Zoom Video Communications Inc (ZM) 2022 Q1 法說會逐字稿

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

大家好，歡迎來到 Zoom 2022 財年第一季度財報發布。我想提醒大家，這個電話正在被錄音。

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. Hello, everyone, and welcome to Zoom's earnings video webinar for the first 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，歡迎來到 Zoom 2022 財年第一季度的收益視頻網絡研討會。今天加入我的將是 Zoom 的創始人兼首席執行官 Eric Yuan；和 Zoom 的首席財務官 Kelly Stekelberg。

Our earnings press release was issued today after the market close 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。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 second quarter and the full fiscal year 2022, Zoom's growth strategy, business aspirations to lead the evolution to hybrid work and the continued impact of the COVID-19 pandemic on our business. These statements are only predictions that are based on what we believe today, and actual results may differ materially. These forward-looking statements are subject to risks and other factors that could affect our performance and financial results, which we discuss in detail in our filings with the SEC, including our annual report on Form 10-K as well as the current report on Form 8-K we filed with the SEC today. Zoom assumes no obligation to update any forward-looking statements that we may make on today's webinar.

在本次電話會議中，我們將發表前瞻性陳述，包括關於我們第二季度和 2022 財年全年財務展望、Zoom 的增長戰略、引領向混合工作發展的商業願望以及 COVID-19 持續影響的陳述。 19 大流行對我們的業務造成影響。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，我們在提交給美國證券交易委員會的文件中詳細討論了這些因素，包括我們關於 10-K 表格的年度報告以及關於表格的當前報告我們今天向 SEC 提交的 8-K。 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 it over to Eric.

有了這個，讓我把它交給埃里克。

Okay. Thank you, Tom, and welcome, everyone, joining us on today's webinar.

好的。謝謝你，湯姆，歡迎大家加入我們今天的網絡研討會。

I want to start by thanking our customers for their commitment and trust in Zoom, which drove a strong start to our fiscal year with revenue growing 191% year-over-year as well as strong profitability and free cash flow.

首先，我要感謝我們的客戶對 Zoom 的承諾和信任，這推動了我們財年的強勁開局，收入同比增長 191%，盈利能力和自由現金流強勁。

I also want to recognize our more than 5,000 employees. Their dedication to our customers' happiness is an incredible advantage and creates a positive feedback loop that keeps our customers coming back and our employees eager to meet their diverse needs.

我還想表彰我們的 5,000 多名員工。他們對客戶幸福的奉獻是一個令人難以置信的優勢，並創造了一個積極的反饋循環，讓我們的客戶回頭客，我們的員工渴望滿足他們的多樣化需求。

Our ability to help our customers by increasing their productivity, promoting their employees' happiness and the connections to each other and reducing their travel-related carbon footprint gives our work a great meaning and makes Zoom a great place to work.

我們通過提高客戶的生產力、促進員工的幸福感和彼此之間的聯繫以及減少與旅行相關的碳足跡來幫助客戶的能力賦予了我們工作的重要意義，並使 Zoom 成為一個理想的工作場所。

Our company culture is strong, and we are more motivated than ever. Let me also thank all of you, our investors, for your trust and support. So we're very grateful to our employees, our customers, partners and our investors. Thank you.

我們的公司文化很強大，我們比以往任何時候都更有動力。讓我也感謝你們所有人，我們的投資者，你們的信任和支持。因此，我們非常感謝我們的員工、客戶、合作夥伴和投資者。謝謝你。

As parts of the world reopen, a few things are clear. First, many customers I talk to are looking to create hybrid solutions, and they seek to cautiously reopen some offices; and second, each industry, company and individual varies in their optimal working model.

隨著世界部分地區重新開放，有幾件事很清楚。首先，與我交談的許多客戶都在尋求創建混合解決方案，並且他們尋求謹慎地重新開放一些辦公室；其次，每個行業、公司和個人的最佳工作模式各不相同。

Zoom is here to help each customer calibrate their future working model in their own way. Many companies are redesigning the workplace to enhance the hybrid work experience. So to meet this need, we announced Zoom's features such as Smart Gallery, which puts in-room and remote participants on equal footing, Virtual Receptionist, participant accounting and environmental sensors.

Zoom 在這裡幫助每個客戶以自己的方式校准他們未來的工作模式。許多公司正在重新設計工作場所以增強混合工作體驗。因此，為了滿足這一需求，我們宣布了 Zoom 的功能，例如將室內和遠程參與者置於平等地位的智能畫廊、虛擬接待員、參與者會計和環境傳感器。

We have begun to deliver on our platform strategy. In February, we launched our video SDK. In April, we announced our $100 million Zoom Apps Fund to further build our app ecosystem. Zoom Apps is designed to enhance users -- to enable users to bring their favorite apps directly into the Zoom experience in a way that inspires collaboration, boosts the efficiency, create healthier habits and generate much more fun.

我們已經開始實施我們的平台戰略。 2 月，我們推出了視頻 SDK。 4 月，我們宣布了 1 億美元的 Zoom Apps 基金，以進一步構建我們的應用生態系統。 Zoom Apps 旨在增強用戶體驗——使用戶能夠以激發協作、提高效率、養成更健康的習慣並產生更多樂趣的方式將他們喜愛的應用程序直接帶入 Zoom 體驗。

We have also launched the Zoom Events, our events platform, which will be focused on our enterprise customers and support an array of virtual event use cases. In a recent survey we conducted, 80% of U.S. respondents agreed that all interactions will continue to have a virtual element post-pandemic, and that figure was even higher in many of the other markets we surveyed.

我們還推出了活動平台 Zoom Events，該平台將專注於我們的企業客戶並支持一系列虛擬活動用例。在我們最近進行的一項調查中，80% 的美國受訪者同意，在大流行之後，所有互動都將繼續具有虛擬元素，在我們調查的許多其他市場中，這一數字甚至更高。

The hybrid model is here to stay, and Zoom Events will be an excellent solution for our customers who are looking to create and host company events with a versatile and powerful solution.

混合模式將繼續存在，對於希望通過多功能且強大的解決方案創建和舉辦公司活動的客戶而言，Zoom Events 將是一個出色的解決方案。

We are very happy to announce that we closed our largest deal ever in terms of ARR, with a leading global financial services firm that has selected Zoom Meetings to deploy to over 90,000 hosts. That is only one of the large deals we closed this quarter.

我們很高興地宣布，我們與一家全球領先的金融服務公司達成了有史以來最大的 ARR 交易，該公司選擇了 Zoom Meetings 來部署到超過 90,000 名主持人。這只是我們本季度完成的大宗交易之一。

Let me recognize 3 more industry-leading companies that have increased their commitment to Zoom. First, I want to thank Kimberly-Clark, whose trusted brands are an indispensable part of life for people in more than 175 countries, for expanding the relationship with Zoom by adding approximately 25,000 Zoom Phone licenses. As our existing Zoom meetings and video webinar customer, Kimberly-Clark saw the same reliability, value and innovation in Zoom Phone.

讓我來表彰另外 3 家行業領先的公司，它們增加了對 Zoom 的承諾。首先，我要感謝 Kimberly-Clark，其值得信賴的品牌是超過 175 個國家的人們生活中不可或缺的一部分，它通過增加大約 25,000 個 Zoom Phone 許可證來擴大與 Zoom 的關係。作為我們現有的 Zoom 會議和視頻網絡研討會客戶，Kimberly-Clark 在 Zoom Phone 中看到了同樣的可靠性、價值和創新。

I also wanted to recognize our partner, British Telecom for advocating for Zoom in the decision-making process at Kimberly-Clark.

我還想感謝我們的合作夥伴 British Telecom 在金佰利的決策過程中倡導 Zoom。

Next, thank you, Target Corporation, which service guests at more than 1,900 stores and online at Target.com with the mission to help families discover the joy of everyday life, for their commitment to Zoom. We are very excited to help Target take their communications initiatives to the next level by expanding their Zoom platform solution while unifying their internal and external communications on our technology. As a long-standing Zoom Meetings customer, we truly appreciate their trust and faith in Zoom as a platform and partner.

接下來，感謝 Target Corporation，它在 1,900 多家商店和 Target.com 在線為客人提供服務，其使命是幫助家庭發現日常生活的樂趣，感謝他們對 Zoom 的承諾。我們很高興通過擴展他們的 Zoom 平台解決方案，同時通過我們的技術統一他們的內部和外部通信，幫助 Target 將他們的通信計劃提升到一個新的水平。作為 Zoom Meetings 的長期客戶，我們非常感謝他們對 Zoom 作為平台和合作夥伴的信任和信心。

And finally, I want to thank Denso, Japan's largest and the world's second largest automotive parts company and a leading company in the Toyota Group. They firstly joined the Zoom family last year, but last quarter, they decided to significantly expand their usage of Zoom Meetings and Zoom Video Webinars for internal and external communications. Zoom now connects 47,000 employees across offices, factories and homes. Denso said, "The introduction of Zoom has contributed greatly to our ability to create a work environment that drives faster decision-making."

最後，我要感謝日本最大、世界第二大汽車零部件公司，豐田集團的龍頭企業電裝。他們於去年首次加入 Zoom 大家庭，但在上個季度，他們決定大幅擴展 Zoom 會議和 Zoom 視頻網絡研討會的使用範圍，以進行內部和外部溝通。 Zoom 現在連接了辦公室、工廠和家庭的 47,000 名員工。電裝說：“Zoom 的引入極大地促進了我們創造推動更快決策的工作環境的能力。”

Kimberly-Clark, Target and Denso, thank you. Love you.

金佰利、塔吉特和電裝，謝謝。愛你。

We are off to a great start in fiscal 2022. I look forward to updating you on our hybrid workspace and our platform evolution throughout the year and at Zoomtopia, which will be held on September 13 and 14 in a virtual format.

我們在 2022 財年有了一個良好的開端。我期待著向您介紹我們的混合工作空間和我們全年的平台演變以及將於 9 月 13 日至 14 日以虛擬形式舉行的 Zoomtopia。

Before handing it over to Kelly, I want to share a quick update. As you know, demand for Zoom Phone has been amazing, and I'm very excited to announce our new device category, the Zoom Phone Appliance. I have invited Graeme to tell you more. Thank you.

在將它交給凱利之前，我想分享一個快速更新。如您所知，Zoom Phone 的需求非常驚人，我很高興地宣布我們的新設備類別 Zoom Phone 設備。我已經邀請格雷姆告訴你更多。謝謝你。

Thanks, Eric. Hi, everyone. I'm Graeme Geddes. I'm the Head of Zoom Phone and Zoom Rooms, and I'm excited to be joining the call today from, you guessed it, my Zoom Phone Appliance.

謝謝，埃里克。大家好。我是格雷姆·格德斯。我是 Zoom Phone 和 Zoom Rooms 的負責人，我很高興今天能通過我的 Zoom Phone 設備加入電話會議。

Our new Zoom Phone Appliances allow our customers to take advantage of the powerful audio and video capabilities of Zoom, and they're a great solution for touchdown spaces, huddle rooms and executive offices alike. We also can't wait to see some of the vertical applications that our customers come up with for this new category as well.

我們新的 Zoom Phone 設備讓我們的客戶能夠利用 Zoom 強大的音頻和視頻功能，它們是著陸空間、小型會議室和行政辦公室等的絕佳解決方案。我們也迫不及待地想看到我們的客戶也為這個新類別提出的一些垂直應用程序。

And while I'm here, I've got some exciting news to share. I think I'll use the white boarding feature of this device.

當我在這裡的時候，我有一些令人興奮的消息要分享。我想我會使用這個設備的白板功能。

So at the end of December, we announced reaching 1 million seats of Zoom Phones sold. Well, that momentum continues, and I'm excited to announce that we have now surpassed 1.5 million seats of Zoom Phones sold as of the end of September (sic) [April]. It's been absolutely amazing to see the growth continue to accelerate.

因此，在 12 月底，我們宣布售出 100 萬台 Zoom Phone。嗯，這種勢頭仍在繼續，我很高興地宣布，截至 9 月底（原文如此）[4 月]，我們的 Zoom Phone 座位已超過 150 萬台。看到增長繼續加速絕對令人驚訝。

Thank you for allowing me to join you today. And now I'll turn it over to Kelly.

謝謝你讓我今天加入你。現在我將把它交給凱利。

Thank you, Graeme, and thanks to you and your team for your hard work and for that amazing accomplishment. Hello, everybody.

謝謝你，格雷姆，感謝你和你的團隊的辛勤工作和驚人的成就。大家好。

Our impressive growth story continued in Q1. As you can see, we continued to win awards and third-party recognition for our strong security focus, empowering company culture and lasting impact on society. Thank you to all of our amazing customers and employees who made these accolades possible.

我們令人印象深刻的增長故事在第一季度繼續。如您所見，我們繼續贏得獎項和第三方認可，因為我們對安全的高度關注、賦予公司文化和對社會的持久影響。感謝我們所有出色的客戶和員工，他們使這些榮譽成為可能。

In Q1, the year-over-year growth of total revenue remained strong at 191%, reaching $956 million. The top line result exceeded the high end of our guidance of $905 million due to strong sales and marketing execution, led by our direct and channel businesses as well as lower-than-expected churn. Demand was widespread across products, industry verticals, geographies, new logos and customer cohorts.

第一季度，總收入的同比增長保持強勁，達到 191%，達到 9.56 億美元。由於我們的直接和渠道業務以及低於預期的客戶流失率強勁，銷售和營銷執行力強勁，營收結果超過了我們指導的 9.05 億美元的高端。需求在產品、垂直行業、地域、新標識和客戶群中廣泛存在。

It's also worth noting that our fiscal 2020 results have shifted our renewal seasonality, which is now more weighted towards the beginning of the year. To illustrate, we saw approximately 4x more deals up for renewal in Q1 of FY '22 as compared to Q1 of last year. Our renewals, sales and online marketing teams really outperformed in securing renewals, and the success is a testament to their hard work and our product's strong and lasting value proposition.

還值得注意的是，我們 2020 財年的業績已經改變了我們的更新季節性，現在更傾向於年初。為了說明這一點，我們看到與去年第一季度相比，22 財年第一季度的續約交易增加了大約 4 倍。我們的續訂、銷售和在線營銷團隊在確保續訂方面確實表現出色，成功證明了他們的辛勤工作以及我們產品強大而持久的價值主張。

The year-over-year growth in revenue for the quarter was driven by a healthy mix between new and existing customers where new customers accounted for approximately 57% of the incremental revenue and existing customers accounted for 43% of the incremental revenue. This trend towards existing customers was expected considering the tremendous growth in our base last year.

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，其中新客戶約佔增量收入的 57%，現有客戶佔增量收入的 43%。考慮到我們去年基數的巨大增長，這種對現有客戶的趨勢是意料之中的。

Let's take a look at the key customer metrics for the quarter. We saw growth in the upmarket as we ended the quarter with 1,999 customers generating more than $100,000 in trailing 12 months revenue. We exited the quarter with approximately 497,000 customers with more than 10 employees, adding approximately 30,000 customers during the quarter. In Q1, customers with more than 10 employees represented approximately 63% of revenue.

讓我們看一下本季度的關鍵客戶指標。在本季度結束時，我們看到了高端市場的增長，有 1,999 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。我們在本季度結束時擁有約 497,000 名客戶和 10 多名員工，在本季度增加了約 30,000 名客戶。在第一季度，擁有 10 名以上員工的客戶約佔收入的 63%。

We also continue to benefit from solid growth in our segment of customers with 10 or fewer employees. In Q1, customers with 10 or fewer employees represented approximately 37% of revenue, up from 30% in Q1 last year and stable quarter-over-quarter.

我們還繼續受益於擁有 10 名或更少員工的客戶群的穩健增長。第一季度，員工人數不超過 10 人的客戶約佔收入的 37%，高於去年第一季度的 30%，環比穩定。

Our net dollar expansion rate for customers with more than 10 employees exceeded 130% for the 12th consecutive quarter as customers acquired more Zoom Meetings, Rooms, webinars and Phone products. For this customer subset, we expect the net dollar expansion rate to remain above 130% for the next few quarters. For customers with 10 or fewer employees, which are not included in this net dollar expansion metric, we expect that cohort to be lower than FY '21 as more volatile -- and more volatile as economies continue to reopen.

隨著客戶購買了更多的 Zoom 會議、會議室、網絡研討會和電話產品，我們為擁有 10 名以上員工的客戶提供的淨美元增長率連續第 12 個季度超過 130%。對於這個客戶子集，我們預計未來幾個季度的淨美元擴張率將保持在 130% 以上。對於員工人數不超過 10 人（不包括在此淨美元擴張指標中）的客戶，我們預計該群體將低於 21 財年，因為波動性更大 - 隨著經濟繼續重新開放，波動性也會更大。

Both domestic and international markets had strong growth during the quarter. Our Americas revenue grew 159% year-over-year. Our combined APAC and EMEA revenue grew 288% year-over-year to be approximately 34% of revenue, up from 25% a year ago. In recent quarters, we made significant investments in our international teams, which have already begun to pay dividends. The global opportunity remains large, and we'll continue to empower our team to capitalize on it.

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 159%。我們的亞太地區和歐洲、中東和非洲地區總收入同比增長 288%，約佔收入的 34%，高於一年前的 25%。最近幾個季度，我們對我們的國際團隊進行了大量投資，這些團隊已經開始獲得回報。全球機會仍然很大，我們將繼續授權我們的團隊利用它。

Now turning to profitability. The increase in demand and strong execution drove net income profitability from both GAAP and non-GAAP perspective. 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 and net litigation expenses.

現在轉向盈利能力。從 GAAP 和非 GAAP 的角度來看，需求的增加和強大的執行力推動了淨收入盈利能力。我將重點關注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、與收購相關的費用和淨訴訟費用。

Non-GAAP gross margin in the first quarter was 73.9% compared to 69.4% in Q1 last year and 71.3% in Q4. The sequential improvement in gross margin is mainly due to optimization of public cloud resources. We expect gross margin to remain relatively stable in the low-70s as long as we continue to support free K-12 education.

第一季度非美國通用會計準則毛利率為 73.9%，而去年第一季度為 69.4%，第四季度為 71.3%。毛利率的環比提升主要得益於公有云資源的優化。只要我們繼續支持免費的 K-12 教育，我們預計毛利率將在 70 年代低點保持相對穩定。

Research and development expense grew by 97% year-over-year to approximately $41 million. As a percentage of total revenue, R&D expense was approximately 4.3%, which is lower than in Q1 of last year, mainly due to the strong top line growth. However, on a quarter-over-quarter basis, expenses grew by 33%, demonstrating our commitment to building out our engineering teams globally and maintaining best-in-class product and innovation.

研發費用同比增長 97% 至約 4100 萬美元。研發費用佔總收入的比例約為 4.3%，低於去年第一季度，主要是由於收入增長強勁。然而，與上一季度相比，費用增長了 33%，這表明我們致力於在全球範圍內建立我們的工程團隊並保持一流的產品和創新。

Sales and marketing expense grew by 84% year-over-year to $191 million. This reflects an additional $87 million over last year, primarily due to investments in hiring to drive future growth. Sales and marketing expense was approximately 20% of total revenue, a decrease from Q1 of last year, mainly due to strong top line growth. We plan to continue to invest in adding global sales capacity and brand and product marketing programs in order to capitalize on our growing leadership position and growth initiatives.

銷售和營銷費用同比增長 84% 至 1.91 億美元。這比去年增加了 8700 萬美元，主要是由於投資於招聘以推動未來增長。銷售和營銷費用約佔總收入的 20%，較去年第一季度有所下降，主要是由於收入增長強勁。我們計劃繼續投資以增加全球銷售能力以及品牌和產品營銷計劃，以利用我們不斷增長的領導地位和增長計劃。

G&A expense in the quarter grew by 51% to $73 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 7.7% of total revenue, a decrease from Q1 of last year.

隨著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，本季度的 G&A 費用增長了 51% 至 7300 萬美元。 G&A 費用約佔總收入的 7.7%，較去年第一季度有所下降。

Revenue upside in the quarter carried through to the bottom line, with non-GAAP operating income of $401 million, exceeding our guidance. This translates to a 41.9% non-GAAP operating margin for Q1, a large improvement from 16.6% in Q1 last year and a slight improvement from 40.9% in Q4.

本季度的收入增長一直延續到盈利，非美國通用會計準則營業收入為 4.01 億美元，超出了我們的預期。這意味著第一季度非美國通用會計準則營業利潤率為 41.9%，與去年第一季度的 16.6% 相比大幅提升，與第四季度的 40.9% 相比略有提升。

Non-GAAP diluted earnings per share in Q1 was $1.32 on approximately 305 million non-GAAP weighted average shares outstanding. This result is $0.35 above the high end of our guidance and $1.12 above Q1 of last year.

第一季度非 GAAP 攤薄後每股收益為 1.32 美元，約 3.05 億股非 GAAP 加權平均流通股。這一結果比我們指導的高端高出 0.35 美元，比去年第一季度高出 1.12 美元。

Turning to the balance sheet. Deferred revenue at the end of the period was $1.1 billion, up 98% year-over-year from $552 million. Looking at both our billed and unbilled contracts, our RPO totaled approximately $2.1 billion, up 94% year-over-year from $1.1 billion. We expect to recognize approximately 72% of the total RPO as revenue over the next 12 months, consistent with the level of this metric last year.

轉向資產負債表。期末遞延收入為 11 億美元，較去年同期的 5.52 億美元增長 98%。從我們的已開票和未開票合同來看，我們的 RPO 總額約為 21 億美元，比去年同期的 11 億美元增長 94%。我們預計在未來 12 個月內將大約 72% 的總 RPO 確認為收入，與去年的這一指標水平一致。

It's important to remember that deferred revenue and RPO trends are not reliable predictors of future revenue growth due to the large percent of monthly billings in our customer base. In addition, the timing of our renewals has increasingly shifted to the beginning of the fiscal year, with Q1 now representing our largest renewal quarter. We expect sequential increases in deferred revenue and RPO in each of the remaining quarters be lower as our available population of annual renewals is smaller.

重要的是要記住，遞延收入和 RPO 趨勢並不是未來收入增長的可靠預測因素，因為我們的客戶群中的每月賬單佔很大比例。此外，我們的續約時間越來越多地轉移到本財年初，第一季度現在是我們最大的續約季度。我們預計剩餘每個季度的遞延收入和 RPO 的連續增長會較低，因為我們可用的年度續訂人數較少。

We ended the quarter with approximately $4.7 billion in cash, cash equivalents and marketable securities, excluding restricted cash. We had exceptional operating cash flow in the quarter of $533 million, up from $259 million in Q1 of last year. Free cash flow was $454 million, up from $252 million in Q1 of last year. The increase is primarily attributable to strong sales execution and collections.

我們在本季度末擁有約 47 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。我們在本季度的運營現金流為 5.33 億美元，高於去年第一季度的 2.59 億美元。自由現金流為 4.54 億美元，高於去年第一季度的 2.52 億美元。增長主要歸因於強勁的銷售執行和收款。

Looking at the rest of the fiscal year, we expect to increase our capital expenditures related to ongoing data center expansion to support our growth outlook. We also expect a legal settlement, which will be disclosed in our 10-Q to be a cash outflow in late FY '22.

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。我們還預計法律解決方案將在我們的 10-Q 中披露，這將是 22 財年末的現金流出。

Now turning to guidance. We are pleased to raise our outlook for Q2 FY '22 and the full fiscal year. Please note that the impact and extent of the global pandemic still remain largely unknown. Our outlook is based on our current assessment of the business environment as well as our own research and conversations with customers.

現在轉向指導。我們很高興提高對 22 財年第二季度和整個財年的展望。請注意，全球大流行的影響和程度仍然很大程度上未知。我們的展望基於我們當前對商業環境的評估以及我們自己的研究和與客戶的對話。

For the second quarter of FY '22, we expect revenue to be in the range of $985 million to $990 million. We expect non-GAAP operating income to be in the range of $355 million to $360 million. Our outlook for non-GAAP earnings per share is $1.14 to $1.15 based on approximately 311 million shares outstanding.

對於 22 財年第二季度，我們預計收入將在 9.85 億美元至 9.9 億美元之間。我們預計非 GAAP 營業收入將在 3.55 億美元至 3.6 億美元之間。基於大約 3.11 億股流通股，我們對非公認會計原則每股收益的預期為 1.14 美元至 1.15 美元。

For the full year of FY '22, we expect revenue to be in the range of $3.975 billion to $3.99 billion, which would represent approximately 50% year-over-year growth. We expect non-GAAP operating income to be in the range of approximately $1.425 billion to $1.44 billion, which would represent approximately 45% to 46% year-over-year growth. Our outlook for the non-GAAP earnings per share is $4.56 to $4.61 based on approximately 311 million shares outstanding.

對於 22 財年的全年，我們預計收入將在 39.75 億美元至 39.9 億美元之間，同比增長約 50%。我們預計非美國通用會計準則營業收入將在約 14.25 億美元至 14.4 億美元之間，同比增長約 45% 至 46%。基於大約 3.11 億股流通股，我們對非公認會計原則每股收益的展望為 4.56 美元至 4.61 美元。

Before concluding, I am happy to highlight that we recently launched our ESG website, which can be found on our Investor Relations and corporate websites. We also recently published our social impact report, which can be found on our Zoom Cares website. Giving back to the community has always been a key tenet of what we do at Zoom. We look forward to updating our investors as we continue along our ESG journey.

在結束之前，我很高興地強調我們最近推出了 ESG 網站，您可以在我們的投資者關係和公司網站上找到該網站。我們最近還發布了我們的社會影響報告，該報告可在我們的 Zoom Cares 網站上找到。回饋社區一直是我們在 Zoom 所做工作的關鍵原則。隨著我們繼續 ESG 之旅，我們期待更新我們的投資者。

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, the entire team, our customers, our community and our investors.

與往常一樣，Zoom 很高興成為推動力，通過我們高質量、無摩擦和安全的通信平台在全球範圍內實現連接和協作。感謝整個團隊、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.

如果您還沒有啟用您的視頻，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。

And our first question is from Ittai Kidron with Oppenheimer.

我們的第一個問題來自奧本海默的 Ittai Kidron。

I'm so sorry. Okay -- milestone today announced 1.5 million. I'm trying to think in the past, I think you launched Phones in early 2019. So it took, I guess, a couple of years to get to 1 million and then 5 months to add another half a million. Although at the beginning, you didn't have the global availabilities you had, and plus you weren't pushing as hard, at least in the beginning from a sales standpoint. So help me think about what is the pace of addition, Kelly? Should we peg this to about 100,000 per month addition? Is that -- sounds like the more recent kind of track record here.

我很抱歉。好的——今天宣布的里程碑是 150 萬。我想過去，我認為您在 2019 年初推出了 Phones。所以，我猜花了幾年的時間才達到 100 萬，然後又用了 5 個月的時間又增加了 50 萬。儘管在開始時，您並沒有您所擁有的全球可用性，而且您並沒有那麼努力地推動，至少從銷售的角度來看是這樣的。所以幫我想想加法的速度是多少，凱利？我們是否應該將其與每月增加約 100,000 聯繫起來？是嗎 - 聽起來像是這裡最近的記錄。

And maybe also you can talk about the success of Zoom United, your ability to kind of bundle Meetings, Phone and Chat together. How much of your renewal activity comes in United right now versus maybe a quarter or 2 ago? How successful are you in that effort?

也許您還可以談論 Zoom United 的成功，以及您將會議、電話和聊天捆綁在一起的能力。與一季度或二年前相比，您現在有多少續約活動來自曼聯？你在這方面的努力有多成功？

So we're really excited about the momentum of Zoom Phone, and it was great to have Graeme as a guest star today on our call. And what I think you're seeing and what you're gathering, Ittai, is that there is definitely increased momentum happening there. So it took us 7 quarters to get to that $1 million -- I mean that 1 million seats level. And then, yes, that was in December. So it's taken us about 5 months to add an additional 500,000 seats to that number. So it doesn't happen exactly equally, each of those months, right? As you can imagine, there are trends at the end of the quarter, but we absolutely are seeing an acceleration in the momentum there, and I'm very excited about it.

因此，我們對 Zoom Phone 的發展勢頭感到非常興奮，很高興 Graeme 今天在我們的電話會議上擔任嘉賓。我認為你所看到的和你正在收集的東西，Ittai，那里肯定有增加的勢頭。所以我們花了 7 個季度才達到 100 萬美元——我的意思是 100 萬個座位的水平。然後，是的，那是在 12 月。因此，我們花了大約 5 個月的時間為這個數字增加了 500,000 個席位。所以每個月的情況並不完全相同，對吧？您可以想像，本季度末有趨勢，但我們絕對看到那裡的勢頭正在加速，我對此感到非常興奮。

And with respect to United plans, how much of your renewal activity comes in this type of a bundle form?

關於美聯航的計劃，您有多少續訂活動以這種捆綁形式出現？

Yes. So absolutely, our salespeople take the opportunity when there's renewal to talk about cross-selling and upselling. In terms of the specific packages themselves, we aren't going to disclose the actual breakout of that, but a lot of what you saw disclosed in the revenue coming from new customers is the opportunity they saw to upsell either Zoom Phone or webinars or Rooms as people are thinking about going back into the office spaces again.

是的。因此，當有更新時，我們的銷售人員絕對會抓住機會談論交叉銷售和追加銷售。就具體套餐本身而言，我們不會透露具體的突破，但你在來自新客戶的收入中看到的很多內容是他們看到了追加銷售 Zoom Phone 或網絡研討會或 Room 的機會因為人們正在考慮再次回到辦公空間。

Ittai, just to quickly add on to what Kelly said. When it comes to Zoom Phone growth, what's fascinating is that -- is about our product innovation, reliability, security, availability, all the vertical features. There are so many customers, no matter which solution we deployed it before, either on-prem or other cloud-based phone solutions, they all like Zoom solutions.

Ittai，只是為了快速補充凱利所說的話。談到 Zoom Phone 的增長，令人著迷的是——關於我們的產品創新、可靠性、安全性、可用性以及所有垂直功能。有這麼多客戶，無論我們之前部署的是哪種解決方案，無論是本地還是其他基於雲的電話解決方案，他們都喜歡 Zoom 解決方案。

Our next question is from Dan Bartus with Bank of America.

我們的下一個問題來自美國銀行的 Dan Bartus。

So Kelly, you had modeled heightened churn in the first half of this year related to renewals coming up. Based on what you're seeing, what's the reality? Do upmarket renewals really mean heightened churn? Or is it showing more of an enhanced expansion opportunity versus what you expected?

所以凱利，你在今年上半年模擬了與即將到來的續約有關的高流失率。根據你所看到的，現實是什麼？高端續訂真的意味著客戶流失率增加嗎？還是與您的預期相比，它顯示出更多的擴展機會？

And maybe just continuing with the churn theme on the other side of the business, the 1 to 10 employee base. I'm just curious, what's the latest of what you're seeing in the second half of this year? Any reason to be more optimistic than when you started this year?

也許只是繼續業務另一端的流失主題，即 1 到 10 名員工。我只是好奇，今年下半年你看到的最新情況是什麼？有什麼理由比你今年開始時更樂觀？

So we were really pleased. And as I said, great thanks to all of our renewals and sales and online marketing teams for their great work done in Q1 as we had a better-than-expected result in terms of not only retaining customers, but also upselling them during Q1, especially in that cohort of customers with greater than 10 employees. So that's really exciting to see as -- and we expect that momentum to continue as we carry through the year. We see significant renewals also coming up in Q2 as well.

所以我們真的很高興。正如我所說，非常感謝我們所有的續訂、銷售和在線營銷團隊在第一季度所做的出色工作，因為我們不僅在留住客戶方面取得了好於預期的結果，而且在第一季度向他們追加銷售，尤其是在擁有超過 10 名員工的客戶群中。因此，看到這一點真的很令人興奮——我們預計這種勢頭將在我們度過這一年的過程中繼續下去。我們也看到第二季度也會出現重大續約。

In terms of the customer segment with fewer than 10 employees, as we mentioned in the prepared remarks, we're still expecting that to be more volatile as that's a segment that we've seen over the last 15 months has reacted more quickly to the openings and potential closings of markets around the globe.

正如我們在準備好的評論中提到的那樣，就員工人數少於 10 人的客戶群而言，我們仍然預計其波動性更大，因為我們在過去 15 個月中看到的這一細分市場對全球市場的開市和潛在收市。

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。

Congrats on another great report. I guess first for Kelly, and then I've got a quick one for you, Eric. Kelly, the unending debate on the stock, I believe, is that, what does growth look like in 2022? And I know that you're not going to guide there now, and we understand that churn is an unknown factor. But can you help us better understand the trend that you do have control over today? Specifically, how much have you increased your quota-carrying capacity relative to pre-pandemic levels? What's -- what are you seeing on the productivity of the sales organization relative to pre-pandemic? And what's driving that productivity today?

祝賀另一個偉大的報告。我想先給凱利，然後我有一個給你的，埃里克。凱利，我相信關於股票的無休止的辯論是，2022 年的增長是什麼樣的？而且我知道你現在不會在那裡指導，我們知道流失是一個未知因素。但是您能否幫助我們更好地了解您今天可以控制的趨勢？具體來說，相對於大流行前的水平，您的配額承載能力增加了多少？與大流行前相比，您對銷售組織的生產力有何看法？是什麼推動了今天的生產力？

Yes. So first of all, we continue to see tremendous opportunity. We're thrilled with the performance in the upmarket in Q1. As Eric just talked about, we had our largest deal to date, and we had some amazing customer wins. And so we are continuing to invest in our direct and our channel sales organizations, especially. And we've seen pretty consistent sales productivity. It's going back to levels that are more reflective of pre-pandemic but at an elevated level from there, given the benefit we have of the global brand awareness, our expanded portfolio of products. And so we are really excited about the future, especially in that upmarket and international, as well. As you heard, they are 34% of revenue. And then, of course, we look to Zoom Phone and the continuing momentum that we're seeing there.

是的。因此，首先，我們繼續看到巨大的機會。我們對第一季度高端市場的表現感到興奮。正如 Eric 剛才所說，我們達成了迄今為止最大的一筆交易，並且我們贏得了一些驚人的客戶。因此，我們將繼續投資於我們的直銷和渠道銷售組織，尤其是。我們已經看到了相當一致的銷售生產力。它正在回到更能反映大流行前的水平，但鑑於我們從全球品牌知名度和我們擴大的產品組合中獲得的好處，從那裡開始處於更高的水平。因此，我們對未來感到非常興奮，尤其是在高端市場和國際市場。正如你所聽到的，它們佔收入的 34%。然後，當然，我們期待 Zoom Phone 以及我們在那裡看到的持續發展勢頭。

And then, Eric, the return to office is on everyone's mind. Looking at some recent articles, I think it's on your mind as well. With that, it will be logical to think about Zoom Rooms as really starting to become a material growth driver in this new and developing hybrid world. Can you talk about what you're seeing from that product today? How do you think about the opportunity in terms of just the sheer number of conference rooms that are out there? And what are your most forward-thinking clients doing today? And how is that impacting the spend relative to -- that you're seeing?

然後，埃里克，每個人都在考慮重返辦公室。看看最近的一些文章，我想這也在你的腦海中。因此，將 Zoom Rooms 視為真正開始成為這個新興的和發展中的混合世界的物質增長動力是合乎邏輯的。您能談談您今天從該產品中看到的內容嗎？就現有會議室的絕對數量而言，您如何看待這個機會？你最有遠見的客戶今天在做什麼？相對於您所看到的，這對支出有何影響？

Yes. Alex, that's a great question. First of all, I want to say I'm fan of you because of your weekly update, sometimes daily update about what's going on on such market. Very well done, Alex. Thank you.

是的。亞歷克斯，這是一個很好的問題。首先，我想說我是你的粉絲，因為你的每週更新，有時每天都會更新關於此類市場上發生的事情。做得很好，亞歷克斯。謝謝你。

I think when it comes Zoom Rooms, that's a huge opportunity, in particular, for every business, when they are reopening their office because the way to set up Zoom Rooms or the chat rooms are very different. They're like, as I mentioned earlier, right, we have a Smart Gallery view, which puts Zoom participant and remote participants on equal footing. That kind of experience I did not see requested before. But in the future, more and more like that, a lot of innovation are on the Zoom Rooms. I would say this is probably the third revenue driver in terms of usage and lots of new use cases.

我認為當談到 Zoom Rooms 時，這是一個巨大的機會，特別是對於每個企業來說，當他們重新開放辦公室時，因為設置 Zoom Rooms 或聊天室的方式非常不同。正如我之前提到的，它們就像我之前提到的，對，我們有一個智能畫廊視圖，它使 Zoom 參與者和遠程參與者處於平等地位。我以前沒有看到過這種體驗。但在未來，越來越多的創新出現在 Zoom Rooms 上。我會說這可能是使用和許多新用例方面的第三個收入驅動因素。

Also, what's more important is that when it comes to the comf room or Zoom Room setup, customers, they like a consistent experience, meaning when they're back at home, because the future is about a hybrid, when they are working from home, they also want to have a consistent experience. That's another reason why a customer not only do they deploy the desktop Zoom Meeting or webinar or Phone, but also they like the comf room experience as well. So that's another driver for our customers to standardize on Zoom platform, for meetings, for webinar or the phone. Again, a lot of innovation in the pipeline for the Zoom Rooms.

此外，更重要的是，當談到舒適室或 Zoom Room 設置時，客戶喜歡一致的體驗，這意味著當他們回到家時，因為未來是關於混合的，當他們在家工作時，他們也希望有一致的體驗。這也是為什麼客戶不僅部署桌面 Zoom Meeting 或網絡研討會或電話，而且還喜歡舒適室體驗的另一個原因。因此，這是我們的客戶在 Zoom 平台、會議、網絡研討會或電話上進行標準化的另一個驅動力。同樣，Zoom Rooms 的許多創新正在醞釀之中。

Our next question is from Patrick Walravens with JMP Securities.

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

Sorry. In the car. You don't want to see that. Eric, I would love to hear what your -- is there sort of like 3 strategic imperatives that you have for this year? I'd love to hear what you think they are.

對不起。在車裡。你不想看到那個。埃里克，我很想听聽你的——今年你有什麼類似的 3 個戰略要務？我很想听聽你認為他們是什麼。

Yes. So Patrick, yes, drive safely. Yes, we like...

是的。所以帕特里克，是的，安全駕駛。是的，我們喜歡...

I'm driving very safely.

我開車很安全。

Thank you. I think I want to share with you my personal priority I would share was the company key initiatives, right? So I shared with our team when we started the year, for me, I think 3 top imperatives for me as the CEO, right? Number one is really make sure we preserve our company culture, to maintain the company culture, to evolve our company culture because we have so many new employees coming on board remotely. Number two is double down my time on the platform, the platform, platform, right? It's not only a killer videoconference at every company, not only a killer video phone business, but also the overall platform. Last but not least, but some of the very big large and strategic deals. That's more like my personal part.

謝謝你。我想我想與您分享我個人的優先事項，我想分享的是公司的關鍵舉措，對吧？因此，當我們年初時，我與我們的團隊分享了，對我來說，我認為作為 CEO 的 3 大當務之急，對吧？第一是確保我們維護我們的公司文化，維護公司文化，發展我們的公司文化，因為我們有很多新員工遠程加入。第二是我在平台上的時間加倍，平台，平台，對吧？這不僅是每家公司的殺手級視頻會議，不僅是殺手級視頻電話業務，而且是整個平台。最後但並非最不重要的一點是，一些非常大的戰略性交易。這更像是我的個人部分。

If you look at Zoom from a strategy perspective, first of all, I think how to make sure support all those businesses reopen and reenter their offices. That's very, very important. That's why you see a lot of innovations around that angle, right, either the comf room or the phone or in the chat or meetings, that's #1 in the initiatives. Number two is really about the international market expansion. There's a huge opportunity. From 25% to more than 30%, I think we do see a lot of opportunities from either EMEA, APAC, Japan, a lot of opportunities, right? We've got to invest more. That's the second thing.

如果您從戰略的角度來看 Zoom，首先，我認為如何確保支持所有這些企業重新開業並重新進入他們的辦公室。這是非常非常重要的。這就是為什麼你會看到很多圍繞這個角度的創新，對，無論是在舒適室、電話還是在聊天或會議中，這都是倡議中的第一名。第二是關於國際市場的擴張。有一個巨大的機會。從 25% 到 30% 以上，我認為我們確實看到了來自歐洲、中東和非洲、亞太地區、日本的很多機會，很多機會，對吧？我們必須進行更多投資。這是第二件事。

Last but not least is, overall, how to make sure our platform strategy works, how to double down our platform driven by our Zoom events, Zoom Apps and UC platform and also our HD capabilities, I think that, essentially, that will set us up for the future growth if we can invest more to our platform.

最後但並非最不重要的一點是，總體而言，如何確保我們的平台戰略有效，如何通過 Zoom 事件、Zoom 應用程序和 UC 平台以及我們的高清功能驅動我們的平台加倍，我認為，從本質上講，這將使我們如果我們可以對我們的平台進行更多投資，則可以為未來的增長做好準備。

Next, we have Sterling Auty with JPMorgan.

接下來，我們有摩根大通的 Sterling Auty。

So first, just wanted to start out with, you added about $74 million in revenue quarter-over-quarter this quarter and about 30,000 customers. If I look at that same addition last quarter, that actually mathematically points to the average new customer being smaller this quarter than what we saw last quarter. Is that what you're seeing in the business? Or is there something else going on underneath those metrics?

因此，首先，您只是想從本季度環比增加約 7400 萬美元的收入和約 30,000 名客戶開始。如果我在上個季度查看同樣的增加，這實際上在數學上表明本季度的平均新客戶比我們上個季度看到的要小。這就是你在業務中看到的嗎？還是在這些指標之下還有其他事情發生？

I think that it actually depends on when it is in the quarter in terms of the renewals. So think about, especially Q1 has this very weird timing from last year, where all of those -- like, the real dramatic change in the business happened on March 15. So literally halfway through the business. So what you -- we don't have the full benefit of all of those renewals yet in this quarter. You're going to see it come into next quarter. And unfortunately, Q1 is always going to have that kind of funny phenomenon because most people co-term with their original date, which was sometime after March 15 in last year.

我認為這實際上取決於續訂的時間。所以想一想，尤其是第一季度，去年的時間非常奇怪，所有這些——比如，業務的真正戲劇性變化發生在 3 月 15 日。所以實際上是業務的一半。那麼你呢 - 我們在本季度還沒有從所有這些更新中獲得全部好處。你會看到它進入下個季度。不幸的是，Q1 總是會出現這種有趣的現象，因為大多數人都與他們最初的日期連在一起，這是去年 3 月 15 日之後的某個時間。

Also, Sterling, I'd like to add a little bit more. If you look at Q1 or Q2 last fiscal year in terms of revenue growth driven by a lot of online buyers, like, for Zoom consumer SMB business. Starting Q1, we do see -- driven by large customers, enterprise customers, right? Also the Zoom Phone as well, we closed our largest ever deal, right? This is a very good sign. I think this is -- that's a future trend, right, driven by our business customers.

另外，Sterling，我想補充一點。如果您從許多在線買家推動的收入增長來看上一財年第一季度或第二季度，例如 Zoom 消費者 SMB 業務。從第一季度開始，我們確實看到了——由大客戶、企業客戶驅動，對吧？還有 Zoom Phone，我們完成了有史以來最大的一筆交易，對吧？這是一個非常好的跡象。我認為這是 - 這是未來的趨勢，對，由我們的商業客戶推動。

That makes sense. And then maybe one quick follow-up. Can you give us an update on your plans and where you are to monetize on Zoom and Zoom Events?

那講得通。然後也許是一個快速的跟進。您能否向我們介紹您的最新計劃以及您在 Zoom 和 Zoom Events 上的獲利方式？

Yes. So Zoom has 2 parts. One is about the corporate events. Another one is about consumer or consumer events. I think our plan is to launch our corporate events first. Essentially, we have so many webinar customers. They are looking for a lot of new innovations. Essentially, they can't run their annual user conference, everything online. That's why we doubled down our events platform. I think we are going to focus on the corporate events first. And then later this year, we also want to probably get our consumer events. Essentially, you have time, you have a Zoom Meeting host account. You can sell tickets. You can teach anything online. That's more like the opportunity for the second half of this year.

是的。所以 Zoom 有 2 個部分。一是關於企業活動。另一種是關於消費者或消費者事件。我認為我們的計劃是首先啟動我們的公司活動。從本質上講，我們有很多網絡研討會客戶。他們正在尋找許多新的創新。從本質上講，他們不能舉辦年度用戶大會，一切都在線。這就是我們將活動平台翻倍的原因。我認為我們將首先關注公司活動。然後今年晚些時候，我們還希望獲得我們的消費者活動。從本質上講，您有時間，您有一個 Zoom Meeting 主持人帳戶。你可以賣票。你可以在網上教任何東西。這更像是今年下半年的機會。

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, you noted the gross margin pickup was largely due to kind of gains on efficiency, but just was there any contribution from students maybe returning to in-person and just less usage from students that's worth calling out?

凱利，您注意到毛利率的回升主要是由於效率的提高，但是學生是否有任何貢獻可能會回到面對面，而學生的使用量減少了，這值得一提嗎？

And then maybe second question, just you also noted that international is continuing to see traction from a lot of those channel investments you made kind of at the time of the IPO. Just where are you on channel development in the U.S. versus international? And just how do you see that developing?

然後也許是第二個問題，只是您還指出，國際市場繼續從您在 IPO 時進行的許多渠道投資中看到牽引力。與國際相比，您在美國的渠道開發方面處於什麼位置？你如何看待這種發展？

So in terms of the gross margin, it was really was more around continuing to optimize with our public cloud partners. As we've scaled up, we've had the opportunity to work with them on better pricing packages. And that's really what that's attributed to rather than seeing a dramatic shift yet in students going back to school. As we've talked about before, there is a pretty significant impact on the gross margin due to the free K-12. And we -- what we expect is that is going to do what you say, though, it's going to come in over time. If all of a sudden, they were to go back to school, you would see a pretty dramatic step function improvement in the gross margin, but I expect that you're going to see that probably happen starting in the fall as more and more students are able to safely go back to school.

因此，就毛利率而言，實際上更多的是繼續與我們的公共雲合作夥伴進行優化。隨著我們擴大規模，我們有機會與他們合作制定更好的定價方案。這實際上是歸因於而不是看到學生重返學校的戲劇性轉變。正如我們之前談到的，免費的 K-12 對毛利率產生了相當大的影響。而且我們 - 我們期望的是，它會按照你說的去做，不過，它會隨著時間的推移而出現。如果突然間，他們要回到學校，你會看到毛利率出現相當顯著的階梯函數改善，但我希望你會看到隨著越來越多的學生從秋季開始，這種情況可能會發生能夠安全返回學校。

And then in terms of international expansion, specifically around the channel, this is a really great question. We had a discussion about that in the last couple of weeks. So the team has done a really good job in focusing on our U.S. channel strategy, especially around Zoom Phone and building out our master agent program, and we are now working on building that out internationally. It's probably, I'm guessing, but we're probably where we were in the U.S. a year ago or so. So it's probably about a year behind in terms of our international channel strategy. So it's great that there's opportunity ahead. And Laura Padilla and her team are working on that now.

然後就國際擴張而言，特別是圍繞渠道，這是一個非常好的問題。在過去的幾周里，我們對此進行了討論。因此，團隊在專注於我們的美國渠道戰略方面做得非常好，特別是圍繞 Zoom Phone 和建立我們的主代理計劃，我們現在正在努力在國際上建立它。我猜可能是這樣，但我們可能是一年前我們在美國的地方。因此，就我們的國際渠道戰略而言，它可能落後了大約一年。所以很高興前面有機會。 Laura Padilla 和她的團隊現在正在努力解決這個問題。

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。

Kelly, actually happy early birthday tomorrow.

凱莉，其實明天早點生日快樂。

Happy early birthday to you too, James.

詹姆斯，也祝你早日生日快樂。

Thank you.

謝謝你。

We share a birthday.

我們共享一個生日。

Yes. Eric, you guys noted a win with Kimberly-Clark for Zoom Phone, yet one of your competitors cite -- really cite BT as one of their key partners. Are you penetrating those tech incumbents that have, in theory, really opened up their installed bases more? And I'm specifically talking like an Avaya, for example, more than you were last year, as well as what are you hearing with carriers about partnership opportunities?

是的。 Eric，你們注意到 Zoom Phone 與 Kimberly-Clark 的合作取得了勝利，但您的一個競爭對手引用了 - 確實引用了 BT 作為他們的主要合作夥伴之一。你是否正在滲透那些理論上已經真正打開了他們的安裝基礎的技術老牌企業？而且我特別像 Avaya 那樣說話，例如，比你去年更多，以及你從運營商那裡聽到的關於合作機會的信息？

I think, first of all, I think as Kelly mentioned earlier, right, not only driven by our direct business team, when it comes to Zoom Phone, by and large, a lot of our customers they already built a good relationship with those carriers or partners or master agent, we are already doubling down on that, right? This is essentially becoming more and more important in our Zoom Phone growth. That's our strategy.

我認為，首先，我認為正如凱利之前提到的，對，不僅是由我們的直接業務團隊推動，在談到 Zoom Phone 時，總的來說，我們的很多客戶已經與這些運營商建立了良好的關係或合作夥伴或主要代理，我們已經加倍努力，對吧？這在我們的 Zoom Phone 增長中變得越來越重要。這就是我們的策略。

And inside of that, every time when we work together with our channel partners or carriers, think of British Telecom, for example, when we're working together with our potential prospects, after they valued our Zoom service, it's just -- not only they realize this service works so well, but also look at -- we shared the roadmap with them. They said, "Wow. That's amazing." Because compared with any other solutions, I mean in other cloud-based phone solutions, they really like our roadmap, they really like our usability and integration with video meetings, webinars and also the reliability plus security. And that's the reason why really, right, British Telecom, they advocated for Zoom at Kimberly-Clark. This is a huge deployment.

其中，每當我們與渠道合作夥伴或運營商合作時，想想英國電信，例如，當我們與潛在潛在客戶合作時，在他們重視我們的 Zoom 服務之後，它只是 - 不僅他們意識到這項服務運作良好，但也看看——我們與他們分享了路線圖。他們說：“哇。太棒了。”因為與任何其他解決方案相比，我的意思是在其他基於雲的電話解決方案中，他們非常喜歡我們的路線圖，他們非常喜歡我們的可用性和與視頻會議、網絡研討會的集成以及可靠性和安全性。這就是為什麼真的，對，英國電信，他們在金伯利克拉克提倡 Zoom 的原因。這是一個巨大的部署。

I think overall, we see more and more deals like that. It's in particular on customers that test our solutions. We have high confidence Zoom Phone is much more innovative than any other solutions out there.

我認為總的來說，我們看到越來越多這樣的交易。尤其是測試我們解決方案的客戶。我們非常相信 Zoom Phone 比現有的任何其他解決方案都更具創新性。

That's helpful. If I can sneak in one more. Obviously, some exciting announcements with Zoom Phone Appliance and other things the last few quarters. But I guess how do you think about chat functionality really outside of the video experience app as well as kind of the broader customer experience and collaboration markets longer term presumes growth opportunity?

這很有幫助。如果我能再偷偷溜進去一個。顯然，最近幾個季度發布了一些令人興奮的 Zoom Phone Appliance 和其他事情。但我想你如何看待視頻體驗應用程序之外的聊天功能以及更廣泛的客戶體驗和協作市場長期假設的增長機會？

Yes. So it's a great question. So when it comes to Zoom Chat, right, we already had been building chat for many, many years. Some customers even standardized on Zoom Video, Zoom Phone and Zoom Chat. However, our approach is always look at everything from an end user, from a customer perspective, right? They already deployed Slack, it's wonderful. And the 2 best-of-breed service were working together very well. Some customer, they want to standardize everything from Microsoft is okay. We also inter-operate with Microsoft Teams.

是的。所以這是一個很好的問題。所以當談到 Zoom Chat 時，對，我們已經建立了很多年的聊天。一些客戶甚至對 Zoom Video、Zoom Phone 和 Zoom Chat 進行了標準化。但是，我們的方法始終是從最終用戶的角度看待一切，從客戶的角度來看，對嗎？他們已經部署了 Slack，太棒了。並且 2 項最佳服務合作得非常好。一些客戶，他們想要標準化微軟的一切是可以的。我們還與 Microsoft Teams 進行互操作。

Some customer might be using other chat or standardize everything on our platform. Overall, I think -- I do not think that the customer, they would like to just stick with one chat solution for everything. That's why I think the integration with our Meeting and Phone, for sure, can help drive up the usage for our customers. Again, we are taking a very open mandated approach, no matter which solution, chat solution they are using, we want to make sure we have a much better integration experience.

一些客戶可能正在使用其他聊天或標準化我們平台上的所有內容。總的來說，我認為 - 我不認為客戶，他們只想堅持使用一個聊天解決方案來解決所有問題。這就是為什麼我認為與我們的會議和電話的集成肯定有助於提高我們客戶的使用率。同樣，我們正在採取一種非常開放的強制方法，無論他們使用哪種解決方案、聊天解決方案，我們都希望確保我們擁有更好的集成體驗。

Next question is from Siti Panigrahi with Mizuho.

下一個問題來自瑞穗的 Siti Panigrahi。

I want to dig into that $100,000 -- customer-paying $100,000, that segment. So this was a big renewal quarter for you guys. So I just wanted to understand what sort of changes you have done to drive such success there. And what have you learned so that you can apply it into Q2? And then a little bit color on what sort of growth in terms of is that more users or cross-selling products what you saw in that segment?

我想深入研究那 100,000 美元——客戶支付 100,000 美元的那部分。所以這對你們來說是一個重要的更新季度。所以我只是想了解你做了哪些改變來推動那裡的成功。你學到了什麼可以將它應用到第二季度？然後就您在該細分市場中看到的更多用戶或交叉銷售產品方面的增長有點顏色？

Yes. So first of all, take the last part first. It was really a combination of both. As we talked about, some of the customers we mentioned in the prepared remarks, we saw expansion in terms of users, some transitioned from active hosts to enterprise licenses as well as additional products being deployed. And what we did, I think we talked about this last quarter, we made sure that especially our upmarket reps were aligned with the goal of renewing as many customers as possible this quarter. So we had a special bonus program in place for them to help them focus on renewals, and it really worked, and that program is in place also for Q2. So we're looking forward to a strong renewals performance in Q2 as well.

是的。所以首先，先看最後一部分。這真的是兩者的結合。正如我們所談到的，我們在準備好的評論中提到的一些客戶，我們看到了用戶的擴展，一些從活動主機過渡到了企業許可證，以及正在部署的其他產品。我們所做的，我認為我們在上個季度談到了這一點，我們確保特別是我們的高端代表與本季度更新盡可能多的客戶的目標保持一致。因此，我們為他們制定了一項特殊的獎金計劃，以幫助他們專注於續訂，並且確實奏效了，該計劃也適用於第二季度。因此，我們也期待第二季度的強勁續訂表現。

Okay. And then quick follow-up on that. It's very impressive to see that $90,000, $90,000-plus user customer. So when you think of your addressable market when -- and many in the enterprise and business is now looking to reopen, so how many such large customer you could potentially close?

好的。然後快速跟進。看到那個 90,000 美元、90,000 美元以上的用戶客戶，真是令人印象深刻。因此，當您想到您的潛在市場時 - 企業和企業中的許多人現在正在尋求重新開放，那麼您可能會關閉多少這樣的大客戶？

Well, I think the way that we look at it is there is a huge market opportunity already. And while we're super excited about deals like this, when you look at, for example, the Global 2000 or the Fortune 100, there's still a relatively small penetration in terms of customers that are paying us more than $100,000. I think that in the Global 2000, we're still under, like, 15% that are paying us more than $100,000 fee. So that, to me, just represents opportunity that is ahead. And we have -- our sales team is doing a great job of focusing on all of those opportunities. We have regular check-ins with them. And so there's -- the potential is still massive.

好吧，我認為我們看待它的方式已經存在巨大的市場機會。雖然我們對這樣的交易感到非常興奮，但當您查看例如全球 2000 強或財富 100 強時，支付給我們超過 100,000 美元的客戶的滲透率仍然相對較小。我認為在全球 2000 強中，我們仍然低於 15%，他們向我們支付了超過 100,000 美元的費用。所以，對我來說，這只是代表了未來的機會。我們有 - 我們的銷售團隊在專注於所有這些機會方面做得很好。我們與他們定期簽到。所以有 - 潛力仍然很大。

Our next question is from Will Power with Baird.

我們的下一個問題來自 Will Power 和 Baird。

Eric, earlier on, for a previous question, you spoke to some of the areas of strategic focus for you and the team this year. And I think right at the top of that or near the top was the focus on turning Zoom into a broader platform, looking at those opportunities. So as you look out over the next 3 years and putting Zoom Phone aside, which is already having tremendous success, and Zoom Rooms, as you look at the SDK/API opportunity, which is rolling out, if you look at Zoom Events, what gets you most excited in terms of the bigger growth opportunity? And I guess within that, what are you thinking about today in terms of contact center? We hear all the UCaaS providers talk about the importance of contact center. You probably get this, right, every quarter. Where does that fit into the equation there, too?

埃里克，早些時候，對於上一個問題，您談到了今年您和團隊的一些戰略重點領域。我認為最重要或接近頂部的重點是將 Zoom 轉變為更廣泛的平台，尋找這些機會。因此，當您展望未來 3 年並將已經取得巨大成功的 Zoom Phone 和 Zoom Rooms 放在一邊時，當您查看正在推出的 SDK/API 機會時，如果您查看 Zoom Events，您會發現什麼讓您對更大的增長機會感到最興奮？我想在此範圍內，您今天在聯絡中心方面有什麼想法？我們聽到所有 UCaaS 提供商都在談論聯絡中心的重要性。你可能每個季度都會得到這個，對吧。這在哪裡也適合那裡的方程式？

Yes, Will, that's a wonderful question. I think there are so many things I'm very excited every day. But when it comes to top, top priority I will be excited for next 4 or 5 years, I would say number one thing is about Zoom Apps. So essentially, you look at Zoom, right, Zoom more like -- when we look at Zoom, it's more like a business communication tool, right? During the pandemic crisis, a lot of consumers are using Zoom.

是的，威爾，這是一個很好的問題。我覺得每天都有很多事情讓我很興奮。但是當談到頭等大事時，我會為接下來的 4 或 5 年感到興奮，我想說第一件事是關於 Zoom Apps。所以本質上，你看 Zoom，對，Zoom 更像是——當我們看 Zoom 時，它更像是一種商務溝通工具，對吧？在大流行危機期間，許多消費者都在使用 Zoom。

Again, still for the for the business communication or maybe consumer communication, right. You look at Zoom interface, it does not give you a lot of contacts. How to bring in those contacts to this Zoom people-centric interface, down the road or before the meeting is over, you and I can play games together, you can approve my report. We have a great integration in Starbucks with all others. Essentially Zoom we become operating system to focus on the people-centric interface. With the Zoom Apps, that's a huge opportunity. It's part of our overall marketplace strategy, including the Zoom SDK and other integrations. That's the most exciting opportunity.

同樣，仍然是為了商業溝通或消費者溝通，對吧。你看Zoom界面，它並沒有給你很多聯繫人。如何將這些聯繫人引入這個以人為本的 Zoom 界面，在路上或會議結束之前，你和我可以一起玩遊戲，你可以批准我的報告。我們在星巴克與所有其他公司進行了很好的整合。從本質上講，Zoom 我們成為操作系統，專注於以人為本的界面。使用 Zoom 應用程序，這是一個巨大的機會。這是我們整體市場戰略的一部分，包括 Zoom SDK 和其他集成。這是最令人興奮的機會。

When it comes to contact center, this is part of our UC platform, right? And that's the reason why I mention the Zoomtopia and scheduled at September 13 and 14. So stay tuned. You will see something. Hopefully, we can do something around the contact center. Again, that's also the big market. Today, we do integrate very well with our great partner, Five9, and also the Talkdesk, the Twilio, inContact and a whole bit of other to do more. Again, some of the new things, stay tuned at Zoomtopia.

說到聯絡中心，這是我們 UC 平台的一部分，對吧？這就是為什麼我提到 Zoomtopia 並安排在 9 月 13 日和 14 日的原因。敬請期待。你會看到一些東西。希望我們可以圍繞聯絡中心做點什麼。同樣，這也是一個大市場。今天，我們確實與我們偉大的合作夥伴 Five9 以及 Talkdesk、Twilio、inContact 和其他一些東西進行了很好的整合，以做更多的事情。再次，一些新的東西，請繼續關注 Zoomtopia。

Our next question is from Matthew Niknam with Deutsche.

我們的下一個問題來自德意志銀行的 Matthew Niknam。

First, just on Zoom Phone, if I can just go back, congrats on the success. Can you give any more color in terms of where you're seeing some of the accelerating growth, both in terms of customer cohorts, then upmarket versus small business and then talk about some of the geographic mix where you're adding subs.

首先，就在 Zoom Phone 上，如果我能回去，恭喜成功。您能否就您在哪些方面看到一些加速增長提供更多色彩，無論是在客戶群方面，然後是高端市場與小型企業，然後談談您正在添加潛艇的一些地理組合。

And then just to go back to churn, particularly for the less than 10 employee base. Maybe, Kelly, can you talk about how that trended in the quarter relative to expectations and then talk about what's embedded in your forecast for the second half of the year.

然後只是回到流失率，特別是對於少於 10 名員工的基礎。也許，凱利，你能否談談本季度相對於預期的趨勢，然後談談你對下半年的預測中包含的內容。

So in terms of Zoom Phone, we continue to see success across all segments of our business. As we've said from the beginning, we -- we're really excited about continued expansion into the upmarket. And we currently have 21 customers with more than 10,000 seats of Zoom Phone. So I think that shows that we really are seeing momentum in that upmarket and enterprise customer base. And so that's really exciting. And then international was the fastest-growing segment in terms of geographical locations for Zoom Phone last quarter. So seeing really widespread momentum across that.

因此，就 Zoom Phone 而言，我們繼續在所有業務領域看到成功。正如我們從一開始就說過的那樣，我們對繼續向高端市場擴張感到非常興奮。目前我們有 21 家客戶，擁有超過 10,000 個 Zoom Phone 座位。因此，我認為這表明我們確實看到了高端和企業客戶群的發展勢頭。所以這真的很令人興奮。然後國際是上個季度 Zoom Phone 地理位置增長最快的部分。因此，看到了真正廣泛的勢頭。

And then in terms of the 1 through 10 cohort, we've talked about it consistently being the most volatile cohort. We've seen significant growth as it's -- a year or a little over a year ago, with 20% of our revenue growing to the mid-30s currently, and that has certainly been a segment that has been a lot more volatile than in the upmarket due to the fact that, first of all, most of them buy or a majority of them buy on monthly plans. So that's the flexibility that we give them, and we want people to stay with Zoom because they need it, but we have seen volatility in that segment. And we have modeled -- when we came into the year, we modeled accelerated churn in that segment, and it's -- that's how we're continuing to think about it as we look for the rest of the year.

然後就 1 到 10 隊列而言，我們一直在談論它一直是最不穩定的隊列。我們已經看到了顯著的增長——一年或一年多前，我們 20% 的收入目前增長到 30 年代中期，這肯定是一個比過去波動更大的細分市場高端市場，因為首先，他們中的大多數人購買或大多數人購買月度計劃。這就是我們給予他們的靈活性，我們希望人們繼續使用 Zoom，因為他們需要它，但我們已經看到該領域的波動。我們已經建模 - 當我們進入這一年時，我們在該細分市場建模了加速流失，這就是我們在尋找今年剩餘時間時繼續考慮它的方式。

So Matt, just to quickly add a little bit of color to what Kelly said. If you look at the phone deployment, today, I do not think any customer, no matter big enterprise, SMB customers, they do not have phone deployment. They already have something either on-prem or cloud. That's the reason why you can look at our growth. That means our solution is better. Because if we are replacing any other solutions, it's not a brand-new market, right? So that replacement really helps us to drive up our growth.

所以馬特，只是為了快速為凱利所說的增加一點色彩。如果你看電話部署，今天我認為沒有任何客戶，無論是大企業，SMB 客戶，他們都沒有電話部署。他們已經擁有本地或云的東西。這就是為什麼你可以看到我們的成長。這意味著我們的解決方案更好。因為如果我們要替換任何其他解決方案，這不是一個全新的市場，對吧？因此，這種替代確實有助於我們推動增長。

No matter big enterprise, on-premise deployment or SMB customers or even enterprise customers who deploy other cloud-based solution, they like our solution.

無論是大型企業、內部部署還是 SMB 客戶，甚至是部署其他基於雲的解決方案的企業客戶，他們都喜歡我們的解決方案。

Our next question is from Karl Keirstead with UBS.

我們的下一個問題來自瑞銀的 Karl Keirstead。

Kelly, I'm going to ask you a fairly prosaic question about cash flow. Congrats by the way, $533 million in operating cash flow, great performance. So Kelly, I think we and a number of investors make some assumption about the gap between operating margins and operating cash flow margins. So given that Zoom, you obviously raised your full year operating margin guidance by a decent amount, you might see people apply that gap and raise their operating cash flow margin guidance or estimates as well. But I just wanted to ask you, as everybody is tempted to do that, whether there's anything happening in 2Q, 4Q that you would encourage us to keep in mind as we adjust our cash flow estimates.

凱利，我要問你一個關於現金流的相當平淡的問題。順便恭喜一下，5.33 億美元的運營現金流，出色的表現。所以凱利，我認為我們和一些投資者對營業利潤率和營業現金流利潤率之間的差距做出了一些假設。因此，鑑於 Zoom，您顯然將全年營業利潤率指導提高了相當大的數量，您可能會看到人們應用這一差距並提高他們的運營現金流利潤率指導或估計。但我只是想問你，因為每個人都想這樣做，在第二季度、第四季度是否有任何事情發生，你會鼓勵我們在調整我們的現金流估計時牢記這一點。

Yes. So thank you for asking that, Karl. So first of all, Q1, due to the high level of renewals, and this being our biggest -- was our biggest bookings quarter last year, right? And so big renewals quarter also means the largest billings quarter for the year. So that leads to also the opportunity for exceptional collections in the quarter. So bear that in mind. And this will be the largest billings and renewal quarter of the year, as I mentioned in the prepared remarks.

是的。所以謝謝你問這個問題，卡爾。首先，第一季度，由於續訂率很高，這是我們最大的 - 是我們去年最大的預訂季度，對吧？如此大的續訂季度也意味著今年最大的賬單季度。因此，這也為該季度帶來了非凡收藏的機會。所以請記住這一點。正如我在準備好的評論中提到的，這將是一年中最大的賬單和續訂季度。

And then as we continue to go through the year, you should go back to see how the relationship between free cash flow and operating margin existed kind of pre-pandemic. If you go all the way back to those sort of more normal operating periods, that's what you should start to see as we move through the year. The only kind of exceptional consideration for the rest of the year is we do have the ESPP purchases in Q2 and in Q4. So that -- remember that cash builds up as we go through Q1 and into Q2, and then there's the purchase and the same in the Q3 and Q4.

然後隨著我們繼續度過這一年，你應該回過頭來看看自由現金流和營業利潤率之間的關係是如何在大流行前存在的。如果您一直回到那些更正常的運營期，那麼隨著我們這一年的發展，您應該開始看到這種情況。今年剩餘時間唯一的特殊考慮是我們確實在第二季度和第四季度購買了 ESPP。所以 - 請記住，當我們經歷第一季度和第二季度時，現金會增加，然後是購買，第三季度和第四季度也是如此。

Okay. And then, Kelly, maybe as a follow-up, this dynamic of renewals being front-end loaded this fiscal year, you cautioned us to be careful about our RPO and DR sequentials. Is there anything else that that kind of renewal front-end loading distorts or changes in terms of the seasonality? And any other metric that you'd encourage us to keep in mind?

好的。然後，Kelly，也許作為後續行動，這種更新的動態在本財年被前端加載，你告誡我們要小心我們的 RPO 和 DR 順序。這種更新前端加載是否會在季節性方面產生扭曲或變化？以及您鼓勵我們記住的任何其他指標？

Well, the one we just talked about, with billings and collections, right, that's really the impact.

好吧，我們剛才談到的那個，有帳單和收款，對，這就是真正的影響。

Next question is from Shebly Seyrafi with FBN Securities.

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

So as kids go back to school, what kind of gross margin uplift are you thinking about is possible in the second half of the year? For example, you just hit 74%. Are you thinking about, like, a couple of points of uplift in the second half? And following that, you have a long-term target of 80% for the gross margin. Talk about your expected time table to get there.

因此，隨著孩子們重返學校，您認為下半年可能會出現什麼樣的毛利率提升？例如，您剛剛達到 74%。您是否正在考慮下半場的一些提升點？在此之後，您的毛利率為 80% 的長期目標。談談你預計到達那裡的時間表。

Yes. So currently, we -- in our -- in the guidance that we just gave, we have not modeled any impact or benefit from return-to-school as we are committed to supporting the needs of those schools as long as we're in a situation where it is safe for students to return. If they were to all of a sudden go back, which I don't think is how it would happen, you would see certainly a couple of points improvement in the gross margin. I think what will happen likely is it will be more measured than that. And little by little, you'll start to see the gross margin starting to creep up again. But in terms of the time line around that long-term margin target of 80%, we haven't set a time line as it remains still unknown how long that service is going to be needed by the school.

是的。因此，目前，在我們剛剛提供的指導中，我們沒有模擬返校的任何影響或收益，因為我們致力於支持這些學校的需求，只要我們在學生可以安全返回的情況。如果他們突然回去，我認為這不會發生，你肯定會看到毛利率提高了幾個百分點。我認為可能會發生的事情會比這更衡量。一點一點地，你會開始看到毛利率再次開始攀升。但就圍繞 80% 的長期利潤率目標的時間線而言，我們尚未設定時間線，因為仍不清楚學校需要該服務多長時間。

Our next question is from Tyler Radke with Citi.

我們的下一個問題來自花旗的 Tyler Radke。

So I'm going to go first. So Kelly, I wanted to ask you, obviously, really strong revenue growth this quarter, but I think most investors couldn't help but notice the magnitude of upside relative to your guidance was smaller than we've seen in the last 4 quarters. You obviously called out better-than-expected churn, and customer adds look good relative to the Street. But I just wanted to understand, was there anything unusual that may be held back more robust revenue upside relative to your guide? Or is this just kind of the new normal that we should expect given you're starting to lapse some tough comps?

所以我要先走。所以凱利，我想問你，很明顯，本季度收入增長非常強勁，但我認為大多數投資者不禁注意到相對於你的指導的上行幅度小於我們在過去 4 個季度看到的。很明顯，您的客戶流失率好於預期，並且客戶添加的產品相對於華爾街而言看起來不錯。但我只是想了解，相對於您的指南，是否有任何不尋常的事情可能阻礙更強勁的收入增長？或者這只是我們應該期待的一種新常態，因為你開始放棄一些艱難的比賽？

Yes. I think we've talked about this also in last quarter's call as well as we've really started to round the year on some very difficult comps. And also, we're approaching almost $4 billion in revenue this year. We're becoming a very large company and I think are still very pleased with our guidance of 50% year-over-year growth. But yes, you're -- this is going to be more the new normal, which is what I would expect of a company at this scale that these are more normalized growth rates, you should think of that.

是的。我認為我們在上個季度的電話會議中也談到了這一點，並且我們已經真正開始在一些非常困難的比賽中度過這一年。此外，我們今年的收入接近 40 億美元。我們正在成為一家非常大的公司，我認為仍然對我們 50% 的同比增長的指導感到非常滿意。但是，是的，你是——這將成為新常態，這是我對這種規模的公司的期望，這些是更正常的增長率，你應該考慮一下。

Our next question is from Matt Stotler with William Blair.

我們的下一個問題來自 Matt Stotler 和 William Blair。

I'll just ask one, and hopped on a little bit late, given we have our conference going on, so I'm not sure actually if it was asked already. But obviously, the Zoom Events platform was great to see. It's something we've been thinking about for a while, and we kind of saw the OnZoom released that this -- that is going to be a part of this going forward. Let me just double-click on how meaningful the opportunity with Zoom Events could be. Obviously, it makes a lot of fundamental sense, and a lot of companies have been hosting their events on Zoom. But as you think about what that broad opportunity could look like, whether there's numbers around that or just qualitative, that would be helpful.

我會問一個，然後有點晚了，因為我們的會議正在進行中，所以我不確定實際上是否已經問過了。但顯然，Zoom Events 平台非常值得一看。這是我們已經考慮了一段時間的事情，我們看到 OnZoom 發布了這個——這將成為未來發展的一部分。讓我雙擊 Zoom Events 機會的意義。顯然，它具有很大的基本意義，並且許多公司一直在 Zoom 上舉辦活動。但是，當您考慮這個廣泛的機會可能是什麼樣子時，無論是數字還是定性，這都會有所幫助。

Eric, do you want to talk about the vision?

埃里克，你想談談願景嗎？

Sure. Absolutely. So Matt, so the reason why we built Zoom Events is, first of all, we really received a lot of feedback from the customer side. We already hosted lots of Zoom webinars. Now we want to do more, especially the pre-events and post-events and how to run everything virtually online, like take Zoomtopia, for example, from the see the new plan in the Zoomtopia and all the way until you finish everything, make sure everything you can count on one platform, that's the opportunity coming from, right?

當然。絕對地。所以馬特，所以我們建立 Zoom Events 的原因是，首先，我們確實收到了來自客戶方面的很多反饋。我們已經舉辦了很多 Zoom 網絡研討會。現在我們想做更多的事情，特別是活動前和活動後，以及如何在線運行所有內容，例如以 Zoomtopia 為例，從看到 Zoomtopia 中的新計劃一直到完成所有事情，使確定您可以在一個平台上依靠的一切，這就是機會的來源，對嗎？

However, I think given the last pandemic crisis, you feel like a little bit more pressure for us how to quickly satisfy the customer needs, but we do already have a lot of installed base for Zoom video webinar. I think it's more like a natural migration, right, to the Zoom Events platform. Also as new revenue opportunities, not only driven from corporate events, but also later this year for the consumer prosumer events, right? As I mentioned earlier, right, you really can host very meaningful events, and you can sell tickets to your participant. We have a tight integration with the payment and provider as well. That's the reason why it could be another revenue driver on both corporate side and also on consumer side.

但是，我認為鑑於上一次大流行危機，您對我們如何快速滿足客戶需求感到壓力更大，但我們確實已經為 Zoom 視頻網絡研討會建立了很多安裝基礎。我認為這更像是向 Zoom Events 平台的自然遷移。同樣作為新的收入機會，不僅來自企業活動，而且還來自今年晚些時候的消費者產消活動，對吧？正如我之前提到的，對，你真的可以舉辦非常有意義的活動，你可以把門票賣給你的參與者。我們也與支付和提供商緊密集成。這就是為什麼它可以成為企業和消費者方面的另一個收入驅動力的原因。

Our next question is from Matt VanVliet Matt with BTIG.

我們的下一個問題來自 BTIG 的 Matt VanVliet Matt。

I guess, thinking about the channel question a little bit differently, curious how much of an opportunity is that for the video-only side or at least the landing spot for the video side? Or is that primarily Zoom Phone right now driving most of the channel business?

我想，考慮頻道問題有點不同，好奇對於純視頻方或至少視頻方的著陸點有多少機會？還是說這主要是 Zoom Phone 現在推動了大部分渠道業務？

Early on, we saw great success as selling meetings through direct, and we've continued to expand our channel relationships across both Meetings and Phone. But it depends on where the customer is themselves, right? We really want to meet them and provide them the opportunity to have access to our sales organization in whatever manner works for them best. So we do, obviously, sell both Meetings and Phone. A larger percentage of our Zoom Phone business comes through the channel. I think that's just based on historically how organizations have typically bought. But again, it's really up to the customer. We want to meet them wherever they go most comfortably.

早期，我們看到通過直接銷售會議取得了巨大成功，並且我們繼續在會議和電話之間擴展我們的渠道關係。但這取決於客戶自己在哪裡，對吧？我們真的很想見到他們，並為他們提供機會，以最適合他們的方式訪問我們的銷售組織。因此，很明顯，我們確實同時銷售會議和電話。我們的 Zoom Phone 業務中有很大一部分來自該渠道。我認為這只是基於歷史上組織通常如何購買。但同樣，這真的取決於客戶。我們希望在他們最舒適的地方遇到他們。

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。

I have question on Zoom Phone. You've been selling through channel partners and direct as well. I had a question about the impact of margins when you sell through the channel versus selling directly because I've heard that there's a lot of space and residuals you had to pay to the channel partners when you sell through them. So can you talk about the head to margins for Zoom Phone when you sell a deal directly versus selling through a channel partner?

我對 Zoom Phone 有疑問。您一直通過渠道合作夥伴和直接銷售。當您通過渠道銷售與直接銷售時，我有一個關於利潤影響的問題，因為我聽說當您通過渠道合作夥伴銷售時，您必須向渠道合作夥伴支付大量空間和剩餘費用。那麼，當您直接銷售交易與通過渠道合作夥伴銷售時，您能談談 Zoom Phone 的利潤率嗎？

Yes. We certainly have a channel program that we think is attractive and competitive in the market. But I will say we thought a very long time about setting those rates and where they are and allowing them to having a differentiated product. So the way that we see it is, while there is some impact to the overall margin when there's a channel partner involved, it's really about the broader opportunity to continue to take market share and grow as quickly as possible.

是的。我們當然有一個我們認為在市場上具有吸引力和競爭力的渠道計劃。但我會說，我們考慮了很長時間來設定這些費率以及它們在哪裡，並允許他們擁有差異化的產品。因此，我們看到的方式是，雖然當涉及渠道合作夥伴時會對整體利潤率產生一些影響，但這實際上是關於繼續佔據市場份額並儘快增長的更廣泛的機會。

And again, back to the last question, we really want our customers to be able to buy in the way that feels the most comfortable to them. So while there is some impact to margin, overall, we think that for the long term, it's absolutely sustainable, and it's really the best approach as we continue to focus on growing top line.

再次回到最後一個問題，我們真的希望我們的客戶能夠以他們覺得最舒服的方式購買。因此，雖然對利潤率有一些影響，但總體而言，我們認為從長遠來看，它絕對是可持續的，而且隨著我們繼續專注於增長收入，這確實是最好的方法。

And just one more housekeeping question. You didn't -- I don't know if you gave us a number of Zoom Phone customers this quarter. I think last quarter was 11,000. Maybe I missed it, but can you comment on the number of Zoom Phone customers this quarter?

還有一個家政問題。你沒有——我不知道你本季度是否給了我們一些 Zoom Phone 客戶。我認為上個季度是 11,000。也許我錯過了，但你能評論一下本季度 Zoom Phone 的客戶數量嗎？

Yes. We did not disclose that. That's one of the things that we're going to do on a milestone basis. And the next milestone where we are likely to disclose it will be Analyst Day at Zoomtopia in September.

是的。我們沒有透露這一點。這是我們將在里程碑基礎上做的事情之一。我們可能披露的下一個里程碑將是 9 月 Zoomtopia 的分析師日。

Our next question is from Jonathan Kees with Summit Insights Group.

我們的下一個問題來自 Summit Insights Group 的 Jonathan Kees。

Congrats on the quarter. I just wanted to double-click on, Eric, your comments earlier about Phones and that you're winning more and more, it sounds like, from other cloud providers. I guess is that becoming a bigger part of the wins for Phone? Do you see that as indeed a -- the stronger growth trajectory versus replacing the legacy premise phones business?

祝賀本季度。我只是想雙擊一下，Eric，你之前關於電話的評論，聽起來你從其他雲提供商那裡贏得了越來越多的勝利。我想這會成為 Phone 獲勝的重要組成部分嗎？您是否認為這確實是一個更強勁的增長軌跡，而不是取代傳統的前提電話業務？

And as well as if you can provide any details in terms of like any bake-offs between you and the other phones providers, that would be great. I know you may be hesitant, but more detail, the better.

而且，如果您可以提供任何細節，例如您與其他電話提供商之間的任何烘烤，那就太好了。我知道你可能會猶豫，但越詳細越好。

Sure. I think first of all, you look at only the 2 years, right, since we launched Zoom Phone, last quarter, it's 1 million paid seats. As Graeme shared, on his whiteboard session, is already 1.5 million, right? It does tell us something, right? It works, right? So today, you look at a lot of enterprise customers very rapidly deploying on-prem solutions, that's a huge opportunity for every -- the cloud business service provider, including Zoom.

當然。我想首先，你只看 2 年，對，自從我們推出 Zoom Phone 以來，上個季度，它是 100 萬個付費席位。正如 Graeme 在他的白板上分享的那樣，已經是 150 萬，對吧？它確實告訴我們一些事情，對吧？它有效，對吧？所以今天，你看到很多企業客戶非常迅速地部署本地解決方案，這對每個雲業務服務提供商來說都是一個巨大的機會，包括 Zoom。

So -- and Zoom -- I think the card business -- phone business is big. That market itself can accommodate the first 3 winners, right? I think we are a part of that. And also look at other businesses who already deployed cloud-based phone solutions, our growth is coming from replacing those solutions with this year a lot of deals, right? And no matter which wins, we do see the customer, the job -- the other cloud-based phone solutions switching to us. There are multiple reasons.

所以——Zoom——我認為卡片業務——電話業務很大。那個市場本身可以容納前三個贏家，對吧？我認為我們是其中的一部分。再看看其他已經部署了基於雲的電話解決方案的企業，我們的增長來自於今年用大量交易取代這些解決方案，對吧？無論哪個獲勝，我們確實看到了客戶、工作——其他基於雲的電話解決方案轉向我們。有多種原因。

First of all, we already built trust. Certainly, if they look at our solution, there's modern interface, much better integration in the video because, ultimately, we think voice and video are same thing. Those 2 we converge into one experience. Otherwise, you deploy several solutions for phones, several solutions for video, but any of the perspective is not consistent, they don't work. Zoom is much better positioned than any other winner on that front.

首先，我們已經建立了信任。當然，如果他們查看我們的解決方案，就會發現界面現代，視頻集成更好，因為最終我們認為語音和視頻是一回事。我們將這兩者融合為一種體驗。否則，您為手機部署了幾種解決方案，為視頻部署了幾種解決方案，但是任何一個觀點不一致，它們都不起作用。在這方面，Zoom 的定位比任何其他贏家都要好得多。

And also, you look at our other functionalities, Zoom Events, Apps, I noted webinars, Rooms, a lot of other things, overall customer like our experience, right? That's the reason why we look at an opportunity, could it come from large enterprise, on-prem deployment or the cloud-based opportunities from other Zoom service products. We do see growth coming from almost everywhere. But again, it's too early to tell. It's only 2 years. Maybe next 2 years, I can share more with some detailed numbers.

此外，您還會查看我們的其他功能、Zoom Events、應用程序，我注意到網絡研討會、會議室以及許多其他東西，整體客戶喜歡我們的體驗，對吧？這就是我們尋找機會的原因，它可能來自大型企業、本地部署或其他 Zoom 服務產品的基於雲的機會。我們確實看到幾乎無處不在的增長。但是，現在說還為時過早。只有2年。也許未來 2 年，我可以用一些詳細的數字來分享更多。

Our next question is from Chaim Siegel with Elazar Advisors.

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

No, I said my question was asked. Thank you.

不，我說我的問題被問到了。謝謝你。

Okay. Thank you.

好的。謝謝你。

My answer is very straightforward. Thank you. I really appreciate it.

我的回答非常直截了當。謝謝你。對此，我真的非常感激。

And we have our next question is from Rishi Jaluria with RBC.

我們的下一個問題來自 RBC 的 Rishi Jaluria。

It's nice to see continued momentum in the business. I wanted to ask a little bit of a philosophical question, which is around hybrid work, right? I mean I think it's consensus at this point that the workplace of the future is going to be hybrid, but you had this really enlightening survey a couple of months ago of 1,500 Zoomers of what that means. And everyone is very sharply divided on what hybrid work is, whether that's home as the primary or the office as the primary, something in between. So a simple kind of question, what does hybrid work mean when you think about that? And is there a particular model of hybrid work that you think Zoom...

很高興看到業務的持續發展勢頭。我想問一個關於混合工作的哲學問題，對吧？我的意思是，我認為目前的共識是，未來的工作場所將是混合的，但幾個月前你對 1,500 名 Zoomer 進行了一項非常有啟發性的調查，了解這意味著什麼。對於什麼是混合工作，每個人的意見分歧很大，無論是以家庭為主還是以辦公室為主，介於兩者之間。所以一個簡單的問題，當你想到這個時，混合工作意味著什麼？有沒有一種混合工作的特殊模型，你認為 Zoom...

Sorry, Rishi, voice is a little bit broken. But anyway, so to answer to your questions, so I happen to read an article today from Bloomberg, right? In May, right, I think they did a survey, right, so 1,000 U.S. adults, right, and 39% of the respondents, they mentioned they need flexibility. If you look at the millennials or the Generation Z, the number increases to 49%, right? So meaning we need to give the flexibility to those employees, otherwise, you are going to lose their talents.

抱歉，Rishi，聲音有點壞。但無論如何，為了回答你的問題，我今天碰巧讀到了彭博社的一篇文章，對吧？ 5 月，對，我認為他們做了一項調查，對，1000 名美國成年人，對，39% 的受訪者，他們提到他們需要靈活性。如果你看看千禧一代或 Z 世代，這個數字會增加到 49%，對吧？因此，這意味著我們需要為這些員工提供靈活性，否則，您將失去他們的才能。

So when it comes to hybrid, first of all, that will become mainstream. However, different businesses, they might have a different way to manage a hybrid work. Like 2 days in the office or 3 days in the office, it's different, right? And also the they might do 1 week in office, another week at home also could be different. But overall, the definition of a hybrid work is about flexibility, to give employees flexibility.

因此，當談到混合動力時，首先，它將成為主流。但是，不同的企業，他們可能有不同的方式來管理混合工作。就像在辦公室呆 2 天或在辦公室呆 3 天，是不一樣的，對吧？而且他們可能會在辦公室工作 1 週，在家裡再呆一周也可能會有所不同。但總的來說，混合工作的定義是關於靈活性，給員工靈活性。

Okay. We have time for one more question. And that last question is from Tom Roderick with Stifel.

好的。我們有時間再問一個問題。最後一個問題來自 Stifel 的 Tom Roderick。

Thinking back to a year ago on your first quarter call last year and with all the great success, you still spent a fair bit of time on that call kind of walking us all through the big plans on how to beef up security and solve for a lot of the emerging concerns that were coming with all of this jump in activity. I think it's pretty telling to your success on that front that we haven't uttered the word security once on this call, I think, but I also recognize the threat vectors aren't going away here. Can you just give us an update, Eric, to your thoughts on what you need to do to stay ahead of the security plan? You've reached end-to-end encryption. Your 90-day plan was a success. But what's next? How do you stay ahead of it?

回想一年前的第一季度電話會議，儘管取得了巨大的成功，但你仍然在電話會議上花費了相當多的時間，讓我們了解瞭如何加強安全性和解決問題的重大計劃。所有這些活動的激增都帶來了許多新出現的擔憂。我認為這很能說明您在這方面的成功，我認為，我們在這次電話會議上一次沒有說過安全這個詞，但我也認識到威脅媒介不會在這裡消失。 Eric，您能否向我們介紹一下您對保持領先於安全計劃所需採取的措施的想法？您已經實現了端到端加密。你的 90 天計劃是成功的。但接下來是什麼？你如何保持領先？

Yes. This is a great question. Before I talk about next, maybe I'll take a step back to share what had happened, right? Because Zoom was built for enterprise customers, we never thought about the K-12 schools or consumers, consumers who are going to use Zoom. We never thought about that pandemic crisis. That's -- by and large, most of the challenge is coming from that. However, I think we've really taken that seriously, right? We doubled -- more than doubled, I mean, the size of the company. The reason why we want to add more resource on privacy, security, I can tell you, we have almost 200 people working for the privacy and security now at Zoom, right, we are really doubling down on that. That's one.

是的。這是一個很好的問題。在我談論下一個之前，也許我會退後一步分享發生了什麼，對吧？因為 Zoom 是為企業客戶打造的，所以我們從未想過 K-12 學校或消費者，即打算使用 Zoom 的消費者。我們從未想過那場流行病危機。那是——總的來說，大部分挑戰都來自於此。但是，我認為我們真的很重視這一點，對吧？我們翻了一番——我的意思是，公司規模翻了一倍多。我們之所以要在隱私、安全方面添加更多資源，我可以告訴你，我們現在在 Zoom 有近 200 人在為隱私和安全工作，對，我們真的在加倍努力。那是一個。

Two, is we are so grateful to our customers. The reason why we earn their trust back, we understand what are to happen. And that's why a lot of people joined our weekly webinar last May and April, 90 days, and I'm still running the monthly secured Viber, right? We share everything open and transparent. Now that's a second thing. Third thing, I think we -- security and privacy is not only a feature. This is our core DNA now, in terms of process and the functionality, features, road map, innovation, everything, right? This is our, I think, new approach. And also, we share everything with our customers.

二是我們非常感謝我們的客戶。我們之所以重新贏得他們的信任，是因為我們了解將要發生的事情。這就是為什麼去年 5 月和 4 月，90 天，很多人參加了我們的每週網絡研討會，而我仍在運行每月安全的 Viber，對嗎？我們公開透明地分享一切。現在這是第二件事。第三件事，我認為我們——安全和隱私不僅僅是一個功能。這是我們現在的核心 DNA，在流程和功能、特性、路線圖、創新等方面，對吧？我認為這是我們的新方法。而且，我們與客戶分享一切。

So in terms of specific features or enhancement, a lot of smaller things, right. Like recently, we added notifications. In particular, we added a lot of Zoom Apps. In the Zoom Apps, you might want to understand your meeting, the content, without telling customers was going on, that's not as good from a security perspective, right? A lot of smaller innovations on that front. So again, actually, we do spend a lot of time and resource on that. That is still a part of our overall innovation for supporting the privacy and security. It's extremely important for our future growth.

所以在具體功能或增強方面，很多小東西，對。像最近一樣，我們添加了通知。特別是，我們添加了很多 Zoom 應用程序。在 Zoom 應用程序中，您可能想了解您的會議內容，而不告訴客戶正在進行，從安全角度來看，這不是很好，對吧？在這方面有很多較小的創新。因此，實際上，我們確實為此花費了大量時間和資源。這仍然是我們支持隱私和安全的整體創新的一部分。這對我們未來的發展非常重要。

By the way, Tom, we recently look at our, say, security conference, they are using Zoom as well, right? We have a lot of security companies who standardize on Zoom platform. It does help. We take security very, very seriously.

順便說一下，湯姆，我們最近在看我們的安全會議，他們也在使用 Zoom，對嗎？我們有很多安全公司在 Zoom 平台上進行標準化。它確實有幫助。我們非常非常重視安全。

And that was the last question we have time for today.

這是我們今天有時間討論的最後一個問題。

Thank you, everyone, and thank you for joining us.

謝謝大家，謝謝你們加入我們。

Thank you all. So -- I really appreciate it. Thank you.

謝謝你們。所以——我真的很感激。謝謝你。

Bye, everybody. Thank you.

大家再見。謝謝你。