Zoom Communications Inc (ZM) 2023 Q1 法說會逐字稿

Hello again, everyone, and welcome to Zoom's Q1 FY '23 Earnings Release. As a reminder, today's earnings release is being recorded.

大家好，歡迎來到 Zoom 的 23 財年第一季度財報發布。提醒一下，今天的收益發布正在記錄中。

And now I will hand things over to Tom McCallum, Head of Investor of Relations. Tom, take it away.

現在我將把事情交給投資者關係主管湯姆麥卡勒姆。湯姆，把它拿走。

Thank you, Kelcey. Hello, everyone, and welcome to Zoom's earnings video webinar for the first quarter of fiscal -- Q1 fiscal 2023. I'm joined today by Zoom's Founder and CEO, Eric Yuan; and Zoom's CFO, Kelly Steckelberg.

謝謝你，凱爾西。大家好，歡迎參加 Zoom 第一財季（2023 財年第一季度）的收益視頻網絡研討會。今天，Zoom 的創始人兼首席執行官 Eric Yuan 加入了我的行列；和 Zoom 的首席財務官 Kelly Stekelberg。

Our earnings press release was issued today after the market closed and may be downloaded from the Investor Relations page at investors.zoom.com. Also on this page, you'll be able to find a copy of today's prepared remarks and a slide deck with financial highlights that, along with our earnings 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 second quarter and full year -- full fiscal year 2023. Our expectations regarding financial and business trends impacts from macroeconomic developments in the Russia-Ukraine war, our market position opportunities, growth strategy and business aspirations and product initiatives and the expected benefits of such initiatives. These statements are only predictions that are based on what we believe today, and actual results may differ materially.

在本次電話會議中，我們將發表前瞻性陳述，包括關於我們第二季度和全年財務展望的陳述——2023 財年。我們對俄羅斯-烏克蘭戰爭宏觀經濟發展對財務和商業趨勢影響的預期，我們的市場定位機會、增長戰略和業務願望以及產品計劃以及此類計劃的預期收益。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, which were discussed in detail in our filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. Zoom assumes no obligation to update any forward-looking statements we may make on today's webinar.

這些前瞻性陳述受到可能影響我們的業績和財務業績的風險和其他因素的影響，這些因素在我們提交給 SEC 的文件中進行了詳細討論，包括我們關於 10-K 表格的年度報告和 10-K 表格的季度報告-問。 Zoom 不承擔更新我們在今天的網絡研討會上可能做出的任何前瞻性陳述的義務。

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

有了這個，讓我把討論交給 Eric。

Thank you, Tom. Thank you, everyone, for joining us today. As we continue to execute on the strategic pillars, I shared with you last quarter while we are very grateful for the support and the trust we have received from our customers and investors.

謝謝你，湯姆。謝謝大家，今天加入我們。在我們繼續執行戰略支柱的同時，我在上個季度與您分享，同時我們非常感謝我們從客戶和投資者那裡獲得的支持和信任。

Let me start with some recent news, then touch on our new product launches, and finally, discuss some exciting customer wins before handing it over to Kelly.

讓我從最近的一些新聞開始，然後談談我們的新產品發布，最後，在把它交給凱利之前討論一些令人興奮的客戶勝利。

Just last week, we closed our acquisition of Solvvy, which we believe will strengthen our capabilities around conversational AI and accelerate the adoption of our contact center product. The nature of the customer experience is ongoing a fundamental transformation as enterprises increasingly look to engage their customers in more exceptional, personalized and effortless ways. We recognize this shift and saw in Solvvy a team laser focused on providing the very best conversational technology and empowering customer support leaders to deliver better experiences. We believe Solvvy's technology will broaden our contact center offering with scalable self-service and AI capabilities that truly enable fast and personalized customer resolutions, improved agent productivity and valuable insights. We are very excited to Solvvy and help our growing number of contact center customers set new standards for customer service.

就在上週，我們完成了對 Solvvy 的收購，我們相信這將加強我們在對話式人工智能方面的能力，並加速我們聯絡中心產品的採用。隨著企業越來越希望以更卓越、個性化和輕鬆的方式吸引客戶，客戶體驗的性質正在發生根本性轉變。我們認識到這一轉變，並在 Solvvy 中看到了一個專注於提供最佳對話技術並授權客戶支持領導者提供更好體驗的團隊激光。我們相信，Solvvy 的技術將通過可擴展的自助服務和 AI 功能擴展我們的聯絡中心產品，真正實現快速和個性化的客戶解決方案、提高座席生產力和有價值的見解。我們對 Solvvy 感到非常興奮，並幫助我們越來越多的聯絡中心客戶為客戶服務設定了新標準。

A key part of our strategy is to enable more and more business workflows within our platform, and I'm super excited about our recent launches of Zoom Whiteboard and Zoom IQ for Sales. Zoom Whiteboard is arming teams with the power of continuous collaboration in an easy-to-use solution that provides a virtual space to collaborate before, during and after a meeting. And to help sales teams reach their full potential, we have launched Zoom IQ for Sales, a conversational AI solution that to service surface insights, actions and content from our sales meetings. These new product launches encapsulate our strategy to move into adjacent workforce, both horizontally and vertically, in order to ensure our customers are getting more and more out of our platform.

我們戰略的一個關鍵部分是在我們的平台內啟用越來越多的業務工作流程，我對我們最近推出的 Zoom Whiteboard 和 Zoom IQ for Sales 感到非常興奮。 Zoom Whiteboard 通過易於使用的解決方案為團隊提供持續協作的力量，該解決方案提供了一個虛擬空間，可以在會議之前、期間和之後進行協作。為了幫助銷售團隊充分發揮潛力，我們推出了 Zoom IQ for Sales，這是一種對話式 AI 解決方案，可以為我們的銷售會議中的表面洞察、行動和內容提供服務。這些新產品的發布概括了我們橫向和縱向進入相鄰勞動力的戰略，以確保我們的客戶越來越多地離開我們的平台。

Now moving on to customer wins. We are very happy to share that Humana, one of the nation's leading health and well-being companies, has expanded their relationship from Zoom Meetings to include approximately 24,000 Zoom Phones to integrate voice and video in their communications platform. Thank you, Humana.

現在轉向客戶勝利。我們很高興地分享，美國領先的健康和福祉公司之一 Humana 已將他們的關係從 Zoom Meetings 擴大到包括大約 24,000 部 Zoom Phone，以將語音和視頻集成到他們的通信平台中。謝謝你，哈曼娜。

I also want to thank Avis Budget Group, a leading global provider of mobility solutions operating 3 of the most recognized brands in their industry to Avis, Budget and Zipcar, for expanding from being a Zoom Meetings and Zoom Rooms customer to being a broader UCaaS customer. We continue to stay seamlessly connected, having added approximately 10,000 Zoom Phones across many of the global offices and car rental locations.

我還要感謝 Avis Budget Group，這是一家全球領先的移動解決方案提供商，運營著 Avis、Budget 和 Zipcar 等行業中最知名的 3 個品牌，從 Zoom Meetings 和 Zoom Rooms 客戶擴展到更廣泛的 UCaaS 客戶.我們繼續保持無縫連接，在全球許多辦事處和汽車租賃地點增加了大約 10,000 部 Zoom Phone。

And in addition to Zoom Meeting and Zoom Phone, our UCaaS solution includes a very robust persistent team Chat product that further drives collaboration in a seamless and integrated way. Our Chat product is used by a number of large enterprises, including a Fortune 10 company with over 130,000 users.

除了 Zoom Meeting 和 Zoom Phone 之外，我們的 UCaaS 解決方案還包括一個非常強大的持久團隊聊天產品，可以進一步以無縫和集成的方式推動協作。我們的聊天產品被許多大型企業使用，包括擁有超過 130,000 名用戶的財富 10 強公司。

I also want to thank Lumio, a preeminent leader in residential solar and home experience. Lumio is a happy Zoom Meetings customer who recently enabled their 4,000 employees to enjoy the use of Zoom Chat. Lumio chose Zoom Chat for its ease of deployment and to enhance communication collaboration across their team.

我還要感謝住宅太陽能和家庭體驗領域的傑出領導者 Lumio。 Lumio 是一個快樂的 Zoom Meetings 客戶，最近讓他們的 4,000 名員工可以享受 Zoom Chat 的使用。 Lumio 選擇 Zoom Chat 是因為它易於部署並增強了團隊之間的溝通協作。

The next 2 wins are very special because they demonstrate the strength of our platform office and how the contact center is a critical component of the platform. I want to thank TeamHealth, the leading physician properties in the U.S., for their trust in Zoom. Their innovation-focused team is committed to delivering the best quality experience and customers.

接下來的 2 場胜利非常特別，因為它們展示了我們平台辦公室的實力以及聯絡中心如何成為平台的關鍵組成部分。我要感謝美國領先的醫生資產 TeamHealth 對 Zoom 的信任。他們專注於創新的團隊致力於提供最優質的體驗和客戶。

A long-standing, avid Zoom Meetings, Zoom Webinar and Zoom Rooms customer, TeamHealth recently expanded their service with thousands of Zoom Phone licenses across their organization. And their their similar experience across our platform, they saw potential value in adding our Zoom Contact Center to modernize internal IT support services across their tens thousands of employees and health care affiliates.

作為 Zoom 會議、Zoom 網絡研討會和 Zoom Rooms 的長期忠實客戶，TeamHealth 最近在整個組織中通過數千個 Zoom Phone 許可證擴展了他們的服務。以及他們在我們平台上的類似經歷，他們看到了增加我們的 Zoom 聯絡中心以實現其數万名員工和醫療保健附屬機構的內部 IT 支持服務現代化的潛在價值。

And the last, but certainly not the least, I want to thank FranklinCovey, a leading provider of leadership, individual effectiveness and business execution training and assessment services. FranklinCovey started as a and Zoom Events customer. In Q1, recognizing Zoom's expansion in the contact center and proven UCaaS capabilities, they decided to deploy Zoom Phone together with the Zoom Contact Center. They saw them as going hand in hand to support many of the external call center needs in the U.S., including voice and video channels as well as skills-based routing. We look forward to continuing our journey with FranklinCovey by delivering additional capabilities as we enhance and expand our contact center offering.

最後，但同樣重要的是，我要感謝 FranklinCovey，一家領先的領導力、個人效率和業務執行培訓和評估服務提供商。富蘭克林柯維最初是 Zoom Events 的客戶。在第一季度，認識到 Zoom 在聯絡中心的擴張和成熟的 UCaaS 能力，他們決定將 Zoom Phone 與 Zoom 聯絡中心一起部署。他們認為它們攜手支持美國的許多外部呼叫中心需求，包括語音和視頻渠道以及基於技能的路由。隨著我們增強和擴展我們的聯絡中心產品，我們期待通過提供更多功能來繼續我們與富蘭克林柯維的合作。

Thank you, Humana, Avis, Lumio, TeamHealth and FranklinCovey. I'm so grateful to have such a great group of customers.

謝謝 Humana、Avis、Lumio、TeamHealth 和 FranklinCovey。我很高興有這麼多的客戶群。

We hear every day from our customers about just how much impact Zoom's unified communication platform has had on how they communicate internally and excellently. Recently, we commissioned Forrester Consulting to quantify Zoom's business value and provide a framework for organizations looking to understand their unified communications investment.

我們每天都從客戶那裡聽到關於 Zoom 的統一通信平台對他們如何在內部進行出色的溝通產生了多大的影響。最近，我們委託 Forrester Consulting 量化 Zoom 的商業價值，並為希望了解其統一通信投資的組織提供一個框架。

The study indicates that Zoom's unified communications platform could provide a 261% return on investment over 3 years for composite organization in their model with a payback in just less than 6 months. This did not come as a surprise to us or our customers who see and feel the value of the Zoom everyday, but it does set up a healthy bar for what organizations can strive to accomplish with our flexible, scalable and growing suite of communications solutions.

研究表明，Zoom 的統一通信平台可以在 3 年內為其模型中的複合型組織提供 261% 的投資回報，並且在不到 6 個月內即可收回投資。對於我們或我們每天看到並感受到 Zoom 價值的客戶來說，這並不感到意外，但它確實為組織通過我們靈活、可擴展且不斷增長的通信解決方案套件努力實現的目標設置了一個健康的標準。

And as companies look to empower hybrid workforces, Zoom can drive further efficiency gains through our robust Zoom Rooms offering. And there are intangible benefits as well. A new study from Gartner found that employees with more flexibility in terms of work style and location felt more connected to their organization's culture. We have found this to be true at Zoom and are working to help our customers realize similar goals by enabling productivity and belonging across their teams whether they be in person, remote or hybrid.

隨著公司尋求增強混合勞動力的能力，Zoom 可以通過我們強大的 Zoom Rooms 產品進一步提高效率。而且還有無形的好處。 Gartner 的一項新研究發現，在工作方式和地點方面具有更大靈活性的員工感覺與他們組織的文化聯繫更緊密。我們發現 Zoom 確實如此，並正在努力幫助我們的客戶實現類似的目標，方法是提高團隊的生產力和歸屬感，無論他們是面對面的、遠程的還是混合的。

As always, let me also thank our global Zoom team, customers, partners and investors for their great trust and support.

與往常一樣，我還要感謝我們全球 Zoom 團隊、客戶、合作夥伴和投資者的信任和支持。

And with that, I will pass it over to Kelly. Thank you.

有了這個，我會把它交給凱利。謝謝你。

Thank you, Eric, and hello, everyone. Let me start by also extending my warm welcome to the Solvvy team. We are thrilled to have you join the Zoom family. I'll first discuss the results for Q1 and then provide our outlook for Q2 and FY '23.

謝謝你，埃里克，大家好。讓我首先對 Solvvy 團隊表示熱烈歡迎。我們很高興您能加入 Zoom 大家庭。我將首先討論第一季度的結果，然後提供我們對第二季度和 23 財年的展望。

In Q1, total revenue grew 12% year-over-year to $1.074 billion, near the high end of our guidance. The growth was primarily driven by strength in our enterprise business, which saw a steady increase as customers as well -- in customers as well as improved renewal rates year-over-year. We also saw ongoing success in Zoom Rooms and Zoom Phone, which reached 3 million seats during the quarter. Renewals in Online improved sequentially, but growth was impacted mainly by international headwinds, including the strengthening of the dollar and the Russia-Ukraine war.

第一季度，總收入同比增長 12% 至 10.74 億美元，接近我們指導的高端。這一增長主要是由我們企業業務的實力推動的，該業務的客戶數量也在穩步增長——客戶數量以及續訂率逐年提高。我們還看到 Zoom Rooms 和 Zoom Phone 的持續成功，在本季度達到了 300 萬個座位。在線續訂量環比有所改善，但增長主要受到國際不利因素的影響，包括美元走強和俄羅斯-烏克蘭戰爭。

Revenue from enterprise customers grew 31% year-over-year and represented 52% of total revenue, up from 45% in Q1 of FY '22. The number of enterprise customers grew 24% year-over-year to approximately 198,900. We expect revenue from enterprise customers to become an increasingly higher percentage of total revenue over time.

來自企業客戶的收入同比增長 31%，佔總收入的 52%，高於 22 財年第一季度的 45%。企業客戶數量同比增長 24% 至約 198,900。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 trailing 12-month net dollar expansion rate for enterprise customers in Q1 came in at 123%. This was in line with expectations as existing enterprise customers continue to expand their investment in the Zoom platform, with growth rates beginning to normalize following the very high rates of expansion previously.

我們在第一季度為企業客戶提供的 12 個月淨美元擴張率為 123%。這符合預期，因為現有企業客戶繼續擴大對 Zoom 平台的投資，在此前非常高的擴張率之後，增長率開始正常化。

We saw 46% year-over-year growth in the upmarket as we ended the quarter with 2,916 customers contributing more than $100,000 in trailing 12 months revenue. These customers represented 24% of revenue, up from 19% in Q1 of FY '22.

截至本季度末，我們看到高端市場同比增長 46%，有 2,916 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 24%，高於 22 財年第一季度的 19%。

Our Americas revenue grew 15% year-over-year. Our APAC revenue grew even faster at 20% year-over-year. The performance in Americas and APAC was partially offset by the flat year-over-year growth in EMEA. This was primarily due to continued headwinds in the online business. On a quarter-over-quarter basis, we believe the Russia-Ukraine war has broadly impacted our online business in Europe and is expected to weigh on the balance of FY '23 as well.

我們在美洲的收入同比增長 15%。我們的亞太地區收入增長更快，同比增長 20%。美洲和亞太地區的表現被歐洲、中東和非洲地區同比持平的增長部分抵消。這主要是由於在線業務的持續逆風。在環比的基礎上，我們認為俄羅斯與烏克蘭的戰爭已經廣泛影響了我們在歐洲的在線業務，預計也會對 23 財年的餘額造成壓力。

Now turning to profitability, which was strong from both GAAP and non-GAAP perspectives. I will focus on our non-GAAP results, which exclude stock-based compensation expense and associated payroll taxes, 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。我將重點關注我們的非 GAAP 業績，其中不包括基於股票的薪酬費用和相關的工資稅、收購相關費用、淨訴訟和解、戰略投資的淨收益或損失、離散活動的所得稅收益和可歸因於的未分配收益參與證券。

Non-GAAP gross margin in Q1 was 78.6%, an improvement from 73.9% in Q1 of last year and 78.3% last quarter. The sequential improvement was mainly due to optimizing usage across the public cloud and our increasing number of co-located data centers. Given the improvements we are seeing so far this year, we expect gross margins to be in the range of 76% to 78% for the remainder of the year, which is higher than our previous view of the mid-70s.

第一季度非美國通用會計準則毛利率為 78.6%，高於去年第一季度的 73.9% 和上一季度的 78.3%。連續改進主要是由於優化了公共雲的使用以及我們越來越多的共址數據中心。鑑於我們今年迄今看到的改善，我們預計今年剩餘時間的毛利率將在 76% 至 78% 之間，這高於我們之前對 70 年代中期的看法。

Research and development expense grew by 105% year-over-year to approximately $85 million driven by our focus on innovation. As a percentage of total revenue, R&D expense increased to 7.9% from 4.3% in Q1 of last year. Our new product launches reflect our ongoing investments in expanding Zoom's platform and our commitment to delivering on our customers' evolving needs. We plan to further invest in R&D to reach our long-term target of 10% to 12%.

由於我們對創新的關注，研發費用同比增長 105% 至約 8500 萬美元。研發費用佔總收入的比例從去年第一季度的 4.3% 上升至 7.9%。我們推出的新產品反映了我們對擴展 Zoom 平台的持續投資以及我們對滿足客戶不斷變化的需求的承諾。我們計劃進一步投資於研發，以達到我們 10% 至 12% 的長期目標。

Sales and marketing expense grew by 40% year-over-year to $267 million. This represented approximately 24.9% of total revenue, up from 20% in Q1 of last year. We remain committed to investing in worldwide sales capacity, channel partners and product marketing across the Zoom platform.

銷售和營銷費用同比增長 40% 至 2.67 億美元。這約佔總收入的 24.9%，高於去年第一季度的 20%。我們將繼續致力於投資於 Zoom 平台的全球銷售能力、渠道合作夥伴和產品營銷。

G&A expense grew by 26% to $93 million or approximately 8.6% of total revenue.

G&A 費用增長 26% 至 9300 萬美元，約佔總收入的 8.6%。

Non-GAAP operating income expanded to $400 million, exceeding the high end of our guidance of $350 million as we are seeing the benefit of efficiencies in our cloud operations. This translates to a 37.2% non-GAAP operating margin for Q1 compared with 41.9% a year ago and 39.2% last quarter.

非 GAAP 營業收入擴大至 4 億美元，超過了我們指導的 3.5 億美元的高端，因為我們看到了雲運營效率帶來的好處。這意味著第一季度非美國通用會計準則營業利潤率為 37.2%，而去年同期為 41.9%，上一季度為 39.2%。

Non-GAAP diluted earnings per share in Q1 was $1.03 on approximately 307 million non-GAAP diluted weighted average shares outstanding. This result is $0.15 above the high end of our guidance and $0.29 lower than Q1 of last year.

第一季度非 GAAP 攤薄後每股收益為 1.03 美元，約 3.07 億股非 GAAP 攤薄加權平均流通股。這一結果比我們指導的高端高 0.15 美元，比去年第一季度低 0.29 美元。

Now turning to the balance sheet. Deferred revenue at the end of the period was $1.3 billion, up 22% year-over-year from $1.1 billion. Looking at both our billed and unbilled contracts, our RPO totaled approximately $3 billion, up 44% year-over-year from $2.1 million. We expect to recognize approximately 63% of the total RPO as revenue over the next 12 months as compared to 72% in Q1 of last year, reflecting a shift towards longer-term plans.

現在轉向資產負債表。期末遞延收入為 13 億美元，較去年同期的 11 億美元增長 22%。從我們的已開票和未開票合同來看，我們的 RPO 總額約為 30 億美元，比去年同期的 210 萬美元增長 44%。我們預計在未來 12 個月內將大約 63% 的總 RPO 確認為收入，而去年第一季度這一比例為 72%，這反映了向長期計劃的轉變。

As a reminder, our seasonality of renewals is front-end loaded and tapers through the year, and therefore, our collections follow the same trend. This leads deferred revenue to peak in Q1 and moderate over the rest of the year, reflecting the smaller renewal base. As such, we expect Q2 deferred revenue to grow at approximately 9% to 10% year-over-year.

提醒一下，我們的更新季節性是前端加載的，並且全年逐漸減少，因此，我們的系列遵循相同的趨勢。這導致遞延收入在第一季度達到頂峰，並在今年餘下時間放緩，反映出續訂基數較小。因此，我們預計第二季度遞延收入將同比增長約 9% 至 10%。

We ended the quarter with approximately $5.7 billion in cash, cash equivalents and marketable securities, excluding restricted cash. We had operating cash flow in the quarter of $526 million as compared to $533 million in Q1 of last year. Free cash flow was $501 million, up from $454 million in Q1 of last year. Our margins for operating cash flow and free cash flow remained strong at 49% and 46.7%, respectively.

我們在本季度末擁有約 57 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 5.26 億美元，而去年第一季度為 5.33 億美元。自由現金流為 5.01 億美元，高於去年第一季度的 4.54 億美元。我們的經營現金流和自由現金流的利潤率分別保持在 49% 和 46.7% 的強勁水平。

For the fiscal year, we would expect free cash flow margin to be roughly 3 to 5 points lower than our non-GAAP operating margin, taking into account the lower deductions for stock-based compensation caused by the recent stock volatility. The Section 174 requirement to capitalize and amortize R&D expenses could further impact our free cash flow if Congress does not defer, repeal or otherwise modify the existing legislation. Over time, assuming a more normalized SBC environment, we would expect our free cash flow margin on an annual basis to track approximately at or above our non-GAAP operating margin.

在本財年，我們預計自由現金流利潤率將比我們的非公認會計原則營業利潤率低大約 3 到 5 個百分點，考慮到近期股票波動導致的基於股票的薪酬扣除額較低。如果國會不推遲、廢除或以其他方式修改現有立法，第 174 節要求資本化和攤銷研發費用可能會進一步影響我們的自由現金流。隨著時間的推移，假設 SBC 環境更加正常化，我們預計我們每年的自由現金流量利潤率將接近或高於我們的非公認會計準則營業利潤率。

Last earnings, we announced our $1 billion share buyback plan. As of the end of Q1, we had purchased $132 million of stock, representing 1.2 million shares.

上一份財報，我們宣布了 10 億美元的股票回購計劃。截至第一季度末，我們已購買了 1.32 億美元的股票，代表 120 萬股。

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 the fourth quarter of FY '23. For the second quarter of FY '23, we expect revenue to be in the range of $1.115 billion to $1.12 billion. We expect non-GAAP operating income to be in the range of $360 million to $365 million. Our outlook for non-GAAP earnings per share is $0.90 to $0.92 based on approximately 308 million shares outstanding. As mentioned last quarter, due to our multiyear history of profitability, we have fully utilized our NOLs. We continue to expect our tax rate to approximate the blended U.S. federal and state tax rate in 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 財年第四季度適度加速。對於 23 財年第二季度，我們預計收入將在 11.15 億美元至 11.2 億美元之間。我們預計非公認會計準則營業收入將在 3.6 億美元至 3.65 億美元之間。基於約 3.08 億股流通股，我們對非公認會計原則每股收益的展望為 0.90 美元至 0.92 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。我們繼續預計我們的稅率將接近 23 財年美國聯邦和州的混合稅率。

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 are raising our non-GAAP operating income to be in the range of approximately $1.48 billion to $1.5 billion, representing a non-GAAP operating margin of approximately 33%. Our outlook for non-GAAP earnings per share is $3.70 to $3.77 based on approximately 309 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%。我們正在將我們的非公認會計原則營業收入提高到大約 14.8 億美元至 15 億美元之間，非公認會計原則營業利潤率約為 33%。基於約 3.09 億股流通股，我們對非公認會計原則每股收益的展望為 3.70 美元至 3.77 美元。

Before we conclude, I'd like to update you on our recently issued inaugural ESG report. The report includes information regarding our ESG initiatives and policies, environmental performance and targets, details of Zoom's and our employees' charitable contributions, diversity metrics and an index providing standardized reporting according to the SASB framework.

在我們結束之前，我想向您介紹我們最近發布的首份 ESG 報告。該報告包括有關我們的 ESG 舉措和政策、環境績效和目標、Zoom 和我們員工的慈善捐款的詳細信息、多樣性指標以及根據 SASB 框架提供標準化報告的指數的信息。

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) And our first question will 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。

Congratulations on the quarter. Clearly, you guys are seeing a lot of traction on the Phone front. I just wanted to get a sense of, as you look into fiscal '23, just what you think could be other categories of kind of ancillary products that could contribute to growth and just when you would expect kind of those categories outside of core video to be more than 10% of revenue.

祝賀本季度。顯然，你們在電話方面看到了很大的吸引力。我只是想了解一下，當您查看 23 財年時，您認為可能是其他類別的可以促進增長的輔助產品，以及您何時期望核心視頻之外的這些類別收入的 10% 以上。

So we're super excited, of course, about recently launched products, including Whiteboard and Contact Center. We saw some Contact Center deals. You heard some of those names that Eric talked about at the beginning of the call. And then, of course, Zoom Rooms continues to be a really important part of our strategy going forward, especially with, I think, the ever-evolving status of what flexible and hybrid work is going to look like in the future.

因此，我們當然對最近推出的產品（包括白板和聯絡中心）感到非常興奮。我們看到了一些聯絡中心交易。你聽到了埃里克在電話開始時談到的一些名字。當然，Zoom Rooms 仍然是我們未來戰略中非常重要的一部分，尤其是在我認為靈活和混合工作在未來不斷發展的情況下。

In terms of when I expect any of those products, I think on a combined basis, we do see the combination of those products exceeding 10% of revenue today. We've always committed that as soon as each -- any individual product gets to 10%, of course, we'll start disclosing that. I think that's likely -- not likely to happen in FY '23, but probably in FY '24, FY '25, you'll start to see some of those product lines coming into their own and producing at least 10% of revenue.

就我對這些產品的預期時間而言，我認為綜合起來，我們確實看到這些產品的組合今天超過了收入的 10%。我們一直承諾，一旦每個產品——任何單個產品達到 10%，我們都會開始披露這一點。我認為這很可能——不太可能在 23 財年發生，但可能在 24 財年、25 財年，你會開始看到其中一些產品線進入自己的領域並產生至少 10% 的收入。

And our next question will come from Matt Stotler with William Blair.

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

Maybe just one on Contact Center for me. Obviously, good to hear some early wins there. Would love to get an update, I guess, more broadly on kind of the adoption, overall demand that you're seeing for that product, specific use cases that you're seeing customers kind of roll out for. And then as you think about the functionality road map from here, what are the most critical pieces? Obviously, nice to (inaudible) be coming in. But on that side, we'd love to get your thoughts on that going forward as well.

對我來說，也許只是聯絡中心上的一個。顯然，很高興聽到那裡的一些早期勝利。我想，我很想獲得更新，更廣泛地了解採用的種類、您對該產品看到的總體需求、您看到客戶推出的特定用例。然後，當您從這裡考慮功能路線圖時，最關鍵的部分是什麼？顯然，很高興（聽不清）進來。但在這方面，我們也很想了解您對未來的想法。

Yes. Matt, that's a good question. First of all, very, very excited to already have several Contact Center pay to customers, right, because their trust, the proven new cost capabilities. And for those customers, they already deploy Zoom Meetings and also either already deploy Zoom Phone or they already deployed Zoom Phone. They prefer deploying Zoom Contact Center as well because we already built a very scalable call routing engine or -- right? And a lot of features, core contact center features already (inaudible). And also, we tried not only just focus on one use case like enterprise IT services.

是的。馬特，這是個好問題。首先，非常非常興奮已經有幾個聯絡中心向客戶付費，對，因為他們的信任，新的成本能力得到了證明。對於這些客戶，他們已經部署了 Zoom Meetings，或者已經部署了 Zoom Phone，或者他們已經部署了 Zoom Phone。他們也更喜歡部署 Zoom Contact Center，因為我們已經構建了一個非常可擴展的呼叫路由引擎，或者——對嗎？還有很多功能，核心聯絡中心功能已經（聽不清）。而且，我們不僅嘗試專注於一個用例，例如企業 IT 服務。

Broadly speaking, this is a much bigger opportunity for us. We keep adding more and more features like (inaudible) quite a Solvvy composition of AI capabilities and even some noncore features like workforce management, Q&A model, like CSAT, all those features we are going to add to the Zoom Contact Center. We are going to become a very, very, I would say, very meaningful (inaudible) contact center service price. We're very excited. The team is working extremely hard and very excited.

從廣義上講，這對我們來說是一個更大的機會。我們不斷添加越來越多的功能，例如（聽不清）AI 功能的 Solvvy 組合，甚至一些非核心功能，例如勞動力管理、問答模型（例如 CSAT），所有這些功能我們都將添加到 Zoom 聯絡中心。我們將成為一個非常非常，我想說，非常有意義（聽不清）的聯絡中心服務價格。我們非常興奮。團隊工作非常努力，非常興奮。

And our next question will come from Michael Funk with Bank of America.

我們的下一個問題將來自美國銀行的 Michael Funk。

So along a similar line of thinking, thinking about the added capabilities, whether it's Zoom Phone or Contact Center, how is that changing your sales strategy in the way that -- way you interact with customers? And then how should we think about that also affecting the sales cycle, potentially lengthening that as you add a more complex solutions?

因此，沿著類似的思路，考慮增加的功能，無論是 Zoom Phone 還是聯絡中心，這將如何改變您的銷售策略——您與客戶互動的方式？然後我們應該如何考慮這也會影響銷售週期，隨著您添加更複雜的解決方案，可能會延長銷售週期？

Yes. Kelly, feel free to chime in. I think first of all, I do not think that is complex because of the trust are established. Customers always ask about our product road map. They want us to offer more value to them, right? Based on the very consistent front-end experience and seamless back-end architecture, and the cost model deploy Zoom Meetings, Zoom Chat and also the Zoom Phone, Zoom Rooms. Now given the Contact Center, this is no-brainer to customers, yes, I trust your brand, I trust your capabilities and we'd like to test your Contact Center as well. That's the reason why we may announce the Zoom Whiteboard, right, also see the early adoption. It is pretty good. Not to mention the Zoom IQ for Sales because we received a lot of feedback from customers. They trust Zoom. They want us offer more value. cases, starting from a sales department, support demand, Contact Center meet the other departments, working to add more and more value in the new services, new product innovations and features because I do not think that, that will introduce any complex process because the trust already established right? It's more like the (inaudible). Even for new customers, when they do a revenue check with other very happy customers, I think it is -- again, this is a pretty straightforward sales process.

是的。凱利，請隨意插話。我認為首先，我認為這並不復雜，因為信任已經建立。客戶總是詢問我們的產品路線圖。他們希望我們為他們提供更多價值，對吧？基於非常一致的前端體驗和無縫的後端架構，成本模型部署 Zoom Meetings、Zoom Chat 以及 Zoom Phone、Zoom Rooms。現在有了聯絡中心，這對客戶來說是顯而易見的，是的，我相信你的品牌，我相信你的能力，我們也想測試你的聯絡中心。這就是為什麼我們可能會宣布 Zoom Whiteboard 的原因，對，也看到早期採用。這是相當不錯的。更不用說 Zoom IQ for Sales，因為我們收到了很多客戶的反饋。他們信任 Zoom。他們希望我們提供更多價值。案例，從銷售部門開始，支持需求，聯絡中心與其他部門會面，努力在新服務、新產品創新和功能中增加越來越多的價值，因為我認為不會引入任何復雜的流程，因為信任已經建立對嗎？它更像是（聽不清）。即使對於新客戶，當他們與其他非常滿意的客戶進行收入檢查時，我認為也是 - 再次，這是一個非常簡單的銷售過程。

-- sorry -- if I -- land and expand is a very tried and true sales strategy for Zoom from the very beginning. And working with our account teams, we have these experts in the overlay team that come in and continue to do land and expand. And it's working very, very well. So I completely agree with Eric. It isn't adding complexity. It's just continuing to build our relationship with our customers, which is what we've been doing since day 1.

-- 抱歉 -- 如果我 -- 登陸和擴展從一開始就對 Zoom 來說是一個非常成熟和真實的銷售策略。與我們的客戶團隊合作，我們在覆蓋團隊中有這些專家進來並繼續進行登陸和擴展。它工作得非常非常好。所以我完全同意埃里克。它不會增加複雜性。它只是繼續建立我們與客戶的關係，這就是我們從第一天開始就一直在做的事情。

Kash Rangan with Goldman Sachs has the next question.

高盛的 Kash Rangan 提出了下一個問題。

Eric, I was deeply intrigued by your launch of the conversational AI product through the acquisition, albeit. Can you just give us a sense as to the product road map? How does it integrate with the Zoom platform? And relative to embedded competitors in the conversational intelligence space, what it be Zoom's competitive differentiation in the industry? It feels like at one level, you're entering the CRM market, not in the way Salesforce.com and so on and so forth. But you're getting into a level of customer engagement, which is very different than the video meeting platform. Can you tell us a little bit more about that?

Eric，我對你通過收購推出的對話式 AI 產品非常感興趣，儘管如此。您能給我們介紹一下產品路線圖嗎？它如何與 Zoom 平台集成？相對於對話智能領域的嵌入式競爭對手，Zoom 在行業中的競爭差異化是什麼？感覺就像在一個層面上，您正在進入 CRM 市場，而不是像 Salesforce.com 等等。但是您正在進入一定程度的客戶參與度，這與視頻會議平台非常不同。你能告訴我們更多關於這方面的信息嗎？

Yes. Great question. So First of all, if you look at the Contact Center, that's a huge market, right? A lot of use cases, right? Also, by the way, a lot of enterprise customers today, they still deploy on-prem contact center solutions. In the next several years, they are going to market to the cloud. And aside of that, I think to have a customer similar to the (inaudible) cloud offering, we need to make sure there are no any feature regressions, similar to what we did before to hyperclustering from on-prem from (inaudible). With that aside, a lot of features, right, since the (inaudible) we have to add, right? That is one. It's more like a no-brainer. It's (inaudible) that's a key differentiation, but we have to add that. That's one.

是的。好問題。所以首先，如果你看一下聯絡中心，那是一個巨大的市場，對吧？很多用例，對吧？此外，順便說一句，今天的許多企業客戶，他們仍然部署本地聯絡中心解決方案。在接下來的幾年裡，他們將推向雲市場。除此之外，我認為有一個類似於（聽不清）雲產品的客戶，我們需要確保沒有任何功能回歸，類似於我們之前從（聽不清）從本地進行超集群所做的事情。除此之外，還有很多功能，對吧，因為我們必須添加（聽不清），對吧？那是一個。這更像是一個不費吹灰之力的事情。 （聽不清）這是一個關鍵的區別，但我們必須補充一點。那是一個。

Two is you look at the AI. AI is something new. You've got a lot of other contact center solution providers. They do not have AI capabilities before, right? Now this is something new, and we are doubling down on that. That is one -- I would say the key depreciation and how to move faster at a much better AI capabilities.

二是看AI。人工智能是新事物。您有很多其他聯絡中心解決方案提供商。他們以前沒有人工智能能力，對吧？現在這是新事物，我們正在加倍努力。那是一個——我會說關鍵的折舊以及如何以更好的人工智能能力更快地行動。

And in terms of overall key differentiation, I would say the video is a key use case right, how to further improve the interaction between the customers or IT, the support with employees and how to (inaudible) the video, how to analyze the video conversation like a speech to text transcription, right, and recently like Zoom IQ for Sales. That is very important for us.

就整體關鍵差異而言，我會說視頻是一個關鍵用例，如何進一步改善客戶或 IT 之間的交互，與員工的支持以及如何（聽不清）視頻，如何分析視頻對話就像語音到文本轉錄，對，最近還像 Zoom IQ for Sales。這對我們來說非常重要。

In terms of integration with ServiceNow, with Zendesk or (inaudible) or others, I think this is just a feature. We have a -- I do not think that's a key differentiation because every contact center solutions, they all have that, right?

在與 ServiceNow、Zendesk 或（聽不清）或其他的集成方面，我認為這只是一個功能。我們有一個——我不認為這是一個關鍵的區別，因為每個聯絡中心解決方案都有這個，對吧？

So again, we think it has a huge opportunity ahead of us because customers also like the new solution, the model solution, not like old architecture, very hard to innovate, right? Given the progress we made over the past 7 years for Zoom Phone, we are going to do something similar. That's why I'm very excited.

再說一次，我們認為它有一個巨大的機會擺在我們面前，因為客戶也喜歡新的解決方案，模型解決方案，而不是舊的架構，很難創新，對吧？鑑於我們在過去 7 年中為 Zoom Phone 取得的進展，我們將做類似的事情。這就是為什麼我非常興奮。

And moving on to Siti Panigrahi with Mizuho.

並與瑞穗一起前往 Siti Panigrahi。

Wanted to ask you about your fiscal '23 guidance. You talked about FX headwinds. Maybe could you give us some a little more color on the FX headwinds and also the impact from Ukraine war on the EMEA side, which mostly going to impact online segment. So how -- what should we expect in terms of growth rate or churn on the online segment versus enterprise?

想問你關於你的財政 '23 指導。你談到了外匯逆風。也許你能給我們一些關於外匯逆風以及烏克蘭戰爭對歐洲、中東和非洲地區的影響的更多信息，這主要會影響在線市場。那麼，我們應該如何預期在線細分市場與企業的增長率或流失率？

Yes. So in terms of FX, where we're seeing the impact, of course, is in the euro, the pound and the yen. And when we look at the trends that we've seen in Q1 for the combination of both the strengthening of the dollar as well as the impact for the war, we -- it built into our guidance as an expectation that the combination of those 2 factors is having about a 1% impact on revenue. And that's largely -- the war is largely -- the impact of the war is largely on the online segment. We haven't really seen the impact in the enterprise. The FX, of course, is extending across both of the segments.

是的。因此，就外匯而言，我們看到的影響當然是歐元、英鎊和日元。當我們查看我們在第一季度看到的美元走強以及戰爭影響的結合趨勢時，我們將其納入我們的指導中，期望這兩者的結合因素對收入的影響約為 1%。這主要是——戰爭主要是——戰爭的影響主要是在線領域。我們還沒有真正看到對企業的影響。當然，FX 正在跨越這兩個領域。

And our next question will come from Ryan MacWilliams with Barclays.

我們的下一個問題將來自巴克萊銀行的 Ryan MacWilliams。

Another one on guidance. Kelly, just how should we think about Zoom reaching your second quarter revenue guide from a segment standpoint? Just wondering here, given some fluctuations in your online business, maybe what we can see some strength in next quarter?

另一個關於指導。凱利，我們應該如何看待 Zoom 從細分市場的角度達到您的第二季度收入指南？只是想知道，鑑於您的在線業務存在一些波動，也許我們可以在下個季度看到一些實力？

Yes. So if you remember last quarter, we talked about that enterprise will be growing in 20% plus for the year and that online would be flattish. And we said that flattish, meant that it could be a little bit above 0, it could be a little bit low 0 depending on the quarter. And then the other thing we've talked about is that inflection point coming in Q4. So you should expect that Q2 is also going to be another volatile quarter for the online segment given all the factors we just talked about, but that we really continue to see strength in the enterprise, and that's where the growth for Q2 will be driven from. And then by the time we get to the back half of the year, that's where we're really going to start to see that stabilization of the online business.

是的。因此，如果您還記得上個季度，我們曾談到該企業今年將增長 20% 以上，而在線業務將持平。我們說平坦，意味著它可能略高於 0，也可能略低於 0，具體取決於季度。然後我們談到的另一件事是第四季度的拐點。因此，鑑於我們剛才談到的所有因素，您應該預計第二季度也將成為在線細分市場的另一個動盪季度，但我們確實繼續看到企業的實力，這就是第二季度增長的動力來源.然後到今年下半年，這就是我們真正開始看到在線業務穩定的地方。

I'm moving on to Rishi Jaluria with RBC.

我將與 RBC 一起前往 Rishi Jaluria。

I wanted to drill into the NRR that we're seeing across the board. Appreciate all the color. But maybe can you give us a sense for how have you seen the NRR for 100,000 customers generally trending? Have you seen that hold up? Has that gone down? And maybe just help us understand usage patterns for your largest customers.

我想深入了解我們全面看到的 NRR。欣賞所有的顏色。但是，也許您能告訴我們您如何看待 100,000 名客戶的 NRR 普遍趨勢嗎？你見過這樣的堅持嗎？那是不是掉下來了？也許只是幫助我們了解您最大客戶的使用模式。

So thank you, Rishi. As a reminder, last quarter, we shifted to the new metric of net dollar expansion for our enterprise customers. This is as we're starting to split out -- sorry, enterprise segment, I should say. So as we're starting to split out the business between enterprise and online, as we think that's really the most appropriate way to look at the business going forward and how we're managing it internally. So that metric did -- historically, we had disclosed 130% or above, it came down to 123%, which is really right in line with what we were expecting. As you think about the overall growth rate of the company, and as we've indicated, we expect the enterprise segment to be growing 20% plus, the net dollar expansion should be tracking the deceleration, if you will, and it should be tracking to that as well. And that's why it's coming in right at 123%, which is just what we would expect.

所以謝謝你，里希。提醒一下，上個季度，我們轉向了企業客戶淨美元擴張的新指標。這是我們開始分裂的時候——對不起，企業部門，我應該說。因此，當我們開始在企業和在線業務之間劃分業務時，我們認為這確實是看待未來業務以及我們如何在內部進行管理的最合適的方式。所以這個指標確實做到了——從歷史上看，我們披露了 130% 或以上，它下降到 123%，這確實符合我們的預期。當您考慮公司的整體增長率時，正如我們所指出的，我們預計企業部門將增長 20% 以上，如果您願意的話，淨美元擴張應該會跟踪減速，而且應該會跟踪對此也是如此。這就是為什麼它以 123% 的速度進入，這正是我們所期望的。

Yes. But sorry, just to quickly follow up. I heard I think specifically at the 100,000 level, right, because I'm sure there's more churn going on in kind of the medium level versus your 6-figure customers. Without putting a number on it, how would you say that the NRR for that cohort of your largest customers has trended over time? And how is it trending now?

是的。但是很抱歉，只是為了快速跟進。我聽說我特別認為是在 100,000 級別，是的，因為我確信中等級別的客戶流失比您的 6 位數客戶更多。如果不給出數字，您如何說您的最大客戶群的 NRR 隨著時間的推移呈趨勢？它現在的趨勢如何？

Yes. It's higher than the 123%. So that's what I would say. As we really continue to see strength in both the new bookings as well as renewals in that segment of our customer base.

是的。它高於 123%。這就是我要說的。因為我們確實繼續看到我們客戶群的新預訂和續訂的實力。

Citi's Tyler Radke has the next question.

花旗的泰勒拉德克有下一個問題。

A question on the cost side of the equation here. So you outperformed, I think, by 400, 500 basis points this quarter on operating margins. It seems like it's still a decently strong hiring quarter. Can you just talk about if you're finding more efficiencies in the business or if there's something specific this quarter. And then as I look at your gross margins, again, it sounds like you're expecting them to come down between 76 and 78. You were above that this quarter. So just anything in terms of new capacity or call center stuff being deployed that would impact kind of that trajectory.

這裡有一個關於等式成本方面的問題。因此，我認為本季度的營業利潤率比您高出 400 到 500 個基點。看起來它仍然是一個相當強勁的招聘季度。您能否談談您是否在業務中發現了更高的效率，或者本季度是否有特定的事情。然後，當我再次查看您的毛利率時，聽起來您預計它們會下降到 76 到 78 之間。本季度您的毛利率高於該水平。因此，就新容量或部署呼叫中心的東西而言，任何會影響這種軌蹟的東西。

Sure. So actually, gross margins were stronger than we expected in the quarter. And if you remember, in Q4, the way that we talked about the outlook for gross margins, even though we don't explicitly guide to them, was we talked about and expecting them to be in the mid-70s for the balance of the year. So actually, 76 to 78 for the rest of the year is higher than we were anticipating coming into the quarter. And that improvement as we really have made a lot of strides in terms of optimizing our cloud usage and getting that into the colos, thanks to our DevOps team, and that is really helping drive the improvement in the operating margins going forward.

當然。所以實際上，本季度的毛利率比我們預期的要強。如果你還記得，在第四季度，我們談論毛利率前景的方式，即使我們沒有明確指導它們，我們是否曾談論並預計它們將在 70 年代中期達到年。因此，實際上，今年剩餘時間的 76 到 78 比我們預期進入本季度的要高。多虧了我們的 DevOps 團隊，我們在優化雲使用並將其納入 colos 方面確實取得了很大進步，這確實有助於推動未來運營利潤率的提高。

And as you said, we do continue to see strength in hiring, continuing to attract great talent, which we're really excited about, continuing to invest in R&D, which is really important for the long-term innovation and commitment to our platform.

正如您所說，我們確實在招聘方面繼續看到實力，繼續吸引我們非常興奮的優秀人才，繼續投資於研發，這對於我們平台的長期創新和承諾非常重要。

And our next question will come from William Power with Baird.

我們的下一個問題將來自 William Power 和 Baird。

So I guess, Kelly, for you, as you look at the fiscal Q2 revenue guidance, it came in a bit stronger than I think we and the Street might have been, yet the full year is still pretty consistent. Any other color just as to the puts and takes in the second half of the year? And I guess just as part of that, just trying to understand the key drivers around your confidence of reaccelerating revenue growth in fiscal Q4. What are the key drivers to that?

所以我想，凱利，對你來說，當你查看第二季度財政收入指引時，它比我認為我們和華爾街可能會強一些，但全年仍然相當一致。下半年的看跌期權還有其他顏色嗎？我想這只是其中的一部分，只是試圖了解圍繞您在第四財季重新加速收入增長的信心的關鍵驅動因素。這其中的關鍵驅動因素是什麼？

Yes. So when we gave Q4 guidance, and it continues to be the case today, we continue to see strength in our enterprise business, and that's both on new bookings as well as renewals. And then when you think about the opportunity coming with all of these new product introductions, super excited about Zoom events, which came last year, of course, Zoom Rooms and their strength, the new contributions that are possible from Whiteboard as well as Contact Center. That's what we think is going to drive the growth continue through the rest of this year.

是的。因此，當我們提供第四季度指導時，並且今天仍然如此，我們繼續看到我們的企業業務的實力，這包括新預訂和續訂。然後，當您想到所有這些新產品介紹帶來的機會時，對去年舉行的 Zoom 活動感到非常興奮，當然還有 Zoom Rooms 及其實力，白板和聯絡中心可能帶來的新貢獻.這就是我們認為將在今年剩餘時間內推動增長的原因。

And then online. We -- while we saw some volatility in Q1, as we've talked about at length already, and we expect to see some of that continue into Q2. By the time we get into Q3 and Q4, there's a couple of things that are happening. First of all, the team has done an amazing job with new initiatives around pricing and packaging and localized payment types, which is really driving strength across the board, especially internationally, as well as the fact that we see stabilization occurring just because of the aging of our cohorts. So we go all the way back to last year's Analyst Day, and we showed you that chart, right, which shows how once cohorts get to that 16 months of tenure, they really start to stabilize in terms of retention rates. That has continued to hold cohort after cohort even after -- even when there's volatility earlier on.

然後上網。我們 - 雖然我們在第一季度看到了一些波動，正如我們已經詳細討論過的那樣，我們預計其中一些波動會持續到第二季度。當我們進入第三季度和第四季度時，有幾件事正在發生。首先，團隊在定價和包裝以及本地化支付類型方面的新舉措做得非常出色，這確實推動了整體實力，尤其是在國際上，以及我們看到由於老化而出現穩定的事實我們的同夥。所以我們一直回到去年的分析師日，我們向你展示了這張圖表，對，它顯示了一旦隊列達到了 16 個月的任期，他們的保留率就真正開始穩定下來。即使在之後——即使早些時候出現波動，這種情況仍會繼續保持一個又一個隊列。

And so by the time we get to Q3 and Q4, you start to see 75 percentage plus of our cohort in that tenure, which in and of itself drives a lot of stability in the online business, which leads to not only stabilization, but potentially growth in the back half, which is what we're modeling today.

因此，當我們進入第三季度和第四季度時，您會開始看到 75% 以上的隊列在該任期內，這本身就推動了在線業務的大量穩定，這不僅會導致穩定，而且可能後半部分的增長，這就是我們今天所建模的。

And I'll move on to Parker Lane with Stifel who I think might be having some difficulties with his video, so he may not appear on video today.

我會和 Stifel 一起去帕克巷，我認為他的視頻可能有一些問題，所以他今天可能不會出現在視頻中。

Sorry about that. It's (inaudible) for [Parker Lane]. Yes. We're in transit today, both of us. So sorry for the no video. But just thinking about the customer announcements that you made it, it feels like there's a good variety of industries. Is there any industry that you're noticing that you're seeing a lot of demand from that maybe kind of lagged behind everybody else during COVID and is still going through the transition or has started to transition that others haven't?

對於那個很抱歉。這是 [Parker Lane] 的（聽不清）。是的。我們今天都在過境中，我們倆。很抱歉沒有視頻。但想想你發布的客戶公告，感覺就像有各種各樣的行業。是否有任何行業您注意到您在 COVID 期間看到了可能落後於其他所有人的大量需求，並且仍在經歷過渡或已經開始過渡而其他人沒有？

Yes. I would say it's pretty consistent. Look at our installed base from allocation to health care, financial services. And it's pretty consistent, right? Customers would like to consolidate not only Meetings and also the Zoom Phone, the Contact Center, but also more and more customers are deploying Zoom Chat solution as well (inaudible) team chat works extremely well. They like that solution. That's also free.

是的。我會說它非常一致。看看我們從分配到醫療保健、金融服務的安裝基礎。而且非常一致，對吧？客戶不僅希望合併會議和 Zoom Phone、聯絡中心，而且越來越多的客戶正在部署 Zoom Chat 解決方案，並且（聽不清）團隊聊天效果非常好。他們喜歡這種解決方案。那也是免費的。

And having said that, I think I do not see like any specific vertical industry, right, kind of make a big difference like compared to other industries. And overall, it's very consistent. Look at our installed base and winning them all and they needed us to deliver more value, more service to them.

話雖如此，我認為我沒有看到任何特定的垂直行業，對，與其他行業相比，會有很大的不同。總的來說，它非常一致。看看我們的安裝基礎並贏得所有客戶，他們需要我們為他們提供更多價值、更多服務。

Take a Whiteboard, for example, right? Look at the early adopters across industries, right? It's pretty promising.

以白板為例，對嗎？看看各行業的早期採用者，對吧？這是相當有前途的。

We'll move on to Matt VanVliet with BTIG.

我們將繼續討論 BTIG 的 Matt VanVliet。

So I guess thinking about overall direct sales, headcount, investments that you look to be making over the next year plus, any specific skew across various regions that you're finding you want to invest more heavily in? And then sort of alongside of that, on the channel side, how much of that is driving this pretty significant increase in Zoom Phone versus direct sales and kind of where investments are going to go around channel enablement as well?

因此，我想考慮一下您希望在明年進行的整體直銷、員工人數、投資，以及您發現想要加大投資的各個地區的任何特定偏差？此外，在渠道方面，與直銷相比，Zoom Phone 的顯著增長在多大程度上推動了這一增長，以及圍繞渠道支持的投資將在哪些方面進行？

Yes. So we are continuing to invest in our sales organization globally, but you'll see, and as a percentage of year-over-year basis, greater investment happening internationally, including channels. So we've made huge progress in our channel investments and contribution in the U.S., but that's largely nascent, still internationally. And the team is doing a really great job of looking for not only master agents but carriers, and it depends on which works best depending on each of the regions. But that is a significant area of focus for us this year.

是的。因此，我們將繼續在全球範圍內對我們的銷售組織進行投資，但您會看到，以同比的百分比來看，國際上發生了更大的投資，包括渠道。因此，我們在美國的渠道投資和貢獻方面取得了巨大進展，但這在很大程度上是新生的，仍然是國際性的。並且團隊在尋找主要代理和運營商方面做得非常出色，這取決於每個地區哪個最有效。但這是我們今年關注的一個重要領域。

And moving on to Alex Zukin with Wolf Research.

並繼續與 Wolf Research 聯繫 Alex Zukin。

So Kelly, maybe just for you, can you remind us what the difference is in either the operating margin or free cash flow margin profile between the online and enterprise business? Because it looks like you massively outperformed on cash flow. At the same time, as the online business actually declined 2%. And so I want to understand just how much reliance is there. You gave a free cash flow margin target for the full year, at least a range. How much of that is based on the performance of the online business versus the enterprise business?

所以凱利，也許只是為了你，你能提醒我們在線業務和企業業務之間的營業利潤率或自由現金流利潤率概況有什麼區別嗎？因為看起來您在現金流方面的表現大大優於其他公司。與此同時，由於在線業務實際上下降了2%。所以我想了解有多少依賴。你給出了全年的自由現金流邊際目標，至少是一個範圍。其中有多少是基於在線業務與企業業務的表現？

And then Eric, if I think about the stock-based comp, what's the plan for the company? How should we think about that on a go-forward basis in terms of either repricing people's RSUs giving Just curious how you're thinking about.

然後是 Eric，如果我考慮基於股票的薪酬，公司的計劃是什麼？在重新定價人們的 RSU 方面，我們應該如何考慮這一點，只是好奇您的想法。

Eric, do you want to go first?

埃里克，你想先走嗎？

Yes. You can address the first one.

是的。你可以解決第一個問題。

Okay. Okay. So Alex, the impact that you've seen in is much greater impact from stock-based comp than from sort of any change in the balance of online versus enterprise. So what's happening because of the stock volatility, we've seen much fewer stock-based comp deductions as employees are choosing to hold on to their options or their RSUs at this point and not -- either not exercising or the deduction itself just isn't as great. So that's really the significant contributor to why there's a difference that we've given from the Q1 performance to the outlook for the rest of the year.

好的。好的。所以亞歷克斯，你所看到的影響是來自基於股票的補償的影響，而不是來自在線與企業平衡的任何變化。因此，由於股票波動而發生的事情，我們看到基於股票的薪酬扣除要少得多，因為員工此時選擇保留他們的期權或他們的 RSU，而不是——要么不行使，要么扣除本身只是不是'太棒了。因此，這確實是導致我們從第一季度的表現到今年剩餘時間的前景存在差異的重要原因。

Yes. So Alex, back to your second question. I think our company culture is delivery happens, right? My #1 priority is to make sure all Zoom is still happy, right? Together, make call, we had a little bit over 2,000 employees. Look at it today, almost 7,000 employees. And we hired so many employees over the past 2 years. Guess what? When they join Zoom, the stock price was too high. We cannot control the price, but we can control the delivery happenings to our employees. Certainly, for all those employees who joined over the past 2 years, and the stock price probably much higher than the stock price today, we did issue the new stocks for them, right? Ultimately (inaudible) how to make sure those employees happy every time, every quarter, every week, we look at are there any things we can do differently to make sure our employees happy. This is always ongoing effort. That's our #1 priority, as always.

是的。所以亞歷克斯，回到你的第二個問題。我認為我們的公司文化是交付發生，對嗎？我的第一要務是確保所有 Zoom 仍然開心，對吧？一起打個電話，我們有超過 2,000 名員工。看看今天，將近 7,000 名員工。在過去的兩年裡，我們僱傭了很多員工。你猜怎麼了？當他們加入 Zoom 時，股價太高了。我們無法控制價格，但我們可以控制交付給我們員工的事情。當然，對於過去2年加入的所有員工，股價可能比今天的股價高得多，我們確實為他們發行了新股，對吧？最終（聽不清）如何確保這些員工每次、每個季度、每週都開心，我們看看有沒有什麼我們可以做不同的事情來確保我們的員工開心。這始終是持續的努力。一如既往，這是我們的第一要務。

Good. And Kelly, just maybe just to ask the question. I mean in terms of the differential in terms of the margin profile of the 2 businesses, is there -- is one of them inherently more profitable than the other?

好的。凱利，也許只是為了問這個問題。我的意思是，就這兩家企業的利潤率差異而言，是否存在——其中一家在本質上比另一家更有利可圖？

Yes. The online business, as we've said before, contributes more substantially from an operating margin as well as cash flow perspective because they largely are untouched by our sales organization. So they don't have the associated expense from a commissions perspective. They may have credit card fees associated with it, but that's a few points versus the commissions. That's the biggest going to see between those 2.

是的。正如我們之前所說，在線業務從營業利潤率和現金流的角度來看貢獻更大，因為它們在很大程度上不受我們的銷售組織的影響。因此，從佣金的角度來看，他們沒有相關的費用。他們可能會收取與之相關的信用卡費用，但這與佣金相比只是幾個點。這是這兩者之間最大的一次。

And moving on to Matthew Niknam with Deutsche Bank.

並繼續與德意志銀行合作 Matthew Niknam。

I'm wondering, have you seen any paring back or moderation of investment from some customers in light of growing macro concerns? And if so, has it varied by either geography or customer size?

我想知道，鑑於日益增長的宏觀擔憂，您是否看到一些客戶的投資減少或放緩？如果是這樣，它是否因地理位置或客戶規模而異？

I mean we really have it, especially in enterprise, we have continued to see strength in renewals as well as additional new customers and expansion into additional products. So we really haven't seen that in terms of concern. I think we've heard from other people that what they're really focused on might be -- if they're limiting spending, it's focused more around potentially hiring or travel. And of course, Zoom is a great alternative if they're focusing on limiting internal travel. And so we really haven't seen that impact today.

我的意思是我們真的擁有它，特別是在企業中，我們繼續看到更新以及更多新客戶和擴展到更多產品的力量。所以我們真的沒有看到這種擔憂。我想我們從其他人那裡聽說，他們真正關注的可能是——如果他們限制支出，則更多地關注潛在的招聘或旅行。當然，如果他們專注於限制內部旅行，Zoom 是一個很好的選擇。所以我們今天真的沒有看到這種影響。

James Piper Sandler has the next question.

詹姆斯派珀桑德勒有下一個問題。

Deferred revenue grew about 8, 9 points faster than you anticipated this quarter, but it did seem like durations extended a little bit. Are you guys incentivizing customers or the sales team to extend those durations? Or is it more a factor of the product mix like Phone and Contact Center picking up, which if it's the latter and we're seeing kind of long-term RPO grow faster than current RPO, I guess, why wouldn't we see deferred revenue grow as you get more multiyear deferred revenue upfront and that helped the free cash flow margins versus the operating margins?

遞延收入增長約 8，比您本季度預期的快 9 個百分點，但似乎持續時間延長了一點。你們是在激勵客戶或銷售團隊延長這些持續時間嗎？或者它更像是電話和聯絡中心等產品組合的一個因素，如果是後者，我們看到某種長期 RPO 的增長速度快於當前的 RPO，我猜，為什麼我們不會看到延期隨著您提前獲得更多的多年遞延收入，收入增長，這有助於自由現金流利潤率與營業利潤率的對比？

So our compensation structure around this or incentives for either reps or customers has not changed, James. We do have discounts in place for customers in terms of multiyear agreements, but that has been consistent over time. And we -- as we're seeing more and more of the revenue contribution coming from enterprise, we are -- and I think as we move sort of past the COVID buying cycles, we've seen people go back to buying more and more longer-term agreements. We also have seen a lot of initiatives even online in terms of opportunities for customers to buy annual rather than monthly. And the team has done a really great job of incenting that as well. So we are seeing kind of an overall shift across both segments of the business to longer term.

所以我們圍繞這個的薪酬結構或對代表或客戶的激勵措施沒有改變，詹姆斯。根據多年協議，我們確實為客戶提供折扣，但隨著時間的推移，這種情況一直是一致的。而且我們——隨著我們看到越來越多的收入貢獻來自企業，我們是——而且我認為，隨著我們在某種程度上超越 COVID 購買週期，我們已經看到人們越來越多地重新購買更長期的協議。我們甚至在網上也看到了很多舉措，讓客戶有機會每年而不是每月購買。團隊在激勵這一點方面也做得非常出色。因此，我們看到業務的兩個部分都在向更長期的方向轉變。

The reason you could see an increase in noncurrent RPO but not necessarily deferred is because they don't always pay all of those multiyear terms upfront. They could have a 3-year deal but only pay a year. Less often, they'll have a 3-year deal but pay monthly. But it's not uncommon to have like a 3-year deal but only pay 1 year (inaudible).

您可以看到非當前 RPO 增加但不一定被推遲的原因是因為他們並不總是預先支付所有這些多年期限。他們可以簽訂一份為期 3 年的合同，但只支付一年的費用。不太常見的是，他們會有 3 年的合同，但按月支付。但是，簽訂 3 年合同但只支付 1 年費用的情況並不少見（聽不清）。

Okay. So booking 3 years billing annually. Makes sense.

好的。因此，每年預訂 3 年計費。說得通。

Yes. Happy birthday next week.

是的。下週生日快樂。

You, too.

你也是。

Ittai Kidron with Oppenheimer has the next question.

奧本海默的 Ittai Kidron 提出了下一個問題。

Nice quarter. Kelly, a couple of quick ones for you. On the Phone subscriber additions, it's great to see the 3 million milestone. But if my math is right, it took you kind of 9 months to get from 2 million to 3 million. It took you 7 to get from 1 million to 2 million. So are we seeing a deceleration in the pace of Phone additions or maybe my math is wrong here?

漂亮的季度。凱利，給你幾個快速的。在電話用戶增加方面，很高興看到 300 萬里程碑。但是，如果我的數學是正確的，從 200 萬到 300 萬，你需要 9 個月的時間。從100萬到200萬，你花了7個。那麼，我們是否看到電話添加速度有所放緩，或者我的數學在這裡是錯誤的？

And then on the duration of the enterprise contracts, it's great to see that customers are signing longer-term contracts. Could you talk about duration, how that has changed quarter-over-quarter? And how do I think about the discounting that comes the longer duration contracts in market?

然後在企業合同的期限上，很高興看到客戶正在簽署長期合同。你能談談持續時間嗎？它是如何改變季度環比的？我如何看待市場上較長期限合約的折扣？

So first of all, around Zoom Phone, we actually said we achieved 3 million during the quarter, not at the end of the quarter. So we are sitting above 3 million, and we're at the end of the quarter. So I don't think -- you actually can't do the exact calc based on the information we've given. And so I wouldn't assume there's a deceleration in that rate.

所以首先，圍繞 Zoom Phone，我們實際上說我們在本季度實現了 300 萬，而不是在季度末。所以我們坐在超過 300 萬，我們在本季度末。所以我不認為——您實際上無法根據我們提供的信息進行精確計算。所以我不會假設這個速度會減速。

And then in terms of the longer-term contracts, it's a little bit of what I was just discussing with James, is that I think people -- customers as they move past the pandemic and really thinking about how they're going to support their employees in this post-pandemic, flexible, hybrid work, they're committing to our platform, and they're committing to it in a longer term, especially as they're bringing on multiproduct and seeing the efficiency that they get, it makes sense for them. Our structure around that has not changed. So we do, as we always have, offer discounts for size of deal, multiproduct, multiyear, willingness to pay upfront, but that hasn't changed. It's just as customers continue to see the value of Zoom and committing to that for a longer term.

然後就長期合同而言，我剛剛與詹姆斯討論的一點是，我認為人們——客戶在度過大流行病之後，真正考慮他們將如何支持他們的在這種大流行後、靈活、混合工作中的員工，他們致力於我們的平台，並且他們正在長期致力於它，特別是當他們帶來多產品並看到他們獲得的效率時，對他們有感覺。我們圍繞這一點的結構沒有改變。因此，我們一如既往地為交易規模、多產品、多年期、預付款意願提供折扣，但這並沒有改變。就像客戶繼續看到 Zoom 的價值並長期致力於這一點一樣。

Yes. Ittai, just quickly on the main hand, we've got to look at a number of the seats, the (inaudible) sold. On the other hand, also do not forget the quality of service, right? We kind of deliver a platform to make workforce happy. Let's say you target some other cloud-based phone service providers. You talk to their customers and talk with our customers. And as you know, we make a customer happy. Enterprise seem not only for all those on-prem, the Phone service customers, right, microphone on-prem and the cloud, but also some other cloud-based, the customer also micro some other cloud-based from services to Zoom platform as well. It further proves we deliver a better experience, make a customer feel happy. That's our (inaudible). So...

是的。 Ittai，很快就在主手上，我們必須看看一些座位，（聽不清）已售出。另一方面，也不要忘記服務質量，對吧？我們提供了一個讓員工快樂的平台。假設您針對其他一些基於雲的電話服務提供商。您與他們的客戶交談並與我們的客戶交談。如您所知，我們讓客戶滿意。企業似乎不僅適用於所有本地、電話服務客戶，對，麥克風本地和雲，還適用於其他一些基於雲的客戶，客戶還包括從服務到 Zoom 平台的其他一些基於雲的微.它進一步證明了我們提供了更好的體驗，讓客戶感到高興。那是我們的（聽不清）。所以...

Shebly Seyrafi with FBN Securities will move on to the next question.

FBN Securities 的 Shebly Seyrafi 將繼續討論下一個問題。

So with your guidance for deferred revenue growth of like 9% to 10% in Q2, it looks like your -- with your revenue guidance, you're getting to be slightly negative on a billings basis in Q2. So my first question is, do you think that's the low watermark in terms of billings growth this year?

因此，根據您對第二季度遞延收入增長 9% 至 10% 的指導，看起來您的收入指導在第二季度的帳單基礎上會略有負數。所以我的第一個問題是，你認為這是今年比林斯增長的低水位線嗎？

And then secondly, related to that, do you think that the deferred revenue growth can accelerate meaningfully in the back half, especially with the

其次，與此相關的是，您是否認為遞延收入增長可以在後半段顯著加速，尤其是在

Yes. So remember that our renewals are front-end loaded. This goes all the way back to early in the pandemic when we had that large inflow of bookings in Q1 and that it's Q1 is still the high point for renewals and that, that declined through the year. And so based on that, our collections and our deferred, it's not 1:1, but they largely follow that similar trend because you have this large inflow of deferred revenue in Q1 but then is getting amortized throughout the year. And then the renewals, as their lesser each period, are not at the same rate to necessarily reveal what's being amortized over the year. So that's why we have that trend, and you won't necessarily -- I mean it's going to change over time as we start moving to more and more of our new bookings to a normalized seasonality of back half of the year, but that is going to take some time given just the large amount of bookings we saw a few years ago in Q1.

是的。所以請記住，我們的續訂是前端加載的。這可以追溯到大流行的早期，當時我們在第一季度有大量預訂流入，並且第一季度仍然是續訂的高點，而且全年都在下降。因此，基於此，我們的收款和遞延收入不是 1:1，但它們在很大程度上遵循類似的趨勢，因為您在第一季度有大量的遞延收入流入，但隨後全年都在攤銷。然後續約，因為它們在每個時期都較小，所以不一定以相同的速度揭示一年中的攤銷情況。所以這就是我們有這種趨勢的原因，你不一定會 - 我的意思是隨著我們開始將越來越多的新預訂轉移到下半年的正常季節性，它會隨著時間的推移而改變，但那是鑑於我們幾年前在第一季度看到的大量預訂，這需要一些時間。

And then in terms of Q2 being the low watermark, that -- it could be even lower in Q3 as we're still continuing through that renewal cycle that I just described.

然後就第二季度的低水位而言，第三季度可能會更低，因為我們仍在繼續我剛剛描述的更新周期。

And that's a billing statement or revenue...

那是帳單或收入...

Billings. I'm sorry, yes, billings.

比林斯。對不起，是的，比林斯。

In Q3.

在第三季度。

Yes.

是的。

Patrick Walravens with JMP Securities.

JMP 證券公司的 Patrick Walravens。

(inaudible) on for Pat.

（聽不清）為帕特。

I'd say (inaudible) Patrick, how you've changed.

我想說（聽不清）帕特里克，你是如何改變的。

Given the layoffs, hiring freezes and hiring slowdowns we're seeing throughout tech sector, can you give an update about what you're seeing on the hiring front and your hiring approach, any changes you've had?

鑑於我們在整個科技行業看到的裁員、招聘凍結和招聘放緩，您能否提供有關您在招聘方面看到的最新情況以及您的招聘方法，您有什麼變化？

Yes. We are -- we had a very strong hiring quarter in Q1. We continue to attract great talent. And as we mentioned in our prepared remarks, we are still continuing to invest in innovation. So very focused on hiring in R&D as we continue to build on our platform and produce new products and then also very committed to continuing to hire in sales and marketing as we continue to expand our sales capacity on a global basis and focus on product marketing also on a global basis.

是的。我們是 - 我們在第一季度有一個非常強勁的招聘季度。我們繼續吸引優秀人才。正如我們在準備好的評論中提到的那樣，我們仍在繼續投資於創新。所以非常專注於研發招聘，因為我們繼續建立我們的平台並生產新產品，然後也非常致力於繼續招聘銷售和營銷，因為我們繼續在全球範圍內擴大我們的銷售能力並專注於產品營銷在全球範圍內。

So while we are always focused on being as efficient as we can around G&A and COGS, we are continuing to invest there as well at the levels that we need to continue to support the expansion of the business.

因此，儘管我們始終專注於在 G&A 和 COGS 方面盡可能高效，但我們仍在繼續投資，以支持業務擴展。

Just quickly, Patrick, if you look at the revenue in the base, plus it's extremely positive in terms of cash flow, right? So why not double down on R&D, new product and accounting executive, right? I think we're more flexible, much better position, right, given this sort of a greater resignation, economic downturn. And yes, that's why we're very excited about the future, more innovative services and more efficient. So...

很快，帕特里克，如果你看看基地的收入，加上現金流方面的積極性，對吧？那麼，為什麼不在研發、新產品和會計主管方面加倍努力，對吧？我認為我們更靈活，更好的位置，對，考慮到這種更大的辭職，經濟衰退。是的，這就是為什麼我們對未來、更多創新服務和更高效感到非常興奮的原因。所以...

And the next question comes from Ryan Koontz with Needham.

下一個問題來自 Ryan Koontz 和 Needham。

I wanted to ask a little, Eric, about your Contact Center strategy a little more. Was Solvvy existing partner that you worked with previous to the deal? And do you envision Solvvy being a stand-alone play where you can use that to augment existing other contact centers? Or how do you envision kind of Solvvy -- where is it going to roll into the Zoom platform and be a holistic offer?

埃里克，我想再問一下您的聯絡中心戰略。在交易之前，Solvvy 是您合作過的現有合作夥伴嗎？您是否設想 Solvvy 是一個獨立的遊戲，您可以使用它來增強現有的其他聯絡中心？或者您如何設想 Solvvy——它將在哪裡進入 Zoom 平台並成為整體報價？

Yes. First of all, we are very excited about the Solvvy acquisition. This is a great team, laser-focused on conversational AI with talent and technology. First of all, we are going to embed that into our overall Contact Center offering. That's number one for sure.

是的。首先，我們對收購 Solvvy 感到非常興奮。這是一個偉大的團隊，專注於具有人才和技術的對話式人工智能。首先，我們將把它嵌入到我們的整體聯絡中心產品中。那肯定是第一名。

In terms of if we needed to also keep making that product as a stand-alone product, keep adopting on that and sell that service and the stand-alone service, and in the next few weeks, a few months, we are going to discuss that. But overall, we've got to look at the bigger picture, right? Customer, they need a full-blown great contact center experience from Zoom, right? And the Solvvy, a product will be part of that. And many customers already told us very excited about this acquisition.

至於我們是否需要繼續將該產品作為獨立產品，繼續採用並銷售該服務和獨立服務，在接下來的幾週，幾個月內，我們將討論那。但總的來說，我們必須著眼於更大的圖景，對吧？客戶，他們需要 Zoom 提供全面的出色聯絡中心體驗，對嗎？ Solvvy，產品將成為其中的一部分。許多客戶已經告訴我們對這次收購感到非常興奮。

You will now hear from Michael Turrin with Wells Fargo.

您現在將收到來自富國銀行的 Michael Turrin 的消息。

Kelly, you mentioned the outlook calls for a modest reacceleration of growth in fiscal Q4. Thinking through the drivers and assumptions there just beyond compares, is there anything you can add to help us think through how much of that comes from some of the online headwinds rolling off of the model, the seasonal profile of enterprise coming through as we get closer to the exit of the year or just other pieces to be mindful of?

凱利，您提到前景要求第四財季適度重新加速增長。仔細考慮其中的驅動因素和假設，您是否可以添加任何內容來幫助我們思考其中有多少來自模型中的一些在線逆風，隨著我們越來越近，企業的季節性概況到今年的出口或只是其他要注意的部分？

And on the EMEA impacts and the flattish growth that you're seeing there in Q1, anything you can add just around if that changes -- if that's a change in terms of the fiscal year outlook and how much of that could be incremental versus the targets and what you're seeing when you frame the outlook in 4Q for us?

關於歐洲、中東和非洲地區的影響以及您在第一季度看到的平緩增長，如果情況發生變化，您可以添加任何內容——如果這是財年前景方面的變化，以及其中有多少可能是增量的，而不是目標以及您在為我們制定第 4 季度的前景時看到了什麼？

Sure. So the acceleration in Q4 is coming from both online and enterprise. So online is due to the great initiatives that they're working on in terms of pricing and packaging and payment types and local payment currencies as well as just the aging of the cohorts. So they just get a lot more stable as they age past that 16-month term, if you will. And what we're seeing is by the time we get to Q4, we're going to have 75-ish percent of our online cohorts that have aged to that level. So that really brings a lot of stability to the online segment and to return it to not only being stable, but also growing. And so that's really exciting.

當然。因此，第四季度的加速來自在線和企業。因此，在線是由於他們在定價、包裝和支付類型、本地支付貨幣以及群體老齡化方面正在開展的重大舉措。因此，如果您願意的話，隨著年齡超過 16 個月的期限，他們只會變得更加穩定。我們看到的是，到第四季度時，我們將有 75% 的在線群組老化到那個水平。因此，這確實為在線細分市場帶來了很大的穩定性，並使其不僅穩定而且不斷增長。所以這真的很令人興奮。

And then the enterprise, we continue to expect growth to expand due to just expanded sales capacities Eric just talked about, continuing to invest in AEs, investing in our international channel as well as contribution from all these amazing new products that are continuing to grow and find their sea legs, if you will, and will really contribute we get to the back half of the year, including Whiteboard, Contact Center, Events, all of those things that we'll start to see more and more contribution from those.

然後是企業，由於 Eric 剛剛談到的剛剛擴大的銷售能力，我們繼續預計增長會擴大，繼續投資 AE，投資我們的國際渠道以及所有這些持續增長的驚人新產品的貢獻，找到他們的海腿，如果你願意，並且真的會做出貢獻，我們會在今年下半年做出貢獻，包括白板、聯絡中心、活動，所有這些我們將開始看到越來越多的貢獻。

And then we (inaudible) EMEA. So incremental EMEA, that is really, I think, difficult to predict right now given the state of what's happening in EMEA. As I talked about the impact from FX as well as the war is approximately 1% of revenue and counted in our current outlook and guidance that we've given. So if things in any way were to improve dramatically sooner than that, there could be upside, but I think we're all in a wait-and-see mode there.

然後我們（聽不清）EMEA。因此，鑑於歐洲、中東和非洲地區正在發生的事情，我認為現在很難預測增量歐洲、中東和非洲地區。正如我所說，外彙和戰爭的影響大約佔收入的 1%，併計入了我們目前給出的展望和指導。因此，如果事情以任何方式比這更快地顯著改善，可能會有上漲空間，但我認為我們都處於觀望狀態。

Moving on to Peter Levine with Evercore.

繼續使用 Evercore 的 Peter Levine。

So maybe to follow up on the -- I think the prior land and expand question with -- you have Phone, Contact Center, our core meetings, it'd seem like there are a number of different buyers across the board that you have to go after, right, to get a market share. So for one, on the enterprise side, I'm assuming you're seeing sales cycles, if you're selling (inaudible) in the whole package is taking longer for (inaudible) approvals, but really asking, like, how should we think about sales and marketing leverage and lower return? Like how do you synchronize your go-to-market kind of leverage now that you have the platform and (inaudible)?

所以也許要跟進 - 我認為之前的土地和擴展問題 - 你有電話，聯絡中心，我們的核心會議，看起來你必須全面了解許多不同的買家追求，對，獲得市場份額。因此，一方面，在企業方面，我假設你看到銷售週期，如果你在整個包裝中銷售（聽不清）需要更長的時間來獲得（聽不清）批准，但真的問，比如，我們應該如何想想銷售和營銷槓桿和較低的回報？例如，既然您擁有平台和（聽不清），您如何同步您的上市槓桿？

Eric, do you want to talk about that? Do you want me to? go-to-market strategy, right, similar to what we did before, I think it worked extremely well, so -- and to build a trust to its customer, right? And given that we have so many very heavy customers over the past 2 years, we truly have the word, help people stay connected. For any new services, they are very happy to try to test the services, right? Because of that, our sale opportunity is huge, right? And we're already stable trust.

埃里克，你想談談這個嗎？你要我嗎？進入市場戰略，對，類似於我們之前所做的，我認為它運作得非常好，所以 - 並建立對客戶的信任，對吧？鑑於我們在過去 2 年中擁有如此多的重度客戶，我們確實有話要說，幫助人們保持聯繫。對於任何新服務，他們都很樂意嘗試測試服務，對嗎？正因為如此，我們的銷售機會是巨大的，對吧？而且我們已經有了穩定的信任。

Customers are really not like just looking for other solutions, just the work, when (inaudible) have some solution that can truly make an employee for workforce happy, right? Having said that, Zoom IQ for Sales, right, after we launched that, we already have several paid customer. Reason why the customer trust our brand and doing the upsell, the period, right? We always talk to the customer, hey, we have this service, we have that service, right? And overall, I think if trust already there, any new and upsell opportunity should be relatively easier even if the buyer is different because the CIO, they only made a decision, right, to (inaudible) Zoom Meetings, the Phone, the Contact Centers, you might give for (inaudible). And also, by the way, do not forget about awesome position to Chat solution as well, right? And that's the reason why customers look at the full usage stack.

客戶真的不喜歡只是在尋找其他解決方案，只是在尋找工作，當（聽不清）有一些解決方案可以真正讓員工為員工感到高興時，對吧？話雖如此，Zoom IQ for Sales，對了，在我們推出之後，我們已經有幾個付費客戶了。客戶為什麼信任我們的品牌並進行追加銷售的原因，對嗎？我們總是和客戶交談，嘿，我們有這個服務，我們有那個服務，對吧？總的來說，我認為如果信任已經存在，任何新的和追加銷售機會都應該相對容易一些，即使買家不同，因為 CIO，他們只對（聽不清）Zoom Meetings、電話、聯絡中心做出了決定，你可能會放棄（聽不清）。而且，順便說一句，不要忘記聊天解決方案的絕佳位置，對吧？這就是客戶查看完整使用堆棧的原因。

Zoom has everything, right? That is the key. That's why customers trust us. By the way, we've built everything by ourselves. Very consistent for an also very efficient architecture as well. That's why we are very optimistic about our go-to-market strategy.

Zoom擁有一切，對吧？那是關鍵。這就是客戶信任我們的原因。順便說一句，我們自己建造了一切。對於一個非常高效的架構來說也非常一致。這就是為什麼我們對我們的上市戰略非常樂觀。

In terms of marketing, for sure, we do not need to spend so much money, Zoom brand, right? Zoom already became a work, right? How to make sure folks on -- it looks like vertical market, right, some in person events and also the -- stay as close as possible with the prospect and the customers, and that's our focus, right? Not like previously, we really focused on the brand, the marketing. That's not our focus, more of the enterprise market now.

在營銷方面，當然，我們不需要花那麼多錢，Zoom品牌，對吧？ Zoom 已經成為了一項工作，對吧？如何確保人們參與——這看起來像是垂直市場，對，一些面對面的活動，以及——盡可能與潛在客戶和客戶保持密切聯繫，這就是我們的重點，對吧？與以前不同，我們真正專注於品牌和營銷。這不是我們的重點，現在更多的是企業市場。

And we have time for one additional question, which will come from Matthew Harrigan with Benchmark.

我們有時間再提一個問題，它將來自 Benchmark 的 Matthew Harrigan。

Can you talk about how the advent of private 5G networks, especially relative to the limitations of WiFi on the security side, really helped the enterprise opportunity over a period of time, both as far as the TAM and the specific alternatives that you offer for that?

您能否談談私有 5G 網絡的出現，特別是相對於 WiFi 在安全方面的限制，在一段時間內確實幫助了企業機會，就 TAM 和您為此提供的特定替代方案而言?

Matthew, first of all, thank you for waiting for such a long time, some requests (inaudible). I think look at Wi-Fi or corporate network or 5G, actually, from our perspective, right, as long as any technology kind of help improve customers' connectivity, making the connection stable, we are very happy, right, especially between 4G and 5G. 5G is great, but not in every country already deployed. And also look at our optimization technology, right? And (inaudible) support a very and stable network, even 5G. And we also optimize more if needed.

馬修，首先，感謝您等待了這麼長時間，一些請求（聽不清）。我覺得看看 Wi-Fi 或者企業網絡或者 5G，其實從我們的角度來看，對，只要任何一種技術能夠幫助改善客戶的連接，使連接穩定，我們都很高興，對，尤其是在 4G 和5G。 5G 很棒，但並不是每個國家都已經部署了。還要看看我們的優化技術，對吧？並且（聽不清）支持非常穩定的網絡，甚至是 5G。如果需要，我們還會進行更多優化。

Overall, I think anything from (inaudible) can help improve customer with collaboration experience, we are offer. That's why you not have a 5G or 6G. I think that we just make sure we build an application (inaudible) those advanced infrastructure to truly deliver happiness for our customers.

總的來說，我認為（聽不清）中的任何內容都可以通過我們提供的協作體驗來幫助改善客戶。這就是為什麼您沒有 5G 或 6G 的原因。我認為我們只是確保我們構建一個應用程序（聽不清）那些先進的基礎設施，以真正為我們的客戶帶來快樂。

And again, this does conclude our Q&A session for today. So Eric, I'll turn things back to you for any closing or additional comments.

同樣，這確實結束了我們今天的問答環節。所以埃里克，如果有任何結束或補充意見，我會把事情轉回給你。

Well, thank you all. Really appreciate. Again, thank you for every Zoom's hard work. Thank you for every customer partner investors. We are very, very -- we truly appreciate it. Thank you again. Thank you.

嗯，謝謝大家。萬分感激。再次感謝 Zoom 的每一位辛勤工作。感謝每一位客戶合作夥伴投資者。我們非常非常 - 我們真的很感激。再次感謝你。謝謝你。

Bye, everybody. Thank you.

大家再見。謝謝你。

Thank you, Eric. And again, everyone, that does conclude today's earnings release. We thank you all so much for your participation. Enjoy the rest of your day, and we'll see you next quarter.

謝謝你，埃里克。再次，每個人，這確實結束了今天的收益發布。我們非常感謝大家的參與。盡情享受您一天的剩餘時間，我們下個季度再見。