Zoom Video Communications (ZM) Q3 2024 Earnings Call Transcript

Zoom Video Communications (ZM 1.57%)
Q3 2024 Earnings Call
Nov 20, 2023, 5:00 p.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Well, hello, everyone, and welcome to Zoom's Q3 FY '24 earnings release webinar. As a reminder, today's webinar is being recorded. And now, I will hand things over to Tom McCallum, head of investor relations. Tom, over to you.

Tom McCallum -- Head of Investor Relations

Thank you, Kelcey. Hello, everyone, and welcome to Zoom's earnings video webinar for the third quarter of fiscal year 2024. I'm joined today by Zoom's founder and CEO, Eric Yuan, and Zoom's CFO, Kelly Steckelberg. Our earnings press release was issued today after the market closed and may be downloaded from the Investor Relations page at investors.zoom.us.

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. During this call, we will make forward-looking statements, including statements regarding our financial outlook for the fourth quarter and full fiscal year 2024; our expectations regarding financial and business trends; impacts from the macroeconomic environment, our market position, opportunities, go-to-market initiatives, growth strategy, and business aspirations; and product initiatives and the expected benefits of such initiatives. These statements are only predictions that are based on what we believe today, and actual results may differ materially. These forward-looking statements are subject to risks and other factors that could affect our performance and financial results, which we discuss in detail in our filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q.

Zoom assumes no obligation to update any forward-looking statements we may make on today's webinar. And with that, let me turn the discussion over to Eric.

Eric Yuan -- Founder and Chief Executive Officer

Hey, thank you, Tom. Thank you, everyone, for joining us today. In early October, we hosted Zoomtopia, our yearly customer and innovation-focused event, and it was awesome. Like last year, we ran it hybrid on Zoom Events.

Thousands joined us in person and many multiples of that virtually. Among the in-person attendees were 40 customer presenters such as JPMorgan, MIT, Boston Consulting Group, HubSpot, and Kohls, who spoke about their amazing experiences on Zoom and excitement about the future. We also showcased newly released innovations like Zoom AI Companion, as well as Zoom AI Expert Assist and Quality Management for the Contact Center. Zoom AI Companion is especially noteworthy for being included at no additional cost to our paid plans and has fared tremendously well with over 220,000 accounts enabling it and 2.8 million meeting summaries created as of today. Remarkable growth in less than three months.

At Zoomtopia, I also had the pleasure of sharing the stage with Flex, a global manufacturing and supply chain leader, who spoke about how they use Zoom to connect their large, distributed workforce of 170,000 employees across 30 countries. Flex started using Zoom Meetings in 2017, quickly followed by Zoom Rooms and Zoom Team Chat. Since then, Flex increased Team Chat users by 200% and Zoom Rooms by 245%. They also became power users of Zoom Whiteboard, creating over 13,000 Whiteboards.

And moving to Zoom Phone allowed them to eliminate 50% to 70% of circuits and infrastructure across the globe, and reduce total cost of ownership. We were so happy to have Flex share their journey at Zoomtopia and cannot wait for what is in store for our partnership next. Now, moving on to some of our customer wins in Q3. First, let me thank Dropbox, who has been an amazing customer for many years starting with Meetings and then extending to Zoom Rooms, Phone, and Events.

In Q3, they selected Zoom Virtual Agent and Zoom Contact Center to provide world-class AI-enabled support to their global user base. Let me also thank Amynta Group, a premier insurance services company, who initially adopted Zoom Phone and Zoom Contact Center on a limited scale in Q1 of this year. Seeing how our modern solution offered superior agility, customization for CX flows, and administrative functionality, in Q3, they decided to standardize their customer-facing sales support on the Zoom stack and add Workforce Management, leading to a nearly 5x increase in their monthly spend with us. I'd also like to congratulate the Virgin Group on their launch of Workvivo to bring together 60,000 employees across almost 40 Virgin companies on one platform.

The Virgin Family Workvivo platform is helping to drive social connection, encourage collaboration, and boost brand knowledge. It's inspiring to see how the Virgin Group is bringing the platform to life and strengthening culture with Zoom's Workvivo. These wins are a testament to the investments we are making in our customer experience offering, with the rapid pace of new innovations like Workforce Management, Quality Management, Zoom Virtual Agent, and AI Expert Assist. They also highlight our progress with employee experience, especially with integrating Workvivo into the Zoom client.

Thank you so much to Dropbox, Amynta, and the Virgin Group. I love you all. And with that, I'll pass it over to Kelly.

Kelly Steckelberg -- Chief Financial Officer

Thank you, Eric, and hello, everyone. We are pleased that we beat our top-line and profitability guidance in Q3. Here are a few milestones: First, Zoom Phone reached approximately 7 million paid seats. Second, Zoom Contact Center reached approximately 700 customers as of quarter-end, while Zoom Virtual Agent customers nearly doubled quarter over quarter.

And finally, the number of customers on Zoom One bundles that include Zoom Phone grew approximately 330% year over year. These proof points demonstrate our customers' willingness to entrust us with their critical CX and EX processes, and their commitment to grow with us as we expand our platform. In Q3, total revenue came in at $1.137 billion, up 3% year over year and 4% in constant currency. This result was approximately $17 million dollars above the high end of our guidance.

Our enterprise business grew 8% year over year and represented 58% of total revenue, up from 56% a year ago. We continued to see improvement in online average monthly churn, which decreased to 3% from 3.1% in Q3 of FY '23. This is the lowest churn we have ever reported. The number of enterprise customers grew 5% year over year to approximately 219,700.

Our trailing 12-month net dollar expansion rate for enterprise customers in Q3 came in at 105%. We saw 14% year-over-year growth in the up-market as we ended the quarter with 3,731 customers contributing more than $100,000 in trailing 12 months revenue. These customers represent 29% of revenue, up from 27% in Q3 of FY '23. Our Americas revenue grew 5% year over year, while EMEA and APAC declined by 2%, each.

On a constant-currency basis, APAC grew slightly year over year. Moving to our non-GAAP results, which exclude 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 Q3 was 79.7%, an improvement from 79.5% in Q3 of last year, but slightly lower than the first half of this year. The strong performance in gross margin was primarily driven by the optimization of usage across the public cloud and our co-located data centers, partially offset by our additional investments in new AI technologies.

For the full year, we expect non-GAAP gross margin to be approximately 80%. Non-GAAP operating income grew by 17% to $447 million, exceeding the high end of our guidance of $405 million. This translates to a 39.3% non-GAAP operating margin, a meaningful improvement from 34.6% in Q3 of last year. Non-GAAP diluted earnings per share in Q3 was $1.29, on approximately 310 million non-GAAP diluted weighted average shares outstanding.

This result was $0.20 above the high end of our guidance and $0.22 higher than Q3 of last year. Turning to the balance sheet. Deferred revenue at the end of the period was $1.32 billion, down approximately 3% from Q3 of last year. This was roughly 1 percentage point better than the high end of the guidance we provided last quarter.

For Q4, we expect deferred revenue to be down 6% to 8% year over year, partially driven by shorter billing frequencies on enterprise deals arising from the high-interest rate environment. Looking at both our billed and unbilled contracts, our RPO increased 10% year over year to approximately $3.6 billion. We expect to recognize approximately 58% of the total RPO as revenue over the next 12 months, as compared to 59% in Q3 of last year, indicating lengthening contract durations on a year-over-year basis. As a reminder, our renewal seasonality peaks in Q1 and declines throughout the rest of the year.

Operating cash flow in the quarter grew 67% year over year to $493 million. Free cash flow grew 66% year over year to $453 million. The sharp increase in our cash flow metrics was due to stronger collections, targeted expense management, and higher interest income. Our operating cash flow and free cash flow margins expanded to 43.4% and 39.9%, respectively.

We ended the quarter with approximately $6.5 billion in cash, cash equivalents, and marketable securities, excluding restricted cash. Given the strength in profitability and collections, we are increasing our free cash flow outlook for FY '24. We now expect free cash flow to be in the range of $1.34 billion to $1.35 billion, which at the midpoint would represent 13% year-over-year growth. Turning to guidance.

For Q4, we expect revenue to be in the range of $1.125 billion to $1.13 billion, which at the midpoint would represent approximately 1% year-over-year growth. Adjusting for currency impact, this projection is slightly higher than the previously implied guidance from our Q2 call. We expect non-GAAP operating income to be in the range of $409 million to $414 million. Our outlook for non-GAAP earnings per share is $1.13 to $1.15 based on approximately 312 million shares outstanding.

We are also pleased to raise our top-line and profitability outlook for the full year of FY '24. We now expect revenue to be in the range of $4.506 billion to $4.511 billion, which at the midpoint represents approximately 3% year-over-year growth. We expect our non-GAAP operating income to be in the range of $1.74 billion to $1.745 billion, representing an operating margin of approximately 39%. Our outlook for non-GAAP earnings per share for FY '24 is $4.93 to $4.95, based on approximately 308 million shares outstanding.

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

Questions & Answers:

Operator

Thank you, Kelly. And as Kelly mentioned, we will now move into the Q&A session. So, when I call your name, please turn on your video and unmute. And as a reminder, in an effort to hear from everyone, please limit yourself to one question, and we thank you in advance for your consideration.

Our first question will come from Ryan MacWilliams with Barclays.

Ryan MacWilliams -- Barclays -- Analyst

Hey guys, thanks for taking the question. Just to start with, Kelly, did you notice any changes in the overall macro environment in the third quarter compared to the second quarter? And could you touch on how linearity did throughout the quarter for new bookings? Thanks.

Kelly Steckelberg -- Chief Financial Officer

Yeah. Hi, Ryan. So, the macro has been pretty consistent from Q2 to Q3. We continue to see similar trends in terms of deal scrutiny.

Back-end loaded -- so, the quarter from a direct perspective was fairly back-end loaded. As a reminder, the online segment of the business is typically pretty linear through the -- throughout the quarter. I think the only thing that got a little worse from Q2 to Q3 was, actually, FX as you saw in Asia-Pac. That had -- that was a fairly significant headwind for us, whereas Asia-Pac would have at least been flat year over year if not for that impact.

Ryan MacWilliams -- Barclays -- Analyst

Thanks, guys.

Operator

Moving on to Meta Marshall with Morgan Stanley.

Meta Marshall -- Morgan Stanley -- Analyst

Great. Thanks. Maybe just a question on what feedback you're getting on the AI Companion. That's a pretty big jump in kind of customers using it.

So, just what features are they really liking, and is it kind of helping with some of the free-to-pay conversion that you guys were hoping?

Eric Yuan -- Founder and Chief Executive Officer

Yeah, it's a good question, I think. We are very very proud of our team's progress, you know, since we launched the Zoom AI Companion. You know, as I mentioned earlier, right, a lot of accounts enable that. Remember this is at no additional cost to pay the customer.

You know, a lot of features of, you know -- one feature of that is like a take a meeting summary, for example. Amazingly, it's very accurate and really saved meeting hosts a lot of time. And also, you know, our federated AI approach really contributed to that success because we do not count on a single AI model. And in terms of latency, accuracy and, you know -- and also the, you know, the response, you know, the speed and so on and so forth, I think really helped, you know, our AI Companion.

And for the -- even for the online providers and also it's no additional cost. For sure, for free users, you know, they do not -- they cannot enjoy this AI Companion. You know, for sure, it's there to help, you know, for those who are free, you know, to approve or upgrade. So, anyway, so we are, you know, innovating on AI Companion.

We have a high confidence that's a true differentiation compared to any other, you know, you know, AI features, functionalities offered by some of our competitors.

Meta Marshall -- Morgan Stanley -- Analyst

Great. Thanks so much.

Eric Yuan -- Founder and Chief Executive Officer

Thank you.

Operator

Our next question will come from Kash Rangan with Goldman Sachs.

Kash Rangan -- Goldman Sachs -- Analyst

Thank you very much. Good to see the results and Happy Thanksgiving. I just had one question. If I could restrict myself to one, the SMB online churn, 3%.

I know it came down from 3.1%. Any initiatives that you are undertaking that could bring that number even down more significantly because I would assume that that would have big implications for your growth rate and margins, which are already quite good? Thank you so much.

Kelly Steckelberg -- Chief Financial Officer

Well. Wendy and her team are always working on initiatives. But I think what Eric was just mentioning about AI is probably really going to be a key differentiator and a retention -- retention tool in the future because, as a reminder, all of the AI Companion features come included for our free -- sorry, for our paid users. So, we're seeing it not only help with conversion, but we really believe that for the long term it will help with retention as well. And, you know, Kash, I've gotten this question many times and I would say like, this is the lowest we've ever seen, but also our platform is so much better.

It's infinitely better than where it was on a pre-pandemic basis for our online users. And so, I think we will -- this is how we're modeling is at this level, but I think over time you should continue to see retention just continue to improve.

Kash Rangan -- Goldman Sachs -- Analyst

Thank you so much.

Eric Yuan -- Founder and Chief Executive Officer

I'll probably add, want to say Happy Thanksgiving to you as well. So, you know, more and more customers realize, wow, Zoom even for online users, it's not only for Zoom Meeting. A lot of other features, right? And like I think Zoom Team Chat, for example, is in a great position kind of solution is part of offering even for free users as well, right? For our paid user, for sure, a lot of other features. The more they spend time on Zoom platform, they realize, wow, this is pretty powerful, not only just for meetings; the entire platform.

Kash Rangan -- Goldman Sachs -- Analyst

OK. Thanks so much, Eric and Kelly.

Eric Yuan -- Founder and Chief Executive Officer

Yeah.

Operator

Wells Fargo's Michael Turrin, please go ahead with your question.

Michael Turrin -- Wells Fargo Securities -- Analyst

Hey, great. Thanks. Nice to see everyone. I guess just a complement to Kash's question.

You're showing stabilization here on some of the major metrics. The enterprise expansion metric took a step down to 105%. And so, just wondering what it takes for that metric to similarly -- similarly show stabilization. Is -- is it getting to that Q1 renewal cohort and kind of walking through that? Anything on the product side for us to consider? Or just any other comments right there is helpful.

Thank you.

Kelly Steckelberg -- Chief Financial Officer

Well, as a reminder, it's a trailing 12-month metric. So, as we've seen our growth rates come down this year, that's following behind it. But absolutely, we believe that AI Companion in general, as well as the success that we are seeing in Zoom Phone, in Zoom Contact Center, Zoom Virtual Agent, all of those will be key contributors to seeing that metrics start -- start to reaccelerate again as we see our growth rate starting to reaccelerate as well.

Michael Turrin -- Wells Fargo Securities -- Analyst

Thank you.

Operator

Our next question will come from Michael Funk with Bank of America.

Michael Funk -- Bank of America Merrill Lynch -- Analyst

Yeah. Hi. Thank you for the question tonight. So, just in the deferred revenue guidance for 4Q, Kelly, in the commentary on the macro and the rates affecting that, how should we think about growth rate in calendar year '24, given the decline in deferred revenue and the impact on -- on new deals from enterprise?

Kelly Steckelberg -- Chief Financial Officer

So, I mean, what's very interesting, if you look at, right, you see growth in RPO, but you're seeing a decline in deferred revenue, which implies customers, while they're committing for long-term agreements, they are preferring to pay in shorter term increments to keep their cash and take advantage of the interest rate environment. So, the other thing, as a reminder, right, we're going to have a big renewal cycle in Q1. And then, that's the peak and it's going to come down. And we believe that in FY '24 that we're currently in, we had the -- majority of our customers had some sort of renewal period during FY '24, which means that we -- we believe that we've moved through a lot of our customers that were impacted themselves by a reduction. And we've talked in the past about how our team has been doing a great job of preserving that spend. But to the extent we're helping them rightsize or transition from Zoom Meetings to, say, a Zoom One bundle, we think the majority of our customers -- we know that the majority of our customers have gone through that renewal period in FY '24 so that by the time we get into FY '25, hopefully, we're in a little more normalized renewal cycle.

Michael Funk -- Bank of America Merrill Lynch -- Analyst

Great. Thank you.

Kelly Steckelberg -- Chief Financial Officer

Yeah.

Operator

And moving on to Karl Keirstead with UBS.

Karl Keirstead -- UBS -- Analyst

OK. Great. Thank you. Hey, Kelly, the -- the phone business has been a big part of the the Zoom growth algorithm lately.

So, I'm wondering if you could elaborate on how that part of the business did in the quarter. On the surface -- and I know that you round that seat number, but it looks like the sequential phone seat adds might have been a lot less than the last several quarters. Maybe that's rounding, but I wanted to give you a platform maybe to elaborate about that part of the business.

Kelly Steckelberg -- Chief Financial Officer

Thank you. So, you know, Q3, cyclically -- just as a reminder, Q1 and Q3 cyclically are lower orders given that our enterprise reps -- some of our enterprise reps are on six-month quotas. So, we've historically seen the big Zoom Phone, you know, add quarters be in Q2 and Q4. What we did see in Q3 was that customers in the upper segments, so customers with greater 10,000 seats, grew almost 9% quarter over quarter. So, we're seeing a lot of strength in that upper end of Zoom Phone.

So, really happy with that. I mean, that's the largest increase we've had so far this year. And then, as a reminder, we -- we -- we haven't always given that metric honestly at the -- at the exact same period. So, it's a little bit hard for you to tell exactly how it's trending every single quarter.

And as just in the past, we'll continue to update you, you know, on future milestones as they make sense.

Karl Keirstead -- UBS -- Analyst

OK. Thank you.

Kelly Steckelberg -- Chief Financial Officer

Yeah.

Operator

George Iwanyc with Oppenheimer has the next question.

George Iwanyc -- Oppenheimer and Company -- Analyst

All right. Well, thank you for taking my question. So, Kelly, maybe following up on Zoom Phones, can you give us a bit of extra color on Contact Center and the customer attraction you're seeing there?

Kelly Steckelberg -- Chief Financial Officer

Yeah. So, as we mentioned, we're up to over 700 customers on Zoom Contact Center. And we saw our Zoom Virtual Agent product double the number of customers quarter over quarter. So, really excited there.

I mean maybe Eric can talk about some of the features and functionality. But, you know, we're thrilled with the progress that we're making there so far.

Eric Yuan -- Founder and Chief Executive Officer

Yeah. So, we are we are extremely excited about our Contact Center opportunity. And it feels like back to a few years ago when we announced the Zoom Phone, right? Quite often, a lot of people mentioned, wow, it would take you guys many years to get recognized, deployed by large customers. And, you know, look at what we have today in terms of number of PDC for Phone.

I feel like, you know, if we execute it well, I think we are going to follow a similar -- similar journey and maybe even better because you look at our contact center, you know, and modern architecture, extremely scalable and applies a lot of AI features and innovation speed. I think in every customer, really take a Zoom Contact Center seriously, evaluate Zoom Call Center, the feedback is very consistent, "Wow, I did not realize you guys have a so powerful Contact Center." It's just amazing, right? I think that that further boosted our team's confidence as they double down, triple down on our own Contact Center. Again, it's modern architecture, very scalable. I also shared quite a few customer cases, right. during this call and we are very very excited.

A lot of new AI features, you know, Virtual Agent and Workforce Management and so on and so forth. This is something we're very very excited.

George Iwanyc -- Oppenheimer and Company -- Analyst

Thank you.

Eric Yuan -- Founder and Chief Executive Officer

Thank you.

Operator

Well, now hear from Peter Levine with Evercore.

Peter Levine -- Evercore ISI -- Analyst

All right. Thank you for taking my question here. Maybe for Kelly, as we ook at gross margins, how sustainable is it keeping at these levels? I know AI Companion is being given away from as part of the package, I guess, for -- for paid users. But if you think about the costs were on these models, the margin profile of Contact Center and Phone, how durable is it to kind of sustain these levels? And then, second, as you think it's the next year, you have guided, like what's the best way to think about stock-based comp and dilution as you kind of manage through that?

Kelly Steckelberg -- Chief Financial Officer

Yeah. So, in terms of our gross margins, we'll obviously give FY '25 guidance on our call next quarter. But as we are working on our planning, our dev ops team is doing an amazing job of continuing to optimize around the data centers and being very thoughtful about leveraging capacity to its highest and best use and making room for all of this AI innovation. So, while we are going to invest and we're actually we're going to invest to the extent that -- that XD and the team really believe that we need to, and that for the long term, it's an amazing ROI when you look at what it's going to do for our customers, for our growth, and for our retention. But we do expect there's going to be some impact on gross margins.

I mean, we -- I don't think it's going to be significant because the team will continue to -- to operate in the very efficient manner that they do and run our colos that way, but that we do expect there's going to be some impact to our gross margins as we move forward. You want to add anything, Eric?

Eric Yuan -- Founder and Chief Executive Officer

Yeah, sure. You are right on. Just to echo on what Kelly said, you know, led by our CTO, XD, and his team. You know, our federated AI approach, as I mentioned earlier, really contribute a lot.

So, you know for sure, you know, and as a cost impact but extremely manageable, right? And our team really really you know, I think, you know have a very smart, you know, federated AI, you know, architecture. That's why I think, you know, in terms of cost, very manageable but also the quality is -- is pretty good. So -- and we are -- you know, keep innovating on that, so.

Peter Levine -- Evercore ISI -- Analyst

Thank you very much.

Kelly Steckelberg -- Chief Financial Officer

Thanks, Eric. Peter, regarding stock-based comp, about a third of our expense this year is related to the supplemental grants. So, as a reminder, those that vests along with how the underlying grants are vesting. So, there's a couple more years for that to just start to -- to bleed off, if you will.

But you can model that out.

Peter Levine -- Evercore ISI -- Analyst

Thank you.

Kelly Steckelberg -- Chief Financial Officer

Yep.

Operator

And we will now hear from Patrick Walravens with JMP Securities.

Pat Walravens -- JMP Securities -- Analyst

Oh, great. Thank you. Hi. So, Eric, what is your ideal customer profile on the Contact Center side of the business?

Eric Yuan -- Founder and Chief Executive Officer

That's a good question. I think, you know, first of all, again, this is a piece of architecture and AI features. I think for now, the medium size. Because the reason why for very very large customers, even if our architecture everything ever ready, but sometimes these just want to look at, hey, you know you are still so early, but even fully ready.

That's why the reason why sometimes even we do not reach out to them. They're very large, let's say, tens of thousands of Asian customers if they take our [Technical difficulty]

Kelly Steckelberg -- Chief Financial Officer

Oops. Did Eric freeze or did I freeze?

Operator

I think Eric is [Inaudible].

Pat Walravens -- JMP Securities -- Analyst

I wonder if that was me. Yeah.

Kelly Steckelberg -- Chief Financial Officer

Like -- OK. Let me. You're still here, right? OK.

Eric Yuan -- Founder and Chief Executive Officer

[Inaudible] Yeah. Sorry for that.

Kelly Steckelberg -- Chief Financial Officer

You're back. OK. Yeah. We lost you for a minute there.

Eric Yuan -- Founder and Chief Executive Officer

Yeah. I'm sorry. So --so, given the, you know, the -- the new solution, right, sort of a modern architecture and all the new AI features, my point is, if those are, you know, let's say, 20,000 or 10,000 agent customers, if they look at our solution seriously, they have a confidence. Because of that, you know, we want to be a little bit of proactive, you know, focus on medium-sized companies like from hundreds of agent to thousands of agent.

That's our sweet spot. But no, we are not going to stop here. As I mentioned earlier, any -- any very big large companies, I mean, look at our Contact Center solutions seriously. We have a confidence about we are going to win.

But however, to get there, we are focused on the medium-sized companies.

Pat Walravens -- JMP Securities -- Analyst

Great. Thank you.

Kelly Steckelberg -- Chief Financial Officer

I could -- I could give you a quick example, Patrick. We have a customer called Vensure which they provide like payroll and HR services. And they became -- in the last year, they've doubled their Zoom Phone seats. They've doubled their Contact Center seats and they in the four digits now.

They also have deployed Workforce Management as well as Quality Management. And so, really taking advantage of the full suite of Zoom products, you know, not only the Contact Center and its extensions, but the full suite of Zoom. And I think when they start to deploy like that, they really see the power. And it's been very exciting to see them grow.

Pat Walravens -- JMP Securities -- Analyst

OK. Great. Thank you both.

Eric Yuan -- Founder and Chief Executive Officer

Thank you.

Operator

Our next question comes from Arjun Bhatia with William Blair.

Arjun Bhatia -- William Blair -- Analyst

Perfect. Thank you. Can you just touch on the international business a little bit? It seems like it's certainly trailing the U.S. But what -- what gets that business to turn around? And maybe talk about some of your new growth drivers and how they're faring there with Zoom Phone and Contact Center.

Thank you.

Kelly Steckelberg -- Chief Financial Officer

Yeah, yeah. So, you know, unfortunately, both EMEA and APAC over the last year have been impacted both by currency. And then, EMEA has been impacted by the general economy and the war there. But in terms of our focus, we have very recently actually added a new European leader and a new leader in Australia and New Zealand.

So, we're very excited about the team. And since we did the reorganization earlier this year, those regions have just taken a little bit longer than -- than the U.S., but we're starting to see that momentum build again and really excited about what they're going to contribute and watching their success in the future.

Arjun Bhatia -- William Blair -- Analyst

Thank you.

Kelly Steckelberg -- Chief Financial Officer

Yeah.

Operator

Our next question will come from Alex Zukin with Wolfe Research. His video is not on, so he may just be audio only.

Kelly Steckelberg -- Chief Financial Officer

Hi, Alex.

Operator

Alex, did you want to go ahead?

Ethan Bruck -- Wolfe Research -- Analyst

Hey, guys. This is Ethan Bruck on for Alex. He's a -- he's in trans right now. Thank you, guys, for taking my question.

I just had two quick questions. Just how do we think -- at what level should we expect or when for that NRR of the enterprise cohort to trough? And just any kind of puts and takes around enterprise revenue in the quarter, right? It came in above your expectations. It grew sequentially. And it was -- it was positive.

You know, RPO bookings, those all accelerated. I guess is it fair to think that for next years, the enterprise growth rate would be above what's implied in the 4Q guide. And just if you give any more kind of color around the 4Q numbers, kind of what you're expecting in the online churn, that would be helpful. Thank you.

Kelly Steckelberg -- Chief Financial Officer

Yeah. So, we did see strength in the direct bookings. They were very back-end loaded in Q3, which just continues this theme that we've been talking about in terms of the overall macro. And as we look forward to Q4, you know, we have -- typically, we have the benefit of having year-end where customers are having their year-end on 12/31, and then we have our year-end on January 31st.

And of course, we have our six-month quota-carrying reps that are coming to the end of their quota cycle, so hopefully taking advantage of their accelerators. But we are expecting similar behavior in terms of even if we have a 12/31 sort of bump, we're expecting that to be back-end loaded and then the January 31st one as well. You know, in terms of your question around net dollar expansion, we're not going to give -- I mean, we don't guide on that. I expect that given your growth rates have -- have come down a little bit more that there might be a little bit more room for that to come down even further until it starts to -- to stabilize and probably accelerate sometime next year.

Ethan Bruck -- Wolfe Research -- Analyst

OK. Thank you. And just a quick follow-up, just on the comment you made in your prepared remarks around the shorter billings duration, is there just any way to qualitatively think relative to 3Q if there's any change, just how to think about obviously people moving to maybe more different, shorter payment terms? Or just how we think about that in terms of what's implied in your 4Q guide? Thank you.

Kelly Steckelberg -- Chief Financial Officer

Yeah, we -- so we commented first time we started seeing this trend was in Q2. If you remember, we also talked about this in our prepared remarks as we saw this happening. And given the interest rates are high, I don't expect it's going to change anytime soon. I think the good news is from the health of the underlying business, right, customers are committing to longer-term duration contracts.

They just are preferring to pay on shorter term. And yet we obviously had very strong cash flow in the period. So, I don't think it's something you should be worried about.

Ethan Bruck -- Wolfe Research -- Analyst

Got it. Thank you very much, and congrats on the nice results.

Kelly Steckelberg -- Chief Financial Officer

Thanks.

Operator

Our next question is going to come from Mark Murphy with J.P. Morgan. Mark will be audio only.

Kelly Steckelberg -- Chief Financial Officer

Hi, Mark.

Unknown speaker

Hey, everyone. This is [Inaudible] for Mark Murphy. Thanks for taking the question and congrats on the quarter. You guys called out the Virgin Group and their launch of Workvivo across 60,000 employees and a number of the workforce-related innovations you've launched recently.

Can you just speak to the adoption of those products? What kind of momentum you're seeing on that front? Thank you.

Kelly Steckelberg -- Chief Financial Officer

Yeah. Eric, you can take that.

Eric Yuan -- Founder and Chief Executive Officer

Yeah. Kelly, go ahead.

Kelly Steckelberg -- Chief Financial Officer

Yeah. I mean we're -- we're really excited about Workvivo. They -- first of all, in terms of operating, they're continuing to run as an operating unit, which we're making sure that we support them and their continued momentum. And we've already talked about -- we talked about Dollar General on the whole last quarter and their amazing adoption.

So, we're -- we're really excited about that team. They -- when they joined us, we said welcome to the family and gave them an accelerated bookings target, and they are running and achieving against that. So, really thrilled to have them and watching them continue to succeed.

Unknown speaker

OK. Thank you.

Operator

All right. Our next question is going to come from Catharine Trebnick with Rosenblatt.

Catharine Trebnick -- Rosenblatt Securities -- Analyst

Well, thanks for taking my question. Nice quarter. Has your appetite for M&A changed at all in the last year? You know, all day long, on CNBC, they kept saying, "Oh, you know, we're looking for growth -- acceleration of growth." So, just wondering if you're looking at the 6.5 billion and your attitude toward M&A. Thank you.

Kelly Steckelberg -- Chief Financial Officer

Yes. Thank you, Catharine. M&A is something that we evaluate and think about for as a potential strategy all the time. I have a corp dev team that -- that looks at opportunities on a daily basis.

And we have a very strong lens that we look through in terms of evaluating that, first of all, the technology and what does it bring to our customers. We would always want to make sure that our customers continue to enjoy a really high-quality product, like they do with Zoom today. We look at the culture to make sure that that it's something that we think would work well with Zoom. It's usually a really good indicator of the success of -- of integrating to companies.

And then, of course, we look at the lens of valuation and does it make sense. Is it a price that we are willing to pay? And because we have such a high bar, it honestly has been hard to find companies that we love that -- that makes it through all three of those tests. It doesn't mean that we wouldn't love to find someone that did. There are some really great companies out there.

And for one reason or the other, to date, we just haven't found the right match, but it doesn't mean that -- that we won't. And that is why we have purposely remained, you know -- retained, I should say, the flexibility of having that cash on our balance sheet so that if we do see something interesting, we're able to, you know, act on it.

Operator

Moving on to KeyBanc's Tom Blakey.

Tom Blakey -- KeyBanc Capital Markets -- Analyst

Thank you very much. Good to see Eric, and hi, Kelly.

Kelly Steckelberg -- Chief Financial Officer

Hi, Tom.

Tom Blakey -- KeyBanc Capital Markets -- Analyst

I'm just wondering quickly on the stability that we were talking about a couple quarters ago in online, it's pretty impressive that we went back and forth on that a little bit here, and it's been very stable. And you obviously talked about the record churn. Can you maybe -- maybe update us that -- on that in terms of, you know, we expect the same type of stability in online into the fiscal 4Q and maybe even similarly into fiscal '25, that'd be helpful. Thank you.

Kelly Steckelberg -- Chief Financial Officer

Yeah, so, the team has done a lot of work this year to -- on many fronts around online. First of all, stabilizing retention, which what you're seeing the -- the benefits of that today, as well as focusing on free-to-pay conversion because it's really important that we're continuing to fill the top of the funnel. And those are things like force breaks. And the -- as Eric mentioned earlier, also being able to procure additional products online.

Things like Whiteboard and Scheduler are very well aligned with the strategy of our online buyers. So, those are all of the initiatives that Wendy and her team are continuing to focus on in terms -- I mean, we hold ourselves to a very high standard. We say stabilization; what we really want to see is dollar -- dollar stabilization quarter over quarter. And while it's very, very close, it's not quite there.

And I expect it'll be slightly down, just very very slightly down again in Q4. But as we're working on FY '25 planning with the team, really looking forward to initiatives that drive stabilization, and if not, some growth into FY '25.

Tom Blakey -- KeyBanc Capital Markets -- Analyst

Very helpful. Thank you, Kelly.

Kelly Steckelberg -- Chief Financial Officer

Yeah.

Operator

The next question is from Shebly Seyrafi with FBN Securities.

Shebly Seyrafi -- FBN Securities -- Analyst

Yes, thank you very much. You guided deferred revenue to decline 6% to 8% in Q4 due to shorter billing frequencies with enterprise customers. The question I have is, what kind of decline would that have been without that billing frequency change. And relate to this, you're going to have a big renewal cycle in Q1.

So, do you expect deferred revenue growth to pick up meaningfully in Q1?

Kelly Steckelberg -- Chief Financial Officer

Yeah, so, as a reminder, the way the deferred revenue trends throughout the year is it's always the highest in Q1 and then it declines throughout the year. And there's -- there's two things that are happening. First of all, Q1 is the largest renewal period. So, the bucket gets filled up, and then that's getting amortized through the rest of the year.

But also, the -- the subsequent renewal cycles are lower than Q1. So, it's the inverse of probably every other SaaS company in the world, where usually you're adding higher renewals every single quarter, we are actually adding a lower number -- you know, a lower dollar amount of renewals every single quarter. So, as Q1 is getting amortized down, what's coming in to refill the top of that bucket is coming down every single quarter. And that's why you have seen, for quite a number of years now, typically a sequential decline in deferred revenue quarter over quarter.

Shebly Seyrafi -- FBN Securities -- Analyst

OK. Thanks.

Kelly Steckelberg -- Chief Financial Officer

Yeah.

Operator

We'll now hear from James Fish with Piper Sandler.

James Fish -- Piper Sandler -- Analyst

Hey, guys. Thanks for the questions here. Appreciate all the details around some of the product lines. But building off of a few prior questions with that Contact Center customer count up to about 700 versus the 500 last quarter, you know, if my math's right, given kind of what you guys have talked about with price points, kind of seems like we're nearing 100 million of ARR now.

Or how should we think about that average seat count at this point? And then, Eric, for you, look, it got released and was available this quarter, but how has that workforce engagement solution really gone in terms of penetration with the Contact Center installed basis? Is that acting as sort of a consolidation function underneath for -- especially that small mid-market? Thanks, guys.

Kelly Steckelberg -- Chief Financial Officer

Yeah. No, you go ahead. Go ahead first.

Eric Yuan -- Founder and Chief Executive Officer

I think if you look at Contact Center, right? So, not only just for us to offer the kind of capabilities, we want to offer a full platform, right, including workforce management. This is the modern piece of -- modern architecture, not something like, hey, you have on-prem solution for a long time, you just put it into the in the cloud. That's not the case. We build everything from the ground up.

It is tightly integrated with our cloud Contact Center solutions. That's the reason why, you know, you look at our, you know, customers right from SMB, medium size to all the way to enterprise, I think we are ready. And -- however, as I mentioned earlier, this sweet spot should be the -- you know, the middle, right? However, one thing is we realized customers want to have one seamless experience for everything, Contact Center, Workforce Management, and Virtual Agent, AI features, Quality Management, right? So, we are trying to offer all of them, you know, so that's the kind of, you know, our strategy. In terms of Workforce Management contribution, it really helped because we tell customer, hey, we offer everything to you.

You know, we are not going to let you, you know, deploy other third-party workforce management solutions. We offer all the services, all the functionality to you with one platform.

Kelly Steckelberg -- Chief Financial Officer

Yeah. And, James, you know, in terms of your ability to kind of understand how those products are progressing themselves, we'll do, as we've done with others, and announce milestone metrics as we start to see them emerge. They're just so new right now that that doesn't really make sense, but we will do that over time.

James Fish -- Piper Sandler -- Analyst

Understood. Thanks, Kelly. Thanks, Eric.

Kelly Steckelberg -- Chief Financial Officer

Yeah, yeah.

Eric Yuan -- Founder and Chief Executive Officer

We are not ready to share a number, exact number yet about how many customers deployed Workforce Management. So, stay tuned in the future quarters.

Kelly Steckelberg -- Chief Financial Officer

Yes.

Operator

And our next question will come from Matt VanVliet with BTIG.

Matt VanVliet -- BTIG -- Analyst

Yeah, good afternoon. Thanks for taking the question. I guess following up one more on -- on sort of the Contact Center and Zoom Phone. In terms of overall customer mix, overall below 1% penetration on -- on customer or -- on Contact Center here.

Is there a target that you think is sort of the next few years of the customers you're going to go after? How -- how high do you think of the roughly 200,000 customers you have -- have an existing contact center that you've maybe identified and comparatively work your way into? And then, sort of following up on that, what percentage, if you can share, of the over 100,000 customers -- 100,000 revenue, customers have Zoom Phone or Zoom Contact Center as an attachment there?

Kelly Steckelberg -- Chief Financial Officer

So, I guess the way that I think about Contact Center and its progress is that it's -- so far, is very following a very similar, you know, roadmap, if you will, then that Zoom Phone did. So, if you -- if you think about -- you know, we can see the visibility internally just as we could with Zoom Phone. But in terms of ARR as a metric, for example, it's going to take a little while for that to be something that's visible to you. But so far, it's tracking in a very very similar way that Zoom Phone did, which I think is very encouraging and that, you know, we need a couple more years and then it starts to be a really significant growth contributor.

It just, you know, start -- starts small and then -- and then grows quickly. And that's what we're seeing.

Eric Yuan -- Founder and Chief Executive Officer

And also, look at opportunity, you know, very similar as well. Many years ago, a lot of enterprise customers they are Phone. You know, you see deployments still on-prem. Today, you look at most of the customers on Contact Center, still on-prem.

So, you know, that's why, you know, a lot of opportunity ahead of us in particular given our, you know, modern architecture is very scalable, so.

Matt VanVliet -- BTIG -- Analyst

Great. Thank you.

Operator

Needham's Ryan Koontz has the next question. Ryan, please go ahead.

Ryan Koontz -- Needham and Company -- Analyst

Hi and Happy Thanksgiving.

Kelly Steckelberg -- Chief Financial Officer

Hi, Ryan.

Ryan Koontz -- Needham and Company -- Analyst

From Zoomtopia, yeah, team, I'm really impressed with Zoom Rooms and what you're doing there. The innovation really seems years ahead of the market. And I wondered how -- what's your updated view on the Rooms' opportunity for the company? Do you think it's strong enough that you can use that as a lead, as almost a stand-alone product, and you see the market opportunity more promising for you with that product? You think you have the go-to-market initiatives? These sort of questions. Thank you.

Eric Yuan -- Founder and Chief Executive Officer

So, yeah, Ryan, so speaking of the opportunity, you are so right. You know, whenever a customer, you know, for many years ago, right, they deploy Zoom Rooms for more and more customers when they try to embrace hybrid work, then you have a modern solution for their conf rooms. You know, they evaluated multiple solutions. Zoom Rooms indeed, you know -- it stands out indeed, you know, years ahead of any other competitors.

However, you know, sometimes, you know, for customers when they try to support a hybrid work, right, for now, they are in the middle of embracing hybrid work, right, what's the new layout of the entire workplace and how many conf room they needed to support, and so on and so forth. So, that's why a lot of opportunities. At the same time, you know, when you're working together with customers in not only for conf room innovation but also entire work -- workplace, you know, the management, what's the layout. Also what's -- I think a lot of opportunities not only for conf room itself, like how to reserve a -- reserve a desk, right? You know, all those things we are to be in as a part of the Zoom Rooms, like wearing them like a digital signage and also part of a Zoom Rooms as well.

This is a full -- you know, the conference room or workplace, you know, solution. And that's why, you know, we need to make sure folks on marketing side to share with the customer. Again, Zoom Rooms is not only just for your conference room solution but also for hybrid work and also for entire workplace as well.

Ryan Koontz -- Needham and Company -- Analyst

That's great. Thank you.

Eric Yuan -- Founder and Chief Executive Officer

Thank you, Ryan.

Kelly Steckelberg -- Chief Financial Officer

Thanks, Ryan.

Operator

And we'll move on to Peter Weed with Bernstein.

Peter Weed -- Bernstein -- Analyst

Thank you. You know, I think for the first time, at least as far as I can look at in the model, you know, it looks like the kind of larger enterprises greater than $100,000 enterprise customers were roughly flat quarter over quarter. But, you know, we're hearing, you know, the great stories about customer expansions and the number of those customers has continued to increase, which would imply there's a whole another set of customers that are either shrinking or churning. And it appears that got more pronounced to this quarter than perhaps we've seen recently.

How should we think about those effects? And, you know, is that more churn or is it downgrades? And when customers are churning or downgrading, where are they going? And is this something that -- that is kind of temporary, we may have some pain for a bit of time before we get through some effects?

Kelly Steckelberg -- Chief Financial Officer

Yeah, so I think we've talked about this the last couple of quarters. We certainly have seen impact in -- in our customers having reached [Inaudible] in their own businesses and in their own employee count. So, we and then -- we are working [Inaudible]. And yet even in that situation, our team is doing a great job of taking the opportunity to transition them from potentially Meetings to one of our Zoom One bundles.

That includes Phone. We talked about in our prepared remarks, we saw that grow over 300% year over year in terms of the number of customers that are using those bundles. And that's great for -- for many reasons, right, in terms of retention. And having more than one product deployed we see is very advantageous to customer retention.

So, we certainly have -- have worked with many many many of our customers this year on ensuring that they have the right package in place. And -- but I also talked about earlier this -- you know, earlier in the call that we know that the majority of our customers have had some sort of renewal period in FY '24, meaning that we -- we -- we hope -- we anticipate that as we've got -- get through the end of this year, we've moved through most of those transitions where organizations have done their own reductions and, you know, are lining their licenses to that.

Peter Weed -- Bernstein -- Analyst

But it sounds like you're not seeing an uptick in churn. This is mostly just that kind of reduction in force. And once we're through that, then you've set a floor in so that the expansions can kind of work going forward on all the great things people are buying, which, you know, even us at Bernstein, we yeah, we're great, great customers love the product. So...

Kelly Steckelberg -- Chief Financial Officer

Yeah, yeah, yeah. I mean that's -- we're not giving our FY '25 guidance, just to be clear. But yeah, but that's in general what we anticipate, just knowing that we've worked through most of our customer renewals this year and assume that they've gotten through their reductions now. You know, it depends on what happens overall with the macro, but that's what we believe to be the case, yes.

Peter Weed -- Bernstein -- Analyst

Thank you.

Kelly Steckelberg -- Chief Financial Officer

Yeah.

Operator

Our next question will come from Imtiaz Koujalgi with Wedbush.

Kelly Steckelberg -- Chief Financial Officer

Oops, you're on mute.

Taz Koujalgi -- Wedbush Securities -- Analyst

I'm sorry. Can you guys hear me now?

Kelly Steckelberg -- Chief Financial Officer

Yeah.

Taz Koujalgi -- Wedbush Securities -- Analyst

Yeah, thanks. Hi, guys. On Zoom Phones, so can you give us the [Inaudible] ARR on Zoom Phones last quarter? If I do a rough math on the ASP, it comes down to, like $7 to $8, I think, per month, which seems like almost half or even more of the list price, if you can just confirm that. And has that discount gone down, gone up?

Kelly Steckelberg -- Chief Financial Officer

Yeah, so, as a reminder, you can buy Zoom Phone either for $10 per license per month if you have metered calling on top, or $15 if you get unlimited long distance. So, the -- the ASP is going to depend on, you know, which version of that, which of the SKU the customers are buying, and how they come together. And then, if you think about some of our largest enterprise customers, we do discount not just for obviously for Zoom Phone, but the overall value of their purchases or their value of being a customer for longevity in terms of length of cycles, willingness to pay upfront. So, all of those things contribute.

But it sounds like you're right in -- you're right in sort of the ballpark. We have not seen a dramatic shift in those discounts up or down.

Taz Koujalgi -- Wedbush Securities -- Analyst

And just one follow-up. Is that similar to what you're seeing in the Contact Center versus -- you know, I think the list price was 70 for Contact Center. Any comment on how the discounting in Contact Center compares to what you've seen in Zoom Phone?

Kelly Steckelberg -- Chief Financial Officer

Yeah. No, I don't think you can correlate them. They're very different products with -- with a very different sales cycle and approach. So, I don't think you can try to, you know, take a percentage discount necessarily from one product and expect it to apply to a different one.

Taz Koujalgi -- Wedbush Securities -- Analyst

Thank you.

Kelly Steckelberg -- Chief Financial Officer

Yeah.

Operator

And we will now hear from Tyler Radke with Citi.

Kelly Steckelberg -- Chief Financial Officer

Hi, Tyler.

Tyler Radke -- Citi -- Analyst

Yeah, hi. Hi. Good evening. So, Kelly, if I look at the midpoint of your guidance for Q4, it's about 1% growth.

And I know there's some currency in there, but how should we be thinking about that as a jumping-off point for fiscal year '25? What are kind of the puts and takes that would -- would cause growth to be higher than that and also lower? It does sound like you're starting to see some stabilization in -- in parts of the business. But just -- just help us frame for how -- how we should be thinking about that trajectory beyond Q4.

Kelly Steckelberg -- Chief Financial Officer

Yeah. So, we will obviously give FY '25 guidance on the Q4 call. However, I do think that the Q4 implied exit rate and considerations around the macro and if it is stabilizing or improving over time are important considerations. You know, we do see -- we've talked about many great aspects of our business today, you know, growth in Phone, growth in Contact Center, stabilization in all -- online, all could be contributors that could drive growth in FY '25 to be slightly higher than the implied Q4 exit rate.

But -- but right now, I think you should look at the exit rate, consider the macro, and take all of that into account as you're -- as you're modeling.

Tyler Radke -- Citi -- Analyst

Thank you. Great. Thanks. Let me make a quick couple of follow-ups.

I guess, Eric, to an earlier question on AI Companion, can you just talk about where you're seeing the greatest usage? What are customers most focused on, and what's the early feedback look like? What are customers asking for in AI? Where can you continue to add more value there?

Eric Yuan -- Founder and Chief Executive Officer

Yeah, it's great a question. First of all, AI Companion includes a lot of features like, hey, if you are late to the call, you want to understand what's going on, you know, what kind of -- you know, the point I missed and so on, so forth, you can quickly ask, you know, all those kind of features. And also, you know, use our Team Chat. It can help you compose, your chat solution, and a lot of features to build upon that, right? So, and one of the key features customers really like it's very, of course, straightforward as a meeting summary, right? And after the meeting is over, we -- not only do we generate, you know, a summarized , recorded -- for now, you do not you record a meeting anymore, it just record a summary.

And that feature works extremely well. We do see, among a lot of other features, customers start including. I think this one, probably one of the highlights, you know, it's very easy to use. And you see the -- the very very -- you know, obvious in our way to enable that feature.

So, again it's a lot of other features as well. And, you know, like, for me, I also use the -- you know, the -- our -- the client -- the email client, email connect and other services. You can write. You can -- help you compose an email as well, right? This is a lot of features, right? You know, and down the road a version was for the Whiteboard with, you know, AI Companion as well.

Almost every surface, entire platform working with AI Companion. So, and a lot of features, so you know, in AI Companion.

Tyler Radke -- Citi -- Analyst

All right. Thank you.

Eric Yuan -- Founder and Chief Executive Officer

Make sure you enable, you know, meeting summary and explore so many features. I'm pretty sure you'll love that. So, we've got a lot of very positive feedback from those early adopters, you know.

Operator

And our last question is going to come from Stephen Bersey with HSBC. Stephen, if you want to go ahead -- oh, I believe Stephen just disconnected. Stephen, are you still out there? If you are not -- I don't know, I think he's no longer with us. So, you know what, Eric, I'll just turn it back to you for closing remarks.

Eric Yuan -- Founder and Chief Executive Officer

Yeah, so first of all, thank you all for your time to join our Q3 earnings call. I really appreciate you all and your families. Have a wonderful holiday season. Thank you again for your great support.

Thank you.

Kelly Steckelberg -- Chief Financial Officer

[Inaudible]

Operator

[Operator signoff]

Duration: 0 minutes

Call participants:

Tom McCallum -- Head of Investor Relations

Eric Yuan -- Founder and Chief Executive Officer

Kelly Steckelberg -- Chief Financial Officer

Ryan MacWilliams -- Barclays -- Analyst

Meta Marshall -- Morgan Stanley -- Analyst

Kash Rangan -- Goldman Sachs -- Analyst

Michael Turrin -- Wells Fargo Securities -- Analyst

Michael Funk -- Bank of America Merrill Lynch -- Analyst

Karl Keirstead -- UBS -- Analyst

George Iwanyc -- Oppenheimer and Company -- Analyst

Peter Levine -- Evercore ISI -- Analyst

Pat Walravens -- JMP Securities -- Analyst

Arjun Bhatia -- William Blair -- Analyst

Ethan Bruck -- Wolfe Research -- Analyst

Unknown speaker

Catharine Trebnick -- Rosenblatt Securities -- Analyst

Tom Blakey -- KeyBanc Capital Markets -- Analyst

Shebly Seyrafi -- FBN Securities -- Analyst

James Fish -- Piper Sandler -- Analyst

Matt VanVliet -- BTIG -- Analyst

Ryan Koontz -- Needham and Company -- Analyst

Peter Weed -- Bernstein -- Analyst

Taz Koujalgi -- Wedbush Securities -- Analyst

Tyler Radke -- Citi -- Analyst

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