Kelly Steckelberg : I think what’s amazing and really interesting about Zoom One is it’s not just new customers that are buying the Zoom One bundle, it’s existing customers as well that are upgrading. And as a reminder, it includes Zoom Meetings, but also Zoom Phone. It includes Team Chat and Whiteboard. So really starting to see customers embracing the full effects of the platform. We have a Fortune 10 customer now that is a long-standing customer of ours that moved on to the Zoom One bundle and has standardized on Zoom Team Chat, which we’re super excited to see. So that’s the example of what starts to happen when these customers are really exposed to the full value of the platform that we can bring to them. And I don’t know exactly the percentage of how it broke out in Q3 — Q4, but it is really starting to take the lead in terms of how our enterprise sales teams are selling. Anything you want to add, Eric?
Eric Yuan : No, that’s great.
Kelcey McKinley: Moving on to Kash Rangan with Goldman Sachs.
Kasthuri Rangan : Good to see you guys, Eric and Kelly. I just wanted to understand how we should reconcile the guidance going forward vis-a-vis what seems to be pretty close to the anniversary effect of the SMB attrition and then we should start to really mirror the growth of the so-called enterprise business, but the guidance still seems to be quite conservative. And just help us understand what might have happened at a higher level, incrementally relative to this anniversary effect and what we should be seeing by this time, a real acceleration of the business.
Kelly Steckelberg : Sure. So one thing to remember, Kash, is that while we are expecting the online portion of the business to stabilize from a dollar perspective during the year, it is still down year-over-year because of what happened in FY ’23, where it was much higher. The dollar amounts were much higher in those earlier quarters as it came down. So we still have the unfortunate impact of the online segment of the business tamping down the growth of the Enterprise business. And so that’s what you’re seeing reflected there. And so the stabilization that occurs this year will really help as we look forward to next year, which we’ve always said is sort of reacceleration to the back half of this year into FY ’25. And that’s what we see in our internal models today.
Kasthuri Rangan : Got it. Curious, Kelly, why does it take until fiscal ’25 to see the effect — the net effect will be positive. Can you help us understand the timing of why it takes another year from now?
Kelly Steckelberg : Well, there’s the combination, first of all. Online is still down year-over-year. And so you’re not going to start to see the year-over-year stabilization of online until the back half of — even though the dollars are stabilizing, right, the year-over-year comparables are still down until the very back half of this year. And then while we’ve seen all the strength we’ve talked about on Zoom One and Zoom Phone, part of the expected growth is coming from these other newer products that are still — so they’re doing great, all positive indicators, but they’re still early in their trajectory. But if you remember and think about how where Zoom Phone was in its second year of life, that’s where Zoom Contact Center and to Zoom IQ for Sales. And now you see Zoom Phone, which is about to turn 4, I believe, how it’s really contributing. So we’ve just got a little time ahead to get those products maturing and really contributing.
Kelcey McKinley: We’ll now here from Bernstein’s Peter Weed.
