 100,000.

我還非常高興地告訴大家，我們大大擴大了與一家全球領先的金融服務公司的合作範圍，該公司的 Zoom Phone 席位增加了一倍，達到 100,000 多個。

We're so pleased to see more customers adopting our Zoom Workplace and Business Services product in order to reap the benefits of our modern, natively integrated, AI-powered technologies.

我們很高興看到更多客戶採用我們的 Zoom Workplace 和商業服務產品，以便從我們現代、原生整合、人工智慧驅動的技術中獲益。

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's start with some exciting milestones for our emerging products in Q1.

謝謝你，埃里克，大家好。讓我們從第一季新興產品的一些令人興奮的里程碑開始。

We saw additional traction in Zoom Contact Center as we reached 90 customers with over $100,000 in ARR, representing a 246% year-over-year growth. This was driven by our recently launched higher pricing tiers as well as our success in larger deals.

我們看到 Zoom 聯絡中心的吸引力進一步增強，我們吸引了 90 名客戶，其 ARR 超過 10 萬美元，年成長 246%。這是由我們最近推出的更高定價等級以及我們在大型交易中取得的成功所推動的。

Zoom Phone saw continued expansion upmarket. With the addition of the marquee financial services customer Eric just mentioned, we now have 5 customers with 100,000 or more Zoom Phone seats.

Zoom Phone 繼續向高端市場擴張。加上剛才提到的大牌金融服務客戶 Eric，我們現在有 5 個擁有 100,000 或更多 Zoom Phone 席位的客戶。

Zoom AI companion has grown significantly in just 8 months with over 700,000 customer accounts enabled as of today. These customers range all the way from solopreneurs up to enterprises with over 100,000 users.

Zoom AI 伴侶在短短 8 個月內實現了顯著成長，截至目前已啟用超過 70 萬個客戶帳戶。這些客戶範圍從個人企業家到擁有超過 100,000 個用戶的企業。

Embedding AI across all aspects of Zoom Workplace and Business Services is a key priority as we continue to drive productivity and engagement for our customers.

隨著我們不斷提高客戶的生產力和參與度，將 AI 嵌入 Zoom Workplace 和商業服務的各個方面是關鍵優先事項。

Now let's dive into the financial results. In Q1, total revenue came in at $1.141 billion, up 3% year-over-year. This result was approximately $16 million above the high end of our guidance.

現在讓我們深入了解財務表現。第一季總營收為 11.41 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。

Our Enterprise revenue grew 5% year-over-year and represented 58% of total revenue, up from 57% a year ago.

我們的企業收入年增 5%，佔總收入的 58%，高於一年前的 57%。

Online average monthly churn came in at 3.2% as compared to 3.1% in Q1 of FY '24. The slight uptick in churn was related to tightening up the grace period for unmade payments, which pulled some churn forward. Absent this change, online average monthly churn would remain consistent with the last 2 quarters at 3.0%, the lowest we had ever reported.

線上平均每月流失率為 3.2%，而 2024 財年第一季為 3.1%。客戶流失率的小幅上升與收緊未付款寬限期有關，這拉動了一些客戶流失率。如果沒有這項變化，線上平均每月流失率將與過去兩個季度保持一致，為 3.0%，這是我們報告過的最低水準。

We saw 8% year-over-year growth in the upmarket as we ended the quarter with 3,883 customers contributing more than $100,000 in trailing 12 months revenue. These customers represented 30% of revenue, up from 29% in Q1 of FY '24.

本季結束時，高端市場年增 8%，有 3,883 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 24 財年第一季的 29%。

As a reminder, our classification of Enterprise versus Online is determined by how we engage the customer, with Enterprise referring to customers who are supported by our direct sales team, resellers, or strategic partners, and Online referring to customers who self-serve. During Q1, as part of an effort to improve the customer experience and drive greater efficiency in our operations, we transitioned 26,800 Enterprise customers with low ARR to Online.

提醒一下，我們對企業與線上的分類取決於我們與客戶互動的方式，企業是指由我們的直銷團隊、經銷商或策略夥伴支援的客戶，線上是指自助服務的客戶。在第一季度，為了改善客戶體驗並提高營運效率，我們將 26,800 名低 ARR 的企業客戶轉變為線上客戶。

The number of Enterprise customers at the end of Q1, after accounting for the transition, was approximately 191,000. It is important to note that while the customer transition had a noticeable impact on our number of Enterprise customers in Q1, the associated revenue was de minimis, representing an approximately $4 million shift from Enterprise to Online. Additionally, our trailing 12-month net dollar expansion rate for Enterprise customers in Q1 came in at 99%, which was not affected by this transition.

考慮到轉型後，第一季末的企業客戶數量約為 191,000 名。值得注意的是，雖然客戶轉型對我們第一季的企業客戶數量產生了顯著影響，但相關收入卻微乎其微，即從企業客戶轉向線上客戶的收入約為 400 萬美元。此外，第一季企業客戶的過去 12 個月淨美元擴張率為 99%，並未受到此次轉型的影響。

Our Americas revenue grew 4% year-over-year, while EMEA increased by 2% and APAC declined by 2%. The APAC performance was due to the FX headwinds in Japan and Australia.

我們的美洲營收年增 4%，而歐洲、中東和非洲地區成長 2%，亞太地區下降 2%。亞太地區的表現是由於日本和澳洲的外匯逆風所致。

Moving now to our non-GAAP results, which exclude stock-based compensation expense and associated payroll taxes, acquisition-related expenses, net gains on strategic investments, and all associated tax effects.

現在來看我們的非公認會計準則業績，其中不包括股票補償費用和相關薪資稅、收購相關費用、策略性投資淨收益以及所有相關稅務影響。

Non-GAAP gross margin in Q1 was 79.3%, which was slightly lower than 80.5% in Q1 of last year, mainly due to our investments in AI innovation. In Q2, we will incur onetime investments to upgrade our data center backbone and expect gross margins to dip to 78% for the quarter. For the full year of FY '25, we continue to expect our gross margin to be approximately 79%.

第一季非 GAAP 毛利率為 79.3%，略低於去年第一季的 80.5%，主要得益於我們對人工智慧創新的投資。第二季度，我們將進行一次性投資來升級我們的資料中心主幹網，預計本季毛利率將降至 78%。對於 25 財年全年，我們繼續預期毛利率約為 79%。

Non-GAAP income from operations grew by 8% year-over-year to $457 million, exceeding the high end of our guidance of $415 million. This translates to a 40% non-GAAP operating margin for Q1, an improvement from 38.2% in Q1 of last year.

非 GAAP 營運收入年增 8%，達到 4.57 億美元，超過了我們指導的上限 4.15 億美元。這意味著第一季的非 GAAP 營運利潤率為 40%，較去年第一季的 38.2% 有所改善。

Non-GAAP diluted net income per share in Q1 was $1.35 on approximately 315 million non-GAAP diluted weighted average shares outstanding. This result was $0.15 above the high end of our guidance and $0.19 higher than Q1 of last year.

第一季非 GAAP 攤薄每股淨利為 1.35 美元，約 3.15 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 0.15 美元，比去年第一季高出 0.19 美元。

Turning to the balance sheet. Deferred revenue at the end of the period was $1.35 billion, down approximately 1% from Q1 of last year. This was roughly 3 percentage points higher than the range we provided last quarter, partially due to tightening up our discounting practices last year. For Q2, we expect deferred revenue to be up approximately 1% year-over-year.

轉向資產負債表。期末遞延營收為13.5億美元，較去年第一季下降約1%。這比我們上季度提供的範圍高出約 3 個百分點，部分原因是我們去年收緊了折扣做法。對於第二季度，我們預計遞延收入將年增約 1%。

Looking at both our billed and unbilled contracts, our RPO increased 5% year-over-year to approximately $3.67 billion. We expect to recognize approximately 59% of the total RPO as revenue over the next 12 months, consistent with Q1 of last year.

從我們的計費和未計費合約來看，我們的 RPO 年增 5%，達到約 36.7 億美元。我們預計未來 12 個月將總 RPO 的約 59% 確認為收入，與去年第一季一致。

Operating cash flow in the quarter grew 41% year-over-year to $588 million. Free cash flow flow grew 44% year-over-year to $570 million. Our operating cash flow and free cash flow margins expanded to 51.5% and 49.9%, respectively. The sharp increase in our cash flow metrics was due to stronger collections, targeted expense management and higher interest income.

該季度營運現金流年增 41% 至 5.88 億美元。自由現金流年增 44% 至 5.7 億美元。我們的經營現金流和自由現金流利潤率分別擴大至 51.5% 和 49.9%。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。

We ended the quarter with approximately $7.4 billion in cash, cash equivalents and marketable securities, excluding restricted cash.

本季末，我們擁有約 74 億美元的現金、現金等價物和有價證券（不包括限制性現金）。

Last quarter, we announced the authorization of a $1.5 billion share buyback plan. As of the end of Q1, we have repurchased $150 million of stock, representing 2.4 million shares.

上季度，我們宣布授權一項 15 億美元的股票回購計畫。截至第一季末，我們已回購價值 1.5 億美元的股票，相當於 240 萬股。

Now turning to guidance. For Q2, we expect revenue to be in the range of $1.145 billion to $1.15 billion, representing approximately 1% year-over-year growth. We expect non-GAAP operating income to be in the range of $415 million to $420 million. Our outlook for non-GAAP earnings per share is $1.20 on to $1.21 based on approximately 316 million shares outstanding.

現在轉向指導。對於第二季度，我們預計營收將在 11.45 億美元至 11.5 億美元之間，年增約 1%。我們預計非 GAAP 營業收入將在 4.15 億美元至 4.2 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 1.20 美元至 1.21 美元。

We are pleased to raise our top line and profitability outlook for the full year of FY '25. We now expect revenue to be in the range of $4.61 billion to $4.62 billion, which represents approximately 2% year-over-year growth. We still believe that Q2 will be the low point from a year-over-year growth perspective and for it to improve from there. We forecast our non-GAAP operating income to be in the range of $1.74 billion to $1.75 billion, representing an operating margin of 37.8% at the midpoint. Our outlook for non-GAAP earnings per share for FY '25 is $4.99 to $5.02 based on approximately 319 million shares outstanding.

我們很高興提高 25 財年全年的營收和獲利前景。我們目前預計營收將在 46.1 億美元至 46.2 億美元之間，年增約 2%。我們仍然認為，從年成長的角度來看，第二季將是低點，並會從此改善。我們預計我們的非 GAAP 營業收入將在 17.4 億美元至 17.5 億美元之間，營業利潤率為中位數 37.8%。基於約 3.19 億股流通股，我們對 25 財年非公認會計準則每股收益的預期為 4.99 美元至 5.02 美元。

Moving on to free cash flow. Please remember that due to the timing of U.S. federal and state tax payments, we pay 2 quarters worth in Q2 and minimal amounts in Q1. Primarily due to this seasonality and AI-related CapEx, we expect free cash flow in Q2 to decrease by approximately 50% to 60% quarter-over-quarter before normalizing in Q3 and Q4. With the strength in free cash flow in Q1 and increased outlook for operating income in FY '25, we now expect free cash flow to be towards the high end of our range of $1.44 billion to $1.48 billion for the full year.

轉向自由現金流。請記住，由於美國聯邦和州納稅的時間安排，我們在第二季度支付 2 個季度的稅款，並在第一季支付最低金額。主要由於這種季節性和人工智慧相關的資本支出，我們預計第二季的自由現金流將環比下降約 50% 至 60%，然後在第三季和第四季恢復正常。隨著第一季自由現金流的強勁以及 25 財年營業收入前景的提高，我們現在預計全年自由現金流將達到 14.4 億美元至 14.8 億美元區間的高端。

Thank you to the entire Zoom team, our customers, our community and our investors for your trust and support.

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。

Kelcey, please queue up the first question.

凱爾西，請排隊回答第一個問題。

(Operator Instructions) Our first question will come from Meta Marshall with Morgan Stanley.

（操作員指令）我們的第一個問題將來自摩根士丹利的 Meta Marshall。

Congrats on the quarter. A couple of questions, maybe just to start with, you could just give a sense of what you're seeing kind of on the SMB side of the environment just given kind of commentary from others throughout the quarter.

恭喜本季。有幾個問題，也許只是作為開始，您可以根據整個季度其他人的評論來了解您在中小企業方面所看到的情況。

And then second, just maybe on DBNE, you noted last quarter that you expected fiscal Q2 to kind of be the down point of the year, if that still kind of holds as you look throughout the year.

其次，也許在 DBNE 上，您在上個季度指出，您預計第二財季將是今年的低點，如果從全年來看這種情況仍然存在的話。

Meta, as we're looking at the outlook for the rest of the year, as we mentioned, we do still expect Q2 to be the low point from a year-over-year growth perspective and that the net dollar expansion rate will follow similarly behind that. If you look at the in-quarter net dollar expansion, you'll see that it actually was consistent quarter-over-quarter. So we're starting to see that stabilization, and we think that's a really good indicator that the net dollar expansion rate on trailing 12 months will similarly follow.

Meta，正如我們所提到的，當我們展望今年剩餘時間的前景時，我們仍然預計第二季度將是同比增長的低點，並且美元淨擴張率也將隨之而來在那後面。如果您查看季度內的美元淨擴張，您會發現它實際上與季度相比是一致的。因此，我們開始看到這種穩定，我們認為這是一個非常好的指標，表明過去 12 個月的美元淨擴張率也將隨之而來。

And then in terms of SMB, we saw, I think, similar performance across all of our different segments of our Enterprise business. And you heard about some of the amazing customer wins that we had in the upmarket, but also some really nice ones in SMB as well.

然後就中小型企業而言，我認為我們企業業務的所有不同細分市場都有類似的表現。您聽說過我們在高端市場贏得了一些令人驚嘆的客戶，但在中小型企業中也有一些非常好的客戶。

We'll now move on to Samad Samana with Jefferies.

現在我們將與 Jefferies 一起討論 Samad Samana。

So Eric, I wanted to dig into the CCaaS side. As you mentioned, the product is ready for prime time, and we took investors to see it at Enterprise Connect as well a couple of months ago. So I was wondering if maybe you could just help us understand, I understand the payment side, but when you think about prime time, how would you define that? Is the uptime gotten better and you're clearly seeing larger logos? So how should we think about what prime time means, right? Should we see an inflection in larger customers going forward?

Eric，我想深入研究 CCaaS 方面。正如您所提到的，該產品已準備好迎接黃金時段，幾個月前我們也帶投資者在 Enterprise Connect 上看到了它。所以我想知道你是否可以幫助我們理解，我理解支付方面，但是當你想到黃金時段時，你會如何定義它？正常運行時間是否變得更好並且您明顯看到更大的徽標？那麼我們該如何思考黃金時段意味著什麼，對嗎？我們是否應該看到大客戶未來會有所改變？

Yes, it's a great question. First of all, just over 2 years ago, right, we launched the Zoom Contact Center. You look at our quarterly progress, every quarter, we added so many customers, right? Because that's one thing, they trust our Contact Center, the product.

是的，這是一個很好的問題。首先，就在兩年多前，我們推出了 Zoom 聯絡中心。你看看我們每季的進度，每季我們都增加了這麼多客戶，對吧？因為這是一回事，他們信任我們的聯絡中心產品。

In terms of prime time, when you look at just the recent quarter, right, like I'll give you two examples, right? So like one of the Silicon Valley-based cloud software companies, they deployed our competitor solution, which is one of the Top 3 in cloud business CCaaS, the provider. And guess what? They switched to our Contact Center platform because they really liked our feature set, seamless integration and greater uptime and also a lot of AI features built in, right? That's one example. Another example, we're competing against also one of the Top 3 CCaaS vendors, right, for the largest deal in Q1. Guess what? We won. And this is not a small deal. It's not like a few, in the hundreds, that's more than 1,000 seats. That's another big deal, right? And those are just two examples.

就黃金時段而言，當你看最近一個季度時，對吧，我給你舉兩個例子，對吧？因此，就像矽谷的一家雲端軟體公司一樣，他們部署了我們的競爭對手解決方案，這是雲端業務 CCaaS 供應商的前 3 名之一。你猜怎麼著？他們轉向我們的聯絡中心平台，因為他們真的很喜歡我們的功能集、無縫整合和更長的正常運行時間，以及內建的許多人工智慧功能，對嗎？這就是一個例子。另一個例子，我們還與排名前 3 的 CCaaS 供應商之一競爭，爭奪第一季最大的交易。你猜怎麼了？我們贏了。這可不是一件小事。不是幾個，幾百個，那是一千多個座位。這又是一件大事，對吧？這只是兩個例子。

Also, if you look at our total installed base, just look at the ARR, more than $100,000, right, for those customers, right? And you look at the end of Q1, we have around 90 new deals like that, right? If you look at it compared to last year, an almost 250% year-over-year growth. I think with all those factors in, I would say, yes, this is prime time. The most important thing is the customers trust our brand. They know and we listen to customers and we innovate. That's the reason why our Contact Center, where we're making very good progress is the prime time.

另外，如果你看看我們的總安裝基數，只要看看 ARR，這些客戶的年收入就超過 10 萬美元，對嗎？你看看第一季末，我們有大約 90 個這樣的新交易，對吧？與去年相比，年增近 250%。我認為考慮到所有這些因素，我想說，是的，這是黃金時段。最重要的是客戶對我們品牌的信任。他們知道，我們傾聽客戶的意見，我們創新。這就是為什麼我們的聯絡中心（我們取得了很好的進展）是黃金時間的原因。

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。

Eric, you touched on it briefly with the last question, but would love to hear about the competitive environment today, maybe to contrast it with 12 or 24 months ago. And specifically pricing, how pricing is changing, whether it's more competitive, less competitive? And then I guess, related to that, if you're seeing more competition from Microsoft on the video side.

Eric，您在上一個問題中簡要提到了這一點，但很想聽聽今天的競爭環境，或許可以將其與 12 或 24 個月前進行對比。特別是定價，定價如何變化，是否更具競爭力，是否更具競爭力？然後我想，與此相關的是，如果你看到微軟在影片方面有更多的競爭。

Yes. Sorry, you're talking about pricing on Contact Center or overall?

是的。抱歉，您是在談論聯絡中心的定價還是整體定價？

Really, the entire platform now that more competitors are likely bundling solutions, just the general pricing trends.

確實，現在整個平台更多的競爭對手可能會捆綁解決方案，只是整體定價趨勢。

Yes. Overall, I think we only have one competitor. They bundled their solutions together, which is Microsoft, right? So over the past few years, right, for sure, there is some impact. You already saw the number over the past several years because of their bundling strategy. However, if you look at our installed base, like a year ago, when we increased the Online price, and we do see a very positive feedback and customers really appreciated our service and also looked at our installed base and a lot of customers really liked our service.

是的。總的來說，我認為我們只有一個競爭對手。他們將他們的解決方案捆綁在一起，這就是微軟，對吧？所以過去幾年，對，肯定是有些影響。由於他們的捆綁策略，您在過去幾年中已經看到了這個數字。然而，如果你看看我們的安裝基礎，就像一年前，當我們提高在線價格時，我們確實看到了非常積極的反饋，客戶非常欣賞我們的服務，也查看了我們的安裝基礎，很多客戶真的很喜歡我們的服務。

The reason why is that our customers' employees like Zoom. They truly enjoy using Zoom, right? When they use other competitors' products, guess what, they do not like it, right, even if it's bundled, the price is sort of free. However, when customers deep dive, they look at the total cost of ownership in terms of support cost and AI cost. Guess what? I think we are much better positioned now. That's the reason why I think every time when we talk to customers, convince customers, always they're telling us, hey, your price, or all those kind of things, customers really appreciate. They want to deploy the best breed of service. That's the reason why we do not see the big price pressure at least in the last quarter. And I think we're maintaining all of the strategy very well.

原因是我們客戶的員工喜歡Zoom。他們真的很喜歡使用 Zoom，對吧？當他們使用其他競爭對手的產品時，你猜怎麼著，他們不喜歡它，對吧，即使它是捆綁的，價格也是免費的。然而，當客戶深入研究時，他們會從支援成本和人工智慧成本方面考慮總擁有成本。你猜怎麼了？我認為我們現在處於更好的位置。這就是為什麼我認為每次我們與客戶交談、說服客戶時，他們總是告訴我們，嘿，你的價格，或所有類似的事情，客戶真的很感激。他們希望部署最好的服務。這就是為什麼我們至少在最後一個季度沒有看到巨大的價格壓力的原因。我認為我們很好地維護了所有的策略。

Okay. And just very quickly to your last comment there, you didn't really see price pressure last quarter. Should I take that to mean that pricing is stabilizing relative to where it was, pricing is getting better?

好的。很快就到了你最後的評論，你並沒有真正看到上個季度的價格壓力。我是否應該認為這意味著定價相對於原來的水平正在穩定，定價正在變得更好？

I think so because you look at the overall online churn, right, it's kind of in historical low, right, as Kelly mentioned earlier, right? And also look at our enterprise customers as well because we have a lot of other services, upsell the entire product suite. And I think it's in a much better position now.

我認為是這樣，因為你看看整體線上流失率，對吧，它處於歷史低點，對吧，正如凱利之前提到的，對吧？也要看看我們的企業客戶，因為我們有很多其他服務，追加銷售整個產品套件。我認為它現在處於更好的位置。

We will now hear from Rishi Jaluria with RBC Capital Markets.

我們現在將聽取 RBC 資本市場 Rishi Jaluria 的演講。

I just wanted to ask, following up on the CCaaS side, Eric, you made the comment that you have either displaced or beaten each of the Top 4 CCaaS vendors, as ranked by Gartner. Can you provide a little more color on those wins? And what vector did you tend to win those on? Was it on pricing? Was it on certain features and capabilities? Do you have what they don't have? Maybe help us understand and provide more color. That would be helpful.

我只是想問一下，Eric，在 CCaaS 方面，您曾評論說您已經取代或擊敗了 Gartner 排名的前 4 個 CCaaS 供應商。你能為這些勝利提供更多的資訊嗎？您傾向於透過什麼媒介贏得這些勝利？是在定價上嗎？是針對某些特性和功能嗎？你有他們沒有的東西嗎？也許可以幫助我們理解並提供更多的色彩。那會有幫助的。

Yes. So just to give you two examples. So I have a lot of other examples. If you look at it just the two examples, I do not think it's just one factor that let the customer make that decision. You look at, first of all, do they trust this vendor now, right? And they look at the product road map, look at existing feature set, look at the integration, look at AI features. They also look at the pricing, all those factors. Some customers they trusted Zoom years ago, right? Many years ago, they deployed Zoom Phone, they said, "Yes, this is a great story. We are going to replicate that story." That's the reason why customers say yes. But interestingly enough, some of the logos we won in Q1, they are not even Zoom customers, but they trust our brand. They know we are very innovative. If you look at all other CCaaS vendors, guess what, their solutions were not built recently. It was a long time ago, from on-prem to cloud, and it's really sort of a clunky interface, and that's the reason why we have high confidence we're going to win more deals.

是的。所以只是給你舉兩個例子。所以我還有很多其他的例子。如果你只看這兩個例子，我認為這不只是讓客戶做出決定的因素。首先，你看他們現在信任這個供應商嗎？他們查看產品路線圖，查看現有功能集，查看集成，查看人工智慧功能。他們還會考慮定價以及所有這些因素。他們多年前就信任 Zoom 的一些客戶，對吧？很多年前，他們部署了 Zoom Phone，他們說，“是的，這是一個很棒的故事。我們將複製這個故事。”這就是客戶說「是」的原因。但有趣的是，我們在第一季贏得的一些徽標，他們甚至不是 Zoom 的客戶，但他們信任我們的品牌。他們知道我們非常有創新精神。如果您查看所有其他 CCaaS 供應商，您猜怎麼著，他們的解決方案不是最近才建置的。這是很久以前的事了，從本地到雲端，介面確實有點笨重，這就是為什麼我們對贏得更多交易充滿信心的原因。

Our next question will come from Siti Panigrahi with Mizuho.

我們的下一個問題將由 Siti Panigrahi 和 Mizuho 提出。

I saw the demo of your Zoom Workspace, very impressive in terms of like AI feature, like Ask AI Companion that you added, Eric. So I have a couple of questions. Firstly, like how do you see the Zoom Workspace? What's your strategy in terms of branding or go-to-market, push this product? And do you see more traction more on the low end, like small business segment or more on the enterprise side? And if you combine this Workspace with AI, should we expect this to drive more free-to-paid migration? And if so, when should we start seeing that effect?

我看到了您的 Zoom 工作區的演示，在 AI 功能方面非常令人印象深刻，例如您添加的 Ask AI Companion，Eric。所以我有幾個問題。首先，您如何看待 Zoom 工作區？您在品牌推廣或市場推廣方面的策略是什麼？您認為低端市場（例如小型企業市場）或企業市場的吸引力較大嗎？如果將此工作空間與人工智慧結合起來，我們是否應該期望這會推動更多的免費到付費遷移？如果是這樣，我們什麼時候應該開始看到這種效果？

Yes, it's a great question. It's great to know you like Zoom Workplace. I think it's not only driving the revenue growth and adoption of SMB enterprise customers. Overall, if you take a step back, right, if you look at the Zoom Workplace, look at the first 10 years, right, in Zoom's journey, it's essentially more like our slogan is Meet Happy, right? For now, we have a collaboration platform and customers can live within the platform to get all their work done, right? It does not mean they should use everything from Zoom, but we do have a collaboration platform. We also can coexist with other vendors very well, like Microsoft, Google, ServiceNow, Salesforce or Atlassian, all those SaaS leaders.

是的，這是一個很好的問題。很高興知道您喜歡 Zoom Workplace。我認為這不僅推動了中小型企業客戶的收入成長和採用。總的來說，如果你退一步，對吧，如果你看看Zoom Workplace，看看前10年，對吧，在Zoom的歷程中，本質上更像是我們的口號是遇見快樂，對吧？目前，我們有一個協作平台，客戶可以在該平台內完成所有工作，對吧？這並不意味著他們應該使用 Zoom 的所有內容，但我們確實有一個協作平台。我們還可以與其他供應商很好地共存，例如 Microsoft、Google、ServiceNow、Salesforce 或 Atlassian，所有這些 SaaS 領導者。

And at the same time, you look at the customer requirements, right? And when they use the Zoom Meetings, Zoom Phone or Team Chat, Whiteboard and Contact Center, a lot of things together, that's a full collaboration platform. It used to be from Meet Happy now to Work Happy, right? That's sort of our slogan evolution, right?

同時，您也會考慮客戶的要求，對吧？當他們使用 Zoom 會議、Zoom Phone 或團隊聊天、白板和聯絡中心等功能時，這就是一個完整的協作平台。以前是從現在的快樂見面到快樂工作吧？這就是我們口號的演變，對吧？

And also AI is a part of that. When you look at our Workplace customers, guess what, AI is not only a part of that but also at no additional cost, right? So that is our vision. And essentially, from many, many years ago, from one application service provider into a full collaboration suite, and the SMB customer, for sure, they like that. Enterprise customers, they want to deploy the best-of-breed of service, they also like that, too. Plus, it's the open platform. That's the reason why we are doubling down on our Workplace platform to become a Work Happy platform.

人工智慧也是其中的一部分。當您觀察我們的 Workplace 客戶時，您猜怎麼著，人工智慧不僅是其中的一部分，而且無需額外費用，對嗎？這就是我們的願景。從本質上講，從很多很多年前開始，從一個應用程式服務提供者轉變為一個完整的協作套件，而中小企業客戶當然喜歡這樣。企業客戶希望部署最好的服務，他們也喜歡這一點。另外，它是開放平台。這就是我們加倍努力將 Workplace 平台打造成快樂工作平台的原因。

Moving on to Catherine Trebnick with Rosenblatt Securities.

接下來是羅森布拉特證券公司的凱瑟琳·特雷布尼克。

Can you update us on the partner program? What I'm really trying to dig into is really how you are position yourself competitively against Ring and the traditional partners.

您能為我們介紹一下合作夥伴計畫的最新情況嗎？我真正想深入探討的是，您如何在與 Ring 和傳統合作夥伴的競爭中定位自己。

Kelly?

凱莉？

Eric, you want me to take that?

艾瑞克，你想讓我接那個嗎？

Go ahead.

前進。

Okay. Yes, so we continue with our partners and with our direct sales organization. We continue to win, I think, not only against other providers in the phone cloud, but also, as Eric just mentioned, on the contact center side as hitting several vectors, right? It's around pricing and total cost of ownership, it's around the momentum because of the ease of use of deploying and selling this product. We believe that our partners should be able to see that value in not only the end user but also in their deals as well. And so if you're asking about compensation to the partners, we continue to ensure that our partner programs are competitive but also appropriate. We are always thinking about the impact to them as well as to our internal margins. And as you heard us talk about last quarter and also this quarter, we have some additional partnerships that we've been named as the preferred partner migration for not only Meta but, if you remember, also Twilio as well.

好的。是的，所以我們繼續與我們的合作夥伴和我們的直銷組織合作。我認為，我們不僅繼續贏得電話雲中的其他提供者的勝利，而且正如艾瑞克剛才提到的，在聯絡中心方面也取得了勝利，對吧？它圍繞著定價和總擁有成本，它圍繞著由於部署和銷售該產品的易用性而產生的勢頭。我們相信，我們的合作夥伴不僅應該能夠在最終用戶身上看到這種價值，而且還應該能夠在他們的交易中看到這種價值。因此，如果您詢問合作夥伴的報酬，我們將繼續確保我們的合作夥伴計畫具有競爭力且適當。我們一直在考慮對他們以及我們內部利潤的影響。正如您聽到我們談論上個季度和本季度一樣，我們還有一些額外的合作夥伴關係，我們不僅被指定為Meta 遷移的首選合作夥伴，如果您還記得的話，還被指定為Twilio 遷移的首選合作夥伴。

Yes, just quickly to add on to what Kelly said, those partnerships, most of time, the reason why we have all those good partners because customers, they ask for that, right? Because they say, yes, they really want to build more businesses with Zoom. And that's the reason why we have so many partners, recently like Avaya or Meta, right? This is a great example.

是的，快速補充凱利所說的內容，這些合作夥伴關係，大多數時候，是我們擁有所有這些優秀合作夥伴的原因，因為客戶要求這樣做，對嗎？因為他們說，是的，他們確實想透過 Zoom 建立更多業務。這就是為什麼我們有這麼多合作夥伴，最近像 Avaya 或 Meta，對嗎？這是一個很好的例子。

And Ryan MacWilliams with Barclays.

還有巴克萊銀行的瑞安麥克威廉斯。

Appreciate it. Kelly and Eric, you beat me to it as usual. I was going to ask about the Meta and Avaya partnership. So great to see that they chose Workvivo as the migration partner for their workplace solution. I guess, to double click on that, do you have any sense of the timing on how these customers could move over and how do you frame the opportunity for this partnership? And then just on the Avaya partnership, love to just hear, like kind of what exactly that partnership is trying to get at, how that can open the door for more customer relationships between you guys?

欣賞它。凱利和艾瑞克，像往常一樣，你們比我先一步。我想詢問 Meta 和 Avaya 的合作關係。很高興看到他們選擇 Workvivo 作為其工作場所解決方案的遷移合作夥伴。我想，雙擊它，您是否了解這些客戶如何轉移的時機以及您如何建立這種合作關係的機會？然後就 Avaya 合作關係而言，我很想聽聽，例如該合作關係到底想要實現什麼目標，如何為你們之間建立更多的客戶關係打開大門？

It looks like I know your question now. Thank you for asking those two questions. In terms of Meta partnership, right, I think Meta is such a great company, works on a lot of AI, Llama 3, and it's great and open source. That's the reason why they wanted to retire their Workplace for Meta product. For sure, they talked to their customers and understand we have a Zoom Workvivo platform. It's a very preferred solution. And as I mentioned earlier, right, we just won a very large telco deal. It's not a small deal, 100,000 seats, right? So it's a very mature platform. There's a lot of innovations. That's the reason why Zoom became the preferred partner. We're going to work together, right, to make sure all those Workplace for Meta customers have a smooth transition, right? I think in the next 12 to 18 months, we will work together with Meta, with customers, make sure the entire transition period is very, very seamless. So we have high confidence. They're a great partner, not only a customer but also a great partner, I mean Meta. And again, we are very excited about that partnership and about that transition. .

看來我現在知道你的問題了。謝謝你問這兩個問題。就 Meta 合作夥伴關係而言，我認為 Meta 是一家非常棒的公司，致力於許多人工智慧、Llama 3 的開發，而且它很棒而且是開源的。這就是他們想要停用 Workplace for Meta 產品的原因。當然，他們與客戶交談並了解我們有 Zoom Workvivo 平台。這是一個非常優選的解決方案。正如我之前提到的，我們剛剛贏得了非常大的電信公司交易。這可不是什麼小事，十萬個座位吧？所以這是一個非常成熟的平台。有很多創新。這就是 Zoom 成為首選合作夥伴的原因。我們將共同努力，確保所有 Workplace for Meta 客戶都能順利過渡，對吧？我認為在接下來的 12 到 18 個月內，我們將與 Meta、客戶合作，確保整個過渡期非常非常無縫。所以我們有很大的信心。他們是一個偉大的合作夥伴，不僅是客戶，也是一個偉大的合作夥伴，我指的是 Meta。再說一次，我們對這種夥伴關係和這種轉變感到非常興奮。 。

In terms of Avaya deal, right, so Avaya, they have lots of very, very big, large enterprise customers who deploy both UCaaS and CCaaS solutions. Those large enterprise customers, they are not fully ready to migrate everything to cloud. You look at integrations, many, many years of effort they put, it's almost impossible to migrate to cloud overnight. However, they also want to leverage a lot of the features, like AI features, a lot of innovations, right? So that's the reason why the customer, they shared with both of use Online from Avaya. And when they are not ready to move to the cloud, they're also doing on-premise solution. Guess what? This is a hybrid architecture, how to leverage a Zoom Workplace client to talk with Avaya on-prem feature servers, right? And on the one hand, the Zoom Workplace client has a lot of rich features they can leverage. On the other hand, they also kind of seamlessly integrated with Avaya on-prem feature servers. I think that's a win-win partnership, right? It benefits us, benefits Avaya, benefits the customers, in particular for all those very, very big, very complicated enterprise customers. That's the reason why I think this hybrid architecture will help customers a lot.

就 Avaya 交易而言，Avaya 擁有許多非常非常大的企業客戶，他們部署了 UCaaS 和 CCaaS 解決方案。對於那些大型企業客戶，他們還沒有完全準備好將所有內容遷移到雲端。你看看集成，他們投入了很多很多年的努力，一夜之間遷移到雲端幾乎是不可能的。然而，他們也想利用很多功能，像是人工智慧功能，很多創新，對嗎？這就是他們與客戶分享的使用 Avaya Online 的原因。當他們還沒準備好遷移到雲端時，他們也會做本地解決方案。你猜怎麼了？這是一個混合架構，如何利用 Zoom Workplace 用戶端與 Avaya 本機功能伺服器進行通信，對嗎？一方面，Zoom Workplace 用戶端擁有許多可以利用的豐富功能。另一方面，它們也與 Avaya 本地功能伺服器無縫整合。我認為這是一個雙贏的夥伴關係，對嗎？它使我們受益，使 Avaya 受益，使客戶受益，特別是對於所有那些非常非常大、非常複雜的企業客戶。這就是為什麼我認為這種混合架構將為客戶提供很大幫助的原因。

Baird's William Power has the next question.

貝爾德的威廉·鮑爾提出了下一個問題。

Hopefully, you can hear me okay. I'm calling from mobile. I guess, Kelly, for you, can you talk about the Enterprise growth outlook from here? Should we expect that to trough in Q2 as well and then accelerate? And I guess tied to that, maybe just help us understand your level of confidence in raising the full year guidance to reflect the Q1 beat given we're still pretty early in the year here?

希望你能聽到我的聲音。我用手機打電話。我想，凱利，您能在這裡談談企業的成長前景嗎？我們是否應該預期這一趨勢也會在第二季觸底然後加速？我想與此相關的是，也許只是幫助我們了解您對提高全年指導以反映第一季業績的信心程度，因為我們還處於今年的早期階段？

Yes. So Will, yes, we expect that enterprise growth will follow the similar trend that we've discussed for the entire company, with Q2 being the low point for FY '25 from a year-over-year growth perspective and then seeing reacceleration in the back half from there. And in terms of our confidence for the year, we applied a similar approach that we always do to setting guidance, which is talking to our sales organization, of course, looking at the pipeline that we're seeing, also the trends that we're seeing with Online and what's on deck in terms of initiatives, what's the performance we're seeing for churn. And then looking at all of that, putting it together and coming up with our outlook.

是的。所以，是的，我們預計企業成長將遵循我們為整個公司討論過的類似趨勢，從同比成長的角度來看，第二季是 25 財年的低點，然後看到從那裡回來一半。就我們今年的信心而言，我們採用了與我們一貫採用的類似方法來製定指導，即與我們的銷售組織交談，當然，看看我們看到的管道，以及我們的趨勢。以及計劃方面的進展，以及我們看到的客戶流失情況。然後審視所有這些，將它們放在一起並提出我們的展望。

We will move on to Tyler Radke with Citi.

我們將轉向花旗銀行的泰勒拉德克 (Tyler Radke)。

Kelly, to start off, just on the Enterprise customers, I appreciate the explanation on the movement of some of those customers moving into Online. I think if I back that out, it's still declining sequentially. So I was wondering if you could unpack kind of the drivers of that Enterprise customer number and then how you're thinking about growth for that long term.

凱利，首先，就企業客戶而言，我很欣賞對其中一些客戶轉向線上的解釋。我認為如果我推翻這一點，它仍然會連續下降。所以我想知道您是否可以分析企業客戶數量的驅動因素，以及您如何考慮長期成長。

And then second of all, just as we think about the billings outlook, I think that came in a little bit stronger for the second quarter despite revenue being a little bit below consensus. I guess what are the puts and takes on that, that would be kind of driving the divergence, any change in billings terms we should be thinking about?

其次，正如我們考慮比林斯前景一樣，我認為儘管收入略低於共識，但第二季的表現稍強一些。我猜想這方面的看跌期權和承付金額是什麼，這會導致分歧，我們應該考慮比林斯條款的任何變化嗎？

Yes. So first of all, on the Enterprise number, it didn't decline quarter-over-quarter, I just want to be clear, even if you back out those numbers. So it should be up. We have discussed this in the past that as our strategy, especially on selling Zoom Phone and Contact Center is selling into our existing installed base, and that as more of our revenue growth is coming from these emerging products and selling into our existing installed base, that you should expect those customer adds to not grow at the same rate that they did historically, but it did grow quarter-over-quarter. So I just want to be clear about that.

是的。首先，就企業數據而言，它並沒有環比下降，我只是想澄清一下，即使你取消了這些數字。所以應該是起來了。我們過去已經討論過這一點，因為我們的策略，特別是銷售Zoom Phone 和聯絡中心，正在向我們現有的安裝基礎進行銷售，並且隨著我們更多的收入增長來自這些新興產品並銷售到我們現有的安裝基礎，您應該預期這些客戶添加量的成長速度不會與歷史上相同，但確實按季度增長。所以我只想澄清這一點。

And then we've said this before, too, and I know it's not always what you want to hear, but in terms of billings and RPO, really, the best indicator that I can give you of the future is our revenue guidance itself. I would just say it this way, we continue to see strength in movement from monthly to annual to multiyear billing terms, so that's really positive as well as we see expansion and growth into those longer tenured customers in Online, which typically also means they've expanded into longer billing terms. And we've also seen some benefit, as we mentioned, as we've really been more thoughtful about our discounting practices, which includes fewer free periods in the Enterprise. And so all of that is leading to the growth that you're seeing from billings and the deferred revenue side of things.

我們之前也說過這一點，我知道這並不總是您想听到的，但就賬單和 RPO 而言，實際上，我可以為您提供的未來的最佳指標就是我們的收入指導本身。我只想這樣說，我們繼續看到從按月計費到按年計費再到多年計費期限的變化趨勢，因此這確實是積極的，而且我們看到在線長期客戶的擴張和增長，這通常也意味著他們「已擴展到更長的計費期限。正如我們所提到的，我們也看到了一些好處，因為我們確實對我們的折扣做法更加深思熟慮，其中包括企業中較少的免費期。因此，所有這些都導致​​了您從帳單和遞延收入方面看到的成長。

We will now hear from Alex Zukin with Wolfe Research.

我們現在將聽取沃爾夫研究中心的亞歷克斯·祖金 (Alex Zukin) 的演講。

First, I just want to acknowledge, we saw something from you guys this quarter we haven't seen in a long time: accelerating enterprise revenue growth, accelerating enterprise billings growth and declining OpEx. So just maybe stack rank for us, like if you look at all the things you called out, whether it's Contact Center, Phone, Workvivo, even the Sales Product and the Quality Management product you referenced in the prepared remarks, Eric, stack rank where those kind of landed in terms of the driving factors or the driving force behind that acceleration? And then I've got a quick follow-up.

首先，我只想承認，本季我們從你們身上看到了很久沒有看到的東西：加速企業收入成長、加速企業帳單成長和下降營運支出。所以也許對我們來說堆疊排名，就像如果你看看你提到的所有東西，無論是聯絡中心、電話、Workvivo，甚至是你在準備好的評論中引用的銷售產品和品質管理產品，埃里克，堆疊排名在哪裡那些是在驅動因素或加速背後的驅動力方面落地的？然後我會進行快速跟進。

Kelly, do you want to take it?

凱莉，你想接受嗎？

Yes, sure. Let me talk about revenue and you can talk about sort of the business momentum in general. Zoom Phone continues to be a very strong growth driver. Very pleased with the growing momentum we are seeing from Contact Center and then Workvivo also gaining in its own right. In terms of relative overall dollars, Workvivo is still a smaller component of the business but is growing very, very quickly, so certainly, contributing some really exciting customers that are coming to Zoom as a result of both Contact Center and Workvivo. And also, we had won a new customer coming from Revenue Accelerator as well this quarter. So that's really exciting to see, these emerging products that are bringing new customers and new logos to the company. So I think in terms of momentum, we're excited across all of those, but kind of in that order.

是的，當然。讓我談談收入，你可以談談一般的業務動能。 Zoom Phone 仍然是非常強勁的成長動力。我們對聯絡中心和 Workvivo 自身的成長動能感到非常高興。就相對總收入而言，Workvivo 在業務中所佔的比重仍然較小，但成長速度非常非常快，因此，毫無疑問，它為聯絡中心和Workvivo 帶來的一些非常令人興奮的客戶帶來了來到Zoom 的機會。此外，本季我們也贏得了來自 Revenue Accelerator 的新客戶。因此，看到這些新興產品為公司帶來新客戶和新徽標，真是令人興奮。所以我認為就勢頭而言，我們對所有這些都感到興奮，但按順序排列。

Eric, anything else you want to add?

艾瑞克，你還有什麼要補充的嗎？

Alex, that's a great observation. I think to echo what Kelly said, that momentum boils down to our product strategy. It's actually the two key pillars. The first one is the Zoom Workplace. The second one is Business Services. If you look at the Zoom Workplace, right, for those customer deployments, Meetings, and they have a Zoom Workplace client; and then they try to consolidate, right, some other solutions like Zoom Team Chat, it's good, flexible, a very scalable chat solution, it's part of that at no additional cost. When they need to put other whiteboard solutions, Zoom has a Whiteboard, Zoom has a meeting for scheduler functionality as well, right, a lot of features as part of the Zoom Workplace.

亞歷克斯，這是一個很好的觀察。我認為呼應凱利所說，這種勢頭歸結為我們的產品策略。這其實是兩個關鍵支柱。第一個是 Zoom Workplace。第二個是商業服務。如果你看看 Zoom Workplace，對吧，對於那些客戶部署、會議，他們有 Zoom Workplace 用戶端；然後他們嘗試整合其他一些解決方案，例如 Zoom Team Chat，它很好、靈活、可擴展性非常高，它是其中的一部分，無需額外費用。當他們需要放置其他白板解決方案時，Zoom有一個白板，Zoom還有一個用於調度程序功能的會議，對吧，作為Zoom Workplace的一部分的許多功能。

But what's more important than that, they take the Zoom Meeting Summary feature, for example, that's our AI feature. When they tested the feature, their feedback is not only positive when they say, "Wow, I cannot believe that. It worked so well, plus at no additional cost," they also trust, like our AI vision as well. This is kind of Workplace. Plus, the reason why Meta, which is a great company I truly admire, why they picked up Zoom Workvivo because they also look at it from their customer perspective. They want to pick out the best partner who can deploy a greater solution, right? AI is part of that. Workvivo is also part of our Workplace platform.

但比這更重要的是，他們以 Zoom 會議摘要功能為例，這就是我們的 AI 功能。當他們測試該功能時，他們的反饋不僅是積極的，當他們說“哇，我簡直不敢相信。它運行得很好，而且沒有額外的成本”時，他們還相信，就像我們的人工智慧願景一樣。這是一種工作場所。另外，Meta 是我真正欽佩的偉大公司，他們選擇 Zoom Workvivo 的原因是因為他們也從客戶的角度來看待它。他們想要挑選能夠部署更好解決方案的最佳合作夥伴，對嗎？人工智慧是其中的一部分。 Workvivo 也是我們 Workplace 平台的一部分。

If you look at Business Services, Contact Center for support team, Revenue Accelerator for sales team, Event Sessions for marketing team and all those new services, right, also will help us a lot. Again, back to the Contact Center story, a lot of opportunities, a lot of Enterprise customers, by and large, are still on on-premise solution. They are thinking about which cloud contact center solution they can trust, they can count in the next 5 to 10 years. Zoom is a much better platform. That's the reason why I think that's kind where the momentum is coming, really focus on the Enterprise side.

如果你看看商業服務、支援團隊的聯絡中心、銷售團隊的收入加速器、行銷團隊的活動會議以及所有這些新服務，對吧，也會對我們有很大幫助。再次回到聯絡中心的故事，很多機會，許多企業客戶總的來說仍然使用本地解決方案。他們正在考慮哪個雲端聯絡中心解決方案是他們可以信賴的，他們可以在未來 5 到 10 年內信賴。 Zoom 是一個更好的平台。這就是為什麼我認為勢頭即將到來，真正關注企業方面的原因。

And Eric, maybe just on pricing. You got asked this question a couple of times. You're talking about it being stable. You also raised price and you didn't see a real change in churn. I know you don't like raising price too many times. But if you think about just the strategy of continuing to add a tremendous amount of value, whether it's through consolidation or incremental functionality like sales or quality management, if you look at the ACV uplift in those 2 accounts that you called out for Expedia and MLB, and you look at that across your pipeline for adding those types of features, assuming some kind of attach rate, what's that opportunity look like for you guys?

埃里克，也許只是定價方面。你已經被問過幾次這個問題了。你說的是穩定。您也提高了價格，但沒有看到客戶流失率有真正的變化。我知道你不喜歡多次提價。但是，如果您考慮繼續增加大量價值的策略，無論是透過整合還是透過銷售或品質管理等增量功能，如果您看看您為 Expedia 和 MLB 呼籲的這 2 個帳戶的 ACV 提升，然後您會在整個管道中查看添加這些類型的功能，假設某種附加率，對你們來說這個機會是什麼樣的？

Yes, I can talk to the business side. Kelly, feel free if you want to chime in on the revenue side. I think Expedia is a great example, right? And they deployed Revenue Accelerator, right? Again, those are Business Services, right? It's kind of, I would say, a very compelling service, right? We are not, compared to the competitors, dramatically lowering the price. That's not our case because there's a huge value. AI is part of that, not like Workplace, AI at no additional cost, right? However, here, AI is playing a very big role for all of Business Services, right? And also most of them are Enterprise customers, right?

是的，我可以和業務方面談談。凱利，如果你想在收入方面發表意見，請隨意。我認為 Expedia 就是一個很好的例子，對吧？他們部署了收入加速器，對吧？再說一遍，這些都是商業服務，對吧？我想說，這是一項非常引人注目的服務，對吧？與競爭對手相比，我們並沒有大幅降低價格。這不是我們的情況，因為它具有巨大的價值。人工智慧是其中的一部分，不像 Workplace，人工智慧不需要額外的成本，對嗎？然而，在這裡，人工智慧對所有商業服務都發揮著非常重要的作用，對嗎？而且大多數都是企業客戶，對嗎？

And the reason why I think we are doubling down on Business Services pricing is kind of like when we offer a Meeting service many years ago, right, it's the better pricing, better product, better service. However, here is a very different story. We compete against any other competitors. Also, the price, the customer like that as well because they do not want to use Zoom, "Oh, it's just a low price." That's not the case for Business Services because of the huge value.

我認為我們在商業服務定價上加倍努力的原因有點像我們多年前提供會議服務，對吧，這是更好的定價、更好的產品、更好的服務。然而，這是一個非常不同的故事。我們與任何其他競爭對手競爭。還有就是價格，客戶也喜歡這個，因為他們不想用Zoom，“哦，就是價格低了。”但商業服務的情況並非如此，因為其價值龐大。

Yes. In terms of the revenue upside, Alex, it kind of varies by product because certain products have much higher ASPs, for example, like Zoom Contact Center than Meetings. But of course, the attach rate in terms of number of seats isn't 1:1, right? There's a lesser ratio there. Zoom Phone, we saw an attach rate of generally 1:1 or we do see a attach rate, I should say, of 1:1 for Meetings to Phone, sometimes even greater when we look at customers that we've talked about here before that have a bigger attach rate because they have phones in retail locations, for example. So it just varies.

是的。 Alex，就收入成長而言，因產品而異，因為某些產品的 ASP 較高，例如 Zoom 聯絡中心，而不是會議。當然，座位數的附加率不是1:1，對吧？那裡的比例較小。 Zoom Phone，我們看到的附加率通常為1:1，或者我應該說，我們確實看到會議到電話的附加率為1:1，有時當我們查看我們之前討論過的客戶時，附加率甚至更高例如，因為他們在零售店有手機，所以擁有更高的附加率。所以它只是有所不同。

The thing that I will say is generally a lot of these emerging products also had better gross margins, which is helpful when you look at something like Contact Center because of the ASP. Especially, with the rollout of the pricing tiers, we saw the ASPs for those products almost doubled from quarter to quarter with the rollout of the new pricing tiers. And I think that will continue as the features and functionality, especially in those upper tiers, continues to expand.

我要說的是，通常許多新興產品也具有更好的毛利率，當您因為 ASP 而查看聯絡中心之類的產品時，這會很有幫助。特別是，隨著定價層的推出，我們看到這些產品的平均售價幾乎從一個季度到另一個季度翻了一番。我認為隨著特性和功能（尤其是上層的特性和功能）的不斷擴展，這種情況將會持續下去。

Perfect. Congrats, guys.

完美的。恭喜，夥計們。

Thanks.

謝謝。

Thank you, Alex.

謝謝你，亞歷克斯。

Matthew VanVliet with BTIG.

BTIG 的馬修範弗利特。

I guess on the last point, as you include more AI Companion in the mix, how do you feel like that's actually monetizing maybe more seats, a larger opportunity at those individual customers, than maybe limited by only Phone or only Meetings? How is the Workspace sort of bringing all this together, helping drive deal sizes higher?

我想關於最後一點，當你在組合中加入更多的人工智慧伴侶時，你覺得這實際上可能會帶來更多的席位，為這些個人客戶帶來更大的機會，而不是僅受電話或會議的限制？工作區如何將所有這些整合在一起，幫助提高交易規模？

I think AI Companion not only help our Meetings, Phone, or Team Chat, it's across the entire Zoom Workplace platform plus all the Business Services, right? Our approach, if you look at our Workplace, the deployment, right, for the entire collaboration platform not only makes all those services better but also customers appreciate it, right, without charging the customers more, right? We do add more value to customers at no additional cost, right? That's kind of the power part of the Zoom company. At the same time, in terms of monetization, as I mentioned earlier, if you look at our Business Services, AI is a key differentiation, right, AI and we charge a premium price as well, and that's the value.

我認為 AI Companion 不僅可以幫助我們的會議、電話或團隊聊天，它還可以幫助整個 Zoom Workplace 平台以及所有商業服務，對嗎？我們的方法，如果你看看我們的工作場所，整個協作平台的部署，對吧，不僅使所有這些服務變得更好，而且客戶也欣賞它，對吧，而不向客戶收取更多費用，對嗎？我們確實在不增加成本的情況下為客戶增加了更多價值，對吧？這就是 Zoom 公司的力量部分。同時，在貨幣化方面，正如我之前提到的，如果你看看我們的商業服務，人工智慧是一個關鍵的差異化，對吧，人工智慧我們也收取溢價，這就是價值。

At the same time, we also are going to leverage AI Companion to build a lot of new things, new services like Ask AI that will be introduced later this year and also some other new services that we're working on as well. But overall, I think the AI for the existing collaboration customers add more value for new services, right? And also we can charge a premium price, plus also can leverage AI Companion to build new services given the edge AI is coming, and there's a lot of new opportunities.

同時，我們還將利用 AI Companion 來建立許多新事物、新服務，例如將於今年稍後推出的 Ask AI，以及我們正在開發的其​​他一些新服務。但總的來說，我認為現有協作客戶的人工智慧可以為新服務增加更多價值，對嗎？我們還可以收取溢價，鑑於邊緣人工智慧即將到來，並且存在許多新機會，我們還可以利用 AI Companion 來建立新服務。

We will now hear from Ryan Koontz with Needham.

我們現在將聽取 Ryan Koontz 和 Needham 的演講。

First, Kelly, a quick housekeeping one. The reclassification of customers, is that expected to change any of your KPIs, can you point me in the right direction?

第一個是凱利，她是一位快速的家政員。客戶的重新分類預計會改變您的任何 KPI，您能給我正確的方向嗎？

I mean no significant. As we mentioned, although the number was pretty significant, the revenue shift from Enterprise to Online was only $4 million. And as we indicated, because it was so de minimis, the impact on net dollar expansion calculation, for example, it didn't move it at all.

我的意思是沒有什麼意義。正如我們所提到的，雖然這個數字相當可觀，但從企業版到線上版的收入轉移僅為 400 萬美元。正如我們所指出的，因為它是如此微不足道，例如對美元淨擴張計算的影響，它根本沒有改變它。

Got it. Helpful. And Eric, maybe a quick strategic question on Events. Any update there in terms of how the ecosystem is building out? I know that's a complex market to penetrate, any update you have for us there?

知道了。有幫助。埃里克，也許是一個關於事件的快速戰略問題。關於生態系統如何建設有任何更新嗎？我知道這是一個需要滲透的複雜市場，您有什麼最新消息要告訴我們嗎？

Yes, great question. I do not think I gave a few examples about that. But I can tell you, Zoom Events is doing extremely well, if you look at its every quarter contribution to our revenue growth. We had a webinar a long, long time ago, right, and Zoom introduced Zoom Sessions. Events, it's a very trustable brand. It offered the most flexible events service. And I think that service is going to help us more and more because, if you look at any other competitors, right, most important competitor, think of the very large one, they even do not have something similar. And probably, there isn't a product on par with our Webinar. Now we have Events and Sessions, right? We offer the best events and sessions for our customers. That's the reason why for almost every Enterprise customer, you look at the very large events, Zoom is the best platform. Our competitors even do not have that.

是的，很好的問題。我不認為我舉了一些關於這一點的例子。但我可以告訴你，如果你看看 Zoom Events 每季對我們營收成長的貢獻，它的表現非常好。很久很久以前，我們舉辦了一次網路研討會，對吧，Zoom 推出了 Zoom Sessions。活動，這是一個非常值得信賴的品牌。它提供了最靈活的活動服務。我認為這項服務將對我們越來越有幫助，因為如果你看看其他任何競爭對手，對的，最重要的競爭對手，想想非常大的競爭對手，他們甚至沒有類似的東西。可能沒有一個產品可以與我們的網路研討會相提並論。現在我們有活動和會議，對嗎？我們為客戶提供最好的活動和會議。這就是為什麼對於幾乎每個企業客戶來說，在觀看大型活動時，Zoom 是最好的平台。我們的競爭對手甚至沒有這個。

By the way, I forgot to mention, actually, it's not only for Events itself. Essentially, a lot of customers use Zoom to improve their working, their marketing efficiency, right, how to drive the lead generation and our workflow, right, integrated very well with our Events And Sessions.

順便說一句，我忘了提及，實際上，這不僅僅是針對事件本身。從本質上講，許多客戶使用 Zoom 來改善他們的工作、行銷效率，對，如何推動潛在客戶開發和我們的工作流程，對，與我們的活動和會議很好地整合。

We will now hear from James Fish with Piper Sandler.

我們現在將聽取詹姆斯·菲什和派珀·桑德勒的發言。

Maybe just bridging the Phone and Contact center Opportunity, whether, it's kind of hard to probably parse this out in the entire installed base, but -- as we think about those greater than 90 contact center accounts over $100,000, maybe could you go over the overlap of adoption between following Contact Center, how that packaging of the 2 is going together? And if you guys are starting to see that pipeline or backlog increase for cloud conversions across those spaces relative to the last year?

也許只是在電話和聯絡中心機會之間架起橋樑，在整個安裝基礎上解析這一點是否有點困難，但是，當我們考慮超過 90 個聯絡中心帳戶超過 100,000 美元時，也許您可以回顧一下以下聯絡中心之間的採用重疊，這兩個中心的包裝如何結合在一起？你們是否開始看到這些領域的雲端轉換管道或積壓工作相對於去年有所增加？

Yes, sure. So yes, Kelly, feel free to chime in. Because if you look at it, when we started, we saw -- we look at the quarter -- quarterly the Contact Center, the deals we won, we thought probably most of the customers will be the existing customer, right, either Meeting customers, the Phone customers, however, that's not right. And quite often, some customers, they are not a Meeting customers, not a Phone customers. But they became the first customer to deploy the Zoom Contact Center. So that means we have a lot of opportunities for existing installed base. So we're going to double down on that because the product already works very well.

是的，當然。所以，是的，凱利，請隨意插話。是現有客戶，對吧，要嘛是會議客戶，要嘛是電話客戶，但是，這是不對的。通常，有些客戶不是會議客戶，也不是電話客戶。但他們成為第一個部署 Zoom 聯絡中心的客戶。因此，這意味著我們現有的安裝基礎有很多機會。因此，我們將加倍努力，因為該產品已經運行得很好。

And plus, buyer is different. We also -- that's the reason why we invested more to our channel partnership as well. I think more and more existing installed base, right, after the they heard about our Contact center success story, I think we are going to see acceleration of Contact Center business growth. So

另外，買家是不同的。這也是我們對通路夥伴關係進行更多投資的原因。我認為越來越多的現有安裝基礎，在他們聽到我們的聯絡中心成功故事之後，我認為我們將看到聯絡中心業務成長的加速。所以

We have 1 additional question, which will come from Michael Turrin with Wells Fargo.

我們還有 1 個額外問題，將由富國銀行的 Michael Turrin 提出。

Okay. Thanks for squeezing me in. Kelly, you had a few comments on tightening discounts, tightening grace periods, just as things for us to be mindful in terms of the model, I'm wondering if that's somewhat standard operating procedure for Zoom or if that's coming from more confidence that the business is now stabilizing. And if you're just able to help us with visibility you have from here into Q2 marking the low point in terms of growth and any additional driver details on drivers there is useful.

好的。謝謝你讓我參與其中。是來自對業務現在穩定的更多信心。如果您能夠幫助我們了解從現在到第二季度的增長低點以及有關驅動程式的任何其他驅動程式詳細信息，那麼這些信息都是有用的。

Yes. I think that the discounting we started working on being more thoughtful and disciplined about that last year. We've talked about that several times before. And you're starting to see the impact and the benefit of that rolling through the results this year, which makes sense as customers are coming up for renewal, especially some of those ones that are on annual accounts. And then in terms of tightening up the dunning period. I think that it's just as we continue to mature as an organization and really be thoughtful about not only what's good for our business, what's good for our customers as well and seeing that -- it was just the right time. And we continuously go through and look at our financial and accounting policies and make sure that those align with what's right again, right for the business, right for our customers as well. I think it's more about that and less about sort of anything else that's happening in the business other than just being thoughtful and maturing into some of those policies.

是的。我認為我們去年開始致力於的折扣工作更加深思熟慮和更加嚴格。我們之前已經多次討論過這個問題。你開始看到今年的結果所帶來的影響和好處，這是有道理的，因為客戶即將續約，尤其是那些使用年度帳戶的客戶。然後是收緊催款期限。我認為，隨著我們作為一個組織的不斷成熟，我們不僅要真正考慮什麼對我們的業務有利，還要考慮什麼對我們的客戶有利，並且看到這一點——現在正是時候。我們不斷地審查和審視我們的財務和會計政策，並確保這些政策再次符合正確的要求，適合業務，也適合我們的客戶。我認為更多的是關於這一點，而不是關於業務中發生的其他任何事情，而不僅僅是對其中一些政策進行深思熟慮和成熟。

And again, that is all the time we have for questions today. That concludes our questions. So I'll turn it back to Eric for any closing comments you might have.

再說一遍，這就是我們今天提問的全部時間。我們的問題到此結束。因此，我會將其轉回給 Eric，以徵求您可能提出的任何結束意見。

Yes. Thank you all for joining us today. I really appreciate, and we are working as hard as we can to truly deliver happiness to our customers and partners. And also I'd like to leverage this opportunity to thank every Zoomies for their hard work and really appreciate. Thank you all for your time. See you next quarter.

是的。感謝大家今天加入我們。我真的很感激，我們正在盡最大努力，真正為我們的客戶和合作夥伴帶來幸福。我也想藉此機會感謝每一位 Zoomies 的辛勤工作，並表達衷心的感謝。感謝大家抽出寶貴的時間。下季見。

Thank you so much, Eric and Kelly, and again, everyone. This concludes today's earnings release. We thank you all for your participation. Enjoy your summer, and we will see you next quarter.

非常感謝艾瑞克和凱利，再次感謝大家。今天的財報發佈到此結束。我們感謝大家的參與。祝你夏天愉快，我們下個季度再見。