Zoom Video Communications, Inc. (NASDAQ: ZM), today announced
financial results for the second fiscal quarter ended July 31,
2024.
“In Q2, we outperformed our guidance across the
board and grew operating cash flow and free cash flow by 33.7% and
26.2% year over year, respectively, demonstrating our continued
commitment to efficient growth. We also saw strength in large
accounts, with customers contributing more than $100,000 in
trailing 12 months revenue increasing by 7.1% year over year, and
resilience in our Online business, with Online average monthly
churn reaching its lowest ever rate,” said Eric S. Yuan, Zoom
founder, and CEO. “Zoom Contact Center racked up several marquee
customers, including its largest single order deal to-date,
highlighting our ability to win competitive deals for full scale,
customer-facing deployments with our higher-end packages that
utilize advanced AI features to enhance agent performance.”
Second Quarter Fiscal
Year 2025 Financial
Highlights:
-
Revenue: Total revenue for the second quarter was
$1,162.5 million, up 2.1% year over year. Adjusting for foreign
currency impact, revenue in constant currency was $1,166.1 million,
up 2.4% year over year. Enterprise revenue was $682.8 million, up
3.5% year over year, and Online revenue was $479.7 million, flat
year over year.
- Income from
Operations and Operating Margin: GAAP income from
operations for the second quarter was $202.4 million, compared
to GAAP income from operations of $177.6 million in the second
quarter of fiscal year 2024. 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 second quarter was $455.5
million, compared to non-GAAP income from operations of $461.7
million in the second quarter of fiscal year 2024. For the second
quarter, GAAP operating margin was 17.4% and non-GAAP operating
margin was 39.2%.
- Net Income
and Diluted Net Income Per Share: GAAP net income for the
second quarter was $219.0 million, or $0.70 per share, compared to
GAAP net income of $182.0 million, or $0.59 per share, in the
second quarter of fiscal year 2024.Non-GAAP net income for the
second quarter was $436.4 million, after adjusting for stock-based
compensation expense and related payroll taxes, gains on strategic
investments, net, acquisition-related expenses, restructuring
expenses, litigation settlements, net, and the tax effects on
non-GAAP adjustments. Non-GAAP net income per share was $1.39. In
the second quarter of fiscal year 2024, non-GAAP net income was
$409.6 million, or $1.34 per share.
- Cash and
Marketable Securities: Total cash, cash equivalents, and
marketable securities, excluding restricted cash, as of
July 31, 2024 was $7.5 billion.
- Cash
Flow: Net cash provided by operating activities was $449.3
million for the second quarter, compared to $336.0 million in
the second quarter of fiscal year 2024, up 33.7% year over year.
Free cash flow, which is net cash provided by operating activities
less purchases of property and equipment, was $365.1 million,
compared to $289.4 million in the second quarter of fiscal
year 2024, up 26.2% year over year.
Customer Metrics: Drivers of
total revenue included acquiring new customers. At the end of the
second quarter of fiscal year 2025, Zoom had:
- 3,933 customers
contributing more than $100,000 in trailing 12 months revenue, up
approximately 7.1% from the same quarter last fiscal year.
- Approximately 191,600
Enterprise customers.
- A trailing 12-month
net dollar expansion rate for Enterprise customers of 98%.
- Online average monthly
churn of 2.9% for the second quarter, down 30 bps from the second
quarter fiscal year 2024.
- The percentage of
total Online MRR from Online customers with a continual term of
service of at least 16 months was 74.4%, up 160 bps year over
year.
Financial Outlook: Zoom is
providing the following guidance for its third quarter of fiscal
year 2025 and its full fiscal year 2025.
- Third Quarter Fiscal
Year 2025: Total revenue is expected to be between $1.160 billion
and $1.165 billion and revenue in constant currency is expected to
be between $1.162 billion and $1.167 billion. Non-GAAP income from
operations is expected to be between $438.0 million and $443.0
million. Non-GAAP diluted EPS is expected to be between $1.29 and
$1.31 with approximately 314 million weighted average shares
outstanding.
- Full Fiscal Year 2025:
Total revenue is expected to be between $4.630 billion and $4.640
billion and revenue in constant currency is expected to be between
$4.641 billion and $4.651 billion. Full fiscal year non-GAAP income
from operations is expected to be between $1.790 billion and $1.800
billion. Full fiscal year non-GAAP diluted EPS is expected to be
between $5.29 and $5.32 with approximately 316 million weighted
average shares outstanding. Full fiscal year free cash flow is
expected to be between $1.580 billion and $1.620 billion.
The EPS and share count figures do not include the
impact from $1.062 billion of authorized share repurchase
remaining as of July 31, 2024.
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 August 21, 2024 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’s mission is to provide one platform that
delivers limitless human connection. Reimagine teamwork with Zoom
Workplace — Zoom’s open collaboration platform with AI Companion
empowers teams to be more productive. Together with Zoom Workplace,
Zoom’s Business Services for sales, marketing, and customer care
teams, including Zoom Contact Center, strengthen customer
relationships throughout the customer lifecycle. Founded in 2011,
Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose,
California. Get more information 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 third quarter of fiscal
year 2025 and full fiscal year 2025, Zoom’s market position,
opportunities, and growth strategy, product initiatives,
go-to-market motions and the expected benefits resulting from the
same, market trends, and Zoom's stock repurchase program. 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, renewals or upgrades, or
decline in demand for our platform, difficulties in evaluating our
prospects and future results of operations given our limited
operating history, competition from other providers of
communications platforms, the effect of macroeconomic conditions on
our business, including inflation and market volatility, lengthened
sales cycles with large organizations, delays or outages in
services from our co-located data centers, failures in internet
infrastructure or interference with broadband access, compromised
security measures, including ours and those of the third parties
upon which we rely, 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 April
30, 2024. 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,
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 fact, Zoom believes the
consideration of measures that exclude such expenses can assist in
the comparison of operational performance in different periods that
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 and GAAP net income per share, 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 the tax effects of all non-GAAP
adjustments. Zoom excludes these items because they are considered
by management to be outside of Zoom’s core operating results. These
adjustments are intended to provide investors and management with
greater visibility to the underlying performance of Zoom’s business
operations, facilitate 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 an organization
of any size (including a distinct unit of an organization) that has
multiple users. Zoom defines Enterprise customers as distinct
business units that 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
Charles EveslageHead of Investor
Relationsinvestors@zoom.us
Zoom Video Communications, Inc.Condensed
Consolidated Balance Sheets(In
thousands) |
|
|
As of |
|
July 31,2024 |
|
January 31,2024 |
Assets |
(unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
1,539,457 |
|
|
$ |
1,558,252 |
|
Marketable securities |
|
5,980,575 |
|
|
|
5,404,233 |
|
Accounts receivable, net |
|
528,237 |
|
|
|
536,078 |
|
Deferred contract acquisition costs, current |
|
197,502 |
|
|
|
208,474 |
|
Prepaid expenses and other current assets |
|
149,374 |
|
|
|
219,182 |
|
Total current assets |
|
8,395,145 |
|
|
|
7,926,219 |
|
Deferred contract acquisition costs, noncurrent |
|
120,603 |
|
|
|
138,724 |
|
Property and equipment, net |
|
347,714 |
|
|
|
293,704 |
|
Operating lease right-of-use assets |
|
53,045 |
|
|
|
58,975 |
|
Strategic investments |
|
438,529 |
|
|
|
409,222 |
|
Goodwill |
|
307,295 |
|
|
|
307,295 |
|
Deferred tax assets |
|
718,066 |
|
|
|
662,177 |
|
Other assets, noncurrent |
|
126,795 |
|
|
|
133,477 |
|
Total assets |
$ |
10,507,192 |
|
|
$ |
9,929,793 |
|
Liabilities and stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
10,611 |
|
|
$ |
10,175 |
|
Accrued expenses and other current liabilities |
|
439,459 |
|
|
|
500,164 |
|
Deferred revenue, current |
|
1,391,278 |
|
|
|
1,251,848 |
|
Total current liabilities |
|
1,841,348 |
|
|
|
1,762,187 |
|
Deferred revenue, noncurrent |
|
15,416 |
|
|
|
18,514 |
|
Operating lease liabilities, noncurrent |
|
36,052 |
|
|
|
48,308 |
|
Other liabilities, noncurrent |
|
89,129 |
|
|
|
81,378 |
|
Total liabilities |
|
1,981,945 |
|
|
|
1,910,387 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Common stock |
|
308 |
|
|
|
307 |
|
Additional paid-in capital |
|
5,298,145 |
|
|
|
5,228,756 |
|
Accumulated other comprehensive (loss) income |
|
2,191 |
|
|
|
1,063 |
|
Retained earnings |
|
3,224,603 |
|
|
|
2,789,280 |
|
Total stockholders’ equity |
|
8,525,247 |
|
|
|
8,019,406 |
|
Total liabilities and stockholders’ equity |
$ |
10,507,192 |
|
|
$ |
9,929,793 |
|
|
|
|
|
|
|
|
|
Note: The amount of unbilled accounts receivable
included within accounts receivable, net on the condensed
consolidated balance sheets was $119.9 million and $124.8 million
as of July 31, 2024 and January 31, 2024,
respectively.
Zoom Video Communications, Inc.Condensed
Consolidated Statements of Operations(Unaudited,
in thousands, except share and per share amounts) |
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
1,162,520 |
|
|
$ |
1,138,676 |
|
|
$ |
2,303,754 |
|
|
$ |
2,244,040 |
|
Cost of revenue |
|
285,089 |
|
|
|
266,559 |
|
|
|
558,391 |
|
|
|
530,506 |
|
Gross profit |
|
877,431 |
|
|
|
872,117 |
|
|
|
1,745,363 |
|
|
|
1,713,534 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
206,756 |
|
|
|
191,802 |
|
|
|
412,314 |
|
|
|
401,073 |
|
Sales and marketing |
|
358,770 |
|
|
|
373,373 |
|
|
|
706,778 |
|
|
|
795,877 |
|
General and administrative |
|
109,535 |
|
|
|
129,324 |
|
|
|
220,879 |
|
|
|
329,224 |
|
Total operating expenses |
|
675,061 |
|
|
|
694,499 |
|
|
|
1,339,971 |
|
|
|
1,526,174 |
|
Income from operations |
|
202,370 |
|
|
|
177,618 |
|
|
|
405,392 |
|
|
|
187,360 |
|
Gains on strategic investments, net |
|
3,107 |
|
|
|
31,670 |
|
|
|
20,461 |
|
|
|
33,945 |
|
Other income, net |
|
87,412 |
|
|
|
41,085 |
|
|
|
159,000 |
|
|
|
72,298 |
|
Income before provision for income taxes |
|
292,889 |
|
|
|
250,373 |
|
|
|
584,853 |
|
|
|
293,603 |
|
Provision for income taxes |
|
73,874 |
|
|
|
68,399 |
|
|
|
149,530 |
|
|
|
96,185 |
|
Net income |
|
219,015 |
|
|
|
181,974 |
|
|
|
435,323 |
|
|
|
197,418 |
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.71 |
|
|
$ |
0.61 |
|
|
$ |
1.41 |
|
|
$ |
0.66 |
|
Diluted |
$ |
0.70 |
|
|
$ |
0.59 |
|
|
$ |
1.38 |
|
|
$ |
0.65 |
|
Weighted-average shares used in computing net income per
share: |
|
|
|
|
|
|
|
Basic |
|
309,137,807 |
|
|
|
299,093,452 |
|
|
|
308,921,610 |
|
|
|
297,281,846 |
|
Diluted |
|
314,027,192 |
|
|
|
305,932,596 |
|
|
|
314,696,351 |
|
|
|
305,054,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zoom Video Communications, Inc.Condensed
Consolidated Statements of Cash Flows(Unaudited,
in thousands) |
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
219,015 |
|
|
$ |
181,974 |
|
|
$ |
435,323 |
|
|
$ |
197,418 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
Stock-based compensation expense |
|
237,950 |
|
|
|
261,509 |
|
|
|
467,375 |
|
|
|
543,854 |
|
Amortization of deferred contract acquisition costs |
|
71,688 |
|
|
|
65,514 |
|
|
|
139,813 |
|
|
|
138,744 |
|
Depreciation and amortization |
|
29,084 |
|
|
|
26,126 |
|
|
|
55,751 |
|
|
|
50,202 |
|
Deferred income taxes |
|
(49,914 |
) |
|
|
(7,536 |
) |
|
|
(57,866 |
) |
|
|
13,975 |
|
Gains on strategic investments, net |
|
(3,107 |
) |
|
|
(31,670 |
) |
|
|
(20,461 |
) |
|
|
(33,945 |
) |
Provision for accounts receivable allowances |
|
5,736 |
|
|
|
6,771 |
|
|
|
12,518 |
|
|
|
22,204 |
|
Unrealized foreign exchange (gains) losses |
|
(8 |
) |
|
|
1,367 |
|
|
|
7,229 |
|
|
|
4,683 |
|
Non-cash operating lease cost |
|
6,589 |
|
|
|
5,276 |
|
|
|
11,957 |
|
|
|
10,657 |
|
Amortization of discount/premium on marketable securities |
|
(18,172 |
) |
|
|
(11,249 |
) |
|
|
(35,840 |
) |
|
|
(18,014 |
) |
Other |
|
(1,323 |
) |
|
|
2,056 |
|
|
|
(1,225 |
) |
|
|
(3,415 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(4,623 |
) |
|
|
42,732 |
|
|
|
7,637 |
|
|
|
13,631 |
|
Prepaid expenses and other assets |
|
25,196 |
|
|
|
(77,229 |
) |
|
|
61,035 |
|
|
|
(83,888 |
) |
Deferred contract acquisition costs |
|
(70,591 |
) |
|
|
(46,589 |
) |
|
|
(110,719 |
) |
|
|
(92,927 |
) |
Accounts payable |
|
(7,009 |
) |
|
|
3,118 |
|
|
|
267 |
|
|
|
4,999 |
|
Accrued expenses and other liabilities |
|
(39,025 |
) |
|
|
(83,591 |
) |
|
|
(53,967 |
) |
|
|
(58,951 |
) |
Deferred revenue |
|
55,665 |
|
|
|
2,992 |
|
|
|
133,629 |
|
|
|
56,332 |
|
Operating lease liabilities, net |
|
(7,817 |
) |
|
|
(5,600 |
) |
|
|
(14,931 |
) |
|
|
(11,101 |
) |
Net cash provided by operating activities |
|
449,334 |
|
|
|
335,971 |
|
|
|
1,037,525 |
|
|
|
754,458 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Purchases of marketable securities |
|
(1,313,404 |
) |
|
|
(1,057,936 |
) |
|
|
(2,181,315 |
) |
|
|
(1,826,166 |
) |
Maturities of marketable securities |
|
867,228 |
|
|
|
983,434 |
|
|
|
1,644,169 |
|
|
|
1,543,120 |
|
Purchases of property and equipment |
|
(84,234 |
) |
|
|
(46,600 |
) |
|
|
(102,742 |
) |
|
|
(68,426 |
) |
Purchases of strategic investments |
|
(10,500 |
) |
|
|
— |
|
|
|
(13,500 |
) |
|
|
(51,000 |
) |
Proceeds from strategic investments |
|
— |
|
|
|
107,244 |
|
|
|
4,654 |
|
|
|
107,244 |
|
Cash paid for acquisition, net of cash acquired |
|
— |
|
|
|
(5,502 |
) |
|
|
— |
|
|
|
(204,918 |
) |
Net cash used in investing activities |
|
(540,910 |
) |
|
|
(19,360 |
) |
|
|
(648,734 |
) |
|
|
(500,146 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
Proceeds from exercise of stock options |
|
839 |
|
|
|
3,418 |
|
|
|
1,855 |
|
|
|
7,686 |
|
Proceeds from issuance of common stock for employee stock purchase
plan |
|
34,263 |
|
|
|
32,513 |
|
|
|
34,263 |
|
|
|
32,513 |
|
Proceeds from employee equity transactions (remitted) to be
remitted to employees and tax authorities, net |
|
(3,722 |
) |
|
|
(1,492 |
) |
|
|
2,859 |
|
|
|
1,259 |
|
Cash paid for repurchases of common stock |
|
(287,645 |
) |
|
|
— |
|
|
|
(437,693 |
) |
|
|
— |
|
Net cash (used in) provided by financing activities |
|
(256,265 |
) |
|
|
34,439 |
|
|
|
(398,716 |
) |
|
|
41,458 |
|
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash |
|
706 |
|
|
|
(1,228 |
) |
|
|
(6,146 |
) |
|
|
(3,781 |
) |
Net (decrease) increase in cash, cash equivalents, and restricted
cash |
|
(347,135 |
) |
|
|
349,822 |
|
|
|
(16,071 |
) |
|
|
291,989 |
|
Cash, cash equivalents, and restricted cash – beginning of
period |
|
1,896,444 |
|
|
|
1,042,410 |
|
|
|
1,565,380 |
|
|
|
1,100,243 |
|
Cash, cash equivalents, and restricted cash – end of period |
$ |
1,549,309 |
|
|
$ |
1,392,232 |
|
|
$ |
1,549,309 |
|
|
$ |
1,392,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zoom Video Communications,
Inc.Reconciliation of GAAP to Non-GAAP
Measures(Unaudited, in thousands, except share and
per share amounts) |
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
GAAP income from operations |
$ |
202,370 |
|
|
$ |
177,618 |
|
|
$ |
405,392 |
|
|
$ |
187,360 |
|
Add: |
|
|
|
|
|
|
|
Stock-based compensation expense and related payroll taxes |
|
244,111 |
|
|
|
269,320 |
|
|
|
486,985 |
|
|
|
547,368 |
|
Litigation settlements, net |
|
(1,750 |
) |
|
|
— |
|
|
|
(1,750 |
) |
|
|
52,500 |
|
Acquisition-related expenses |
|
10,811 |
|
|
|
14,928 |
|
|
|
21,512 |
|
|
|
23,779 |
|
Restructuring expenses |
|
— |
|
|
|
(187 |
) |
|
|
— |
|
|
|
72,993 |
|
Non-GAAP income from operations |
$ |
455,542 |
|
|
$ |
461,679 |
|
|
$ |
912,139 |
|
|
$ |
884,000 |
|
GAAP operating margin |
|
17.4 |
% |
|
|
15.6 |
% |
|
|
17.6 |
% |
|
|
8.3 |
% |
Non-GAAP operating margin |
|
39.2 |
% |
|
|
40.5 |
% |
|
|
39.6 |
% |
|
|
39.4 |
% |
|
|
|
|
|
|
|
|
GAAP net income |
$ |
219,015 |
|
|
$ |
181,974 |
|
|
$ |
435,323 |
|
|
$ |
197,418 |
|
Add: |
|
|
|
|
|
|
|
Stock-based compensation expense and related payroll taxes |
|
244,111 |
|
|
|
269,320 |
|
|
|
486,985 |
|
|
|
547,368 |
|
Litigation settlements, net |
|
(1,750 |
) |
|
|
— |
|
|
|
(1,750 |
) |
|
|
52,500 |
|
Gains on strategic investments, net |
|
(3,107 |
) |
|
|
(31,670 |
) |
|
|
(20,461 |
) |
|
|
(33,945 |
) |
Acquisition-related expenses |
|
10,811 |
|
|
|
14,928 |
|
|
|
21,512 |
|
|
|
23,779 |
|
Restructuring expenses |
|
— |
|
|
|
(187 |
) |
|
|
— |
|
|
|
72,993 |
|
Tax effects on non-GAAP adjustments |
|
(32,659 |
) |
|
|
(24,800 |
) |
|
|
(58,870 |
) |
|
|
(97,297 |
) |
Non-GAAP net income |
$ |
436,421 |
|
|
$ |
409,565 |
|
|
$ |
862,739 |
|
|
$ |
762,816 |
|
|
|
|
|
|
|
|
|
Net income per share - basic and diluted: |
|
|
|
|
|
|
|
GAAP net income per share - basic |
$ |
0.71 |
|
|
$ |
0.61 |
|
|
$ |
1.41 |
|
|
$ |
0.66 |
|
Non-GAAP net income per share - basic |
$ |
1.41 |
|
|
$ |
1.37 |
|
|
$ |
2.79 |
|
|
$ |
2.57 |
|
GAAP net income per share - diluted |
$ |
0.70 |
|
|
$ |
0.59 |
|
|
$ |
1.38 |
|
|
$ |
0.65 |
|
Non-GAAP net income per share - diluted |
$ |
1.39 |
|
|
$ |
1.34 |
|
|
$ |
2.74 |
|
|
$ |
2.50 |
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP weighted-average shares used to compute net
income per share - basic |
|
309,137,807 |
|
|
|
299,093,452 |
|
|
|
308,921,610 |
|
|
|
297,281,846 |
|
GAAP and non-GAAP weighted-average shares used to compute net
income per share - diluted |
|
314,027,192 |
|
|
|
305,932,596 |
|
|
|
314,696,351 |
|
|
|
305,054,771 |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
449,334 |
|
|
$ |
335,971 |
|
|
$ |
1,037,525 |
|
|
$ |
754,458 |
|
Less: Purchases of property and equipment |
|
(84,234 |
) |
|
|
(46,600 |
) |
|
|
(102,742 |
) |
|
|
(68,426 |
) |
Free cash flow (non-GAAP) |
$ |
365,100 |
|
|
$ |
289,371 |
|
|
$ |
934,783 |
|
|
$ |
686,032 |
|
Net cash used in investing activities |
$ |
(540,910 |
) |
|
$ |
(19,360 |
) |
|
$ |
(648,734 |
) |
|
$ |
(500,146 |
) |
Net cash (used in) provided by financing activities |
$ |
(256,265 |
) |
|
$ |
34,439 |
|
|
$ |
(398,716 |
) |
|
$ |
41,458 |
|
Operating cash flow margin (GAAP) |
|
38.7 |
% |
|
|
29.5 |
% |
|
|
45.0 |
% |
|
|
33.6 |
% |
Free cash flow margin (non-GAAP) |
|
31.4 |
% |
|
|
25.4 |
% |
|
|
40.6 |
% |
|
|
30.6 |
% |
|
|
|
|
|
|
|
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
|
|
2024 |
|
|
|
2024 |
|
|
Revenue |
|
YoY Revenue Growth (%) |
|
Revenue |
|
YoY Revenue Growth (%) |
GAAP revenue |
$ |
1,162,520 |
|
|
|
2.1 |
% |
|
$ |
2,303,754 |
|
|
|
2.7 |
% |
Add: Constant currency impact |
|
3,573 |
|
|
|
0.3 |
% |
|
|
5,923 |
|
|
|
0.2 |
% |
Revenue in constant currency (non-GAAP) |
|
1,166,093 |
|
|
|
2.4 |
% |
|
|
2,309,677 |
|
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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