Zoom CFO Meeting: “System of Action” Strategy Creates Multiple AI Monetization V

研报英文原文证据摘录

Zoom CFO Meeting: “System of Action” Strategy Creates Multiple AI Monetization V

Flash Note Technology | Software

July 14, 2026

Zoom Video Communications, Inc Peter Levine Kirk Materne, CFA 212 497 0833 212 497 0873

ZM | $89.76 peter.levine@evercoreisi.com kirk.materne@evercoreisi.com

Outperform | Target Price/Base Case: $135.00 Charlie Zhou Peter Burkly

Company Update 646-551-8513 212 497 0831

charlie.zhou@evercoreisi.com peter.burkly@evercoreisi.com

Zoom CFO Meeting: “System of Action” Strategy Creates Multiple AI

Monetization Vectors

We hosted ZM CFO Michelle Chang and IR team yesterday in NYC. We walked away incrementally more constructive on ZM’s AI

strategy, supported by multiple monetization paths and a differentiated position at the center of enterprise communications. On the

topic of sustained growth reacceleration, mgmt highlighted continued AI-driven value creation across Meetings & Phone, continued

momentum in Contact Center, and a growing set of emerging AI monetization opportunities. While enterprise will drive most of the

growth, we would note that the online business is also creating new land-and-expand opportunities. We’d note that ZM recently

completed a second round of online price increases, which created some temporary churn pressure. Within ZCX, mgmt highlighted

continued AI-driven momentum, supported by Contact Center Insights’ ability to improve customer intelligence and AI Receptionist’s

expansion of use cases beyond the traditional contact center. We also came away with the view that win rates and competitive

displacements against leading pure-play CCaaS vendors have improved. In Phone, we were encouraged to hear that mgmt

successfully implemented a price increase and continues to gain share from leading UCaaS vendors, supported by the “better