Narrow-moat Zoom reported upside to the top and bottom lines for its fiscal fourth quarter, featuring revenue above the top end of guidance and non-GAAP profitability well ahead of the company’s outlook. Enterprise strength continues to be overshadowed by online weakness, which we expect to normalize in the second half of the year. Currency headwinds continue to ease, while the demand environment remains cautious, with elongated sales cycles. New products are gaining traction, but remain relatively small as a percentage of revenue. The outlook for the year was mixed relative to our expectations, with revenue coming in below and non-GAAP operating income coming in better. These impacts generally offset each other and keep our fair value steady at $95 per share. We continue to prefer our wide-moat names during the prolonged software selloff.