Zoom Communications Inc (ZM) 2026 Q1 法說會逐字稿

Hello, and welcome to Zoom's Q1 FY26 earnings release webinar. As a reminder, today's webinar is being recorded. I will now hand things over to Charles Eveslage, Head of Investor Relations. Charles, over to you.

您好，歡迎參加 Zoom 2026 財年第一季財報發佈網路研討會。提醒一下，今天的網路研討會正在錄製中。現在我將把事情交給投資者關係主管查爾斯‧埃夫斯拉奇 (Charles Eveslage)。查爾斯，交給你了。

Thank you, Megan. Hello, everyone, and welcome to Zoom's earnings webinar for the first quarter of fiscal year 2026. I'm joined today by Zoom's Founder and CEO, Eric Yuan; and Zoom's CFO, Michelle Chang. Our earnings release was issued today after the market closed and may be downloaded from the Investor Relations page at investors.zoom.com. Also on this page, you'll be able to find a copy of today's prepared remarks, a slide deck with financial highlights that, along with our earnings release, include a reconciliation of GAAP to non-GAAP financial results.

謝謝你，梅根。大家好，歡迎參加 Zoom 2026 財年第一季收益網路研討會。今天與我一起參加的是 Zoom 的創辦人兼執行長 Eric Yuan；以及 Zoom 的財務長 Michelle Chang。我們的收益報告於今天市場收盤後發布，可從 investors.zoom.com 的投資者關係頁面下載。此外，您還可以在此頁面上找到今天的準備好的發言稿的副本、包含財務要點的幻燈片以及我們的收益報告，其中包括 GAAP 與非 GAAP 財務結果的對帳。

These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. During this call, we will make forward-looking statements including statements regarding our financial outlook for the second quarter and full fiscal year 2026; our expectations regarding financial and business trends, impacts from 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.

這些措施不應孤立地看待或取代根據 GAAP 編制的財務資訊。在本次電話會議中，我們將做出前瞻性陳述，包括有關 2026 年第二季度和全年財務展望的陳述；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、上市計劃、增長戰略和業務願望以及產品計劃，包括未來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. These forward-looking statements are subject to risks and other factors that could affect our performance and financial results which we discuss in detail in our filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. Zoom assumes no obligation to update any forward-looking statements we may make on today's webinar.

這些陳述僅是基於我們今天所相信的預測，實際結果可能存在重大差異。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，我們在向美國證券交易委員會提交的文件中詳細討論了這些風險和因素，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做的任何前瞻性陳述的義務。

And with that, let me turn the discussion over to Eric, who will be debuting his new custom Avatar, Zoom Over to you, Eric.

說到這裡，讓我把討論交給 Eric，他將首次展示他的新客製化頭像，Zoom Over to you, Eric。

Thank you, Charles. Thank you, everyone, for joining us. Today, I'm using our new custom Avatars for Zoom Clips with AI Companion to share my part of the earnings report. Among the first ever CEOs to use an Avatar in an earnings call. It's just one example of how Zoom is pushing the boundaries of collaboration and communication.

謝謝你，查爾斯。謝謝大家的參與。今天，我使用我們新的 AI Companion 的 Zoom Clips 自訂頭像來分享我的部分收益報告。首批在收益電話會議上使用頭像的 CEO 之一。這只是 Zoom 如何突破協作和溝通界限的一個例子。

At the same time, we know trust and security are essential. We take AI-generated content seriously and have built in strong safeguards to prevent misuse, protect user identities and ensure Avatars are used responsibly.

同時，我們知道信任和安全至關重要。我們非常重視人工智慧產生的內容，並建立了強有力的保障措施，以防止濫用、保護使用者身分並確保負責任地使用頭像。

Now let's get into it. We delivered another solid quarter, showcasing the power of our platform and innovation engine in helping customers navigate short-term challenges with greater efficiency while positioning them for long-term success through AI-powered innovation, Zoom is redefining modern work and delivering major cost savings and productivity gains for our customers. We had a tremendous quarter of innovation and launched several agentic AI innovations that advance our vision of intelligent productivity.

現在讓我們開始吧。我們又度過了一個穩健的季度，展示了我們平台和創新引擎的強大功能，幫助客戶更有效率地應對短期挑戰，同時透過人工智慧驅動的創新為他們實現長期成功，Zoom 正在重新定義現代工作並為我們的客戶帶來大幅的成本節約和生產力提升。我們經歷了一個創新巨大的季度，並推出了多項代理人工智慧創新，推進了我們的智慧生產力願景。

Zoom tasks help surface, manage and complete tasks across Zoom workplace to get more done, bringing task together in a centralized management tab. Our new calendar manager allows you to ask AI companion to schedule meetings on your behalf. Soon, it will be able to optimize scheduling by suggesting time slots, resolving conflicts, managing meeting updates and proactively blocking focus time.

Zoom 任務有助於在 Zoom 工作場所中顯示、管理和完成任務以完成更多工作，並將任務集中在一個集中管理標籤中。我們的新日曆管理器可讓您要求 AI 伴侶代表您安排會議。很快，它將能夠透過建議時間段、解決衝突、管理會議更新和主動阻止焦點時間來優化日程安排。

We also made custom AI Companion, Zoom Workplace for frontline and Zoom Workplace for clinicians generally available in Q1. Adoption of Zoom AI companion continues to grow with monthly active users up nearly 40% quarter-over-quarter.

我們也在第一季全面推出了客製化的 AI Companion、面向第一線的 Zoom Workplace 和臨床醫生的 Zoom Workplace。Zoom AI 伴侶的採用率持續成長，每月活躍用戶數較上季成長近 40%。

Just last week, Raymond James shared in a press release how they are rolling out AI Companion meeting summaries firmwide. Zoom's cutting-edge AI capabilities will enable financial advisers to offload time-consuming administrative work, allowing them to dedicate more time to what truly matters, nurturing client relationships and delivering strategic financial guidance.

就在上週，雷蒙德詹姆斯在一份新聞稿中分享了他們如何在全公司範圍內推廣 AI Companion 會議摘要。Zoom 的尖端人工智慧功能將使財務顧問能夠減輕耗時的行政工作，使他們能夠將更多時間投入到真正重要的事情上，培養客戶關係並提供策略財務指導。

AI Companion usage is quickly expanding far beyond summarizing your meetings to helping you answer questions, schedule and prepare for meetings, search through information, build content and catch up freeing you up to focus on higher impact work.

AI Companion 的用途正在迅速擴展，不僅能總結會議內容，還能幫助您回答問題、安排和準備會議、搜尋資訊、建立內容和跟進，讓您能夠專注於更有影響力的工作。

While we continue providing tremendous AI value at no additional cost to users with a paid license, we're now monetizing through custom AI Companion. The only weeks in market, we're seeing strong enthusiasm from several global 2,000 trial customers who are especially excited about features like bring your own dictionary and index, meeting summary templates and our Jira integration. We're also rolling out custom AI Companion internally to allow Zoom is to get immediate answers from our custom knowledge basis empower them across a range of skills specific to their function.

我們繼續為擁有付費許可的用戶免費提供巨大的 AI 價值，同時我們現在透過客製化的 AI Companion 來實現盈利。在上市僅幾週的時間裡，我們就看到了全球 2,000 名試用客戶的強烈熱情，他們對自帶字典和索引、會議摘要範本和我們的 Jira 整合等功能尤其感到興奮。我們也在內部推出客製化的 AI Companion，讓 Zoom 從我們的客製化知識庫中立即獲得答案，讓他們掌握一系列特定於其職能的技能。

These milestones in our agentic vision exemplify how we're helping customers stay ahead through continuous innovation focused on delivering real business value. Zoom Workplace continues to drive value for customers and drive customers to adopt other solutions within our growing platform.

我們代理願景中的這些里程碑體現了我們如何透過專注於提供真正商業價值的持續創新來幫助客戶保持領先地位。Zoom Workplace 持續為客戶創造價值，並推動客戶在我們不斷發展的平台內採用其他解決方案。

In Q1, the 2024 NBA champion, Boston Celtics doubled down on Zoom. As longtime Zoom meetings users, the Celtix appreciated Zoom's unique balance between simplicity and rapid innovation and chose to upgrade to Zoom Workplace Enterprise Plus, including Zoom Phone and the game didn't end there. And over time, the Celtix decided to modernize their employee Internet with a custom-branded Workvivo employee experience solution designed just for their organization and we also landed a leading financial institution who selected the Zoom collaboration experience platform in an over $1 million ARR deal.

在 Q1 中，2024 年 NBA 總冠軍波士頓塞爾提克隊加大了對 Zoom 的投入。作為 Zoom 會議的長期用戶，Celtix 欣賞 Zoom 在簡單性和快速創新之間的獨特平衡，並選擇升級到 Zoom Workplace Enterprise Plus，包括 Zoom Phone，而遊戲並沒有就此結束。隨著時間的推移，Celtix 決定採用專為其組織設計的定製品牌 Workvivo 員工體驗解決方案來實現員工互聯網的現代化，我們還與一家領先的金融機構合作，該機構以超過 100 萬美元的 ARR 交易選擇了 Zoom 協作體驗平台。

This allowed them to simplify their tech stack and reduce costs by moving away from Teams and other third-party solutions beyond costs, they bought into our Better Together vision that unites the customer experience and collaboration experience under 1 AI-first platform and discussions are well underway to upsell them to the Zoom customer experience platform.

這使得他們能夠簡化他們的技術堆疊，並透過擺脫 Teams 和其他第三方解決方案來降低成本，除了成本之外，他們還接受了我們的 Better Together 願景，即將客戶體驗和協作體驗統一在一個 AI-first 平台下，並且正在進行討論以向他們推銷 Zoom 客戶體驗平台。

Zoom Phone continues to perform strongly, with revenue growing in the mid-teens. It is also opening new markets for Zoom by integrating seamlessly with other productivity suites and delivering a best-in-class AI first voice experience.

Zoom Phone 持續表現強勁，營收成長率達十五六%。它還透過與其他生產力套件無縫整合並提供一流的 AI 優先語音體驗，為 Zoom 開闢了新的市場。

The adoption of Zoom phone integration with Microsoft Teams has grown significantly, showing how we can meet customers where they are and add value within their existing tech stack. We continue to drive encouraging results across our high-growth products that are positioned to target lines of business. Our customer experience offering has rapidly evolved since its launch just over three years ago. Transforming how customer-facing teams engage with their end users.

Zoom 電話與 Microsoft Teams 整合的採用率顯著增長，展示了我們如何能夠滿足客戶的需求並在他們現有的技術堆疊中增加價值。我們持續透過針對目標業務線的高成長產品取得令人鼓舞的業績。自三年多前推出以來，我們的客戶體驗產品已迅速發展。改變面向客戶的團隊與最終使用者的互動方式。

In Q1, the number of Zoom Contact Center customers grew 65% year-over-year and Zoom Virtual Agent landed its largest deal to date as an upsell to Contact Center. Altogether, Zoom customer experience is a triple-digit million ARR business, growing in high double digits.

第一季度，Zoom Contact Center 客戶數量年增 65%，Zoom Virtual Agent 作為 Contact Center 的追加銷售獲得了迄今為止最大的一筆交易。總而言之，Zoom 客戶體驗是一項價值數百萬美元的 ARR 業務，並且以兩位數的高速度成長。

In Q1, we were pleased to see Mimecast a leading cybersecurity company transforming the way businesses manage and secure human risk expand their partnership with Zoom. Already Zoom Workplace and Phone users, Mimecast value the simplicity and interoperability of our unified platform.

在第一季度，我們很高興看到領先的網路安全公司 Mimecast 擴大了與 Zoom 的合作夥伴關係，該公司正在改變企業管理和保障人為風險的方式。Mimecast 已經是 Zoom Workplace 和 Phone 用戶，他們重視我們統一平台的簡單性和互通性。

They've now chosen the Zoom Contact Center Elite bundle with quality management to further modernize how they communicate and collaborate with their customers. Zoom Revenue Accelerator, our AI first sales enablement and conversational intelligence solution continues to deliver strong results for revenue teams.

他們現在選擇了具有品質管理功能的 Zoom Contact Center Elite 套餐，以進一步實現與客戶溝通和協作方式的現代化。Zoom Revenue Accelerator 是我們的 AI 優先銷售支援和對話智慧解決方案，它繼續為營收團隊帶來強勁的業績。

In Q1, licenses grew 72% year-over-year, reflecting growing traction. We landed Goosehead Insurance, a major US insurance distributor with over 2,500 producing insurance agents. They started as a Zoom Phone customer in 2023.

第一季度，許可證數量年增 72%，反映出成長動能強勁。我們找到了 Goosehead Insurance，這是一家美國大型保險經銷商，擁有超過 2,500 名保險代理人。他們從 2023 年開始成為 Zoom Phone 的客戶。

In Q1, they decided to add Zoom Revenue Accelerator in order to further empower their large team of insurance sales reps to dial into additional deal focused AI features to drive higher win rates and faster deal cycles.

在第一季度，他們決定添加 Zoom Revenue Accelerator，以進一步增強其龐大的保險銷售代表團隊的能力，使其能夠利用更多以交易為中心的 AI 功能，從而提高成功率並加快交易週期。

Our employee experience platform Workvivo transforms the way HR departments engage their employee bases and build culture. Total Workvivo customer count in Q1 grew 106% year-over-year and acceleration from the past two quarters. This strong performance was driven in part by our Meta partnership.

我們的員工體驗平台 Workvivo 改變了人力資源部門與員工互動和建立文化的方式。第一季 Workvivo 客戶總數年增 106%，且較前兩季有所加速。這一強勁表現部分得益於我們與 Meta 的合作關係。

Last month, we welcomed Kim Storin as our new Chief Marketing Officer. With her extensive enterprise experience and proven track record of success, Kim will help us amplify Zoom's compelling value proposition and brand story to drive deeper resonance with customers. We continue to see strong momentum as we expand our channel.

上個月，我們歡迎 Kim Storin 擔任我們的新任行銷長。憑藉豐富的企業經驗和成功的業績記錄，Kim 將幫助我們擴大 Zoom 引人注目的價值主張和品牌故事，以引起客戶的更深層共鳴。隨著我們通路的擴大，我們繼續看到強勁的發展勢頭。

Just yesterday, we announced a new strategic partnership with Bell Canada. In addition, we completed a major transformation of our channel systems and processes in Q1, making it easier for partners to scale their businesses with us.

就在昨天，我們宣布與加拿大貝爾建立新的戰略合作關係。此外，我們在第一季完成了通路系統和流程的重大轉型，讓合作夥伴更容易與我們一起擴展業務。

Our channel investments drove some amazing wins in Q1. Docs Dermatology Group, a leading US dermatology roll-up came to us through a trusted channel partner going all in on the Zoom platform as a brand-new customer.

我們在第一季的通路投資取得了一些驚人的勝利。Docs Dermatology Group 是美國一家領先的皮膚病學公司，它透過值得信賴的通路合作夥伴來到我們這裡，作為全新客戶全力投入 Zoom 平台。

Docs chose the Zoom Contact Center Elite package for the ability to manage the complexities of their appointment management, billing and inbound patient requests through our simple, intuitive interfaces our team's ability to rapidly innovate a powerful integration to one of their key tools and recognizing the importance of uniting their employee and patient experiences under one seamlessly integrated modern platform they also chose Zoom Phone along with Zoom Workplace.

Docs 選擇了 Zoom Contact Center Elite 套餐，因為它能夠透過我們簡單、直觀的介面管理複雜的預約管理、計費和入站患者請求；我們的團隊能夠快速創新與其關鍵工具之一的強大集成；認識到在一個無縫集成的現代平台下整合員工和患者體驗的重要性；他們還選擇了 Zoom Phone 和 Zoom Workplace。

As we look ahead, we continue to double down on driving value for customers as they navigate an uncertain macro environment. Our AI-first strategy positions us to help customers stay ahead as technology evolves, while our platform approach delivers compelling TCO advantages.

展望未來，我們將繼續加倍努力，為客戶創造價值，幫助他們應對不確定的宏觀環境。我們的 AI-first 策略使我們能夠幫助客戶在技術發展過程中保持領先地位，同時我們的平台方法可提供引人注目的 TCO 優勢。

Now let me hand it over to Michelle to take us through the financial results.

現在，讓我把時間交給米歇爾，讓她向我們介紹財務結果。

Thank you, Eric, and hello, everyone. I'm excited to be here with you today. Let's dive into the financial results. In Q1, total revenue grew approximately 3% year-over-year to $1.175 billion. This result was $8 million above the high end of our guidance.

謝謝你，埃里克，大家好。我很高興今天能和你們在一起。讓我們深入了解財務結果。第一季度，總營收年增約 3%，達到 11.75 億美元。這一結果比我們預期的最高值高出 800 萬美元。

As a reminder, Q1 of FY26 had one fewer day than Q1 of FY25. Our enterprise revenue grew approximately 6% year-over-year and now represents 60% of our total revenue, up 2 points year-over-year. We continue to see encouraging signs of stability in our online business.

提醒一下，26 財年第一季比 25 財年第一季少一天。我們的企業營收年增約 6%，目前占我們總營收的 60%，年增 2 個百分點。我們繼續看到在線業務令人鼓舞的穩定跡象。

One, average monthly churn was 2.8%, a [40] basis improvement year-over-year and our lowest ever churn rate for our first quarter. In our Enterprise business, we saw 8% year-over-year and the number of customers contributing more than $100,000 in trailing 12-month revenue. These customers now make up 32% of our total revenue, up 2 points year-over-year. Our trailing 12 months net dollar expansion rate for enterprise customers in Q1 held steady quarter-over-quarter at 98%. Pivoting to our growth internationally, our Americas revenue grew 4% year-over-year. EMEA grew 1% and APAC grew 2%.

首先，平均每月客戶流失率為 2.8%，比去年同期提高了 [40] 個基點，是我們第一季客戶流失率的歷史最低值。在我們的企業業務中，我們看到同比增長 8%，並且客戶數量在過去 12 個月的收入中貢獻了超過 100,000 美元。這些客戶目前占我們總營收的 32%，年增 2 個百分點。我們第一季企業客戶的過去 12 個月淨美元擴張率與上一季相比保持穩定，為 98%。以國際業務成長為中心，我們在美洲地區的營收年增了 4%。歐洲、中東和非洲地區成長 1%，亞太地區成長 2%。

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

轉到我們的非 GAAP 結果，提醒一下，該結果不包括股票薪酬費用和相關工資稅、收購相關費用、策略性投資的淨收益或損失以及所有相關稅務影響。

Non-GAAP gross margin in Q1 was 79.2%, slightly lower than Q1 of last year as we continue to invest in AI. We remain focused on driving efficiencies and delivering AI capabilities in a scalable, cost-effective way. And we continue to reiterate our goal of reaching an 80% non-GAAP gross margin over the long term.

由於我們持續在人工智慧方面投入，第一季非公認會計準則毛利率為 79.2%，略低於去年第一季。我們始終專注於提高效率並以可擴展、經濟高效的方式提供人工智慧功能。我們繼續重申我們的目標，即長期實現 80% 的非 GAAP 毛利率。

Non-GAAP income from operations grew 2% year-over-year to $467 million exceeding the high end of our guidance by $22 million. Non-GAAP operating margin for Q1 was 39.8%, down 23 basis points from Q1 of last year.

非公認會計準則營業收入年增 2% 至 4.67 億美元，超出我們預期的高端 2,200 萬美元。非公認會計準則第一季營業利益率為39.8%，較去年第一季下降23個基點。

The margin declined was in line with expectations and due to changes in our bonus structure and investments in AI. Non-GAAP diluted net income per share in Q1 was $1.43 on approximately 313 million non-GAAP diluted weighted average shares outstanding. This result was $0.12 above the high end of our guidance and $0.08 higher than Q1 of last year.

利潤率的下降符合預期，並且是由於我們的獎金結構和對人工智慧的投資發生了變化。第一季非公認會計準則稀釋每股淨收益為 1.43 美元，非公認會計準則稀釋加權平均流通股數約為 3.13 億股。這一結果比我們預期的最高值高出 0.12 美元，比去年第一季高出 0.08 美元。

The EPS performance was due to strong business results as well as a reduction in diluted weighted average shares outstanding, driven by our focus on addressing dilution through our buyback and our stock compensation efforts.

每股盈餘表現得益於強勁的業務業績以及稀釋加權平均流通股數的減少，這得益於我們專注於透過回購和股票補償措施解決稀釋問題。

Turning to the balance sheet. Deferred revenue at the end of the period grew 5% year-over-year to [$1.43] billion, in line with the high end of our previously provided range. The growth was driven by business performance as well as continued refinement of our discounting strategy.

轉向資產負債表。期末遞延收入年增 5% 至 [14.3] 億美元，與我們先前提供的最高範圍一致。成長的動力來自於業務表現以及折扣策略的持續改進。

In Q2, we expect deferred revenue to be up 4% to 5% year-over-year. Looking at both our billed and unbilled contracts, our RPO increased 6% year-over-year to approximately $3.9 billion. We expect to recognize 61% of the total RPO as revenue over the next 12 months, up from 59% in Q1 of last year.

我們預計第二季遞延營收將年增 4% 至 5%。從已開票和未開票合約來看，我們的 RPO 年增 6%，達到約 39 億美元。我們預計未來 12 個月內 RPO 總收入的 61% 將確認為收入，高於去年第一季的 59%。

Operating cash flow in Q1 was $489 million, representing an operating cash flow margin of 41.6%. Free cash flow in the quarter was $463 million representing a free cash flow margin of 39.4%. The declines on the year-over-year basis were due to the timing of tax payments. We ended the quarter with approximately $7.8 billion in cash, cash equivalents and marketable securities, excluding restricted cash.

第一季經營現金流為 4.89 億美元，經營現金流利潤率為 41.6%。本季自由現金流為 4.63 億美元，自由現金流利潤率為 39.4%。與去年同期相比，稅收的下降是由於納稅時間造成的。本季末，我們擁有約 78 億美元的現金、現金等價物和有價證券（不包括受限現金）。

In Q1, we accelerated execution of our existing $2.7 billion share buyback plan, purchasing 5.6 million shares for $418 million, an increase of 1.3 million shares quarter-over-quarter. The increasing pace of our share repurchase plan over the course of our buyback authorization has reduced our common stock outstanding and underscores our ongoing commitment to delivering value to our shareholders.

第一季度，我們加快現有的 27 億美元股票回購計劃，以 4.18 億美元購買了 560 萬股，比上一季增加 130 萬股。在我們的回購授權過程中，我們的股票回購計畫步伐不斷加快，減少了我們的流通普通股，並強調了我們持續致力於為股東創造價值的承諾。

As we pivot to the outlook, we're pleased to raise our full year revenue guidance by $15 million or $5 million on a constant currency basis. We now expect revenue to be in the range of $4.8 billion to $4.81 billion, which represents approximately 3% year-over-year growth at the midpoint or 3.2% year-over-year growth on a constant currency basis.

隨著我們轉向前景，我們很高興將全年收入預期提高 1500 萬美元，或以固定匯率計算提高 500 萬美元。我們現在預計收入將在 48 億美元至 48.1 億美元之間，以中間值計算，這意味著同比增長約 3%，或按固定匯率計算，同比增長 3.2%。

This is an net result of increasing our online outlook by $10 million to $15 million due to a $1 price increase for our monthly pro SKUs, reflecting increased product value to our customers. This is offset by a more prudent outlook in our enterprise business due to the more challenging and uncertain macroeconomic environment.

由於我們的月度專業 SKU 價格上漲 1 美元，我們的線上前景從 1000 萬美元增加到 1500 萬美元，這反映了我們為客戶提供的產品價值的提高。由於宏觀經濟環境更具挑戰性和不確定性，我們的企業業務前景更加審慎，但這種情況被抵銷了。

We're pleased to raise our profitability outlook for the full year of FY26 as well. We now expect our non-GAAP operating income to be in the range of $1.865 billion to $1.875 billion, representing an operating margin of 38.9% at the midpoint.

我們很高興上調了 26 財年全年的獲利預期。我們現在預計非公認會計準則營業收入將在 18.65 億美元至 18.75 億美元之間，中間值營業利潤率為 38.9%。

We are also pleased to raise our outlook for non-GAAP earnings per share for FY26 from $5.56 to $5.59 based on approximately 312 million shares outstanding. We continue to expect free cash flow for FY26 to be in the range of $1.68 billion to $1.72 billion.

我們也很高興地將 2026 財年非 GAAP 每股盈餘預期從 5.56 美元上調至 5.59 美元，基於約 3.12 億股流通股。我們繼續預期 26 財年的自由現金流將在 16.8 億至 17.2 億美元之間。

For Q2, we expect revenue to be in the range of $1.195 billion to $1.2 billion. This represents approximately 3% year-over-year growth at the midpoint or 3.1% year-over-year growth on a constant currency basis. We expect non-GAAP operating income to be in the range of $460 million to $465 million, representing an operating margin of 38.6% at the midpoint. Our outlook for non-GAAP earnings per share is $1.36 to $1.37 based on approximately 310 million shares outstanding. As a reminder, future share repurchases are not reflected in the share count and EPS guidance.

對於第二季度，我們預計營收將在 11.95 億美元至 12 億美元之間。以中間值計算，這相當於同比增長約 3%，以固定匯率計算，則相當於同比增長 3.1%。我們預計非公認會計準則營業收入將介於 4.6 億美元至 4.65 億美元之間，中間值營業利潤率為 38.6%。基於約 3.1 億股流通股，我們對非 GAAP 每股盈餘的預期為 1.36 美元至 1.37 美元。提醒一下，未來的股票回購不會反映在股票數量和每股盈餘指引中。

In closing, as Eric highlighted, we're proud of the rapid pace of innovation towards our AI which is delivering real value to our customers. At the same time, we remain focused on accelerating our growth while delivering shareholder value through disciplined operations and responsible capital allocation. Thank you to our incredible Zoom team, customers, community and investors for your trust and support.

最後，正如 Eric 所強調的，我們為人工智慧的快速創新步伐感到自豪，它為我們的客戶帶來了真正的價值。同時，我們仍致力於加速成長，並透過嚴謹的營運和負責任的資本配置為股東創造價值。感謝我們出色的 Zoom 團隊、客戶、社群和投資者的信任和支持。

Megan, please queue the first question.

梅根，請排隊回答第一個問題。

(Operator Instructions)

（操作員指示）

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Great. Thank you so much. And Eric, it's great to see your Avatar there. So I want to ask about the Zoom AI Companion. It's good to see that that's growing 40%, MAU growing 40% Q-over-Q. So now that you embed base level AI as part of your paid subscription. So what kind of adoption are you seeing in terms of SMB segment seeing free to paid migration. Are you seeing anything like that? And as you're launching also your paid AI company in SKU, how should we think about the adoption and revenue contribution there?

偉大的。太感謝了。艾瑞克，很高興在那裡看到你的頭像。所以我想問一下有關 Zoom AI Companion 的問題。很高興看到這一數字增長了 40%，MAU 環比增長了 40%。現在，您可以將基礎層級的 AI 嵌入到付費訂閱中。那麼，就中小企業從免費遷移到付費而言，您看到了什麼樣的採用情況。你看到類似的東西了嗎？而且，當您在 SKU 中推出付費 AI 公司時，我們應該如何看待那裡的採用和收入貢獻？

Yes. So Siti, thank you. First of all, I truly love my AI generator Avatar. I think we are going to continue using that. I can tell you, I like that experience a lot.

是的。所以，Siti，謝謝你。首先，我真的很喜歡我的 AI 生成器 Avatar。我想我們會繼續使用它。我可以告訴你，我非常喜歡那段經驗。

So back to your question about AI Companion. First of all, if you look at the number of active users, look at the Q4 and Q1. And there are five types more, right? And meaning it's pretty healthy and more and more customers they enable AI Companion realizing the value in Raymond James. So the leverage Zoom AI Companion and features like making summary kind of improve their productivity. It's pretty accurate and with actionable insights as well.

回到你關於 AI Companion 的問題。首先，如果你看活躍用戶數量，請查看第四季和第一季。還有五種，對嗎？這意味著它非常健康，越來越多的客戶讓 AI Companion 意識到 Raymond James 的價值。因此，利用 Zoom AI Companion 和諸如製作摘要之類的功能可以提高他們的工作效率。它非常準確並且具有可操作的見解。

Overall, I think more and more customers that are going to enable AI Companion. So in terms of customized AI Companion and also the monetization, I think we already have a few customers, prospect testing that now. And it's pretty powerful.

總的來說，我認為越來越多的客戶將會啟用 AI Companion。因此，就客製化 AI Companion 和貨幣化而言，我認為我們已經有幾個客戶正在對其進行測試。而且它非常強大。

And of course, we can integrate it with your companies, your data index and data as well and also like a dictionary and also supported the customized meeting -- meeting summary template and our customized AI avatar as well. I think with more and more customers, they player on, realize the value. I'm pretty sure the customer AI Companion can help us and monetize more.

當然，我們可以將其與您的公司、資料索引和資料整合在一起，就像字典一樣，也支援客製化的會議——會議摘要範本和我們客製化的 AI 頭像。我認為隨著越來越多的客戶，他們會繼續玩遊戲，並意識到價值。我非常確信客戶 AI Companion 可以幫助我們並實現更多利潤。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Thank you.

謝謝。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great. Thank you. And congrats on the quarter. I appreciate the statistics about kind of the increased traction with kind of the higher-priced SKUs on the AI portion of Contact Center. But just any statistics you can give on just kind of either how customers are starting with Contact Center with the higher price SKUs with the kind of virtual agents or just anything to add there? And then second, on your kind of more cautious outlook on Enterprise, is that just based on elongating deal cycles? Or is that based on just kind of more cautious outlook on seats? Thanks.

偉大的。謝謝。恭喜本季取得佳績。我很欣賞有關聯絡中心 AI 部分中高價 SKU 吸引力增加的統計數據。但是，您能否提供一些統計數據，說明客戶如何開始使用配備虛擬代理的更高價格 SKU 的聯絡中心，或者只是添加任何內容？其次，您對 Enterprise 的看法更為謹慎，這是否僅僅是基於延長交易週期？或者這只是基於對席次更謹慎的看法？謝謝。

Yes. Michelle, I would address the first one, and you address the second. So if you look at the Zoom Contact Center, which is our customer experience platform and Zoom Virtual Agent is a very important part of that. And if you look at Q1, Q1 is the largest quarter in terms of ARR contribution. And so if you look at the number of the upsells of Zoom Virtual Agent and is the largest quarter ever. So meaning we do have a lot of upsell opportunity to sell Zoom Virtual Agent to our existing installed base.

是的。米歇爾，我來談第一個問題，你來談第二個問題。因此，如果您查看 Zoom 聯絡中心，它是我們的客戶體驗平台，而 Zoom 虛擬代理是其中非常重要的一部分。如果你看一下第一季度，你會發現第一季是 ARR 貢獻最大的季度。因此，如果您查看 Zoom Virtual Agent 的追加銷售數量，您會發現這是有史以​​來最大的季度。這意味著我們確實有很多追加銷售機會，可以向現有的安裝用戶群銷售 Zoom Virtual Agent。

And also take a Zoom Phone, for example, right? We also deploy our Contact Center for a long time. When our team enabled Zoom Virtual Agent, we do see the huge value because we use the two metrics merit how successful there is one in the (inaudible) another one is a self-service rate. (inaudible) deploy Zoom Virtual Agent it does help us a lot because it's a number 70. And guess what, the self-service rate is 97% meaning 97% of those tickets resolved very well without any human agent involved, right?

還以 Zoom Phone 為例，對嗎？我們也長期部署我們的聯絡中心。當我們的團隊啟用 Zoom Virtual Agent 時，我們確實看到了巨大的價值，因為我們使用這兩個指標來衡量成功程度，一個是（聽不清楚），另一個是自助服務率。 (聽不清楚) 部署 Zoom Virtual Agent 它確實對我們有很大幫助，因為它是 70 號。你猜怎麼著，自助服務率是 97%，這意味著 97% 的票都得到了很好的解決，無需任何人工參與，對嗎？

So it's a huge value. So we do see more and more customers want to test Zoom Virtual Agent. At the same time, literally, by the end of this month, we are going to launch our new version of Zoom Virtual Agent with a lot of new features plus Virtual Agent will be part of that as well. I think a more upsell opportunity and also more new opportunities as well and to double down on Zoom Virtual Agent, which is based on our AI Companion technology.

所以它的價值非常巨大。因此，我們確實看到越來越多的客戶想要測試 Zoom Virtual Agent。同時，實際上，到本月底，我們將推出新版本的 Zoom Virtual Agent，它具有許多新功能，而且虛擬代理也將成為其中的一部分。我認為這不僅是一個追加銷售的機會，也是一個更多的新機會，而且可以加倍投入基於我們的 AI Companion 技術的 Zoom Virtual Agent。

Maybe from my side, two quick comments on Contact Center customer experience, and then I'll move over to the question on the guide. Two things that I think we're seeing increasingly in terms of our customer buying behavior and customer experience is customers going straight to the Elite just because of all the AI value that is in that.

從我的角度來看，我想對聯絡中心的客戶體驗發表兩點簡短的評論，然後我會轉到指南上的問題。我認為，就客戶購買行為和客戶體驗而言，我們越來越多地看到兩件事：客戶直接選擇 Elite，僅僅是因為 Elite 具有人工智慧價值。

And then maybe the other pattern that I think is clear in our deals is that this concept of better together that frequently customers are wanting a communication and collaboration platform, together with the customer experience platform and we see that as a real strong theme as to why Zoom's winning. So I wanted to add that in.

然後，我認為在我們的交易中顯而易見的另一個模式是「更好地合作」這個概念，客戶經常想要一個溝通和協作平台，以及一個客戶體驗平台，我們認為這是 Zoom 獲勝的一個真正強有力的主題。所以我想添加這一點。

On your question on the color on the enterprise. Let me start by just saying that broadly, across online and enterprise, the majority of the business in Q1 saw no change in buying behavior, no change in demand, still strong demand.

關於您關於企業色彩的問題。首先我要說的是，從廣義上講，在線上和企業領域，第一季大多數企業的購買行為沒有變化，需求沒有變化，需求仍然強勁。

Our fundamentals, as you see in all of the stats that we produce, be a record low churn and online to our customer deal size over 100,000 in enterprise strength of so many of the expansive TAM products that we have still so strong.

正如您在我們製作的所有統計數據中所看到的，我們的基本面是創紀錄的低客戶流失率，並且我們在線客戶的交易規模超過 100,000 個，企業實力如此之強的眾多擴展 TAM 產品仍然如此強大。

What we saw in terms of my comments about primarily prudence going forward. But we saw in Q1 in a couple of customer scenarios in larger US customers, where there was just more prudent sales elongation more scrutiny on deal terms, no losses, but just, again, a bit of a sales elongation and more scrutiny.

就我的評論而言，我們看到的是未來主要謹慎行事。但我們在第一季看到，在美國一些較大的客戶中，銷售延長更加謹慎，對交易條款的審查更加嚴格，沒有損失，但再次出現了一點銷售延長和更嚴​​格的審查。

So look, we feel that going into Q2 and going into the second half, we have a great TCO and business value story. And so that's really where we're pivoting to make sure that we're really getting out and landing that message with our customers.

所以，我們覺得進入第二季和下半年，我們的 TCO 和商業價值將有很大提升。因此，這正是我們要努力的方向，以確保我們能夠真正向客戶傳達這一訊息。

Great. Thanks.

偉大的。謝謝。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect. Thank you. Congrats on the strong start with here, especially on the Contact Center side. Eric, one thing for you maybe on a different topic. You mentioned the Team's integration with Zoom Phone. But I'm curious how the competitive dynamics of Zoom on the 4 video meeting solution, especially now that you've had AI Companion out in the market for a little while. We're seeing obviously adopting increase is unbundled their charging for AI capabilities. So is this -- are you starting to see it change the competitive ties? And what is it doing in terms of new customer acquisition on the core platform?

完美的。謝謝。恭喜我們在這裡取得了良好的開端，特別是在聯絡中心方面。艾瑞克，關於另一個話題，我想問你這個問題。您提到了團隊與 Zoom Phone 的整合。但我很好奇 Zoom 在 4 個視訊會議解決方案上的競爭動態如何，尤其是現在 AI Companion 已經在市場上推出一段時間了。我們顯然看到採用增加的是分離人工智慧功能的收費。那麼這是—您是否開始看到它改變競爭關係？那麼它在核心平台上的新客戶獲取方面做了什麼？

Yes, it's a great question. So look at the value of Zoom offering and first of all, and employees really love Zoom experience. And if you do any service, right, in any company, it's no matter which solutions they deploy. If you had an employee make decision, we have high confidence they all will choose Zoom platform, right?

是的，這是一個很好的問題。因此，看看 Zoom 提供的價值，首先，員工真的很喜歡 Zoom 體驗。如果你在任何公司提供任何服務，那麼無論他們部署什麼解決方案都無關緊要。如果讓員工做決定，我們很有信心他們都會選擇 Zoom 平台，對嗎？

The second thing is to look at the total cost of ownership, in particular, look at AI. Our AI Companion is part of our offering compared with the other vendors who would like to charge a customer is a lot per user per month, right? So meaning for those customers truly care about the employee experience, truly deep dive to understand the total cost of ownership of those offerings, they are going to keep using Zoom or go back to Zoom platform.

第二件事是看整體擁有成本，特別是看人工智慧。與其他願意向客戶收取每位用戶每月高額費用的供應商相比，我們的 AI Companion 只是我們提供的產品的一部分，對嗎？因此，對於那些真正關心員工體驗、真正深入了解這些產品的整體擁有成本的客戶來說，他們將繼續使用 Zoom 或返回 Zoom 平台。

In one example, like one big fintech company in Q1, they dropped the Teams in the suite to Zoom platform because they like the Zoom experience with a lot of innovations, much more reliable and a great user interface, they are familiar with, right? So I think as long as we keep improving the product experience, make sure Zoom is employee choice, I think we will see more and more opportunities. Also, if you look at the entire workplace, we already be beyond meetings, right? The value of workplace can deliver more and more and value to customers. And we do see some more opportunities ahead of us.

舉個例子，一家大型金融科技公司在第一季將套件中的 Teams 轉移到了 Zoom 平台，因為他們喜歡 Zoom 的體驗，它有很多創新，更加可靠，而且用戶界面很棒，他們很熟悉，對吧？因此我認為只要我們不斷改進產品體驗，確保 Zoom 是員工的選擇，我認為我們將看到越來越多的機會。另外，如果你看看整個工作場所，我們已經超越了會議，對嗎？工作場所的價值可以為客戶提供越來越多的價值。我們確實看到了更多的機會。

Alright. Perfect. Thank you.

好吧。完美的。謝謝。

The one I might just quickly add in is we're seeing increasingly with the Team's integration. Many more customers come to that that way. So to your question about are we seeing that change in deal. We saw a lot of wins that we're proud of in Q1, there were Teams integration.

我想快速補充的是，我們看到團隊的整合越來越多。這樣一來，就會有更多的顧客前來。所以對於你的問題是，我們是否看到了交易的變化。我們在第一季取得了許多值得驕傲的勝利，其中包括 Teams 整合。

Perfect. Thank you so much.

完美的。太感謝了。

Thank you.

謝謝。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Hey, guys. Thanks for taking my question. It's Evan here for Alex, obviously. Congrats on the solid quarter. And I want to ask another one on the Zoom Contact Center, which I think was super interesting, and it's great to see this new disclosure that it's like a triple-digit million ARR business growing in high double digits, if I'm not mistaken.

嘿，大家好。感謝您回答我的問題。顯然，埃文 (Evan) 是來找亞歷克斯 (Alex) 的。恭喜本季業績穩健。我還想問另一個關於 Zoom 聯絡中心的問題，我認為這非常有趣，很高興看到這個新披露，如果我沒記錯的話，它就像一個三位數的數百萬 ARR 業務，並且以兩位數的高速度增長。

But I think you used to disclose year-on-year growth in terms of the number of customers with larger than $100,000 ARR. So can you provide a little more color in terms of the deal sizes that you're seeing that's driving that growth? And then maybe more broadly, what are you seeing in the competitive environment for CCaaS? And sort of how is -- how are you positioning Zoom? And what the -- what sort of win rates are you seeing there, more greenfield or more replacement deals? Thank you, guys.

但我認為您過去常常披露 ARR 超過 100,000 美元的客戶數量的同比增長。那麼，您能否提供更多細節，說明推動這項成長的交易規模？那麼也許更廣泛地說，您在 CCaaS 的競爭環境中看到了什麼？那麼，您如何定位 Zoom？您看到的成功率是怎樣的，更多的是綠地交易還是更多的替代交易？謝謝你們。

Sure, I can start. So Michelle feel free to chime in. I think if you look at the total number of Contact Center customers year-over-year. We do see around the 65% growth. And look at the top 10 deals and none of the deals are replacing existing cloud-based vendors, cloud-based solutions.

當然，我可以開始。所以米歇爾可以隨意發表意見。我認為，如果您查看聯絡中心客戶總數的同比變化。我們確實看到了65%左右的成長。看看前 10 筆交易，沒有一筆交易能夠取代現有的基於雲端的供應商或基於雲端的解決方案。

And also -- and you look at the top 10 deals, I think, if I recall correctly, 6 or 7 are done by the channels. So many of the channels really help us and also replace other cloud-based vendors -- and because not only do we offer a lot of innovations and features but also seamlessly integrated with our Phone platform as well Zoom Virtual Agent is a part of that. That's the reason why customers may see the value of our Zoom Connect Center.

而且——如果你看一下排名前 10 的交易，如果我沒記錯的話，我想其中有 6 或 7 筆是透過管道完成的。許多管道確實對我們有幫助，同時也取代了其他基於雲端的供應商——因為我們不僅提供了許多創新和功能，而且還與我們的電話平台無縫集成，Zoom Virtual Agent 也是其中的一部分。這就是為什麼客戶能夠看到我們的 Zoom Connect Center 的價值的原因。

I mean the only other thing, I think those are the metrics that we give for disclosure. The other one might just be a thread back in the dialogue earlier on the Elite SKU. So we are seeing great traction. I think it's a 10% mix shift year-over-year towards and licenses to our elite SKU. So we're really proud and see a lot of momentum towards our AI-first solution.

我的意思是，唯一的另一件事是，我認為這些是我們為披露而提供的指標。另一個可能只是先前關於 Elite SKU 的對話中的一個線索。因此，我們看到了巨大的吸引力。我認為這是我們精英 SKU 的混合轉變和授權，與去年同期相比有 10% 的成長。因此，我們感到非常自豪，並看到我們的 AI-first 解決方案取得了巨大的發展勢頭。

Also at the same time, I want to share with you a you look at a lot of [individual] customers. Their Contact Center gasworks still on prem. So a lot of opportunities for Zoom for other cloud-based content winners, well, and in particular, you look at the AI-based virtual agent and also it also can play big role to drive the future growth. Thank you.

同時，我想與大家分享你觀察過的許多[個人]客戶。他們的聯絡中心煤氣廠仍在現場。因此，Zoom 為其他基於雲端的內容贏家提供了許多機會，特別是基於人工智慧的虛擬代理，它也可以發揮重要作用，推動未來的成長。謝謝。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

Hey, Eric, hey, Michelle. This is Matt Bullock on for Mike Funk, clearly. Thanks for taking the question. I'd love some additional color on the early reception from customers to the online monthly pro pricing increase, seems pretty modest, but would be interested in color on pricing sensitivity, any variance in customer churn for that cohort. And then assuming this pricing increase goes well, could we start to see pricing be more of a lever in the online business segment, considering all the positive trends with churn?

嘿，埃里克，嘿，米歇爾。顯然，這是 Matt Bullock 代替 Mike Funk 上場。感謝您回答這個問題。我希望能夠更詳細地了解客戶對線上月度專業版價格上漲的早期反應，這似乎相當溫和，但我對價格敏感度以及該群體客戶流失率的任何差異感興趣。然後假設這次價格上漲進展順利，考慮到客戶流失的所有正面趨勢，我們是否可以開始看到價格在線上業務領域發揮更大的槓桿作用？

So maybe I can take that one, Eric. One thing that I think is really important just to know, and you said it is. We feel like it's a modest increase, but one that reflects really incremental value delivered to the customer. And that's sort of the bar that we hold ourselves whether you think about that as sort of the entirety of the platform, the AI, but I also want to call out that with our price increase, in particular, we doubled the storage limit.

所以也許我可以接受這個，艾瑞克。我認為有一件事確實很重要，正如您所說。我們覺得這是一個適度的成長，但卻反映了為客戶提供的真正增量價值。這是我們為自己設定的標準，無論您是否將其視為整個平台、人工智慧，但我還想指出，隨著價格上漲，我們將儲存限制增加了一倍。

So look, it's a very different online business, I would say, than and one that we had maybe in the past. And the evidence points that I look at that under are, obviously, the record low churn that we continue to see quarter after quarter, the mix of our customers that have been with us over 16 months, the percentage that are buying with us annually. So we feel like we're just in a different place. We always take price increases very thoughtfully. And I would say this isn't the first one we've done, but no plans to do others at this stage.

所以，我想說，這是一個與我們過去的線上業務非常不同的線上業務。我所關注的證據點顯然是，我們每季都看到客戶流失率創歷史新低，與我們合作超過 16 個月的客戶結構，以及每年在我們這裡購買商品的客戶比例。所以我們感覺就像身處在不同的地方。我們總是非常慎重地對待價格上漲。我想說這不是我們做的第一個項目，但目前還沒有計劃做其他項目。

Thank you.

謝謝。

William Power, Baird.

威廉鮑爾，貝爾德。

Okay. Great. Thanks for taking the question. I actually want to circle back on online and kind of the earlier macro discussion. And I guess just trying to understand that the levels of conservatism built into the online segment.

好的。偉大的。感謝您回答這個問題。我實際上想回到網上和之前的宏觀討論。我只是想了解在線上領域中保守主義的程度。

You're trying to build a little more conservatism it sounds like on the enterprise side. Why wouldn't churn maybe start to increase a little bit on online relative to where you've been? And I guess maybe just probably what we are kind of the assumptions there? And then I have a second question.

聽起來，您正試圖在企業方面建立更多的保守主義。相對於你所在的地方，為什麼在線上的客戶流失率可能不會開始增加一點呢？我想也許我們可能只是在那裡做出一些假設？我還有第二個問題。

Yes. So our outlook really reflects -- look at the more turbulent world than it was maybe the last time we got -- we talked to you. Yes, just to echo my earlier comments, we saw strong demand across our business. We do not see any impact of macro to online and as such, have not sort of reflected that in our outlook. And it was in those specific customer scenarios in the enterprise where we decided to take a prudent approach to how we thought about outlook and guide from there.

是的。因此，我們的觀點確實反映出——看看這個世界，它可能比我們上次與你們交談時更加動盪。是的，只是為了回應我之前的評論，我們看到整個業務的需求強勁。我們沒有看到宏觀對線上產生任何影響，因此，在我們的展望中也沒有反映出這一點。正是在企業中的這些特定客戶場景中，我們決定採取謹慎的方式來思考前景並從中提供指導。

Okay. And then I want to ask a question on Zoom Phone. You provided the disclosure that I think that's growing mid-teens, which I think looks like it's above industry growth rates based on other peers and whatnot. So suggest or continuing to take share.

好的。然後我想在 Zoom Phone 上問一個問題。您披露的資訊表明，我認為該增長率達到了十幾歲左右，而且根據其他同行等的數據，我認為該增長率高於行業增長率。所以建議還是繼續承擔份額。

On the other hand, still a really big market in theory, in terms of number of business phones out there. So I wonder if you can just kind of address what you're seeing competitively and what the forward growth outlook opportunity is? Is this a mid-teens grow from here? Could should we accelerate? What's kind of the opportunity still there?

另一方面，從理論上講，就商務電話的數量而言，這仍然是一個巨大的市場。所以我想知道您是否可以談談您所看到的競爭情況以及未來的成長前景機會是什麼？這是從這裡開始成長的十幾歲的孩子嗎？我們可以加速嗎？還有什麼樣的機會？

So from a high level, in terms of opportunity, if you look at the total install of [phone CIS] the number of on-premise is still higher on cloud businesses, right? And I think it's around $150 million still on-premise seats, right? It's still a lot of opportunities. Those customers in the next few years, they still need to migrate to the modern cloud business solution. We are in much better positioned with our entire workplace platform, integration, open system. And that's the reason why our growth rate of fund higher the other cloud based phone service providers.

因此，從高層次來看，就機會而言，如果您看一下 [手機 CIS] 的總安裝量，雲端業務的內部部署數量仍然較高，對嗎？我認為現場座位價值仍在 1.5 億美元左右，對嗎？機會還是很多的。這些客戶在未來幾年內仍然需要遷移到現代雲端業務解決方案。我們的整個工作場所平台、整合和開放系統使我們處於更有利的地位。這就是為什麼我們的資金成長率高於其他基於雲端的電話服務提供者的原因。

And maybe just to add on. There's opportunity for Zoom on both. We have a lot of strong partnerships like the Mitel partnership is a big one for us in the on-prem stuff. And then we certainly have go-to-market motions focused on competitive takeouts in the cloud as well as I might just say, across both. We've been talking about for a couple of earnings cycles here, just an investment and a maturation in our channel motion, which also will be advantageous to our phone business. So we think about it as a big opportunity.

或許只是補充一下。兩者都有機會使用 Zoom。我們擁有許多強大的合作夥伴關係，例如與 Mitel 的合作夥伴關係對於我們在本地部署業務方面非常重要。然後，我們當然有進入市場的動議，重點關注雲端的競爭，而且我只想說，這涉及兩者。我們已經討論了幾個盈利週期，這只是我們渠道動作的投資和成熟，這也對我們的手機業務有利。因此我們認為這是一個巨大的機會。

And maybe the other one that I might call out is the new partnership with Bell Canada. And then increasingly, we are seeing AI drive deals and seen more new customers to Zoom come through phones. So things that we're encouraged by.

我可能要提到的另一個例子是與加拿大貝爾公司建立的新合作關係。然後，我們越來越多地看到人工智慧推動交易，並且看到越來越多的 Zoom 新客戶透過手機到來。這些事令我們感到鼓舞。

Okay. Thank you.

好的。謝謝。

Samad Samana with Jefferies.

Samad Samana 和 Jefferies 在一起。

Hi. Thank you for taking my question and it's good to see everybody. Alright. It's good to see everybody. Maybe first just on Workvivo, the customer growth there is really strong. Eric, you called out an acceleration in your prepared remarks. How should we think about maybe Meta migrations or that piece of that mix? And can you just remind us at what point you lap the Meta benefits and maybe how durable the growth there is? And then I have one follow-up for Michelle afterwards.

你好。謝謝大家回答我的問題，很高興見到大家。好吧。很高興見到大家。也許首先就在 Workvivo 上，那裡的客戶成長非常強勁。艾瑞克，你在準備好的發言中提到了加速。我們應該如何考慮元遷移或其中的混合部分？您能否提醒我們，您在什麼時候獲得了 Meta 的好處，以及這種成長能持續多久？然後我會向米歇爾詢問後續事宜。

Michelle, do you want to take that?

米歇爾，你想接受這個嗎？

Yes. So look, I would say that we grow from both the Meta partnership as well as before that was consistent before the partnership was in place. Certainly, we're focused heavily on capitalizing against that amount of migration. And I think we said before that it's towards the second half of the year that, that sort of opportunity will normalize. What was the next question.

是的。所以，我想說，我們從 Meta 合作關係以及之前的合作中都獲得了成長，這種成長在合作關係建立之前是一致的。當然，我們非常重視如何利用大量移民。我想我們之前說過，到今年下半年，這種機會就會正常化。下一個問題是什麼？

You look at a number.

你看一個數字。

Sorry, please go ahead.

抱歉，請繼續。

Just to add on to what Michelle said. You look at the number of the costs and I mean the Workvivo cost year-over-year, it's more than 100% growth. huge opportunities, not only driven by the Meta migrator customers, but also new opportunity as well.

我只是想補充一下米歇爾所說的話。你看看成本數字，我的意思是 Workvivo 的成本年增了 100% 以上。巨大的機遇，不僅由 Meta 遷移器客戶推動，而且還有新的機會。

Maybe just a punch to Eric's comments. 90% of our Workvivo customers, again, are new to Zoom. So it's a really great way for us to introduce the breadth of our platform as well to real strong customer and brand names up market.

也許只是對 Eric 的評論的一個打擊。再次強調，90% 的 Workvivo 客戶都是 Zoom 的新使用者。因此，這對我們來說是一種非常好的方式，可以向市場上真正的強大客戶和品牌介紹我們平台的廣度。

Understood. And then maybe, Michelle, just on the buyback acceleration, is that more of a reflection of opportunistic because of what happened with market conditions in F 1Q? Or is that -- should we take out of a signal that the buyback will be somewhat closer to these levels because that's the way that you guys are thinking about deploying the cash, at least for some for the short-term duration. Just help us understand how we should think about the magnitude given it was the biggest buyback activity that you've had?

明白了。那麼，米歇爾，也許只是關於回購加速，這是否更多地反映了機會主義，因為第一季的市場狀況發生了變化？或者是——我們是否應該發出一個信號，表明回購將更接近這些水平，因為這是你們考慮部署現金的方式，至少對於一些短期而言是如此。鑑於這是你們進行過的最大規模的回購活動，請幫助我們理解我們應該如何看待其規模？

Yes. Yes. So look, I would say you saw in our two announcements, the one I doubled down on when I started that look, this is going to be something that's important to Zoom of that original 2.7 tranche the two together. We have about 1.2 remaining. The way that I would think about Q1 is really that it reflects the reinforcement of confidence across myself, Eric and the Board.

是的。是的。所以，你看，我想說你在我們的兩個公告中看到了，當我開始關注那個公告時，我加倍關注的那個公告，這對 Zoom 來說是一件重要的事情，最初的 2.7 部分將兩者結合在一起。我們還剩下大約 1.2 個。我對第一季的看法是，它實際上反映了我本人、艾瑞克和董事會信心的增強。

And look, certainly, we intentionally kind of went after acceleration here, but we remain committed to what we said before, which is the intention and expectation that we will go through the remaining $1.2 million in fiscal '26.

當然，我們有意追求加速，但我們仍然致力於之前所說的，即我們的意圖和期望是在 26 財年用完剩餘的 120 萬美元。

Great. Thank you both for taking my question.

偉大的。謝謝你們回答我的問題。

Thank you

謝謝

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Hi. Good afternoon. Thanks for taking the questions. Wanted to go back on the billings outlook for the next quarter. And you talked about some of the dynamics on the enterprise side of the business. But I'm wondering if you could sort of Help us understand when you started to see some of these macro impacts layer into the business, how performance has been throughout kind of the month of April as well as May.

你好。午安.感謝您回答這些問題。想要回顧下一季的帳單前景。您也談到了企業業務方面的一些動態。但我想知道您是否可以幫助我們了解，當您開始看到這些宏觀影響層級影響到業務時，四月份和五月份的表現如何。

And then as you think about the online business, how are you thinking about the new customer addition motion? I know churn was ahead of expectations, which was good to see. But how sensitive is that new customer acquisition motion to the macro? And if you could comment on what you're seeing there.

然後，當您考慮線上業務時，您如何考慮增加新客戶的動議？我知道客戶流失率超出了預期，這是好事。但新客戶獲取行動對宏觀有多敏感？如果您能評論一下您所看到的情況。

Yes. So first with the comment on when we saw the enterprise I would say that we saw deals are pausing and elongation throughout the quarter, but certainly, the bulk of our volume in enterprise happens towards the tail end of the quarter and things more so than to your online question of new customers, we had a strong quarter in terms of new customers as well as churn. And so that's why I start to say, no impact macro or no signs of macro impacting.

是的。因此，首先關於企業的評論，我想說，我們看到整個季度的交易都在暫停和延長，但可以肯定的是，我們在企業中的大部分交易都發生在季度末，而且比您在線提出的新客戶問題更重要的是，我們在新客戶和客戶流失方面都表現強勁。這就是為什麼我開始說，沒有宏觀影響或沒有宏觀影響的跡象。

Thank you.

謝謝。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

Hey, guys. Thanks for the question here. Just first, on the channel transformation, what were some of the changes put in place? And what's been some of the early feedback with that?

嘿，大家好。感謝您在這裡提出的問題。首先，關於通路轉型，具體做了哪些改變？早期的回饋是怎樣的？

Yes. So I can answer that and then, Eric, feel free to jump in. Look, I would say, first and foremost, it's about expanding our partner ecosystem. It's about changing some of the channel incentives and really doubling down on those. And then in particular, one of the things that we have been talking about with our partner ecosystem was just the need to help them get from quote to cash faster.

是的。所以我可以回答這個問題，然後，艾瑞克，請隨意加入。我想說，首先，這是為了擴大我們的合作夥伴生態系統。這是關於改變一些管道激勵措施並真正加倍努力。特別是，我們與合作夥伴生態系統一直在討論的事情之一就是需要幫助他們更快地從報價到現金。

And so you may have seen that there was an article in the channel press about some efforts that we've made to really take that time from hours to minutes. So I would say broadly, our investments in the channel fall across those three things.

因此，您可能已經看到，頻道新聞中有一篇文章介紹了我們為將時間從幾小時縮短到幾分鐘所做的一些努力。所以我想說，總的來說，我們在通路上的投資涵蓋了這三個面向。

And then I'd just say, look, the channel investments are very closely targeted towards our phone and contact center business where naturally they have both the ability to supplement what customers need as well as the ability to influence sales. And we're pleased with what we see in terms of the number of deals, the percentage of deals in both contact center and foam that are channel-led or heavily channel influenced.

然後我想說的是，通路投資非常緊密地針對我們的電話和聯絡中心業務，自然它們既有能力補充客戶的需求，也有能力影響銷售。我們對交易數量、聯絡中心和泡棉中由通路主導或受通路嚴重影響的交易百分比感到滿意。

Got it. And I could follow up actually on Samad's prior question, it's nice to see the $100 million mark. It seems like most of the success you guys talked about, though, is coming from that Zoom ecosystem customer, meaning they already got workplace and phone together. So is there a way to understand what I'm guessing is still a very low percentage in terms of the penetration of Contact Center into that sort of combined base that uses Workplace and phone together. Thanks.

知道了。我可以繼續回答薩馬德之前的問題，很高興看到 1 億美元大關。不過，你們談到的大部分成功似乎都來自於 Zoom 生態系統客戶，這意味著他們已經將工作場所和電話結合在一起。那麼有沒有辦法理解我猜的聯絡中心在使用工作場所和電話的綜合基礎中的滲透率仍然很低的百分比？謝謝。

I'd say we don't disclose that as a metric, James. But what I would say is we see both bidirectional. My comments earlier is that we find that really to be a differentiator with customers where the integrations of being able to go out and talk to customers, come back in and resolve problems in-house, we find that to be a real big win for us customer-wise.

我想說我們不會將其作為指標披露，詹姆斯。但我想說的是，我們看到的是雙向的。我之前的評論是，我們發現這確實是與客戶的區別之一，即能夠出去與客戶交談，然後回來在內部解決問題，我們發現這對我們客戶來說是一個巨大的勝利。

Allan Verkhovski, Scotiabank.

加拿大豐業銀行的 Allan Verkhovski。

Hey, thank you taking my question. Congrats on all the product innovation. Michelle, I wanted to just double-click on the revised enterprise revenue outlook. You mentioned that there was some deal elongation that you saw in the quarter. Just want to be clear, are you guiding for a wider range of outcomes such that if the macro trends were to remain consistent, then you could potentially see more upside through the rest of the year? And could you also just update us on your updated time line for when we could see NRR potentially get back to 100%.

嘿，謝謝你回答我的問題。祝賀所有產品創新。米歇爾，我只想雙擊修改後的企業收入前景。您提到本季出現了一些交易延長的情況。只是想明確一點，您是否在指導更廣泛的結果，以便如果宏觀趨勢保持一致，那麼您可能會在今年剩餘時間內看到更多的上行空間？您能否向我們更新 NRR 何時可能恢復到 100% 的時間表？

Yes. So let me start with the first one. Our outlook implies a consistent kind of macro environment relative to what we saw in Q1. So that's the way to think about the guide. In terms of net dollar expansion, I would say we're pleased with the stability that we saw. It's been something that we've seen come in over the last four quarters. It's certainly a foundation for us in terms of expansion and our numbers have been in line with guidance.

是的。那麼讓我從第一個開始。我們的展望表明，相對於第一季所見的情況，宏觀環境將保持一致。這就是思考指南的方式。就淨美元擴張而言，我想說我們對所看到的穩定性感到滿意。這是我們在過去四個季度中看到的情況。這無疑為我們擴張奠定了基礎，而且我們的業績也符合預期。

Great. Thank you.

偉大的。謝謝。

Catherine Trebnick, Rosenblatt Securities.

羅森布拉特證券公司的凱瑟琳‧特雷布尼克 (Catherine Trebnick)。

Thank you for taking my question. Since Jim Fish took my channel question, I'll ask about your international. So can you update us on -- that was a big focus is to do internationally. People have talked and said you staff quite a bit in the UK. So can you give us any idea of some of the products or which key pieces of the business you're focusing on internationally? Thanks.

感謝您回答我的問題。由於 Jim Fish 回答了我的頻道問題，因此我將詢問有關您的國際問題。那麼，您能否向我們介紹一下—這是一個國際重點關注的問題。人們談論過你們在英國有相當多的員工。那麼，您能否向我們介紹一下您在國際上關注的一些產品或業務的關鍵部分？謝謝。

Yes, I can take that. Let me say that our strategy is a global one counter and I think the way that we go to market, the products that we are working on even our push and channel, our go-to-market and our product strategy are consistent globally.

是的，我可以接受。我想說的是，我們的策略是全球統一的，我認為我們進入市場的方式、我們正在開發的產品甚至我們的推廣和管道、我們的市場進入方式和產品策略在全球範圍內都是一致的。

So maybe let me just say a little bit more of what we see really resonating in our EMEA business is really not better together and full buying into the platform of both that communication and collaboration experience together with the customer experience, maybe the other one that I would throw in is we're really seeing employee experience and quite well in EMEA. So we're encouraged about, again, the broad growth thesis resonating in Europe as well.

因此，讓我再多說一點，我們看到的在我們的 EMEA 業務中真正引起共鳴的並不是更好地結合在一起，而是完全接受將溝通和協作體驗與客戶體驗結合在一起的平台，也許我想補充的另外一點是，我們確實看到了員工體驗，而且在 EMEA 地區表現相當不錯。因此，我們再次對歐洲廣泛成長理論的共鳴感到鼓舞。

Great. Thank you.

偉大的。謝謝。

Peter Weed, Bernstein.

彼得威德，伯恩斯坦。

Peter, are you there?

彼得，你在那裡嗎？

Tom Blakey, Cantor Fitzgerald.

湯姆布萊基、康托費茲傑拉。

Great. Thanks for taking my questions. Curious, just maybe in terms of the elongation, Michelle, you can talk about maybe any trends in downsells in enterprise if you've seen that. in 1Q, just kind of counterbalancing the reported results with some very strong CCaaS and Zoom Phone.

偉大的。感謝您回答我的問題。好奇的是，也許就延長而言，米歇爾，如果你已經看到了，你可以談談企業降價的任何趨勢。在第一季度，一些非常強大的 CCaaS 和 Zoom Phone 只是在一定程度上平衡了報告的結果。

And then just maybe an update, second question once here about just reaching that kind of 10%, it's not a line in the sand, but we talked maybe a year or so ago or longer ago that CCaaS would reach about 10% of revenue at the same kind of time horizon is phone just like to get an update on that where CCAS sits. Thank you.

然後可能只是更新一下，第二個問題是關於達到 10% 的目標，這不是一個確定的界限，但我們大概在一年前或更早以前就討論過，CCaaS 將在相同的時間範圍內達到大約 10% 的收入，就像獲取有關 CCAS 所在位置的最新消息一樣。謝謝。

Yes. So to your first question, we continue to see year-over-year improvement in churn and enterprise as well as continued low record churn rate in online. So I think in so many -- maybe the color I might give under that is that I think increasingly, when you look at sort of competitive themes, I think they're broadening out. It's, again, that holistic value, the vision of kind of better together across the collaboration as well as customer experience.

是的。因此，對於您的第一個問題，我們繼續看到客戶流失率和企業流失率逐年改善，同時線上客戶流失率也持續處於低位。所以我認為在很多方面——也許我可以給出的顏色是，我認為當你看某種競爭主題時，它們正在不斷擴大。再次強調，這是一種整體價值，是一種透過協作和客戶體驗實現更好的共同願景。

In some, we see the boomerangs with the customer and customer love that Eric mentioned in some of ours. In others, it's the pace of innovation and the dedication Zoom has to customers. And in others, it's a coexist and sort of winning in a different way with things like the team's integration. So I think we feel good not only about the meta trend but some of the color that you see in the deal is emerging.

在一些案例中，我們看到了 Eric 提到的顧客和顧客喜愛所帶來的迴力鏢效應。在其他方面，這是創新的速度和 Zoom 對客戶的奉獻精神。而在其他情況下，這是一種共存，並透過團隊整合等以不同的方式獲勝。因此我認為我們不僅對元趨勢感到滿意，而且您在交易中看到的一些色彩也正在顯現。

And then to your second question around 10% and disclosures and CCaaS, we've tried to add some dimensions here for investors, not only on the customer count, but some of the elite SKU dimensions as well as the triple-digit ARR. And so we'll leave it at that for now.

然後，關於您提出的第二個問題，即 10% 和揭露以及 CCaaS，我們試圖為投資者添加一些維度，不僅是客戶數量，還包括一些精英 SKU 維度以及三位數的 ARR。我們現在就到此為止。

Thank you.

謝謝。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

This is Austin Cole on for Pat Walravens. Eric, it's really cool to see the AI Avatar. Maybe one day soon, more of us will be on this call using AI avatars. And that's actually what I wanted to ask you about is what kind of high-level trends maybe you see taking place through conversations with customers right now that give you kind of confidence in AI's role both in communication and how they're getting work done. So kind of a broad question there, but maybe even specifically, like what are the use cases for these avatars -- and how are you using this stuff internally to shape the work?

這是奧斯汀·科爾 (Austin Cole)，替補帕特·沃爾拉文斯 (Pat Walravens)。艾瑞克，看到人工智慧頭像真的很酷。也許在不久的將來，我們會有更多的人使用人工智慧頭像進行通話。實際上，我想問您的是，透過與客戶的對話，您可能看到了什麼樣的高層次趨勢，這些趨勢讓您對人工智慧在溝通和工作中的作用充滿信心。所以這是一個很廣泛的問題，但也可能很具體，例如這些頭像的用途是什麼——以及你是如何在內部使用這些東西來塑造作品的？

Yes, great question. Again, for the first time in history, right? So we let the AI generated avatar participate into the earnings call, right? It's again, I really love that experience. We are going to keep improving our Clips product.

是的，很好的問題。再說一次，這是歷史上的第一次，對吧？所以我們讓人工智慧產生的化身參與收益電話會議，對嗎？再說一次，我真的很喜歡那種經驗。我們將繼續改進我們的 Clips 產品。

Back to your question about the AI and AI adoption. I mean, first of all, we look at every services, right, and we offer the customer, how to lever AI to improve the product, like all the basic core features already done for a while, like a meeting summary, compose a chat message and so on and so forth.

回到你關於人工智慧和人工智慧採用的問題。我的意思是，首先，我們會審視每項服務，然後我們向客戶提供如何利用人工智慧來改進產品，就像所有已經完成的基本核心功能一樣，例如會議總結、撰寫聊天資訊等等。

Now a customer really want to send what we can do, right, to integrate with their existing systems because they are building the agent -- and there are other vendors also be agent. We also build agent, right? How to make sure our agent, our AI Companion agentic framework, customized AI Companion studio to be other agent how to incorporate with other agents like recently we announced an integration with ServiceNow, it Jira as well.

現在客戶確實想要發送我們可以做的事情，對吧，與他們現有的系統集成，因為他們正在構建代理 - 而且其他供應商也可以成為代理。我們也建代理吧？如何確保我們的代理商、我們的 AI Companion 代理框架、客製化的 AI Companion 工作室成為其他代理，如何與其他代理結合，就像最近我們宣布與 ServiceNow 的整合一樣，它也是 Jira。

And also, essentially, we would like to transform our business from being collaboration a communication company to be a system of actions like Avis meeting or, right, we have -- not only have a summary, but also we have tasks items and AR aging will automatically less created a general ticket and to follow to track, right?

而且，從本質上講，我們希望將我們的業務從一家協作通信公司轉變為像 Avis 會議這樣的行動系統，或者，對吧，我們不僅有一份摘要，而且我們還有任務項目，而 AR 老化將自動創建一張通用票據並進行跟踪，對嗎？

It's kind of become an entire business workflow. Without AI agent, it's really hard. You need to manually drive this and integrate other systems it's not visible. For now, customers look at how to automate everything with agency framework because all those agents can talk to each other, with the A2A protocol and also the MCP protocol, right? That's the reason why we feel very excited together with other vendors, we can become a part of our business workflow. That's -- on that front, we are very excited.

它已經成為一種完整的業務工作流程。如果沒有AI代理，這真的很難。您需要手動驅動它並整合其他系統，它是不可見的。目前，客戶正在研究如何使用代理框架實現一切自動化，因為所有代理商都可以透過 A2A 協定和 MCP 協定相互通信，對嗎？這就是為什麼我們感到非常興奮能夠與其他供應商合作，成為我們業務流程的一部分。就這一點而言，我們感到非常興奮。

Thank you.

謝謝。

Thank you.

謝謝。

Peter Levine, Evercore.

彼得‧萊文 (Peter Levine)，Evercore。

Great. Thank you for squeezing me here. Maybe just to Michelle, you guys are talking a lot more about frontline workers. Can you maybe just help us understand what that product is? Is it really going after like the Microsoft think one or SKU -- maybe just help us understand what the intentions there are for frontline.

偉大的。謝謝你把我擠到這裡。也許只是對米歇爾來說，你們談了很多關於第一線工人的事情。您能否幫助我們了解該產品是什麼？它是否真的像微軟所想的那樣或 SKU 那樣——也許只是幫助我們了解前線的意圖。

And then second, for AI Companion 2.0, there is the monetization for those that want to customize your own AI agents. Can you just -- is there revenue coming in this year from that product? It's probably more second half, but just can you just help us understand what you're expecting from that? Thank you.

其次，對於 AI Companion 2.0，對於想要自訂自己的 AI 代理的人來說，這是可以獲利的。您能否－該產品今年能帶來收入嗎？可能更多的是後半部分，但是您能否幫助我們了解您對此的期望？謝謝。

Sure. So let me start with frontline worker. The way to think about that is -- I mean let me start with the market opportunity broadly. 80% of the workers in the world are frontline workers and yet only 1% of the SaaS spend is on them. And so what that tells us, what our customers tell us is there's a lot of value that they need.

當然。那麼，讓我先從第一線工作人員說起。思考這個問題的方式是——我的意思是讓我從廣泛的市場機會開始。世界上 80% 的工人都是第一線工人，但只有 1% 的 SaaS 支出用於他們。這告訴我們，我們的客戶告訴我們，他們需要很多價值。

And so this product was really born out of that. And so think about what the product does in sort of, I would call it, 3 buckets. It's on-ship communications. It's workforce management and its AI assistant sort of the flow of frontline worker work. And so that's kind of how to think about it.

所以這個產品其實是由此誕生的。那麼想想這個產品的作用，我稱之為「3 個桶子」。這是船上的通訊。它是勞動力管理，其人工智慧助理負責第一線工人的工作流程。這就是我們應該思考的問題。

It just came into market. We are pleased. We've already closed several weeks in post Giga closed deals. We're excited with the interest that we see, in particular, in industries like health care, retail and manufacturing, worsens strong. To your second question on custom AI Companion, I would say we're equally excited, different use case there. That's the two I talked about earlier. I won't repeat.

它剛剛進入市場。我們很高興。我們已經在 Giga 結束後的幾週內完成了交易。我們很高興看到人們的興趣日益濃厚，尤其是在醫療保健、零售和製造業等行業。對於您關於定制 AI Companion 的第二個問題，我想說我們同樣感到興奮，但其用例不同。這就是我之前談到的兩個。我就不重複了。

Seen also excitement in the way that you should think about our H2 outlook for all of these is that we've factored in sort of what we see in measured things, given the size and scale of our business, it won't be a movable number in FY26, and we'll just continue to update investors as we go through these earnings calls.

您還可以看到，在考慮我們對所有這些 H2 前景的方式時，我們也感到興奮，因為我們已經考慮到了我們所看到的衡量指標，考慮到我們業務的規模和規模，26 財年的數字不會發生變化，我們將在召開這些收益電話會議時繼續向投資者更新信息。

Great. Thank you very much.

偉大的。非常感謝。

Matthew Harrikgan, Benchmark.

馬修·哈里根（Matthew Harrikgan），《基準》。

Hello. Thank you. That you're very proud just in creating [Slms]. What are you seeing -- it feels like a lot of people are taking kind of a Russian army approach with just more and more buying from NVIDIA. But as you improve the algos and you get more clever on the math, I mean, how is that affecting your business even on the cost side as well as the opportunity side. Thanks.

你好。謝謝。你很自豪能夠創造[SLMs]。您看到了什麼——感覺很多人都在採取俄羅斯軍隊的方式，越來越多地從 NVIDIA 購買產品。但是隨著你改進演算法，在數學上變得更加聰明，我的意思是，這會對你的業務產生什麼影響，無論是在成本方面還是在機會方面。謝謝。

Eric, do you want to take that?

艾瑞克，你想接受這個嗎？

Sure, sure. So -- our AI approach is a federate AI approach, meaning we have our own large and models. Some customers just want to standardize our own model. At the same time, we integrated seamlessly with (inaudible), with open AI and (inaudible) and it is a federal approach. We also, for sure, let in media and also have the cloud GPU, and this is very standard, right, how to optimize our costs at the same time, offer the value.

當然，當然。所以——我們的人工智慧方法是聯邦人工智慧方法，這意味著我們有自己的大型模型。有些客戶只是想標準化我們自己的模型。同時，我們與（聽不清楚）、開放式人工智慧和（聽不清楚）無縫集成，這是一種聯邦方法。當然，我們也讓媒體加入，並且擁有雲端 GPU，這是非常標準的，對吧，如何同時優化我們的成本，提供價值。

The reason why we can offer the free Zoom AI Companion to our customers because of optimization that works so well in terms of value and cost, we can offer that. And the customized AI Companion is different. It's more like enterprise the data or data index integration, and that's one is different. It's more like not on AI cost front. It's more like a system integration, a lot of other things. If you look at just the pure on AI front, we are very competitive because we always balance the cost and also the value. We have a very large team working on optimization.

我們之所以能夠向客戶提供免費的 Zoom AI Companion，是因為其在價值和成本方面的優化效果非常好，我們可以提供這一點。而定製版的AI Companion則有所不同。它更像是企業數據或數據索引的集成，這是不同的。這更像是不在 AI 成本方面。它更像是一個系統集成，還有很多其他的東西。如果只從純粹的人工智慧角度來看，我們非常有競爭力，因為我們始終在成本和價值之間取得平衡。我們有一個非常龐大的團隊致力於優化。

Thanks, Eric. Nice, Avatar.

謝謝，埃里克。太棒了，阿凡達。

Thank you. Appreciate it. Next earning call will be much better.

謝謝。非常感謝。下一次收益電話會議將會更好。

Thank you. This concludes the Q&A portion of today's call. I'll turn it back over to Eric for closing remarks.

謝謝。今天電話會議的問答部分到此結束。我將把發言權交還給 Eric，請他做最後的總結發言。

Thank you all and really appreciate your time. Thank you for all those investors who trust us, and we are going to do all we can to truly deliver happiness to you all. Thank you. Appreciate it.

謝謝大家，非常感謝你們抽出時間。感謝所有信任我們的投資者，我們將竭盡全力為大家帶來真正的幸福。謝謝。非常感謝。

Thank you.

謝謝。

Thank you, Eric and Michelle. This concludes today's earnings call. Thank you all for attending, and have a great rest of your day.

謝謝你，埃里克和米歇爾。今天的收益電話會議到此結束。感謝大家的出席，祝大家有個愉快的一天。