Charles, over to you. Thank you, Annabeth. We're excited to host you all for another Zoomtopia and hope you were able to catch the keynote and other content earlier today. Here's our agenda. First, Michelle will take us through a short presentation highlighting vision priorities, our execution towards the top line, and also towards shareholder returns, and framing the news of today for this financially focused audience. Michelle will be joined by Eric, our CEO, Kim Storin, our CMO, and Graeme Geddes, our Head of Sales. We'll have a Q&A portion of the call then, and we'll be allowing sell-side analysts to ask their questions live. If you are an investor in the attendee audience, please feel free to submit questions through the Zoom Q&A portal, and we will do our best to get to your question. Now, just a few housekeeping items. A copy of the presentation today can be downloaded on our investor relations page. The presentation does include non-GAAP financial metrics. These should not be considered in isolation from or as a substitution for GAAP metrics. You can find a reconciliation to GAAP in our appendix in the deck and also in our most recent 10-Q filed with the SEC. On the next slide, we will be making forward-looking statements on the call today. These are predictions and actual results may differ materially. Forward-looking statements are subject to risks and other factors that could impact our financial results and performance, which we discuss in detail in our filings with the SEC on Form 10-Q and Form 10-K. Zoom assumes no obligation to update any forward-looking statement we may make today. With no further ado, let me hand it over to Michelle. Let me just say a warm welcome to everyone. We're so excited to have you here with us on this day. We're hoping just to have a little conversation about where we're going as a company and beyond the keynote, what we've been working on in terms of AI innovation and innovation across our products. Hopefully you picked up on a big theme of Zoomtopia, which was the real value that we are working to provide to our customers in AI and beyond. Certainly because it's this audience, we are going to share how all of this is already and will continue to be composed into shareholder value. As Charles mentioned, I'm going to open up with some words and then we will move to the Q&A after. This Zoomtopia for me is kind of a moment. It was a year ago at Zoomtopia on my second day that I started at Zoom, and it's hard to believe that it's been a year. I remember thinking back to that day about so much excitement to be joining an iconic company, so much excitement for what I had understood at the moment, the path that they were on and the seeds they had planted. I was excited and yet humbled about how I could come onto the team. It's so fun to be here a year later with even more context and excitement built for the potential for this company. I hope this quote captures the broad theme of what I wanted to talk about, which is both very much excitement for the vision and where we're going. As this group all knows, you have to be also delivering in the near term. The beautiful balance, if you will, between those two things. With that, it felt right to start out with something we call the Z oomnoculars, Zoom and Binoculars, for those not picking up on it. This is really the best visual representation of our vision. I thought it would be nice to kind of step back from our normal dialogues of earnings and quarterly in and out grinding of results to really just reorient on Zoom's mission, which is to become an AI-first work platform for human connection. What I love about this slide is just it shows the breadth and expansiveness of our vision. This is not the same Zoom, as hopefully you heard so many times today in the keynote. This is not the same Zoom of the pandemic. What I also love about this slide is that, true to our vision and our mission, human connection remains at the center of everything we do. You know, it's a remarkable credit to the company that Eric has started, that even today across so many of the demos and customer conversations that came through so clearly. Yet it's this beautiful mix between technology and humanity that kind of reinforce one another and then are amplified in this new world of AI. I thought I'd just start us with this. I wanted to show the connection to this group about the three priorities that Eric and I talk to investors so much about. With that sort of broad vision and with the breadth of the portfolio with human connection at the side, we've really narrowed it into three priorities. I'll start over to the left-hand side, which is it really starts at helping our customers experience not just the meetings that they know and love Zoom for, but really extending that into workplace things like chat and email and calendar. Whether it's Zoom's products or others, we want to meet the customer where they are. We want to help combat that digital overload that we talked about at the keynote earlier today, that overwhelm of app proliferation and now only even more so it seems with AI. We start sort of on the priority of let's make sure that our customers see Zoom and experience us far beyond meetings in our workplace. The second priority is really moving to Zoom has moved already substantially to natural adjacencies. Whether it's a strong backbone of our communications platform or just natural adjacencies in customer conversations, we've expanded our TAM substantially. Whether it's things like webinar, and I'd love to see that highlighted on the stage today, seeing companies really run their business on Zoom, or whether it's things like Contact Center and all the momentum that we'll be talking about there, some really powerful examples of how much more Zoom is to its customers in this new era. Certainly, it's the AI that really brings this all together. What I loved about, and we'll talk about it here a little bit more, was just the real customer value again at the center of all of that. With this group, I also just wanted to start by reemphasizing our total cost of ownership. Zoom, this is I think fundamental to Zoom. It's the heart of kind of how we are. It's centered to why we put the customer at the center, and with that is a deep reverence for delivering value for them. It also just felt timely in these macro conditions to reemphasize what I think is a very strong story for our customers. Obviously, if you kind of start out on the left-hand side, we deliver cost savings to our customer. We're value-priced. We can help consolidate vendors. We can help even traditional cost-saving ideas like T&E. Also, we've taken a very democratized view of AI. You heard it celebrated earlier. We continue to have AI value in our paid SKUs at no additional cost. What excites me even more so is moving to the right-hand side. In moving to the right-hand side, we're getting deeper and deeper into the customer value story. In the middle piece, we're deep in those moments that really matter to our customers. So many examples this morning about companies that are running their business on Zoom or so many great examples of C-suites and winbacks that we can talk later with Graeme on of just it really coming down that when customers have those moments that matter, they rely on Zoom to deliver. Increasingly, I'm pleased to talk about the third pillar of value, which was really around our platform value. Increasingly, we see customers choose Zoom because of that powerful story of workplace and phone together with our customer experience. You know, how much sort of silos that eliminates and the value of then laying AI on top of those assets of what it can do to move Zoom and our customers into a new era where technology is actually helping drive revenue and drive better customer relationships. I love so much of that demoed and showcased, frankly, today at Zoomtopia. It wouldn't be an investor presentation if we didn't use the moment to also highlight our progress, right? It's great to have a vision, and we're super excited about where we're going. It also requires that we deliver in the nearer term. I am so pleased to share with you some of the progress that we've made in the last year. I said from day one, my focus was going to be on inflecting the growth rate. That was going to be my number one focus. One year in, I'm proud to see the progress in our results of last earnings, but also in our guide. What I love even more, obviously, I'm a numbers person, and I love to see that number go up. What I love even more is the durable elements that are driving it. We're making progress in our core. We're diversifying our product set. We're getting new routes to market with big investments in channel, and we're monetizing on AI. So excited to share. I'm going to click into each one of these as we go. We've stabilized our online business. Let me give a little bit more context and color about our online business, because stabilizing is sort of the foundation here and what has been our goal in this space. Churn, you can see that we went from mid-3% to high 2%, even with the price increases, something we're very proud of. The quality of our base, I say to so many of you when I get the chance that this isn't the same online business that it was during the pandemic. Even if we go back three years, not even all the way to the pandemic, over 70% of our customers, 75% here, have been with us for over 16 months. Just showing that commitment and stickiness of our customers. All of this then composes in going from an online business that, back in FY 2023, was declining 8% to now flat. Something we're super proud of. This isn't about just stabilizing our online business. It's about growing our online business. I loved the focus back on the people of Zoomtopia. I love the comments from Upwork and Kim in the earlier dialogue, because I think it just really speaks to getting back as a company to our solopreneurs and our SMBs and how we can help them fuel their business in this new AI era. With that, let me pivot to our enterprise business. You all know these stats well, and we're proud of them. Our enterprise business, and we have Graeme here joining us, has accelerated in its growth rate, which is amazing to see. Now represents 60% of our business. As even a further kind of measurement of moving up market, that percentage of customers over $100,000 just continues to grow. I put this slide in there. Really, there's some new things on it that I'm excited to share, excuse me. I thought it was a good visual of how investors should think about the different product sets that we're in. First, and farthest to the left-hand side, you have the more mature businesses in things like workplace, but also rooms and webinar, where we've really gone in, into my earlier comments, like stabilized and reduced churn there. You see the enterprise churn every quarter, which I mentioned earlier, but also enterprise dollar churn. Now in the last four quarters, it's gone down every single quarter. That's because of that strong platform value. It's because of the AI value that's in that. It's back to, again, so many of the things that I think you heard echoed from our own customers today at Zoomtopia, which is, you know, love of the product, the resilience, simplicity, the cost. There are many different words that come at it, but getting strength back in core and continuing to grow in Rooms and Webinar. In the middle, we've got a growth at scale product in Phone. We've got an ARR that's growing in the mid-teens, which is exciting to see. We're gaining share, and I'm excited to share with all of you that we've surpassed the 10 million mark in seats. I know that's been something that investors have been wanting us to comment on, and I wanted to share it with you here today. On the right-hand side, we've got Contact Center and customer experience and Workvivo. I think many of you have seen the stats, but I'll take the opportunity just to reemphasize them. Triple-digit ARR in Contact Center, high double-digit growth, taking share from top CCaaS, nine out of ten of the largest deals that we had from big named CCaaS providers. That's why we saw Zoom get into the Gartner Magic Quadrant. I think one of the fastest, if not the fastest, entrants into the Magic Quadrant, so it's amazing to see. Workvivo as well, you know, continued growth in customers over $100,000. Really proud of the product momentum that we've got going. I always think it's a good time in these investor moments to then show real-life examples. Graeme can give, you know, some of the details if it's curious, not just about these deals, but about what he sees. Sometimes I think that these things are best composed when you look at real-life customer examples at what that growth looks like. Our first one I love because it's about mid-market. Hopefully you heard a tone today of really that resurgence and getting back to talking about our solopreneur SMB and mid-market business. I love this mid-market example, of course, not only because of the uplift, but because if you look at the product progression of the customer, you see almost every single product, frankly, that Zoom has. It's great to see examples of this. If you go to the next one, here's another great example of a Fortune 100 tech company, but so many others like this, that just illustrate what we call better-together story, that they start out in workplace with phone, they're adding Contact Center, you know, and if I even go to the last one, great to see the uplift, but then look at even that and seeing that progression now into our paid AI SKUs with a large tech company. We're excited for the momentum that we see here and what it means, even in the short time since its GA. One more slide here of financial progress before I get to the Zoomtopia news. I'd be remiss if in addition to talking about the growth acceleration, I didn't also mention the robustness of our other financial metrics. Whether it's on the left-hand side, profitability at industry-leading best-in-class, over 40%. That's as we built out all of the things that you saw come at you at Zoomtopia. Very proud of that. We continue to be a massive cash flow generator in the center. Pleased to even raise our cash flow guidance in this last earnings. Investors gave us a great push on shareholder return. Through a combination of what we made some changes on stock-based compensation and buybacks, I'm just so proud of the tremendous progress that we've made here. Our stock-based comp as a percentage of revenue is tracking one year ahead of where we said even this time last year when I first joined you. We're through 73% of our buyback, even of what we announced under a year ago. All of that composes to - 2% dilution to our shares. A lot of progress that I'm very proud of on the financial front. It's Zoomtopia. I wanted just to give my words to all of the investors of some of my favorite pieces that we talked about at Zoomtopia today, really just to set some foundation for a great Q&A later. We had this great slide, and I think I'd be remiss if I didn't say it to investors because you look, you all talk to other companies that are out there pitching the AI story. I love this because it gives just a succinct articulation of why Zoom from an AI perspective. I think it starts with that rich, unstructured data, how much context and data is gathered just in your workday throughout that meeting's lifecycle and beyond in the workplace, whether that's in the boardrooms to startups to our earlier mentioned share in telehealth, just how much richness of context we have on the user as part of that. Second, when an AI is a natural place for Zoom, not only because of what we have on the communication and collaborations front, but what we bring also in the employee experience and then the Contact Center customer experience. You saw such a great example in SharkNinja on stage earlier of just how much more value we can tap into when you look across that and that sort of better-together story. Last, Zoom wins in this AI era, not only because of structurally who we are, but also because of how, right? Our focus on seamless workflows and integrations, and you saw those brought out on the keynote earlier, but also our differentiated approach to an open platform and our strong commitment to trust and customer choice. I think Zoom never trains on customer data and gives the customers a lot more controls at being able to choose how they want AI to be used in their organization. Some really great things to build off. Certainly the big headline out of Zoomtopia was AI Companion 3.0. If you think about it, 1.0 was all about meeting summary, all about how to capture the key takeaways, the next steps, and summarize. It was simple and powerful and loved. Last year at Zoomtopia, we announced 2.0, and that went further to not just summarizing stuff, but helping you think across your workflow and surface that critical information. Hopefully today in Zoomtopia, you got a much better sense of where we're going with AI Companion 3.0. Truly stepping into that agentic, I love that phrase of getting to higher quality results faster. It is all about what you can do to deliver business value and actionable business outcomes. I think you see that as a massive driver for why AI Companion users are up, or now is up four times year over year with millions now relying on it for these kind of things. That's even before we deliver some of the really powerful scenarios that we talked about earlier. With that, look, I won't go deep on these slides, but I wanted to include them because I think they do a really powerful job for somebody that maybe missed all of the demos of just beginning to visualize with all of these words and all of the companies that all of you survey, being able to really internalize what it looks like for Zoom to be able to stitch these things together. This first slide is all about the meetings experience, right? It's not just the meeting in and of the meeting. We all know that a lot of the meeting happens before when you're preparing or thinking about whether you even need to be there at all. I may have to use some of those features we heard about earlier at Zoomtopia to end the meeting, you know, keeping us on the track and aligned, helping you show up prepared. I don't know about you, but my days are filled with meetings back to back, and I don't know how I get time to prepare for all of them. I'm personally excited about a lot of the value. It's also about meetings just for meeting's sake with no action and follow-up afterwards don't drive impact. That connection of closing that cycle afterwards. This slide is just doing that same thing of being able to really internalize what it looks like not on just the workplace front, but now here moving more into marketing and sales and moving more into customer support. Whether it's taking the meetings and turning it into leads and driving the action, I love so many of the ZRA demos that we had earlier, or certainly in customer experience where it's resolving them before you even have to get to an agent, or once you get an agent, having a far better experience. That really becoming a virtuous learning loop for a company. I think this was shared at a couple points, but even seeing customers able to drive revenue off it. Who would have thought as a prior CFO of a contact center, all my thoughts were about controlling costs and getting CSAT to a better state. Never did I think about it as something that might one day drive revenue. To this audience, I wanted just to create a slide that really just helped articulate AI monetization. In the way that we've talked about it, it can get easy to sort of lose this. Think about all of this as Zoom AI. There's going to be ways that we indirectly monetize and ways that we directly monetize. In indirect monetization, that's things like AI Companion 3.0 that we announced today that will go horizontal in your workplace to deliver all of those things like meeting summaries and schedule assistant and prep, all of those great demos in paid SKUs at no additional cost. I say indirect monetization because once we get customers in and using and experience that, we know they're not going to want to leave and will be great Zoom customers in a much deeper way where we're adding a lot more value to them. Let's go to the direct side of the house. We have horizontal things in Custom AI Companion, that example that I talked about earlier, where it was that power of that third-party integration, the ability to really begin to stitch business process together, along with obviously all of that personalization and customization. That will be one way that we monetize at $12 per user per month. While that is new to market at GA in the spring, there's a lot of stuff that we're already monetizing on with AI value. That's best kind of showcased in a lot of the things that we have talked about over earnings in customer experience. Our lead SKU is really where that AI value resides. Now with ZVA 2.0 that we announced over the summer, such an ability to take the power of AI technology and really bring that to our customers. Certainly, ZRA is another great example of that. We highlighted many fun examples in our last earnings, but also building to vertical and industry solutions as well. Hopefully this visual is just a helpful picture of where we're going in terms of monetization and just how to think about it. I won't do this slide justice, but I'd be remiss if in Zoomtopia I didn't include it just to show the progress over the years as a company that we've made and to highlight and celebrate the accolades. We've been a Magic Quadrant leader in UCAS for five years in a row, and I could not be more proud to add the customer experience for the first time. Again, one of the fastest growing onto the Magic Quadrant. You heard us talk about it earlier, but we're branching out even to the Emmys, which is super fun. With that, I just want to end with one slide, which is just kind of recapping. We're excited about the differentiated and compelling AI-first vision that we have. Hopefully, if you took nothing else away, we're moving at feverish pitch to innovate with customer value at the center of everything that we do. We know that all of you will hold us accountable to delivering financial fundamentals, and we're going to keep doing that quarter in and quarter out. Hopefully, the other big key takeaway here is just that relentless focus on customer value. I know I speak for Kim, Graeme, Eric, and myself when I say we're super excited about where we're going. With that, we're excited to hear what is top of mind for all of you. With people that probably need no introduction, I am joined by Eric Yuan, our CEO, Graeme, our CRO, and Kim, our CMO. Annabeth, you want to open this up for questions? Thank you, Michelle. We will now begin the Q&A portion of the call. When I read your name, please turn on your video and unmute. For attendees on the call, please submit your question via the Q&A box. Our first question will come from Kash Rangan Goldman Sachs. Can I circle back? Yep. Definitely. Our next question will come from Alex Zukin at Wolfe Research. Hey guys, thanks for taking the question and for making yourselves available. Maybe one for me, a lot of the presentations today were focused on the SMB, which is exciting and intuitively makes sense since there's a sense that it might be easier for SMBs to adopt all things AI. In that context, can you put a finer point on how you would compare AI adoption, engagement, usage of the features and functions across the platform within the SMB versus enterprise? How do you think that ultimately that'll be reflected in your financial KPIs? Do you anticipate faster monetization of AI functionality in the SMB cohort or in the enterprise cohort? Yeah, maybe I can take that. I mean, I'd love to hear your comments, Alex, because I'm excited that we're kind of getting back to really talking about SMB and solopreneur, but nobody should walk away with that as confusing. We also had many great examples with enterprise customers and the examples that I shared here with you. Certainly the focus at Zoom is on enterprise and SMB. I do think we see higher usage in SMB, and I think that's natural for so many of the things that were highlighted in the survey and talked about earlier. I don't know, I think we're still finding our way. I love Mark's comments earlier about we're all sort of learning as we go on AI. I think it will monetize, but I guess at the same time, Alex, I'd call out that one of our biggest, most powerful customers was also a very large enterprise customer. I think we'll monetize across the board. We're all learning as we go. Thank you, guys. Our next question comes from James Fish at Piper Sandler. Hey guys, thanks for today. Eric, maybe for you, Michelle just outlined, you know, that Binoculars, first business services, and the ecosystem as kind of the vision. Does a third leg to the stool need to get added into a broader customer data or system of record type of play? Michelle, last year you really focused in on cross-sell. Is there any way to think about the progress made there? ARR contribution from plus four products, I believe last year was about 66%. Is there an update to that? Eric, you want to take the first one? Yeah, sure. Many years ago before AI becomes something meaningful, our strategy is just to focus on composition, right? Meaning after the composition is over, we really do not want to have any data left whatsoever, right? That's always a strategy a long time ago. Given AI, I think we have some intelligent information coming out of the composition that's becoming more and more important. That's the one hand. Meaning we can have customers, right, and leverage AI, leverage the compositions to create the insightful information. That's one. Two, actually, our AI Companion in general is becoming more and more powerful. Essentially, we can connect with the customer side of data, right, either all kinds of data sources, all kinds of applications, together with all the Zoom content. I think that's part of the reason why we launched AI Companion in general, right? Really help you from a composition to become a system of actions, right, to help you make a decision, not a composition anymore, right? With the Zoom composition and the data and the customer application and data with our AI Companion in general, something like a deep research also can be done upon the Zoom AI Companion in general. We demonstrated this morning at our Zoomtopia. That's why we've become very, very important. Again, this is a journey from a communication collaboration company to become a system of action company. On that question on cross-sell, cross-sell is still, you know, a massive revenue driver for us. I don't think we've given a stat to the over four, but certainly it's going up and to the right. I think you can see that. It was sort of what I was trying to illustrate in that product diversification, and so many of the examples that we see in BetterT ogether is that that land and expand, if you will, is alive and well. Yeah, Michelle, maybe I'll just comment on that one. I think the customer examples that you had, you know, both within the SMB and the enterprise really speak to that opportunity that we have as the platform's expanded within that ability to upsell, cross-sell. Not just the capabilities that are here today, but also a lot of the products and services that we announced here at Zoomtopia, right, unlocking new opportunities for the teams in terms of having customer conversations and delivering more value. Helpful. Thanks all. Our next question comes from Michael Funk at Bank of America. Yeah, great. Thank you all for doing this. Eric, watching the presentations last year and this year, it appears you're edging more into the work management space with some of the functionality with AI Companion. What are your aspirations here and how should we think about Zoom competing directly with pure work management providers like Asana and Monday? If my interpretation is correct, what is your ability to do this either organically or inorganically? Yeah. Great questions, Michael. I think you look at Asana and Monday, both of our customers and partners, right? Again, as I mentioned earlier, really want to become a system of action company. At the same time, an open system. I do not think we, Zoom, can build everything. If we go to look at what kind of tools customers are using, we have an open system, right? We built a used-to-be conversation communication, now with communication conversation plus data generated out of that conversation communication, plus connecting with all kinds of applications customers are using, no matter Monday or Asana, right? With AI, we can deliver a great experience. For some other customers, they think AI may be good enough. They do not want to create a task. It's okay, right? I think overall, we look at everything from a customer perspective. Any tools you want to use, great. We integrate very well. Anything they want to deploy, it's not going to integrate. They want to use the AI Companion, use our own tools, absolutely fine. That's kind of our strategy. Again, look for a greater partner and customers. Great. Thank you, Eric. Thank you, Michael. Our next question comes from Samad Samana at Jefferies. Hi, thank you for taking my question. Appreciate it. First of all, thank you for all the information today. Good to see the updates and the progress, Michelle, in the year that you've been there. My question is going to go for Graeme, though, who we don't get to speak with very often. Graeme, what I was wondering is that, you know, there's kind of two questions that I have. First, over the last year, how has AI and how enterprises are approaching it changed Zoom's go-to-market motion and/or the typical sales cycle with the mid-market enterprise customers? How have their focal points or needs evolved? Completely separately, how is Zoom itself leveraging AI in the go-to-market motion? Has it impacted your top of the funnel or sales efficiencies? Maybe I'll segment it. Michelle had mentioned both horizontal and the business services elements of AI. Within, I'll maybe start with the business services aspects. Those are the areas that our customers have been really the fastest to adopt. We definitely had a lot of momentum last year, really supercharging our customer experience business with an AI-first approach. How do we help agents be more efficient? How do we do Zoom Virtual Agent to do call deflection and reduce call handle times? Also helping our customers with things like Zoom Revenue Accelerator. How do we help sales teams be more efficient within the ways that they drive top-line revenue? I think that those have continued to grow in terms of areas of opportunity. The most poignant from a year-over-year perspective in both the mid-market and enterprise has been really this idea of the horizontal types of use cases, as evidenced with AI Companion and now Custom AI Companion. You've heard Eric mention multiple times, Michelle mentioned earlier, this idea of how do we go from a system of engagement to a system of action. The way that our customers think about that is really how do I go from a conversation to completion. It's no longer about having a meeting to talk about a topic and then to have to action those topics after the fact. Zoom as a complete collaboration platform can help you in terms of synchronous, asynchronous communications, assigning tasks, and ultimately integrating with the applications that matter to your business and helping you get that work done. Those conversations we weren't necessarily having at the depth that we are now, that wasn't something last year, but that's really coming into focus this year where our customers are really looking at what are those agentic workflows to truly drive kind of transformational productivity within their employee base. Yeah, by the way, Samad, the reason why you do not see Graeme very often is he's working so hard to close the deals. Yeah, we want that. Listen, we want executives to go out there and close big deals. We just want to ask Michelle about results when it's time. I promise I'll go back to keeping my questions for her. Thank you for the time. Awesome. Thank you. Our next question comes from Mark Murphy at JP Morgan. Thank you so much. Great to see you. Really appreciate the time here. I wanted to ask, you know, very big picture, how ubiquitous do you think AI Companion can become in the fullness of time? I think, Michelle, you mentioned millions of monthly actives, which is great. Do you envision it kind of reaching, you know, mainstream adoption, something that would just be, you know, sort of standard gear? With these agentic features looking a lot more powerful in version three, is there some kind of killer usage scenario in there that you think is going to, you know, kind of drive like a leg up in terms of monetization? Is there something in there where you say beyond what was in version two, there's going to be kind of a legging up to get people into the Custom AI Companion, right? Or some kind of modality where you'd be monetizing it? Yeah, Eric, do you maybe want to take the, you know, ubiquitous AI question? Graeme, do you want to comment on the Custom AI Companion and what we're seeing at the face of the customer? I mean, you can cover both. Okay. I mean, Kim, feel free to chime in as well. Yeah. He's not closing any deals right now, so he's. Exactly. That's the reason why he's already part of the conversation. Why not? To take the first part of that question, I do think, and really when we think in the fullness of our vision, is an AI-first work platform for human connection. The AI piece of that answers the question, which is it is absolutely kind of the cornerstone by which we think that our customers will be interfacing with the breadth of the Zoom platform. The UI for Zoom will be AI-first, and you'll see that become more pertinent over time. I think that that's the journey that we're on. AI Companion is really that centerpiece of the way that you interface with every single different service that you saw within the Zoom Noculars. To the second question of what are the use cases within Custom AI Companion that we're seeing as areas of opportunity, the areas that are very top of mind for customers right now is really deep integrations into the systems of record and applications that they have. How can we, again, that conversation all the way to completion, type of, have a conversation about a product requirement or a product feature, right? How does that automatically create a Jira ticket or submission with no user having to manually write that? Human still in the loop, but automating that workflow as one example of where our customers are really excited. We also talked today about new coming capabilities to really anchor AI Companion in the systems that you have, but also your enterprise data sets. You can make it from within AI Companion, your answers can be grounded within the contextual data across your enterprise. That's an area that our customers are really, really excited about because it really untaps a lot of that opportunity for productivity. I'd say those are two of the areas. In the demos, I think you saw the interface for AI Companion is changing as well. It's going from kind of a side companion to a front and center use case, both within the homepage as well as a web approach. I think that change from a UI of really putting it front and center is an area where we will see a lot more focal point driving that need for from AI Companion into Custom AI Companion. Thank you. Our next question comes from Josh Reilly at Needham. All right, thanks for taking my question. I wanted to ask a question here on the channel. You've done a really good job historically selling through the channel for Contact Center. As we move forward here and the breadth of products obviously continues to deepen, how are you thinking about the channel strategy to drive sales productivity across the entire enterprise? I'll definitely take this one. Your channel is absolutely focal for us. In Michelle's presentation, she really talked about it as kind of diversifying our routes to market. In some markets, selling direct, selling through referral, resale, distributors, and really unlocking these additional routes around resale partners, service providers, global GSIs, but then also with partnerships like our AWS Marketplace, some of the cloud distributors as well. Our philosophy is to make sure that our products and services are available in any way that our customers want to transact. That depth and breadth has been something that we've been very focused on, and we've been making tangible progress. I think you kind of highlighted that, right, when we look at areas like our phone and our CX business, very channel-centric, seeing that opportunity, that growth. We just announced partnerships with Bell Canada, right? An example point of unlocking opportunity in that market through service provider partnerships and more to come. This is a big investment area for us. If we are to scale, going back to kind of those growth businesses in both phone and contact center, we've made substantial investments here, both in core reseller and referral motions that Graeme talked about, but also love to see the diversification of our channel set. It's something we're actively investing in. Thank you. Can we go back? Annabeth, sorry to interrupt, just to Goldman. I think for whatever reason they had a phone issue. Our next question will be coming from Kash Rangan at Goldman Sachs. Thank you. Hi, thank you very much, Eric, Michelle, and the rest of the IR team. Great to get together with you guys. I had a bit of a nebulous question. The browser became the user interface for enterprise software. This happened like 25 years ago. Now there's talk that AI becomes the browser, was a new UI back then, but it's old. AI becomes a new UI to the extent that Michelle, you've had experience at Microsoft. Eric, of course, you're the OG. You've been through many tech cycles before. How do you envision that AI becoming the new UI? If that were to take hold, how does the interaction model of Zoom change? We're used to firing up the Zoom and working in a certain way with it. That's like a seven to eight-year kind of a thing. As user habits change and you have AI-native workforces starting to hit their desks, how do you see the UI of Zoom changing that it becomes a little bit different and accommodative of the big C change that the industry is going through right now? Yeah. I can start. Michelle, Graeme, and Kim, feel free to chime in. You're also an expert on this user interface as well. First of all, Kash, that's a great, great observation you also write on. You look at the past 30 years or 40 years, you look at the technology paradigm shift, right, from PC and to mobile and to cloud and to, you know, to another internet and also the AI, right? This is kind of more like a technology evolution. The most important impact to end user is interface, user interface. Actually, end user, they do not care about what kind of technology behind the scenes, but they care about what's the user interface, the interactive base, right? That's the key. I think AI does create a huge opportunity. If not because of AI, I guess already retired. Because of AI, a huge opportunity. The reason why is today you look at applications built over the past many years, every application is the same. Is it a desktop application, browser application, or mobile application? Guess what? You still need to learn how to use navigate those applications. You need to build in the menus and all the buttons, you know, all the logic. You need to learn how to use that, right? Not to mention every time you introduce a new word. If you want to compete, it's really hard. You need to, you know, recruit so many engineers to replicate whatever other, you know, partners, customers, other, you know, the vendors already built for you. Now with AI, it's very different. Almost every application, they do not care about a browser. They do not care about a mobile. They do not care about a desktop. That's not the key anymore. The key is how you interact with those new applications. Use the chat interface or the voice interface or the video interface down the road. Those three interfaces. All those menus. I'll give you an example like a PowerPoint. I use the same PowerPoint as 35 years ago. Today, my kids, do they want to learn how to use those menus, the functions? No. They still use the AI. Hey, I want to create a slide deck for my next travel. Maybe tell the AI Companion, hey, maybe reach out to those few friends. They also know some, you know, the agenda, right? Or something like that, right? The AI Companion will automatically create a slide for you. That's the interface. Browser, mobile, and desktop, all those become, that's not critical. Critical is how you position your application to interact with the user, with the chat or the voice or the video. That's a huge opportunity. That's the reason why that's an AI-first interface. That's the reason why we see, wow, amazing. We are going to reinvent ourselves and also reinvent the way for us to live and work. That's a huge opportunity. Thank you. Kash, let me give you just the end user equivalent. If I think back a year ago, I was probably at Microsoft and starting an email, but you would go to email and you would look through everything you needed to do. Then you would go to chat and look through everything. You know what I mean, look at your calendar and go through. Now I literally just begin my day with what's the most important thing that came in overnight on chat. What's the most important thing across chat, emails, et cetera? What are my big meetings today? I go almost immediately into prepare for the meeting, right? Prepare for the big mail or whatever that I need to get out. I just have a fun little user aside to kind of stitch together some of the differences that Eric's talking about. Yeah, I have to give credit for this question to Mark Murphy, who I sat next to yesterday, and somebody asked him, what's the value of an application software company? He said, user interface. It just got me thinking, you know what? Maybe that's the way to phrase the question. Credit to Mark. Thank you. Yeah, and maybe the only thing I would add to that, in the example that I gave with Custom AI Companion earlier, I actually think it brings to light some of these changing dynamics around the interface. When we talk about from conversation to completion, we could be in a meeting having a conversation about a topic, right? When AI Companion can understand the context of what we're discussing, understand the context of how to actually achieve that objective, assign a task, ask if I want it to complete that task, I tell it yes, and it goes and it does that through integrations across the rest of your enterprise, right? That already is changing the interface of how users are getting work done. We're already there in terms of seeing what those downstream impacts are in terms of the impact on the user interface within different systems. Yeah, by the way, quickly, Kash, user interface is, I think, only meaningful in the age of AI. In the older ages, that's not called user interface. That's application interface. That's not a human interface. Now with AI, it's a true user interface. Thank you. Thank you so much. Thank you. Our next question comes from Jamie Reynolds of Morgan Stanley. Great, thank you so much for taking the question. This is Jamie on for me. Maybe just going back to some of the SMB-oriented comments earlier and just the pace at which you are adding features to the platform. You know, are we nearing the point where that segment can maybe kind of move from the stabilization to one of growth? Yeah, maybe, Kim, do you want to recap? I know maybe some investors weren't able to dial in because there's a lot of competing events for the keynote. Do you want to summarize? I think it'd be interesting for investors, the kind of headlines out of the joint Upwork study, and then maybe I can go in with some thoughts on online growth. Absolutely. I think what we're seeing with SMB is absolutely that they are adopting AI in a really meaningful way. I think that does provide us with an opportunity. As we see from the study that we're going to be releasing in a lot more detail, they're already seeing true ROI. I think some of that is probably because they don't have the tech debt that you see in a lot of enterprises. They can really jump in and apply AI into their workflow in a really meaningful and much more simple way than a more complicated, larger organization. We're already seeing so many of these companies, whether they're SMB or solopreneurs, extracting ROI after only a year of using AI. I do think that it provides us with a tremendous opportunity to reinvigorate the brand in the SMB and solopreneur segment in a way that we will go from stabilization to more meaningful growth over time. The more that we, like from a marketing standpoint, engage with those solopreneurs and help them unlock that superhero of AI next to them and really help them. They want it to be easy and embedded into the workflow. Only Zoom can do that from a platform standpoint, from a meetings workflow standpoint. I am very, very bullish right now on our ability to unlock more value out of the SMB and solopreneur segment. The research that we did with Upwork really proves that this is an opportunity to go big on. It doesn't mean that we're not focused on the enterprise, but I think they have a faster path to ROI because of the smaller size of their organizations. Yeah, perfectly said. I won't add to it, but maybe I'll just say that's why in my comments earlier, I just highlighted that yes, we're stable and there's been such progress, according to those measures that I talked about. Make no mistake, this group thinks there's growth there, and that is the ambition in myself and Eric to return that business to growth. Stay tuned. I think, you know, even the price increase and what we saw speaks to just the value that we have with those customers. I loved seeing Kim's return to highlight that customer said in this example, or sorry, in this event in particular. Stay tuned. Great, thank you so much. Really appreciate it. Before we move on to the next analyst question, I'd like to hand the call over to Charles, who has a question from one of our attendees. Yes, just a reminder, if you're in the attendee audience, feel free to submit a question through the Zoom Q&A portal. This question I'll probably hand over to Graeme. The question comes from Robbie Arancio. How hard is it for enterprises to ground their data in AI Companion? What are the constraints to uptake and what constraints from a technical perspective? What data are they actually integrating? Where is it coming from? Yeah, so probably some of the most common sources that they're grounding their data is really just integrating into things that they're already doing today. The email and calendar integration, whether they be on Google or Microsoft, and then with Custom AI Companion expanding that into additional applications, whether it be their CRMs, right, HubSpot, Salesforce, ticketing systems like ServiceNow, HR systems like Workday, and the Atlassian from a Jira perspective, right? One of the areas that Zoom's extremely well known for is simplicity and ease of use. Making sure that our customers can make those integrations is absolutely kind of the focal point from a how do those customers actually enable that, those connections, but leveraging the connections that we've already done. We seamlessly integrate historically into those applications, but then taking it to the next level in terms of the ability to do agent-to-agent type handoffs, which we talked about at the keynote today. Very excited about the opportunity there, which we're doing upcoming with ServiceNow as an example. The answer is, it's really whatever those enterprise systems of record, enterprise applications that our customers may have, integrating into those systems, and then the ability as a user to ground your AI Companion responses with fundamental knowledge of whatever it is that you have access to within those systems, right? The ability for my team to ask questions within AI Companion about a holiday schedule, and it's going to pull that from Workvivo or from a Workday article and surface that to the user as just one example of the types of data sources that are integrating into AI Companion and then what that enterprise value is. Our next question comes from Seth Gilbert at UBS. Thanks for taking the questions. This is Seth on for Carol. I think it's well understood that the enterprise adoption of AI is slower compared with the faster moving SMB customers. Maybe to follow up on a previous question about AI attached in the enterprise, I was wondering if you could talk about needing to wait for the AI or needing to wait for the add-on AI products like Custom AI Companion, ZRA, Industry Solutions, and even the Elite SKUs in Contact Center to percolate through the enterprise base in order to keep Michelle on her revenue acceleration journey in fiscal 2027 or maybe fiscal 2028. Thank you. Do you want to start with that, Graeme, and then I can layer in some thoughts from our revenue? Yeah, so what I would say is when we look across, as an example, our customer experience, whether it be in the SMBs or enterprise, our Elite SKUs in Contact Center that are AI-powered, AI-centric, are kind of a cornerstone of what it is that we're talking to and enabling our customers there. I don't think that there's necessarily a difference in terms of where the customer is seeing value and the types of conversations they're looking to have. The same with our Zoom Virtual Agent, right? An agent ZVA 2.0, an agentic voice and chatbot for customer experience. We do see a lot of momentum in the mid-market SMB. I think from a deployment perspective, growing into the enterprise, which we'll see growing in momentum over time. From the Custom AI Companion use cases, I think Michelle touched on it earlier, definitely the opportunity for SMB mid-market customers to get out the gates a little faster and having enterprise sales cycles being a little bit longer, but definitely have proof points. One that we shared here with a very, very large company moving forward with Custom AI Companion enterprise-wide. Building momentum there from a horizontal AI perspective. Michelle, I don't know if you have any other comments. I think the only thing I would say, and maybe Seth, I didn't get your question fully right, so apologies if not, but I would say we're already there in terms of monetizing on the Elite SKUs in Contact Center and increasingly on Zoom Revenue Accelerator with the latest announcement. A lot of these like Custom AI Companion and ZRA 2.0 were just months ago releases. I guess I'd just remind people that the thing that's been out the longest is really what's driving sort of AI revenue on the Elite SKUs in Contact Center piece. Our next question comes from Alinda Li at William Blair. Thank you. The AI Companion 3.0 operates across the Zoom platform, but also integrates with third-party systems to help, you know, take action using user insights. Given the sensitive nature of these insights, how does Zoom assure customers of the data privacy and security? How do you balance the drive for innovation with the need to maintain reliability and security as the platform scales? That's a great question. Eric, you want to lead out on that? Sure, I can. Graeme and Kim, do you want to chime in first? I'm pretty sure you know you probably. Yeah, what I would say is that. You have a much better answer too. Yeah, I think the comment would be that foundational to all of it is really the idea of security, privacy, reliability. That's kind of the starting point by which all of these conversations take off. Michelle mentioned it in her opening remarks just about our continued commitment. We do not, we will not train on customer data. That is a cornerstone and bedrock to having our customers really trust their data with Zoom. Also, making sure that we have really robust controls at an admin level, as well as role-based access controls so that end users are only getting access to the data that they should be getting, is really fundamental for a lot of these capabilities. We have a lot of conversations with our customers to make sure that they have a common understanding of the administrative capabilities that we have to really dial in the privacy settings that they're looking for across their enterprise. I think it started from the beginning. It isn't something that we're sitting here now trying to really think through. Eric, I don't know if you have any other thoughts. Oh, whatever I said. Great answer. Thank you. I think maybe just as evidence of that to add to what Graeme said, I think it's pleasing to me to see so many of our customers that are security, cybersecurity, you know, companies in and of themselves and large tech companies. It's just, you know, the strong confidence that people have in all of the things that Graeme just underscored. Our next question comes from Patrick Walravens at Citizens. Great. Thank you. Thank you so much for hosting this. Eric, I'm not asking about guidance. I know the answer to that is we haven't given it. Do you aspire to get back to double-digit growth? Keeping it really simple for a portfolio manager, if Zoom is going to get back into the double digits, what's going to get you there? Patrick, that's a great question. I think the best executive to answer this question is Michelle. Fair enough. Over to me, Patrick. She's in charge of allocating budget to our R&D team, to us, where to double down, where to triple down, where to step back, and what's our growth trajectory down the road. Michelle, do you aspire to get to. Right. If you do, how will you get there? I'm not going to say a number, Patrick, but yes, I think this company has, you know, growth above and beyond where it is today. Look, I go back to the same things that are driving it today. We got to continue to have stabilization in our core. I love the momentum that we continue to see in phone. We are taking share, obviously from the RingCentrals of the world, but also that Teams integration, and then just what a gateway our phone business is to things like customer experience, right? Even that alone, like focusing in on enterprise, focusing in on that, you know, but then you add things like Workvivo and AI monetization that we're just sort of experiencing. On the enterprise side, I get excited about where we're headed. On the online side, I think we covered it earlier, but the ambition, you know, I'm pleased to say that in 202- 2025, Patrick, we went from - 8 to flat. Think about now with that stable base of customers that you heard today are running their business on Zoom. When we can really focus in on having a world-class PLG motion and really honing that customer value, I think there's growth in online, and that's certainly all of our ambitions here on this call. Awesome. Thank you. I know that's not the number that you want me to say, Patrick, but yes, I think there's growth far beyond where we are as a company today. By the way, Patrick, just quickly, during the COVID, our growth was three digits. Now it's a single digit. You look at all the numbers on the table, what's missing? That's a double digit, right? Yeah, let's go. You got it. Actually, Patrick, I left one out. Let me tag in with one more thought, which is inorganic. The ability to sort of look across that product-customer side to those priorities that I kind of opened up with and drive that. We have a very healthy balance sheet. It's a good time, I would argue, to sort of buy a company and, you know, stay tuned. Thank you. Our next question comes from Siti Panigrahi at Mizuho. All right. Thanks for hosting this. Eric, it's good to see your basketball shots getting better. Can't wait for your dunking next year. Michelle, I want to ask about contact center. Maybe it's for Eric too. I see you guys have done a lot of product features, the fastest ever product that you added, so many features. I still see 2% of ARR contact center. What else could you do to further accelerate the adoption? Is it the market at this point? Is the market not ready to adapt, or is it go-to-market? At this point, what are the challenges you're facing to further accelerate that? When should we see that inflection point? I would say you're seeing it now. Pretty. I think what you're seeing is a lot of, you know, the numbers, you know, and just kind of building to it and sort of the maturity of that. Certainly, there are things that we are working on from a go-to-market. We talked about channel earlier, so I won't repeat the comments, but that would be one really, you know, we've been working on our core Contact Center product. We're thrilled to see that in the Magic Quadrant. We aspire to leader, so we'll continue to work there. ZVA might be another piece of the product portfolio that we're focused on building out. A lot of customers, especially further down market, may never have a full contact center product and may just go ZVA 100%. I don't think, look, the market is certainly changing very rapidly around us. I talk to CFOs all day long, and it's certainly one of, I think, the more tangible examples of AI ROI. I don't think it's that. I think it's just us building to that. I would argue that you're seeing the moment of inflection already. All right. Thank you. Our next question will come from Max Persico at RBC Capital Markets. Great. Thanks, guys. Thanks for taking the question. We got Max on for Rishi Jaluria. I wanted to hit on international markets. I know in the past we've talked about that being an important piece of the puzzle from a go-to-market perspective on the contact center side, but even for the overall business. Could you just dig into what are the investments that you're making from a go-to-market perspective on the international side of the business? I guess what type of traction you're seeing there and how important that piece is to driving, you know, accelerating top-line growth for the overall business. Thanks. Yeah, I'll maybe start with just some of the investments, and then Michelle, if you have any comments as far as specific or acute numbers. Max, what I would say is it really ties to the comments that we mentioned about diversifying our routes to market and making sure that we're available for purchase in all the different ways that our customers want to buy. What we found when we look at the international business, the channel plays such a key and critical role, whether it be disties and resellers, whether it be service providers or GSIs, but really leveraging that breadth of channel diversity and channel relationship to accelerate in markets where we either may or may not have presence from a direct capacity or the ability to take to market. Those are the investments that you heard Michelle make, where she really articulated that we're investing heavily in systems, tooling, capabilities, enablement of these channel partnerships and channel partners. As we start that engine, really leveraging that to be the driver of growth in these international markets. Michelle, I don't know if there are any specific numbers that we want to share here today, but you know, Max, that's where I would say that really the focal point, you can really think of channel and international almost synonymously because that's the way that we're going to unlock that potential opportunity. Yeah, from my side, I don't know that I'd layer on with specific numbers, but just to say like you're right in calling it out, it is an opportunity for Zoom, which tends to be a more U.S.-centric business. It's part of how I think about that additional routes to market. You know, kind of maybe layering on and just adding a plus one to what Graeme Geddes said, that is sort of where our thinking and investment is at expanding that route to market, both at channel/international. As a reminder for attendees in the audience, please feel free to submit your questions through the Q&A panel. With that, our next question is from Matthew Harrigan at Benchmark. I'm sorry. Actually, I had a cybersecurity question. I was going to withdraw it after you kind of gave a broad brush answer. Do you have any specifics on what happened in August with the Windows vulnerability? It was fairly substantial in terms of enabling device control and all that, and a fairly broad gamut of issues. Matthew, I'm always using Mac. I don't know how to answer this question. Yeah, the question again was what? You had a fairly major security issue in August that basically allowed pirates to take full device control with SANS credentials even. I think it got passed relatively quickly. I actually looked through the question because you had an earlier cybersecurity question. I apologize. If you had any details in that specific instance, it would be great. Thanks. I don't think any of it. Happy to follow back up. Yeah, we better check with the system. I did not know the context of the issues. It's probably too out in the weeds. I apologize. Okay, okay. We'll follow back up. Our next question comes from Andrew King at Rosenblatt Securities. Hey there, everyone. Thanks for taking my question. Just wanted to double-click into contact center a little bit. Earlier in September, we saw that Salesforce announced 4,000 customer support layoffs. They highlighted that they were really heavily focusing on leveraging AI to make this move possible. However, we've also seen other companies such as Klarna announce similar moves, but then retract those reductions in headcount as they found that just wasn't viable for them. Could you just give us a little bit of an idea of what sort of trends you're seeing with contact center customers specifically around AI adoption and seat count growth? Maybe I'll start. I'll share. Really, it's two different markets that we hear. There's a cohort of customers that are looking at AI as a way to supercharge their agents and make them more efficient, to drive productivity, to drive kind of deeper relationships, giving contextual information to the agent so they can actually better understand the customer's acute pain point, their history. It's really a lot more about improving customer satisfaction in NPS than it is about reducing cost. I think, Michelle, you had heard where CX could actually be a driver of top line, not just a cost center. There's a cohort of customers that are very focused on how AI can help enable that as an outcome. There's another cohort of customers that are very excited about how some of these agentic capabilities like ZVA 2.0, our Virtual Agent, can do call deflection where they don't need to increase the number of agents that they have or even potentially reduce by leveraging AI technologies to allow customers to self-serve. What I would say is that those conversations are really kind of dependent on the industry that customers are in, whether it's high touch, high service, maybe it's high volume. Andrew, I think maybe the question would, or the answer would be, it really depends. Our approach is to have really, really robust technologies to address the acute needs that our customers have either side of the fence that they're on. If they want to focus on how do they make their agents more efficient or do they want to do more deflection, we have a great solution for them. I would say the overarching umbrella that what we're seeing in the market is we're seeing that there's more dollars being spent on technology, either side. Overall, there are more dollars being spent on technology to help solve on both sides. We view that as definitely a tailwind across our CX business as a whole. Got it. Thank you. Maybe just to add in, Andrew, just as a reminder to investors, we have a dual business model here on the agent-assisted sort of AI stuff. That's a per-user business model. On the ZVA, which is sort of virtual, 100% virtual, that's a sort of consumptive pack. If helpful, what we've been talking about, Andrew, with investors is really just giving context and color. We talk about the high double digit. We talk about the customers over $100,000. You saw this on this slide earlier. We talk a lot about the nature of what we're seeing in our top 10 deals. Eight of ten in channel, supporting many of the things we've talked about here. Seven of ten in AI, again reflecting Graeme Geddes' comments. Nine of ten cloud and nine of 10 leading CCaaS providers. Just to kind of give you a sense of where the momentum is within our business. Great. Thank you. Our next question comes from Jackson Ader at KeyBanc. Hey guys, thanks for taking the question. This is Jack on for Jackson. I was wondering if you could talk about the differentiation, helping you guys take market share in CCaaS with Zoom Contact Center and win deals. If I could sneak one more in, what happens to a customer's cost when AI Companion starts integrating into, you know, all these different core systems of record, like HR systems, ERP, etc.? I'll make the comment on the CX side. From a differentiation perspective, very much the AI-first approach. I think Michelle just talked about seven of 10 largest deals, right? Kind of having the AI capabilities. That's really core. The core foundational elements and our strength in voice and video being kind of a cornerstone, an area of opportunity and strength. The total experience, the ability to, across both not just a CCaaS platform, but a UCaaS platform and also an employee experience platform, the ability to orchestrate and tie all of that together, where it's the customer, the agent, the ability to seamlessly pull in an expert, right? The ability to then tie that into agent workflows. The kind of the breadth of the platform we see as a very great differentiator. Michelle mentioned that eight of our top 10 wins coming from the large existing CCaaS providers. It's really around the ease of administration and the simplicity of use. I think that's quite often an underserved or underappreciated element. The ability to really, the simplicity of tying all of that together, especially powered by AI, is kind of the cornerstone of where the customers are seeing differentiation. To the latter point, I think you had asked a question just in terms of the cost from a customer in terms of, I would just say it's early. We have seen some vendors in terms of what their approaches are in terms of agent-to-agent workflows and how that's going to be monetized across vendors. More to come there. So far what we see, there's kind of an ecosystem of vendors where we're working closely together to make sure that we can unlock those workflows for our customers. Ones that we talked about today, for example, with ServiceNow, the ability to really tie together two solutions that our customers may be using, to have an outcome there from an agent-to-agent perspective. Early days, but we'll see what happens over time with regards to the total monetization there. Our next question comes from Kelly Tobin at Citi. Hi, I'm on for Tyler Radke. Thanks for taking the question. Maybe Eric, to start, it would be great to hear your view on the investor debate around SaaS companies seeing increasing competition from low-code platforms and the potential for both SMBs and enterprises to potentially do more internal building versus buying of software. Where do you see the biggest opportunities to strengthen your moat using AI at Zoom? For Michelle, last year you guys spoke about a long-term margin target of 33%- 36%. Just wanted to confirm that we should still think about this as the goal over the next few years as you invest in your own infrastructure and products ramp. That would be, you know, excluding any potential M&A. Yeah, so Michelle, I can address the first one. Regarding the SaaS opportunity, first of all, I still think there's a huge potential for a SaaS company. The only problem is if a SaaS company stops innovating. If they do not embrace AI, they do not care about the customer user interface, they will lag behind. The reason why is, let's say the very, very established SaaS companies, right? Today for sure there's a new AI, the tools, coding tools are available, right? You can hire maybe less than 50 engineers to achieve what your big competitors can probably spend many years' effort to achieve. That's one side of the story. The key is to read about it. I'm pretty sure all those SaaS companies, they all look at what kind of AI opportunities bring to their customers. They are going to evolve the interface, and that's one. Two, they already generate a lot of content and data, right? How to make sure AI and content work together to create something more meaningful for every customer. I think that's still a much better position for all those SaaS companies, right? In my view, actually, I'm pretty sure almost every major SaaS company, they are doubling down on AI. On that front, I still think, much better position. In terms of how to leverage AI to further strengthen our moat, as I mentioned earlier, we build all kinds of application interface. How to make sure to leverage AI to create a true human interface, that's one. Two is how to make sure to generate more meaningful content, how to integrate it with customer content, how to integrate it with customer application, and then you have a layer for AI Companion. Then Zoom will be transitioned into our system of action company. Now, why do we have a meeting like this? Why do we have a conversation like this? The goal, as Graeme mentioned, is really not about the conversation itself, really about to get a task done, right? Complete a task, right? That's kind of how we leverage that. If we can pull it off, I think Zoom will be a very different company. That's not the communication company. That'll be the system of action company in the age of AI. Let me tag in with an answer to the question on long-term margins. Just to reiterate kind of what I've been talking about, our top focus, my top focus is going to be on growing top line and addressing the issues with shareholder return, you know, while maintaining best-in-class profitability. We gave the long-term guidance a year ago, as you noted, and we've since reiterated, so I won't add new words to it. For investors to think about, that guide of 33%- 36% is sort of an outer bound, and we won't leverage that until there is meaningful growth inflection. Our last question comes from Jack McShane at Stifel. Hi, this is Jack on for Parker. Thanks for taking the questions today. You all have made a point that contact center wins are often from leading cloud vendors, not just legacy providers. Have you seen this vendor replacement motion accelerate in an agentic world as organizations rethink their tech stacks to optimize for AI? If so, how can Zoom make this customer acquisition source more sustainable? I think the replacement, we have definitely seen the traction and the opportunity from a cloud-to-cloud perspective, and you know, it's where we're seeing a lot of opportunity and wins currently. I don't think it's necessarily about sustainability. The opportunity there is significant, and there's still so much work to be done. That's not to say that that's at the expense of the opportunity with customers that still have, you know, maybe legacy, traditional, prem-based solutions. It's very much front and center for us. The customers that have already transitioned to the cloud are looking for that next generation. How do they actually enable AI workflows? Because they've already taken that first step, taking that second step is something that we're able to capitalize on, and we're seeing a lot of traction with that cloud-to-cloud migration. Makes sense. Thank you. This concludes the Q&A portion of today's call. I will turn it back over to Michelle for closing remarks. Yeah, so look, I'll be simple and brief, and simply thank investors for your time and your commitment and being here with us for Zoomtopia. Hopefully you took away from this and the earlier keynote, this group is just super excited about not only where we're going, but in the real results that we're delivering here today. We are going to continue to be focused on what has made, you know, while we reinvent ourselves in many ways, we're going to continue to be anchored on, you know, what made Zoom Zoom, and that is keeping the customer at the center of everything that we do and really making sure that we're leaning in on customer value in particular. Excited, and we will see all of you on the earnings call next. Thank you, Michelle. This concludes today's call. Thank you for attending and have a great rest of your day, everyone.