Zoom Communications Q1 2026 Earnings Call Transcript

Quartr
Provided by Quartr
May 21, 2025

Key Takeaways

  • Q1 revenue grew 3% year-over-year to $1.175 billion, beating guidance by $8 million and prompting an upward revision of FY26 revenue guidance by $15 million.
  • Monthly active users of Zoom AI Companion rose nearly 40% quarter-over-quarter, and new agentic AI innovations like Zoom Tasks, calendar manager and Custom AI Companion trials drive early monetization.
  • Zoom Contact Center customers increased 65% year-over-year to a triple-digit million ARR business, with strong uptake of AI-driven Virtual Agent and Revenue Accelerator licenses up 72%.
  • Online segment saw record low churn of 2.8% and enterprise revenue grew 6% to represent 60% of total, while net dollar expansion held steady at 98%.
  • Management adopted a more prudent outlook for enterprise revenue growth amid macroeconomic uncertainties, indicating potential pressure on full-year results.
AI Generated. May Contain Errors.
Earnings Conference Call
Zoom Communications Q1 2026
00:00 / 00:00

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Operator

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

Charles Eveslage
Head of Investor Relations at Zoom

Thank you, Megan. Hello, everyone, and welcome to Zoom's earnings video webinar for the first quarter of fiscal year twenty twenty six. I'm joined today by Zoom's founder and CEO, Eric Yuan, and Zoom's CFO, Michelle Chang. Our earnings release was issued today after the market closed and may be downloaded from the investor relations page at investors.zoom.com. Also on this page, you'll be able to find a copy of today's prepared remarks and a slide deck with financial highlights that, along with our earnings release, include a reconciliation of GAAP to non GAAP financial results.

Charles Eveslage
Head of Investor Relations at Zoom

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

Charles Eveslage
Head of Investor Relations at Zoom

And with that, let me turn the discussion over to Eric, who will be will be debuting his new custom avatar for Zoom clips. Over to you, Eric.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Thank you, Charles. Thank you everyone for joining us. Today, I'm using our new custom avatars for Zoom clips with AI Companion to share my part of the earnings report. I'm proud to be among the first ever CEOs to use an avatar in an earnings call. It's just one example of how Zoom is pushing the boundaries of collaboration and communication.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

At the same time, we know trust and security are essential. We take AI generated content seriously and have built in strong safeguards to prevent misuse, protect user identities, and ensure avatars are used responsibly. Now let's get into it. We delivered another solid quarter showcasing the power of our platform and innovation engine in helping customers navigate short term challenges with greater efficiency while positioning them for long term success. Through AI powered innovation, Zoom is redefining modern work and delivering major cost savings and productivity gains for our customers.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

We had a tremendous quarter of innovation and launched several agentic AI innovations that advance our vision of intelligent productivity. Zoom Tasks helps surface, manage, and complete tasks across Zoom Workplace to get more done, bringing tasks together in a centralized management tab. Our new calendar manager allows you to ask AI Companion to schedule meetings on your behalf. Soon, it will be able to optimize scheduling by suggesting time slots, resolving conflicts, managing meeting updates, and proactively blocking focus time. We also made custom AI Companion, Zoom Workplace for Frontline, and Zoom Workplace for Clinicians generally available in q one.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Adoption of Zoom AI Companion continues to grow with monthly active users up nearly 40% quarter over quarter. Just last week, Raymond James shared in a press release how they are rolling out AI companion meeting summaries firm wide. Zoom's cutting edge AI capabilities will enable financial advisers to offload time consuming administrative work, allowing them to dedicate more time to what truly matters, nurturing client relationships and delivering strategic financial guidance. AI Companion usage is quickly expanding far beyond summarizing your meetings to helping you answer questions, schedule and prepare for meetings, search through information, build content, and catch up, freeing you up to focus on higher impact work. While we continue providing tremendous AI value at no additional cost to users with a paid license, we're now monetizing through Custom AI Companion.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Though only weeks in market, we're seeing strong enthusiasm from several global 2,000 trial customers who are especially excited about features like Bring Your Own Dictionary and Index, meeting summary templates, and our Jira integration. We're also rolling out custom AI companion internally to allow Zoomies to get immediate answers from our custom knowledge bases and empower them across a range of skills specific to their function. These milestones in our agentic vision exemplify how we're helping customers stay ahead through continuous innovation focused on delivering real business value. Zoom Workplace continues to drive value for customers and drive customers to adopt other solutions within our growing platform. In q one, the 2024 NBA champion Boston Celtics doubled down on Zoom.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

As longtime Zoom Meetings users, the Celtics appreciated Zoom's unique balance between simplicity and rapid innovation and chose to upgrade to Zoom Workplace Enterprise Plus, including Zoom Phone. And the game didn't end there. In overtime, the Celtics decided to modernize their employee intranet with a custom branded WorkVivo employee experience solution designed just for their organization. And we also landed a leading financial institution who selected the Zoom collaboration experience platform in an over $1,000,000 ARR deal. This allowed them to simplify their tech stack and reduce costs by moving away from Teams and other third party solutions.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

And beyond costs, they bought into our better together vision that unites the customer experience and collaboration experience under one AI first platform, and discussions are well underway to upsell them to the Zoom customer experience platform. Zoom Phone continues to perform strongly, with revenue growing in the mid teens. It is also opening new markets for Zoom by integrating seamlessly with other productivity suites and delivering a best in class AI first voice experience. The adoption of Zoom Phone integration with Microsoft Teams has grown significantly, showing how we can meet customers where they are and add value within their existing tech stack. We continue to drive encouraging results across our high growth products that are positioned to target lines of business.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Our customer experience offering has rapidly evolved since its launch just over three years ago, transforming how customer facing teams engage with their end users. In Q1, the number of Zoom contact center customers grew 65% year over year, and Zoom Virtual Agent landed its largest deal to date as an upsell to contact center. Altogether, Zoom customer experience is a triple digit million ARR business, growing in high double digits. In Q1, we were pleased to see Mimecast, a leading cybersecurity company, transforming the way businesses manage and secure human risk, expand their partnership with Zoom. Already Zoom workplace and phone users, Mimecast valued the simplicity and interoperability of our unified platform.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

They've now chosen the Zoom Contact Center Elite bundle with quality management to further modernize how they communicate and collaborate with their customers. Zoom Revenue Accelerator, our AI first sales enablement and conversational intelligence solution, continues to deliver strong results for revenue teams. In q one, licenses grew 72% year over year, reflecting growing traction. We landed Goosehead Insurance, a major US insurance distributor with over 2,500 producing insurance agents. They started as a Zoom Phone customer in 2023.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

In Q1, they decided to add Zoom Revenue Accelerator in order to further empower their large team of insurance sales reps to dial into additional deal focused AI features to drive higher win rates and faster deal cycles. Our employee experience platform, WorkVivo, transforms the way HR departments engage their employee bases and build culture. Total WorkVivo customer count in q one grew 106% year over year, an acceleration from the past two quarters. This strong performance was driven in part by our Meta partnership. Last month, we welcomed Kim Storan as our new Chief Marketing Officer.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

With her extensive enterprise experience and proven track record of success, Kim will help us amplify Zoom's compelling value proposition and brand story to drive deeper resonance with customers. We continue to see strong momentum as we expand our channel. Just yesterday, we announced a new strategic partnership with Bell Canada. In addition, we completed a major transformation of our channel systems and processes in Q1, making it easier for partners to scale their businesses with us. Our channel investments drove some amazing wins in Q1.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Docs Dermatology Group, a leading US Dermatology roll up, came to us through a trusted channel partner, going all in on the Zoom platform as a brand new customer. Docs chose the Zoom Contact Center Elite package for the ability to manage the complexities of their appointment management, billing, and inbound patient requests through our simple intuitive interfaces and our team's ability to rapidly innovate a powerful integration to one of their key tools, And recognizing the importance of uniting their employee and patient experiences under one seamlessly integrated modern platform, they also chose Zoom Phone along with Zoom Workplace. As we look ahead, we continue to double down on driving value for customers as they navigate an uncertain macro environment. Our AI first strategy positions us to help customers stay ahead as technology evolves, while our platform approach delivers compelling TCO advantages. Now let me hand it over to Michelle to take us through the financial results.

Michelle Chang
Chief Financial Officer at Zoom

Thank you, Eric, and hello, everyone. I'm excited to be here with you today. Let's dive into the financial results. In q one, total revenue grew approximately 3% year over year to $1,175,000,000. This result was $8,000,000 above the high end of our guidance.

Michelle Chang
Chief Financial Officer at Zoom

As a reminder, q one of f y twenty six had one fewer day than q one of f y twenty five. Our enterprise revenue grew approximately 6% year over year, now represents 60% of our total revenue, up two points year over year. We continue to see encouraging signs of stability in our online business. In q one, average monthly churn was 2.8%, a 40 basis improvement year over year, and our lowest ever churn rate for our first quarter. In our enterprise business, we saw 8% year over year in the number of customers contributing more than a hundred thousand dollars in trailing twelve month revenue.

Michelle Chang
Chief Financial Officer at Zoom

These customers now make up 32 of our total revenue, up two points year over year. Our trailing twelve months net dollar expansion rate for enterprise customers in q one held steady quarter over quarter at 98%. Pivoting to our growth internationally, our Americas revenue grew 4% year over year, EMEA grew 1%, and APAC grew 2%. Moving to our non GAAP results, which as a reminder, stock based compensation expense and associated payroll taxes, acquisition related expenses, net gains or losses on strategic investments, and all associated tax effects. Non GAAP gross margin in Q1 was 79.2 percent, slightly lower than Q1 of last year as we continue to invest in AI.

Michelle Chang
Chief Financial Officer at Zoom

We remain focused on driving efficiencies and delivering AI capabilities in a scalable, cost effective way. And we continue to reiterate our goal of reaching an 80% non GAAP gross margin over the long term. Non GAAP income from operations grew 2% year over year to $467,000,000, exceeding the high end of our guidance by $22,000,000. Non GAAP operating margin for q one was 39.8%, down 23 basis points from q one of last year. The margin decline was in line with expectations and due to changes in our bonus structure and investments in AI.

Michelle Chang
Chief Financial Officer at Zoom

Non GAAP diluted net income per share in q one was $1.43 on approximately March non GAAP diluted weighted average shares outstanding. This result was $0.12 above the high end of our guidance and $08 higher than Q1 of last year. The EPS performance was due to strong business results as well as a reduction in diluted weighted average shares outstanding, driven by our focus on addressing dilution through our buyback and our stock compensation efforts. Turning to the balance sheet. Deferred revenue at the end of the period grew 5% year over year to $1,430,000,000 in line with the high end of our previously provided range.

Michelle Chang
Chief Financial Officer at Zoom

The growth was driven by business performance as well as continued refinement of our discounting strategy. In q two, we expect deferred revenue to be up four to 5% year over year. Looking at both our billed and unbilled contracts, our RPO increased 6% year over year to approximately $3,900,000,000. We expect to recognize 61% of the total RPO as revenue over the next twelve months, up from 59% in Q1 of last year. Operating cash flow in Q1 was $489,000,000 representing an operating cash flow margin of 41.6%.

Michelle Chang
Chief Financial Officer at Zoom

Free cash flow in the quarter was $463,000,000, representing a free cash flow margin of 39.4%. The declines on the year over year basis were due to the timing of tax payments. We ended the quarter with approximately $7,800,000,000 in cash, cash equivalents, and marketable securities, excluding restricted cash. In q one, we accelerated execution of our existing $2,700,000,000 share buyback plan, purchasing 5,600,000.0 shares for $418,000,000, an increase of 1,300,000.0 shares quarter over quarter. The increasing pace of our share repurchase plan over the course of our buyback authorization has reduced our common stock outstanding and underscores our ongoing commitment to delivering value to our shareholders.

Michelle Chang
Chief Financial Officer at Zoom

As we pivot to the outlook, we're pleased to raise our full year revenue guidance by $15,000,000 or $5,000,000 on a constant currency basis. We now expect revenue to be in the range of 4.8 to $4,810,000,000, which represents approximately 3% year over year growth at the midpoint, or 3.2% year over year growth on a constant currency basis. This is an amount result of increasing our online outlook by 10 to $15,000,000 due to a $1 price increase for our monthly proscues, reflecting increased product value to our customers. This is offset by a more prudent outlook in our enterprise business due to the more challenging and uncertain macroeconomic environment. We're pleased to raise our profitability outlook for the full year of f y twenty six as well.

Michelle Chang
Chief Financial Officer at Zoom

We now expect our non GAAP operating income to be in the range of 1.865 to $1,875,000,000, representing an operating margin of 38.9% at the midpoint. We are also pleased to raise our outlook for non GAAP earnings per share for FY '26 from $5.56 to $5.59 based on approximately $312,000,000 shares outstanding. We continue to expect free cash flow for FY '26 to be in the range of 1.68 to $1,720,000,000. For Q2, we expect revenue to be in the range of 1.195 to $1,200,000,000. This represents approximately 3% year over year growth at the midpoint, or 3.1% year over year growth on a constant currency basis.

Michelle Chang
Chief Financial Officer at Zoom

We expect non GAAP operating income to be in the range of 460 to $465,000,000, representing an operating margin of 38.6 at the midpoint. Our outlook for non GAAP earnings per share is $1.36 to $1.37 based on approximately 310,000,000 shares outstanding. As a reminder, future share repurchases are not reflected in the share count and EPS guidance. In closing, as Eric highlighted, we're proud of the rapid pace of innovation towards our AI vision, which is delivering real value to our customers. At the same time, we remain focused on accelerating our growth while delivering shareholder value through disciplined operations and responsible capital allocation.

Michelle Chang
Chief Financial Officer at Zoom

Thank you to our incredible Zoom team, customers, community, investors for your trust and support. Megan, please queue the first question.

Operator

Thank you, Michelle. We will now begin the q and a portion of the call. When I read your name, please turn on your video and unmute. As a reminder, in an effort to hear from everyone, please limit yourself to only one question. Our first question will come from Siti Panigrahi with Mizuho.

Siti Panigrahi
Managing Director at Mizuho Securities

Great. Thank you so much. And, Eric, it's great to see your, avatar there. So I wanna ask about the Zoom AI companion. It's good to see that it's growing 40%.

Siti Panigrahi
Managing Director at Mizuho Securities

MAU growing 40% q over q. So now that you embed base level AI as part of your paid subscription, so what kind of adoption are you seeing in terms of SMB segment, Even seeing free to paid migration, are you seeing anything like that? And as you are launching also your paid AI company in SKU, how should we think about the adoption and revenue contribution there?

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Yeah. So, Siddhi, thank you. First first of all, I truly love my, you know, AI generator, Avatar. I think, you know, we are gonna continue using that. I can tell you.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

I I I like that experience a lot. So so back to your question about AI company. You know, first of all, you look at the the number of active users and look at the q four and q one, and there's five types more. Right? And meeting is pretty healthy, and more and more customers, they they enable the AI combining, realize the value.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

You know, buying example, like, Raymond James. Right? So they leverage Zoom AI company and, you know, features like a meeting summary kinda, you know, improve their productivity. It's pretty accurate and with actionable insights as well. Overall, I think more and more customers that are going to enable Air company.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

So in terms of customized Air company and also the monetization, I think we already have a few, you know, customers and prospect testing that now, and it's pretty powerful. And, of course, you know, we can integrate it with your your your your your company's, your data index and as well and also, like, a a dictionary and also supported a customized meeting, you know, temp meeting summary template and a real customized, you know, AI, you know, advertise as well. I think with more and more customers, they play around, realize the value. I'm pretty sure, you know, the customer a company can help us and monetize more.

Siti Panigrahi
Managing Director at Mizuho Securities

Yeah. Great. Thank you.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Thank you.

Operator

Our next question will come from Meta Marshall with Morgan Stanley.

Meta Marshall
Meta Marshall
Analyst at Morgan Stanley

Great. And congrats on the quarter. I appreciated the sorry, statistics about kind of the increased traction with kind of the higher price skews on the AI portion of contact center. But just any any statistics you can give on just kind of either how customers are starting with contact center with the higher price SKUs, with the kind of virtual agents or just anything to add there? And then second, on your kind of more cautious outlook on enterprise, is that just based know, elongating deal cycles, or is that based on just kinda more cautious outlook on seats? Thanks.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Yeah. Michelle, I I would address the first one and you address the second one. So if you look at the the Zoom call center, you know, which is our, you know, customer experience platform and Zoom virtual agent is a very important part of that. And you look at q one. You know, q one is our largest quarter in terms of ARR contribution.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

And so in in you know, look at the the number of the upsells of Zoom virtual agent, and it's the largest quarter ever. Right? So meaning, we we do have a loss of, you know, upsell opportunity to sell Zoom virtual agent and, into our existing installed base. And also and, you know, take Zoom for example. Right?

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

We also deploy our contact center for a long time. When our team enabled Zoom virtual, agent, we do see the huge value because we we use the tool metrics matter, you know, how successful it is. One is a CSAT. Another one is a self-service rate. How do we deploy the Zoom virtual agent?

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Is it it does, you know, help us a lot because CSAT number is 70. And guess what? The the self-service rate is 9797%. Meaning, 97% of those tickets resolved very well, without any human agent, you know, involved. Right?

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

So it's a huge value. So we do see, you know, more and more customers, you know, wanting to test out more Zoom virtual agent. At the same time, you know, literally by the end of this month, we are gonna launch our new version of Zoom virtual agent with a lot of, you know, new features plus, you know, voice agent will be part of that as well. I think more upsell opportunity and also more new opportunities as well and to double down on Zoom virtual agent, which is based on our AI companion technology.

Michelle Chang
Chief Financial Officer at Zoom

Maybe, from my side, two quick comments on on contact center customer experience, and then I'll I'll move over to the question on the guide. Two things that I think we're we're seeing increasingly, in terms of our customer buying behavior and customer experience is customers going straight, to the elite just because of all the AI value that is in that. And then maybe the other pattern that I think is clear in our deals is that this concept of better together, that frequently customers are wanting, communication and collaboration platform together with the customer experience platform, and we see that as a real strong theme as to why Zoom's winning. So I wanted to add that in. On your question on the color on the enterprise, let me start by just saying that broadly across online and enterprise, the majority of the business in in q one saw no change in buying behavior, no change in demand, still strong demand.

Michelle Chang
Chief Financial Officer at Zoom

Our fundamentals, as you see in all of the stats that we produce, be it record low churn in online to, you know, our our customer deal size over a hundred thousand in enterprise to strength of so many of the expansive TAM, products that we have, still so strong. What we saw in terms of, you know, my comments about primarily prudence going forward, but we saw, in q one in a couple of customer scenarios in larger US customers where there was just more prudent sales elongation, more scrutiny on deal terms, no losses, but just, again, a bit of a sales elongation and more scrutiny. So, look, we feel, that going into q two and then going into the second half, we have a great TCO and business value story. And so that's really where we're pivoting, to make sure that we're really getting out, and landing that message with our customers.

Meta Marshall
Meta Marshall
Analyst at Morgan Stanley

Great. Thanks.

Operator

Our next question comes from Arjun Bhatia with William Blair.

Arjun Bhatia
Analyst at William Blair

Perfect. Thank you. And I wanna echo my congrats on this strong start for the year here, and especially on the contact center side. Eric, one one thing for you, maybe on a different topic. You you mentioned the Teams integration on with the with Zoom Phone, but I'm curious how the competitive dynamics of things in on the core video meeting solution.

Arjun Bhatia
Analyst at William Blair

Right? Especially now that you've had AI Companion out in market for a little while. We're seeing, obviously, adoption increased. Teams is unbundled. I mean, since they're charging for AI capabilities.

Arjun Bhatia
Analyst at William Blair

So is this are you starting to see it, you know, change the competitive tides? And and what is it doing in terms of new customer acquisition on the on the core platform?

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Yep. It's a great question. So, you know, look at the value of Zoom offering and, first of all and, you know, employees really love Zoom experience. And if you do any survey, right, in any companies, no matter which solution they deploy, if you let a employee make a decision, we have a high confidence they all will choose Zoom platform. Right?

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

The second thing is look at the total cost of ownership. In particular, look at AI. Our AI component is part of our offering compared to the other vendors, you know, who would like to charge a customer. Is a lot per user per month. Right?

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

So meaning for those customers truly care about the employee experience, truly deep dive to understand the total cost of ownership of those offerings, they are going to keep using Zoom or go back to Zoom platform. In one example, like, big fintech company in q one, they dropped the they dropped the Teams in a suite of the Zoom platform because they like the Zoom experience with, you know, a lot of innovations, much more reliable, and a a a you know, user interface they are familiar with. Right? So I think as long as we keep improving the product experience, make sure employ Zoom is the employee choice, I think we we will see more and more opportunities. Also, you look at the the entire workplace.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

We are already way beyond meetings. Right? The the value of a workplace, you know, can deliver more and more and value to customers. And we do see some more opportunities ahead of us.

Arjun Bhatia
Analyst at William Blair

Alright. Perfect. Good to hear. Thank you.

Michelle Chang
Chief Financial Officer at Zoom

The one I might just quickly add in is we're we're seeing increasingly with the Teams integration. Many more customers come to us that way. So to your question about are we seeing a change in deal, we saw a lot of wins that we're proud of in q one. There were teams integration.

Arjun Bhatia
Analyst at William Blair

Perfect. Thank you so much.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Thank you.

Operator

Next up, we have Alex Zukin from Wolfe Research.

Analyst

Hey, guys. Thanks for taking my question. It's Ivan here for Alex, obviously. Congrats on the on the solid quarter. And, I wanna ask another one on the Zoom, contact center, which I think was super interesting, and it's great to see this new disclosure that it's like a triple digit million ARR business growing in high double digits, if if I'm not mistaken.

Analyst

But I think you used to disclose year on year growth in terms of the number of customers with larger than 100 and k ARR. So can you provide a little more color in terms of the deal sizes that you're seeing that that's driving that growth? And then maybe more broadly, what are you seeing in the competitive environment for CCaaS and sort of how is how are you positioning Zoom? And and and what's the what sort of win rates are you seeing there, more greenfield or more replacement deals? Thank you, guys.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Sure. I can start. So the Michelle, feel free to chime in. I think I look at the total number of contacts and our customers year over year. We we we do see the you know, around the 65% the gross.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

And, you know, look at our top 10 deals, and none of the deals, you know, are are replacing existing cloud based vendors, cloud based solutions. And, also and you look at the top 10 deals. I think if I recall correctly, six or seven are driven by the the channels. So many of the channels really help us and also replace other, you know, cloud based, you know, as, vendors. And because, you know, not only, you know, do we offer a lot of, innovations and features, but also seamlessly integrated with our phone platform as well.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Zoom virtual agent are part of that. That's the reason why, you know, customer, they see the the the the value of our, you know, Zoom contact center.

Michelle Chang
Chief Financial Officer at Zoom

I mean, the the only other thing, I think those are the the metrics that we give for disclosure. The other one might just be to thread back in the dialogue earlier on the elite skew. So we are seeing great traction. I think it's a 10% mix shift year over year towards in licenses to our our elite skew. So we're really proud and see a lot of momentum towards our AI first solution.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Also, at the same time, I wanna share with you, actually. Look at a lot of enterprise customers. Their contact center, guess what, is still on prem. So a lot of opportunities for Zoom, for other cloud based, you know, contact center windows as well. And in particular, you look at the the AI based virtual agent and also it's also become play play a big role and to drive the the future growth.

Analyst

Yes.

Michelle Chang
Chief Financial Officer at Zoom

Thank you.

Operator

Thank you. Our next question is from Michael Funk with Bank of America.

Matt Bullock
Matt Bullock
Equity Research Associate at Bank of America Merrill Lynch

Hey, Eric. Hey, Michelle. This is Matt Bullock on for Mike Funk. Clearly, thanks for taking the question. I'd love some additional color on the early reception from customers to the online monthly pro pricing increase.

Matt Bullock
Matt Bullock
Equity Research Associate at Bank of America Merrill Lynch

Seems pretty modest, but would be interested in color on pricing sensitivity, any variance in customer churn for that cohort. And then assuming this pricing increase goes well, could we start to see pricing be more of a lever in the online business segment considering, you know, all the positive trends with churn?

Michelle Chang
Chief Financial Officer at Zoom

So maybe I can take that one, Eric. Yes. You know, one one thing that I think is really important, just to know, and and you you said it is, we feel like it's a modest increase, but one that reflects really incremental value, delivered to the customer. And that's sort of the bar that we hold ourselves. What do you think about that as sort of the entirety of the platform, the AI?

Michelle Chang
Chief Financial Officer at Zoom

But also wanna call out that with our, price increase in particular, we doubled the storage limit. So, look, it's a very different online business, I would say, than than one that we had maybe in the past. And the evidence points that I look at that, under are, obviously, the record low churn that we continue to see quarter after quarter, the mix of our customers that have been with us over sixteen months, the percentage that are buying with us annually. So, we feel like we're just in a different, place. We always, you know, take price increases very thoughtfully.

Michelle Chang
Chief Financial Officer at Zoom

And and I would say this isn't the first one we've done, but but no plans to do others at this stage.

Matt Bullock
Matt Bullock
Equity Research Associate at Bank of America Merrill Lynch

Got it. Thank you.

Operator

Next up, we'll hear from William Power with Baird.

William Power
Senior Research Analyst at Baird

Okay. Great. Thanks for, taking the question. I actually want to circle back on online and kind of the earlier macro, you know, discussion. And guess just trying to understand the the levels of conservatism built into the online segment.

William Power
Senior Research Analyst at Baird

You're trying to build a little more conservatism, it sounds like, on the enterprise side. Why wouldn't churn maybe start to increase a little bit on online relative to where you've been? And I guess maybe just probably what were the kind of the assumptions there? Then I have a second question.

Michelle Chang
Chief Financial Officer at Zoom

Yeah. So our our outlook, really reflects, you know, look. It's a more turbulent world than it was maybe the last time we got we talked to you. Yeah. Just to echo my earlier comments, we saw strong demand across our business.

Michelle Chang
Chief Financial Officer at Zoom

We did not see any impact of macro to online and as such have not sort of reflected that, in in our outlook. And it was in those, specific customer scenarios in the enterprise where we decided, to take a prudent approach, to how we, thought about Outlook and guide from there.

William Power
Senior Research Analyst at Baird

Okay. And then I I wanna ask a question on Zoom Phone. You you provided the disclosure that I think that that's growing, you know, mid teens, which, you know, I think looks like it's, you know, above, you know, industry growth rates based on other peers and whatnot. So I suggest you continue to take share. On the other hand, still a really big market in theory in terms of number of business phones out there.

William Power
Senior Research Analyst at Baird

So I wonder if you could just kind of address what you're seeing competitively and what the forward growth outlook, you know, opportunity is. Is this a mid teens growth from here? Can it could it actually reaccelerate? What what's kind of the the opportunity still there?

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

So from a high level, in terms of opportunity, you know, look at it that total installed of phone seats, the on number of on prem seats still higher than on on cloud based seats. Right? And I think it's around 150,000,000, you know, still on prem Right? It's still a lot of opportunities. Those customers, in the next few years, they still needed to migrate it to the modern cloud based solution.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

We're much better positioned with our entire workplace platform, integration, open system. And that's the reason why our gross rate of a phone, you know, higher, you know, the other club is the, you know, the phone service providers. So

William Power
Senior Research Analyst at Baird

Okay.

Michelle Chang
Chief Financial Officer at Zoom

And maybe just to add in, you know, there's opportunity for Zoom on both. You know, we have a lot of strong partnership, like the Mitel partnership is a is a big one for us in the on prem stuff. And then, you know, we we certainly have go to market motions focused on competitive takeouts on the cloud as well as I might just say across both. We've been talking about, for a couple of earning cycles here, just an investment and a maturation in our channel motion, which also will be advantageous to our phone business. So we think about it as a a big opportunity.

Michelle Chang
Chief Financial Officer at Zoom

And maybe the other one that I might, you know, call out is the the new partnership with Bell Canada. And then increasingly, we are seeing AI drive deals and seeing more new customers, to Zoom come through phones. So things that we're encouraged about.

William Power
Senior Research Analyst at Baird

Okay. Thank you.

Operator

Our next question is from Samad Samana with Jefferies.

Samad Samana
Samad Samana
Managing Director at Jefferies Financial Group

It's good to see everybody. Maybe first just on WorkWeavo. The customer growth there is really strong. Eric, you called out an acceleration in your prepared remarks. How should we think that maybe meta migrations are the piece of that mix?

Samad Samana
Samad Samana
Managing Director at Jefferies Financial Group

And can you just remind us at what point you'll lap the meta benefits and maybe how durable the growth there is? And then I have one follow-up for Michelle afterward.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Michelle, you wanna take that?

Michelle Chang
Chief Financial Officer at Zoom

Yeah. So look. Know, I would say that we grow from both, the meta partnership as well as before. That was consistent before the partnership and was in place. You know, certainly, we're focused heavily on on capitalizing against that amount of migration.

Michelle Chang
Chief Financial Officer at Zoom

And I think we said before that it's towards the second half of the year that that sort of opportunity will will normalize. What was the next one?

Samad Samana
Samad Samana
Managing Director at Jefferies Financial Group

Great. And then maybe Yeah.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

You look at a number

Samad Samana
Samad Samana
Managing Director at Jefferies Financial Group

on the oh, sorry. Please go ahead, Erica.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

I apologize. Just add on to what Michelle said. You look at a number of the the accounts, you know, and I mean, the work available accounts year over year. It's more than 100% of growth.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

As you know, it would you know, a huge opportunities, not only driven by the meta, you know, the the migrated customers, but also new opportunity as well. So

Michelle Chang
Chief Financial Officer at Zoom

Maybe just to punctuate Eric's comments, 90% of our WorkVeo customers, again, are new to Zoom. So it's a really great way for us to introduce the breadth of our platform as well to real strong customer and brand names upmarket.

Samad Samana
Samad Samana
Managing Director at Jefferies Financial Group

Understood. And then maybe, Michelle, just on the buyback acceleration, is that more of a reflection of opportunistic because of what happened with market conditions in F1Q? Or is that do we take that as a signal that the buyback will be somewhere closer to these levels because that's the way that you guys are thinking about deploying the cash at least for some you know, for the short term duration? Just help us understand how we should think about the magnitude given it was the biggest buyback activity that you've had.

Michelle Chang
Chief Financial Officer at Zoom

Yep. Yeah. So, look, I would say, you know, you saw in our two announcements, the one I doubled down on when I started, that, look, this is gonna be something that's that's important to Zoom of that original 2.7 tranche, the two together. You know, we have about 1.2 remaining. The way that I would think about q one, is really that it reflects, you know, the reinforcement of confidence across myself, Eric, and the board.

Michelle Chang
Chief Financial Officer at Zoom

And look, certainly, we intentionally kind of went after, acceleration here, but we remain committed to what we said before, which is the intention and expectation that we will, go through the remaining 1.2 in fiscal twenty six.

Samad Samana
Samad Samana
Managing Director at Jefferies Financial Group

Great. Thank you both for taking my questions. Appreciate it.

Siti Panigrahi
Managing Director at Mizuho Securities

Thank you.

Operator

Our next question comes from Tyler Radke with Citi.

Tyler Radke
Tyler Radke
Analyst at Citigroup

Hi. Good afternoon. Thanks for taking the questions. I wanted to go back on the billings outlook for the next quarter. And you talked about some of the dynamics on the enterprise side of the business.

Tyler Radke
Tyler Radke
Analyst at Citigroup

But I'm wondering if you could sort of help us understand when you started to see some of these macro impacts layer into the business, how performance has been throughout kind of the month of of April as well as May. And then as you think about the online business, how are you thinking about the new customer addition motion? I know churn was ahead of expectations, which was good to see, but how sensitive is that new customer acquisition motion to the macro and if you could comment on what you're seeing there?

Michelle Chang
Chief Financial Officer at Zoom

Yeah. So first, with the the comment on when we saw the enterprise, I would say that we saw, you know, deals sort of pausing and and elongation all throughout the quarter, but certainly the bulk of our volume in enterprise happens towards the tail end of the quarter and and things more so than. To your online question of new customers, we had a strong quarter in terms of new customers as well as churn. And so that's that's why I started to say no impact of macro or no signs of macro impacting.

Operator

Alright.

Siti Panigrahi
Managing Director at Mizuho Securities

Thank you.

Operator

Next up, we'll hear from James Fish with Piper Sandler.

James Fish
James Fish
MD & Senior Research Analyst at Piper Sandler Companies

Hey, guys. Thanks for the question here. Just first, on the channel transformation, what were some of the changes put in place, and and what's been some of the early feedback with with that?

Michelle Chang
Chief Financial Officer at Zoom

Yeah. So I can answer that, and then, Eric, feel free to jump in. Look. I would say, first and foremost, it's about expanding our partner ecosystem. It's about, you know, changing some of the channel incentives and really doubling down on those.

Michelle Chang
Chief Financial Officer at Zoom

And then, in particular, one of the things, that we had been talking about with our partner ecosystem was just the need to help them get from quote to cash faster. And so you, you you may have seen it. There was an article, in in the channel press, about some efforts that we've made to really take that time from hours to minutes. So I would say broadly, our investments in the channel, fall across those three things. And then I'd just say, look.

Michelle Chang
Chief Financial Officer at Zoom

The channel investments are are very closely targeted towards our phone and contact center business where where naturally they have, both the ability to supplement what customers need as well as the ability to influence sales. And we're pleased, you know, with what we see in terms of the number of deals, the percentage of deals in both contact center and phone that are channel, led or heavily channel influenced.

James Fish
James Fish
MD & Senior Research Analyst at Piper Sandler Companies

Got it. And if I could follow-up actually on Smod's prior question. It's nice to see the $100,000,000 mark. It seemed like most of the success you guys talk about, though, is coming from that Zoom ecosystem customer, meaning they already got Workplace and Phone together. So is there a way to understand what I'm guessing is still a very low percentage in terms of the penetration of contact center into that sort of combined base that uses Workplace and Phone together?

Michelle Chang
Chief Financial Officer at Zoom

Jose, we don't we don't disclose that, as a metric, James. But what I would say is we see both bidirectional. My comments earlier is that we find that really to be a differentiator with customers where the integrations of being able to go out and talk to customers, come back in and resolve, problems in house, we find that to be a a real big win, for us customer wise.

Operator

Thank you. Our next question comes from Alan Verkovsky with Scotiabank.

Allan Verkhovski
Associate Director - Equity Research at Scotiabank

Hey, thank you for taking the question and congrats on all the product innovation. Michelle, I wanted to just double click on the revised enterprise revenue outlook. You mentioned that there are some deal elongation that you saw in the quarter. Just to be clear, are you guiding for a wider range of outcomes such that if the macro trends were to remain consistent, then you could potentially see more upside through the rest of the year? And could you also just update us on your updated time line for when we could see NRR potentially get back to a %?

Michelle Chang
Chief Financial Officer at Zoom

Yeah. So let me start with the first one. Our outlook implies a consistent kind of macro environment relative to to what we saw in q one. So that's the way to think about the guide. In terms of net dollar expansion, I would say we're pleased with the, stability, that we saw.

Michelle Chang
Chief Financial Officer at Zoom

It's been something that we've seen come in over the last four quarters. It's certainly a foundation for us, in terms of expansion, and our and our numbers have been in line with guidance.

Allan Verkhovski
Associate Director - Equity Research at Scotiabank

Great. Thank you.

Operator

Our next question comes from Catherine Trebnick with Rosenblatt Securities.

Catharine Trebnick
Senior Research Analyst at Rosenblatt Securities

Oh, thank you for taking my question. Since Tim Fish took my channel question, I'll ask about your international. So can you update us on what that was a big focus is to do international. My people I've talked to said you staff quite a bit in The UK.

Catharine Trebnick
Senior Research Analyst at Rosenblatt Securities

So can you give us any idea of some of the products or which key pieces of business you're focusing on internationally? Thanks.

Michelle Chang
Chief Financial Officer at Zoom

Yeah. I can I can take that? Let me say that our our strategy is is a global one, Catherine. I think, you know, the way that we go to market, the products that we are are working on, even our push and channel. You know, our our go to market and our product strategy are consistent globally.

Michelle Chang
Chief Financial Officer at Zoom

So maybe let me just say a little bit more of what we see, really resonating, in our EMEA business is really that better together and and full buying into the platform of both that communication and collaboration experience together with the customer experience. Maybe the other one, that I would throw in is we're really seeing employee experience hunt quite well in EMEA. So we're encouraged about, again, the broad growth re thesis resonating in Europe as well.

Catharine Trebnick
Senior Research Analyst at Rosenblatt Securities

Alright. Thank you.

Operator

Next up, we'll hear from Peter Weed with Bernstein.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Peter, are you there?

Operator

We can move ahead. Peter needs a minute. Alright. We're gonna move ahead here. Next up, we'll hear from Tom Blakey with Cantor Fitzgerald.

Thomas Blakey
Managing Director at Cantor Fitzgerald

Great. Thanks for taking my questions. Curious just maybe in terms of the elongation, Michelle

Michelle Chang
Chief Financial Officer at Zoom

Mhmm.

Thomas Blakey
Managing Director at Cantor Fitzgerald

Can talk about maybe any trends in down sells in enterprise, if you've seen that in one q, you know, just kinda counterbalancing the reported results with some very strong CCaaS and and Zoom Phone. And then just maybe an update, second question, once here about, you know you know, just reaching that kinda 10%. It's not a not a line in the sand, but, you know, we talked, maybe a year or so ago or longer ago that CCaaS would reach about 10% of revenue at the same kind of times time horizon as phone. Just like to get an update on that where CCaaS sits. Thank you.

Michelle Chang
Chief Financial Officer at Zoom

Yeah. So to your first question, we continue to see year over year, improvement, in churn in enterprise as well as continued, low record churn rate, in online. So I think in in so many maybe the the color I might give under that is that I think increasingly when you look at sort of, competitive themes, I think they're they're broadening out. It's, again, that holistic value, the the vision of, kind of better together, Chris, the collaboration as well as customer experience. In some, we see the the boomerangs with, the customer and customer love that Eric mentioned in some of ours.

Michelle Chang
Chief Financial Officer at Zoom

In others, it's the pace of innovation and the dedication Zoom has to customers. And in others, it's a coexist and sort of winning in a different way with things like the Teams integration. So I think we feel good not only about the metatrend, but but some of the color that you see in the deals emerging. And then to your second question around 10% and disclosures in CCaaS, we we've tried to add some dimensions, here for investors, not only on the customer count, but some of the elite, SKU dimensions as well as, the triple digit ARR. And so, we'll we'll leave it at that for now.

Thomas Blakey
Managing Director at Cantor Fitzgerald

Thank you.

Operator

Our next question is from Patrick Walravens with Citizens.

Austin Cole
Software Equity Research Associate at Citizens JMP Securities, LLC

Hey there. This is, Austin Cole on for Pat Walravens. Eric, was really, cool to see the, AI avatar. Maybe one day soon, more of us will be on this call using AI avatars. And that that's actually what I wanted to ask you about is what kind of high level trends maybe you see taking place or conversations with customers right now that give you kind of confidence in AI's role both in in communication and how they're getting work done.

Austin Cole
Software Equity Research Associate at Citizens JMP Securities, LLC

So kind of a a broad question there, but maybe even specifically, like, what are the use cases for these avatars, and how are you using this stuff internally to shape the work?

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Yes. Great question. Again, and for the first time for the first time in history. Right? So we we let the AI general avatar participate into the earning call.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Right? That's a again, I I really love that experience. We're gonna keep improving our clips product. You know, back to your question, you know, about the AI, you know, AI adoption. And then first of all, you know, we look at every services.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Right? And we offer the customer how to lever AI to improve their product. Like, all the basic core features already done for a while, like a meeting summary, compose a chat message, and so on and so forth. Now our customer really want and send out what we can do, right, to integrate with their existing system. Because they are building the agent, and there are other vendors also build agent.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

We also build agent. Right? You know, how to make sure our agent, right, AI combining, you know, authentic framework, you know, uses customized, you know, AI combining studio to build our agent, how to interpret with other agent. Like, recently, we announced integration with ServiceNow, with Jira as well. And, also, essentially, we would like to transform our business from being a a, you know, a collaboration or communication company to be a system of actions.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

You know? Like, you know, after this meeting is over. Right? We have not only have a summary, but also we have, you know, tasks, you know, action items. And the AI agent, we automatically, let's say, created a Jira ticket and it will follow to track.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Right? It's kind of, you know, become a entire business workflow. With our AI agent, it's really hard. You need to manually, you know, drive this and then then integrate the other systems. It's not feasible.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

For now, you know, custom look at how to automate everything with agenda framework. You know? Because all those agent can talk to each other with a to a protocol and also the m c MSP protocol. Right? That's the reason why we feel very excited.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Together with other vendors, we can become a a part of a business workflow. That's you know, on that front, we are very excited.

Austin Cole
Software Equity Research Associate at Citizens JMP Securities, LLC

Great. Thank you.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Thank you.

Operator

Our next question is from Peter Levine with Evercore.

Peter Levine
Analyst at Evercore

Great. Thank you for squeezing me in here. I maybe just to Michelle, you guys are talking a lot more about frontline workers. Can you maybe just help us understand what that product is? Is it really going after, like, the Microsoft, like, one or f three SKU?

Peter Levine
Analyst at Evercore

Maybe just help us understand, you know, what the intentions there are for frontline. And then second, you know, for AI companion two point o, there is a the the monetization for those that wanna customize their their their own AI agents. Can you just is there, you know, revenue coming in this year from that product? It's probably more second half, but just, can you just help us understand what what you're expecting from that? Thank you.

Michelle Chang
Chief Financial Officer at Zoom

Sure. So let me start with, frontline worker. The way to think about that is, I mean, let me start with the market opportunity broadly. 80% of the workers in the world, are frontline workers, and yet only 1% of the SaaS, spend is on them. And so what that tells us, what our customers tell us is there's a lot of value that they need.

Michelle Chang
Chief Financial Officer at Zoom

And so this product was really born out of that. And so think about what the product does in sort of, I would call it, three buckets. It's on shift communications, it's workforce management, and it's AI assistance, sort of the flow of frontline worker, work. And so, that's kinda how to think about it. It just came into market.

Michelle Chang
Chief Financial Officer at Zoom

We are pleased. We've already closed, several weeks in post GA, closed deals. We're excited with the interest that we see, in particular in industries like health care, retail, and manufacturing where Zoom is strong. And to your second question on custom AI companion, I would say we're we're equally excited. Different use case there.

Michelle Chang
Chief Financial Officer at Zoom

That's the two I talked about earlier. I won't repeat. Seeing also excitement in the way that you should think about, our h two outlook for all of these is that, you know, we factored in sort of what we see and measured things. Given the size and scale of our business, it won't be a movable number, in FY '26, and we'll just continue to update investors, as we go through these earnings calls.

Peter Levine
Analyst at Evercore

Great. Thank you very much.

Operator

Our final question will come from Matthew Harrigan with Benchmark.

Matthew Harrigan
Senior Analyst at The Benchmark Company LLC

Oh, thank you. Now that you're very practiced in creating SLMs, what what are you seeing? It it feels like a lot of peep a lot of people are taking kind of Russian army approach, which is more and more buying from NVIDIA. But as you improve the algos and and you get more clever on the math, I mean, how's that affecting your your business even on the cost side as well as the opportunity side? Thanks.

Michelle Chang
Chief Financial Officer at Zoom

Eric, do you wanna take that one?

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Sure. Sure. So our AI approach is a federated AI approach, meaning we have our own large language models. Some some customers, they just want to standardize our own model. At the same time, we integrate it seamlessly with Lama, with OpenEye, Anthropic, and, you know, just a federal AI approach.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

We also, for sure, will leverage a media and also leverage a cloud GPU. And, you know, this is very standard, right, how to optimize, you know, our cost at the same time, you know, offer the value. The reason why, you know, we can offer the free Zoom AI combining to my customers because, you know, our optimization. And that'll work so well. You know, in terms of value and the cost, we can offer that.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

And the customized AI combined is different. It's more like a enterprise, you know, the data or or or data index in integration, and that's why it's different. It's more like not on AI, you know, cost front. It's more like a system integration, a lot of other things. You if you look at just the pure AI front, you know, we are very competitive because we're always a band in the cost and also the value.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

We have a very large team, you know, working on the optimization.

Matthew Harrigan
Senior Analyst at The Benchmark Company LLC

Thanks, Eric. Nice, Avatar.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

Thank you. Appreciate it. Next earning call will be much better.

Michelle Chang
Chief Financial Officer at Zoom

Thank

Operator

you. This concludes the q and a portion of today's call. I'll turn it back over to Eric for closing remarks.

Eric Yuan
Eric Yuan
Founder & CEO at Zoom

And thank you all. I really appreciate your time. Thank you for all those investors who trust us, and we are gonna do all we can to truly deliver happiness to you all. Thank you. Appreciate it.

Michelle Chang
Chief Financial Officer at Zoom

Thank you.

Operator

Thank you, Eric and Michelle. This concludes today's earnings call. Thank you all for attending, and have a great rest of your day.

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