Zoom Communications Inc (ZM) 2026 Q2 法說會逐字稿

(audio in progress) today's webinar is being recorded. I will now hand things over to Charles Eveslage, Head of Investor Relations. Charles, over to you.

（音訊正在播放）今天的網路研討會正在錄製。現在我將把事情交給投資者關係主管查爾斯‧埃夫斯拉奇 (Charles Eveslage)。查爾斯，交給你了。

Thank you, Megan. Hello, everyone, and welcome to Zoom's earnings video webinar for the second quarter of fiscal year 2026. I'm joined today by Zoom's Founder and CEO, Eric Yuan; and Zoom's CFO, Michelle Chang.

謝謝你，梅根。大家好，歡迎參加 Zoom 2026 財年第二季收益視訊網路研討會。今天與我一起參加會議的還有 Zoom 的創辦人兼執行長 Eric Yuan 和 Zoom 的財務長 Michelle Chang。

Our earnings release was issued today after the market closed and may be downloaded from the Investor Relations page at investors.zoom.com. Also on this page, you'll be able to find a copy of today's prepared remarks and a slide deck with financial highlights that, along with our earnings release, include a reconciliation of GAAP to non-GAAP financial results. These measures should not be considered in isolation from or as a substitution for financial information prepared in accordance with GAAP.

我們的收益報告於今日收盤後發布，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和一份包含財務要點的幻燈片，除了我們的收益報告外，還包含一份 GAAP 與非 GAAP 財務業績的對帳表。這些措施不應孤立地看待，也不應取代按照 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 third quarter and full fiscal year 2026, our expectations regarding financial and business trends, impacts from a macroeconomic environment, our market position, stock repurchase program, opportunities, go-to-market initiatives, growth strategy and business aspirations, and product initiatives, including future products and future releases and the expected benefits of such initiatives.

在本次電話會議中，我們將做出前瞻性陳述，包括有關我們對 2026 年第三季和全年財務前景的陳述、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、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聲明的義務。

And with that, let me turn the discussion over to Eric, who like last quarter, is giving his prepared remarks via Zoom Custom Avatar. Eric?

接下來，讓我將討論交給 Eric，與上個季度一樣，他將透過 Zoom Custom Avatar 發表準備好的發言。艾瑞克？

Thank you, Charles. We delivered strong results highlighted by revenue growing at its fastest rate in 11 quarters. We also achieved meaningful progress on our three key priorities: delivering world-class AI to enhance customer value, rapidly innovating Zoom Workplace, and scaling high-growth departmental solutions.

謝謝你，查爾斯。我們取得了強勁的業績，營收成長率達到了 11 個季度以來的最快水準。我們還在三個關鍵優先事項上取得了有意義的進展：提供世界一流的人工智慧以提升客戶價值、快速創新 Zoom Workplace 以及擴展高成長部門解決方案。

Zoom is strengthening its position as a leader in AI-powered collaboration, helping customers work smarter, operate more efficiently, and deliver greater value to their organizations. Reflecting this impact, AI Companion monthly active users have grown over 4 times year-over-year with millions using our AI to boost business value throughout the meeting life cycle and beyond.

Zoom 正在加強其在人工智慧協作領域的領先地位，幫助客戶更聰明地工作、更有效率地運作並為其組織創造更大的價值。反映這一影響的是，AI Companion 的每月活躍用戶同比增長了 4 倍多，數百萬人使用我們的 AI 來提升整個會議生命週期及以後的商業價值。

AI adoption now extends well beyond meeting summaries, with strong momentum in meeting prep and post-meeting task management, call summaries for Zoom Phone and AI first meeting integration and content generation capabilities for Zoom Docs. This progress is just the beginning, and we look forward to sharing more AI innovations at Zoomtopia next month.

如今，人工智慧的應用範圍已遠遠超出了會議總結的範疇，在會議準備和會後任務管理、Zoom Phone 的通話總結以及 Zoom Docs 的 AI 首次會議集成和內容生成功能方面都表現強勁。這項進展只是個開始，我們期待下個月在 Zoomtopia 分享更多人工智慧創新。

Our broadening AI adoption is also translating into greater customer investment as organizations increasingly our AI as critical to driving business outcomes. In Q2, a Fortune 200 US tech company deployed Zoom Custom AI Companion, our paid AI add-on for Zoom Workplace for nearly 60,000 employees to tap into company knowledge during meetings, generate action-ready summaries that power agentic workflows and integrate directly with their AI bot to streamline IT service operations.

隨著企業越來越將人工智慧視為推動業務成果的關鍵，我們不斷擴大的人工智慧應用也轉化為更大的客戶投資。在第二季度，一家財富 200 強美國科技公司部署了 Zoom Custom AI Companion，這是我們為 Zoom Workplace 提供的付費 AI 附加組件，可供近 60,000 名員工在會議期間利用公司知識，生成可立即行動的摘要，為代理工作流程提供支持，並直接與他們的 AI 機器人運營集成，以簡化 IT 服務運營。

Customers are also benefiting from our AI supporting human agents in our Contact Center Elite offering, which is a critical component driving revenue growth in Zoom customer experience. One example is ATPI, a leading UK-based global travel and events management company known for its expertise in complex sectors who in Q2 selected Zoom Contact Center Elite alongside Zoom Phone to transform their global customer engagement.

客戶也受益於我們 Contact Center Elite 產品中支援人工智慧的人工代理，這是推動 Zoom 客戶體驗收入成長的關鍵組成部分。其中一個例子是 ATPI，這是一家總部位於英國的領先的全球旅遊和活動管理公司，以其在複雜領域的專業知識而聞名，該公司在第二季度選擇了 Zoom Contact Center Elite 和 Zoom Phone 來改變其全球客戶參與度。

ATPI chose Zoom over the competition for our better together voice and contact center offering and because of the measurable potential of our AI features across AI Expert Assist, quality management and workforce management to significantly reduce hours spent by both agents and supervisors on repeatable tasks.

ATPI 選擇 Zoom 而不是競爭對手，是因為我們提供更好的語音和聯絡中心服務，並且因為我們的 AI 功能在 AI Expert Assist、品質管理和勞動力管理方面具有可衡量的潛力，可以顯著減少代理和主管在可重複任務上花費的時間。

Lastly, we are also excited about the Q2 launch of Virtual Agent 2.0, which advances from conversational to agentic AI designed to deliver measurable customer outcomes. In its first month saw deals, including SecureOne, a private security company who replaced an expensive manual after hours answering service with ZBA for voice.

最後，我們也對第二季推出的虛擬代理 2.0 感到興奮，它從對話式 AI 發展到代理式 AI，旨在提供可衡量的客戶成果。第一個月就達成了多項交易，其中包括私人保全公司 SecureOne，該公司用 ZBA 語音應答服務取代了昂貴的人工下班後應答服務。

The solution integrated seamlessly with their existing Zoom Phone deployment, reduced cost by thousands of dollars annually and enhance sales prospecting through intelligent automation. This is just one example of how Zoom's agentic AI tools can help customers drive both meaningful cost savings and new revenue opportunities.

該解決方案與他們現有的 Zoom Phone 部署無縫集成，每年降低數千美元的成本，並透過智慧自動化增強銷售前景。這只是 Zoom 的代理 AI 工具如何幫助客戶實現顯著的成本節約和新的收入機會的一個例子。

Zoom continues to innovate with Zoom Workplace, delivering a seamless and integrated collaboration with Zoom Meetings, Phone, Team Chat, Events, Docs, Whiteboard and Rooms. We have been honored with four UC Today awards, recognizing our continued innovation and leadership including most innovative product for AI Companion, best UC platform for Zoom Workplace, best UCaaS provider Americas and Best Contact Center Solution.

Zoom 繼續透過 Zoom Workplace 進行創新，透過 Zoom Meetings、電話、團隊聊天、活動、文件、白板和會議室實現無縫整合的協作。我們榮獲四項 UC Today 獎項，以表彰我們持續的創新和領導地位，包括 AI Companion 最具創新性產品獎、Zoom Workplace 最佳 UC 平台獎、美洲最佳 UCaaS 提供者獎和最佳聯絡中心解決方案獎。

Furthermore, in recognition of our customer focus and innovation, we are proud to be named a UCAS Leader in the Forrester Wave. Our continued momentum reflects not only strong customer demand for our modern collaboration solutions but also the success of meeting buyers where they are through preferred channels like AWS Marketplace.

此外，由於我們對客戶的關注和創新的認可，我們很榮幸被評為 Forrester Wave 中的 UCAS 領導者。我們持續的發展動能不僅反映了客戶對我們現代協作解決方案的強勁需求，也反映了我們透過 AWS Marketplace 等首選管道成功滿足了買家的需求。

In Q2, for example, HubSpot expanded to Zoom Workplace, including Zoom Phone, Rooms, Sessions, Whiteboard, Translated Captions and more. This will deliver the benefits of our modern, integrated and cohesive collaboration suite to help them enable hybrid work across their global workforce, reduce costs and simplify billing on AWS Marketplace. Our focus on customer value led many companies to boomerang to Zoom after trying other services.

例如，在第二季度，HubSpot 擴展到 Zoom Workplace，包括 Zoom Phone、Rooms、Sessions、Whiteboard、Translated Captions 等。這將發揮我們現代、整合且有凝聚力的協作套件的優勢，幫助他們在全球員工隊伍中實現混合工作，降低成本並簡化 AWS Marketplace 上的計費。我們對客戶價值的關注使得許多公司在嘗試其他服務後最終選擇 Zoom。

One such company is F5, a global technology leader in application delivery and security. F5 bounced back to Zoom with a seven figure ARR deal due to the increased productivity and lower total cost of ownership of our modern, easy-to-use platform.

其中一家公司就是 F5，它是應用程式交付和安全領域的全球技術領導者。由於我們現代化、易於使用的平台提高了生產力並降低了整體擁有成本，F5 以七位數的 ARR 交易重新與 Zoom 簽約。

And finally, Zoom Phone delivered another strong quarter, sustaining mid-teens ARR growth and gaining market share versus leading competitors, an impressive result given its already large as a UCaaS leader. Our better together vision unifying best-in-class voice collaboration and customer engagement solutions drove a major five year seven figure ARR Zoom phone deal displacing Cisco, which also includes Workplace and Contact Center Elite.

最後，Zoom Phone 又一個季度表現強勁，維持了十幾歲的 ARR 成長，並在與主要競爭對手的競爭中獲得了市場份額，考慮到其作為 UCaaS 領導者的地位，這是一個令人印象深刻的成績。我們「攜手共進」的願景是統一一流的語音協作和客戶互動解決方案，這推動了一項重要的五年七位數 ARR Zoom 電話交易，取代了思科，後者還包括 Workplace 和 Contact Center Elite。

We also continue to drive amazing growth with our customer experience and employee experience solutions. As I mentioned earlier, AI adoption is increasing within our customer experience offering and transforming how brands engage their customers and build loyalty with our set of modern, differentiated AI-first tools.

我們也持續透過客戶體驗和員工體驗解決方案推動驚人的成長。正如我之前提到的，人工智慧在我們的客戶體驗產品中的應用正在不斷增加，並透過我們一系列現代化、差異化的人工智慧優先工具改變品牌吸引客戶和建立忠誠度的方式。

You see this momentum in the number of Zoom Contact Center customers with over $100,000 ARR, which grew 94% year-over-year to 229, highlighting our ability to win with large accounts in high stakes deployments and migrate them into the high-end AI products. Our top 10 contact center deals were all displacements of leading competitors and all but one were cloud displacements.

您可以從 Zoom Contact Center 擁有超過 100,000 美元 ARR 的客戶數量中看到這一勢頭，該數量同比增長 94%，達到 229 個，凸顯了我們在高風險部署中贏得大帳戶並將其遷移到高端 AI 產品中的能力。我們的十大聯絡中心交易均是主要競爭對手的取代，除一項外，其餘均為雲端取代。

Inland Real Estate Group, whose member companies employ more than 1,200 people faced challenges for years managing disparate systems. In Q2, they chose the full Zoom platform, including Workplace, Phone and Contact Center to unify their collaboration and customer experience and future-proof their business.

Inland Real Estate Group 的成員公司擁有超過 1,200 名員工，多年來一直面臨著管理分散系統的挑戰。在第二季度，他們選擇了完整的 Zoom 平台，包括 Workplace、Phone 和 Contact Center，以統一他們的協作和客戶體驗並確保他們的業務面向未來。

We have also made progress in building additional routes to market. We are excited about our newly established collaboration with PwC, which expands our Zoom Contact Center and AI opportunity and ability to meet the needs of global enterprise customers.

我們在建立更多市場通路方面也取得了進展。我們對與普華永道新建立的合作關係感到非常興奮，這擴大了我們的 Zoom 聯絡中心和 AI 機會以及滿足全球企業客戶需求的能力。

Together, we have already co-sold several large deals, including a Fortune 50 technology firm for which PwC will provide advisory and implementation services. In Q2, our employee experience offering continued to shine with Workvivo reaching 168 customers with over $100,000 ARR, up 142% year-over-year.

我們已經共同完成了幾筆大型交易，其中包括一家財富 50 強科技公司，普華永道將為其提供諮詢和實施服務。在第二季度，我們的員工體驗產品持續大放異彩，Workvivo 已擁有 168 位客戶，年經常性收入 (ARR) 超過 10 萬美元，年成長 142%。

One of these large deals was Marubeni Corporation, a large diversified Japanese conglomerate that transitioned to Workvivo from Meta Workplace with more than 10,000 licenses elevate how it informs, connects and engages employees.

其中一項大型交易是丸紅株式會社，這是一家大型多元化日本企業集團，它從 Meta Workplace 過渡到 Workvivo，擁有超過 10,000 個許可證，提升了其通知、聯繫和吸引員工的方式。

Before I hand it to Michelle to take us through the financial results, let me close by saying that on September 17, we look forward to bringing you Zoomtopia 2025 for the people, our biggest event of the year. You'll learn about exciting product reveals, inspiring stories and much more. See you there.

在請米歇爾向我們介紹財務表現之前，我想最後說一下，9 月 17 日，我們期待為大家帶來 Zoomtopia 2025，這是我們今年最大的活動。您將了解令人興奮的產品發布、鼓舞人心的故事等等。到時候見。

Thank you, Eric, and hello, everybody. I'm excited to share Zoom's Q2 FY26 financial performance today. In Q2, total revenue grew 4.7% year-over-year to $1.217 billion or 4.4% in constant currency. The result was $17 million above the high end of our guidance.

謝謝你，埃里克，大家好。我很高興今天分享 Zoom 2026 財年第二季的財務表現。第二季度，總營收年增 4.7% 至 12.17 億美元，以固定匯率計算成長 4.4%。結果比我們預期的最高值高出 1700 萬美元。

Our enterprise business continues to be a key point of strength, with revenue growing 7% year-over-year and representing 60% of our total revenue, up 1 point year-over-year. Our online business continues to show signs of stabilizing. In Q2, average monthly churn was flat year-over-year at continued lows of 2.9%.

我們的企業業務持續成為我們的主要優勢，營收年增 7%，占我們總收入的 60%，年增 1 個百分點。我們的線上業務繼續顯示出穩定的跡象。第二季度，平均每月流失率與去年同期持平，持續處於 2.9% 的低點。

In our enterprise business, we saw approximately 9% year-over-year growth in the number of customers contributing more than $100,000 in trailing 12 month revenue. These customers make up 32% of our total revenue, up 1 point year-over-year. Our trailing 12 month net dollar expansion rate for enterprise customers in Q2 held steady at 98%.

在我們的企業業務中，過去 12 個月營收貢獻超過 10 萬美元的客戶數量年增約 9%。這些客戶占我們總營收的32%，較去年同期成長1個百分點。我們第二季企業客戶過去 12 個月的淨美元擴張率穩定在 98%。

Pivoting to our growth internationally. Our Americas revenue grew 5% year-over-year, EMEA grew 6%, and APAC grew 4%. Moving to our non-GAAP results, which as a reminder, excludes stock-based compensation expense and associated payroll taxes, acquisition-related expenses, net gains on strategic investments, net litigation settlements and all associated payroll tax effects.

致力於我們的國際化發展。我們的美洲營收年增 5%，歐洲、中東和非洲地區成長 6%，亞太地區成長 4%。轉到我們的非 GAAP 結果，提醒一下，它不包括股票薪酬費用和相關工資稅、收購相關費用、戰略投資淨收益、淨訴訟和解以及所有相關的工資稅影響。

Non-GAAP gross margin in Q2 was 79.8%, up 128 basis points from Q2 of last year, primarily due to cost optimization efforts. We continue to reiterate our long-term goal of 80% non-GAAP gross margins and remain focused in the near term around balancing investments with AI with cost efficiencies.

第二季非公認會計準則毛利率為 79.8%，較去年同期上升 128 個基點，主要得益於成本優化工作。我們繼續重申我們的長期目標，即非公認會計準則毛利率達到 80%，並在短期內繼續專注於平衡人工智慧投資與成本效率。

Non-GAAP income from operations grew 10.5% year-over-year to $503 million, exceeding the high end of our guidance by over $38 million. Non-GAAP operating margin for Q2 was 41.3%, up 216 basis points from Q2 of last year.

非公認會計準則營業利潤年增 10.5%，達到 5.03 億美元，超出我們預期的上限 3,800 萬美元。非公認會計準則第二季營業利益率為41.3%，較去年同期上升216個基點。

The operating margin improvement was driven by ongoing cost management and timing of spend. Non-GAAP diluted net income per share in Q2 was $1.53, an approximately $308 million non-GAAP diluted weighted average shares outstanding.

營業利益率的提高得益於持續的成本管理和支出時機的掌握。第二季非公認會計準則稀釋每股淨收益為 1.53 美元，非公認會計準則稀釋加權平均流通股數約為 3.08 億美元。

This result was $0.16 above the high end of our guidance and $0.14 higher than Q2 of FY25. The EPS growth reflects strong business performance, effective cost management, and less dilution, driven by our buyback program and disciplined stock compensation management.

這一結果比我們預期的高端高出 0.16 美元，比 2025 財年第二季高出 0.14 美元。每股盈餘成長反映了強勁的業務表現、有效的成本管理和較少的稀釋，這得益於我們的回購計劃和嚴格的股票薪酬管理。

Turning to the balance sheet. Deferred revenue at the end of the period grew 5% year-over-year to $1.48 billion, slightly ahead of the high end of our previously provided range. In Q3, 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 5% 至 14.8 億美元，略高於我們先前提供的最高範圍。我們預計第三季遞延營收將年增 4% 至 5%。

Looking at both our build and unbilled contracts, our RPO increased over 5% year-over-year to approximately $4 billion. We expect to recognize just under 61% of the total RPO as revenue over the next 12 months, slightly up from 60% in Q2 of FY25.

從我們的建設合約和未開票合約來看，我們的 RPO 年成長超過 5%，達到約 40 億美元。我們預計，未來 12 個月內，RPO 總收入中將有略低於 61% 的部分確認為收入，略高於 25 財年第二季的 60%。

Operating cash flow in Q2 grew 15% year-over-year to $516 million, representing an operating cash flow margin of 42.4%. Free cash flow in the quarter grew 39% year-over-year to $508 million, representing a free cash flow margin of 41.7%, up 10 points year-over-year.

第二季經營現金流量年增 15% 至 5.16 億美元，經營現金流利潤率為 42.4%。本季自由現金流年增 39% 至 5.08 億美元，自由現金流利潤率為 41.7%，年增 10 個百分點。

The year-over-year increase in free cash flow margin was driven by the timing of tax payments and the lapping of significant PP&E investments. We ended the quarter with approximately $7.8 billion in cash, cash equivalents, marketable securities, excluding restricted cash.

自由現金流利潤率的同比增長是由於納稅時間和大量 PP&E 投資的重疊所致。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 Q2, we again accelerated execution of our existing $2.7 billion share buyback plans, purchasing 6 million shares for $463 million, an increase of approximately 389,000 shares quarter-over-quarter, underscoring our commitment to delivering value to our shareholders.

在第二季度，我們再次加快執行現有的 27 億美元股票回購計劃，以 4.63 億美元購買了 600 萬股，比上一季增加約 389,000 股，彰顯了我們致力於為股東創造價值的承諾。

Turning to guidance. In Q3, we expect revenue to be in the range of $1.21 billion to $1.215 billion. This represents approximately 3% year-over-year growth at the midpoint. We expect non-GAAP operating income to be in the range of $465 million to $470 million, representing an operating margin of 38.6% at the midpoint. Our outlook for non-GAAP earnings per share is $1.42 to $1.44, based on approximately 307 million shares outstanding.

轉向指導。我們預計第三季的營收將在 12.1 億美元至 12.15 億美元之間。這意味著中期同比增長約 3%。我們預計非公認會計準則營業收入將介於 4.65 億美元至 4.7 億美元之間，中間值營業利潤率為 38.6%。基於約 3.07 億股流通股，我們對非 GAAP 每股盈餘的預期為 1.42 美元至 1.44 美元。

As a reminder, future share repurchases are not reflected in the share count and EPS guidance. For the full year of FY26, we're excited to raise both our revenue and our profitability guidance. We now expect revenue to be in the range of $4.825 billion to $4.835 billion, which at the midpoint, represents approximately 3.5% year-over-year growth.

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。對於 26 財年全年，我們很高興能夠提高我們的營收和獲利預期。我們現在預計營收將在 48.25 億美元至 48.35 億美元之間，中間值約為年成長 3.5%。

We expect our non-GAAP operating income to be in the range of $1.905 billion to $1.915 billion, representing an operating margin of 39.5% at the midpoint. In addition, our outlook for non-GAAP earnings per share in FY26 is increasing to $5.81 to $5.84 based on approximately 308 million shares outstanding. With the strength in free cash flow in the first half and increased outlook for operating income in FY26, we now expect free cash flow to be in the range of $1.74 billion to $1.78 billion for the full year.

我們預計非公認會計準則營業收入將在 19.05 億美元至 19.15 億美元之間，中間值營業利潤率為 39.5%。此外，基於約 3.08 億股流通股，我們對 26 財年非 GAAP 每股盈餘的預期增加至 5.81 美元至 5.84 美元。由於上半年自由現金流強勁以及 26 財年營業收入前景增加，我們現在預計全年自由現金流將在 17.4 億美元至 17.8 億美元之間。

In closing, we've made progress improving top line growth. We sustained best-in-class profitability and reduced dilution. We're executing on our three priorities with discipline and momentum, and we remain committed to building on this success to deliver lasting value for our shareholders.

最後，我們在提高營收成長方面取得了進展。我們保持了一流的盈利能力並減少了稀釋。我們正在以紀律和動力執行我們的三大優先事項，並將繼續致力於在此基礎上再接再厲，為股東創造持久的價值。

Thank you to the entire Zoom team, our customers and our investors for your trust and support. With that, Megan, please queue the first question.

感謝整個 Zoom 團隊、我們的客戶和投資者的信任和支持。梅根，請排隊回答第一個問題。

(Event Instructions) Peter Levine, Evercore.

（活動說明） Peter Levine，Evercore。

Great. Thank you very much for taking my question and congrats on a good quarter. Maybe one for Eric, you're seeing kind of your AI solution kind of really take off. But maybe can you help us share with us like what's the ROI that your customers are seeing right?

偉大的。非常感謝您回答我的問題，並祝賀您本季取得了良好的業績。也許對於 Eric 來說，您看到您的 AI 解決方案真正起飛了。但也許您能幫助我們分享您的客戶看到的投資報酬率是多少嗎？

In terms of like the 2.0, you referenced the customer, a pretty large customer that adopted 2.0. So I would love to know like what's the use case that you're seeing the ROI?

說到2.0，您提到了採用2.0的客戶，一個相當大的客戶。所以我想知道您在哪些用例中看到了投資回報率？

And then second, just from a macro perspective, anything you can share with us in terms of what you're hearing or seeing from your customers in terms of their appetite, IT budgets for collaboration.

其次，從宏觀角度來看，您可以與我們分享您從客戶那裡聽到或看到的任何訊息，包括他們的合作意願、IT 預算等。

Yeah, great question. So, yeah, I'm using my Phone to join this earning call. I think in terms of AI, you are right. We launched the combining 2.0. And hopefully, we're also going to announce something exciting at Zoomtopia next month as well.

是的，很好的問題。是的，我正在使用我的手機參加這次收益電話會議。我認為就人工智慧而言，你是對的。我們推出了 Combining 2.0。希望下個月我們也能在 Zoomtopia 上發布一些令人興奮的消息。

Because two years ago, right, everyone talked about AI, right, the first step for us to leverage AI to improve our functionalities, like meeting summary, transcription, so on and so forth. That's already done very well. And the reason why we announced Zoom 2.0 is how to leverage agentic capabilities and also not only do we support the meeting summary, but also look at the entire meeting life cycle from pre-meeting, how to schedule the meeting to leverage AI, and pre-meeting experience and post-meeting experience and also how to leverage AI to improve other product experience like a Phone and other -- the Workplace, the pointed product as well.

因為兩年前，對吧，每個人都在談論人工智慧，對吧，我們利用人工智慧來改進我們的功能的第一步，例如會議總結、轉錄等等。這已經做得很好了。我們宣布 Zoom 2.0 的原因是如何利用代理功能，而且我們不僅支援會議摘要，還要研究從會前到如何安排會議以利用人工智慧的整個會議生命週期，以及會前體驗和會後體驗，以及如何利用人工智慧來改善其他產品體驗，如電話和其他產品——工作場所，以及針對性產品。

So overall, the feedback is pretty positive and look at the usage, right, compared to last year, in terms of monthly active users, it's 4 times more, right, this quarter compared to the quarter last year. I think overall, I think customers, they all look at how to leverage your AI, to improve the productivity and work effectiveness and so many things for us to do, right?

因此，總體而言，回饋非常積極，看看使用情況，與去年相比，就每月活躍用戶而言，本季與去年同期相比增加了 4 倍。我認為總的來說，我認為客戶都在考慮如何利用人工智慧來提高生產力和工作效率，以及我們可以做很多事情，對嗎？

And in terms of the IT budget, I think the overall -- I think you look at almost every customer, they all look at how they can lever the AI to make their product better, how to work together with their vendors to leverage AI.

就 IT 預算而言，我認為總體而言——我認為幾乎每個客戶都在考慮如何利用人工智慧來改進他們的產品，如何與供應商合作利用人工智慧。

That's the reason why many of our customers either already enabled AI Companion or in the process to enable AI Companion, not to mention our AI Companion is part of their offering. We do not charge customer extra except for Customized AI Companion.

這就是為什麼我們的許多客戶要么已經啟用 AI Companion，要么正在啟用 AI Companion，更不用說我們的 AI Companion 是他們產品的一部分。除了客製化 AI 伴侶外，我們不會向客戶收取額外費用。

Thank you very much.

非常感謝。

Appreciate it. Thank you.

非常感謝。謝謝。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great, thanks. Kind of noted the AI Companion vertical-specific win kind of with the Fortune 2000 -- or 200 tech company. And I guess just how are some of these wins that you're getting on these vertical-specific AI Companions informing just what customer needs are, what they can do with AI kind of beyond what we traditionally think of as like summarization.

太好了，謝謝。值得注意的是，AI Companion 在垂直領域取得了財富 2000 強或 200 強科技公司的勝利。我想問一下，你們在這些垂直特定的 AI Companions 上取得的這些勝利是如何告知客戶的需求是什麼，他們可以用 AI 做什麼，超越我們傳統上認為的總結。

Yeah, sort of questions. So in instance, we introduced AI Companion. For sure, there were some early adopters, right, who adopted AI early already for a while. Now they look beyond AI Companion. Are there any other things they can achieve with our AI capabilities.

是的，類似這樣的問題。例如，我們推出了 AI Companion。當然，有一些早期採用者，他們已經採用人工智慧一段時間了。現在，他們的目光不再局限於 AI Companion。他們還能利用我們的人工智慧能力實現其他目標嗎？

That's the reason why they paid for Customized AI Companion where we connect with their index, their content, or with the customized meeting time period or summaries response and forth. I think for sure, some other customers still in the process to adopted AI Companion, right?

這就是他們為定制 AI Companion 付費的原因，我們可以將其與他們的索引、內容或自訂的會議時間段或摘要回應等聯繫起來。我想肯定還有其他一些客戶仍在採用 AI Companion 的過程中，對嗎？

So AI Companion, again, as I mentioned earlier, is part of a package, more and more customers are going to adopt that -- or adopt that. At the same time, customers for those customers who already adopt AI Companion look at beyond today's AI Companion. Are there any new things?

因此，正如我之前提到的，AI Companion 是一個軟體包的一部分，越來越多的客戶將會採用它——或者說會採用它。同時，已經採用 AI Companion 的客戶也開始著眼於當今 AI Companion 以外的領域。有沒有新東西？

That's the reason why we offer Customized AI Companion. Then ultimately, and we also want to innovate more, right? It's not only do we have a AI Companion 2.0 customer's AI Companion. That's why we're very excited for the new AI Companion announcement at Zoomtopia next month.

這就是我們提供客製化 AI 伴侶的原因。那麼最終，我們也希望進行更多創新，對嗎？我們不僅擁有 AI Companion 2.0 客戶的 AI Companion。這就是為什麼我們對下個月在 Zoomtopia 上發布的新 AI Companion 感到非常興奮。

Great, thanks.

太好了，謝謝。

Appreciate it. Thank you.

非常感謝。謝謝。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

No, you might be having some technical difficulty. Tyler, are you there?

不，您可能遇到了一些技術困難。泰勒，你在嗎？

William Power, Baird.

威廉鮑爾，貝爾德。

Okay, great. This is Yanni Samoilis on for Will Power. Thanks for taking the question. A couple on the online segment. So I know you folks instituted a price increase for the monthly Pro SKU earlier this summer, I think. So first of all, I think you mentioned last quarter that you were expecting that to add $10 million to $15 million of incremental revenue this year or at least as it compares to your initial forecast.

好的，太好了。這是 Yanni Samoilis 為 Will Power 表演的節目。感謝您回答這個問題。網路上有一對情侶。所以我知道你們在今年夏初就提高了每月 Pro SKU 的價格。首先，我想您在上個季度提到過，您預計今年的增量收入將達到 1000 萬至 1500 萬美元，或至少與您最初的預測相比。

And based on what you've seen so far, I'm wondering if any of your assumptions around that have changed or if your expectations there are still consistent. And then also just taking a step back, I was hoping you could comment on any feedback you've heard from customers so far, just in general.

根據您目前所看到的情況，我想知道您的任何假設是否發生了變化，或者您的預期是否仍然一致。然後退一步來說，我希望您能對迄今為止從客戶那裡聽到的任何反饋發表一般性評論。

It looks like churn largely held stable. But I'd be curious if you have observed any other changes in customer behavior, maybe customers switching to annual plans to avoid that price increase or any other dynamics that you might have noticed. Thanks.

看起來流失率基本上保持穩定。但我很好奇您是否觀察到了客戶行為的任何其他變化，也許客戶轉向年度計劃以避免價格上漲或您可能注意到的任何其他動態。謝謝。

Yeah, I can take that one. So first, we're pleased with the growth of 1.4% and pleased with continued low churn with that. I'd reiterate that same range of guidance from $10 million to $15 million, still on track for that. And I continue to guide to a flat online number on the full year.

是的，我可以接受這個。首先，我們對 1.4% 的成長率感到滿意，並且對持續的低流失率感到滿意。我重申同樣的指導範圍，即 1000 萬美元至 1500 萬美元，仍有望實現這一目標。我繼續預測全年線上人數將保持穩定。

We did see, to your question, some shift to long term, but nothing I would say extreme. And maybe a little bit more color in terms of the customer conversation is that we didn't see a lot of pushback, and I think that's really a statement of -- it's a relatively small price increase.

對於您的問題，我們確實看到了一些向長期的轉變，但我認為這並不極端。從與客戶的對話來看，也許更生動的一點是，我們並沒有看到太多的阻力，我認為這確實表明——這是一個相對較小的漲價幅度。

But it has to do, I think, even more with the value that we've put in the Workplace SKU, be it AI or so many of the more products in there as well as with the particular price increase we increased storage limits. So for us and what we heard, the value prop was still very much there.

但我認為，這與我們為 Workplace SKU 注入的價值（無論是 AI 還是其中的更多產品）有關，而且隨著特定價格的上漲，我們也增加了儲存限制。因此對於我們以及我們所聽到的而言，價值主張仍然存在。

Okay, thank you.

好的，謝謝。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

Hey, thanks for the question here. Two parter though, Eric, for you, Workvivo continues to have another strong quarter really spike in usage from what we can tell. I guess what are you seeing with that asset as we head into the back half of the year, both from that partner angle with Meta and the overall market?

嘿，謝謝你在這裡提問。不過，艾瑞克，對於你來說，從我們目前的情況來看，Workvivo 在本季度繼續保持強勁成長，使用量確實出現激增。我想，當我們進入下半年時，從與 Meta 的合作角度和整個市場的角度來看，您對該資產有何看法？

And then just Michelle, on the numbers here, you raised by [25%] to the top line, beat by [20%] in the quarter, have FX in your favor. Walk us through why we're not getting more of a roll forward of kind of the top line upside here? Is it just prudency or anything to think about for the back half of the year? Thanks.

然後，米歇爾，就這裡的數字而言，你的營收提高了 [25%]，比本季提高了 [20%]，外匯對你有利。請向我們解釋為什麼我們沒有獲得更多的收入成長？這只是出於謹慎，還是需要考慮下半年的事情？謝謝。

Michelle, you want me to address the first one?

米歇爾，你想讓我解決第一個問題嗎？

Sure.

當然。

Yeah. So in terms of Workvivo growth, and for sure, major partnership certainly helped us a lot since last year. For now, our top priority make sure for those customers set to our Workvivo platform, we've got to help them transition to our platform very smoothly, right?

是的。因此，就 Workvivo 的發展而言，自去年以來，主要合作夥伴關係確實給了我們很大的幫助。目前，我們的首要任務是確保那些使用我們的 Workvivo 平台的客戶能夠順利過渡到我們的平台，對嗎？

Every future works, new regression and that is still the top part. At the same time, a lot of the customers realized they needed to have a customer or the employee engagement platform and more and more opportunities in the pipeline.

每一個未來都會起作用，新的回歸，而這仍然是最重要的部分。同時，許多客戶意識到他們需要擁有一個客戶或員工參與平台，並且需要越來越多的機會。

And also at the same time, we are going to innovate more, right? And a lot of innovations upon our Workvivo platform. I think also the AI is also another way for us to innovate as well to further improve our Workvivo, the platform experience.

同時，我們也會進行更多的創新，對嗎？我們的 Workvivo 平台有許多創新。我認為人工智慧也是我們創新的另一種方式，可以進一步改善我們的 Workvivo 平台體驗。

I think it used to be we just book on very, very large deals. I think a lot of the commercial -- the medium-sized customers also will benefit from deploying Workvivo platform. And that's kind of our -- the next growth opportunity for the Workvivo platform.

我認為我們以前只是預訂非常非常大的交易。我認為許多商業—中型客戶也將受益於部署 Workvivo 平台。這就是我們的 Workvivo 平台的下一個成長機會。

Yeah. Maybe a couple of comments, James, in terms of the forecast. First, as you noted, we feel good about the consistent beat as well as the raise regardless of US constant currency. We feel good about the steady progress made towards the growth rate despite dynamic macro conditions.

是的。詹姆斯，關於預測，我有幾個評論。首先，正如您所說，無論美元匯率如何，我們都對持續的成長和成長感到滿意。儘管宏觀環境瞬息萬變，但我們對成長率的穩定提高感到滿意。

So raising, for example, from $2.7 billion at the beginning of the year to now $3.5 billion. We feel good about the three areas of strategic focus and the progress that we see within those. Maybe the color that I gave you is that we already talked about online and sort of the guidance being flat, relatively speaking, the H1 versus H2 dollars -- revenue is relatively consistent and it's really the growth rate from enterprise that is driving the H2 outlook.

例如，從年初的 27 億美元增加到現在的 35 億美元。我們對這三個策略重點領域以及在這些領域所取得的進展感到滿意。也許我給你的顏色是我們已經討論過的在線情況，並且指導是持平的，相對而言，H1 與 H2 美元 - 收入相對一致，而真正推動 H2 前景的是企業的增長率。

So look, we've used a consistent forecast methodology, and we've assumed macro conditions that are strong in their demand and durable with respect to our drivers, but still a dynamic economic environment.

所以看，我們使用了一致的預測方法，我們假設宏觀條件對於我們的驅動力而言是強勁的、持久的，但仍然是一個充滿活力的經濟環境。

Maybe then, if I could insert a little bit, James, some comments on last quarter, you'll remember that I said we saw some scrutiny -- no losses, but additional scrutiny in some geographies. And I'm pleased to say that we saw a partial abatement to that in Q2. And as such, we've sort of expected that H2 outlook will be in line with what we saw in Q2.

那麼，詹姆斯，如果我可以插入一點關於上個季度的評論，你會記得我說過我們看到了一些審查 - 沒有損失，但在某些地區受到了額外的審查。我很高興地說，我們在第二季看到了部分緩解。因此，我們預計下半年的前景將與第二季的前景一致。

Great to hear. Thank you very much.

很高興聽到這個消息。非常感謝。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Everyone, this is Billy Fitzsimmons on for Samad. Eric, maybe for you. There have been a couple of questions on the AI Companion, but I want to dig deeper on the Custom AI Companion add-on. It's still early. It's only been a few months now since launch.

各位，我是 Billy Fitzsimmons，代替 Samad 發言。艾瑞克，也許對你來說是這樣。關於 AI Companion 已經有幾個問題了，但我想更深入地了解 Custom AI Companion 插件。時間還早。從推出到現在才幾個月的時間。

And I'm guessing we'll hear more at Zoomtopia. But can you share some anecdotes around what some of the initial customers who've purchased the add-on are saying about it? Some prominent use cases day-to-day.

我猜我們會在 Zoomtopia 上聽到更多消息。但是，您能否分享一些關於購買該附加元件的一些初始客戶對此的評價？一些日常突出的用例。

I know you have third-party integrations with a bunch of different vendors. And then just how from a product or sales standpoint, you're getting customers to move for -- from the included AI Companion to the paid add-on?

我知道您與許多不同的供應商有第三方整合。那麼從產品或銷售的角度來看，您如何讓客戶從附帶的 AI Companion 轉向付費附加組件？

And then if I could sneak in one more for Michelle. It just launched, it's still early. I imagine it will be more of a fiscal 2027 tailwind. But can you just level set for us if there will be any kind of benefit in the guide in the back half of this year? Thank you.

然後我是否可以再偷偷地給米歇爾一份。它剛剛推出，還為時過早。我想這將會成為 2027 財年的一大順風。但是，您能否為我們確定今年下半年的指南是否會帶來任何好處？謝謝。

Yeah, I can address the AI Companion question. So first of all, please join at our user conference Zoomtopia next month. Again, a lot of exciting stuff around the Zoom AI Companion. For those customers who deploy a company for a while, they love AI Companion.

是的，我可以回答有關 AI Companion 的問題。首先，請參加我們下個月的用戶大會 Zoomtopia。再次強調，Zoom AI Companion 周圍有很多令人興奮的東西。對於部署公司一段時間的客戶來說，他們喜歡 AI Companion。

However, at the same time, they also asked about what they can do to lever the company to tap them more, right? Because some companies deploy AI Companion, they also have other applications like ServiceNow, Salesforce, Workday and a lot of other applications, also Knowledgebase as well.

但同時，他們也問，他們可以做些什麼來讓公司更多地挖掘他們的潛力，對嗎？因為一些公司部署了 AI Companion，他們還有其他應用程序，如 ServiceNow、Salesforce、Workday 和許多其他應用程序，還有知識庫。

How to connect with all those different data sources, right? All some customers, they even use other data index like Amazon Q or GLIB, you also need to connect with them as well. And we offer the basic media summary template.

如何連接所有這些不同的資料來源，對嗎？所有一些客戶甚至使用其他資料索引，如 Amazon Q 或 GLIB，您也需要與他們建立聯繫。我們提供基本的媒體摘要模板。

Customers, they want to have a very flexible, customized template and also connected with their dictionary and the order base, a lot of the capabilities can be added into AI Companion to further improve the AI Companion for those customers.

客戶希望擁有一個非常靈活、客製化的模板，並且與他們的字典和訂單庫相連，許多功能可以添加到 AI Companion 中，以進一步為這些客戶改進 AI Companion。

That's the reason why those customers are talking with us, hey, you want to enable customized AI Companion. And also share a lot of feedback with us. And this is the reason why we want to announce more and more innovations upon our AI Companion, the platform.

這就是那些客戶與我們交談的原因，嘿，您想要啟用客製化的 AI Companion。並與我們分享了很多回饋。這就是我們想要在我們的 AI Companion 平台上宣布越來越多創新的原因。

Yeah. With respect to kind of how to think about AI products and what's in and out of our forecast, I kind of break it into two pieces. First, we're already seeing notable progress from AI in our Contact Center business. We've talked about broadly the Contact Center business growing high double digit and it continues to be.

是的。關於如何看待人工智慧產品以及我們的預測範圍之內和之外的內容，我將其分為兩部分。首先，我們已經看到人工智慧在我們的聯絡中心業務中取得了顯著的進步。我們廣泛討論了聯絡中心業務的高兩位數成長，而這種成長趨勢仍在持續。

And certainly, our lead SKU, which is where you get the AI value as well as DVA are part of that. So I would sort of say that's in the '26 numbers. In terms of the other products that just GA-ed in the April time frame. This is sort of first quarter, and we're pleased with the customer examples that we shared and the pipeline building. But really, we're just continuing to emphasize what I've said previously, which is those won't really come in until '27 given law of large numbers, building products, et cetera.

當然，我們的主要 SKU，也就是您獲得 AI 價值的地方，以及 DVA 是其中的一部分。所以我想說那是在 26 個數字裡。就 4 月剛正式發布的其他產品而言。這是第一季度，我們對分享的客戶案例和通路建立感到滿意。但實際上，我們只是繼續強調我之前所說的內容，即根據大數定律、建築產品等，這些要到 27 年才會真正實現。

Thank you.

謝謝。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

There we go. How are you doing, guys? Yeah, good to see you all. Also on the AI products, can you provide any color on the size of the funnel and the growth in the funnel that you're seeing, very strong growth, obviously, in 2Q? And then any commentary on the uplift in customer ARR from adding AI solution to be helpful.

好了。大家好嗎？是的，很高興見到你們。另外，關於人工智慧產品，您能否提供一些關於漏斗大小以及您所看到的漏斗增長情況的詳細信息，顯然，第二季度的增長非常強勁？然後，任何關於添加 AI 解決方案對客戶 ARR 提升的評論都是有幫助的。

Yeah. Maybe I can address some of your questions. (multiple speakers) Given there's so many AI questions, AI Companion can answer to those questions on behalf of me next time. So overall, I think you look at AI Companion not only for improve our meeting our Workplace platform.

是的。也許我可以解答你的一些問題。（多位發言者）鑑於有這麼多關於人工智慧的問題，下次人工智慧伴侶可以代表我回答這些問題。所以總的來說，我認為您看待 AI Companion 不僅僅是為了改善我們對 Workplace 平台的滿足。

Actually, AI Companion is the back-end. It's our AI infrastructure platform and also our other product also benefit a lot from AI Companion. I'll give one example. Take a Zoom Virtual is in 2.0, for example. Literally, we just announced recently and we offer the voice and agent.

其實，AI Companion 是後端。這是我們的人工智慧基礎設施平台，我們的其他產品也從人工智慧伴侶中受益匪淺。我舉一個例子。以 Zoom Virtual 2.0 為例。實際上，我們最近剛剛宣布，我們提供配音和代理。

And this is very important and very helpful to our contacts and customers, but the back-end architecture, a lot of innovations are coming from AI Companion as well. So AI Companion is the platform, right? It's the Phone, Contact Center, almost every service will benefit from our AI Companion.

這對我們的聯絡人和客戶來說非常重要且非常有幫助，但後端架構的許多創新也來自 AI Companion。那麼 AI Companion 就是平台，對嗎？它是一個電話、聯絡中心，幾乎每項服務都將受益於我們的 AI Companion。

Look at the core workplace meeting services, AI Companion is part of that. We only monetize for Customized AI Companion. But AI Companion is extremely important for us to empower our other services, that will be for us to further monetize AI Companion.

看看核心的工作場所會議服務，AI Companion 是其中的一部分。我們僅透過客製化 AI 伴侶來賺錢。但 AI Companion 對於我們增強其他服務至關重要，這將使我們能夠進一步將 AI Companion 貨幣化。

Maybe I'll jump in as well. I take sort of this period to your question of how do we really think about what we look at with respect to AI and measurement certainly --

也許我也想加入。我利用這個時間來回答你的問題，我們如何真正思考我們在人工智慧和測量方面所看到的東西--

And also, Michelle, just a -- also just in the context of revenue growth acceleration several years ago, management talked about selling revenue back to mid-single digits. You're well on your way there now at 4.4% constant currency this quarter. So trying to think about contribution to future growth, talking about funnel size and uplift ARR so we can contextualize the benefit.

而且，米歇爾，幾年前，在收入成長加速的背景下，管理層曾談到將收入恢復到中等個位數。本季度，您的固定匯率成長率為 4.4%，目前您已順利達成此目標。因此，試著思考對未來成長的貢獻，討論漏斗規模和提升 ARR，以便我們能夠將收益具體化。

Which one do you want, you want to go AI usage or you want to go to revenue?

你想要哪一個？你想要人工智慧的使用還是想要收入？

Really the usage and then the benefit to annual recurring revenue, if you have any thoughts on that, how it's benefiting.

實際上是使用情況以及對年度經常性收入的益處，如果您對此有任何想法，那麼它是如何帶來益處的。

Okay. So look, in terms of the framework how we think about AI and AI health, broadly, we originally started talking about enabled, then we went to -- let's talk about now. Eric shared in his write-up that our MAL up 4 times year-over-year now in the millions. I would say we also look quite heavily at the depth of usage, right?

好的。所以，從我們對人工智慧和人工智慧健康的思考框架來看，廣義上，我們最初開始談論啟用，然後我們開始 - 讓我們談論現在。Eric 在他的文章中分享說，我們的 MAL 年比增長了 4 倍，目前已達到數百萬。我想說我們也非常重視使用深度，對嗎？

Things like moving more into the productivity life cycle, moving more into the meetings like a cycle with our customers using things like side panel much more, tasks much more, using AI integration in products like Phone, for example, as well as using AI features that are agentic and go across our platform like things with calendar management.

例如更多地進入生產力生命週期，更多地進入會議週期，我們的客戶更多地使用側面板、任務等，在手機等產品中使用人工智慧集成，以及使用代理的、跨平台的人工智慧功能，例如日曆管理。

So we look very closely at a breadth and depth usage. Obviously, innovation and recognition and pace of that is important to Eric and I. And then obviously, you hit on the last piece, which is the monetization. And look, I just continue to reiterate the frame I gave earlier, which is Contact Center, Elite, ZVA.

因此，我們非常仔細地研究其使用的廣度和深度。顯然，創新、認可和步伐對 Eric 和我來說很重要。然後顯然你談到了最後一點，那就是貨幣化。瞧，我只是繼續重申我之前給出的框架，即聯絡中心、精英、ZVA。

Those are the more mature -- or I should say, Contact Center lead is the more mature. Putting AI value in all of our paid SKUs and what that could do to churn in bringing in new customers, those are sort of the more immediate ones.

這些都是更成熟的——或者我應該說，聯絡中心領導是更成熟的。將人工智慧價值融入我們所有的付費 SKU 中，並以此吸引新客戶，這些都是更直接的。

And then certainly, with custom AI Companion -- or the 2.0 launch of ZVA and some of our vertical SKUs that offers a lot more going for.

當然，透過客製化的 AI Companion——或者 ZVA 2.0 的推出以及我們的一些垂直 SKU，可以提供更多的選擇。

Great, thank you, Eric. Thank you, Michelle.

太好了，謝謝你，艾瑞克。謝謝你，米歇爾。

Appreciate it. Thank you.

非常感謝。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 the time. Maybe two quick ones. Eric. The first one for you and then Michelle, one for you as well. Eric, if I think about the way AI adoption is progressing inside of your customer base, both on the online portion as well as the enterprise portion, how is that changing your opinion around the time line, the timing of monetization to the extent they can start to bend the growth curve and the competitive framing environment, both against two hyperscalers with two very different opinions on pricing.

嘿夥計們，感謝你們抽出時間。也許是兩個快速的。埃里克。第一個是給你的，然後是米歇爾，也給你一個。Eric，如果我考慮一下人工智慧在您的客戶群中（包括線上部分和企業部分）的採用方式，這會如何改變您對時間軸、貨幣化時機的看法，以至於它們可以開始改變成長曲線和競爭框架環境，而這兩家超大規模企業對定價的看法截然不同。

One, incrementally higher and one, it's part of it for free. I love kind of your thought process on that going forward and then a quick follow-up.

一是逐步提高，二是其中一部分是免費的。我喜歡你對此的思考過程以及隨後的快速跟進。

Yeah, Alex, great question. So I mentioned earlier, Zoom AI Companion is a platform. AI Companion is empowering almost every product, we announced, right, or the customer they used. That's the reason why if you look at our Contact Center, for example, why we are doing so well because we look at our top 10 deals, not out of 10, 3 from other cloud vendors because when they look at our product, take Zoom Virtual Agent, for example, right?

是的，亞歷克斯，這個問題問得好。我之前提到過，Zoom AI Companion 是一個平台。AI Companion 正在為我們發布的幾乎每一款產品或他們使用的客戶提供支援。這就是為什麼如果你看看我們的聯絡中心，你會發現我們為什麼做得這麼好，因為我們看的是我們的十大交易，而不是從十個交易中抽取的，其中有 3 個來自其他雲端供應商，因為當他們看我們的產品時，以 Zoom Virtual Agent 為例，對吧？

We build everything from ground up. Why the innovation speed is very fast because we can leverage the capabilities from AI Companion. We now to Zoom Virtual Agent 2.0, internally deploy that. Our support is very, very satisfied with the Zoom Virtual Agent powered by AI Companion.

我們從頭開始建立一切。為什麼創新速度非常快，因為我​​們可以利用AI Companion的功能。我們現在對 Zoom Virtual Agent 2.0 進行內部部署。我們的支援人員對由 AI Companion 提供支援的 Zoom 虛擬代理非常滿意。

So when we look at AI Companion as a platform, how to leverage in all other partner services, the Phone or Contact Center or Whiteboard and a lot of other things, we are -- that can help us with more deals.

因此，當我們將 AI Companion 視為平台時，如何利用所有其他合作夥伴服務、電話或聯絡中心或白板以及許多其他東西，這可以幫助我們達成更多交易。

And at the same time, look at a lot of core, the meeting product, right? It's a lot of features and a part of AI Companion, customer love that as well. And again, we are going to innovate faster. And that's the reason why I mentioned a few times, and please join our Zoomtopia conference next month. One of the key themes on Zoomtopia this year, read about AI and Zoom AI Companion.

同時，還要看很多核心、會議產品，對嗎？它具有很多功能，並且是 AI Companion 的一部分，客戶也喜歡它。我們將再次加速創新速度。這就是我多次提到的原因，請參加我們下個月的 Zoomtopia 會議。這是今年 Zoomtopia 的關鍵主題之一，閱讀有關 AI 和 Zoom AI Companion 的資訊。

Perfect. Michelle, maybe for you. Leading indicators are always important. It sounds like some of the deal cycle elongation that you saw resolved, I assume some of those deals that may be pushed also closed. Is there anything we're not seeing that is maybe creating a headwind in terms of the CRPO metrics in terms of billings that maybe is not painting the same picture around those KPIs as the largest beat that you've had in the years on a revenue basis, maybe is.

完美的。米歇爾，也許對你來說是這樣。領先指標始終很重要。聽起來您看到的一些交易週期延長問題已經解決，我認為其中一些可能被推遲的交易也將完成。有沒有我們沒有看到的、可能對 CRPO 指標（就帳單而言）造成不利影響的因素，這些因素可能與您多年來在收入基礎上所取得的最大突破在 KPI 方面所描繪的圖景並不相同，也許是這樣。

So there seems to be a little bit of a divergence, anything that you can point us to, to help us kind of marry those two data points?

因此似乎存在一些分歧，您能指出什麼來幫助我們將這兩個數據點結合起來嗎？

Yeah. Maybe let me start, Alex, with just backing up on some broad comments on macro. And then talk a little bit about RPO. So first, from a macro perspective, what I said in Q2 -- or in Q1 last time was that we saw strong demand, broad, strong demand and we think we have durable drivers in a dynamic micro -- or macro environment. And certainly, I would say that is still true.

是的。亞歷克斯，也許讓我先來回顧一下關於宏觀的一些廣泛評論。然後稍微談論一下 RPO。首先，從宏觀角度來看，我在第二季（或上次在第一季）說過，我們看到了強勁的需求，廣泛、強勁的需求，我們認為在動態的微觀或宏觀環境中我們擁有持久的驅動力。當然，我會說這仍然是正確的。

It's still a dynamic environment, as we all know. But last time we talked, as you noted, around some scrutiny that we're seeing in some geos, want to make clear that we've seen a partial abatement of that. And we've seen SMB demand continue to be very strong.

眾所周知，這仍然是一個充滿活力的環境。但正如您所說，上次我們談到了我們在某些​​地區看到的一些審查，想明確表示我們已經看到部分審查有所減輕。我們看到中小企業的需求持續強勁。

And you see that reflected, I think, in the revenue results, and you see it reflected in churn, low churn on the online side, but also churn going down year-over-year consistently over multiple quarters on the enterprise side. So look, it's still dynamic, but we feel good about that.

我認為，您會在收入結果中看到這一點，並且您會看到它反映在客戶流失率上，在線方面的客戶流失率較低，而且企業方面的客戶流失率在多個季度內逐年下降。所以看起來，它仍然是動態的，但我們對此感覺很好。

To your RPO question, RPO growth of 5% is strong. I would also point out that it's lapping a very high comparable and that our RPO bookings are sort of the highest in many years. From a current RPO, it's really just the strong comparable at play there. I guess that's what I'd call out.

對於您的 RPO 問題，5% 的 RPO 成長率是強勁的。我還要指出的是，它的可比性非常高，而且我們的 RPO 預訂量是多年來最高的。從目前的 RPO 來看，它實際上只是具有強大可比性的東西。我想這就是我要說的。

Maybe one thing we didn't touch on, but just in terms of thinking about the overall growth rate, if I sort of look Alex, the spirit of your question, we talked about the FX piece. We talked about the easier comparable might be another thing. We're lapping that trough that we talked about for a very long time as well as to a much lesser degree we had some professional services one time recognition.

也許有一件事我們沒有提到，但僅就整體成長率而言，如果我看一下亞歷克斯，你的問題的核心是，我們討論了外匯部分。我們討論的更容易比較的可能是另一回事。我們正在重複我們長期以來談論的那個低谷，並且在較小程度上我們對一些專業服務進行了一次性認可。

Thank you.

謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Right, thank you, Eric. I want to touch on a point that you actually brought up proactively on the last question, but Contact Center. And I have a million questions on this, but I'll try to focus in on a couple of questions. The fact that you're winning Contact Center deals against other cloud providers is very surprising, not for anything other than the fact that there are so many on-prem to cloud migrations that are happening and I'm curious what's driving the cloud displacements. Are those failed implementations?

好的，謝謝你，艾瑞克。我想談談您在上一個問題中主動提出的一點，即聯絡中心。我對此有無數個問題，但我會嘗試集中討論幾個問題。你們在與其他雲端供應商的競爭中贏得了聯絡中心交易，這非常令人驚訝，原因不在於別的，而在於有如此多的本地到雲端的遷移正在進行，我很好奇是什麼推動了雲端的遷移。這些是失敗的實施嗎？

And what are customers seeing, I guess, in Zoom? Is it the AI capabilities? Is it a cleaner tech stack, is it easier to implement. What are the kind of key drivers that are creating success for Zoom Contact Center, especially against the other cloud providers.

我猜，客戶在 Zoom 中看到了什麼？是人工智慧能力嗎？它是否是一個更清晰的技術堆疊，是否更容易實現。哪些關鍵驅動因素推動了 Zoom Contact Center 的成功，尤其是與其他雲端供應商相比。

Yeah, it's a great question. Well, it's not a surprising to us. We know we have (inaudible) win. And again, there's more -- I think more reasons -- number of reasons, customers, they were not happy to the existing (inaudible) contact center providers. If not (inaudible) based -- without very happy now met what you do, they say, I don't want to switch, right? So they are not happy.

是的，這是一個很好的問題。嗯，這對我們來說並不奇怪。我們知道我們（聽不清楚）勝利了。再說一次，我認為還有更多原因——很多原因，客戶對現有的（聽不清楚）聯絡中心提供者不滿意。如果不是（聽不清楚）——沒有很高興現在滿足你做的事情，他們會說，我不想切換，對嗎？所以他們不高興。

Sometimes this is the quality not good, outage or too expensive or very (inaudible) innovation or architect (inaudible), an AI adoption is slow on responsive. All reasons are very different. However, for those customers, they really want to look at a modern contact center solutions. When they test Zooms, say, wow, I cannot believe it. You almost have every feature we need.

有時這是品質不佳、中斷或太昂貴或非常（聽不清楚）創新或架構師（聽不清楚），人工智慧的採用反應緩慢。所有原因都大不相同。然而，對於那些客戶來說，他們確實希望看到一個現代化的聯絡中心解決方案。當他們測試 Zoom 時，人們說，哇，我簡直不敢相信。您幾乎擁有我們需要的所有功能。

Not to mention they trust us. They trust our -- the core meeting of Zoom platform and also -- and as you know, actually, our company culture is really focused on deliver happening. We do all we can delight our customers, right?

更不用說他們信任我們。他們信任我們的——Zoom 平台的核心會議，而且—正如你所知，實際上，我們的公司文化真正注重實現目標。我們會盡一切努力讓客戶滿意，對嗎？

Because of the capabilities, because of the culture, because of the innovation speed, those customers trust Zoom. I'll give one example, if you look at recently the UC awards, Zoom won four awards, One thing you might be -- you might feel surprising as well.

由於其能力、文化和創新速度，這些客戶信任 Zoom。我舉一個例子，如果你看看最近的 UC 獎，Zoom 贏得了四個獎項，有一件事你可能會感到驚訝。

Zoom is the best Contact Center solution, right? So it's customer partner (inaudible), they know what we are doing. That's the reason why -- and given that we have a very solid foundation, we're going to double down on that. As long as we innovate faster, focus on the product and customer experience, I think that we'll going to win more. So that's kind of the way I look at why we are winning.

Zoom 是最好的聯絡中心解決方案，對嗎？因此，客戶合作夥伴（聽不清楚）知道我們在做什麼。這就是原因——鑑於我們擁有非常堅實的基礎，我們將加倍努力。只要我們更快地創新，專注於產品和客戶體驗，我認為我們就會贏得更多。這就是我看待我們獲勝的原因。

Maybe let me just jump in and give a couple of other stats at my -- give you a little dimension to some of our wins. We look at a lot of our top 10 wins. So 9 of 10 are replacing the leading contact center provider, 7 of 10 on AI, we're seeing triple-digit growth in our leads, and 8 of 10 coming from channels. So just another evidence point of us really building out more of a channel and what's resonating with customers.

也許讓我直接插入並提供一些其他統計數據，以便讓您稍微了解我們的一些勝利。我們回顧了很多前 10 名的勝利。因此，10 個中有 9 個正在取代領先的聯絡中心供應商，10 個中有 7 個正在使用 AI，我們的潛在客戶數量實現了三位數的成長，10 個中有 8 個來自頻道。所以這只是我們確實在建立更多管道並引起客戶共鳴的另一個證據。

Another thing, if you look at the product experience, not like some other vendors. They needed to acquire this company at a company, you put everything together, the experience is not consistent. We have our own -- we have our own quality management, workforce management and the core platform integration, a very consistent experience. That's another reason why customers really want to select Zoom as their Contact Center solution provider.

另外，如果你看一下產品體驗，你會發現它與其他一些供應商不同。他們需要在一家公司收購這家公司，你把所有東西放在一起，但體驗並不一致。我們有自己的——我們有自己的品質管理、勞動力管理和核心平台集成，擁有非常一致的經驗。這也是客戶真正希望選擇 Zoom 作為其聯絡中心解決方案提供者的另一個原因。

Thank you. Well, congrats on the success. Thank you guys.

謝謝。好吧，恭喜你成功了。謝謝你們。

Appreciate it. Thank you.

非常感謝。謝謝。

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 questions. Hey Eric, hey, Michelle, really appreciate the time. Nice to see continued strength in the business in spite of everything going on there. Maybe two AI-related questions I'd like to ask one for Eric, one for Michelle.

精彩的。非常感謝您回答我的問題。嘿，埃里克，嘿，米歇爾，非常感謝你們抽出時間。很高興看到儘管發生了各種事情，但業務仍然保持強勁。我想問兩個與人工智慧相關的問題，一個問 Eric，一個問 Michelle。

From a financial perspective, look, Eric, you've talked about your ambitions to become an AI-first company. And obviously, you're seeing this great traction with your AI SKUs. As we think about the cost of inferencing and all these models, right, no matter how efficient you are, how do we square that away with -- continued raise in cash flow guidance? And how should we be thinking about the long-term financial implications as the usage of AI among your customer base grows, as the use cases continue to expand, et cetera?

從財務角度來看，艾瑞克，你說過你想成為一家人工智慧優先的公司。顯然，您會看到 AI SKU 具有巨大的吸引力。當我們考慮推理和所有這些模型的成本時，無論你有多高效，我們如何解決這個問題——現金流指導的持續提高？隨著客戶群中人工智慧的使用不斷增長、用例不斷擴大等等，我們應該如何考慮長期的財務影響？

And then maybe a little bit related to that. Obviously, you've been doing great things with AI so far. How do we think about your plan to really leverage all the vast troves of unstructured data that's going through the Zoom platform and maybe build out even newer use cases on that in ways that are harder for customers to do themselves and relies on your domain expertise, your engineering talent, et cetera. Thank you.

然後可能與此有一點相關。顯然，到目前為止，您在人工智慧領域已經取得了許多偉大的成就。我們如何看待您的計劃，真正利用透過 Zoom 平台的大量非結構化數據，並可能以客戶自己難以做到的方式建立更新的用例，並依賴您的領域專業知識、工程才能等。謝謝。

Yeah, Rishi, this is a wonderful question. You are right, how to leverage the data, right, how to leverage the product, right? AI to create something new, right? So AI first experience and give one example. I used to schedule the meeting, I need to go to my calendar to schedule the meeting right, (inaudible) be my year have me to schedule the meeting. It will take a lot of clicks, a lot of manual steps.

是的，Rishi，這是一個很棒的問題。你說的對，如何利用數據，對吧，如何利用產品，對吧？人工智慧可以創造一些新的東西，對嗎？所以 AI 第一次體驗並舉一個例子。我過去常常安排會議，我需要去我的日曆來正確安排會議，（聽不清楚）今年我要安排會議。這需要很多次點擊和很多手動步驟。

Now a days the way for me to schedule meeting, I just go to Zoom AI Companion, and I chat with AI Companion, please schedule meeting with Michelle next week for certain minutes. But it is the conversational interface. It's very, very smooth experience. I don't know need to click to many things. I don't know you learn any GUI interface, that's AI first experience.

現在我安排會議的方式是，我只需去 Zoom AI Companion，然後我與 AI Companion 聊天，請安排下週與 Michelle 的會議時間。但它是會話介面。這是非常非常流暢的體驗。我不知道需要點擊很多東西。我不知道你是否學習過任何 GUI 介面，這是 AI 的初體驗。

In terms of innovation, you're so right, we announced 2.0 next month, we're going to announce 3.0. 3.0 read everything is about agentic framework, right? How to automate your work, how to leverage the data. Like today, I can use Zoom AI Companion and write a Zoom Doc.

在創新方面，您說得對，我們下個月發布了 2.0，我們將發布 3.0。3.0 讀到的一切都與代理框架有關，對嗎？如何使您的工作自動化，如何利用數據。就像今天，我可以使用 Zoom AI Companion 並編寫 Zoom Doc。

I still need to manually create so many things, create here and is there. How do leverage AI Companion to help you write something very good and very easy, (inaudible) experience. I think also another thing is let's say, it might day-to-day work. I needed to manage the too many things (inaudible) application and opened another application and workflow has become more and more important as well.

我還需要手動創建那麼多東西，這裡創建，那裡創建。如何利用 AI Companion 來幫助您寫出非常好且非常簡單的東西，（聽不清楚）經驗。我認為另一件事是，它可能是日常工作。我需要管理太多東西（聽不清楚）應用程式並打開另一個應用程序，工作流程也變得越來越重要。

I usually look at the workflow, right, manual and (inaudible) the workflow system, what you want. But how to leverage AI. In the first instance, AI Companion (inaudible) I just tell Zoom AI Companion what I want. Zoom AI Companion is more like a super-agent who talk each of other systems or applications and get things done, make it fully automated. That's part of our vision.

我通常會查看工作流程，對，手冊和（聽不清楚）工作流程系統，看看你想要什麼。但是如何利用人工智慧。首先，AI Companion（聽不清楚）我只是告訴 Zoom AI Companion 我想要什麼。Zoom AI Companion 更像是超級代理，可以與其他系統或應用程式對話並完成任務，使其完全自動化。這是我們願景的一部分。

That's the reason why I want to invite you to join the Zoomtopia next month. You will see a lot of new capabilities we are going to introduce and to further beef up our core capabilities of AI Companion.

這就是我想邀請您下個月加入 Zoomtopia 的原因。您將看到我們將推出許多新功能，並進一步增強 AI Companion 的核心功能。

Maybe Eric, I'll hit the more what I took as a P&L question and come back if I didn't -- if I didn't answer it. But we're proud of the fact that like we're still hitting 79.8% gross margin, up over 100 basis points year-over-year. That's because we're offsetting AI investments and AI usage with cost optimization.

也許埃里克，我會更多地提出我認為是損益表的問題，如果我沒有回答，我會回來。但我們感到自豪的是，我們的毛利率仍達到 79.8%，比去年同期高出 100 個基點。這是因為我們透過成本優化來抵消人工智慧投資和人工智慧使用。

So there's a little bit of one-time benefit in the second quarter, but there's durable elements that we're actively working across this on the COGS side, and then I'll drop and make some quick comments on the OpEx side of migrating cloud to colo, which still continues to be a lever for us on the COGS side.

因此，第二季度會有一點一次性收益，但我們正在積極努力解決 COGS 方面的持久因素，然後我會對將雲端遷移到 colo 的 OpEx 方面發表一些簡短的評論，這仍然是我們在 COGS 方面的一個槓桿。

We talked about the federated approach and making sure that we're applying the right model to the right tasks, so that we can get both best quality and best -- best cost for our customers. And then obviously, just making sure that we're constantly looking at AI cost per as we go through.

我們討論了聯合方法，並確保將正確的模型應用於正確的任務，以便我們可以為客戶提供最佳品質和最佳成本。然後顯然，我們只是確保我們在進行過程中不斷關注每個 AI 的成本。

On the R&D side, we've made a lot of investments, and we'll continue to invest in AI. And look, we're going to need to offset that with other efficiencies that we see in the business, of which AI is one for us. So we're going to live the same reality that our customers are living there.

在研發方面，我們已經進行了大量投資，我們將繼續在人工智慧方面進行投資。而且，我們需要利用我們在業務中看到的其他效率來抵消這一點，其中人工智慧就是其中之一。因此，我們將與我們的客戶生活在同一現實中。

Yeah, very helpful. Awesome. Thanks Eric. Thanks, Michelle. I really appreciate it.

是的，非常有幫助。驚人的。謝謝埃里克。謝謝，米歇爾。我真的很感激。

Thank you Rishi. Appreciate it.

謝謝你，Rishi。非常感謝。

Tom Blakey, Cantor Fitzgerald.

湯姆布萊基、康托費茲傑拉。

Thank you, Eric and Michelle for the opportunity to ask a question here. I was wondering if you could maybe -- it may be an extension from some of the questions that were asked prior. Could you just maybe talk about CCaaS and some of the momentum on a sequential basis, that strong 94% callout, Eric, I remember asking you about a year or two ago, about the monetization efforts here in CCaaS and you got awfully excited about it.

感謝 Eric 和 Michelle 給我機會在這裡提問。我想知道您是否可以——這可能是之前提出的一些問題的延伸。您能否談談 CCaaS 及其連續成長勢頭，即強勁的 94% 的成長，Eric，我記得大約一兩年前問過您關於 CCaaS 的貨幣化努力，您對此非常興奮。

So just it is an extension for that maybe for Michelle, what is kind of embedded in guidance there in terms of maybe continued momentum in CCaaS. So again, just the sequential growth color would be helpful. And if you want, maybe expand on seats versus price, that would be helpful.

因此，對於 Michelle 來說，這只是對此的一個延伸，就 CCaaS 的持續發展勢頭而言，它是一種嵌入的指導。因此，再次強調，連續成長的顏色是有幫助的。如果您願意，也許可以擴大座位數與價格的對比，這將會有所幫助。

And again, similarly, continued momentum in Phone. We've been monitoring this for years with this acceleration in CCaaS and continued strong double-digit growth in Phone, could you just maybe combine in the one big question, talk about what you're seeing in terms of going into the second half, maybe even further out into fiscal '27 where maybe some of the downsells or some of the other kind of structural things that are happening in the core could abate and we can see kind of like 100% plus kind of NRR going forward. This -- again, these strong numbers in CCaaS and Phone and Contact Center, Thank you very much for the question.

同樣，手機業務也持續保持成長動能。多年來，我們一直在關注 CCaaS 的加速發展以及手機業務持續強勁的兩位數增長，您能否結合一個大問題，談談您對下半年甚至 27 財年前景的看法，屆時核心業務中的一些降價或其他結構性因素可能會減弱，我們可以看到未來 NRR 會達到 100% 以上。再次強調，CCaaS、電話和聯絡中心的數據非常強勁，非常感謝您的提問。

Thank you. Michelle, do you want to address that question?

謝謝。米歇爾，你想回答這個問題嗎？

I mean, look, we don't give kind of forward-looking product guidance for Contact Center and Zoom Phone. So I'd probably just comment on the nature of that and then broadly expectations for the future. So starting on Contact Center, another quarter of high double digit, which we're very proud of.

我的意思是，我們不會為 Contact Center 和 Zoom Phone 提供前瞻性的產品指導。所以我可能只會對其性質進行評論，然後大致展望未來。因此，從聯絡中心開始，另一個季度的業績實現了兩位數的高成長，我們對此感到非常自豪。

I think I covered earlier kind of the nature of the top deals, so I won't repeat it there. And then you mentioned the stat, of course, about us making progress of market, which is obviously a key consideration. That is all with a not ZVA 2.0 number.

我想我之前已經討論過頂級交易的性質，所以我就不再重複了。然後你提到了關於我們在市場上取得進展的統計數據，這顯然是一個關鍵的考慮因素。這些都是非 ZVA 2.0 號碼。

And so we look to the future and the reality that our customers are facing in growing labor costs and poor customer experience and see a durable driver in Contact Center going forward.

因此，我們展望未來，面對客戶面臨的不斷增長的勞動力成本和糟糕的客戶體驗的現實，我們看到聯絡中心未來發展的持久驅動力。

From a Zoom Phone perspective, continue to see mid-teens. We said that last time, we're seeing it now. Maybe the things that haven't come out as much on this call that I mentioned for investors is really twofold. Just how much we're seeing phone be a gateway in our deals to other products, right? Starting with meetings, you often go to Phone, but now much more (technical difficulty) to Contact Centers.

從 Zoom Phone 的角度來看，繼續看到十幾歲的水平。我們上次就說過了，現在我們看到了。也許我在這次電話會議上向投資者提到的尚未透露的事情實際上有兩個方面。我們在多大程度上看到手機成為我們購買其他產品的門戶，對嗎？從會議開始，您經常會打電話，但現在更多（技術難度）是聯絡中心。

So sort of that better together story of being able to solve the customer problem, go back in the office and have that seamless experience that Eric talked about, and we see that being a durable thing. Also some new announcements that we're very excited about with the connection of ZVA and Zoom Phone as well as we're seeing connections of Zoom Phone to Zoom revenue accelerator.

因此，這種更好合作的故事能夠解決客戶問題，回到辦公室並獲得 Eric 談到的無縫體驗，我們認為這是一件持久的事情。此外，我們也對 ZVA 和 Zoom Phone 的連接以及 Zoom Phone 與 Zoom 收入加速器的連接等新公告感到非常興奮。

So a lot of real momentum. And then maybe the second thing that I would say on Zoom Phone that we would feel good about when we look to the future is just the AI progress within it. So sequentially, the MAL quarter-over-quarter has gone up over 30%. So we're proud to see that as well.

因此，存在很大的實際動力。關於 Zoom Phone，我想說的第二件事是，當我們展望未來時，我們會感到高興的就是其中的人工智慧進步。因此，與上一季相比，MAL 成長了 30% 以上。因此我們也非常自豪地看到這一點。

Great. Thank you, Michelle.

偉大的。謝謝你，米歇爾。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Great, this is (inaudible) on from Mark Murphy. Thank you for taking the question and congrats on the results. Eric, first, I just wanted to hit on the recent launch of the AI first Auto Dialer to streamline outbound sales. Would love to hear how you're thinking about the long-term opportunity here and some of the feedback you're picking up since launch. And particularly, how you see this opening up doors for incremental wallet share in some of your customers?

太好了，這是馬克墨菲 (Mark Murphy) 的（聽不清楚）。感謝您回答這個問題，並對結果表示祝賀。艾瑞克，首先，我想談談最近推出的首個 AI 自動撥號器，它旨在簡化外撥銷售。很想聽聽您對這裡的長期機會的看法，以及自推出以來收到的一些回饋。特別是，您認為這會為您的部分客戶帶來哪些增加錢包份額的機會？

And then I had a quick follow-up for Michelle. Any items to call out in terms of diverging demand patterns, whether by geo or vertical, I saw international growth slightly outpaced that of the Americas. Is that much of that delta largely FX driven or something else to consider? Thank you.

然後我對米歇爾進行了快速跟進。就不同的需求模式而言，無論是按地理還是垂直方向，我都看到國際成長略微超過了美洲的成長。這種差異是否主要由外匯驅動，還是有其他因素需要考慮？謝謝。

Yes, great question. So regarding the Contact Center innovations, right, recently in Q2, we had quite a few Contact Center innovations. One thing, as we mentioned, is outbound dialers, right? Especially, we call that internally we call that a proactive outreach feature. Essentially, the way it works is automatically place outbound calls and prerecorded messages, right, something like appointment reminders.

是的，很好的問題。關於聯絡中心創新，最近在第二季度，我們進行了不少聯絡中心創新。正如我們所提到的，有一件事是外撥撥號器，對嗎？特別是，我們在內部稱之為主動外展功能。本質上，它的工作方式是自動撥打電話和預先錄製的訊息，類似於約會提醒。

And without requiring a live agent to do so many things manually, right? So this is one of the innovations the customer they put us, they love that, right? So they share the feedback with us, and we quickly delivered. Again, this is just one of the innovation. That's the reason why back to the Contact Center wins, why customers like Zoom (inaudible) because when we share the feedback, we can quickly deliver.

而且不需要現場代理手動做那麼多事情，對嗎？所以這是客戶向我們提出的創新之一，他們很喜歡，對吧？因此他們與我們分享了回饋，我們很快就交付了。再次強調，這只是創新之一。這就是為什麼聯絡中心獲勝的原因，為什麼客戶喜歡 Zoom（聽不清楚），因為當我們分享回饋時，我們可以快速交付。

Every quarter, there's too many innovations. And it's like a Q2, right? We also deliver like another feedback like division features, right? A Contact Center -- the customer use our Contact Center sometimes use support, internal (inaudible) uses Zoom in Contact Center. All the tech support team also use that, right?

每個季度都有太多的創新。這就像 Q2，對吧？我們也提供類似分工特徵的其他回饋，對嗎？聯絡中心－客戶使用我們的聯絡中心有時會使用支持，內部（聽不清楚）使用 Zoom 聯絡中心。所有技術支援團隊也使用它，對嗎？

That's the reason why we got to support the divisions as well. So a lot of new innovations we introduced to the market every quarter. So outbound dialer one of those innovations.

這就是我們必須支持各部門的原因。因此，我們每季都會向市場推出許多新創新。外撥撥號器就是其中一項創新。

Yeah. Maybe I'd also just tag on to what Eric said and say that I am excited just as the CFO, a lot of the AI innovations now bring us much more into that value conversation of helping the customer create a better experience for their customers, drive revenue increasingly in many instances.

是的。也許我只是想補充一下 Eric 所說的話，作為首席財務官，我感到很興奮，現在很多人工智慧創新讓我們更多地參與到價值對話中，幫助客戶為他們的客戶創造更好的體驗，在很多情況下增加收入。

So I think it's an exciting direction in terms of the value that we can provide customers. Real quick to your question. I wouldn't really comment on any difference in broad demand. And then I'd say that FX was primarily an impact on the EMEA results.

因此我認為，就我們能為客戶提供的價值而言，這是一個令人興奮的方向。快速回答您的問題。我不會真正評論總體需求的任何差異。然後我想說外匯主要對 EMEA 的結果產生了影響。

Got it. Thank you so much.

知道了。太感謝了。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Siti, are you there?

西蒂，你在嗎？

This is [Samir]. I'm calling in Siti. So one thing I do want to check if you could double-click on the onetime margin benefit that you saw in the quarter. You mentioned it's because of professional services and some AI-related adjustments you are doing, if you could clarify that.

這是[薩米爾]。我打電話給 Siti。因此，我確實想檢查一下您是否可以雙擊本季度看到的一次性保證金收益。您提到這是因為您正在進行專業服務和一些與人工智慧相關的調整，您能否澄清這一點？

Yeah, different. What I talked about with the professional services was sort of a one-time small impact to the Q2 revenue growth rate. And then I think I separately mentioned on the gross margin that we did see some sort of one-time savings cost.

是的，不同。我談到的專業服務對第二季度收入成長率產生了一次性的小影​​響。然後我想我在毛利率上單獨提到我們確實看到了某種一次性節省成本。

But broadly what's going on the revenue side are durable elements to revenue growth, all the things that we talk about, product diversification, moving up market, et cetera. And broadly, what we -- what's going on, on the gross margin is incremental AI investments and costs, and we're offsetting those with efficiencies.

但總體而言，收入方面發生的一切都是收入成長的持久因素，包括我們談論的所有事情、產品多樣化、市場高端化等等。總體而言，我們的毛利率是人工智慧投資和成本的增量，我們正在透過提高效率來抵消這些影響。

Great, thanks. And just another clarification is for the second half outlook, the main driver is the enterprise side of things, and that's why the beat is not getting carried forward as much as it should be.

太好了，謝謝。另外要澄清的是，對於下半年的前景，主要驅動力是企業方面，這就是為什麼業績沒有得到應有的重視。

So what I did in the guide was reiterate what I'd said previously that we're going to capture the online price increase in the amount that we previously communicated. We're going to hold to online being flat, which is consistent to what I said last quarter, and the raise is really on the enterprise side (multiple speakers) many broad things across enterprise that we talked about today.

因此，我在指南中所做的就是重申我之前所說的內容，即我們將按照我們之前傳達的金額來控制線上價格上漲。我們將保持線上業務持平，這與我上個季度所說的一致，而且成長實際上是在企業方面（多位發言者）我們今天談到的企業領域的許多廣泛的事情。

Excellent. Thank you.

出色的。謝謝。

All right.

好的。

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

謝謝大家。今天電話會議的問答部分到此結束。我將把發言權交還給米歇爾，請她做最後的總結發言。

Yeah. I just wanted to close to say that we look forward to hosting everyone for a virtual investor session, Q&A and a little bit of a presentation after Zoomtopia on September 17. We're going to have an exec panel with Eric and myself and other Zoom executives. We're going to do just time to talk about insights into our business strategy, key initiatives, and the innovations that we'll be debuting. So we look forward to hosting everyone.

是的。最後我想說的是，我們期待在 9 月 17 日 Zoomtopia 之後為大家舉辦一場虛擬投資者會議、問答和一些演示。我們將與 Eric、我和其他 Zoom 高層一起召開一次高階主管小組會議。我們將利用這段時間來討論我們的業務策略、關鍵舉措以及我們將要推出的創新。因此，我們期待接待大家。

Thank you. Thank you all.

謝謝。謝謝大家。

Thank you.

謝謝。