Zoom Communications Inc (ZM) 2022 Q2 法說會逐字稿

Hello, everyone, and welcome to Zoom's Second Quarter Fiscal Year 2022 Earnings Release. I'd like to remind everyone that this call is being recorded.

大家好，歡迎收看 Zoom 2022 財年第二季度收益發布。我想提醒大家，這個電話正在錄音中。

At this time, I'd like to hand 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 Tom McCallum。

Thank you, Matt. Hello, everyone, and welcome to Zoom's earnings video webinar for the second quarter of fiscal 2022. Joining me today will be Zoom's Founder and CEO, Eric Yuan; and Zoom's CFO, Kelly Steckelberg.

謝謝你，馬特。大家好，歡迎收看 Zoom 2022 財年第二季度的收益視頻網絡研討會。今天與我一起的是 Zoom 的創始人兼首席執行官 Eric Yuan；和 Zoom 的首席財務官 Kelly Steckelberg。

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 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。同樣在此頁面上，您將能夠找到今天準備好的評論的副本和帶有財務重點的幻燈片，連同我們的收益發布，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 third quarter and full fiscal year 2022, Zoom's expectations regarding financial and business trends, Zoom's growth strategy and business aspirations to drive evolution on multiple fronts as organizations and people reimagine work, communication and collaboration and Zoom being well positioned to be successful as a platform.

在此次電話會議中，我們將做出前瞻性陳述，包括關於我們對第三季度和整個 2022 財年的財務展望、Zoom 對財務和業務趨勢的預期、Zoom 的增長戰略和推動組織在多個方面發展的業務願望的陳述人們重新構想工作、溝通和協作，而 Zoom 正處於成功的平台地位。

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。這些前瞻性陳述受可能影響我們業績和財務結果的風險和其他因素的影響，我們在提交給美國證券交易委員會的文件中對此進行了詳細討論，包括我們的 10-K 表格年度報告和 10 表格季度報告-問。 Zoom 沒有義務更新我們可能在今天的網絡研討會上做出的任何前瞻性陳述。

In addition, as you all know, we announced our intent to acquire Five9 in July. Clearly, we're excited about joining forces with Five9, but please note that we will not be discussing or addressing questions regarding the pending transaction this time as we are in the process of regulatory review.

此外，眾所周知，我們在 7 月份宣布了收購 Five9 的意向。顯然，我們很高興與 Five9 聯手，但請注意，由於我們正處於監管審查過程中，因此這次我們不會討論或解決有關未決交易的問題。

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

然後，讓我將討論轉交給埃里克。

Thank you, Tom, and thank you all, and welcome to everyone joining us on today's webinar. I want to start by thanking our customers and partners for their trust and loyalty, which led to our continued strong revenue growth, alongside remarkable profitability and free cash flow. We also want to thank our hard-working employees for their dedication to delivering happiness to our customers and partners.

謝謝湯姆，謝謝大家，歡迎大家參加今天的網絡研討會。首先，我要感謝我們的客戶和合作夥伴的信任和忠誠，正是他們的信任和忠誠讓我們的收入持續強勁增長，同時帶來了可觀的盈利能力和自由現金流。我們還要感謝辛勤工作的員工，感謝他們致力於為我們的客戶和合作夥伴帶來幸福。

I have been humbled by the stories of how finance professionals have leveraged Zoom to reimagine the way they work. Specifically, I'd like to thank Charlie Munger of Berkshire Hathaway for his remarks about how Zoom has added so much convenience to his life. We are so delighted to count Charlie as a happy user, and I nominate myself to be Charlie's Zoom tech support if he ever needs it.

關於金融專業人士如何利用 Zoom 重新構想他們的工作方式的故事，我感到很受寵若驚。具體來說，我要感謝伯克希爾哈撒韋公司的查理芒格關於 Zoom 如何為他的生活增添如此多便利的評論。我們很高興將 Charlie 視為一個快樂的用戶，如果他需要的話，我提名自己成為 Charlie 的 Zoom 技術支持。

In Q2, we also achieved several milestones, setting the foundation for us to thrive as a platform. In July, we launched Zoom Apps, which brings over 50 apps right into the Zoom meeting experience, and this is just the beginning. The beauty of our platform is it allows our ecosystem of developers to add even more functionality by building apps where workflows are integrated with meeting interactions. This is a win-win because better integrations will boost our customers' productivity and afford our developers' exposure to our large user base The Zoom Apps Fund, which has already invested in over a dozen start-ups in our Zoom Apps and SDK ecosystem, further aligns us with developers, enabling them to focus more on innovation.

在第二季度，我們還實現了幾個里程碑，為我們作為一個平台蓬勃發展奠定了基礎。 7 月，我們推出了 Zoom Apps，將 50 多個應用程序帶入了 Zoom 會議體驗，而這僅僅是個開始。我們平台的美妙之處在於，它允許我們的開發人員生態系統通過構建工作流程與會議交互集成的應用程序來添加更多功能。這是雙贏的，因為更好的集成將提高我們客戶的生產力，並讓我們的開發人員接觸到我們龐大的用戶群。進一步使我們與開發人員保持一致，使他們能夠更專注於創新。

We are also excited to have launched Zoom Events in July. Zoom Events is an easy yet powerful solution to produce and host company and public events. It acts as a layer above our existing Zoom Video webinars and Zoom Meetings products. Zoomtopia will be virtual on Zoom Events in only 2 weeks, and we hope to see all of you there.

我們也很高興在 7 月推出了 Zoom Events。 Zoom Events 是一種簡單而強大的解決方案，可用於製作和主持公司和公共活動。它充當我們現有 Zoom 視頻網絡研討會和 Zoom Meetings 產品之上的一層。 Zoomtopia 將在短短 2 週內在 Zoom Events 上以虛擬形式出現，我們希望能在那裡見到你們所有人。

In Q2, we saw several large customers upsells. We were very happy to expand with a leading tech firm who increased their Meetings licenses over sixfold to 95,000 and with a global financial services customer who added over 63,000 Zoom Phone licenses, making them our new largest customer. Both wins were displacement of legacy solutions that Zoom beat in terms of reliability, simplicity and integration.

在第二季度，我們看到了幾個大客戶的追加銷售。我們很高興與一家領先的科技公司合作，他們的會議許可證增加了六倍多，達到 95,000 個，並且與一家全球金融服務客戶合作，他們增加了超過 63,000 個 Zoom Phone 許可證，使他們成為我們新的最大客戶。這兩次勝利都是對 Zoom 在可靠性、簡單性和集成方面擊敗的傳統解決方案的替代。

And let me recognize a few very big wins for the quarter. I want to welcome NEC Corporation to the Zoom family. Based out of Japan, NEC is a leader in the integration of IT and network technologies behind their slogan: Orchestrating a brighter world. In order to enhance the productivity, collaboration and happiness of their global workforce, NEC deployed approximately 110,000 Zoom Meetings licenses.

讓我認識到本季度的一些非常大的勝利。我想歡迎 NEC Corporation 加入 Zoom 大家庭。 NEC 總部位於日本，是 IT 和網絡技術集成方面的領導者，其口號是：編排更美好的世界。為了提高其全球員工的工作效率、協作和幸福感，NEC 部署了大約 110,000 個 Zoom Meetings 許可證。

I also want to welcome Seagate Technology to the Zoom family. Seagate is a global mass data storage infrastructure leader, innovating world-class precision-engineered data storage and management solutions with a focus on sustainable partnerships. Seagate recently decided to modernize and integrate their global communications infrastructure with over 14,000 Zoom Meetings licenses and over 17,000 Zoom Phone licenses.

我還想歡迎 Seagate Technology 加入 Zoom 大家庭。希捷是全球海量數據存儲基礎設施的領導者，致力於創新世界級精密設計的數據存儲和管理解決方案，並專注於可持續的合作夥伴關係。 Seagate 最近決定通過超過 14,000 個 Zoom Meetings 許可證和超過 17,000 個 Zoom Phone 許可證對其全球通信基礎設施進行現代化和集成。

Next is a Zoom Phone upsell. In Q2 of last year, we welcome ExxonMobil, which develops and applies next-generation technologies to help safely and responsibly meet the world's growing need for energy and chemical products, to the Zoom family. They began as a Zoom video conferencing customer to enable their teams to collaborate globally. We are very grateful to have seen our partnership evolve over the past year and excited that ExxonMobil has recently decided to add Zoom Phone to further enhance the user experience for their global workforce, leveraging a communications platform that is very easy to deploy and manage.

接下來是 Zoom Phone 追加銷售。去年第二季度，我們歡迎埃克森美孚加入 Zoom 家族，該公司開發和應用下一代技術，以幫助安全、負責任地滿足世界對能源和化工產品日益增長的需求。他們最初是 Zoom 視頻會議客戶，目的是讓他們的團隊能夠在全球範圍內進行協作。我們非常高興看到我們的合作夥伴關係在過去一年中不斷發展，並且很高興埃克森美孚最近決定添加 Zoom Phone，以利用非常易於部署和管理的通信平台進一步增強其全球員工的用戶體驗。

In addition to these great customer wins, we also closed another strategic channel partnership with Telkomsel, the largest cellular operator in Indonesia, which is the world's fourth largest country by population. Telkomsel understands and want to support their 170 million subscribers' need for seamless and reliable virtual meetings to thrive in the digital workplace era.

除了贏得這些出色的客戶外，我們還與印度尼西亞最大的移動運營商 Telkomsel 建立了另一項戰略渠道合作夥伴關係，印度尼西亞是世界第四大人口大國。 Telkomsel 了解並希望支持其 1.7 億用戶對無縫且可靠的虛擬會議的需求，以在數字工作場所時代蓬勃發展。

They will be leveraging the power of Zoom's Developer Platform and ISV Partner Program to deliver a fully integrated solution via their CloudX offerings for the enterprise segment and Zoom native apps for the consumer segment. The collaboration between Telkomsel and Zoom will bring communication to the next level by combining Zoom's strong capabilities and feature-rich platform with Telkomsel's best quality network and a localized interface, together creating a powerful tool to improve customer productivity and collaboration.

他們將利用 Zoom 開發者平台和 ISV 合作夥伴計劃的強大功能，通過面向企業細分市場的 CloudX 產品和麵向消費者細分市場的 Zoom 原生應用程序提供完全集成的解決方案。 Telkomsel 和 Zoom 之間的合作將通過將 Zoom 的強大功能和功能豐富的平台與 Telkomsel 最優質的網絡和本地化界面相結合，將通信提升到一個新的水平，共同創建一個強大的工具來提高客戶的生產力和協作。

Thank you, NEC, Seagate, ExxonMobil and Telkomsel. I love you all.

謝謝 NEC、希捷、埃克森美孚和 Telkomsel。我愛你們。

Enterprises want digital platforms that combine meetings, phone, event, office technology and developer solutions in a way that is simple, reliable and frictionless. This fundamental truth underpins our leadership position in video conferencing and will help to drive further growth in Zoom Phone and Zoom Rooms as we expand our platform and addressable market in the hybrid world.

企業希望數字平台能夠以簡單、可靠和順暢的方式結合會議、電話、活動、辦公技術和開發人員解決方案。這一基本事實鞏固了我們在視頻會議領域的領導地位，並將有助於推動 Zoom Phone 和 Zoom Rooms 的進一步發展，因為我們在混合世界中擴展了我們的平台和潛在市場。

Today, we're very fortunate to be a leading global brand with over 0.5 million customers having more than 10 employees. Our internal innovation engine is very strong and bolstered by our growing Zoom Apps developer ecosystem and acquisitions, such as Kites, that will strengthen our position in AI transcription and translation.

今天，我們很幸運成為全球領先品牌，擁有超過 50 萬客戶和 10 多名員工。我們的內部創新引擎非常強大，並得到我們不斷壯大的 Zoom Apps 開發者生態系統和 Kites 等收購的支持，這將加強我們在 AI 轉錄和翻譯方面的地位。

As organizations and people reimagine work, communications and collaboration, we are faced with a once-in-a-lifetime opportunity to drive this evolution in multiple -- on multiple fronts. Thanks again to the hard work of our over 5,700 employees and the trust of our loyal customers, we are positioned very well to be successful as a platform embracing and enabling hybrid work. I'm very excited about the future. The journey has only begun.

隨著組織和人們重新構想工作、溝通和協作，我們面臨著千載難逢的機會，可以在多個方面推動這種演變。再次感謝我們 5,700 多名員工的辛勤工作和忠實客戶的信任，作為一個擁抱和支持混合工作的平台，我們處於非常有利的地位。我對未來感到非常興奮。旅程才剛剛開始。

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

然後，讓我將其傳遞給凱利。謝謝你。

Thank you, Eric, and hello, everyone. We had an eventful Q2 with several highlights. The first of which was the strength in the enterprise. We were able to grow the number of enterprise customers spending more than $1 million in ARR by 77% year-over-year. And the second highlight is acceleration we have seen with Zoom Phone. We grew the number of customers spending more than $100,000 in ARR on Zoom Phone by 241% year-over-year. In August, we will reach -- actually, right before this call, we reached 2 million Zoom Phone seats, only 8 months after reaching our first million. We added 8 Zoom Phone customers with more than 10,000 seats in the first half of FY '22, bringing us to a total of 26. And in Q2, we broke our record for the largest Zoom Phone deal to date twice in the same day.

謝謝你，埃里克，大家好。我們經歷了多事之秋，其中有幾個亮點。首先是企業實力。我們能夠將 ARR 支出超過 100 萬美元的企業客戶數量同比增長 77%。第二個亮點是我們在 Zoom Phone 上看到的加速。我們在 Zoom Phone 上花費超過 100,000 美元 ARR 的客戶數量同比增長了 241%。 8 月，我們將達到——實際上，就在這次電話會議之前，我們達到了 200 萬個 Zoom Phone 席位，距離我們的第一個百萬席位僅 8 個月。在 22 財年上半年，我們增加了 8 個擁有超過 10,000 個席位的 Zoom Phone 客戶，使我們的客戶總數達到 26 個。在第二季度，我們在同一天兩次打破了迄今為止最大的 Zoom Phone 交易記錄。

It is important to note that as we just lapped our first full quarter year-over-year compare since the start of the pandemic, we have seen customers return to more thoughtful, measured buying patterns. While revenue, profitability and cash flow was strong in the second quarter and the first half, other metrics have begun to normalize, especially when compared to the unprecedented year-over-year comps.

值得注意的是，由於我們剛剛完成了自大流行開始以來的第一個完整季度同比比較，我們已經看到客戶回歸到更周到、更慎重的購買模式。雖然第二季度和上半年的收入、盈利能力和現金流強勁，但其他指標已開始正常化，尤其是與前所未有的同比比較相比。

In Q2, total revenue grew 54% year-over-year to $1.02 billion, marking our first $1 billion-plus quarter, only 5 quarters after reaching $1 billion annual run rate. The top line result exceeded the high end of our guidance of $990 million. We saw strength in our direct and channel businesses, which grew at twice the rate of our online business. Zoom Phone, Zoom Rooms and Asia Pac growth also accelerated in the quarter.

在第二季度，總收入同比增長 54% 至 10.2 億美元，標誌著我們的第一個超過 10 億美元的季度，距達到 10 億美元的年運行率僅 5 個季度。頂線結果超過了我們指導的 9.9 億美元的上限。我們看到了直銷和渠道業務的實力，其增長速度是在線業務的兩倍。 Zoom Phone、Zoom Rooms 和亞太地區的增長也在本季度加速。

The year-over-year growth in revenue for the quarter was driven by a healthy mix between new and existing customers where customers account -- sorry, excuse me. New customers accounted for approximately 74% of the incremental revenue, and existing customers accounted for 26% of the incremental revenue.

本季度收入的同比增長是由新客戶和現有客戶之間的健康組合推動的——抱歉，對不起。新客戶約佔增量收入的74%，現有客戶佔增量收入的26%。

Let's take a look at the key customer metrics for the quarter. We saw 131% year-over-year growth in the upmarket as we ended the quarter with 2,278 customers generating more than $100,000 in trailing 12 months revenue. We exited the quarter with approximately 504,900 customers with more than 10 employees, up 36% year-over-year and representing 64% of revenue.

讓我們來看看本季度的關鍵客戶指標。我們看到高端市場同比增長 131%，因為我們在本季度結束時有 2,278 名客戶在過去 12 個月的收入中產生了超過 100,000 美元的收入。我們在本季度結束時擁有約 504,900 名員工超過 10 人的客戶，同比增長 36%，佔收入的 64%。

In Q2, customers with 10 or fewer employees represented approximately 36% of revenue, in line with Q2 of last year but down from its high of 38% in Q3 of last year. As we discussed previously, this cohort, which comprises SMB and consumers who typically purchase online, is more volatile, and we expect it to continue to decline as a percentage of revenue as customers adjust to the evolving environment.

在第二季度，員工人數不超過 10 人的客戶約佔收入的 36%，與去年第二季度持平，但低於去年第三季度 38% 的高位。正如我們之前所討論的，這一群體由中小型企業和通常在線購買的消費者組成，波動性更大，我們預計隨著客戶適應不斷變化的環境，該群體佔收入的百分比將繼續下降。

Our net dollar expansion rate for customers with more than 10 employees exceeded 130% for the 13th consecutive quarter as existing customers increased their spend with Zoom and upsells of Zoom Phone and Zoom Rooms picked up pace.

我們擁有 10 名以上員工的客戶的淨美元增長率連續第 13 個季度超過 130%，這是因為現有客戶增加了對 Zoom 的支出，並且 Zoom Phone 和 Zoom Rooms 的追加銷售加快了步伐。

Both domestic and international markets had strong growth during the quarter. Our Americas revenue grew 50% year-over-year. Our combined APAC and EMEA revenue grew 62% year-over-year to be approximately 33% of revenue, up from 31% a year ago. In recent quarters, we have made significant investments in our international teams. In Asia Pacific, our direct sales team drove several strong wins in the enterprise segment. However, in EMEA, we saw some headwinds, which were predominantly driven by declines in the online segment.

本季度國內和國際市場均有強勁增長。我們的美洲收入同比增長 50%。我們在亞太地區和歐洲、中東和非洲地區的合併收入同比增長 62%，約佔收入的 33%，高於一年前的 31%。最近幾個季度，我們對國際團隊進行了大量投資。在亞太地區，我們的直銷團隊在企業領域取得了多項強勁勝利。然而，在歐洲、中東和非洲地區，我們看到了一些不利因素，這主要是由在線細分市場的下滑推動的。

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 expenses, and gains or losses on strategic investments.

現在轉向盈利能力，從 GAAP 和非 GAAP 的角度來看，盈利能力都很強勁。我將重點關注我們的非 GAAP 結果，其中不包括基於股票的補償費用和相關工資稅、普通股慈善捐贈、收購相關費用、淨訴訟費用以及戰略投資損益。

Non-GAAP gross margin in Q2 was 76.2% compared to 72.3% in Q2 of last year and 73.9% in Q1 of this year. The sequential improvement in gross margin is mainly due to new data center capacity coming online and lower usage during the summer months, particularly with schools. We now expect gross margin outlook to be higher than previously discussed at approximately 75% for the remainder of the fiscal year even while we continue to support free K-12 education.

第二季度的非美國通用會計準則毛利率為 76.2%，而去年第二季度為 72.3%，今年第一季度為 73.9%。毛利率的環比改善主要是由於新數據中心容量上線以及夏季使用率下降，尤其是學校。即使我們繼續支持免費的 K-12 教育，我們現在預計本財年剩餘時間的毛利率前景將高於之前討論的約 75%。

Research and development expense grew by 89% year-over-year to approximately $54 million. As a percentage of total revenue, R&D expense was approximately 5.3%, an increase from Q2 of last year, demonstrating our ongoing commitment to building out our engineering teams globally and maintaining best-in-class product and innovation.

研發費用同比增長 89% 至約 5400 萬美元。研發費用佔總收入的百分比約為 5.3%，比去年第二季度有所增加，表明我們一直致力於在全球範圍內建設我們的工程團隊並保持一流的產品和創新。

Sales and marketing expense grew by 72% year-over-year to $211 million. Sales and marketing expense was approximately 20.7% of total revenue, an increase from Q2 of last year mainly due to investments and hiring to drive sustainable future growth. We plan to increase investment in global sales capacity as well as digital marketing and events to drive additional leads for our sales teams across Meetings, Phone, Rooms and Events.

銷售和營銷費用同比增長 72% 至 2.11 億美元。銷售和營銷費用約佔總收入的 20.7%，比去年第二季度有所增加，這主要是由於為推動未來可持續增長而進行的投資和招聘。我們計劃增加對全球銷售能力以及數字營銷和活動的投資，以通過會議、電話、房間和活動為我們的銷售團隊帶來更多潛在客戶。

G&A expense in the quarter grew by 73% to $89 million as we continue to scale these functions and invest in systems, automation and compliance to meet our new scale. G&A expense was approximately 8.7% of total revenue, a slight increase from Q2 of last year.

本季度的 G&A 費用增長了 73%，達到 8900 萬美元，因為我們繼續擴展這些功能並投資於系統、自動化和合規性以滿足我們的新規模。 G&A 費用約佔總收入的 8.7%，比去年第二季度略有增加。

Revenue upside in the quarter carried through to the bottom line, with non-GAAP operating income of $425 million exceeding our guidance. This translates to a 41.6% non-GAAP operating margin for Q2, steady with both Q2 last year and Q1 of this year.

本季度的收入增長影響到了利潤，非 GAAP 營業收入為 4.25 億美元，超出了我們的指導。這意味著第二季度的非美國通用會計準則營業利潤率為 41.6%，與去年第二季度和今年第一季度持平。

Non-GAAP diluted earnings per share in Q2 was $1.36 on approximately 306 million non-GAAP weighted average shares outstanding. This result is $0.21 above the high end of our guidance and $0.44 above Q2 of last year.

第二季度非 GAAP 攤薄後每股收益為 1.36 美元，約有 3.06 億股非 GAAP 加權平均流通股。這一結果比我們指導的上限高出 0.21 美元，比去年第二季度高出 0.44 美元。

Turning to the balance sheet. Deferred revenue at the end of the period was $1.2 billion, up 59% year-over-year from $743 million. Looking at both our billed and unbilled contracts, our RPO totaled approximately $2.3 billion, up 66% year-over-year from $1.4 billion. We expect to recognize approximately 69% of the total RPO as revenue over the next 12 months as compared to 72% in Q2 of last year, reflecting a shift back to longer-term plans.

轉向資產負債表。期末遞延收入為 12 億美元，較上年同期的 7.43 億美元增長 59%。查看我們的已開票和未開票合同，我們的 RPO 總額約為 23 億美元，比去年同期的 14 億美元增長 66%。我們預計在未來 12 個月內將總 RPO 的約 69% 確認為收入，而去年第二季度為 72%，這反映了向長期計劃的轉變。

It is important to remember that because over 40% of our business is billed monthly and typically bought online, deferred revenue and RPO trends are not reliable predictors of future revenue growth. As I mentioned last quarter, the timing of our renewals has increasingly shifted to the beginning of the fiscal year, with Q1 now representing our largest renewal quarter.

請務必記住，由於我們超過 40% 的業務按月計費並且通常在線購買，因此遞延收入和 RPO 趨勢並不是未來收入增長的可靠預測指標。正如我在上個季度提到的那樣，我們的續約時間越來越多地轉移到財政年度的開始，第一季度現在是我們最大的續約季度。

This shift in seasonality is a result of the significant growth we experienced in the first half of FY '21. We expect this front-weighted seasonality will persist and potentially become even more pronounced given the scale of our base and practice of upselling coterminously with the existing contracts. As such, we would expect total deferred revenue and RPO to be modestly down from Q2 to Q3.

這種季節性變化是我們在 21 財年上半年經歷的顯著增長的結果。考慮到我們的基礎規模和與現有合同同時進行追加銷售的做法，我們預計這種前置加權季節性將持續存在並可能變得更加明顯。因此，我們預計總遞延收入和 RPO 將從第二季度到第三季度略有下降。

We ended the quarter with approximately $5.1 billion in cash, cash equivalents and marketable securities, excluding restricted cash. We had strong operating cash flow in the quarter of $468 million, up from $401 million in Q2 of last year. Free cash flow was $455 million, up from $373 million in Q2 of last year. The increase is primarily attributable to the top line growth and disciplined spending.

本季度結束時，我們擁有約 51 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。我們在本季度擁有 4.68 億美元的強勁運營現金流，高於去年第二季度的 4.01 億美元。自由現金流為 4.55 億美元，高於去年第二季度的 3.73 億美元。增長主要歸因於收入增長和嚴格的支出。

Looking at the remainder of the fiscal year, we expect to increase our capital expenditures related to ongoing data center expansion to support our growth outlook.

展望本財年的剩餘時間，我們預計將增加與持續數據中心擴張相關的資本支出，以支持我們的增長前景。

Now turning to guidance. Please note that the ever-changing nature of the global pandemic continues to impact our segments and regions in different ways. Our outlook is based on our current assessment of the business environment. Specifically, our outlook assumes that our direct and channel business will continue to experience robust growth, while our online business will be a headwind in the coming quarters as smaller customers and consumers adjust to the evolving environment.

現在轉向指導。請注意，全球大流行的不斷變化的性質繼續以不同的方式影響我們的部門和地區。我們的展望基於我們當前對商業環境的評估。具體而言，我們的展望假設我們的直銷和渠道業務將繼續強勁增長，而隨著較小的客戶和消費者適應不斷變化的環境，我們的在線業務將在未來幾個季度受到不利影響。

For the third quarter of FY '22, we expect revenue to be in the range of $1.015 billion to $1.02 billion. We expect non-GAAP operating income to be in the range of $340 million to $345 million. Our outlook for non-GAAP earnings per share is $1.07 to $1.08 based on approximately 309 million shares outstanding.

對於 22 財年第三季度，我們預計收入將在 10.15 億美元至 10.2 億美元之間。我們預計非 GAAP 營業收入將在 3.4 億美元至 3.45 億美元之間。基於約 3.09 億股已發行股票，我們對非 GAAP 每股收益的預期為 1.07 美元至 1.08 美元。

For the full year of FY '22, we expect revenue to be in the range of $4.005 billion to $4.015 billion, which would represent approximately 51% year-over-year growth. We expect non-GAAP operating income to be in the range of approximately $1.5 billion to $1.51 billion, which would represent approximately 53% to 54% year-over-year growth. Our outlook for the non-GAAP earnings per share is $4.75 to $4.79 based on approximately 308 million shares outstanding.

對於 22 財年全年，我們預計收入將在 40.05 億美元至 40.15 億美元之間，同比增長約 51%。我們預計非 GAAP 營業收入將在約 15 億美元至 15.1 億美元之間，同比增長約 53% 至 54%。基於約 3.08 億股已發行股票，我們對非 GAAP 每股收益的預期為 4.75 美元至 4.79 美元。

Before concluding, I'd like to welcome everyone to join us in 2 weeks at Zoomtopia, our 2-day immersive experience that is packed with exciting product updates, guest speakers and virtual networking opportunities. And on day 1 of Zoomtopia, please join us for our financial analyst briefing where we will be providing you with greater detail on Zoom Phone, the platform, our channel partnerships and much more.

在結束之前，我想歡迎大家在 2 週後加入我們的 Zoomtopia，這是我們為期 2 天的沉浸式體驗，其中包含令人興奮的產品更新、演講嘉賓和虛擬網絡機會。在 Zoomtopia 的第一天，請加入我們的財務分析師簡報會，我們將為您提供有關 Zoom Phone、平台、我們的渠道合作夥伴關係等的更多詳細信息。

And 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聯繫和協作的推動力。感謝整個 Zoom 團隊、我們的客戶、我們的社區和我們的投資者。

If you have not yet enabled your video, please do so now for the interactive portion of this meeting. Matt, please queue up our first question.

如果您尚未啟用您的視頻，請立即為本次會議的互動部分啟用。馬特，請排隊我們的第一個問題。

Our first question is from Ittai Kidron with Oppenheimer.

我們的第一個問題來自 Ittai Kidron 和 Oppenheimer。

Great quarter again, guys. Kelly, I want to focus kind of on this transition. Clearly, you're doing extremely well with Phones. It's phenomenal, the growth that you're seeing over there. But can you give me a little bit more insight as to what is the growth in Meetings right here right now? My math suggests a very significant deceleration in your expansion rate; and I would suspect that, that's tied specifically to Meetings decelerating. Help me think about the contribution of growth of those 2 elements and perhaps how would that change over the next 12 months.

伙計們，又是一個偉大的季度。凱利，我想把重點放在這種轉變上。顯然，您在電話方面做得非常好。這是驚人的，你在那裡看到的增長。但是，您能否更深入地了解一下現在會議的增長情況？我的數學表明你的擴張速度有非常顯著的減速；我懷疑，這與會議減速有關。幫助我思考這兩個要素的增長貢獻，以及在接下來的 12 個月內可能會發生什麼變化。

So I think in terms of the expansion rate -- you're talking about the implied expansion rate that you calculated?

所以我認為就擴張率而言——你是在談論你計算出的隱含擴張率？

Yes.

是的。

Yes. And I just want to remind you, first of all, that when you calculate that, it includes all of our customer base. And as we mentioned, we are seeing headwinds in the online segment of our business for sure. So that -- I would say that while we don't break out revenue, we see strength -- continued strength in the upmarket enterprise in both Meetings and Phone. And where you're seeing that challenge in the implied metric, it's really coming from the online segment of our business.

是的。我只想提醒您，首先，當您計算時，它包括我們所有的客戶群。正如我們所提到的，我們肯定會在我們業務的在線部分看到逆風。因此——我想說的是，雖然我們沒有公佈收入，但我們看到了實力——高端企業在會議和電話方面的持續實力。在隱含指標中看到挑戰的地方，它實際上來自我們業務的在線部分。

So should I interpret that, that to me that churn is now finally rising in that category? Is that the right way to think about this going forward? Now that the economy is slowly opening, some businesses, I guess, scaling back on the usage here.

那麼我是否應該解釋為，對我來說，該類別的流失率現在終於上升了？這是考慮未來的正確方法嗎？現在經濟正在慢慢開放，我猜有些企業正在縮減這裡的使用量。

Yes. So remember, the online business is primarily -- not exclusively but primarily small businesses and individuals. And I think what we've seen is while the future of Delta is still unknown, we do see individuals especially moving around the world and feeling comfortable. Like I think we were talking about most of us are probably socializing in person now, doing fewer things like Zoom happy hours. And that's where we're starting to see some of the challenges. So the net dollar expansion in the online segment is what's driving -- pulling that number down [if you look at it].

是的。所以請記住，在線業務主要是——不完全是，但主要是小型企業和個人。我認為我們所看到的是，雖然 Delta 的未來仍然未知，但我們確實看到人們在世界各地移動並感到舒適。就像我認為我們在談論我們中的大多數人現在可能正在面對面地進行社交，減少像 Zoom 歡樂時光這樣的事情。這就是我們開始看到一些挑戰的地方。因此，在線部分的淨美元擴張是驅動因素——拉低這個數字 [if you look at it]。

Our next question is from Steve Enders with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Steve Enders。

I guess I just want to dig in a little bit more on kind of the trends you're seeing in the second half. It looks like you're now guiding down a little bit, at least a downtrend. I think before, we're talking about an uptrend. So just want to get a bit of sense for what's the biggest incremental change that you're seeing there in the outlook and what's changed in the past 3 months specifically.

我想我只是想深入了解一下您在下半年看到的趨勢。看起來您現在正在向下引導一點點，至少是下降趨勢。我想之前，我們談論的是上升趨勢。因此，只想了解一下您在前景中看到的最大增量變化是什麼，以及過去 3 個月具體發生了什麼變化。

Yes. So again, we continue to see strength in our upmarket. We're excited about what we're seeing in the enterprise, in Zoom Phone and international. We all saw growth accelerate in Q2. When we look out, though, what we have seen is a slowdown in the online segment of the business, which, again, even though the pandemic seems to be far from over, we are happy that people are feeling more comfortably out traveling, and that's really where we're seeing the slowdown. And we had -- if you back all the way up to when we gave guidance at the beginning of the year, we had expected that towards the end of the year, but it's just happened a little bit more quickly than we expected. And I mean, of course, we feel good that people are out moving around the world, but it's certainly creating some headwinds, as we said, in the online segment of our business.

是的。因此，我們再次看到高端市場的實力。我們對在企業、Zoom Phone 和國際上看到的情況感到興奮。我們都看到了第二季度的增長加速。然而，當我們放眼望去，我們看到的是在線業務的放緩，同樣，儘管大流行似乎還遠未結束，但我們很高興人們外出旅行感覺更舒適，而且這確實是我們看到放緩的地方。我們有 - 如果你一直回到我們在年初提供指導的時候，我們曾預計到今年年底，但它發生的速度比我們預期的要快一點。我的意思是，當然，我們對人們在世界各地流動感到高興，但正如我們所說，這肯定會在我們業務的在線部分造成一些不利因素。

Okay. Great. And is that creating any opportunities then as companies [go to think about] going back to the office for Zoom Rooms and incremental activity with that product?

好的。偉大的。當公司 [去考慮] 回到辦公室使用 Zoom Rooms 並使用該產品進行增量活動時，這是否會創造任何機會？

Absolutely. So we saw Zoom Rooms start to accelerate again in Q2, which was very exciting, as our customers are planning and thinking about the attach rates more than doubled quarter-over-quarter from Q1 to Q2. So absolutely, companies are preparing and planning for welcoming their employees back to the office.

絕對地。因此，我們看到 Zoom Rooms 在第二季度開始再次加速，這非常令人興奮，因為我們的客戶正在計劃和考慮從第一季度到第二季度的附加率比上一季度翻了一番多。因此，毫無疑問，公司正在準備和計劃歡迎他們的員工回到辦公室。

Our next question is from Taz Koujalgi with Guggenheim.

我們的下一個問題來自古根海姆的 Taz Koujalgi。

Can you guys hear me now?

你們現在能聽到我說話嗎？

Yes.

是的。

Sorry about that. I have a question on Zoom Phone. So if you look at the numbers reported tonight, you add about 500 million seats, I think, in the last 4 months. Prior to that, you're adding about 500 million seats -- [500,000] seats every quarter. It looks like a bit of a slowdown in the number of seats you're adding this quarter. Is that a fair comment?

對於那個很抱歉。我有一個關於 Zoom Phone 的問題。因此，如果您查看今晚報告的數字，我認為在過去 4 個月中您增加了大約 5 億個座位。在此之前，您將增加大約 5 億個席位——每個季度 [500,000] 個席位。您本季度添加的席位數量似乎有所放緩。這是一個公平的評論嗎？

It's almost exactly the same time frame because I think we had announced in December that we hit 1 million, and then we announced 1.5 on our call in April and then 2 million on this call. So it's almost exactly at the same pace.

這幾乎是同一時間框架，因為我認為我們在 12 月宣布我們達到 100 萬，然後我們在 4 月的電話會議上宣布了 1.5，然後在這次電話會議上宣布了 200 萬。所以它幾乎完全以相同的速度。

Got it. And then just one follow-up. You said a weakness in the online segment. Is that coming from just increased churn? Or are you seeing a slowdown in the -- in new customer acquisition in that line item?

知道了。然後只是一個跟進。你說在線部分的一個弱點。這是因為客戶流失率增加了嗎？或者您是否看到該訂單項的新客戶獲取速度放緩？

It's a little bit of both. So as we mentioned, we specifically saw some challenges in certain regions like EMEA where the world at least for a period of time was a little more open again and people are moving around, and that's where we see people taking advantage of being out in the world and being some slower top line bookings as well as accelerated churn.

兩者都有一點。因此，正如我們提到的，我們特別看到了某些地區的一些挑戰，例如 EMEA，那裡的世界至少在一段時間內再次變得更加開放，人們正在四處走動，這就是我們看到人們利用外出的機會世界和一些較慢的頂線預訂以及加速流失。

Our next question is from Meta Marshall with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Meta Marshall。

Kelly, I just wanted to dig into your kind of commentary on more measured spending patterns that you're seeing and taking away from kind of the smaller business commentary that you've been giving and focusing that on enterprise. And so just trying to get a sense, does that mean normalizing the amount of seats that they're adding -- or that they're rationalizing kind of the seats that they've had, that they're rationalizing number of video solutions that they're having in-house? Just what does that kind of commentary around more measured patterns around the enterprise business means?

凱利，我只是想深入了解你對你所看到的更可衡量的支出模式的評論，並從你一直提供的那種較小的商業評論中拿走，並將其重點放在企業上。所以只是想弄清楚，這是否意味著他們正在增加的座位數量正常化——或者他們正在合理化他們已經擁有的座位類型，他們正在合理化視頻解決方案的數量他們有內部？這種圍繞企業業務的更多衡量模式的評論到底意味著什麼？

Yes. Thank you, Meta. We saw this start a little bit in Q1 and now continue into Q2 where I think it's not necessarily measured in terms of how much they're buying but more measured and thoughtful in how they are buying in that they want to take their time. They're doing more complete like proof of concepts, for example, versus if you think about a year ago, they were in this sort of stage of trying to keep the lights on almost and buying very quickly, and now they're taking the time to really be thoughtful. And it's just -- it's back to kind of the way they used to buy prepandemic, which is just a much more normal buying pattern. So I think that we're back to more normal, and the sort of poor quarters-ish we saw last year was really the blip, and now we're back to a more normal measured approach (inaudible).

是的。謝謝你，梅塔。我們看到這種情況在第一季度開始一點點，現在一直持續到第二季度，我認為這不一定是根據他們購買的數量來衡量的，而是在他們想要花時間購買的方式上更加慎重和周到。例如，他們正在做更完整的概念驗證，而如果你想想一年前，他們正處於這種試圖讓燈幾乎保持亮起並非常快速地購買的階段，現在他們正在採取是時候真正深思熟慮了。它只是 - 它回到了他們過去購買大流行病的方式，這只是一種更正常的購買模式。所以我認為我們已經恢復到更正常的狀態，去年我們看到的那種糟糕的季度情況確實是曇花一現，現在我們又回到了更正常的衡量方法（聽不清）。

And is part of that just because it's a coupled decision with Phone now or just anything having to do with that?

是因為它現在是與 Phone 的耦合決定還是與此有關的任何事情？

I think that, certainly, the Phone is a different buying cycle; but usually by the time they get to Phone, they already know Zoom. So it's not that, that is necessarily slowing us down. It's just that they're taking their time to think about these decisions that they're making.

我認為，當然，手機是一個不同的購買週期；但通常在他們使用 Phone 時，他們已經知道 Zoom。所以不是那樣，這必然會減慢我們的速度。只是他們正在花時間思考他們正在做出的這些決定。

Our next question is from Matthew VanVliet with BTIGA -- BTIG.

我們的下一個問題來自 BTIGA -- BTIG 的 Matthew VanVliet。

I guess on the continued success on Zoom Phone here, called out a number of very large deals. Curious on how often you're being brought in, where they're also contemplating a contact center upgrade. Where have you stood? Obviously, the partnership with Five9 has been in place for a while. But just more generally speaking, how often is upgrading to Zoom Phone a part of a broader modernization across that could potentially include contact center?

我想 Zoom Phone 在這裡的持續成功促成了一些非常大的交易。好奇你被帶進來的頻率，他們也在考慮升級聯絡中心。你站在哪裡？顯然，與 Five9 的合作夥伴關係已經存在了一段時間。但更一般地說，升級到 Zoom Phone 作為可能包括聯絡中心的更廣泛現代化的一部分的頻率是多少？

I actually don't know exactly off the top of my head the specifics around that. We -- obviously, having an integrated phone and contact center solution is really important to many companies, which is why we're excited about the deal that we're working on with Five9. And as you say, we've been partnering with them. We also have other partnerships in place as well. And so there's nothing different about that, that has changed. I'd have to go back and look. I don't know exactly what the typical cap rates are between those 2, though.

實際上，我並不清楚周圍的細節。我們 - 顯然，擁有集成的電話和聯絡中心解決方案對許多公司來說非常重要，這就是為什麼我們對與 Five9 進行的交易感到興奮。正如您所說，我們一直在與他們合作。我們也有其他合作夥伴關係。所以這沒有什麼不同，已經改變了。我得回去看看。不過，我不確切知道這兩者之間的典型上限率是多少。

Eric, if you have -- do you have a perspective on that?

埃里克，如果你有——你對此有看法嗎？

Sure. So Matt, if you look at our installed base, right, for now, I think we really wanted to migrate from on-prem PBX system for the cloud, right? That's where the huge opportunities comes from.

當然。所以馬特，如果你看看我們的安裝基礎，就目前而言，我認為我們真的想從本地 PBX 系統遷移到雲，對嗎？這就是巨大商機的來源。

Also, since the pandemic, I think we do see some of the enterprise customers. They also started asking about, hey, what's your cloud contact center strategy because they started planning now, right? That's why we think this is kind of the new opportunity for us, not only for the brand new revenue stream for contact center, but also it might further grow our Phone business as well because like a year ago, right, where a few large [enterprise] customers, they really wanted to migrate their on-prem contact center solution. Now given the digital transformation for almost every enterprise customers, we do see more and more customers who are very interested. That's why timing-wise, it's perfect for us to double down on the [trial as the] contact center grows.

此外，自大流行以來，我認為我們確實看到了一些企業客戶。他們還開始詢問，嘿，你的雲聯絡中心戰略是什麼，因為他們現在開始計劃了，對吧？這就是為什麼我們認為這對我們來說是一種新的機會，不僅是為了聯絡中心的全新收入來源，而且它還可能進一步發展我們的電話業務，因為就像一年前一樣，對，有一些大 [ enterprise] 客戶，他們真的很想遷移他們的本地聯絡中心解決方案。現在幾乎每個企業客戶都在進行數字化轉型，我們確實看到越來越多的客戶非常感興趣。這就是為什麼在時間方面，我們在聯絡中心的發展中加倍努力是完美的。

Great. And then following up quickly on the education front. As schools get back into session, whether or not they're going to be in person or not is sort of up to debate here. But I guess what's the, I guess, potential of monetizing more of that installed base? Is it still going to be a relatively free solution? Or how has that strategy evolved?

偉大的。然後在教育方面迅速跟進。隨著學校重新開始上課，他們是否會親自上課，這在某種程度上是有爭議的。但我猜想，將更多安裝基礎貨幣化的潛力是什麼？它仍然是一個相對免費的解決方案嗎？或者該策略是如何演變的？

So Matt, before I answer to that question, as you know, our company's value is care. The #1 thing is really about community, right? For -- to support the K-12 schools, I will say that's a no-brainer for us to support that at no cost, right? We feel very proud. We never thought about how to monetize our service for those K-12 schools, right? Now they all go back to school, right? With that, they have more benefits, resources right to think about how to monetize other installed base like free users.

所以馬特，在我回答這個問題之前，如你所知，我們公司的價值觀是關懷。第一件事真的是關於社區，對吧？對於 - 支持 K-12 學校，我會說我們不花錢就可以支持它，對吧？我們感到非常自豪。我們從來沒有想過如何通過我們為那些 K-12 學校提供的服務獲利，對吧？現在他們都回學校了，對吧？這樣一來，他們就有了更多的利益和資源，可以考慮如何通過免費用戶等其他已安裝用戶群獲利。

Last year, we were extremely busy to have the world -- to have people stay connected. We even did not have bandwidth to think about how to monetize those free users, right, I mean how to embrace the consumer, right? We never thought about that before. Now it's right time, right? How to think about embracing the consumer strategy, how to monetize those free users is something very -- we are very excited. We do not want to monetize those K-12 schools. It's our responsibility to help them as always.

去年，我們非常忙於擁有這個世界——讓人們保持聯繫。我們甚至沒有帶寬來考慮如何將那些免費用戶貨幣化，對，我的意思是如何擁抱消費者，對吧？我們以前從未想過這一點。現在是時候了，對吧？如何考慮採用消費者策略，如何將這些免費用戶貨幣化是一件非常——我們非常興奮的事情。我們不想通過這些 K-12 學校獲利。一如既往地幫助他們是我們的責任。

Our next question is from Pat Walravens with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Pat Walravens。

I mean I don't think there's ever been a company that has grown so fast and realistically pulled a lot of demand forward, right, because everyone needed to get their video conferencing solutions in place very quickly. And now as I look at 54% this quarter, Kelly, your guidance suggests 30%, 31% in Q3 and 15% in Q4. So all that is just a lead effort. Eric, what is your top 1 or 2 priorities in the next 12 months as you go from this hyper growth to a much more reasonable growth period? If you could just sort of contrast those for us, I think that would be really helpful.

我的意思是，我認為從來沒有一家公司發展得如此之快，並且實際上拉動了很多需求，對吧，因為每個人都需要非常迅速地部署他們的視頻會議解決方案。現在我看到本季度的 54%，凱利，你的指導建議第三季度為 30%，第三季度為 31%，第四季度為 15%。因此，所有這些都只是領先的努力。埃里克，在接下來的 12 個月裡，當您從高速增長過渡到更合理的增長期時，您的首要任務是什麼？如果你能為我們對比一下，我認為那會很有幫助。

Sure, sure. So I would say, Patrick, that's a great question. First of all, if you look at it prior to pandemic, look at our growth, always focused on in enterprise [customer], right? The first service will be the conferencing. We introduced the second revenue stream, Zoom Phone. Both of them are doing well. And how to introduce the third one or fourth one? How to double down on that? This is always our (inaudible), right?

一定一定。所以我想說，帕特里克，這是一個很好的問題。首先，如果你在大流行之前看一下，看看我們的增長，總是專注於企業 [客戶]，對嗎？第一項服務將是會議。我們推出了第二個收入來源，Zoom Phone。他們倆都很好。以及如何介紹第三個或第四個？如何加倍努力？這始終是我們的（聽不清），對嗎？

We did not realize this is a pandemic crisis. Otherwise, several years ago, probably, we should have planned [the start of] services beforehand.

我們沒有意識到這是一場大流行病危機。否則，幾年前，我們可能就應該事先計劃[開始]服務。

Now actually, now this is indeed our strategy, right, how to introduce more and more revenue stream, new services to support our enterprise customer. That's always top priority for us. Essentially, this is part of our overall platform strategy, right?

實際上，現在這確實是我們的戰略，正確的，如何引入越來越多的收入流，新服務來支持我們的企業客戶。這始終是我們的首要任務。從本質上講，這是我們整體平台戰略的一部分，對吧？

And inside of that, also there's a new opportunity ahead of us, as I mentioned earlier, right? We never realize there's so many consumers, right, and who are so loyal to our -- the platform, right? The usage is still pretty healthy. How to embrace the consumer strategy is also something on top of our minds as well, right? We never thought about it before. It's the right path, right? Those 2 things, enterprise platform and also consumer, those 2 things will drive our future growth.

在其中，正如我之前提到的，我們面前還有一個新的機會，對吧？我們從來沒有意識到有這麼多消費者，對吧，誰對我們的平台如此忠誠，對吧？使用仍然很健康。如何擁抱消費者策略也是我們最關心的事情，對吧？我們以前從未想過。這是正確的道路，對吧？這兩件事，企業平台和消費者，這兩件事將推動我們未來的增長。

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 looking at your implied guide for Q4, it seems like you're guiding it to decel to around 12% or so, plus or minus, from 30% or so in Q3 with a similar compare, I would argue. It seems like it'll actually be down potentially sequentially from Q3. So can you elaborate on why that might be the case? You talked about the online issues. How long do they last for example? And if we go to like 10% to 12% growth in Q4, should we accelerate afterward if we -- the compares get easier? How should we think about next year?

因此，看看你對第四季度的隱含指南，我認為你似乎在引導它從第三季度的 30% 左右下降到 12% 左右，正負，具有類似的比較。看起來它實際上可能會從第三季度開始連續下降。那麼你能詳細說明為什麼會這樣嗎？你談到了在線問題。例如，它們能持續多久？如果我們在第四季度實現 10% 到 12% 的增長，如果我們——比較變得更容易，我們是否應該在之後加速？我們應該如何考慮明年？

Yes. So in terms of what you're seeing in Q4, it is continued uncertainty around headwinds in the online segment, absolutely, that is driving that. And in terms of how that implies for next year, we're not ready to give FY '23 guidance today, unfortunately. So we'll be prepared to do that when we get on the Q4 earnings call. And of course, we'll have a lot more learnings at that point to share with you, but that's -- that is what is exactly what continues to drive that in Q4.

是的。因此，就您在第四季度所看到的情況而言，在線領域逆風的持續不確定性絕對是推動這一趨勢的因素。不幸的是，就明年的意義而言，我們今天還沒有準備好給出 23 財年的指導。因此，我們準備在第四季度財報電話會議上這樣做。當然，屆時我們將有更多的經驗可以與您分享，但這正是第四季度繼續推動這一趨勢的原因。

Okay. Is there any reason why the online issues would be bigger in EMEA than in the Americas and Asia?

好的。 EMEA 的在線問題比美洲和亞洲的問題更大有什麼原因嗎？

Well, that -- that's like the pandemic question, right? Because it -- really, what we've seen is this varies depending by region and by segment, depending on where each of those countries or markets is in their pandemic life cycle. And we've seen it ebb and flow over the last 18 months by market. And so it's -- we -- that's the challenge, even I think, that all businesses are having right now. And thinking about the future with uncertainty -- so much uncertainty around the pandemic right now, it's just difficult to forecast exactly.

好吧，這就像流行病問題，對吧？因為它——真的，我們所看到的是，這因地區和細分市場而異，取決於每個國家或市場在其大流行生命週期中所處的位置。在過去的 18 個月裡，我們已經看到市場起伏不定。所以它 - 我們 - 這就是挑戰，即使我認為，所有企業現在都面臨著挑戰。並以不確定的方式思考未來——目前圍繞大流行病的不確定性如此之多，很難準確預測。

Yes. To add on to what Kelly said, look at our user base in EMEA. Seasonality also is a factor, right, in particular in the summertime. Not to mention the COVID situation and the user there might have a little bit longer vacation, right, is the seasonality for sure is a key factor, and that's another big difference compared to our user base here.

是的。要補充 Kelly 所說的話，請查看我們在 EMEA 的用戶群。季節性也是一個因素，對吧，尤其是在夏季。更不用說 COVID 的情況，那裡的用戶可能會有更長的假期，對吧，季節性肯定是一個關鍵因素，與我們這裡的用戶群相比，這是另一個很大的不同。

Our next question is from Ryan Koontz with Needham.

我們的下一個問題來自 Ryan Koontz 和 Needham。

Great to hear the progress in the enterprise clicking along there, and it sounds like some real strength in APAC. Wondering if you could share with us any additional color on particular market verticals or applications you're seeing that are kind of key to penetrating and getting these big, large Global 2000 type wins.

很高興聽到企業點擊那裡的進展，這聽起來像是亞太地區的一些真正的力量。想知道您是否可以與我們分享您所看到的特定市場垂直領域或應用程序的任何其他顏色，這些顏色是滲透和獲得這些巨大的全球 2000 強類型勝利的關鍵。

Yes. Ryan, I would say, first of all, the top 2 markets is that education and health care is still pretty strong and also will bring us more opportunities when we expand into the international market like APAC. And also like those telco, Telkomsel, right, those kind of telco partnership will further help us, for us to penetrate into each of those APAC countries, right?

是的。 Ryan，我想說，首先，前兩個市場是教育和醫療保健仍然非常強大，當我們擴展到像亞太地區這樣的國際市場時，也會給我們帶來更多機會。就像那些電信公司一樣，Telkomsel，對吧，這種電信合作夥伴關係將進一步幫助我們，讓我們滲透到每個亞太國家，對吧？

In terms of new opportunities, recently, we launched Zoom Apps and also like some of the partners, they build a new solution of our platform like [class] technologies, right? I think a lot of the new opportunities, right, we do not need to build by ourselves, right? And those third-party customers, they can leverage our either API or SDK or Zoom App to build all kinds of new solutions to focus on all those vertical markets or even the department as well, right? That's where the opportunity is coming from.

在新機會方面，最近，我們推出了 Zoom Apps，也像一些合作夥伴一樣，他們為我們的平台構建了一個新的解決方案，比如 [class] 技術，對吧？我覺得很多新的機會，對吧，我們不需要自己去建設，對吧？而那些第三方客戶，他們可以利用我們的 API 或 SDK 或 Zoom App 來構建各種新的解決方案，以專注於所有這些垂直市場甚至部門，對吧？這就是機會的來源。

So you're seeing some opportunities to upsell into the CPaaS type applications in the enterprise?

因此，您看到了一些在企業中追加銷售 CPaaS 類型應用程序的機會嗎？

Yes. Both, actually. Yes. Because those third-party partners, they build a very healthy business, also bringing Zoom to the installed base, and also by establishing their trust, right, we also can upsell in more stuff, right? Essentially, it's a very healthy channel not only for their own business doing very well, but also it's a great channel for us.

是的。實際上，兩者都是。是的。因為那些第三方合作夥伴，他們建立了一個非常健康的業務，也將 Zoom 帶到了安裝基礎上，並且通過建立他們的信任，對吧，我們也可以追加銷售更多的東西，對吧？從本質上講，這是一個非常健康的渠道，不僅對他們自己的業務做得很好，而且對我們來說也是一個很好的渠道。

Our next question is from Siti Panigrahi with Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

Just wanted to dig into the enterprise segment. Q1, Q2, those are 2 big renewal quarters -- now that's behind now. So what sort of changes you are doing on your go-to-market strategy, mainly increasing quota-carrying sales rep or any changes that you're doing for this normalized environment? And Phone used to be one of the big cross-sell opportunity for you. And how should we think about the Phone as you get into more normalized renewal environment?

只是想深入研究企業領域。第一季度、第二季度，這是兩個重要的更新季度——現在已經落後了。那麼，您正在對進入市場的策略進行哪些更改，主要是增加配額銷售代表，或者您正在為這種規範化環境進行哪些更改？電話曾經是您的重要交叉銷售機會之一。當您進入更加規範化的更新環境時，我們應該如何看待手機？

So we are absolutely continuing to invest in our sales capacity. We are focused on certain regions, especially where we see lots of opportunity like Asia Pac. We recently hired a new leader there and are really excited about the progress we're already seeing with his leadership.

因此，我們絕對會繼續投資於我們的銷售能力。我們專注於某些地區，尤其是我們看到很多機會的地區，例如亞太地區。我們最近在那裡聘請了一位新領導，並且對我們在他的領導下已經看到的進步感到非常興奮。

And then we are continuing to invest in marketing. So as we've move post-pandemic era a little bit in terms of -- not post-pandemic, but sort of what we saw from last year with the lift in brand awareness, we're continuing now to think about how do we invest more in specific product marketing around Zoom Phone, around Zoom Rooms as well as digital marketing campaigns, so helping to continue to drive additional leads for all of our teams on a global basis.

然後我們將繼續投資於營銷。因此，隨著我們在後大流行時代的一點點——不是後大流行，而是我們從去年看到的品牌知名度的提升，我們現在繼續思考我們如何在圍繞 Zoom Phone、Zoom Rooms 以及數字營銷活動的特定產品營銷方面投入更多資金，從而幫助繼續在全球範圍內為我們所有團隊帶來更多潛在客戶。

And then also the channel continues to be a really important aspect of our go to market. So the channel was responsible for approximately 27% of our Zoom Phone sales in Q2. We added 6 additional master agent partners during Q2. So really excited about continuing to invest in the channel on a global basis.

然後渠道仍然是我們進入市場的一個非常重要的方面。因此，該渠道約佔第二季度 Zoom Phone 銷售額的 27%。我們在第二季度增加了 6 個額外的主代理合作夥伴。對繼續在全球範圍內投資該渠道感到非常興奮。

Our next question is from Alex Zukin with Wolfe Research.

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

So I think I'm going to -- I'll probably touch on a topic that's been mentioned here before because I think a lot of people that are investing in the company at this point, they really are investing in the non-online story of the company, right, the enterprise story, the large business. There's a lot of metrics. There's a lot of kind of pollution and noise in these metrics. How do we think about the growth of the important part of the business for investors, meaning the over 10 employee customer base, either from an incremental bookings perspective, from an incremental revenue perspective? And when does the headwind or anchor on the business from the pandemic, from the once-in-a-generation SMB buying pattern, when does that trough? And so when do we see a normalized -- kind of normalized growth rate for the company?

所以我想我要——我可能會談談之前在這裡提到的一個話題，因為我認為很多人此時正在投資公司，他們真的在投資非在線故事公司的，對，企業故事，大企業。有很多指標。這些指標中有很多污染和噪音。我們如何看待投資者業務重要部分的增長，這意味著超過 10 名員工的客戶群，無論是從增量預訂的角度，還是從增量收入的角度來看？什麼時候從大流行中逆風或錨定業務，從千載難逢的 SMB 購買模式中，什麼時候觸底？那麼我們什麼時候才能看到公司的正常化增長率？

Yes. So thank you, Alex. First of all, we agree with you that, really, we want everyone focused on the long-term potential of the upmarket. As a reminder, in Q2, that segment of the business grew at twice the rate of the online business. So that gives you some indication of how those 2 segments are diverging a little bit.

是的。所以謝謝你，亞歷克斯。首先，我們同意你的看法，真的，我們希望每個人都關注高端市場的長期潛力。提醒一下，在第二季度，這部分業務的增長速度是在線業務的兩倍。因此，這可以讓您了解這 2 個細分市場是如何有點分歧的。

And then as we look forward, I guess the best way to help you think about it is you want to look at like the net dollar -- the implied net dollar expansion rate that we were talking about earlier, right? You can think about what's happening there is the net dollar expansion rate for the online segment is under 1, right? That gives you some idea of what's happening, again, how to think about those 2 different segments of our business.

然後當我們展望未來時，我想幫助你思考它的最好方法是你想看淨美元——我們之前討論的隱含美元淨擴張率，對吧？你可以想一想發生了什麼，在線部分的淨美元增長率低於 1，對嗎？這再次讓您了解正在發生的事情，如何考慮我們業務的這兩個不同部分。

In terms of where is -- is there a trough, I think that it's back to kind of trying to predict a pandemic, which is a difficult thing for, obviously, anybody in the world to do right now. And as much as we're excited about vaccines being more widely distributed, unfortunately, as we see Delta continuing to grow in certain parts of the world, we have even in the last few weeks, like seen certain pockets of strength. So I think that that's going to depend on really what we continue to see in terms of the spread of the variant around the world.

就在哪裡——是否有低谷而言，我認為這又回到了試圖預測大流行的問題上，顯然，現在世界上任何人都很難做到這一點。儘管我們對更廣泛地分發疫苗感到興奮，但不幸的是，當我們看到達美航空在世界某些地區繼續增長時，我們甚至在過去幾周也看到了某些力量。所以我認為這將取決於我們在變種在世界範圍內的傳播方面繼續看到的情況。

Got it. And I guess maybe for Eric. You mentioned the seasonality, the vacations in Europe. Is there a way to kind of get a sense for the Delta part about just EMEA, SMB versus U.S., SMB, just so we can get some sense of that magnitude change?

知道了。我想也許是為了埃里克。你提到了季節性，歐洲的假期。有沒有一種方法可以讓我們了解 EMEA、SMB 與美國、SMB 的三角洲部分，這樣我們就可以了解這種巨大的變化？

I think, overall, I think our upmarket are doing well, especially if you look at the North America business, right? In EMEA, I think a mass market. Online SMB, I think it not too well in the last quarter. Seasonality, COVID situation, for sure made things a little bit worse because the longer vacation and so on and so forth.

我認為，總的來說，我認為我們的高端市場表現不錯，尤其是如果你看看北美業務，對吧？在 EMEA，我認為是大眾市場。在線SMB，我認為上個季度不太好。季節性，COVID 情況，肯定會讓事情變得更糟，因為更長的假期等等。

Here, look at our North America market, I think the upsell Phone and also the Zoom Rooms because every company, I think they started going back to office, the new opportunities are coming, are also doing very well. That's why I say even if [a little bit of challenge] on SMB, by and large, we did not see the big [problem] and because offset by the hybrid work opportunities, right?

在這裡，看看我們的北美市場，我認為追加銷售的 Phone 和 Zoom Rooms 因為每家公司，我認為他們開始重返辦公室，新的機會即將到來，也做得很好。這就是為什麼我說即使在 SMB 上 [有點挑戰]，總的來說，我們沒有看到大的 [問題]，因為混合工作機會抵消了，對嗎？

I think if you look at APAC, APAC, we did not see that at all, right, in the last quarter. It's still doing very well. I think overall, as we mentioned earlier, we got to go back to our enterprise, right? Because last year, I think as the online business used to be just a marketing channel, right, but however, not only a marketing channel but also contributed a lot to our revenue from a percentage perspective.

我想如果你看看亞太地區，亞太地區，我們在上個季度根本沒有看到這一點。它仍然做得很好。我認為總的來說，正如我們之前提到的，我們必須回到我們的企業，對嗎？因為去年，我認為在線業務曾經只是一個營銷渠道，對，但是，不僅是營銷渠道，而且從百分比的角度來看，它也為我們的收入貢獻了很多。

Now given that percentage is going to go down for online, online, that's a very healthy part of it, right? With that, we can focus on our core enterprise customer. And plus, given that we become a household name, it will bring a new opportunity to monetize. It used to be the monetization for online, [no one user], just online subscription. I wouldn't say that it may not be the sustainable strategy, right, to -- for the online users monetization. We've got to have other ways, right, to monetize those online -- the installed base. That's why we are very excited about the future.

現在考慮到在線、在線的百分比將會下降，這是一個非常健康的部分，對吧？這樣，我們就可以專注於我們的核心企業客戶。而且，鑑於我們成為家喻戶曉的名字，這將帶來新的貨幣化機會。它曾經是在線的貨幣化，[沒有一個用戶]，只是在線訂閱。我不會說這可能不是可持續的戰略，對吧，在線用戶貨幣化。我們必須有其他方法，對，通過在線獲利——已安裝的基礎。這就是為什麼我們對未來感到非常興奮。

Our next question is from James Fish with Piper Sandler.

我們的下一個問題來自 James Fish 和 Piper Sandler。

On the win with Seagate, as an example here, how often are you seeing if that Phone is leading to a greater number of seats at existing customers? Or really, how can we think about that potential uplift within just your installed base today of selling Phone with Meetings that creates a greater number of seats at current accounts, not just Meetings seats but overall employees that you can actually sell Phone into? Is it a 2x opportunity that we just don't have as many Meetings seats because you can have more -- you can have less host than you do employees?

在與希捷的勝利中，作為這裡的一個例子，你多久會看到這款手機是否會在現有客戶中帶來更多的席位？或者實際上，我們如何考慮在您今天的安裝基礎中潛在的提升，即銷售帶有會議的電話，從而在經常賬戶中創造更多的席位，而不僅僅是會議席位，而是您可以實際向其銷售電話的全體員工？我們只是沒有那麼多的會議席位，因為你可以擁有更多——你可以擁有比員工更少的主持人，這是兩倍的機會嗎？

James, that's a great observation. I think you are so right. I think 1 year ago, we really did not see that, right? Normally, we buy more Meeting licenses and then probably a little bit upsell for Phone and also for the existing installed base, we upsell Phone. For the brand-new customers, because the customer look at one platform for both video and voice, right, we understand video and voice are converging into one platform, plus our Phone business is very mature now, right, every quarter doing very well. Customer like it is ready. It's not like, oh, this is something brand new. They do not want to take any risk. It's very mature. Plus, the integrated experience, both video and voice are doing very well.

詹姆斯，這是一個很好的觀察。我認為你是對的。我想 1 年前，我們真的沒有看到，對吧？通常，我們會購買更多的會議許可證，然後可能會針對電話進行一些追加銷售，對於現有的安裝基礎，我們會追加銷售電話。對於全新的客戶，因為客戶看一個平台的視頻和語音，對，我們了解視頻和語音正在融合到一個平台，加上我們的電話業務現在非常成熟，對，每個季度都做得很好。客戶喜歡它已經準備好了。這不像，哦，這是全新的東西。他們不想冒任何風險。它非常成熟。此外，視頻和語音的集成體驗都非常出色。

Essentially, from now on, I would say probably -- I do not know, but I guess probably, more and more customers, they are now going to view -- are going to deploy video for us, and they did deploy it soon. Very likely on demand, they will deploy both. Given the dynamics of each business, sometimes probably they want to deploy more Phone seats than the Meeting license.

從本質上講，從現在開始，我想說可能——我不知道，但我想可能，越來越多的客戶，他們現在將要觀看——將為我們部署視頻，他們很快就部署了。他們很可能會根據需要部署兩者。鑑於每個企業的動態，有時他們可能希望部署比會議許可證更多的電話席位。

Next question is from Will Power with Baird.

下一個問題來自 Will Power 和 Baird。

I guess question probably for you, Kelly. As we think about that, the 10-plus employee cohort, kind of your upmarket segment, how do we think about, one, customer growth from here? And two, as you think about that net expansion [rate], you've been above 130%, what's the sustainability of that, right? Because you've got a number of growth drivers. You've got the law of large numbers kind of working against you. How do we think about the outlook on that front?

凱利，我想這個問題可能是給你的。當我們考慮這一點時，10 多名員工群體，屬於您的高端細分市場，我們如何考慮，其中之一，從這裡開始客戶增長？第二，當你考慮淨擴張 [率] 時，你已經超過 130%，它的可持續性是什麼，對吧？因為你有很多增長動力。你有大數法則對你不利。我們如何看待這方面的前景？

Yes. In terms of net dollar expansion, we expect it to stay above 30 certainly for Q3. And then in terms of Q4, we expect it to be in -- at least in that range, not -- it's a quarter out. We don't know exactly, but we're predicting to be right in that same range still for Q4.

是的。就淨美元擴張而言，我們預計它在第三季度肯定會保持在 30 以上。然後就第四季度而言，我們預計它會在——至少在那個範圍內，而不是——它已經過了四分之一。我們不確切知道，但我們預測第四季度仍然在同一範圍內。

And then in terms of the customer growth, I think that what you're going to continue to see is ongoing growth driven by large deals. So the customer count may slow, but you're going to continue to see growth driven by these big deals as we see opportunities to continue to cross sell with Zoom Phone. As you heard, right, we beat our 2 largest deals record in the same day this quarter, so really seeing opportunities there. And then as people are planning to go back to the office, also opportunities for Zoom Rooms, and then think about Zoom Events. So you're going to start to see opportunities from larger and larger, bigger customer wins.

然後就客戶增長而言，我認為你將繼續看到的是由大宗交易推動的持續增長。因此，客戶數量可能會放緩，但隨著我們看到繼續與 Zoom Phone 交叉銷售的機會，您將繼續看到這些大交易推動的增長。正如你所聽到的，對，我們在本季度的同一天打破了我們的 2 筆最大交易記錄，所以真的看到了那裡的機會。然後當人們計劃回到辦公室時，Zoom Rooms 也有機會，然後考慮 Zoom Events。因此，您將開始從越來越大、越來越大的客戶勝利中看到機會。

And I think the other thing to note, we talk about the quarter, but I just want to make sure we understand, like we had a deal this quarter that now became our new largest customer. So not our new customer, an existing customer. But now with their upsell, right, they became the largest customer. So we're continuing to see these really significant large wins, and that I expect to continue.

我認為另一件需要注意的事情是，我們談論了這個季度，但我只是想確保我們理解，就像我們本季度達成的交易現在成為我們新的最大客戶一樣。所以不是我們的新客戶，而是現有客戶。但是現在，隨著他們的追加銷售，他們成為了最大的客戶。因此，我們將繼續看到這些非常重要的重大勝利，而且我希望這種情況會繼續下去。

Our next question is from Matthew Niknam with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Matthew Niknam。

You talked a little bit about some more measured behavior from customers in terms of buying patterns. I'm just wondering, can you talk a little bit about the competitive backdrop, whether you've seen peers maybe getting more aggressive, especially as larger enterprise customers really take their time to reevaluate the future of work post COVID?

您談到了客戶在購買模式方面的一些更可衡量的行為。我只是想知道，您能否談談競爭背景，您是否看到同行可能變得更加激進，尤其是當大型企業客戶真正花時間重新評估 COVID 後工作的未來時？

Eric, do you want to talk about competitors?

Eric，你想談談競爭對手嗎？

Sure, sure. So I think, Matt, if you look at the trend, right, the future work, hybrid work, for sure, that would be the mainstream, right? And however -- and because of embracing hybrid work, a lot of employees, right, still they're in work from home or maybe work in the remote locations. And not like -- and prior to pandemic crisis, right, quite often, and you might deploy solution, this is good enough, right? And given employees now to support hybrid work, the best breed of service will do very well, right?

一定一定。所以我認為，馬特，如果你看一下趨勢，對吧，未來的工作，混合工作，肯定會成為主流，對吧？然而——由於採用混合工作，很多員工，對，他們仍然在家工作，或者可能在偏遠地區工作。而不是 - 在大流行危機之前，對，經常，你可能會部署解決方案，這就足夠了，對吧？考慮到員工現在支持混合工作，最好的服務會做得很好，對吧？

Because you look at employees, they do not have IT support sitting next to them, right? And plus, you really worry about the productivity if you do not give the best tools. That's why, a good enough solution will not do well. Every businesses, they would like to deploy the best video service to always give the employees much better tools, right, to improve their productivity, to help employees because to support a hybrid work, it's not that straightforward right?

因為你看看員工，他們身邊沒有 IT 支持人員，對吧？另外，如果你不提供最好的工具，你真的會擔心生產力。這就是為什麼，一個足夠好的解決方案不會很好。每個企業，他們都希望部署最好的視頻服務，始終為員工提供更好的工具，提高他們的生產力，幫助員工，因為支持混合工作，這不是那麼簡單，對吧？

And I'll give an example like a conference solution. We introduced the Smart Gallery feature. Otherwise, customers, they do not dare to have a meeting, right? Some are sitting in the conference room. Some will join remotely. That experience is not as good as the webinar or meeting, right? That's why I think the hybrid work certainly will help Zoom, right? Even some of, sometimes, our competitors, they might have [added to] the price. I think the good news is the customers really want to have very reliable, frictionless platform, very easy to use. I think that's the reason why I think Zoom is positioned much better than any of our competitors.

我將舉一個會議解決方案之類的例子。我們引入了智能圖庫功能。不然客戶也不敢開會吧？一些人坐在會議室裡。有些人會遠程加入。這種體驗不如網絡研討會或會議，對嗎？這就是為什麼我認為混合工作肯定會對 Zoom 有所幫助，對吧？甚至有時，我們的一些競爭對手，他們可能已經 [增加] 了價格。我認為好消息是客戶真的希望擁有非常可靠、無摩擦、非常易於使用的平台。我認為這就是為什麼我認為 Zoom 的定位比我們的任何競爭對手都好得多的原因。

Our next question is from [Bo-Hyun Kim] with Citi.

我們的下一個問題來自花旗的 [Bo-Hyun Kim]。

For Tyler Radke. Earlier in the Q&A, you showed some progress around the major master agent program and also had cited some really large international Phone deals. So I wanted to hear about what you're seeing in terms of the productivity of the channel partners and international markets relative to what you're seeing from channel partners in the U.S. and to what extent is that impacted by the nascent state of the master agent program in international markets as well as the nascent state of the broader market and cloud-based phone.

對於泰勒拉德克。在問答的早些時候，你展示了圍繞主要主代理程序的一些進展，並且還引用了一些非常大的國際電話交易。所以我想听聽你在渠道合作夥伴和國際市場的生產力方面所看到的，相對於你在美國的渠道合作夥伴所看到的，以及這在多大程度上受到了主人的新生狀態的影響國際市場的代理程序以及大盤和基於雲的電話的新生狀態。

So I think we're seeing strength in our channel partners globally. So -- but as you say, it's a much newer program and much smaller internationally, so excited to really -- this is one of the focuses for our channel team, which is expanding outside of the U.S. It's focused for the rest of the year.

因此，我認為我們在全球渠道合作夥伴中看到了實力。所以——但正如你所說，這是一個更新得多的項目，在國際上規模小得多，真的很興奮——這是我們渠道團隊的重點之一，該團隊正在美國以外的地區擴張。它的重點是今年餘下時間.

In terms of productivity, I don't think that it really varies. I mean we were really excited about the Telkomsel deal, which is one of our largest channel partner deals, ISV deals to date. So that's really exciting, but we've had significant wins in the U.S. as well. So not seeing dramatic differences in productivity on a global basis at this point.

就生產力而言，我認為它並沒有真正的變化。我的意思是我們對 Telkomsel 交易感到非常興奮，這是我們迄今為止最大的渠道合作夥伴交易之一，ISV 交易。所以這真的很令人興奮，但我們在美國也取得了重大勝利。因此，目前在全球範圍內看不到生產力的巨大差異。

Our next question is going to be from Matt Stotler with William Blair.

我們的下一個問題將來自馬特·斯托特勒和威廉·布萊爾。

I think just one for me. Obviously, as you guys have spoken to so far, the enterprise opportunity here is really kind of the -- what's really exciting and compelling going forward. But given the commentary around finding other ways to monetize the base, whether that's consumer or otherwise, I would love to maybe get an update or whatever color you can provide on the level of freemium usage that you're seeing today, right? And outside of the seasonality with education, just the level of freemium users on the platform has changed over the past 4, 5 quarters, thoughts on the back half there. And then any commentary on what conversion you've seen there? Or do you expect you could see if you decided to really try and monetize that?

我想只有一個適合我。顯然，正如你們到目前為止所說的那樣，這裡的企業機會確實是 - 真正令人興奮和引人注目的前進。但是考慮到關於尋找其他方式將基礎貨幣化的評論，無論是消費者還是其他方式，我很想獲得更新或您可以提供的關於您今天看到的免費增值使用水平的任何顏色，對嗎？除了教育的季節性之外，平台上的免費增值用戶水平在過去 4、5 個季度發生了變化，這是後半部分的想法。然後對您在那裡看到的轉換有何評論？或者你希望你能看到你是否決定真正嘗試並從中獲利？

Yes.

是的。

Yes, go ahead, Kelly. Go ahead.

是的，繼續吧，凱利。前進。

So we still see free users as a large -- they've really grown over the last 18 months, and they're about 30% of our minutes usage today as compared to like 10% pre-pandemic. So that gives you an idea of the number of -- we don't talk about the number of users, but that at least gives you a relative understanding of how they've grown over time.

因此，我們仍然認為免費用戶很大——他們在過去 18 個月裡確實在增長，他們今天大約占我們使用分鐘數的 30%，而大流行前只有 10%。因此，這可以讓您了解數量——我們不談論用戶數量，但這至少可以讓您相對了解他們是如何隨著時間的推移而增長的。

And like we always say, as Eric mentioned about our care value of care -- our core value of care, we really care about all those free users, especially to keep people connected during these more difficult times. And there's always a hope that they continue to convert or that they have the opportunity to continue to expose more new users to the power of Zoom.

就像我們經常說的那樣，正如埃里克提到的我們的關懷關懷價值——我們關懷的核心價值，我們真的很關心所有這些免費用戶，尤其是在這些更困難的時期讓人們保持聯繫。並且始終希望他們繼續轉換，或者他們有機會繼續讓更多新用戶接觸 Zoom 的力量。

Our next question is from Chaim Siegel with Elazar Advisors.

我們的下一個問題來自 Chaim Siegel 和 Elazar Advisors。

I had a couple of questions if you have time. But since, obviously, the focus is on enterprise, I just wanted to know how fast the sales force is growing and when efficiency for that sales force starts to kick in. I guess that's one. And also just related to that, on operating expenses, so I'm not sure how long you expect flattish sequential growth. But on the operating expense, it seems like maybe it'll start to grow faster than revenues. And I'm just wondering, with relation to focusing on getting the enterprise business going, how fast expenses will grow versus revenues.

如果你有時間，我有幾個問題。但是，很明顯，重點是企業，我只想知道銷售人員的增長速度有多快，以及銷售人員的效率何時開始發揮作用。我想就是這樣。與此相關的還有運營費用，所以我不確定你預計連續增長持平多久。但就運營費用而言，它似乎可能會開始比收入增長更快。我只是想知道，關於專注於推動企業業務的發展，支出相對於收入的增長速度有多快。

Yes. So as we've been saying for the last several quarters, there are areas that we were not able to hire and invest in as quickly as revenue grew last year. And so what we've been doing in the last couple of quarters is focusing on reaccelerating the investment, especially in the areas of R&D as well as quota-carrying heads, and we are absolutely continuing to do that. We still are under invested in R&D at a little over 5% of revenue, and the long-term target is 8% to 10%. So we're continuing to hire as quickly as we can.

是的。因此，正如我們在過去幾個季度一直在說的那樣，有些領域我們無法像去年收入增長那樣迅速地招聘和投資。因此，我們在過去幾個季度一直在做的是專注於重新加速投資，尤其是在研發和配額負責人領域，我們絕對會繼續這樣做。我們在研發方面的投資仍然不足，略高於收入的 5%，長期目標是 8% 到 10%。因此，我們將繼續盡快招聘。

And then similarly, in terms of quota-carrying heads, we're being very thoughtful about the segments and the regions in which we're hiring -- remember, like stepping back for a minute, there is a huge TAM and a huge opportunity out there. And we want to continue to add quota-carrying heads and sales capacity into our system to take advantage of that. So as long as we continue to see opportunity for growth, we will continue investing in quota-carrying heads. We are also, as I mentioned earlier, accelerating our spend in marketing as we were able to pull back a little bit on that last year, but we think now is the right time to continue reinvesting there.

然後類似地，就配額負責人而言，我們對我們正在招聘的細分市場和地區非常深思熟慮——請記住，就像退後一步一樣，有一個巨大的 TAM 和一個巨大的機會在那裡。我們希望繼續在我們的系統中添加配額負責人和銷售能力，以利用這一點。因此，只要我們繼續看到增長的機會，我們就會繼續投資於有配額的頭腦。正如我之前提到的，我們也在加快我們在營銷方面的支出，因為我們能夠在去年有所縮減，但我們認為現在是繼續在那裡進行再投資的合適時機。

And then the 2 areas that we always look to be as efficient as we can are our G&A and COGS. And G&A is kind of right in the range of where we would want it to be for the long term. Over time, we do expect COGS to decrease as we continue to move more and more of our services out of the public cloud into the data center -- our own data centers. I mean we're always going to have a hybrid approach there, but also eventually at some point, right, when K-12 schools are more free to go back to campuses, we do expect to see improvement in our gross margin. But we will absolutely continue to support those students and schools as long as we think it's needed.

然後我們一直希望盡可能高效的兩個領域是我們的 G&A 和 COGS。從長遠來看，G&A 在我們希望的範圍內是正確的。隨著時間的推移，隨著我們繼續將越來越多的服務從公共雲轉移到數據中心——我們自己的數據中心，我們確實預計 COGS 會下降。我的意思是，我們總是會在那裡採用混合方法，但最終在某個時候，當 K-12 學校更自由地返回校園時，我們確實希望看到毛利率有所提高。但只要我們認為有必要，我們絕對會繼續支持這些學生和學校。

Is there a general timing of efficiency where you expect that to kick in for the enterprise for salespeople in the enterprise? I know you've been growing it, and I know it takes time. I was just wondering if there's like a timing where the tranche is going to start really performing for you.

是否有一般的效率時間安排，您希望在企業中為企業的銷售人員帶來效率？我知道你一直在種植它，我知道這需要時間。我只是想知道是否有某個時間段會開始真正為您表演。

No. I mean -- well, what I just want to say is we are continuing to hire quota-carrying heads quickly, and we'll continue to do so. So that means there's a constant state of having ramping reps in the system. And since we have no plans to stop hiring quota-carrying heads in the near future that I can't say when all of a sudden they're going to necessarily be more efficient.

不，我的意思是——好吧，我只想說的是，我們將繼續快速招聘配額負責人，而且我們將繼續這樣做。所以這意味著在系統中有一個不斷增加的代表。而且由於我們沒有計劃在不久的將來停止僱用配額負責人，所以我不能說他們什麼時候會突然變得更有效率。

Our next question is from Rishi Jaluria with RBC.

我們的下一個問題來自 RBC 的 Rishi Jaluria。

I wanted to just ask about Zoom Events. So I know initially, when you've talked about the product, it was kind of pitched as a little bit of a monetization factor for the prosumer segment, right, helping fitness instructors, yoga instructors around classes online. But clearly, it seems like there's much grander ambitions, right? The fact that you're going to run Zoomtopia on that, I think, tells us there's maybe a bigger enterprise opportunity. And even as companies are looking at doing in-person conferences again, they want to have a strong virtual and hybrid component to it. So can you maybe talk a little bit about what you see as a longer-term vision with Zoom Event, especially enterprise? And maybe let's go on that.

我只想問一下 Zoom Events。所以我知道最初，當你談到這個產品時，它有點像產消者細分市場的貨幣化因素，對，幫助健身教練、瑜伽教練在線上課。但顯然，似乎還有更大的野心，對吧？我認為，你將在此基礎上運行 Zoomtopia 的事實告訴我們，這可能是一個更大的企業機會。即使公司正在考慮再次舉行面對面的會議，他們也希望擁有強大的虛擬和混合組件。那麼，您能否談談您對 Zoom Event 的長期願景，尤其是企業？也許讓我們繼續吧。

Yes. Rishi, that's a great question. So remember last year -- last October, right, at Zoomtopia, we introduced Zoom Events. We started from OnZoom at that time and we thought about how to help those -- and the people working from a home still can get a training, right, like fitness online classes, join all those classes, right? That's the reason why we started building the Zoom Events.

是的。 Rishi，這是一個很好的問題。所以請記住去年——去年 10 月，對，在 Zoomtopia，我們推出了 Zoom Events。那時我們從 OnZoom 開始，我們考慮如何幫助那些人——在家工作的人仍然可以獲得培訓，對吧，比如健身在線課程，加入所有這些課程，對吧？這就是我們開始構建 Zoom Events 的原因。

However, again, we have -- we always listen to our customers, in particular, our Events customers, right? And they all told us, hey, there's more opportunities around the corporate events, the corporate and public like Zoomtopia. They all told us, hey, we badly needed that. We badly needed that. We already have a revenue platform. They want to ask to extend that, right, how to expand into bigger, the -- and use a conference like Zoomtopia. That's why we sort of pivoted out strategy, right, and doubled down our corporate -- the [word] of OnZoom, which is rebranded as Zoom Events, right? We do see a future opportunity.

但是，我們再次 - 我們總是傾聽客戶的意見，特別是我們的活動客戶，對嗎？他們都告訴我們，嘿，圍繞企業活動，企業和公眾有更多機會，比如 Zoomtopia。他們都告訴我們，嘿，我們非常需要它。我們非常需要它。我們已經有了一個收入平台。他們想問如何擴大規模，如何擴大規模，並使用像 Zoomtopia 這樣的會議。這就是為什麼我們在某種程度上調整了戰略，對，並加倍了我們的公司——OnZoom 的 [word]，它更名為 Zoom Events，對吧？我們確實看到了未來的機會。

Inside of that, the consumer work is not called Zoom Events anymore. This is more like OnZoom website. We're still working to aggregate all those consumer-driven events, right, like online fitness class and so on and so forth. But for now, if you look at the short-term opportunities, Zoom Events will do well because many of our existing customer told us, we need a platform like that because trust is already built, right? They do not want to go to any other platform. They are very patient to wait. That's the reason why we shifted our strategy a little bit since last Zoomtopia.

在其中，消費者工作不再稱為 Zoom Events。這更像是 OnZoom 網站。我們仍在努力匯總所有這些消費者驅動的事件，對吧，比如在線健身課程等等。但就目前而言，如果你著眼於短期機會，Zoom Events 會做得很好，因為我們的許多現有客戶告訴我們，我們需要這樣的平台，因為信任已經建立，對吧？他們不想去任何其他平台。他們非常有耐心等待。這就是我們自上次 Zoomtopia 以來稍微改變策略的原因。

Okay. Well, thank you to all of our analysts. That's all the time for questions that we have for today. Tom -- bring you back on, Tom.

好的。好吧，謝謝我們所有的分析師。這就是我們今天所有問題的時間。湯姆——帶你回來，湯姆。

Great. Thank you, everybody, and we hope to speak to you more on the rest of the quarter and see you at Zoomtopia. Anything else, Eric?

偉大的。謝謝大家，我們希望在本季度剩下的時間裡與您進行更多交流，並在 Zoomtopia 與您見面。還有別的嗎，埃里克？

Yes. Thank you all for your time today. Hope you all will join next month at Zoomtopia, September 13 and 14. I really appreciate for your support as always. Thank you.

是的。謝謝大家今天的時間。希望大家下個月參加 9 月 13 日和 14 日的 Zoomtopia。非常感謝你們一如既往的支持。謝謝你。

Bye, everybody. Thank you.

大家再見。謝謝你。

Thank you.

謝謝你。