Earnings call transcript: Zoom Video Q2 2025 beats estimates, stock dips

Zoom Video Communications Inc. (ZM) reported its fiscal second-quarter 2025 earnings, surpassing expectations with an EPS of $1.53 against a forecast of $1.38. Revenue reached $1.22 billion, slightly ahead of the $1.20 billion forecast. Despite these positive results, the stock experienced a 1.05% decline in aftermarket trading, closing at $71.4. According to InvestingPro analysis, Zoom appears undervalued at current levels, with strong financial metrics supporting its growth trajectory.

Key Takeaways

• Zoom’s Q2 EPS of $1.53 exceeded forecasts by 10.87%.
• Revenue grew 4.7% year-over-year to $1.22 billion.
• Stock fell 1.05% in aftermarket trading despite earnings beat.
• Enterprise revenue grew 7% year-over-year, making up 60% of total revenue.
• Zoom raised its full-year 2026 revenue guidance.

Company Performance

Zoom demonstrated solid performance in Q2 2025, with a 4.7% increase in total revenue compared to the same period last year. The enterprise segment, which constitutes 60% of Zoom’s revenue, grew by 7% year-over-year. The company continues to leverage its strong position in the enterprise market, maintaining a low churn rate and achieving a 98% net dollar expansion rate. Zoom’s expansion in AI capabilities and product innovations also contributed to its robust performance.

Financial Highlights

• Revenue: $1.22 billion, up 4.7% year-over-year
• Earnings per share: $1.53, up 14 cents from the previous year
• Non-GAAP gross margin: 79.8%, up 128 basis points year-over-year
• Non-GAAP operating income: $503 million, up 10.5% year-over-year
• Non-GAAP operating margin: 41.3%, up 216 basis points year-over-year

Earnings vs. Forecast

Zoom’s earnings per share of $1.53 surpassed the anticipated $1.38, marking a 10.87% surprise. Revenue also exceeded expectations, coming in at $1.22 billion compared to the $1.20 billion forecast. This earnings beat is consistent with Zoom’s historical trend of outperforming market expectations, demonstrating the company’s strong operational execution.

Market Reaction

Despite the earnings beat, Zoom’s stock fell by 1.05% in aftermarket trading, closing at $71.4. This decline comes after a 1.48% increase in the regular trading session. The stock’s movement may reflect investor caution amid broader market volatility or profit-taking following the earnings announcement. Notably, InvestingPro data shows Zoom trades with relatively low volatility, with a beta of 0.68, suggesting more stable price movements compared to the broader market.

Outlook & Guidance

Zoom has raised its full fiscal year 2026 revenue guidance to a range of $4.825 billion to $4.835 billion, indicating confidence in continued growth. The company expects Q3 2025 revenue to be between $1.210 billion and $1.215 billion, projecting a 3% year-over-year growth. Zoom is focusing on AI innovation and product integration to drive future growth. For deeper insights into Zoom’s growth potential and comprehensive analysis, including 8 additional ProTips and detailed financial metrics, visit InvestingPro.

Executive Commentary

CEO Eric Yuan emphasized the importance of AI in Zoom’s product ecosystem, stating, "Zoom AI Companion is the platform. AI Companion is empowering almost every product." CFO Michelle Cheng highlighted the company’s financial strength, noting, "We’re proud of the fact that we’re still hitting 79.8% gross margin up over 100 basis points year over year."

Risks and Challenges

• Market competition: Zoom faces intense competition from other cloud communication providers.
• Economic uncertainties: Global economic conditions could impact enterprise spending.
• Technological advancements: Rapid technological changes may require continuous innovation.
• Regulatory environment: Changes in data privacy laws could affect operations.

Q&A

During the earnings call, analysts focused on Zoom’s AI initiatives and their monetization potential. There was significant interest in the AI Companion and its impact on the company’s product offerings. Analysts also inquired about the competitive landscape in the contact center market, where Zoom has been gaining traction.

Full transcript - Zoom Video Communications Inc (ZM) Q2 2026:

Megan, Webinar Moderator, Zoom: Hello, and welcome to Zoom’s q two f y twenty six earnings release webinar. As a reminder, today’s webinar is being recorded. I will now hand things over to Charles Evislage, head of investor relations. Charles, over to you.

Charles Evislage, Head of Investor Relations, Zoom: Thank you, Megan. Hello, everyone, and welcome to Zoom’s earnings video webinar for the 2026. I’m joined today by Zoom’s founder and CEO, Eric Yuan, and Zoom’s CFO, Michelle Cheng. Our earnings 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.

These measures should not be considered in isolation from or as a substitution for financial information prepared in accordance with GAAP. During this call, we will make forward looking statements, including statements regarding our financial outlook for the third quarter and full fiscal year 2026, our expectations regarding financial and business trends, impacts from the macroeconomic environment, our market position, stock repurchase program, opportunities, go to market initiatives, growth strategy and business aspirations, and product initiatives, including future product and future releases 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. These forward looking statements are subject to risks and other factors that could affect our performance and financial results, which we discuss in detail in our filings with the SEC, including our annual report on Form 10 k and quarterly reports on Form 10 Q. Zoom assumes no obligation to update any forward looking statements we may make on today’s webinar.

And with that, let me turn the discussion over to Eric, who, like last quarter, is giving his prepared remarks via Zoom custom avatar. Eric?

Eric Yuan, Founder and CEO, Zoom: Thank you, Charles. We delivered strong results highlighted by revenue growing at its fastest rate in eleven quarters. We also achieved meaningful progress on our three key priorities, delivering world class AI to enhance customer value, rapidly innovating Zoom workplace, and scaling high growth departmental solutions. Zoom is strengthening its position as a leader in AI powered collaboration, helping customers work smarter, operate more efficiently, and deliver greater value to their organizations. Reflecting this impact, AI Companion Monthly active users have grown over four times year over year with millions using our AI to boost business value throughout the meeting life cycle and beyond.

AI adoption now extends well beyond meeting summaries with strong momentum in meeting prep and post meeting task management, call summaries for Zoom Phone, and AI first meeting integration and content generation capabilities for Zoom Docs. This progress is just the beginning, and we look forward to sharing more AI innovations at Zoomtopia next month. Our broadening AI adoption is also translating into greater customer investment as organizations increasingly see our AI as critical to driving business outcomes. In q two, a Fortune 200 US tech company deployed Zoom Custom AI Companion, our paid AI add on for Zoom Workplace, for nearly 60,000 employees to tap into company knowledge during meetings, generate action ready summaries that power agentic workflows, and integrate directly with their AI bot to streamline IT service operations. Customers are also benefiting from our AI supporting human agents in our contact center elite offering, which is a critical component driving revenue growth in Zoom customer experience.

One example is ATPI, a leading UK based global travel and events management company known for its expertise in complex sectors, who in q two selected Zoom Contact Center Elite alongside Zoom Phone to transform their global customer engagement. ATPI chose Zoom over the competition for our better together voice and contact center offering and because of the measurable potential of our AI features across AI expert assist, quality management, and workforce management to significantly reduce hours spent by both agents and supervisors on repeatable tasks. Lastly, we are also excited about the q two launch of Virtual Agent two point o, which advances from conversational to agentic AI designed to deliver measurable customer outcomes. In its first month, we saw deals including SecureOne, a private security company who replaced an expensive manual after hours answering service with ZVA for voice. The solution integrated seamlessly with their existing Zoom phone deployment, reduced costs by tens of thousands of dollars annually, and enhanced sales prospecting through intelligent automation.

This is just one example of how Zoom’s AgenTic AI tools can help customers drive both meaningful cost savings and new revenue opportunities. Zoom continues to innovate with Zoom Workplace, delivering a seamless and integrated collaboration experience with Zoom meetings, phone, team chat, events, docs, whiteboard, and rooms. We have been honored with four UC Today awards, recognizing our continued innovation and leadership, including most innovative product for AI companion, best UC platform for Zoom workplace, best UCAS provider Americas, and best contact center solution. Furthermore, in recognition of our customer focus and innovation, we are proud to be named a UCAS leader in the Forrester Wave. Our continued momentum reflects not only strong customer demand for our modern collaboration solutions, but also the success of meeting buyers where they are through preferred channels like AWS Marketplace.

In q two, for example, HubSpot expanded to Zoom Workplace, including Zoom Phone, Rooms, Sessions, Whiteboard, translated captions, and more. This will deliver the benefits of our modern, integrated, and cohesive collaboration suite to help them enable hybrid work across their global workforce, reduce costs, and simplify billing on AWS Marketplace. Our focus on customer value led many companies to boomerang to Zoom after trying other services. One such company is f five, a global technology leader in application delivery and security. F five bounced back to Zoom with a 7 figure ARR deal due to the increased productivity and lower total cost of ownership of our modern easy to use platform.

And finally, Zoom Phone delivered another strong quarter, sustaining mid teens ARR growth and gaining market share versus leading competitors, an impressive result given its already large scale as a UCaaS leader. Our better together vision, unifying best in class voice collaboration and customer engagement solutions drove a major five year 7 figure ARR Zoom phone deal displacing Cisco, which also includes workplace and contact center elite. We also continue to drive amazing growth with our customer experience and employee experience solutions. As I mentioned earlier, AI adoption is increasing within our customer experience offering and transforming how brands engage their customers and build loyalty with our set of modern, differentiated AI first tools. You see this momentum in the number of Zoom contact center customers with over a 100 k dollars ARR, which grew 94% year over year to 229, highlighting our ability to win with large accounts in high stakes deployments and migrate them into the high end AI products.

Our top 10 contact center deals were all displacements of leading competitors, and all but one were cloud displacements. Inland Real Estate Group, whose member companies employ more than 1,200 people, face challenges for years managing disparate systems. In q two, they chose the full Zoom platform, including workplace, phone, and contact center to unify their collaboration and customer experience and future proof their business. We have also made progress in building additional routes to market. We are excited about our newly established collaboration with PwC, which expands our Zoom contact center and AI opportunity and ability to meet the needs of global enterprise customers.

Together, we have already cosold several large deals, including a Fortune 50 technology firm for which PWC will provide advisory and implementation services. In q two, our employee experience offering continued to shine with WorkVivo reaching a 168 customers with over 100 k dollars ARR, up a 142% year over year. One of these large deals was Marubeni Corporation, a large diversified Japanese conglomerate that transitioned to WorkVivo from Meta Workplace with more than 10,000 licenses to elevate how it informs, connects, and engages employees. Before I hand it to Michelle to take us through the financial results, let me close by saying that on September 17, we look forward to bringing you Zoomtopia twenty twenty five for the people, our biggest event of the year. You’ll learn about exciting product reveals, inspiring stories, and much more.

See you there.

Michelle Cheng, CFO, Zoom: Thank you, Eric, and hello, everybody. I’m excited to share Zoom’s q two f y twenty six financial performance today. In q two, total revenue grew 4.7% year over year to $1,217,000,000 or 4.4% in constant currency. The result was $17,000,000 above the high end of our guidance. Our enterprise business continues to be at a key point of strength with revenue growing 7% year over year and representing 60% of our total revenue, up one point year over year.

Our online business continues to show signs of stabilizing. In q two, average monthly churn was flat year over year at continued lows of 2.9%. In our enterprise business, we saw approximately 9% year over year growth in the number of customers contributing more than a $100,000 in trailing twelve month revenue. These customers make up 32% of our total revenue, up one point year over year. Our trailing twelve month net dollar expansion rate for enterprise customers in q two held steady at 98%.

Pivoting to our growth internationally, our Americas revenue grew 5% year over year, EMEA grew 6%, and APAC grew 4%. Moving to our non GAAP results, which as a reminder, excludes stock based compensation expense and associated payroll taxes, acquisition related expenses, net gains on strategic investments, net litigation settlements, and all associated payroll tax effects. Non GAAP gross margin in q two was 79.8, up a 128 basis points from q two of last year, primarily due to cost optimization efforts. We continue to reiterate our long term goal of 80% non GAAP gross margins and remain focused in the near term around balancing investments with AI with cost efficiencies. Non GAAP income from operations grew 10 and a half percent year over year to $503,000,000, exceeding the high end of our guidance by over $38,000,000.

Non GAAP operating margin for q two was 41.3%, up two sixteen basis points from Q2 of last year. The operating margin improvement was driven by ongoing cost management and timing of spent. Non GAAP diluted net income per share in q two was $1.53 on approximately 308,000,000 non GAAP diluted weighted average shares outstanding. This result was 16¢ above the high end of our guidance, and 14¢ higher than ’25. The EPS growth reflects strong business performance, effective cost management, and less dilution, driven by our buyback program and disciplined stock compensation management.

Turning to the balance sheet. Deferred revenue at the end of the period grew 5% year over year to $1,480,000,000 slightly ahead of the high end of our previously provided range. In q three, we expect deferred revenue to be up 4% to 5% year over year. Looking at both our billed and unbilled contracts, our RPO increased over 5% year over year to approximately $4,000,000,000. We expect to recognize just under 61% of the total RPO as revenue over the next twelve months, slightly up from 60% in ’25.

Operating cash flow in q two grew 15% year over year to $516,000,000, representing an operating cash flow margin of 42.4%. Free cash flow in the quarter grew 39% year over year to $508,000,000, representing a free cash flow margin of 41.7%, up 10 points year over year. The year over year increase in free cash flow margin was driven by the timing of tax payments and the lapping of significant PP and E investments. We ended the quarter with approximately $7,800,000,000 in cash, cash equivalents, marketable securities excluding restricted cash. In Q2, we again accelerated execution of our existing $2,700,000,000 share buyback plan, purchasing 6,000,000 shares for $463,000,000 an increase of approximately 389,000 shares quarter over quarter, underscoring our commitment to delivering value to our shareholders.

Turning to guidance. In q three, we expect revenue to be in the range of 1.21 to 1,215,000,000. This represents approximately 3% year over year growth at the midpoint. We expect non GAAP operating income to be in the range of 465 to $470,000,000 representing an operating margin of 38.6% at the midpoint. Our outlook for non GAAP earnings per share is $1.42 to $1.44 based on approximately 307,000,000 shares outstanding.

As a reminder, future share repurchases are not reflected in the share count and EPS guidance. For the full year of FY ’26, we’re excited to raise both our revenue and our profitability guidance. We now expect revenue to be in the range of 4.825 to $4,835,000,000, which at the midpoint represents approximately 3.5% year over year growth. We expect our non GAAP operating income to be in the range of 1.905 to $1,915,000,000, representing an operating margin of 39.5% at the midpoint. In addition, our outlook for non GAAP earnings per share in FY ’26 is increasing to $5.81 to $5.84 based on approximately $3.00 8,000,000 shares outstanding.

With the strength in free cash flow in the first half and increased outlook for operating income in FY ’26, we now expect free cash flow to be in the range of 1.74 to $1,780,000,000 for the full year. In closing, we’ve made progress improving top line growth. We sustained best in class profitability and reduced dilution. We’re executing on our three priorities with discipline and momentum, and we remain committed to building on this success to deliver lasting value for our shareholders. Thank you to the entire Zoom team, our customers, and our investors for your trust and support.

With that, Megan, please queue the first question.

Megan, Webinar Moderator, Zoom: Thank you, Michelle. We will now begin the q and a portion of the call. When I read your name, please turn on your video and unmute. As a reminder, in an effort to hear from everyone, please limit yourself to one question. Our first question will come from Peter Levine with Evercore.

Peter Levine, Analyst, Evercore: Great. Thank you very much for taking my question. And, you know, Fred, on a on a good quarter. Maybe one Eric, you know, you’re seeing kind of, you know, your AI solution kind of really take off. But maybe can you help us share with us, like, what’s the ROI that your customers are seeing, right, in in terms of, like, the two point o that you referenced the customer, a pretty large customer that adopted two point o.

So we’d love to know, like, what’s the use case that you’re seeing the ROI? And then second, just from a from a macro perspective, anything you can share with us in terms of what you’re hearing or seeing from your customers in terms of their appetite, IT budgets for, you know, for collaboration?

Eric Yuan, Founder and CEO, Zoom: Yeah. Great question. So, yeah, I’m using my phone to join this earning call. I think in terms of AI, you know, you are right. We launched the Zoom AI combining 2.o, and, hopefully, we’re also gonna announce something exciting at Zoomtopia, you know, next month as well.

Because, you know, two years ago, right, you know, everyone talked about AI. Right? The first step for us to leverage AI to improve, you know, our functionalities. Right? Like, a meeting summary, transcription, so on and so forth.

That’s already done very well. And the reason why, you know, we announced Zoom 2,000 is how to leverage, you know, agenda you know, the the capabilities. And, also, not only do do we support the meeting summary, but also look at the entire meeting life cycle from pre meeting, how to schedule a meeting to level AI, and e meeting experience, and a post meeting experience, and also how how to level AI to improve other product experience like a phone and other, you know, the workplace, the the point of product as well. So overall, the feedback is pretty pretty positive and look at the usage, right, compared to, you know, last year in terms of monthly active users. It’s, you know, it’s four times, you know, four times more, right, you know, the in this quarter compared to the quarter last year.

I think, overall, I think customers, they all look at how to leverage AI to improve the productivity and work effectiveness. And so so many things for us to do. Right? And in terms of IT by budget, I think overall, I think you look at almost every customer. They all look at how they can, you know, leverage AI to make their product better, how to talk work together with, you know, their vendors to leverage AI.

That’s the reason why many of our customers either already enabled AI company or in the process to enable AI company. Not to mention our AI company is part of their offering. You know, we do not charge the customer extra except for customized AI company.

Peter Levine, Analyst, Evercore: Thank you very much.

Eric Yuan, Founder and CEO, Zoom: Appreciate. Thank you.

Megan, Webinar Moderator, Zoom: Our next question comes from Meta Marshall with Morgan Stanley.

Meta Marshall, Analyst, Morgan Stanley: Great. Thanks. Kind of noted the AI companion vertical specific win kind of with the Fortune 2,000 or 200 tech company. And I guess just, you know, how are some of these wins that you’re getting on these vertical specific AI companions kind of informing just what customer needs are, what they can do with AI kinda beyond we traditionally think of as, like, summarization?

Eric Yuan, Founder and CEO, Zoom: Yes. Great question. So, you know, since we introduced AI combining, for sure, there were some early adopters, right, who adopted AI early, you know, early for a while. Now they look beyond AI combining. Are there any other things they can achieve with our AI capabilities?

That’s the reason why, you know, they paid for customized AI combining where we connect with their index, their content, or always the the the customized meeting template for start their summaries, so on and forth. I think, you know, for sure, some other customers are still in the process to adopt the, you know, AI company. Right? So AI company, again, as I mentioned earlier, is part of a package. More and more customers are gonna adopt that or or adopt that.

At the same time, customers for those customer who already adopt AI company, look at it beyond today’s AI company. Are there any new things? That’s the reason why over we offer customized AI company. I think, ultimately and we also want to innovate, you know, more. Right?

It’s not only, you know, do we have AI company two point o customer AI company. You know, that’s why, you know, we’re very excited, you know, for the new AI company announcement at Zoom top here next month.

Meta Marshall, Analyst, Morgan Stanley: Great. Thanks.

Eric Yuan, Founder and CEO, Zoom: Appreciate it. Thank you.

Megan, Webinar Moderator, Zoom: Our next question comes from Tyler Radke with Citi. You might be having some technical difficulty. Tyler, are you there? Alright. Moving on.

Our next question comes from William Power with Baird.

Yani Simolis, Analyst, Baird: Okay. Great. This is Yani Simolis on for Willpower. Thanks for taking the question. A couple on the online segment.

So I know you folks instituted a price increase for the monthly pro SKU earlier this summer, I think. So first of all, you know, I think you mentioned last quarter that you’re expecting that to add 10 to $15,000,000 of incremental revenue this year or at least as, you know, as it compares to your initial forecast. And based on what you’ve seen so far, I’m wondering if any of your assumptions around that have changed or if your expectations there are still consistent. And then also just taking a step back, I was hoping you could comment on any feedback you’ve heard from customers so far just in general. Looks like churn largely held stable, but I’d be curious if you you have observed any other changes in customer behavior, maybe customers switching to annual plans to avoid that price increase or any other dynamics that you might have noticed.

Thanks.

Michelle Cheng, CFO, Zoom: Yeah. I can take that one. So first, we’re pleased with the the growth of 1.4% and pleased with, continued low churn, with that. I’d reiterate that that same range of guidance from 10 to 15, still still on track for that, and I continue to guide to a flat online number on the full year. We did see, to your question, some shift to long term, but nothing, I I would say, extreme.

And and maybe a little bit more color in terms of, the customer conversation is that we didn’t see a lot of pushback, and I think that’s really a statement of it’s a relatively small price increase, but it has to do, I think, even more with the value that we’ve put in the workplace, SKU, be it AI or or so many of the more products in there, as well as with the particular price increase, we increased, storage limits. So, you know, for for us and what we heard, the value prop was still very much there.

Yani Simolis, Analyst, Baird: Okay. Thank you.

Megan, Webinar Moderator, Zoom: Our next question is from James Fish with Piper Sandler.

Peter Levine, Analyst, Evercore: Hey. Thanks for the question here. Two two parter, Eric, for you, WorkVeo continues to have another strong quarter really, spike in usage from what we can tell. I guess, what are you seeing with that asset that we had into the back half of the year, both from that partnership angle with Meta and the overall market? And then just, Michelle, on the numbers here, you raised by 25 to the top line, beat by 20 on the quarter, have FX in your favor.

Walk us through why we’re not getting more of a roll forward of of kind of the the top line upside here. Is it just prudency or anything to think about for the back half of year? Thanks.

Eric Yuan, Founder and CEO, Zoom: Michelle, you want me to address the first one? Sure. Yeah. So in terms of, Workaviva growth and for sure, I you know, Meta partnership certainly help us a lot since last year. For now, our top priority makes sure for those customers reach to our work view platform.

We got it to, you know, help them, you know, transition to our work view platform, you know, you know, very smoothly. Right? Make sure every feature works, no regression, and that is still the top priority. At the same time, you know, a lot of the customer realized, you know, they needed to have a customer in the sorry. The the employee engagement in a platform and more and more opportunities in the pipeline.

And also at the same time, we are gonna innovate more. Right? And and a lot of innovations upon our work available platform. I think also the AI also another way, like, for us to innovate as well to further improve our work available, the platform experience. I think, you know, used to be we just focus on very, very large deals.

I think a lot of, you know, the the, commercial, you know, the medium sized cost customers also will benefit from deploying work available platform, and that’s come kind of our the next growth opportunity for the WorkVivo platform.

Michelle Cheng, CFO, Zoom: Yeah. Maybe a couple comments, James, in terms of the forecast. First, as you noted, we feel good about the consistent beat as well as the raise regardless of US to your con constant currency. We feel good about the steady progress made towards the growth rate despite dynamic macro conditions. So raising, for example, from 2.7 at the beginning of the year to now three and a half.

We feel good about those the three areas of strategic focus and the progress that we see within those. Maybe the color that I give you is that, you know, we already talked about online, and sort of the guidance being flat. Relatively speaking, the h one versus h $2 or, you know, revenue is relatively consistent, and it’s really the growth rate from enterprise that, is driving the h two, outlook. So, look, we’ve we’ve used a consistent, forecast methodology, and we’ve assumed macro conditions that are strong, in their demand and durable, with respect to our drivers, but still a dynamic, economic environment. Maybe then if I could insert a little bit, James, some comments on last quarter, you’ll remember that I I said we saw some scrutiny, no losses, but additional scrutiny, in some geographies.

And I’m pleased to say that we saw partial abatement to that in q two. And as such, we’ve sort of expected that h two outlook will be in line with what we saw in q two.

Peter Levine, Analyst, Evercore: Great to hear. Thank you very much.

Megan, Webinar Moderator, Zoom: Samad Samana from Jefferies will take the next question.

Billy Fitzsimmons, Analyst, Jefferies: Hey, everyone. This is Billy Fitzsimmons on for Samad. Eric, maybe for you, there there have been a couple questions on the AI Companion, but wanna dig deeper on the custom AI Companion add on. It’s still early. It’s only been a few months now since launch, and and I’m guessing we’ll hear more at Zootopia.

But can you share some anecdotes around what some of the initial customers who’ve purchased the add on are saying about it, some prominent use cases day to day? I I know you have third party integrations with a bunch of different vendors. And then just how from a product or sales standpoint, you’re getting customers to move for from the included AI companion to the paid add on? And then if I could sneak in one more for Michelle. It it just launched.

It’s still early. I imagine it’ll be more of a a fiscal twenty twenty seven tailwind. But can you just level set for us if there’ll be any kind of benefit in the guide in in the back half of this year? Thank you.

Eric Yuan, Founder and CEO, Zoom: Yep. I I I can address the the AI company question. So first of all, please join our user conference Zoomtopia next month. Again, you know, a lot of exciting stuff around the Zoom Air company. You know, for those customers who deploy Air company for a while, they they love Air company.

However, at the same time, you know, they they also asked about what we can what they can do to to leverage AI company, you know, to help them more. Right? Because, you know, some companies did deploy AI company. They also have other applications, you know, like ServiceNow, Salesforce, Workday, and a lot of other applications. They’re also knowledge based as well.

How to connect all with all those, different data sources. Right? Or some customers, they even use other, you know, data index, you know, like Amazon queue or green. Right? You also needed to connect with them as well.

And we offer the the basic, you know, meeting summary template. You know, customer, they wanna have very flexible, customized template, and also connect with their, you know, the the their, you know, dictionary and their knowledge base. A lot of, you know, the capabilities, you know, can be added into AI combining to further improve the AI combining for those customers. That’s the reason why those customers are talking with us. Hey.

We want to enable customer AI combining. I know she’ll share a lot of feedback with us, this is the reason why, you know, we want to announce more and more innovations, you know, upon our, you know, AI company, you know, the platform.

Michelle Cheng, CFO, Zoom: Yeah. With respect to kind of how to think about AI products and and what’s in and out of our forecast, I kinda break it into two pieces. First, we’re already seeing notable progress from AI in our contact center business. We’ve talked about broadly the contact center business growing high double digit, and it continues to be. And and certainly, elite skew, which is where you get the AI value as well as ZVA, are part of that.

So I would sort of, say that’s that’s in the 26 numbers. In terms of the other products that just GA’d, in the April time frame, this is sort of first quarter, and we’re we’re pleased with the customer examples that we shared and and the pipeline building, but really would just continue to emphasize what I’ve said, previously, which is those, won’t really come in until ’27 given log large numbers, building product, etcetera.

Billy Fitzsimmons, Analyst, Jefferies: Thank you.

Megan, Webinar Moderator, Zoom: Our next question is from Michael Funk with Bank of America.

Michael Funk, Analyst, Bank of America: Also on the AI AI products, can you provide any color on on the size of the funnel and the growth of the funnel that you’re seeing? Very strong growth, obviously, in ’2 q. And then any commentary on the uplift in customer ARR from adding AI solutions would be helpful.

Eric Yuan, Founder and CEO, Zoom: Yeah. Maybe I I can address some of your questions.

Michelle Cheng, CFO, Zoom: I can jump

Eric Yuan, Founder and CEO, Zoom: in as well. Feel free feel free to tell me. Yeah. But given there’s too many AI questions, I wish our AI company can answer to those questions on behalf of me next time. So so overall, I think you look at AI company not only for, you know, improve our, you know, meeting or workplace Actually, AI combining is the back end, you know, is our AI infrastructure platform.

And also our other product also benefit a lot from AI combining. I give one example. Take a Zoom virtual agent2.o, for example. Literally, we just announced that, you know, recently, and we offer the voice, you know, the the and the agent. And this is very important and very helpful, you know, to our context and customers.

But back in architecture, a lot of, you know, innovations are coming from AI company as well. So AI company is the platform. Right? It’s the phone contact center on almost every service will benefit from our AI company. Look at a core workplace meeting service.

AI company is part of that. We only monetize for customer AI company. But AI company is extremely important for us to empower our other services. That will be for us to further monetize AI company.

Michelle Cheng, CFO, Zoom: Maybe maybe I’ll, jump in as well. I I took sort of the spirit of your question of how how do we really think about, what we look at with respect to AI and and measurement. You know, certainly

Michael Funk, Analyst, Bank of America: And and, Michelle, just so I mean, also just in the context of, you know, revenue growth acceleration. Several years ago, management talked about accelerating revenue back to mid single digits. You’re well on your way there now, what, 4.4% constant currency this quarter. So trying to think about contribution to future growth, you know, talking about funnel size and uplift ARR so we can contextualize the benefit.

Michelle Cheng, CFO, Zoom: Which one do you want? Do you want me to go AI usage, or you wanna go revenue?

Michael Funk, Analyst, Bank of America: Really really the usage and then the benefit to annual recurring revenue, if you have any thoughts on that, how it’s benefiting.

Michelle Cheng, CFO, Zoom: Okay. So, look, in in terms of the framework of how we think about AI and AI health, Broadly, we we originally started talking about enabled, then we went to let’s talk about MAU. Eric shared in his, write up that, our MAU is up four times year over year, now in the millions. I would say we also look quite heavily at the depth of usage. Right?

You know, things like, moving more into the productivity life cycle, moving more into the meetings life cycle with our customers who’s using things like side panel much more, tasks much more, using AI integration in in products like phone, for example, as well as using AI features that are agentic and go across our platform, like things with calendar management. So we look very closely at broad breadth and depth, usage. Obviously, innovation and recognition and pace of that, is is important to Eric and I. And then, obviously, you hit on the last piece, which is the monetization. And, look, I just continue to reiterate the frame I gave earlier, which is, you know, contact center, lead, ZVA.

Those those are the more mature or I should say contact center lead is the more mature. Putting AI value in all of our paid SKUs and what that could do, to churn and bringing in new customers, those are sort of the more immediate ones. And then certainly with Custom AI Companion, the re or the two point o launch of ZBA, and some of our vertical SKUs, that offers a lot more, going for.

Michael Funk, Analyst, Bank of America: Great. Thank you, Eric. Thank you, Michelle.

Eric Yuan, Founder and CEO, Zoom: Appreciate it. Thank you.

Megan, Webinar Moderator, Zoom: Alex Zukin with Wolfe Research will ask the next question. Alex?

Charles Evislage, Head of Investor Relations, Zoom0: Hey, guys. Thanks for taking the time. Maybe two quick ones, Eric. The first one for you and then, Michelle, one for you as well. Eric, if I think about the way AI adoption is progressing inside, of your customer base, both on the online portion as well as the enterprise portion, how is that changing your opinion around the time line, the timing of monetization to the extent they can start to bend the growth curve and the competitive framing environment, both, you know, against two hyperscalers with two very different opinions on pricing, one, you know, incrementally higher, and one, it’s part of it for free.

I I’d love kinda your thought process, on that going forward, then a quick follow-up.

Eric Yuan, Founder and CEO, Zoom: Yep. Alex, great question. So I have mentioned it earlier. Zoom AI combining is the platform. You know, AI combine is empowering almost every product where we are not.

Right? Or or customer that that they used. You know, that’s the reason why if you look at our contact center, for example. Why we’re doing so well? Because we look at our top 10 deals.

None of out of 10 is switched from other cloud vendors. Because when they look at our product, take a Zoom virtual agent, for example. Right? We build it everything from a ground up. Why, you know, the the innovation the speed is very fast?

Because we all or we can leverage that capabilities from AI company. Right? We’re not Zoom virtual agent in Toronto. Internally, we deploy that as, you know, our support team very, very satisfied with the AI, you know, Zoom virtual agent powered by AI company. So when we look at AI company as a platform, you know, how to leverage empower all other point of services, you know, either phone or contact center, whiteboard, and a lot of other things we are gonna win.

That can help us win more deals. And at the same time, you know, we you know, you get it out of core, the meeting product. Right? It’s a lot of features and the part of AI combined customer love that as well. And, again, you know, we are gonna innovate faster.

And, you know, that’s the reason why I missed it a few times. And please join our user conference the next month, you know, in a while for the key themes on Zoomtopia this year, read about AI and Zoom AI combined.

Charles Evislage, Head of Investor Relations, Zoom0: Perfect. Michelle, maybe for you.

Charles Evislage, Head of Investor Relations, Zoom1: Yeah.

Charles Evislage, Head of Investor Relations, Zoom0: Leading indicators are always important. It sounds like some of the deal cycle elongation that you saw resolved. I assume some of those deals that may be pushed also closed. Is there anything we’re not seeing that is maybe creating a headwind in terms of the CRPO metrics, in terms of billings, that maybe is not painting the same picture, around those KPIs as the largest beat that you’ve had in years on a on a revenue basis maybe is. So there seems to be a little bit of a divergence.

Anything that you can point us to to help us kind of marry those two, data points?

Michelle Cheng, CFO, Zoom: Yeah. Maybe let, let me start, Alex, with just backing up on some broad comments on on macro, and then talk a little bit about RPO. So first, from a macro perspective, you know, what I said in q two or in q one last time, was that we saw strong demand, broad strong demand, and we think we have durable drivers in in a dynamic micro or macro environment. And, certainly, I would say that is still true. It’s still a dynamic environment, as we all know.

But last time we talked, as you noted, around some scrutiny that we’re seeing in some geos, Wanna make clear that we’ve we’ve seen a partial abatement of that. And we’ve seen SMB demand, continue to be very strong. And and you see that reflected, I think, in the revenue results, and you see it reflected in churn, low churn on the online side, but also churn going down year over year consistently over multiple quarters on the enterprise side. So look, it’s still dynamic, but we feel good about that. To your RPO question, RPO growth of 5% is strong.

I I would also point out that it’s lapping a very high comparable, and that our RPO bookings are sort of the highest in many years. From a current RPO, it’s really just the the strong comparable at at play there. I guess that’s what I what I call out. Maybe maybe one thing we didn’t touch on, but just in terms of thinking about the overall growth rate, if I sort of look, Alex, at the spirit of your question, we talked about the FX piece. We talked about, the easier comparable might be another thing.

It’s we’re lapping that trough that we talked about for a very long time as well as to a much lesser degree. We had some professional services, one time recognition.

Eric Yuan, Founder and CEO, Zoom: Thank you. Thank you, Alex.

Megan, Webinar Moderator, Zoom: Our next question is from Arjun Bhatia with William Blair.

Charles Evislage, Head of Investor Relations, Zoom2: Alright. Thank you. Eric, I wanna touch on a point that you actually brought up proactively on the last question, contact center. And I have a million questions on this, but I’ll try to focus it on a couple questions. The fact that you’re winning contact center deals against other cloud providers is very surprising, not for anything other than the fact that there are so many on prem to cloud migrations that are happening.

I’m curious what’s driving the cloud displacements. Are those failed implementations? And and what are customers seeing, I guess, in in Zoom? Is it is it the AI capabilities? Is it a cleaner tech stack?

Is it easier to implement? What what are the kind of key drivers that are creating success for Zoom contact center, especially against the other cloud providers?

Eric Yuan, Founder and CEO, Zoom: Yeah. It’s a great question. Well, it’s not surprising to us. We know we have been doing so. And, again, there’s a more I think more reasons.

You know, number of reasons, you know, customers, you know, they were not happy to the existing, you know, call out contact center providers. If they’re not if they are very happy, no matter what you do, they say, I don’t want to switch. Right? So they are they are not happy. You know?

Sometimes this is either quality or not a good outage, or the too expensive, averse to the innovation or architect is wrong, AI adoption is is so slow and so on. Reasons are very different. However, the for those customer, they really want to look at a modern contact contact center solutions. When they test their Zoom, say, wow. I can’t build cannot believe that.

You almost have every feature we need. Not to mention, you know, they they trust us. They trust our, you know, the the the the core meeting of Zoom platform. And also, you know and as you know, actually, our company culture is really focused on deliver happiness. We do all we can deliver delight delight, you know, our customers.

Right? Because of the capabilities, because of the culture, because of the innovation speed, customers, I trust Zoom. I’ll give you one example. You know, look at the recent UC awards. Zoom won four awards.

One thing you might be you might have feel surprising as well. Zoom is the best contact center solution. Right? So, you know, it’s customers and partners, analyst, they know what we’re doing. That’s the reason why, you know and, you know, given the we have a very solid foundation working to double down on that.

As long as we we innovate faster, focus on the product and customer experience, I think that we’re gonna win more. So that’s kind of the way I look at why, you know, we are winning. So

Michelle Cheng, CFO, Zoom: Maybe let me just jump in and give a couple of stats that might give you a little a little dimension to some of our wins. We look at a lot of our our top 10 wins. So nine of 10 are replacing the leading, contact center provider, seven of 10 on AI. We’re we’re seeing triple digit growth in our elite, and eight of 10 come in from channels. So just, you know, another evidence point of us really building out more of a channel and what’s resonating with customers.

Eric Yuan, Founder and CEO, Zoom: Yeah. Yeah. Another thing is you look at the product experience, you know, not like some other vendors. They needed to acquire this company, that company. You know, you need put everything together.

The experience is not consistent. You know, we have our own virtual agent. We have we have our own quality management, workforce management, and a core platform integration. It’s cost a very consistent experience. That’s another reason why, you know, customer really want to select Zoom as their, you know, contact center solution provider.

So thank you.

Charles Evislage, Head of Investor Relations, Zoom2: Well, congrats on the success. Thank you, guys.

Eric Yuan, Founder and CEO, Zoom: Appreciate it. Thank you.

Megan, Webinar Moderator, Zoom: Our next question is from Rishi Jaluria with RBC Capital Markets.

Charles Evislage, Head of Investor Relations, Zoom3: Wonderful. Thanks so much for taking my questions. Hey, Eric. Hey, Michelle. Really appreciate the time.

Nice to see continued strength in the business in spite of everything going on there. Maybe two AI related questions I’d like to to ask. One one for Eric, one for Michelle. From a financial perspective, you know, look, Eric, you’ve you’ve talked about your ambitions to to become an AI first company, and obviously, you’re seeing this this great traction with your AI skews. As we think about, you know, the the cost of inferencing and all these models, right, no matter how efficient you are, how do we square that away with with, you know, could the continued raise, in cash flow guidance?

And and how should we be thinking about the long term financial implications as, you know, the usage of AI, among your customer base grows as the use cases continue to expand, etcetera? And then maybe a little bit related to that, you know, obviously, you’ve been doing great things with with AI so far. How do we think about your plan to really leverage all the vast troves of unstructured data that’s going through the Zoom platform and, you know, maybe build out even, you know, newer use cases on that in ways that are harder for customers to do themselves and and, you know, relies on domain expertise, your your your engineering talent, etcetera. Thank you.

Eric Yuan, Founder and CEO, Zoom: Yeah. Yeah. Rich, that’s a wonderful question. You are still right. You know, how to leverage, you know, the data.

Right? How to leverage the the the product. Right? It’s all AI. To create something new.

Right? So AI first experience, I give one example. I used to schedule a meeting. I need to go to my calendar, schedule a meeting. Right?

Or maybe my year to to to help me to schedule a meeting. It would take a lot of clicks, lot of manual steps. Now this is a way for me to schedule Zoom schedule a meeting. I just go to Zoom and company. And I chat with the company.

Please schedule a meeting with Michelle next week for thirty minutes. That is the conversational interface. It’s very, smooth experience. I do not need to click so many thing. I do not need to learn any u GUI, you know, interface.

That’s AI first experience. In terms of innovation, you’re still right. You know, we announced two two two o. Next month, we’re gonna announce three dot o. Three dot o read everything is about a generic framework.

Right? How to automate your your work? How to leverage your data? You know, like, say, today, you know, I can use Zoom where combining is right as Zoom doc. I still need to imagine it, you know, it’s created so many things, created here and there.

You know, how do we leverage a company to help you write something’s very cool and very, you know, easy, frictionless experience? I think it is also another thing is, let’s say, you know, in in in my, you know, day to day work. I needed to manually do so many things, you know, talk of this application and then open another application and workflow is become more and more important as well. I used to be look at a workflow. Right?

You need to manually, you know, and, you know, tell the workflow system what do you want. But how to leverage AI? In the first, it’s just the AI first students. I just tell Zoom AI company what I want. Zoom AI company more like a super agent.

We talk each of other systems or application and get thing done, make it a fully automated. That’s part of our vision. That’s the reason why I wanna invite you to join the Zoomtopia. You know, next month. You will see a lot of new capabilities we’re gonna introduce into further beef up our, you know, core capabilities of AI company.

Michelle Cheng, CFO, Zoom: Maybe, Rishi, I’ll hit the more what I what I took as a PNL question and come back if I didn’t if I didn’t answer it. But, we’re proud of the fact that, like, we’re still hitting 79.8%, gross margin up over a 100 basis points year over year. That’s because we’re offsetting, AI investments and AI usage, with cost optimization. Like, there’s a little bit of onetime benefit in the second quarter, but there’s durable elements, that we’re actively working across this on the cog side, and then I’ll drop and make some quick comments on the OpEx side Of migrating cloud to colo, which still continues to be a lever for us on the COGS side. We’ve talked about the federated approach and making sure that we’re applying the right model and to the right tasks so that we can get both best quality and best pry or best cost for our customers.

And then, obviously, just making sure that we’re constantly looking at AI cost per we go through. You know, on the r and d side, we’ve made a lot of investments, and we’ll continue to invest in AI. And, look, we’re we’re gonna need to offset that with other efficiencies that we see, in in the business, of which AI is one for us. So we’re gonna, you know, live the same reality that that our customers are living there. So just

Charles Evislage, Head of Investor Relations, Zoom3: Very helpful. Awesome. Thanks, Eric. Thanks, Michelle. Really appreciate it.

Eric Yuan, Founder and CEO, Zoom: Thank you, Rishi. Appreciate it.

Megan, Webinar Moderator, Zoom: Tom Blakey with Cantor Fitzgerald will ask the next question.

Charles Evislage, Head of Investor Relations, Zoom4: Thank you. Thank you, Eric and Michelle, for the opportunity to ask a question here. Just wondering if you could maybe it’s maybe an extension from some of the questions that were asked prior. Could you just maybe talk about CCaaS and some of the momentum on a on a sequential basis, that strong 94% callout, Eric? Remember asking you about a year or two ago about, the monetization efforts here in CCaaS, and you got awfully excited about it.

So just you know, and it is an extension for that maybe from Michelle. What is kind of embedded in in guidance there in terms of maybe continued momentum in CCaaS. So, again, just the sequential growth color would be helpful. And if you want, maybe expand on seats versus price, that’d be helpful. And, again, similarly, continued momentum in phone, we’ve been monitoring this for years.

With this acceleration in CCaaS and continued strong double digit growth in phone, could you just maybe combine in the one big question, talk about what you’re seeing in terms of going into the second half, maybe even further out into fiscal twenty seven where, you know, maybe some of the down sells or some of the other kind of structural things that are happening in the happening in the core could abate, and we can see, you know, kind of like a 100% plus kind of NRR going forward. This again, these strong numbers in CCaaS and phone are just awesome there. Thank you very much for the question.

Eric Yuan, Founder and CEO, Zoom: Thank you. Michelle, do you want to address that question?

Michelle Cheng, CFO, Zoom: I mean, look, we we don’t give kind of forward looking product guidance for for contact center and Zoom phone. So I’d probably just, comment on the nature of that and then broadly, you know, expectations for the future. So starting on contact center, another quarter of high double digit, which we’re very proud of. I think I covered earlier kind of the nature of the top deals, so I won’t repeat it there. And then you mentioned, the stat, of course, about us making progress, upmarket, which is obviously, you know, a key consideration.

That is all with a non ZVA two point o number. And so we look to, the future and the reality that our customers are facing in growing, labor costs and and poor customer experience and and see a durable driver and contact center going forward. From a Zoom phone perspective, continue to see mid teens. We said that last time. We’re saying it now.

Maybe the things that haven’t come out as much on this call that I’d I’d mentioned for investors is really twofold. Just how much we’re seeing phone be a gateway in our deals to other products. Right? Starting with meetings, you often go to phone, but now much more of the to contact center. So sort of that better together story of being able to solve the customer problem, go back in the office, and have that seamless experience that Eric talked about.

And we we see that being a a durable thing. Also, some new announcements that we’re very excited about with the connection of ZBA and Zoom Phone, as well as we’re seeing connections of Zoom Phone, to Zoom revenue accelerator. So a lot of real momentum. And then maybe the second thing that I would, say on, Zoom Phone, that we would feel good about when we look to the future is just the AI progress within it. So sequentially, the MAU, quarter over quarter has gone up over 30%, so we’re we’re proud to see that as well.

Charles Evislage, Head of Investor Relations, Zoom4: Great. Thank you, Michelle.

Megan, Webinar Moderator, Zoom: Our next question comes from Mark Murphy with JPMorgan.

Charles Evislage, Head of Investor Relations, Zoom5: Great. This is Sona Kolar on for Mark Murphy. Thank you for taking the question, and congrats on the results. Eric, first, I just wanted to hit on the recent launch of the AI First Auto Dialer to streamline outbound sales. Would love to hear how you’re thinking about the long term opportunity here and some of the feedback you’re picking up since launch, and particularly how you see this opening up doors for incremental wallet share in some of your customers?

And then I had a quick follow-up for Michelle. Any items to call out in terms of diverging demand patterns, whether by geo or vertical? I saw international growth slightly outpaced that of The Americas. Is that is much of that delt is that much of that delta largely FX driven or something else to consider? Thank you.

Eric Yuan, Founder and CEO, Zoom: Yes. Great question. So regarding the the contact center innovations. Right? You know, recently in q two, we we we we had quite a few, you know, contact center innovations.

You know, one thing is, as you mentioned, is, agent that is, you know, auto bond of dialers. Right? Especially, we call that internally, we call that a proactive outreach feature. Essentially, you know, the way it works is automatically placed out of bound calls and prerecorded messages. Right?

You know, something like appointment reminders. And then, you know, without requiring a live agent, you know, to do so many things manually. Right? So this is the one of the innovations the customer, they told us. They love that.

Right? So they get they share a feedback with us, and we quickly delivered. Again, this is the just the one of the innovation. That’s the reason why back to the content center wins. Why customer lie like a Zoom content center?

Because when they share the feedback, we can quickly deliver. You know? It’s the you know, every quarter, there’s too many innovations. I and that’s like a q two. Right?

And we we also deliver, you know you know, another feedback, like, division features. Right? Contact center the the customer use our contact center and sometimes use a support, you know, internal hyperdesk to use Zoom in contact center. Although the tech and support team also use that. Right?

You know, that’s the reason why we we got to support the divisions as well. So a lot of new innovations we introduced to the market every quarter. So and out of bound dialer just to one of those innovations. So

Michelle Cheng, CFO, Zoom: Yeah. Maybe I’d also just tag on to what Eric said and and say that I’m excited, you know, just as the CFO at a lot of the AI innovations now bring us much more into that that value conversation of helping the customer, you know, create a better experience for their customers, drive revenue increasingly in in many instances. So I think it’s exciting direction in terms of the value, that we can provide customers. Real quick to your to your question, I wouldn’t really call in on any difference in broad demand, and then I’d say that FX was primarily an impact on the EMEA results.

Charles Evislage, Head of Investor Relations, Zoom5: Got it. Thank you so much.

Megan, Webinar Moderator, Zoom: Our final question comes from Siti Panigrahi with Mizuho.

Eric Yuan, Founder and CEO, Zoom: Siti, are you there? It’s cool.

Charles Evislage, Head of Investor Relations, Zoom1: This is Samir. I’m I’m calling in for Citi. So one one one thing I do wanna check, if you could double click on the onetime margin benefit that you saw in the quarter. You you you mentioned it’s because of professional services and some AI related adjustments you are doing. If you could clarify

Michelle Cheng, CFO, Zoom: Yeah. Different. What I talked about with the pub professional services was sort of a onetime small impact to the to the q two revenue growth rate. And then I I think I separately mentioned on the gross margin that we did see some sort of onetime savings cost. But broadly, what’s going on, on the revenue side are durable elements to revenue growth, all the things that we talk about, product diversification, moving up market, etcetera.

And broadly, what we what’s going on on the gross margin is incremental AI investments and costs, and we’re offsetting those with efficiencies.

Charles Evislage, Head of Investor Relations, Zoom1: Great. Thanks. And and just just just another clarification. Is that that for the second half outlook, the main driver is the enterprise side of things and that that’s why the the beat is not getting carried forward as much as it should be.

Michelle Cheng, CFO, Zoom: So what what we’re what I did in the guide was reiterate what I’d said previously that we’re gonna capture the online price increase in the amount that that we previously communicated. We’re gonna hold to online being flat, which is consistent to what I said last quarter, and the raise is really on the enterprise side. Combination of many many broad things across enterprise that we talked about today.

Charles Evislage, Head of Investor Relations, Zoom1: Excellent. Thank you.

Michelle Cheng, CFO, Zoom: Alright.

Megan, Webinar Moderator, Zoom: Thank you, everyone. This concludes the q and a portion of today’s call. I’ll turn it back over to Michelle for closing remarks.

Michelle Cheng, CFO, Zoom: Yeah. I just wanted to to close, to say that we look forward to hosting everyone for a virtual investor session, q and a, and a a little bit of a presentation after Zoomtopia on the September 17. We’re gonna have an exec panel with Eric and myself and other, Zoom executives, where we’re gonna do just a time to talk about, insights onto our business strategy, key initiatives, and and the innovations that we’ll be debuting. So we look forward to hosting everyone.

Eric Yuan, Founder and CEO, Zoom: Thank you. Thank you all.

Michelle Cheng, CFO, Zoom: Thank you.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.