Zoom Communications Inc (ZM) 2022 Q3 法說會逐字稿

Hello, everyone, and welcome to Zoom's Third Quarter Fiscal Year 2022 earnings release. I'd like to remind everyone this call is being recorded.

大家好，歡迎來到 Zoom 2022 財年第三季度財報發布。我想提醒大家這個電話正在錄音。

At this time, I'd like to turn it over to Tom McCallum, Head of Investor Relations.

在這個時候，我想把它交給投資者關係主管湯姆麥卡勒姆。

Thank you, Matt. And let me welcome everyone as well to Zoom's earnings video webinar for the third quarter of fiscal '22. I'm joined today by Zoom's founder and CEO, Eric Yuan; and Zoom's CFO, Kelly Steckelberg.

謝謝你，馬特。讓我也歡迎大家參加 Zoom 22 財年第三季度的收益視頻網絡研討會。今天，Zoom 的創始人兼首席執行官 Eric Yuan 加入了我的行列；和 Zoom 的首席財務官 Kelly Stekelberg。

Our earnings press 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 press release, include a reconciliation of GAAP to non-GAAP financial results.

我們的收益新聞稿於今天收市後發布，可從investors.zoom.com 的投資者關係頁面下載。此外，在此頁面上，您將能夠找到今天準備好的評論的副本和帶有財務亮點的幻燈片，連同我們的收益新聞稿，包括 GAAP 與非 GAAP 財務結果的對賬。

During this call we will make forward-looking statements, including statements regarding our financial outlook for the fourth quarter and full year 2022; Zoom's expectations regarding financial and business trends; Zoom's growth strategy and business aspirations to help customers embrace change, enable hybrid workforces, and grow their businesses; product features and the expected benefits of such features; and Zoom continuing to fortify its position as a leading brand in its industry.

在本次電話會議中，我們將發表前瞻性陳述，包括關於我們第四季度和 2022 年全年財務展望的陳述； Zoom 對財務和業務趨勢的預期； Zoom 的增長戰略和業務願景，旨在幫助客戶擁抱變化、實現混合勞動力並發展業務；產品特性和這些特性的預期好處； Zoom 繼續鞏固其作為行業領先品牌的地位。

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 the 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.

這些陳述只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。這些前瞻性陳述受到可能影響我們業績和財務業績的風險和其他因素的影響，我們在提交給 SEC 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-K 表格季度報告-問。 Zoom 不承擔更新我們在今天的網絡研討會上可能做出的任何前瞻性陳述的義務。

And with that, let me turn the discussion over to Eric.

有了這個，讓我把討論交給 Eric。

Thank you, Tom.

謝謝你，湯姆。

In the spirit of the upcoming holiday season, I want to recognize the hard work of Zoom's global workforce and thank our customers, partners and investors for their steadfast trust and support.

本著即將到來的假日季節的精神，我要表彰 Zoom 全球員工的辛勤工作，並感謝我們的客戶、合作夥伴和投資者的堅定信任和支持。

We continue to fortify our position as a leader brand in our industry. We are honored that Gartner named us a leader in the 2021 Magic Quadrant for Meeting Solutions for the sixth consecutive year and for Unified Communications as a Service for the second consecutive year.

我們將繼續鞏固我們作為行業領導品牌的地位。我們很榮幸 Gartner 連續第六年將我們評為 2021 年會議解決方案魔力像限的領導者，並連續第二年將我們評為統一通信即服務的領導者。

Zoomtopia 2021 was bigger and more successful than ever before. We hosted nearly 34,000 live virtual attendees on our platform and 277 speakers, including customers like Choice Hotels, Ally and Hubspot. And we did it on Zoom Events, our all-in-one solution for virtual and hybrid events.

Zoomtopia 2021 比以往任何時候都更大、更成功。我們在我們的平台上接待了近 34,000 名現場虛擬與會者和 277 位演講者，其中包括 Choice Hotels、Ally 和 Hubspot 等客戶。我們在 Zoom Events 上做到了這一點，這是我們針對虛擬和混合活動的一體化解決方案。

Zoom Events allowed us to streamline event preparation, enhance audience engagement, and conduct a better post-event communication and analysis. Its multitrack functionality enabled us to roll our Analyst Day directly into the Zoomtopia agenda so that the participants could move seamlessly across the Analyst Day track, other tracks of Zoomtopia and in the all-connecting lobby.

Zoom Events 使我們能夠簡化活動準備，提高觀眾參與度，並進行更好的活動後溝通和分析。它的多軌功能使我們能夠將分析師日直接納入 Zoomtopia 議程，以便參與者可以在分析師日軌道、Zoomtopia 的其他軌道和全連接大廳中無縫移動。

At Zoomtopia, customers shared how they use Zoom to enable flexible colocated workforces and grow their businesses. We demonstrated how Zoom Apps, which already has 67 apps after only a few months, has the potential to enhance meeting productivity and collaboration. More and more businesses are building products on our platform that connect interrelated work streams to the Zoom client, both inside and outside of the meeting.

在 Zoomtopia，客戶分享了他們如何使用 Zoom 來實現靈活的託管員工並發展他們的業務。我們展示了僅幾個月後就已經擁有 67 個應用程序的 Zoom Apps 如何具有提高會議效率和協作的潛力。越來越多的企業正在我們的平台上構建產品，將相互關聯的工作流連接到會議內外的 Zoom 客戶端。

We were also super excited to unveil the Zoom Video Engagement Center, which enhances our customers' ability to communicate with their customers through our omnichannel solution. And it shows our broader commitment to the contact center space. It's expected to be generally available early next year.

我們還非常高興地推出了 Zoom 視頻互動中心，它通過我們的全渠道解決方案增強了我們的客戶與客戶溝通的能力。它顯示了我們對聯絡中心空間的更廣泛承諾。預計明年初全面上市。

Whether it's the ability to visually whiteboard in and around the meeting, or utilize AI to transcribe or translate a meeting live, Zoomtopia demonstrated that previously futuristic capabilities have arrived. We're working hard to develop and deploy the technologies of the future to address current business needs and reimagine how we communicate and work in a flexible hybrid world.

無論是在會議內外使用可視化白板，還是利用 AI 實時轉錄或翻譯會議，Zoomtopia 都證明了以前的未來功能已經到來。我們正在努力開發和部署未來的技術，以滿足當前的業務需求，並重新構想我們在靈活的混合世界中的溝通和工作方式。

Now let me recognize a few big wins for the quarter. We are very excited to have Carrier Global Corp., the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, as a long-standing Zoom Meetings customer and now, a new Zoom Phone customer as well. Following several months of extensive vendor reviews of leading UCaaS vendors, Carrier selected Zoom Phone to modernize their phone systems for a large portion of their nearly 53,000 employees across 180 countries. We are so thankful that Carrier chose Zoom to deliver an increasingly comprehensive, secure, innovative and integrated set of communications services.

現在讓我承認本季度的一些重大勝利。我們很高興擁有全球領先的健康、安全、可持續和智能建築和冷鏈解決方案提供商 Carrier Global Corp. 作為 Zoom Meetings 的長期客戶，現在也是 Zoom Phone 的新客戶。在對領先的 UCaaS 供應商進行了幾個月的廣泛供應商審查後，Carrier 選擇了 Zoom Phone 來為其遍布 180 個國家/地區的近 53,000 名員工中的大部分員工實現電話系統的現代化。我們非常感謝 Carrier 選擇 Zoom 來提供一套日益全面、安全、創新和集成的通信服務。

In addition to Carrier, we had many other upsells this quarter. For example, one of the world's largest global retailers decided to add 20,000 Zoom Phone licenses to their existing Meetings, Rooms and Webinar footprint in order to better manage their global offices, distribution centers and retail locations. This demonstrates our strong value-add to the retail vertical and builds upon previous success stories like Tapestry and Target.

除了 Carrier，我們本季度還有許多其他追加銷售。例如，全球最大的零售商之一決定在其現有的會議室、會議室和網絡研討會足跡中增加 20,000 個 Zoom Phone 許可證，以便更好地管理其全球辦事處、配送中心和零售地點。這展示了我們對零售垂直領域的強大增值，並建立在 Tapestry 和 Target 等先前成功案例的基礎上。

We also had several notable Zoom Meetings wins in Q3, including a very large expansion for a leading federal system integrator, which puts them at 45,000 users, demonstrating the security and reliability of our Zoom For Government platform; a competitive win with a global technology firm for 16,500 meeting licenses to modernize the way their employees communicate; and expansion within our big 4 audit and big 3 consulting clients, which added more than 35,000 meetings licenses in the quarter to their existing strong meetings footprints.

我們在第三季度還贏得了幾次值得注意的 Zoom Meetings，其中包括對領先的聯邦系統集成商進行的大規模擴展，使他們擁有 45,000 名用戶，展示了我們的 Zoom For Government 平台的安全性和可靠性；與一家全球技術公司競爭贏得 16,500 個會議許可，以實現員工溝通方式的現代化；在我們的 4 大審計和 3 大諮詢客戶中進行擴展，在本季度增加了 35,000 多個會議許可證，以增強其現有強大的會議足跡。

Thanks to our customers, investors and the hard work of our approximately 6,300 employees, we've grown over the past decade from a video conferencing solution to a communications platform that encompasses unified communications as well as developer and event solutions. All these services provide an indispensable platform for individuals, enterprises and developers to connect, collaborate and build in the hybrid world.

感謝我們的客戶、投資者和我們大約 6,300 名員工的辛勤工作，在過去十年中，我們已經從一個視頻會議解決方案發展為一個包含統一通信以及開發人員和活動解決方案的通信平台。所有這些服務為個人、企業和開發人員在混合世界中連接、協作和構建提供了不可或缺的平台。

And with that, let me pass it over to Kelly.

有了這個，讓我把它交給凱利。

Thank you, Eric. And hello, everyone. Let me start by reviewing our financial results for Q3 and then discuss our outlook for Q4.

謝謝你，埃里克。大家好。讓我先回顧一下我們第三季度的財務業績，然後討論我們對第四季度的展望。

In Q3, total revenue grew 35% year-over-year to $1.05 billion, exceeding the high end of our guidance of $1.02 billion. The growth was primarily driven by strength in our direct and channel businesses, which grew at twice the rate of our online business, as well as improved churn in both online and direct segments. From a product perspective, we saw strong demand for Zoom Video Webinars, Zoom Rooms and Zoom Phone. Zoom Phone had year-over-year revenue growth in the triple digits and reached 30 customers with over 10,000 paid seats.

第三季度，總收入同比增長 35% 至 10.5 億美元，超過了我們指導的 10.2 億美元的高端。這一增長主要得益於我們的直接和渠道業務的強勁增長，其增長率是我們在線業務的兩倍，以及在線和直接細分市場的客戶流失率有所改善。從產品角度來看，我們看到了對 Zoom Video 網絡研討會、Zoom Rooms 和 Zoom Phone 的強勁需求。 Zoom Phone 的收入同比增長了三位數，並以超過 10,000 個付費席位覆蓋了 30 個客戶。

The year-over-year growth in revenue for the quarter was driven by a healthy mix between new and existing customers, with existing customers accounting for 26% of the incremental revenue, up from 19% a year ago.

本季度收入的同比增長是由新老客戶之間的健康組合推動的，現有客戶佔增量收入的 26%，高於一年前的 19%。

Let's take a look at the key customer metrics for the quarter. We saw a 94% year-over-year growth in the upmarket as we ended the quarter with 2,507 customers generating more than $100,000 in trailing 12 months revenue. These customers represented 22% of revenue, up from 18% in Q3 of last year. We exited the quarter with approximately 512,100 customers with more than 10 employees, up 18% year-over-year.

讓我們看一下本季度的關鍵客戶指標。截至本季度末，我們看到高端市場同比增長 94%，有 2,507 名客戶在過去 12 個月的收入中創造了超過 100,000 美元的收入。這些客戶佔收入的 22%，高於去年第三季度的 18%。我們在本季度結束時擁有約 512,100 名員工，員工人數超過 10 人，同比增長 18%。

In Q3, customers with more than 10 employees represented 66% of revenue, up from 64% last quarter and 62% in Q3 of last year. These trends suggest that our customers with more than 10 employees are expanding their use of our platform, adding more products and seats, aligned with our go-to-market strategy.

在第三季度，擁有 10 名以上員工的客戶佔收入的 66%，高於上季度的 64% 和去年第三季度的 62%。這些趨勢表明，我們擁有超過 10 名員工的客戶正在擴大他們對我們平台的使用，增加更多的產品和座位，這與我們的上市戰略保持一致。

Our net dollar expansion rate for customers with more than 10 employees exceeded 130% for the 14th consecutive quarter as existing customers increased their spend with Zoom, and we saw strong upsells of Zoom Phone and Zoom Rooms. For Q4, we expect this metric to be modestly below the 130% mark as the denominator of this trailing 12-month metric reflects significant growth in our customer base.

由於現有客戶增加了對 Zoom 的支出，我們看到員工人數超過 10 人的客戶的淨美元增長率連續第 14 個季度超過 130%，我們看到 Zoom Phone 和 Zoom Rooms 的追加銷售強勁。對於第四季度，我們預計該指標將略低於 130% 大關，因為這一過去 12 個月指標的分母反映了我們客戶群的顯著增長。

Both domestic and international markets had strong growth during the quarter. Our Americas revenue grew 30% year-over-year. Our combined APAC and EMEA revenue grew 47% year-over-year to be approximately 33% of revenue, up from 31% a year ago. On a quarter-over-quarter basis, Asia Pacific had another strong quarter driven by growth in Australia and Japan and bolstered by the investments we have made in our international teams. However, as we discussed in Q2, we saw headwinds to our online business in EMEA, mainly related to summer seasonality.

本季度國內外市場均實現強勁增長。我們在美洲的收入同比增長 30%。我們的亞太地區和歐洲、中東和非洲地區總收入同比增長 47%，約佔收入的 33%，高於一年前的 31%。在澳大利亞和日本的增長以及我們對國際團隊的投資的推動下，亞太地區又一個季度表現強勁。然而，正如我們在第二季度所討論的，我們在歐洲、中東和非洲地區的在線業務遇到了不利因素，主要與夏季季節性有關。

Now turning to profitability, which was strong from both GAAP and non-GAAP perspectives. I will focus on our non-GAAP results, which exclude stock-based compensation expense and associated payroll taxes, charitable donation of common stock, acquisition-related expenses, net litigation settlements, net gains on strategic investments, and undistributed earnings attributable to participating securities.

現在轉向盈利能力，從 GAAP 和非 GAAP 的角度來看，盈利能力都很強。我將專注於我們的非公認會計原則結果，其中不包括基於股票的薪酬費用和相關的工資稅、普通股的慈善捐贈、收購相關費用、淨訴訟和解、戰略投資的淨收益以及參與證券的未分配收益.

Non-GAAP gross margin in Q3 was 76%, an improvement from 68.2% in Q3 of last year and stable with Q2 of this year. We remain committed to our multiyear strategy of building out our data centers to support further improvements in gross margin.

第三季度非美國通用會計準則毛利率為 76%，高於去年第三季度的 68.2%，與今年第二季度持平。我們仍然致力於建立我們的數據中心以支持進一步提高毛利率的多年戰略。

Research and development expense grew by 169% year-over-year to approximately $68 million. On a sequential basis, we added over $13 million in R&D expense primarily due to expansion within our engineering and product teams globally. As a percentage of total revenue, R&D expense doubled year-over-year to 6.4%, demonstrating our commitment to innovation and product development.

研發費用同比增長 169% 至約 6800 萬美元。在連續的基礎上，我們增加了超過 1300 萬美元的研發費用，這主要是由於我們在全球範圍內的工程和產品團隊的擴張。研發費用佔總收入的百分比同比翻了一番，達到 6.4%，表明了我們對創新和產品開發的承諾。

Sales and marketing expense grew by 68% year-over-year to $237 million or approximately 22.6% of total revenue, primarily driven by increased marketing programs and sales head count to drive future growth. We remain committed to investing in global sales capacity and marketing across our core and new products.

銷售和營銷費用同比增長 68% 至 2.37 億美元，約佔總收入的 22.6%，這主要是由於營銷計劃和銷售人數增加以推動未來增長。我們仍然致力於投資於我們的核心產品和新產品的全球銷售能力和營銷。

G&A expense grew by 12% to $82 million or approximately 7.8% of total revenue. This was lower than Q3 of last year as we expanded our G&A functions prudently to meet our new scale.

G&A 費用增長 12% 至 8200 萬美元，約佔總收入的 7.8%。這低於去年第三季度，因為我們謹慎地擴展了 G&A 職能以滿足我們的新規模。

Revenue upside in the quarter carried through to the bottom line, with non-GAAP operating income of $411 million, exceeding the high end of our guidance of $345 million. This translates to a 39.1% non-GAAP operating margin for Q3 compared with 37.4% a year ago and 41.6% last quarter.

本季度的收入上升一直延續到盈利，非公認會計準則營業收入為 4.11 億美元，超過了我們指導的 3.45 億美元的高端。這意味著第三季度非 GAAP 營業利潤率為 39.1%，而去年同期為 37.4%，上一季度為 41.6%。

Non-GAAP diluted earnings per share in Q3 was $1.11 on approximately 306 million non-GAAP weighted average shares outstanding. This result is $0.03 above the high end of our guidance and $0.12 above Q3 of last year. This result includes a $70 million provision from income tax, a significant increase from last year, mainly due to fully utilizing our NOLs as well as a decrease in our stock-based compensation for tax purposes.

第三季度非 GAAP 攤薄後每股收益為 1.11 美元，約 3.06 億股非 GAAP 加權平均流通股。這一結果比我們指導的高端高 0.03 美元，比去年第三季度高 0.12 美元。這一結果包括 7,000 萬美元的所得稅撥備，比去年顯著增加，這主要是由於充分利用我們的 NOL 以及我們出於稅收目的而減少基於股票的補償。

Turning to the balance sheet. Deferred revenue at the end of the period was $1.2 billion, up 39% year-over-year from $855 million and slightly up quarter-over-quarter. Looking at Q4, we expect the year-over-year growth rate in deferred revenue to be in the mid-20s. This is driven by the cyclical decline in the average remaining term of our annual customer contracts, which are front-half weighted.

轉向資產負債表。期末遞延收入為 12 億美元，較去年同期的 8.55 億美元增長 39%，環比略有增長。展望第四季度，我們預計遞延收入的同比增長率將在 20 年代中期。這是由於我們年度客戶合同的平均剩餘期限週期性下降，這是前半部分加權的。

Looking at both our billed and unbilled contracts, our RPO totaled approximately $2.5 billion, up 51% year-over-year from $1.6 billion. We expect to recognize approximately 67% of the total RPO as revenue over the next 12 months as compared to 72% in Q3 of last year, reflecting a shift back towards longer-term plans.

從我們的已開票和未開票合同來看，我們的 RPO 總額約為 25 億美元，比去年同期的 16 億美元增長 51%。我們預計在未來 12 個月內將大約 67% 的總 RPO 確認為收入，而去年第三季度為 72%，這反映了向長期計劃的轉變。

We ended the quarter with approximately $5.4 billion in cash, cash equivalents and marketable securities, excluding restricted cash. We had operating cash flow in the quarter of $395 million as compared to $411 million in Q3 of last year. Free cash flow was $375 million as compared to $388 million from Q3 of last year. It's important to note that as we progress beyond the initial phases of the pandemic growth and continue to invest to support our new scale, our working capital is normalizing.

我們在本季度末擁有約 54 億美元的現金、現金等價物和有價證券，不包括受限制的現金。我們本季度的經營現金流為 3.95 億美元，而去年第三季度為 4.11 億美元。自由現金流為 3.75 億美元，而去年第三季度為 3.88 億美元。重要的是要注意，隨著我們超越大流行增長的初始階段並繼續投資以支持我們的新規模，我們的營運資金正在正常化。

In Q4, we expect to incur a onetime $85 million cash outflow related to a legal settlement, which we disclosed and booked as a GAAP expense in Q1. As a reminder, due to the seasonality of renewals being front-end loaded and tapering through the year, our collections will follow the same trend. We also expect further CapEx investments in building out our data centers to support future gross margin expansion.

在第四季度，我們預計與法律和解相關的一次性現金流出為 8500 萬美元，我們在第一季度披露並記為 GAAP 費用。提醒一下，由於續訂的季節性是前端加載並在一年中逐漸減少，我們的系列將遵循相同的趨勢。我們還預計將進一步投資建設我們的數據中心，以支持未來的毛利率擴張。

Now turning to guidance. We are pleased to raise our outlook for FY '22. This outlook is based on our current assessment of the business environment. Specifically, it assumes that our direct and channel business will continue to grow, while our online business will be a headwind in the coming quarters as smaller customers and consumers adapt to the evolving environment.

現在轉向指導。我們很高興提高對 22 財年的展望。該展望基於我們目前對商業環境的評估。具體來說，它假設我們的直接和渠道業務將繼續增長，而我們的在線業務將在未來幾個季度成為逆風，因為較小的客戶和消費者適應不斷變化的環境。

For the fourth quarter of FY '22, we expect revenue to be in the range of $1.051 billion to $1.053 billion. We expect non-GAAP operating income to be in the range of $361 million to $363 million. Our outlook for non-GAAP earnings per share is $1.06 to $1.07 based on approximately 307 million shares outstanding and a tax rate of approximately 10%. Due to our multiyear history of profitability, we have fully utilized our NOLs. We expect our tax rate to approximate the U.S. blended tax rate in FY '23.

對於 22 財年第四季度，我們預計收入將在 10.51 億美元至 10.53 億美元之間。我們預計非美國通用會計準則營業收入將在 3.61 億美元至 3.63 億美元之間。基於約 3.07 億股流通股和約 10% 的稅率，我們對非公認會計原則每股收益的展望為 1.06 美元至 1.07 美元。由於我們多年的盈利歷史，我們充分利用了我們的 NOL。我們預計我們的稅率將接近 23 財年的美國混合稅率。

For the full year of FY '22, we expect revenue to be in the range of $4.079 billion to $4.081 billion, which would represent approximately 54% year-over-year growth, up from our previous guidance of 51% issued in August. We expect non-GAAP operating income to be in the range of approximately $1.598 billion to $1.6 billion, which would represent approximately 63% year-over-year growth. Our outlook for the non-GAAP earnings per share is $4.84 to $4.85, based on approximately 306 million shares outstanding.

對於 22 財年的全年，我們預計收入將在 40.79 億美元至 40.81 億美元之間，同比增長約 54%，高於我們之前在 8 月份發布的 51% 的指導。我們預計非美國通用會計準則營業收入將在約 15.98 億美元至 16 億美元之間，同比增長約 63%。基於大約 3.06 億股流通股，我們對非公認會計原則每股收益的展望為 4.84 美元至 4.85 美元。

As always, Zoom is grateful to be a driving force enabling connection and collaboration worldwide with our high-quality, frictionless and secure communications platform. Thank you to the entire Zoom team, our customers, our community, and our investors.

與往常一樣，Zoom 很高興能夠通過我們高質量、無摩擦和安全的通信平台成為推動全球連接和協作的驅動力。感謝整個 Zoom 團隊、我們的客戶、我們的社區和我們的投資者。

Matt, please queue up our first question.

馬特，請排隊我們的第一個問題。

Our First question is from Sterling Auty with JPMorgan.

我們的第一個問題來自摩根大通的 Sterling Auty。

Eric, you mentioned kind of evolving into a communications company. And I'm wondering as you think about the over 400 million business phone users that are on legacy technology, how do you anticipate capitalizing on that opportunity? Meaning, do you expect a big portion of those will end up coming on to either a video platform like Zoom Phone? Or will they start to just rely on their cellphones to make communications calls?

埃里克，你提到了發展成為一家通信公司。我想知道，當您考慮使用傳統技術的超過 4 億商務電話用戶時，您預計如何利用這一機會？意思是，您是否預計其中很大一部分最終會出現在 Zoom Phone 等視頻平台上？或者他們會開始僅僅依靠手機來撥打通訊電話嗎？

Yes, Sterling. That's a good question. As you see right in Q3 and a great customer like a Carrier, right? And they expanded to deploy the Zoom Phone, right? It's not hundred of thousands, tens of thousands deployment, right? So if you look at the phone industry, right? I mean the clouds-based PBX industry, I think it's growing very well to replace legacy on-prem systems.

是的，斯特林。這是個好問題。正如您在第三季度看到的那樣，以及像運營商這樣的優秀客戶，對吧？他們擴大到部署 Zoom Phone，對嗎？不是幾十萬、幾萬的部署吧？所以如果你看看手機行業，對吧？我的意思是基於雲的 PBX 行業，我認為它正在很好地取代傳統的本地系統。

Also, you look at those existing cloud-based phone providers, most of the development technology stack many years ago. However, we those -- especially for large enterprise customers, when they migrate from on-prem to cloud, they do not want to deploy another solution because video and voice, those are converged into one service. In particular, for those customers who already deployed Zoom Video platform, essentially [tacking] me Zoom Cloud is the PBX system already there. We certainly need to enable and configure that.

此外，您還可以查看那些現有的基於雲的電話提供商，其中大部分是多年前的開發技術堆棧。然而，我們這些——特別是對於大型企業客戶，當他們從本地遷移到雲時，他們不想部署另一種解決方案，因為視頻和語音，它們融合到一個服務中。特別是對於那些已經部署了 Zoom Video 平台的客戶，本質上 [tacking] 我 Zoom Cloud 是已經存在的 PBX 系統。我們當然需要啟用和配置它。

Otherwise, you have 2 separate solutions. That's why our -- we have a high confidence that every time a lot of enterprise customers, they look at all those cloud-based phone solutions, Zoom always the best choice. That's why I think the huge growth opportunity for our unified communication platform, video and voice together and to capture the wave of this cloud migration from on-prem to cloud.

否則，您有 2 個單獨的解決方案。這就是為什麼我們 - 我們非常有信心，每次很多企業客戶都會看到所有基於雲的電話解決方案，Zoom 始終是最佳選擇。這就是為什麼我認為我們的統一通信平台、視頻和語音共同擁有巨大的增長機會，並抓住了從本地到雲端的雲遷移浪潮。

Question is from Parker Lane with Stifel.

問題來自 Stifel 的 Parker Lane。

Yes. I was hoping you could dive into the Video Engagement Center a little bit. The initial reception that customers have had the best solution. And who do you ultimately envision the target customer will be here? Is it going to be more lightweight, small business, medium-sized business, they're looking for a contact center offering? Or do you envision they can get upstream over time?

是的。我希望您能深入了解一下視頻互動中心。客戶的初步接待得到了最好的解決方案。您最終設想的目標客戶是誰？它會是更輕量級的小型企業、中型企業，他們正在尋找聯絡中心產品嗎？或者您是否設想他們可以隨著時間的推移向上游發展？

Yes, this is good question. So we were very excited at Zoomtopia to announce our Zoom Video Engagement Center. Because the reason why we decided to invest resources on that is based on our customers' feedback. In terms of the growth trajectory, I would say it's very similar to what we did before for our Zoom Phone, right, and build a greater solution to lever the same platform. And you can start from existing customers, SME customers soon. Afterwards, you can roll it out to a lot of enterprise customers. That's our contact center vision, right?

是的，這是個好問題。所以我們很高興在 Zoomtopia 宣布我們的 Zoom 視頻參與中心。因為我們決定為此投入資源的原因是基於我們客戶的反饋。就增長軌跡而言，我想說這與我們之前為 Zoom Phone 所做的非常相似，對，並構建了一個更好的解決方案來利用相同的平台。並且您可以很快從現有客戶、中小企業客戶開始。之後，您可以將其推廣給許多企業客戶。這就是我們聯絡中心的願景，對吧？

Essentially, I think this is a market -- that contact center market is growing very well. However, a lot of enterprise customers, guess what, they still deployed on-premise solutions. For the next several years, I feel the opportunity is huge for us, right, especially customers deploy the Zoom video and phone together as a natural extension for our unified communication platform to have very secure and the same platform solution, which is our -- the solution to the contact center space.

從本質上講，我認為這是一個市場——聯絡中心市場發展得非常好。但是，很多企業客戶猜猜看，他們仍然部署了本地解決方案。在接下來的幾年裡，我覺得對我們來說機會是巨大的，對，尤其是客戶將 Zoom 視頻和電話一起部署，作為我們統一通信平台的自然延伸，以獲得非常安全和相同的平台解決方案，這是我們的——聯絡中心空間的解決方案。

Got it. Thanks, Eric.

知道了。謝謝，埃里克。

Well, by the way, we do have quite a few bigger customers in the pipeline. So...

好吧，順便說一句，我們確實有很多更大的客戶正在籌備中。所以...

Next question is from Taz Koujalgi with Guggenheim.

下一個問題來自古根海姆的 Taz Koujalgi。

I have a question for Kelly. Kelly, can you give us some more color on your mix across different products? We've had strong growth in Zoom Phone, Zoom Rooms for the last couple of quarters. Is the combination of Phone plus Rooms now more than 10%? Or that's a little below 10% of the overall business?

我有一個問題要問凱利。凱利，你能給我們一些關於你在不同產品中的組合的更多顏色嗎？在過去的幾個季度中，我們在 Zoom Phone、Zoom Rooms 方面實現了強勁增長。電話加房間的組合現在是否超過 10%？還是略低於整體業務的 10%？

Sorry, it's a combination of phones and...

抱歉，這是手機和...的組合

Phones and Rooms. Or the Non-Meeting business, is that less than 10%? Or has it crossed the 10% threshold?

電話和房間。或者非會議業務，是否低於 10%？還是超過了 10% 的門檻？

Well, none of our product segments on their own is greater than 10% because it's likely that we would break that out if it were. If you add a few of them together, yes, there are a few of them if you put them together, would exceed greater than 10%. But on an individual basis, not any of them is greater than 10% at this point.

好吧，我們的產品細分中沒有一個單獨超過 10%，因為如果是這樣，我們很可能會打破它。如果你把它們中的幾個加在一起，是的，如果你把它們放在一起，就會有幾個超過10%。但就個人而言，目前沒有任何一個超過 10%。

Next question is from Meta Marshall with Morgan Stanley.

下一個問題來自摩根士丹利的 Meta Marshall。

Great. I wanted to ask just about the traction of customer adds. We've seen the customer adds slow down a little bit. And just wondering how you think about kind of sales and marketing resources, directing them more towards upsells, which is clearly showing a lot of traction versus kind of new customer acquisition. And just how you think about that in the budgeting practice, and how we should think about that going forward.

偉大的。我想問一下客戶添加的牽引力。我們已經看到客戶添加速度有所放緩。只是想知道您如何看待銷售和營銷資源，將它們更多地用於追加銷售，這顯然與新客戶獲取相比具有很大的吸引力。以及您在預算實踐中如何看待這一點，以及我們應該如何看待這一點。

Yes. So it's exactly the strategy that we've been planning for and thinking about, Meta. When you think about Zoom Phone, for example, and Zoom Rooms, the strategy is to sell into an existing installed base, which by definition just means these customers are going to grow larger and larger and contribute more over time in the -- depending on which segment of our business, the upmarket business, the majors and enterprises, right? They work on an account basis so they get to retain those accounts. Which is great because they build these long-term multiyear relationships with them. They understand their needs, and they continue to grow those accounts as they continue to see what they need.

是的。所以這正是我們一直在計劃和思考的策略，Meta。例如，當您考慮 Zoom Phone 和 Zoom Rooms 時，其策略是向現有的安裝基礎進行銷售，從定義上講，這意味著這些客戶將隨著時間的推移變得越來越大，並做出更多貢獻——取決於我們業務的哪個部分，高端業務，專業和企業，對嗎？他們以帳戶為基礎工作，因此他們可以保留這些帳戶。這很棒，因為他們與他們建立了這些長期的多年關係。他們了解自己的需求，並在繼續看到自己需要什麼的同時繼續增加這些帳戶。

And then in the lower like the mass market, we do have both expansion as well as acquisition teams, which work really well because that allows them to focus on growing -- certain teams to grow, but other teams to be really out there hunting and continuing to add to our new logos. And then from a marketing perspective, we've grown so much brand awareness that now we're really focusing on ensuring that everybody knows -- everybody who knows about Zoom Meetings now also knows about Zoom Phone and Zoom Rooms and the other solutions that we could bring to bear for them.

然後在像大眾市場這樣的低端市場，我們確實有擴張和收購團隊，它們工作得非常好，因為這讓他們能夠專注於成長——某些團隊會成長，但其他團隊會真正在那裡尋找和繼續添加到我們的新徽標中。然後從營銷的角度來看，我們已經提高瞭如此多的品牌知名度，以至於現在我們真正專注於確保每個人都知道——每個知道 Zoom Meetings 的人現在也知道 Zoom Phone 和 Zoom Rooms 以及我們提供的其他解決方案可以為他們承擔。

Our next question from Alex Zukin with Wolfe Research.

我們來自 Wolfe Research 的 Alex Zukin 的下一個問題。

So 2 -- one question, but it's multipart, Kelly, and it's both for you. The question first is, after the summer, what -- how should we think about the visibility in the model, particularly around churn with the sub-11 cohort?

所以 2 - 一個問題，但它是多部分的，凱利，它都適合你。首先的問題是，在夏天之後，我們應該如何考慮模型中的可見性，尤其是在 11 歲以下人群的流失情況下？

And then if we look at the guidance that you gave implicitly for billings, it looks like it's about a 6% year-over-year growth. If I look at the guidance for revenue, it looks like 19% growth. Maybe there's some upside to that. Maybe it's over 20. It's your toughest comp. But as investors start to look at next year, the Street has you at 17%. So your implicit billings guide suggests a potential for single-digit growth. Is next quarter the trough that we start to build off of? I think that's a question I'm getting, at least from a lot of investors.

然後，如果我們看一下您隱含地為比林斯提供的指導，看起來它的年增長率約為 6%。如果我看一下收入指導，它看起來像 19% 的增長。也許這有一些好處。也許超過 20 歲。這是你最艱難的比賽。但隨著投資者明年開始關注，華爾街的你佔 17%。因此，您的隱含賬單指南暗示了個位數增長的潛力。下個季度是我們開始構建的低谷嗎？我認為這是我得到的一個問題，至少來自很多投資者。

So in terms of -- let's talk about the churn versus the visibility. And as we talked about on the Q2 call, the historical trends that we've seen in our business have changed pretty dramatically. But what we saw as we came through kind of the second half of Q3 was that some of the churn that we were experiencing earlier in the quarter was really summer seasonality. And as we saw people move back towards vacations kind of in the back half of September, that we saw that strength and that usage returning.

所以就 - 讓我們談談流失與可見性。正如我們在第二季度電話會議上談到的那樣，我們在業務中看到的歷史趨勢已經發生了巨大變化。但我們在第三季度下半年看到的是，我們在本季度早些時候經歷的一些流失確實是夏季季節性。當我們看到人們在 9 月下半月開始休假時，我們看到了這種力量和使用率的回歸。

So these are all learnings that we will use now to apply to our modeling for FY '23 as well as the fact that you remember, we looked at -- we showed you some of those detailed aging of the 10 years of the cohorts at the Analyst Day. And as those continue to age, that adds a lot of stability in that underlying business. And by next year, over 50% of them are going to have moved beyond sort of that 15-month mark, which is where that churn really, really stabilized. So that's really good news in terms of the volatility is going to continue to decrease over time.

因此，這些都是我們現在將用於應用到 23 財年建模的所有知識，以及您記得的事實，我們查看了 - 我們向您展示了 10 年隊列中的一些詳細老化分析師日。隨著這些技術的不斷老化，這為基礎業務增加了很多穩定性。到明年，超過 50% 的客戶將超過 15 個月的大關，而這正是客戶流失率真正、真正穩定下來的地方。因此，就波動性將隨著時間的推移繼續減少而言，這是一個非常好的消息。

In terms of FY '23, I know that's the big question in everyone's minds, but we're going to hold any comments in terms of FY '23 guidance until Q4, at which point, of course, we'll be prepared to give Q1 and full FY '23 guidance.

就 23 財年而言，我知道這是每個人心中的大問題，但我們將在第四季度之前就 23 財年的指導意見發表任何評論，當然，屆時我們將準備好給出Q1 和完整的 FY '23 指導。

Matt Stotler with William Blair.

馬特·斯托特勒與威廉·布萊爾。

Maybe just one on the free user base. I know that you guys have always carried a support or a number of free users and opened that up during the pandemic. You talked previously about thinking through monetizing this base of users. Anything you can share in terms of, I guess, on one hand, an update on the size of that base, that potential opportunity? And then updates on how you're thinking about the ability to monetize that over time.

也許只有一個免費用戶群。我知道你們一直提供支持或一些免費用戶，並在大流行期間開放。您之前談到通過將這些用戶群貨幣化來進行思考。我想，一方面，您可以分享有關該基地規模的更新，潛在機會的任何信息？然後更新您如何看待隨著時間的推移將其貨幣化的能力。

Eric, do you want to talk about monetization of free users over time?

Eric，你想談談隨著時間的推移免費用戶的貨幣化嗎？

Yes, sure. So Matt, first of all when we started, right, free user base is always like a marketing platform, right, to promote our brand and give us the network effectiveness of our service platform. So that's how we introduced a free service premium and 40 minutes limitation. I think for now, given the brand recognition and again what had happened last year, I think we got to take a step back, look at our free user online business, right? And essentially on the one hand, we would like to double down our enterprise market because that business is doing extremely well.

是的，當然。所以馬特，首先，當我們開始的時候，對，免費的用戶群總是像一個營銷平台，對，推廣我們的品牌，給我們服務平台的網絡效力。這就是我們引入免費服務溢價和 40 分鐘限制的方式。我認為現在，鑑於品牌知名度以及去年發生的情況，我認為我們必須退後一步，看看我們的免費用戶在線業務，對嗎？從本質上講，一方面，我們希望將我們的企業市場翻一番，因為該業務做得非常好。

On the other hand, we got to be very creative to look at how we lever our huge free user installed base, right, all over the world, right? We started the advertisement program for free users from international market. And down the road, we are going to look at that in premium as well. Because now we're focused on the kind of conversion rate, right, from free to pay. That's more of a traditional model, right?

另一方面，我們必須非常有創意地看看我們如何利用我們龐大的免費用戶安裝基礎，對吧，在世界各地，對吧？我們為來自國際市場的免費用戶啟動了廣告計劃。在未來，我們也將在溢價中看待這一點。因為現在我們關注的是轉化率，對，從免費到付費。這更像是一種傳統模式，對吧？

We've got to be creative. There's huge opportunity, right, and to think about how to monetize that free user base differently. I think that's -- I think our team put a lot of efforts on that, and that's something we are very excited.

我們必須要有創意。有巨大的機會，對，思考如何以不同的方式從免費用戶群中獲利。我認為那是 - 我認為我們的團隊為此付出了很多努力，這是我們非常興奮的事情。

Next question is from Siti Panigrahi with Mizuho.

下一個問題來自瑞穗的 Siti Panigrahi。

I just want to ask about your investment on go-to-market side. So are you coming off of these 2 strong renewal quarters, what are the areas you are investing right now and -- as you are normalizing growth, right? Is it certain regions or certain verticals? So could you give some kind of color on that?

我只是想問一下你在上市方面的投資。那麼，您是否從這兩個強勁的更新季度中脫穎而出，您現在正在投資哪些領域以及 - 當您正在使增長正常化時，對嗎？是某些地區還是某些垂直領域？那麼你能給它一些顏色嗎？

Yes, we certainly are continuing to invest in the sales organization, especially outside of the U.S. There, you've seen strong growth in international. And we really have the opportunity to continue to leverage the brand awareness has grown significantly, not only in the U.S. but also globally. And so that's a huge opportunity for us as well as ensuring that we have the right sales team to support Zoom Events, Zoom Phone and soon our Video Engagement Center as well. So those are all the areas of investment we're thinking about, especially for FY '23.

是的，我們當然會繼續投資於銷售組織，尤其是在美國以外的地區。在那裡，您已經看到了國際業務的強勁增長。我們真的有機會繼續利用已經顯著提高的品牌知名度，不僅在美國，而且在全球範圍內。所以這對我們來說是一個巨大的機會，並確保我們擁有合適的銷售團隊來支持 Zoom Events、Zoom Phone 以及很快我們的視頻參與中心。所以這些都是我們正在考慮的投資領域，尤其是對於 23 財年。

Next, we have Ryan MacWilliams with Barclays.

接下來，我們有巴克萊銀行的 Ryan MacWilliams。

Kelly, just on your existing customer growth, anything to call out there maybe until the fourth quarter? And I would imagine Meetings still makes up the bulk of your growth for existing customers. But anything to call out maybe in the changing mix between Meetings versus Phone and Rooms with these existing customers?

凱利，就您現有的客戶增長而言，可能要等到第四季度才有什麼要說的嗎？我想會議仍然是現有客戶增長的主要部分。但是，在這些現有客戶的會議與電話和會議室之間不斷變化的組合中，有什麼需要注意的嗎？

Yes. I mean Zoom Phone continues to be a really strong growth driver in general, especially as organizations are thinking about what's going to be their future-of-work strategy and enabling their employees to work from anywhere over time. And then Zoom Rooms, of course, is also a really important consideration now as companies are thinking about welcoming their employees back in the office.

是的。我的意思是，總的來說，Zoom Phone 仍然是一個非常強勁的增長動力，尤其是當組織正在考慮他們的未來工作戰略並讓他們的員工能夠隨著時間的推移在任何地方工作時。當然，現在 Zoom Rooms 也是一個非常重要的考慮因素，因為公司正在考慮歡迎員工回到辦公室。

The conference room strategy has become even more important than it will as pre-pandemic as because unlikely we'll -- unlikely that we're all going to be sitting around conference rooms together in the future. And so having any sort of a hybrid approach means that you need to make sure that it's inclusive. And the best way to do that is through the Zoom Rooms technology, things like smart gallery, which are really some of the opportunities that we're helping our customers solve today.

會議室戰略變得比大流行前更重要，因為我們不太可能——未來我們不太可能坐在會議室周圍。因此，任何一種混合方法都意味著您需要確保它具有包容性。最好的方法是通過 Zoom Rooms 技術，比如智能畫廊，這確實是我們今天幫助客戶解決的一些機會。

Yes. So just to quickly add on to what Kelly cited, Ryan. You look at a hybrid work, the conference room is extremely important. That's why you look at a Zoom Rooms, right, is uniquely positioned. It's much better than any other solution out there to support hybrid work. Not to mention the Zoom Events also can support the new hybrid events, the services as well, right? That's why a huge opportunity for us to support the hybrid work and paradigm shift.

是的。所以只是為了快速補充凱利引用的內容，瑞恩。你看一個混合工作，會議室是極其重要的。這就是為什麼你看一下 Zoom Rooms 的原因，對，它的定位是獨一無二的。它比支持混合工作的任何其他解決方案都要好得多。更不用說Zoom Events也可以支持新的混合事件，服務也是如此，對吧？這就是為什麼我們有巨大的機會來支持混合工作和範式轉變。

Next question is from Tyler with Citi.

下一個問題來自花旗的泰勒。

Kelly, I wanted to ask you about just some of your comments on the churn rates. I guess, first, did they perform in line with your expectations this quarter, just kind of given the moving pieces with summer seasonality? And then as you think about Q4, would you expect churn rates to get better because of less kind of summer seasonality in Europe?

凱利，我想問你關於流失率的一些評論。我想，首先，他們本季度的表現是否符合您的預期，只是考慮到夏季季節性的變化？然後當您考慮第四季度時，您是否會因為歐洲的夏季季節性減少而預期客戶流失率會變得更好？

And then I just wanted to clarify when you talk about the online business being a headwind, does that mean that you expect the online revenue to decline year-over-year? Does it just mean it's going to grow slower than the rest of the business?

然後我想澄清一下，當您談到在線業務是逆風時，這是否意味著您預計在線收入將同比下降？這是否意味著它將比其他業務增長慢？

So in terms of how the online churn performed in Q3, it performed better than our expectations coming in at the beginning of the quarter. And we were happy to see that it was more seasonality aligned rather than true potential departures, as people were making other choices or going back to meeting in person. So the seasonality nature of that was good news to see and that rebounding in the middle of the -- kind of in the middle and the back half of September. And then we expect Q4 to be relatively consistent with Q3 in terms of churn. However, we do see some impact from the holidays towards the end of December. And those holidays vary by the global -- by global location, but we do see kind of slowdowns based on that.

因此，就第三季度在線客戶流失的表現而言，它的表現好於我們在本季度初的預期。而且我們很高興看到它更符合季節性，而不是真正的潛在離職，因為人們正在做出其他選擇或返回親自見面。因此，這是一個好消息，而且在 9 月中旬和下半月中旬出現反彈。然後我們預計第四季度在客戶流失方面與第三季度相對一致。但是，我們確實看到了 12 月底假期的一些影響。這些假期因全球而異 - 因全球位置而異，但我們確實看到了基於此的放緩。

In terms of what we expect from online going forward, we do expect online revenue to grow more slowly than the direct and channel businesses as we look to the future, which is what we saw in Q3, for example, as well. But we'll give more specifics around that when we give guidance on the Q4 call.

就我們對未來在線的預期而言，我們確實預計在線收入的增長速度將慢於我們展望未來的直接和渠道業務，例如，我們在第三季度也看到了這一點。但是，當我們為第四季度電話會議提供指導時，我們將提供更多細節。

Next question is from James Fish with Piper Sandler.

下一個問題來自 James Fish 和 Piper Sandler。

Nice quarter. I just wanted to go back to -- I wanted to go back to Matt's question on advertising. First, how would this actually work? Can you give more color there? Would it be in a banner within the application pre- or post-video and be more display-based advertising or performance-based? And then also, I just wanted to understand how much of this is really to try to prevent some of your more commercial and enterprise customers from lowering their number of meeting seats to free seats, rather than trying to monetize more of that online consumer SMB base?

漂亮的季度。我只是想回到——我想回到馬特關於廣告的問題。首先，這實際上是如何工作的？你能給那裡更多的顏色嗎？它會出現在應用程序內的橫幅廣告前或視頻後，並且更多地基於顯示的廣告或基於性能的廣告嗎？然後，我只是想了解這在多大程度上是為了防止您的一些商業和企業客戶將他們的會議席位減少為免費席位，而不是試圖通過更多的在線消費者 SMB 基礎獲利?

Yes. So for now, we're just focused on the pure free meetings, right? Meaning the free meeting host, right? We will have meeting of the free participants. Let's see if you and I joined a meeting because we already paid the enterprise customer or paid the fees. You will -- we will not show the display ads, right? It is more like post the meeting, it can be [page], right? Because we do have in some plans, but I want to start step-by-step, gradually, right?

是的。所以現在，我們只關注純粹的免費會議，對吧？意思是免費的會議主持人，對吧？我們將舉行免費參與者會議。讓我們看看您和我是否參加了會議，因為我們已經支付了企業客戶或支付了費用。你會——我們不會展示展示廣告，對吧？它更像是發布會議，它可以是 [page]，對嗎？因為我們確實有一些計劃，但我想一步一步地開始，對吧？

For now, we should display ads post the meeting page from international market, actually for the free meetings and try to learn some experience. And again, we got to be creative. There are so many areas where we can be creative, right? Because you've got daily meeting participants in terms of number of free users. It's pretty healthy. Even for those best users, right? Maybe they do not pay for service anymore, they still use our service. Right? That's why the Zoom still offers a good value to them. We got to think about how to monetize it differently. Again, this is something new for us, and we would like to explore more in the next few quarters.

目前，我們應該在國際市場的會議頁面上展示廣告，實際上是為了免費會議，並嘗試學習一些經驗。再一次，我們必須要有創造力。我們可以在很多領域發揮創造力，對吧？因為就免費用戶數量而言，您每天都有會議參與者。它很健康。即使對於那些最好的用戶，對嗎？也許他們不再為服務付費，他們仍然使用我們的服務。對？這就是為什麼 Zoom 仍然為他們提供了很好的價值。我們必須考慮如何以不同的方式獲利。同樣，這對我們來說是新事物，我們希望在接下來的幾個季度中進行更多探索。

Next question is from Rishi Jaluria with RBC.

下一個問題來自 Rishi Jaluria 和 RBC。

I just wanted to ask about Zoom Chat. I was really excited to see that launch in Zoomtopia 2 months ago. Really kind of saw this business becoming this broader enterprise communication platform. I actually noticed that Zoom Chat is live. It's something people can deploy. I know it's an add-on feature.

我只是想問一下Zoom Chat。 2 個月前看到 Zoomtopia 的發布讓我感到非常興奮。真的有點看到這個業務成為這個更廣泛的企業通信平台。我實際上註意到 Zoom Chat 是實時的。這是人們可以部署的東西。我知道這是一個附加功能。

Can you give us any sense of color in terms of customers actually using it today? What that sort of usage within your existing customer base looks like? And what you're doing to actually drive usage of Zoom Chat among your customers to just make the whole platform more valuable for them.

就今天實際使用它的客戶而言，您能給我們一些色彩感嗎？在您現有的客戶群中，這種用法是什麼樣的？您正在做些什麼來實際推動客戶使用 Zoom Chat，從而使整個平台對他們更有價值。

Yes. Rishi, that's a great question. First of all, I can tell you, Zoom as a company, we were using our chat for a long time and so many employees do enjoy that. And overall, this is part of our overall user platform vision. Because some customer -- I think we did not do a good job to mention that, to promote that, because customers, some customers even do not know that, right, before. But however, you look at our chat usage, sorry, we did not publish the number yet. It's pretty healthy, not only for SMB, individual users, but also enterprise customer. They deployed both Video and Phone and also Zoom Chat. It's one platform, right?

是的。里希，這是一個很好的問題。首先，我可以告訴你，Zoom 作為一家公司，我們使用我們的聊天功能已經很長時間了，很多員工都喜歡它。總的來說，這是我們整體用戶平台願景的一部分。因為有些客戶——我認為我們沒有做好提那個，宣傳那個，因為客戶，有些客戶甚至不知道那個，對吧，以前。但是，您看看我們的聊天使用情況，抱歉，我們還沒有公佈這個數字。它非常健康，不僅適用於中小企業、個人用戶，也適用於企業客戶。他們部署了視頻和電話以及 Zoom Chat。這是一個平台，對吧？

And in terms of functionalities, scalability, I think we have a high confidence. On the one hand, we do collaborate well with other chat solutions and we integrate very well. On the other hand, for some customers, they see -- they really want to deploy the solution for one vendor for video, voice and chat. We do have this flexibility, right? I think also, our team, we are innovating as well, right, adding more and more very cool functionalities, right, as we announced at Zoomtopia. Again, this is something important for our overall user platform, and we are going to invest more.

在功能、可擴展性方面，我認為我們很有信心。一方面，我們確實與其他聊天解決方案進行了良好的協作，並且我們的集成非常好。另一方面，對於一些客戶，他們看到——他們真的想為一個供應商部署視頻、語音和聊天解決方案。我們確實有這種靈活性，對吧？我認為，我們的團隊也在進行創新，對，添加越來越多非常酷的功能，對，正如我們在 Zoomtopia 上宣布的那樣。同樣，這對我們的整個用戶平台來說很重要，我們將進行更多投資。

Next question is from Karl Keirstead with UBS.

下一個問題來自瑞銀的 Karl Keirstead。

Okay. Great. Maybe, Kelly, metrics like deferred revenues and RPO are certainly not the most important to watch with Zoom. But they can be indicative of changes in the business, so it's still important to keep an eye on them. And you made some color about DR and RPO next quarter that I'd love if you could elaborate.

好的。偉大的。凱利，也許，遞延收入和 RPO 等指標肯定不是 Zoom 最重要的觀察指標。但它們可能預示著業務的變化，因此密切關注它們仍然很重要。如果您能詳細說明，我會很高興您在下個季度對 DR 和 RPO 進行了一些說明。

I think on DR, you mentioned that it will grow mid-20s due to a cyclical decline in average remaining term of annual contracts. I'm not sure I totally understand what that means. So I'd love to ask for a clarification.

我認為關於 DR，您提到由於年度合同平均剩餘期限的周期性下降，它將在 20 年代中期增長。我不確定我是否完全理解這意味著什麼。所以我很想要求澄清。

And then likely on -- as well on RPO, you mentioned that we would see a shift back to long-term plan. I'm wondering if you could elaborate on that as well.

然後很可能 - 以及在 RPO 上，你提到我們會看到轉向長期計劃。我想知道您是否也可以詳細說明一下。

Yes. So for deferred revenue, there's 2 things to remember, which is the seasonality trend of our renewals is that Q1 is the largest quarter for renewals and Q4 is the lowest.

是的。所以對於遞延收入，有兩件事要記住，這是我們續訂的季節性趨勢，第一季度是續訂最多的季度，第四季度是最低的。

So in terms of new deferred coming on to the books, Q4 is the lowest quarter because of that, as well as the fact that Q1 is the largest quarter when deferred gets out of the balance sheet. But if they're annual contracts, by the time you get to Q4, most of that has already been amortized and recognized. There's only 25% of it in theory about left when you come into the quarter.

因此，就新的遞延資產入賬而言，第四季度是最低的季度，因此第一季度是遞延資產退出資產負債表時最大的季度。但如果它們是年度合同，那麼到第四季度時，其中大部分已經攤銷和確認。當你進入這個季度時，理論上只剩下 25% 的餘額。

So the combination of the fact that anything added in Q1 is almost fully amortized and will get refilled and renewed back in Q1, and the fact that Q4 is the lowest renewal quarter, those 2 things are what's driving this trend of renewals -- sorry, of deferred, which I know is probably counterintuitive to any other company that you see because of the seasonality that we have.

因此，第一季度添加的任何內容幾乎都已完全攤銷並將在第一季度重新填充和續訂這一事實，以及第四季度是續訂最低的季度這一事實，這兩件事是推動這一續訂趨勢的原因——抱歉，延期，我知道這可能與你看到的任何其他公司違反直覺，因為我們有季節性。

So if you remember at Analyst Day, we showed you an actual chart that showed how our renewals play out through the year. And that's what that illustrates and -- so renewals, like deferred is going to look the same, collection is going to look the same because they're all being built off of that trend. Does that make sense?

因此，如果您還記得分析師日，我們向您展示了一張實際圖表，顯示了我們的續訂在全年中的表現。這就是說明，所以更新，比如延期看起來會一樣，收藏看起來也會一樣，因為它們都是建立在這種趨勢之上的。那有意義嗎？

Yes. And so the fact that DR growth would slow to mid-20s is due to what?

是的。那麼，DR 增長將放緩至 20 年代中期的事實是由於什麼？

It's due to the fact that Q4 is our lowest renewal period; as well as all those annual renewals that came on in Q1, which is the biggest quarter, are now almost fully amortized and recognized.

這是因為第四季度是我們最低的續訂期；以及在第一季度（最大的季度）進行的所有年度續訂，現在幾乎完全攤銷和確認。

Okay. That's helpful. Thank you on DR. Yes. And on the RPO, Kelly?

好的。這很有幫助。謝謝博士。是的。在 RPO 上，凱利？

And then this has a strong impact on billings and RPO as well because the same thing. Like the adding to it, the billings and the collections are happening earlier in the quarter, and the remaining term is being amortized throughout the year. So there is the shortest amount of contract left during Q4.

然後這對賬單和 RPO 也有很大的影響，因為同樣的事情。就像增加它一樣，賬單和收款發生在本季度早些時候，剩餘期限在全年攤銷。所以第四季度剩下的合約數量最短。

Okay. I think I got it. Thanks for that...

好的。我想我明白了。感謝那...

Okay. You're very welcome.

好的。你很受歡迎。

Our next question is from Shebly Seyrafi with FBN Securities.

我們的下一個問題來自 FBN Securities 的 Shebly Seyrafi。

So what is your latest thinking about possibly reviving the Five9 deal, such as with a higher price? And what's your current thinking about the build versus buy decision in the contact center market?

那麼您對可能恢復 Five9 交易的最新想法是什麼，例如以更高的價格？您目前對聯絡中心市場中的構建與購買決策有何看法？

Yes. Shebly, that's a good question. And unfortunately, Rowan is not in the call. That's why , probably for both of us, it's better for him to answer this question. Anyway, we look at everything from a customer perspective, right? Even they still did not go through, however. And we still have many mutual customers and have a great integration with Five9.

是的。謝布利，這是個好問題。不幸的是，羅文不在電話中。這就是為什麼，可能對我們雙方來說，他最好回答這個問題。無論如何，我們從客戶的角度看待一切，對吧？然而，即使他們仍然沒有通過。而且我們仍然有很多共同的客戶，並且與 Five9 有很好的整合。

And also, I think from a data perspective, everything seem as before, right? But in terms of the deal, actually nobody knows that. And let's see. We do not know. But also as I mentioned earlier, right, and have a full stack to support a unified communication. Important, the customer deploy Zoom Video already and (inaudible) deploy Zoom Phone. We also asked about our strategy about our contact center solution, and this reason we're doubling down our Video Engagement Center, which is our answer to the contact center solution.

而且，我認為從數據的角度來看，一切看起來都像以前一樣，對吧？但就交易而言，實際上沒有人知道這一點。讓我們看看。我們不知道。而且就像我前面提到的那樣，對，有一個完整的堆棧來支持統一通信。重要的是，客戶已經部署了 Zoom Video 並且（聽不清）部署了 Zoom Phone。我們還詢問了我們關於聯絡中心解決方案的戰略，因此我們將視頻參與中心加倍，這是我們對聯絡中心解決方案的回答。

Anyway, I think this is where we are now, but I'm so sorry, it's really hard to know how to reengage or do the deal with Five9 because we're 2 public companies, right? And again and for now, we are doubling down on our Video Engagement Center and also working together with all other contact center solution providers like Five9 to offer a better integration, seamless experience to our mutual customers.

無論如何，我認為這就是我們現在的情況，但我很抱歉，真的很難知道如何重新參與或與 Five9 達成交易，因為我們是兩家上市公司，對吧？而且現在，我們正在加倍投入我們的視頻參與中心，並與 Five9 等所有其他聯絡中心解決方案提供商合作，為我們共同的客戶提供更好的集成、無縫體驗。

Next question is from Matt VanVliet with BTIG.

下一個問題來自 BTIG 的 Matt VanVliet。

I guess pertaining to the channel and especially with Zoom Phone, are you seeing much traction in terms of potential net new customers coming in where Zoom Phone is sort of the entree into that customer? Or even as a part of initial deal, especially at the sort of mid-market enterprise level?

我想關於渠道，尤其是 Zoom Phone，你是否看到了潛在的淨新客戶的吸引力，而 Zoom Phone 是該客戶的主菜？或者甚至作為初始交易的一部分，尤其是在中端市場企業級別？

Yes -- go ahead, Kelly.

是的——去吧，凱利。

So yes, we have absolutely seen the channel be a really important part and a really important growth driver for Zoom Phone especially. This is why focusing on the channel, both in the U.S. and growing that internationally, is really an important aspect of our growth strategy for the long term here as well.

所以，是的，我們絕對看到渠道是 Zoom Phone 的一個非常重要的部分和非常重要的增長動力。這就是為什麼關注該渠道，無論是在美國還是在國際上發展，這也是我們長期增長戰略的一個重要方面。

And then we do have the ability and we have seen customers that want to start to sell and to start with Zoom Phone first, and that has been a great opportunity. It's a small percentage of our customers that are starting that way. But it's a great opportunity for them, if that's what they're interested in, is to get them in and get them used to Zoom, and then expand over time in terms of understanding the full platform offering that we have.

然後我們確實有能力，我們已經看到想要開始銷售並首先使用 Zoom Phone 的客戶，這是一個很好的機會。我們的客戶中只有一小部分是這樣開始的。但這對他們來說是一個很好的機會，如果他們感興趣的話，就是讓他們參與進來並讓他們習慣 Zoom，然後隨著時間的推移在了解我們擁有的完整平台產品方面進行擴展。

Next question is from Matthew Niknam with Deutsche Bank.

下一個問題來自德意志銀行的 Matthew Niknam。

I want to go back to the question before that was asked. Not necessarily related with Five9, but having moved past that acquisition, maybe Eric, how you're thinking about inorganic opportunities on either the UCaaS or the CCaaS front to really consolidate the market and expand your platform inorganically relative to some of the organic investments the company has talked about.

我想回到被問到之前的問題。不一定與 Five9 相關，但已經超越了那次收購，也許是 Eric，您如何考慮 UCaaS 或 CCaaS 前沿的無機機會，以真正鞏固市場並相對於一些有機投資以無機方式擴展您的平台公司談過。

Again, actually, Five9 is still a great partner and Rowan and the team is great. They have a good -- they're friends, right? So we're still working together, right? Do we target a mutual customer? That's for sure. But regarding our growth strategy for consolidated UCaaS and CCaaS, first of all, I think we are doing very, very well on UCaaS.

同樣，實際上，Five9 仍然是一個很棒的合作夥伴，而 Rowan 和團隊也很棒。他們很好——他們是朋友，對吧？所以我們還在合作，對吧？我們是否針對共同的客戶？這是肯定的。但關於我們整合 UCaaS 和 CCaaS 的增長戰略，首先，我認為我們在 UCaaS 方面做得非常非常好。

In terms of the CCaaS, the reason why we announced the Video Engagement Center because of that, right? Because for some customers, they want to consolidate them together and we do have an offering. Also how to accelerate our growth in addition to allocating our own resources to grow that business organically for sure, right, if there's any good, let's say, the technology platform for next-generation functionalities, very creative features. We are very open minded, right? And Kelly has a big budget, right, to support that effort, right? Again, if you know any other cool technology companies that can help us for the beef-up our investment on that front, we are very open-minded.

就 CCaaS 而言，我們之所以宣布 Video Engagement Center 就是因為這個原因，對吧？因為對於一些客戶來說，他們希望將它們整合在一起，而我們確實提供了產品。還有如何加速我們的增長，除了分配我們自己的資源來有機地發展業務，對，如果有什麼好的，比如說，下一代功能的技術平台，非常有創意的功能。我們很開放，對吧？凱利有很大的預算來支持這項工作，對吧？同樣，如果您知道任何其他很酷的技術公司可以幫助我們加強我們在這方面的投資，我們是非常開放的。

Next question is from Will Power with Baird.

下一個問題來自 Will Power 和 Baird。

So Eric, you referenced a number of new customer wins. You really called out Carrier, I guess in particular. And you suggested it was an extensive process. So I really would just love to better understand the importance of being able to bundle Video and Zoom Phone for Carrier? And what in your estimation really kind of sets you apart from the other vendors they were considering?

所以埃里克，你提到了一些新客戶的勝利。你真的叫了Carrier，我想特別是。你認為這是一個廣泛的過程。所以我真的很想更好地理解能夠捆綁視頻和 Zoom Phone for Carrier 的重要性？在您看來，是什麼讓您與他們正在考慮的其他供應商區分開來？

That's a good question. So first of all, I'd like to take a step back and share with you how we grow our phone platform. It's not like some other cloud vendors probably target those traditional on-prem solutions. Our Zoom Phone growth comes from not only for on-prem, the growth, but also for other existing cloud-based phone solutions. They probably also see it with us, right? And we have both those customers coming from both sides.

這是個好問題。因此，首先，我想退後一步，與您分享我們如何發展我們的電話平台。它不像其他一些雲供應商可能針對那些傳統的本地解決方案。我們的 Zoom Phone 增長不僅來自本地，增長，還來自其他現有的基於雲的電話解決方案。他們可能也和我們一起看到了，對吧？我們有來自雙方的客戶。

And aside from that, for a lot of enterprise customers, in particular for our existing Zoom Video customers, when they look at the phone, these very large enterprise customers, very complex environment, probably have multiple on-premise solutions. They want to be very careful. They want to partner with a company with a vision, with reliability, security. Plus we also want to make sure video and voice, those 2 can be converged. And after they test our service, they realize based on their criteria, Zoom is the only solution that can truly satisfy their needs.

除此之外，對於很多企業客戶，尤其是我們現有的 Zoom Video 客戶，當他們看手機時，這些非常大的企業客戶，非常複雜的環境，可能有多個本地解決方案。他們想要非常小心。他們希望與一家有遠見、可靠、安全的公司合作。另外，我們還想確保視頻和語音，這兩個可以融合。在他們測試了我們的服務之後，他們意識到基於他們的標準，Zoom 是唯一能夠真正滿足他們需求的解決方案。

However, the process is pretty long, because again enterprise phone deployment is very complex. And [even] with our existing customers, we want to be very careful. But after we go through the RFP process, Zoom is best positioned, right? I think we see that very often over the past several quarters.

但是，這個過程相當長，因為企業電話部署又非常複雜。 [甚至]對於我們現有的客戶，我們也要非常小心。但是在我們完成 RFP 流程之後，Zoom 是最好的定位，對吧？我認為我們在過去幾個季度中經常看到這種情況。

I think a lot of you, probably the pattern for the future and growth as well. Because we have a high confidence. As long as enterprise customers, no matter how complex their existing on-prem phone systems are, as long as it goes through the process and [vet] our solutions, I think we have high confidence they are going to go with our solution.

我想你們中的很多人，可能也是未來和增長的模式。因為我們有很高的信心。只要是企業客戶，無論他們現有的本地電話系統多麼複雜，只要它通過流程並[審查]我們的解決方案，我認為我們對他們將採用我們的解決方案充滿信心。

Next question is from Patrick Walravens with JMP.

下一個問題來自 JMP 的 Patrick Walravens。

Great. Eric, what would you say was your primary source of competitive differentiation as a video conferencing solution a while? What would you say it is today as a communications platform?

偉大的。 Eric，您認為您在一段時間內作為視頻會議解決方案的競爭優勢的主要來源是什麼？你會說它今天作為一個通信平台是什麼？

So Patrick, that's a great question. When it comes to video conferencing itself, I would say it sounds very easy, but however it's really hard. Because it just works, right? And that's the reason why our customers like our platform. Even if some of the competitors try to add features, guess what? And you've got to make it work anytime any device, right?

所以帕特里克，這是一個很好的問題。談到視頻會議本身，我想說這聽起來很容易，但實際上很難。因為它只是工作，對吧？這就是我們的客戶喜歡我們平台的原因。即使一些競爭對手嘗試添加功能，你猜怎麼著？而且你必須讓它隨時隨地工作，對嗎？

Take this earnings call, for example. How many of our competitors dare to host earnings call on this platform? Very few, right? The reason why we have a confidence not only in Zoom, but also some of our customers like my great friend, (inaudible). They also hosted earning calls on Zoom platform because of very reliable great video and audio quality. A lot of other very individual features like early next year, we are going to announce other networks' functionality. And Patrick, you can show up as your digital avatar, right, if you want to, right?

以這次財報電話為例。我們有多少競爭對手敢在這個平台上召開財報電話會議？很少，對吧？我們不僅對 Zoom 充滿信心，而且對我們的一些客戶（例如我的好朋友）也充滿信心（聽不清）。由於非常可靠的出色視頻和音頻質量，他們還在 Zoom 平台上主持了電話會議。許多其他非常個性化的功能，例如明年初，我們將宣布其他網絡的功能。帕特里克，你可以作為你的數字化身出現，對吧，如果你願意，對吧？

I think on the one hand, I think its reliability works anywhere anytime. And plus always the first vendor to come up with innovations. That's the reason we're winning on that space. I think in the future, I would assume more and more innovations and process is part of a developer platform. And when you see platform, also we'll keep helping us lead from our competitors. Again, as -- it's not like you have a 50 or 100 person you see, you can develop something similar. It's not like that. You need a huge investment to be on par with our platform.

我認為一方面，我認為它的可靠性可以隨時隨地工作。而且總是第一個提出創新的供應商。這就是我們在該領域獲勝的原因。我認為在未來，我會假設越來越多的創新和流程是開發者平台的一部分。當您看到平台時，我們也會繼續幫助我們領先於競爭對手。再說一次，因為你看到的不是 50 或 100 個人，你可以開發類似的東西。不像那樣。您需要巨額投資才能與我們的平台相提並論。

Okay. It just works.

好的。它只是工作。

It just works. it's just 3 words. It's not that -- [if it's 4, it's pretty hard].

它只是工作。這只是3個字。不是那樣——[如果是 4，那就很難了]。

Next question is from Steve Enders with KeyBanc.

下一個問題來自 KeyBanc 的 Steve Enders。

Okay. Great. I just wanted to check back on Carrier deal and how that came together. It sounded like on the phone portion of it, got a large portion of the seat base there. But I guess what would it take for Zoom Phone to be deployed wall to wall within that customer? And I guess what are kind of the learnings of that, as you apply that to other customers that are considering Zoom Phone?

好的。偉大的。我只是想回顧一下運營商的交易以及它是如何結合在一起的。聽起來像是在它的電話部分，那裡有很大一部分座椅底座。但我猜想在該客戶內部部署 Zoom Phone 需要什麼？當您將其應用於正在考慮使用 Zoom Phone 的其他客戶時，我猜想從中學到什麼？

I think first of all, for the very large enterprise customers, in particular for those customers who deploy multiple, very complex on-premise, which is the sell cycle for Zoom Phone, right? It's not only just one on-prem to cloud, right? It's multiple solutions, not to mention you need to be a part of a global participants, right?

我認為首先，對於非常大的企業客戶，特別是對於那些部署多個、非常複雜的本地部署的客戶，這就是 Zoom Phone 的銷售週期，對嗎？這不僅僅是一個本地到雲的，對吧？這是多種解決方案，更不用說您需要成為全球參與者的一部分，對嗎？

However, I think the Zoom solution is much better positioned. I think it normally take a little bit longer time competitor Zoom Meetings platform deployment.

但是，我認為 Zoom 解決方案的定位要好得多。我認為競爭對手 Zoom Meetings 平台部署通常需要更長的時間。

I think we just needed to focus on our product innovation and adopting our go-to-market and -- then actually more and more very complex enterprise deployments. Like a Carrier, they are going to migrate to Zoom platform.

我認為我們只需要專注於我們的產品創新和採用我們的上市，然後實際上是越來越複雜的企業部署。像運營商一樣，他們將遷移到 Zoom 平台。

Again, I think it takes some time. Interestingly enough, some of the customers even do not know a Zoom platform, right? And however, after the test of our platform, Zoom solution indeed much better than any other cloud-based phone solutions. We have very, very high confidence.

再次，我認為這需要一些時間。有趣的是，有些客戶甚至不知道 Zoom 平台，對吧？然而，經過我們平台的測試，Zoom 解決方案確實比任何其他基於雲的手機解決方案都要好得多。我們有非常非常高的信心。

Because again, it is not a kind of thousands. Those are tens of thousands, very complex global footprint. It does demonstrate our Zoom Phone capability.

因為再次，它不是一種成千上萬。這些是數以萬計、非常複雜的全球足跡。它確實展示了我們的 Zoom Phone 功能。

Next question is from Ittai Kidron with Oppenheimer.

下一個問題來自奧本海默的 Ittai Kidron。

I guess I was hoping to focus on the Global 2000. Clearly, that was a big part of your focus going forward. And that's where a lot of the sales resources have been invested in over the past year.

我想我希望專注於全球 2000 強。顯然，這是您未來關注的重要部分。這就是過去一年中投入大量銷售資源的地方。

Maybe you can give us an update on how penetrated are you at this point with the Global 2000? And has the competition changed within that category?

也許您可以告訴我們您目前對全球 2000 強的滲透程度如何？該類別中的競爭是否發生了變化？

And the reason I'm asking is that Cisco clearly has made a lot of progress in the past year with Webex. And they vowed to be even more aggressive in protecting that turf. And clearly, that is mainly their turf over there.

我問的原因是，思科在過去一年中通過 Webex 顯然取得了很大進展。他們發誓要更加積極地保護那片草皮。很明顯，那主要是他們在那裡的地盤。

How do you feel about the competitive landscape there? Have win rates sort of changed? And what can you say about progress to date with the Global 2000?

您如何看待那裡的競爭格局？勝率有變化嗎？您對全球 2000 強企業迄今取得的進展有何看法？

Maybe, Kelly, you...

也許，凱利，你...

Yes, you can address the competition part.

是的，您可以解決競爭部分。

Yes, you address the Global 2000. Yes.

是的，您針對的是全球 2000 強企業。是的。

So in terms of the progress that we're making, we continue to make progress there. As we talked about earlier, devoting resources to international expansion and focus on this is still an opportunity. We're at still slightly under 20% of the global [2k] that are spending more than $100,000 a year with us, which just means that there's a huge opportunity ahead for us.

因此，就我們正在取得的進展而言，我們將繼續在那裡取得進展。正如我們之前所說，將資源投入國際擴張並專注於此仍然是一個機會。在每年花費超過 100,000 美元的全球 [2k] 中，我們仍然略低於 20%，這意味著我們面臨著巨大的機遇。

So Ittai, in terms of our competitors, well, honestly, it's just purely a little part of the video conferencing service. I think it's Zoom as a total platform. And I think I really did not see any other winners, even for the platform mentioned in your review before. I had to not think is there any competitor even close to we can offer?

所以Ittai，就我們的競爭對手而言，老實說，它只是視頻會議服務的一小部分。我認為它是作為一個整體平台的 Zoom。而且我認為我真的沒有看到任何其他贏家，即使對於您之前評論中提到的平台也是如此。我不得不認為有任何競爭對手甚至接近我們可以提供嗎？

But in terms of the unified communication as a platform not only for video conferencing, but the meeting CCaaS, I think that -- I think that for now, we have a huge opportunity if you look at our Phone growth, right? And actually especially for enterprise customers, they are not going to deploy these multiple solutions for multiple vendors. Very likely 2 vendors, right, probably for enterprise customers as sort of standard. Zoom is very well-positioned compared to any other competitors.

但就統一通信作為一個平台而言，不僅用於視頻會議，還用於會議 CCaaS，我認為——我認為，就目前而言，如果你看看我們的電話增長，我們有一個巨大的機會，對嗎？實際上，特別是對於企業客戶，他們不會為多個供應商部署這些多種解決方案。很可能有 2 個供應商，對，可能是作為標準的企業客戶。與任何其他競爭對手相比，Zoom 處於非常有利的位置。

We did not see anything change. Because again it's like you can call out the features here and there. And underlying technology, right, that need many years' effort, right? And it's a totally different architecture, reliability, security, and also all those innovations. That's the reason why I think Zoom is much better positioned. I really do not see any other competitors, right? And that's -- coming in this space over the past years.

我們沒有看到任何變化。因為這就像你可以在這里和那裡調出功能一樣。還有底層技術，對吧，需要很多年的努力，對吧？這是一個完全不同的架構、可靠性、安全性以及所有這些創新。這就是為什麼我認為 Zoom 的定位要好得多的原因。我真的沒有看到任何其他競爭對手，對吧？這就是 - 在過去幾年中進入這個領域。

Next question is Ryan Koontz with Needham.

下一個問題是 Ryan Koontz 和 Needham。

One for Eric, if I could. With regards to the Ericsson acquisition of Vonage today, this brings APIs to the 5G network, do you see this disruptive to the CPaaS industry. And how is Zoom thinking about the evolution of video APIs with the programmable [IT front]?

如果可以的話，給埃里克一個。關於今天愛立信收購 Vonage，這將 API 帶入 5G 網絡，您是否認為這對 CPaaS 行業具有破壞性。 Zoom 如何考慮可編程 [IT 前端] 的視頻 API 的發展？

Yes. I heard the news last night, and I'm still digesting that news. First of all, I will say congratulations, right, to Vonage and the team. And the hard work has very pretty paid off. And Ericsson is a great company. I think it's probably this is a great acquisition.

是的。我昨晚聽到了這個消息，我還在消化這個消息。首先，我要對 Vonage 和團隊表示祝賀。辛勤的工作得到了非常好的回報。愛立信是一家偉大的公司。我認為這可能是一次很棒的收購。

And again, we're still digesting this news. But from our perspective and I think we -- our vision is very, very clear, right, to focus on enterprise full usage stack, video, voice, CCaaS, Events, Zoom Rooms to fully support hybrid work, right? And Ericsson is an Australian company. And probably this will help them solidify the position for 5G and also -- and help them for their cloud [contribution] as well. And yes, that's pretty much what I think about that.

再說一次，我們仍在消化這個消息。但從我們的角度來看，我認為我們——我們的願景非常非常清晰，對，專注於企業全面使用堆棧、視頻、語音、CCaaS、活動、Zoom Rooms 以完全支持混合工作，對嗎？愛立信是一家澳大利亞公司。可能這將幫助他們鞏固 5G 的地位，同時也幫助他們為他們的雲 [貢獻]。是的，這就是我的想法。

Next question is from Chaim Siegel with Elazar Advisors.

下一個問題來自 Elazar Advisors 的 Chaim Siegel。

Great. I wanted to just talk to you about -- you started talking about sequential growth a couple of quarters ago, and you talked about it last quarter. And just how you're thinking about that? Because this quarter was a little bit slower, but I don't know how much seasonality plays into it. And now you said you're not talking about next year, but since we have these crazy comparisons, I just wanted to know how to think about sequential growth and what's driving it.

偉大的。我想和你談談 - 你幾個季度前開始談論連續增長，你在上個季度談到了它。你是怎麼想的？因為這個季度有點慢，但我不知道有多少季節性因素。現在你說你不是在談論明年，但由於我們有這些瘋狂的比較，我只是想知道如何考慮連續增長以及推動它的因素。

Yes. So we reiterate what we said earlier in the prepared remarks, is that we continued to see strong growth in the direct and the channels business. And that grew at twice the rate of the online business, what we saw in Q3. And that the online business will -- we expect to be a headwind as we're still having these online customers, which are the most volatile. Many of them are still on monthly contracts. And as they are adjusting to the environment and figuring out how the future of work is going to be for them individually, we expect that to be the challenging headwind. And then in Q4, you'll see a little bit of holiday seasonality, as we talked about, too.

是的。因此，我們重申我們之前在準備好的評論中所說的，即我們繼續看到直接和渠道業務的強勁增長。而且增長速度是我們在第三季度看到的在線業務的兩倍。並且在線業務將 - 我們預計將成為逆風，因為我們仍然擁有這些在線客戶，這些客戶是最不穩定的。他們中的許多人仍然簽訂月度合同。隨著他們正在適應環境並弄清楚他們個人的工作未來將如何，我們預計這將成為具有挑戰性的逆風。然後在第四季度，你會看到一些假期季節性，正如我們所討論的那樣。

Next question is from Michael Turrin with Wells Fargo.

下一個問題來自富國銀行的 Michael Turrin。

Clearly coming off an extended period of impressive growth, I wanted to just ask around what's next and how you balance staying efficient with staying aggressive. You're still spending around 6.5% in R&D. You have $5.5 billion in cash on the balance sheet.

顯然，在經歷了一段令人印象深刻的增長之後，我只想問一下接下來會發生什麼，以及如何在保持高效與保持積極進取之間取得平衡。你仍然在研發上花費了大約 6.5%。你的資產負債表上有 55 億美元的現金。

So with that profile, how do you balance things, given all the market opportunities you have in front of you? And does the mindset shift at all as some of the growth rates moderate?

那麼，有了這個概況，考慮到擺在你面前的所有市場機會，你如何平衡事情？隨著一些增長率放緩，思維方式是否會發生轉變？

Yes. I mean I can tell you that in terms of investing in areas like R&D and product specifically, we are still not even spending at the level we would like to be. Our target for that is approximately 10%, so they still have a ways to go. They've come a long way in terms of hiring and investing there, but we still have more opportunity to continue to expand both the product and the engineering teams. And then sales as well, sales and marketing, we still see opportunity to continue to add sales capacity on a global basis.

是的。我的意思是我可以告訴你，就研發和產品等領域的投資而言，我們甚至還沒有達到我們想要的水平。我們的目標是大約 10%，所以他們還有很長的路要走。他們在招聘和投資方面取得了長足的進步，但我們仍有更多機會繼續擴大產品和工程團隊。然後是銷售，銷售和營銷，我們仍然看到在全球範圍內繼續增加銷售能力的機會。

The areas that we're very, very thoughtful about adding general investments in, and we want to do that in a very efficient way, of course, is COGS. We work very closely with [Tommy] and his team to make sure that we're adding capacity. And we want to make sure that we have the right capacity for our customers, but doing that as efficiently as possible.

我們非常非常考慮增加一般投資的領域，我們希望以非常有效的方式做到這一點，當然，是 COGS。我們與 [Tommy] 和他的團隊密切合作，以確保我們正在增加容量。我們希望確保我們為客戶提供合適的產能，但要盡可能高效地做到這一點。

And then of course, G&A. We want to do everything we can within our G&A budget to support our internal/external customers, but to do that also as efficiently as we can.

當然，還有 G&A。我們希望在 G&A 預算範圍內盡我們所能來支持我們的內部/外部客戶，但也要盡可能高效地做到這一點。

So that's how -- kind of how we think about investing. So operational growth still in R&D and sales, but trying to drive efficiency through COGS and G&A.

這就是我們對投資的看法。因此，運營增長仍在研發和銷售方面，但試圖通過 COGS 和 G&A 來提高效率。

Our last question today is from Matthew Harrigan with Benchmark.

我們今天的最後一個問題來自 Benchmark 的 Matthew Harrigan。

You pretty much elucidated the blocking and tackling issues, so I have one more fanciful question for you. I know you're pretty constructive on AR and DR in the longer term, while recognizing all the rate-limiting steps for consumer adoption. We've always talked about the metaverse, all the buzz. And it really feels sometimes like people have no concept of even what it is. Can you add any thoughts on that and what the potential opportunity for Zoom is over a 3- to 5-year period?

您幾乎闡明了阻塞和解決問題，所以我還有一個奇特的問題要問您。我知道從長遠來看，您對 AR 和 DR 非常有建設性，同時認識到消費者採用的所有速率限制步驟。我們一直在談論元宇宙，所有的嗡嗡聲。有時真的感覺人們甚至不知道它是什麼。您能否就此添加任何想法，以及 Zoom 在 3 到 5 年內的潛在機會是什麼？

Yes. Matt, that's a great question. First of all, we like metaverse because our team already working on that for a while. The reason why our vision is to deliver a better video conference experience, even then a face-to-face, in-person meeting, right, and AR/VR is a part of that. Our team already worked on that, right?

是的。馬特，這是一個很好的問題。首先，我們喜歡 Metaverse，因為我們的團隊已經在這方面工作了一段時間。我們的願景是提供更好的視頻會議體驗，即使是面對面的面對面會議，AR/VR 也是其中的一部分。我們的團隊已經在做這件事了，對吧？

How to get it? It'll probably take many years' effort. For now this is very concept with a great story, right? And like a digital avatar, right? We demonstrated that functionality at Zoomtopia. Next year, we are going to have something like that. I think there's more step-by-step to get there. Again, we already started it before, right?

如何得到它？這可能需要很多年的努力。現在這是一個很棒的故事的概念，對吧？就像一個數字化身，對吧？我們在 Zoomtopia 展示了該功能。明年，我們會有類似的東西。我認為還有更多的一步一步才能到達那裡。同樣，我們之前已經開始了，對吧？

But we are not going to offer a hardware platform. We are going to partner with other hardware vendors like (inaudible) and others. And we offer the software leader. Because that fits very well to our vision. In the future, with that AR or VR or metaverse, maybe the future metaverse.

但我們不會提供硬件平台。我們將與（聽不清）等其他硬件供應商合作。我們提供軟件領導者。因為這非常符合我們的願景。在未來，有了 AR、VR 或元節，也許就是未來的元節。

Matt, you and I can shake hands remotely, right? Seriously, right? I talked about it 3 years ago. And we already added resources before.

馬特，你和我可以遠程握手，對吧？說真的，對吧？我在 3 年前談過它。我們之前已經添加了資源。

And that's why we're very, very excited and finding the world of metaverse. But guess what, we already started working on that for a while. Vision-wise, it's very well. That's why we are very excited, to Matt's question, right, where we are going to invest. We already invested in that. We are going to double down on that. Because, again, it fits very well to our company vision. And metaverse will play a big role for our future vision.

這就是為什麼我們非常非常興奮地發現了元宇宙的世界。但是你猜怎麼著，我們已經開始研究了一段時間。視力方面，非常好。這就是為什麼我們對馬特的問題感到非常興奮，對，我們將在哪裡投資。我們已經對此進行了投資。我們將加倍努力。因為，再次，它非常符合我們公司的願景。元界將在我們未來的願景中發揮重要作用。

Eric, that was our last question. So back to you.

埃里克，這是我們最後一個問題。所以回到你身邊。

Oh, thank you all. Really appreciate your time. And I'd like to take this opportunity to thank all Zoom employees, all the customers, partners and investors. Wish you all have a wonderful holiday season. Thanks -- happiest Thanksgiving. Thank you all for your time. I'm so grateful. Thank you.

哦，謝謝大家。真的很感謝你的時間。我想藉此機會感謝所有 Zoom 員工、所有客戶、合作夥伴和投資者。祝大家度過一個美好的假期。謝謝——最快樂的感恩節。謝謝大家的時間。我很感激。謝謝你。

Thank you.

謝謝你。

Bye, everybody. Thank you.

大家再見。謝謝你。

Thanks, everybody.

謝謝大家。

Thank you.

謝謝你。