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Zoom Video Communications (NASDAQ: ZM)
Q3 2025 Earnings Call
Nov 25, 2024, 5:00 p.m. ET
Overview of Earnings Call
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Kelcey McKinley — Event Consultant
Hello, everyone, and welcome to Zoom’s Q3 FY ’25 earnings release webinar. This session is being recorded. Now, I will hand it over to Charles Eveslage, our head of investor relations. Charles, please proceed.
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Charles Eveslage — Head of Investor Relations
Thank you, Kelcey. Welcome to Zoom’s earnings video webinar for Q3 fiscal year 2025. Joining me today are Zoom’s founder and CEO, Eric Yuan, and CFO, Michelle Chang. Our earnings release was made public today after market closure, and it’s available on our investor relations page at investors.zoom.us.
On this page, you can also access today’s prepared remarks and a financial highlights slide deck. These details complement our earnings release and include a reconciliation of GAAP to non-GAAP financial results. It’s crucial to view these figures in context and not as standalone data. In this call, we will share forward-looking statements about our financial outlook for Q4 and the entire fiscal year 2025; our expectations for financial and business trends; and other aspects like macroeconomic influences, stock repurchase initiatives, and future product plans. Please note, these statements involve risks that could impact our financial outcomes, discussed in our SEC filings, including our Form 10-K and quarterly reports on Form 10-Q.
Zoom has no obligation to update any forward-looking statements made during today’s webinar. Now, I’ll turn the discussion over to Eric.
Eric Yuan — Founder and Chief Executive Officer
Thank you, Charles. I appreciate everyone joining us today. In early October, we hosted Zoomtopia, our annual customer and innovation event. It was a fantastic platform to showcase our latest developments for customers.
We achieved record virtual attendance and introduced our vision for an AI-first work platform aimed at enhancing human connections. This marks a pivotal step as we transform from a unified communications platform to one driven by AI. Our main goal is to help customers tackle challenges in the workplace by simplifying information flow, prioritizing tasks, and enabling smarter time management. We introduced AI Companion 2.0 at Zoomtopia, further evolving the features users have come to expect from Zoom.
This new release builds upon the strong foundation of Zoom AI Companion 1.0, showcasing features like meeting summaries and smart composition. It enhances our AI capacity, allowing broader understanding and action across the platform. AI Companion 2.0 aims to meet customer expectations for blending AI into their existing processes seamlessly.
Our customers desire AI that enhances teamwork and delivers measurable results without unnecessary costs. During Zoomtopia, we heard from various clients like Praniti Lakhwara, CIO of Zscaler, who demonstrated how Zoom AI Companion improved organizational productivity while prioritizing security.
Other companies including RealReal, HSBC, and ExxonMobil shared similar success stories, highlighting how our solutions are helping them adapt in an AI-driven, flexible work environment. In line with our vision to democratize AI, we unveiled plans for new industry-specific AI products aimed at increasing value through tailored experiences. One notable addition, the Custom AI Companion add-on, set for release in the first half of next year, will integrate with knowledge bases and personalize user experiences.
We also announced industry-specific solutions tailored for healthcare and education available as early as the first quarter of next year. These tools will cater to the distinctive requirements of each environment. A significant focus of our strategy is on frontline workers; we will launch Zoom Workplace tailored for these professionals in the first half of 2025, particularly targeting industries like retail, healthcare, and manufacturing where we have established relationships and insights.
We continue to solidify our strategy across key sectors, ensuring our solutions meet the diverse needs of our customers in this evolving landscape.
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Zoom Communications Reports Strong Q3 Growth and Client Success
Zoom Communications Inc. is celebrating impressive growth in the third quarter of the fiscal year. The company secured its largest-ever Contact Center customer, showcasing its competitive edge in the market.
Record Achievements in Contact Center and Workvivo
During this quarter, Zoom gained traction with three new Workvivo customers, each generating over $1 million in annual recurring revenue. Notably, one of these deals was with a Fortune 10 company, emphasizing Zoom’s ability to establish valuable partnerships.
Adding to the success, the company revealed that its top four Contact Center contracts were all secured through channel partners. This highlights Zoom’s effective strategy in expanding its reach across different types of businesses and geographical areas.
Customer Highlights and Success Stories
Agencia Tributaria, Spain’s national revenue service, was recognized for significantly expanding its collaboration with Zoom. After realizing the limitations of its previous on-premises phone system, Agencia implemented 30,000 Zoom Phone seats, which enhanced efficiency during the high-demand tax season in 2022. This partnership culminated in a record-setting Contact Center deal with over 20,000 seats, providing comprehensive services for both taxpayers and employees.
ServiceNow also strengthened its relationship with Zoom by adopting Workvivo and expanding its use of Zoom Phone during Q3. This aligns with Zoom’s effort to integrate ServiceNow’s Now Assist with its AI Companion, enhancing client services through advanced technology.
Moreover, Redpin, an innovative fintech and prop-tech firm, chose Zoom to improve customer engagement through its payment solutions. By selecting the full Zoom suite, including Zoom Contact Center Elite and Zoom Workplace Business Plus, Redpin aims to boost customer experience and achieve significant operational efficiencies.
Furthermore, athenahealth integrated Zoom’s Meeting SDK into its electronic health records, allowing over 160,000 providers to offer seamless telehealth services via advanced video technology.
Firm Financial Performance and Record Growth
Chief Financial Officer Michelle Chang reported that Zoom exceeded its revenue and profitability targets in Q3. Year-over-year revenue rose approximately 4% to $1.178 billion, surpassing forecasts by $13 million. Enterprise revenue also grew about 6% year over year, making up 59% of total revenue, marking a slight increase from the previous year.
For the enterprise sector, customer numbers increased 7% year-over-year, reaching just under 4,000 clients contributing over $100,000 in annual revenue, which constituted 31% of total revenue. Additionally, the net dollar expansion rate for enterprise customers was an impressive 98%.
Comprehensive Insights Into Growth Across Regions
Examining regional performance, revenues in the Americas rose by 4%, while EMEA grew by 5%, despite APAC remaining flat. On a constant currency basis, EMEA reflected a growth of 3% and APAC a 2% increase year-over-year.
Financial Metrics Indicate Strong Operational Management
According to non-GAAP results, gross margin stood at 78.9% in Q3, slightly down from 79.7% a year prior, primarily due to investments in AI. Operating income reached $458 million, surpassing guidance, resulting in a non-GAAP operating margin of 38.9% for the quarter.
Chang concluded by noting that deferred revenue climbed by 5% year-over-year to $1.38 billion, supporting the company’s growth trajectory.
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Zoom’s Strong Q3 Performance and Positive Outlook for FY ’25
Zoom has reported promising financial results for Q3, showcasing both stability and growth amidst a challenging macroeconomic climate.
Key Financial Figures for Q3
For Q3, the company anticipates deferred revenue to rise by 5% to 6% year-over-year. Analyzing both billed and unbilled contracts, Zoom’s Remaining Performance Obligations (RPO) increased by 5% to around $3.74 billion. The expectation is to recognize 61% of this RPO as revenue in the next 12 months, a slight increase from 58% in Q3 of last year.
This quarter saw a 2% dip in operating cash flow year-over-year, totaling $483 million. Meanwhile, free cash flow managed a modest growth of 1%, reaching $458 million.
The operating and free cash flow margins stood at 41% and 38.9%, respectively. By quarter’s end, Zoom held approximately $7.7 billion in cash, cash equivalents, and marketable securities, excluding restricted cash. Following a $1.5 billion share buy-back plan, the company repurchased 4.4 million shares for $302 million in Q3, marking a $14 million increase in repurchases from the previous quarter. To date, 11.6 million shares have been repurchased for $739 million.
Projected Guidance Highlights
Looking ahead to Q4, Zoom anticipates revenue between $1.175 billion and $1.18 billion, equating to roughly 2.7% year-over-year growth at the midpoint. Non-GAAP operating income is expected to range from $443 million to $448 million, implying an operating margin of 37.8%. Additionally, the projected non-GAAP earnings per share stands at $1.29 to $1.30, based on about 315 million shares outstanding.
The company has revised its full-year outlook for FY ’25, estimating total revenue to fall between $4.656 billion and $4.661 billion, representing approximately 2.9% growth from the previous year. For non-GAAP operating income, projections are in the range of $1.813 billion to $1.818 billion, corresponding to a 39% operating margin at the midpoint.
Zoom has also raised its guidance for free cash flow for the full year, now expecting figures closer to the $1.58 billion to $1.62 billion range. The recent quarterly performance and improved outlook prompted the board to approve an additional $1.2 billion for share repurchases, emphasizing confidence in the company’s financial health and commitment to shareholder returns.
With this increase, Zoom’s total unexecuted buy-back plan reaches approximately $2 billion, projected to be completed by the end of FY ’26. Overall, this guidance reflects Zoom’s strong financial management and growth strategies amid a mixed economic backdrop.
AI Innovations Driving Customer Engagement
During the Q&A session, CEO Eric Yuan discussed customer interests in AI following the recent Zoomtopia event. He shared insights about the significant uptake of the AI Companion feature, with over 4 million accounts enabling it. Customers have responded positively to the AI Companion 2.0, appreciating its enhancements without incurring additional costs. The continuous rise in monthly active users, up nearly 60% over the past three months, further illustrates the feature’s popularity.
Yuan addressed questions about AI budgeting among customers, indicating that different businesses are allocating funds in varied ways—some from new budgets while others shift existing resources towards AI initiatives. He inferred that Zoom’s competitive advantage lies in offering high-quality AI solutions at no extra charge, making it an appealing choice for companies navigating the complexities of new AI technologies.
As the call concluded, it was clear that Zoom remains focused on delivering innovative solutions while reinforcing its commitment to shareholder value and customer satisfaction.
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In a recent discussion, senior Zoom executives highlighted their positioning in the market, especially regarding AI and cost-effectiveness. Customers are increasingly looking to Zoom for its reliability and better total cost of ownership compared to competitors.
Consumer Trust and Competitive Advantage
Companies that use multiple software services find themselves evaluating total expenses, especially as AI features come into play. Zoom’s pricing strategy offers an attractive alternative, especially when customers express concern over rising costs from other vendors. According to company officials, businesses are optimistic about adopting AI and prefer solutions that will ultimately save them money without compromising quality.
Michelle Chang, Zoom’s Chief Financial Officer, noted that the company’s financial forecast incorporates existing macroeconomic conditions, which have shown improvement. Additionally, she emphasized that it remains early to assess the full impact of AI regulations on their operations and future growth.
Securing Major Contracts and Client Satisfaction
Turning to specific achievements, Eric Yuan, the Founder and CEO of Zoom, discussed a significant contract with the Spanish revenue service, which involves 20,000 seats in their Zoom Contact Center. This deal reflects the organization’s confidence in Zoom’s capabilities. Previously an existing customer with over 30,000 Zoom Phone seats, the Spanish revenue service experienced outstanding service during peak tax season, resulting in them choosing Zoom for a larger deployment.
Yuan explained that customers appreciate Zoom’s reliable back-end architecture and extensive feature set, which includes compliance with various standards like PCI and FedRAMP. Zoom’s ability to scale effectively without significant changes to their infrastructure has further bolstered client trust. Consequently, the infrastructure has been ready from day one to support large deployments, making it easier to handle contracts of this magnitude.
Insights from Leadership on Future Innovations
Zoom’s leadership expressed excitement about the direction of the company. Chang shared that one of the reasons she joined Zoom was due to its reputation and potential as an AI-first platform. She acknowledged the rapid pace of innovation and customer appreciation for Zoom’s services, emphasizing her focus on accelerating revenue growth and maintaining financial discipline in the upcoming period.
Lastly, analysts questioned the future of AI investments within Zoom. Yuan discussed ongoing advancements and their impact on gross margins, noting that the organization is focused on both back-end infrastructure and enhancing product offerings. Chang remarked on the observed variations in revenue and billings, signaling the evolving nature of client contracts and payment timelines, which the company is closely monitoring.
Zoom’s Strategy: Investing in AI for Future Growth
Investments in AI Driving Workplace Innovation
Zoom is focusing heavily on artificial intelligence (AI) to enhance its Workplace platform. The company plans to increase investments by deploying more GPUs and utilizing cloud services to improve AI quality and innovate features. Upcoming releases include a customized AI Companion and AI Studio, which will not only offer free services but also present monetization opportunities through enterprise customization. This strategy will extend to the Contact Center with features like the Zoom Virtual Agent, allowing Zoom to share AI technology across its platforms.
Promising Signs of Customer Commitment
Michelle Chang, Chief Financial Officer, noted improvements in the company’s Remaining Performance Obligations (RPO). A confirmed increase in billing terms suggests strong customer dedication. Current amounts rose by 10%, indicating that as Zoom sells outside of contract expiry cycles, there is a temporary increase in current volume followed by stabilization towards long-term contracts. This trend is seen as a positive sign for Zoom’s customer relationships.
Analyst Insights on Monetization Potential
Analyst Alex Zukin from Wolfe Research expressed praise for Zoom’s solid performance in the current quarter. He inquired about the monetization of AI Companion and its broader impacts. Is the monetization strategy likely to come from selling more AI-driven services in the Contact Center or a vertical expansion of the AI Companion? Michelle Chang responded with optimism about maintaining double-digit growth in enterprise billings and the decline of churn rates in the online segment. She emphasized that the positive indicators suggest that both the online and enterprise businesses are on stable paths.
Growth Observations and Future Outlook
Eric Yuan, Founder and CEO, elaborated on the significant changes in Zoom’s online business over the past years, noting a decline of 8% in FY ’23, followed by a 4% decline, and now a flat position this year. This reversing trend paired with current monetization efforts showcases a growing appetite for Zoom’s AI offerings, particularly in Contact Center services tailored for various industries like healthcare and education. However, the full-scale roll-out of the customized AI Companion and AI Companion Studio is expected to take place in the latter half of the year, indicating continued growth opportunities ahead.
Making Headway in Competitive Markets
Yuan mentioned a notable contract win from a large insurance company opting for Zoom’s Workplace platform over competitors, largely because employees favored the service. This decision was influenced by the analysis of total costs, which included the additional benefits of the AI Companion at no extra charge. Such competitive advantages highlight Zoom’s commitment to providing a high-quality experience for its users.
Future Expectations from Online and Enterprise Sectors
Michelle Chang updated analysts on the expectations for the online business, predicting a flat to slightly declining performance for Q4 while maintaining aspirations for growth moving forward. Her comments reinforced that while there are challenges, Zoom is strategically positioned to enhance growth in its online and enterprise segments in the future.
Next Steps in the Discussion
As the earnings call continues, further insights are anticipated that will shed light on Zoom’s future strategies and performance metrics in the growing AI landscape.
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Zoom Expands Product Horizons to Drive Future Growth
Siti Panigrahi — Analyst
Great. Thank you, Michelle, congrats on your first earnings call. You discussed the company’s focus on regaining top-line growth.
Can you hear me?
Eric Yuan — Founder and Chief Executive Officer
Yeah.
Siti Panigrahi — Analyst
It’s encouraging to see the platform’s net revenue retention stabilizing. You’re mentioning multiple products like Phone, Contact Center, and Workvivo, along with the upcoming AI Companion. As we look to next year, which products excite you the most in terms of contributing growth to the core platform?
Michelle Chang — Chief Financial Officer
Great question. I’ll start with the foundation of Zoom. Our core has been the meetings, and we are actively working to broaden that to a complete platform.
We’re pleased with the decrease in seat downgrades, the competitive wins we are achieving, and improvements in online churn rates. As we integrate AI—at no additional cost—and expand our Workplace offerings, we see promising growth for our business.
Considering the growth sectors, Phone has become a significant driver and will certainly continue to perform well. Our emerging products, such as Contact Center and Workvivo, are gaining traction, and I expect them to contribute to our growth as AI solutions develop further.
Beyond product lines, we also have numerous avenues for expansion, including international growth and channel partnership strategies. Entering new markets typically reduces churn and drives revenue growth, reinforcing our strategy.
Siti Panigrahi — Analyst
Thank you for that insight.
Kelcey McKinley — Event Consultant
Next, we have Allan Verkhovski from Scotiabank.
Allan Verkhovski — Analyst
Hello, everyone. I appreciate the opportunity to ask questions. Michelle, it appears that the deferred revenue growth met your expectations this quarter, which differs from previous beats. You mentioned several large deals, such as the Contact Center deal involving over 20,000 seats.
Could you explain the factors influencing this quarter’s performance, and could you clarify your Q4 guidance of 5% to 6% deferred revenue growth?
Michelle Chang — Chief Financial Officer
Of course. To clarify, we reported a 5% increase in Q3 and expect a range of 5% to 6% moving into Q4. This slow growth is influenced by tightening discounts and longer billing cycles, trends we anticipate will persist.
As for our guidance philosophy, we maintain a consistent approach, similar to what we have traditionally used at Zoom.
Allan Verkhovski — Analyst
Thanks for the clarification.
Michelle Chang — Chief Financial Officer
One thing to note is that revenue is a more reliable measure of our overall performance, despite the fluctuations in deferred revenue.
Kelcey McKinley — Event Consultant
The next question comes from Michael Funk at Bank of America.
Michael Funk — Analyst
Thank you for this opportunity. Eric, you’ve built an iconic brand with Zoom Video. Now with the expansion into new areas, including Phone and Contact Center, the identity is evolving. How are you approaching the market now that the distinction between you and competitors is less clear? Is it primarily about product differentiation or pricing strategy to secure new customers?
Eric Yuan — Founder and Chief Executive Officer
This is a crucial question. Our strategy has always focused on delivering better products at competitive prices and providing excellent service. Our products are central to our customer satisfaction. According to recent reports, Zoom consistently scores high in customer feedback.
As we launch new products, we aim to offer a comprehensive customer suite, which we refer to as Workplace, an AI-first work platform. Notably, a year ago, we increased our prices for online services without impacting customer satisfaction.
Previously, customers used specific point solutions, but they now appreciate our platform approach, which allows them to utilize multiple services from Zoom efficiently. The integration of AI at no extra charge makes our offerings even more attractive and will further deepen customer relationships.
Unlike some competitors who adopt aggressive pricing strategies, we prefer to establish long-term trust with our clients. Customers increasingly see Zoom as a stable, user-friendly solution. As we continue to innovate, we expect to monetize our platform further.
Thank you.
Michael Funk — Analyst
Thank you, Eric.
Eric Yuan — Founder and Chief Executive Officer
Thank you, Michael. Appreciate it.
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Zoom Looks Toward Future with Workvivo as Meta Sunsets Workplace
Kelcey McKinley — Event Consultant
We will now hear from Samad Samana with Jefferies.
Samad Samana — Analyst
Hi. Good evening. I’ll echo the congratulations on the upcoming quarter. Let’s discuss Workvivo.
With Meta announcing the phased retirement of its Workplace product in 2025 and 2026, how does Zoom plan to transition those customers to Workvivo? You’ve reported strong growth, with customers increasing by 72% year over year. Can you estimate how many new users are coming from Meta and share your outlook for continued momentum?
Eric Yuan — Founder and Chief Executive Officer
Great question. Michelle, feel free to join in.
Michelle Chang — Chief Financial Officer
OK.
Eric Yuan — Founder and Chief Executive Officer
We acquired Workvivo about two years ago, recognizing its importance in employee engagement, which is vital for our Zoom Work platform. This acquisition has positioned us better, as Workvivo offers highly scalable solutions. Recently, Meta has shifted its focus toward AI and other initiatives, resulting in the decision to retire the Workplace product.
Other vendors are available, but customer feedback has shown a preference for Zoom. Workvivo is now an exclusive partner with Meta, developing migration tools to assist customers transitioning from Workplace to Workvivo. Most of our significant deals lately have involved Meta migrations. Additionally, our pipeline remains robust, focusing on large integrated customers. Some of our existing Zoom Workplace clients have already adopted Workvivo, which hints at promising growth ahead.
We are committed to innovating Workvivo further, which we believe will expand this business. The growth rates quarter over quarter and year over year are quite encouraging, and I envision significant contributions from this area in the future.
Michelle Chang — Chief Financial Officer
To add my perspective, yes, the partnership with Meta is indeed a growth driver. While we won’t provide specific figures, our metrics reflect a broader narrative of Workvivo’s expansion, including geographic and partner dynamics, as well as capturing large customers. We are particularly focused on sectors like retail and frontline service, where we have strengthened our presence. The Meta partnership is significant, but there are other enduring factors contributing to our growth.
Samad Samana — Analyst
Thank you both for your insights.
Eric Yuan — Founder and Chief Executive Officer
Thank you.
Kelcey McKinley — Event Consultant
The next question comes from Tyler Radke with Citi.
Tyler Radke — Analyst
Thank you, Eric and Michelle. Congratulations on your first earnings call as CFO, Michelle. I’d like to ask about margins. In Q3, the operating margins dipped slightly year over year, and guidance suggests a 1-point decline in Q4. What is your long-term outlook for operating margins? Are we looking at a return to the previously communicated margins next year? Also, could you elaborate on your approach to evaluating expenses and the return on investment?
Michelle Chang — Chief Financial Officer
Excellent question, Tyler. First, I want to clarify that our investments are focusing on AI, emerging growth sectors, and enhancing our platform. Our commitment to top-line growth remains unchanged. Although we have set long-term guidance with a lower target for operating margins, this reflects our planned investments.
It’s important to note this scenario is not about the immediate fiscal year but about a longer-term vision. We will provide more specific guidance at our February meeting. My focus is on ensuring that every expenditure contributes meaningfully to our growth strategy. We will evaluate each expense’s return on investment and ensure alignment with our strategic goals, maintaining a disciplined approach toward spending that balances investments with the necessary savings.
Eric Yuan — Founder and Chief Executive Officer
To build on what Michelle said, our company has a proven track record in cost management. My confidence in our world-class DevOps team is high—they consistently find ways to automate and optimize costs. Even with increased investment in areas like AI, I’m confident the team will develop strategies for further cost reduction.
Tyler Radke — Analyst
Thank you.
Eric Yuan — Founder and Chief Executive Officer
Thank you, Tyler.
Kelcey McKinley — Event Consultant
Michelle and Eric, we have time for one more question. This will come from Mark Murphy with JPMorgan.
Mark Murphy — Analyst
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Zoom’s AI Companion: Unveiling Integration Demand and Revenue Potential
During a recent earnings call, Eric Yuan, Founder and CEO of Zoom, discussed customer interest in integrating internal data into the AI Companion, a feature priced at $12 per user monthly. This integration could enhance product loyalty and user value.
Growth through Customization
Eric Yuan — Founder and Chief Executive Officer
Thank you for your question, Mark. We introduced the customized AI Companion, also known as AI Companion Studio, based on feedback from enterprise customers. They appreciate AI Companion but seek ways to incorporate their existing AI models into our federated AI structure. Some companies have extensive content libraries and want to connect easily with platforms like ServiceNow, Atlassian, Workday, Box, and HubSpot. Additionally, customers are eager to create a personalized experience with unique avatars in their AI interactions. To address these specific needs, we need a robust AI infrastructure, which is why we’ve launched the customized version.
The aim is to work closely with our customers to adapt solutions for each one. This tailored approach explains the monetization strategy, as the features developed are grounded in feedback from enterprise clients, showing promising potential.
Competitive Advantages and Approach
Michelle Chang — Chief Financial Officer
To add, I believe Zoom has a strong position when it comes to our approach to AI. We focus on the democratization of AI, allowing users to explore its capabilities. Our open-platform strategy means we emphasize integration and ease, making it accessible and appealing for customers. This approach, combined with an inviting price point, will serve as key competitive advantages.
Closing Remarks
Mark Murphy — Analyst
Thank you both very much.
Eric Yuan — Founder and Chief Executive Officer
Is this the final question, Kelsey?
Kelcey McKinley — Event Consultant
Yes, that wraps up the questions, Eric. Please feel free to share your closing thoughts.
Eric Yuan — Founder and Chief Executive Officer
I want to thank everyone for their time today. This marks Michelle’s first earnings call, and it feels as though she has been a part of these discussions for much longer. We appreciate the hard work Kelly has done over the years, and thank you to all our investors. We look forward to reconnecting in February.
Michelle Chang — Chief Financial Officer
Thank you, everyone.
Kelcey McKinley — Event Consultant
This concludes our earnings call. We appreciate your participation, and from all of us at Zoom, have a safe and joyful holiday season. Take care until next quarter.
Duration: 0 minutes
Call Participants:
Kelcey McKinley — Event Consultant
Charles Eveslage — Head of Investor Relations
Eric Yuan — Founder and Chief Executive Officer
Michelle Chang — Chief Financial Officer
Meta Marshall — Analyst
Kash Rangan — Analyst
Arjun Bhatia — Analyst
Pat Walravens — Analyst
Jim Fish — Analyst
Alex Zukin — Analyst
Siti Panigrahi — Analyst
Allan Verkhovski — Analyst
Michael Funk — Analyst
Samad Samana — Analyst
Tyler Radke — Analyst
Mark Murphy — Analyst
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