Good morning, everyone. Hello, and welcome. Thank you for joining the Zoom to Acquire Five9 Earnings. One second. Sorry for that. Hello, everyone, and thank you for joining the Zoom to Acquire Five9 conference call. Please be advised today's conference call is being recorded. Now I'll turn it over to Tom McCallum, Zoom's Head of Investor Relations. Please go ahead. Thank you, Matt. Welcome everyone. Welcome to our joint webinar to discuss our definitive agreement to acquire Five9. Joining me today will be Zoom's CEO and Founder, Eric Yuan, Five9's CEO, Rowan Trollope, and Zoom's CFO, Kelly Steckelberg. During this webinar, we'll make forward-looking statements, including statements regarding our strategic rationale, growth strategy, and business aspirations related to this transaction. These statements are only predictions that are based on what we believe today. Actual results may differ materially. These forward-looking statements are subject to the risks and other factors that could affect our performance and financial results, which we discuss in detail on Form 8-K, which we filed with the SEC today. Zoom assumes no obligation to update any forward-looking statements we may make on today's webinar. These slides provide instructions on how to find additional information about the proposed merger. With that, let me turn the discussion over to Eric. Go ahead, Eric. Thank you, Tom. Thank you all for your time today. Welcome everyone to today's webinar. I want to start by welcoming Rowan and the Five9 team to the Zoom family. We have had a great partnership and a very strong relationship with Five9 over the years. We are very thrilled that the Five9 team will be joining forces with the Zoom team. I also want to thank the investors of both companies for supporting us. I hope you will continue to support us in our combined journey. As we continuously look for ways to enhance our platform, Five9 is a natural fit that will enhance our ability to deliver happiness and value to our enterprise customers. At Zoom's core, we believe robust and reliable communication technology can enable interactions that build greater empathy and trust. We believe that holds particularly true for customer engagement. Enterprises primarily communicate with their customers through the contact center, and we believe this acquisition can bring together best-in-class video and contact center solutions to create a leading customer engagement platform that will redefine how companies of all sizes engage with their customers. Before handing it over to Kelly for the formal presentation, let's hear from my great friend and Five9's CEO, Rowan, who will join us as a President of Zoom and CEO of Five9. I'm very delighted to have him join my leadership team. Thank you, Rowan. Thank you, Eric. Hey, look, on behalf of the Five9 board and our executives and our entire team, candidly, let me just start by saying that we are absolutely thrilled to be joining forces with you and Zoom to revolutionize the world of communications technology. I know you, Eric, well, and I also know that our companies share much in common. Like us, Zoom is tackling an enormous cloud transition opportunity, which is still in the early innings. Together, I know that we can take the pole position in pursuing what's now going to be an $86 billion combined addressable market. Also like Five9, Zoom is obsessively focused on their customers and making customers happy. You have an incredible corporate culture. As many of you know, and the analysts on the phone today and other folks listening, we here at Five9, we have been sort of doggedly pursuing this mission to make customers happy by making customer service a more human experience. In joining forces with Zoom, we see the opportunity to accelerate our pursuit of that mission, and now at a global scale. For example, we'll get the opportunity to bring Five9's best-in-class cloud contact center together with Zoom's world leading communications platform. Also by joining forces across our two teams, we'll have the potential to create significant and durable long-term upside for our customers and our partners and, importantly, our shareholders. Let me just close by saying thanks again, Eric. Thank you to you and to the Zoom team for the partnership and this incredible opportunity. We can't wait to see, and to create the future together with you. With that, let me turn it over to Kelly. Kelly? Thank you, Rowan. Let me add my welcome to you and the entire Five9 team. Hello, everybody. We are excited to have this opportunity to combine our two amazing companies who share a mission of delivering happiness to customers. There are many great reasons for our companies to come together, starting with our similar journeys to revolutionize communications. Zoom has evolved from providing best-in-class meeting solutions to becoming a platform that is a driving force of communication and collaboration worldwide. Adding Five9 to our family is the natural next step in our evolution and bolsters our ability to provide an integrated solution for how enterprises connect. The contact center is the front door through which customers engage with businesses by enhancing, retaining, and growing that relationship. In today's digital world, the contact center is indispensable for businesses looking to differentiate their customers' experiences and to utilize AI to drive automation. Consumers have never been more demanding, and their expectations for next-generation communication tools are higher than ever. They require CCaaS solutions powered by a comprehensive omni-channel platform. Antiquated contact center solutions are linear, one-sided, and often constrained by a single channel. The modern contact center solution makes the engagement between customer and agent a seamless, data-driven experience, one that is delightful and delivers customer happiness. It is powered by AI, real-time engagement, and has integrated workflows with omni-channel customer relationship systems. Five9 offers a leading modern contact center solution with 100% cloud-based architecture that meets the needs of some of the largest global companies across a broad spectrum of industries. Fortune 100 companies, including Coca-Cola and IBM, have come to trust and rely on Five9. They deliver their contact center interactions. This has resulted in a track record of strong growth and traction with enterprises, including 91 customers with over $100 million in ARR. Zoom and Five9 share a mission and intense focus on customer happiness and company culture. The name Five9 indicates a focus on customer reliability and availability that customers also expect from Zoom. As you heard Rowan say, we are both obsessed with the success of our customers and providing them with easy-to-use, high-quality, and secure communication solutions at enterprise scale. Zoom and Five9 together will create a customer-centric engagement platform that is modern, reliable, and simple. Zoom has built a holistic offering around communication, providing best-in-class solutions to allow people to seamlessly connect and collaborate anytime, anywhere. With the addition of Five9, we will be adding a leading portfolio of contact center solutions that will enable us to expand the number of integrated channels through which our enterprise customers can connect with their customers with the seamless and frictionless experience they have come to expect from Zoom. This transaction will leverage our shared growth initiatives, including expanding international, enterprise, and channel businesses, as well as add to the strong momentum of Zoom Phone. This combination places Five9 at the heart of enterprise communications. Omni-channel customer engagement powered by AI deepens Zoom's customer relationships and further integrates Zoom with other key enterprise workflows and systems. Our combination is synergistic and brings together best-in-class financial performance, product leadership, and cultural values. This transaction provides Zoom with an additional large and attractive TAM. Contact center is a $24 billion market, expanding our total combined addressable market to over $86 billion. This combined TAM represents a significant long-term opportunity to drive innovation and expand market share across a larger opportunity set. We see this combination as highly beneficial for both customers and synergistic for investors. The combination creates a leading unified communication and customer engagement platform that can be sold across both customer bases. It will allow us to cross-sell Zoom Phone to Five9 customers and bring the contact center to Zoom's largest customers. Zoom will leverage our global brand and international customer base to generate additional prospects. Again, we will be addressing an expanding TAM. To summarize the deal terms, each Five9 shareholder will receive 0.5533 shares of Zoom common stock, which implies an enterprise value of $14.7 billion based on the closing price of Zoom common stock on July 16th, 2021. We expect the transaction to close during the first half of calendar 2022, subject to applicable regulatory approvals and customary closing conditions, including a Five9 shareholder vote. Until then, both companies will continue to operate independently. In closing, we are very excited about this transaction and the vast opportunity that lies ahead of us. We are confident this combination will benefit all of our stakeholders. We are thrilled to have the Five9 team join the Zoom family, and we look forward to a bright future ahead. If you have not yet enabled your video, please do so now for the interactive portion of this meeting. Matt, please queue up our first question. Okay. First question is from Meta Marshall with Morgan Stanley. Let me get Rowan on the screen with you guys first. Meta. Great, thanks. Maybe for Rowan. You've had meaningful momentum over the past year, accelerating 1,600 basis points. You had a lot of tailwinds from digital transformation, large deals coming on, growing AI use cases. What does Zoom bring to you that you couldn't do independently, and where do you see Five9 going within Zoom? Thanks. Yeah, thanks, Meta Marshall. Really, it's all about growth, candidly. I mean, our growth, as you pointed out, has been accelerating, and the market is heating up. This transition has been going faster. We see this really as the opportunity to accelerate that growth by accessing a new kind of buyer, right? We've been in, and we've got great examples of this, where Zoom and Five9 together have landed large educational and retail customers. Those customers are saying, "You could make this even easier and better for us if you brought these technologies together." As we find more and more of those companies now looking to transition off of their legacy platforms, they really want, especially these large IT buyers, they really want a single communications platform. This is about, it's a huge growth and expansion opportunity for Five9 and similarly for Zoom, who have the world's leading and globally scaled communications platform. It's an opportunity to leverage that to help bring us into all their customers and likewise bring those technologies into the Five9 customer base. It's all about growth, Meta. Great, thanks. Plenty more questions, but I know we're restricted to one, so I'll pass it on. Thanks. Thank you, Meta. Thank you, Rowan. Next question, Matt. Our next question is from Sterling Auty with J.P. Morgan. Yeah, thanks. Hi, guys. Good morning. I'm going to ask one of the popular questions I was getting from investors, which is a little bit, I guess, multifaceted. It's, why was the deal all stock? What drove that decision? The premium only 13% over the close on Friday. What was the decision process on level, because it didn't seem like a huge premium? Yeah. We have been obviously negotiating this deal with Rowan and the Five9 team and the board and feel like we came to a balance that really is focusing on creating long-term share, long-term value for all of our future shareholders, and we felt like stock was the best way to do that. From my perspective, just to add to that, remember, Sterling, this isn't an exit. It's a stock-for-stock deal. Most of those stock-for-stock deals, more than 50% of those deals happen at lower than a 20% premium. They're not M&A premiums typically. What's more important, I think, is to look at the multiple here, which is a 25.7, which is the second highest multiple for any SaaS company ever sold, public SaaS company. I think, look, again, the focus here is on the long-term value creation opportunity, and that's what it's always been between Eric and I. Makes sense. Thank you, guys. Our next question is from Alex Zukin with Wolfe Research. Hey, guys. Thanks for taking the question. I guess maybe the first question for Eric, and maybe even Kelly, we had a conversation where. Yeah, Alex, one question please today. We've got a lot of people who want to ask questions. Yeah. I'm sorry. Just one. Thank you. It'll be just one. If you think about the build versus buy decision in this category, what does the buy decision get you that the build decision couldn't? How do you expect this to, if you think about the two engineering organizations coming together and what you could do in the product that just wasn't possible from a partnering perspective, how should we think about that? Yeah. Thank you, Alex. That's a great question. By the way, I did read your newsletter about this deal last night. It's a great job. Thank you, Alex, as always. I think as Rowan mentioned, this is really about growth. When we look at the build and the buy, first of all, we look at everything from a customer perspective. As Rowan mentioned, we already partnered together. We already landed so many large deals in education and retail. The customer told us they want to have a solution from one vendor. First of all, from a customer side. You look at the culture, the two company culture, I think we can fit extremely well. We all relentlessly focus on the customer happiness. Look at the business model as well. In a pure cloud-based contact center solution, we have a video and a phone. Both of us were thinking about the future of customer engagement platform. If you look at all those three aspects, we are looking for the 1 + 1 greater than two, right? That's a scenario. Otherwise, you build a solution, I think not only do you take many years' effort, but also customer, they do not want to wait, right? You look at all those three aspects. I think that's a no-brainer to join forces together. Not to mention, I know Rowan, his team, we're already working together for a while. This is really about growth opportunity for future. Next question please, Matt. Hey, James, it looks like you're up. Okay, thanks. I wasn't sure if we were getting an intro or not on that, but no, congrats, guys. Oh, sorry about that. Yeah, no worries. Congrats, guys. Rowan, I hope we continue to hear from you on the Zoom calls. It's always great to get your perspective on things. Just how should we think about the current customer overlap of Five9's couple of 1,000 customers versus the enterprise base of Zoom? What revenue synergies are you guys expecting to get, and how do you feel about the removal of both entities having that Switzerland-like status to a degree in each of their respective markets? Yeah. I'm happy to take the first part of that. Kelly and Eric want to grab the second part. From my perspective, there's a tremendous amount of synergy. We really only have Zoom has shared their acceleration on the Zoom Phone business, but really just getting started. There's not a tremendous amount of overlap from a phone perspective just yet. It's really just wide open sort of market, and a lot of legacy that has to be replaced. That's really the biggest opportunity here is the millions and millions, 10s or even 100s of millions of phones that are out there that have to be replaced. When you replace that phone system, you have to replace the contact center. Our ability to bring those two things together is incredible. I think, look, from the perspective that I look at with Zoom's half a million customers, that's an incredible opportunity to go back into that base and add contact center to every single one of those customers. James, in terms of your second part of the question about our neutral position. As you've heard, we are continuously focusing on delivering customer happiness, and in some cases, that means customer choice. So we will ensure that we continue to offer the choice that our customers need in the future. Yeah. Meaning, let's say customer deploy Genesys or Twilio solutions, yeah, we are working very closely with them, right? To integrate together, deliver our greatest solution for our customers. Again, we look at everything from customer perspective. Yeah. On our end, the similar position, right? I mean, we're very open. We support all the UC vendors. We even support Cisco in some environments. We support Microsoft Teams, we're going to keep doing that because that's what customers want, and that's what they need. Yes. Great. Thank you. Next question, Matt, please. I think Matt might have his mic on, so I'll introduce you, Rishi. Hi. Rishi Jaluria with RBC. Sorry about that again. All right. Wonderful. Thanks so much for taking my questions. Just wanted to maybe understand some of the potential technological investments that, Eric, you intend to make in Five9, because as I think about a lot of the advantages the Zoom platform has, the two that come to mind is the ease of use and the scalability to go from the smallest use cases all the way up to the largest enterprises. Maybe can you talk a little bit about the technological plan once Five9 closes, what sort of investments you intend to make there? Thanks. Yeah. Rishi, that's a great question. Again, first, I already mentioned, right? We look at this from a customer perspective, also look at our platform vision, right? As we are transitioning from being a video conferencing killer app company to a platform company, right? There are several pillars, right? First pillar is really about a UC platform, right? We already have great asset on video conferencing, conference room, webinar events, and building chat, and also the Zoom Phone. In particular for Zoom Phone, that growth is awesome, right? How to double down on our UC platform vision, right? I think that it's no-brainer, right? To bring in a contact center that's a missing part from end user perspective, right? To join forces together to deliver a full stack in UC platform to our enterprise customer, right? That's one. Two, from a technology perspective, right? You look at Five9 product, right? AI, very robust and reliable communication, and also with our great infrastructure from international presence perspective, right? How to quickly help the mutual customers and also help Five9, the team, right to accelerate growth, right? I think that's the goal for the two teams to work together after they close. Great. Thank you. Thank you, Rishi. Next question is from DJ Hynes with Canaccord. Hey, DJ. Looks like his mic's off. Matt, can you enable his mic or is it on his side? DJ, can you hear us? I'm not sure he can hear us, actually. Okay. Well, I'll go on to the next. Yeah, next question is from Will Power with Baird. Let me get you up on the screen, Will. Maybe you can chat with DJ, let him know. Yep, great. Okay. Well, thanks for taking the question. I guess I'll echo my congratulations. Seems like a really nice strategic fit for both of you here. I guess, look, Eric, for you, as you thought about the strategic options and you thought about the importance of customer engagement, why is Five9 the right platform? I know it's a great cultural fit, but as you think about the technology and the key underpinnings of the solutions they have today, what got you comfortable that they were the right partner here versus some of the other contact solutions that might have been available to you? What is it about the product roadmap from here that gives you confidence that this best positions you long term here? That's a great question. We look at our platform, robust and reliable communication are the key, right? You look at Five9 names, name itself already indicates, right? This is great reliability. Anyway, I think kidding aside, I think when we look at the contact center solutions, I think Rowan and I, Rowan's team and our team, we were already working together for a while, right? To land so many successful deals together, right? This is what a customer told us, "Hey, your solution is great, and Five9 solution is awesome," right? The two together, right? The customer likes that, right? First of all, customer, they told us they like this integrated solution. Also, when we look at the contact center, we also look at not only this contact center, what's the future of a contact center, right? Look at our video assets, look at their AI, look at the very robust backend. I think we do see, Rowan and I, we talked many times, we do see the huge opportunity ahead of us, also not to mention Five9 is a pure cloud-based solution. I think that together we can really create something very cool in the future to redefine the future, I think, a customer engagement platform. That's why we still look at Five9 is the best, from our perspective. Congratulations. Good luck. Thank you. Thank you. Our next question is from Matt Stotler with William Blair. Hey, good morning, everybody. Thanks for taking the question. I know there's been a lot of commentary and focus so far on Zoom Phone and the natural adjacency of contact center with the UC on the phone side of things. Obviously the core piece of differentiation for Zoom is the video component, right? That's where you started, and you built the very robust and scalable platform. As you think about the future of contact center, and this may actually be one for Rowan, but enjoy anybody's perspective is, what is the role of video in the contact center going forward, and how is that something that you think can maybe differentiate this combined platform going forward? Yeah. Thanks, Matt. This is something that frankly has changed very dramatically in the last year, right? I mean, everyone is now comfortable with Zoom. I mean, on any given day, there's four Zoom calls in my house. I think that's a very dramatic shift in terms of people's expectations. It's really just begun to come into the contact center as we've had this big cultural shift globally. That is going to be a huge, I think, opportunity in the future, one that I'm personally very excited about, to bring video into the contact center. Even in the short term, there's tremendous amount of interest from our customers for simple use cases like see what I see. Retailers who say, "Hey, I'm fixing my dishwasher," and I call the Maytag repairman, they want to be able to have the mobile phone and use that camera to see what the customer sees. It really dramatically shortens these conversations, right? You've all been there like, "No, no, not that button, the other one." It's really hard to do. Another great example is, I mean, IT help desks all over the world already use Zoom for just this exact case. You call up and there's some sort of problem with your computer. The last thing that the contact center rep wants to do is be sort of giving you directions with their voice. It's much better to be able to take over your screen, control your computer, and that's already happening organically. Our ability to bring these things together natively is going to be a total game changer. Nobody's done it, and we can absolutely revolutionize this space. You can tell I'm a little excited about this one. Thank you. Thanks, Matt. We're going to bring back DJ Hynes from Canaccord. Hey, thanks, guys. Rowan, congrats on the deal. Super exciting. Congrats to the Zoom team as well. Rowan, could you just talk about why now? You had such a big opportunity it seemed like. What made you feel like this was the right time to do it? Yeah. Thanks, DJ. Really, it's all about growth. That what you saw in our business over the last year was a clear acceleration, and that's a reflection of the market. I mean, it's certainly a reflection of our execution, more importantly, it's also the market growing. As we thought about that market acceleration, it's not just happening in contact center, it's also happening on phone. With Zoom's entrance into the phone space, with the best technology, we've looked at everything and I used to be in this space. This is unquestionably the best technology. The ability to combine those three together and access a part of the market that candidly, we didn't really have access to before. In the market, as Eric mentioned, we've been engaging with customers and co-selling. What the market really needs, that segment of the market, that's the sort of the consolidated IT buyer, they need a single solution from a single vendor. It just looked to us like an incredible opportunity to accelerate the growth that we've been having by selling contact center, and to hopefully accelerate Zoom's progress on the phone side. Really on that side, it's just all about synergies here. That's why I say this is not an exit, this is just a beginning, and I hope all of our shareholders will see it that way and continue to be invested in the joint story, because we think it's just an incredible story and kind of a once in a lifetime opportunity, frankly. Yeah. Well, congrats. Look forward to keeping tabs. Yeah. Thank you, DJ. Our next question is from Tom Roderick with Stifel. Great. Hi, Kelly. Hey, Eric, Rowan. Congratulations on the deal. It wasn't so long ago that we would all get on video calls, there would be disruptions and lagging, Eric, it's a great testament to what you've built at Zoom that we can all expect this great quality experience with great uptime, we can hear each other, there's not the lag factor. I think inherently in that architectural choice you made way back when starting the company, the 13 data centers, the architectural, the mesh distribution of the way you built the architecture, really in a critical way that you built that. I'd love to hear if there are sort of any inherent advantages to that architectural approach globally to how that can work in a CCaaS world and bringing Five9 in, particularly as you think about distributed agents all over the world. I know we're talking about traffic, and that's not the core of the Five9 story, but still routing to the most capable agent and routing the traffic appropriately. Tell us a little bit about how that architectural approach can really derive some benefits as you integrate the Five9 story. Yeah. Tom, that's a good question. Rowan, I can start. Feel free to chime in. First of all, you look at our backend infrastructure. Not only do we leverage some of the public cloud, but also we also build our own very flexible data center. It's probably already more than 17 presence worldwide. We're also adding more and more in other countries as well. It is a global distributed architecture to connect all of our users all over the world. Certainly we leverage that for the Five9 backend. Plus we also have some of the key software components in the backend side, like video and some other phone as well, are very robust And the components, for sure we can integrate it quickly and seamlessly to the Five9 backend as well. Also the Five9 has very flexible and backend intelligent routing engine, a lot of things, right? We can deploy to our cloud infrastructure with that over the night, right? We can carry on for some big international customers, right? I think a lot of assets we can leverage from both sides. Well said. Great. Thank you so much. Fantastic. Thank you, Tom. Our next question is from Scott Berg with Needham. Hey, Rowan, Eric, and Kelly. Congrats on the transaction. Certainly thanks for taking my question today, and greetings from Tel Aviv. I apologize if it's a little loud in the background. Thanks for joining, Scott. I guess I got one question. It's kind of a follow-up to Rowan's answer to Meta's question earlier. I don't know if Eric or Rowan wants to take it. Rowan, I know my work in the space the last decade or so, there's been a clear kind of disaggregation between the UC platform and the CC platform, at least upmarket with enterprise customers. Customers seem to be more comfortable not buying them together. In response to her question, you mentioned some demand components or customers that want that together. Can you maybe talk about what you see in the end market? Is this something that customers are pulling you to on this product, kind of come back together, or is this something you're going to maybe push that might drive that opportunity? It's a great question, Scott, and you and I have talked about this many times. It's sort of back to the future is what we're seeing here, in that you've seen consolidation and sort of deconsolidation happen over multiple periods in the contact center UC sort of evolution, right? In the pre-IP days, they were separated. In the voice-over IP transition, they actually all consolidated into a couple of vendors that offered complete solutions. In the cloud era, they deconsolidated, which allowed companies like ours and sort of standalone UCaaS companies to get together. We were seeing customers drive that demand for consolidation, and it was just increasing. This was really about looking at the future and saying, "What is the thing that would drive the most growth and the most acceleration in the market right now?" As we saw adoption, especially sort of through the pandemic for cloud being just absolutely hitting a tipping point around phone systems and contact centers, gosh, this is the time. The market is ready, and it is absolutely primed. As we had built this tremendous partnership with Eric's team, we saw that demand coming in from customers and just said, "Okay," again, once in a lifetime opportunity to drive this and to offer, frankly, put a best-of-breed contact center solution together with the globally scaled infrastructure and an incredible brand of Zoom. There's technology synergy, there's go-to-market synergy. It's an incredible opportunity for growth for our company and to serve the market in a way that we weren't able to before. I would also point out, Scott, just to add one final footnote, we will continue to sell the line of business buyer, and that's a great add to Zoom, right? We have conversations with heads of customer service and chief marketing officers and heads of sales, that's absolutely not going to slow down. We still retain that and that sort of standalone capability, which is, I think, an absolutely critical asset. Our next question is from Raimo Lenschow with Barclays. Hey. Thanks for taking my question. Congrats from me as well. Rowan, when you were only starting the journey towards the international build-out, can you maybe talk a little bit about the two combined companies of Zoom being much broader already and where that helps you? Thank you. Yeah. The ability to launch onto a global scale through Zoom and through, again, half a million customers on Zoom. That technology platform that Eric and his team have built is unquestionably the best in the world by far. Our ability to leverage that, essentially think about bringing the Five9 brain, the routing engine, onto this incredibly scaled platform with an engineering organization that is world-renowned and unparalleled in their excellence. That's the Zoom organization. I think we just have this incredible synergy on that front. I think from a distribution perspective Zoom's got a much broader distribution globally than we do. I think absolutely the global synergy is going to be a big part of this story. Absolutely. We were starting to see that, frankly, in our growth acceleration. We started to see more European deals, as you know, and even starting in APJ. We had really just scratched the surface, and we know that. We've talked about it every quarter. This should be a real good accelerator for our international growth. Yeah. Congrats. Thank you. Well done. Our next question is from Matthew Niknam with Deutsche Bank. Hey, congrats on the deal as well. Question either for Kelly or Eric. It's relating more to capital allocation. I'm wondering how you prioritize capital allocation for Zoom post the deal. You still got about $5 billion worth in cash sitting on the balance sheet. I'm wondering whether you envision more of this capital going towards organic investment at this point in order to better target the $86 billion TAM we've referenced on the call. Thanks. Thanks, Matt. I would say a couple of things. First of all, we are absolutely continuing to invest in the areas of engineering and sales and marketing. We're focusing on continuing to grow and take top-line market share. Even though we have this amazing deal, I don't think that Eric is going to let us slow down in terms of thinking about other opportunities for amazing companies out there as well. I think you'll continue to see the deployment internally in the areas that I just talked about in terms of investing, but also continuing to watch for other opportunities for continuing to expand our platform. Thank you. Thank you. Our next question is from Pat Walravens with JMP. Oh, great, and congratulations you guys. Eric, I'm guessing this is what you were hinting at on the earnings call when you said stay tuned. My question is, how does this change the competitive environment for you as a combined company, and maybe in particular, with respect to Talkdesk, which is powered by Twilio and is seeing I don't know? Yes. Growth. Yeah. Pat, that's a really good question. As we briefly touched on earlier, we listen to our customers, right? If a customer's already deployed Talkdesk or Twilio or Genesys solutions already, also deployed Zoom Phone or Zoom Video, yeah, we would really like to further enhance that integration, right? This is what a customer needs. Also, at the same time, our customers, they want to have a solution from one vendor. Yeah, this is probably offer the best of the best, right? Together to bring in the very similar experience to our customers. Also, I can tell you, one of another key reasons why I really want to partner with Five9 because Rowan, he's such a great leader, not only in CCaaS, but also in UCaaS as well. He really understands what's going on with the conferencing, the Zoom Phone, and you name it, right? He and I always exchange ideas, what's the future, right? He also specifically gave me a great feedback about what's the integration look like, how we can deploy the AI, how to drive the future customer engagement, right? Having said that, lots of innovations from this joining forces together, right? Again, we are going to look at everything from a customer perspective. Thank you. Our next question is from Tyler Radke with Citi. Hey, good morning, everyone, and thanks for taking my question. I'm curious from a go-to-market perspective, how you envision the Zoom and Five9 go-to-market teams evolving going forward. Do you expect Zoom teams eventually to carry the Five9 products or an integrated product? How are you just thinking about the acceleration of investments in Five9 post the deal? Thanks. Yeah. Rowan, yeah. First of all, we have a period of time until we get to close, which we expect to happen sometime the first half of next year. During that period of time, we'll continue to partner with Five9 just as we have in the past. Absolutely, when we get post-close, we again, working towards what will best serve our customers, which will likely be an integrated offering and an integrated go-to-market team. We will continue to work on that and work with the Five9 team in terms of what that structure will look like once we have the opportunity to do that post-close. I would just point out, we're already selling together, and a lot of these times when you look at acquisitions like this, the deal execution risk is one of the key headlines. In this case, this is hand in glove because we're already working together. That risk is really off the table. We know that our customers want to buy them both together, and we're already selling them together. We're just doing it through separate sales teams. I think this marriage is going to really accelerate what was already going on, with very little risk on that front. Great. Next question, please, Matt. Matt, I think you're on mute. This is Sitikantha Panigrahi with Mizuho. Yes, sorry about that. This is our last question. Thanks for taking my question, and congratulations both the teams. I guess you guys talked about revenue synergy from this deal, but Kelly, I'm wondering, how should we think about the cost synergy post-merger? Yeah. This deal is really all about growth. We're thinking about how we can better serve our customers and what the opportunities are ahead. Both companies are growing very quickly and continuing to invest in their teams across all functions, and we'll work very closely with the Five9 management team until we get to close to see how we can best align the teams going forward. Thank you. Great. I believe that was our last question. Eric, do you have any final comments? Thank you all for your time. Please continue to support us in our combined journey. Thank you all. I really appreciate. I'm pretty sure Rowan and I, we are going to keep delivering happiness to our customers, employees, and also what's more important, to our investors. Thank you so much. Thank you. Bye, everybody. Thank you.