223 Enterprise SaaS Incumbent AI Rollouts = Zoom AI Companion – 9/23 Note: AI Companion MAUs are estimates based on company disclosures. As of 7/30/24, Zoom disclosed they had 1.2MM accounts with AI Companion activated. In Q3 2024, they disclosed 59% Q/Q growth in active accounts; in Q4 2024, they disclosed further 68% Q/Q growth. We assume zero users in the launch month. Source: Zoom announcements (9/23. 10/23, 2/24, 5/24, 7/24, 9/24, 12/24) Zoom AI Companion – 9/23-12/24, per Zoom Growth in monthly active users of Zoom AI Companion accelerated to 68% quarter over quarter, demonstrating the real value AI is providing customers. Zoom AI Companion has emerged as a driving force behind our transformation into an AI-first company… …As part of AI Companion 2.0, we added advanced agentic capabilities, including memory, reasoning, orchestration, and seamless integration with Microsoft and Google services. - Zoom Founder & CEO Eric Yuan, 2/25 Active Zoom Accounts, MM Estimated Zoom Accounts with AI Companion Activated (MM) 0 2 4 9/23 12/23 3/24 6/24 9/24 12/24 Horizontal Enterprise Platform = SaaS Incumbents Or Large Language Model Challengers?