Zoom Video Communications, Inc. (NASDAQ: ZM), today announced
financial results for the third fiscal quarter ended
October 31, 2023.
“In Q3, revenue came in ahead of guidance as we
bolstered Zoom’s all-in-one intelligent collaboration platform with
advanced new capabilities like Zoom AI Companion and continued to
evolve our customer and employee engagement solutions. We are also
pleased with our Online business where we drove higher retention
and saw usage of our new AI capabilities, enhancing the value of
our platform,” said Eric S. Yuan, Zoom founder, and CEO. “Our
strong performance across a number of metrics has enabled us to
increase our full year outlook for revenue and non-GAAP
profitability, as well as for free cash flow, which we now expect
to be in the range of $1.34 billion to $1.35 billion, up
approximately 13% year over year.”
Third Quarter Fiscal
Year 2024 Financial
Highlights:
- Revenue: Total
revenue for the third quarter was $1,136.7 million, up 3.2% year
over year. Adjusting for foreign currency impact, revenue in
constant currency was $1,140.7 million, up 3.5% year over year.
Enterprise revenue was $660.6 million, up 7.5% year over year, and
Online revenue was $476.1 million, down 2.4% year over year.
- Income from Operations and
Operating Margin: GAAP income from operations for the
third quarter was $169.4 million, compared to GAAP income from
operations of $66.5 million in the third quarter of fiscal year
2023. After adjusting for stock-based compensation expense and
related payroll taxes, acquisition-related expenses, restructuring
expenses, and litigation settlements, net, non-GAAP income from
operations for the third quarter was $447.1 million, compared to
non-GAAP income from operations of $380.9 million in the third
quarter of fiscal year 2023. For the third quarter, GAAP operating
margin was 14.9% and non-GAAP operating margin was 39.3%.
- Net Income and Diluted Net
Income Per Share: GAAP net income attributable to common
stockholders for the third quarter was $141.2 million, or $0.45 per
share, compared to GAAP net income attributable to common
stockholders of $48.4 million, or $0.16 per share in the third
quarter of fiscal year 2023.Non-GAAP net income for the third
quarter was $401.2 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
$1.29. In the third quarter of fiscal year 2023, non-GAAP net
income was $323.2 million, or $1.07 per share.
- Cash and Marketable
Securities: Total cash, cash equivalents, and marketable
securities, excluding restricted cash, as of October 31, 2023
was $6.5 billion.
- Cash Flow: Net cash
provided by operating activities was $493.2 million for the third
quarter, compared to $295.3 million in the third quarter of
fiscal year 2023, up 67.0% year over year. Free cash flow, which is
net cash provided by operating activities less purchases of
property and equipment, was $453.2 million, compared to
$272.6 million in the third quarter of fiscal year 2023, up
66.2% year over year.
Customer Metrics: Drivers of
total revenue included acquiring new customers and expanding across
existing customers. At the end of the third quarter of fiscal year
2024, Zoom had:
- Approximately 219,700 Enterprise
customers, up 5.0% from the same quarter last fiscal year.
- A trailing 12-month net dollar
expansion rate for Enterprise customers of 105%.
- 3,731 customers contributing more than
$100,000 in trailing 12 months revenue, up approximately 13.5% from
the same quarter last fiscal year.
- Online average monthly churn of 3.0%
for the third quarter, down 10 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 73.2%, up 250 bps year over year.
Financial Outlook: Zoom is
providing the following guidance for its fourth quarter of fiscal
year 2024 and its full fiscal year 2024.
- Fourth Quarter Fiscal Year 2024: Total revenue is expected to
be between $1.125 billion and $1.130 billion and revenue in
constant currency is expected to be between $1.129 billion and
$1.134 billion. Non-GAAP income from operations is expected to be
between $409.0 million and $414.0 million. Non-GAAP diluted EPS is
expected to be between $1.13 and $1.15 with approximately 312
million weighted average shares outstanding.
- Full Fiscal Year 2024: Total revenue is expected to be between
$4.506 billion and $4.511 billion and revenue in constant currency
is expected to be between $4.542 billion and $4.547 billion. Full
fiscal year non-GAAP income from operations is expected to be
between $1.740 billion and $1.745 billion. Full fiscal year
non-GAAP diluted EPS is expected to be between $4.93 and $4.95 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 November 20, 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 StatementsThis
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 fourth quarter of fiscal year 2024 and full fiscal
year 2024, Zoom’s market position, opportunities, and growth
strategy, product initiatives, including Zoom AI Companion, 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 at the current scale of our business, 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 quarterly report on
Form 10-Q for the fiscal quarter ended July 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, undistributed earnings attributable to
participating securities, and the tax effects of all non-GAAP
adjustments. Zoom excludes gains/loses on strategic investments,
net because given the size and volatility in the ongoing
adjustments to the valuation of our strategic investments. Zoom
believes 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 and Free Cash Flow Margin. 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 provides 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 Zoom's 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 user or 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 our direct sales team, resellers, or strategic 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 determines 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
divides 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 divides that amount by three to
calculate the online average monthly churn.
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 |
|
|
|
October 31,2023 |
|
January 31,2023 |
|
Assets |
|
(unaudited) |
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,492,910 |
|
|
$ |
1,086,830 |
|
|
Marketable securities |
|
|
5,001,507 |
|
|
|
4,325,836 |
|
|
Accounts receivable, net |
|
|
514,045 |
|
|
|
557,404 |
|
|
Deferred contract acquisition costs, current |
|
|
205,169 |
|
|
|
223,250 |
|
|
Prepaid expenses and other current assets |
|
|
271,128 |
|
|
|
163,092 |
|
|
Total current assets |
|
|
7,484,759 |
|
|
|
6,356,412 |
|
|
Deferred contract acquisition costs, noncurrent |
|
|
140,518 |
|
|
|
179,991 |
|
|
Property and equipment, net |
|
|
291,844 |
|
|
|
252,821 |
|
|
Operating lease right-of-use assets |
|
|
65,065 |
|
|
|
80,906 |
|
|
Strategic investments |
|
|
353,022 |
|
|
|
398,992 |
|
|
Goodwill |
|
|
307,295 |
|
|
|
122,641 |
|
|
Deferred tax assets |
|
|
531,677 |
|
|
|
558,428 |
|
|
Other assets, noncurrent |
|
|
143,292 |
|
|
|
177,874 |
|
|
Total assets |
|
$ |
9,317,472 |
|
|
$ |
8,128,065 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
14,431 |
|
|
$ |
14,414 |
|
|
Accrued expenses and other current liabilities |
|
|
441,472 |
|
|
|
457,716 |
|
|
Deferred revenue, current |
|
|
1,297,102 |
|
|
|
1,266,514 |
|
|
Total current liabilities |
|
|
1,753,005 |
|
|
|
1,738,644 |
|
|
Deferred revenue, noncurrent |
|
|
18,796 |
|
|
|
41,932 |
|
|
Operating lease liabilities, noncurrent |
|
|
55,409 |
|
|
|
73,687 |
|
|
Other liabilities, noncurrent |
|
|
76,861 |
|
|
|
67,195 |
|
|
Total liabilities |
|
|
1,904,071 |
|
|
|
1,921,458 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
|
Common stock |
|
|
305 |
|
|
|
294 |
|
|
Additional paid-in capital |
|
|
4,949,757 |
|
|
|
4,104,880 |
|
|
Accumulated other comprehensive loss |
|
|
(27,109 |
) |
|
|
(50,385 |
) |
|
Retained earnings |
|
|
2,490,448 |
|
|
|
2,151,818 |
|
|
Total stockholders’ equity |
|
|
7,413,401 |
|
|
|
6,206,607 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
9,317,472 |
|
|
$ |
8,128,065 |
|
|
|
Note: The amount of unbilled accounts receivable
included within accounts receivable, net on the condensed
consolidated balance sheets was $132.3 million and $91.6 million as
of October 31, 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 October 31, |
|
Nine Months Ended October 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenue |
$ |
1,136,727 |
|
|
$ |
1,101,899 |
|
|
$ |
3,380,767 |
|
|
$ |
3,275,157 |
|
|
Cost of revenue |
|
270,988 |
|
|
|
270,665 |
|
|
|
801,494 |
|
|
|
806,097 |
|
|
Gross profit |
|
865,739 |
|
|
|
831,234 |
|
|
|
2,579,273 |
|
|
|
2,469,060 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
196,832 |
|
|
|
195,946 |
|
|
|
597,905 |
|
|
|
512,801 |
|
|
Sales and marketing |
|
374,378 |
|
|
|
427,747 |
|
|
|
1,170,255 |
|
|
|
1,191,004 |
|
|
General and administrative |
|
125,140 |
|
|
|
141,033 |
|
|
|
454,364 |
|
|
|
389,939 |
|
|
Total operating expenses |
|
696,350 |
|
|
|
764,726 |
|
|
|
2,222,524 |
|
|
|
2,093,744 |
|
|
Income from operations |
|
169,389 |
|
|
|
66,508 |
|
|
|
356,749 |
|
|
|
375,316 |
|
|
(Losses) gains on strategic investments, net |
|
(25,471 |
) |
|
|
(6,898 |
) |
|
|
8,474 |
|
|
|
(78,014 |
) |
|
Other income (expense), net |
|
41,908 |
|
|
|
(4,861 |
) |
|
|
114,206 |
|
|
|
(8,482 |
) |
|
Income before provision for income taxes |
|
185,826 |
|
|
|
54,749 |
|
|
|
479,429 |
|
|
|
288,820 |
|
|
Provision for income taxes |
|
44,614 |
|
|
|
6,396 |
|
|
|
140,799 |
|
|
|
81,059 |
|
|
Net income |
|
141,212 |
|
|
|
48,353 |
|
|
|
338,630 |
|
|
|
207,761 |
|
|
Undistributed earnings attributable to participating
securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17 |
) |
|
Net income attributable to common stockholders |
$ |
141,212 |
|
|
$ |
48,353 |
|
|
$ |
338,630 |
|
|
$ |
207,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.47 |
|
|
$ |
0.16 |
|
|
$ |
1.13 |
|
|
$ |
0.70 |
|
|
Diluted |
$ |
0.45 |
|
|
$ |
0.16 |
|
|
$ |
1.10 |
|
|
$ |
0.68 |
|
|
Weighted-average shares used in computing net income per share
attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
302,493,182 |
|
|
|
295,537,026 |
|
|
|
299,037,999 |
|
|
|
297,765,848 |
|
|
Diluted |
|
310,389,905 |
|
|
|
301,986,341 |
|
|
|
306,852,190 |
|
|
|
305,273,812 |
|
|
|
Zoom Video Communications, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(Unaudited, in thousands) |
|
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
141,212 |
|
|
$ |
48,353 |
|
|
$ |
338,630 |
|
|
$ |
207,761 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
258,934 |
|
|
|
302,815 |
|
|
|
802,788 |
|
|
|
767,693 |
|
|
Amortization of deferred contract acquisition costs |
|
65,164 |
|
|
|
67,124 |
|
|
|
203,908 |
|
|
|
186,626 |
|
|
Depreciation and amortization |
|
26,977 |
|
|
|
21,766 |
|
|
|
77,179 |
|
|
|
57,921 |
|
|
Deferred income taxes |
|
6,081 |
|
|
|
— |
|
|
|
20,056 |
|
|
|
— |
|
|
Losses (gains) on strategic investments, net |
|
25,471 |
|
|
|
6,898 |
|
|
|
(8,474 |
) |
|
|
78,014 |
|
|
Provision for accounts receivable allowances |
|
6,858 |
|
|
|
12,853 |
|
|
|
29,062 |
|
|
|
39,580 |
|
|
Unrealized foreign exchange losses |
|
18,598 |
|
|
|
21,412 |
|
|
|
23,281 |
|
|
|
40,884 |
|
|
Non-cash operating lease cost |
|
5,184 |
|
|
|
5,882 |
|
|
|
15,841 |
|
|
|
16,949 |
|
|
Amortization of discount/premium on marketable securities |
|
(15,293 |
) |
|
|
(665 |
) |
|
|
(33,307 |
) |
|
|
4,156 |
|
|
Other |
|
(1,836 |
) |
|
|
1,211 |
|
|
|
(5,251 |
) |
|
|
1,044 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
58,362 |
|
|
|
(112,122 |
) |
|
|
71,993 |
|
|
|
(238,020 |
) |
|
Prepaid expenses and other assets |
|
(40,567 |
) |
|
|
(27,102 |
) |
|
|
(124,455 |
) |
|
|
(163,721 |
) |
|
Deferred contract acquisition costs |
|
(53,427 |
) |
|
|
(60,817 |
) |
|
|
(146,354 |
) |
|
|
(217,822 |
) |
|
Accounts payable |
|
(7,257 |
) |
|
|
8,120 |
|
|
|
(2,258 |
) |
|
|
24,561 |
|
|
Accrued expenses and other liabilities |
|
58,936 |
|
|
|
52,129 |
|
|
|
(15 |
) |
|
|
116,391 |
|
|
Deferred revenue |
|
(54,414 |
) |
|
|
(46,225 |
) |
|
|
1,918 |
|
|
|
174,325 |
|
|
Operating lease liabilities, net |
|
(5,830 |
) |
|
|
(6,318 |
) |
|
|
(16,931 |
) |
|
|
(17,668 |
) |
|
Net cash provided
by operating activities |
|
493,153 |
|
|
|
295,314 |
|
|
|
1,247,611 |
|
|
|
1,078,674 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of marketable securities |
|
(1,137,431 |
) |
|
|
(350,196 |
) |
|
|
(2,963,597 |
) |
|
|
(1,927,049 |
) |
|
Maturities of marketable securities |
|
814,958 |
|
|
|
831,199 |
|
|
|
2,358,078 |
|
|
|
2,137,875 |
|
|
Purchases of property and equipment |
|
(39,987 |
) |
|
|
(22,698 |
) |
|
|
(108,413 |
) |
|
|
(75,568 |
) |
|
Purchases of strategic investments |
|
(1,800 |
) |
|
|
(3,500 |
) |
|
|
(52,800 |
) |
|
|
(65,050 |
) |
|
Proceeds from strategic investments |
|
— |
|
|
|
300 |
|
|
|
107,244 |
|
|
|
300 |
|
|
Cash paid for acquisition, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
(204,918 |
) |
|
|
(120,553 |
) |
|
Purchases of intangible assets |
|
— |
|
|
|
(7,357 |
) |
|
|
— |
|
|
|
(10,568 |
) |
|
Net cash (used in)
provided by investing activities |
|
(364,260 |
) |
|
|
447,748 |
|
|
|
(864,406 |
) |
|
|
(60,613 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options |
|
650 |
|
|
|
1,750 |
|
|
|
8,336 |
|
|
|
6,815 |
|
|
Proceeds from issuance of common stock for employee stock purchase
plan |
|
— |
|
|
|
— |
|
|
|
32,513 |
|
|
|
34,605 |
|
|
Proceeds from employee equity transactions (remitted) to be
remitted to employees and tax authorities, net |
|
(6,156 |
) |
|
|
3,216 |
|
|
|
(4,897 |
) |
|
|
671 |
|
|
Cash paid for repurchases of common stock |
|
— |
|
|
|
(564,832 |
) |
|
|
— |
|
|
|
(990,778 |
) |
|
Net cash (used in)
provided by financing activities |
|
(5,506 |
) |
|
|
(559,866 |
) |
|
|
35,952 |
|
|
|
(948,687 |
) |
|
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash |
|
(17,492 |
) |
|
|
(20,528 |
) |
|
|
(21,273 |
) |
|
|
(36,639 |
) |
|
Net increase in cash, cash equivalents, and restricted cash |
|
105,895 |
|
|
|
162,668 |
|
|
|
397,884 |
|
|
|
32,735 |
|
|
Cash, cash equivalents, and restricted cash – beginning of
period |
|
1,392,232 |
|
|
|
943,420 |
|
|
|
1,100,243 |
|
|
|
1,073,353 |
|
|
Cash, cash equivalents, and restricted cash – end of period |
$ |
1,498,127 |
|
|
$ |
1,106,088 |
|
|
$ |
1,498,127 |
|
|
$ |
1,106,088 |
|
|
|
Zoom Video Communications, Inc. |
Reconciliation of GAAP to Non-GAAP Measures |
(Unaudited, in thousands, except share and per share
amounts) |
|
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
GAAP income from operations |
$ |
169,389 |
|
|
$ |
66,508 |
|
|
$ |
356,749 |
|
|
$ |
375,316 |
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense and related payroll taxes |
|
266,090 |
|
|
|
305,258 |
|
|
|
813,458 |
|
|
|
780,712 |
|
|
Litigation settlements, net |
|
— |
|
|
|
— |
|
|
|
52,500 |
|
|
|
(4,226 |
) |
|
Acquisition-related expenses |
|
11,660 |
|
|
|
9,119 |
|
|
|
35,439 |
|
|
|
22,450 |
|
|
Restructuring expenses |
|
— |
|
|
|
— |
|
|
|
72,993 |
|
|
|
— |
|
|
Non-GAAP income from operations |
$ |
447,139 |
|
|
$ |
380,885 |
|
|
$ |
1,331,139 |
|
|
$ |
1,174,252 |
|
|
GAAP operating margin |
|
14.9 |
% |
|
|
6.0 |
% |
|
|
10.6 |
% |
|
|
11.5 |
% |
|
Non-GAAP operating margin |
|
39.3 |
% |
|
|
34.6 |
% |
|
|
39.4 |
% |
|
|
35.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to common stockholders |
$ |
141,212 |
|
|
$ |
48,353 |
|
|
$ |
338,630 |
|
|
$ |
207,744 |
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense and related payroll taxes |
|
266,090 |
|
|
|
305,258 |
|
|
|
813,458 |
|
|
|
780,712 |
|
|
Litigation settlements, net |
|
— |
|
|
|
— |
|
|
|
52,500 |
|
|
|
(4,226 |
) |
|
Losses (gains) on strategic investments, net |
|
25,471 |
|
|
|
6,898 |
|
|
|
(8,474 |
) |
|
|
78,014 |
|
|
Acquisition-related expenses |
|
11,660 |
|
|
|
9,119 |
|
|
|
35,439 |
|
|
|
22,450 |
|
|
Restructuring expenses |
|
— |
|
|
|
— |
|
|
|
72,993 |
|
|
|
— |
|
|
Undistributed earnings attributable to participating
securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17 |
|
|
Tax effects on non-GAAP adjustments |
|
(43,197 |
) |
|
|
(46,442 |
) |
|
|
(140,494 |
) |
|
|
(122,254 |
) |
|
Non-GAAP net income |
$ |
401,236 |
|
|
$ |
323,186 |
|
|
$ |
1,164,052 |
|
|
$ |
962,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share - basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per share - basic |
$ |
0.47 |
|
|
$ |
0.16 |
|
|
$ |
1.13 |
|
|
$ |
0.70 |
|
|
Non-GAAP net income per share - basic |
$ |
1.33 |
|
|
$ |
1.09 |
|
|
$ |
3.89 |
|
|
$ |
3.23 |
|
|
GAAP net income per share - diluted |
$ |
0.45 |
|
|
$ |
0.16 |
|
|
$ |
1.10 |
|
|
$ |
0.68 |
|
|
Non-GAAP net income per share - diluted |
$ |
1.29 |
|
|
$ |
1.07 |
|
|
$ |
3.79 |
|
|
$ |
3.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP weighted-average shares used to compute net
income per share - basic |
|
302,493,182 |
|
|
|
295,537,026 |
|
|
|
299,037,999 |
|
|
|
297,765,848 |
|
|
GAAP and non-GAAP weighted-average shares used to compute net
income per share - diluted |
|
310,389,905 |
|
|
|
301,986,341 |
|
|
|
306,852,190 |
|
|
|
305,273,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
493,153 |
|
|
$ |
295,314 |
|
|
$ |
1,247,611 |
|
|
$ |
1,078,674 |
|
|
Less: Purchases of property and equipment |
|
(39,987 |
) |
|
|
(22,698 |
) |
|
|
(108,413 |
) |
|
|
(75,568 |
) |
|
Free cash flow (non-GAAP) |
$ |
453,166 |
|
|
$ |
272,616 |
|
|
$ |
1,139,198 |
|
|
$ |
1,003,106 |
|
|
Net cash (used in) provided by investing activities |
$ |
(364,260 |
) |
|
$ |
447,748 |
|
|
$ |
(864,406 |
) |
|
$ |
(60,613 |
) |
|
Net cash (used in) provided by financing activities |
$ |
(5,506 |
) |
|
$ |
(559,866 |
) |
|
$ |
35,952 |
|
|
$ |
(948,687 |
) |
|
Operating cash flow margin (GAAP) |
|
43.4 |
% |
|
|
26.8 |
% |
|
|
36.9 |
% |
|
|
32.9 |
% |
|
Free cash flow margin (non-GAAP) |
|
39.9 |
% |
|
|
24.7 |
% |
|
|
33.7 |
% |
|
|
30.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|
|
2023 |
|
2023 |
|
|
Revenue |
|
YoY Revenue Growth (%) |
|
Revenue |
|
YoY Revenue Growth (%) |
|
GAAP revenue |
$ |
1,136,727 |
|
|
|
3.2 |
% |
|
$ |
3,380,767 |
|
|
|
3.2 |
% |
|
Add: Constant currency impact |
|
3,935 |
|
|
|
0.3 |
% |
|
|
32,591 |
|
|
|
1.0 |
% |
|
Revenue in constant currency (non-GAAP) |
|
1,140,662 |
|
|
|
3.5 |
% |
|
|
3,413,358 |
|
|
|
4.2 |
% |
|
|
Zoom Video Communications (NASDAQ:ZM)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Zoom Video Communications (NASDAQ:ZM)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024