Zoom Communications Inc (ZM) 2025 Q3 法說會逐字稿

Hello, everyone and welcome to Zoom's Q3 FY25 earnings release webinar.

大家好，歡迎參加 Zoom 25 財年第三季財報發佈網路研討會。

As a reminder, today's webinar is being recorded.

提醒一下，今天的網路研討會正在錄製中。

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

現在，我將把事情交給投資者關係主管 Charles Eveslage，Charles 交給你。

Thank you, Kelsey.

謝謝你，凱爾西。

Hello, everyone, and welcome to Zoom's earnings video webinar for the third quarter of fiscal year 2025.

大家好，歡迎參加 Zoom 2025 財年第三季財報影片網路研討會。

I'm joined today by Zoom's Founder and CEO, Eric Yuan; and Zoom's CFO, Michelle Chang.

今天，Zoom 創辦人兼執行長袁徵 (Eric Yuan) 也加入了我的行列。 Zoom 的財務長 Michelle Chang。

Our earnings 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.

我們的財報於今日收盤後發布，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，其中包括我們的收益發布，其中包括 GAAP 與非 GAAP 財務業績的調整表。

These measures should not be considered in isolation from/or as a substitute for financial information prepared in accordance with GAAP.

這些措施不應孤立地考慮/或取代根據公認會計原則準備的財務資訊。

During this call, we will make forward-looking statements, including statements regarding our financial outlook for the fourth quarter and full fiscal year 2025, our expectations regarding financial and business trends, impacts from the macroeconomic environment, our market position, stock repurchase program, opportunities, go-to-market initiatives, growth strategy and business aspirations, and product initiatives, including future product and feature releases and the expected benefits of such initiatives.

在本次電話會議中，我們將做出前瞻性陳述，包括有關我們第四季度和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、股票回購計劃、機會、進入市場計劃、成長策略和業務願望以及產品計劃，包括未來的產品和功能發布以及此類計劃的預期收益。

These statements are only predictions that are based on what we believe today and actual results may differ materially.

這些陳述只是基於我們今天的看法的預測，實際結果可能存在重大差異。

These forward-looking statements are subject to risks and other factors that could affect our performance and our 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.

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-K表季度報告問。

Zoom assumes no obligation to update any forward-looking statements we may make on today's webinar.

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，讓我將討論轉給艾瑞克。

Thank you, Charles.

謝謝你，查爾斯。

Thank you, everyone, for joining us today.

謝謝大家今天加入我們。

In early October, we hosted Zoomtopia, our annual customer and innovation event, and it was an amazing opportunity to showcase all that we have been working on for our customers.

十月初，我們舉辦了年度客戶和創新活動 Zoomtopia，這是一個絕佳的機會來展示我們為客戶所做的一切。

We had a record-breaking virtual attendance, and unveiled our new vision, AI-first Work Platform for Human Connection.

我們進行了創紀錄的虛擬出席，並公佈了我們的新願景：人工智慧優先的人際聯繫工作平台。

This update marks an exciting milestone as we extend our strength as a unified communication and collaboration platform into becoming an AI-first work platform.

此次更新標誌著一個令人興奮的里程碑，我們將統一通訊和協作平台的實力擴展為人工智慧優先的工作平台。

Our goal is to empower customers to navigate today's work changes, streamline information, prioritizing tasks, and making smarter use of time.

我們的目標是幫助客戶應對當今的工作變化、簡化資訊、確定任務優先事項並更明智地利用時間。

At Zoomtopia, we took meaningful steps towards that vision with the release of AI company 2.0 further focusing all the things that customers have come to expect from Zoom, a breakneck pace of innovation, customer obsession, and a reliable easy-to-use products.

在 Zoomtopia，我們朝著這個願景邁出了有意義的一步，發布了 AI 公司 2.0，進一步關注客戶對 Zoom 的所有期望：極快的創新速度、對客戶的痴迷以及可靠且易於使用的產品。

This builds upon the awesome quality of Zoom AI Companion 1.0 across features like meeting summary, meeting query and a smart compose and brings it together in a way that evolves beyond task-specific AI towards agentic AI.

這建立在 Zoom AI Companion 1.0 的卓越品質之上，涵蓋會議摘要、會議查詢和智慧撰寫等功能，並以超越特定任務 AI 發展為代理 AI 的方式將其整合在一起。

This allows the AI Companion to see a broader window of context, synthesize the information from internal and external sources, and orchestrate action across the platform.

這使得 AI Companion 能夠看到更廣泛的上下文窗口，綜合來自內部和外部來源的信息，並在整個平台上協調行動。

We are combining 2.0 raises the bar for AI and demonstrate for customers that we understand their needs.

我們將 2.0 與人工智慧結合，提高了人工智慧的門檻，並向客戶證明我們了解他們的需求。

They want AI to enhance their existing workflows, not disrupt them.

他們希望人工智慧能夠增強而不是破壞現有的工作流程。

We want AI to deliver exceptional results for their entire teams and they want to experience the value firsthand before incurring additional spend.

我們希望人工智慧為他們的整個團隊帶來卓越的成果，他們希望在產生額外支出之前親身體驗其價值。

We highlighted many customers at Zoomtopia.

我們重點介紹了 Zoomtopia 的許多客戶。

Praniti Lakhwara, CIO of Zscaler, provided a great example of how Zoom AI Companion helped democratize AI and enhance productivity across the organization without sacrificing security and privacy.

Zscaler 資訊長 Praniti Lakhwara 提供了一個很好的例子，說明 Zoom AI Companion 如何在不犧牲安全和隱私的情況下幫助實現人工智慧民主化並提高整個組織的生產力。

And it wasn't just Zscaler, the RealReal, HSBC, ExxonMobil and Lake|Flato Architects shared similar stories about Zoom's secure, easy-to-use solutions, helping them thrive in age of AI and flexible work.

不僅僅是 Zscaler，RealReal、匯豐銀行、埃克森美孚和 Lake|Flato Architects 也分享了有關 Zoom 安全、易於使用的解決方案的類似故事，幫助他們在人工智慧和靈活工作的時代蓬勃發展。

Building on our vision for democratizing AI, we introduced a road map of TAM-expanding AI products that create additional business value through customer addition, personalization, and alignment to specific industries or use cases.

基於我們實現人工智慧民主化的願景，我們推出了 TAM 擴展人工智慧產品的路線圖，這些產品透過客戶添加、個人化以及與特定行業或用例的結合來創造額外的業務價值。

Custom AI Companion add-on, which will be released in the first half of next year, aims to meet our customers where they are in their AI journey by plugging into order business, integrating with third-party apps and personalizing experiences like custom AI avatars and AI coaching.

Custom AI Companion 附加元件將於明年上半年發布，旨在透過插入訂單業務、與第三方應用程式整合以及客製化 AI 頭像等個人化體驗來滿足客戶在 AI 旅程中的需求和人工智慧輔導。

Additionally, we announced that we'll also have Custom AI Companion paid add-ons for health care and education available as early as the first quarter of next year.

此外，我們也宣布，最快將於明年第一季推出用於醫療保健和教育的 Custom AI Companion 付費附加服務。

This AI-first industry-tailored solutions will build upon the remarkable traction and customer love we have in these industries and allow us to deliver AI solutions that meet their customers' unique needs from the lecture hall to the doctor's office.

這種由人工智慧優先的行業客製化解決方案將建立在我們在這些行業的卓越吸引力和客戶喜愛的基礎上，使我們能夠提供滿足客戶從演講廳到醫生辦公室的獨特需求的人工智慧解決方案。

We also announced the Zoom Workplace for frontline workers available in the first half of 2025, with the goal of extending our success in Zoom Workplace further into the extremely large but unserved front-line worker market.

我們也宣布將於 2025 年上半年推出第一線員工的 Zoom Workplace，目標是將 Zoom Workplace 的成功進一步擴展到規模極大但尚未得到服務的第一線員工市場。

We will first target frontline reach industries where we have a strong installed base and have gained substantial learnings such as retail, health care, and manufacturing.

我們將首先瞄準我們擁有強大安裝基礎並獲得大量經驗的第一線行業，例如零售、醫療保健和製造業。

This mobile-centered solution will address the unique work style of frontline workers with features like AI Companion-generated shift summaries on shift communications work management, insights, and more.

這種以行動為中心的解決方案將解決第一線員工獨特的工作方式，具有 AI Companion 產生的有關輪班通訊工作管理、見解等的輪班摘要等功能。

Contact Center and Workvivo are key pillars of our strategy to extend from our core strengths into natural adjacencies, and I'm very pleased to share that both had amazing quarters.

聯絡中心和 Workvivo 是我們從核心優勢延伸到自然鄰接的策略的關鍵支柱，我很高興與大家分享，兩者都擁有令人驚嘆的季度業績。

We secured our largest-ever Contact Center customer at over 20,000 seats, demonstrating our ability to compete at the high end, expanded further into the EMEA market and win with the channel.

我們贏得了有史以來最大的聯絡中心客戶，擁有超過 20,000 個席位，這證明了我們在高端競爭、進一步擴展到 EMEA 市場並透過管道獲勝的能力。

In fact, our top four Contact Center deals in the quarter came from the channel, which speaks to our progress leveraging this amazing resource to extend our success across geographies and industries.

事實上，本季我們聯絡中心的前四筆交易都來自該管道，這說明我們利用這一令人驚嘆的資源在跨地域和跨行業方面取得了成功。

We also saw incredible traction with Workvivo as we landed three net new Workvivo customers with over $1 million in ARR, including the largest deal to date with a Fortune 10 company.

我們也看到了 Workvivo 令人難以置信的吸引力，因為我們獲得了三個淨新 Workvivo 客戶，ARR 超過 100 萬美元，其中包括迄今為止與財富 10 強公司的最大一筆交易。

We are very happy to see that both Contact Center and Workvivo benefit as a natural upsell to a massive base of Zoom Workplace customers, and we are encouraged to see these products bringing brand-new customers to Zoom and become beachheads for Zoom Workplace to expand.

我們非常高興地看到，Contact Center 和Workvivo 都受益於對Zoom Workplace 龐大客戶群的自然追加銷售，我們也很高興看到這些產品為Zoom 帶來了全新的客戶，並成為Zoom Workplace 擴張的灘頭陣地。

The success of this bidirectional land-and-expand motion demonstrates our Better Together platform vision is resonating well with customers looking for a full AI-first work platform, bringing the world of customers and employee experience.

這項雙向落地和擴張行動的成功表明，我們的 Better Together 平台願景與尋求完整的人工智慧優先工作平台、為客戶和員工帶來世界體驗的客戶產生了良好的共鳴。

Now let me recognize some of our amazing customers.

現在讓我來認識我們的一些出色的客戶。

Thank you, Agencia Tributaria, Spain's National Revenue Service, for their extraordinary expansion in Q3.

感謝西班牙國稅局 Agencia Tributaria 在第三季的非凡擴張。

Over two years ago, Agencia, like many other customers became convinced of the constraints of their on-prem phone system and deployed 30,000 Zoom Phone seats.

兩年多前，Agencia 與許多其他客戶一樣，確信其本地電話系統的局限性，並部署了 30,000 個 Zoom Phone 席位。

After the Zoom Phone rapidly delivered value and scale to enhance efficiency and service quality during a demanding tax season in 2022 (technical difficulty) to consider our total experience omni-channel solutions to further elevate their taxpayer services.

在 Zoom Phone 在 2022 年嚴峻的納稅季節（技術難度）中快速交付價值和規模以提高效率和服務品質後，考慮我們的整體經驗全通路解決方案以進一步提升納稅人服務。

This resulted in an incredible record-setting Zoom Contact Center deal with over 20,000 seats in conjunction with Zoom workplace delivering a completely Zoom experience for both employees and the taxpayers.

這導致 Zoom 聯絡中心創下了令人難以置信的紀錄，擁有超過 20,000 個座位，並與 Zoom 工作場所一起為員工和納稅人提供了完整的 Zoom 體驗。

Thank you, Agencia, for your trust and partnership.

感謝 Agencia 的信任與合作。

Thank you for ServiceNow, the AI Platform for business transformation, for expanding its relationship with Zoom.

感謝用於業務轉型的 AI 平台 ServiceNow 擴大與 Zoom 的關係。

Already a power user of Zoom Workplace in Q3, ServiceNow adopted Workvivo and expanded its Zoom footprint.

ServiceNow 在第三季就已經是 Zoom Workplace 的高級用戶，它採用了 Workvivo 並擴大了 Zoom 的覆蓋範圍。

As announced at Zoomtopia, we are deepening the integration of ServiceNow Now Assist with Zoom AI Companion to (technical difficulty) our generative AI product offerings and deliver advanced workflow synergies for our customers.

正如在 Zoomtopia 上宣布的那樣，我們正在深化 ServiceNow Now Assist 與 Zoom AI Companion 的集成，以（技術難度）我們的生成式 AI 產品，並為我們的客戶提供先進的工作流程協同效應。

It was an honor having Chairman and CEO, Bill McDermott, who is also a member of Zoom's Board of Directors, join us at Zoomtopia.

Zoom 董事會成員兼董事長兼執行長 Bill McDermott 很榮幸加入 Zoomtopia。

Thanks, Bill.

謝謝，比爾。

We look forward to continuing our strong partnership.

我們期待繼續保持我們牢固的夥伴關係。

Let me also thank Redpin, a leading international fintech and proper tech company for choosing Zoom.

我還要感謝國際領先的金融科技和科技公司 Redpin 選擇 Zoom。

They came to us as a brand-new customer through a trusted channel partner and identified Zoom as a better solution to transform the way engage customers with their innovative property payments, software, and services.

他們透過值得信賴的通路合作夥伴作為全新客戶來到我們這裡，並認為 Zoom 是一個更好的解決方案，可以改變客戶與其創新的財產支付、軟體和服務的互動方式。

(technical difficulty) for the Zoom total experience, including Zoom Contact Center Elite, Zoom Revenue Accelerator and Zoom Workplace Business in order to enhance customer experience, elevate agent productivity and happiness, and realize major cost efficiencies from streamlined operations.

Zoom 整體體驗（技術難度），包括 Zoom Contact Center Elite、Zoom Revenue Accelerator 和 Zoom Workplace Business，以增強客戶體驗，提高座席生產力和幸福感，並透過簡化營運實現重大成本效益。

(technical difficulty) Athena Health, a leading provider of network-enabled software and services for medical practice and health systems for (technical difficulty) electronic health record. (technical difficulty) 160,000 providers to deliver seamless virtual care through telehealth.

（技術難度）Athena Health，一家領先的網路軟體和服務供應商，為醫療實踐和衛生系統提供（技術難度）電子健康記錄。 （技術難度）160,000 家提供者透過遠距醫療提供無縫虛擬護理。

(technical difficulty) and business services products in order to reap the benefits of our modern natively integrated AI-powered technologies.

（技術難度）和商業服務產品，以便獲得我們現代原生整合人工智慧驅動技術的好處。

(technical difficulty) Inc. This change reflects our evolution into an AI-first work platform for human connection and our vision for long-term growth.

（技術難度）Inc.這一變化反映了我們向人工智慧優先的人際聯繫工作平台的演變以及我們對長期增長的願景。

Now over to our new CFO, Michelle Chang.

現在請我們新任財務長 Michelle Chang 發言。

Thank you.

謝謝。

Thank you.

謝謝。

(technical difficulty) I'm excited to be taking you through earnings for the first time, and I look forward to partnering with you all going forward. (technical difficulty) to announce that we beat our top line and profitability guidance in Q3.

（技術難度）我很高興第一次帶您了解收益狀況，我期待與您合作。 （技術困難）宣布我們在第三季超越了營收和獲利能力指引。

In line with our previous statements, year-over-year revenue growth troughed in Q2 and showed improvement in Q3, driven by positive trends in both enterprise and online.

與我們先前的聲明一致，在企業和線上業務積極趨勢的推動下，年收入成長在第二季觸底，並在第三季有所改善。

Here are a few highlights from our quarter.

以下是本季的一些亮點。

(technical difficulty) Zoom AI Companion monthly active users (technical difficulty) and we saw great traction expanding into adjacent markets with growth in Workvivo and Contact Center.

（技術難度）Zoom AI Companion 每月活躍用戶數（技術難度），隨著 Workvivo 和 Contact Center 的成長，我們看到了向鄰近市場擴張的巨大吸引力。

A number of Workvivo customers grew 72% year over year, driven in part by the strength of our Meta partnership (technical difficulty) [1,250], up more than 82% year over year.

Workvivo 客戶數量較去年同期成長 72%，部分原因是我們與 Meta 合作夥伴關係（技術難度）[1,250] 的實力，較去年同期成長超過 82%。

(technical difficulty) to $1.178 billion. (technical difficulty) was $13 million above the high end of our guidance. (technical difficulty) makes up 59% of our total revenue, up 1 point year over year.

（技術難度）達11.78億美元。 （技術難度）比我們指導的上限高出 1300 萬美元。 （技術難度）占我們總收入的59%，較去年同期上升1個百分點。

We're pleased with this continued stabilization in online amidst ongoing macro conditions.

在持續的宏觀環境下，我們對線上業務的持續穩定感到高興。

In Q3, we saw improvement in average monthly term, which decreased to 2.7%, down 30 basis points year over year. (technical difficulty) and we saw a 7% year-over-year customer growth in the upmarket as we ended the quarter with just shy of 4,000 customers contributing more than $100,000 and in trailing 12-month revenue.

第三季度，月均成長率改善，降至 2.7%，年減 30 個基點。 （技術難度），我們看到高端市場的客戶同比增長了 7%，截至本季度末，有近 4,000 名客戶貢獻了超過 100,000 美元，並且在過去 12 個月的收入中。

These customers now make up 31% of our revenue, up 2 points year over year.

這些客戶目前占我們營收的 31%，年增 2 個百分點。

Our trailing 12-month net dollar expansion rate for enterprise customers in Q3 came in at 98%.

第三季企業客戶的過去 12 個月淨美元擴張率為 98%。

The number of enterprise customers at the end of Q3 was approximately 192,400.

三季末企業客戶數約為19.24萬戶。

As we've mentioned in prior quarters, the number of enterprise customers distinguishes between our two go-to-market motions and will fluctuate with shifts in our focus, and as such, has become a less valuable measurement of company performance over time.

正如我們在前幾個季度提到的，企業客戶的數量在我們的兩種上市動議之間有所區別，並且會隨著我們重點的轉移而波動，因此，隨著時間的推移，企業客戶的數量已成為衡量公司績效的一個不太有價值的衡量標準。

(technical difficulty) pivoting to our growth internationally.

（技術難度）轉向我們的國際成長。

Our Americas revenue grew 4% year over year; EMEA grew 5%; and APAC was flat.

我們的美洲收入年增 4%；歐洲、中東和非洲地區成長 5%；亞太地區持平。

On a constant currency basis, EMEA grew 3%; and APAC grew 2% year over year.

以固定匯率計算，歐洲、中東和非洲地區成長 3%；亞太地區年增 2%。

Moving to our non-GAAP results. (technical difficulty) as a reminder, excludes stock-based compensation expense and associated payroll taxes, acquisition-related expenses, net strategic investments, net (technical difficulty) and associated tax effects. (technical difficulty) from operations came in at $458 million, exceeding the high end of our guidance of $443 million as we continue to make progress managing expenses while investing in AI, our platform, and emerging products.

轉向我們的非 GAAP 業績。 （技術困難）提醒一下，不包括股票補償費用和相關薪資稅、收購相關費用、淨策略投資、淨（技術困難）和相關稅務影響。由於我們在投資人工智慧、我們的平台和新興產品的同時，在管理費用方面不斷取得進展，營運帶來的成本（技術難度）為 4.58 億美元，超過了我們指導的 4.43 億美元的上限。

This translates to 38.9% non-GAAP operating margin for Q3 and as compared to 39.3% in Q3 of last year.

這意味著第三季的非公認會計原則營業利潤率為 38.9%，而去年第三季為 39.3%。

Non-GAAP diluted net income per share in Q3 was $1.38 on approximately 314 million non-GAAP diluted weighted average shares outstanding.

第三季非 GAAP 攤薄每股淨利為 1.38 美元，約 3.14 億股非 GAAP 攤薄加權平均已發行股票。

This result was $0.07 above the high end of our guidance and $0.09 higher than Q3 of last year.

這一結果比我們指導的上限高出 0.07 美元，比去年第三季高出 0.09 美元。

Turning to the balance sheet. (technical difficulty) at the end of the period grew 5% year over year to (technical difficulty) driven by the continued refinement of discounting practices as well as lengthening billing terms. (technical difficulty) be up (technical difficulty) grew 1% year-over-year to $458 million. (technical difficulty) margins in the quarter were 41% and 38.9%, respectively.

轉向資產負債表。由於折現做法的不斷改進以及計費期限的延長，期末的（技術難度）年增了 5%。 （技術難度）be up（技術難度）較去年同期成長 1%，達到 4.58 億美元。本季（技術難度）利潤率分別為 41% 和 38.9%。

We ended the quarter with approximately $7.7 billion in cash, cash equivalents, and marketable securities, restricted cash.

本季末，我們擁有約 77 億美元的現金、現金等價物、有價證券、限制性現金。

Under the pre-existing $1.5 billion share buyback plan, in Q3, we purchased 4.4 million shares for $302 million. increasing our repurchases quarter-over-quarter by $14 million. (technical difficulty) we repurchased 11.6 million shares for $739 million.

根據現有的 15 億美元股票回購計劃，我們在第三季以 3.02 億美元的價格購買了 440 萬股股票。我們的回購額較上季增加了 1,400 萬美元。 （技術難度）我們以7.39億美元回購了1160萬股股票。

In Q4, we expect revenue to be in the range of $1.175 billion to $1.18 billion (technical difficulty) representing an operating margin of 37.8% at the midpoint as we continue to prioritize efficiencies across our operations.

在我們繼續優先考慮整個營運效率的同時，我們預計第四季度的營收將在 11.75 億美元至 11.8 億美元（技術難度）之間，中間營業利潤率為 37.8%。

Our outlook for non-GAAP earnings per share is (technical difficulty) profitability outlook for the full year of FY25. (technical difficulty) represents approximately 2.9% year-over-year growth.

我們對非 GAAP 每股盈餘的展望是 2025 財年全年的（技術難度）獲利前景。 （技術難度）年增約 2.9%。

Our total revenue guidance assumes a continuation of mixed macroeconomic environment (technical difficulty) operating income to be in the range of (technical difficulty) to $1.818 billion, representing an operating margin of 39% at the midpoint.

我們的總收入指引假設混合宏觀經濟環境（技術難度）持續存在，營業收入在（技術難度）至 18.18 億美元之間，營業利潤率為中點 39%。

(technical difficulty) non-GAAP earnings per share for FY25 is $5.41 to $5.43 based on approximately 315 million shares outstanding. (technical difficulty) cash flow results in (technical difficulty) and the increased outlook for operating income in FY25, we now expect free cash flow to be towards the high end of our previously provided range of $1.58 billion to $1.62 billion for the full year.

（技術難度）基於約 3.15 億股流通股，2025 財年非 GAAP 每股盈餘為 5.41 至 5.43 美元。 （技術困難）現金流導致（技術困難）以及 2025 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接近我們之前提供的 15.8 億美元至 16.2 億美元範圍的高端。

As (technical difficulty) in the earnings press release today, we are also excited to announce our Board has authorized an incremental $1.2 billion (technical difficulty) Board and management team's confidence in Zoom and enables us to further leverage our strong cash flow and balance sheet to drive shareholder returns (technical difficulty) in total unexecuted buyback to approximately $2 billion, (technical difficulty) to execute by the end of fiscal '26.

正如今天的收益新聞稿中的（技術難度）一樣，我們也很高興地宣布，董事會已授權增加12 億美元（技術難度）董事會和管理團隊對Zoom 的信心，使我們能夠進一步利用我們強勁的現金流和資產負債表將未執行回購總額中的股東回報（技術難度）提高到約 20 億美元，（技術難度）在 26 財年末執行。

(technical difficulty) differentiated AI platform vision to deliver value for our customers and incredibly grateful for the trust and support of the entire Zoom team, our customers, and our investors. (technical difficulty) first question.

（技術難度）差異化的AI平台願景為我們的客戶創造價值，非常感謝整個Zoom團隊、我們的客戶和我們的投資者的信任和支持。 （技術難度）第一個問題。

(Operator Instructions) Meta Marshall, Morgan Stanley.

（操作員指令）Meta Marshall，摩根士丹利。

Great.

偉大的。

Congrats on the quarter.

恭喜本季。

Maybe for you, Eric, I just wanted to get a sense coming out of Zoomtopia.

也許對你來說，艾瑞克，我只是想從 Zoomtopia 中得到一些感覺。

What you were hearing from customers just about where their strongest interest is on AI and kind of where they're looking for you to kind of take the road map to address kind of some of their needs?

您從客戶那裡聽到的關於他們對人工智慧最感興趣的地方以及他們在哪裡尋找您來製定路線圖來滿足他們的一些需求？

Yes.

是的。

So Meta, this is a great question.

所以Meta，這是一個很好的問題。

That's our -- the theme for Zoomtopia this year read about AI.

這就是我們今年 Zoomtopia 的主題：人工智慧。

We launched the AI Companion 1.0 last year.

我們去年推出了AI Companion 1.0。

And with more and more customers, they enable AI and also at Zoomtopia, we mentioned that there are over 4 million accounts who are already enabled AI Companion.

隨著越來越多的客戶啟用 AI，在 Zoomtopia，我們提到有超過 400 萬個帳戶已經啟用了 AI Companion。

Given the quality, ease of use, and no additional cost, the customer really like Consumer AI Companion.

鑑於其品質、易用性且無需額外成本，客戶非常喜歡 Consumer AI Companion。

However, after one year later, they also want to stand, what's the direction, are there any new things from us.

但是一年過去了，他們也想站起來，方向是什麼，我們有沒有什麼新的東西。

And the feedback from our customers at Zoomtopia about Zoom AI Companion 2.0 were extremely positive.

Zoomtopia 客戶對 Zoom AI Companion 2.0 的回饋非常正面。

Because first of all, they look at our innovation, the speed, right?

因為首先，他們關注我們的創新和速度，對嗎？

And a lot of features built into the AI Companion 2.0, again, at no additional cost, right?

AI Companion 2.0 內建了許多功能，而且無需額外付費，對嗎？

At the same time, enterprise customers also want to have some flexibility.

同時，企業客戶也希望有一定的彈性。

That's why we also introduced a customized AI Companion and also AI Companion Studio.

這就是為什麼我們還推出了客製化的 AI Companion 和 AI Companion Studio。

And that will be available first half of next year and also, we can monetize.

這將在明年上半年推出，而且我們可以貨幣化。

Overall, the customers really try to Zoom, right?

總的來說，客戶確實嘗試過 Zoom，對吧？

As we continue improving the AI quality like meeting summary.

隨著我們不斷提高人工智慧質量，例如會議摘要。

It compared to Zoom meeting summary quality versus any other competitors.

它將 Zoom 會議的整體品質與任何其他競爭對手進行了比較。

I have a high confidence, customers like our solution, like our quality.

我有很高的信心，客戶喜歡我們的解決方案，喜歡我們的品質。

And also a lot of innovative features, and the customers really enjoy AI Companion 2.0. And by the way, if you look at the last three months, look at AI -- look at our monthly active users, it's already up almost 60%, right?

而且還有很多創新功能，客戶非常喜歡AI Companion 2.0。順便說一句，如果你看看過去三個月，看看人工智慧——看看我們的每月活躍用戶，它已經成長了近 60%，對嗎？

And so that's very, very -- the positive side.

所以這是非常非常正面的一面。

So overall, the customer really like Zoom AI Companion.

總的來說，客戶非常喜歡 Zoom AI Companion。

And also they really appreciate us.

他們也非常感謝我們。

We see -- we are not going to take the customer for AI Companion at no additional cost.

我們知道－我們不會不額外付費就讓客戶使用 AI Companion。

So that's very good news for us.

這對我們來說是個好消息。

Kash Rangan with Goldman Sachs.

卡什·蘭根 (Kash Rangan) 與高盛 (Goldman Sachs) 合作。

Hi.

你好。

Thank you very much.

非常感謝。

I'll echo the congratulations.

我會附和祝賀。

And congrats to you, Michelle, on your first earnings conference call with Zoom.

米歇爾，恭喜您參加 Zoom 的首次財報電話會議。

Eric, we had the pleasure of attending Zoomtopia as well.

Eric，我們也很高興能參加 Zoomtopia。

Curious where are the budgets for AI coming from?

好奇人工智慧的預算從哪裡來？

Is it from a separate pool from your customers or are they taking budgets out of -- budgets -- or AI money out of budgets that were destined for Zoom?

它是來自與您的客戶不同的資金池，還是他們從 Zoom 的預算中扣除了預算或 AI 資金？

And also a follow-up question on the macro.

還有一個關於宏觀的後續問題。

A tone of customer conversations for most the elections, do you sense that there is slightly higher animal spirits, better appetite to spend in tech -- on tech and on Zoom's products in particular?

大多數選舉期間客戶談話的基調是，您是否感覺到人們的動物精神稍微高漲，對科技的支出有更好的興趣——尤其是科技，特別是 Zoom 的產品？

Thank you so much.

太感謝了。

Kash, thank you, and it looks like you are driving.

卡什，謝謝你，看起來你正在開車。

So I think look at AI, the cost, right, every company, I think now they are all thinking about where they should allocate the budget, right?

所以我認為看看人工智慧，成本，對吧，每個公司，我想現在他們都在考慮應該在哪裡分配預算，對吧？

Where should get more money of fun, right, to support AI.

哪裡應該得到更多的錢好玩吧，來支持AI。

I think every company is different. -- and some interested customers, and they have a new budget, some customers be consolidated into the field vendors and some customers, they just want to say, maybe actually save the money from other areas and to shift the budget towards embracing AI.

我認為每個公司都不一樣。 ——還有一些有興趣的客戶，他們有新的預算，有些客戶被整合到現場供應商中，而有些客戶只是想說，也許實際上可以節省其他領域的資金，並將預算轉向擁抱人工智慧。

And given our work strength on the quality plus and no additional cost, Zoom is much better positioned.

考慮到我們在品質上的努力以及不增加額外成本，Zoom 的定位要好得多。

In particular, customers look at all the vendors when they try to consult and look at -- again, the AI cost is not small, right?

特別是，客戶在嘗試諮詢和查看時會查看所有供應商——同樣，AI 成本也不小，對嗎？

You look at some of the competitors, produced per month $30, right?

你看看一些競爭對手，每月生產 30 美元，對吧？

And look at Zoom, better quality at a no additional cost.

看看 Zoom，無需額外費用即可獲得更好的品質。

That's the reason why it comes with a total cost of ownership.

這就是它具有總擁有成本的原因。

Customers look at Zoom, I think, in a much better position.

我認為，客戶對 Zoom 的看法要好得多。

You're also right.

你也是對的。

Otherwise, customers see if they are going to again almost every business, they subscribe to multiple software services.

否則，客戶會看到他們是否會再次訪問幾乎所有業務，他們會訂閱多種軟體服務。

If each software service vendors they are going to charge the customer with AI, guess what?

如果每個軟體服務供應商都向客戶收取人工智慧費用，你猜怎麼著？

Every business they have to spend more.

每個企業都必須花費更多。

That's the reason why they trusted Zoom and I think we are much better positioned.

這就是他們信任 Zoom 的原因，我認為我們的定位要好得多。

And back to the second question, I think it's too early to tell.

回到第二個問題，我認為現在下結論還為時過早。

And every company, they look at the macroeconomic, I think, as we all know, is getting better.

每家公司，他們都會關注宏觀經濟，我認為，眾所周知，正在變得更好。

And also in terms of regulation for AI and also, it's way too early to tell.

就人工智慧的監管而言，現在下結論還為時過早。

But overall, I think every company, they are very optimistic about doubling down embracing AI.

但總的來說，我認為每家公司都對加倍擁抱人工智慧非常樂觀。

Look at the Windows, who they trust with a better quality, also with a better total cost of ownership.

看看 Windows，他們相信 Windows 具有更好的質量，也具有更好的總擁有成本。

I think that's the reason why I truly believe Zoom in a much better position.

我認為這就是為什麼我真正相信 Zoom 處於更好的位置的原因。

And maybe if I can add in a cash, maybe unasked.

也許我可以加點現金，也許不問。

But an important note is our forecast sort of assumes like macro conditions and like spending conditions relative to what we saw in Q3.

但重要的是，我們的預測是基於宏觀條件和支出條件（相對於我們在第三季看到的情況）進行的假設。

Yeah.

是的。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Perfect.

完美的。

Thank you and congrats on the re-acceleration here.

謝謝您並祝賀您在這裡重新加速。

Eric, maybe if we can switch gears a little bit to Contact Center, you have that 20,000 seat deal with the Spanish revenue service, I believe this quarter.

艾瑞克，也許我們可以稍微切換一下聯絡中心，我相信這個季度您將與西班牙稅務服務機構達成 20,000 個席位的協議。

That's a very large deal.

這是一件非常大的事情。

Very impressive.

非常令人印象深刻。

Can you just maybe elaborate a little bit on what were some of the major factors that drove Zoom to win a deal like that?

您能否詳細說明一下推動 Zoom 贏得此類交易的一些主要因素是什麼？

What was the process?

過程是怎樣的？

How competitive was it?

競爭有多激烈？

Was it?

是嗎？

And what were some of the maybe differentiating factors that you saw in that, that you can maybe replicate in other Contact Center deals?

您從中看到的可能有哪些差異化因素，您可以在其他聯絡中心交易中複製？

Yeah, great question.

是的，很好的問題。

So given that, I still were the head of Zoom Contact Center General Manager, I really like your question.

有鑑於此，我仍然是 Zoom 聯絡中心總經理的負責人，我真的很喜歡你的問題。

I think a few things.

我想有幾件事。

First of all, they are already the customer.

首先，他們已經是客戶了。

They deploy -- I think, if I recall correctly, more than 30,000 Zoom phone seats before.

如果我沒記錯的話，他們之前部署了超過 30,000 個 Zoom 電話席位。

In a very busy tax season, Zoom delivered a greater performance.

在非常繁忙的報稅季節，Zoom 表現出色。

They really trusted Zoom.

他們確實信任 Zoom。

And when they look at the Zoom Contact Center, they know actually our back-end architecture very scalable, right?

當他們查看 Zoom 聯絡中心時，他們實際上知道我們的後端架構非常可擴展，對吧？

And also, they look at our all the feature set, right?

而且，他們還會查看我們的所有功能集，對吧？

As I mentioned, all the past few quarters, we supported PCI, FedRAMP, workforce management, quality management and also social channel.

正如我所提到的，在過去的幾個季度中，我們支援 PCI、FedRAMP、勞動力管理、品質管理以及社交管道。

They know our pace of innovation is amazing.

他們知道我們的創新速度令人驚嘆。

And because of the architecture piece of trust, because of the features.

因為架構的信任，因為功能。

And also look at our scalability.

也要看看我們的可擴展性。

And we have no problem from very beginning, kind of support very large Contact Center agent deployment because again, when we build an architecture from day one, not like other vendors.

我們從一開始就沒有問題，支援非常大的聯絡中心代理部署，因為我們從第一天開始建立架構，與其他供應商不同。

They had to have a surgery right to support up to the 10,000 or 20,000 from day one.

他們必須進行手術才能從第一天起支援多達 10,000 或 20,000 人。

Our architecture are already very scalable.

我們的架構已經具有很強的可擴展性。

That's the reason why the customers, they are very, very happy to deploy the Zoom Contact Center.

這就是為什麼客戶非常非常高興部署 Zoom 聯絡中心的原因。

Again, from an outside perspective, we feel like, wow, that's a large deal 20,000 agents.

同樣，從外部角度來看，我們感覺，哇，20,000 名代理商真是一筆大買賣。

But you're talking with our product engineering team and say, we already support that deal from an architect perspective on day one, right?

但您在與我們的產品工程團隊交談時說，我們從第一天起就從架構師的角度支持該交易，對嗎？

So given more and more customers recognize the potential of Zoom and look at our piece of innovation, especially the AI, I think we are very well positioned to win more deals like that.

因此，鑑於越來越多的客戶認識到 Zoom 的潛力並關注我們的創新，尤其是人工智慧，我認為我們完全有能力贏得更多此類交易。

All right, thank you.

好的，謝謝。

Thank.

感謝。

Patrick Walravens, JMP Securities.

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

Patrick.

派崔克.

You are muted.

你被靜音了。

Oh, I hope I'm unmuted now.

哦，我希望我現在不再靜音了。

Can you hear me?

你聽得到我嗎？

Yeah.

是的。

Okay, great.

好的，太好了。

Congratulations.

恭喜。

Michelle.

米歇爾.

I think I'm going to focus on you if that's all right.

如果可以的話，我想我會專注於你。

So can you just tell us again why you -- I asked you this question at the Analyst Day, but I think the bigger venue would be helpful.

那麼，您能否再次告訴我們為什麼 - 我在分析師日問了您這個問題，但我認為更大的場地會有所幫助。

Why you took this job?

為什麼接受這份工作？

What you found so far?

到目前為止你發現了什麼？

And then maybe you obviously haven't guided for next year yet and you're early in your tenure, but maybe any points that you would share with us in terms of how to think about next year?

然後，也許你顯然還沒有為明年提供指導，而且你還處於任期初期，但也許你會與我們分享關於如何思考明年的任何觀點？

Yeah, great.

是的，太棒了。

Thanks, Pat, for the question.

謝謝帕特提出的問題。

Let me kind of go back and just remind people, I came to Zoom, I think in part at the beginning because of the iconic brand and the established leadership in meetings.

讓我回顧一下，提醒人們，我來到 Zoom，我認為一開始的部分原因是因為它的標誌性品牌和會議中既定的領導力。

But as Eric and I began our conversations over the interview process, I got more and more excited about where I saw Zoom going to an AI-first platform company.

但當我和 Eric 在面試過程中開始對話時，我對 Zoom 成為一家人工智慧優先的平台公司感到越來越興奮。

And could see a lot of the seeds, if you will, of growth being planted and starting to come to fruition.

如果你願意的話，你會看到很多成長的種子正在播下並開始結出果實。

So we got very excited about that.

所以我們對此感到非常興奮。

And maybe my learning sense has been delightful, honestly, to see the customer loves and the pace of innovation.

說實話，看到客戶的喜愛和創新的步伐，也許我的學習感覺是令人愉快的。

I think you've heard about it before, but to be amongst it, I think, has been a delight.

我想你以前聽說過它，但我想，能躋身其中是一件很高興的事。

And so my focus as the CFO is really going to be on top line, as you noted, getting the topline revenue growth further accelerating, certainly continuing to manage margins and expenses as Kelly has.

因此，正如您所指出的，作為首席財務官，我的重點實際上是在營收上，讓營收進一步加速成長，當然會繼續像凱利那樣管理利潤和費用。

And then maybe the last part I'd say that I think you saw us re-up here today is capital allocation with our buyback.

也許我要說的最後一部分是，我認為您今天看到我們在這裡重新站起來，那就是我們回購的資本配置。

And in terms of how to guide for FY26, look, we will officially guide as we always have in the next guidance period.

至於如何指導 26 財年，我們將在下一個指導期一如既往地正式指導。

So I'll take my comments until then.

所以在那之前我會發表我的評論。

Okay, great.

好的，太好了。

Thank you.

謝謝。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Thanks for the question.

謝謝你的提問。

Maybe Eric, for you.

也許埃里克適合你。

On the AI side, you guys were talking about AI investments, obviously impacting the gross margins.

在人工智慧方面，你們正在談論人工智慧投資，這顯然會影響毛利率。

You talked about that last quarter.

您上個季度談到了這一點。

But is this -- where do we think about the AI investments actually going into?

但這是──我們如何看待人工智慧投資實際投入的領域？

Is it sort of the back-end infrastructure or thinking about it more on companion side and more modules?

它是後端基礎設施還是更多地考慮配套端和更多模組？

How are you feeling about the AI portfolio for Contact Center generally?

您對聯絡中心的人工智慧產品組合整體感覺如何？

And then just Michelle, for you.

然後只有米歇爾，為了你。

On the -- you talked about lengthening billing terms.

關於—您談到了延長計費期限。

We're starting to see though a difference between RPO and billings for sure, but a big divergence really on the current and noncurrent RPO trends this quarter.

我們開始看到 RPO 和帳單之間確實存在差異，但本季當前和非當前 RPO 趨勢確實存在很大差異。

Can you just kind of walk us through what happened there despite the comment on lengthening billing terms.

儘管有關於延長計費期限的評論，您能否向我們介紹那裡發生的事情？

Thanks.

謝謝。

Yeah, Jim, it's a great question.

是的，吉姆，這是一個很好的問題。

I can address your first one.

我可以解決你的第一個問題。

So you look at AI, right?

所以你看看人工智慧，對嗎？

So we have to invest more, right?

所以我們必須加大投資，對嗎？

And I think a few areas.

我認為有幾個領域。

One is, look at our Zoom Workplace platform, right?

一是，看看我們的 Zoom Workplace 平台，對吧？

We have to invent more talent, deploy more GPUs and also use more of the cloud, basically GPUs as well as we keep improving the AI quality and innovate on AI features.

我們必須發明更多的人才，部署更多的GPU，並使用更多的雲，基本上是GPU，並且我們不斷提高AI品質並在AI功能上進行創新。

That's AI for Workplace.

這就是工作場所人工智慧。

And at the same time, we are going to introduce the customized AI Companion, also AI Studio next year.

同時，我們明年也將推出客製化的AI Companion，也就是AI Studio。

Not only do we offer the free service for AI Companion, but those Enterprise customizations certainly can hire us in terms of monetization.

我們不僅為AI Companion提供免費服務，而且這些企業客製化當然可以在貨幣化方面僱用我們。

At the same time, we leveraged the technology build for the workplace, apply that to the Contact Center, like a Zoom Virtual Agent, right, and also some other accounts and features.

同時，我們利用了工作場所的技術構建，將其應用到聯絡中心，例如 Zoom 虛擬代理（右），以及其他一些帳戶和功能。

We can share the same AI infrastructure and also a lot of technology components and also can be shared with Zoom Contact Center, where the AI Companion is not free, the Contact Center is different, right?

我們可以共享相同的人工智慧基礎設施和許多技術組件，也可以與 Zoom 聯絡中心共享，其中 AI Companion 不是免費的，聯絡中心是不同的，對嗎？

We also can monetize.

我們也可以貨幣化。

Essentially, we build the same common AI infrastructure architecture and Workplace -- customized Work AI Companion, we can monetize.

本質上，我們建構了與 Workplace 相同的通用 AI 基礎架構架構——客製化的 Work AI Companion，我們可以從中獲利。

Contact Center, also, we can monetize.

聯絡中心，我們也可以貨幣化。

I think more and more now like today, you say you keep investing more and more.

我想現在越來越像今天，你說你不斷投資越來越多。

And soon, we can also monetize more as well.

很快，我們也可以實現更多貨幣化。

That's why I think we do not worry about the cost in the long run and off, the AI investment because with the monetization coming in, certainly can help us more.

這就是為什麼我認為我們不擔心長期和短期的成本，人工智慧投資，因為隨著貨幣化的到來，肯定可以幫助我們更多。

So, so far, we feel very comfortable.

所以，到目前為止，我們感覺很舒服。

And James, maybe to answer your question on RPO and specifically why we see the current piece go up.

詹姆斯，也許是為了回答您關於 RPO 的問題，特別是為什麼我們看到當前的內容上升。

We are seeing just a convert and lengthening billing terms.

我們看到的只是轉換和延長計費期限。

So we're encouraged by that of an indicator, both in online and enterprise of our customers' dedication to Zoom.

因此，我們對線上和企業客戶對 Zoom 的奉獻精神感到鼓舞。

In particular, current, as you note, went up 10%.

特別是，正如您所注意到的，當前的價格上漲了 10%。

And the way that I would have you think about that is when we have coterminous contracts, we tend to see as we sell outside of that expiry cycle that current volume go up temporarily before it goes to long term.

我想讓你思考的是，當我們有連續合約時，我們往往會看到，當我們在到期週期之外出售時，當前交易量會在進入長期之前暫時上升。

So net-net, a positive thing as to expanding portfolio with our customers.

因此，對於擴大與客戶的產品組合來說，網路是一件正面的事情。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Congratulations on a solid quarter.

恭喜本季業績穩定。

Maybe just -- I'll say, 1.5 questions.

也許只是——我會說，1.5 個問題。

On the monetization side, Eric, as you're starting to see AI companion additions and interactions start to scale as you think about the kind of ultimate monetization opportunity of AI in terms of the broader portfolio.

在貨幣化方面，艾瑞克，當你開始考慮人工智慧在更廣泛的投資組合方面的最終貨幣化機會時，你開始看到人工智慧同伴的添加和互動開始規模化。

How, when, where should we see it?

我們該如何、何時、在哪裡看到它？

Is it through selling contact center that's more AI native into the overall base.

是透過銷售聯絡中心，讓整個基礎更加原生人工智慧嗎？

Is it the verticalization of the AI Companion 2.0?

是AI伴侶2.0的垂直化嗎？

Is it better AI companion expanding.

是不是更好的AI伴侶擴充。

Just give us a flavor for the how and the when.

請讓我們了解一下如何以及何時進行。

And Michelle, if I look at from a kind of forward KPIs, I see enterprise billings growing double digits again.

米歇爾，如果我從某種前瞻性 KPI 的角度來看，我會看到企業帳單再次以兩位數成長。

I see CRPO growing double digits again.

我看到 CRPO 再次成長兩位數。

I see churn for the online business basically getting lower every quarter by 20 to 30 basis points. why shouldn't we kind of extrapolate that as the online business stable, flat enterprise business accelerating from here?

我認為線上業務的流失率基本上每季都會降低 20 到 30 個基點。為什麼我們不應該這樣推斷，因為線上業務穩定，扁平化企業業務從這裡開始加速？

Yes.

是的。

Eric, do you want to go on the monetization or I'm happy to tag into on the AI front.

艾瑞克（Eric），你想繼續貨幣化嗎？

You can address the second one.

你可以解決第二個問題。

Of course, just as this then I can address the first one later.

當然，就這樣，我可以稍後再解決第一個問題。

Yes.

是的。

So to answer your question, and Alex, obviously, we're not going to guide to '26 until February.

所以，為了回答你的問題，Alex，顯然，我們要到 2 月才會推出 26 年的指南。

But I would say we feel good about the beat to forecast.

但我想說，我們對預測的節奏感覺良好。

We feel good about the implied raise to Q4.

我們對第四季的隱含成長感到滿意。

And we feel good about the overall acceleration.

我們對整體加速感覺良好。

If you look at our H2 growth it's above H1.

如果你看看我們下半年的成長，它高於上半年。

So net-net, in terms of what we've said and what we've guided, it's delivering on what we said.

因此，就我們所說的和我們所指導的而言，網路網路正在兌現我們所說的話。

And then you kind of go to the underlying KPIs and you look at it, and I think there's a lot of strong fundamentals.

然後你會看到基本的關鍵績效指標（KPI），你會發現它有很多強大的基本面。

So look, I'm not going to confirm the numbers that you gave.

所以聽著，我不會確認你提供的數字。

But I think maybe one way to think about the models for revenue as we give Q4 revenue growth guide.

但我認為，在我們給出第四季度營收成長指南時，也許是考慮收入模型的一種方法。

I believe the midpoint of that growth rate is probably represents a reasonable proxy for how to think about revenue growth into FY '26.

我相信該成長率的中點可能代表如何考慮 26 財年營收成長的合理指標。

Yeah.

是的。

Alex, by the way, we will share more in detail in the Q4 earnings call.

亞歷克斯，順便說一句，我們將在第四季度的財報電話會議上分享更多細節。

You will see that by FY26.

到 2026 財年您就會看到這一點。

By the way you mentioned online, remember, two years ago, FY23, right, I look at the online business, it declined by 80%.

順便說一句，你提到線上業務，記住，兩年前，2023財年，對吧，我看一下線上業務，它下降了80%。

A year ago, the 4%.

一年前是4%。

Now this year, flat, right?

現在今年，持平，對吧？

You see the trend is very positive.

你會看到趨勢非常正面。

So back to a question of AI monetization, we already monetized AI today, but not for the Workplace products, both our business services like our Contact Center, like Zoom Revenue Accelerator, right?

回到人工智慧貨幣化的問題，我們今天已經將人工智慧貨幣化了，但還沒有對Workplace 產品進行貨幣化，我們的業務服務（如聯絡中心）和Zoom Revenue Accelerator（Zoom Revenue Accelerator）都沒有，對吧？

And like the newly coming services, like Zoom Workplace for frontline workers, for educators, for healthcare, those are the product tailored for vertical industries.

就像新推出的服務一樣，例如針對第一線工人、教育工作者、醫療保健的 Zoom Workplace，這些都是為垂直行業量身定制的產品。

At the same time, we've also focused on enterprise.

同時，我們也關注企業。

I think it's some -- maybe second half of next year.

我認為可能是明年下半年。

And for the -- because the Customer, the AI Companion and AI Companion Studio will not be available in the first half of next year, right?

對於——因為客戶、AI Companion 和 AI Companion Studio 不會在明年上半年推出，對吧？

I think a lot of monetization opportunities, but also at the same time, not only do we monetize AI Companion. but also, we leverage the AI Companion to further build the relationship with the customer, like a customer look at it today to Zoom platform.

我認為有很多貨幣化機會，但同時，我們不僅透過 AI Companion 貨幣化。而且，我們利用 AI Companion 進一步建立與客戶的關係，就像客戶今天在 Zoom 平台上查看它一樣。

On the one hand, ease of use a stable secure plus AI, a greater performance quality and at no additional cost, right?

一方面，易用性、穩定、安全加上人工智慧、更高的性能品質並且無需額外成本，對嗎？

I think more and more -- we do see some customers the last two quarters, they switched to Zoom platform. right?

我認為，過去兩個季度我們確實看到一些客戶越來越多地轉向 Zoom 平台。正確的？

I gave one example why in Q3, we won a very large insurance company.

我舉了一個例子，為什麼我們在第三季贏得了一家非常大的保險公司。

And if I recall correctly, I want 20,000 seats, they switched to Zoom Workplace platform.

如果我沒記錯的話，我想要 20,000 個座位，他們切換到 Zoom Workplace 平台。

For sure, there are some big competitors there, so-called for free.

當然，那裡有一些大的競爭對手，所謂的免費。

But when they analyze their employees like our Zoom service, they analyze the total cost Zoom AI Companion also at no additional cost.

但是，當他們像我們的 Zoom 服務一樣分析員工時，他們也會分析 Zoom AI Companion 的總成本，而無需額外費用。

That's one of the key reasons why they select to Zoom as their collaboration platform.

這是他們選擇 Zoom 作為協作平台的關鍵原因之一。

So that's a very big win, right, in Q3.

所以這是第三季的一個非常大的勝利，對吧。

Perfect.

完美的。

Thank you, guys.

謝謝你們，夥計們。

Thank you Alex.

謝謝你，亞歷克斯。

And then to your question, in online, kind of the way that I would think about the Q4 is sort of flat to slightly down.

然後回答你在網路上提出的問題，我對第四季的看法是持平甚至略有下降。

And then certainly, because I get this question a lot, the ambition for online is growth.

當然，因為我經常被問到這個問題，所以在線的目標是成長。

Just want to make sure, I answered your online questions.

只是想確認一下，我回答了您的線上問題。

Siti Panigrahi, Mizuho Securities.

Siti Panigrahi，瑞穗證券。

Great.

偉大的。

Thank you.

謝謝。

Michelle, congrats on your first earnings call.

米歇爾，恭喜你召開第一次財報電話會議。

And you talk about your focus to react to our topline growth.

您談到了您對我們營收成長的關注重點。

So it's good to see the platform mostly your NRR stabilizing, and now you talk about multiple products, like Phone, Contact Center, Workvivo, Customer AI Companion, a lot of different products you are talking about that will layer in growth.

因此，很高興看到該平台主要是您的 NRR 穩定下來，現在您談論多種產品，例如電話、聯絡中心、Workvivo、客戶 AI Companion，您正在談論的許多不同產品將分層增長。

So as you look forward to next year, which products you are more excited about?

那麼，當您展望明年時，您對哪些產品更感興趣？

And how do you rate out of these products when it comes to layering the growth to the core platform?

當談到將成長分層到核心平台時，您如何評價這些產品？

Yeah.

是的。

It's such a great question.

這是一個很好的問題。

I guess I would start with just sort of the foundation of Zoom and then I'll kind of build out in my answer.

我想我會從 Zoom 的基礎開始，然後我會在我的答案中擴展。

So look, the foundation of Zoom was obviously -- the meetings we're working very hard to move that to platform.

所以看，Zoom 的基礎顯然是——我們正在努力將其轉移到平台上的會議。

And we're excited by the deceleration of seat down sells that we're seeing.

我們對所看到的座椅向下銷售的減速感到興奮。

We're excited by the competitive wins that we're seeing.

我們對所看到的競爭勝利感到興奮。

We're excited by the online churn rate.

我們對線上流失率感到興奮。

So kind of in our foundation, as we bring in AI, as Eric has said many times at no additional cost, or we bring -- we build out the portfolio of Workplace.

在我們的基礎上，正如艾瑞克多次說過的那樣，我們引入了人工智慧，無需額外成本，或者我們引入了人工智慧，我們建立了 Workplace 的產品組合。

We're excited at sort of what that could mean to the foundation of our business.

我們對這對我們業務的基礎意味著什麼感到興奮。

And then certainly, as we think about the growth factors and they're part of that Workplace platform is a shift to Phone, which has been a significant growth driver to us.

當然，當我們考慮成長因素時，它們是工作平台的一部分，這是向電話的轉變，這對我們來說是一個重要的成長動力。

We'll certainly -- that will certainly continue.

我們當然會——這肯定會繼續下去。

And then I would say the products that we're seeing, the momentum in today, we call them -- or I call them our emerging products in Contact Center and Workvivo.

然後我會說我們所看到的產品，今天的勢頭，我們稱之為 - 或者我稱之為我們在聯絡中心和 Workvivo 中的新興產品。

I think we'll continue to be durable elements for product growth going forward.

我認為我們將繼續成為未來產品成長的持久要素。

And then over time, I think you'll see more of that AI monetization and some of the things that we announced at Zoomtopia.

隨著時間的推移，我認為您會看到更多的人工智慧貨幣化以及我們在 Zoomtopia 上宣布的一些內容。

But like any products, those will come in with time.

但就像任何產品一樣，這些產品會隨著時間的推移而出現。

And you asked a lot about product growth.

您問了很多有關產品成長的問題。

But I guess I would also call out that I think there's a lot of growth vectors that we still can grow from in terms of our international growth or our channel expansion are continuing to go up market.

但我想我也會指出，我認為我們仍然可以從國際成長或通路擴張方面繼續向高端市場發展，從而實現許多成長。

There's a lot of really great proof points of when we get customers in on the workplace, decreases churn that accelerates revenue growth with our land and expand.

有許多非常好的證據證明，當我們讓客戶進入工作場所時，減少客戶流失，從而加速我們土地和擴張的收入成長。

So I think there's a lot of beyond sort of the traditional product levers of growth, a lot more we can do.

因此，我認為還有很多超出傳統產品成長槓桿的因素，我們可以做更多的事情。

Thank you.

謝謝。

Thanks for that color.

謝謝那個顏色。

Alan Borkowsky, Scotiabank.

艾倫‧博科夫斯基，豐業銀行。

Thanks for taking the questions here.

感謝您在這裡提出問題。

And I'll echo the congrats on a strong quarter.

我也會對強勁的季度表示祝賀。

Michelle, it looks like the deferred revenue growth in the quarter came in right as you guys were expecting, which is a slight change of pace from the beats we've seen there.

米歇爾，看起來本季的遞延收入成長正如你們所預期的那樣，這與我們在那裡看到的節奏略有變化。

There are a number of large deals you highlighted in the quarter, like the Contact Center deal with over 20,000 seats.

您在本季重點介紹了許多大型交易，例如擁有超過 20,000 個席位的聯絡中心交易。

Can you just walk us through the puts and takes there in the quarter?

您能否向我們介紹本季的看跌期權和看跌期權？

And perhaps give us a refresh about the level of conservatism you're embedding in your Q4 guide of deferred revenue growth being 5% to 6%?

或許讓我們重新了解一下您在第四季遞延營收成長 5% 至 6% 的指南中所體現的保守程度？

Yeah.

是的。

So first of all, I would say we guided that it will be -- that it grew 5% in Q3, and we guided to 5% to 6%.

首先，我想說，我們的指導是，第三季成長 5%，我們的指導是 5% 到 6%。

So just to reorient everyone, the dynamics of what's driving that are tightening of discounting and lengthening of billing terms.

因此，為了讓大家重新定位，驅動因素是折扣收緊和計費期限延長。

And we expect those to obviously continue into Q4.

我們預計這些情況顯然會持續到第四季。

So in terms of what may be -- how to think about it in terms of our guidance philosophy, I would say, is very much the same.

因此，就可能發生的情況而言——如何根據我們的指導理念來思考它，我想說，是非常相似的。

So I've continued a guidance philosophy is similar to what has been had historically at Zoom.

因此，我繼續遵循與 Zoom 歷史上類似的指導理念。

The other thing that I would mention, nothing different to what Zoom has said historically is that revenue is ultimately the better measure and indicator for our business, given some fluctuations that you'll see from quarter to quarter in deferred revenue.

我要提到的另一件事與 Zoom 歷史上所說的沒有什麼不同，那就是收入最終是我們業務更好的衡量標準和指標，考慮到遞延收入每季都會出現一些波動。

So that's really what I would point people to.

這就是我要向人們指出的。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Yeah.

是的。

Great.

偉大的。

Thank, thank you all for the time.

謝謝，謝謝大家抽出時間。

One for you, Eric.

給你一份，艾瑞克。

So you really create an iconic brand with Zoom Video, owned that point solution space and have now expanded into other areas.

因此，您確實透過 Zoom Video 創建了一個標誌性品牌，擁有該點解決方案空間，並且現在已擴展到其他領域。

The new name Zoom Communication captures it all.

新名稱 Zoom Communications 體現了這一切。

You know, you have phone now, you have Contact Center adding AI on top, arguably even edging into work management with some of the products that you're rolling out.

你知道，你現在有了電話，你有了在上面添加人工智慧的聯絡中心，甚至可以說，你正在推出的一些產品已經進入了工作管理領域。

So, you know, the delineation is less clear now between yourself and competitors in other areas.

所以，你知道，你自己和其他領域的競爭對手之間的界線現在不太清楚了。

So how do you think about attacking the market?

那麼您如何看待進攻市場呢？

Is it purely based on product or how important is price as you try to win new business?

是純粹基於產品還是在您試圖贏得新業務時價格有多重要？

Yeah.

是的。

So it's a great question.

所以這是一個很好的問題。

I think, you know, our philosophy from day one, always a better product at a better price, and a better service, right?

我想，你知道，我們從第一天起的理念就是始終以更優惠的價格提供更好的產品和更好的服務，對吧？

First of all, you know, our core strength is really about the product experience and make sure the customer like us.

首先，你知道，我們的核心優勢實際上是產品體驗並確保客戶喜歡我們。

Look at recently Gartner Peer Insights report, right, the Zoom is the only one in the leader section.

看看最近的Gartner Peer Insights報告，對吧，Zoom是唯一進入領導者部分的。

That's the reason why the customer likes us and because they truly like our a product.

這就是為什麼客戶喜歡我們的原因，因為他們真正喜歡我們的產品。

Because of that, we introduced a lot of other new products, essentially give a customer suite, and we call that Workplace, the AI-first work apply.

正因為如此，我們推出了許多其他新產品，本質上是提供一個客戶套件，我們稱之為 Workplace，人工智慧優先的工作應用程式。

At the same time if we look at the price, a year ago, if I recall correctly, right, it maybe more than that now, we increased price for online, and we do not see any issues.

同時如果我們看一下價格，一年前，如果我沒記錯的話，對吧，現在可能比現在更高，我們提高了在線價格，我們沒有看到任何問題。

And the users really like our product.

用戶非常喜歡我們的產品。

Now actually used to be customers, they bought up pointed solutions like many years ago, meetings and phone and also the Whiteboard allows also potent product.

現在實際上已經成為客戶，他們像多年前一樣購買了針對性的解決方案、會議和電話，而且白板也提供了強大的產品。

Now they prefer our platform approach, right?

現在他們更喜歡我們的平台方法，對吧？

And if you look at the entire platform, they can leverage more service from Zoom.

如果你看看整個平台，他們可以利用 Zoom 的更多服務。

And at the same time, and with the AI at no additional costs, the customer tries to have Zoom brand more sticky and down the road with the customer AI Companion or other innovations, for sure, and we can monetize more.

同時，由於人工智慧無需額外成本，客戶會嘗試讓 Zoom 品牌更具黏性，並透過客戶 AI Companion 或其他創新來不斷發展，當然，我們可以實現更多盈利。

Essentially, we do not want to do something similar to some competitors, right?

本質上，我們不想做一些與某些競爭對手類似的事情，對吧？

The kind of stuck with our competitors, they call that for free and then every year, they increase price.

與我們的競爭對手糾纏在一起的那種，他們稱之為免費，然後每年都提高價格。

We don't want to do that.

我們不想那樣做。

We want to build a long-term trust.

我們希望建立長期的信任。

Given some time, the customer realized, Zoom not only is very stable ease of use, and also, we introduced more and more services, they would like to consolidate it into the Zoom platform.

經過一段時間，客戶意識到，Zoom不僅非常穩定易用，而且，我們推出了越來越多的服務，他們希望將其整合到Zoom平台中。

From that perspective, I think more opportunities for us to monetize as a platform player and in order to mention AI as well.

從這個角度來看，我認為身為平台玩家，我們有更多的機會獲利，也可以提到人工智慧。

So that's our strategy.

這就是我們的策略。

Thank you, Eric.

謝謝你，埃里克。

Thank you, Michael.

謝謝你，麥可。

Appreciate it.

欣賞它。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Hi, good evening.

嗨，晚上好。

And I'll to congrats on the next quarter.

我將祝賀下個季度。

Maybe on Workvivo.

也許在 Workvivo 上。

I know Meta announced that it would be sunsetting the Meta Workplace product, and it would be in stages over 25 and 26 in midterm customers toward Workvivo.

我知道 Meta 宣布將淘汰 Meta Workplace 產品，並將在 25 到 26 個中期客戶中分階段轉向 Workvivo。

Can you help us think about how you're thinking about that ramp?

您能幫我們想想您對坡道的看法嗎？

You've had good momentum there.

你在那裡勢頭很好。

Customers grew 72% year over year.

客戶年增 72%。

Can you quantify maybe how much of the growth is coming from Meta and how we should think about that momentum going forward?

您能否量化一下有多少成長來自 Meta，以及我們應該如何看待未來的勢頭？

Yeah.

是的。

Great question.

很好的問題。

So Michelle, feel free to chime in.

所以米歇爾，請隨意插話。

I think we acquired a Workvivo, I think, two years ago.

我想我們是在兩年前購買了 Workvivo。

And because you look at the employee engagement, that's very important.

因為你會關注員工的敬業度，所以這非常重要。

This will be part of a Zoom Work platform.

這將成為 Zoom Work 平台的一部分。

I think that the company, the team is much better positioned.

我認為公司、團隊的定位好得多。

They have very scalable vertical, the product.

他們擁有非常可擴展的垂直產品。

That's the reason why we acquired them.

這就是我們收購它們的原因。

And also, a few quarters ago, Meta screwed folks on the AI, a lot of other things, they decided to -- and retire Workplace product.

而且，幾個季度前，Meta 讓人們在人工智慧和其他許​​多事情上陷入困境，他們決定——並淘汰 Workplace 產品。

For sure, there are some other vendors order there as well.

當然，還有一些其他供應商也在那裡訂購。

But based on the customer feedback, based on the product maturity, right, they decided to go with Zoom as a partnership, right?

但根據客戶的回饋，根據產品的成熟度，對吧，他們決定與 Zoom 合作，對吧？

So meaning Workvivo is an exclusive partner, right?

這意味著 Workvivo 是獨家合作夥伴，對吧？

They also build the migration tools right to have customers who deploy Workplace the product for Meta and replaced that with Workvivo.

他們還建立了正確的遷移工具，以便客戶為 Meta 部署 Workplace 產品並將其替換為 Workvivo。

If you look at our top deals, I think almost all of those deals and because of metal migration, and also, I think we have also a very strong pipeline as well.

如果你看看我們的頂級交易，我認為幾乎所有這些交易都是因為金屬遷移，而且我認為我們也擁有非常強大的管道。

Again, that's not a small company.

再說一遍，這不是一家小公司。

We do not focus on SMB.

我們不專注於中小企業。

This is a very large integrated customer.

這是一個非常大的綜合客戶。

Some of the Zoom Workplace customer already, some are not even Workplace customer.

有些已經是 Zoom Workplace 的客戶，有些甚至不是 Workplace 的客戶。

But they also deployed Zoom Workvivo.

但他們也部署了 Zoom Workvivo。

I think the pipeline is very strong and very promising.

我認為管道非常強大並且非常有前途。

And also, we also want to innovate more on Workvivo.

此外，我們也希望在 Workvivo 上進行更多創新。

Double down on that, I think, give us more opportunity.

我認為，加倍努力，會給我們更多機會。

And to further grow that business.

並進一步發展該業務。

I think if you at the growth rate and quarter over quarter, year over year, it's pretty exciting.

我認為，如果你看一下季度環比、年同比的成長率，那就非常令人興奮了。

And I think that business can contribute more to our business down the road.

我認為企業今後可以為我們的業務做出更多貢獻。

Maybe just to add in from my standpoint, yes, the Meta partnership is driving the growth.

也許只是從我的角度補充一下，是的，Meta 合作夥伴關係正在推動成長。

We're not going to quantify it or speak to it.

我們不會量化它或談論它。

But I think if you look at a lot of the underlying metrics that we said in our prepared remarks, they tell a more holistic story for Workvivo growth and a lot of the things that we've been focused on from geo-expansion to partner dynamics to getting those large customers as well as breadth.

但我認為，如果你看一下我們在準備好的發言中所說的許多基本指標，它們會講述一個關於 Workvivo 增長的更全面的故事，以及我們一直關注的從地域擴張到合作夥伴動態的許多事情獲得那些大客戶以及廣度。

And they build up a lot of the natural things that Zoom has strength in certain industries like retail as well as frontline.

他們建立了 Zoom 在零售和一線等某些行業中具有優勢的許多自然事物。

So I think, yes, the Meta partnership is part of that, and there are some durable dynamics to underscore a lot of the things that Eric talked about.

所以我認為，是的，Meta 合作夥伴關係是其中的一部分，並且有一些持久的動力來強調艾瑞克談到的許多事情。

Great Thank you both so much for the time.

非常感謝你們兩位的寶貴時間。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Thank you.

謝謝。

I wanted to direct my question, Michelle.

我想提出我的問題，米歇爾。

Congrats again on the first earnings call here as the CFO of Zoom.

再次恭喜以 Zoom 財務長召開的第一次財報電話會議。

I wanted to ask how you think about margins.

我想問一下您如何看待利潤率。

So if we look at Q3, the operating margins were down very slightly year-over-year.

因此，如果我們看一下第三季度，營業利潤率比去年同期略有下降。

I think Q4, their value guided to be down about 1 point year over year, if you round up.

我認為第四季度，如果四捨五入的話，他們的價值預計將比去年同期下降約 1 個百分點。

How should we think about the path to long-term operating margins?

我們該如何思考實現長期營業利潤率的途徑？

I think you're still a couple of points above the high end of that long-term guide that you put out at Analyst Day.

我認為您仍然比您在分析師日發布的長期指南的高端高出幾個點。

Should we expect to get back to that long-term operating margin next year?

我們是否應該期望明年恢復到長期營運利潤率？

Just give us a sense for the path there.

只是讓我們了解那裡的道路。

And then maybe just if you could give your own philosophy, too, around how you evaluate expenses?

然後，也許您也可以圍繞如何評估費用給出自己的理念？

What are some of the things that you look for just in terms of ROI in case your framework is maybe different than how things were done at Zoom before?

如果您的框架可能與 Zoom 之前的做法不同，您會在投資回報率方面尋找哪些東西？

Thank you.

謝謝。

Perfect.

完美的。

Great question, and thank you very much, Tyler.

很好的問題，非常感謝你，泰勒。

So I would say, I think it's important just to reemphasize what we're investing in.

所以我想說，我認為重新強調我們正在投資的領域很重要。

We're investing in AI.

我們正在投資人工智慧。

We're investing in our emerging growth businesses, and we're investing in the platform.

我們正在投資我們的新興成長業務，我們正在投資這個平台。

As I think it sort of sets up the frame that I'll have, I don't think it's different than maybe the frame that Kelly and Eric had before, which is we're going to invest for topline growth, and we're going to invest for our strategy going forward.

我認為這在某種程度上建立了我將擁有的框架，我認為這可能與凱利和埃里克之前的框架沒有什麼不同，即我們將投資於營收成長，我們正在將為我們的未來策略進行投資。

And so look, our guidance approach remains the same as I said that before.

所以看，我們的指導方法與我之前所說的相同。

We gave, as you noted, long-term guidance that had that operating margin lower than where we are today because of those investments.

正如您所指出的，我們給出的長期指導由於這些投資而導致營業利潤率低於今天的水平。

I just want to emphasize that as a long-term margin scenario and so not something that you should take for FY26.

我只是想強調，這是一個長期利潤率情景，因此您不應該將其視為 2026 財年的情況。

And again, we'll come back in FY26 and -- or we'll come back in February and give FY26 guidance.

再說一遍，我們將在 2026 財年回來，或者我們將在 2 月回來並提供 2026 財年指導。

But in terms of my philosophy, I think it's going to be a lot of where Eric and I are going to spend our time is, how do we really make sure that every dollar that Zoom is spending is going towards those things that I mentioned and going towards topline growth?

但就我的理念而言，我認為 Eric 和我將在很多方面花費時間，我們如何真正確保 Zoom 花費的每一美元都用於我提到的那些事情，走向營收成長？

And so look, we'll employ other ways of capital allocation.

因此，我們將採用其他資本配置方式。

But in terms of internal capital allocation, I think it's going through each thing, questioning the return, questioning the alignment to strategic value and making sure that, as a culture, we have a disciplined approach of really looking at our expenses and having a culture of driving savings to offset the investments that we know we're going to need to make.

但就內部資本配置而言，我認為它正在經歷每一件事，質疑回報，質疑與戰略價值的一致性，並確保作為一種文化，我們有一種嚴格的方法來真正考慮我們的支出並擁有一種文化推動儲蓄來抵消我們知道需要進行的投資。

Yes.

是的。

Just to quickly add on to what Michelle said, Tyler.

只是為了快速補充米歇爾所說的話，泰勒。

I think if you look at our company track record, especially as the way for us to manage the cost, a very disciplined approach.

我認為，如果你看看我們公司的業績記錄，特別是我們管理成本的方式，你會發現這是一種非常嚴格的方法。

Even more or two quarters, you see like more investment on, let's say, on COGS side.

甚至更多或兩個季度，您會看到更多的投資，比如說，在銷貨成本方面。

I'm very, very proud of our world-class DevOps team led by our President of Product, Bill Chen.

我為我們的產品總裁 Bill Chen 領導的世界級的 DevOps 團隊感到非常非常自豪。

He and his team, they always know how to automate, further optimize a lot of the cost savings.

他和他的團隊，他們總是知道如何自動化，進一步優化，節省大量成本。

That's one area.

那是一個區域。

I normally -- I do not spend any time because I have a high confidence that team, they can always come up with some ways and to further reduce the COGS, right?

我通常不會花任何時間，因為我對團隊有很高的信心，他們總是能想出一些方法並進一步降低 COGS，對嗎？

And even for AI, and then know where to optimize, I think I have very high confidence, even one or two quarters more investment, something like that.

即使對於人工智慧，然後知道在哪裡優化，我認為我也有非常高的信心，甚至多投資一兩個季度，類似的事情。

I personally feel like the team can come with some better ideas to further reduce the cost.

我個人覺得團隊可以提出一些更好的想法來進一步降低成本。

Thank you.

謝謝。

Mark Murphy, JP Morgan.

馬克墨菲，摩根大通。

Thank you so much.

太感謝了。

Great to see you.

很高興見到你。

Eric, I was wondering if you can perhaps speak to the customer interest that you're seeing to integrate data from their own internal repositories into AI Companion because I believe that triggers the $12 per user per month monetization, or it's one of the important triggers, I would think that, that is also going to drive some real product stickiness and value that would ratchet higher.

Eric，我想知道您是否可以談談客戶對將來自他們自己的內部儲存庫的資料整合到AI Companion 中的興趣，因為我相信這會觸發每個用戶每月12 美元的貨幣化，或者說這是重要的觸發因素之一，我認為，這也將推動一些真正的產品黏性和價值不斷提高。

So I'm just curious how many customers are showing that interest?

所以我只是好奇有多少客戶表現出這種興趣？

What kind of scenarios they can design?

他們可以設計什麼樣的場景？

And therefore, maybe how to think through the monetization potential at that price point?

因此，也許如何思考該價位的貨幣化潛力？

Yeah.

是的。

So Mark, it's a great, great question.

馬克，這是一個非常非常好的問題。

So that's the reason why we introduced the customized AI Companion or AI Companion Studio because a few quarters ago, and we're talking to many Enterprise customers, they share with us feedback, right?

這就是我們推出客製化 AI Companion 或 AI Companion Studio 的原因，因為幾個季度前，我們正在與許多企業客戶交談，他們與我們分享回饋，對吧？

So they like an AI Companion.

所以他們喜歡人工智慧伴侶。

Also, they want to make sure -- some customers, they already build their own AI large language model. how to filter that into our federated approach.

此外，他們希望確保一些客戶已經建立了自己的人工智慧大型語言模型。如何將其過濾到我們的聯合方法中。

And some customers, they have very large content like a knowledge base, how to connect with that.

對於某些客戶來說，他們擁有非常大的內容，例如知識庫，以及如何與之連結。

Some customers, they have with other beginning systems, right, like a ServiceNow, Atlassian and Workday, a lot of box and hub spot, how to connect those data sources, right?

有些客戶，他們有其他入門系統，對吧，例如 ServiceNow、Atlassian 和 Workday，有很多盒子和集線器點，如何連接這些資料來源，對吧？

And also even from an employee perspective, right, they won't have a customized avatar library AI to -- as a personal culture as well.

而且，即使從員工的角度來看，他們也不會擁有客製化的人工智慧頭像庫來作為個人文化。

So meaning those customers, they have customized requirements.

因此，這些客戶有客製化的要求。

To support those customer requirements, we need to make sure we have AI infrastructure and technology ready, right?

為了支援這些客戶需求，我們需要確保我們已經準備好人工智慧基礎設施和技術，對吧？

That's the reason why we introduced the AI Companion, the customized AI Companion.

這就是我們推出 AI Companion 的原因，即客製化的 AI Companion。

The goal is really working together with integrated customers. to tailored for each Enterprise customer.

我們的目標是真正與綜合客戶合作。為每個企業客戶量身訂做。

That's the reason why it's not free.

這就是它不是免費的原因。

I think the feedback from Zoomtopia is very positive because, again, those features are not built by our -- the several product managers, engineers to think about let's build that.

我認為 Zoomtopia 的回饋非常積極，因為這些功能不是由我們——幾位產品經理、工程師建立的——讓我們考慮建立它。

We already solicited feedback from our enterprise content before.

我們之前已經徵求了企業內容的回饋意見。

Those features that I think are truly satisfy their needs.

我認為這些功能真正滿足了他們的需求。

And maybe, Mark, if I could add in.

也許，馬克，如果我可以補充的話。

I think that Zoom have some really powerful differentials here in terms of our approach.

我認為 Zoom 在我們的方法方面有一些非常強大的差異。

The democratization of AI and kind of the core SKUs and letting people kind of try it and get to experience it, I think we'll -- will provide an important on-ramp.

人工智慧和核心 SKU 的民主化，讓人們嘗試並體驗它，我認為我們將提供一個重要的入口。

And then I would say our open platform approach.

然後我會說我們的開放平台方法。

When you start looking at bringing in custom things or connecting with other data sources, I think that, in addition to a price point, which is very -- which is more reachable, if you will, for customers, are going to be important competitive differentiators for us going forward.

當你開始考慮引入定制的東西或與其他數據源連接時，我認為，除了價格點之外，如果你願意的話，對於客戶來說，這是更容易實現的，這將是重要的競爭力我們前進的差異化因素。

Excellent.

出色的。

Thank you so much.

太感謝了。

So, Kelsey, this is the last question?

那麼，凱爾西，這是最後一個問題嗎？

That was the last question, Eric.

這是最後一個問題，埃里克。

I'll turn it back to you for closing if you'd like.

如果您願意，我會將其返還給您以關閉。

I think, first of all, thank you all for your time.

我想，首先，感謝大家抽出寶貴的時間。

This is the first earnings call -- Michelle's first earnings call.

這是第一次財報電話會議──米歇爾的第一次財報電話會議。

I think it's very seamless transition from Kelly on to Michelle.

我認為從凱利到米歇爾的過渡非常無縫。

And Michelle, feels like it's not your first earning call.

米歇爾，感覺這不是你第一次接到獲利電話。

Feel like you already join a earning call for many times before, right?

感覺您之前已經參加過多次盈利電話會議了，對吧？

So thank you for Kelly's great work over the past many years.

感謝凱利過去多年來所做的出色工作。

Michelle, thank you.

米歇爾，謝謝你。

And again, thank you for all the investors.

再次感謝所有投資者。

I really appreciate for your time.

我非常感謝您抽出時間。

See you all in the next earnings call in February.

我們將在二月的下一次財報電話會議上與大家見面。

Thank you.

謝謝。

Thanks, Eric and Michelle.

謝謝，埃里克和米歇爾。

And again, everyone, this concludes today's earnings release.

各位，今天的財報發佈到此結束。

We always thank you all for your participation.

我們始終感謝大家的參與。

And again, from our family to yours, may you and yours have a safe and happy holiday season.

再次，從我們的家人到您的家人，祝您和您的家人度過一個安全、快樂的假期。

Take care until next quarter.

小心直到下個季度。