Zoom Communications Inc (ZM) 2026 Q3 法說會逐字稿

Hello, and welcome to Zoom's Q3 FY26 earnings release webinar. As a reminder, today's webinar is being recorded.

您好，歡迎參加 Zoom 2026 財年第三季財報發佈網路研討會。提醒各位，今天的網路研討會正在錄製。

It is now my pleasure to introduce Charles Eveslage, Head of Investor Relations. Charles, over to you.

現在我很榮幸地向大家介紹投資人關係主管查爾斯‧伊夫斯萊格。查爾斯，該你了。

Thank you, Megan. Hello, everyone, and welcome to Zoom's earnings video webinar for the third 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 財年第三季財報影片網路研討會。今天和我一起做客的嘉賓有 Zoom 的創辦人兼執行長袁徵，以及 Zoom 的財務長張敏玲。

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 substitute for financial information prepared in accordance with GAAP.

我們的獲利報告已於今日股市收盤後發布，您可造訪 investors.zoom.com 的投資者關係頁面下載。該頁面還提供今日的發言稿和包含財務亮點的幻燈片，其中除了盈利報告外，還包括GAAP與非GAAP財務業績的調節表。這些措施不應脫離依照公認會計原則編製的財務資訊而單獨考慮，也不應作為其替代品。

After this call, we will make forward-looking statements, including statements regarding our financial outlook for the fourth 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 product and feature releases and the expected benefits of such initiatives.

本次電話會議結束後，我們將發表前瞻性聲明，包括有關我們對 2026 財年第四季度和全年財務展望、我們對財務和業務趨勢的預期、宏觀經濟環境的影響、我們的市場地位、股票回購計劃、機遇、市場推廣舉措、增長戰略和業務願景，以及產品舉措（包括未來的產品和功能發布以及此類舉措的預期）的聲明。

These statements are only predictions that are based on what we believe today, and actual results may differ materially. These forward-looking statements are subject to risks and other factors that could affect our performance and financial results which we discussed in detail in our filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. Zoom assumes no obligation to update any forward-looking statements we may make on today's webinar.

這些說法只是基於我們目前信念的預測，實際結果可能與預測有重大差異。這些前瞻性聲明受到風險和其他因素的影響，這些因素可能會影響我們的業績和財務結果，我們在提交給美國證券交易委員會的文件中詳細討論了這些因素，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告。Zoom不承擔更新我們在今天網路研討會上可能作出的任何前瞻性聲明的義務。

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

接下來，我將把討論交給艾瑞克，他將透過 Zoom 自訂頭像發表準備好的發言。艾瑞克？

Thank you, Charles. We delivered strong results this quarter with broad momentum across products, industries, and customer segments from online to our largest enterprise accounts. This performance reflects the durability of our business, driven by the growing value we are delivering for customers as we evolve from a communications leader to an AI-first platform for work and customer experience.

謝謝你，查爾斯。本季我們取得了強勁的業績，產品、產業和客戶群（從線上客戶到最大的企業客戶）都保持著良好的發展勢頭。這項業績反映了我們業務的持久性，這得益於我們不斷為客戶創造價值，從通訊領域的領導者轉型為以人工智慧為先導的工作和客戶體驗平台。

Our vision is to be the AI-first work platform for human connection. As we march towards this vision, we are focused on three priorities: elevating core products with AI, driving growth of new AI products, and scaling AI-first customer experience.

我們的願景是成為以人工智慧為先導、促進人際互動的工作平台。在朝著這個願景邁進的過程中，我們專注於三個優先事項：利用人工智慧提升核心產品，推動人工智慧新產品的成長，以及擴大人工智慧優先的客戶體驗。

Pivoting to our first priority, at Zoomtopia, we unveiled AI Companion 3.0, our next-generation agentic AI that's transforming how work gets done. We're evolving Zoom into an AI-first system of action going beyond summarization to be your agent to proactively prepare for meetings, follow-up on task, and drive work forward.

在 Zoomtopia 大會上，我們把重點轉向了 AI Companion 3.0，這是我們的下一代智慧 AI，它正在改變工作方式。我們正在將 Zoom 發展成為一個以人工智慧為先導的行動系統，超越簡單的摘要功能，成為您的智慧助手，主動準備會議、跟進任務並推動工作進度。

AI Companion runs on our federated-AI architecture, which lets customers use Zoom's models alongside their own or trusted third-party models unlike closed systems elsewhere. Spanning meetings, phone, chat, whiteboard and soon, the web, Zoom brings intelligent assistance wherever work happens across major platforms and customers are responding. AI Companion adoption continued to surge more than 4 times year over year, underscoring demand for smarter, more seamless ways to work.

AI Companion 是基於我們的聯邦式 AI 架構運行，這使得客戶能夠將 Zoom 的模型與他們自己的模型或受信任的第三方模型一起使用，這與其他地方的封閉系統不同。Zoom 的服務涵蓋會議、電話、聊天、白板，不久還將擴展到網絡，無論工作在哪個主要平台上進行，Zoom 都能提供智慧協助，客戶對此反應熱烈。AI Companion 的採用率較去年同期持續成長超過 4 倍，凸顯了人們對更智慧、更無縫運作方式的需求。

In tandem with AI Companion growth, we saw continued strength across Zoom Workplace. Team chat monthly active users rose 20% year over year. As the canvas for asynchronous work, chat turns meetings into persistent workspaces. And with AI Companion, it provides summaries, composition tools, and easier search capabilities, so customers can keep work in context, reduce apps roll, and take action faster.

隨著 AI Companion 的成長，Zoom Workplace 也持續保持強勁勢頭。團隊聊天月活躍用戶數較去年同期成長 20%。作為非同步工作的平台，聊天將會議變成了持久的工作空間。借助 AI Companion，它提供摘要、撰寫工具和更便捷的搜尋功能，讓客戶能夠保持工作與情境的關聯性，減少應用程式的部署，並更快採取行動。

Our employee experience offering continued to shine even as we lap the strong momentum of our previous Meta partnership. Workvivo logos grew nearly 70% year over year to 1,225 with customers spanning mid-market up to the Fortune 10.

即使我們延續了先前與 Meta 合作的強勁勢頭，我們的員工體驗方案依然表現出色。Workvivo 的客戶數量較去年同期成長近 70%，達到 1,225 個，客戶涵蓋中型市場到財富 10 強企業。

Last, Zoom Phone surpassed 10 million paid seats early in Q3, marking a major milestone and reinforcing its leadership in unified communications. It continues to perform well with consistent ARR growth in the mid-teens and numerous sizable wins in financial services and health care. For example, Rothman Orthopedics, Platinum Dermatology, and a reputable clinic adopted Zoom Phone for its unified platform, advanced AI capabilities, and health care-specific integrations and compliance tools, enabling seamless collaboration and better patient care.

最後，Zoom Phone 在第三季初付費用戶突破 1,000 萬，這是一個重要的里程碑，鞏固了其在統一通訊領域的領先地位。該公司業績持續良好，年度經常性收入 (ARR) 保持兩位數中段的穩定成長，並在金融服務和醫療保健領域取得了許多可觀的訂單。例如，Rothman Orthopedics、Platinum Dermatology 和一家信譽良好的診所都採用了 Zoom Phone，因為它具有統一的平台、先進的人工智慧功能以及醫療保健專用整合和合規工具，從而實現了無縫協作和更好的患者護理。

AI isn't just bolstering our core. It's opening new revenue streams and deeper customer value through customization and automation. Two quarters in, custom AI Companion is scaling with several Fortune 200 wins and broad interest. Oracle, already a major Zoom Workplace and Contact Center customer, chose to deepen its partnership with us this quarter. As one of the world's leaders in AI and enterprise technology, Oracle adopted Zoom Custom AI Companion to create powerful AI-powered assistance across its global workforce, helping employees turn everyday conversations into actionable insights.

人工智慧不僅僅是在增強我們的核心競爭力。它透過客製化和自動化，開闢了新的收入來源，並提升了客戶價值。兩個季度過去了，客製化 AI 助理業務發展迅速，贏得了多家財富 200 強企業的客戶，並引起了廣泛關注。Oracle 已經是 Zoom Workplace 和聯絡中心的主要客戶，本季選擇深化與我們的合作關係。身為全球人工智慧和企業技術領域的領導者之一，Oracle 採用 Zoom Custom AI Companion 為其全球員工打造強大的 AI 助手，幫助員工將日常對話轉化為可操作的洞見。

We were also delighted to see Salesforce deepen its partnership with Zoom by adding Custom AI Companion.

我們也很高興地看到 Salesforce 透過新增 Custom AI Companion 深化了與 Zoom 的合作關係。

Alongside horizontal momentum, we're extending AI into collaboration adjacent verticals as well. In Q4, we agreed to acquire BrightHire, a leading AI-powered hiring intelligence platform that elevates every stage of the hiring process, enhancing one of the most critical business workflows while also strengthening our collaboration platform. The same AI innovation powering how teams collaborate is also transforming how companies engage their customers, and Zoom is at the center.

除了橫向發展之外，我們也將人工智慧擴展到協作相關的垂直領域。第四季度，我們同意收購 BrightHire，這是一個領先的 AI 驅動招募智慧平台，可以提升招募流程的每個階段，增強最關鍵的業務工作流程之一，同時也能加強我們的協作平台。推動團隊協作的人工智慧創新也正在改變公司與客戶互動的方式，而 Zoom 正是這項創新的核心。

Customer experience is one of our fastest-growing businesses and an important long-term growth vector for Zoom. In Q3, customer experience delivered a phenomenal quarter with ARR continuing to grow in the high-double digits. And early in the quarter, we were honored to be included in the 2025 Gartner Magic Quadrant for Contact Center as a Service only three years after launching Zoom Contact Center.

客戶體驗是我們成長最快的業務之一，也是 Zoom 重要的長期成長動力。第三季度，客戶體驗表現出色，年度經常性收入 (ARR) 繼續保持兩位數的高成長。在本季初，我們很榮幸地被納入了 2025 年 Gartner 聯絡中心即服務魔力像限，而 Zoom 聯絡中心推出僅三年時間。

Within Customer Experience, AI has become a clear differentiator, creating additional monetization opportunities. 9 of our top 10 CX deals involve paid AI, such as Zoom Virtual Agent or AI Expert Assist, as enterprises use Zoom to deliver faster, more personalized service. For example, SolarWinds, LegalShield, and Bromcom, chose Zoom to replace fragmented legacy systems with one unified AI-first platform. They turn to Zoom for its integrated approach across Workplace, Phone, and Contact Center and for the innovation of Virtual Agent 2.0, which helps simplify operations and enable faster, more intelligent customer engagement.

在客戶體驗領域，人工智慧已成為一項顯著的差異化優勢，並創造了更多獲利機會。我們十大客戶體驗交易中有九項都涉及付費人工智慧，例如 Zoom 虛擬助理或 AI 專家助手，企業利用 Zoom 提供更快捷、更個人化的服務。例如，SolarWinds、LegalShield 和 Bromcom 選擇 Zoom 來取代分散的傳統系統，採用統一的 AI 優先平台。他們選擇 Zoom，是因為其在工作場所、電話和聯絡中心方面的整合方法，以及虛擬代理 2.0 的創新，這有助於簡化操作並實現更快、更聰明的客戶互動。

We're encouraged by the rapid momentum of our CX portfolio reflected in external recognition and customer wins and driven by our AI differentiation and deep workplace integration. This progress advances our platform strategy to deliver a unified solution and expand long-term growth.

CX產品組合的快速發展勢頭令人鼓舞，這體現在外部認可和客戶的成功上，而這一切都得益於我們的人工智慧差異化和深度工作場所整合。這項進展推進了我們的平台策略，旨在提供統一的解決方案並擴大長期成長。

In summary, we're executing a clear plan, AI-led innovation, platform expansion, and disciplined durable growth. We're pairing innovation with financial rigor, delivering strong profitability and cash flow while investing for long-term growth. With accelerating adoption in marquee enterprise partnerships, we're turning our AI momentum into measurable value for customers and shareholders.

總而言之，我們正在執行一項清晰的計劃，即人工智慧驅動的創新、平台擴展和穩健的可持續成長。我們將創新與嚴謹的財務管理結合，在實現強勁獲利能力和現金流的同時，投資於長期成長。隨著我們在與知名企業合作夥伴的合作中加速採用人工智慧技術，我們正在將人工智慧的發展勢頭轉化為客戶和股東可衡量的價值。

Now let me turn it over to Michelle to take us through the financials. Michelle?

現在，我把麥克風交給米歇爾，請她來為我們介紹一下財務狀況。米歇爾？

Thank you, Eric, and hello, everyone. I'm excited to share Zoom's Q3 FY26 financial performance today.

謝謝你，埃里克，大家好。今天我很高興與大家分享 Zoom 2026 財年第三季的財務表現。

In Q3, total revenue grew 4.4% year over year to $1.23 billion or 4.2% in constant currency. This result was $15 million above the high end of our guidance. Our Enterprise revenue grew 6.1% year over year, representing 60% of our total revenue, up 1 point year over year. Our Online business continues to show signs of stabilizing. In Q3, average monthly churn was 2.7%, in line with Q3 of last year and at an all-time low.

第三季總營收年增 4.4% 至 12.3 億美元，以固定匯率計算成長 4.2%。這結果比我們預期的上限高出1500萬美元。我們的企業營收年增 6.1%，佔總營收的 60%，比上年同期成長 1 個百分點。我們的線上業務持續呈現趨於穩定的跡象。第三季平均每月客戶流失率為 2.7%，與去年第三季持平，創歷史新低。

In our Enterprise business, we saw a 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 Q3 continues to hold steady at 98%.

在我們的企業業務中，過去 12 個月收入超過 10 萬美元的客戶數量年增了 9%。這些客戶占我們總營收的32%，較上年同期成長1個百分點。第三季度，我們過去 12 個月的企業客戶淨美元擴張率持續保持穩定在 98%。

Pivoting to our growth internationally. Our Americas revenue grew 5% year over year, EMEA grew 3%, and APAC grew 4%.

轉向國際成長。我們的美洲地區營收年增 5%，歐洲、中東和非洲地區成長 3%，亞太地區成長 4%。

Moving to our non-GAAP results, which excludes stock-based compensation expense and associated payroll taxes, acquisition-related expenses, net gains on strategic investments, net litigation settlements, and all associated tax effects. Non-GAAP gross margin in Q3 was 80%, up 117 basis points from Q3 of last year, primarily due to cost optimization efforts. We remain focused in the near term around balancing investments in AI with cost efficiencies.

接下來來看我們的非GAAP業績，其中不包括股票選擇權費用和相關薪資稅、收購相關費用、策略性投資淨收益、訴訟和解淨額以及所有相關稅務影響。第三季非GAAP毛利率為80%，較去年第三季成長117個基點，主要原因是成本優化措施。短期內，我們仍將專注於平衡人工智慧投資與成本效益。

Non-GAAP income from operations grew 11% year over year to $507 million, exceeding the high end of our guidance by $37 million. Non-GAAP operating margin in Q3 was 41.2%, up 234 basis points from Q3 of last year. The operating margin improvement was driven by ongoing cost management and timing of spend.

非GAAP營業收入年增11%至5.07億美元，超出我們先前預期的上限3,700萬美元。第三季營業利益率為 41.2%，比去年第三季成長 234 個基點。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。

Non-GAAP diluted net income per share in Q3 increased to $1.52 on approximately $305 million non-GAAP diluted weighted average shares outstanding. This result was $0.08 above the high end of our guidance and $0.14 higher than Q3 of last year. The EPS growth reflects strong business performance, effective cost management as well as anti-dilution driven by our buyback program and our disciplined stock compensation management.

第三季非GAAP稀釋後每股淨收益增加至1.52美元，非GAAP稀釋後加權平均流通股約3.05億股。這一結果比我們預期的上限高出 0.08 美元，比去年第三季高出 0.14 美元。每股盈餘成長反映了強勁的業務表現、有效的成本管理以及透過我們的股票回購計劃和嚴格的股票薪酬管理實現的反稀釋作用。

Turning to the balance sheet. Deferred revenue at the end of Q3 grew 5% year over year to $1.44 billion towards the high end of our previously provided range. In Q4, we expect deferred revenue to be up to 4% to 5% year over year.

接下來看一下資產負債表。第三季末的遞延營收年增 5% 至 14.4 億美元，接近我們先前給出的範圍的高端。我們預計第四季遞延營收將年增 4% 至 5%。

Looking at both our billed and unbilled contracts. Our RPO increased 8% year over year to $4 billion. We expect to recognize 60% of the total RPO as revenue over the next 12 months, down 1 point year over year. Operating cash flow in Q3 grew 30% year over year to $629 million, representing an operating cash flow margin of 51.2%. Free cash flow margin in the quarter grew 34% year over year to $614 million, representing a free cash flow margin of 50%, up 11 points year over year.

查看我們已開立和未開立的合約。我們的RPO（招募流程外包）年增8%，達到40億美元。我們預計未來 12 個月內將 RPO 總額的 60% 確認為收入，比去年同期下降 1 個百分點。第三季經營現金流量年增 30% 至 6.29 億美元，經營現金流利潤率為 51.2%。本季自由現金流利潤率年增 34% 至 6.14 億美元，自由現金流利潤率為 50%，年增 11 個百分點。

The year-over-year increase in free cash flow margins was driven by improvements in the collection process as well as stronger billings. We ended the quarter with $7.9 billion in cash, cash equivalents and marketable securities, excluding restricted cash. Under the pre-existing $2.7 billion share buyback plan, in Q3, we purchased 5.1 million shares for $44 million. As of the end of Q3, we repurchased 32.5 million shares for $2.4 billion.

自由現金流利潤率年增率主要得益於收款流程的改善以及帳單金額的增加。本季末，我們持有現金、現金等價物及有價證券共79億美元，不包括受限現金。根據先前製定的 27 億美元股票回購計劃，我們在第三季以 4,400 萬美元的價格購買了 510 萬股股票。截至第三季末，我們以 24 億美元的價格回購了 3,250 萬股股票。

Turning to guidance. In Q4, we expect revenue to be in the range of $1.23 billion to $1.235 billion. This represents approximately 4.1% year-over-year growth at the midpoint. We expect non-GAAP operating income to be in the range of $477 million to $482 million, representing an operating margin of 38.9% at the midpoint. Our outlook for non-GAAP earnings per share is $1.48 to $1.49 based on approximately 305 million shares outstanding.

尋求指導。我們預計第四季營收將在 12.3 億美元至 12.35 億美元之間。這相當於同比增長約 4.1%（取中間值）。我們預計非GAAP營業收入將在4.77億美元至4.82億美元之間，其中點營業利潤率為38.9%。根據約 3.05 億股流通股計算，我們對非 GAAP 每股盈餘的預期為 1.48 美元至 1.49 美元。

For the full year of FY26, we are excited to raise both our revenue and profitability guidance. We now expect revenue to be in the range of $4.852 billion to $4.857 billion which, at the midpoint, represents approximately 4.1% year-over-year growth. We now expect our non-GAAP operating income to be in the range of $1.955 billion to $1.96 billion, representing an operating margin of 40.3% at the midpoint.

我們很高興地宣布，2026 財年全年，我們的營收和獲利預期都將上調。我們現在預計營收將在 48.52 億美元至 48.57 億美元之間，其中數值約為 4.1%，年成長約 4.1%。我們現在預計非GAAP營業收入將在19.55億美元至19.6億美元之間，中點營業利潤率為40.3%。

In addition, our outlook for non-GAAP earnings per share in FY26 is increasing to $5.95 and to $5.97 based on approximately 308 million shares outstanding. As a reminder, future share repurchases are not reflected in share count and EPS guidance.

此外，根據約 3.08 億股流通股計算，我們對 2026 財年非 GAAP 每股盈餘的預期上調至 5.95 美元和 5.97 美元。再次提醒，未來的股票回購不會反映在股份數量和每股盈餘預期中。

With the strong free cash flow results in Q3, an increased outlook for operating income in FY26, we now expect free cash flow to be in the range of $1.86 billion to $1.88 billion for the full year, which, at the midpoint, represents approximately 3.4% year-over-year growth. As indicated in our press release today, we are also excited to announce our Board has authorized an incremental $1 billion share repurchase. This reinforces our Board and management team's confidence in Zoom as we continue to leverage our strong cash flow and balance sheet to drive shareholder returns.

由於第三季自由現金流強勁，加上 2026 財年營業收入預期上調，我們現在預計全年自由現金流將在 18.6 億美元至 18.8 億美元之間，其中值約為 3.4% 的同比增長。正如我們今天發布的新聞稿中所述，我們也欣喜地宣布，董事會已批准追加10億美元的股票回購計畫。這增強了董事會和管理團隊對 Zoom 的信心，我們將繼續利用強勁的現金流量和資產負債表來推動股東回報。

In closing, we've made progress improving top-line growth. We sustained best-in-class profitability and we've reduced dilution. We're executing on our three priorities with discipline and momentum, and remain committed to building on this success to deliver lasting value for our shareholders. Thank you to our customers, investors, and of course, the entire Zoom team for your trust and support.

總之，我們在提升營收成長方面取得了進展。我們保持了業內最佳的獲利能力，並降低了股權稀釋。我們正以嚴謹的態度和強勁的勢頭執行三大優先事項，並將繼續致力於鞏固這一成功，為股東創造持久價值。感謝我們的客戶、投資者，當然還有整個 Zoom 團隊的信任與支持。

With that, Megan, please queue up the first question.

那麼，梅根，請開始提問第一個問題。

(Operator Instructions)

（操作說明）

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

So really nice to see the stabilization and acceleration in the business as well as the margin expansion. Just a multi-parter here on growth. So can you -- if we look at Q4, the outlook looks very strong. How should we be thinking about that as a jumping-off point into next year?

很高興看到公司業務趨於穩定並加速成長，利潤率也隨之擴大。這裡將推出一系列關於成長的專題文章。所以你也可以——如果我們看一下第四季度，前景看起來非常強勁。我們該如何看待這件事，並將其作為明年工作的起點？

And I ask because I know there were some price increases that you took on the Online business this year. How do you think about pricing heading into next year? And then, big picture, you're kind of near that 5% growth mark. Certainly, should be by Q4. What do you need -- what are sort of the stepping stems to get back to a 10% growth over the long run?

我這麼問是因為我知道你們今年在網路業務方面進行了一些價格上漲。您如何看待明年的定價策略？從整體來看，你們的成長速度已經接近 5% 的目標了。當然，應該在第四季之前完成。你需要什麼－要實現長期10%的成長，需要採取哪些步驟？

Yeah. I can jump in and take that one. First of all, we're not sort of at our planning process to the stage of giving FY27 guidance. We're going to go ahead and do that as per the normal kind of same process in February.

是的。我可以挺身而出，承擔這個任務。首先，我們的規劃流程還沒有到給予 2027 財政年度業績指引的階段。我們將按照二月的正常流程繼續進行這項工作。

With that said, maybe to touch on a couple of your questions and with more specifics. Any pricing kind of elements we would -- we're always trying to give real clarity to investors. If we choose to do that, you would also get that in the February time zone. So maybe let me just pause a little bit and share some thoughts about how we think about kind of long-term growth.

綜上所述，或許我可以就您的幾個問題做一些更具體的說明。任何定價方面的因素我們都會考慮——我們始終努力為投資者提供真正的清晰度。如果我們選擇這樣做，您也會在二月的時區收到相關資訊。所以，或許我可以稍作停頓，分享我們對長期成長的看法。

First, with this latest forecast, Enterprise will continue to be the predominant growth driver. With this latest round, you'll see that we do expect online to be a slight increase on the full year. And really the elements that investors should have top of mind as they think about growth path for '27 or even beyond that, are the same elements that we've been talking about. First and foremost, stabilization -- excuse me, and churn. And then product diversification, moving up markets. And really those three priorities are going to be also the predominant drivers and focus of growth going forward.

首先，根據最新的預測，企業仍將是主要的成長驅動力。透過最新一輪的預測，我們預計線上銷售額將比全年略有成長。而投資人在考慮 2027 年甚至更遠未來的成長路徑時，真正應該牢記的要素，正是我們一直在談論的要素。首先也是最重要的，是穩定──抱歉，是動盪。然後是產品多元化，進軍高端市場。而這三項優先事項也將成為未來成長的主要驅動力和重點。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Maybe a related question that's a slightly different way. So looking at the Enterprise net dollar expansion you reported, still below 100%. Clearly, an opportunity to help drive top-line growth if that does improve.

或許可以換個角度問一個相關的問題。因此，從您報告的企業淨美元擴張來看，仍然低於 100%。顯然，如果情況有所改善，這將是推動營收成長的機會。

Several competitors though noted, they're continuing to see post-COVID seat-based contraction. So can you peel apart the pressure on NDA? And if you're also seeing post-COVID seat-based contraction? And if you are, when you expect that to turn and maybe contribute to more positive top-line growth?

不過，一些競爭對手指出，他們仍看到新冠疫情後座位數量持續減少。那麼，你能剖析NDA所面臨的壓力嗎？如果你也觀察到新冠疫情後座位使用率下降的情況呢？如果是這樣，你預期這種情況何時會好轉，並可能對營收成長做出更積極的貢獻？

Sure. First, thanks for the question. Look, we're pleased in after six quarters to see the net dollar expansion stabilizing. We're not going to get sort of guide to inflection, but certainly, inflection is the goal. What I would say in terms of how to think about it, maybe just a continued reminder for investors that when we have products like Contact Center, and Workvivo, they tend to bring in new customers to Zoom. Those will obviously take a little while to play through the dynamic of the metric.

當然。首先，感謝你的提問。令人欣慰的是，經過六個季度，我們終於看到美元淨擴張趨於穩定。我們不會得到某種語調指南，但語調肯定是我們的最終目標。就思考方式而言，我想說的是，或許應該不斷提醒投資者，當我們擁有像 Contact Center 和 Workvivo 這樣的產品時，它們往往會為 Zoom 帶來新客戶。這些顯然需要一段時間才能體現出指標的動態變化。

But overall, in terms of your maybe more specific question about seat count, that's not something that we've seen be a huge element to our quarter. Certainly, all these customers here and there will have seat pressures, but we've seen overall a very strong macro demand.

但總的來說，就你可能提出的關於座位數量的具體問題而言，我們還沒有發現座位數量對我們本季業績有重大影響。當然，各地的客戶都會面臨座位壓力，但整體而言，我們看到宏觀需求非常強勁。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

There we go. My apologies on that. Maybe just one simple one for me. Coming out of Zoomtopia, there was a conversation around M&A. And I know you've done some two small tuck-ins right now.

好了。對此我深表歉意。或許我只需要一個簡單的就好。Zoomtopia大會結束後，大家開始討論併購問題。我知道你現在已經做了兩個小小的安撫。

Is this just kind of how we should be thinking about M&A for you going forward in terms of -- it will be more technological, little tuck-in in nature, obviously, accelerating your ARR road map. Or is there a potential for maybe more transformational M&A?

我們應該這樣看待你們未來的併購——顯然，它會更偏向技術層面，更注重整合，加速你們的 ARR 路線圖。或者，是否存在更具變革性的併購的可能性？

Yes. Thanks, Rishi, for the question. Really, I would say our thoughts on M&A are very consistent to kind of what I've said previously, really no change, just to update investors. But let me go ahead and recap them just for everybody's knowledge.

是的。謝謝Rishi的提問。實際上，我認為我們對併購的看法與我之前所說的非常一致，沒有任何改變，只是想向投資者更新一下情況。但為了讓大家了解狀況，我還是簡單回顧一下吧。

First of all is that we're going to be very thoughtful and disciplined in both acquisitions and integrations. We're going to make sure that they're strategically aligned with synergies and obviously, coming with some financials. And for Zoom, that typically will mean small- to medium-sized investments. Think of the Bonsai and BrightHire M&A is small in nature. It's helpful. So we'll be in --

首先，我們將在收購和整合方面都非常謹慎和自律。我們將確保它們在策略上保持一致，發揮協同效應，當然，也要考慮到財務方面的問題。對 Zoom 而言，這通常意味著中小規模的投資。想想 Bonsai 和 BrightHire 的併購，規模其實很小。這很有幫助。所以我們會在--

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Congrats on the [beaten race]. I wanted to double-click on growth -- Enterprise growth from one more angle. Just really double-clicking on Zoom Phone ARR, which is growing mid-teens, customer experience, high double-digit growth, Workvivo, you have rapid growth there.

恭喜！[失敗的比賽]。我想從另一個角度深入探討成長——企業成長。只需雙擊 Zoom Phone ARR，其成長率達到兩位數中段，客戶體驗也實現了兩位數的高速成長；Workvivo 也實現了快速成長。

Could you walk through each of those growth areas? Just wondering how you think about the sustainability of those growth vectors?

您能否分別介紹一下這些成長領域？我想知道您如何看待這些成長方向的可持續性？

Yes. Maybe I can take that one. And maybe I'll use the opportunity as well, Josh, just to call it to investors. We made a site and tweak to the three priorities that we've been highlighting to investors. Really two themes of what we were trying to get across. One, AI and all of our priorities; and two, really just sharpening kind of the language with which we talked about our priorities.

是的。或許我可以接受那個。或許我也會藉此機會，喬希，打個電話給投資人。我們製作了一個網站，並對我們一直向投資者強調的三個優先事項進行了調整。我們真正想表達的是兩個主題。第一，人工智慧和我們所有的優先事項；第二，真正地改進我們談論優先事項的語言。

So let me introduce them -- or reintroduce them the same as what Eric talked about in his script and give an update to sort of get at your product-specific question.

那麼，讓我來介紹一下它們——或者像埃里克在他的腳本中談到的那樣重新介紹一下它們，並給出一些最新信息，以回答你關於產品的具體問題。

The first one is really about elevating workplace with AI. And broadly, what that means is AI over the entire meeting life cycle -- and the things that I would think about, in terms of growth and progress that we saw in Q3 there, are continued progress against churn. This is the fifth consecutive quarter on Enterprise for year-over-year declines on churn, then you obviously heard the call out in Online for record load trends. But not just that, it's the Zoom Phone, and increasingly, how much AI comes up in our win rates. You see it in the 10 million seats in the mid-teen growth.

第一個主題是利用人工智慧提升工作場所。總的來說，這意味著人工智慧將應用於整個會議生命週期——而我認為，就我們在第三季看到的成長和進步而言，就是持續降低客戶流失率。這是企業客戶流失率連續第五個季度同比下降，然後您顯然也聽到了在線業務加載量創歷史新高的呼聲。但不僅如此，還有 Zoom Phone，以及人工智慧在我們的勝率中扮演的重要角色。從二十世紀二十年代中期增長的 1000 萬個座位就能看出來。

Second big priority for us is to drive new products with AI. I should mention on the previous one, also integral to that sort of sets up the second one is getting that AI usage going. And so that's where we continue to see 4 times year-over-year [increase] in AI.

我們的第二大優先事項是利用人工智慧推動新產品開發。我應該在前文中提到，第二個關鍵環節也是實現人工智慧應用的關鍵。因此，我們看到人工智慧領域持續保持著每年 4 倍的成長。

When it comes to new products in AI, we have sort of the horizontal that builds up that AI usage and you see the big names in Salesforce and Oracle. Still early days, but pleased to see that in our second quarter and building off the names we showed last quarter. And certainly, then there's vertical, be it our ZRA product, our new BrightHire acquisition.

談到人工智慧領域的新產品，我們有一個橫向發展的過程，推動了人工智慧的應用，你會看到 Salesforce 和 Oracle 等知名企業。雖然現在還處於早期階段，但很高興看到我們在第二季度取得了這樣的成績，並且延續了上個季度我們公佈的名單。當然，還有垂直領域，例如我們的 ZRA 產品，以及我們新收購的 BrightHire。

And then last, to kind of get out your Contact Center question -- or comment, is really to scale AI-first customer experience, whether that's agent-assisted or virtual agent. Really there -- what you're seeing called out by Eric in his script is strong high digit -- high-double-digit, excuse, revenue growth, customer growth in the 60%-plus.

最後，我想提出一個關於聯絡中心的問題或評論，那就是如何真正擴展 AI 優先的客戶體驗，無論是人工輔助還是虛擬代理。確實如此——埃里克在他的腳本中提到的是強勁的高位數增長——兩位數的高增長，沒有藉口，收入增長，客戶增長超過 60%。

And then also just in the nature of the deals, a strong AI preference, 9 of the top 10 deals pulling AI, and many pulling both virtual and our agent assisted. So a lot that we're excited about as we pivot to growth going forward to update on our product side.

此外，從交易的性質來看，人工智慧也佔據了主導地位，前 10 筆交易中有 9 筆是由人工智慧完成的，還有許多交易同時採用了虛擬和代理輔助的方式。因此，隨著我們轉向成長，未來在產品方面進行更新，我們有很多令人興奮之處。

Ryan MacWilliams, Wells Fargo.

瑞安‧麥克威廉斯，富國銀行。

Really cool to see the AI Avatar in the prepared remarks. Maybe one day, I'll be asking AI Michelle about growth next year. Just kidding.

看到人工智慧化身出現在準備好的發言稿中，真是太酷了。也許有一天，我會向人工智慧米歇爾詢問明年的成長情況。只是在開玩笑。

Our bots, Ryan, to talk to one another.

我們的機器人 Ryan 可以互相交談。

I don't know if you can recreate the Philly accent. But just one for Eric actually. So Zoom has had really strong product velocity historically. And as product development time line shrink even further with Agentic coding, do you think this offer Zoom the opportunity to build more product density into your existing products with new features, or expand into new product categories?

我不知道你能不能模仿出費城口音。但其實只給埃里克一個。所以 Zoom 的產品迭代速度一直以來都非常強勁。隨著 Agentic 編碼進一步縮短產品開發時間，您認為這是否為 Zoom 提供了一個機會，使其能夠在現有產品中添加新功能，從而提高產品密度，或擴展到新的產品類別？

Well, Ryan, that is a great question. I think in the AI era, I think every business is, right, are facing the similar challenge and also the great opportunities. So the innovation speed is unprecedented. Look at the way engineers write the code, look at the marketing [serves] team, how they [lab] AI to automate the process. We got to lever AI to re-image everything.

瑞恩，這是一個很好的問題。我認為在人工智慧時代，每個企業都面臨類似的挑戰，同時也面臨巨大的機會。因此，創新速度是前所未有的。看看工程師是如何編寫程式碼的，看看行銷團隊是如何測試人工智慧以實現流程自動化的。我們必須利用人工智慧來重塑一切。

The good news, I have engineer background, right? And I think I have to -- and I am also determined, right, to spend way more time than any time in my career to double down, triple down on the product side. I think there's a huge opportunity. Meaning, we have to change the company culture, and make sure every engineers, right, the way they write code is totally different. The way they troubleshoot the test also is very different. When you make every engineer, even if they write the tens of 1,000 lines of code before, they have to embrace AI now.

好消息是，我有工程背景，對吧？而且我認為我必須這樣做——而且我也決心要投入比我職業生涯中任何時候都多得多的時間來加倍、三倍地投入到產品方面。我認為這是一個巨大的機會。這意味著我們必須改變公司文化，確保每個工程師編寫程式碼的方式都完全不同。他們排查測試故障的方式也大相逕庭。即使以前每個工程師都寫過數萬行程式碼，現在他們也必須接受人工智慧。

Back to your question, I truly believe the inefficient speed will be much faster to build a new features and new services, right? I think that's an opportunity and we are much better position. And, again, I'm figuring out a way to really spend more time on that. That's the reason why I can tell you I couldn't be more excited now. Finally, I think we are going back to the early days of Zoom, double on the product level AI. Build it in the individual services. And you are so right.

回到你的問題，我真的相信低效率的速度會更快，更適合開發新功能和新服務，對嗎？我認為這是一個機會，我們現在處於更有利的地位。而且，我正在想辦法真正花更多的時間在這上面。這就是為什麼我現在無比興奮的原因。最後，我認為我們正在回到 Zoom 的早期階段，在產品層面的 AI 方面翻倍發展。在各個服務中建構它。你說得太對了。

Patrick Walravens, Citizens.

派崔克‧沃爾拉文斯，市民。

Let me add my congratulations. I love the accent that you pick, Eric. I don't know what it was, but it was fantastic. Can you go into some detail and help us understand exactly how the Salesforce when it works. Like, Eric, if you're sitting there with Benioff, how do you pitch it, right? And then just give us some details on how it changes the experience for people in Salesforce.

我也要向你表示祝賀。艾瑞克，我喜歡你選擇的口音。我不知道那是什麼，但感覺棒極了。能否詳細說明一下，幫助我們了解 Salesforce 的具體運作原理？例如，艾瑞克，如果你和貝尼奧夫坐在一起，你會怎麼推銷你的想法？然後請詳細說明它如何改變 Salesforce 用戶的體驗。

Yes. So Salesforce is a good company. Markus is good friend, also was our investor. I'm pretty sure he's thinking about the AI every day as well. Look at the Salesforce event, right? Dreamforce is very successful. the Agentforce is even very successful, right?

是的。所以 Salesforce 是一家不錯的公司。Markus是我的好朋友，也是我們的投資人。我非常肯定他每天都在思考人工智慧的問題。看看 Salesforce 的活動，對吧？Dreamforce大會非常成功。 Agentforce大會也非常成功，對吧？

So they have Agentforce framework. They also have a customer how to integrate our AI Companion -- I mean, sorry, Custom AI Companion, right, to integrate with the Agentforce the framework. Essentially, we drive the productivity, right, because they have agentic framework with our Custom AI Companion. Together for sure, that's no burner, right, to integrate it together giving our customer, why not, right, to enable this feature. That's how this composition is started. That's the reason why they decided to move forward with the Custom AI Companion.

所以他們有Agentforce框架。他們還有一個客戶，詢問如何將我們的 AI Companion（我是說，抱歉，是 Custom AI Companion）與 Agentforce 框架整合。從本質上講，我們提高了生產力，對吧？因為他們擁有我們客製化的 AI 助理所提供的智能體框架。一起肯定沒問題，對吧，把它整合在一起，給我們的客戶，為什麼不呢，對吧，啟用這個功能。這首曲子就是這樣開始創作的。這就是他們決定推進自訂 AI 助理專案的原因。

More and more customers realize the potential of, not only for Zoom AI Companion, but also the Custom AI Companion. I think that's the reason why, in the next months, we are going to announce our Zoom AI Companion 3.0, right? So a lot of opportunity ahead of us. Salesforce, again, just one example.

越來越多的客戶意識到 Zoom AI Companion 和 Custom AI Companion 的潛力。我想這就是為什麼我們將在未來幾個月內發布 Zoom AI Companion 3.0 的原因吧？所以，我們面前有很多機會。Salesforce，這只是一個例子。

Yes, I will invite you to test our AI Companion 3.0 next month, we never reach [GA]. So I'm pretty excited. So our employees really like that too.

是的，我下個月會邀請您測試我們的AI助理3.0，我們從未達到過[GA].所以我非常興奮。我們的員工也很喜歡這一點。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Eric, I'd love to test out that Virtual Avatar when it's ready for GA. Maybe just a quick one for you and a quick one for Michelle. For you, Eric, when you think about AI monetization that you're seeing in the business and in the quarter and in the coming quarters, maybe talk about that a little bit.

艾瑞克，我很想在虛擬化身正式發布後試用一下。或許就給你和米歇爾各寫一個簡單的。艾瑞克，就你而言，當你思考你在業務中、本季以及未來幾季看到的 AI 貨幣化問題時，或許可以稍微談談這方面的情況。

And then Michelle, for -- deferred revenue was a little bit light of your high end of your guide this quarter, but it seems like it's actually a pretty strong guide for next quarter. Was there anything that shifted from one quarter to the next or pushed out or pulled in that maybe explains that?

還有，米歇爾，本季遞延收入略低於你預期的上限，但看起來這實際上是對下個季度的一個相當強勁的預期。是否有任何因素從一個季度過渡到下一個季度時發生了變化，或者出現了某種擴張或收縮，或許可以解釋這種情況？

Yes. So Alex, by the way, the virtual or the feature already there, right, this is the third time of using my AI Avatar for our earnings call, right? I said free up a lot of my time. I really love that.

是的。順便問一下，Alex，虛擬或功能已經具備了，對吧？這已經是第三次在我們的財報電話會議上使用我的 AI 化身了，對吧？我說要騰出很多時間。我非常喜歡。

So back to your question to monetize AI. As Michelle mentioned, right, you look at the few priorities, elevate the Zoom Workplace with AI and double on those AI-centric product. You look at our horizontal collaboration suite, the AI Companion, as a [mature] mission, right, is look at usage year over year are 4 times more, right. But Custom AI Companion, we can monetize and form a sales team. And also we are going to have introduced the new SKU to monetize AI Companion as well online. And this is on one hand.

所以回到你關於人工智慧商業化的問題。正如米歇爾所提到的那樣，沒錯，你要關注幾個優先事項，利用人工智慧提升 Zoom Workplace 的功能，並加倍投入以人工智慧為中心的產品。您可以把我們的橫向協作套件 AI Companion 看作一個[成熟的]任務，對吧？看看它每年的使用量，是之前的 4 倍，對吧。但是，對於客製化人工智慧助手，我們可以將其商業化並組建銷售團隊。此外，我們還將推出新的 SKU，以便在線上實現 AI Companion 的盈利。這是一方面。

On the other hand, we also have vertical services like Zoom Contact Center, right, and Virtual Zoom AI Assistant, right? Also the Zoom Revenue Accelerator. For each of those [department] of applications, including the vertical market solutions like Zoom Workplace for Educators, right, and clinicians and also for the frontline workers, a lot of AI features already built in, we can monetize. Not of the mission Zoom AI Companion suite be ready next March.

另一方面，我們也有像 Zoom 聯絡中心和 Zoom 虛擬 AI 助理這樣的垂直服務，對吧？還有 Zoom 的收入加速器。對於每個應用領域，包括教育工作者、臨床醫生以及第一線工作人員的垂直市場解決方案（例如 Zoom Workplace），我們已經內建了許多人工智慧功能，可以將其貨幣化。Zoom AI Companion 套件的任務並非在明年三月完成。

I think almost everywhere, and we collaborate AI, improve productivity, improve the features. At the same time, we can monetize it as well. It's not a single thing, right? A single product, we want to monetize. It's almost everywhere across the entire product portfolio. Back to the BrightHire acquisition, the reason why we acquired that company also levered AI to improve the hiring as well. So essentially, AI is a foundation for us. We can monetize, we can innovate.

我認為幾乎在所有領域，我們都在與人工智慧合作，以提高生產力，並改善功能。同時，我們也可以將其貨幣化。這並非單一事件，對吧？我們只想實現單一產品的商業化。它幾乎貫穿整個產品系列。回到 BrightHire 的收購，我們收購這家公司的原因也是為了利用人工智慧來改善招募流程。所以從本質上講，人工智慧是我們的基礎。我們可以獲利，我們可以創新。

Yeah. If helpful, maybe just to tag on to Eric, and then I'll hit your deferred revenue question. We produced Zoomtopia sort of a framework of AI monetization because it does kind of monetize indirectly and directly in different ways, Happy to share that with ambassadors after.

是的。如果對你有幫助的話，或許可以先接上 Eric 的話，然後我再回答你關於遞延收入的問題。我們開發了 Zoomtopia，它是一種人工智慧貨幣化的框架，因為它確實可以透過不同的方式直接和間接地實現貨幣化。之後，我很樂意與大使們分享。

And to Eric's point, as you go through that framework that we shared with investors, progress on every single trend in the third quarter. To your deferred revenue question, look, we ended upper end of the range, gave a very consistent guidance in Q4. So nothing really to call out. Results were sort of as expected on the deferred revenue.

正如艾瑞克所說，當我們回顧與投資者分享的框架時，會發現第三季每一個趨勢都取得了進展。關於您提出的遞延收入問題，你看，我們最終達到了預期範圍的上限，並在第四季度給出了非常一致的業績指引。所以沒什麼特別需要指出的。遞延收入的結果基本上符合預期。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Issue with other apps that are really important to kind of improve on your overall productivity strategy for software?

其他一些對你的整體軟體生產力提升至關重要的應用程式是否有問題？

The first part of the question I'm sorry cut out. Can you -- would you mind repeating that?

很抱歉，問題的第一部分被剪掉了。您能再說一次嗎？

Yes, sure. Sorry, Michelle. An important part of the strategy, I think, is to integrate with other productivity software apps. Can you talk about some of the most critical ones and where you are in that process?

當然可以。對不起，米歇爾。我認為，該策略的重要組成部分是與其他生產力軟體應用程式進行整合。您能否談談其中一些最關鍵的問題，以及您目前進展到什麼階段了？

Yes. Eric, do you want to take that?

是的。艾瑞克，你想拿嗎？

Sure. I think, first of all, we have -- we are way beyond [reconvening], right? So we have so many other services, we would like to integrate it. And at the same time, look at the ecosystem, why we're doing the good with the Google ecosystem well and the Megastore ecosystem well as well. And plus ServiceNow, Salesforce and Atlas and all those popular productivity tools, right?

當然。我認為，首先，我們已經遠遠超出了（重新集會）的範疇，對吧？我們還有很多其他服務，我們希望能夠整合這些服務。同時，也要看看生態系統，為什麼我們能好好利用谷歌生態系統和 Megastore 生態系統。再加上 ServiceNow、Salesforce、Atlas 以及所有那些流行的生產力工具，對吧？

We all work on the integration. Again, this is the open ecosystem. And also we listen to our customers very carefully. And whenever they tell us, hey, the more integration, we're also working on that as well.

我們都致力於整合工作。再次強調，這是開放的生態系統。而且我們非常認真地傾聽客戶的意見。每當他們告訴我們，嘿，需要更多的整合時，我們也在努力實現這一點。

And is AI making that easier or harder at this point?

那麼，人工智慧目前是讓這一切變得更容易了還是更難了？

Easy and harder. Meaning, the reason why easy, for sure from an execution perspective, for sure, easier. The harder part is because in AI every customer they want to tell us, hey, given the AI can integrate more, right? Can you release in the timely manner, right? So the requirement house is different, right? So from that perspective, a little bit harder, but [readable to execution]. So I have the confidence our team can deliver.

簡單和困難。也就是說，從執行的角度來看，這當然很容易，肯定更容易。更難的是，在人工智慧領域，每個客戶都想告訴我們，嘿，鑑於人工智慧可以整合更多功能，對吧？你能準時發布嗎？所以需求方不一樣，對吧？所以從這個角度來看，有點難，但是[可供執行]。所以我相信我們的團隊能夠完成任務。

Seth Gilbert, UBS.

瑞銀集團的賽斯吉伯特。

Free cash flow was a bit above what we and the Street were modeling and free cash flow margin hit 50%. I'm curious if you could call out anything additional here. Were there any one-time benefits to free cash flow?

自由現金流略高於我們和華爾街的預期，自由現金流利潤率達到 50%。我想知道你是否還能補充一些其他內容。自由現金流是否有任何一次性收益？

Yes. Thanks. Obviously, we're pleased with the Q3 results and as such, it made sense to update the full-year guidance as well. So I'm pleased with the overall progress, frankly, that we made since the beginning of the year, our kind of guidance.

是的。謝謝。顯然，我們對第三季的業績感到滿意，因此，更新全年業績預期也是合理的。坦白說，我對我們自年初以來的整體進展以及我們提供的指導感到滿意。

With that said, to your question specifically on the one-time, look, there are very durable results as part of that. You see that, obviously, in our core financials. The one thing that we did put in the script that I would make sure I emphasize with investors is, we made some changes as part of our collections process, really looking at that more end to end as a new CFO coming in. And as a result, we were able to make real notable progress on DSO.

話雖如此，就你提出的關於一次性效果的具體問題而言，你看，其中確實存在一些非常持久的效果。很明顯，這一點可以從我們的核心財務數據看出。我們在劇本中加入了一點，也是我要向投資者強調的，那就是，作為新任財務官，我們對收款流程進行了一些調整，真正從頭到尾地審視了這一流程。因此，我們在DSO方面取得了顯著進展。

Those are sustainable changes to our DSO. But obviously, you won't continue to see that marked progress as we go forward, meaning it won't continue to accelerate off that. So you can kind of think about that as durable, but one time a bit in nature.

這些是我們配電系統可持續的變革。但很顯然，隨著我們不斷前進，你將不會繼續看到這種顯著的進展，這意味著它不會繼續加速。所以你可以把它看作是耐用的，但也有其自然特性。

Yes, by the way, our CFO, Michelle, she did a great job, really drive the team, right, dramatically improve our collection process. This is very sustainable.

對了，順便說一下，我們的財務長米歇爾做得非常出色，她真正帶領團隊，大大改善了我們的收款流程。這是非常可持續的。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Maybe, Eric, for you on BrightHire. Is this the start of expanding into other mission-critical business workflows? Or how should we think about -- I'm not asking about the M&A strategy, but more about that sort of broader platform expansion. And Michelle, how should we think at this point about the duration of the overall install base?

或許，埃里克，你可以在 BrightHire 上找到合適的人選。這是向其他關鍵業務流程擴展的開始嗎？或者我們應該如何考慮——我不是在問併購策略，而是在問更廣泛的平台擴張。米歇爾，我們現在應該如何看待整體安裝基數的持續時間？

Well, this is a great question. So -- and my great friend Jim Kremer, he made a comment recently, right? And he wishes Zoom would have become more than just Zoom, right? And that's our strategy over the past few years. Double down on Zoom Phone, launched the Zoom Contact Center, level our technology, right, to focus on those business mission-critical use cases.

這是一個很好的問題。所以——還有我的好朋友吉姆·克雷默，他最近發表了一番評論，對吧？他希望 Zoom 能發展成不僅僅是 Zoom 而已，對吧？這就是我們過去幾年的戰略。加倍投入 Zoom Phone，推出 Zoom 聯繫中心，提升我們的技術水平，專注於那些對業務至關重要的用例。

We are already doing that already over the past few years. BrightHire acquisition is just another way for us to double down our business mission critical applications. We cannot build everything by ourself, right? Why not? We do not have a greater remote hiring solution to target HR remote hiring use case, right?

過去幾年，我們已經一直在做這件事了。收購 BrightHire 只是我們加大對業務關鍵應用程式投入的又一舉措。我們不可能獨自完成所有事情，對吧？為什麼不呢？我們目前還沒有更完善的遠距招募解決方案來專門針對人力資源遠端招募場景，對嗎？

BrightHire fits very well to our strategy. You see that more and more, we are going to leverage the AI because data AI and the focus on those mission-critical use cases, way more than just video conferencing. And this is [all our] over the past few years, and we are going to continue that strategy. So your comment is right now.

BrightHire 非常符合我們的策略。你會發現，我們將越來越多地利用人工智慧，因為資料人工智慧和對關鍵任務用例的關注，遠遠不止於視訊會議。這就是我們過去幾年所做的一切，我們將繼續執行這項策略。所以你的評論現在正合適。

And just -- I get to your right question, your question on installed base was in regards to BrightHire or --?

好了——我回答了你的問題，你關於安裝基數的問題是關於 BrightHire 的，或者——？

No. It was a separate question around the duration that you're seeing because it seems as though you guys are doing pretty well on sort of cross-sell of existing products, and you're seeing that show up also on the long-term RPO, really driving some growth here on the overall RPO. So just trying to understand where the duration of the Enterprise contracts has gone.

不。關於你所看到的持續時間，這是一個單獨的問題，因為您似乎在現有產品的交叉銷售方面做得相當不錯，而且你也看到這體現在長期 RPO 上，真正推動了整體 RPO 的成長。所以，我只是想了解企業合約的期限都去哪了。

Yes. Look, I think look, many quarter to quarter, you're going to see fluctuations. We've had a very consistent RPO trends in the current. Very pleased with the current quarter RPO that went up, which really reflects a couple of large contact center and AI deals in particular.

是的。我認為，很多季度之間都會出現波動。我們目前的RPO趨勢非常穩定。我對本季 RPO 的提升非常滿意，這主要反映了幾個大型呼叫中心和人工智慧交易的成功。

And so look, I would say it varies from quarter to quarter, but we're very pleased with the upsell progress that we have relative to our upsell base as well as kind of what I was referencing earlier, which is bringing in new customers to the Zoom ecosystem. And in particular to the duration of deals, I would say, sort of stabilized. There's obviously AI and contact center that brings in sort of longer-term nature of contracts, but a relatively stable trend within.

所以你看，我認為每個季度的情況都不一樣，但我們對目前的追加銷售進展非常滿意，這與我們的追加銷售基礎以及我之前提到的為 Zoom 生態系統帶來新客戶的情況類似。尤其是交易持續時間方面，我認為已經趨於穩定。人工智慧和呼叫中心顯然會帶來更長期的合約性質，但整體趨勢相對穩定。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

This is Arti Vula on for Mark Murphy. Congrats on the strong quarter. We recently spoke with a Zoom partner who is very positive on is products, pricing, just overall value prop. And they kind of called out particular momentum within the mid-market legacy migrations, adoption of contact center, AI products. From where you sit, are you seeing this relative strength in the mid-market segment as well?

這裡是 Arti Vula 代 Mark Murphy 為您報導。恭喜你們本季業績出色。我們最近與一位 Zoom 的合作夥伴進行了交談，他對 Zoom 的產品、定價以及整體價值主張都給予了非常積極的評價。他們特別指出，中階市場傳統系統遷移、聯絡中心和人工智慧產品的採用正在形成一股強勁勢頭。從您的角度來看，您是否也看到了中階市場領域的這種相對強勢？

Yes. I would say, [to done] I think we are -- we're seeing a strong uptick of AI usage as well as strong uptick of usage in our three-plus products. And certainly, this is, I would say, a sweet spot for sum from small business down to low-end enterprise and something that we're pleased with the results that we're seeing. And I think you can see it play out in many of our financial metrics.

是的。我認為，我們已經——我們看到人工智慧的使用量以及我們三款以上產品的使用量都出現了強勁增長。當然，我認為這對於從小型企業到低端企業來說都是一個理想的價位，我們對目前的成果感到滿意。我認為這一點可以從我們的許多財務指標中看出。

By the way, to add on to what Michelle said, the reason why that mid-market is the sweetest part is, number one, those mid-market customers they really embrace technology faster than any other segment, right? To middle-market customers, we truly care about employee experience, right? And they really want to deploy the best solution is a much better total cost of ownership. That's the reason why that's our sweet spot. That's the reason why we are winning over there.

順便補充一下米歇爾的說法，中端市場最誘人的原因是，第一，中端市場的客戶比其他任何細分市場的客戶都更快地接受新技術，對吧？對於中階市場客戶而言，我們確實非常關心員工體驗，對嗎？他們真正想要部署的最佳解決方案是整體擁有成本更低的解決方案。這就是為什麼這是我們的優勢。這就是我們在那裡取得勝利的原因。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

This is Chad Tevebaugh on here for Siti. Just wondering if you could touch on sort of the broader demand environment. I know there were some moving pieces earlier in the year sort of how that shaped out during the quarter? And expectations for the rest of the year?

這裡是查德‧特維鮑，為您帶來西蒂的報道。我想請您談談更廣泛的需求環境。我知道年初的時候有一些變動，大概是這個季度的情況如何？今年剩餘時間的預期如何？

Yes. So look, I think in the quarter, we saw further improvement. I think you see it in metrics like our customers over $100,000, growing at 9%. Look, that doesn't mean that we're not going to see some seat pressure like we talked about earlier with certainly our business model and we won't be immune. But we saw broad, consistent demand across both the Enterprise and Online and full abatement if that was your specific question to what we referenced in our Q1 earnings.

是的。所以你看，我認為本季我們看到了進一步的改善。我認為從一些指標可以看出這一點，例如我們年收入超過 10 萬美元的客戶數量增加了 9%。聽著，這並不意味著我們不會像之前討論的那樣，因為我們的商業模式會面臨一些市場份額壓力，我們也無法倖免。但我們看到企業和線上市場的需求普遍且持續成長，並且完全緩解了需求，如果您指的是我們在第一季財報中提到的問題的話。

So with respect to our forecast, it assumes similar conditions to what we saw in the third quarter. And maybe to end with sort of where Eric left us in the last question, Zoom what we're going to focus on is not any conditions from one day to the next, given we are in a dynamic environment. but on providing sustainable TCO and business value to our customers.

因此，就我們的預測而言，它假設情況與第三季類似。最後，我想接續埃里克在上一個問題中提出的觀點，Zoom，鑑於我們身處一個動態的環境，我們接下來要關注的重點不是眼前的任何情況，而是如何為客戶提供可持續的總擁有成本和商業價值。

So sort of in the line of in uncertain conditions, you control what you can control. And to Eric's point earlier, we have a fantastic TCO story that we're leaning in with our customers.

所以，在不確定的情況下，你要控制你能控制的事情。正如艾瑞克之前提到的，我們有一個非常棒的整體擁有成本 (TCO) 方案，我們正在與客戶深入探討。

Jackson Ader, KeyBanc.

傑克森·阿德爾，KeyBanc。

Michelle, on the, call it, the non-revenue top-line metrics. You've talked about billings, you talked about RPO. I'm just curious like as you shift more of your business towards the Enterprise, when should we expect those non-revenue metrics to start to outgrow maybe your overall revenue metrics on the top line?

米歇爾，關於，姑且稱之為，非營利主要指標。你們談到了帳單，也談到了RPO。我只是好奇，隨著你們的業務更多地轉向企業級市場，我們應該何時才能看到這些非收入指標開始超過你們的整體收入指標？

I mean in terms of the non-revenue metrics, I would point to things like our AI usage. I would point to product-momentum-type stats to which they already are outpacing our revenue growth. So I don't know Jackson, correct me if I'm sort of missing your question, but I think those are the sorts of non-specific explicit revenue drivers that I look at, and I would say they're already outpacing.

我的意思是，就非收入指標而言，我會指出我們的人工智慧使用情況等。我會指出一些產品發展勢頭之類的統計數據，在這些數據上，他們的成長速度已經超過了我們的收入成長速度。傑克遜，我不知道，如果我沒理解你的問題，請糾正我，但我認為這些是我關注的那種非具體的、明確的收入驅動因素，而且我認為它們已經超過了預期。

No, no, no, that's helpful. Yes. Just curious about the dynamics there.

不，不，不，這很有幫助。是的。只是好奇那裡的情況。

Yes. Just to quickly, Jackson, you're right, you're so right. AI usage is really the number one. The metric is about looking at that every day. At the same time, the CSAT also look at that, right? The customers are pretty happy, not only for online customers, online bars, SMB, and all the way to interbreed customers. We also matter CSAT as well.

是的。傑克遜，簡單說一句，你說得對，你說得太對了。人工智慧的應用才是重中之重。這項指標需要每天關注。同時，CSAT（使用者滿意度調查）也會考慮這一點，對吧？顧客們都非常滿意，不僅是線上顧客、線上酒吧、中小企業，甚至包括線上線下融合的顧客。我們也同樣重視客戶滿意度。

Peter Levine, Evercore.

Peter Levine，Evercore。

Maybe just a follow-up, I think, on Jim Fish's question. If you think about, Eric, you mentioned a lot about employee experience on this call, look at BrightHire, I mean, is this like the on-ramp into like Zoom getting into the HR stack, if it's interviewing, onboarding engagement.

我想，這或許是對吉姆·菲什問題的後續補充。艾瑞克，想想你在這通電話會議上多次提到員工體驗，看看 BrightHire，我的意思是，這就像 Zoom 進入人力資源體系的入口，例如面試、入職互動。

Just curious if you can maybe just talk about how you view is this the on ramp into HR. And then if you think about other segments that you can get into, can you maybe just help us understand like where else on can go with the platform expansion?

我只是好奇，您能否談談您如何看待這是否是進入人力資源領域的途徑？那麼，如果您考慮一下可以涉足的其他領域，您能否幫助我們了解一下，平台擴展還可以向哪些方面發展？

Well, Peter, this is a great question. If you look at our core competency, look at our technology, right, in collaboration and productivity suite under the AI, this is our core technology. And how to apply those technologies, right, into the use case, that's kind of every quarter, every year, we are looking, right? The reason why a few years ago, we introduced the Contact Center, essentially to targeted support and IT help desk, those kind of use cases depot.

彼得，這是一個很好的問題。如果你看看我們的核心競爭力，看看我們的技術，對吧，在人工智慧下的協作和生產力套件中，這就是我們的核心技術。如何將這些技術應用到實際用例中，這幾乎是我們每個季度、每年都要考慮的問題，對吧？幾年前，我們推出了聯絡中心，主要針對有針對性的支援和 IT 服務台等應用程式場景。

We also Zoom Revenue Accelerator, right, to target the sales department, right? We also have Zoom Revenue plus also target marketing department. You look at HR. You know, HR is a huge use case. We are not going to focus on every use case at all. But we're just focused on the remote hiring, right, because we can lever our technology, that's a very different use case.

我們還推出了 Zoom Revenue Accelerator，對吧？它主要針對銷售部門。我們還有 Zoom Revenue Plus 和目標行銷部門。你看看人力資源部門。你知道，人力資源是一個非常重要的應用場景。我們不會關注每一個使用場景。但我們目前只專注於遠端招聘，因為我們可以利用我們的技術，這是一個非常不同的應用場景。

For those each department, how to leverage our products, AI and data, right, to improve the use case, that's our focus, including the vertical segment as well. Like educators, clinicians as well. So if you understand our strategy -- expanding strategy, you look at which department which vertical market might benefit from our technology AI and data, that's kind of thing we are going to focus on. So remote hiring BrightHire, for sure, fits very well to our strategy for expansion.

對於各部門來說，如何利用我們的產品、人工智慧和數據來改進用例，是我們的重點，包括垂直產業領域。與教育工作者一樣，臨床醫生也是如此。所以，如果你了解我們的策略——擴張策略，你就會明白，哪些部門、哪些垂直市場可能會從我們的技術、人工智慧和數據中受益，這就是我們將要關注的重點。因此，BrightHire 的遠距招募服務無疑非常符合我們的擴張策略。

Tom Blakey, Cantor Fitzgerald.

湯姆·布萊基，坎托·菲茨杰拉德。

Eric, Michelle, I have a couple of quick ones, really just one for you, Eric, and a clarification for you, Michelle. Eric, you were key in leading the charge in terms of the higher pricing tiers in CX, and it's great to see the success you're having there. Another Zoom heritage is just dropping markets in terms of technology and pricing and products.

艾瑞克，米歇爾，我有兩個問題要問你，艾瑞克，一個問題要問你，米歇爾，還有一個問題要你澄清。Eric，你在客戶體驗 (CX) 的更高定價層級方面發揮了關鍵的領導作用，很高興看到你在這方面取得了成功。Zoom的另一個歷史遺產就是不斷在科技、定價和產品方面蠶食市場佔有率。

You have some peers in CX talking about maybe possibly disrupting the CX market with regard to consumption-based pricing. I would love to hear your comments in terms of some forward-looking possible kind of statements there in terms of how Zoom could compete in a consumption-led CX market.

CX 領域的一些同行正在討論，基於消費的定價方式可能會顛覆 CX 市場。我很想聽聽您對 Zoom 如何在以消費為主導的客戶體驗市場中競爭的一些前瞻性看法。

And just, Michelle, from a clarification perspective, I think you made some comment about Online growth kind of upticking off of fiscal 3Q, maybe possibly in fiscal 4Q. There was a decel in Enterprise. Can you just maybe clarify what we possibly could expect in terms of that mix would be helpful in fiscal 4Q?

米歇爾，從澄清的角度來看，我認為你曾提到線上成長在第三財季有所回升，或許在第四財季也會有所回升。企業號減速了。您能否具體說明一下，在第四財季，我們可能會對這種組合抱持怎樣的預期？

Tom, thank you for a good question. Just curious, your background is what your background? [I'm not sure]

湯姆，謝謝你的好問題。我只是好奇，你的背景是什麼？[我不知道]

That is as fake as it can be.

這完全是假的。

Oh my God, I even do not know how techno work is so well. I did not realize that is a real figure. So any way. Yes. Thank you.

我的天哪，我甚至不知道技術人員是怎麼做得這麼好的。我之前並不知道這是一個真實數字。總之。是的。謝謝。

So back to your question. So you are so right on. Remember, I was Zoom Contact Center General Manager for a while, right? Very excited about our Content Center workforce management and port management, right, Zoom product over the past few years, but guess what? And because of AI, we have level AI introduced a new product, which is a Virtual Agent. It's a China-based agent or the voice agent.

回到你的問題。你說得太對了。還記得我曾經擔任過 Zoom 客服中心總經理嗎？過去幾年，我們對 Zoom 的內容中心勞動力管理和連接埠管理產品感到非常興奮，但你猜怎麼著？由於人工智慧技術的發展，我們推出了一款新產品—虛擬代理。這是一個位於中國的代理商或語音代理商。

I feel like it has become more and more important, right? And because we have a bot, we have the traditional contact center solution, we [act] as a virtual engine solution.

我覺得這件事變得越來越重要了，對吧？因為我們有機器人，我們有傳統的呼叫中心解決方案，我們[扮演]虛擬引擎解決方案的角色。

In terms of consumption of the business model, I think it will fit very well to our Virtual Agent. And because like a customer deploy technology, right, how often the user virtual agent, how many times use a virtual agent, right? So we've got to go based on how happy a customer they are, right? For every call, right, if virtual agent can truly help address the customer issues, customers should pay for us. Otherwise, this or not because you fall back to the traditional, the agentic solution, right?

就商業模式的適用性而言，我認為它非常適合我們的虛擬代理。而且，就像客戶部署技術一樣，使用者虛擬代理程式的使用頻率如何，使用虛擬代理的次數是多少，對吧？所以我們必須根據客戶的滿意度來決定，對吧？對吧，如果虛擬客服真的能幫助解決客戶的問題，那麼每次通話客戶都應該付費。否則，不管怎樣，你最終還是會回到傳統的、主動的解決方案，對吧？

I think from that perspective, we are indeed thinking about the consumption business model for the Virtual Agent or AI-based agent technology. And yes, we are working on that. This is a great question.

我認為從這個角度來看，我們確實是在思考虛擬代理或基於人工智慧的代理技術的消費商業模式。是的，我們正在努力解決這個問題。這是一個很好的問題。

Just to clarify, the Virtual Agent with our agent-assisted product is a per-user model, our ZBA product that Eric is referencing is already a consumptive business model. And certainly, then, I think many in the industry talk about tying it more to outcome-based and we obviously are looking into that. But I just want to make sure it was clear that we are already consumption-based on our ZBA product.

需要澄清的是，我們代理輔助產品中的虛擬代理是按用戶計費的模式，而 Eric 提到的我們的 ZBA 產品已經是按消費計費的商業模式。當然，我認為業內很多人都在談論如何將其與結果導向方法聯繫起來，而我們顯然也在研究這一點。但我只想確保大家明白，我們的 ZBA 產品已經是基於消費的。

To my comments to clarify on the online. I was just with one more quarter clarity and the full-year guidance out there. So full-year guidance of 4.1% at the midpoint, all I was trying to do in my comments is say that we've used a consistent forecast methodology. And previously to the investors, we've been saying sort of flattish Online revenue. And obviously, with now most of the year playing out and the results realized in the Online, we're just adjusting that to a tweak of slightly increasing.

我的評論是為了澄清網路上的一些問題。我原本以為再過一個季度就能看到明確的業績指引，而且全年業績指引也已經出爐。因此，全年預期成長率中位數為 4.1%，我剛才的評論只是想說明我們一直採用一致的預測方法。此前我們曾向投資人表示，線上收入基本上持平。顯然，隨著今年大部分時間已經過去，線上比賽的結果也已顯現，我們只是對其進行了微調，略微增加。

William Power, Baird.

威廉鮑爾，貝爾德。

Great. Eric, maybe let's stick with your Contact Center GM hat for a moment. Can you maybe remind us and maybe update us where we are on Contact Center go-to-market? Where are you in terms of the opportunity, in terms of channel partner reach? And I guess if you extend that, the opportunity outside the US, US versus International. Is International is still on the earlier front.

偉大的。艾瑞克，或許我們暫時還是讓你扮演客服中心總經理的角色吧。您能否提醒我們一下，並更新一下我們在聯絡中心市場推廣方面的進展？就通路夥伴覆蓋範圍和機會而言，您目前處於什麼位置？我想，如果把這個角度延伸到美國以外的機會，也就是美國與國際之間的機會。Is International 仍然處於早期階段。

Yes. So really by the way, I was the Contact Center GM, I'm not that any more, luckily. So if I do that and maybe focus on the virtual agent. But anyway, so back to your question, I think look at our -- the customers, right, so to our platform in the last quarter, many of them are switching from other cloud vendors to Zoom Contact Center, right? That's the reason why channel partners are becoming a most important go-to-market strategy for our Contact Center solution.

是的。順便一提，我以前是客服中心總經理，不過幸運的是，我現在不再是那個職位了。所以如果我這樣做，或許可以專注於虛擬代理。不過，回到你的問題，我認為看看我們的客戶，對吧，在上個季度，我們平台上的許多客戶都從其他雲端供應商轉向了 Zoom Contact Center，對吧？這就是為什麼通路夥伴正成為我們聯絡中心解決方案最重要的市場推廣策略的原因。

We are doubling down not only for US market, for international market as well because the Contact Center is very different buyers and the channel is becoming increasingly important. We already invested in that now and also we're going to invest more, right?

我們不僅加倍投入美國市場，也加倍投入國際市場，因為聯絡中心的買家非常不同，而且管道變得越來越重要。我們已經在這方面進行了投資，而且我們還會追加投資，對吧？

And for the -- in terms of the Virtual Agent -- and not only do we leverage our system channel partners, we're also thinking about the product growth. because guess what, some developers for, let's say, take SMB customers. We can [lever our], deploy those Virtual Agent technology by themselves, right? That's why I think about how to monetize Contact Center to leverage our product growth to target the developers as well. This is another area we are looking to as well.

至於虛擬代理方面，我們不僅利用系統通路合作夥伴，也正在考慮產品成長。因為你猜怎麼著，有些開發者，比如說，是面向中小企業客戶的。我們可以利用自身的技術，自行部署這些虛擬代理技術，對吧？這就是為什麼我一直在思考如何透過聯絡中心來獲利，從而利用我們的產品成長來吸引開發者。這也是我們正在關注的另一個領域。

And that's helpful -- maybe just to punctuate Eric's comments to your GTM question in particular. We look at top 10 deals in contact center is sort of reflective of the demand and the customer signal that we see. It's helpful, 9 out of 10 of our largest deals were channel driven. So it's a very important investment to us and one that we're very pleased with the results.

這很有幫助——也許只是為了強調 Eric 對你提出的 GTM 問題的評論。我們觀察聯絡中心排名前 10 的交易，發現它們在某種程度上反映了我們所看到的需求和客戶訊號。這很有幫助，我們最大的十筆交易中有九筆都是通路驅動的。所以這對我們來說是一項非常重要的投資，我們對結果非常滿意。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

This is Alinda on for Arjun. Question here on just like what type of customers are adopting Custom AI Companion in particular, and what incremental value are they seeing from the Custom AI Companions versus customers using the free AI Companions?

這是阿琳達為阿瓊主持的節目。這裡的問題是關於具體哪些類型的客戶正在採用定製版 AI 助手，以及與使用免費版 AI 助手的客戶相比，他們從定製版 AI 助手中獲得的增量價值是什麼？

I think for sure, we wanted to SMB medium size all the way to Enterprise customers that operate Custom AI Companion as possible. But to start up as we focus on the relatively a lot of Enterprise customers for Custom AI Companion.

我認為可以肯定的是，我們希望盡可能地服務從中小型企業到大型企業的所有使用 Custom AI Companion 的客戶。但首先，我們將專注於為客製化 AI 伴侶提供相對大量的企業客戶。

The reason why the demand and other reasons is because look at our -- the value of Custom AI Companion, we can integrate with customer third-party locations. We can have agentic framework and for the data search as well.

之所以會有這樣的需求和其他原因，是因為看看我們的客製化人工智慧助手，它的價值在於，我們可以與客戶的第三方位置整合。我們可以擁有一個智能體框架，用於資料搜尋。

And a lot of functionality features is built for those a little bit complicated enterprise use cases, right? And that's the reason why we start from there. So for sure, we do have -- we want to introduce SKU for online buyers as well to empower the small and medium-sized business as well.

很多功能特性都是為了應對那些稍微複雜的企業用例而設計的，對吧？這就是我們從那裡開始的原因。所以，我們當然有——我們也想為線上買家引入 SKU，以增強中小企業的能力。

Catharine Trebnick, Rosenblatt Securities.

Catharine Trebnick，Rosenblatt Securities。

This is Andrew King on for Catharine Trebnick. Just since Nick Tidd's come in and started revamping your channel partners program, can you just give us any more color to how that channel partner platform's performing. Obviously, that 9 out of 10 is a great metric to hear. Just any further color there.

這裡是安德魯金，替凱瑟琳特雷布尼克為您報道。自從 Nick Tidd 加入並開始改革你們的通路合作夥伴計畫以來，您能否再詳細介紹一下該通路合作夥伴平台的運作情況？顯然，9 分（滿分 10 分）是一個非常好的指標。再添加一些顏色就更好了。

And then also within that, you were one of the earliest to pivot to a partner-led professional services organization. Can you just give us a little bit of color as to how that may be helping you win certain deals?

而且，你們也是最早轉型為合夥人主導的專業服務機構之一。您能否簡要說明一下，這如何幫助您贏得某些交易？

Yes. Maybe I can lay down on. So first, for a company that's going to focus on Phone and Customer Experience, having a healthy, vibrant channel ecosystem is just part for the game, meaning it's how customers often want to buy. They're certainly part of the deployment and services after. And so Zoom offers both a deep direct as well as through a channel.

是的。或許我可以躺下。首先，對於一家專注於電話和客戶體驗的公司來說，擁有一個健康、充滿活力的通路生態系統是成功的一部分，這意味著客戶通常希望透過這種方式購買產品。它們當然是部署和後續服務的一部分。因此，Zoom既提供了直接的深度連接，也提供了透過頻道進行連接的方式。

It's also to Eric's comments earlier. I think one of the questions earlier interval to sort of our international expansion, where Zoom has opportunity to go.

這也與埃里克之前的評論有關。我認為之前提出的問題與我們國際擴張有關，Zoom 有哪些發展機會。

In terms of how to think about success, I shared the earlier Contact Center, but also, we're just very pleased with a lot of the forward-looking metrics that we see with our channel ecosystem, pipe up 30%. The majority of Contact Center deals I talked about earlier coming from partner, over 50% of our large Phone deals coming from partner. And the types of partners that are transacting with us is also [bright]. So all in all, it's been a very big investment. And to my earlier comments, something that we're very pleased with the results.

關於如何看待成功，我之前分享了聯絡中心的情況，但我們也對通路生態系統中許多前瞻性指標感到非常滿意，成長了 30%。我之前提到的聯絡中心交易大部分來自合作夥伴，我們超過 50% 的大型電話交易也來自合作夥伴。與我們進行交易的合作夥伴類型也包括[明亮的]。總而言之，這是一筆非常大的投資。對於我之前的評論，我們對結果非常滿意。

Peter Weed, Bernstein.

Peter Weed，伯恩斯坦。

I guess the -- Peter's on this call are similar with me. I was really interested in BrightHire. It was -- appreciated your response around kind of the vertical-specific focus that you have, which makes a lot of sense, and I can understand why you're excited about that. How should we think about that opportunity?

我想，參與這通通話的彼得們和我的情況差不多。我對BrightHire很有興趣。非常感謝您對您所採取的垂直領域特定策略的回應，這很有道理，我也能理解您為什麼對此感到興奮。我們該如何看待這個機會？

Like when you think about it relative to your existing customer base, how much of this is more of an upsell opportunity to them versus expanding the TAM to new customers? And when you kind of think about the monetization, how does this add to your stack and really could expand the TAM or generate revenue upside for the business?

例如，從現有客戶群的角度來看，這其中有多少是向現有客戶追加銷售的機會，又有多少是將目標市場擴展到新客戶的機會？當你考慮獲利模式時，這如何豐富你的產品組合，並真正擴大潛在市場規模或為企業帶來收入成長？

Yes. Maybe I can take that one. And give you sort of the finance version because Eric talked about BrightHire earlier. First of all, it starts a lot at those critical conversations. One thing Zoom is fantastic at is really just nailing those critical conversations with our customers and what there couldn't be a more critical conversation for our customers than who and how they hire.

是的。或許我可以接受那個。接下來我會從財務角度來告訴你一下，因為 Eric 之前已經提到過 BrightHire。首先，很多事情都是從那些關鍵對話開始的。Zoom 的一大優勢在於能夠精準地與客戶進行關鍵對話，而對於我們的客戶來說，沒有什麼比如何招募以及如何招募更重要的對話了。

It also offers Zoom the ability, as AI monetization plays out across different markets, to have a very tangible scenario for customers where the value point is very clear. And so certainly represents one of those vertical AI monetization scenarios. It's a large an unpenetrated market at roughly $3 billion. And so certainly allows us to help them scale and also then gives us sort of an upsell piece beyond it. And they're a category leader in sort of a large TAM that is growing. So it's something we're very excited about.

隨著人工智慧貨幣化在不同市場的發展，Zoom 也能夠為客戶提供一個非常具體的場景，讓客戶清楚了解其價值所在。因此，這無疑代表了人工智慧垂直領域商業化的其中一個場景。這是一個規模龐大且尚未開發的市場，價值約 30 億美元。因此，這當然可以幫助他們擴大規模，而且還能提供我們額外的追加銷售機會。而且他們在規模龐大且不斷成長的潛在市場中處於領先地位。所以，我們對此感到非常興奮。

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

好的。今天的電話會議問答環節到此結束。我將把發言權交還給艾瑞克，讓他做總結發言。

So yes, thank you. Thank you, Megan. Thank you for every investor, customer, and partner's greater support and trust. We truly appreciate. Thank you for every Zoom employee's hard work and dedication. Wishing you all have a wonderful holiday season. Thank you.

是的，謝謝。謝謝你，梅根。感謝每一位投資者、客戶和合作夥伴的大力支持和信任。我們非常感激。感謝每一位Zoom員工的辛勤工作和奉獻精神。祝大家假期愉快！謝謝。

Thanks, everyone.

謝謝大家。

This concludes today's earnings call. Thank you all for attending, and have a happy holiday season.

今天的財報電話會議到此結束。感謝各位的出席，祝大家節日快樂。