Zoom Communications Inc (ZM) 2022 Q4 法說會逐字稿

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

大家好，歡迎來到 Zoom 2022 財年第四季度財報發布。我想提醒大家這個電話正在錄音。

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

在這個時候，我想把它交給投資者關係主管湯姆麥卡勒姆。

Thank you, Kelcey.

謝謝你，凱爾西。

Hello everyone, and welcome to Zoom's earnings video webinar for the fourth quarter and full year of FY22. I'm joined today by Zoom's Founder and CEO, Eric Yuan; and Zoom's CFO, Kelly Steckelberg.

大家好，歡迎觀看 Zoom 第四季度和 22 財年全年的收益視頻網絡研討會。今天，Zoom 的創始人兼首席執行官 Eric Yuan 加入了我的行列；和 Zoom 的首席財務官 Kelly Stekelberg。

Our earnings press release was issued today after the market closed and may be downloaded from the Investor Relations page at investors.zoom.com. Also on this page, you'll be able to find a copy of today's prepared remarks and a slide deck with financial highlights that, along with our earnings 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，您還可以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, including statements regarding our financial outlook for the first quarter and full year 2023, our expectations regarding financial and business trends, our market position, opportunities, growth strategy and business aspirations, product initiatives and the expected benefits of such initiatives and our stock repurchase program.

在本次電話會議期間，我們將發表前瞻性陳述，包括關於我們 2023 年第一季度和全年財務展望的陳述、我們對財務和業務趨勢的預期、我們的市場地位、機會、增長戰略和業務願景、產品計劃和此類舉措和我們的股票回購計劃的預期收益。

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

這些陳述只是基於我們今天所相信的預測，實際結果可能存在重大差異。這些前瞻性陳述受可能影響我們業績和財務業績的風險和其他因素的影響，我們在提交給 SEC 的文件中詳細討論了這些因素，包括我們的 10-K 表格年度報告和 10-K 表格季度報告-問。 Zoom 不承擔更新我們在今天的網絡研討會上所做的任何前瞻性陳述的義務。

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

有了這個，讓我把討論交給 Eric。

Thank you, Tom.

謝謝你，湯姆。

Before I begin, I want to welcome Bill McDermott, CEO of ServiceNow, who will join our Board of Directors tomorrow. I look forward to working together with Bill, a visionary in the technology space, and a successful software executive. I'd also like to thank Bart Swanson, who is stepping down from our Board of Directors tomorrow, for his years of service on our Board. And I wish him the best in his future endeavors.

在開始之前，我想歡迎 ServiceNow 的首席執行官 Bill McDermott，他明天將加入我們的董事會。我期待與技術領域的遠見者和成功的軟件主管比爾一起工作。我還要感謝 Bart Swanson，他將於明天從我們的董事會辭職，感謝他多年來為我們的董事會服務。我祝愿他在未來的努力中一切順利。

Let me also thank our global Zoom team, customers, partners and investors for their support as we celebrate the 10-year anniversary of our inception and the 3-year anniversary of our IPO.

我還要感謝我們的全球 Zoom 團隊、客戶、合作夥伴和投資者在我們慶祝成立 10 週年和 IPO 3 週年之際的支持。

Now I'd like to share with you 3 key pillars of the Zoom strategy, which we are building out to drive our future growth. The first pillar is really about being a full unified communications platform. We made enormous strides over the past several years, evolving from a meetings company into a multiproduct platform, including video conferencing events, chat on phone and more. The missing piece was the contact center. That was until our announcement last week. More on that in a moment.

現在，我想與您分享 Zoom 戰略的 3 個關鍵支柱，我們正在構建這些支柱以推動我們未來的增長。第一個支柱實際上是關於成為一個完整的統一通信平台。在過去的幾年裡，我們取得了長足的進步，從一家會議公司發展成為一個多產品平台，包括視頻會議活動、電話聊天等等。缺少的部分是聯絡中心。直到我們上周宣布。稍後會詳細介紹。

The second pillar is hybrid work. Because we believe hybrid work is going to become more flexible and less about the location. So no matter where you are, office, traveling or home, Zoom wants to make sure you have a consistent experience. Whether with Zoom Rooms or on a Zoom-connected device, we want to make sure you are part of the conversation and able to collaborate anywhere and everywhere.

第二個支柱是混合工作。因為我們相信混合工作將變得更加靈活，並且對位置的影響越來越小。因此，無論您身在何處，辦公室、旅行或家中，Zoom 都希望確保您獲得一致的體驗。無論是使用 Zoom Rooms 還是在連接 Zoom 的設備上，我們都希望確保您成為對話的一部分，並且能夠隨時隨地進行協作。

The third pillar is the business workflows and how we leverage our API marketplace, our Zoom Apps and our SDK. Many technology companies tell me that they want to integrate Zoom into their platform to improve the communication and collaboration experience for their customers. For instance, we recently announced a Zoom-DocuSign integration. This will allow customers to review a document during a Zoom Meeting and approve it as part of a simple bidirectional business workflow. We are in the early innings of this transformation of work and communication. We believe there is a massive opportunity, and we plan to address it with the same level of innovation, scalability and simplicity that has made Zoom the trusted platform for hundreds of thousands of businesses around the world.

第三個支柱是業務工作流程以及我們如何利用我們的 API 市場、我們的 Zoom 應用程序和我們的 SDK。許多科技公司告訴我，他們希望將 Zoom 集成到他們的平台中，以改善客戶的溝通和協作體驗。例如，我們最近宣布了 Zoom-DocuSign 集成。這將允許客戶在 Zoom 會議期間查看文檔，並將其作為簡單的雙向業務工作流程的一部分進行批准。我們正處於這種工作和溝通轉變的早期階段。我們相信這是一個巨大的機會，我們計劃以相同水平的創新、可擴展性和簡單性來解決它，這使 Zoom 成為全球數十萬企業的可信賴平台。

As a key part of our UC stack, I'm super excited about the announcement we made last week. We announced the general availability of Zoom Contact Center, an omnichannel customer-engagement solution that is optimized for video and integrated right into the Zoom client. It brings unified communications together with modern contact center capabilities, helps customers connect over video and also support channels like a voice, SMS and a web chat.

作為我們 UC 堆棧的關鍵部分，我對我們上週發布的公告感到非常興奮。我們宣布全面推出 Zoom Contact Center，這是一種針對視頻進行了優化並直接集成到 Zoom 客戶端的全渠道客戶參與解決方案。它將統一通信與現代聯絡中心功能結合在一起，幫助客戶通過視頻進行連接，並支持語音、短信和網絡聊天等渠道。

Zoom Contact Center is simple for admins to configure and deploy. They can easily create menus, greetings and prompts right in the Zoom admin portal. The product can also integrate a chat and a video into an existing digital presence like a website, helping organizations have conversations with customers in the right place and at right time. This is just the beginning of our plan to modernize the contact center and enrich the experience for our customer and our customers' customers.

Zoom 聯絡中心便於管理員配置和部署。他們可以在 Zoom 管理門戶中輕鬆創建菜單、問候語和提示。該產品還可以將聊天和視頻集成到現有的數字存在中，例如網站，幫助組織在正確的地點和正確的時間與客戶進行對話。這只是我們對聯絡中心進行現代化改造並為我們的客戶和客戶的客戶豐富體驗的計劃的開始。

Speaking of customers, we ended the year with a lot of great wins. First, I want to thank Medtronic, a global leader in health care technology, for expanding their partnership with Zoom. In 2020, Medtronic chose Zoom Meetings, Zoom Rooms and Zoom Webinars to enable its global employees to communicate and collaborate better. In Q4 of fiscal 2022, after a careful vendor selection process, they decided to add 60,000 Zoom Phone licenses to a new multiyear agreement. Thank you, Medtronic, for trusting Zoom to deliver a modern, integrated UCaaS solution to support our global communications needs.

說到客戶，我們在這一年結束時取得了很多巨大的勝利。首先，我要感謝醫療技術的全球領導者美敦力擴大與 Zoom 的合作夥伴關係。 2020 年，美敦力選擇了 Zoom Meetings、Zoom Rooms 和 Zoom 網絡研討會，以使其全球員工能夠更好地溝通和協作。在 2022 財年第四季度，經過仔細的供應商選擇過程，他們決定將 60,000 個 Zoom Phone 許可證添加到新的多年期協議中。感謝 Medtronic 信任 Zoom 提供現代、集成的 UCaaS 解決方案來支持我們的全球通信需求。

Thank you, Intuit, the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp, for entrusting Zoom with their video communications over the past several years and recently adding Zoom Phone to create a unified communications platform across their organization.

感謝 Intuit 是全球技術平台，它製造了 TurboTax、QuickBooks、Mint、Credit Karma 和 Mailchimp，在過去幾年中委託 Zoom 進行視頻通信，並最近添加了 Zoom Phone，以在整個組織中創建一個統一的通信平台。

Thank you, Arizona State University, which was recently recognized by U.S. News & World Report as the country's most innovative school, and has been a strong supporter of Zoom products over the years. As a leading research university, a highly effective communications platform is very important to drive collaboration between their students, staff and the community. ASU chose Zoom to be their complete communications platform with 50,000 Zoom Meetings, 700 Zoom Rooms and 15,000 Zoom Phone licenses as well as Zoom Webinars.

感謝亞利桑那州立大學，最近被《美國新聞與世界報導》評為美國最具創新精神的學校，多年來一直是 Zoom 產品的大力支持者。作為一所領先的研究型大學，高效的交流平台對於推動學生、教職員工和社區之間的合作非常重要。 ASU 選擇 Zoom 作為其完整的交流平台，擁有 50,000 個 Zoom 會議、700 個 Zoom 房間和 15,000 個 Zoom Phone 許可證以及 Zoom 網絡研討會。

I also wanted to recognize LIXIL Group Corporation, a Japanese manufacturer and pioneer of building materials and housing equipment. As a Zoom Meetings and Zoom Rooms customer, LIXIL has embraced hybrid work for communication and collaboration while levering the ease of use of the Zoom platform to enhance their customer experience with video tours of their showrooms. In Q4, LIXIL added 10,000 Zoom Phone licenses, committing to a unified communications platform.

我還想認識驪住集團公司，這是一家日本製造商和建築材料和住宅設備的先驅。作為 Zoom Meetings 和 Zoom Rooms 的客戶，驪住採用混合工作方式進行溝通和協作，同時利用 Zoom 平台的易用性通過其展廳的視頻導覽來增強客戶體驗。第四季度，驪住增加了 10,000 個 Zoom Phone 許可證，致力於統一通信平台。

Thank you, Medtronic, Intuit, Arizona State and LIXIL. I'm very grateful to have such a great group of customers. I love you all. Thank you.

謝謝美敦力、Intuit、亞利桑那州立大學和驪住。我很感激有這麼多的客戶群。我愛你們。謝謝你。

The world wants a full communications platform, one that's integrated with other workflows, supports hybrid work and is secure and easy to use. Zoom is hard at work ensuring our customers exceed the soaring expectations of how businesses collaborate internally and communicate externally. To sustain and enhance our leadership position in this new area of digital transformation, we plan in FY '23 to build out our platform to further enrich the customer experience and expand our go-to-market motions, which will enable us to drive future growth for Zoom.

世界需要一個完整的通信平台，它與其他工作流集成，支持混合工作，並且安全且易於使用。 Zoom 努力確保我們的客戶超出對企業內部協作和外部溝通方式的高漲期望。為了維持和加強我們在這一數字化轉型新領域的領導地位，我們計劃在 23 財年建立我們的平台，以進一步豐富客戶體驗並擴大我們的上市行動，這將使我們能夠推動未來的增長縮放。

I want to thank our Zoomies for their hard work over the past 10 years we have grown to nearly 6,800 strong and are more focused than ever on delivering happiness every day to our hundreds of thousands of customers around the world.

我要感謝我們的 Zoomies 在過去 10 年中的辛勤工作，我們已經發展到近 6,800 人，並且比以往任何時候都更加專注於每天為全球數十萬客戶提供快樂。

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

有了這個，然後讓我把它交給凱利。謝謝你。

Thank you, Eric, and hello, everyone. Let me start with a few of the financial highlights for FY '22 and the results for Q4, then we'll provide our outlook for Q1 and FY '23.

謝謝你，埃里克，大家好。讓我從 22 財年的一些財務亮點和第四季度的結果開始，然後我們將提供第一季度和 23 財年的展望。

We delivered another year of strong results. Revenue grew 55% to $4.1 billion as we exited FY '22 at an annualized run rate of $4.29 billion. We grew non-GAAP operating margin to 40.4%, up from 37.1% in FY '21 as we scaled our operations. And we achieved an adjusted free cash flow margin of 38%.

我們又取得了強勁的業績。隨著我們以 42.9 億美元的年化運行率退出 22 財年，收入增長 55% 至 41 億美元。隨著我們擴大業務規模，我們將非 GAAP 營業利潤率從 21 財年的 37.1% 提高到 40.4%。我們實現了 38% 的調整後自由現金流利潤率。

In Q4, total revenue grew 21% year-over-year to $1.07 billion, exceeding the high end of our guidance of $1.053 billion. The growth was primarily driven by strength in our Enterprise business, which continued to grow significantly faster than our online business. We also saw strong demand for Zoom Phone, which had a record quarter, adding over 550,000 paid seats. Much of the Zoom Phone growth came from strength in large customers, with the number of customers with more than $100,000 of ARR growing 149% year-over-year, and the number of customers with more than 10,000 paid seats growing 122% year-over-year. We also added a major global bank as a Zoom Phone customer.

第四季度，總收入同比增長 21% 至 10.7 億美元，超過了我們指導的 10.53 億美元的高端。增長主要是由我們企業業務的實力推動的，該業務的增長速度繼續明顯快於我們的在線業務。我們還看到了對 Zoom Phone 的強勁需求，該季度創下歷史新高，增加了超過 550,000 個付費席位。 Zoom Phone 的大部分增長來自大客戶的實力，ARR 超過 100,000 美元的客戶數量同比增長 149%，付費席位超過 10,000 個的客戶數量同比增長 122% -年。我們還增加了一家大型全球銀行作為 Zoom Phone 的客戶。

We saw 66% year-over-year growth in the upmarket as we ended the year with 2,725 customers contributing more than $100,000 in trailing 12 months revenue. These customers represented 23% of revenue, up from 18% in Q4 of last year. We exited the quarter with approximately 509,800 customers with more than 10 employees, up 9% year-over-year. In Q4, customers with more than 10 employees represented 67% of revenue, up from 63% in Q4 of last year.

到年底，我們看到高端市場同比增長 66%，有 2,725 名客戶在過去 12 個月的收入中貢獻了超過 100,000 美元。這些客戶佔收入的 23%，高於去年第四季度的 18%。我們在本季度結束時擁有約 509,800 名客戶，員工人數超過 10 人，同比增長 9%。第四季度，擁有 10 名以上員工的客戶佔收入的 67%，高於去年第四季度的 63%。

As we approach our 3-year anniversary as a public company, a lot of incredible things have occurred at Zoom. We've seen unprecedented growth and brand awareness for Zoom Meetings, and incredibly strong momentum for newer products. We've also expansively built out our direct, channel and ISV go-to-market motions, which we collectively call Enterprise. These customers have high lifetime values as they tend to increase deployments, extend terms and churn at much lower rates over time.

隨著我們成為上市公司的 3 週年紀念日，Zoom 發生了許多不可思議的事情。我們見證了 Zoom Meetings 前所未有的增長和品牌知名度，以及新產品的強勁勢頭。我們還廣泛構建了我們的直接、渠道和 ISV 進入市場的動議，我們統稱為企業。這些客戶具有很高的生命週期價值，因為隨著時間的推移，他們傾向於增加部署、延長期限並以低得多的速度流失。

Starting today, we will provide metrics that more closely align with the way our internal view of the business has evolved following this period of unprecedented growth and expansion. This will include the number of Enterprise customers and the net dollar expansion rate for Enterprise customers. In the Appendix of the investor deck, you will find 2 years of historical data for these new metrics. Additionally, through the end of FY '23, we will continue to provide the number of customers with more than 10 employees in the Appendix.

從今天開始，我們將提供更符合我們內部對業務的看法在這段空前的增長和擴張期之後的演變方式的指標。這將包括企業客戶的數量和企業客戶的淨美元擴張率。在投資者資料的附錄中，您將找到這些新指標的 2 年曆史數據。此外，到 23 財年末，我們將繼續提供附錄中 10 名以上員工的客戶數量。

In Q4, the number of Enterprise customers grew 35% year-over-year to approximately 191,000. Revenue from Enterprise customers grew 38% year-over-year and represented 50% of total revenue, up from 44% in Q4 FY '21. We expect revenue from Enterprise customers to become an increasingly higher percentage of total revenue over time.

第四季度，企業客戶數量同比增長 35%，達到約 191,000。來自企業客戶的收入同比增長 38%，佔總收入的 50%，高於 21 財年第四季度的 44%。我們預計，隨著時間的推移，來自企業客戶的收入佔總收入的比例將越來越高。

Our online business, which we define as customers self-serviced through our online channel, represents the other half of our revenue, up from approximately 25% in Q4 of fiscal year 2020, before the pandemic. The self-service model is very attractive from a profitability and cash flow perspective. And while we have seen online grow more slowly than Enterprise in recent quarters and expect that to continue going forward, we are continuing to invest in and innovate around this channel to drive growth.

我們的在線業務（我們將其定義為通過在線渠道自助服務的客戶）占我們收入的另一半，高於大流行前 2020 財年第四季度的約 25%。從盈利能力和現金流的角度來看，自助服務模式非常有吸引力。雖然我們在最近幾個季度看到在線增長比企業增長慢，並預計這種增長會繼續向前發展，但我們將繼續圍繞這一渠道進行投資和創新，以推動增長。

We will also be presenting our net dollar expansion rate for Enterprise customers rather than our net dollar expansion rate for customers with more than 10 employees. First, let me start with the historic metric. Our Q4 net dollar expansion rate for customers with more than 10 employees was in line with what we discussed in Q3, being just under 130% to 129%. Going forward, we will report the trailing 12-month net dollar expansion rate for Enterprise customers, which in Q4 was 130%.

我們還將為企業客戶提供我們的淨美元擴張率，而不是我們為擁有 10 名以上員工的客戶提供的淨美元擴張率。首先，讓我從歷史指標開始。對於擁有 10 名以上員工的客戶，我們第四季度的淨美元擴張率與我們在第三季度討論的一致，略低於 130% 至 129%。展望未來，我們將報告企業客戶過去 12 個月的淨美元擴張率，第四季度為 130%。

Both domestic and international markets had strong growth during the quarter. Our Americas revenue grew 21% year-over-year. Our combined APAC and EMEA revenue grew 23% year-over-year to be approximately 33% of revenue, stable with Q4 of last year. On a quarter-over-quarter basis, Asia Pac revenue grew slightly faster than the overall company, but we saw headwinds to our online business in EMEA, partially associated with the holiday seasonality.

本季度國內外市場均實現強勁增長。我們在美洲的收入同比增長 21%。我們的亞太地區和歐洲、中東和非洲地區總收入同比增長 23%，約佔收入的 33%，與去年第四季度持平。在環比的基礎上，亞太地區的收入增長略快於整個公司，但我們看到我們在歐洲、中東和非洲的在線業務遇到阻力，部分與假日季節性有關。

Let me share a few international highlights with you. We closed our largest overall deal ever in EMEA with 200,000 Meetings licenses and our largest Zoom Rooms deal in APAC with a customer deploying more than 3,300 Zoom Rooms to drive hybrid work across their offices. We have also expanded our partnership with Deutsche Telekom by committing to developing a joint solution specifically for the German market. We continue to view international expansion as a major opportunity for future growth.

讓我與您分享一些國際亮點。我們以 200,000 個會議許可證完成了我們在 EMEA 有史以來最大的整體交易，以及我們在亞太地區最大的 Zoom Rooms 交易，客戶部署了 3,300 多個 Zoom Rooms 以推動其辦公室的混合工作。我們還致力於開發專門針對德國市場的聯合解決方案，從而擴大了與德國電信的合作夥伴關係。我們繼續將國際擴張視為未來增長的主要機會。

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

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

Non-GAAP gross margin in Q4 was 78.3%, an improvement from 71.3% in Q4 of last year and 76% in Q3 of this year. The sequential improvement was mainly due to optimizing usage across the public cloud in our colocated data centers as well as the seasonally lower usage during the holidays. We expect this figure to return to the mid-70s in the short term before improving in the mid- to long term as we continue to build out our data centers.

第四季度非美國通用會計準則毛利率為 78.3%，高於去年第四季度的 71.3% 和今年第三季度的 76%。連續改善主要是由於優化了我們託管數據中心的公共雲的使用情況，以及節假日期間使用量的季節性下降。隨著我們繼續建設數據中心，我們預計這一數字將在短期內回到 70 年代中期，然後在中長期內有所改善。

Research and development expense grew by 133% year-over-year to approximately $72 million. As a percentage of total revenue, R&D expense nearly doubled year-over-year to 6.7%, demonstrating our commitment to innovation and product development. We plan to further invest to enhance our platform, including our recently announced contact center product.

研發費用同比增長 133% 至約 7200 萬美元。作為總收入的百分比，研發費用同比幾乎翻了一番，達到 6.7%，表明了我們對創新和產品開發的承諾。我們計劃進一步投資以增強我們的平台，包括我們最近宣布的聯絡中心產品。

Sales and marketing expense grew by 58% year-over-year to $251 million or approximately 23.4% of total revenue, primarily driven by increased marketing programs and sales headcount to drive future growth. We remain committed to investing in worldwide sales capacity and product marketing across our comprehensive communications platform.

銷售和營銷費用同比增長 58% 至 2.51 億美元，約佔總收入的 23.4%，這主要是由於營銷計劃和銷售人數增加以推動未來增長。我們仍然致力於通過我們的綜合通信平台投資於全球銷售能力和產品營銷。

G&A expense grew by 22% to $95 million or approximately 8.9% of total revenue.

G&A 費用增長 22% 至 9500 萬美元，約佔總收入的 8.9%。

Non-GAAP operating income expanded to $420 million, exceeding the high end of our guidance of $363 million. This translates to a 39.2% non-GAAP operating margin for Q4 compared with the 40.9% a year ago and 39.1% last quarter. Non-GAAP diluted earnings per share in Q4 grew to $1.29 on approximately 306 million non-GAAP weighted average shares outstanding. This result is $0.22 above the high end of our guidance and $0.07 above Q4 of last year.

非美國通用會計準則營業收入擴大至 4.2 億美元，超過了我們指導的高端 3.63 億美元。這意味著第四季度的非公認會計準則營業利潤率為 39.2%，而去年同期為 40.9%，上一季度為 39.1%。第四季度非 GAAP 攤薄後每股收益增長至 1.29 美元，約 3.06 億股非 GAAP 加權平均流通股。這一結果比我們指導的高端高 0.22 美元，比去年第四季度高 0.07 美元。

Turning to the balance sheet. Deferred revenue at the end of the period was $1.2 billion, up 34% year-over-year from $883 million. Looking at both our billed and unbilled contracts, our RPO totaled approximately $2.6 billion, up 51% year-over-year from $1.7 billion. We expect to recognize approximately 63% of the total RPO as revenue over the next 12 months as compared to 70% in Q4 of last year, reflecting a shift back towards longer-term plan.

轉向資產負債表。期末遞延收入為 12 億美元，較去年同期的 8.83 億美元增長 34%。查看我們的已開票和未開票合同，我們的 RPO 總額約為 26 億美元，比去年同期的 17 億美元增長 51%。我們預計在未來 12 個月內將大約 63% 的總 RPO 確認為收入，而去年第四季度為 70%，這反映了向長期計劃的轉變。

As a reminder, due to the seasonality of renewals being front-end loaded and tapering through the year, our collections followed the same trend. Since our renewal linearity is unique, let me provide you once again with some color on next quarter's deferred revenue. We believe it will peak in Q1 at 12% to 13% year-over-year growth and moderate over the rest of the year, reflecting the smaller renewal base.

提醒一下，由於續訂的季節性是前端加載並在全年逐漸減少，我們的系列遵循相同的趨勢。由於我們的更新線性是獨一無二的，讓我再次為您提供一些關於下一季度遞延收入的顏色。我們認為它將在第一季度達到頂峰，同比增長 12% 至 13%，並在今年餘下時間放緩，反映出續訂基數較小。

We ended the quarter with approximately $5.4 billion in cash, cash equivalents and marketable securities, excluding restricted cash. We had operating cash flow in the quarter of $209 million as compared to $399 million in Q4 of last year. Adjusted free cash flow, which excludes a onetime $85 million cash outflow related to a legal settlement that was disclosed and recognized as a GAAP expense in Q1, was $274 million as compared to $378 million in Q4 of last year.

我們在本季度末擁有約 54 億美元的現金、現金等價物和有價證券，不包括受限制的現金。我們本季度的經營現金流為 2.09 億美元，而去年第四季度為 3.99 億美元。調整後的自由現金流（不包括與第一季度披露並確認為 GAAP 費用的法律和解相關的一次性 8500 萬美元現金流出）為 2.74 億美元，而去年第四季度為 3.78 億美元。

Now turning to our FY '23 guidance. This outlook is consistent with what we are observing in the market today. Specifically, it assumes that our Enterprise business will grow substantially faster than our online business. It also assumes that our year-over-year total revenue growth rate will modestly accelerate in late FY '23.

現在轉向我們的 23 財年指導。這一前景與我們今天在市場上觀察到的一致。具體來說，它假設我們的企業業務增長速度將大大快於我們的在線業務。它還假設我們的總收入同比增長率將在 23 財年末適度加速。

For the first quarter of FY '23, we expect revenue to be in the range of $1.07 billion to $1.075 billion. We expect non-GAAP operating income to be in the range of $345 million to $350 million. Our outlook for non-GAAP earnings per share is $0.86 to $0.88 based on approximately 309 million shares outstanding. As mentioned last quarter, due to our multiyear history of profitability, we have fully utilized our NOLs. We expect our tax rate to approximate the U.S. blended tax rate in FY '23.

對於 23 財年第一季度，我們預計收入將在 10.7 億美元至 10.75 億美元之間。我們預計非公認會計準則營業收入將在 3.45 億美元至 3.5 億美元之間。基於約 3.09 億股流通股，我們對非公認會計準則每股收益的展望為 0.86 美元至 0.88 美元。如上個季度所述，由於我們多年的盈利歷史，我們已經充分利用了我們的 NOL。我們預計我們的稅率將接近 23 財年的美國混合稅率。

For the full year of FY '23, we expect revenue to be in the range of $4.53 billion to $4.55 billion, which would represent approximately 11% year-over-year growth. We expect non-GAAP operating income to be in the range of approximately $1.43 billion to $1.45 billion, representing a non-GAAP operating margin of approximately 32%. While our revenue grew 558% from FY '20 to FY '22, our operating margin also increased from 14% to 40%. We are pursuing a massive opportunity, and we will continue to focus on the appropriate balance between growth and margins as we build out and deliver on the potential of our platform. Our outlook for non-GAAP earnings per share is $3.45 to $3.51 based on approximately 312 million shares outstanding.

對於 23 財年的全年，我們預計收入將在 45.3 億美元至 45.5 億美元之間，同比增長約 11%。我們預計非美國通用會計準則營業收入將在約 14.3 億美元至 14.5 億美元之間，非美國通用會計準則營業利潤率約為 32%。雖然我們的收入從 20 財年到 22 財年增長了 558%，但我們的營業利潤率也從 14% 增長到了 40%。我們正在尋求一個巨大的機會，我們將繼續關注增長和利潤之間的適當平衡，因為我們建立和發揮我們平台的潛力。基於大約 3.12 億股流通股，我們對非公認會計原則每股收益的預期為 3.45 美元至 3.51 美元。

As indicated in our earnings press release today, our Board has authorized a $1 billion share repurchase program that we intend to execute on beginning this quarter. This not only underscores the confidence that our Board and our management team have in the future of Zoom, but also allows us to leverage our strong profitability, cash flow generation and strength of our balance sheet to deliver returns back to our shareholders. We are excited about the large and growing opportunity ahead of us as we continue to execute on our strategy and growth outlook.

正如我們今天的收益新聞稿所示，我們的董事會已授權一項 10 億美元的股票回購計劃，我們打算在本季度開始時執行該計劃。這不僅突顯了我們的董事會和我們的管理團隊對 Zoom 未來的信心，而且使我們能夠利用我們強大的盈利能力、現金流產生和資產負債表的實力，為我們的股東帶來回報。隨著我們繼續執行我們的戰略和增長前景，我們對擺在我們面前的巨大且不斷增長的機會感到興奮。

As always, Zoom is grateful to be a driving force, enabling connection and collaboration worldwide with our high-quality, frictionless and secure communications platform.

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。

Thank you to the entire Zoom team, our customers, our community and our investors.

感謝整個 Zoom 團隊、我們的客戶、我們的社區和我們的投資者。

Kelcey, please queue up our first question.

凱爾西，請排隊我們的第一個問題。

(Operator Instructions) Our first question is going to come from Meta Marshall with Morgan Stanley.

（操作員說明）我們的第一個問題將來自摩根士丹利的 Meta Marshall。

Kelly and Eric, you're coming up on the anniversary date of COVID and close to the renewal date that a lot of your customers are going to have. So can you just speak to some of the trends you're seeing? We're just trying to get a sense of is this a good Phone entry point? Are you seeing normalization of kind of Room attach rates? Or what are you seeing as far as Video license, Zoom Meetings licenses? Just any trends that you're seeing as one of these major renewals kind of come up at the end of this month and into the next one?

凱利和埃里克，你們即將迎來 COVID 的周年紀念日，並且接近許多客戶將擁有的續訂日期。那麼你能談談你所看到的一些趨勢嗎？我們只是想了解這是一個好的電話入口點嗎？您是否看到房間附加費率的正常化？或者您在視頻許可、Zoom Meetings 許可方面看到了什麼？您所看到的作為這些重大更新之一的任何趨勢都會在本月底出現並進入下一個？

Yes. Thank you, Meta. So we continue to see strength in our renewals, especially in the Enterprise business. And as you heard from some of the highlights we talked about earlier, we had a very strong performance from Zoom Phone in Q4 as well and also Zoom Rooms as customers are really thinking about the future of hybrid work and how they're going to keep everyone connected as they bring them back to the office. This is a really important strategy for them. And you heard Eric talk about some of that. And maybe Eric wants to add some strategy around that. But continue to see strength both in renewals in the Enterprise as well as additional Phone seats and Zoom Rooms.

是的。謝謝你，梅塔。因此，我們繼續看到續約的實力，尤其是在企業業務方面。正如您從我們之前談到的一些亮點中聽到的那樣，我們在第四季度的 Zoom Phone 和 Zoom Rooms 也取得了非常強勁的表現，因為客戶真的在思考混合工作的未來以及他們將如何保持當他們把他們帶回辦公室時，每個人都聯繫上了。這對他們來說是一個非常重要的策略。你聽到 Eric 談到了其中的一些。也許 Eric 想為此添加一些策略。但繼續看到企業續訂以及額外的電話座位和 Zoom Rooms 的實力。

Got it. That's it for me. I mean just in terms of -- maybe just another quick question in terms of what kind of metrics you're looking at as you make some of these sales and marketing investments to just determine what return you're going to see on those? Or what benchmarks you're kind of measuring yourself against there?

知道了。對我來說就是這樣。我的意思是——也許只是另一個簡單的問題，即當你進行一些銷售和營銷投資以確定你將在這些方面看到什麼回報時，你正在查看什麼樣的指標？或者你用什麼基準來衡量自己？

Yes. I mean one of the key things we always look at internally is sales productivity, looking at it both from a U.S. and an international perspective. And then on the marketing side, we look at -- internally, we also look at things like opportunities and leads that get generated from any of those. And then, of course, maybe the external benchmark we're always looking at is sales and marketing as a percentage of growth.

是的。我的意思是，我們在內部始終關注的關鍵問題之一是銷售生產力，從美國和國際的角度來看。然後在營銷方面，我們在內部研究，我們還研究從其中任何一個產生的機會和潛在客戶。然後，當然，也許我們一直關注的外部基準是銷售和營銷佔增長的百分比。

Michael Turrin with Wells Fargo has the next question.

Wells Fargo 的 Michael Turrin 提出了下一個問題。

I was hoping to ask one on Contact Center. And just some more detail, can you help just frame out initial observations around positioning? Is there a certain size Contact Center you're targeting? Are there advantages you see with Zoom Video or lessons learned from having Phone in the market you would point to? And just in terms of the go-to-market motion, how different is that? Or how well geared are you from some of those initial conversations?

我希望在聯絡中心問一個。還有一些更詳細的信息，你能幫忙勾勒出圍繞定位的初步觀察嗎？您的目標是否有一定規模的聯絡中心？您是否會從 Zoom Video 中看到優勢，或者從在市場上使用 Phone 中學到的經驗教訓？就上市運動而言，這有什麼不同？或者從最初的一些對話中，你的準備程度如何？

Michael, that is a great question. We are super excited about our Contact Center announcement last week. And first of all, this is based on our customers' feedback. Several years ago, after the launch of Zoom Phone, many of our customers told us they would like to standardize on Zoom platform for unified communications. The only missing piece is Contact Center. We listened to our customers. Our team is worked so hard and finally, we announced the Zoom Contact Center.

邁克爾，這是一個很好的問題。我們對上週的聯絡中心公告感到非常興奮。首先，這是基於我們客戶的反饋。幾年前，Zoom Phone 推出後，我們的許多客戶告訴我們，他們希望在 Zoom 平台上實現統一通信的標準化。唯一缺少的部分是聯絡中心。我們聽取了客戶的意見。我們的團隊非常努力，最後，我們宣布了 Zoom 聯絡中心。

But in terms of growth, similar to what we did to grow our Zoom Phone business, right? For the first year, for sure, right, we are going to target those customers who really want to standardize on Zoom platform, probably start from Meetings. And for those customers who deploy both Meetings and Phone, now they look at Contact Center.

但就增長而言，類似於我們為擴大 Zoom Phone 業務所做的工作，對吧？第一年，當然，沒錯，我們將針對那些真正想在 Zoom 平台上標準化的客戶，可能從 Meetings 開始。而對於那些同時部署會議和電話的客戶，現在他們關注的是聯絡中心。

Also at the same time, we are working very hard to add more and more features. I think probably for those customers, as long as they want to embrace the cloud business content center, as long as they want to standardize on Zoom unified communications platform, we would like to target this, right? And that's our strategy. And that's omnichannel. Video is very strong. We also support SMS, voice and web chat. Again, a lot of hard work, and we are going to continue innovating and to drive our Zoom Contact Center growth.

同時，我們正在努力添加越來越多的功能。我想大概對那些客戶來說，只要他們想擁抱雲業務內容中心，只要他們想在Zoom統一通信平台上標準化，我們就瞄準這個吧？這就是我們的策略。這就是全渠道。視頻很給力。我們還支持短信、語音和網絡聊天。再次，大量的努力工作，我們將繼續創新並推動我們的 Zoom 聯絡中心發展。

And based on the early data feedback, our customers are also very excited. They want to deploy a solution who -- and really understand the unified collaboration. Also at the same time, we build these solutions from the ground up, right, and very consistent compatibility of video and Phone, we're very excited about this opportunity.

並且基於早期的數據反饋，我們的客戶也非常興奮。他們想要部署一個真正了解統一協作的解決方案。同時，我們從頭開始構建這些解決方案，對，視頻和電話的兼容性非常一致，我們對這個機會感到非常興奮。

Our next question will come from Sterling Auty with JPMorgan.

我們的下一個問題將來自摩根大通的 Sterling Auty。

But Kelly, I didn't quite hear Meta's question. I was just wondering, within the guidance for this coming year, can you give us a sense what the Enterprise growth specifically looks like within that guide?

但是Kelly，我沒有完全聽到Meta 的問題。我只是想知道，在來年的指南中，您能否讓我們了解一下該指南中的企業增長具體是什麼樣的？

Yes. So specifically, in Enterprise, we expect that part of our business to grow at approximately 20% year-over-year. And then that you can back into that what we're expecting from our online business is for it to be flattish for the year, but it might have some variability quarter-over-quarter.

是的。因此，具體而言，在企業領域，我們預計這部分業務將以每年約 20% 的速度增長。然後你可以回到我們對在線業務的期望是它在今年將持平，但它可能會隨著季度的變化而有所變化。

Sterling, by the way, our Enterprise growth is pretty strong as we add more and more new services like Contact Center is the first one, right? We are not going to stop here. This is our company DNA who truly understand the Enterprise customer need. We are going to add more and more Enterprise services to further grow our Enterprise business.

Sterling，順便說一下，我們的企業增長非常強勁，因為我們添加了越來越多的新服務，比如聯絡中心是第一個，對吧？我們不會止步於此。這是我們真正了解企業客戶需求的公司DNA。我們將添加越來越多的企業服務，以進一步發展我們的企業業務。

Jim Fish with Piper Sandler has the next question.

與 Piper Sandler 的 Jim Fish 提出了下一個問題。

This is Quinton on for Jim Fish. The labor market right now remains difficult, especially as you're looking to hire and retain some of the top engineering and sales talent. Can you talk about any changes or impacts you've seen in Zoom's ability to maintain your top talent? And then how you plan on differentiating and acquiring the new talent?

這是吉姆魚的昆頓。目前的勞動力市場仍然很困難，尤其是當您希望僱用和留住一些頂尖的工程和銷售人才時。您能談談您在 Zoom 留住頂尖人才的能力方面看到的任何變化或影響嗎？然後你打算如何區分和獲取新人才？

Yes, Kelly, feel free to chime in. So James, you were right on, given the great resignation, right, it's pretty challenging, right, across the industry, right? And again, we always double down our company culture, and this is extremely important for us, right? How to make sure we deliver happiness to our customers. My #1 priority is really to think about our employees, how to make sure our employees are happy, right? We are doing so many things to really help our employees.

是的，凱利，請隨意插話。所以詹姆斯，你是對的，考慮到偉大的辭職，對，這很有挑戰性，對，整個行業，對吧？再說一次，我們總是把公司文化加倍，這對我們來說非常重要，對吧？如何確保我們為客戶提供快樂。我的第一要務是真正考慮我們的員工，如何確保我們的員工快樂，對吧？我們正在做很多事情來真正幫助我們的員工。

And also, again, over the past 2 years, we more than probably tripled the size of the company, right? Many employees join Zoom remotely. Again, that's not easy, but good news, soon it's going to change. Especially if you look at our remote employees, how to make sure offer the flexibility and also make sure support our employees' needs by always listening to the feedback from our employees. We also have a happiness crew, always trying to understand what's the pain point and what we can do differently to sync up on employees. By doing that, I'm pretty sure -- and we are going to make sure our employee happy and will be okay. And that's always our formula.

而且，再一次，在過去的兩年裡，我們的公司規模可能擴大了兩倍多，對吧？許多員工遠程加入 Zoom。同樣，這並不容易，但好消息是，很快它就會改變。特別是如果您看看我們的遠程員工，如何確保提供靈活性，並通過始終聽取員工的反饋來確保支持我們員工的需求。我們也有一個快樂的團隊，總是試圖了解痛點是什麼，以及我們可以採取哪些不同的方式來同步員工。通過這樣做，我很確定 - 我們將確保我們的員工快樂並且會好起來。這始終是我們的公式。

Moving on to Ittai Kidron with Oppenheimer.

與奧本海默一起前往 Ittai Kidron。

Kelly, I have a couple of questions for you. First, I think you mentioned in your prepared remarks that you're looking for reacceleration in the second half of the year. Maybe can you walk us through the kind of the puts and takes and what's behind that assumption?

凱利，我有幾個問題要問你。首先，我想你在準備好的發言中提到你正在尋找下半年的重新加速。也許你能帶我們了解一下這些看跌期權以及這個假設背後的原因是什麼？

And the second question will be regarding the online business. I know you're only giving expansion rate, the dollar base expansion rate on the Enterprise side. But given that online is still 50% of your revenue, can you at least give us kind of a rough range of where online net dollar expansion rate typically falls just so we get a sense of how to model that out?

第二個問題是關於在線業務的。我知道你只給出擴張率，企業方面的美元基礎擴張率。但鑑於在線收入仍佔您收入的 50%，您能否至少給我們一個粗略的範圍，說明在線淨美元擴張率通常下降的範圍，以便我們了解如何建模？

Sure. So in terms of the second half acceleration, we're looking at -- in the upmarket -- or the Enterprise, I should say now, it will be driven largely by continued expansion and growth in our existing customers as well as contribution from some of our new products that we're really excited about, including Contact Center.

當然。因此，就下半年加速而言，我們正在關注高端市場或企業，我現在應該說，這將主要由我們現有客戶的持續擴張和增長以及一些貢獻我們非常興奮的新產品，包括聯絡中心。

And then in the online business, what you're going to see is, remember we talked about at Analyst Day last year how once those cohorts get to a certain age of 15 months and older, there's a lot of stability that comes with those retention rates? By the time we get to the second half of this year, all of those cohorts that we acquired during the pandemic are going to have hit that age cycle. So it's really going to start to bring stability to the online business in a way that we haven't seen historically.

然後在在線業務中，您將看到的是，請記住我們在去年的分析師日討論過，一旦這些群體達到 15 個月及以上的特定年齡，這些保留帶來了很多穩定性費率？到今年下半年時，我們在大流行期間獲得的所有這些群體都將達到那個年齡週期。因此，它真的會開始以我們歷史上從未見過的方式為在線業務帶來穩定性。

And then in terms of the net dollar expansion rate for the online business, we won't be disclosing that. So in other words, I think the best I can give you is based on what Sterling just asked, which is what's the growth rate for that business. And as I mentioned, we expect it to be flattish for next year with some variability quarter-over-quarter.

然後就在線業務的淨美元擴張率而言，我們不會透露這一點。所以換句話說，我認為我能給你的最好的信息是基於 Sterling 剛剛提出的問題，即該業務的增長率是多少。正如我所提到的，我們預計明年會持平，季度環比會有一些變化。

Baird's William Power has the next question.

Baird 的 William Power 提出了下一個問題。

Great to see the strong Zoom Phone numbers again. I guess I'd love to get more color around the key drivers there. It sounds like -- particularly upmarket, how are you competing there? What have been kind of the key differentiators? So just trying to understand growth within existing customers versus landing new customers. And sorry, I guess, this a multipart one. First one, where does distribution stand? I mean, how important has that been expanding distribution? How much further is there to go using the channel, et cetera?

很高興再次看到強大的 Zoom Phone 號碼。我想我很想在那裡的關鍵驅動程序周圍獲得更多色彩。聽起來 - 特別是高端市場，你如何在那裡競爭？有哪些關鍵的差異化因素？因此，只是試圖了解現有客戶的增長與吸引新客戶。對不起，我猜，這是一個多部分的。第一個，分佈在哪裡？我的意思是，擴大分銷有多重要？使用該頻道還有多遠，等等？

Yes. So that's -- it's a great question. Actually, Q4 was a record quarter, right, in terms of number of new seats, more than 0.5 million. If I recall correctly, around 550,000 newly added seats for Zoom Phone.

是的。所以這是 - 這是一個很好的問題。實際上，第四季度是創紀錄的季度，就新座位數量而言，超過 50 萬個。如果我沒記錯的話，Zoom Phone 新增了大約 550,000 個席位。

I think the first one, not only for our existing customers, but also for new customers as well because of the trust we build and established with our customers over the past several years and customers think about how to transform their business to fully embrace digital transformation, how to migrate their on-prem phone system to the cloud, they always want to deploy the best solution. Plus most of the customers already deployed the video conference solution and also they want to have one consistent experience.

我認為第一個，不僅對我們現有的客戶，而且對新客戶也是如此，因為我們在過去幾年中與客戶建立並建立了信任，客戶考慮如何轉變他們的業務以全面擁抱數字化轉型，如何將他們的本地電話系統遷移到雲端，他們總是希望部署最好的解決方案。此外，大多數客戶已經部署了視頻會議解決方案，並且他們希望獲得一致的體驗。

That front-end experience is very consistent, the back-end also is very consistent. And plus very reliable and ease of use, security, and also a lot of very cool features. And that's the reason why customers, they want to deploy the Zoom Phone. As long as a customer, they win us through the -- win their selection process, we have high confidence.

前端體驗很一致，後端也很一致。再加上非常可靠和易用性、安全性以及許多非常酷的功能。這就是客戶想要部署 Zoom Phone 的原因。只要是客戶，通過他們贏得我們——贏得他們的選擇過程，我們就有很高的信心。

Look at Intuit, look at the Medtronic. It's not 1,000 licenses, that's 10,000 licenses, right? And again, that business still will continue doing very well. And also, we are not going to stop here. We'll add more and more features, more innovations plus combined with the Contact Center. We do see the accelerated growth for both the Phone and also our Contact Center down the road.

看看 Intuit，看看美敦力。不是 1,000 個許可證，而是 10,000 個許可證，對嗎？同樣，該業務仍將繼續表現良好。而且，我們不會止步於此。我們將添加越來越多的功能、更多創新以及與聯絡中心相結合。我們確實看到了電話和聯絡中心的加速增長。

We'll now hear from Ryan Koontz with Needham.

我們現在將聽到 Ryan Koontz 和 Needham 的來信。

I want to ask about your business workflow strategy there, Eric. And for your API and SDK, what type of applications are you using that for, typically? Is this primarily with tech companies? Any color there would be helpful.

我想問一下你那裡的業務工作流程策略，埃里克。對於您的 API 和 SDK，您通常將其用於什麼類型的應用程序？這主要與科技公司有關嗎？那裡的任何顏色都會有幫助。

Ryan, that's a really great question. Looking at our growth strategy, right, 3 things, 3 pillars, right? And unified the communications platform. We just added the Contact Center. We're going to add more and more. The second pillar is really about the hybrid work. The third one is extremely important, which is business workflow platform, right? And we have SDK, some health care customers would like to embed SDK into their telemedicine, telehealth offering. We have API, also marketplace.

瑞恩，這是一個非常好的問題。看看我們的增長戰略，對，三件事，三個支柱，對吧？並統一了通訊平台。我們剛剛添加了聯絡中心。我們將添加越來越多的內容。第二個支柱實際上是關於混合工作。第三個非常重要，就是業務工作流平台，對吧？我們有 SDK，一些醫療保健客戶希望將 SDK 嵌入到他們的遠程醫療、遠程醫療產品中。我們有 API，也有市場。

But the most important thing is really about the Zoom apps, right? We just announced a Zoom-DocuSign integration. Essentially, during the meeting time, it's very easy. One click, I look at a document, I can approve that. More and more integration like that. During the Meeting time, all inside the Meeting time as well, right? And that's the key for our platform growth.

但最重要的是關於 Zoom 應用程序，對吧？我們剛剛宣布了 Zoom-DocuSign 集成。本質上，在會議期間，這很容易。單擊一下，我查看一個文件，我可以批准。越來越多的這樣的整合。在會議期間，都在會議時間之內，對吧？這是我們平台增長的關鍵。

And another reason why we invited a great leader, the CEO of ServiceNow, right, to join our Board, right? ServiceNow is probably the best workflow application provider, right? How to learn from ServiceNow? How to embed more and more other business workflow applications to the Zoom platform and also vice versa. I think that can truly help our customers, right? Rather than they leave the Zoom interface, go to other business context, right? They can stay within the Zoom interface, can get the job done, right?

還有另一個原因，我們邀請了一位偉大的領導者，ServiceNow 的首席執行官，對，加入我們的董事會，對吧？ ServiceNow 可能是最好的工作流應用程序提供商，對吧？如何向 ServiceNow 學習？如何將越來越多的其他業務工作流應用程序嵌入到 Zoom 平台，反之亦然。我認為這可以真正幫助我們的客戶，對吧？與其離開 Zoom 界面，不如轉到其他業務環境，對嗎？他們可以留在 Zoom 界面內，可以完成工作，對嗎？

Also, we are doubling down our SDK platform, right? Like education, health care, a lot of vertical industry, start up, they would like to embed Zoom to their offering. That's why we are very excited about our business workflow platform.

另外，我們正在加倍開發我們的 SDK 平台，對嗎？像教育、醫療保健、許多垂直行業一樣，初創公司希望將 Zoom 嵌入到他們的產品中。這就是為什麼我們對我們的業務工作流平台感到非常興奮。

Brad Sills with Bank of America has the next question.

美國銀行的 Brad Sills 提出了下一個問題。

It's Mike Funk on for Brad Sills, if I could. So first on your churn by cohort. I love to hear your thoughts and the assumptions around that. And then second, the visibility into the attach rate for Contact Center.

如果可以的話，是 Mike Funk 為 Brad Sills 上場。因此，首先按群組劃分您的流失率。我喜歡聽聽你的想法和圍繞它的假設。其次，對聯絡中心附加率的可見性。

Sure. So Brad, if you -- or Mike, sorry. If you remember back in Analyst Day last fall, we shared a chart that shows how, as cohorts age, when they get to that 15 months and older, they really stabilize in terms of retention rate. And if you go back and look at that, you're able to see what we shared with not only the retention rates, but also where we are in that aging process. And so it's very easy for us now to look forward and predict how those retention rates are going to impact the overall base of that -- of the online business.

當然。所以布拉德，如果你——或者邁克，對不起。如果您還記得去年秋天的分析師日，我們分享了一張圖表，該圖表顯示了隨著隊列年齡的增長，當他們達到 15 個月及以上時，他們的保留率如何真正穩定下來。如果你回過頭來看看，你不僅可以看到我們與保留率共享的內容，還可以看到我們在老化過程中所處的位置。因此，我們現在很容易展望並預測這些保留率將如何影響在線業務的整體基礎。

And so that's exactly what we've assumed. They just continue aging. Because we've seen really strong stability in those retention rates as they get to that 15 to 16 months age. So it hasn't changed even as the business has been kind of overall volatility, it doesn't change in the order of things. So we're just following that.

這正是我們所假設的。他們只是繼續老化。因為我們已經看到這些保留率在 15 到 16 個月大時非常穩定。因此，即使業務一直處於整體波動狀態，它也沒有改變，事情的順序也沒有改變。所以我們只是遵循這一點。

And then, the assumption for the attachment for Contact Center?

然後，對聯絡中心附件的假設？

Yes. So we -- it's still early right now. We have -- we haven't done it in terms of attach rate yet. We just look forward to the back half of this year and assume that we start to see some revenue there. We saw -- really -- we had many really strong Enterprise customers sign up for the beta, so we're excited to see how it goes moving forward.

是的。所以我們——現在還為時過早。我們已經 - 我們還沒有在附加率方面做到這一點。我們只是期待今年下半年，並假設我們開始在那裡看到一些收入。我們看到 - 真的 - 我們有許多非常強大的企業客戶註冊測試版，所以我們很高興看到它如何向前發展。

Matt VanVliet with BTIG has the next question.

BTIG 的 Matt VanVliet 提出了下一個問題。

I guess as you look at the many investments you made on the international side of things, where do you feel like you are from a sales force maturity and efficiency relative to a lot of the efficiencies you've already shown in the U.S.? And just as each of those markets mature, maybe any kind of regional or country-by-country specifics would be great.

我想當你看到你在國際方面所做的許多投資時，相對於你在美國已經表現出的許多效率，你覺得你的銷售隊伍成熟度和效率如何？就像這些市場中的每一個都成熟一樣，也許任何類型的區域或國家/地區的具體情況都會很棒。

So the international team has grown tremendously over the last few years. We certainly continue to see opportunity. And we talked about this before, but as a quick reminder, with the growth and the brand awareness over the last few years, it's really enabled us to go in and put reps where we see opportunities without having to seed markets with marketing dollars.

因此，國際團隊在過去幾年中得到了極大的發展。我們當然會繼續看到機會。我們之前討論過這個問題，但作為一個快速提醒，隨著過去幾年的增長和品牌知名度，它真的使我們能夠進入並將代表放在我們看到機會的地方，而不必用營銷資金來播種市場。

I think the big area of opportunity that still exists for us internationally is the channel. That is where we -- there's a cross-functional initiative in the company to really focus on the channel, especially focused around Zoom Phone. And that can be mean after agents, that can be carriers. Deutsche Telekom and our strong partnership there we just announced is a great example of that effort. And we're going to continue to focus on that, especially over this next coming year because that's a really important part of the distribution strategy for Zoom Phone.

我認為在國際上對我們來說仍然存在的巨大機會領域是渠道。這就是我們的地方——公司有一個跨職能的計劃來真正專注於渠道，尤其是圍繞 Zoom Phone。這可能是代理人之後的意思，可以是承運人。德國電信和我們剛剛宣布的牢固合作夥伴關係就是這種努力的一個很好的例子。我們將繼續關注這一點，尤其是在接下來的一年裡，因為這是 Zoom Phone 分銷戰略的一個非常重要的部分。

And Matthew Niknam with Deutsche Bank has the next question.

德意志銀行的 Matthew Niknam 提出了下一個問題。

You've talked about M&A being the greater part of the story going forward. I'm just wondering, with the pullback in market valuations for some higher growth names, how are you thinking about inorganic opportunities? And are you seeing more of these opportunity surface, particularly in the private market?

您已經談到併購是未來故事的重要組成部分。我只是想知道，隨著一些高增長名稱的市場估值回落，您如何看待無機機會？您是否看到更多這些機會浮出水面，尤其是在私人市場？

And then maybe if I can just sneak in a follow-up. On the customers with more than 10 employees, I believe that declined slightly sequentially. Just wondering if there's any color you can give in terms of maybe what drove the bulk of those departures in terms of customer size.

然後也許我可以偷偷跟進。對於擁有 10 名以上員工的客戶，我認為環比略有下降。只是想知道是否有任何顏色可以說明可能是什麼推動了大部分客戶規模的離開。

Sure. So in terms of inorganic and the opportunity for M&A, we really are continuing to be focused on this. And I think, the strength of our balance sheet in terms of cash leaves us a lot of opportunity regardless of what's happening with our stock price, honestly. So we will continue to focus on opportunities for augmenting talent or technology, which is what we've said all along.

當然。因此，就無機和併購機會而言，我們確實將繼續關注這一點。而且我認為，老實說，無論我們的股價發生了什麼，我們在現金方面的資產負債表實力給我們留下了很多機會。因此，我們將繼續關注增強人才或技術的機會，這也是我們一直所說的。

And then in terms of the decline in the -- you are right, it was slightly down, the customers with greater than 10 employees. And if you back up for just a quick minute, remember that when we went public, we picked that metric as a proxy for our direct business and that customers with fewer than 10 was the proxy for our online segment. And what's happened over time, as we've seen this tremendous growth in online as a channel, it started to kind of overlap there, which is why we don't think it's really the appropriate metric to use any longer going forward. But that decline was driven by churn that we saw in the online segment of our business with customers that have more than 10 employees.

然後就下降而言 - 你是對的，它略微下降，擁有超過 10 名員工的客戶。如果您稍等片刻，請記住，當我們上市時，我們選擇該指標作為我們直接業務的代表，而少於 10 名客戶的客戶代表我們的在線細分市場。隨著時間的推移，隨著我們看到在線作為一個渠道的巨大增長，它開始在那裡重疊，這就是為什麼我們認為它不再是未來使用的真正合適的指標。但這種下降是由我們在業務的在線部分中看到的客戶流失推動的，客戶擁有超過 10 名員工。

Yes. Matt, and to add on to what Kelly said, I think it's time to really look at the online business and also our direct business, driven by sales channel. And the online business, meaning those customers never interacted with our sales reps, right? They just go online to use their credit card to buy. I think that's probably the best -- it's the right time for us. Look at the online business and also direct channel business, right, rather than just the 10 employee because it's still a little bit confusing, right?

是的。馬特，補充凱利所說的話，我認為是時候真正關注在線業務以及由銷售渠道驅動的我們的直接業務了。還有在線業務，這意味著這些客戶從未與我們的銷售代表互動，對吧？他們只是上網使用信用卡購買。我認為這可能是最好的——這對我們來說是正確的時間。看看在線業務和直接渠道業務，對，而不是僅僅 10 名員工，因為它仍然有點混亂，對吧？

Sometimes you also talk with our sales rep. Sometimes you go online to buy. And it's time for us to look at the pure online business, meaning they never interact with our sales rep, right? I think that's a better rate, the better metrics down the road.

有時您還與我們的銷售代表交談。有時你會上網購買。現在是我們關注純在線業務的時候了，這意味著他們從不與我們的銷售代表互動，對吧？我認為這是一個更好的比率，未來會有更好的指標。

Peter Levine has the next question with Evercore.

Peter Levine 對 Evercore 提出了下一個問題。

So maybe just to piggyback off the Contact Center discussion. I think it's been reported that you're selling seats at $70 per month per agent. So that's obviously a huge discount from the industry average, call it, $200. So is the pricing an indication that Zoom just doesn't have all the features, functionality and it just doesn't warrant the premium price? Or is this just Zoom being aggressive and just trying to get market share?

所以也許只是為了支持聯絡中心的討論。我認為據報導，您以每個代理每月 70 美元的價格出售席位。所以這顯然是行業平均水平的巨大折扣，稱之為 200 美元。那麼，定價是否表明 Zoom 不具備所有特性和功能，並且不能保證高價？或者這只是 Zoom 咄咄逼人，只是想獲得市場份額？

And I would assume -- my second part of my question is, I would assume, over time, the idea is to get the full voice functionality AI, WHO and kind of move that pricing up to kind of where the industry is today?

我會假設 - 我的問題的第二部分是，我會假設，隨著時間的推移，這個想法是獲得完整的語音功能 AI、WHO 以及將定價提高到行業今天的水平？

So Peter, I would say that Zoom has always been disruptive in pricing, and Contact Center is absolutely different. If you look across the market in how we priced Meetings, how we priced Zoom Phone when we introduced it, we're approximately half the price of any of our competitors' list price. And that continues to be the case with Contact Center as well.

所以彼得，我想說的是，Zoom 在定價方面一直是顛覆性的，而聯絡中心則完全不同。如果您縱觀整個市場，了解我們如何為 Meetings 定價，以及我們在推出 Zoom Phone 時如何定價，我們的價格大約是任何競爭對手標價的一半。聯絡中心也是如此。

I mean, over time, we absolutely will continue to add features and functionalities with the exact same approach that we took with the Zoom Phone in terms of the launch and how it grew over time and expanded the features and functionality. The same is true with Contact Center, but you should not take the price as reflecting anything in terms of the quality of that product.

我的意思是，隨著時間的推移，我們絕對會繼續使用與 Zoom Phone 完全相同的方法添加特性和功能，以及它如何隨著時間的推移而增長並擴展特性和功能。聯絡中心也是如此，但您不應將價格視為該產品質量的任何反映。

Peter, Kelly, is right on. Our growth strategy is always better product, better price and also much better service.

彼得，凱利，是正確的。我們的增長戰略始終是更好的產品、更好的價格和更好的服務。

Shebly Seyrafi with FBN Securities has the next question.

FBN Securities 的 Shebly Seyrafi 提出了下一個問題。

So with your guidance for fiscal '23, it looks like you're guiding for about 11%-or-so revenue growth, in my model, to fit your bottom line guidance. I'm getting around 40% OpEx growth. It's like 4x your revenue growth. And that's an unusual kind of multiple, it's like 4:1. And usually, that's indicative of a company's belief that they could grow fast, meaning like 20% plus in the future.

因此，根據您對 23 財年的指導，在我的模型中，您似乎正在指導大約 11% 左右的收入增長，以符合您的底線指導。我的運營支出增長了大約 40%。這就像您的收入增長的 4 倍。這是一種不尋常的倍數，就像 4:1。通常，這表明公司相信他們可以快速增長，這意味著未來會增長 20% 以上。

So my question really is, is the goal here to invest way ahead of your expected revenue growth in '23 with the idea of accelerating your revenue growth to 20%-plus at some point in the future? And related to this, I know you're guiding for online being flattish this year. Is your goal to get that to at least double-digit growth in the future?

所以我的問題真的是，這裡的目標是在 23 年的預期收入增長之前進行投資，並在未來某個時候將你的收入增長加速到 20% 以上嗎？與此相關的是，我知道您正在指導今年的網絡平淡。您的目標是在未來實現至少兩位數的增長嗎？

So as we mentioned in the prepared remarks, Shebly, we absolutely expect there to be an inflection point and for revenue to start to reaccelerate in the back half of the year. We're not yet -- we're not prepared to give multiyear guidance at this point. But what you should expect is we're modeling for the exit growth rate to be higher than the full year growth rate for FY '23.

因此，正如我們在準備好的評論中提到的，Shebly，我們絕對預計會有一個拐點，並且收入將在今年下半年開始重新加速。我們還沒有——我們現在還沒有準備好提供多年指導。但你應該期待的是，我們正在模擬退出增長率高於 23 財年的全年增長率。

Yes, just quickly. Prior to the pandemic, our growth strategy is very clear, right? Double down on Enterprise every 2 years. We're going to introduce a new service, right? Already added mobile, right? Also upsell. Over the past 3 years, we have to really think about how to help the world, help people stay connected. That's the reason why we spent a lot of time to make sure we offer the K-12 school free services and also, focus on online business as well.

是的，很快。在大流行之前，我們的增長戰略很明確，對吧？每 2 年在 Enterprise 上加倍下注。我們將推出一項新服務，對吧？已經添加了手機，對吧？也加售。在過去的 3 年裡，我們必須真正思考如何幫助世界，幫助人們保持聯繫。這就是為什麼我們花了很多時間來確保我們提供 K-12 學校的免費服務，同時也專注於在線業務。

Right now, we're seeing the COVID crisis lower, right. We got to go back. Double down on our Enterprise growth strategy. Also, at the same time, we have to adjust our previous Enterprise growth strategy, which is every 2 years, you are going to add a new service. Now probably every 1 year, you need to add 1 more new services, right? That's the way for us. That's the reason why we adjust our growth strategy, right, to double down, triple down our Enterprise customers.

現在，我們看到 COVID 危機正在降低，對吧。我們得回去了。加倍加強我們的企業增長戰略。同時，我們必須調整我們之前的企業增長戰略，即每 2 年，您將添加一項新服務。現在可能每 1 年，您需要再添加 1 個新服務，對嗎？這就是我們的方式。這就是我們調整增長戰略的原因，對，將我們的企業客戶提高一倍，三倍。

Now moving on to Karl Keirstead with UBS.

現在轉到 UBS 的 Karl Keirstead。

Kelly and Eric, the EMEA and APAC growth have been a big part of the Zoom story as the U.S. market has become more penetrated, yet in this past quarter the growth in both those regions decelerated pretty sharply. Kelly, I know you talked a little bit about seasonality in Europe. Do you mind elaborating on what's happening in international? And when you set your 11% growth target, what's embedded in that number in terms of your non-U.S. growth, even if you can be directional?

Kelly 和 Eric，EMEA 和 APAC 的增長一直是 Zoom 故事的重要組成部分，因為美國市場的滲透率越來越高，但在過去的這個季度，這兩個地區的增長都大幅放緩。凱利，我知道你談到了歐洲的季節性。您介意詳細說明國際上正在發生的事情嗎？當你設定 11% 的增長目標時，這個數字對你的非美國增長有什麼影響，即使你可以有方向性？

Yes. So in Q4, we did see -- we saw strength in Asia Pac, and we even saw strength in EMEA, too. If you remember, we announced our largest deal ever for EMEA, which is super exciting. So strength in the Enterprise segment of the business. But we absolutely saw an impact from holiday seasonality, which we expected. We talked about that in the call on Q3 as you -- if you remember.

是的。所以在第四季度，我們確實看到了——我們看到了亞太地區的實力，我們甚至看到了歐洲、中東和非洲的實力。如果您還記得，我們宣布了 EMEA 有史以來最大的一筆交易，這非常令人興奮。因此，在業務的企業部分實力雄厚。但我們絕對看到了假期季節性的影響，這是我們預期的。我們在第三季度的電話會議中談到了這一點——如果你記得的話。

In terms of looking forward, international absolutely is a really important part of our growth strategy, and we do continue to expect it to grow at a rate that is higher than the U.S. And so that's -- and we will continue to also add -- invest in sales capacity internationally at a rate that is higher on a percentage basis than we would be doing in the U.S. as well.

就展望而言，國際化絕對是我們增長戰略的一個非常重要的組成部分，我們確實繼續期望它以高於美國的速度增長。所以這就是 - 我們還將繼續添加 -在國際上以比我們在美國更高的百分比投資銷售能力。

And our next question comes from Rishi Jaluria with RBC.

我們的下一個問題來自 Rishi Jaluria 和 RBC。

I wanted to go back to -- look, I appreciate the new reporting, way of reporting things. I think it makes a lot more sense. But just when we think about the above-10 and sub-10 employee segment, it was down sequentially, again, but it's actually slightly up versus Q1 and up year-over-year. How is this relative to your own expectations? And how should we be thinking about that segment going forward?

我想回到 - 看，我很欣賞新的報導方式，報導事情的方式。我認為這更有意義。但就在我們考慮 10 歲以上和 10 歲以下的員工群體時，它再次連續下降，但實際上與第一季度相比略有上升，並且同比上升。這與您自己的期望有何關係？我們應該如何考慮這個細分市場的未來？

And maybe alongside that, when we see these above-10 employee customer count down sequentially, I know a big chunk of those are online customers, totally makes sense. Based on your observations, what are you seeing those customers doing? Are they unplugging? Are they moving to a competitor? Or are they just downgrading to a free version of Zoom? And maybe there's a monetization opportunity down the line?

也許除此之外，當我們看到這些超過 10 名員工的客戶按順序倒計時時，我知道其中很大一部分是在線客戶，這完全有道理。根據您的觀察，您看到這些客戶在做什麼？他們拔掉插頭了嗎？他們是否正在轉向競爭對手？還是他們只是降級到 Zoom 的免費版本？也許有一個貨幣化的機會？

Yes. I mean it's -- so in terms of like -- this is why this number doesn't make sense anymore because it's gotten so mixed up between the customers and the channel. I think the size of the customers and the channel, that's what's gotten really convoluted with this metric going forward and why we're not going to really talk about it going forward. So in terms of how we see it going forward, honestly, Rishi, we aren't even modeling around this metric any longer. We are completely moving to thinking about Enterprise and online because, as I said in the prepared remarks, that really reflects how we think about the business and how we are measuring and managing it. So that's what makes the most sense.

是的。我的意思是 - 所以就喜歡而言 - 這就是為什麼這個數字不再有意義，因為它在客戶和渠道之間變得如此混亂。我認為客戶和渠道的規模，這就是未來這個指標真正令人費解的地方，也是為什麼我們不會真正談論它的原因。因此，就我們如何看待它的發展而言，老實說，Rishi，我們甚至不再圍繞這個指標進行建模。我們正在完全考慮企業和在線，因為正如我在準備好的評論中所說，這確實反映了我們對業務的看法以及我們如何衡量和管理它。所以這是最有意義的。

And what you should really continue to see is ongoing growth in the Enterprise business. We're super excited about the strength that we see there and double-digit growth for next year. And that online is going to be flattish, and that's what we expect.

您真正應該繼續看到的是企業業務的持續增長。我們對在那裡看到的實力和明年的兩位數增長感到非常興奮。在線將變得平淡無奇，這就是我們所期望的。

In terms of what these customers are doing, we -- especially in the smaller customers, we see them -- we even come back. We even come back, right? We make it very flexible for them to do that. And so at any point in time, they might be taking a break, but they might come back when it makes sense for them. And that's what we want. We want it to be easy for them to come and go as they see the need for our products.

就這些客戶在做什麼而言，我們——尤其是在較小的客戶中，我們看到了他們——我們甚至回來了。我們甚至會回來，對吧？我們讓他們這樣做非常靈活。所以在任何時候，他們可能會休息一下，但當對他們有意義時，他們可能會回來。這就是我們想要的。我們希望他們在看到對我們產品的需求時能夠輕鬆進出。

And we will now hear from Tyler Radke with Citi.

我們現在將聽取花旗的 Tyler Radke 的來信。

Kelly, I wanted to ask you just a couple of points on the FY '23 outlook. I guess, first, how are you thinking about price increases and just generally pricing power philosophically? And then second of all, the reported revenue this quarter relative to your guide was some of the smallest upside we've seen as a public company. So just any changes in guidance philosophy or how you're approaching the guide for this year would be helpful.

凱利，我想問你關於 23 財年展望的幾點。我想，首先，您如何看待價格上漲以及從哲學上普遍定價權力？其次，本季度報告的收入相對於您的指南是我們作為上市公司看到的最小的上漲空間。因此，指導理念的任何變化或您今年如何接近指南都會有所幫助。

Yes. In terms of the outlook from a pricing perspective, we currently don't have plans to increase our prices across the board. We are -- especially for the online segment of our business, we are looking at opportunities for localized pricing and selling in local currency, which I think will be really helpful in terms of, especially some of the smaller customers in those markets, and getting those plans rightsized to those markets. But no plans to increase our prices across the board.

是的。從定價的角度來看，我們目前沒有全面提高價格的計劃。我們 - 特別是對於我們業務的在線部分，我們正在尋找以當地貨幣進行本地化定價和銷售的機會，我認為這將非常有幫助，特別是這些市場中的一些較小客戶，並獲得這些計劃適合這些市場。但沒有計劃全面提高我們的價格。

And then in terms of the beats that you were mentioning for Q4, as we've grown and scaled as a business I think you're starting to see our guidance and our beats get more correlated to the size of the business and reflect the growth rates that we're experiencing going forward.

然後就你提到的第四季度節拍而言，隨著我們作為一家企業的成長和規模擴大，我認為你開始看到我們的指導，我們的節拍與業務規模更加相關並反映了增長我們正在經歷的利率。

Moving on to Alex Zukin with Wolfe Research.

轉向沃爾夫研究公司的亞歷克斯祖金。

I've got just a competition one and then a numbers one. So Eric, maybe for you first. Given the increasing importance of the Enterprise business, the increasing spend there, the product diversification, what's the right way to think about this post-pandemic competitive environment vis-a-vis Microsoft as well as your other competitors? Is it same sales cycle longer? More -- give us a flavor of what you're seeing and how you're planning for the full year.

我只有一場比賽，然後是第一名。所以埃里克，也許先給你。鑑於企業業務的重要性日益增加，那裡的支出不斷增加，產品多樣化，對於微軟以及您的其他競爭對手而言，考慮這種大流行後競爭環境的正確方法是什麼？相同的銷售週期更長嗎？更多——讓我們了解您所看到的內容以及您對全年的計劃。

Yes. So again, Alex, there's constant competition, right? Always focus on -- really focused on our customers, right? And as I said, in the future, we'll double down on our innovation. That's pretty much -- that formula is very sustainable. But however, if we would really just focus on some of our competitors, I would say, first of all -- and you take Microsoft for example, right? And in some Enterprise customers standardize on Microsoft. Some Enterprise customers standardize on Zoom platform.

是的。再說一次，亞歷克斯，競爭不斷，對吧？始終專注於——真正專注於我們的客戶，對嗎？正如我所說，在未來，我們將在創新上加倍努力。這差不多——這個公式是非常可持續的。但是，如果我們真的只關注我們的一些競爭對手，我想說，首先——你以微軟為例，對嗎？並且在一些企業客戶中標準化了 Microsoft。一些企業客戶在 Zoom 平台上進行標準化。

For some Enterprise customers, you look at Okta's business report, right? And if you look at Okta's Microsoft Office 365 deployment. In terms of coexistence between our business Zoom and Zoom, that percentage is increasing year-over-year, around 45%, right? Meaning all those Okta and Microsoft Office 365 customers did deploy both Zoom and Microsoft solution, right? And also, we also -- on many fronts, we partner with Microsoft as well, right? I think that's why the market is huge, right? And some customers really like the Zoom platform, great. They like the Microsoft as their chat, yes. They deploy Zoom video and the voice. But I think that will continue.

對於某些企業客戶，您會查看 Okta 的業務報告，對嗎？如果您查看 Okta 的 Microsoft Office 365 部署。在我們的業務 Zoom 和 Zoom 的共存方面，這個比例在逐年增加，大約 45%，對吧？這意味著所有 Okta 和 Microsoft Office 365 客戶都部署了 Zoom 和 Microsoft 解決方案，對吧？而且，我們還 - 在許多方面，我們也與微軟合作，對吧？我認為這就是市場巨大的原因，對吧？有些客戶真的很喜歡 Zoom 平台，非常棒。他們喜歡微軟作為他們的聊天工具，是的。他們部署 Zoom 視頻和語音。但我認為這種情況會繼續下去。

Also, at the same time, right? Like we added Contact Center. We are going to add more and more new services, right? In addition to focus on horizontal collaboration platform, we also want to focus on more value-added, like Contact Center and also some other services as well, right? And by doing that, on the right hand, we compete against some of those bigger competitors. On the other hand, it also integrate more and more with them as well, right? That's our strategy, yes.

同時，對吧？就像我們添加了聯絡中心一樣。我們將添加越來越多的新服務，對嗎？除了專注於橫向協作平台之外，我們還希望專注於更多的增值，比如聯絡中心以及其他一些服務，對吧？通過這樣做，在右側，我們與一些更大的競爭對手競爭。另一方面，它也越來越多地與他們融合，對吧？這就是我們的策略，是的。

Got it. And then Kelly, so I just want to go back to the point that Sterling asked about the guidance with respect to Enterprise versus online, the 20% and flat. Just help us bridge that to where billings guidance for Q1 is negative, billings guidance for the full year, I think pencils out to low single digits. CRPO, sequentially decelerated.

知道了。然后凱利，所以我只想回到斯特林詢問有關企業與在線的指導的觀點，即 20% 和持平。只需幫助我們將其與第一季度的比林斯指導為負的地方、全年的比林斯指導聯繫起來，我認為鉛筆會降至低個位數。 CRPO，依次減速。

What's the -- like, what is the number we should focus on, the forward-looking metric to give us confidence in that re-acceleration of revenue growth that you're calling for? And particularly, the sustainability on some of the Enterprise and online trends?

什麼是——比如，我們應該關注的數字是多少，這是一個前瞻性指標，可以讓我們對你所呼籲的收入增長的重新加速充滿信心？尤其是一些企業和在線趨勢的可持續性？

Yes. So remember that, unfortunately, billings is not a good forward-looking metric. And it's due to the fact that we have this 50-50 split in our business. And the Enterprise business is -- the billings associated with that are what you would expect in a normal SaaS business, and they're multiyear -- annual to multiyear. In the online business, it is not. There are many of those customers that are still buying and paying on a monthly basis.

是的。所以請記住，不幸的是，比林斯並不是一個好的前瞻性指標。這是因為我們的業務中有 50-50 的比例。企業業務是——與此相關的賬單是你在正常的 SaaS 業務中所期望的，而且它們是多年的——每年到多年。在在線業務中，它不是。有許多客戶仍在按月購買和付款。

So it really doesn't make sense for a metric, and that's why you're going to continue to see volatility in that metric. And because of that, I think what we've tried to give you was at least some color around deferred revenue so you can understand that, because also of the seasonality and the linearity that we have in our renewals and our billings. Unfortunately, the best that I have to give you is our revenue guidance, and that's it. We're trying to give you metrics that better reflect now how we think about that.

所以它對於一個指標真的沒有意義，這就是為什麼你會繼續看到這個指標的波動性。正因為如此，我認為我們試圖給你的至少是一些關於遞延收入的顏色，所以你可以理解這一點，因為我們在續訂和賬單中的季節性和線性。不幸的是，我必須給你的最好的就是我們的收入指導，僅此而已。我們正在努力為您提供指標，以更好地反映我們現在對此的看法。

We'll now hear from Kash Rangan with Goldman Sachs.

我們現在將聽取高盛集團的 Kash Rangan 的來信。

Eric, before Kash jumps on here, I just wanted to let you know, Kash, unfortunately, was on the participant side. So we just pulled him in as a panelist, but he used our Zoom chat product to come on over. So welcome to the world of Zoom Chat.

埃里克，在卡什跳到這里之前，我只是想讓你知道，不幸的是，卡什站在參與者一邊。所以我們只是把他拉進來作為一個小組成員，但他使用我們的 Zoom 聊天產品過來了。歡迎來到 Zoom Chat 的世界。

So Eric, I think 2022 is a year of transition, right? I was really intrigued by something you said back in September, how you were positioning Zoom for the next era of communications. And you have a lot of products in the product road map. The video exchange center, you have the event platform, et cetera. I'm curious to see -- to get your thoughts on how you're preparing Zoom for the next chapter. What are the product milestones we should be expecting from the company, and the go-to-market transformation, your strategic initiatives, your partnerships, et cetera, to help Zoom be ready for that vision that you laid out in September.

所以埃里克，我認為 2022 年是過渡的一年，對吧？我對你在 9 月份所說的話非常感興趣，你如何為下一個通信時代定位 Zoom。而且你在產品路線圖中有很多產品。視頻交流中心，你有活動平台等等。我很想知道——想知道你是如何為下一章準備 Zoom 的。我們應該期待公司的產品里程碑是什麼，以及進入市場的轉型、您的戰略計劃、您的合作夥伴關係等等，以幫助 Zoom 為您在 9 月制定的願景做好準備。

Yes. Kash, that's a really good question. Given that you are using Zoom chat, right, it's always our unified communications platform. Not only that, but when it comes to unified communications platform, Chat or Phone and Video Conferencing, Events, Webinar and all those missing part -- Contact Center we just added on, right, to the UC platform. And also look at other 2 pillars, and also the hybrid work and the business workflow as well. Essentially, in the next several years, we are working very hard to transform our business from a meeting company to a platform company, right?

是的。卡什，這是一個非常好的問題。鑑於您使用的是 Zoom 聊天，對，它始終是我們的統一通信平台。不僅如此，當涉及到統一通信平台、聊天或電話和視頻會議、活動、網絡研討會以及所有那些缺失的部分——我們剛剛添加到 UC 平台的聯絡中心時。還要看看其他 2 個支柱，以及混合工作和業務工作流程。從本質上講，在接下來的幾年裡，我們正在努力將我們的業務從會議公司轉變為平台公司，對嗎？

In terms of metrics, you've got to look at our Enterprise growth. Now online business used to be, revenue-wise, very small. It's more like the byproduct of our online marketing platform. Because of COVID, right, that revenue grew very well, also very profitable. Now given that the COVID is over, we have to go back, to triple down our enterprise growth in terms of more new services, in terms of embracing the platform, right? You will see in the next several years we are going to introduce more and more Enterprise services.

在指標方面，您必須查看我們的企業增長。現在，在線業務過去在收入方面非常小。它更像是我們在線營銷平台的副產品。由於 COVID，對，該收入增長得非常好，也非常有利可圖。現在鑑於 COVID 已經結束，我們必須回頭，在更多新服務方面，在擁抱平台方面，使我們的企業增長三倍，對吧？您將看到在接下來的幾年中，我們將推出越來越多的企業服務。

And also from a technology perspective, like AI and also some more integration with other business workflow for applications, I think, overall, add more and more value to our Enterprise customers. I think that's the way for us to look at our growth for the next few years.

而且從技術的角度來看，比如人工智能，以及與其他應用程序業務工作流程的更多集成，我認為總體而言，為我們的企業客戶增加了越來越多的價值。我認為這是我們看待未來幾年增長的方式。

Matt Stotler with William Blair.

馬特·斯托特勒與威廉·布萊爾。

Maybe just one. As you think about building out the full UC stack, obviously, you've got many of the key components, video, phone, everything around those 2, Contact Center now that you're pushing into. When you look at, especially some of your Enterprise competitors, some of the large buy-in that you get from IT around those other solutions is because they're based on things like -- foundational productivity tools like e-mail or file sharing or scheduling and full-feature chat, things like that.

也許只有一個。當您考慮構建完整的 UC 堆棧時，很明顯，您已經擁有許多關鍵組件，視頻、電話以及圍繞這 2 個的所有內容，現在您正在推進聯絡中心。當您查看，尤其是您的一些企業競爭對手時，您從 IT 部門獲得的圍繞這些其他解決方案的大量支持是因為它們基於諸如電子郵件或文件共享之類的基本生產力工具之類的東西，或者日程安排和全功能聊天，諸如此類。

So how do you think about how those fit into your road map? Or if not directly, how you satisfy those needs for your Enterprise customers as you keep moving upmarket?

那麼，您如何看待這些如何融入您的路線圖？或者，如果不是直接的，那麼在您不斷向高端市場邁進的過程中，您如何滿足企業客戶的這些需求？

Yes. Matt, first of all, for now, we're focused on unified communications platform, right? And not like file sharing. That's the reason why Kash is using Zoom Chat, which is our persistent group chat. It's a part of our unified communications platform, right? Customer can standardize and Zoom by send or chat a message or send or chat a message to a group. I can ping you. I have a phone call and Contact Center. That's our unified communications platform, right. That's part of the first pillar of our platform strategy.

是的。 Matt，首先，目前，我們專注於統一通信平台，對吧？而且不像文件共享。這就是 Kash 使用 Zoom Chat 的原因，這是我們的持續群聊。它是我們統一通信平台的一部分，對吧？客戶可以通過發送或聊天消息或向群組發送或聊天消息來標準化和縮放。我可以ping通你。我有一個電話和聯絡中心。那是我們的統一通信平台，對。這是我們平台戰略第一支柱的一部分。

In terms of file sharing or email calendar, first of all, we are integrating very well with other vendors, right? How to further embed like those solutions into the Zoom platform play, this is also our strategy down the road. More to come, and stay tuned.

在文件共享或電子郵件日曆方面，首先，我們與其他供應商的整合非常好，對吧？如何進一步將這些解決方案嵌入到Zoom平台中，這也是我們未來的策略。更多精彩，敬請期待。

Siti Panigrahi with Mizuho.

Siti Panigrahi 與瑞穗。

Eric and Kelly, I just wanted to ask you about the growth drivers. Could you rank it? Or like, you talked about so many products besides Video, you talked about Phones, Chat, Contact Center, so many other products. So how do you rank this growth driver near term versus maybe medium term, like 2, 3 years out?

埃里克和凱利，我只是想問一下增長動力。能給個排名嗎？或者像，你談到了除了視頻之外的很多產品，你談到了電話、聊天、聯絡中心，還有很多其他產品。那麼，您如何對近期的增長動力與可能的中期（例如 2、3 年後）進行排名？

Yes. Near term, as I mentioned earlier, right, if you look at our platform's 3 key pillars: unified communications platform, hybrid work and business workflow platform. In terms of a near-term driver, we got to focus on double down, triple down our unified communications platform for the time being. And the future driver is not only that, but also the how to support hybrid work, how to support the business workflow platform. Those 2 things will help us to further grow our business down the road, in addition to unified communications platform.

是的。近期，正如我之前提到的，對，如果你看看我們平台的 3 個關鍵支柱：統一通信平台、混合工作和業務工作流平台。就近期驅動因素而言，我們暫時將重點放在統一通信平台的兩倍、三倍。而未來的驅動力不僅如此，還有如何支持混合工作，如何支持業務工作流平台。除了統一通信平台之外，這兩件事將幫助我們進一步發展我們的業務。

I mean what about Contact Center? When should we expect that to have some kind of material contribution?

我的意思是聯絡中心呢？我們什麼時候應該期望它會產生某種物質貢獻？

Yes, Contact Center is part of our unified communications platform, right? And again, if customer already deploys Meeting and Phone, they would likely deploy the Contact Center. Overall, we put the Contact Center into our missing piece of the unified communications platform. Together, right, will drive our UC growth. But our new growth will come from second pillar and third pillar.

是的，聯絡中心是我們統一通信平台的一部分，對嗎？同樣，如果客戶已經部署了會議和電話，他們可能會部署聯絡中心。總的來說，我們將聯絡中心放入了統一通信平台的缺失部分。一起，對，將推動我們的 UC 增長。但我們新的增長將來自第二支柱和第三支柱。

Taz Koujalgi with Guggenheim has the next question.

古根海姆的 Taz Koujalgi 提出了下一個問題。

I have a question for Eric and then a follow-up for Kelly. Eric, as you launch your own Contact Center, what does that mean for your partnership with Five9?

我有一個問題要問埃里克，然後是凱利的後續問題。 Eric，當您啟動自己的聯絡中心時，這對您與 Five9 的合作意味著什麼？

The partnership is still doing well because some customers already deploy Five9 because of Zoom. We want to make sure we keep improving that experience, right? However, some customers -- some brand-new customers who deployed on-prem solution who would like to consolidate everything to Zoom platform, yes, we would like to get those customers, right?

這種合作關係仍然很好，因為一些客戶已經因為 Zoom 部署了 Five9。我們想確保我們不斷改善這種體驗，對吧？但是，有些客戶——一些部署了本地解決方案的全新客戶，他們希望將所有內容整合到 Zoom 平台，是的，我們希望獲得這些客戶，對嗎？

And again, this market is huge for Contact Center. You look at all those modules, right? The contact center is as huge, right? And sometimes customers already deployed Five9, they are going to deploy more. The features from Zoom also deployed to the Zoom Contact Center or deploy Genesys, that's absolutely okay. Again, we will focus on our installed base. We focus on those customers who truly believe at Zoom's UC vision, would like to standardize on Zoom platform, right? That's our growth strategy.

再說一次，這個市場對於聯絡中心來說是巨大的。你看看所有這些模塊，對吧？聯絡中心也很大，對吧？有時客戶已經部署了 Five9，他們將部署更多。 Zoom 的功能也部署到 Zoom 聯絡中心或部署 Genesys，這絕對沒問題。同樣，我們將專注於我們的安裝基礎。我們專注於那些真正相信 Zoom 的 UC 願景、希望在 Zoom 平台上標準化的客戶，對嗎？這就是我們的增長戰略。

And then follow-up for Kelly. Kelly, if I look at your free cash flow margins for this year, there's about a 4-point gap between the operating margin and free cash flow margin. Going forward, as we have a bigger mix of Enterprise, I guess, versus the online cohort, does that gap get wider. Do you see a bigger delta between operating margins and free cash flow margins in fiscal '23?

然後跟進凱利。凱利，如果我看看你今年的自由現金流量利潤率，營業利潤率和自由現金流量利潤率之間大約有 4 個百分點的差距。展望未來，我想，與在線群體相比，我們擁有更大的企業組合，這種差距會變得更大。您是否看到 23 財年的營業利潤率和自由現金流利潤率之間存在更大的差異？

The gap in operating margins year-over-year is really being driven by our ongoing investment in R&D. So at a little over 6% this year, it's still not within our target range. Our targeted range for R&D is 10% to 12%. So that's a big driver for -- as we're continuing to invest and innovate for the future. And a little bit of that will be offset in the overall improvement in the gross margins for the long term. But we still are in the middle of that multiyear strategy of moving from the public cloud into our own co-located data centers, so that's going to take a little bit more time.

營業利潤率的同比差距實際上是由我們對研發的持續投資推動的。因此，今年略高於 6%，仍不在我們的目標範圍內。我們的研發目標範圍是 10% 到 12%。所以這是一個很大的驅動力——因為我們正在為未來繼續投資和創新。從長遠來看，其中的一小部分將被毛利率的整體改善所抵消。但我們仍處於從公共雲遷移到我們自己的託管數據中心的多年戰略中，因此這將需要更多時間。

And then sales and marketing is also going to increase a little bit as a percentage of revenue as we continue to focus on sales capacity, as we talked about. And also really, as we're building upon this amazing brand awareness that we garnered for Zoom Meetings, we want to make sure that everybody also understands the great value they can get from Zoom Phone, from Zoom Events as well as Zoom Contact Center. So you should expect to see more targeted product marketing in the future.

然後，正如我們所談到的，隨著我們繼續關註銷售能力，銷售和營銷佔收入的百分比也將略有增加。事實上，當我們建立在為 Zoom Meetings 獲得的驚人品牌知名度的基礎上，我們希望確保每個人也了解他們可以從 Zoom Phone、Zoom Events 以及 Zoom Contact Center 獲得的巨大價值。因此，您應該期望在未來看到更有針對性的產品營銷。

But in terms of I know you don't guide to free cash flow margins, but that delta between operating margin and free cash flow margin, should that remain consistent going forward? Or should that delta widen because now you have more Enterprise customers who are probably paying upfront more and you get a better cash flow margin?

但就我所知，您並沒有指導自由現金流利潤率，而是營業利潤率和自由現金流利潤率之間的差異，這是否應該保持一致？還是應該擴大增量，因為現在您有更多的企業客戶可能提前支付更多費用並且您獲得了更好的現金流利潤率？

Yes. Over time, we expect our relationship between operating margin and free cash flow to go back to what it was pre-pandemic. So if you go back and look at the variability or the -- I should say, the differential you saw there, that's what you should expect to see as we move through -- probably as we sort of get through the back half of FY '23, it should start to normalize like that again.

是的。隨著時間的推移，我們預計營業利潤率和自由現金流之間的關係會回到大流行前的水平。因此，如果您回過頭來查看可變性或-我應該說，您在那裡看到的差異，這就是您在我們前進時應該期望看到的-可能是在我們通過FY的後半部分時' 23，它應該再次開始正常化。

We still have some investments in the early part of this year around continuing to build out our data centers. We're doing some office build-outs as well, so you should expect to see CapEx a little bit higher than kind of the normalized rate. But eventually, we'll get back to that normal relationship.

今年年初，我們仍有一些投資，圍繞繼續建設我們的數據中心。我們也在做一些辦公室擴建，所以你應該期望看到資本支出比正常化率高一點。但最終，我們會回到正常的關係。

And we have time for one additional question, which will come from Parker Lane with Stifel.

我們有時間再提一個問題，該問題將來自 Parker Lane 和 Stifel。

With the return of business travel and mandates being rolled back, curious to hear what your customers are thinking about in terms of their event plans for this year. Are you still anticipating that your customers will do more virtual-only and hybrid events than they did pre-COVID? And how is that sort of translating into the demand you're seeing for events in 2022?

隨著商務旅行的回歸和任務的回滾，很想知道您的客戶對今年的活動計劃有何看法。您是否仍然期望您的客戶會比 COVID 之前進行更多的純虛擬和混合活動？這種情況如何轉化為您對 2022 年活動的需求？

We really expect that as people start to travel, they're going to travel for certain events but not for all of them. So we really expect the future to be hybrid, and that's why we're really excited about our Zoom Events strategy and that it can accommodate both in-person as well as virtual attendees. And that's what we really think is going to be the future because people, I mean, are excited to be out and being traveling again, but they want to do it when it's convenient for them and when it makes sense in their life. And I don't think we expect people to return back to the way it was prepandemic. and it's going to be some combination. Just as work is, we expect events to be the same.

我們真的希望，隨著人們開始旅行，他們會為某些活動而旅行，但不是為所有活動。所以我們真的希望未來是混合的，這就是為什麼我們對我們的 Zoom Events 戰略感到非常興奮，它可以同時容納面對面和虛擬與會者。這就是我們真正認為的未來，因為人們，我的意思是，很高興能再次外出旅行，但他們想在對他們方便並且對他們的生活有意義的時候這樣做。而且我認為我們不希望人們回到大流行前的狀態。這將是一些組合。就像工作一樣，我們希望事件是一樣的。

Parker, just to quickly add on to what Kelly said. If you look at the events, for sure, that will be hybrid. Like last summer, I joined a Salesforce Dreamforce hybrid event. I had a great experience, right? A lot of people joined online, and also they have several hundred people there in person, right?

帕克，只是為了快速補充凱利所說的話。如果你看看這些事件，當然，那將是混合的。和去年夏天一樣，我參加了 Salesforce Dreamforce 混合活動。我有很棒的經歷，對吧？很多人在網上加入，也有幾百人親自參加，對吧？

But in the future, even if that's still a hybrid event, I would say the percentage of -- and those people who are going to show up in person will be more and more. But again, it's still hybrid. Also a lot of people will join online as well. I do not think we'd be back to prepandemic. All the events, just everyone being there in person, I do not think that's the case based on the conversation with some of our customers.

但在未來，即使這仍然是一個混合事件，我會說 - 那些將親自出現的人的百分比會越來越多。但同樣，它仍然是混合的。也有很多人會在線加入。我不認為我們會回到大流行前。所有的活動，只是每個人都親自到場，根據與我們一些客戶的對話，我認為情況並非如此。

And again, that does conclude our Q&A. So Eric, I'll turn it back to you for any closing comments you may have.

再一次，這確實結束了我們的問答。所以埃里克，我會把它轉回給你，讓你有任何結束評論。

Yes, thank you. I really appreciate for your time. Thank you for your time. Thank you for your support. I truly appreciate it. Thank you. Take care.

是的，謝謝。我真的很感謝你的時間。感謝您的時間。謝謝您的支持。我真的很感激。謝謝你。小心。

Thank you, everybody.

謝謝大家。

Thank you so much, Eric. And again, everyone, that concludes today's earnings release. We thank you all for your participation. Enjoy the rest of your day. See you next time.

非常感謝，埃里克。再次，大家，今天的收益發布結束了。我們感謝大家的參與。享受你一天的剩餘時間。下次見。