Zoom视频通讯公司(ZM.US)2026财年第一季度业绩电话会
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会议摘要
Zoom reports significant growth and efficiency gains from its AI-driven contact center solutions, with a 90.57% self-service resolution rate and strong demand for AI-infused products. The company highlights innovations like Zoom AI Companion, Zoom Phone, and Zoom Contact Center, noting increased customer interest and competitive wins. Financial performance shows total revenue growth of 3%, exceeding guidance, and Zoom Phone revenue growing in the mid-teens. The strategy focuses on frontline workers and integrating AI capabilities to transform business workflows.
会议速览
Zoom's Q1 FY 26 Earnings Release Webinar OverviewZoom conducts its Q1 fiscal year 2026 earnings release webinar, discussing financial highlights, future outlook, market trends, and product initiatives including upcoming releases and benefits.
Zoom's AI-Driven Innovations and Solid Q1 Earnings ReportZoom reports strong Q1 earnings, highlighting significant growth in AI innovations, including custom avatars, AI Companion, and enhancements to Workspace, Phone, and Customer Experience platforms, driving increased efficiency and productivity for customers.
Financial Results and Growth Outlook for FY 26 Q1In Q1 of FY 26, total revenue grew 3% year over year to $1.175 billion, exceeding guidance by $8 million. Enterprise revenue now represents 60% of total revenue, showing a 2-point increase year over year. Online business stability improved with the lowest ever first-quarter churn rate at 2.8%. International revenue growth varied across regions, with America's growing 4%, EMEA 1%, and APAC 2%. Non-GAAP income from operations grew 2% year over year to $467 million, exceeding guidance by $22 million. Full-year revenue guidance for FY 26 was raised by $15 million, with an expected growth of approximately 3% at the midpoint. The company also raised its profitability and non-GAAP earnings per share outlook for FY 26.
Zoom's AI Companion Growth and Revenue PotentialZoom reports a 40% quarter-over-quarter growth in MAU for its AI companion, with increasing adoption among SNB segments and free-to-paid migrations. The company is optimistic about further monetization through customized AI solutions and integration with customer data.
Zoom's Enhanced AI-driven Customer Experience and Cautious Enterprise OutlookZoom reports significant traction with higher-priced AI offerings in its contact center solutions, highlighting increased upselling opportunities and high self-service rates. Despite strong demand, the company notes a cautious outlook for enterprise sales due to elongated deal cycles and increased scrutiny on deal terms.
Zoom's Competitive Advantage and Market Expansion StrategiesDespite growing competition, Zoom maintains its market position by focusing on superior user experience and total cost of ownership, leading to significant customer acquisitions, including a major FinTech company switch from Teams. The company also notes increasing interest from customers due to its integration with Zoom Phone, signaling a shift in competitive dynamics.
Zoom's Contact Center Growth and Competitive PositioningZoom reports significant growth in its contact center business, driven by channel partnerships and replacement of existing cloud-based solutions. The company sees a 10% year-over-year increase in elite SKU licenses, indicating a shift towards AI-first solutions. Enterprises with on-premise contact centers present further opportunities, particularly for AI-based virtual agents, fueling future growth expectations.
Customer Reception to Online Monthly Pro Pricing IncreaseThe company discusses the early customer response to a modest online monthly pro pricing increase, emphasizing the value provided, including doubled storage limits, and noting record low churn rates. There are no current plans for further price increases.
Zoom's Online Segment Conservatism and Growth Prospects in a Turbulent MarketDespite a more turbulent global environment, the company sees strong demand across its business segments, opting for a prudent approach in enterprise outlook while noting significant growth opportunities in Zoom Phone, driven by cloud migration and strategic partnerships.
Analysis of Meta Partnership Impact and Growth SustainabilityThe discussion highlights the acceleration in growth attributed to the Meta partnership, with a focus on capitalizing on migration opportunities that are expected to normalize in the second half of the year.
Zoom's Significant Growth and Buyback StrategyThe company experiences over 100% year-over-year growth in accounts, with 90% of work involving new customers. This growth is attributed to both existing and new opportunities. The buyback acceleration reflects confidence in the company and market conditions, with plans to complete the remaining buyback by fiscal 26.
Enterprise Deal Pauses and New Customer Acquisitions Amidst Macro ImpactsThe company experienced elongation and pausing of enterprise deals towards the end of the quarter, with significant volume towards the tail end. Despite macro impacts, new customer acquisition and churn performance exceeded expectations.
Zoom's Channel Transformation and Ecosystem GrowthThe discussion highlights Zoom's efforts to expand its partner ecosystem, accelerate channel incentives, and reduce the quote-to-cash time for partners, with a focus on enhancing phone and contact center businesses. Additionally, the query explores the integration of Zoom's context center into its existing customer base using Workplace and Phone, emphasizing the company's strategic investments and customer satisfaction gains from these initiatives.
Update on Enterprise Revenue Outlook and International StrategyThe company discusses the revised enterprise revenue outlook, noting potential upside if macro trends remain consistent, and highlights the focus on global strategy, particularly the resonance of their platform in EMEA.
Conference Call Update: Cantor Fitzgerald's Turn After Bernstein's DelayOn May 22, 2025, the discussion proceeds to Tom Blakey from Cantor Fitzgerald as Peter Weed from Bernstein requires additional time.
Zoom's Enterprise Churn Rate and CCaaS Revenue ProjectionsThe company reports continued year-over-year improvement in enterprise churn rates and low record churn in online services, attributing success to holistic value, innovation, and customer focus. Updates on CCaaS reaching 10% of revenue are provided, highlighting added dimensions for investors including customer count, SKU dimensions, and triple-digit ARR.
AI Avatars and Their Role in Enhancing Communication and Work EfficiencyThe discussion explores the integration of AI avatars in communication, highlighting their potential to transform work processes and customer service experiences through improved products and features like meeting summaries and chat messages.
Integrating AI Agents for Enhanced Business Workflow AutomationDiscusses integrating AI agents into existing systems to automate business workflows, including collaboration with vendors, using AIC frameworks and protocols like A2A and MMCP for seamless interaction.
Zoom Frontline Worker Product and AI Companion 2.0 Monetization UpdateZoom discusses its Frontline Worker product, targeting the large market of frontline workers with communication, workforce management, and AI assistant features. The company also addresses monetization expectations for its AI Companion 2.0, noting interest and closed deals in sectors like healthcare, retail, and manufacturing, with revenue impact expected in the second half of the fiscal year.
Impact of AI Advancements on Business Operations and CostsThe discussion highlights the effects of increasing reliance on AI, particularly through a federated AI approach, on business operations, costs, and opportunities. It emphasizes the company's competitive edge in AI optimization and cost-effectiveness, leading to offerings like free Zoom companion services for customers. The conversation also touches on the distinction between standardized AI models and customized AI components for enterprise-level integration, underscoring the company's commitment to delivering value and efficiency.
要点回答
Q：What are the key features of Zoom's new AI innovations mentioned in the earnings call?
A：Key features of Zoom's new AI innovations include Zoom tasks for task management, a new Calendar manager for meeting scheduling, an expanded role for the AI Companion in managing tasks and meetings, and the general availability of a custom AI companion for front line and clinician use in Zoom workplace.
Q：How much did monthly active users of Zoom AI Companion grow, and what are some specific features that have generated excitement among users?
A：Monthly active users of Zoom AI Companion grew nearly 40% quarter over quarter. Specific features that have generated excitement include a bring your own dictionary and index meeting summary templates, and a Jira integration.
Q：What are some examples of companies that have adopted Zoom's products, and what were the motivations for these companies?
A：The Boston Celtics upgraded to Zoom Workplace Enterprise Plus, including Zoom phone, due to Zoom's balance between simplicity and rapid innovation. A leading financial institution chose Zoom's collaboration experience platform for over $1 million in revenue, drawn by a better together vision and cost reduction from moving away from third-party solutions. Zoom phone's revenue grew in the mid-teens, and adoption of its integration with Microsoft Teams grew significantly.
Q：How is Zoom's customer experience offering evolving, and what notable growth was observed in the number of Zoom Contact Center customers?
A：Zoom's customer experience offering has rapidly evolved, as indicated by a 65% year-over-year growth in the number of Zoom Contact Center customers. Zoom Virtual Agent achieved its largest deal to date as an upsell to the contact center, making Zoom a triple-digit million ARR business with high double-digit growth in Q1.
Q：What are the latest developments in Zoom's employee experience platform, work vivo, and how is the integration with Meta contributing to this?
A：The total work vivo customer count grew 106% year over year, with a strong performance driven in part by the Meta partnership. This indicates ongoing advancements in Zoom's employee experience platform.
Q：What new strategic partnership was announced, and what are its implications for Zoom?
A：Zoom announced a new strategic partnership with Bell Canada, which is expected to drive value for customers navigating an uncertain macro environment and aligns with Zoom's AI-first strategy and platform approach.
Q：How did the Q1 financial results compare to the company's guidance and prior year results?
A：Q1 total revenue grew 3% year over year to $1.175 billion, exceeding the high end of guidance by $8 million. Non-GAAP gross margin was 79.2%, and non-GAAP income from operations grew 2% year over year to $467 million. Non-GAAP diluted net income per share was $1.43, 12 cents above the high end of guidance.
Q：What are the updated financial forecasts provided for the remainder of the year?
A：For the full year, Zoom raised revenue guidance by $15 million to a range of $4.8 to $4.81 billion. The non-GAAP operating income is expected to be in the range of $1.865 to $1.875 billion, with non-GAAP earnings per share forecasted at $5.59 based on approximately 312 million shares outstanding. Free cash flow for FY 26 is expected to be in the range of $1.68 to $1.72 billion for Q2.
Q：What kind of adoption is being seen in terms of SNB segment and free to paid migration?
A：The text does not provide specific numbers for SNB segment adoption or free to paid migration, but it indicates that there is a growing trend in adoption and that more customers are enabling the AI company feature to realize value.
Q：How is the AI companion performing in terms of active users and customer value realization?
A：The AI companion is experiencing growth with active users, and customers are increasingly realizing value from it. An example given is the women's gems company using Zoom's AI features to improve productivity with accurate meeting summaries and actionable insights. There is also mention of customized AI integration and a few customers prospecting for monetization opportunities.
Q：What are the reasons behind the cautious outlook on enterprise sales?
A：The cautious outlook on enterprise sales is attributed to elongating deal cycles. No losses were mentioned, but there was a note of increased scrutiny on deal terms.
Q：What is the impact of AI on customer experience and buying behavior?
A：AI is significantly impacting customer experience and buying behavior, with customers choosing elite solutions due to AI value and preferring to purchase both communication and collaboration platforms along with customer experience platforms. This 'better together' concept is attributed as a reason for Zoom's success.
Q：How is the competitive dynamic in the video meetings space changing with the introduction of the AI companion?
A：The competitive dynamic in the video meetings space is changing positively for Zoom, as customers appreciate the employee experience offered by Zoom. Furthermore, Zoom's offering with AI capabilities is viewed favorably in terms of total cost of ownership, which is a significant factor for customers. The transcript indicates that these dynamics are positively influencing new customer acquisition.
Q：What prompted the big FinTech company to switch to using Zoom?
A：The big FinTech company switched to using Zoom because they liked the Zoom experience, which included numerous innovations, a more reliable platform, and a great user interface.
Q：What is the significance of team integration for Zoom?
A：Team integration has been significant for Zoom as it has led to an increasing number of customers coming to Zoom through team integrations, resulting in many wins that Zoom is proud of in Q1.
Q：Can Zoom provide details on the growth of the Zoom Contact Center and the types of deals contributing to it?
A：The Zoom Contact Center grew by recording a year-over-year increase in the total number of contacts and customers. The top 10 deals were not replacements of existing call center vendors but were driven by channels and involved other cloud-based vendors. Many of these channels helped Zoom to integrate with a phone platform, which contributed to customers seeing value in the Zoom Contact Center.
Q：What does Zoom's Elite SKU licensing growth indicate?
A：The Elite SKU licensing growth indicates a 10% mix shift year over year towards these elite SKUs, signifying great traction and momentum towards Zoom's AI-first solution.
Q：What opportunities does Zoom see in the contact center market?
A：Zoom sees opportunities in the contact center market for both cloud and on-premises contact centers, with many enterprise customers' contact centers still being on-premises. Zoom is focusing on the role of AI-based virtual agents to drive future growth.
Q：How is the online monthly pro pricing increase being received by customers, and what impact could it have on churn and future pricing strategy?
A：The online monthly pro pricing increase has been modest and reflects incremental value delivered to the customer. The increase was thoughtfully considered by Zoom, and they doubled the storage limits. The evidence of successful pricing includes record low churn and a growing customer base. At this time, there are no plans to implement other price increases, but the company always takes price increases thoughtfully.
Q：What is Zoom's approach to building conservatism into their online segment outlook?
A：Zoom's outlook reflects a more turbulent world than previously and takes into account strong demand across their business without seeing any impact from macro events in online. However, in specific customer scenarios in the enterprise, a prudent approach has been taken to guide the outlook based on those scenarios.
Q：How does Zoom's growth strategy for Zoom Phone compare to competitors and what is the market opportunity?
A：Zoom's Zoom Phone is growing at a mid-teens rate, which is above industry growth rates and suggests that Zoom is taking market share. The market opportunity is substantial given that the total number of on-premises seats is higher than the cloud-based seats and is expected to migrate to modern cloud solutions. Zoom's position with its entire workplace platform integration and open system is giving it a growth advantage over other players, particularly the phone service providers.
Q：What are the key factors contributing to the company's growth and what new partnership is mentioned?
A：The key factors contributing to the company's growth include strong partnerships like the Mitel partnership, go-to-market motions focused on competitive takeouts on the cloud, maturation of the channel motion which is advantageous to their phone business, and new partnerships such as the one with Bell Canada. AI is mentioned as a driving force behind deals and bringing in new customers.
Q：How does the company view the impact of Meta's partnership on its growth?
A：The company views the impact of Meta's partnership as a significant contributor to growth, with a focus on capitalizing on the momentum of Meta migrations. It is mentioned that the opportunity from these migrations will normalize towards the second half of the year.
Q：What is the percentage of new customers to Zoom and how does this reflect on the company's platform?
A：90% of Zoom's work views customers are new to Zoom, which is seen as an opportunity to introduce the breadth of the company's platform to a large number of strong customer and brand names in the market.
Q：Is the buyback acceleration a reflection of market conditions or a strategic decision?
A：The buyback acceleration is described as a strategic decision aimed at reinforcing confidence across the company, Eric, and the board. The company intentionally sought to accelerate buybacks, which remain committed to using the remaining $1.2 trillion of the original $2.7 trillion tranche.
Q：What was the rationale behind the recent buyback activity?
A：The rationale behind the recent buyback activity was to double down on the original 2.7 trillion tranche of buybacks, reflecting a commitment to the remaining $1.2 trillion. This decision was made to reinforce confidence in the company's strategies and intentions.
Q：How is the company preparing for the next quarter's billings and how is the macro environment affecting new customer acquisition?
A：The company anticipates a positive outlook for next quarter's billings despite some macro impacts being seen in the enterprise sector. There were no signs of macro impacts on new customer acquisition or churn in the current period.
Q：What recent changes have been made in the channel transformation and what feedback has been received?
A：Recent changes in channel transformation include expanding the partner ecosystem, altering channel incentives, and helping partners to close deals more quickly. Early feedback has been positive, with the investments being closely targeted towards the phone and contact center business. The number of deals influenced by the channel in both areas is being tracked and is a focus for the company.
Q：How is the company's integration capabilities viewed by customers?
A：The company's bidirectional integration capabilities are viewed as a differentiator by customers. The ability to seamlessly communicate with customers and resolve issues internally is a significant win for customer satisfaction.
Q：What is the revised Enterprise Revenue Outlook and how does it account for macro trends?
A：The revised Enterprise Revenue Outlook is not explicitly detailed in the transcript. However, it is mentioned that deal elongation was seen in the quarter, and the company is guiding for a wider range of outcomes. It is suggested that if macro trends remain consistent, there could be potential for more upside through the rest of the year. An update on the timeline for NRR (Net Revenue Retention) to return to 100% is also requested but not provided in the excerpt.
Q：What is the strategy for global expansion and what are the focus areas internationally?
A：The company's strategy is to be global with consistent products and market approaches across regions. The focus areas internationally include Mia business, communication and collaboration experience, customer experience, and employee experience in EMEA.
Q：What are the recent trends in enterprise churn and how are they reflected in deal structures?
A：The company continues to see year-over-year improvement in enterprise churn and low churn rates in online services. Competitive themes are broadening with holistic value, better together collaboration, and customer experience. This is reflected in deal structures with features like meeting summaries, chat message compositions, and integration with existing systems.
Q：What are the potential use cases for AI avatars and how are they being utilized internally?
A：Potential use cases for AI avatars include integration with existing systems to automate workflows, creation of tasks and action items post-meeting, and summarizing meeting outcomes. The company is using AI avatars internally to improve products like Clipse and to provide a better customer experience by automating processes and interactions.
Q：What is the approach to AI integration and what kind of revenue can be expected from customizable AI agents?
A：The company's approach to AI integration involves offering customers frameworks and protocols to build their agents and ensuring compatibility with other agents. The revenue from customizable AI agents is expected to be modest in the second half of the year and is factored into the company's H2 outlook.
Q：What is the market opportunity for frontline workers and what are the key features of the related product?
A：The market opportunity for frontline workers is vast, with 80% of workers being frontline and only 1% of SaaS spend allocated to them. The product for frontline workers focuses on three areas: chat and phone communications, workforce management, and AI assistance. It has been well received, with closed deals in healthcare, retail, and manufacturing sectors.
Q：What is the company's AI approach and how does it impact costs and the provision of services like AI companions?
A：The company's AI approach is federated, with its own large language models that can be standardized or integrated with other models. This allows the company to optimize costs while providing value, enabling the provision of free AI companions. Customized AI components are more like system integrations, but the company remains competitive on AI front due to cost and value optimization.
