Zoom Communications Inc (ZM) 2025 Q2 法說會逐字稿

Hello, everybody. And welcome to Zoom's Q2 FY25 earnings webinar. As a reminder, today's webinar is being recorded.

大家好。歡迎參加 Zoom 2025 財年第二季財報網路研討會。提醒一下，今天的網路研討會正在錄製中。

Now, I would love to hand things over to Charles Eveslage, Head of Investor Relations. Charles?

現在，我很樂意將工作交給投資人關係主管 Charles Eveslage。查爾斯？

Thank you, David. Hello, everyone. And welcome to Zoom's earnings video webinar for the second quarter of fiscal year 2025. 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 2025 財年第二季的收益視訊網路研討會。 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 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 third 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 the product initiatives and expected benefits of such initiatives.

在本次電話會議中，我們將做出前瞻性陳述，包括有關我們第三季和2025 年整個財年的財務展望、我們對財務和業務趨勢的預期、宏觀經濟環境的影響、我們的市場地位、機會、未來發展的陳述。

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 discussed 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風險和其他可能影響我們績效和財務表現的因素的影響。我們在向 SEC 提交的文件中詳細討論了這一點，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. We had a strong quarter marketed by burdening our Zoom Workplace offering, marching up market with contact center, and deepening the AI capabilities that underpin our entire platform.

謝謝你，查爾斯。謝謝大家今天加入我們。透過增加 Zoom Workplace 產品的負擔、透過聯絡中心進入市場以及深化支撐我們整個平台的人工智慧功能，我們的季度行銷表現強勁。

The rollout of Zoom Workplace features over the last few months represent the most significant upgrade to the Zoom experience in years. We reinvigorated the UI with the simplicity and reliability that has defined Zoom from the very beginning, while also adding to the capabilities of Zoom Meetings, Zoom Team Chat and Zoom Phone and strengthening how AI Companion operates across these modalities.

Zoom Workplace 功能在過去幾個月的推出是多年來 Zoom 體驗最重大的升級。我們以 Zoom 從一開始就定義的簡單性和可靠性重新煥發了 UI 的活力，同時也增加了 Zoom 會議、Zoom 團隊聊天和 Zoom Phone 的功能，並加強了 AI Companion 在這些模式中的運作方式。

We also brought Zoom Rooms, Visitor Management, and Workplace Reservation to the next level in order to better support our customers' flexible work needs. And just days ago, we announced the launch of a new Zoom Webinar offering that can host up to 1 million attendees, revolutionizing the way organizations can connect with massive audiences and demonstrating the clear scalability advantage inherent in our modern architecture.

我們還將 Zoom Rooms、訪客管理和工作場所預訂提升到了新的水平，以更好地支援客戶靈活的工作需求。就在幾天前，我們宣布推出新的Zoom 網路研討會產品，最多可容納100 萬名與會者，徹底改變了組織與大量受眾聯繫的方式，並展示了我們現代架構固有的明顯可擴展性優勢。

Earlier this month, we took another major step towards our platform vision by launching Zoom Docs. Docs fits right into our strategy of expanding the platform across more touch points in the productivity life cycle, helping to effortlessly transform information from Zoom Meetings into actionable documents, tasks and knowledge bases, so team can stay focused on meaningful work.

本月早些時候，我們推出了 Zoom Docs，朝著我們的平台願景邁出了重要一步。 Docs 非常適合我們將平台擴展到生產力生命週期中更多接觸點的策略，有助於輕鬆地將Zoom 會議中的資訊轉換為可操作的文件、任務和知識庫，以便團隊能夠專注於有意義的工作。

In Q2, we landed our largest deal or a new Contact Center customer who choose our top-tier Elite CX package coupled with Zoom Phone. We are seeing increased adoption of our advanced Contact Center packages, as customers seek to utilize our AI capabilities to enhance agent performance. Of our top 10 Contact Center wins, all represented displacements of major Contact Center vendors and 40% were migrations of our first-generation cloud-based solutions.

在第二季度，我們達成了最大一筆交易，即一位新的聯絡中心客戶選擇了我們的頂級 Elite CX 套餐以及 Zoom Phone。隨著客戶尋求利用我們的人工智慧功能來提高座席績效，我們看到我們先進的聯絡中心軟體套件的採用率越來越高。在我們的十大聯絡中心勝利中，所有代表主要聯絡中心供應商的替代，其中 40% 是我們第一代基於雲端的解決方案的遷移。

These metrics highlight how well our Contact Center meets the needs of customers and prospects while also validating our better together strategy. In fact, most Contact Center wins represent either existing Zoom Workplace customers who add on Contact Center; or new customers to Zoom, who buy Contact Center in conjunction with Zoom Workplace. This demonstrates the desire for seamlessly integrated customer and employee experience solutions, which Zoom excels at delivery.

這些指標突顯了我們的聯絡中心滿足客戶和潛在客戶需求的程度，同時也驗證了我們更好的合作策略。事實上，大多數聯絡中心的成功代表要么是現有的 Zoom Workplace 客戶添加了聯絡中心；要么是現有的 Zoom Workplace 客戶添加了聯絡中心。或是 Zoom 的新客戶，他們將 Contact Center 與 Zoom Workplace 一起購買。這顯示了對無縫整合的客戶和員工體驗解決方案的渴望，而 Zoom 擅長交付此解決方案。

The seamless integration of the customer and employee experience rests upon Zoom's AI Companion technology as a fabric to unify the whole platform. Today AI Companion enhances an employee's capabilities using generative AI to boost productivity through features like meeting summary chat compose, image generation, live translation and enhanced features in Contact Center. As these features have grown in popularity, we are very happy to share that Zoom AI Companion is now enabled on over 1.2 million accounts.

客戶和員工體驗的無縫整合依賴 Zoom 的 AI Companion 技術作為統一整個平台的結構。如今，AI Companion 使用生成式 AI 增強員工的能力，透過會議摘要聊天撰寫、影像生成、即時翻譯和聯絡中心的增強功能等功能來提高工作效率。隨著這些功能越來越受歡迎，我們很高興地告訴大家，Zoom AI Companion 現已在超過 120 萬個帳戶上啟用。

But we have only scratched the surface. Our progress broadening Zoom Workplace, building out enhanced AI tools for Contact Center and amassing a large base of AI users sets us up well to transition into the 2.0 phase of AI-enabled work. In this phase, Zoom AI Companion will move beyond enhancing skills to simplifying your workday providing contextual insights, and performing tasks on your behalf. It will do this by operating across our collaboration platform to ensure your day is interconnected and productive. We will have more to share about our AI strategy at Zoomtopia in October. We hope you can join us.

但我們只觸及了表面。我們在擴大 Zoom Workplace、為聯絡中心建立增強型人工智慧工具以及累積大量人工智慧使用者方面取得的進展，使我們能夠很好地過渡到人工智慧工作的 2.0 階段。在此階段，Zoom AI Companion 將超越增強技能，簡化您的工作日，提供情境洞察，並代表您執行任務。它將透過我們的協作平台進行操作來實現這一目標，以確保您的一天是相互聯繫且富有成效的。我們將於 10 月在 Zoomtopia 上分享更多有關我們的人工智慧策略的資訊。我們希望您能加入我們。

Now, let me recognize some of our amazing customers. First, let me thank TIAA, a leading provider of secure retirements and outcome-focused investment solutions, for strengthening their partnership with Zoom. A long-time customer, TIAA upgraded to Zoom Workplace Enterprise Plus and added Zoom Contact Center and Quality Management in Q2, in order to further enhance the employee and customer experience.

現在，讓我來認識一下我們的一些出色的客戶。首先，我要感謝 TIAA，一家領先的安全退休和注重成果的投資解決方案提供商，加強了與 Zoom 的合作關係。作為長期客戶，TIAA 在第二季度升級至 Zoom Workplace Enterprise Plus，並增加了 Zoom 聯絡中心和品質管理，以進一步提升員工和客戶體驗。

I would also like to thank Prime Inc., one of the largest trucking and freight delivery companies in North America. Prime came to us through the channel, and chose to further elevate the experience they provide their drivers with Zoom Contact Center and Quality Management. But the value did not stop there. Recognizing the power of our natively integrated employee and customer experience platform, they added Zoom Workplace as well as Webinar and Rooms to support the collaboration and flexible working needs of their corporate offices.

我還要感謝北美最大的卡車運輸和貨運公司之一 Prime Inc.。 Prime 透過該管道找到我們，並選擇透過 Zoom 聯絡中心和品質管理進一步提升他們為司機提供的體驗。但價值不止於此。他們認識到我們原生整合的員工和客戶體驗平台的強大功能，增加了 Zoom Workplace 以及網路研討會和會議室，以支援其公司辦公室的協作和彈性工作需求。

In addition, I'd like to thank Lyra Health, a leader in workplace -- a leader in workforce mental health benefits for integrating Zoom's Video SDK Toolkit into their platform. Lyra has successfully migrated to Zoom, bringing our cutting-edge video technology directly into their applications, exemplifying our developer-focused approach.

此外，我還要感謝職場領導者 Lyra Health 將 Zoom 的視訊 SDK 工具包整合到他們的平台中，該公司是勞動力心理健康福利領域的領導者。 Lyra 已成功遷移到 Zoom，將我們的尖端視訊技術直接引入其應用程序，體現了我們以開發人員為中心的方法。

Finally, Workvivo had an amazing quarter, with wins including a leading Southeast Asian bank and a famed European automotive brand. Workvivo's success was extended by the Meta partnership, which contributed some exciting new logos in Q2, including a major North American telco. We are so happy to provide these companies with an Employee Experience platform that elevates the way they inform, connect and engage employees and integrate seamlessly with the broader Zoom portfolio.

最後，Workvivo 度過了一個令人驚嘆的季度，贏得了領先的東南亞銀行和一個著名的歐洲汽車品牌。 Workvivo 的成功因 Meta 合作夥伴關係而得以延續，Meta 合作夥伴在第二季度貢獻了一些令人興奮的新徽標，其中包括一家主要的北美電信公司。我們很高興為這些公司提供一個員工體驗平台，提升他們通知、聯繫和吸引員工的方式，並與更廣泛的 Zoom 產品組合無縫整合。

I'd like to take this opportunity to share the news that after almost 7 years, Kelly has made the decision to leave Zoom. Kelly joined Zoom about 2 years before our successful IPO in April 2019, and her role in that has been a highlight of her time here. She will leverage her skills in helping companies scale and building successful businesses to help another startup in that process for the next Zoom.

我想藉此機會跟大家分享一個訊息，在近 7 年後，Kelly 做出了離開 Zoom 的決定。 Kelly 在 2019 年 4 月我們成功 IPO 前約兩年加入 Zoom，她在其中所扮演的角色是她在此期間的一大亮點。她將利用自己在幫助公司擴大規模和建立成功業務方面的技能，在下一個 Zoom 的過程中幫助另一家新創公司。

She has been an integral part of the Zoom journey, steering our IPO in 2019 and continuing the momentum as our customer base rapidly expanded during the pandemic. Under her strong financial leadership, Zoom has maintained a consistent track record of profitability and cash flow growth.

她一直是 Zoom 旅程中不可或缺的一部分，指導我們 2019 年的 IPO，並在大流行期間隨著我們的客戶群迅速擴大而繼續保持這一勢頭。在她強而有力的財務領導下，Zoom 一直保持著獲利能力和現金流成長的一貫記錄。

We are conducting a comprehensive search for our next CFO with the assistance of a leading executive search firm. Kelly will be staying on through Q3 earnings, and given that we have a very robust finance organization through her commitment to talent development, I am very confident that there will be a seamless transition. We wish Kelly all the best.

我們正在一家領先的獵人頭公司的協助下，對下一任財務長進行全面的搜尋。凱利將繼續留任直至第三季度盈利，鑑於她對人才發展的承諾，我們擁有一個非常強大的財務組織，我非常有信心將會實現無縫過渡。我們祝福凱利一切順利。

Now, I'll pass it over to -- pass it off to Kelly.

現在，我將把它傳遞給凱利。

Thank you, Eric. First, I'd like to thank you, of course, and the entire Zoom team for an incredible experience over the past 7 years. Zoom has not only made work more productive, but we have transformed the everyday lives of people globally. As Eric mentioned, I'm committed to staying through the Q3 earnings, so this is not the bye, we'll get to see each other again, and I will help with the seamless transition.

謝謝你，埃里克。當然，首先我要感謝您以及整個 Zoom 團隊在過去 7 年裡帶給我們的令人難以置信的體驗。 Zoom 不僅提高了工作效率，也改變了全球人們的日常生活。正如艾瑞克所提到的，我致力於維持第三季的獲利，所以這不是再見，我們會再次見面，我將幫助實現無縫過渡。

Now, back to earnings. We are pleased that we beat our top line and profitability guidance in Q2. Here are a few achievements from the quarter: first, Zoom AI Companion reached approximately 1.2 million accounts enabled as of the end of Q2; second, we saw amazing traction with Workvivo as we reached 69 customers with over $100,000 in ARR, roughly doubling year-over-year; and finally, we surpassed 1,100 Zoom Contact Center customers representing more than 100% year-over-year growth.

現在，回到收益。我們很高興第二季的營收和獲利能力超出了預期。以下是本季取得的一些成就：首先，截至第二季末，Zoom AI Companion 已啟用約 120 萬個帳戶；其次，我們看到了 Workvivo 的驚人吸引力，我們擁有 69 名客戶，其 ARR 超過 100,000 美元，同比大約翻了一番；最後，我們的 Zoom 聯絡中心客戶數量超過 1,100 家，較去年同期成長超過 100%。

Now, let's dive into the financial results. In Q2, total revenue came in at $1.163 billion, up 2% year-over-year. This result was approximately $13 million above the high end of our guidance. Our Enterprise revenue grew 4% year-over-year and represented 59% of total revenue, up from 58% a year ago. Online average monthly churn came in at 2.9%, down from 3.2% in Q2 of FY '24. This is the lowest rate that we have ever reported.

現在，讓我們深入了解財務表現。第二季總營收為11.63億美元，年增2%。這一結果比我們指導的上限高出約 1300 萬美元。我們的企業營收年增 4%，佔總營收的 59%，高於一年前的 58%。線上平均每月流失率為 2.9%，低於 24 財年第二季的 3.2%。這是我們報告過的最低比率。

We saw a 7% year-over-year growth in the upmarket as we ended the quarter with 3,933 customers contributing more than $100,000 in trailing 12-months revenue. These customers represented 31% of revenue, up from 29% in Q2 of FY '24.

截至本季末，我們看到高端市場年增 7%，有 3,933 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 31%，高於 24 財年第二季的 29%。

Our trailing 12-month net dollar expansion rate for Enterprise customers in Q2 came in at 98%. The number of Enterprise customers at the end of Q2 was approximately 191,600. Please note, this metric has diminished in value over time as we focus on upselling existing customers and landing larger prospects with Zoom Phone, Zoom Contact Center and other new products.

第二季企業客戶的過去 12 個月淨美元擴張率為 98%。第二季末企業客戶數量約為 191,600 家。請注意，隨著時間的推移，該指標的價值已經下降，因為我們專注於向上銷售現有客戶並透過 Zoom Phone、Zoom Contact Center 和其他新產品吸引更大的潛在客戶。

Our Americas revenue grew 3% year-over-year, while EMEA was flat, and APAC declined by 2%. On a constant currency basis, APAC grew 1% and EMEA declined 1% year-over-year.

我們的美洲營收年增 3%，而 EMEA 持平，亞太地區下降 2%。以固定匯率計算，亞太地區年增 1%，歐洲、中東和非洲地區較去年同期下降 1%。

Moving to our non-GAAP results, which exclude stock-based compensation expense and associated payroll taxes, acquisition-related expenses, net gains on strategic investments, net litigation settlements and all associated tax effects. Non-GAAP gross margin in Q2 was 78.6% as compared to 80.3% in Q2 of last year, mainly due to investments in AI as well as upgrades to our data center backbone.

轉向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、淨訴訟和解以及所有相關稅務影響。第二季非 GAAP 毛利率為 78.6%，去年第二季為 80.3%，主要得益於對人工智慧的投資以及對資料中心主幹網的升級。

For the full year of FY '25, we continue to expect our gross margin will be approximately 79% before improving towards our long-term target of 80%. Non-GAAP income from operations came in at $456 million, exceeding the high end of our guidance of $420 million. This translates to a 39.2% non-GAAP operating margin for Q2 as compared to 40.5% in Q2 of last year. Non-GAAP diluted net income per share in Q2 was $1.39 on approximately 314 million non-GAAP diluted weighted average shares outstanding. This result was $0.18 above the high end of our guidance and $0.05 higher than Q2 of last year.

對於 25 財年全年，我們繼續預期毛利率將約為 79%，然後再提高 80% 的長期目標。非 GAAP 營運收入為 4.56 億美元，超過了我們指導的 4.2 億美元的上限。這意味著第二季的非 GAAP 營業利潤率為 39.2%，而去年第二季為 40.5%。第二季非 GAAP 攤薄每股淨利為 1.39 美元，約 3.14 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 0.18 美元，比去年第二季高出 0.05 美元。

Turning to the balance sheet. Deferred revenue at the end of the period grew 3% year-over-year to $1.41 billion. The growth was roughly 2 percentage points higher than the growth rate provided last quarter, partially due to the continued refinement of discounting practices as well as lengthening billing terms. For Q3, we expect deferred revenue to be up approximately 5% year-over-year.

轉向資產負債表。期末遞延營收年增 3%，達到 14.1 億美元。這一增長比上季度的增長率高出約 2 個百分點，部分原因是折扣做法的不斷完善以及計費期限的延長。對於第三季度，我們預計遞延收入將年增約 5%。

Looking at both our billed and unbilled contracts, our RPO increased 8% year-over-year to approximately $3.78 billion. We expect to recognize approximately 60% of the total RPO as revenue over the next 12 months, up from 59% in Q2 of last year.

從我們的計費和未計費合約來看，我們的 RPO 年增 8%，達到約 37.8 億美元。我們預計未來 12 個月將 RPO 總額的約 60% 確認為收入，高於去年第二季的 59%。

Operating cash flow in the quarter grew 34% year-over-year to $449 million. Free cash flow grew 26% year-over-year to $365 million. Our operating cash flow and free cash flow margins expanded to 38.7% and 31.4%, respectively. The year-over-year improvement in our cash flow metrics is due to higher collections from increased billings, higher interest income, and a prior year legal settlement. We ended the quarter with approximately $7.5 billion in cash, cash equivalents and marketable securities, excluding restricted cash. Under the $1.5 billion share buyback plan in Q2, we purchased 4.8 million shares for $288 million. This was up from 2.4 million shares for $150 million in Q1.

該季度營運現金流年增 34% 至 4.49 億美元。自由現金流年增 26% 至 3.65 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 38.7% 和 31.4%。我們現金流量指標的年比改善是由於帳單增加、利息收入增加以及上一年的法律和解帶來的收款增加。本季末，我們擁有約 75 億美元的現金、現金等價物和有價證券（不包括限制性現金）。根據第二季 15 億美元的股票回購計劃，我們以 2.88 億美元的價格購買了 480 萬股股票。這一數字高於第一季的 240 萬股，價值 1.5 億美元。

Turning to guidance. For Q3, we expect revenue to be in the range of $1.16 billion to $1.165 billion, which at the midpoint represents approximately 2.3% year-over-year growth. We expect non-GAAP operating income to be in the range of $438 million to $443 million. Our outlook for non-GAAP earnings per share is $1.29 to $1.31 based on approximately 314 million shares outstanding.

轉向指導。對於第三季度，我們預計營收將在 11.6 億美元至 11.65 億美元之間，中間值相當於年增約 2.3%。我們預計非 GAAP 營業收入將在 4.38 億美元至 4.43 億美元之間。基於約 3.14 億股流通股，我們對非 GAAP 每股盈餘的預期為 129 至 1.31 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 $4.63 billion to $4.64 billion, which at the midpoint represents approximately 2.4% year-over-year growth. We expect our non-GAAP operating income to be in the range of $1.79 billion to $1.8 billion, representing an operating margin of 38.7% at the midpoint. Our outlook for non-GAAP earnings per share for FY '25 is $5.29 to $5.32 based on approximately 316 million shares outstanding.

我們很高興提高 25 財年全年的營收和獲利前景。我們現在預計營收將在 46.3 億美元至 46.4 億美元之間，中間值代表年增約 2.4%。我們預計我們的非 GAAP 營業收入將在 17.9 億美元至 18 億美元之間，營業利潤率為中位數 38.7%。基於約 3.16 億股流通股，我們對 25 財年非 GAAP 每股盈餘的預期為 5.29 美元至 5.32 美元。

With the strength and free cash flow in the first half and increased outlook for operating income in FY '25, we now expect free cash flow to be in the range of $1.58 billion to $1.62 billion for the full year. Thank you to the entire Zoom team, our customers, our community and our investors for your ongoing trust and support.

鑑於上半年的強勁和自由現金流以及 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在 15.8 億美元至 16.2 億美元之間。感謝整個 Zoom 團隊、我們的客戶、我們的社群和我們的投資者一直以來的信任和支持。

David, please queue up our first question.

大衛，請排隊我們的第一個問題。

(Operator Instructions) Meta Marshall, Morgan Stanley.

（操作員指令）Meta Marshall，摩根士丹利。

Great. Maybe just a quick question for Eric. Just where are you seeing kind of the most interest in the AI Companion products or kind of the most usage? And just how does it inform how you're kind of looking to invest going forward?

偉大的。也許只是問埃里克一個簡單的問題。您認為哪些地方對 AI Companion 產品最感興趣或最使用？它如何表明您未來打算如何投資？

Yes, great question. I think, first of all, I want to share with you -- and our customers really like Zoom AI Companion. First of all, it works so well. Secondly, at no additional cost, not like some of other vendors who got to charge the customer a lot. And in our case, this is a part of our package. So in terms of the feature set -- and we introduced the AI Companion a while back, right? So I think you look at almost every product in the Zoom Meetings, phone, team chat or live everywhere, right? So empowered by AI Companion.

是的，很好的問題。我想，首先，我想與您分享—我們的客戶非常喜歡 Zoom AI Companion。首先，它的效果非常好。其次，無需額外費用，不像其他一些供應商向客戶收取高額費用。就我們而言，這是我們包的一部分。那麼就功能集而言，我們不久前推出了 AI Companion，對吧？所以我認為您幾乎會查看 Zoom 會議、電話、團隊聊天或直播中的所有產品，對嗎？由 AI Companion 提供支援。

Look at each product, you take a Meeting, for example, right? For sure, the number one use case like a meeting summary, right? And we keep improving that quality like in the [indiscernible] and or meeting summary are getting better and better. Like in July, we had another upgrade quarter-wise, even better than previous deliveries, right?

看看每一個產品，你拿一個Meeting來舉例吧？當然，第一個用例是會議摘要，對嗎？我們不斷提高質量，就像[音頻不清晰] 和/或會議總結中的質量越來越好。就像 7 月一樣，我們按季度進行了另一次升級，甚至比之前的交付更好，對嗎？

And also -- and we also leveraged our AI Companion, right, to empower our [indiscernible] and services. Take a Contact Center, for example. I just give a few features we delivered in Q2, like we have the AI to focus on expert assist a few features like automatically and engagement in disposition, and automatically wrap up notes. And also for your next action as well, all those AI features are empowering our billing services. I just use -- again, used the Contact Center as an example, right? So we look at our every service, every features, think about how to lever AI Companion to improve our product experience. That's why we're very excited. And a lot of new features and also will be available in the next few months and quarters. And also in October, we have Zoomtopia, we are going to announce a bunch of AI Companion enhancements.

而且 - 我們也利用我們的人工智慧伴侶來增強我們的[音訊不清晰]和服務。以聯絡中心為例。我只是給了我們在第二季度提供的一些功能，例如我們有人工智慧專注於專家協助的一些功能，例如自動和參與處置，以及自動總結筆記。對於您的下一步行動，所有這些人工智慧功能都將為我們的計費服務提供支援。我只是再次使用聯絡中心作為例子，對吧？所以我們檢視我們的每一項服務、每一個功能，思考如何利用AI Companion來改善我們的產品體驗。這就是為什麼我們非常興奮。許多新功能也將在接下來的幾個月和季度內推出。同樣在 10 月份，我們推出了 Zoomtopia，我們將宣布一系列 AI Companion 增強功能。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

This is Chris on for Arjun. Real quick. And then in similar vein, I wanted to get a better understanding of what's helping drive some of the strong adoption you've seen recently in Workvivo, where are customers seeing the most value with that.

這是阿瓊的克里斯。真快。同樣，我想更好地了解是什麼有助於推動最近在 Workvivo 中看到的一些強勁採用，客戶在哪裡看到了最大的價值。

So in terms of Workvivo, I think, first of all, it's really helped employee engagement. In particular, given the flexible work in how to seamlessly engage your employees no matter where they are. This is very important, right? You cannot lever the meetings or phone or chat to do that. You have to have a new service. That's the reason why we acquired Workvivo and before, right? And that solution works very well. A lot of the companies, especially for very large enterprise customers, realize the value, right?

因此，就 Workvivo 而言，我認為，首先，它確實有助於提高員工敬業度。特別是考慮到如何無縫地吸引員工（無論他們身在何處）的靈活工作方式。這非常重要，對吧？你無法利用會議、電話或聊天來做到這一點。你必須有新的服務。這就是我們收購Workvivo及之前的原因，對吧？該解決方案效果非常好。很多公司，尤其是大型企業客戶，都意識到了價值，對吧？

And the experience works so well where for UI, and in order to mention recently Meta, right, they decided to retire their platform and Zoom is the only platform this [indiscernible] phone migration and further have us, right, essentially, when customers look at Zoom platform on well communication on the other hand, collaboration. At the same time, engagement becomes more and more important. That's the reason why Workvivo is putting out of such a big load.

對於UI 來說，這種體驗效果非常好，為了提到最近的Meta，對吧，他們決定退役他們的平台，而Zoom 是這個[音頻不清晰]手機遷移的唯一平台，並且進一步讓我們，對吧，本質上，當客戶看時在Zoom平台一方面需要良好的溝通，另一方面需要協作。同時，參與度也變得越來越重要。這就是 Workvivo 承受如此大負載的原因。

So we closed a lot of new logos in Q2 and quite a few very large deals also in the pipeline as well. So we are very excited about the Workvivo platform. By the way, internally, we are also using Workvivo for any announcement, any news, employees just to go to the Workvivo will interface rather than go to the e-mails or chat messages is really not scalable, not friendly either.

因此，我們在第二季完成了許多新徽標，並且還有一些非常大的交易也在醞釀中。所以我們對 Workvivo 平台感到非常興奮。順便說一句，在內部，我們也使用 Workvivo 來發布任何公告、任何新聞，員工只是去 Workvivo 介面而不是去查看電子郵件或聊天訊息，這確實不具有可擴展性，也不友好。

William Power, Baird.

威廉鮑爾，貝爾德。

Okay. Great. And Kelly, thanks for all the great help here over the years. So we'll still have it for a little while, though, which is great. I want to start, I guess, on macro, right? I mean, that's still kind of center stage of being kind of new concerns sort of the health of the consumer. And so I guess I wondered within the online segment, if you could comment on expectations and kind of what you're seeing real time in the market, I mean, the churn rate suggests that things are going relatively well there, at least okay. But we kind of what's baked in from a consumer macro standpoint.

好的。偉大的。凱利，感謝多年來在這裡提供的所有大力幫助。不過，我們仍然會保留它一段時間，這很棒。我想我想從宏觀開始，對嗎？我的意思是，這仍然是消費者健康問題的中心舞台。因此，我想我想知道在線部分中，您是否可以對預期以及您在市場上實時看到的情況發表評論，我的意思是，流失率表明那裡的情況相對順利，至少還不錯。但我們是從消費者宏觀的角度來看。

And then the other side of that is just be great to kind of hear what you're seeing on Enterprise in terms of sales cycles, down sales, on the video front, et cetera.

另一方面，很高興聽到您在 Enterprise 上看到的銷售週期、銷售下降、影片方面等方面的情況。

Eric, do you want to say anything generally first?

艾瑞克，你想先說點什麼嗎？

You may dive in. Just go ahead. Yes. Thank you.

你可以潛入其中。是的。謝謝。

So in terms of Enterprise, we continue to see growth there, and that's -- you've been to see that reflected in our guidance for the year. We've had a lot of stability in terms of our retention rates and this is going to show up eventually in our net dollar expansion that we expect to start to reaccelerate as we come to like the middle of next year. And when you have a chance to really look at the guidance, right, you'll see that we are forecasting, as we said that Q2 would be the low point this year in terms of year-over-year growth, and we would start to reaccelerate in Q3. And that's what's reflected in our guidance, which we're all very excited about.

因此，就企業而言，我們繼續看到那裡的成長，你已經看到這一點反映在我們今年的指導中。我們的保留率非常穩定，這最終將在我們的淨美元擴張中反映出來，我們預計明年年中開始重新加速。當您有機會真正查看指導時，對吧，您會看到我們正在預測，正如我們所說，第二季度將是今年同比增長的最低點，我們將開始第三季度重新加速。這就是我們的指導中所反映的內容，我們都對此感到非常興奮。

In terms of online, as you noted, we see ongoing improvement in our retention rates there, which I think is reflected about all the great progress we're making in the platform, including all of the Zoom AI Companion features that Eric just talked about, which are included for our online customers as well that are paying. And so that's been really great to see.

在線上方面，正如您所指出的，我們看到我們的保留率不斷提高，我認為這反映了我們在該平台上取得的所有巨大進步，包括埃里克剛才談到的所有 Zoom AI Companion 功能，這也包含在我們付費的線上客戶中。所以這真是太棒了。

I would say the one area that we've seen some headwinds, which is consistent with peers is in SMB and like the small customers. We've certainly seen some -- I think some overall concern about the economy there. But be pretty close to being in line with what we were originally forecasting for the full year. So we're just keeping a very close watch on that.

我想說的是，我們看到一些逆風的領域是中小企業和小客戶，這與同行一致。我們當然看到了一些——我認為對那裡的經濟有一些總體的擔憂。但與我們最初對全年的預測非常接近。所以我們正在密切關注這一點。

Siti Panigrahi, Mizuho.

西蒂·帕尼格拉希，瑞穗。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Great. And Kelly, it's great working with you. So my question about Contact Center. It's good to see some traction in the Contact Center side, but we are hearing from your peers about the macro pressure they are seeing in this market. So how do you see the Zoom Contact Center features and capabilities compared to your competitors? Like what's helping you win against them? And then the question, like when should we expect Contact Center to be a material revenue contributor?

偉大的。凱利，很高興與你合作。我的問題是關於聯絡中心的。很高興看到聯絡中心方面取得了一些進展，但我們從同行那裡聽到了他們在這個市場上看到的宏觀壓力。那麼，與競爭對手相比，您如何看待 Zoom 聯絡中心的功能和功能？例如是什麼幫助你戰勝他們？然後是問題，例如我們什麼時候應該期望聯絡中心成為實質收入貢獻者？

Yes, I can start. And Kelly feel free to chime in. I think -- first of all, you look at the key wins in Q2, right? And we closed the single largest deal in Q2, right? Look at it over the past few quarters, right? So we're making very good progress. Look at the large deals like in Q1, if I recall correctly, we closed around at 90 and then Q2 we closed about 117 and the large deals, right?

是的，我可以開始了。凱利可以隨意插話。我們在第二季完成了最大的單筆交易，對吧？看看過去幾季的情況吧？所以我們正在取得非常好的進展。看看第一季的大宗交易，如果我沒記錯的話，我們以 90 筆收盤，然後第二季我們以 117 筆收盤，大筆交易對吧？

And the reason why a customer -- they truly trust in Zoom because some customers -- they already our customer for a long time, and they know we want to innovate together with our customers like our innovation speed. We like all those features, in particular, some of the features, AI features, we deliver much faster than any of our competitors. And also, not only just the core Contact Center offering, but also we also came up with our own workforce management and quality management and not like some other winners, they had to resell other solutions in the integration of the similars, right?

客戶之所以真正信任 Zoom，是因為有些客戶他們已經是我們的長期客戶，他們知道我們希望與客戶一起創新，喜歡我們的創新速度。我們喜歡所有這些功能，特別是一些功能，人工智慧功能，我們的交付速度比任何競爭對手都快得多。而且，不僅是核心的聯絡中心產品，我們還提出了自己的勞動力管理和品質管理，而不是像其他一些獲勝者那樣，他們必須在類似的整合中轉售其他解決方案，對嗎？

From a customer perspective to realize we are very, very serious about the Contact Center. And the feature set is great and also the integration with our other UC platform also is very seamless. And plus, and the feedback, especially for a customer, they did after they test Zoom Contact Center realized, wow, it works so well, and it's so powerful. And that's the reason why we're gaining momentum. And I think in terms of feature set, that we can't -- we have higher confidence. We do not lose the customers because of feature set.

從客戶的角度來看，我們對聯絡中心非常非常重視。該功能集非常棒，與我們其他 UC 平台的整合也非常無縫。另外，還有回饋，尤其是針對客戶的回饋，他們在測試 Zoom 聯絡中心後意識到，哇，它運作得很好，而且非常強大。這就是我們勢頭強勁的原因。我認為就功能集而言，我們不能——我們有更高的信心。我們不會因為功能集而失去客戶。

And remember, even now with our new pricing tiers that we've added in, we are still very, very price competitive against everyone else in the market. So from a total cost of ownership perspective, when you look at it, combined with this modern -- the most modern architecture out there. I think it's a very compelling reason for our customers to switch.

請記住，即使現在我們添加了新的定價等級，我們與市場上其他所有人相比仍然具有非常非常大的價格競爭力。因此，從總擁有成本的角度來看，當你看它時，結合這種現代的——最現代的建築。我認為這是讓我們的客戶轉換的一個非常令人信服的理由。

And also another thing is every time we made a commitment, we did deliver, that's another way to build trust. We make the FedRAMP in Q2 and the PCI compliance and so on and forth, right? We did deliver.

還有一件事是，每次我們做出承諾，我們都會兌現，這是建立信任的另一種方式。我們在第二季度製定了 FedRAMP 以及 PCI 合規性等等，對嗎？我們確實交付了。

Ryan MacWilliams, Barclays.

瑞安·麥克威廉斯，巴克萊銀行。

So now that you're seeing more adoption, Kelly, of Zoom Companion, how do you think about the cost of providing these generative AI features and capabilities? And do you think Zoom could eventually charge on a usage basis for power users of the generally just trying to weigh cost versus revenue opportunities here?

Kelly，現在您看到 Zoom Companion 得到了更多的採用，您如何看待提供這些生成式 AI 功能和功能的成本？您是否認為 Zoom 最終可能會根據高級用戶的使用情況收費，而這些用戶通常只是試圖權衡成本與收入機會？

So that's a great question. And our philosophy is we always look at everything from a customer perspective, right? Especially for given the macroeconomic environment, right? So every company tries to save the money, consolidate the costs and so on and so forth. I think -- I do not think we should retire the customer for AI Companion. I mean when we launched AI Companion, right? So we do not want to charge the customer.

這是一個很好的問題。我們的理念是我們始終從客戶的角度看待一切，對吧？尤其是在宏觀經濟環境下，對嗎？因此，每個公司都試圖節省資金，整合成本等等。我認為——我認為我們不應該讓 AI Companion 的客戶退休。我的意思是當我們推出 AI Companion 時，對吧？所以我們不想向客戶收費。

However, that's for the workplace for the business services like a Contact Center, all those new offerings. And I think for sure, we are going to monetize. As I mentioned in the previous earnings calls, new -- new solutions or the billing services, AI, I think we are going to charge. They are AI Companion, right? But the workplace and our core you see offering and collaboration offering we do not want to charge. I want to see -- I really appreciate our AI team's great effort, right? And focus on the quality, focus on the cost reduction and so on and forth.

然而，這是針對業務服務的工作場所，例如聯絡中心，以及所有這些新產品。我認為我們肯定會實現盈利。正如我在之前的財報電話會議中提到的，新的解決方案或計費服務、人工智慧，我認為我們將收費。他們是AI伴侶，對吧？但你看到的工作場所和我們的核心產品和協作產品我們不想收費。我想看看——我真的很感謝我們人工智慧團隊的巨大努力，對吧？並注重質量，注重降低成本等等。

I think that's the reason why some customers look at our offering, you look at the total cost of ownership in terms of the support cost, AI cost and also in the product stress, customers realize, wow, it's better double down on Zoom deployment. And it's -- that's the reason why we are going to continue winning.

我認為這就是為什麼一些客戶關注我們的產品的原因，你會從支援成本、人工智慧成本以及產品壓力方面考慮總擁有成本，客戶意識到，哇，最好在 Zoom 部署上加倍努力。這就是我們將繼續獲勝的原因。

And then, Kelly, maybe just on gross margins, like the impact of generative AI and maybe what you can do to alleviate some of that off there.

然後，凱利，也許只是毛利率，例如產生人工智慧的影響，也許你可以採取哪些措施來減輕其中的一些影響。

Yes. I mean we're guiding to [ 79% ] for this year, which we will reflects the prioritization of AI, but also the very strong discipline that we continue to apply. And we are holding to our long-term target for gross margins of 80%. But of course, we think at this point in time, it's very important to prioritize these investments as they really set us up for future growth.

是的。我的意思是，我們今年的指導目標是 [79%]，這將反映人工智慧的優先順序，同時也反映了我們繼續應用的非常嚴格的紀律。我們堅持毛利率 80% 的長期目標。但當然，我們認為，目前，優先考慮這些投資非常重要，因為它們確實為我們未來的成長奠定了基礎。

I definitely think it makes sense to focus on it first.

我絕對認為首先關注它是有意義的。

Yes. Just one more thing. I also want to give a credit to our demo office team. On the right hand, for sure, we are going to buy more and more GPUs, right? And also level that have our team tried to save the money from other areas, fully automated and so on and so forth, right? So that's another way for us to save the cost, right, to make some room for AI.

是的。還有一件事。我還要感謝我們的演示辦公室團隊。另一方面，我們肯定會購買越來越多的 GPU，對嗎？我們的團隊也試圖從其他領域節省資金，完全自動化等等，對嗎？所以這也是我們節省成本的另一種方式，對吧，為AI騰出一些空間。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Tyler, are you there?

泰勒，你在嗎？

Yes. Can you hear me, okay?

是的。你聽得到我說話嗎？

Yes.

是的。

Yes.

是的。

Kelly, I'm wondering if you could just -- it was great to see the stabilization or actually the record high in terms of the online renewal rate. I'm curious if you could speak to the new business side of the equation. And I know Wendy and team have been doing some initiatives to drive improvements there. But how do you sort of see the new business side of the equation relative to how you were thinking about it a couple of quarters ago?

凱利，我想知道你是否可以 - 很高興看到線上續訂率趨於穩定或創下歷史新高。我很好奇你是否能談談這個等式的新業務方面。我知道溫迪和團隊一直在採取一些措施來推動那裡的改進。但是，相對於幾個季度前您的想法，您如何看待這個等式的新業務方面？

Yes. So Wendy and team continue to do a great job of adding features, looking for additional offerings to continue to expand our growth there. I think in terms of our quarter, we certainly saw growth and are very pleased to be able to raise our guidance across the board.

是的。因此，Wendy 和團隊繼續出色地添加功能，尋找額外的產品來繼續擴大我們的成長。我認為就我們的季度而言，我們確實看到了成長，並且很高興能夠全面提高我們的指導。

The one area that we have seen some headwinds, which I think is very consistent with what you're hearing from peers is in the SMB and the really small business area because everybody is concerned about the future of the economy and being very thoughtful about buying decisions.

我們看到一些逆風的領域是中小型企業和小型企業領域，我認為這與您從同行那裡聽到的情況非常一致，因為每個人都擔心經濟的未來，並且在購買時都非常深思熟慮決定。

With that said, it's roughly in line with where we were expecting coming into the year, which is why you've seen us continue to execute against our guidance and be able to raise going forward.

話雖如此，這與我們對今年的預期大致一致，這就是為什麼您看到我們繼續按照我們的指導執行並能夠繼續籌集資金。

Parker Lane, Stifel.

帕克巷，斯蒂菲爾。

This is Jack on for Parker. Congrats on the nice quarter. Wanted to touch on that large win in the Contact Center. What kind of initiatives was this customer looking to accomplish? And why did they ultimately choose Zoom?

這是帕克的傑克。恭喜這個美好的季度。想談談聯絡中心的重大勝利。該客戶希望實現什麼樣的計畫？他們為什麼最終選擇 Zoom？

But I think, for sure, this customer evaluated multiple and Contact Center offerings in the market and they really want to understand the road map and architecture, especially your AI initiative, right? And so -- and given the POC wise, they evaded multiple solutions and Zoom itself, and it comes to comparing against the other vendors, features, AI and the price and the brand recognition and also, again, the real trust our team.

但我認為，可以肯定的是，這位客戶評估了市場上的多種聯絡中心產品，他們真的想了解路線圖和架構，尤其是您的人工智慧計劃，對吧？因此，考慮到 POC，他們迴避了多種解決方案和 Zoom 本身，而是與其他供應商、功能、人工智慧、價格和品牌認知度以及我們團隊的真正信任進行比較。

We always innovated together with the customers. And this is happening before like the Zoom Phone as well. And ultimately, it boils down to the trust. They know actually, we can innovate. We innovate faster. We can innovate together. And given all the features, and we promised about before, we did deliver. And it's really like the Zoom Contact Center, and all like other legacy solutions, right, were slow to move. We're slow to embrace AI. We built a new solution with mode architecture is a much better experience. So -- and why not so and a pickup Zoom.

我們始終與客戶一起創新。這種情況以前也發生過，例如 Zoom Phone。最終，它歸結為信任。他們其實知道，我們可以創新。我們創新得更快。我們可以一起創新。鑑於我們之前承諾的所有功能，我們確實實現了。它真的很像 Zoom 聯絡中心，而且和其他傳統解決方案一樣，進展緩慢。我們擁抱人工智慧的速度很慢。我們建立了一個新的解決方案，其模式架構提供了更好的體驗。那麼——為什麼不選擇一輛皮卡 Zoom呢？

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Kelly, thank you again for my help for over the years. I know I'll see you next quarter as well. Another question on Contact Center, if I can. Just a clarification. The recent wins, are they more skewed towards internal or external Contact Center. So meaning employees versus customers?

凱莉，再次感謝你多年來對我的幫助。我知道下個季度也會見到你。如果可以的話，還有一個關於聯絡中心的問題。只是一個澄清。最近的勝利，他們更傾向於內部還是外部聯絡中心。那麼這意味著員工與顧客嗎？

For [indiscernible], primarily [indiscernible] accidental, right? They use that to engage with their customers and their partners, right? When we launched many quarters ago, right, some of the customer use our Contact Center for internal IT help desk, but now majority just for the [indiscernible] of PC and for the support team, customer engagement in the team.

對於[音訊不清晰]，主要是[音訊不清晰]偶然，對吧？他們用它來與客戶和合作夥伴互動，對吧？當我們在多個季度前推出時，一些客戶使用我們的聯絡中心作為內部 IT 幫助台，但現在大多數客戶只是為了 [音訊不清晰] 的 PC 和支援團隊、客戶在團隊中的參與。

That's very helpful. And then -- and then Kelly, I think you mentioned earlier this year when I met with you that you expected contact center growth to ramp similar to phone growth that, that was a good precedent for growth expectation. Are you growing above those expectations for Contact Center or in line?

這非常有幫助。然後 - 然後凱利，我想你今年早些時候提到，當我與你會面時，你預計聯絡中心的增長將與電話增長類似，這是增長預期的一個很好的先例。您的成長是否超越了聯絡中心的預期或符合預期？

We're in line with that. So it was -- it hasn't changed dramatically. I mean, we're very pleased with how both Phone and Contact Center are continuing to drive growth, but it is more in line with what we had expected.

我們對此是一致的。事實就是如此——並沒有發生巨大的變化。我的意思是，我們對電話和聯絡中心繼續推動成長感到非常滿意，但它更符合我們的預期。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Arti on here from Mark Murphy, and Kelly, thanks for all the help you provided us. One question I had is when you're looking at Zoom AI Companion, we've heard a lot of great things in the field if customers kind of comparing that to other products that are offered out there.

馬克墨菲 (Mark Murphy) 的阿蒂 (Arti) 和凱利 (Kelly)，感謝您為我們提供的所有幫助。我的一個問題是，當您查看 Zoom AI Companion 時，如果客戶將其與其他提供的產品進行比較，我們已經聽到了該領域的許多偉大的事情。

Can you kind of remind us about how you guys think about tracking success with the product internally, given that you don't kind of charge for it directly beyond having millions of people using it? Is there any way you kind of track it, whether it's utilization improvement in retention, anything along those lines?

您能否提醒我們，考慮到除了讓數百萬人使用該產品之外，您不會直接對其進行收費，您如何考慮在內部追蹤該產品的成功？有什麼方法可以追蹤它，無論是保留率的利用率提高，還是類似的事情？

Yes. I mean the metrics that we've been talking about on here is account activation. So looking at how many -- it's not individual users, it's actual customer accounts that have activated it. And for -- you can imagine for larger enterprises, there's usually an approval process that we go through, they go through, but we watch that. And then internally, we're watching things like the number of meeting summaries produced. So some of the other like usage metrics is how we're evaluating usage and success.

是的。我的意思是我們在這裡討論的指標是帳戶啟動。所以看看有多少——不是個人用戶，而是實際的客戶帳戶激活了它。對於大型企業來說，你可以想像，我們通常會經歷一個審批流程，他們也會經歷，但我們會觀察這一點。然後在內部，我們正在關注諸如會議摘要生成數量之類的事情。因此，其他一些類似的使用指標是我們評估使用和成功的方式。

And so very often, we never have [ EDCs ] with our customers. And also they share the stories like how Zoom AI Companion like is very accurate summary, action items are helping their employees' productivity as well. And yes, a lot of very positive feedback about adopting Zoom AI Companion.

很多時候，我們從未向客戶提供過[EDC]。他們也分享了 Zoom AI Companion 的故事，總結非常準確，行動項目也有助於提高員工的生產力。是的，關於採用 Zoom AI Companion 得到了很多非常正面的回饋。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Kelly, it's been great working with you. And my question is more directed at you. You had mentioned here, we're talking about 98% trailing 12-month retention rate. And it sounds as if we're starting to see the bottom of that. In fact, our math would imply actually above 100% today on the end period.

凱利，和你一起工作真是太好了。而我的問題更多是針對你的。您曾在這裡提到，我們談論的是 98% 的過去 12 個月保留率。聽起來我們好像開始看到事情的真相了。事實上，我們的數學計算顯示今天期末的實際利率高於 100%。

So can you break down what you're getting across expansion mix between upsell of seats if you are starting to see upsell seats, again, across meetings or other products, any pricing changes, adoption of other products like Phone or Contact Center at this point in terms of how it's impacting that expansion?

那麼，如果您開始再次看到會議或其他產品的追加銷售席位、任何定價變化、此時電話或聯絡中心等其他產品的採用，您是否可以分解席位追加銷售之間的擴展組合所獲得的收入它如何影響這種擴張？

And I get rounding is involved, but should we not be interpreting that, that upmarket is accelerating at this point, but similar to what we saw from a dollar perspective because if you run the math there would suggest like [ 9% ] potentially, if you just use the absolute number?

我得到四捨五入的參與，但我們不應該解釋這一點，高端市場在這一點上正在加速，但與我們從美元角度看到的類似，因為如果你進行數學計算，可能會建議[9%]，如果你只使用絕對數字？

Yes. So -- when you think about -- the way that we're thinking about looking forward, certainly, the growth for the back half of this year and into next year is being driven by the upmarket. Very specifically, our direct segment, but even within that segment, the upmarket portion of it.

是的。因此，當你想到我們展望未來的方式時，當然，今年下半年和明年的成長是由高端市場推動的。非常具體地說，是我們的直接細分市場，但即使在該細分市場中，也是其中的高端部分。

If you look at the growth rate of our metrics with customers with greater than $100,000 trailing 12 months and you see that's growing at 7% year-over-year, which is higher than our overall revenue growth rate, which is a good indicator of that. And so what we see is similar to when we do the in-quarter calculation, we've started to see stabilization in our net dollar expansion, and we know that runs ahead of our externally reported metric. And that's why I said kind of middle of next year. We expect that to start reaccelerating again.

如果您查看過去 12 個月內金額超過 100,000 美元的客戶的指標增長率，您會發現同比增長率為 7%，高於我們的整體收入增長率，這是一個很好的指標。因此，我們看到的情況與我們進行季度計算時類似，我們已經開始看到美元淨擴張趨於穩定，而且我們知道這超出了我們外部報告的指標。這就是為什麼我說大概是明年年中。我們預計這種情況將再次開始加速。

And that's being driven by the ongoing performance of Zoom Phone, Contact Center, obviously, Workvivo is sometimes an add-on. Sometimes those are brand-new customers that are coming in. And I would say, I don't know that we -- what we -- I mentioned earlier, we've seen stabilization in our retention rates in enterprise as well. So that's good in terms of even if seats aren't being additive for meetings that we're starting to see some stabilization there in terms of renewal rates on customers.

這是由 Zoom Phone、聯絡中心的持續表現所推動的，顯然，Workvivo 有時是一個附加元件。有時這些是進來的全新客戶。因此，即使會議席次沒有增加，我們也開始看到客戶續訂率穩定，這也是好事。

Peter Weed, Bernstein.

彼得威德，伯恩斯坦。

No, you should have me in a normal mode on my [indiscernible]. And Kelly, we will miss you. I mean you've been very open and honest with us over time, and it's been very helpful.

不，你應該讓我的[音訊不清晰]處於正常模式。凱莉，我們會想念你的。我的意思是，長期以來，您對我們一直非常開放和誠實，這非常有幫助。

I'd love to follow up that last question on expansion. And I think you've been talking about getting to stabilization about now. And kind of when we unpack that, that number, at least in our model, it does look like on a quarter-over-quarter basis, the upmarket definitely saw some strength. Whereas the kind of down market was a little bit flatter, which I think historically has always been the case because there's a little bit of cannibalization that comes out of that going into the upmarket.

我很樂意跟進關於擴展的最後一個問題。我認為您現在一直在談論如何實現穩定。當我們解開這個數字時，至少在我們的模型中，看起來確實是在季度環比的基礎上，高端市場肯定看到了一些實力。而低端市場則有點平坦，我認為歷史上一直都是這樣，因為進入高端市場會產生一些蠶食。

When you look forward from here, where are you seeing, I guess, those kind of early kind of accelerations going on? And how do you think about those kind of escalating over the coming quarters? Is it the type of thing where like we can start to see this building on itself like quarter-over-quarter? Or you just said middle of next year, which makes it seem like this is like one step up, and then you expect it to be flat, like how is that kind of shaping up?

當你從這裡向前看時，我想你在哪裡看到了那種早期的加速正在發生？您如何看待未來幾季這種情況的升級？是不是我們可以開始看到這種逐季成長的情況？或者你只是說明年年中，這看起來像是向前邁出了一步，然後你預計它會持平，就像這種情況是怎樣的？

Let me -- so let me clarify a couple of things. So what's going to stabilize and start to grow again in the middle of next year, is the net dollar expansion rate very specifically. That's because we're on this, it's a trailing 12-month metric. What we're seeing in terms of revenue when you look at the guidance is Q2 was, as we forecast the low point in year-over-year growth.

讓我——讓我澄清一些事情。因此，明年年中將穩定並再次開始成長的是美元淨擴張率。這是因為我們關注的是過去 12 個月的指標。當您查看指導時，我們看到的收入方面是第二季度，因為我們預測同比增長的低點。

And now given the strong contribution we're seeing from Contact Center, from Phone, from Workvivo, we are guiding to reaccelerating growth starting in Q3. And that combined with the stabilization in our retention rate in enterprise and ongoing improvements in online, all of that is what's leading to this reaccelerate and the strength that we see in the future.

現在，鑑於我們從聯絡中心、電話和 Workvivo 看到的強大貢獻，我們正在指導從第三季開始重新加速成長。再加上我們企業留存率的穩定以及線上業務的持續改進，所有這些都導致​​了這種重新加速以及我們在未來看到的實力。

And when you kind of look at the kind of underlying components then that are kind of driving that strength, I guess it's probably not seats. It's many of these additional, I guess, both products and versions that have pushed into the market. When you think about the balance between those, getting people to sign up for one versus adding a Contact Center or these types of things. Give us some color on the contribution of both of those as this kind of acceleration kind of moves forward.

當你看看推動這種力量的底層組件時，我想它可能不是座位。我想，其中許多附加產品和版本已經推向市場。當你考慮這些之間的平衡時，讓人們註冊一個與添加聯絡中心或此類的東西。隨著這種加速向前發展，請給我們一些關於兩者貢獻的顏色。

Yes. We do see expansion -- land and expand being a motion that we see. Of course, historically, it's been the motion we've seen for meetings, but we also see it for Phone. We see it for Contact Center as well as especially as we keep adding more -- Eric touched on this is the right we've really expanded the features and functionality on Contact Center that allow it to really serve externally. So things like PCI compliance and FedRAMP and all the social integrations, which are a necessary component for any company to talk to its external customer base, and that's what's really led to some of this acceleration that we're seeing in Contact Center.

是的。我們確實看到了擴張——著陸和擴張是我們所看到的運動。當然，從歷史上看，我們在會議中看到過這種動議，但我們在電話中也看到過這種動議。我們在聯絡中心上看到了這一點，尤其是當我們不斷添加更多內容時——埃里克談到了這一點，我們確實擴展了聯絡中心的特性和功能，使其能夠真正向外部提供服務。因此，像 PCI 合規性和 FedRAMP 以及所有社交整合這樣的東西，是任何公司與其外部客戶群對話的必要組成部分，而這正是我們在聯絡中心看到的加速的真正原因。

Peter Levine, Evercore.

彼得‧萊文，Evercore。

Maybe just on capital allocation. Eric or even Kelly, if you think about -- sit down and think about strategy, like and you want to retain your competitive advantage, you have $7.5 billion in cash. We've seen you move into Contact Center, Phone. You productivity apps as well. What's the best way for investors to think about how you plan on deploying that capital? You have the buyback in place, but it's been a while since we've seen any larger activity, but maybe help us understand the strategy in terms of what you're thinking in terms of -- to help reaccelerate top line if it's new product? Is it tech? Just help us understand how you're thinking about that.

也許只是在資本配置上。艾瑞克（Eric）甚至凱利（Kelly），如果你想——坐下來考慮策略，例如你想保持你的競爭優勢，你就有 75 億美元的現金。我們已經看到您進入了聯絡中心、電話部門。您的生產力應用程式也是如此。投資者考慮您計劃如何部署資金的最佳方法是什麼？你已經進行了回購，但我們已經有一段時間沒有看到任何更大規模的活動了，但也許可以幫助我們根據你的想法理解該策略——如果它是新產品，可以幫助重新加速營收？是科技嗎？請幫助我們了解您的想法。

Yes. So from a high level, so we look at everything from a customer perspective, right, quite often when we talk about innovating together, right? And sometimes, customers -- they really -- they better needed this feature and they take a Workvivo, for example, like customers say, "Yes, I really like employee engagement tools." We know we cannot build that a timely manner. We have to go through the M&A.

是的。因此，從較高的層面來看，我們從客戶的角度看待一切，對吧，當我們談論共同創新時，對吧？有時，客戶——他們確實——他們更需要這個功能，他們會選擇 Workvivo，例如，就像客戶說的，“是的，我真的很喜歡員工敬業度工具。”我們知道我們無法及時建立它。我們必須經歷併購。

And as we look at our platform play and also plus AI plus billing services, there's so many opportunities out there. I do not think we can build everything organically if we want to, right, sort of what a culture before. But now we are more aggressive and go to, hey, how to quickly and added those new services or features, right, to beef up our existing offering, and that's kind of one of the top [indiscernible] here we are working on. And of course, especially given the AI era, right, and you have to move faster. I think in my view, it's more like a lot of M&A opportunities down the road. So -- and that's kind of our strategy.

當我們審視我們的平台以及人工智慧和計費服務時，就會發現有很多機會。我不認為如果我們願意的話，我們就可以有機地建構一切，對吧，就像以前的文化一樣。但現在我們更加積極主動，嘿，如何快速添加這些新服務或功能，以增強我們現有的產品，這是我們正在研究的最重要的[音頻不清晰]之一。當然，特別是考慮到人工智慧時代，你必須走得更快。我認為，在我看來，這更像是未來的大量併購機會。所以——這就是我們的策略。

And then Kelly, if you're willing to share a number with Contact Center, can you share the revenue number or at least the target in terms of -- because we roll hit 10%, you gave us that milestone. Is there an internal plan on when you think contact center will hit 10%?

然後凱利，如果您願意與聯絡中心分享一個數字，您能否分享一下收入數字或至少是目標——因為我們達到了 10%，您給了我們這個里程碑。您認為聯絡中心何時達到 10% 是否有內部計畫？

When we hit 10%, we, of course, we'll start disclosing it. But remember, it was in like Zoom Phone's fifth year of its life, I think, before it hit that metric and Contact Center is, what, in its second year of life. So while we're thrilled with its performance, we aren't quite yet. It's going to be a while before it comes to a stage where we would be disclosing the percentage of revenue. That's why for now, we're disclosing customer counts and giving you other metrics around like the top 10 being displacements, trying to give you color about what we're seeing in the market, but it will be a little bit before we get to that metric specifically.

當我們達到 10% 時，我們當然會開始透露它。但請記住，我認為，在達到該指標之前，Zoom Phone 已經進入了其生命的第五年，而聯絡中心則處於其生命的第二年。因此，雖然我們對其性能感到興奮，但我們還沒有完全興奮。我們還需要一段時間才能揭露收入百分比。這就是為什麼現在，我們正在揭露客戶數量，並為您提供其他指標，例如前 10 名的排氣量，試圖讓您了解我們在市場上看到的情況，但我們還需要一點時間才能了解具體來說就是這個指標。

Rich Magnus, Wolfe Research.

里奇‧馬格納斯，沃爾夫研究中心。

It's Rich on for Alex. Just wanted to come back to the large ads for contact center you were highlighting and the top 10 wins being displacements. You said 40% were from legacy migrations. So of the six that were not replacing the first gen solutions, what were the biggest drivers of those wins? Was it pricing, AI functionality or something else that we're missing?

亞歷克斯有錢了。只是想回到您強調的聯絡中心大型廣告，前 10 名勝利是位移。您說 40% 來自遺留遷移。那麼，在不取代第一代解決方案的六個解決方案中，這些勝利的最大推動因素是什麼？是定價、人工智慧功能還是我們缺少的其他東西？

So I just want to be super clear about it for a second. So of the top 10 wins, all were displacements, 6 of them were replacing on-prem existing legacy; and four, we're replacing other cloud [indiscernible]. So I think, again, all of them -- I mean, Eric, you feel free to chime in now, but it just highlights the modern architecture, the contact center that's built with AI at its core from the very beginning.

所以我只想暫時澄清一下。因此，在前 10 名獲勝者中，全部都是替代品，其中 6 個是替換本地現有遺留產品；第四，我們正在替換其他雲[音訊不清晰]。所以我再次認為，所有這些——我的意思是，埃里克，你現在可以隨意插話，但這只是強調了現代架構，即從一開始就以人工智能為核心構建的聯絡中心。

And also so Rich, believe it or not, actually quite often customer mission, the stability also plays a very important role because comes Contact Center is very important, we constantly engage with their customers, you have reverse stable, right? And some of when customers is just a number of things they just do not like the stability from other solutions, right? And they know actually Zoom always delivers a very stable service with a scalable architecture and so on and so forth. And that's also -- that also plays a role as well, right? I think everything together, I think stability, more architecture pricing, AI and faster innovation, I think, ultimately together, we are winning.

而且如此豐富，不管你信不信，實際上很多時候都是客戶任務，穩定性也起著非常重要的作用，因為聯絡中心非常重要，我們不斷地與他們的客戶互動，你有反向穩定，對嗎？有些客戶只是不喜歡其他解決方案的穩定性，對吧？他們知道實際上 Zoom 始終透過可擴展的架構等提供非常穩定的服務。這也是——這也發揮了作用，對吧？我認為一切都在一起，我認為穩定性，更多的架構定價，人工智慧和更快的創新，我認為，最終在一起，我們會贏。

Catharine Trebnick, Rosenblatt Securities.

凱瑟琳·特雷布尼克，羅森布拉特證券公司。

I'm always late. Sorry, guys. So my question has to do with Contact Center, RingCentral -- not RingCentral -- NICE just released their $5 phone. And I was wondering, when you talk about contact center, it's pretty much in this bucket. But what's your pipeline looking for UC and Contact Center? How is that progressing?

我總是遲到。抱歉，夥計們。所以我的問題與聯絡中心、RingCentral 有關，而不是 RingCentral，NICE 剛剛發布了他們的 5 美元手機。我想知道，當你談論聯絡中心時，它幾乎就在這個範圍內。但是您正在尋找 UC 和聯絡中心的管道是什麼？進展如何？

Yes, Kelly, feel free to chime in, I can comment on the UC offering.

是的，Kelly，請隨意插話，我可以對 UC 產品發表評論。

Why don't you do that first, please.

請你先這樣做吧。

Yes. So again, it's hard to comment on our competitors' move, right, into the UC and the timing will tell. In my view, I set mistake -- because how could they compete against the others like Zoom and others, right? We had so many years' experience with a great scalable architecture. This is hard to believe they have been to win UC space. And so I could be wrong, but I know I have a high confidence, they are not going to win UC space. So because a lot of the investment in technology features, integration and scalability stability, again, I don't believe that.

是的。再說一遍，很難評論我們的競爭對手進入 UC 的舉動，對吧，時間會告訴我們答案。在我看來，我犯了一個錯誤——因為他們怎麼能與 Zoom 等其他公司競爭，對吧？我們在出色的可擴展架構方面擁有多年的經驗。很難相信他們已經贏得了加州大學的學位。所以我可能是錯的，但我知道我有很高的信心，他們不會贏得加州大學的空間。因此，由於在技術功能、整合和可擴展性穩定性方面進行了大量投資，我再次不相信這一點。

Yes. And we see Contact Center driving new leads of Contact Center driving need and desire for Zoom Phone and we see it come the other way as well as Zoom Phone driving. We talked about this in the prepared remarks about this better together. And that is really inherent with what we're seeing across the platform. And Zoom AI Companion being able to leverage all of that across the entire platform just brings so much power to it that I think you're going to continue to see the ongoing combination of those two products and the rest of the platform be very strong.

是的。我們看到聯絡中心推動了新的銷售線索，聯絡中心推動了對 Zoom Phone 的需求和渴望，我們看到它與 Zoom Phone 的推動相反。我們在準備好的評論中討論了這一點，以便更好地共同解決這個問題。這確實是我們在整個平台上看到的固有的。 Zoom AI Companion 能夠在整個平台上利用所有這些功能，這給它帶來瞭如此強大的力量，我認為您將繼續看到這兩種產品的持續組合以及平台的其餘部分非常強大。

So just in essence, back to the UC piece, there is no disruption whatsoever even though it was a $5 price?

那麼本質上，回到 UC 部分，即使價格為 5 美元，也不會造成任何干擾？

You mean $4 -- you mean $4 -- customer see, why we want to do that. Why do I want to take the risk, deploy something new. And it's more like today, you already have an iPhone and Android phone, you want to introduce a new phone, who's going to deploy that? Who's going to buy that. So that's my view.

你的意思是 4 美元——你的意思是 4 美元——客戶明白了，為什麼我們要這樣做。為什麼我要冒險，部署一些新的東西。更像是今天，你已經擁有 iPhone 和 Android 手機，你想推出一款新手機，誰來部署？誰會買那個。這就是我的觀點。

Matthew VanVliet, BTIG.

馬修·範弗利特，BTIG。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

It's Spencer on for Matt. Congrats on the quarter. I apologize if this was already asked. But how are the AI products and the key functionalities driving expansion with existing customers? How much of it is like premium tiers or upselling the premium tiers of the existing footprint versus selling to new phones, Contact Center or just other cross-selling products?

史賓塞替補馬特。恭喜本季。如果已經有人問過這個問題，我深感抱歉。但人工智慧產品和關鍵功能如何推動現有客戶的擴張？與銷售新手機、聯絡中心或其他交叉銷售產品相比，其中有多少是高階產品或追加銷售現有業務的高階產品？

I think if you look at existing installed base, right, for the Workplace customers, right? They look at the value. They see -- they already use Zoom for a long time, like experience. We keep adding more and more value to customers. And guess what, at no additional cost. This essentially will be the long-term trust. They know Zoom, they can trust, right? And all like some other vendors, "hey, you use our free service, guess what? If you stuck with that platform, they are going to increase price with all the features." That's not our philosophy, right? So that's for Workplace part.

我想如果你看看 Workplace 客戶的現有安裝基礎，對嗎？他們看的是價值。他們看到——他們已經使用 Zoom 很長時間了，就像經驗一樣。我們不斷為客戶增加越來越多的價值。你猜怎麼著，無需額外付費。這本質上將是長期信任。他們了解 Zoom，他們可以信任，對吧？和其他一些供應商一樣，“嘿，你使用我們的免費服務，你猜怎麼著？如果你堅持使用該平台，他們將提高所有功能的價格。”這不是我們的理念，對嗎？這就是工作場所部分。

On premium services, again, take a Contact Center, for example, right? AI Companion is a key differentiation because the customer trusts our AI feature set, as I mentioned, every quarter, we released some AI features and to kind of innovate, right? And I think the other part is [ all free ], we are going to charge as well, right?

就優質服務而言，還是以聯絡中心為例，對嗎？ AI Companion 是關鍵的差異化優勢，因為客戶信任我們的 AI 功能集，正如我所提到的，每個季度我們都會發布一些 AI 功能並進行創新，對吧？我認為另一部分是[全部免費]，我們也會收費，對嗎？

On the other hand, we wanted to add more value to existing customers. On the other hand, we can track the customer with some features for bringing the services because those features customers really need and also the [indiscernible] as well.

另一方面，我們希望為現有客戶增加更多價值。另一方面，我們可以透過一些功能來追蹤客戶以提供服務，因為這些功能是客戶真正需要的，也是[音訊不清晰]。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

So maybe first, just on -- on CCaaS. Is there anything you give us in terms of the mix of those 1,100 customers. How many of those are maybe like 100-plus seat deployments versus under that? Just any sense of SMB versus Enterprise in the mix there? And kind of related, what's the attach rate of CCaaS into the 100,000-plus installed base that the company has?

所以也許首先，就在 CCaaS 上。關於這 1,100 名客戶的組成，您能給我們什麼資訊嗎？其中有多少可能是 100 多個座位部署，還是少於 100 個座位部署？中小型企業與企業的混合有什麼意義嗎？與此相關的是，CCaaS 在該公司擁有的 100,000 多個安裝基礎中的附加率是多少？

Let me think about this. So we've certainly seen growth in the 100,000 customers for Contact Center. We're up to [ 117 ] that we disclosed. So you can see that they're moving into that realm for sure. And we've been working in the channel and working with partners to also think about how we help these customers with their digital transformation.

讓我考慮一下。因此，我們確實看到聯絡中心 10 萬名客戶的成長。我們已揭露了 [117] 項。所以你可以看到他們肯定正在進入這個領域。我們一直在通路方面開展工作，並與合作夥伴一起思考如何幫助這些客戶進行數位轉型。

In terms of the disbursement across that -- the size of our deals is what I would say is they are definitely getting larger. They're getting larger for a couple of reasons because as we talked about, this added functionality, allowing them to use it externally as well as we talked about this either last quarter or the quarter before, that was the introduction of the pricing tiers.

就支出而言——我想說的是，我們的交易規模肯定會越來越大。它們變得更大有幾個原因，因為正如我們所討論的，這增加了功能，允許他們在外部使用它，以及我們在上個季度或前一個季度討論過的，那就是定價層的引入。

If you remember, we started with one pricing tier. We eventually added two more and the AI agent is like that Eric was speaking about earlier, is in the highest tier. We actually saw our ASPs for Contact Center almost double quarter-over-quarter because it's such a premium feature. And when I look at the Q2 deals, the majority of them were purchasing in one of the top 2 tiers, so all of that is contributing to what I would say is not only expansion in terms of seat count but expansion in terms of value being derived from the product.

如果您還記得，我們​​從一個定價層開始。我們最終又添加了兩個，人工智慧代理就像埃里克之前談到的那樣，位於最高層。實際上，我們看到聯絡中心的 ASP 幾乎在季度環比增長了一倍，因為它是一項非常優質的功能。當我查看第二季度的交易時，其中大多數是在前兩層之一進行購買的，因此所有這些都有助於我所說的不僅是座位數量的擴張，而且是價值的擴張源自於產品。

Got you. And then maybe just on the online retention, it's great to see that improvement there. I'm curious how much of that is due to either the new features that you released versus moving further away from the tightening of the grace period and it's even better than it was before that slight uptick last quarter, right? So is this like the new durable assumption that we should make? Is that pretty reasonable? Just how are you thinking through that?

明白你了。然後也許只是在線上保留方面，很高興看到那裡的改進。我很好奇其中有多少是由於您發布的新功能而不是進一步遠離寬限期的收緊而造成的，甚至比上個季度略有上升之前更好，對嗎？那麼這就像我們應該做出的新的持久假設嗎？這樣相當合理嗎？你是怎麼想的？

Yes. So I mean this is a great question. I guess it's question all the time, I can turn keep getting better. I will tell you that we are modeling it to stay at about 3%. I think that's a really positive rate. But we continue to see improvements on the platform, and I think that's what you're seeing in this quarter because we did see a little bit of the pull forward, if you will, last quarter for the change in the dunning period, as you mentioned.

是的。所以我的意思是這是一個很好的問題。我想這一直是個問題，我可以不斷變得更好。我會告訴你，我們正在對其進行建模，使其保持在 3% 左右。我認為這是一個非常積極的比率。但我們繼續看到平台上的改進，我認為這就是您在本季度看到的情況，因為我們確實看到了一點點前進，如果您願意的話，上個季度催款期的變化，正如您所看到的那樣提及。

But this is a clean quarter, right, meaning that it should really reflect. And if you remember, historically, Q2 is a larger -- typically, a large seasonally high churn period because of summer holidays. Typically, for online, we see higher churn rates in Q2 and in Q4 because of summer and holiday breaks, winter holiday breaks, and we don't put friction in the cancellation cycle because we want customers to use the product as they need. So I think it's very costly to see this down this record low churn rate in a seasonally high quarter.

但這是一個乾淨的季度，對吧，這意味著它應該真正反映出來。如果你還記得的話，從歷史上看，第二季度是一個較大的——通常是由於暑假而導致的一個較大的季節性高流失期。通常，對於線上服務，我們會看到第二季和第四季的流失率較高，因為暑假、寒假、寒假，而且我們不會在取消週期中加入摩擦，因為我們希望客戶根據需要使用產品。因此，我認為在季節性高季度中看到如此低的客戶流失率的成本非常高。

Matthew Harrigan, Benchmark.

馬修·哈里根，《基準》。

Are you seeing anything in the broad sweep of AI regulation in the U.S. or Europe that you think can dampen innovation? It sounds like you've modulated some of your data set, gathering activity in Europe in response to some political concerns. What's your view there?

您認為美國或歐洲廣泛的人工智慧監管中是否存在任何可能抑制創新的內容？聽起來您已經調整了一些數據集，收集了歐洲的活動以應對一些政治擔憂。你對此有何看法？

I think it comes with AI. We are taking a very responsive approach, right? That's the reason why we launch AI Companion, we already mentioned, we are not going to use any of our customer data to train our AI models, right? And we take customers data very, very seriously, right? And as a customer, they know that they trust our brand and trust of what we're doing. And so far, I do not see any impact in terms of like regulation.

我認為它與人工智慧一起出現。我們正在採取一種非常敏感的方法，對吧？這就是我們推出 AI Companion 的原因，我們已經提到過，我們不會使用任何客戶資料來訓練我們的 AI 模型，對嗎？我們非常非常重視客戶數據，對吧？作為客戶，他們知道他們信任我們的品牌並信任我們所做的事情。到目前為止，我還沒有看到類似監管的任何影響。

And again, this AI is moving rapidly, right? So almost the EMEA here and we all look at the potential regulation. But so far, impact actually to us, to our business, I think it's extremely limited. So like meeting summary, and it's a very important feature, a customer like that. I think we do not use our cost data to turn our AI model. And why not keep using it, I think there's no impact so far.

再說一次，這個人工智慧正在迅速發展，對吧？因此，幾乎歐洲、中東和非洲地區，我們都在關注潛在的監管。但到目前為止，實際上對我們、對我們的業務的影響，我認為是極其有限的。就像會議摘要一樣，這是一個非常重要的功能，客戶喜歡這樣。我認為我們不會使用成本數據來轉變我們的人工智慧模型。為什麼不繼續使用它呢，我認為到目前為止還沒有影響。

Great. I guess one more brilliant presentation to come from you, Kelly.

偉大的。我想凱利，你還會有更精彩的演講。

Yes. Thank you, Matthew.

是的。謝謝你，馬修。

Patrick Walravens, JMP Securities.

帕特里克·瓦爾拉文斯 (Patrick Walravens)，JMP 證券。

This is Austin Cole on for Pat. Just wanted to touch on international, not mistaken, Kelly, you mentioned EMEA shrank 1% in constant currency, and those revenues declined last year as well. And if I just look at where we're at this year, looking like maybe on track to shrink again. Just wondering if you could talk about what your presence is there and kind of how you're seeing demand in those international regions.

這是奧斯汀·科爾（Austin Cole）替帕特發言。只是想談談國際市場，沒有弄錯，凱利，您提到歐洲、中東和非洲地區（以固定匯率計算）下降了 1%，去年的收入也有所下降。如果我看看我們今年的處境，看起來可能會再次萎縮。只是想知道您是否可以談談您在那裡的業務以及您如何看待這些國際地區的需求。

Yes. We've certainly seen the economy in EMEA, especially continue to be impacted by the ongoing wars that are happening in that continents. And -- so that, in general, I think all of our peers are facing as well. We are -- we have been in the process. We have a new leadership team that's coming into place there.

是的。我們當然已經看到歐洲、中東和非洲地區的經濟，尤其是繼續受到該大陸正在發生的戰爭的影響。而且——所以，總的來說，我認為我們所有的同行也都面臨著同樣的問題。我們一直在這個過程中。我們即將組成一個新的領導團隊。

So looking forward, to that. And we also are really focused on investing in the region. We just last quarter, opened up our London Executive Briefing Center, which is amazing. It's a great opportunity to bring customers and partners and prospects all together and really see the entire expanded Zoom 2.0 story in a beautiful place, and it's really leading -- I mean it's an area that we're really focused on investing and reaccelerating growth.

對此，非常期待。我們也非常注重在該地區的投資。就在上個季度，我們開設了倫敦高階主管簡報中心，這真是太棒了。這是一個很好的機會，可以將客戶、合作夥伴和潛在客戶聚集在一起，在一個美麗的地方真正看到整個擴展的Zoom 2.0 故事，而且它確實具有領先性——我的意思是，這是我們真正專注於投資和重新加速成長的領域。

Thank you so much, everyone. This concludes our Q&A session. I'll now pass it back to Eric for closing comments. Eric?

非常感謝大家。我們的問答環節到此結束。我現在將其傳回給埃里克以供結束評論。艾瑞克？

Yes. First of all, thank you all for asking about all those great questions. We are very, very grateful. And also thank you for every Zoomies for their hard work, and we are going to continue to innovate. And thank you all for your trust and as you all next quarter. Thank you.

是的。首先，感謝大家提出所有這些好問題。我們非常非常感激。也感謝每一位Zoomies的辛勤工作，我們將繼續創新。感謝大家的信任，也感謝大家下季的信任。謝謝。

Bye, everybody.

再見，大家。

This concludes today's earnings release. We thank you all for your participation. Enjoy the rest of your evening. Thank you.

今天的財報發佈到此結束。我們感謝大家的參與。享受你餘下的夜晚。謝謝。