Zoom Communications Inc (ZM) 2025 Q4 法說會逐字稿

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

正在錄製。現在我將把事情交給投資者關係主管查爾斯·埃夫斯拉格 (Charles Eveslage)。查爾斯，交給你了。

Thank you, Kelsey. Hello, everyone, and welcome to Zoom's earnings video webinar for the fourth quarter and full fiscal year 2025. I'm joined today by Zoom's Founder and CEO, Eric Yuan; and Zoom CFO, Michelle Chang.

謝謝你，凱爾西。大家好，歡迎參加 Zoom 2025 財年第四季和全年收益視訊網路研討會。今天與我一起參加活動的還有 Zoom 的創辦人兼執行長 Eric Yuan；以及 Zoom 財務長 Michelle Chang。

Our earnings release issued today after the market closed maybe downloaded from the investor relations page at [investorszoom.us]. Also on this page, you'll be able to find a copy of today's prepared remarks in a slide deck with financial highlights that along with our earnings release, include a reconciliation of GAAP to non-GAAP financial results. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

我們今天在市場收盤後發布的收益報告可以從投資者關係頁面下載[investorszoom.us]。此外，在此頁面上，您還可以找到今天的準備好的發言的副本，該發言以幻燈片形式呈現，其中包含財務要點以及我們的收益報告，包括 GAAP 與非 GAAP 財務結果的對帳。這些指標不應孤立地看待，也不應取代根據 GAAP 編制的財務資訊。

During this call, we will make forward-looking statements, including statements regarding our financial outlook for the first quarter and full fiscal year 2026. 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 future releases and the expected benefits of such initiatives. These statements are only predictions that are based on what we believe today and actual results may differ materially.

在本次電話會議中，我們將做出前瞻性陳述，包括有關 2026 年第一季和全年財務前景的陳述。我們對財務和業務趨勢、宏觀經濟環境的影響、我們的市場地位、股票回購計劃機會、上市計劃、成長策略和業務願望以及產品計劃（包括未來產品和未來發布）的期望以及此類計劃的預期收益。這些陳述僅是基於我們今天的看法而做出的預測，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 financial results, which we discussed in detail in our filings of 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.

這些前瞻性陳述受可能影響我們業績和財務結果的風險和其他因素的影響，我們在提交給美國證券交易委員會的文件中詳細討論了這些因素，包括我們的 10-K 表年度報告和 10-Q 表季度報告。Zoom 不承擔更新我們在今天的網路研討會上所發表的任何前瞻性陳述的義務。

With that, let me turn the discussion over to Eric.

說到這裡，讓我把討論轉給 Eric。

Thank you, Charles. Thank you, everyone, for joining us today. FY25 was an incredible year, marked by a major advancement in the evolution of Zoom into an AI-first work platform, spanning phone, Teams Chat, Events, Docs and more, and a strong momentum in Contact Center and Workvivo. A key highlight has been the rapid adoption of our AI capabilities, growth in monthly active users of Zoom AI Companion accelerated to 68% quarter over quarter, demonstrating the real value AI is providing customers.

謝謝你，查爾斯。感謝大家今天的參與。25 財年是令人難以置信的一年，Zoom 在發展成為 AI 優先工作平台方面取得了重大進步，涵蓋電話、團隊聊天、活動、文件等，並且聯絡中心和 Workvivo 的發展勢頭強勁。一大亮點是我們人工智慧功能的快速應用，Zoom AI Companion 的每月活躍用戶成長率環比加速至 68%，展示了人工智慧為客戶提供的真正價值。

Zoom AI Companion has emerged as a driving force behind our transformation into an AI-first company, enabling our customers to discover enhanced productivity opportunities. We are always looking ahead, moving forward, and reimagining what's possible be frictionless work. And now we look forward to helping our customers fully realize the benefits of agentic AI and discover what's possible with AI agents.

Zoom AI Companion 已成為我們轉型為 AI 優先公司的驅動力，使我們的客戶能夠發現提高生產力的機會。我們始終展望未來、不斷前進，並重新想像無摩擦工作的可能性。現在，我們期待幫助我們的客戶充分認識到代理 AI 的優勢，並探索 AI 代理的可能性。

As part of AI Companion 2.0, we added advanced agentic capabilities, including memory, reasoning, orchestration and seamless integration with Microsoft and Google services. In April, we're launching the custom AI Companion add-on to automate workplace houses through custom agents. This will personalize AI to feed the customer needs connected with our existing data and work seamlessly with their third-party tools.

作為 AI Companion 2.0 的一部分，我們添加了先進的代理功能，包括記憶體、推理、編排以及與 Microsoft 和 Google 服務的無縫整合。四月份，我們將推出客製化的 AI Companion 插件，透過客製化代理商實現工作場所的自動化。這將使人工智慧個性化，以滿足與我們現有數據相關的客戶需求，並與他們的第三方工具無縫協作。

We are also enhancing Zoom Workplace for clinicians with an upgrade AI Companion that will enable clinical note-taking abilities and specialized medical features for healthcare providers starting in March. Additionally, we are upgrading our business services by introducing more agentic capabilities. Zoom Virtual Agent will soon expand reasoning abilities to handle complex tasks while maintaining conversation or context for more natural and helpful outcomes.

我們還將透過升級版 AI Companion 為臨床醫生增強 Zoom Workplace，從 3 月開始，它將為醫療服務提供者提供臨床筆記能力和專門的醫療功能。此外，我們正在透過引入更多代理功能來升級我們的業務服務。Zoom Virtual Agent 將很快擴展推理能力以處理複雜任務，同時保持對話或上下文以獲得更自然、更有用的結果。

We are uniquely positioned to succeed in agentic AI for several reasons. Zoom is a system of engagement for our users with the recent information in ongoing conversations. This exceptional context along with user engagement allows us to drive greater value for customers.

由於多種原因，我們在代理人工智慧領域具有獨特的成功優勢。Zoom 是一個讓我們的用戶參與的系統，可在正在進行的對話中提供最新資訊。這種特殊的環境以及用戶參與使我們能夠為客戶創造更大的價值。

Our federated AI approach lets us combine the best models for each task. We can use specialized small language models where appropriate while leveraging large models for more complex reasoning, driving both quality and cost efficiency.

我們的聯合 AI 方法讓我們能夠為每個任務組合出最佳模型。我們可以在適當的情況下使用專門的小型語言模型，同時利用大型模型進行更複雜的推理，從而提高品質和成本效率。

Zoom is known for making complex technologies simple for users. We manage the complexity of AI models while keeping the experience intuitive, powerful, and connected with popular third-party apps. We believe our strategic approach positions us favorably to help bring value to the customer. We are focused on delivering critical value while building towards an ambitious vision of AI that truly amplifies human potential for the customer.

Zoom 因能夠讓用戶輕鬆掌握複雜技術而聞名。我們管理人工智慧模型的複雜性，同時保持體驗的直覺、強大並與流行的第三方應用程式連接。我們相信，我們的策略方針有利於我們為客戶帶來價值。我們專注於提供關鍵價值，同時朝著人工智慧的宏偉願景邁進，真正為客戶發揮最大的人力潛力。

Our AI-first work platform continues to gain momentum, driven by our core strengths in meetings and expanding portfolio of integrated solutions such as Phone, Team Chat, Events, and Zoom Docs, Whiteboard and Zoom Rooms. We see this in the results. Zoom Workplace had a big win with Amazon in Q4.

我們的 AI 優先工作平台繼續獲得發展勢頭，這得益於我們在會議方面的核心優勢以及不斷擴展的整合解決方案組合（例如電話、團隊聊天、活動、Zoom Docs、白板和 Zoom Rooms）。我們在結果中看到了這一點。Zoom Workplace 在第四季度與亞馬遜合作取得了巨大勝利。

With this Zoom Workplace, Zoom Phone continues to see traction with both new customers and expansions. We built upon our strength in retail, healthcare, and education which delivered 7 of our top 10 Zoom Phone deals this quarter.

透過此 Zoom Workplace，Zoom Phone 繼續受到新客戶和擴張的青睞。我們鞏固了在零售、醫療保健和教育領域的優勢，本季完成了 10 筆 Zoom Phone 交易中的 7 筆。

The recent Mitel partnership opens up access to Mitel's 70 million global end-users and demonstrates how our open ecosystem approach is resonating with customers seeking flexible deployment models and a choice. Zoom Team Chat continues to serve as a collaboration hub across our platform. The recent redesign of the side bar has enhanced navigation and productivity, while our new workflow automation capabilities are driving deeper platform engagement.

最近的 Mitel 合作夥伴關係打開了 Mitel 覆蓋其全球 7,000 萬終端用戶的大門，並展示了我們的開放生態系統方法如何與尋求靈活部署模式和選擇的客戶產生共鳴。Zoom Team Chat 繼續作為我們平台上的協作中心。最近對側邊欄的重新設計增強了導航和生產力，而我們新的工作流程自動化功能正在推動更深入的平台參與。

Beyond Zoom Team Chat, we are seeing encouraging adoption across our broader portfolio. Zoom Docs usage more than doubled quarter over quarter together with Whiteboard, which was a Customer's Choice recipient in the 2024 Gartner Peer Insights Voice of the Customer report for visual collaboration applications. Zoom Team Chat and Zoom Docs are critical components of our AI-first platform vision that expands our system of engagement and allow customers to do more with AI.

除了 Zoom Team Chat 之外，我們還看到其在我們更廣泛的產品組合中的應用令人鼓舞。Zoom Docs 的使用量與 Whiteboard 的使用量環比增長了一倍以上，Whiteboard 在 2024 年 Gartner Peer Insights 客戶之聲視覺協作應用報告中被評為「客戶選擇獎」。Zoom Team Chat 和 Zoom Docs 是我們 AI 優先平台願景的關鍵組成部分，它們擴展了我們的參與系統並允許客戶使用 AI 做更多事情。

Both Contact Center and Workvivo delivered exceptional results this quarter. In Contact Center, we achieved our largest ARR deal in history with a Fortune 100 US tech company for over 15,000 agents, demonstrating our ability to win and deliver for the most demanding enterprise customers. The number of Contact Center customers with over $100,000 in ARR grew over 100% year over year, with wins both displacing on-prem and leading CCAR vendors.

Contact Center 和 Workvivo 本季都取得了出色的業績。在聯絡中心，我們與一家美國財富 100 強科技公司達成了歷史上最大的 ARR 交易，為超過 15,000 名代理商提供服務，證明了我們有能力贏得最苛刻的企業客戶並為他們提供服務。擁有超過 100,000 美元 ARR 的聯絡中心客戶數量同比增長超過 100％，既取代了本地供應商，也取代了領先的 CCAR 供應商。

Our AI-first approach is resonating strongly. The majority of our deals are now in the higher-tier elite or premium packages, validating the power and customer appeal of our comprehensive AI and workforce engagement capabilities.

我們的人工智慧優先方法引起了強烈共鳴。目前，我們的大多數交易都屬於較高級別的精英或高級套餐，證明了我們全面的人工智慧和員工參與能力的強大力量和客戶吸引力。

Workvivo also had a record quarter driven by strength across all regions. The total number of Workvivo customers grew 89% year over year, accelerating from 79% in Q3. We signed three deals over $1 million in ARR, each with major global brands. Our strategic partnership as a preferred migration partner for Workplace has been a strong contributed to this momentum.

由於所有地區的強勁表現，Workvivo 本季也創下了紀錄。Workvivo 客戶總數較去年同期成長 89%，高於第三季的 79%。我們簽署了三份 ARR 超過 100 萬美元的協議，每份協議的簽約對像都是全球主要品牌。我們作為 Workplace 的首選遷移合作夥伴的策略合作夥伴關係為這一勢頭做出了巨大貢獻。

These solutions are critical components of our AI-first work platform vision. Contact Center extends our platform from employee engagement or customer engagement while Workvivo broadens our employee collaboration to internal engagement and culture. Together, they exemplify our strategy of thoughtful expansion into high-growth areas, where we can deliver the reseated value through our platform approach, AI leadership, and a rapid innovation for the customer.

這些解決方案是我們以 AI 為先的工作平台願景的關鍵組成部分。聯絡中心將我們的平台從員工參與或客戶參與擴展，而 Workvivo 將我們的員工協作擴展到內部參與和文化。它們共同體現了我們深思熟慮地向高成長領域擴張的策略，我們可以透過我們的平台方法、人工智慧領導力和快速創新為客戶提供重新定位的價值。

As we look ahead to FY26, we are focused on our key strategic priorities: expanding our AI capabilities to drive customer value; rapidly innovating within Zoom Workplace; and building upon momentum in new products such as Contact Center and Workvivo. Despite ongoing macro challenges and uncertainties, we are encouraged that our value position and the total cost of ownership are gaining traction in the market. Our innovation engine is fired on all cylinders, our platform strategy is working, and we have significant opportunities and growth vectors to execute upon.

展望26財年，我們專注於我們的關鍵策略重點：擴展我們的人工智慧能力以推動客戶價值；在 Zoom Workplace 內部快速創新；並藉助 Contact Center 和 Workvivo 等新產品的良好勢頭。儘管宏觀挑戰和不確定性持續存在，但我們很高興看到我們的價值地位和整體擁有成本在市場上越來越受到青睞。我們的創新引擎全速運轉，我們的平台策略正在發揮作用，我們擁有重大的機會和成長動力。

Now on top of the record-setting Contact Center win I just highlighted, let me share some more amazing wins in Q4. We are excited to offer Zoom to Amazon employees and further strengthen our long-standing relationship with AWS as our preferred cloud provider. This builds on the success we've achieved helping customers easily procure and deploy Zoom through AWS marketplace.

現在，除了我剛才強調的創紀錄的聯絡中心勝利之外，讓我分享第四季度更多令人驚嘆的勝利。我們很高興向亞馬遜員工提供 Zoom，並進一步加強我們與 AWS 作為首選雲端供應商的長期合作關係。這是建立在我們幫助客戶透過 AWS 市場輕鬆採購和部署 Zoom 所取得的成功的基礎上的。

Let me also thank Delta Air Lines, who this year is the first US airline to celebrate its Centennial for choosing Workvivo as their employee communications and engagement platform. Upon the sunsetting of Meta Workplace, Delta strategically chose to migrate to Workvivo. As part of a multi-year deal, Workvivo will serve Delta's entire global workforce reinforcing their strong company culture with omnichannel reach and key features live streaming, employee recognition and a comprehensive engagement analytics.

我還要感謝達美航空，今年它是第一家慶祝百年華誕的美國航空公司，選擇 Workvivo 作為員工溝通和參與平台。隨著 Meta Workplace 的停產，達美航空策略性地選擇遷移到 Workvivo。作為多年協議的一部分，Workvivo 將為達美航空的全球全體員工提供服務，透過全通路覆蓋和主要功能（如直播、員工認可和全面的參與度分析）來強化其強大的公司文化。

Let me also thank Cloud Software Group, a global mission-critical enterprise software leader as one of our newest CX clients to the Zoom family. Recognizing the simplicity and ease-of-use of our unified platform, they opted for the Zoom Contact Center and Zoom Virtual Agent to modernize the way they communicate and collaborate with their customers.

我還要感謝全球關鍵任務企業軟體領導者雲端軟體集團 (Cloud Software Group)，它是 Zoom 家族的最新 CX 客戶之一。他們認識到我們統一平台的簡單性和易用性，因此選擇了 Zoom 聯絡中心和 Zoom 虛擬代理來實現與客戶溝通和協作方式的現代化。

These incredible wins across workplace and business services validate our strategy of delivering a full platform of modern, integrated, AI-powered solutions to drive meaningful business value and outcomes for customers.

這些在工作場所和商業服務領域取得的令人難以置信的勝利驗證了我們的策略，即提供一套完整的現代化、整合的、人工智慧驅動的解決方案平台，為客戶帶來有意義的商業價值和成果。

Now let me hand over to Michelle, who will take us through the financial results. Thank you.

現在我將麥克風交給米歇爾，她將向我們介紹財務結果。謝謝。

Thank you, Eric, and hello, everyone. I'm excited to be with you again and share that we beat our top-line and profitability guidance.

謝謝你，埃里克，大家好。我很高興再次與大家相聚並分享我們超出預期的營收和獲利預期。

In Q4, total revenue grew approximately 3% year over year to $1.184 billion, $4 million above the high end of our guidance. Total revenue adjusted for constant currency, grew approximately 4% to $1.188 billion, $9 million above the high end of our constant currency guidance range. Our enterprise revenue grew approximately 6% year over year and now makes up 60% of our total revenue, up 2 points year over year. We are continuing to see signs of stability in our online business. In Q4, average monthly churn was 2.8%, a 20-basis-point improvement year over year and our lowest ever churn rate in the fourth quarter.

第四季度，總營收年增約 3% 至 11.84 億美元，比我們預期的高點高出 400 萬美元。以固定匯率計算，調整後的總收入成長約 4%，達到 11.88 億美元，比我們的固定匯率指引範圍高端高出 900 萬美元。我們的企業營收年增約 6%，現在占我們總營收的 60%，年增 2 個百分點。我們的線上業務繼續看到穩定的跡象。第四季度，平均每月客戶流失率為 2.8%，較去年同期下降了 20 個基點，是我們第四季客戶流失率的歷史最低值。

In our enterprise business, we saw a 7% year-over-year growth in the number of customers contributing more than $100,000 in trailing 12-month revenue. These customers now make up 31% of our total revenue, up 1 point year over year.

在我們的企業業務中，我們看到過去 12 個月收入貢獻超過 100,000 美元的客戶數量同比增長了 7%。這些客戶現在占我們總收入的31％，比去年同期增加了1個百分點。

Our trailing 12-month net dollar expansion rate for enterprise customers in Q4 remained flat year over year at 98%. The total number of enterprise customers at the end of Q4 was approximately 192,600. As we said previously, enterprise customer account is more reflective of our go-to-market motion rather than a direct measure of our enterprise business performance.

我們第四季企業客戶的過去 12 個月淨美元擴張率與去年同期相比持平，為 98%。第四季末企業客戶總數約192,600家。正如我們之前所說，企業客戶帳戶更反映了我們的市場進入動向，而不是我們企業業務績效的直接衡量標準。

We will continue to do migrations between our two go-to-market motions in order to best serve our customers as we did last year. And as such, going forward into the next fiscal year, we will no longer include this metric in our prepared remarks or SEC filings. To provide ongoing transparency, we will include it in the earnings deck appendix throughout FY26. We still believe that enterprise revenue growth and KPIs such as net dollar expansion are better reflections of the future business and expect future migrations to have minimal impact on these metrics.

我們將繼續在兩種上市方式之間進行遷移，以便像去年一樣為客戶提供更好的服務。因此，進入下一個財政年度，我們將不再在準備好的評論或 SEC 文件中包含該指標。為了提供持續的透明度，我們將在整個 26 財年將其納入損益表附錄中。我們仍然相信企業收入成長和淨美元擴張等關鍵績效指標能夠更好地反映未來的業務，並預期未來的遷移對這些指標的影響將微乎其微。

Now back to the financial results. Pivoting to our growth internationally, our Americas revenue grew 4% year over year; EMEA grew 2%; and APAC grew 3%. On a constant currency basis, EMEA grew 2%; and APAC grew 5% year over year.

現在回到財務結果。轉向國際成長，我們美洲地區的營收年增 4%；歐洲、中東和非洲地區成長 2%；亞太地區成長了 3%。以固定匯率計算，EMEA 地區成長了 2%；亞太地區較去年同期成長5%。

Moving to our non-GAAP results, which, as a reminder, excludes stock-based compensation and associated payroll taxes, acquisition-related expenses, net gains on strategic investments and all associated tax effects. Non-GAAP gross margin in Q4 was 78.8%, slightly lower than Q4 of last year, primarily due to strategic investments in AI, partially offset by efficiency gains. The results in Q4 were in line with our prior commentary, and we continue to reiterate our goal of reaching 80% gross margin over the long term.

轉向我們的非 GAAP 結果，提醒一下，它不包括股票薪酬和相關工資稅、收購相關費用、戰略投資淨收益和所有相關稅收影響。第四季非公認會計準則毛利率為 78.8%，略低於去年同期，主要由於對人工智慧的策略投資，但效率的提高部分抵消了這一影響。第四季的業績與我們先前的評論一致，我們繼續重申長期達到 80% 毛利率的目標。

Non-GAAP income from operations grew 5% year over year to $468 million, exceeding the high end of our guidance by $20 million. Non-GAAP operating margin for Q4 improved to 39.5%, up 81 basis points from Q4 of last year, even amongst continued investment in AI, our platform, and our emerging growth businesses.

非公認會計準則營業收入年增 5% 至 4.68 億美元，超出我們預期的最高水準 2,000 萬美元。非公認會計準則第四季的營業利潤率提高至 39.5%，比去年同期上升了 81 個基點，儘管我們繼續對人工智慧、我們的平台和新興成長業務進行投資。

Non-GAAP diluted net income per share in Q4 was $1.41 on approximately 317 million non-GAAP diluted weighted average shares outstanding. This result was $0.11 above the high end of our guidance and $0.01 lower than Q4 of last year, primarily due to higher income tax and unrealized foreign exchange losses.

第四季非公認會計準則攤薄每股淨利為 1.41 美元，非公認會計準則攤薄加權平均流通股數約為 3.17 億股。這一結果比我們預期的高點高出 0.11 美元，比去年第四季低 0.01 美元，主要原因是所得稅增加和未實現外匯損失。

Turning to the balance sheet. Deferred revenue at the end of the period grew 7% year over year to $1.35 billion, outperforming the 5% to 6% we estimated last quarter. The growth was driven by continued refinement of discounting practices as well as ongoing business growth. For Q1, we expect deferred revenue to be up 4% to 5% year over year.

轉向資產負債表。期末遞延營收年增 7% 至 13.5 億美元，超過我們上個季度預期的 5% 至 6%。成長的動力來自於折扣實踐的不斷改進以及業務的持續成長。對於第一季度，我們預計遞延收入將年增 4% 至 5%。

Looking at both our billed and unbilled contracts, our RPO increased 6% year over year to approximately $3.8 billion. We expect to recognize 59% of total RPO as revenue over the next 12 months. That is up from 58% in Q4 of last year.

從我們已開票和未開票的合約來看，我們的 RPO 年增 6%，達到約 38 億美元。我們預計未來 12 個月內 RPO 總金額的 59% 將確認為收入。這一數字比去年第四季的 58% 有所上升。

Operating cash flow in the quarter increased 21% year over year to $425 million. Free cash flow grew 25% year over year to $416 million. Operating cash flow and free cash flow margins in the quarter expanded to 35.9% and 35.2%, respectively. We ended the quarter with approximately $7.8 billion in cash, cash equivalents, and marketable securities, excluding restricted cash.

本季經營現金流年增21%至4.25億美元。自由現金流年增25%至4.16億美元。本季經營現金流量和自由現金流利潤率分別擴大至35.9%和35.2%。本季結束時，我們的現金、現金等價物和有價證券（不包括受限現金）約為 78 億美元。

Under our $2.7 billion share buyback authorization, in Q4, we purchased 4.3 million shares for $355 million, increasing our repurchases quarter over quarter by $53 million and contributing to the reduction of common share outstanding in Q4.

根據我們 27 億美元的股票回購授權，在第四季度，我們以 3.55 億美元的價格回購了 430 萬股股票，使我們的回購額比上一季增加了 5,300 萬美元，並有助於減少第四季度的普通股流通股。

Pivoting from Q4, I wanted to share a few of our full-year FY25 highlights. Total revenue grew 3%, and total enterprise revenue grew 5% year over year, both of which accelerated in the second half. Our free cash flow grew 23% year over year to $1.8 billion. We also achieved a non-GAAP operating margin of 39.4%, a 20-basis improvement from FY24.

從第四季開始，我想分享一些我們 2025 財年全年的亮點。總營收年增3％，企業總營收年增5％，兩項成長在下半年均有所加速。我們的自由現金流年增23%，達到18億美元。我們也實現了 39.4% 的非 GAAP 營業利潤率，比 24 財年提高了 20 個基點。

And finally, significant progress on stock-based compensation, down to 20% of revenue, representing a 3-point reduction year over year and slightly ahead of the pace of reduction that we discussed at Zoomtopia. And we repurchased 15.9 million shares for $1.1 billion, contributing to the reduction of common stock outstanding in FY25.

最後，股票薪酬取得了重大進展，降至營收的 20%，比去年同期減少了 3 個百分點，略高於我們在 Zoomtopia 討論的削減速度。我們以 11 億美元回購了 1,590 萬股，有助於減少 25 財年的普通股流通股。

Now turning to guidance. In Q1, we expect revenue to be in the range of $1.162 billion to $1.167 billion. This represents approximately 2% year-over-year growth at the midpoint or 2.6% year-over-year growth on a constant currency basis.

現在轉向指導。我們預計第一季的營收將在 11.62 億美元至 11.67 億美元之間。以中間值計算，這代表年增約 2%，或以固定匯率計算，年增 2.6%。

As a reminder, Q1 of FY26 has one fewer day than the prior year. We expect non-GAAP operating income to be in the range of $440 million to $445 million, representing an operating margin of 38% at the midpoint. Our outlook for non-GAAP earnings per share is $1.29 to $1.31 based on approximately 316 million shares outstanding. And as a reminder, future share repurchases are not reflected in the share count and EPS guidance.

提醒一下，26 財年第一季比前一年少一天。我們預期非 GAAP 營業收入在 4.4 億美元至 4.45 億美元之間，中間值營業利潤率為 38%。基於約 3.16 億股流通股，我們預期非 GAAP 每股盈餘為 1.29 美元至 1.31 美元。需要提醒的是，未來的股票回購不會反映在股票數量和每股盈餘指引中。

For the full year of FY26, we expect revenue to be in the range of $4.785 billion to $4.795 billion, which represents approximately 2.7% year-over-year growth at the midpoint or 3.1% year-over-year growth on a constant currency basis. We expect our non-GAAP operating income to be in the range of $1.85 billion to $1.86 billion, representing an operating margin of approximately 39% at the midpoint.

對於 26 財年全年，我們預計營收將在 47.85 億美元至 47.95 億美元之間，以中間值計算，年增約 2.7%，或以固定匯率計算，年成長 3.1%。我們預計非公認會計準則營業收入將在 18.5 億美元至 18.6 億美元之間，中間值營業利潤率約為 39%。

Our outlook for non-GAAP earnings per share for FY26 is $5.34 to $5.37, based on approximately 318 million shares outstanding. For FY26, we expect free cash flow to be in the range of $1.68 billion to $1.72 billion.

基於約 3.18 億股流通股，我們對 26 財年非 GAAP 每股盈餘的預期為 5.34 美元至 5.37 美元。對於 26 財年，我們預計自由現金流將在 16.8 億美元至 17.2 億美元之間。

We're proud of our progress in FY25, and we're excited about the differentiated, agentic AI vision and the value that it provides to our customers. We're going to continue to invest thoughtfully in our priorities that we've outlined while maintaining our focus on profitability and cash flow generation. We're excited and incredibly grateful for the trust of the entire Zoom team, our customers, and our investors.

我們為 25 財年的進展感到自豪，我們對差異化、代理式 AI 願景及其為客戶帶來的價值感到興奮。我們將繼續對我們所概述的優先事項進行深思熟慮的投資，同時保持對盈利能力和現金流創造的關注。我們非常高興並非常感謝整個 Zoom 團隊、我們的客戶和投資者的信任。

Kelsey, please queue the first question.

凱爾西，請排隊第一個問題。

Thank you so much, Michelle. (Operator Instructions)

非常感謝，米歇爾。（操作員指令）

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

Thank you so much. Congrats on finishing up the fiscal year. Eric, a question for you. You've certainly made a lot of pivotal advances positioning the company to be very AI-first. It shows up in the quarter-to-quarter usage of Zoom Companion, the Amazon deal that you won -- congratulations.

太感謝了。恭喜您結束本財政年度。艾瑞克，問你一個問題。您確實取得了許多關鍵進步，使公司定位於人工智慧優先。這體現在 Zoom Companion 的季度使用量中，恭喜您贏得了亞馬遜的交易。

As you look ahead, do you think the AI capabilities could -- where do you think the AI capabilities could become a tailwind for your business in that it starts to drive, accelerate maybe the underlying platform and the AI features are additive to the revenue growth rate? We're still stable, but could this set the stage up for better than stable growth? Thank you so much.

展望未來，您是否認為人工智慧功能可以成為您業務的順風，因為它開始推動、加速底層平台，而人工智慧功能可以提高收入成長率？我們仍然處於穩定狀態，但這能否為比穩定成長更好的成長奠定基礎？太感謝了。

Kash, that's a great question. That's to double down on AI investment. It's always our priority for a while, right? I think it's happening already, meaning if you look at our low-end SMB customer online buyers, AI Companion is part of that at no additional cost, made our service very sticky. And also the customers -- to give a very basic example, like meeting summary, right, as it works so well, more and more customers find the value. Actually, for sure, they are going to enjoy using our service more, right? That's for low end.

Kash，這個問題問得很好。這就是加倍對人工智慧的投資。這始終是我們的首要任務，對嗎？我認為這已經發生了，這意味著如果你看看我們的低端 SMB 客戶在線買家，AI Companion 就是其中的一部分，而且無需支付額外費用，這使得我們的服務非常粘性。還有客戶——舉一個非常基本的例子，例如會議總結，對吧，由於它運作良好，越來越多的客戶發現了它的價值。事實上，他們肯定會更喜歡使用我們的服務，對嗎？這是低端產品。

For high end, for sure -- and we understand that today's AI Companion additional cost, we cannot monetize. However, in April, we are going to announce the customized AI Companion for interested customers. We can monetize.

對於高端產品來說，肯定如此——我們也明白，如今的 AI Companion 有額外的成本，我們無法將其貨幣化。然而，在四月份，我們將為有興趣的客戶發布客製化的 AI Companion。我們可以將之貨幣化。

But the most important thing is for business services. Take a Contact Center, for example, why we are winning? Because a lot of AI features like AI Expert Assist, AI -- a lot of features built into our quality management and so on and so forth. But all those business services, that's another great way for us to monetize AI. For workplace and for enterprise customer AI Companion low end and also really make our service sticky and improve the value. It is actually customer realize, we add more and more services, more and more value, guess what, they are going to stay with Zoom plus usage also will be higher. That's our strategy to leverage AI.

但最重要的是為企業服務。以聯絡中心為例，我們為什麼會成功？因為很多人工智慧功能，像是人工智慧專家助理、人工智慧——很多功能都內建在我們的品質管理等等。但所有這些商業服務都是我們將人工智慧貨幣化的另一種好方法。對於工作場所和企業客戶的AI Companion低端也真正使我們的服務具有粘性並提高了價值。事實上，客戶意識到了，我們增加了越來越多的服務，越來越多的價值，你猜怎麼著，他們將繼續使用 Zoom，而且使用率也會更高。這就是我們利用人工智慧的策略。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞（Jefferies）。

Hi, good evening. And I'll echo Kash's kind words as well. It's good to see all the progress that Zoom is making. I guess on the AI side, I want to follow up on that.

嗨，晚上好。我也會贊同卡什的善意言辭。很高興看到 Zoom 取得的所有進展。我想在人工智慧方面繼續跟進。

Eric, when you think about -- there's new AI-based products, but how is AI impacting the decision by larger customers, in particular, to adopt maybe the existing components of the platform and thinking about expanding, leveraging Zoom in advance of the AI features that are being released?

艾瑞克，當你想到——有新的基於人工智慧的產品時，但是人工智慧如何影響大型客戶的決策，特別是採用平台的現有組件並考慮擴展、在即將發布的人工智慧功能之前利用 Zoom？

And maybe just a dovetail into -- I'll cheat and ask two in one. Michelle, what are you assuming around AI investments? And are those fully embedded into guidance for the year? So those are my two questions.

也許只是為了銜接——我會作弊並問兩個問題。米歇爾，您對人工智慧投資有什麼看法？這些是否完全融入了年度指導中？這就是我的兩個問題。

Yeah. So I can address the first part of your AI question. So you look at it from a customer or partner perspective, right? So almost every vendor, they try to pitch their AI story. Our customer is smart. Our customers want to understand what's the value that AI added to their business, right?

是的。所以我可以回答你的人工智慧問題的第一部分。那麼，您是從客戶或合作夥伴的角度來看這個問題的，對嗎？因此幾乎每個供應商都試圖推銷他們的 AI 故事。我們的客戶很聰明。我們的客戶想了解人工智慧為他們的業務增加了什麼價值，對嗎？

So they would like to take -- to test the area services and especially look at the value and at the cost, right? And look at our AI Companion -- all those AI Companion core features today and a new additional cost, right? And customer really like it because of the quality getting better and better every quarter and very useful. Not like some other competitors, right?

所以他們想測試該區域的服務，特別是看其價值和成本，對嗎？看看我們的 AI Companion——今天所有這些 AI Companion 核心功能以及新的附加成本，對嗎？而且顧客非常喜歡它，因為它的品質每季都越來越好，而且非常有用。和其他競爭對手不一樣，對吧？

You talk about their AI strategy, and the customers realize that, wow, it's very expensive. And the total cost of ownership is not getting better because cost of the value is not great, but also it's not free, and you always try to increase price.

你談論他們的人工智慧策略，客戶就會意識到，哇，這非常昂貴。而總擁有成本並沒有改善，因為價值成本並不高，但也不是免費的，而且你總是試圖提高價格。

That's the reason why for us to leverage our AI technology to build the trusted relationship with the customer. And I think that we are going to win in the long run, because you don't want to tell a customer, hey, this feature now, you need to pay more, right? You need to do this, do that. That's not right.

這就是我們利用人工智慧技術與客戶建立信任關係的原因。而且我認為從長遠來看我們會獲勝，因為你不想告訴客戶，嘿，現在這個功能你需要付更多錢，對吧？你需要做這做那。那是不對的。

That's the reason why we shared our strategy, road map, features, pricing, everything with our customers transparently, reflected by the AI Companion usage. We are winning more and more customer trust. Zoom has a very good AI functionalities and also they trust Zoom. We are not going to charge the customer a crazy price, right? I think that's the way for us to be the long-term -- the winning.

這就是我們與客戶透明分享我們的策略、路線圖、功能、定價等一切的原因，這在 AI Companion 的使用中得到了體現。我們正在贏得越來越多客戶的信任。Zoom 有非常好的 AI 功能，而且他們也信任 Zoom。我們不會向客戶收取瘋狂的價格，對吧？我認為這是我們長期勝利的方法。

And then maybe just to add on with how to think about AI and what's in our guide, I would say from a top-line perspective, the trends that we're seeing in stemming churn as well as the Contact Center elite revenue that Eric talks about out, those are in our plans, we certainly have revenue in our plans for the more H2 focused SKUs like custom AI Companion. But those will still obviously be ramping and not a dominant thing. And then in terms of the investment, we said last time that this would be one of our three investments, and it's baked into the guide.

然後也許只是補充一下如何看待人工智慧以及我們的指南中的內容，我想從頂線角度來看，我們在阻止客戶流失方面看到的趨勢以及 Eric 談到的聯絡中心精英收入，這些都在我們的計劃中，我們的計劃中肯定會為更多以 H2 為重點的 SKU（如定制 AI Companion）帶來收入。但這些顯然仍將呈現上升趨勢，且不會成為主導。然後就投資而言，我們上次說過，這將是我們的三項投資之一，並且它已納入指南中。

Ryan MacWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan MacWilliams)。

Hey, guys. Good to see you. Greetings from Switzerland. This is a new one for me out of here asking the question on earnings call. Michelle, two for you. Lots of growth opportunities for Zoom. How would you rank the top three drivers for Zoom's net new revenue in fiscal 2026 between like Contact Center, AIs, and Phone, et cetera. And then as you built up to the full-year guide, how should we think about what it implies from contributions from the enterprise customer segment and the online gross rate?

嘿，大家好。很高興見到你。來自瑞士的問候。這對我來說是一個新問題，我在收益電話會議上提出這個問題。米歇爾，給你兩個。Zoom 有很多發展機會。您如何對 2026 財年 Zoom 淨新收入的三大驅動因素進行排名，例如聯絡中心、人工智慧、電話等。然後，當您制定全年指南時，我們應該如何看待它對企業客戶群和線上毛利率的貢獻？

So let me maybe answer the first one, and then I'll round back to the other one, Ryan, and I hope you're well in Switzerland. But I would say when you look at the full-year guide that we gave of 2.7% when you factor sort of FX and leap year, it gets much more in 3.3% range. So just as context. Within that, I would say that we have assumed that online to slightly down and that enterprise will really be the dominant growth driver.

所以讓我先回答第一個問題，然後再回答另一個問題，瑞安，我希望你在瑞士一切都好。但我想說，當你看看我們給出的全年指導價 2.7% 並考慮到外匯和閏年時，它會在 3.3% 的範圍內變得更高。就如上下文一樣。在此範圍內，我想說，我們假設線上業務會略有下降，而企業業務將真正成為主要的成長動力。

So in terms of how to think about the top three, I think I would answer it like this. Look, certainly, Ryan, where like our core business and when I talk about core, it will sort of be inclusive of Phone, we are pleased with what we're seeing in terms of record churn. And also, I would say we're seeing the same in our enterprise business.

那麼關於如何考慮前三名，我想我會這樣回答。當然，瑞安，就像我們的核心業務一樣，當我談論核心時，它將包括手機，我們對記錄流失方面看到的情況感到滿意。而且我想說，我們在企業業務中也看到了同樣的情況。

So we're down -- sales had sort of peaked in the start of '25. We're now seeing sequential improvement every single quarter, which is great. And so we certainly have an expectation and those are big dollars.

因此我們的銷售額在 25 年初達到了頂峰。我們現在看到每個季度都有連續的改善，這很好。因此我們當然有預期，而且這是大筆資金。

Then I would go to sort of our adjacent fast-flowing TAM, like Contact Center and Workvivo, and both are certainly important to us, where we'll be working to continue to grow customer and the successes that we've seen both upmarket and extend those down through channel. And in particular, you sort of asked an AI questions, so let me leave that one in, which is just a connection again that our Contact Center revenue is really being driven by that elite SKU, which is out top 140 SKU, which includes not only inbound and outbound but AI as well.

然後，我會談到我們相鄰的快速流動的 TAM，例如 Contact Center 和 Workvivo，這兩者對我們都很重要，我們將繼續努力發展客戶，並在高端市場和透過通路向下延伸的過程中取得成功。具體來說，您問了一個 AI 問題，所以讓我把這個問題保留下來，這只是再次說明我們的聯絡中心收入實際上是由精英 SKU 驅動的，這是我們排名前 140 的 SKU，不僅包括入站和出站，還包括 AI。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great. Thank you. Maybe just a quick question on just what kind of go-to-market investments you guys are making as you broaden the portfolio and as you kind of see what has more traction with customers, particularly when it comes to Contact Center. And maybe just asking on the big deal that was one, just what was the go to market motion with winning kind of that large customer. Thanks.

偉大的。謝謝。也許只是一個簡單的問題，當你們擴大投資組合併看到什麼對客戶更有吸引力的時候，你們正在進行什麼樣的市場投資，特別是在聯絡中心方面。也許只是問一下那筆大交易，那就是贏得那種大客戶的市場動向是什麼。謝謝。

Do you want me to?

你想讓我這麼做嗎？

Yeah. Go ahead.

是的。前進。

I was going to answer broad things and maybe you can layer in from a deal perspective. Does that sound good?

我本來想回答一些很廣泛的問題，但也許你可以從交易的角度來回答。聽起來不錯吧？

All right. So nice to see you again as well. What I would say in terms of our priorities for our go-to-market, maybe the first one that I would call out is just to continue to move upmarket that we've been seeing. We have releasing progress in Contact Center and Workvivo in that space, but also in Phone and other. So first priority, go-to-market wise, would certainly be to move our enterprise -- continue to move our enterprise business upmarket.

好的。我也很高興再次見到你。關於我們進入市場的優先事項，我想說的可能是，我首先要說的就是繼續朝著我們已經看到的高端市場邁進。我們在聯絡中心和 Workvivo 領域取得了進展，同時在電話和其他領域也取得了進展。因此，從市場進入的角度來看，首要任務肯定是推動我們的企業——繼續推動我們的企業業務走向高端。

Second thing, really important to us -- we've talked about it before, it's integral to Phone and Contact Center, but also moving further down in our customer breadth, which is really accelerating the channel. And then I would say probably third to that is returning our online business to growth. While I've sort of said the guide as fought down, the ambition, of course, is to return it to growth. So that's how I think about our top three priorities.

第二件事，對我們來說真的很重要——我們之前談過它，它是電話和聯絡中心不可或缺的一部分，而且也在進一步擴大我們的客戶範圍，這確實加速了管道的發展。然後我想說的第三點就是讓我們的線上業務恢復成長。儘管我已經說過該指南已被壓制，但我們的目標當然是讓它恢復成長。這就是我對我們的三大優先事項的看法。

Eric, do you want to comment on the (multiple speakers) ?

Eric，你想評論一下（多位發言者）？

Yeah. So maybe I'll add on what Michelle said in terms of doubling down our channel, the business, and look at our Contact Center in top 10 deals. And the Contact Center, 6 out of those 10 deals are driven by the channel partners. And we are going to -- investing more, right, to make sure that the channel partner can contribute more to our Contact Center growth.

是的。因此，也許我應該補充一下米歇爾所說的關於加倍我們的管道和業務，並看看我們的聯絡中心在十大交易中的表現。在聯絡中心，這 10 筆交易中有 6 筆是由通路夥伴推動的。我們將投入更多，以確保通路合作夥伴能夠為我們的聯絡中心發展做出更多貢獻。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

Guys, congrats on a great quarter. Maybe just two-parter, right? So first, to the extent, Eric, that you can talk about the demand environment post-election, the difference between the two segments in online and enterprise, and maybe talk about what you're seeing in SMB, what you're seeing -- I've gotten questions about federal exposure and all of the DOGE headlines. So just talk about -- you mentioned in the script that it's still choppy; it's still uncertain. So maybe put a finer point on that.

夥計們，恭喜你們度過了一個美好的季度。也許只是雙人劇吧？因此首先，Eric，您可以談談選舉後的需求環境，在線和企業兩個部分之間的差異，也許可以談談您在 SMB 中看到的情況，您所看到的——我收到了有關聯邦風險和所有 DOGE 頭條新聞的問題。所以只是談論——你在劇本中提到它仍然很不連貫；目前還不確定。所以也許可以對此提出更細緻的說明。

And then what kind of got you over the line with Amazon in terms of winning that deal? And you're now at a point where kind of 2 of the Mag 7 are deeply partnered and entrenched with Zoom, where, to some extent, they were effectively competing with one or two of your products beforehand. So what is kind of happening? And how do you see the opportunity to turn those into almost also distribution channels? You mentioned the Delta example with Workvivo. Amazon, I imagine, has a number of giant customers that now maybe are opportunities.

那麼，是什麼讓您贏得與亞馬遜的這筆交易呢？現在，Mag 7 中的 2 家公司已經與 Zoom 建立了深度合作關係，並且在某種程度上，他們之前實際上在與你們的一兩種產品競爭。那麼到底發生了什麼事呢？您如何看待將它們轉變為分銷管道的機會？您提到了 Workvivo 的 Delta 範例。我認為，亞馬遜擁有許多大型客戶，這些客戶現在或許是機會。

So Michelle, how about I address the second one; you address in the first one?

那麼米歇爾，我來談談第二個問題吧；您在第一個地址中提到了什麼？

Okay. Look, I would say -- I would characterize what we're seeing in the macroenvironment as mixed but stable. To the positive, on the enterprise side, we're seeing a lot of upmarket momentum, and you can see it in our results. I mentioned earlier, so I won't repeat it again, but a sequential improvement in the downsells on the enterprise side.

好的。看，我想說——我會將我們在宏觀環境中看到的描述為混合但穩定。積極的一面是，在企業方面，我們看到了許多高端市場的發展勢頭，您可以從我們的業績中看到這一點。我之前提到過，所以我不會再重複，但企業方面的降價銷售不斷改善。

Also on the online, we're seeing record low churn rates in both Q3 and Q4. So those you can look at and say positive. But certainly, you open the headlines and you see elements of lay-offs, ambitious -- or sort of volatile times, if you will, in the news. I would say that's sort of behind our sentiment that things are still mixed.

此外，在線上，我們看到第三季和第四季的客戶流失率都創下了歷史新低。因此，你可以看看這些，並說些正面的話。但可以肯定的是，你打開新聞頭條，就會看到有關裁員、雄心勃勃的計劃或某種動盪時期的消息。我想說，這在某種程度上解釋了我們的看法，即事情仍然複雜多變。

Yeah. So regarding the Amazon deal, as you all know, right, Amazon was using the Chime, which was acquisition done many years ago, right? And you look at the video conferencing, and it's becoming more and more important. Again, Zoom not only just video conferencing and the full Workplace platform, a lot of other services, even in a conference room system, right?

是的。那麼關於亞馬遜的交易，大家都知道，亞馬遜正在使用 Chime，這是多年前收購的，對吧？你可以看看視訊會議，它變得越來越重要。再說一次，Zoom 不僅有視訊會議和完整的 Workplace 平台，還有很多其他服務，甚至還有會議室系統，對吧？

So Amazon, they are evaluating all those services. They want to find out the best -- the product to serve their employee needs. So called Amazon's greater company does care about the employee experience by looking, into all the services, right? So for sure, the Zoom is the best choice. So they would like to deploy the Zoom to improve their communication, collaboration, the needs. I just kind of -- for all those companies, really care about employee experience, I think they all will select Zoom as a vendor.

因此，亞馬遜正在評估所有這些服務。他們希望找到最好的——能夠滿足員工需求的產品。所謂的亞馬遜大公司確實會透過關注所有服務來關心員工體驗，對嗎？所以可以肯定地說，Zoom 是最好的選擇。因此，他們希望部署 Zoom 來改善他們的溝通、協作和需求。我只是有點 — — 對於所有這些真正關心員工體驗的公司，我認為他們都會選擇 Zoom 作為供應商。

So speaking of distribution, we already started working together with Amazon. I think it's a huge opportunity ahead of us, how to leverage those Amazon marketplace to drive our top-line growth. We're already seeing some early signs of success, working together with the Amazon team more and more to drive -- again, that's a -- this is part of a channel partnership, right? This Amazon Workplace is doing very well for a lot of other companies, right? So we also want to be part of that as well. So that's a win-win, I think, yeah.

說到分銷，我們已經開始與亞馬遜合作。我認為我們面臨著巨大的機遇，如何利用亞馬遜市場來推動我們的營收成長。我們已經看到了一些成功的早期跡象，與亞馬遜團隊的合作越來越多地推動——再說一次，這是——這是通路合作的一部分，對吧？對於許多其他公司來說，這個亞馬遜工作場所做得很好，對嗎？所以我們也想成為其中的一部分。所以我認為，這是一個雙贏的局面，是的。

Peter Levine, Evercore.

彼得‧萊文 (Peter Levine)，Evercore。

Great. Thank you for taking my questions here. So in April, when the AI customization and the AI Companion becomes available, I think it's $11 or $12 a seat, can you maybe help us understand how you're thinking about like what's the real use case? And then in terms of adoption, what are you envisioning in terms of how many employees within an organization would actually need this type of application?

偉大的。感謝您在這裡回答我的問題。那麼在四月份，當 AI 定制和 AI Companion 上市時，我認為每個座位的價格是 11 美元或 12 美元，您能否幫助我們了解您是如何考慮它的實際用例的？那麼在採用方面，您預計組織內有多少員工實際上需要這種類型的應用程式？

And then second for you, Eric, if you see the headlines around even in our world in banking where a lot of people are forced to back five days week, maybe just help us understand how are you thinking about that? Does that, at all, prohibit your customers may be thinking about expanding? But just would love to know your thoughts on if this back to office five days a week becomes more of a reality.

其次，艾瑞克，如果你看到周圍的新聞頭條，即使在我們的銀行業中，很多人也被迫每週工作五天，也許你能幫助我們了解你是如何看待這個問題的？這是否會完全禁止您的客戶考慮擴張？但我真的很想知道，如果每週五天重返辦公室的做法成為現實，您的看法是什麼。

Yeah. I think five days in the working week is for financial institutions, I think, I fully understand, right, because it's very important -- in-person meetings for sure, is a lot of benefit. I fully understand. But also at the same time, for every large financial institutions, you always have employees across the country and also a lot of international branch offices as well, and you talk to the customers, partner, you Zoom, right?

是的。我認為每週工作五天對於金融機構來說，我認為，我完全理解，對吧，因為這非常重要——面對面的會議肯定有很多好處。我完全理解。但同時，對於每個大型金融機構來說，你們總是在全國各地都有員工，而且還有很多國際分支機構，你們透過 Zoom 與客戶、合作夥伴交談，對嗎？

I think internal usage might be kind of up and down. But overall, and then the tools like Zoom is still very important is collaboration tools, right? I do not have any concern. I truly respect every company decision is fully remote or five days in office or hybrid, the thing for each company, right? So we just want to help our customers to enable no matter which way they go and make sure they have the best collaboration and communication tools to help them improve their productivity.

我認為內部使用情況可能會有點起伏。但總的來說，像 Zoom 這樣的工具仍然非常重要，是協作工具，對嗎？我沒有任何擔心。我真正尊重每家公司的決定，是完全遠距辦公、五天上班還是混合辦公，對每家公司來說都是合適的，對嗎？因此，我們只是想幫助我們的客戶，無論他們走哪條路，並確保他們擁有最好的協作和溝通工具，以幫助他們提高生產力。

Michelle, you want to address the first one?

米歇爾，你想解決第一個問題嗎？

Yeah, maybe, Eric, I'll let you talk about the use cases. But Peter, in regards to your question about what are sort of the assumptions or what's the targeting in our head with the $12 custom AI Companion SKU, I would say, starting with enterprise customers, obviously, the easiest place to sort of hunt on that is our own customer base and talk about that, but certainly not just limited to that.

是的，也許，埃里克，我會讓你談談用例。但彼得，關於你提到的關於我們對 12 美元定制 AI Companion SKU 的假設或目標是什麼的問題，我想說，從企業客戶開始，顯然，最容易尋找的地方就是我們自己的客戶群，並討論這個問題，但肯定不僅限於此。

But we'll be probably giving a lot more, I would say, at Enterprise Connect, which you can see on the thing there. But I would say, we've assumed some degree of monetization in FY26; I think you'll see more of it in '27. And we think that the $12 price point is going to be a really compelling TCO story for our customers differentiated from what others in the market are pricing.

但我想說，我們可能會在 Enterprise Connect 上提供更多內容，您可以在那裡看到。但我想說，我們已經假設 26 財年將達到一定程度的貨幣化；我認為你會在 27 年看到更多這樣的情況。我們認為，12 美元的價格點對於我們的客戶來說將是一個真正引人注目的 TCO 故事，與市場上其他產品的定價有所區別。

Yeah. So regarding the customer AI Companion use cases, high levels, we give a customer flexibility to customize their needs. I'll give a few examples. One feature like we have a Zoom Service Call video clip -- we are going to support the standard template, right? How to support every customer? They have a customized template for each of the users, and this is a part of AI Companion Studio, right?

是的。因此，就客戶 AI Companion 的使用案例而言，從高層次來看，我們為客戶提供了靈活性來客製化他們的需求。我舉幾個例子。有一個功能，例如我們有一個 Zoom Service Call 影片片段——我們將支援標準模板，對嗎？如何支持每一位客戶？他們為每個用戶都客製了模板，這是 AI Companion Studio 的一部分，對嗎？

And also, all kinds of third-party integration, right? And they prefer some of those third-party application integration with their data, with the knowledge, with their dictionary, a lot of things. Each company is different. They would want to customize, so we can leverage our Companion Studio to work together with the customer, to support their needs and also at same time, comment about this.

還有各種第三方集成，對嗎？他們更喜歡將一些第三方應用程式與他們的數據、知識、字典等許多東西進行整合。每個公司都不一樣。他們想要定制，因此我們可以利用我們的 Companion Studio 與客戶合作，滿足他們的需求並同時對此發表評論。

Mark Murphy, JP Morgan.

摩根大通的馬克墨菲。

Thank you. I will echo Kash's congrats on finishing the fiscal year. Eric, I wanted to try to get your thoughts, your perspective on DeepSeek and any potential you see for lower inferencing costs in AI models if DeepSeek is something that you're testing out.

謝謝。我將贊同卡什對財政年度結束的祝賀。Eric，如果您正在測試 DeepSeek，那麼我想了解您的想法、對 DeepSeek 的看法，以及您認為降低 AI 模型推理成本的任何潛力。

And Michelle, looking at how strong the cash flow production is, can you speak to the cost or margin profile for the AI products? And what type of gross margin profile you see -- you maybe are thinking would be coming in for the AI Companion as well?

米歇爾，考慮到現金流產量有多強勁，您能談談人工智慧產品的成本或利潤狀況嗎？您看到的毛利率狀況是什麼樣的——您可能認為 AI Companion 的毛利率也會如此嗎？

Yeah. So Mark, yeah, I can address your first question regarding DeepSeek. And I think a few, I did publish a LinkedIn post about my thought about the DeepSeek. After the earnings call, I will forward LinkedIn post. But high level, I think given this is open source -- we like it because the open source, right -- you look at it from vendors like us, can we build application layer and the AI technology? We also do our own large language model, a lot of the techniques, right, a lot of optimization and so on and so forth we all can learn from, right?

是的。馬克，是的，我可以回答你關於 DeepSeek 的第一個問題。我想有一些，我確實在 LinkedIn 上發布了一篇關於我對 DeepSeek 的看法的文章。財報電話會議結束後，我會轉發 LinkedIn 貼文。但從高層次來看，我認為鑑於這是開源——我們喜歡它，因為開源，對吧——你從像我們這樣的供應商的角度來看，我們能否建立應用層和人工智慧技術？我們也做了自己的大型語言模型，很多技術，對吧，很多優化等等我們都可以學習，對吧？

This is good for the application and the vendors like us. And look at large language models, also like the Llama for example and also look at DeepSeek and also, by the way, look at it even for hardware vendors like NVIDIA, Broadcom, also good for them as well.

這對於應用程式和像我們這樣的供應商來說都是有益的。看看大型語言模型，例如 Llama，看看 DeepSeek，順便說一句，即使對於 NVIDIA、Broadcom 等硬體供應商來說，這也對他們有好處。

The reason why -- there's a lot of demand for GPUs, right? And normally, they know they serve those very large cloud vendors first. Again for Zoom, probably we are not on the top priority, maybe the second priority, and a lot of other companies behind us.

原因是——對 GPU 的需求很大，對吧？通常，他們知道他們首先為那些非常大的雲端供應商提供服務。再次對 Zoom 來說，我們可能不是最優先考慮的對象，也許是第二優先，後面還有很多其他公司。

With large cloud vendors, they may not buy -- win more. However, the huge demand -- we want to buy more. And after that, a lot of other companies also want to buy more. Overall, I think it's good for everyone.

對於大型雲端供應商來說，他們可能不會購買——贏得更多。然而，由於需求龐大，我們想購買更多。此後，許多其他公司也想購買更多產品。總的來說，我認為這對每個人都有好處。

And also, the cost for like from a hardware side, a large language model, the cash and reference everything, as you look at that, we will drive the cost down. Now that's why overall, that's good for industry, because it open source, right? And that's my take on that.

而且，從硬體方面來看，大型語言模型、現金和參考一切的成本，正如您所看到的，我們會降低成本。這就是為什麼總體而言這對行業有利，因為它是開源的，對吧？這就是我的看法。

Mark, maybe your question about kind of how to think about the margins, we're not going to obviously give any guidance or probably going forward any AI-specific margin. But I would say that we look at those very closely and our margins for every active are coming down in line with what our expectations would be, if not more.

馬克，也許你的問題是關於如何考慮利潤，我們顯然不會給出任何指導，或者可能不會給出任何特定於人工智慧的利潤。但我想說的是，我們非常仔細地研究了這些問題，我們發現每項主動活動的利潤率都與我們的預期一致，甚至更高。

What I would say maybe more broadly to maybe address where I think you may be going with the question is that we're very pleased with our margin finish in FY25. And while we don't guide to the margin in '26, I would say we feel good that our increased usage in AI and our spend there is going to be offset by efficiencies such that we should be able to see in FY26, some acceleration of margin in line with sort of -- not up to the 80%, but holding very true, I guess, Mark, to the principles that we set in our long-term margins.

為了回答您可能要問的問題，我想更廣泛地說的是，我們對 25 財年的利潤率感到非常滿意。雖然我們沒有對26年的利潤率做出預測，但我想說，我們很高興看到，我們在人工智慧方面的使用增加以及我們在那裡的支出將被效率所抵消，因此我們應該能夠在 26 財年看到利潤率有所加速，雖然不是達到 80%，但我想，馬克，這與我們為長期利潤率設定的原則非常吻合。

And Michelle, thank you for that. But just to clarify. I think you said margin for active users are coming down. Did you mean the cost profile is coming (multiple speakers) ?

米歇爾，謝謝你。只是為了澄清一下。我認為你說過活躍用戶的利潤率正在下降。你的意思是成本概況即將到來（多位發言者）？

Yeah, costs.

是的，成本。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Hey. Thanks very much. Nice to see everyone. I was intending to continue on the margin question. So there's a little bit of a follow-on here. But Michelle, first one for your guide, can you just speak to the delta between implied operating and free cash flow margin, what's driving that for the upcoming year?

嘿。非常感謝。很高興見到大家。我本來想繼續討論利潤問題。因此這裡有一些後續內容。但米歇爾，首先請您作為指導，您能否談談隱含營業利潤率和自由現金流利潤率之間的差異，以及是什麼推動了來年的發展？

And maybe just going back to margin trajectory, Zoom has had higher targets that suggest margins may come down as investments go up. You're guiding for just slight compression on the operating margin side. So maybe just how you're thinking about the trade-offs if that still holds? Or what could shift that at all, if you don't mind? Thanks very much.

也許只是回到利潤率走勢，Zoom 有更高的目標，這意味著隨著投資的增加，利潤率可能會下降。您預計營業利潤率方面只會略微壓縮。那麼，如果這種情況仍然成立，那麼您會如何考慮權衡呢？或者如果您不介意的話，什麼可以改變這一點？非常感謝。

Perfect. So let me maybe start with what I think is a more tactical but, Michael, by all means, correct me if I'm misunderstanding your question. On the free cash flow, for '25, we're certainly seeing quite a strong growth. There's obviously the timing elements of that -- of some pull forward relative to '26.

完美的。因此，讓我從我認為更具策略性的角度開始，但是，邁克爾，如果我誤解了你的問題，請一定要糾正我。就自由現金流而言，對於25年來說，我們確實看到了相當強勁的成長。顯然，這其中存在時間因素——相對於 26 年而言有所提前。

Our expectation on is that you'd still continue to see that OI growth, that you're impacted by timing differences as well as different interest conditions and tax conditions. So that's kind of how I would have investors think about free cash flows.

我們的預期是，您仍將繼續看到 OI 成長，並受到時間差異以及不同的利息條件和稅收條件的影響。這就是我希望投資人思考的自由現金流。

In terms of your operating income and how we think about it long term, I actually think you teed it up that beautifully, which is, look, we are going to be first and foremost about revenue growth, but we are also going to balance that with profitability. And our long-term guide, we gave sort of what I would call as a wide margin of possibility of things that we would do. And really, what Eric and I have been centered on is giving clear and clean prioritized business priorities to investors, so you know where we're investing in.

關於您的營業收入以及我們的長期考慮，我實際上認為您對此進行了很好的闡述，也就是說，我們首先要考慮的是收入增長，但我們也要平衡收入和盈利能力。在我們的長期指導中，我們給出了我所說的我們可以做的事情的廣泛可能性範圍。事實上，艾瑞克和我一直致力於為投資者提供清晰、明確的優先業務重點，這樣他們就知道我們投資的方向。

And then really, look, we are going to invest when we see growth. But we're also going to be just pushing an ongoing frame of efficiency. And I think you really see that in our '26 guide, and I think you should expect to see similar.

然後實際上，當我們看到成長時，我們就會進行投資。但我們也將不斷推動效率的提升。我認為您確實在我們的 26 指南中看到了這一點，而且我認為您應該會看到類似的情況。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect. Eric, I have one for you and, Michelle, one for you. Eric, you mentioned agentic AI. As you're moving more towards agentic and you're adding agents to your platform, how do you think about just evolving your pricing model? Does that fall under the broader AI Companion, or do you anticipate having a different pricing approach for agentic capabilities?

完美的。艾瑞克，我有一份給你，米歇爾，也有一份給你。艾瑞克，你提到了代理 AI。隨著您逐漸轉向代理並在平台上添加代理，您如何考慮改進定價模式？這是否屬於更廣泛的 AI Companion，或者您預計針對代理功能採用不同的定價方式？

And then Michelle, it seems like you're just having a lot of traction with enterprise. It seems like that part of the business is going well. When do you think we should see NRR start to inflect? And maybe what are the puts and takes there going into FY26? Thank you.

然後米歇爾，看起來你在企業方面取得了很大的進展。看起來這部分業務進展順利。您認為我們何時會看到 NRR 開始轉變？那麼進入 FY26 的利弊是什麼？謝謝。

Yeah. So regarding the agentic capabilities, today, look at Zoom AI Companion, it's already agentic, right? So you essentially look at for 1.0 or 2.0, we already embrace agentic framework. We have Workplace agent and also have many other services agent. Part of the Contact Center also can support third-party agent as well. And meaning -- this is more like a technology, natural evolution from GenAI to agentic framework, every company.

是的。那麼關於代理能力，今天看看 Zoom AI Companion，它已經具有代理能力了，對嗎？因此，您基本上可以看看 1.0 或 2.0，我們已經採用了代理框架。我們有工作場所代理，還有許多其他服務代理。部分聯絡中心亦可支援第三方坐席。意思是——這更像是一項技術，從 GenAI 到代理框架的自然演變，對每家公司來說都是如此。

We are doing that as well, because this is very important and the new technology, new framework and a lot of agents were built by us and the Zoom AI Companion Studio, customers also can build agent as well. I do not think we need to have a special SKU, right? Because this is part of our Zoom AI Companion Studio and to offer customers agentic capabilities.

我們也在這樣做，因為這非常重要，新技術、新框架和許多代理商都是由我們和 Zoom AI Companion Studio 建構的，客戶也可以建立代理。我認為我們不需要有特殊的 SKU，對嗎？因為這是我們 Zoom AI Companion Studio 的一部分，並為客戶提供代理功能。

And then maybe on your comments on the guide, I just continue to reiterate that that full-year guide has some headwinds of foreign exchange and leap year sort of without 2.7% when you factor them in 3.3%. I'll reiterate my comments on online -- the expectation is that it's flat to a slight decline. And that really enterprise is what will -- what we expect to carry the growth.

然後也許對於您對指南的評論，我只是繼續重申，全年指南在考慮 3.3% 的因素時，會受到外匯和閏年的一些不利因素的影響，而沒有 2.7%。我將在網上重申我的評論——預計它會持平或略有下降。我們期望這個企業能夠真正成長。

And in terms of the elements of what we expect to carry the growth and they would be an acceleration, but it's the same things we've been talking about and frankly, seen throughout FY25, pushing up market, gaining channel traction, and seen churn and downsells moderate. And then certainly growing into our land and expand motions even further with Workvivo and Contact Center.

就我們預計推動成長的因素而言，它們將是一種加速，但這與我們一直在談論的事情相同，坦白說，在整個 25 財年都看到了這一點，推動了市場上漲，獲得了通路吸引力，並且看到了客戶流失和降價的緩和。然後當然會發展到我們的領域並透過 Workvivo 和 Contact Center 進一步擴大行動。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, guys. Thanks for the question here. Building off of a bunch of the prior ones, but as we think about a shift more towards AI contribution, aren't we shifting more towards a consumption model rather than a seat model over time? Why wouldn't we see margin compression longer term, or how are you guys kind of thinking about balancing seat-based pricing and consumption-based pricing?

嘿，大家好。感謝您在此提問。基於先前提出的一系列建議，但當我們考慮更多地轉向人工智慧貢獻時，隨著時間的推移，我們是否應該更多地轉向消費模式而不是座位模式？為什麼我們不會在長期內看到利潤率壓縮，或者你們是如何考慮平衡基於座位的定價和基於消費的定價的？

And also working off of Turrin's prior question, you are guiding for a free cash flow conversion rate that is beneath what you guys just did and you mentioned Michelle, some pull forward. So how should we think about what sort of got pulled forward in the cash flow that wouldn't be repeating or why we wouldn't be closer to a sort of 100% free cash flow conversion at time?

另外，根據 Turrin 先前的問題，您指導的自由現金流轉換率低於您剛才所做的，並且您提到了 Michelle，有些向前推進。那麼，我們應該如何思考，現金流中哪些部分不會重複出現，或者為什麼我們不能更接近 100% 的自由現金流轉換？

Yeah. I can start with that. Let's see. Your first question was sort of around how to think about margins and business models and why we don't see compression. And what I would say is that what we expect to see is similar to what you saw in FY25, which is we're seeing obvious increase in cost from AI and that we have an ongoing methodical kind of efficiency list to offset, and we certainly expect that broadly to continue into FY26. So I think we feel good about our ability to kind of moderate that.

是的。我可以從那裡開始。讓我們來看看。您的第一個問題是關於如何看待利潤和商業模式，以及為什麼我們沒有看到壓縮。我想說的是，我們預計看到的情況與您在 2025 財年看到的情況類似，即我們看到人工智慧帶來的成本明顯增加，並且我們有一個持續有條不紊的效率清單來抵消這一影響，我們當然預計這種情況將持續到 2026 財年。所以我認為，我們對自己調節這種情況的能力感到很滿意。

Maybe other things I would talk about, Eric mentioned in his prepared remarks, but we really think the federated approach that we have to AI is an important element to being able to both give better quality of results, but also improved cost, meaning being able to match the right model at the right cost to the right action that needs to be done for customer value.

也許我想談其他事情，埃里克在他的準備好的發言中提到了，但我們確實認為，我們對人工智慧採取的聯合方法是能夠提供更高品質結果的重要因素，同時也能改善成本，這意味著能夠以正確的成本將正確的模型與為客戶價值而需要採取的正確行動相匹配。

So that's really how we're thinking about managing things broadly. There's other things we do more holistically, where we can offset stuff that's maybe not in AI in our margins, things like colos, et cetera, that we've talked about previously.

這正是我們對廣泛管理事物的想法。我們還做了其他更全面的事情，例如我們可以抵消利潤中可能不屬於人工智慧的東西，例如我們之前談到的託管等等。

And then your question around free cash flow, I understood of why don't we see more of an increase similar in line with what we saw in '25. So let me answer that. First of all, in FY25, we had interest rates that we're growing off of a large base as well as we saw billings and positive operating income. As we go into '26, we're going to see different interest rate conditions, different tax conditions, as I mentioned, but still that's from operating income. So really, it's sort of a timing thing.

然後您關於自由現金流的問題，我明白為什麼我們沒有看到與 25 年類似的增長。那麼就讓我來回答這個問題。首先，在 25 財年，我們的利率在一個較大的基數上不斷成長，同時我們也看到了帳單和正的營業收入。當我們進入26年時，我們將看到不同的利率條件、不同的稅收條件，正如我所提到的，但這仍然來自營業收入。所以實際上，這是一個時間問題。

The other thing that I might mention that we've not talked as explicitly about is our broad guide, be it in revenue, our operating income continues to use a consistent methodology to what Zoom's before -- kind of that prudent consistent where we see to beat.

我可能要提到的另一件事是我們還沒有明確談論過的，那就是我們的廣泛指南，無論是在收入方面，我們的營業收入都繼續使用與 Zoom 之前一致的方法——那種我們認為可以超越的審慎一致的方法。

Tom Blakey, Cantor Fitzgerald.

湯姆布萊基、康托費茲傑拉。

Great. Thank you for taking my questions. Maybe just seems like everybody else is doing, too. I'll try to sneak two in, Eric and Michelle.

偉大的。感謝您回答我的問題。或許看起來其他人也都在這麼做。我會嘗試偷偷帶進來兩個，艾瑞克和米歇爾。

On the CCaaS, great successes here. I was wondering if you could talk a little bit more about that longer plan to get CCaaS up to 10% of revenue in line with the Zoom Phone timeline. Maybe that's being pulled in a little bit here with the successes in the higher tiers, Eric.

在 CCaaS 上，這裡取得了巨大的成功。我想知道您是否可以再多談一下有關長期計劃的信息，即根據 Zoom Phone 的時間表，使 CCaaS 的收入達到 10%。艾瑞克，也許這是因為在更高層次的成功而被拉近了距離。

And then maybe on Workvivo, again, just solid numbers, great traction last year. Wondering with the Meta workplace migration opportunity, if you wanted to just maybe double-click on that. Maybe this is for Michelle, if you're maybe seeing there's still enough runway there that continue -- that type of a growth accelerant can continue in fiscal '26 and not become more of a headwind, that would be helpful. Thank you so much.

然後也許是關於 Workvivo，同樣，只是可靠的數字，去年的吸引力很大。想知道 Meta 工作場所遷移機會，如果您願意的話，也許可以雙擊它。也許這對米歇爾來說是這樣的，如果你可能看到那裡仍有足夠的跑道可以繼續——這種增長加速劑可以在 26 財年繼續下去，而不會成為更大的逆風，那將會有所幫助。太感謝了。

Yeah. So Tom, regarding the Contact Center contribution to our top-line growth, for sure, that's always our aspiration, right, to continue to leverage the Contact Center to contribute more.

是的。所以湯姆，關於聯絡中心對我們營收成長的貢獻，當然，這一直是我們的願望，對吧，繼續利用聯絡中心做出更多貢獻。

I think the timing wise, it's perfect. There's a lot of invest customers still deploy on-prem solution, right? You take this largest ARR win, right? So that Fortune 100 US tech company, they were using on-prem solutions, right? And when they decided to migrate to cloud distribution, for sure, they wanted to look at all the cloud vendors.

我認為從時機來看，這是完美的。仍有許多投資客戶部署內部部署解決方案，對嗎？您獲得了最大的 ARR 勝利，對嗎？那麼，那家美國財富 100 強科技公司正在使用內部部署解決方案，對嗎？當他們決定遷移到雲端分佈時，他們肯定會考慮所有的雲端供應商。

They want to make sure the native to build the cloud -- the solution with also all the innovations, the AI is part of that That's the reason why we're much better positioned, right?

他們希望確保本地人能夠建立雲端——解決方案也包含所有創新，人工智慧是其中的一部分，這就是我們處於更有利位置的原因，對吧？

And also, in the product Phone, we have high confidence. On the go-to-market side, we also needed to double down on the channel. A lot of the things, I think, are doing very well, also reflected by more than 50% top 10 deals in Q4, also driven by the channel partners.

而且，我們對手機產品非常有信心。在市場進入方面，我們還需要加倍努力建立通路。我認為很多事情都做得很好，第四季度超過 50% 的前 10 名交易也反映了這一點，這也是由通路合作夥伴推動的。

As long as we focus on the innovation with AI and all the features drive the velocity and at the same time -- and listen to customers and double down go-to-market side, I think we are going to be much better positioned, and this is growing and the AI-driven and the Contact Center market.

只要我們專注於人工智慧的創新，並同時推動所有功能的速度，傾聽客戶的意見，加倍努力進入市場，我認為我們將處於更有利的地位，而且這個市場正在不斷增長，並且由人工智慧驅動，並且是聯絡中心市場。

Yeah, and thanks, Maybe I'll hit your Workvivo and then some broad comments about the two products together. From a Workvivo, like you said, we feel great. Record bookings -- excuse me -- 89% growth in customers, so all very durable things.

是的，謝謝，也許我會談談您的 Workvivo，然後對這兩款產品進行一些廣泛的評論。從 Workvivo 來看，就像您所說的那樣，我們感覺很棒。記錄預訂量——不好意思——客戶數量增加了 89%，所以都是非常持久的事情。

Certainly, Meta -- and we called that out in our prepared remarks -- is driving a lot of that. But I'll remind you that we had non-Meta growth before. And so we feel good about our ability to drive both, frankly.

當然，Meta——我們在準備好的發言中提到了這一點——正在推動其中的很大一部分。但我要提醒你，我們之前也曾有過非元成長。因此坦白說，我們對自己推動這兩項任務的能力感到很滿意。

And then we're not going to give guidance. You have our overall revenue guidance. You have the color and context on enterprise versus online split. But I would say that the elements, the underlying durable elements of what drove '25, we expect to be present in '26.

然後我們不會給出指導。您已了解我們的整體收入指導。您了解企業與線上分割的顏色和背景。但我想說，我們預計推動25年發展的那些因素，那些潛在的持久因素，將會在26年繼續存在。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克（Michael Funk）。

Great. Thank you. Thank you, Eric. Thank you, Michelle. You ought to be proud of what you've achieved in the last two years. I wanted to level-set discussion around revenue growth though, because the previous narrative was a march towards mid-single-digit revenue growth. You're still guiding below that for fiscal '26.

偉大的。謝謝。謝謝你，埃里克。謝謝你，米歇爾。你應該為過去兩年所取得的成就感到自豪。我想就收入成長進行平衡討論，因為先前的敘述是朝著中等個位數的收入成長邁進。對於 26 財年而言，您的預期仍低於該水準。

So wanted a better -- state of the strategy maybe shifted to customer stickiness, meaning bundling and discounting or other factors are at play here, maybe online churns remain a little bit higher, maybe macro has been more difficult, maybe you're waiting to have more monetizable AI solutions. But I want to better understand how level-set that revenue growth forecast for longer term because previously, it was discussed as a mid-single-digit target.

因此想要一個更好的——戰略狀態可能會轉向客戶粘性，這意味著捆綁和折扣或其他因素在這裡發揮作用，也許在線流失率仍然有點高，也許宏觀更加困難，也許你正在等待有更多可貨幣化的人工智能解決方案。但我想更了解如何設定長期收入成長預測，因為先前討論的目標是中等個位數。

I'll maybe take that one, Eric. And then feel free to jump in. But I would say I don't think there's been a change relative to that, meaning if you go to the core of our business like our guide -- and our performance reflect the same thing, which is we have seen sequential improvements in downsell in enterprise. We're seeing record level churn -- low churn in online.

我可能會選擇那個，埃里克。然後就可以自由地跳進去了。但我想說，我認為相對於這一點並沒有改變，這意味著，如果你按照我們的指南來了解我們業務的核心——我們的業績也反映了同樣的事情，那就是我們看到企業銷售額的連續改善。我們看到了創紀錄的客戶流失率——線上客戶流失率很低。

And then the elements that will drive '26 are the same: move-up market, broadened channel from a go-to-market perspective, from a product perspective, growth in Phone, growth Workvivo, growth in Contact Center. So I really don't see it as a shift in approach. And from a macro perspective, we've also assumed macro conditions.

推動26年的因素是相同的：向上發展的市場，從進入市場的角度拓寬的管道，從產品的角度，手機的成長，Workvivo 的成長，聯絡中心的成長。因此我真的不認為這是一種方法的轉變。從宏觀角度來看，我們也假設了宏觀條件。

Okay. Maybe a quick math question, Michelle, maybe it's a revenue new thing. But if I look at the revenue from over 100,000 customers year over year, simply taking a percentage of revenue and number of customers, it looks to be declining slightly. Is there a change or a shift in those 100,000 customers? Is it a different product set that you're selling into them? Or is my basic math incorrect?

好的。也許是一個簡單的數學問題，米歇爾，也許這是一個新收入事物。但如果我逐年查看來自超過 10 萬名客戶的收入，僅取收入和客戶數量的百分比，它似乎略有下降。這10萬名客戶有變化或轉變嗎？您向他們銷售的是不同的產品組合嗎？還是我的基本數學計算不正確？

Our over 100,00 trailing 12-month customers grew 7%. Am I misunderstanding your question?

過去 12 個月，我們的客戶數量超過 10 萬家，成長了 7%。我誤解你的問題了嗎？

Yeah, but if I simply take the percentage of revenue from those customers and then divide it by the number of customers, I get to a lower amount of revenue per customer than a year ago. Maybe we can take it offline if that's a better idea.

是的，但如果我簡單地將這些客戶的收入百分比除以客戶數量，就會發現每位客戶的收入比一年前低。如果這是一個更好的主意的話，也許我們可以將其離線。

Happy to take it in the next call if you're there. But big picture, so people have the sentiment. We feel good about our traction in that market.

如果您在場，我很樂意在下次通話中接聽。但從大局來看，人們是有感觸的。我們對自己在該市場的吸引力感到很滿意。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Wonderful. Thanks so much for taking my question. I'll keep it to one just given timing. Eric, I appreciate that you're talking about Zoom Chat and highlighting that in your prepared remarks. Can you talk a little bit about where you're getting some of the traction? And what's the impact that you're seeing in your customer base, whether it's better churn, whether it's better expansion rates, adoption of other adjacent products? Any color there would be helpful? Thank you.

精彩的。非常感謝您回答我的問題。我會將其保持在一個給定的時間範圍內。艾瑞克，我很欣賞你談論 Zoom 聊天並在準備好的演講中強調這一點。你能稍微談談你從哪裡獲得的一些支持嗎？您在客戶群中看到了什麼影響，客戶流失率是否有所改善，擴張率是否有所提高，還是其他相關產品的採用率增加？任何顏色都有幫助嗎？謝謝。

Thank you, Rishi. You talked about our Zoom Team Chat, right? So if you look at -- maybe use one of the deals I want to share with you like in Q4, we won a big deal in the manufacturing market -- like 30,000 Zoom Workplaces and also the 12,000 Zoom Team Chat users, right? Because the reason why customers -- when we talk to the customers the entire Zoom Workplace suite and realized Zoom Team Chat is part of that. At a new additional cost and look at the functionality and a lot of features and innovations, well, why not? This one is standardized Zoom. Essentially, when customers realize the power of Zoom Team Chat, they are all very interested, right?

謝謝你，Rishi。您談到了我們的 Zoom 團隊聊天，對嗎？所以如果你看一下——也許使用我想與你分享的其中一項交易，比如在第四季度，我們在製造業市場贏得了一筆大交易——比如 30,000 個 Zoom 工作場所以及 12,000 個 Zoom 團隊聊天用戶，對吧？因為當我們與客戶交談整個 Zoom Workplace 套件時，我們意識到 Zoom Team Chat 是其中的一部分。花費新的額外成本並查看功能和許多特性和創新，好吧，為什麼不呢？這個是標準化的Zoom。本質上，當客戶意識到 Zoom Team Chat 的強大功能時，他們都會非常感興趣，對嗎？

That's the reason why you look at some start-up companies, right? They also look at -- given that they do not have a lot of the capital, after they deploy Zoom, they also found our Zoom Team Chat. So again, from a product perspective, it's a pretty cool product service, because we already have that for a long time. Just from a marketing perspective, a lot of the customers did not know that, right? So that's the reason why we need to figure out a way to fix that problem.

這就是你關註一些新創公司的原因，對嗎？他們也研究——鑑於他們沒有很多資金，在部署 Zoom 之後，他們還發現了我們的 Zoom Team Chat。所以，從產品角度來看，這是一項非常酷的產品服務，因為我們已經擁有它很久了。僅從行銷角度來看，很多客戶並不知道這一點，對嗎？所以這就是我們需要想辦法解決這個問題的原因。

Again, this is the power of the entire Zoom Workplace suite. Team Chat is part of that. Meta customers deployed the meetings in the phone. They do not realize that Team Chat is already part of that; why not use that, right? We needed to fix that marketing option problem or adoption problem? Again, this is on our radar screen to address that.

再次強調，這就是整個 Zoom Workplace 套件的強大功能。團隊聊天是其中的一部分。Meta 客戶在電話中部署了會議。他們沒有意識到團隊聊天已經是其中的一部分；為什麼不使用它呢，對吧？我們需要解決行銷選擇問題或採用問題嗎？再次強調，這是我們要解決的問題。

Maybe I'd also highlight, Rishi, just a current example that stuck with me, which is -- we saw a recent customer in a Compute versus Microsoft to 12,000 users. And they commented that the chat and the inclusive value was integral to their decision. So we are -- while it's still early days, and we're working on it, we're excited about what we see.

也許我還要強調一下，Rishi，這只是一個讓我印象深刻的當前例子，那就是——我們最近看到一位客戶在 Compute 與 Microsoft 的競爭中擁有 12,000 名用戶。他們評論說，聊天和包容價值是他們做出決定的關鍵因素。因此，儘管現在還處於早期階段，我們還在努力，但我們對所看到的結果感到非常興奮。

Very helpful. Thanks, Eric. Thanks, Michelle.

非常有幫助。謝謝，埃里克。謝謝，米歇爾。

Thank you. By the way, Rishi, you also can use Zoom Team Chat as well. We can connect to over Zoom Team Chat.

謝謝。順便說一句，Rishi，你也可以使用 Zoom Team Chat。我們可以透過 Zoom 團隊聊天進行連線。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Thanks for squeezing me in. I'll go back to the Contact Center. Eric, if you wear your General Manager hat for Contact Center, if you look at Phone after two, three years, you saw the inflection point. Now Contact Center has been now almost like two, three years since we launched. Is this a year for Contact Center, or do you think there's some kind of -- it's a demand side customers trying to pause and looking at the AI strategy, there's some kind of delay there?

謝謝你擠進我。我要回聯絡中心。艾瑞克，如果你擔任聯絡中心總經理，如果你在兩三年後觀察電話業務，你會看到轉捩點。現在，聯絡中心自從我們推出以來已經有兩三年的時間了。今年是聯絡中心的一年嗎，或者您認為存在某種——需求方客戶試圖暫停並研究人工智慧策略，因此存在某種延遲？

And also, we see like Avaya now it's not going to support the AXP customer, less than 200 customers. So how do you see Contact Center opportunity in terms of inflection? When do you think it will be like Phone?

而且，我們發現 Avaya 現在不再支援 AXP 客戶，支援的客戶數量少於 200 個。那麼，您如何看待聯絡中心的轉變機會？您認為什麼時候它會像手機一樣？

Yeah. First of all, we do see the momentum, right? And in Q3, in terms of number of seats, the largest deal, Q4 in terms of ARR -- so large deal, more and more customer realized, wow, Zoom Contact Center, that works so well and look at all the innovation and scalability and integration with other core services, I think, are also parts of AI.

是的。首先，我們確實看到了勢頭，對嗎？就席位數量而言，第三季度的交易量最大；就 ARR 而言，第四季度的交易量如此之大，越來越多的客戶意識到，哇，Zoom 聯絡中心運行得非常好，看看它的所有創新、可擴展性以及與其他核心服務的集成，我認為，這也是人工智能的一部分。

I think we just need to focus on execution, market opportunities there. We look at our top 10 deals, right? I think if I recall correctly, six or seven to replace the existing in-cloud vendors, right? And the key is really -- because given -- the two years ago, we announced that, right? So given the shorter period of timing, customer, they do not realize we have that.

我認為我們只需要專注於那裡的執行和市場機會。我們看看我們的十大交易，對嗎？如果我沒記錯的話，應該有六、七家供應商來取代現有的雲端供應商，對嗎？關鍵是——因為——兩年前我們就宣布過這一點，對吧？因此，考慮到較短的時間週期，客戶沒有意識到我們有這一點。

Again, this is a marketing problem. We've got to fix that, but we have high confidence on the product side, and I think we do see the momentum now. Hopefully, this year, we're going to make even more progress compared to Zoom Phone growth trajectory. We want to build that, right? So that's always our aspiration.

再次強調，這是一個行銷問題。我們必須解決這個問題，但我們對產品方面很有信心，我認為我們現在確實看到了勢頭。希望今年我們能夠比 Zoom Phone 的成長軌跡取得更大的進步。我們想建造它，對嗎？這始終是我們的願望。

And, Siti, for your notes. It was 7 of 10: 7 coming from cloud, 3 coming from on-prem. And the 6 of 10 is the momentum in our channel.

還有 Siti，感謝您的筆記。總數為 10 個中的 7 個：7 個來自雲端，3 個來自本地。10 個中的 6 個是我們渠道中的勢頭。

And again, everyone, that does conclude our Q&A session for today. Eric, Michelle, any concluding closing remarks?

各位，今天的問答環節就到此結束了。艾瑞克、米歇爾，您有什麼總結發言嗎？

Yeah. Thank you, all, for your time. We really appreciate it.

是的。謝謝大家抽出時間。我們非常感激。

Thank you.

謝謝。

You bet. Thanks, everyone. And again, this does conclude today's earnings webinar. As always, we thank you all for joining us, and we look forward to seeing you next quarter. Take care.

當然。謝謝大家。再次，今天的收益網絡研討會到此結束。像往常一樣，我們感謝大家的加入我們，並期待下個季度與您相見。小心。