Chad (on for Spiro Dounis)

Chad inquired about the international revenue growth trends, specifically in EMEA and APAC, and the key initiatives planned for the current year to reaccelerate growth in these regions.

Answer

Michelle Chang (CFO, Zoom) noted that international revenue is growing across all regions in constant currency. She indicated that future acceleration will be driven by Zoom Contact Center, Zoom Phone, Workvivo, channel investments, and localized investments like the UK Data Center.

Chad asked if the recent restructuring was having a bigger impact on 2026 revenue than previously thought and how OpEx growth should be considered for 2026, specifically if more investment is needed.

Answer

Micha Kaufman (Founder and CEO, Fiverr) clarified that the restructuring does not impact revenue; rather, revenue trends reflect the ongoing shift from declining low-end to growing high-end transactions. He reiterated the focus on accelerating high-end growth. He also mentioned that the core business would maintain a 20%+ margin, with a 2 percentage point impact on Adjusted EBITDA from transformation investments, and noted a $10 million headwind from Israeli shekel appreciation.

Chad, on behalf of Jason Helfstein, asked if the recent restructuring was having a greater impact on 2026 revenue than previously anticipated and how OpEx growth should be viewed for 2026, specifically if more investment would be required.

Answer

CEO Micha Kaufman clarified that revenue is not impacted by restructuring but reflects ongoing marketplace trends of decreasing low-end and increasing high-end transactions. He reiterated the strategy to double down on high-end work to drive GMV growth. He also noted that the core business is expected to maintain a 20%+ margin, with a 2 percentage point impact on Adjusted EBITDA from transformation investments, and a $10 million headwind from Israeli Shekel appreciation.

Inquired about the progress of CCS commercialization and the potential size and timing of LNG-related opportunities in Louisiana, particularly storage.

Answer

CCS progress with Exxon is ongoing, with pipeline work and permitting underway; discussions with other parties are active but not public. Louisiana storage is a key near-term opportunity, and the company is studying expansions to its existing 15 Bcf capacity.