Zoom (ZM) 2027 財年第二季法說會：企業與 AI 成長帶動調升財測

重點摘要

• Zoom Video Communications (ZM) 公布 2027 財年第二季營收為 12.8 億美元，年增 4.9%（按固定匯率計算增長 4.7%）。企業營收增長 7.8%，創下三年來最快增速，占總營收的 62%。
• Non-GAAP 營業利益為 5.1 億美元，營業利益率為 40.0%。Non-GAAP 稀釋後每股盈餘 (EPS) 升至 1.55 美元，高於去年同期的 1.53 美元。
• 剩餘履約義務 (RPO) 達到約 45 億美元，年增 14%，其中非流動 RPO 增長 25%。管理層將此增長歸因於規模更大、合約期更長的多產品平台合約。
• AI 採用率持續擴大。Zoom Workplace AI 功能的授權月活躍用戶數增長 125%，而 Zoom Virtual Agent 客戶數年增超過 250%。
• 管理層將 2027 財年營收指引調升至 50.85 億至 50.95 億美元，Non-GAAP 每股盈餘指引調升至 6.08 至 6.12 美元。自由現金流指引調升至 17.8 億至 18.2 億美元。
• 管理層預計企業營收增長速度將快於先前預期，但部分被線上營收持平以及客戶搜尋與發現產品方式的近期變化所抵銷。

核心財務業績

Zoom 本季以約 3.52 億美元回購了 370 萬股股票。在其 47 億美元的回購計畫下，該公司已累計斥資 34 億美元回購了 4,420 萬股股票。

按地區劃分，營收在 美洲增長 6%，歐洲、中東及非洲地區 (EMEA) 增長 2%，亞太地區 (APAC) 增長 4%。

業務與營運表現

企業業務增長與多產品採用

在產品多元化、AI 變現、客戶規模擴大、通路擴展及流失率降低的支撐下，企業營收增長加速至 7.8%。管理層表示，Zoom 正在贏得更多規模更大、期程更長的事務平台合約。

Zoom Phone 的年重複性營收 (ARR) 繼續保持 10% 多（十位數）的增長。本季前十名 Zoom Phone 交易全都涉及競爭性替代方案，其中五筆還包含了 Zoom Contact Center。管理層亦將 Phone 視為導入 Zoom Revenue Accelerator、Zoom Mate 與 Zoom Virtual Agent 等產品的入門途徑。

Workvivo 的 ARR 突破 1 億美元。Zoom 還推出了 Workvivo HQ，這是一個 AI 原生數位總部，旨在整合員工溝通、知識與行動。

客戶體驗與 AI 變現

Zoom CX 的 ARR 保持高雙位數增長，且公司錄得史上最多筆百萬美元級 ARR 合約。前十大 Zoom CX 交易中有九筆包含付費 AI 產品。

Zoom Virtual Agent 的客戶數年增超過 250%。該產品可與 Zoom Contact Center 搭配銷售，亦可獨立銷售，為 Zoom 後續的擴展提供了多個切入點。

Zoom Revenue Accelerator 的付費客戶數年增 41%。於 7 月中旬完成的 Common Room 收購案，為 Zoom 以銷售為核心的產品組合增添了買家情報功能。管理層表示，相對於 Zoom 約 50 億美元的年營收基期，其短期營收貢獻微不足道。

Zoom Workplace 內 AI 功能的授權月活躍用戶數增長了 125%。管理層表示，使用場景正在從會議摘要擴展至主動查詢、工作流程建立與任務執行。

線上業務

儘管月繳與年繳方案總體調漲價格約 6%，線上每月流失率仍維持在 2.9%。然而，管理層在觀察到隨著產品發現方式從傳統搜尋轉向 AI 工具，漏斗頂端的轉化趨勢有所減弱後，將 2027 財年線上營收假設從微幅增長下調至持平。

管理層財務指引

管理層表示，全年營收展望上調是基於更強勁的企業業務增長預期，但部分被持平的線上營收所抵銷。未來的股票回購並未納入股數或每股盈餘 (EPS) 指引中。

自由現金流展望調升反映了上半年的優異表現以及資本支出預期的降低。Zoom 將一個資料中心的資產使用年限延長了兩年，為自由現金流展望帶來了約 4,000 萬美元 的正面效益。

風險與關注領域

• 白標 (white-label) 合約逆風預計將使全年營收增長減少約 40 個基點，並使企業業務增長減少約 60 個基點。管理層預計下半年還會受到一些額外影響。
• 由於客戶獲取模式改變以及產品發現從傳統搜尋轉向 AI 工具，目前預計線上營收將維持持平。
• 隨著 AI 使用量及相關費用增加，Non-GAAP 毛利率下降了 70 個基點。管理層預計將繼續優化 AI 基礎設施，同時保持長期毛利率接近 80% 的目標。
• 包括 Common Room 在內的早期收購案在初期無法達到 Zoom 現有的利潤率水平，可能會帶來一些短期獲利壓力。
• 企業淨美元擴展率仍低於 100%，為 99%，不過較去年同期改善了 1 個百分點。

分析師問答亮點

• Zoom Phone 機會：管理層提到，目前仍有大量雲端與地端席位可供進行競爭性替代。Phone 越來越能帶動對 Contact Center 及付費 AI 產品的交叉銷售。
• RPO 增長：RPO 增長 14% 與規模更大、期限更長且與 AI 相關的多產品交易有關。管理層提醒，營收指引仍是衡量短期業績的最佳指標。
• AI 定價模式：Zoom 根據產品與客戶需求，支援按用戶計費、按使用量計費以及按成果計費。預計按成果計費的模式對於 Zoom Virtual Agent 和其他垂直領域 AI 產品的適用性，會高於 Meetings 或 Phone。
• AI 基礎設施經濟效益：Zoom 計劃利用其聯邦式 AI (federated AI) 架構，根據效能與成本選擇模型，同時在適當情況下將高流量工作負載轉移至其自行研發的小型模型。
• Contact Center 競爭力：管理層強調，Zoom 能夠在單一平台上整合 Meetings、Phone、Contact Center 與 AI，並結合其既有的企業客戶關係與自主研發的語音技術。
• Common Room 整合：管理層預計此次收購將把買家信號與銷售對話情報相結合，與 Zoom Revenue Accelerator 形成優勢互補。預計其對 2027 財年營收的即時貢獻微乎其微。

完整法說會逐字稿

---

完整財報電話會議逐字稿

管理層陳述

Operator

Hello, everyone, and welcome to Zoom's Q2 FY 2027 Earnings Release webinar. I will now hand things over to Charles Eveslage, Head of Investor Relations. Charles, over to you.

Charles Eveslage

Thank you, Catherine. Hello, everyone, and welcome to Zoom's earnings webinar for the second quarter of fiscal year 2027, and I'm joined today by Zoom's Founder and CEO, Eric Yuan; and Zoom's CFO, Michelle Chang.

Today, I'm giving my prepared remarks by Zoom Custom Avatar and so will Eric and Michelle. After the scripted portion of the call, Eric and Michelle will be on camera live to answer your questions.

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. 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 third quarter and full fiscal year 2027, 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, including our AI strategy and investments 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-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, who is also giving his prepared remarks via Zoom Custom Avatar.

Eric Yuan

Thank you, Charles. FY '27 continues to progress well. Total revenue grew 4.9% with enterprise revenue growing 7.8%, its strongest rate in 3 years. The enterprise acceleration was driven by our focused execution against our 3 priorities of elevating workplace with AI, scaling AI first customer experience and driving growth in new AI products.

This progress reflects our success in bringing our AI first system of action vision to life, helping customers reduce costs and create greater business value. That vision is grounded in Zoom Workplace, which we continue to enhance with AI. Across Workplace and our broader communications platform, AI is becoming increasingly embedded in how users work throughout the communication and collaboration life cycle.

Licensed monthly active users of our AI features in Workplace grew 125% year-over-year. We are even more encouraged by the broadening engagement, which has expanded from reactive communication summaries into active querying and building workflows, turning insights into action and conversations into outcomes.

Our wins in Q2 speak to our growing ability to win as a system of action for modern work. We saw 1 of the largest U.S. tech companies renew Zoom Workplace in a deal that expanded its ARR by $1.9 million, driven by the deep employee appreciation for the Zoom meetings and rooms experience, our AI vision and our ability to integrate and coexist with Google Workspace.

With ARR growing in the teens, Zoom Phone continues to demonstrate its value, both as a natural add-on to Zoom workplace and increasingly as a driver to broader platform adoption. We saw both dynamics in Q2 and A major U.S. wealth manager upgraded to Zoom Workplace Enterprise Primer, including a wall-to-wall rollout of Zoom phone replacing multiple vendors. Zoom Phone is also creating pull-through for our broader platform. For example, QXO, a large North American distributor and installer of building products chose Zoom Phone company-wide for roughly 8,000 employees alongside Zoom Contact Center to unify their UCaaS and CCaaS systems, integrate with Microsoft Teams and automatically drive CRM updates from live interactions. We were also very pleased with the progress of our employee experience offering within our system of action.

In Q2, a leading U.S. insurer and major Zoom Workplace and Phone user expanded into Workvivo, marking 1 of Workvivo's largest ever deals as it also surpassed $100 million in ARR. We are also priming Workvivo for the AI era by launching Workvivo HQ and AI native digital headquarters built on Zoom's AI technology, bringing communication, knowledge and action together for every employee. On a global luxury retail brand selected Workvivo HQ as their employee experience platform and will deploy Workvivo HQ agent to give thousands of frontline workers faster access to ANSYS from their policies and databases.

As you can see, customers are choosing Zoom as an AI-first secure integrated multiproduct system of action, sometimes displacing multiple vendors, other times coexisting with them. This progress exemplifies our ability to meet customers where they are, turn conversations into business value while driving durable platform expansion for Zoom.

Customer experience is a clear example of our platform strategy translating into growth and direct AI monetization. In Q2, Zoom CX ARR continued to grow at a high double-digit year-over-year rate, and we set a record for the number of 7-figure ARR deals. AI continues to drive this momentum with paid AI in 9 of the top 10 Zoom CX deals showing growing demand for a system of action that connects automation, human agents and intelligence. We saw rapid adoption in Zoom virtual agent, both as a Zoom Contact Center attached and as a stand-alone offering with its customer count growing more than 250% year-over-year. ZVA's voice and chat agents go beyond simply answering questions. They resolve issues, complete multistep workflows and escalate to human agents with full context when needed. This validates our vision of moving customers from chatbots to resolution agents turning conversations into resolved outcomes at scale.

Increasingly, customers are going all in on Zoom CX, combining our virtual agent and agent-assisted AI solutions to enable seamless transitions from automated self-service to human support. For example, in Q2, 1 of the largest U.S. banks chose ZVA while expanding its existing ZCC lead deployment to enable self-service alongside AI-assisted human support, helping them scale to meet surging help desk volume. For others, the value is in breaking down the fragmentation between UCaaS and CCaaS solutions and bringing communications onto a unified platform. In Q2, a leading enterprise software company selected ZVA Voice as a natural extension to Zoom Phone as they look to modernize their customer experience.

We also saw a major U.S. cybersecurity company select Zoom Contact Center to replace multiple vendors and securely unify their UCaaS and CCaaS solutions Building on their use of Zoom video in customer interactions and allowing agents to escalate voice calls to ZCC video session seamlessly and natively.

It is not only customer recognition. Early this month, Zoom was named the leader in the IDC MarketScape for AgentixCCOS. This progress demonstrates the momentum behind Zoom CX and validates our differentiated approach, a unified AI-first system of action that connects self-service, human support and internal communications to deliver better customer outcomes at scale.

Our progress in enhancing workplace and scaling customer experience gives us a natural foundation from which to deliver new AI value to our customers in horizontal and vertical scenarios. In horizontal AI, we launched Zoom Mate in June, bringing our system of action strategy to life for our workplace users through AI first productivity tools, agentic search and agentic workflows. We've already seen interest spanning our Zoom workplace base from small businesses to the world's largest enterprises. By combining Zoom conversation data and proprietary intelligence with other enterprise systems, Zoom Mate turns conversations into completed work and business value. In Q2, we were delighted to see the University of Newcastle in Australia, already a full platform Zoom customer add Zoom Mate to further enhance its collaboration and communication capabilities.

As we expand the system of action across the enterprise, we are using Zoom's unique position in live communications to capture context and intend and apply that intelligence to vertical workflows. Sales is a strong example Zoom Revenue Accelerator, our revenue orchestration solution turns live sales conversations into intelligence that supports coaching and action to improve seller productivity and win rates. ZRA had another strong quarter with paid customers growing 41% year-over-year. Common room extends this value upstream, creating a fuller end-to-end revenue intelligence and orchestration solution together with ZRA and the broader Zoom platform. We closed the acquisition in mid-July, adding buyer intelligence that unifies fragmented signals to identify in-market accounts, key buyers and the right reasons to engage.

In Q2, Okta expanded their common room contract as they look to further capture the value that AI-driven buyer intelligence delivers by consolidating customer insights across platforms and surfacing real-time buyer signals to convert deals into wins faster.

Across our 3 priorities, the common thread is clear. Zoom is deepening its value to our customers as a system of action. We are embedding AI across our platform to turn conversational context into action and deliver what customers want, real AI value that produces outcomes. We are encouraged by the momentum across our platform and proud of our progress expanding AI monetization to durable growth and most importantly, deliver enduring value for our customers.

Michelle, via Zoom Custom Avatar, will now take us through our Q2 financial results. Michelle?

Michelle Chang

Thank you, Eric, and hello, everyone. I'm excited to be with you today to share Zoom's Q2 FY 2027 financial performance. In Q2, total revenue grew 4.9% year-over-year to $1.28 billion or 4.7% in constant currency. This result was $7 million above the high end of our guidance. Our enterprise business drove the outperformance with revenue growing 7.8% year-over-year, representing 62% of our total revenue, up 2 points year-over-year.

In our online business, Q2 average monthly churn was 2.9%, in line with Q2 of last year. Within our enterprise business, we saw 8% year-over-year growth in the number of customers contributing more than $100,000 in trailing 12-month revenue. These customers now make up 33% of our total revenue, up 1 point year-over-year. Our trailing 12-month net dollar expansion rate for enterprise customers in Q2 was 99%, up 1 point from the prior year period and in line with the prior quarter.

Looking at our international growth. Our Americas revenue grew 6% year-over-year, EMEA grew 2% and APAC grew 4%. Moving to our non-GAAP results, which, as a reminder, exclude stock-based compensation expense and associated payroll taxes, net litigation settlements, acquisition-related expenses, net gains or losses on strategic investments and all associated tax effects.

Non-GAAP gross margin in Q2 was 79.1% compared to 79.8% in Q2 of last year. We continue to deliver strong gross margins as we broaden our AI product portfolio and optimize for scaling customer adoption. Non-GAAP income from operations grew 1% year-over-year to $510 million, in line with our guidance. Non-GAAP operating margin for Q2 was 40% compared to 41.3% in Q2 of last year. We continue to deliver very strong operating margins while improving top line growth as we further invest in our growing portfolio of AI products and drive future efficiencies in our AI infrastructure. Non-GAAP diluted net income per share in Q2 increased to $1.55 on approximately $300 million non-GAAP diluted weighted average shares outstanding. This result was $0.08 above the high end of our guidance and $0.02 higher than Q2 of last year. The EPS growth reflects strong top line performance as well as antidilution driven by our buyback program and disciplined stock compensation management.

Turning to the balance sheet. Deferred revenue at the end of Q2 grew 6% year-over-year to $1.56 billion, above the high end of our previously provided range of 2% to 3%. For Q3, we expect deferred revenue to be up 3% to 4% year-over-year.

Looking at both our billed and unbilled contracts, our RPO increased 14% year-over-year to approximately $4.5 billion, driven by noncurrent RPO growth of 25%. The strong growth in RPO reflects our continued success landing larger, longer-term multiproduct platform deals, demonstrating growing demand for our AI first platform.

In Q2, operating cash flow was $495 million, representing an operating cash flow margin of 38.7%. Free cash flow in the quarter was $472 million, representing a free cash flow margin of 37%. We ended the quarter with $7.2 billion in cash and cash equivalents and marketable securities, excluding restricted cash. In Q2, we repurchased 3.7 million shares for approximately $352 million. across our $4.7 billion share repurchase plan, we've repurchased a total of 44.2 million shares for $3.4 billion.

Turning to guidance. For Q3, we expect revenue to be in the range of $1.275 billion to $1.28 billion, representing 3.9% year-over-year growth at the midpoint. We expect non-GAAP operating income to be in the range of $510 million to $515 million, representing an operating margin of 40.1% at the midpoint. Our outlook for non-GAAP earnings per share is $1.46 to $1.48 based on approximately 301 million shares outstanding.

For the full year of FY '27, we are excited to raise our revenue and EPS guidance. We now expect revenue to be in the range of $5.085 billion to $5.095 billion which represents 4.5% year-over-year growth at the midpoint. Our increased revenue outlook assumes enterprise revenue growing faster than expected, partially offset by flat online growth. We continue to expect our non-GAAP operating income to be in the range of $2.065 billion to $2.075 billion, representing an operating margin of 40.7% at the midpoint.

In addition, our outlook for non-GAAP earnings per share in fiscal year '27 is increasing to $6.08 and to $6.12 based on approximately 301 million shares outstanding.

As a reminder, future share repurchases are not reflected in share count and EPS guidance. We are also pleased to raise our free cash flow outlook for the full year, which we now expect to be in the range of $1.78 billion to $1.82 billion. This raise reflects the strength in free cash flow in the first half as well as a downward revision in our CapEx spend for the year.

In closing, Q2 was a good quarter with continued execution across our 3 priorities and growing adoption of Zoom as an AI-first system of action. We are pleased with our progress in AI monetization, led by customer experience and early momentum across new AI revenue streams. We remain on track to surpass $5 billion in revenue this year while maintaining our focus on profitability, cash flow generation and shareholder returns. Thank you to our customers, investors and of course, the entire Zoom team for your trust and support.

With that, Catherine, please queue up the first question.

Operator

[Operator Instructions] Our first question will come from Matt Bullock with Bank of America.

分析師問答

Matthew Bullock

It's nice to be working with you again. I was maybe hoping Michelle and Eric, you can elaborate on what you're seeing in terms of phone demand and customer purchasing behavior in second quarter. And then maybe help us think through the outlook for modeling the rest of the year.

Michelle Chang

In your latter product question, Matthew, is on the entirety of the business or Phone uniquely?

Matthew Bullock

Phone specifically.

Michelle Chang

Yes. Eric, did you want to lead off? I'm happy to take this one as well.

Eric Yuan

Go ahead, please. .

Michelle Chang

Yes. So look, we're really encouraged with our Phone results. You saw us highlight a lot of the things about it continues to be in teen growth. Maybe give a little bit of context and color, Matthew to other dimensions that we're seeing. I think we're seeing strong takeout motions. 10 of our top 10 deals were takeouts. We're seeing continued strength in verticals and international. We're seeing that continued UCaaS and CCaaS. And then maybe 2 new elements within Phone before I flip to talking about the revenue guide that I would call out is, I think increasingly, it's going to be a great pathway to other AI monetization. Meaning, we're seeing it set up a lot of ZRA deals, Zoom make deals, Zoom virtual AI reception as sales. So we're encouraged by that. And we're also seeing strong momentum in our team's integration. So with respect to our guide, look, it represents a constant currency beat and raise. We're pleased with the progress to the full year. It's a raise from where we came in at the beginning was at 4.1% growth. So now guiding at the mid of 4.5%. And that's up versus last year. And also, I'll remind investors about that headwind of a white label deal that we had that had about a 6 -- 40 bps, excuse me, impact to the top line. Look, the fundamental headline in our growth inflection is enterprise. You saw from Eric, the 3-year highest growth rate, I'm sure we'll get to talking more about that. And then we tempered it slightly with results in online.

Matthew Bullock

That's great. And maybe just 1 more to follow up, if I could. It looks like the strongest RPO quarter in a few years, really nice step-up and you mentioned a couple of things, landing larger, longer duration contracts, but I was hoping you could expand maybe on some of the underlying drivers of what you think is driving the strength and the step-up in bookings in the quarter?

Michelle Chang

Yes. Look, I think it tells the story of our enterprise business at large. Look, if you look at that 7.8%, the strongest in 3 years, even worth with that white label turn headwind that I talked about that had about a 60 bps impact to enterprise. You see it in the NDE inflection. And look, it's really what we've been telling investors we would work on product diversification, AI monetization moving up market, expanding in new routes to market with channel while working our churn. And look, as we move into these different businesses and we move into that deeper relationship that Eric talked about with our customers, it will come with longer, larger AI-related deals.

Operator

Our next question comes from Samik Chatterjee with JPMorgan.

Samik Chatterjee

Maybe if you can talk a bit more about the record 7-figure deals that you highlighted for the quarter, how is the composition of these deals changing as you sort of see these regard deals come through. Is this being more driven by Contact Center? So are you seeing more AI attach sort of starting to make these deals larger in size? Just curious in terms of with it's like certain products that are driving some of the deal sizes to expand over time? And how should we think about that?

And a quick follow-up for you, Michelle, just on the gross margin side. how we're looking to sort of continuously navigate the increase in compute cost as well, particularly as we saw gross margins quarter slightly in the quarter. How do we think about sort of managing those on an ongoing basis.

Michelle Chang

Yes. Let me start with the first one. Look, I think it's both, and it's all the elements that I just talked through with Matthew on sort of the enterprise business. So I won't and repeated the stuff that I think you're referencing, however, was in contact center. So let me maybe make some comments about what we're seeing in contact center before I hit gross margin. Look, we continue to see it in high double digit. We're clearly taking share. It's driven by we're winning in that market. So we saw a record quarter of 1 million-plus deals in contact center as well as we saw strength in over $100,000 and $1 million in our all of it. And look, it's the same dynamics that we've been highlighting quarter in and quarter out with investors. We're displacing big competitors. It's off the backs of AI, and we're encouraged by our investments in channel ruling being part of that. Look, when it comes to gross margins, look, I think the teams have done a beautiful job in holding gross margins best-in-class. They go and they can have some variability from any quarter 1 to the other. But we've been able to hold that as we shift to an enterprise business and AI usage goes up. We had a little bit of a growth in expenses this quarter as we saw AIUs to spike with some of our new products. And look, as is everyone, we will work to optimize that in the second half, and we continue to reiterate our comments about holding to long-term margins. Maybe let me say, I'll give you kind of the quick version of what gives us confidence in working to those margins is our federated approach in AI. Being able to take best model for the right time at the right cost and be able to fluidly direct traffic in between that, while we work to bring high volumes on to the MSM. Additionally, we sort of create products once in our core, and then we take those core technologies and we infuse them throughout our products. That, together with additional kind of areas of improvement in our core gives us confidence on the long-term 80%.

Operator

Up next, we have a question from James Fish with Piper Sandler.

James Fish

Maybe just on ZBA a lot of consumption models out there for paid AI, interested in seeing attach across contact center and as a stand-alone. I guess, how are you guys balancing or looking at consumption or usage models rather than kind of per seat monetization? How that impacts the model? And then secondly, you guys increased online the price back in mid-March by mid-single digits. Still not seeing much turn activity really, and you're even seeing that 16-month-plus cohort move higher in terms of the growth rate. So I guess, how much more price elasticity do you guys think you have understanding you guys don't typically increase price just for the sake of it.

Michelle Chang

Eric, do you want to take the consumption? Or do you want -- I'm happy to take it too.

Eric Yuan

Yes, go ahead.

Michelle Chang

Look, we benefit broadly from per user models. That's what's been the norm. But look, the market at large is shifting to more consumptive. And so you've seen us in ZBA which was sort of where the root of your question was, but we also employ full consumptive, outcome-based and the combination of per user with a certain amount of consumptive. Look, I think there's benefits to customers on both sides of the fence, and there's learnings for everyone involved. But broadly, our approach is to match what makes sense relative to market and competitive dynamics and ultimately what's in the customer's best interest. Your second question about progress and online. Look, I'm not going to make any comments about future pricing in that other than to just reiterate what you were sort of noting -- this is our second round of price increase. We did 1 to the monthly and then on annual, so you can kind of think about it as 1 all up of roughly 6% in our online business. And to your point, we didn't really see a massive or really any change in our churn. It remains low. And to your point, those customers that have been with us for over 16 months just continues to inflect up. So look, we think that's a really good sign about the stability of our base in our online business. We're going to work on sort of land and expand. And look, we contemplate price increases as we think they make sense and we work discounts down in the enterprise. And there's really nothing that I'd sort of add to it about any future plan.

Operator

Our next question comes from Peter Levine with Evercore.

Peter Levine

Maybe I guess if you look at like phone ARR, it's still growing teens, even size and scale. But I guess the question is like how much more run rate do you see like remains in phone, particularly within your existing kind of workplace installed base if you look at phone today, is it still acting as an entry point for CX or is it still like an add on to meetings? Just more curious, like how much room do you have left a Phone. And then Michelle, a similar question with contact center. Like how much of those net new deals that you saw this quarter, which was impressive to see were like net new customers to Zoom? Or are these all just kind of renewals upsells that you kind of saw just the execution.

Michelle Chang

Yes. Let me hit Phone first, and then I'll get to Contact Center. So look, I think we've been growing in the teens for a while and clearly gaining share. And look, if you think about it from a market perspective, there's about, I think, 130-some-odd cloud suits and about 150 million equivalent on-prem. And so we are winning in both and feel good about our ability to capture competitive share there. And this quarter was no different. 10 of our top 10 deals in involved takeouts. And I'll note, it can differ, Peter, from 1 quarter to the next. But this quarter saw a large percentage of those in online. Look, to your question of kind of the UCaaS CCA synergies, about 5 of our top 10 phone deals had contact center in them. So it gives you the sense that both like you're bringing in customers outside of them. And then clearly, there's a UCaaS CCAS connection. And then when I go to contact center, I think we're clearly seeing a lot of new inroads. And what I say by that is some of them, of course, come from phone. So if you look at it, I think, 3 of the top 10 deals in contact center had phone on them. But then there's also a clear signal that some of them are just coming for contact center in and of themselves. And look, sometimes that comes, and I think you saw the customer examples in Eric's prepared remarks, some coming in through ZVA some coming in through contact center and some going all in with him from day 1. So clearly, there's an AI story and contact center. Clearly, there's a competitive displacement across both. And I think these represent durable drivers for sum for the foreseeable future.

Operator

Our next question comes from Elizabeth Porter with Morgan Stanley.

Unknown Analyst

Great. I wanted to follow up on the Enterprise revenue acceleration. And you highlighted that it was the strongest growth in 3 years. While the trailing 12-month enterprise NDR remained about that 99%. So how should we think about the balance of acceleration between some of these new logos, larger initial lands where you highlight in displacements and expansion of the installed base? And are there any products, whether it's phone, CX or paid AI, they're more influential in moving that NDR sustainably above 100%?

Michelle Chang

There's a lot in there. So keep me honest Elizabeth when I -- if I don't get to some of the nuances in your question. Let me start with NDE and then I'll kind of work back to enterprise and kind of the fundamental drivers and broadly, kind of the balance of new versus expansion, if I got sort of frame up your questions. From an NDE perspective, look, I think we said for a the goal is obviously to move that up and 100 and beyond. And you're seeing it go up to 99% now for the second quarter. I will remind investors we have that white label churn that will come in a touch more in the second half. But look, [indiscernible] tells the story of enterprise. It tells the 7.8% growth in enterprise a 60 bps increase even quarter-over-quarter. And then factor in, again, that white label churn headwind and you can kind of get a sense of where the enterprise growth is. It's off product diversification, all these same factors kind of play through net dollar expansion we're diversifying the product set. Big headlines there are obviously phone, contact center, but also the onset of a lot of AI monetization that the teams have been working very hard on. It's helpful. The way we think about it, the way we talk to investors, the way we run the company, allocate resources, are those 3 priorities, that we framed in our prepared remarks are really the fundamental building blocks for our long-term growth. And we feel good about there are at different stages, but we feel good about those. So those are kind of durable things that you can continue to watch. Maybe the last thing that I'll say is we continue to make progress in churn and deal dynamics in the enterprise space. And certainly, that plus moving up market, we think, are durable elements to continue.

Maybe 1 last comment on sort of new versus expansion. It's clearly coming from but, I guess, I'd go back to kind of, I think it was Peter's question on contact center and phone. Clearly, we're benefiting from a Zoom based and our customers there. But increasingly, with AI monetization, new routes and new products being delivered plus contact center. It's also helping us to bring in net new customers to Zoom and that's supported by our investments in our channel.

Eric Yuan

By the way, to add on to what Michelle said, right? Just look at the corner center, for example, right? Customers now want to look at the cloud-based content center, but also look at agent capability. you look at the latest report from IDC marketscape for genic CCAs. Zooms named a leader in a much better position than a lot of traditional cloud content center vendors, right? -- it does speak of the capability of Zoom Contact Center with agentic capability and a much better position, I think.

Operator

Next up, we have a question from Samad Samana with Jefferies.

Samad Samana

Maybe just on the common room acquisition. Help us think through what the contribution there was to the guidance? And then from a strategic perspective, how should we see that maybe pairing with the revenue accelerator or offering that you already have? And how does it fit into kind of this overall theme of of adding more robust functionality as maybe borderline front office functionality, if I would put it that way.

Michelle Chang

Eric, do you want to maybe start with the thesis of why common room and then I'll jump in with sort of the numbers components.

Eric Yuan

Absolutely. So in terms of strategic value, you look at our AI capabilities, we built a further and also not only do we add those capabilities to the horizontal product lines but also we focus on the lens of the business, right, like a content center and ZRA as well. I think become more and more important because we add more and more capability to our ZRA we build those products organically and also how to accelerate the ZRA portfolio, right? That's why we acquired the common rooms. With common rooms with ZRA plus upcoming the engagement or forecast a lot of new capabilities in the pipeline, our Z is also uniquely positioned to win in the sales space. Essentially, we have AI vertical product to target s department. I think that's a big opportunity for the future quarters. We are very excited about that synergy between ZRA as well as and the common rooms opportunity.

Michelle Chang

Yes. And maybe just to give a little bit more in terms of the guidance. Obviously, our prior guidance included acquisitions like Bright hire, Common was folded in here. Look, these are early-stage companies. While common room was Zoom's largest acquisition to date at million. These are early-stage companies. And so they're going to be de minimis to the impact of our revenue to a $5 billion base. But for all the things Eric said, we're excited about what they can meet into our future growth to our system of action, vision. And I think the combination of ZRA together with common room is a perfect example of what we're talking about in system of action, moving into a different layer of value now helping our customers help drive their revenue. So we're really excited about the future potential and then maybe just a comment. Of course, when you do acquisitions like this, they don't come with Zoom best-in-class margins. And so maybe an element of why we kind of met margins and helped them on the full year is we obviously folded that in. And we'll continue to work those as the businesses scale and abate that difference.

Eric Yuan

Yes, a little bit more color about that integration because common rumors, basically in Seat, we have large AI team over there. I think engineered integration, product integration, in the sales integration, we're doing very well just after just a few rigs up close to the deal. So this is very promising.

Operator

Our next question comes from Siti Panigrahi with Mizuho.

Sitikantha Panigrahi

I just wanted to dig into the contact center. This is 1 area you see most of the AI-driven innovations coming into the sale a few years -- also recently, we saw open a presence there and even some of the CRM vendors trying to get into native voice and CX capabilities. So how are you seeing the competitive landscape evolving? And what's the Zoom well against some of the other new entrants in the market?

Eric Yuan

Yes, great question. First of all, so many players in that market, it is good news, right, because this market is growing a lot of opportunities ahead of us. At the same time, we look at our right, I think you need to get a position because for those customers, like they deploy like meetings, the phone and contact center, right, essentially, they would like to consolidate into 1 vendor because look at the AI, I think you have access to all the data in a way better than -- those are other vendors, right? So they only focus on 1 piece, like UCAs CCAR, or just is. We have everything. That's one. Two, you look at our technology and fee to the AI, our AIR technology, I think, is 1 of the best technology in the world, right? Look at the latency and also, we build all those technologies by ourselves. We also can leverage the third party as well. I think a further approach put us in a unique position. You look at latency and the speech quality, ASRT, keep improving those features, I think also better position -- and also, we already want to trust in particular for a lot of enterprise customers over the past many years and they deploy the meetings. We tell them we are giving the phone, doing very well. We tell them build the content also doing very well. Now we added a VA and they trust our brand as well with [indiscernible] technology, we have high confidence. We can execute very well compared to any other vendors.

Operator

Our next question is from Jackson Ader with KeyBanc.

Jackson Ader

I actually had a question on that particular topic. Eric, on like the difference in contact center, you guys talked about seeing strength in contact center and virtual agent and that sometimes it is combined and sometimes it would be so like virtual yet would be sold separately. It's like a stand-alone product. Just curious, we're talking a lot about bundling. We're talking a lot about consolidating onto a single platform. And so I'm curious how prevalent is it virtual agent to be sold on a stand-alone basis? And what are the kind of merits of that? And then, Michelle, just quickly, any kind of net expansion rate you can share on the contact center piece. Is this a land-and-expand motion? Or is it just like big lands and not much expansion effort.

Eric Yuan

Yes. So yes, speaking of ZVA, right, in Q2, a leading enterprise software company, they deployed service before they deployed a Zvi and natural extensions to from. So many customers, the people or meetings might look ZVA. The deployed phone also might be looking at Zibi as well. Or for sure, for connected customers also look at Zs well essentially we can bound Ziv and content together as 1 solution. And also, we sell the V separately as well, right? Customer-earnin Zoom meeting or phone in country center. They also look at severe as well. It cost it's something new and it's the new market opportunity. So we focus on the 2 things in the product experience and make sure and the builder [indiscernible] customers really like. The second thing we own the technology. The speed of innovation is always something customers really like. And that's why I think if you look at our Z opportunity. I think we are much better positioned. And even if we announced that we a little bit late compared to some start-up vendors, but as you look at our speed of innovation, we have high confidence we're going to keep gaining market share.

Michelle Chang

And maybe just to layer on with sort of maybe some stats in terms of thinking about kind of the typical motions that we see. The short answer is it's a variety of that. And that's why in our prepared remarks, we wanted to kind of paint the different picture of what we're seeing in our customers. But maybe just to give you a couple of stats. In our top 10 ZBA deals, of 10 came with contact center. So I think it gives you a sense that it is both a cell with motion, meaning when they want that full platform that Eric is talking about. And they want to go all in with them. And it also paints the picture that some of the customers are starting in ZBA and then it gives us an opportunity to land and expand from there. Similar sort of comments, I think in -- on the contact center side of our top 10 deals, 7 and 10 were elite. So that's an agent being assisted by and 4 of our top 10 more VA. So all of that a way of sort of numerically saying, there's many paths to the growth here, and we think it for that reason, it gives us a lot to go on going forward.

Operator

Our next question comes from Ryan MacWilliams with Wells Fargo.

Ryan MacWilliams

Tow-part question for me. For Michelle, just on the online segment, it seems like growth is slightly lower than last quarter. Anything to call out on SMBs more broadly? Or is it due to generally lapping the price increase? And then for Eric, as we're seeing AI models improve in organizations build systems around their data and AI, how are your leading edge AI customers building AI use cases off the data they gather over Zoom and how do you think this data gravity help Zoom your stickiness in enterprises going forward?

Michelle Chang

Yes. So let me comment about our online business. Look, I would characterize our Q2 results as solid low churn. And I think that low insurance as -- and I think there was an earlier question on this, but we're having success at demonstrating customer value even amidst the backdrop of a price increase. And you saw the stability of the base go up even further. Look, we took an opportunity and I'll emphasize it here to sort of temper out of prudence, our full year guidance, which had been slightly increased to flat. And we're adjusting that really due to dynamics that we saw in Q2, at the top of funnel across the industry, where people are just discovering products in different ways and we're aggressively working to address that, meaning they're going from search to more AI. We're active in addressing that, and the prudence is really just a near-term statement of expectations. The big picture is to continue to work to that business to return to growth that comes with components of working churn, which we feel very good about product expansion, which we've never had such a broad portfolio expansion products that we can open up to our online customers due to our AI innovation. And then just continuing to work things like what does this look like in an AI world, where we think our brand is also going to be very helpful to us. and working on conversion. We have a great TCO story that I might also end with from an SMB perspective that I feel like we're going to be able to do great with the audience.

Eric Yuan

Yes. So back to the second part of the question, I think the data, as we all know, is extremely important for customers to have -- so we look at all of our services. We want to make sure we look at everything from a customer perspective, meaning like how to make sure our data accessible by customer because they might use other large land models. And let's take my news, for example, we expose the context layer, right? So that's the one. Two, is customers yes, we also can lever the Zoom AI service as well, like Zoom right? And as Sumit can sit for all the customer in the content, not only Zoom data, but also the third party as well, give a customer capability and to search, to create agent, drive workflow as well. Yes, essentially, if you look at it for both sides, we expose our data API through MCB, and also the customer can lever our AI service as well. Essentially, that's -- both of those 2 are extremely important for us to leverage the AI because of the data.

Operator

Up next, we have a question from Alex Zukin with Wolfe Research.

Aleksandr Zukin

Maybe just 2 quick ones. Eric, can you talk a little bit about the contribution from your new pricing models, both the outcome-based pricing and the consumption-based pricing. When would you expect that to start actually showing up more meaningfully in the net retention rates and in revenue. And then Michelle, just really -- I think the strongest bookings growth, calculated bookings growth and billings growth in a long time. How much should we read into that from a forward-looking perspective around the potential for continuing to see accelerating enterprise growth over the coming quarters.

Eric Yuan

Alex, so in terms of pricing as well as outcome-based pricing is more like for the new AI product. I do not think that works for meeting or fun, right? So speaking of the opportunity, take a VA, for example, by and large still usage based. But we are embracing all the comp base pricing because some customers like that, some cost side still like usage business. So we support -- we have flexibility to support that. As we gain more and more market share for Zvi, I think we will see the more and more -- the older companies pricing probably can contribute to our top line growth. Again, this is something new. -- and the market Zalo a new product as well. So but we have a confidence to support all kinds of monetizes opportunities. Especially for -- interest customers, give me the are taking cost. I think more and more, we will embrace the autocom based pricing.

Michelle Chang

Look on the RPO, I think it's a little bit of both in our best quarters, let me remind that we always tell investors that the best indicator of future performance is our revenue guide. So you have that. At the same time, look, you're seeing the trend in RPO inflect all up, and it's coming off a long-term RPO and it's because of durable drivers. It's because we're moving our business diversifying in products that come with larger deals, longer-term deals. And so from that standpoint, those would be durable elements moving up market even further. Those would be elements that would be durable. But in terms of doing calculus to get that back into revenue, we continue to point to our revenue guide.

Eric Yuan

So by the way, Alex, Speaking of Autocam business pricing, we also look at other services as well, like ZRA and brighter as well -- and we look at all those vertical AI products, right, whenever it makes sense for us to support the outcome business pricing model. We would like to do that because this is good for customers as well.

Aleksandr Zukin

Maybe I'll sneak 1 in, Eric, on voice. And anything that -- any exciting elements that we should think about as -- it seems like you have a meaningful opportunity to lean in on voice, again, maybe following from that consumption-based pricing opportunity as well.

Eric Yuan

Right API is a great consumption base, right? And also like we already have, I think, probably the best ASR model, right? Based on our smaller model with Postini and doing very well. We published the API as well and also based on all the tests, ASR is a much better position. At the same time, to have full feature speeds, API assets, we also needed to support the TTS as well. And the team is working hard on that. If you have both SR and also TPS and also along with other services, will have a full, I think, speech AI opportunity ahead of us. We're very excited about that.

Operator

Our next question comes from Patrick Walravens with Citizens.

Patrick Walravens

Great. My favorite part to your call was your custom avatars, Eric. And I think it's such a good real-time example of voice AI for us. So Charles, yours and you had to do the dreaded.

Michelle Chang

Patrick, I think you're on mute.

Patrick Walravens

Oh, really?

Michelle Chang

It's okay.

Patrick Walravens

So Charles had fairly uniform pacing, few pauses and his intonation consistently fell at the end of the phrase. Eric, yours was better and Michelle I wasn't -- did you actually use your custom Avatar?

Michelle Chang

I did.

Patrick Walravens

It was fantastic. Really great. So what -- just help us understand what causes the difference? And like if a bank wants to use them or if we want our virtual agents to sound really human, what do we have to do to train them, so they sound as much like Michelle as possible?

Michelle Chang

Well, I'll answer that, Eric, because I will admit when Eric had a me to do this, I was a laggard in the adoption curve. And it literally took me 2 minutes to set up and there's some connotes that I think like being as natural as you possibly can, but it literally takes think under 2 minutes to basically get your Avatar set up. And then, of course, we have human in the loop and making sure we review what the Avatar says. But a really fun way, I think, to demonstrate our technology and super easy and for me, Eric, you can give the tech version of this answer, but for me, it was just being as natural as you possibly can and set up with the avatar because then it just sort of flows through.

Eric Yuan

So Patrick, your observation about share voice is right on. The reason why this is the first time for Micro use customized to, meaning she is using the latest or Yes, I created is 6 months ago. So we is getting better to better -- and maybe next quarter, I'm going to create a new 1 live our latest working. By the way -- and it's not for our download I would like maybe somebody my our can answer to any question as well, then I can stay here just to listen to the call. So that's our breeding.

Operator

Our next question comes from Tyler Radke with Citi.

Tyler Radke

Yes. So the enterprise bookings and raise on enterprise look pretty solid. I was wondering if you could help us understand just where we are in terms of contact center milestones. I think 5 quarters ago, you talked about it hitting $100 million of ARR for Zoom CX. You've talked about high double-digit growth for multiple quarters. So will you update this at $200 million, $250 million -- and is that kind of the biggest driver of the enterprise raise that you're seeing? And then just a quick follow-up question for Michelle. Can you just touch on what's driving the lower CapEx for the year as well?

Michelle Chang

Look, I think in regards to milestones, like we're going to give them period that makes sense. That doesn't mean they come every 10 -- and look, you have when it sort of crossed the 100. And then I think since then, we've seen high double digits, you can sort of guess mate from there. Look, the components to the enterprise inflection are the same things I've been highlighting. It's product diversification of which CX is a piece of that. It's AI monetization, of which CX is part of that. It's moving up market. is part of that. But the theme being it's building out a channel and CS is part of that, but it's certainly not just CX alone. The other thing that I will say on maybe the core enterprise standpoint, and I think this is a 1 that investors frequently asked about. The year-over-year churn has gone down and that's been a steady trend over the last year to 2. And then people will ask on occasion about pricing elements and all of that. And that's been something that we've been working very hard on in finance, together with sales to really make sure that we're getting discounts down and deal terms up and auto renewal. So Look, all of it out a long way of saying that many components go into that enterprise growth and certainly, CX is part of them. On the CapEx, look, I would say, I think when we went in the year, the guidance was $70 million of CapEx. And just to remind investors, FY '26 was really a low year in CapEx, and so we were returning more to normal states. Look, we took a decision that benefited our free cash flow raised by about $40 million to simply extend in 1 of our data centers, the useful life of the asset by 2 years. And so because CapEx was sort of a lumpy kind of story going into the free cash flow and more so because of the anomalous here in FY '26, we just simply wanted to update to investors. Worth also saying we're not a huge CapEx business, and none of this is really AI. It's more just dynamics in our core.

Operator

Our next question comes from Allan Verkhovski with BTIG.

Allan M. Verkhovski

Michelle, a 2-parter for you. One, can you share what trends you're seeing in enterprise workplace see growth across larger versus smaller customers? And then the second part is, given the updated fiscal '27 the constant currency total revenue guide implies roughly $30 million more enterprise revenue. Can you talk through the main drivers of confidence in such a strong rate? And is it fair to assume given the prior comment that common room is contributing about $10 million or less than that to that updated guidance?

Michelle Chang

Yes. A lot in there. Let me try and get to. So look, from a workload perspective, what we typically talk about with investors is an online churn rate. And look, you've seen that continue to be low. I think at our lowest we're at 2.7, 2.9 is very much in the norm. And to my earlier comments, we feel great about what that says about both the stability of our business with our customers over 16 months going up 75% as well as the incremental value that we've put in our platform -- on the enterprise side, what we talk to with investors is the dollars of the churn going down year-over-year. And certainly, Q2 continued in that. So we don't really give too much disclosure rather than those 2, but I would broadly call the trends very much in line with what we've been seeing. On the constant currency and the enterprise, look, for the sake of rerepeating myself, it's all the same dynamics that I've been highlighting on our enterprise growth product diversity product diversification, excuse me, AI monetization, moving upmarket, building out a channel and keeping that churn low and then obviously, we folded in our common room in this. We're not -- just because it's a small component of our revenue, we're not going to get into sort of quantifying it, but it certainly was folded into the revenue guide and then I'll just reiterate my comment that these are very early stage companies that we're very encouraged with the growth and what they can mean to our system of action to all the things Eric commented on earlier. But relative to a $5 billion base, these are de minimis kind of impact.

Operator

Our last question comes from William Power with Baird.

William Power

Okay. Great. Thanks for sneaking me in here. Maybe to that, if I can. Let me start on Workvivo. That was a nice milestone update in the quarter. kind of love to understand the ongoing cross-sell opportunity. My suspicion is probably still early, but how we think about that and what that kind of portends for the continuing growth in that product. And then, Michelle, just given the strength you're seeing in enterprise RPO, I'm just trying to kind of square that with the full year revenue raise versus the beat in feels like some conservatism. Just anything to think about in the second half of the year on that front.

Michelle Chang

Eric, do you want to take Workvivo?

Eric Yuan

Sure. Absolutely. I think speaking of work via opportunity, we are very excited that because look at the opportunities we won over the past few quarters, quite often, those customers are not as Zoom customer at all. but they deployed the work wave. So meaning for all of our -- a lot of integrated customer installed base, more opportunities for us to upsell Workvivo. And also Workvivo and launched the Workvivo HQ, AI-driven product as well, because the AI era, data becoming more and more important, right? So -- and customer -- the employee engagement is so becoming more and more important, right, to drive the company culture and with Workvivo HQ. I think Workvivo, I think is better positioned than before this new launch. So we're very excited about more and more opportunities in the enterprise space to win more deals.

Michelle Chang

And then maybe with the guide, let me just talk to kind of the full year and the dynamics that I think out. Look from a constant currency, it represents a beat of 7.5% and a raise of 9% on the full year. And we feel good about kind of the dynamics underlying that and already guiding to 4.5% growth halfway through the year. And considering I'll just continue to remind investors of that white label churn that has a 40 bps point. So you can kind of look at that relative to the growth rate of last year. Look, fundamentally, I think I've drained it in so many questions. What's behind that is our enterprise growth inflection. You saw this quarter, it's 1 of the best growth rates we've had in 3 years. It's product diversification, it's AI, moving up market, keeping churn low and delivering against those 3 priorities that we talk about, which are going to be the durable elements of our growth going forward. Maybe the only 1 that I would just -- we talked about it earlier, but to your question of kind of how to reconcile it -- we took the opportunity to kind of slightly temper the expectation on online. We've said previously slight growth. We adjusted down in this earnings to flat, really because of a dynamic that we saw in Q2 continued to be low turn to all the conversation earlier. But saw some changes, I think, along with the rest of the industry and top look funnel in terms of our customers and how they discover us. And we're actively working to adjust those and just wanted to be prudent with the near-term guidance.

Operator

This concludes the Q&A portion of today's call. I'll now turn it back over to Eric for closing remarks.

Eric Yuan

Thank you. So to all Zoom employees, customers and partners and also investors, we truly appreciate for your support. We will continue innovating to build something we proud and also delight our customers. Thank you so much. See you next quarter.

Michelle Chang

Thank you.

Operator

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