Zoom Video Communications Inc (ZM) 2021 Q1 法說會逐字稿

Hello, everyone.

大家好。

And welcome to Zoom's First Quarter Fiscal Year 2021 Earnings release.

歡迎收看 Zoom 2021 財年第一季度財報發布。

As a reminder, this call is being recorded.

提醒一下，此通話正在錄音中。

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

在這個時候，我想把發言權交給投資者關係主管湯姆麥卡勒姆。

Thank you, Matt, and hello, everyone.

謝謝你，馬特，大家好。

Welcome to Zoom's earnings video webinar for the first quarter of fiscal 2021.

歡迎參加 Zoom 2021 財年第一季度的收益視頻網絡研討會。

Joining me today will be Zoom's Founder and CEO, Eric Yuan; and Zoom's CFO, Kelly Steckelberg.

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 closed and may be downloaded from the Investor Relations page on the zoom.com website.

我們的收益新聞稿於今天收市後發布，可從 zoom.com 網站的投資者關係頁面下載。

Also on this page, you will 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.

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，連同我們的收益發布，包括 GAAP 與非 GAAP 財務結果的對賬。

During this call, we will make forward-looking statements about our market size, growth strategy, our estimated and projected costs, margins, revenue, expenditures, investments and growth rates, our future financial performance and other future events or trends, including the guidance for the second quarter of 2021 and full fiscal year guidance for 2021; our plans and objectives for future operations, growth initiatives or strategies and the impact of Zoom's business from the COVID-19 pandemic.

在本次電話會議期間，我們將就我們的市場規模、增長戰略、我們的估計和預計成本、利潤率、收入、支出、投資和增長率、我們未來的財務業績和其他未來事件或趨勢（包括指南）做出前瞻性陳述2021 年第二季度和 2021 年完整財年指導；我們對未來運營、增長計劃或戰略的計劃和目標，以及 Zoom 業務對 COVID-19 大流行的影響。

These statements are only predictions that are based on what we believe today, and actual results may differ materially.

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。

These forward-looking statements are subject to the risks and other factors that could affect our performance and financial results and which we discuss in detail in our filings with the SEC, including today's earnings press release and our latest 10-Q.

這些前瞻性陳述受可能影響我們業績和財務業績的風險和其他因素的影響，我們在提交給 SEC 的文件中詳細討論了這些因素，包括今天的收益新聞稿和我們最新的 10-Q。

Zoom assumes no obligation to update any forward-looking statements we may make on today's webinar.

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。

I mean I think Eric's mic -- there you go.

我的意思是我認為 Eric 的麥克風 - 你去。

It's good.

很好。

Thank you, Tom.

謝謝你，湯姆。

Yes.

是的。

First of all, thank you all for your time today.

首先，感謝大家今天的時間。

I still remember the first time when we had an earnings call last year.

我還記得去年我們第一次召開財報電話會議的時候。

It was around less than 1,000 participants.

大約只有不到 1,000 名參與者。

Today, we have over 3,000 participants.

今天，我們有超過 3,000 名參與者。

Thank you all for your time, and I hope you are doing as well as is possible in this unique moment around the globe.

感謝大家抽出寶貴的時間，我希望你們在這個全球獨一無二的時刻做得盡可能好。

To the frontline workers, we thank you for your courage and the tremendous sacrifices you are making to keep us healthy and our community running in this pandemic.

對於一線工作人員，我們感謝你們的勇氣和你們為保持我們的健康和我們的社區在這場大流行中運轉而做出的巨大犧牲。

Everyone at Zoom appreciates all your incredible work.

Zoom 的每個人都對您所有令人難以置信的工作表示讚賞。

COVID has brought pain for many, in particular, vulnerable communities.

COVID給許多人，特別是弱勢社區帶來了痛苦。

The black community in the United States has also recently experienced shocking and a senseless loss.

美國的黑人社區最近也經歷了令人震驚和無謂的損失。

To our communities and customers, especially those in the black community, Zoom is standing with you not only today but also into the future.

對於我們的社區和客戶，尤其是黑人社區的客戶，Zoom 不僅在今天，而且在未來與您站在一起。

Nearly 10 years ago, we created Zoom to build a better, simpler and more efficient video communications platform.

近 10 年前，我們創建了 Zoom，以構建一個更好、更簡單、更高效的視頻通信平台。

Today, I am proud to see that our platform is serving a critical role beyond our original vision, in enabling communication and collaboration for businesses, schools, consumers and the global community to stay connected and operational during the COVID-19 pandemic.

今天，我很自豪地看到，我們的平台正在發揮超出我們最初願景的關鍵作用，使企業、學校、消費者和全球社區能夠在 COVID-19 大流行期間保持聯繫和運作。

Navigating this process has been a humbling learning experience, giving us a newfound appreciation for what it means to be a video communications technology provider in times of need.

在此過程中進行導航是一次令人謙卑的學習經歷，使我們對在需要時成為視頻通信技術提供商意味著什麼有了新的認識。

And work-from-home and social distance initiatives have meaningfully accelerated the adoption and traffic on the Zoom Video Communications platform.

在家工作和社交距離計劃顯著加快了 Zoom 視頻通信平台的採用和流量。

We have seen many use cases, not only from enterprises to maintain work productivity as part of business continuity plans, but also from first-time consumer users for personal and social use to connect with friends and families when physical gathering is not possible.

我們已經看到了許多用例，不僅來自企業以保持工作效率作為業務連續性計劃的一部分，而且還來自首次消費者用戶用於個人和社交用途，以便在無法進行物理聚會時與朋友和家人聯繫。

Let me share some metrics that illustrate the demand we experienced in this past quarter.

讓我分享一些指標來說明我們在上個季度經歷的需求。

Customers with more than 10 employees grew 354% year-over-year as we deployed millions of licenses for new customers in the quarter.

由於我們在本季度為新客戶部署了數百萬個許可證，因此擁有 10 名以上員工的客戶同比增長 354%。

One new banking customer deployed approximately 175,000 new Zoom enterprise licenses in the quarter.

一個新的銀行客戶在本季度部署了大約 175,000 個新的 Zoom 企業許可證。

Usage by customers in the Global 2000 grew over 200% sequentially.

全球 2000 強客戶的使用量環比增長超過 200%。

We peaked at over 300 million daily meeting participants, free and paid, joining Zoom meetings in April 2020, up from 10 million in December 2019.

2020 年 4 月，我們每天有超過 3 億免費和付費的會議參與者加入 Zoom 會議，高於 2019 年 12 月的 1000 萬。

Currently, we continue to see elevated levels of participants even as governments around the globe have begun to [see] stay-in-place restrictions.

目前，即使全球各國政府已經開始[看到]留在原地的限制，我們仍然看到參與者數量不斷增加。

We had an approximately twentyfold increase in our metric of annualized meeting minutes run rate, which jumped from 100 billion at the end of January 2020 to over 2 trillion meeting minutes based on April 2020's run rate.

我們的年化會議分鐘運行率指標增加了大約 20 倍，從 2020 年 1 月末的 1000 億增加到 2020 年 4 月的超過 2 萬億次會議分鐘。

Scaling capacity to meet this incredible increase in traffic and use cases while providing uninterrupted, reliable and high-quality services for our customers has been a tremendous undertaking for our team, and we could not have done it without relying on our partners.

在為我們的客戶提供不間斷、可靠和高質量服務的同時，擴展容量以滿足流量和用例的驚人增長對我們的團隊來說是一項艱鉅的任務，如果不依賴我們的合作夥伴，我們是無法做到的。

When the pandemic crisis started, our own data centers could not scale fast enough to handle the unprecedented traffic.

當大流行危機開始時，我們自己的數據中心無法以足夠快的速度擴展來處理前所未有的流量。

Fortunately, some of the top public cloud providers were there to help.

幸運的是，一些頂級的公共雲提供商在那裡提供了幫助。

Immediately during the crisis, our long-time partner, AWS, and its CEO, Andy Jassy, enabled us to meet this rapidly increasing demand.

在危機期間，我們的長期合作夥伴 AWS 及其首席執行官 Andy Jassy 立即使我們能夠滿足這種快速增長的需求。

As our demand increased and we had limited visibility into the growth, AWS was able to respond quickly by provisioning the majority of the new service we needed, so sometimes adding several thousand a day for several days in a row.

隨著我們的需求增加而我們對增長的可見性有限，AWS 能夠通過預置我們需要的大部分新服務來快速響應，因此有時會連續幾天每天增加數千個服務。

In April, our customer, Oracle, also showed great support to help us.

4 月，我們的客戶甲骨文也給予了大力支持。

Not only did Larry Ellison record a great video to encourage our team to do the right things for the world, but also offered the Oracle Cloud support.

Larry Ellison 不僅錄製了一段精彩的視頻來鼓勵我們的團隊為世界做正確的事情，而且還提供了 Oracle 雲支持。

We also provisioned a number of servers in the Oracle Cloud as the demand for Zoom continued to increase.

隨著對 Zoom 的需求不斷增加，我們還在 Oracle 雲中配置了許多服務器。

We are so grateful for their partnership and their responsiveness to provide capacity during this time.

我們非常感謝他們的合作夥伴關係以及他們在此期間提供能力的響應能力。

While the COVID-19 pandemic has expanded our market opportunities, it also brought us many challenges.

儘管 COVID-19 大流行擴大了我們的市場機會，但也給我們帶來了許多挑戰。

Prior to the pandemic, Zoom was primarily built for and used by large enterprises and institutions.

在大流行之前，Zoom 主要是為大型企業和機構構建和使用的。

During the crisis, with good intentions, we opened our platform to unprecedented numbers of first-time users without fully considering the challenges it would bring into those who did not have full IT support or established protocols for security and privacy like our enterprise customers.

在危機期間，我們懷著良好的意願向數量空前的首次用戶開放了我們的平台，而沒有充分考慮它會給那些像我們的企業客戶一樣沒有完整的 IT 支持或建立安全和隱私協議的人帶來的挑戰。

As a result, we have experienced negative press related to meeting disruption, security and privacy issues.

因此，我們經歷了與會議中斷、安全和隱私問題相關的負面新聞。

Since these issues emerged, we have transparently and quickly addressed specific security and privacy issues, including enacted a 90-day plan initiative on security and privacy with a weekly webinar for customers to ask me anything, acquired Keybase team to add engineering expertise to build an end-to-end encrypted meeting mode, also released Zoom 5.0 client with new security features and enhancement to give customers unparalleled control over their meetings and data.

自從出現這些問題以來，我們已經透明、快速地解決了特定的安全和隱私問題，包括制定了一項為期 90 天的安全和隱私計劃計劃，每週舉行一次網絡研討會，讓客戶可以問我任何問題，收購 Keybase 團隊以增加工程專業知識以建立一個端到端加密會議模式，還發布了具有新安全功能和增強功能的 Zoom 5.0 客戶端，讓客戶對會議和數據進行無與倫比的控制。

The new release also includes support for AES 256-bit GCM encryption and ability to report platform misuse to Zoom's trust and safety team.

新版本還包括對 AES 256 位 GCM 加密的支持，以及向 Zoom 的信任和安全團隊報告平台濫用情況的能力。

During this period of unprecedented usage growth and negative PR, as the CEO of Zoom, I was also facing tremendous pressure, and I reached out to the high-tech community and received great support from fellow CEOs, and many of them are my mentors.

在這段空前的使用量增長和負面公關的時期，作為 Zoom 的 CEO，我也面臨著巨大的壓力，我接觸到高科技社區，得到了 CEO 們的大力支持，其中很多人都是我的導師。

And I can't thank them enough for their advice.

我非常感謝他們的建議。

I'm also deeply grateful to see the strong support from valued enterprise customers such as the CEOs from Atlassian, Equinix, HubSpot, Okta, PagerDuty, Poly, SurveyMonkey and many others, both through public statements and video testimonials.

我也非常感謝重要企業客戶的大力支持，例如 Atlassian、Equinix、HubSpot、Okta、PagerDuty、Poly、SurveyMonkey 和許多其他公司的首席執行官，無論是通過公開聲明還是視頻推薦。

With that, our users trust us to deliver the best and most secure video-first communications platform.

因此，我們的用戶相信我們能夠提供最好、最安全的視頻優先通信平台。

I believe our resolve will continue to make us a stronger company for our customers and the global community.

我相信，我們的決心將繼續使我們成為對我們的客戶和全球社會更強大的公司。

Now let me discuss a few of our happy customers.

現在讓我談談我們的一些滿意的客戶。

We are thrilled to welcome Arm Technology to the Zoom family.

我們很高興歡迎 Arm Technology 加入 Zoom 大家庭。

Arm Technology is at the heart of a computing and data revolution that is transforming the way people live and businesses operate.

Arm 技術處於計算和數據革命的核心，正在改變人們的生活方式和企業運營方式。

In Q1, Arm chose to deploy approximately 8,000 Zoom Meeting license, 800 Zoom Rooms and 9,000 Zoom Phones to deliver a one-touch experience for their employees globally.

在第一季度，Arm 選擇部署大約 8,000 個 Zoom Meeting 許可證、800 個 Zoom Rooms 和 9,000 個 Zoom Phone，為全球員工提供一鍵式體驗。

We are also very happy to welcome Baker McKenzie.

我們也非常高興地歡迎貝克·麥堅時。

One of Baker McKenzie's distinguished strength is their use of cutting-edge technologies to help clients overcome the challenges of competing into this economic world.

Baker McKenzie 的顯著優勢之一是他們使用尖端技術來幫助客戶克服在這個經濟世界中競爭的挑戰。

We feel privileged to be the video communication platform of choice for the #1 law firm brand in the world.

我們很榮幸成為全球排名第一的律師事務所品牌首選的視頻交流平台。

Thank you, Arm and Baker McKenzie.

謝謝你，Arm 和 Baker McKenzie。

On a final note, we welcomed Lieutenant General H.R. McMaster to serve as an independent director on Zoom's Board of Directors, Velchamy Sankarlingam as President of Engineering and Product, and Damien Hooper-Campbell as Chief Diversity Officer.

最後，我們歡迎 H.R. McMaster 中將擔任 Zoom 董事會的獨立董事，歡迎 Velchamy Sankarlingam 擔任工程和產品總裁，以及 Damien Hooper-Campbell 擔任首席多元化官。

Bringing their expertise to Zoom will be instrumental as we navigate rapid growth, transformation and scale.

將他們的專業知識帶到 Zoom 將有助於我們應對快速增長、轉型和擴大規模。

I want to commend and thank our 2,854 employees for what we have accomplished together and for working tirelessly over the past quarter to support millions of participants around the globe.

我要讚揚和感謝我們的 2,854 名員工共同取得的成就，以及在過去一個季度中為支持全球數百萬參與者所做的不懈努力。

With that, let me turn things over to Kelly.

有了這個，讓我把事情交給凱利。

By the way, I forgot to mention, today is also our CFO Kelly's birthday.

對了，我忘了說，今天也是我們 CFO Kelly 的生日。

So happy birthday, Kelly.

生日快樂，凱莉。

Thank you, Eric.

謝謝你，埃里克。

And this is the best birthday present I could ever have.

這是我能得到的最好的生日禮物。

Hello, everybody.

大家好。

Q1 was an exceptional and pivotal quarter for Zoom.

對於 Zoom 來說，第一季度是一個特殊且關鍵的季度。

We are grateful for the incredible increase in demand, as millions of doctors and patients, teachers and students, businesses and consumers chose Zoom to deliver critical communication and connection in a time of need.

我們感謝需求的驚人增長，因為數以百萬計的醫生和患者、教師和學生、企業和消費者選擇 Zoom 在需要時提供關鍵的溝通和聯繫。

It speaks greatly of their trust in the quality and ease of use of our technology platform.

這充分說明了他們對我們技術平台的質量和易用性的信任。

We are also proud of our efforts to support our customers, employees and the global community during the COVID-19 pandemic.

我們也為在 COVID-19 大流行期間為支持我們的客戶、員工和全球社區所做的努力感到自豪。

In addition to opening up our platform to deliver free services to over 100,000 K-12 schools in 25 countries and millions of people around the world, especially those in highly impacted -- areas highly impacted by the crisis, we have also donated $1.4 million to COVID-19-focused charities and funded another $1 million of stock to launch our charitable fund, Zoom Cares.

除了開放我們的平台以向 25 個國家的 100,000 多所 K-12 學校和全球數百萬人提供免費服務，尤其是那些受危機影響嚴重的地區，我們還捐贈了 140 萬美元給以 COVID-19 為重點的慈善機構，並另外籌集了 100 萬美元的股票來啟動我們的慈善基金 Zoom Cares。

The key long-term focus of Zoom Cares includes education, social equity and climate change.

Zoom Cares 的主要長期關注點包括教育、社會公平和氣候變化。

Internally, we provided a onetime bonus equivalent to 2 weeks of pay for all Zoom's noncommissioned employees to offset costs associated with any disruption caused by the crisis.

在內部，我們為所有 Zoom 的非委任員工提供了相當於 2 週工資的一次性獎金，以抵消與危機造成的任何中斷相關的成本。

Not only has the world changed since we last reported results in early March, but so has Zoom's market opportunities and growth trajectory.

自我們上次於 3 月初公佈業績以來，不僅世界發生了變化，Zoom 的市場機會和增長軌跡也發生了變化。

Let me start by reviewing our financial results for Q1, then discussing our outlook for Q2 and the full year of FY '21 that has been recalibrated to adjust for the new trends and scale of our business.

讓我首先回顧一下我們第一季度的財務業績，然後討論我們對第二季度和 21 財年全年的展望，這些展望已經重新調整以適應我們業務的新趨勢和規模。

Total revenue grew 169% year-over-year to $328 million in Q1.

第一季度總收入同比增長 169% 至 3.28 億美元。

This top line result significantly exceeded the high end of our guidance range of $201 million due to the increase in demand and strong sales execution in the quarter.

由於本季度需求的增加和強勁的銷售執行，這一頂線結果大大超過了我們 2.01 億美元的指導範圍的高端。

For the quarter, the growth in revenue was primarily due to subscriptions provided to new customers, which accounted for approximately 71% of the increase, while subscriptions provided to existing customers accounted for approximately 29% of the increase.

本季度，收入的增長主要是由於向新客戶提供的訂閱，約佔增長的 71%，而向現有客戶提供的訂閱約佔增長的 29%。

This demand was broad-based across industry verticals, geographies and customer cohorts.

這種需求在垂直行業、地域和客戶群中具有廣泛的基礎。

For the -- let's take a look at the key customer metrics for Q1.

對於 - 讓我們看一下第一季度的關鍵客戶指標。

We continue to see expansion in the upmarket as we ended Q1 at 769 customers with greater than $100,000 in trailing 12 months revenue, up 90% year-over-year.

我們繼續看到高端市場的擴張，因為我們在第一季度結束時有 769 名客戶在過去 12 個月的收入超過 100,000 美元，同比增長 90%。

This is an increase of 128 customers over Q4, a record number of adds in a quarter.

這比第四季度增加了 128 位客戶，創下了季度新增客戶的記錄。

Further demonstrating the strength in the upmarket was the addition of over 500 customers with greater than $100,000 in annual recurring revenue in Q1.

進一步證明高端市場的實力是在第一季度增加了超過 500 家年經常性收入超過 100,000 美元的客戶。

This is a onetime metric that we are sharing to provide more insight to our Q1 results.

這是我們共享的一次性指標，旨在為我們的第一季度業績提供更多見解。

For customers with more than 10 employees, we added over 183,000 in Q1, exiting with a total of approximately 265,000 customers in this segment.

對於擁有 10 名以上員工的客戶，我們在第一季度增加了超過 183,000 名客戶，該細分市場的客戶總數約為 265,000 名。

Year-over-year, we added over 206,000 new customers, growing 354%.

與去年同期相比，我們增加了超過 206,000 名新客戶，增長了 354%。

While this is remarkable growth, our customer segment with 10 or fewer employees also expanded during the quarter as individuals adopted Zoom for many personal and social uses.

儘管這是顯著的增長，但我們擁有 10 名或更少員工的客戶群在本季度也有所擴大，因為個人將 Zoom 用於許多個人和社交用途。

As a result, we have experienced a mix shift of customer cohorts, where customers with 10 or fewer employees represented 30% of revenue in Q1, up significantly from 20% in Q4.

因此，我們經歷了客戶群體的混合轉變，其中員工人數不超過 10 人的客戶在第一季度佔收入的 30%，顯著高於第四季度的 20%。

In addition, the increase in customers with 10 or fewer employees also shifted our billing mix, as these customers generally pay monthly rather than annually like most enterprise customers.

此外，員工人數不超過 10 人的客戶的增加也改變了我們的計費組合，因為這些客戶通常按月付費，而不是像大多數企業客戶那樣按年付費。

Our net dollar expansion was over 130% for the eighth consecutive quarter as existing customers continue to support and trust Zoom to be their video communications platform of choice.

由於現有客戶繼續支持和信任 Zoom 成為他們首選的視頻通信平台，我們的淨美元增長率連續第八個季度超過 130%。

Both domestic and international markets had strong growth during the quarter.

本季度國內外市場均實現強勁增長。

Americas grew at a rate of 150% year-over-year.

美洲地區的年增長率為 150%。

However, our combined APAC and EMEA revenue grew even faster at 246% year-over-year and represented approximately 25% of revenue.

然而，我們在亞太地區和歐洲、中東和非洲地區的總收入增長更快，同比增長 246%，約佔收入的 25%。

International expansion is a key growth initiative for Zoom.

國際擴張是 Zoom 的一項關鍵增長計劃。

Our global brand awareness has spread more quickly, and we have expanded into more countries than we had originally planned for FY '21.

我們的全球品牌知名度傳播得更快，我們已經擴展到比我們最初為 21 財年計劃的更多的國家。

Now turning to profitability.

現在轉向盈利能力。

The increase in demand and execution drove net income profitability from both GAAP and non-GAAP perspectives.

從 GAAP 和非 GAAP 的角度來看，需求和執行的增加推動了淨收入盈利能力。

For my following comments, I will focus on our non-GAAP results, which exclude the charitable donation of common stock, stock-based compensation expense and related share-based equity taxes.

對於我的以下評論，我將重點關注我們的非公認會計原則結果，其中不包括普通股的慈善捐贈、基於股票的補償費用和相關的基於股票的股權稅。

Non-GAAP gross margin for the first quarter was 69.4% compared to 80.9% in Q1 last year and 84.2% last quarter.

第一季度非美國通用會計準則毛利率為 69.4%，而去年第一季度為 80.9%，上一季度為 84.2%。

Although in early March we originally guided lower based on an increase in usage of our platform, our gross margin was further impacted by the elevated demand, especially higher levels of free meeting minutes, including those from K-12 schools in March and April.

儘管在 3 月初，我們最初根據平台使用量的增加將毛利率下調，但我們的毛利率進一步受到需求上升的影響，尤其是更高水平的免費會議紀要，包括 3 月和 4 月來自 K-12 學校的會議紀要。

Higher incremental costs also resulted from leveraging the public cloud providers, which was critical to our ability to meet the sudden exponential growth in usage as the crisis spread and governments instituted stay-in-place policies around the world.

利用公共雲提供商也導致了更高的增量成本，這對於我們滿足隨著危機蔓延和政府在全球範圍內製定的原地政策而突然呈指數級增長的使用能力至關重要。

Moving forward, as we build additional capacity in our own data centers, we expect to gain some efficiencies, bringing gross margins back to the mid-70%s in the next several quarters ahead.

展望未來，隨著我們在自己的數據中心建立額外的容量，我們預計將獲得一些效率，在未來幾個季度將毛利率恢復到 70% 左右。

R&D expense in Q1 was approximately $21 million, up 66% year-over-year.

第一季度的研發費用約為 2100 萬美元，同比增長 66%。

As a percentage of total revenue, R&D was 6%, which was lower than Q1 last year, mainly due to the strong top line growth.

研發佔總收入的百分比為 6%，低於去年第一季度，主要是由於收入增長強勁。

In FY '21, we plan to continue investing in R&D to drive innovation and security functionality, including leveraging the expertise and resources from top security firms.

在 21 財年，我們計劃繼續投資研發以推動創新和安全功能，包括利用頂級安全公司的專業知識和資源。

Also, we recently announced the addition of 2 engineering centers of excellence where we expect to add up to 500 software engineers in the next few years.

此外，我們最近宣布增加 2 個工程卓越中心，我們預計在未來幾年內將增加多達 500 名軟件工程師。

The new R&D centers in Greater Phoenix, Arizona, and Pittsburgh, Pennsylvania, will both be located near top engineering universities.

位於亞利桑那州大鳳凰城和賓夕法尼亞州匹茲堡的新研發中心都將位於頂尖工程大學附近。

Sales and marketing expense for Q1 was $104 million.

第一季度的銷售和營銷費用為 1.04 億美元。

This reflects an increase of 69% or $42 million over last year with investments to drive future growth.

這反映了比去年增加了 69% 或 4200 萬美元的投資，以推動未來的增長。

As a percentage of total revenue, sales and marketing was 32%, a decrease from Q1 last year, mainly due to strong top line growth.

銷售和營銷佔總收入的百分比為 32%，比去年第一季度有所下降，主要是由於收入增長強勁。

Overall, the increase in expense was attributable to record sales hiring and higher sales commissions due to strong execution, while we saw efficiencies in marketing.

總體而言，費用的增加歸因於創紀錄的銷售招聘和由於執行力強導致的銷售佣金增加，同時我們看到了營銷效率。

We are expanding our hiring plans for the rest of the year to meet the opportunity presented in this new environment.

我們正在擴大今年剩餘時間的招聘計劃，以迎接新環境中出現的機會。

G&A expense in Q1 was $49 million, up 196% on a year-over-year basis.

第一季度的 G&A 費用為 4900 萬美元，同比增長 196%。

It represented 15% of total revenue, up from Q1 last year due to higher accruals for telco taxes from higher billings, a onetime license payment and external professional services.

它佔總收入的 15%，高於去年第一季度，這是由於更高的賬單、一次性許可證支付和外部專業服務導致的電信稅應計增加。

Non-GAAP operating income was $55 million, translating to a 16.6% non-GAAP operating margin for the first quarter.

Non-GAAP 營業收入為 5500 萬美元，相當於第一季度非 GAAP 營業利潤率為 16.6%。

This compares to Q1 last year's result of $8 million and 6.7% margin.

相比之下，去年第一季度的業績為 800 萬美元，利潤率為 6.7%。

Again, the higher revenue plus strong execution across all areas were the main drivers of this additional profit.

同樣，更高的收入加上所有領域的強大執行力是這一額外利潤的主要驅動力。

Non-GAAP earnings per share in Q1 was $0.20 on approximately 295 million of non-GAAP weighted average shares outstanding and adjusting for undistributed earnings.

第一季度非 GAAP 每股收益為 0.20 美元，約 2.95 億股非 GAAP 加權平均流通股，並根據未分配收益進行調整。

This result is $0.10 higher than our guidance and $0.17 higher than Q1 of last year.

這一結果比我們的指導高 0.10 美元，比去年第一季度高 0.17 美元。

Turning to the balance sheet.

轉向資產負債表。

Deferred revenue at the end of the quarter was $552 million, up 270% year-over-year.

本季度末的遞延收入為 5.52 億美元，同比增長 270%。

Looking at both our billed and unbilled contracts, our RPO totaled approximately $1.1 billion, up 184% from $377 million year-over-year.

從我們的已開票和未開票合同來看，我們的 RPO 總額約為 11 億美元，比去年同期的 3.77 億美元增長了 184%。

The increase in RPO is consistent with the increase in demand and strong execution in the quarter.

RPO 的增長與本季度需求的增長和強勁的執行力相一致。

We expect to recognize approximately 72% or $772 million of the total RPO as revenue over the next 12 months as compared to 64% or $240 million in Q1 of last year.

我們預計在未來 12 個月內將大約 72% 或 7.72 億美元的總 RPO 確認為收入，而去年第一季度這一比例為 64% 或 2.4 億美元。

We ended Q1 with approximately $1.1 billion in cash, cash equivalents and marketable securities, excluding restricted cash.

我們在第一季度末擁有約 11 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。

In Q1, we had exceptional operating cash flow of $259 million, up from $22 million year-over-year.

在第一季度，我們的運營現金流為 2.59 億美元，高於去年同期的 2200 萬美元。

Free cash flow -- sorry, can you go back?

自由現金流——對不起，你能回去嗎？

Thanks.

謝謝。

Free cash flow was $252 million, up from $15 million year-over-year.

自由現金流為 2.52 億美元，高於去年同期的 1500 萬美元。

The increase is attributable to strong collections from top line growth, higher percent of monthly contracts as well as billings that started early in the quarter.

這一增長歸因於收入增長的強勁收款、較高的月度合同百分比以及本季度初開始的賬單。

Looking ahead, we expect to increase capital expenditures for additional data center infrastructure.

展望未來，我們預計將增加額外數據中心基礎設施的資本支出。

And as a reminder, we will see the semiannual cadence of net cash outflows from ESPP purchases to occur in Q2.

提醒一下，我們將在第二季度看到 ESPP 購買的淨現金流出的半年節奏。

Now turning to guidance.

現在轉向指導。

As I have mentioned earlier, the current environment has expanded Zoom's market opportunities and outlook as increasing demand propelled us to a higher growth trajectory than originally planned for this year.

正如我之前提到的，當前的環境擴大了 Zoom 的市場機會和前景，因為不斷增長的需求將我們推向了比今年最初計劃的更高的增長軌跡。

This requires us to recalibrate our original FY '21 plan for the new scale of our business.

這要求我們針對新的業務規模重新調整我們最初的 21 財年計劃。

The COVID-19 pandemic adds an unprecedented new variable to our business model where historical knowledge may no longer apply.

COVID-19 大流行為我們的商業模式增加了一個前所未有的新變量，歷史知識可能不再適用。

Today, as we present our current best estimate of future quarters based on new assumptions of the dramatic shift in our business, we caution that the impact and extent of the crisis and its associated economic concerns remain largely unknown.

今天，當我們根據對我們業務發生巨大變化的新假設提出我們目前對未來季度的最佳估計時，我們警告說，危機的影響和程度以及相關的經濟問題在很大程度上仍然未知。

Significant variations from our assumptions could cause us to modify our guidance.

我們假設的重大變化可能導致我們修改我們的指導。

With that, we provide a higher outlook for FY '21 based on our view of the current business environment.

有了這個，我們根據我們對當前商業環境的看法為 21 財年提供了更高的前景。

For the second quarter, we expect revenue to be in the range of $495 million to $500 million.

對於第二季度，我們預計收入將在 4.95 億美元至 5 億美元之間。

We expect non-GAAP operating income to be in the range of $130 million to $135 million.

我們預計非公認會計準則營業收入將在 1.3 億美元至 1.35 億美元之間。

Our outlook for non-GAAP earnings per share is $0.44 to $0.46 based on approximately 299 million shares outstanding.

基於約 2.99 億股流通股，我們對非公認會計準則每股收益的展望為 0.44 美元至 0.46 美元。

For the full year of FY '21, we expect revenue to be in the range of $1.775 billion to $1.8 billion, which would be approximately 185% to 189% year-over-year growth.

對於 21 財年的全年，我們預計收入將在 17.75 億美元至 18 億美元之間，同比增長約 185% 至 189%。

Let me help provide a bit more context on the assumptions behind our guidance.

讓我幫助提供更多關於我們指導背後的假設的背景信息。

As I discussed earlier, we have a far higher portion of revenue attributable to new customers with 10 or fewer employees who opted for monthly contracts.

正如我之前所討論的，我們有更多的收入來自選擇每月合同的 10 名或更少員工的新客戶。

Historically, monthly subscribers have a higher churn rate compared to our annual or multiyear subscribers.

從歷史上看，與我們的年度或多年訂閱者相比，月度訂閱者的流失率更高。

In addition, as governments start to ease shelter-in-place restrictions, we may see a moderation of demand for our services.

此外，隨著政府開始放寬就地避難所的限制，我們可能會看到對我們服務的需求有所放緩。

Given our assumptions on higher churn rate as well as economic uncertainty, we are projecting Q3 and Q4 revenue to be relatively consistent with Q2.

鑑於我們對較高流失率以及經濟不確定性的假設，我們預計第三季度和第四季度的收入將與第二季度相對一致。

For the full year of FY '21, non-GAAP operating income is expected to be in the range of $355 million to $380 million.

在 21 財年全年，非公認會計準則營業收入預計在 3.55 億美元至 3.8 億美元之間。

We expect to deliver non-GAAP earnings per share of $1.21 to $1.29 for the full year FY '21 based on approximately 300 million shares outstanding.

基於大約 3 億股流通股，我們預計 21 財年全年非公認會計準則每股收益為 1.21 美元至 1.29 美元。

In closing, we executed well in Q1 and are proud of how our team dedicated themselves to support our customers and global community.

最後，我們在第一季度表現出色，並為我們的團隊如何致力於支持我們的客戶和全球社區而感到自豪。

Thank you to the entire Zoom team, and everyone, please stay healthy and safe.

感謝整個 Zoom 團隊，感謝大家，請保持健康和安全。

With that, let's open it up for questions.

有了這個，讓我們打開它來提問。

If you have not yet enabled your video, please do so now for the interactive portion of this meeting.

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。

Matt, please queue up our first question.

馬特，請排隊我們的第一個問題。

Before our first question, actually, Eric has asked me to open the mic for him.

實際上，在我們第一個問題之前，埃里克讓我為他打開麥克風。

Eric, you are muted.

埃里克，你被靜音了。

Yes, already unmuted.

是的，已經取消靜音。

Hear me okay?

聽我說好嗎？

Yes.

是的。

Our first question is from Alex Zukin with RBC.

我們的第一個問題來自 RBC 的 Alex Zukin。

Eric, thanks for everything you do.

埃里克，謝謝你所做的一切。

You just delivered one of, if not the greatest, all-time quarter in enterprise software history.

您剛剛交付了企業軟件歷史上最偉大的季度之一，即使不是最偉大的季度。

I think you've been given an amazing opportunity with Zoom becoming not just a verb but really the poster child for enabling remote work.

我認為您已經獲得了一個絕佳的機會，Zoom 不僅成為了一個動詞，而且成為了實現遠程工作的典型代表。

But with that opportunity also comes a question, which is where does Zoom go from here.

但這個機會也帶來了一個問題，那就是 Zoom 將何去何從。

How do we think about the percentage of your TAM that's been penetrated in the current environment?

我們如何看待您的 TAM 在當前環境中被滲透的百分比？

What are the most exciting incremental growth drivers?

最令人興奮的增量增長動力是什麼？

And what -- do you have an update for us in terms of the long-term vision of your company?

還有什麼——就貴公司的長期願景而言，您有什麼最新情況要告訴我們嗎？

Because it seems like the prior long-term vision, we're there.

因為這似乎是之前的長期願景，所以我們就在那裡。

And then I've got a quick follow-up.

然後我有一個快速跟進。

Yes.

是的。

Alex, great question.

亞歷克斯，好問題。

And if we have time, probably should spend more time, also want to get otherwise what's the future.

而如果我們有時間，大概應該多花點時間，不然也想得到什麼未來。

But anyway, I truly believe video is the new voice.

但無論如何，我真的相信視頻是新的聲音。

Video is going to change everything about communication.

視頻將改變有關溝通的一切。

The way for us to work, live and play is completely changing.

我們工作、生活和娛樂的方式正在徹底改變。

From that perspective, a huge opportunity.

從這個角度來看，這是一個巨大的機會。

There's a lot of opportunities ahead of us.

我們面前有很多機會。

However, for now, our top priority is to -- how to make sure we always keep our service up.

但是，就目前而言，我們的首要任務是——如何確保我們始終保持服務正常。

You've got so many people are counting on Zoom to stay connected.

你有這麼多人指望 Zoom 保持聯繫。

Our top priority is to make sure we keep service up, double down, triple down on the privacy, security issues, and also down the road, we are going to figure out where we are going to double down on the new growth areas.

我們的首要任務是確保我們在隱私、安全問題上保持服務、加倍、加倍，而且在未來，我們將弄清楚我們將在新的增長領域加倍努力。

But for now, I think one thing we know for sure is the TAM is bigger than we thought before, right?

但就目前而言，我認為我們肯定知道的一件事是 TAM 比我們之前想像的要大，對吧？

And it's how to capture value of the new TAM.

這就是如何捕捉新 TAM 的價值。

I think that's something very important.

我認為這是非常重要的事情。

Also, a lot of other new opportunities, our team will -- are working together, right, to get there step by step.

此外，還有很多其他新的機會，我們的團隊將 - 共同努力，對，一步一步地到達那裡。

For now, #1 thing is focus on the current product and user experience, make sure during this pandemic crisis -- hopefully, it can end very soon -- they can leverage Zoom to stay connected.

目前，第一件事是關注當前的產品和用戶體驗，確保在這場大流行危機期間——希望它能很快結束——他們可以利用 Zoom 保持聯繫。

Our next question is from Sterling Auty with JPMorgan.

我們的下一個問題來自摩根大通的 Sterling Auty。

Yes.

是的。

So Eric, maybe a technology question for you.

所以埃里克，也許是一個技術問題。

You did your 90-day program, and end-to-end encryption really became a big focal point of discussion around security and privacy.

您完成了為期 90 天的計劃，端到端加密確實成為圍繞安全和隱私進行討論的一大焦點。

You made the acquisition.

你進行了收購。

Can you update us on when you plan to deploy end-to-end encryption?

您能告訴我們您計劃部署端到端加密的時間嗎？

How will it be deployed?

它將如何部署？

And is there actually an opportunity to monetize it perhaps as an upsell?

實際上是否有機會將其作為追加銷售貨幣化？

Yes.

是的。

Sterling, that's a good question.

斯特林，這是個好問題。

Before I answer to that question, I'd like to take a step back to share with you the -- what's the industry standard for now, like at Zoom or other competitors, because I mean this real-time collaboration industry for a long, long time.

在我回答這個問題之前，我想退後一步與大家分享一下——現在的行業標準是什麼，比如 Zoom 或其他競爭對手，因為我的意思是這個實時協作行業很長一段時間，很久。

I think for now, I think most of the vendors we all use AES 256-bit either GCM or CBC.

我認為現在，我認為我們都使用 AES 256 位 GCM 或 CBC 的大多數供應商。

That's the standard.

這就是標準。

The reason why if you enable end-to-end encryption, guess what, you cannot use a phone to dial in.

如果您啟用端到端加密，您猜怎麼著，您無法使用電話撥入。

You cannot support a traditional old, the legacy hardware, H.323 and SIP devices.

您無法支持傳統的舊硬件、H.323 和 SIP 設備。

And plus the cloud recording also is not available with some [limitations].

此外，雲錄製也因某些 [限制] 不可用。

That's why for now most of the industry conferencing vendors do not support this feature.

這就是為什麼目前大多數行業會議供應商不支持此功能的原因。

However, we believe we -- no matter what, we needed to support that as well as advance the feature to give our customers, see, your meeting is extremely sensitive.

但是，我們相信我們 - 無論如何，我們需要支持這一點並推進該功能，以便為我們的客戶提供，看，您的會議非常敏感。

You don't want to -- Zoom know the [session key].

您不想 -- Zoom 知道 [會話密鑰]。

You can enable this feature with limited functionality.

您可以使用有限的功能啟用此功能。

It cannot let the phone to dial in.

它不能讓電話撥入。

And inside of that, we think this feature should be a part of our offering.

在其中，我們認為這個功能應該是我們產品的一部分。

We do not want to charge with -- based on the feature, we charge the customer more.

我們不想收費——基於功能，我們向客戶收取更多費用。

That's not like that.

那不是那樣的。

So we want to give at least the enterprise customer or business customer.

所以我們至少要給企業客戶或者企業客戶。

Free users, for sure, we don't want to give that, right, because we also want to work together, see, with FBI, with local law enforcement in case some people, they use Zoom for the bad purpose, right?

免費用戶，當然，我們不想提供這些，對，因為我們也想與 FBI 和當地執法部門合作，以防某些人出於不良目的使用 Zoom，對嗎？

I think we also published a white paper, I think, a week ago, right, published in GitHub.

我想我們還發布了一份白皮書，我想，一周前，對，發佈在 GitHub 上。

We got a lot of feedback, and our team for now, we are working on execution now.

我們得到了很多反饋，我們的團隊現在正在努力執行。

So we're -- I think soon, we are going to know our release date.

所以我們 - 我想很快，我們就會知道我們的發布日期。

For now, we are still in the -- review our white paper.

目前，我們仍在審查我們的白皮書。

So we have confidence this will be a very good feature for our enterprise customers.

所以我們有信心這對於我們的企業客戶來說將是一個非常好的功能。

Yes, you can join us as a beta tester.

是的，您可以作為 Beta 測試人員加入我們。

Next question is from Nikolay Beliov with Bank of America Merrill Lynch.

下一個問題來自美銀美林的 Nikolay Beliov。

Can you guys hear me?

你們能聽到我嗎？

Yes.

是的。

Kelly, happy birthday and look forward to chatting with you on Thursday at our conference.

凱莉，生日快樂，期待週四在我們的會議上與您聊天。

My question is I would like for you guys to provide us with a little bit more context on the guidance.

我的問題是，我希望你們為我們提供更多關於指導的背景信息。

I was wondering what trends you saw in the business during the month of May and what gives you confidence that those prosumers, the increase in the mix from 20% to 30%, are going to stay for the rest of the year.

我想知道您在 5 月份看到的業務趨勢是什麼，以及是什麼讓您相信這些產消者（從 20% 增加到 30%）將在今年餘下時間繼續存在。

Just trying to get more color around the confidence in the guide.

只是試圖在指南的信心周圍獲得更多色彩。

So in the guidance, what we have considered, especially around those prosumers, as you call them, the monthly users, we assume that there is an escalated -- that the churn will be escalated in terms of historical.

因此，在指南中，我們考慮的內容，特別是圍繞那些產消者，如你所說的每月用戶，我們假設存在升級 - 流失將在歷史方面升級。

So we've assumed multiples of what the historical churn rates have been.

因此，我們假設了歷史流失率的倍數。

And also, we have taken a conservative approach in terms of thinking about that in terms of potential uncertainty around the economic environment.

此外，我們在考慮經濟環境的潛在不確定性方面採取了保守的方法。

With that said, I want to make sure you understand that while we did see an increased growth of monthlies, as about half of our sales in the quarter came from monthly subscribers, when you look at the sales from our direct sales organization, the percentage of monthly subscribers was consistent with historical.

話雖如此，我想確保您了解，雖然我們確實看到月度增長有所增加，因為我們本季度約有一半的銷售額來自月度訂閱者，當您查看我們直銷組織的銷售額時，百分比月訂閱用戶數與歷史一致。

So we didn't see an increase in monthly subscribers in the upmarket.

因此，我們沒有看到高端市場的月度訂閱用戶增加。

We saw the same percentage as we have historically.

我們看到了與歷史上相同的百分比。

And those typically, the churn in that segment when they're annual or multiyear is a fraction of what the monthly subscribers are.

而那些通常情況下，當他們是年度或多年的時候，該細分市場的流失率只是每月訂閱者的一小部分。

And Kelly, in this context, if I may ask a follow-up, billings grew 350% and CRPO grew around 220%.

凱利，在這種情況下，如果我可以追問一下，比林斯增長了 350%，而 CRPO 增長了 220% 左右。

Why the discrepancy here?

為什麼這裡的差異？

And what does it mean to revenues and how revenues flow through from CRPO and billings?

它對收入意味著什麼，以及收入如何從 CRPO 和賬單中流出？

So thank you about the question about the billings and RPO.

所以謝謝你關於賬單和RPO的問題。

As you know, we don't provide specific guidance around billings or RPO.

如您所知，我們不提供有關帳單或 RPO 的具體指導。

Given the fact that it's actually been exacerbated with the growth in the subscribers, they are just very difficult for metrics.

鑑於訂閱者的增長實際上加劇了這種情況，因此很難衡量它們。

They don't apply because of the high rate of monthly billings and subscribers.

它們不適用，因為每月賬單和訂閱者的比率很高。

They're just not good metrics for us.

它們對我們來說不是很好的指標。

Our next question is from Alex Kurtz with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Alex Kurtz。

Yes.

是的。

Zukin's earlier question about growth opportunities, kind of a once in a lifetime opportunity to reimagine investments in new products, new sales coverage.

Zukin 早些時候關於增長機會的問題，這是一個千載難逢的機會，可以重新構想對新產品和新銷售範圍的投資。

And I mean, just look at your operating income this quarter or next quarter, right?

我的意思是，看看你本季度或下季度的營業收入，對吧？

You couldn't have imagined that at the time of the IPO.

在 IPO 時，您無法想像到這一點。

So as the team and the Board look at the next 12 months, is there something that you guys are really laser focused on that you could take all this extra cash flow and reinvest back into the business?

因此，當團隊和董事會展望未來 12 個月時，你們是否真正專注於可以利用所有這些額外現金流並重新投資於業務的事情？

Yes.

是的。

Alex, again, that's a good question.

亞歷克斯，再次，這是一個很好的問題。

So even before this pandemic crisis, we -- not only do we offer the video conferencing service, but also we have a Zoom phone system.

因此，即使在這場大流行危機之前，我們不僅提供視頻會議服務，而且還擁有 Zoom 電話系統。

Don't forget about that [one].

不要忘記那個[一個]。

It's also huge opportunity.

這也是巨大的機會。

In particular, we believe video and voice, those 2 are going to be converged into 1 service.

特別是，我們相信視頻和語音，這兩者將融合為一項服務。

That's a huge opportunity.

這是一個巨大的機會。

This pandemic crisis, I would say, on the one hand, accelerated the video adoption.

我想說，這場流行病危機一方面加速了視頻的普及。

On the other hand, it was brand recognition, plus a lot of prosumers, right, a lot of new use cases, like online education, telemedicine, telehealth.

另一方面，是品牌認知度，加上很多產消者，對，很多新的用例，比如在線教育、遠程醫療、遠程醫療。

For sure, we would like to double down on that.

當然，我們想加倍努力。

But in terms of specific opportunity on one new service, we are going to work on that in the next several months.

但就一項新服務的具體機會而言，我們將在接下來的幾個月內開展這項工作。

And as I mentioned earlier, for now, we needed to make sure we still keep helping people stay connected.

正如我之前提到的，目前，我們需要確保我們仍然繼續幫助人們保持聯繫。

Another thing also we know for sure is the way for us to work in the future is totally different, and how to make sure -- focus on the whole experience, right, to make sure that you have very consistent experience, when you work in the office and work in the home.

另一件我們肯定知道的事情是我們未來的工作方式完全不同，以及如何確保——專注於整個體驗，對，確保你在工作時有非常一致的體驗辦公室和在家工作。

A lot of innovations will be upon that as well.

許多創新也將基於此。

I truly believe a lot of opportunities, but we've got to be very careful, so like where we should double down, where we may not live to our -- the partners, right, to develop those applications or leverage those opportunities upon our platform.

我真的相信很多機會，但我們必須非常小心，所以就像我們應該加倍努力的地方，我們可能不適合我們的合作夥伴，對，開發這些應用程序或利用我們的這些機會平台。

And then a quick question for Kelly.

然後問凱利一個簡短的問題。

In the areas where they've been lifting the quarantine, the shelter-in-places, have you seen any kind of change in churn in those regions, whether it's in the U.S., Europe or Asia?

在他們一直在解除隔離、就地避難所的地區，您是否看到這些地區的客戶流失率有任何變化，無論是在美國、歐洲還是亞洲？

It's really too early to tell, Alex.

亞歷克斯，現在說還為時過早。

We've taken again a conservative approach to that, but it's too early to tell, as most places, even where they're starting to ease shelter in place, people are taking their time to go back to work.

我們對此再次採取了保守的態度，但現在下結論還為時過早，因為大多數地方，即使他們開始放寬避難所，人們也在花時間重返工作崗位。

Our next question is from Phil Winslow with Wells Fargo.

我們的下一個問題來自富國銀行的菲爾溫斯洛。

Two questions, first for Kelly, then one for Eric.

兩個問題，首先是給凱利的，然後是給埃里克的。

Kelly, when you think about retention, that's something that's come up a lot on this call.

凱利，當你考慮留存率時，這就是這次電話會議中經常提到的問題。

What programs do you have in place to make sure that all these users that you've added stick to the platform?

您有哪些程序來確保您添加的所有這些用戶都堅持使用該平台？

Wondering if you can talk us through the programs you've had in place.

想知道您是否可以通過您已經實施的計劃與我們交談。

And then also, Eric, when you think about Zoom Phone in particular, not just retention but also upsell of Zoom Phone, a similar thing.

然後，埃里克，當你特別想到 Zoom Phone 時，不僅僅是留存率，還有 Zoom Phone 的追加銷售，類似的事情。

What is going to be the messaging to customers?

向客戶傳達的信息是什麼？

How do you think about the potential a year from now, 6 months from now, et cetera, attaching a full unified communications suite to that video customer?

您如何看待一年後、6 個月後等，將完整的統一通信套件附加到該視頻客戶的潛力？

Yes.

是的。

So in terms of retention, first of all, for all of our customers, new and existing, we have a great customer success team that is focused on ensuring training, usage adoption happen in all of our customers as well as we are looking for opportunities with our monthly subscribers to put forward offers to them to see if they would like to upgrade to an annual contract that -- helping them evaluate (inaudible) as well.

因此，在保留率方面，首先，對於我們所有的新客戶和現有客戶，我們擁有一支出色的客戶成功團隊，專注於確保我們所有客戶的培訓、使用採用以及我們正在尋找機會與我們的月度訂閱者一起向他們提出要約，看看他們是否願意升級到年度合同，這也有助於他們評估（聽不清）。

So Philip, back to your second question.

那麼菲利普，回到你的第二個問題。

So as I mentioned earlier, we believe the video and voice, those 2 are going to be converged into 1 service.

因此，正如我之前提到的，我們相信視頻和語音，這兩者將融合為一項服務。

We -- our team, we share our vision to our existing installed base.

我們——我們的團隊，我們與現有的客戶群分享我們的願景。

Take Q1 for example.

以 Q1 為例。

One of the very large global pharmaceutical companies, they were our happy Zoom video conferencing customer.

作為非常大的全球製藥公司之一，他們是我們快樂的 Zoom 視頻會議客戶。

In Q1, they deployed Zoom Phone, and which is our largest phone deal, around 18,000 phone licenses, right?

在第一季度，他們部署了 Zoom Phone，這是我們最大的電話交易，大約 18,000 個電話許可證，對吧？

Because they like the one consistent experience, more and more opportunity like that, right?

因為他們喜歡一種一致的體驗，這樣的機會越來越多，對吧？

So call your phone number, one more click, and to [upgrade] video of the same experience, I think there's huge opportunity.

因此，撥打您的電話號碼，再單擊一次，並[升級]相同體驗的視頻，我認為這是一個巨大的機會。

Not to mention a lot of enterprise customers, for now, they still deploy on-prem and PBX version.

更不用說很多企業客戶了，目前，他們還在部署on-prem和PBX版本。

I think this pandemic crisis will help them to accelerate their migration from on-prem to enterprise, will further boost the cloud-based PBX adoption.

我認為這場大流行危機將幫助他們加速從本地到企業的遷移，將進一步推動基於雲的 PBX 的採用。

So we think that's a huge opportunity ahead of us.

因此，我們認為這是擺在我們面前的巨大機會。

The next question is from Pat Walravens with JMP.

下一個問題來自 JMP 的 Pat Walravens。

Great.

偉大的。

And happy birthday, Kelly.

生日快樂，凱利。

Thank you, Pat.

謝謝你，帕特。

So Eric, you started as an enterprise company, but now so many individuals are using Zoom to connect with their friends and their families and their classmates.

所以埃里克，你最初是一家企業公司，但現在有這麼多人使用 Zoom 與他們的朋友、家人和同學聯繫。

When I go to say good night to my daughter at night, I get a lot of, "Daddy, I'm talking to my friends.

當我晚上去和女兒道晚安時，我得到了很多，“爸爸，我在和我的朋友說話。

Come back later." So how is that changing your strategy going forward?

稍後再回來。”那麼這將如何改變您的戰略？

What's your consumer strategy?

你的消費策略是什麼？

I think that's a good question.

我認為這是一個很好的問題。

My kids also use Zoom as well for their online classes.

我的孩子們也使用 Zoom 進行在線課程。

I believe, back to the voice, right, the voice, no matter where you are using your voice, like a phone call, my kids, myself or in office, on the way, in the home, it's the same experience.

我相信，回到聲音，對，聲音，無論你在哪裡使用你的聲音，比如打電話，我的孩子，我自己還是在辦公室，在路上，在家裡，都是一樣的體驗。

Used to be -- we built Zoom only enable knowledge workers or business communication and collaboration.

過去——我們構建的 Zoom 只支持知識工作者或業務溝通和協作。

But now given that video conferencing is going to become a mainstream service, the boundary between the prosumers, the consumers or enterprise customers is not a very clear anymore.

但現在視頻會議將成為主流服務，產消者、消費者或企業客戶之間的界限已經不是很清楚了。

We got to have -- maintain a very consistent experience.

我們必須 - 保持非常一致的體驗。

So that's why a lot of features, we build for enterprise customers can be easily seamlessly used by prosumers, consumers.

這就是為什麼我們為企業客戶構建的許多功能可以輕鬆地被產消者和消費者無縫使用。

However, we got to make sure, right, for enterprise customers, we already have all those security features built in, how to easily let consumers to enable that.

但是，我們必須確保，對於企業客戶，我們已經內置了所有這些安全功能，如何輕鬆地讓消費者啟用它。

This is the challenge we are facing.

這是我們面臨的挑戰。

In terms of opportunity, I do not think we need to have a specific consumer strategy.

在機會方面，我認為我們不需要製定特定的消費者策略。

Our strategy is offer one service.

我們的策略是提供一項服務。

No matter where you are, no matter what you do, no matter which device, it just help you to stay connected.

無論您身在何處，無論您做什麼，無論使用哪種設備，它都能幫助您保持聯繫。

It's more like a infrastructure services.

它更像是一種基礎設施服務。

Not more like an Internet service provider.

不像互聯網服務提供商。

You cannot say, hey, you're using Internet for what, for business collaboration or for consumer.

您不能說，嘿，您使用 Internet 是為了什麼，是為了商業協作還是為了消費者。

It's the same thing now.

現在也是一樣。

That's a huge opportunity.

這是一個巨大的機會。

Yes.

是的。

And Kelly -- if I can ask Kelly a quick question.

還有凱利——如果我可以問凱利一個簡單的問題。

And thank you, Eric.

謝謝你，埃里克。

I know sometimes when you are replacing a competitor and they have an existing contract, you sign up the customer, but then you let them have however many months are left on the competitor's contract for free.

我知道有時當您更換競爭對手並且他們有現有合同時，您與客戶簽約，但隨後您讓他們免費使用競爭對手的合同剩餘幾個月。

When you do that, how do you account for that?

當你這樣做時，你如何解釋？

Does that count as one of your new customers?

這算作您的新客戶之一嗎？

And does that have any impact on billings or RPO?

這對賬單或 RPO 有什麼影響嗎？

So we do count them as a new customer, and under the new revenue standard for 606, the entire revenue gets amortized over the full period, including the free period.

因此，我們確實將他們視為新客戶，並且根據 606 的新收入標準，整個收入將在整個期間攤銷，包括免費期。

Okay.

好的。

Okay.

好的。

And then -- and so would you -- that would go into billings, too, then.

然後 - 你也會 - 那也將進入賬單。

Yes, we do bill them upfront.

是的，我們會預先向他們收費。

[For that portion], it depends on what the period is, but yes, so part of it.

[對於那部分]，這取決於時期是什麼，但是是的，是它的一部分。

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。

Great.

偉大的。

I just wanted to ask a question on -- as you go forward with hiring salespeople, has -- with the influx of new customers, do you change from looking for more gatherers versus hunters?

我只是想問一個問題——當你繼續招聘銷售人員時——隨著新客戶的湧入，你是否會改變尋找更多的採集者而不是獵人？

And just as you look to layer on Zoom Phone, is the channel strategy still as important, or is an overlay sales team kind of more important going forward?

就像您希望在 Zoom Phone 上進行分層一樣，渠道策略是否仍然重要，還是覆蓋銷售團隊在未來更重要？

Yes.

是的。

So on the one hand, for sure, we already doubled down on our sales hiring, right, starting late last year.

因此，一方面，可以肯定的是，我們已經在銷售招聘上翻了一番，對，從去年年底開始。

I think we made a very good progress in Q1 not only for hunters, [BDI], [SDR], account executives with those quota-carrying reps, but also for the phone, right?

我認為我們在第一季度取得了非常好的進展，不僅對於獵人、[BDI]、[SDR]、擁有那些配額代表的客戶主管，而且對於電話來說也是如此，對吧？

So it used to be -- look at our video conference services, primarily driven by our direct sales team.

所以過去是——看看我們的視頻會議服務，主要由我們的直銷團隊推動。

But the phone business is very different.

但電話業務卻大不相同。

That's why we really shift our focus not only for direct sales, but also we embraced our partner program like a master agent and really helped us a lot during the Q1.

這就是為什麼我們真正將重點轉移到直銷上，而且我們像主代理一樣接受我們的合作夥伴計劃，並在第一季度真正幫助了我們很多。

I think we're going to do more and more on partner deals, on channel sales program around our phone business.

我認為我們將在合作夥伴交易、圍繞電話業務的渠道銷售計劃上做更多的事情。

I think the team is working very hard on that.

我認為團隊正在為此努力。

Our next question is from Heather Bellini with Goldman Sachs.

我們的下一個問題來自高盛的 Heather Bellini。

Heather, can you unmute?

希瑟，你能取消靜音嗎？

Right.

正確的。

Sorry about that.

對於那個很抱歉。

Look, I just wanted to say, first of all, thank you for the company and with your steering, acting the way it did over the last few months, which has been just such a trying time for so many.

聽著，我只想說，首先，感謝你們的陪伴，感謝你們的指導，以過去幾個月的方式行事，這對很多人來說都是如此艱難的時刻。

But not only, obviously, did you enable all of us to stay in touch and working, but just being able to still connect with family and friends, so thank you, I think, on behalf of everybody.

但是，很明顯，您不僅使我們所有人都能保持聯繫和工作，而且還能夠與家人和朋友保持聯繫，所以我想，我代表所有人感謝您。

My question has to do with your view -- I mean you've been asked a little bit about the Zoom cross -- Zoom Phone cross-sell opportunity here, and I know you touched on it a little bit already, but I'm interested in, again, a little bit about your vision on how you can expand your offerings given how much broader your customer base is now.

我的問題與你的觀點有關——我的意思是你被問到了一些關於 Zoom 交叉的問題——Zoom Phone 交叉銷售機會在這裡，我知道你已經觸及了一點，但我再次對您對如何擴展產品的願景感興趣，因為您現在的客戶群有多麼廣泛。

So I guess the 2 parts are, what are you seeing in terms of uptake of Zoom Phone?

所以我猜這兩個部分是，你對 Zoom Phone 的使用有什麼看法？

Is there anything you could share with us about penetration rates or the seat count that you're at now or maybe just how you might have seen adoption inflect in the quarter?

您有什麼可以與我們分享的有關滲透率或您現在的座位數的信息，或者您可能如何看到本季度的採用率變化？

So anything around that, just so we could see how that's starting to take off given how many more new customers you've added.

所以圍繞著這個，我們可以看到考慮到你增加了多少新客戶，這種情況是如何開始起飛的。

But also, when you look at this evolving collaboration market, what's next for you all?

而且，當你看到這個不斷發展的協作市場時，你們接下來會做什麼？

Because you have phone, you obviously have video.

因為你有電話，你顯然有視頻。

What -- is -- should we expect a chat service at some point just so we could close the loop on the entire messaging experience?

什麼 - 是 - 我們是否應該期待在某個時候提供聊天服務，以便我們可以關閉整個消息傳遞體驗的循環？

So any thoughts you have there.

所以你有任何想法。

Thank you, Heather.

謝謝你，希瑟。

Maybe, Kelly, if you can address to the phone questions.

也許，凱利，如果你能解決電話問題。

I will answer to the second part of the question.

我將回答問題的第二部分。

So the primary demand and focus of our new customers and expanding customers in Q1 was really ensuring business continuity, and so they were focusing mostly on the video communications platform.

因此，我們的新客戶和擴展客戶在第一季度的主要需求和關注點實際上是確保業務連續性，因此他們主要關注視頻通信平台。

But as our focus for Zoom Phone is to sell into our existing installed base, it now creates a huge opportunity for more sales in Q2 and the rest of this year.

但由於我們對 Zoom Phone 的關注是向我們現有的安裝基礎銷售，它現在為第二季度和今年剩餘時間的更多銷售創造了巨大的機會。

So we're really looking forward to that team having an expanded customer base to sell to.

因此，我們非常期待該團隊擁有擴大的客戶群可供銷售。

Yes.

是的。

So to answer to your second question, look at the video collaboration business, as I mentioned earlier, TAM is bigger.

所以回答你的第二個問題，看看視頻協作業務，正如我之前提到的，TAM 更大。

The phone -- add up the phone, together, I think it's also a huge market.

電話——把電話加起來，我認為這也是一個巨大的市場。

Not to mention, we also have online business.

更不用說，我們還有在線業務。

Online business used to be a small portion of our total net MRR growth.

在線業務過去只占我們總淨 MRR 增長的一小部分。

But now, given the popularity of the videoconferencing, a lot of consumers and prosumers, they all use Zoom for like online happy hour, online learning kitchen class, it can be -- the use cases is much more broad.

但是現在，鑑於視頻會議的普及，很多消費者和產消者都將Zoom用於在線歡樂時光，在線學習廚房課，可以--用例要廣泛得多。

For sure, we can monetize that.

當然，我們可以將其貨幣化。

One thing for sure we know, we are not going to support an advertisement model, right?

我們肯定知道一件事，我們不會支持廣告模型，對吧？

We are not going to support that.

我們不會支持這一點。

We never wanted to sell customer data.

我們從不想出售客戶數據。

So that's something we know for sure.

所以這是我們肯定知道的。

We will not do it.

我們不會這樣做。

However, in terms of how to embrace all kinds of prosumer [to the] use cases, I think there's a lot of ways to monetize.

然而，就如何將各種產消者[to the]用例納入方面，我認為有很多方法可以貨幣化。

Online subscription, this is -- you already see the number.

在線訂閱，這是——你已經看到了這個數字。

It's not -- as we keep the service up, keep the innovation, I think we are getting more and more online buyers as well.

不是——隨著我們保持服務，保持創新，我認為我們也越來越多的在線買家。

So regarding the new services, I think video voice, that's our company DNA.

所以關於新服務，我認為視頻語音是我們公司的 DNA。

In terms of chat message, we also have a built-in chat.

在聊天消息方面，我們還內置了聊天功能。

But also, we really look at everything from a customer perspective.

而且，我們真的從客戶的角度看待一切。

They deployed Slack.

他們部署了 Slack。

This is great.

這很棒。

We have a wonderful integration with Slack.

我們與 Slack 進行了完美的集成。

It is great service.

這是很棒的服務。

And a customer deployed Microsoft Teams.

一位客戶部署了 Microsoft Teams。

We also interoperate -- integrated with Microsoft Teams very well.

我們還可以互操作——與 Microsoft Teams 很好地集成。

And so on some customers, they want to standardize on Zoom platform.

等等一些客戶，他們希望在 Zoom 平台上進行標準化。

Okay, too.

好吧，也是。

Our video voice, we also have a chat built in, right?

我們的視頻語音，我們也有內置的聊天功能，對吧？

So from that perspective, we are taking a very open, flexible approach and look at everything from a customer perspective.

因此，從這個角度來看，我們採取了一種非常開放、靈活的方法，從客戶的角度看待一切。

But overall, we are being laser focused on video and voice, enterprise business and consumer, prosumer as well.

但總的來說，我們正專注於視頻和語音、企業業務和消費者，以及專業消費者。

Thank you, Heather.

謝謝你，希瑟。

Next question is from Walter Pritchard with Citi.

下一個問題來自花旗的 Walter Pritchard。

Question for Kelly.

凱利的問題。

Wondering if you could -- you can hear me?

想知道你能不能——你能聽到我的聲音嗎？

Yes.

是的。

Okay.

好的。

I'm wondering if you could help us understand, on the churn side, obviously, unprecedented demand for those under 10 employee monthly-type customers.

我想知道您是否可以幫助我們了解，在流失方面，顯然，對於 10 名以下員工的月度型客戶來說，這是前所未有的需求。

Any order of magnitude you can put around the sort of churn versus what it's been historically that you're thinking about in the forecast?

與您在預測中考慮的歷史數據相比，您可以將這種流失率放在任何數量級上？

And then I had one follow-up.

然後我進行了一次跟進。

Yes.

是的。

All I would say is that we're taking a very conservative approach assuming that the historic norms don't necessarily apply to this new cohort, both from the magnitude as well as the potential around economic uncertainty.

我想說的是，我們採取了一種非常保守的方法，假設歷史規範不一定適用於這個新的群體，無論是從規模上還是從經濟不確定性的潛力來看。

So we -- we're -- the way we're forecasting it is using multiples of the historic churn rates.

所以我們——我們是——我們預測它的方式是使用歷史流失率的倍數。

And then maybe as you get into the -- obviously, next quarter is going to be just sort of more of what you had this quarter in terms of a full quarter of all the business.

然後也許當你進入 - 顯然，下個季度將比你本季度的所有業務的整個季度更多。

But as you think about the quarters beyond that, how do you think about just a sustainable level of new customer adds?

但是當您考慮除此之外的季度時，您如何看待新客戶增加的可持續水平？

I mean do you feel like what's happened here has pulled forward multiple years of demand?

我的意思是你覺得這裡發生的事情已經推動了多年的需求？

Or do you think it has opened up awareness so much to what you do that you could actually see higher levels of new customer adds as we get past this big bump up that we've seen with COVID?

或者您是否認為它已經大大提高了您對您所做工作的認識，以至於您實際上可以看到更高水平的新客戶添加，因為我們已經克服了我們在 COVID 中看到的這個巨大的增長？

Yes.

是的。

I mean we certainly have seen a lot of pipeline creation in the quarter in both Q1 and in early Q2.

我的意思是，我們當然在第一季度和第二季度初都看到了本季度的大量管道創建。

So that's been positive to see.

所以這是積極的。

And remember that our selling strategy around Zoom Phone as well as Zoom Rooms is to sell into our existing customer base.

請記住，我們圍繞 Zoom Phone 和 Zoom Rooms 的銷售策略是向我們現有的客戶群銷售。

So this just creates a whole new opportunity around those future products and selling those products in the future as well.

因此，這只會為這些未來產品創造一個全新的機會，並在未來銷售這些產品。

The next question is from Zane Chrane with Bernstein.

下一個問題來自 Zane Chrane 和 Bernstein。

I'm wondering, how do you think about balancing the data security and privacy concerns versus ease of use?

我想知道，您如何看待數據安全和隱私問題與易用性之間的平衡？

It seems like that's always a balancing act where if you lean too far one way or the other, you're going to upset one type of customer.

似乎這始終是一種平衡行為，如果您以一種或另一種方式傾斜得太遠，就會使一種類型的客戶感到不安。

And that becomes even more complex now that you're heavily moving into the consumer space.

既然您正在大量進入消費者領域，這變得更加複雜。

How do you balance that kind of from a technological and user interface perspective?

您如何從技術和用戶界面的角度平衡這種情況？

And then I have one follow-up to that.

然後我有一個後續行動。

Yes.

是的。

Yes, thank you.

是的，謝謝。

This is a great question.

這是一個很好的問題。

So our service was built for serving enterprise customers, and we have all kinds of security features built in.

因此，我們的服務是為服務企業客戶而構建的，並且我們內置了各種安全功能。

Normally, we're working together with the enterprise IT team, right, to develop our service from a security perspective.

通常，我們會與企業 IT 團隊合作，從安全的角度來開發我們的服務。

And they are going to enable or disable those security features and we have an official onboarding process.

他們將啟用或禁用這些安全功能，我們有一個正式的入職流程。

We really understand how that process works.

我們真的了解這個過程是如何運作的。

And however, doing this pandemic crisis, we have lots of first time users.

然而，在這場大流行危機中，我們有很多初次使用的用戶。

As a CEO, I think I should have done better job.

作為首席執行官，我認為我應該做得更好。

The reason why, not only do we offer our service but also we should play a role of IT for those first-time users.

原因在於，我們不僅要提供服務，還要為那些初次使用的用戶扮演 IT 的角色。

In terms of enabling [password] and meeting room or (inaudible), a lot of features, we -- this is a mistake I made.

在啟用 [密碼] 和會議室或（聽不清）很多功能方面，我們 -- 這是我犯的一個錯誤。

So we learned a hard lesson.

所以我們吸取了慘痛的教訓。

And that's why I say, when we look at enterprise customers and consumers, there's a little bit of different, obviously, philosophy.

這就是為什麼我說，當我們觀察企業客戶和消費者時，顯然存在一些不同的理念。

For enterprise customers, just to keep any other secure features.

對於企業客戶，只是為了保留任何其他安全功能。

However, for prosumers, it's different.

然而，對於專業消費者來說，情況就不同了。

Sometimes -- you're so right -- whenever there is a trigger of conflict, that's why we doubled down our security team.

有時——你說得對——只要有衝突的觸發因素，這就是我們加倍安全團隊的原因。

We wanted to leverage this opportunity, to completely transform our business to be the most secure solution.

我們想利用這個機會，將我們的業務徹底轉變為最安全的解決方案。

However, if there is a conflict between the privacy, security versus the usability, I think privacy, security is more important than usability.

但是，如果隱私、安全與可用性之間存在衝突，我認為隱私、安全比可用性更重要。

Like 3 clicks, yes, customer may not like it.

喜歡 3 次點擊，是的，客戶可能不喜歡它。

They want 2 clicks.

他們想要 2 次點擊。

But if there's a privacy issue, yes, we still want to have 3 clicks.

但如果存在隱私問題，是的，我們仍然希望點擊 3 次。

So that's why, however -- and we do have a team who will review every use case, every -- the feature.

這就是為什麼——我們確實有一個團隊會審查每個用例，每個——功能。

We wanted to make sure -- focus on the privacy, security; at the same time, do all we can, don't lose the ease of use.

我們想確保——專注於隱私、安全；同時，盡我們所能，不要失去易用性。

That's also critical.

這也很關鍵。

So that's why we hired a lot of security researchers, engineers to make sure, on the one hand, we are very secure and safe to use; on the other hand, also how to balance.

所以這就是為什麼我們僱傭了很多安全研究人員、工程師來確保，一方面，我們非常安全和安全使用；另一方面，也要如何平衡。

This is an ongoing effort.

這是一項持續的努力。

We are committed.

我們承諾。

Very helpful.

非常有幫助。

And just a quick follow-up to what Heather was asking.

只是對希瑟所問的問題進行了快速跟進。

She mentioned chat.

她提到了聊天。

I've been thinking, is there an opportunity for embedding more cloud-based storage or file sharing to enable more real-time collaboration and file sharing or editing while on a Zoom call?

我一直在想，是否有機會嵌入更多基於雲的存儲或文件共享，以便在 Zoom 通話時實現更多的實時協作和文件共享或編輯？

Is that something you guys have considered?

這是你們考慮過的嗎？

Or -- I know you have a partnership with Dropbox.

或者——我知道您與 Dropbox 有合作關係。

Is this something that would maybe make sense to build out yourself or even acquire some capability along those lines?

這對於建立自己甚至獲得一些能力來說可能有意義嗎？

Yes, good question.

是的，好問題。

So yes, we already announced the partnership with Dropbox before, recently also partnership with Box as well with a seamless integration.

所以，是的，我們之前已經宣布與 Dropbox 合作，最近還與 Box 合作以及無縫集成。

We also support Microsoft Drive, Google Drive as well.

我們還支持 Microsoft Drive、Google Drive。

Essentially within the meeting interface, you want to share the files from those cloud providers.

基本上在會議界面中，您希望共享來自這些雲提供商的文件。

I think, overall, we focus on the customer experience.

我認為，總的來說，我們專注於客戶體驗。

As I mentioned earlier, our video and voice is still very critical to our business in the future.

正如我之前提到的，我們的視頻和語音對我們未來的業務仍然非常關鍵。

So for now, we just want to integrate, interoperate with other best-of-breed service providers.

因此，目前，我們只想與其他同類最佳的服務提供商集成、互操作。

Our next question is from Bhavan Suri with William Blair.

我們的下一個問題來自 Bhavan Suri 和 William Blair。

I just have one.

我只有一個。

It's really around competition, right?

這真的是圍繞競爭，對吧？

In last few months, given your success and given COVID, we've seen Blue Jeans being acquired, Pexip IPO.

在過去的幾個月裡，鑑於您的成功和 COVID，我們看到 Blue Jeans 被收購，Pexip 首次公開募股。

RingCentral announced their own video solution.

RingCentral 宣布了他們自己的視頻解決方案。

I'd love to understand -- none of these actually imply anything immediately material in the competitive environment, but obviously, investments are playing out in that environment.

我很想理解——這些實際上都沒有在競爭環境中暗示任何直接重要的東西，但顯然，投資正在那個環境中發揮作用。

I'd love to think about how do you think about navigating through this and differentiating.

我很想考慮一下您如何看待導航和差異化。

Obviously, the scale you have is a differentiator.

顯然，您擁有的規模是一個差異化因素。

But how do you think about the competitive technology differentiation in the space?

但是您如何看待該領域的競爭性技術差異化？

I'd love to, Eric, get your thoughts around that.

埃里克，我很想听聽你的想法。

Yes.

是的。

So sorry, I lost for several seconds, pressed wrong button, left the meeting by accident.

很抱歉，我輸了幾秒鐘，按錯了按鈕，不小心離開了會議。

Sorry.

對不起。

I know maybe I did, too.

我知道也許我也做過。

But did you hear it or -- it was around competitive environment, around RingCentral introducing video.

但是你聽到了嗎，或者 - 它圍繞著競爭環境，圍繞著 RingCentral 介紹視頻。

It's around Pexip.

它在 Pexip 附近。

How do you think about the competitive environment?

您如何看待競爭環境？

Has it changed, and how do you navigate it?

它是否發生了變化，您如何瀏覽它？

Yes.

是的。

So if you look at the competitive landscape, I think this pandemic crisis does not change anything, and we're still laser focused on the video and also we have a phone service.

因此，如果您看一下競爭格局，我認為這場大流行危機不會改變任何事情，我們仍然專注於視頻，而且我們有電話服務。

Take -- for sure, the market opportunity is much bigger than before now, right?

採取 - 可以肯定的是，市場機會比以前大得多，對吧？

You take RingCentral for example, and they were focusing on the phone service.

以 RingCentral 為例，他們專注於電話服務。

We focused on video.

我們專注於視頻。

We added a cloud with PBX.

我們添加了一個帶有 PBX 的雲。

They added a phone -- they added a video conferencing.

他們增加了一部電話——他們增加了一個視頻會議。

We were a good partner before.

我們以前是很好的合作夥伴。

For now the market is bigger.

目前市場更大。

I would say any competition is always good for consumers, right?

我想說任何競爭總是對消費者有利，對吧？

And if there's no competitors, that's not [any use].

如果沒有競爭對手，那就沒有[任何用途]。

So we are okay.

所以我們沒事。

So we do everything from an end user perspective.

所以我們從最終用戶的角度做所有事情。

Our next question is from Ryan MacWilliams with Stephens.

我們的下一個問題來自 Ryan MacWilliams 和 Stephens。

So I attended a Zoom wedding last month, and it went great.

所以我上個月參加了一場 Zoom 婚禮，結果很好。

And my own wedding in September might be over Zoom, so I just want to say thank you for providing a back-up plan there.

而我自己在 9 月份的婚禮可能已經結束了 Zoom，所以我只想說謝謝你在那裡提供了一個後備計劃。

Really a standout quarter, and congrats on execution.

真的是一個出色的季度，並祝賀執行。

For Kelly, for the second quarter, would you expect new recurring revenue added in the second quarter to be above the recurring revenue added in the fourth quarter of last year?

對於凱利，對於第二季度，您是否預計第二季度新增的經常性收入將高於去年第四季度增加的經常性收入？

I just have one follow-up.

我只有一個跟進。

New recurring revenue in Q2 to be greater than Q4?

第二季度的新經常性收入會大於第四季度嗎？

Yes, based on the outlook, I think that it will increase.

是的，根據前景，我認為它會增加。

The historicals in [revenue].

[收入]的歷史。

It is an increase over what it would be as compared to Q4, yes.

是的，與第四季度相比，這比第四季度有所增加。

Perfect.

完美的。

Yes.

是的。

I mean I can't really compare it to the last quarter.

我的意思是我無法將其與上一季度進行比較。

And then, Eric, just on -- and drafting off Bhavan's last question.

然後，Eric，開始 - 並起草 Bhavan 的最後一個問題。

You mentioned in your comments that enterprise communications continues to be a fragmented market, low overall cloud penetration rate.

您在評論中提到，企業通信仍然是一個分散的市場，整體雲普及率較低。

But with both competitors and customers now trending towards 1 platform for cloud video and voice, over the next few years, do you see this market consolidating around maybe 1 to 2 competitors for enterprise communications?

但是，隨著競爭對手和客戶現在都趨向於雲視頻和語音的 1 個平台，在接下來的幾年中，您是否認為這個市場可能會在企業通信領域合併大約 1 到 2 個競爭對手？

Yes.

是的。

It's too early to tell, but overall, I truly believe the best-of-breed service provider will survive and thrive because customer -- when it comes to video and voice, you've got to make it work anytime, everywhere, right, any device.

現在說還為時過早，但總的來說，我真的相信一流的服務提供商會生存下來並茁壯成長，因為客戶——當涉及到視頻和語音時，你必須讓它隨時隨地工作，對，任何設備。

It's not that easy.

那並沒那麼簡單。

Otherwise, the reason why in this pandemic crisis customers trust Zoom, to use Zoom, because it just works and the quality and a lot of innovations.

否則，在這場大流行危機中，客戶之所以信任 Zoom、使用 Zoom，是因為它確實有效、質量和許多創新。

And that's why I think video to voice, it's not that easy.

這就是為什麼我認為視頻到語音，這並不容易。

It can be the basic service with all the basic features, okay.

它可以是具有所有基本功能的基本服務，好吧。

But to make it work in 7x24 with no any outages and also focus on innovation, it's not that straightforward.

但要使其在 7x24 中無任何中斷地工作並專注於創新，這並不是那麼簡單。

And that's why I think as long as we keep working harder, really listen to our customers to be the first vendor understand their pain point, understand their use case, to be the first vendor to come up with a solution.

這就是為什麼我認為只要我們繼續努力，真正傾聽我們的客戶，成為第一個了解他們的痛點，了解他們的用例的供應商，成為第一個提出解決方案的供應商。

Even if we have so many competitors, I think we are okay because, again, this is a huge market opportunity, right?

即使我們有這麼多競爭對手，我認為我們還可以，因為這又是一個巨大的市場機會，對吧？

So we may not kind of serve for every customer, but as long as we keep listening to our customers, keep the innovation, I think we should be okay.

所以我們可能不會為每個客戶服務，但只要我們不斷傾聽客戶的意見，不斷創新，我認為我們應該沒問題。

Our next question is from James Fish with Piper.

我們的下一個問題來自 James Fish 和 Piper。

Kelly, happy birthday.

凱莉，生日快樂。

I'd agree that June 2 is the best day of the year in my humblest of opinions.

我同意 6 月 2 日是我最謙虛的一年中最好的一天。

You guys talk about churn in the second half of the year.

你們談論下半年的客戶流失。

I think you can look at sort of some verticals like education or some of the consumer additions that you guys had in the quarter as potentially not sustainable in terms of that 300 million users.

我認為你可以看看一些垂直行業，比如教育或你們在本季度擁有的一些消費者增加，就 3 億用戶而言可能不可持續。

How should we think about that 300 million user number in terms of (inaudible) added in and education, for example?

例如，我們應該如何考慮（聽不清）添加和教育方面的 3 億用戶數量？

Sorry, James, can you just repeat the last part of that?

對不起，詹姆斯，你能重複一下最後一部分嗎？

How should we think about the 300 million user number in what?

我們應該如何看待這3億用戶數在哪？

Just curious where you think that 300 million user count is actually -- what number is actually sustainable within the current customer base?

只是好奇您認為 3 億用戶數量實際上在哪裡——在當前客戶群中實際可持續的數字是多少？

So I just want to clarify that 300 million is daily participants, both free and paid.

所以我只想澄清一下，每天有 3 億參與者，包括免費和付費。

So that was the peak that we saw in April.

這就是我們在四月份看到的高峰。

It has come down a little bit in May on average.

平均而言，它在 5 月份有所下降。

But we still continue to see a high level of usage of both free and paid users.

但我們仍然繼續看到免費和付費用戶的高使用率。

So I think, certainly, over the long term, we expect it to grow beyond that 300 million number.

所以我認為，當然，從長遠來看，我們預計它會增長到超過 3 億的數字。

Yes, got it.

是的，明白了。

By the way, James, those 300 million meeting participant is -- that's just a meeting participant.

順便說一句，詹姆斯，那 3 億會議參與者是——那隻是一個會議參與者。

It's not -- that number is not unique.

它不是——這個數字不是唯一的。

If you join 5 times, they will become 5, right, and from free users or paid users.

如果你加入 5 次，他們將變成 5 次，對，並且來自免費用戶或付費用戶。

Yes.

是的。

Yes.

是的。

Totally understand.

完全明白。

And then just a quick follow-up.

然後只是快速跟進。

It's the eighth quarter in a row of plus 130% net renewal rate.

這是連續第八個季度淨續訂率增加 130%。

But could we get more color there as to how much stronger this quarter was from an upsell rate compared to the past few quarters?

但是，與過去幾個季度相比，本季度的追加銷售率有多強，我們能否獲得更多的色彩？

Yes.

是的。

We've committed to providing the metric of being greater than 130% just because it's (inaudible) bounces around period to period, and we don't want you to read too much into that.

我們承諾提供大於 130% 的指標，只是因為它（聽不清）在一段時間內反彈，我們不希望您對此進行過多解讀。

So that's the guidance that we're going to provide today.

這就是我們今天要提供的指導。

Our next question is from Ittai Kidron with Oppenheimer.

我們的下一個問題來自奧本海默的 Ittai Kidron。

Great quarter and happy birthday, Kelly.

偉大的季度和生日快樂，凱利。

Fantastic.

極好的。

I had a couple of questions.

我有幾個問題。

First, on Global 2000, you talked about how it grew 200% quarter-over-quarter.

首先，在全球 2000 強中，您談到了它如何環比增長 200%。

Those are generally very sophisticated organizations with a lot of IT dollars, and they move very quickly.

這些通常是非常成熟的組織，擁有大量的 IT 資金，而且他們行動非常迅速。

I guess my question is, is the penetration rate with meetings at that point -- at this point, pretty much at 80% to 90% with that customer base?

我想我的問題是，當時會議的滲透率是否——在這一點上，該客戶群的滲透率幾乎達到了 80% 到 90%？

Have we fully explored with the ones that have purchased with you, are they already where they need to be given how fast they can usually move?

我們是否與與您一起購買的人進行了充分探索，他們是否已經在需要給予他們通常能夠以多快的速度移動的地方？

And then the second question relates to phones.

然後第二個問題與手機有關。

Kelly, you mentioned that -- regarding a previous question on phones that a lot of the focus has been on video right now, but you see that as an upcoming expansion opportunity going forward.

凱利，你提到過——關於之前關於手機的一個問題，現在很多焦點都放在視頻上，但你認為這是一個即將到來的擴張機會。

I guess the question is, considering the environment, is the environment helpful in accelerating phone adoption or perhaps the other way around?

我想問題是，考慮到環境，環境是否有助於加速手機的採用，或者反過來呢？

[Are you finding] organizations are looking to cut on spend?

[您是否發現] 組織正在尋求削減開支？

They already have an established phone system and everybody is using their cell phones from home, I guess, at this point.

他們已經建立了電話系統，我猜現在每個人都在家中使用手機。

Is phones something that can get a boost from COVID as well given that it's not walking into a vacuum?

鑑於手機不會進入真空狀態，手機是否也可以從 COVID 中得到提振？

Every company has a phone system, whereas very few have very broad adoption of video.

每家公司都有電話系統，而很少有公司非常廣泛地採用視頻。

Okay.

好的。

So in terms of your first question around penetration of the Global 2K, that isn't a metric that we specifically disclose.

因此，就您關於 Global 2K 滲透率的第一個問題而言，這不是我們具體披露的指標。

But the good news is, is that it's not as high as you threw out there.

但好消息是，它沒有你扔出去的那麼高。

So we still have lots of opportunity to grow in that segment today even with the significant growth that we saw quarter-over-quarter.

因此，即使我們看到季度環比增長顯著，今天我們仍然有很多機會在該領域增長。

And then in terms of the phone, I think given the land and expand strategy and the significant increase we saw in new customers this quarter, we think there is a lot of opportunity ahead and that phone -- we talked about this probably before, but phone seems to really be the last area of IT that has been taken to the cloud.

然後在手機方面，我認為考慮到土地和擴張戰略以及本季度我們在新客戶中看到的顯著增長，我們認為未來還有很多機會和手機——我們之前可能討論過這個問題，但是手機似乎真的是最後一個被帶到雲端的 IT 領域。

And as people have adopted more of Zoom and they come to trust and rely on the ease of use and the reliability of the platform, phone is just the next natural step for them to take.

隨著人們越來越多地採用 Zoom，他們開始信任並依賴該平台的易用性和可靠性，電話只是他們自然而然要採取的下一個步驟。

So we're really excited about that opportunity and don't believe that the COVID pandemic to be an inhibitor to that.

因此，我們對這個機會感到非常興奮，並且不認為 COVID 大流行會阻礙這一點。

So Kelly, right on.

所以凱利，馬上。

So it had -- to add on to what Kelly said.

所以它必須 - 補充凱利所說的話。

If you look at it as a separate service, you're so right.

如果您將其視為一項單獨的服務，那您是對的。

Especially during this pandemic, I have a cell phone number, why do I need to deploy another service?

尤其是在這次疫情期間，我有一個手機號，為什麼還要部署另一個服務？

Do not make any sense.

沒有任何意義。

However, if you think the phone is part of video, that phone and video are the same thing, the same service, you will know that, and the growth will follow as well.

但是，如果您認為手機是視頻的一部分，那麼手機和視頻是同一個東西，同一個服務，您就會知道這一點，並且增長也會隨之而來。

This is our vision.

這是我們的願景。

We think of phone and voice the same thing.

我們認為電話和語音是同一回事。

The same product, same service, same back end, same experience.

同樣的產品，同樣的服務，同樣的後台，同樣的體驗。

That's why we see the huge opportunity.

這就是為什麼我們看到了巨大的機會。

If you want to sell a phone service as a separate service that's not in a video -- not a part of videoconference service, you are so right.

如果您想將電話服務作為不在視頻中的單獨服務出售 - 不屬於視頻會議服務的一部分，那麼您是對的。

There's no reason for us to deploy a separate service.

我們沒有理由部署單獨的服務。

Just the same phone number.

只是同一個電話號碼。

What's the point, right?

有什麼意義，對吧？

That's why I think we have a huge opportunity because our architecture, because of the phone and Zoom video are the same service.

這就是為什麼我認為我們有巨大的機會，因為我們的架構，因為電話和 Zoom 視頻是相同的服務。

So that's a very different [play].

所以這是一個非常不同的[遊戲]。

Next question comes from Will Power with Baird.

下一個問題來自 Will Power 和 Baird。

I wondered if we could drill down a bit into the education segment, either in terms of revenue or paid users.

我想知道我們是否可以在收入或付費用戶方面深入研究教育領域。

Was hoping you'd give us some context on how you're thinking about education in the second half of the year as we get back to school.

希望你能給我們一些背景信息，讓我們了解你在我們回到學校後對下半年教育的看法。

Obviously, there's still a lot of uncertainties around that.

顯然，這方面仍有很多不確定性。

And I guess the other part to that is are there any learnings from some of these countries where they've gone back to school in terms of usage, whether South Korea or elsewhere.

而且我想另一部分是從這些國家中的一些國家（無論是韓國還是其他地方）在使用方面已經回到學校的任何學習。

So we don't break out the specific revenue by vertical.

所以我們不按垂直細分具體的收入。

But what I can tell you is that, from a growth perspective, education was the [second] highest vertical with growth on a quarter-over-quarter basis.

但我可以告訴你的是，從增長的角度來看，教育是第二高的垂直領域，環比增長。

So we saw very strong execution and demand there.

因此，我們在那裡看到了非常強勁的執行力和需求。

And looking forward, as a reminder, many universities and schools have announced that they are potentially hosting all of their classes in the fall remotely, so we expect that demand to be strong even as we see certain (inaudible) easing their restrictions of shelter in place.

展望未來，提醒一下，許多大學和學校已經宣布他們可能會在秋季遠程託管所有課程，因此我們預計即使我們看到某些（聽不清）放寬他們在地方。

Yes.

是的。

By the way, we offer free service to more than 100,000 K-12 schools around the globe.

順便說一句，我們為全球超過 100,000 所 K-12 學校提供免費服務。

And I think you're so right.

我認為你是對的。

After the summer, are they going to keep using Zoom for online classes or what we should do?

暑假過後，他們是要繼續使用 Zoom 進行在線課程還是我們應該怎麼做？

I think that's -- yes, we are going to work on that.

我認為那是——是的，我們將努力解決這個問題。

For now, we just to help those K-12 schools.

目前，我們只是幫助那些 K-12 學校。

And of course our -- primarily, we focus on the high ed before, and now we have more and more K-12 schools.

當然，我們的 - 主要是，我們以前專注於高等教育，現在我們有越來越多的 K-12 學校。

That's a very different game.

那是一個非常不同的遊戲。

Our final question then will be from Tom Roderick with Stifel.

我們的最後一個問題將來自 Stifel 的 Tom Roderick。

Yes.

是的。

There we go.

我們去吧。

We'll get the mute off.

我們會關掉靜音器。

I appreciate it.

我很感激。

So I guess the question, a lot have been -- a lot of the questions have been asked on the top line.

所以我猜這個問題已經很多了——很多問題都被問到了。

But you had to scale up massively in a way that, 90 days ago, we couldn't possibly have expected this.

但是你必須以一種 90 天前我們不可能預料到的方式大規模擴大規模。

You started to see a little bit of this in China and perhaps even at the time of the last call, Europe.

你開始在中國看到一點這種情況，甚至可能在最後一次通話時，歐洲。

So you had some awareness, but Kelly, even at that time, you were talking about gross margins in the 80% range.

所以你有一些意識，但凱利，即使在那個時候，你也在談論 80% 範圍內的毛利率。

Can you just talk a little bit more about what you did and how you managed to scale that business up so quickly?

你能多談談你做了什麼，以及你是如何迅速擴大業務的嗎？

And then would love to hear just about the elasticity of that going forward, to the extent that some of the monthly users do churn.

然後很想听聽未來的彈性，以至於一些月度用戶確實流失了。

Do you have the ability -- and this may actually interact with the Oracle partnership that was announced in late April.

你有能力嗎？這實際上可能與 4 月下旬宣布的甲骨文合作夥伴關係互動。

I would love to just hear a little bit more about that, the ability to scale up and scale down and how quickly you can do that.

我很想听到更多關於這一點的信息，擴大和縮小規模的能力，以及你能多快做到這一點。

Yes.

是的。

So first of all, I think huge thanks and credit to the entire employee base of Zoom.

因此，首先，我非常感謝和感謝 Zoom 的整個員工群。

Many of them worked extended hours and lots of weekends to support our customers and this increased demand.

他們中的許多人延長工作時間和大量週末來支持我們的客戶和增加的需求。

Also, huge thanks, as Eric mentioned, to many of our partners as well who helped us scale up as we saw this unprecedented -- and it was difficult to forecast the expansion in our capacity that was needed.

此外，正如 Eric 所提到的，非常感謝我們的許多合作夥伴以及在我們看到這一史無前例的情況下幫助我們擴大規模 - 並且很難預測我們所需的產能擴張。

In terms of the ability to scale up, what we're focused on, of course, is we were -- like in gross margins, focusing on adding in the public cloud, and over time, we'll start to add more capacity in our colos to start to moderate that gross margin impact a little bit as well as in other areas of the business, we scaled up with third-party resources to help us.

就擴展能力而言，我們關注的當然是——比如毛利率，專注於添加公共雲，隨著時間的推移，我們將開始在我們的 colo 開始稍微緩和對毛利率的影響，以及在其他業務領域，我們擴大了第三方資源來幫助我們。

And over time, we'll look to backfill those with direct employees, which is more cost effective but helped us get through this unprecedented increase in demand.

隨著時間的推移，我們將尋求直接聘用員工，這更具成本效益，但幫助我們度過了前所未有的需求增長。

And also, Tom, during this pandemic crisis, our top priority is to show our corporate social responsibility.

而且，湯姆，在這場大流行危機期間，我們的首要任務是展示我們的企業社會責任。

Essentially, we do all we can to help people stay connected at no cost.

從本質上講，我們盡我們所能幫助人們免費保持聯繫。

We even now look at, "Hey, if you had several thousand servers, what's the cost look like?" "No, don't worry about that." This is time to help people stay connected.

我們現在甚至在看，“嘿，如果你有幾千台服務器，成本是多少？” “不，不用擔心這個。”現在是幫助人們保持聯繫的時候了。

But down the road, after the pandemic crisis, it's sort of ended soon, I think for sure, we are going to go back to our -- the gross margin focus.

但是，在大流行危機之後，它很快就會結束，我認為可以肯定的是，我們將回到我們的毛利率焦點。

Yes.

是的。

Eric, do you have any final closing remarks before we turn off the webinar?

Eric，在我們關閉網絡研討會之前，你有什麼最後的結束語嗎？

Yes.

是的。

I want to say is thank you all.

我想說的是謝謝大家。

Thank you, everybody, Zoom employees.

謝謝大家，Zoom 員工。

Thank you all the users, customers.

感謝所有的用戶，客戶。

Thank you for your trust.

感謝您的信任。

Thank you for our shareholders.

感謝我們的股東。

And we will do all we can to truly deliver happiness to you.

我們將盡我們所能真正為您帶來幸福。

We will not let you down.

我們不會讓您失望的。

Thank you for your support and truly appreciate it.

感謝您的支持，並衷心感謝。