Zoom Video Communications, Inc. (NASDAQ: ZM), today announced
financial results for the first fiscal quarter ended April 30,
2023.
"The Zoom platform is designed to support limitless human
connection to empower the modern workday and strengthen customer
relationships. Our customers see Zoom as mission-critical in how
they collaborate internally and externally across the globe,” said
Eric S. Yuan, Zoom Founder and CEO. “This relationship with our
customers helped us to exceed our guidance due to Enterprise growth
and stabilizing Online revenue while driving greater efficiencies
in our business to deliver strong profitability and free cash flow
margin. The solid start to the year has enabled us to raise our
outlook for fiscal year 2024 while continuing to invest in
innovations such as AI to help make interactions more meaningful
and communications more effective.”
First Quarter Fiscal Year
2024 Financial Highlights:
- Revenue: Total
revenue for the first quarter was $1,105.4 million, up 3% year over
year. After adjusting for foreign currency impact, revenue in
constant currency was $1,123.8 million, up 5% year over year.
Enterprise revenue was $632.0 million, up 13% year over year, and
Online revenue was $473.4 million, down 8% year over year.
- Income from Operations and
Operating Margin: GAAP income from operations for the
first quarter was $9.7 million, compared to GAAP income from
operations of $187.1 million in the first quarter of fiscal year
2023. After adjusting for stock-based compensation expense and
related payroll taxes, acquisition-related expenses, restructuring
expenses, and ligation settlements, net, non-GAAP income from
operations for the first quarter was $422.3 million, compared to
non-GAAP income from operations of $399.6 million in the first
quarter of fiscal year 2023. For the first quarter, GAAP operating
margin was 0.9% and non-GAAP operating margin was 38.2%.
- Net Income and Diluted Net
Income Per Share: GAAP net income attributable to common
stockholders for the first quarter was $15.4 million, or $0.05 per
share, compared to GAAP net income attributable to common
stockholders of $113.6 million, or $0.37 per share in the first
quarter of fiscal year 2023. Non-GAAP net income for the first
quarter was $353.3 million, after adjusting for stock-based
compensation expense and related payroll taxes, losses (gains) on
strategic investments, net, acquisition-related expenses,
restructuring expenses, litigation settlements, net, undistributed
earnings attributable to participating securities, and the tax
effects on non-GAAP adjustments. Non-GAAP net income per share was
$1.16. In the first quarter of fiscal year 2023, non-GAAP net
income was $315.8 million, or $1.03 per share.
- Cash and Marketable
Securities: Total cash, cash equivalents, and marketable
securities, excluding restricted cash, as of April 30, 2023
was $5.6 billion.
- Cash Flow: Net cash
provided by operating activities was $418.5 million for the first
quarter, compared to $526.2 million in the first quarter of
fiscal year 2023. Free cash flow, which is net cash provided by
operating activities less purchases of property and equipment, was
$396.7 million, compared to $501.1 million in the first
quarter of fiscal year 2023.
Customer Metrics: Drivers of total revenue
included acquiring new customers and expanding across existing
customers. At the end of the first quarter of fiscal year 2024,
Zoom had:
- Approximately 215,900 Enterprise
customers, up 9% from the same quarter last fiscal year.
- A trailing 12-month net dollar
expansion rate for Enterprise customers of 112%.
- 3,580 customers contributing more than
$100,000 in trailing 12 months revenue, up approximately 23% from
the same quarter last fiscal year.
- Online average monthly churn of 3.1%
for Q1, down 50 bps from the same quarter last fiscal year.
- The percentage of total Online MRR from
Online customers with a continual term of service of at least 16
months was 72.0%, up 700 bps year over year.
Financial Outlook: Zoom is providing the
following guidance for its second quarter of fiscal year 2024 and
its full fiscal year 2024.
- Second Quarter Fiscal Year 2024: Total
revenue is expected to be between $1.110 billion and $1.115 billion
and revenue in constant currency is expected to be between $1.120
billion and $1.125 billion. Non-GAAP income from operations is
expected to be between $405.0 million and $410.0 million. Non-GAAP
diluted EPS is expected to be between $1.04 and $1.06 with
approximately 307 million weighted average shares outstanding.
- Full Fiscal Year 2024: Total revenue is
expected to be between $4.465 billion and $4.485 billion and
revenue in constant currency is expected to be between $4.495
billion and $4.515 billion. Full fiscal year non-GAAP income from
operations is expected to be between $1.630 billion and $1.650
billion. Full fiscal year non-GAAP diluted EPS is expected to be
between $4.25 and $4.31 with approximately 308 million weighted
average shares outstanding.
Additional information on Zoom's reported results, including a
reconciliation of the non-GAAP results to their most comparable
GAAP measures, is included in the financial tables below. A
reconciliation of non-GAAP guidance measures to corresponding GAAP
measures is not available on a forward-looking basis without
unreasonable effort due to the uncertainty of expenses that may be
incurred in the future, although it is important to note that these
factors could be material to Zoom's results computed in accordance
with GAAP.
A supplemental financial presentation and other information can
be accessed through Zoom’s investor relations website at
investors.zoom.us.
Zoom Video Earnings Call
Zoom will host a Zoom Video Webinar for investors on
May 22, 2023 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern
Time to discuss the company’s financial results, business
highlights and financial outlook. Investors are invited to join the
Zoom Video Webinar by
visiting: https://investors.zoom.us/
About Zoom
Zoom is an all-in-one intelligent collaboration platform that
makes connecting easier, more immersive, and more dynamic for
businesses and individuals. Zoom technology puts people at the
center, enabling meaningful connections, facilitating modern
collaboration, and driving human innovation through solutions like
team chat, phone, meetings, omnichannel cloud contact center, smart
recordings, whiteboard, and more, in one offering. Founded in 2011,
Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose,
California. Get more info at zoom.com.
Forward-Looking Statements
This press release contains express and implied “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding Zoom's financial
outlook for the second quarter of fiscal year 2024 and full fiscal
year 2024, Zoom’s market position, opportunities, and growth
strategy, product initiatives and go-to-market motions and the
expected benefits resulting from the same, and market trends. In
some cases, you can identify forward-looking statements by terms
such as “anticipate,” “believe,” “estimate,” “expect,” “intend,”
“may,” “might,” “plan,” “project,” “will,” “would,” “should,”
“could,” “can,” “predict,” “potential,” “target,” “explore,”
“continue,” or the negative of these terms, and similar expressions
intended to identify forward-looking statements. By their nature,
these statements are subject to numerous uncertainties and risks,
including factors beyond our control, that could cause actual
results, performance or achievement to differ materially and
adversely from those anticipated or implied in the statements,
including: declines in new customers and hosts, renewals or
upgrades, difficulties in evaluating our prospects and future
results of operations given our limited operating history,
competition from other providers of communications platforms, other
macroeconomic conditions, including inflation and the impact of
COVID-19, on the overall economic environment, any or all of which
will have an impact on demand for remote work solutions for
businesses as well as overall distributed, face-to-face
interactions and collaboration using Zoom, delays or outages in
services from our co-located data centers, failures in internet
infrastructure or interference with broadband access which could
cause current or potential users to believe that our systems are
unreliable, market volatility, and global security concerns and
their potential impact on regional and global economies and supply
chains. Additional risks and uncertainties that could cause actual
outcomes and results to differ materially from those contemplated
by the forward-looking statements are included under the caption
“Risk Factors” and elsewhere in our most recent filings with the
Securities and Exchange Commission (the “SEC”), including our
annual report on Form 10-K for the fiscal year ended January 31,
2023. Forward-looking statements speak only as of the date the
statements are made and are based on information available to Zoom
at the time those statements are made and/or management's good
faith belief as of that time with respect to future events. Zoom
assumes no obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
except as required by law.
Non-GAAP Financial Measures
Zoom has provided in this press release financial information
that has not been prepared in accordance with generally accepted
accounting principles in the United States (“GAAP”). Zoom uses
these non-GAAP financial measures internally in analyzing its
financial results and believes that use of these non-GAAP financial
measures is useful to investors as an additional tool to evaluate
ongoing operating results and trends and in comparing Zoom’s
financial results with other companies in its industry, many of
which present similar non-GAAP financial measures.
Non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for comparable GAAP financial measures
and should be read only in conjunction with Zoom’s condensed
consolidated financial statements prepared in accordance with GAAP.
A reconciliation of Zoom’s historical non-GAAP financial measures
to the most directly comparable GAAP measures has been provided in
the financial statement tables included in this press release, and
investors are encouraged to review the reconciliation.
Non-GAAP Income From Operations and Non-GAAP Operating Margin.
Zoom defines non-GAAP income from operations as income from
operations excluding stock-based compensation expense and related
payroll taxes, acquisition-related expenses, restructuring
expenses, and litigation settlements, net. Zoom excludes
stock-based compensation expense because it is non-cash in nature
and excluding this expense provides meaningful supplemental
information regarding Zoom’s operational performance and allows
investors the ability to make more meaningful comparisons between
Zoom’s operating results and those of other companies. Zoom
excludes the amount of employer payroll taxes related to employee
stock plans, which is a cash expense, in order for investors to see
the full effect that excluding stock-based compensation expense had
on Zoom's operating results. In particular, this expense is
dependent on the price of our common stock and other factors that
are beyond our control and do not correlate to the operation of the
business. Zoom views acquisition-related expenses when applicable,
such as amortization of acquired intangible assets, transaction
costs, and acquisition-related retention payments that are directly
related to business combinations as events that are not necessarily
reflective of operational performance during a period.
Restructuring expenses are expenses associated with a formal
restructuring plan and may include employee notice period costs and
severance payments, and other related expenses. Zoom excludes these
restructuring expenses because they are distinct from ongoing
operational costs and Zoom does not believe they are reflective of
current and expected future business performance and operating
results. Zoom excludes significant litigation settlements, net of
amounts covered by insurance, that we deem not to be in the
ordinary course of our business. In particular, Zoom believes the
consideration of measures that exclude such expenses can assist in
the comparison of operational performance in different periods
which may or may not include such expenses and assist in the
comparison with the results of other companies in the industry.
Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and
Diluted. Zoom defines non-GAAP net income and non-GAAP net income
per share, basic and diluted, as GAAP net income attributable to
common stockholders and GAAP net income per share attributable to
common stockholders, basic and diluted, respectively, adjusted to
exclude stock-based compensation expense and related payroll taxes,
acquisition-related expenses, restructuring expenses, gains/losses
on strategic investments, net, litigation settlements, net, and
undistributed earnings attributable to participating securities,
including the tax effects of all non-GAAP adjustments. Zoom
excludes gains on strategic investments, net because given the size
and volatility in the ongoing adjustments to the valuation of our
strategic investments, we believe that excluding these gains or
losses facilitates a more meaningful evaluation of our operational
performance. Zoom excludes undistributed earnings attributable to
participating securities because they are considered by management
to be outside of Zoom’s core operating results, and excluding them
provides investors and management with greater visibility to the
underlying performance of Zoom’s business operations, facilitates
comparison of its results with other periods and may also
facilitate comparison with the results of other companies in the
industry.
Free Cash Flow. Zoom defines free cash flow as GAAP net cash
provided by operating activities less purchases of property and
equipment. Zoom considers free cash flow to be a liquidity measure
that provide useful information to management and investors
regarding net cash provided by operating activities and cash used
for investments in property and equipment required to maintain and
grow the business.
Revenue in Constant Currency. Zoom defines revenue in constant
currency as GAAP revenue adjusted for revenue reported in
currencies other than United States dollars as if they were
converted into United States dollars using the average exchange
rates from the comparative period rather than the actual exchange
rates in effect during the respective periods. Zoom provides
revenue in constant currency information as a framework for
assessing how our underlying businesses performed period to period,
excluding the effects of foreign currency fluctuations.
Customer Metrics
Zoom defines a customer as a separate and distinct buying
entity, which can be a single paid host or an organization of any
size (including a distinct unit of an organization) that has
multiple paid hosts. Zoom defines Enterprise customers as distinct
business units who have been engaged by either Zoom’s direct sales
team, channel partners or independent software vendor partners. All
other customers that subscribe to our services directly through our
website are referred to as Online customers.
Zoom calculates net dollar expansion rate as of a period end by
starting with the annual recurring revenue (“ARR”) from Enterprise
customers as of 12 months prior (“Prior Period ARR”). Zoom defines
ARR as the annualized revenue run rate of subscription agreements
from all customers at a point in time. Zoom calculates ARR by
taking the monthly recurring revenue (“MRR”) and multiplying it by
12. MRR is defined as the recurring revenue run-rate of
subscription agreements from all Enterprise customers for the last
month of the period, including revenue from monthly subscribers who
have not provided any indication that they intend to cancel their
subscriptions. Zoom then calculates the ARR from these Enterprise
customers as of the current period end (“Current Period ARR”),
which includes any upsells, contraction, and attrition. Zoom
divides the Current Period ARR by the Prior Period ARR to arrive at
the net dollar expansion rate. For the trailing 12 months
calculation, Zoom takes an average of the net dollar expansion rate
over the trailing 12 months.
Zoom calculates online average monthly churn by starting with
the Online customer MRR as of the beginning of the applicable
quarter (“Entry MRR”). Zoom defines Entry MRR as the recurring
revenue run-rate of subscription agreements from all Online
customers except for subscriptions that Zoom recorded as churn in a
previous quarter based on the customers' earlier indication to us
of their intention to cancel that subscription. Zoom then determine
the MRR related to customers who canceled or downgraded their
subscription or notified us of that intention during the applicable
quarter (“Applicable Quarter MRR Churn”) and divide the Applicable
Quarter MRR Churn by the applicable quarter Entry MRR to arrive at
the MRR churn rate for Online Customers for the applicable quarter.
Zoom then divided that amount by three to calculate the online
average monthly churn. One of the dynamics in the Online portion of
the business is the MRR contribution from customers that have
retained Zoom services for a certain portion of time as these
customers tend to maintain their subscriptions and contribute
meaningfully to the Online business.
Public Relations
Colleen RodriguezHead of Global Public
Relationspress@zoom.us
Investor Relations
Tom McCallumHead of Investor
Relationsinvestors@zoom.us
Zoom Video Communications, Inc. |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
|
As of |
|
|
April 30,2023 |
|
January 31,2023 |
Assets |
|
(unaudited) |
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
1,029,546 |
|
|
$ |
1,086,830 |
|
Marketable securities |
|
|
4,566,845 |
|
|
|
4,325,836 |
|
Accounts receivable, net |
|
|
590,694 |
|
|
|
557,404 |
|
Deferred contract acquisition costs, current |
|
|
209,607 |
|
|
|
223,250 |
|
Prepaid expenses and other current assets |
|
|
170,987 |
|
|
|
163,092 |
|
Total current assets |
|
|
6,567,679 |
|
|
|
6,356,412 |
|
Deferred contract acquisition
costs, noncurrent |
|
|
166,742 |
|
|
|
179,991 |
|
Property and equipment,
net |
|
|
255,218 |
|
|
|
252,821 |
|
Operating lease right-of-use
assets |
|
|
75,525 |
|
|
|
80,906 |
|
Strategic investments |
|
|
452,267 |
|
|
|
398,992 |
|
Goodwill |
|
|
304,162 |
|
|
|
122,641 |
|
Deferred tax assets |
|
|
532,996 |
|
|
|
558,428 |
|
Other assets, noncurrent |
|
|
181,621 |
|
|
|
177,874 |
|
Total assets |
|
$ |
8,536,210 |
|
|
$ |
8,128,065 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
16,520 |
|
|
$ |
14,414 |
|
Accrued expenses and other current liabilities |
|
|
489,813 |
|
|
|
457,716 |
|
Deferred revenue, current |
|
|
1,337,560 |
|
|
|
1,266,514 |
|
Total current liabilities |
|
|
1,843,893 |
|
|
|
1,738,644 |
|
Deferred revenue,
noncurrent |
|
|
28,576 |
|
|
|
41,932 |
|
Operating lease liabilities,
noncurrent |
|
|
68,470 |
|
|
|
73,687 |
|
Other liabilities,
noncurrent |
|
|
71,164 |
|
|
|
67,195 |
|
Total liabilities |
|
|
2,012,103 |
|
|
|
1,921,458 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
298 |
|
|
|
294 |
|
Additional paid-in capital |
|
|
4,391,418 |
|
|
|
4,104,880 |
|
Accumulated other comprehensive loss |
|
|
(34,871 |
) |
|
|
(50,385 |
) |
Retained earnings |
|
|
2,167,262 |
|
|
|
2,151,818 |
|
Total stockholders’
equity |
|
|
6,524,107 |
|
|
|
6,206,607 |
|
Total liabilities and
stockholders’ equity |
|
$ |
8,536,210 |
|
|
$ |
8,128,065 |
|
Note: The amount of unbilled accounts receivable included within
accounts receivable, net on the condensed consolidated balance
sheets was $107.1 million and $91.6 million as of April 30,
2023 and January 31, 2023, respectively.
Zoom Video Communications, Inc. |
Condensed Consolidated Statements of
Operations |
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
Three Months Ended April 30, |
|
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
1,105,364 |
|
$ |
1,073,800 |
|
Cost of revenue |
|
|
263,947 |
|
|
261,821 |
|
Gross profit |
|
|
841,417 |
|
|
811,979 |
|
Operating expenses: |
|
|
|
|
Research and development |
|
|
209,271 |
|
|
144,291 |
|
Sales and marketing |
|
|
422,504 |
|
|
362,783 |
|
General and administrative |
|
|
199,900 |
|
|
117,840 |
|
Total operating expenses |
|
|
831,675 |
|
|
624,914 |
|
Income from operations |
|
|
9,742 |
|
|
187,065 |
|
Gains (losses) on strategic
investments, net |
|
|
2,275 |
|
|
(36,404 |
) |
Other income (expense),
net |
|
|
31,213 |
|
|
(6,989 |
) |
Income before provision for
income taxes |
|
|
43,230 |
|
|
143,672 |
|
Provision for income
taxes |
|
|
27,786 |
|
|
30,014 |
|
Net income |
|
|
15,444 |
|
|
113,658 |
|
Undistributed earnings
attributable to participating securities |
|
|
— |
|
|
(18 |
) |
Net income attributable to
common stockholders |
|
$ |
15,444 |
|
$ |
113,640 |
|
|
|
|
|
|
Net income per share
attributable to common stockholders: |
|
|
|
|
Basic |
|
$ |
0.05 |
|
$ |
0.38 |
|
Diluted |
|
$ |
0.05 |
|
$ |
0.37 |
|
Weighted-average shares used
in computing net income per share attributable to common
stockholders: |
|
|
|
|
Basic |
|
|
295,409,207 |
|
|
299,147,105 |
|
Diluted |
|
|
304,115,913 |
|
|
306,614,220 |
|
Zoom Video Communications, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(Unaudited, in thousands) |
|
|
Three Months Ended April 30, |
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
|
Net income |
|
$ |
15,444 |
|
|
$ |
113,658 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
Stock-based compensation expense |
|
|
282,345 |
|
|
|
209,363 |
|
Amortization of deferred contract acquisition costs |
|
|
73,230 |
|
|
|
56,780 |
|
Depreciation and amortization |
|
|
24,076 |
|
|
|
15,280 |
|
Deferred income taxes |
|
|
21,511 |
|
|
|
— |
|
(Gains) losses on strategic investments, net |
|
|
(2,275 |
) |
|
|
36,404 |
|
Provision for accounts receivable allowances |
|
|
15,433 |
|
|
|
13,097 |
|
Unrealized foreign exchange losses |
|
|
3,316 |
|
|
|
11,980 |
|
Non-cash operating lease cost |
|
|
5,381 |
|
|
|
5,451 |
|
Amortization of discount/premium on marketable securities |
|
|
(6,765 |
) |
|
|
3,604 |
|
Other |
|
|
(5,471 |
) |
|
|
750 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
|
(29,101 |
) |
|
|
(83,605 |
) |
Prepaid expenses and other assets |
|
|
(6,659 |
) |
|
|
(27,235 |
) |
Deferred contract acquisition costs |
|
|
(46,338 |
) |
|
|
(65,690 |
) |
Accounts payable |
|
|
1,881 |
|
|
|
11,153 |
|
Accrued expenses and other liabilities |
|
|
24,640 |
|
|
|
78,236 |
|
Deferred revenue |
|
|
53,340 |
|
|
|
152,974 |
|
Operating lease liabilities, net |
|
|
(5,501 |
) |
|
|
(6,049 |
) |
Net cash provided by operating activities |
|
|
418,487 |
|
|
|
526,151 |
|
Cash flows from
investing activities: |
|
|
|
|
Purchases of marketable securities |
|
|
(768,230 |
) |
|
|
(611,662 |
) |
Maturities of marketable securities |
|
|
559,686 |
|
|
|
609,327 |
|
Purchases of property and equipment |
|
|
(21,826 |
) |
|
|
(25,038 |
) |
Purchases of strategic investments |
|
|
(51,000 |
) |
|
|
(11,750 |
) |
Cash paid for acquisition, net of cash acquired |
|
|
(199,416 |
) |
|
|
— |
|
Purchases of intangible assets |
|
|
— |
|
|
|
(3,211 |
) |
Net cash provided by (used in) investing activities |
|
|
(480,786 |
) |
|
|
(42,334 |
) |
Cash flows from
financing activities: |
|
|
|
|
Proceeds from exercise of stock options |
|
|
4,268 |
|
|
|
3,255 |
|
Proceeds from employee equity transactions to be remitted
(remitted) to employees and tax authorities, net |
|
|
2,751 |
|
|
|
(4,086 |
) |
Cash paid for repurchases of common stock |
|
|
— |
|
|
|
(132,412 |
) |
Net cash (used in) provided by financing activities |
|
|
7,019 |
|
|
|
(133,243 |
) |
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash |
|
|
(2,553 |
) |
|
|
(9,425 |
) |
Net increase (decrease) in
cash, cash equivalents, and restricted cash |
|
|
(57,833 |
) |
|
|
341,149 |
|
Cash, cash equivalents, and
restricted cash – beginning of period |
|
|
1,100,243 |
|
|
|
1,073,353 |
|
Cash, cash equivalents, and
restricted cash – end of period |
|
$ |
1,042,410 |
|
|
$ |
1,414,502 |
|
Zoom Video Communications, Inc. |
Reconciliation of GAAP to Non-GAAP Measures |
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
Three Months Ended April 30, |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP income from
operations |
|
$ |
9,742 |
|
|
$ |
187,065 |
|
Add: |
|
|
|
|
Stock-based compensation expense and related payroll taxes |
|
|
278,048 |
|
|
|
212,862 |
|
Litigation settlements, net |
|
|
52,500 |
|
|
|
(4,226 |
) |
Acquisition-related expenses |
|
|
8,851 |
|
|
|
3,934 |
|
Restructuring expenses |
|
|
73,180 |
|
|
|
— |
|
Non-GAAP income from
operations |
|
$ |
422,321 |
|
|
$ |
399,635 |
|
GAAP operating margin |
|
|
0.9 |
% |
|
|
17.4 |
% |
Non-GAAP operating margin |
|
|
38.2 |
% |
|
|
37.2 |
% |
|
|
|
|
|
GAAP net income attributable
to common stockholders |
|
$ |
15,444 |
|
|
$ |
113,640 |
|
Add: |
|
|
|
|
Stock-based compensation expense and related payroll taxes |
|
|
278,048 |
|
|
|
212,862 |
|
Litigation settlements, net |
|
|
52,500 |
|
|
|
(4,226 |
) |
(Gains) losses on strategic investments, net |
|
|
(2,275 |
) |
|
|
36,404 |
|
Acquisition-related expenses |
|
|
8,851 |
|
|
|
3,934 |
|
Restructuring expenses |
|
|
73,180 |
|
|
|
— |
|
Undistributed earnings attributable to participating
securities |
|
|
— |
|
|
|
18 |
|
Tax effects on non-GAAP adjustments |
|
|
(72,497 |
) |
|
|
(46,846 |
) |
Non-GAAP net income |
|
$ |
353,251 |
|
|
$ |
315,786 |
|
|
|
|
|
|
Net income per share - basic
and diluted: |
|
|
|
|
GAAP net income per share - basic |
|
$ |
0.05 |
|
|
$ |
0.38 |
|
Non-GAAP net income per share - basic |
|
$ |
1.20 |
|
|
$ |
1.06 |
|
GAAP net income per share - diluted |
|
$ |
0.05 |
|
|
$ |
0.37 |
|
Non-GAAP net income per share - diluted |
|
$ |
1.16 |
|
|
$ |
1.03 |
|
|
|
|
|
|
GAAP and non-GAAP
weighted-average shares used to compute net income per share -
basic |
|
|
295,409,207 |
|
|
|
299,147,105 |
|
GAAP and non-GAAP
weighted-average shares used to compute net income per share -
diluted |
|
|
304,115,913 |
|
|
|
306,614,220 |
|
|
|
|
|
|
Net cash provided by operating
activities |
|
$ |
418,487 |
|
|
$ |
526,151 |
|
Less: Purchases of property and equipment |
|
|
(21,826 |
) |
|
|
(25,038 |
) |
Free cash flow (non-GAAP) |
|
$ |
396,661 |
|
|
$ |
501,113 |
|
Net cash provided by (used in)
investing activities |
|
$ |
(480,786 |
) |
|
$ |
(42,334 |
) |
Net cash (used in) provided by
financing activities |
|
$ |
7,019 |
|
|
$ |
(133,243 |
) |
Operating cash flow margin
(GAAP) |
|
|
37.9 |
% |
|
|
49.0 |
% |
Free cash flow margin
(non-GAAP) |
|
|
35.9 |
% |
|
|
46.7 |
% |
|
|
|
|
|
|
|
Three Months Ended April 30, |
|
|
|
2023 |
|
|
|
Revenue |
|
YoY Revenue Growth (%) |
GAAP revenue |
|
$ |
1,105,364 |
|
|
|
3 |
% |
Add: Constant currency impact |
|
|
18,440 |
|
|
|
2 |
% |
Revenue in constant currency
(non-GAAP) |
|
|
1,123,804 |
|
|
|
5 |
% |
Zoom Video Communications (NASDAQ:ZM)
Historical Stock Chart
From Apr 2024 to May 2024
Zoom Video Communications (NASDAQ:ZM)
Historical Stock Chart
From May 2023 to May 2024