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1、 2024 Zoom Video Communications,Inc.Zoom Video CommunicationsQ1 FY25 EarningsMay 20,2024 2024 Zoom Video Communications,Inc.In addition to the financials presented in accordance with U.S.generally accepted accounting principles(GAAP),this presentation includes the following non-GAAP metrics:Revenue

2、in Constant Currency,non-GAAP gross profit,non-GAAP gross margin,non-GAAP R&D expense,non-GAAP S&M expense,non-GAAP G&A expense,non-GAAP operating margin,non-GAAP income from operations,non-GAAP net income per share or EPS,free cash flow and free cash flow margin.Non-GAAP metrics have limitations as

3、 analytical tools and you should not consider them in isolation or as a substitute for or superior to the most directly comparable financial measures prepared in accordance with U.S.GAAP.There are a number of limitations related to the use of non-GAAP metrics versus their nearest GAAP equivalents.Ot

4、her companies,including companies in our industry,may calculate non-GAAP metrics differently or may use other measures to evaluate their performance,all of which could reduce the usefulness of our non-GAAP metrics as tools for comparison.We urge you to review the reconciliation of Zooms non-GAAP met

5、rics to the most directly comparable GAAP financial measures,and not to rely on any single financial measure to evaluate our business.See the Appendix for reconciliation between each non-GAAP metric and the most comparable GAAP measure.Use of non-GAAP financial measures 2024 Zoom Video Communication

6、s,Inc.This presentation and the accompanying oral presentation contain express and implied“forward-looking statements”within the meaning of the Private Securities Litigation Reform Act of 1995,including statements regarding Zooms financial outlook for the second quarter of fiscal year 2025 and full

7、fiscal year 2025;Zooms expectations regarding financial and business trends,as well as impacts from macroeconomic developments;Zooms market position,stock repurchase program,opportunities,growth strategy and business aspirations;and product initiatives,including the continued incorporation of AI acr

8、oss Zooms collaboration platform,including Zoom Contact Center and Zoom Workplace,and the expected benefits of such initiatives.In some cases,you can identify forward-looking statements by terms such as“anticipate,”“believe,”“estimate,”“expect,”“intend,”“may,”“might,”“plan,”“project,”“will,”“would,”

9、“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

10、 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

11、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,lengthening sales cycles with large organizations,delays or outages in services from our co-loc

12、ated 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.Additi

13、onal 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”),includin

14、g our annual report on Form 10-K for the fiscal year ended January 31,2024.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 managements good faith belief as of that time with respe

15、ct 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.Safe Harbor Statement 2024 Zoom Video Communications,Inc.Awards and customer recognition 2024 Zoom Video Communications,Inc.R

16、eimagine teamwork withMeetingsStreamline communicationsSchedulerMail&CalendarTeam ChatPhoneIncrease employee engagementWorkvivoImprove productivityNotesWhiteboardClipsDocsOptimize in-person timeVisitorManagementDigitalSignageRoomsWorkspaceReservationPowered by 2024 Zoom Video Communications,Inc.2024

17、 Zoom Video Communications,Inc.Zoom Workplace,AI,and Business Services Innovation 2024 Zoom Video Communications,Inc.2024 Zoom Video Communications,Inc.Customer traction in Q1 highlights the appeal of our AI and customer experience solutions 2024 Zoom Video Communications,Inc.Reached 90 Contact Cent

18、er accounts with$100k ARRUp 246%year over yearAmassed 5 Zoom Phone customers with 100k+seatsIncludes one marquee financial services win in Q1Surpassed 700k customer accounts enabling Zoom AI Companion(as of today)Customers range from solopreneurs up to enterprises with over 100,000 usersQ1 Milestone

19、s 2024 Zoom Video Communications,Inc.Continued Enterprise growth and Online stabilizationEnterprise Revenue(in millions)Total Revenue1(in millions)Online Average Monthly Churn25%3%For endnote descriptions,see final slide 2024 Zoom Video Communications,Inc.Continued growth in number of up-market cust

20、omersFor endnote descriptions,see final slide#of Customers Contributing$100k in TTM Revenue8%TTM Net Dollar Expansion Rate for Enterprise Customers299%Enterprise Customers1(adjusted for the transition of 26.8k customers to Online in Q1)191.0k 2024 Zoom Video Communications,Inc.Continued growth in Am

21、ericas,FX headwinds in APACRevenue1(in millions)YoY GrowthAmericas4%APAC-2%For endnote descriptions,see final slide EMEA2%2024 Zoom Video Communications,Inc.Q1 FY25 expenses and marginsGAAPResultsYr/YrNon-GAAP1ResultsYr/YrRevenue$1,141 million3%$1,141 million3%Gross Profit76.1%(7 bps)79.3%(123 bps)R

22、&D Expense18.0%(92 bps)10.2%+61 bpsS&M Expense30.5%(773 bps)23.2%(197 bps)G&A Expense9.8%(833 bps)5.9%(167 bps)Operating Income17.8%+1,691 bps40.0%+180 bpsEffective Tax Rate25.9%(3,836 bps)19.3%(283 bps)EPS-Diluted$0.691280%$1.3516%For endnote descriptions,see final slide 2024 Zoom Video Communicati

23、ons,Inc.Growing future revenue under contractFor endnote descriptions,see final slide Total RPO1(in millions)YoY GrowthDeferred Revenue-1%Unbilled9%YoY GrowthCurrent RPO7%Non-Current RPO3%Current2&Non-Current RPO(in millions)59%41%41%59%Total RPO 5%Total RPO5%2024 Zoom Video Communications,Inc.Stron

24、g cash flow and$7.4B cash balance1,while actively repurchasing sharesFor endnote descriptions,see final slide Shares repurchased in Q1Operating Cash Flow(in Millions)2.4millionFree Cash Flow2(in Millions)44%41%2024 Zoom Video Communications,Inc.Q2 and Fiscal Year 2025 outlookOutlook1Q2 FY25FY25Reven

25、ue$1,145-$1,150 million$4,610-$4,620 millionTotal Revenue(Constant Currency)$1,147-$1,152 million$4,616-$4,626 millionNon-GAAP Operating Income$415-$420 million$1,740-$1,750 millionWeighted Average Share Count316 million319 millionNon-GAAP EPS$1.20-$1.21$4.99-$5.02Free Cash Flow2-$1,440-$1,480 milli

26、onFor endnote descriptions,see final slide$1.35 billion authorized share repurchase remaining as of 4/30/24(not reflected in Share Count and EPS figures)2024 Zoom Video Communications,Inc.2024 Zoom Video Communications,Inc.Thank you 2024 Zoom Video Communications,Inc.Appendix 2024 Zoom Video Communi

27、cations,Inc.GAAP to Non-GAAP Reconciliation($in Thousands)Q1 FY24Q1 FY25Gross ProfitTotal Revenue$1,105,364$1,141,234GAAP Gross Profit$841,417$867,932(+)Stock-based compensation expense and related payroll taxes$40,120$35,359(+)Acquisition-related expense$1,557$1,805(+)Restructuring expenses$7,095-N

28、on-GAAP Gross Profit$890,189$905,096GAAP Gross Margin76.1%76.1%Non-GAAP Gross Margin80.5%79.3%R&D ExpensesGAAP R&D$209,271$205,558(-)Stock-based compensation expense and related payroll taxes$(79,311)$(85,421)(-)Acquisition-related expense$(4,386)$(3,417)(-)Restructuring expenses$(19,302)-Non-GAAP R

29、&D$106,272$116,720S&M ExpensesGAAP S&M$422,504$348,008(-)Stock-based compensation expense and related payroll taxes$(109,392)$(81,664)(-)Acquisition-related expenses$(1,184)$(1,762)(-)Restructuring expenses$(33,841)-Non-GAAP S&M$278,087$264,582G&A ExpensesGAAP G&A$199,900$111,344(-)Stock-based compe

30、nsation expense and related payroll taxes$(49,225)$(40,430)(-)Litigation settlements,net$(52,500)-(-)Acquisition-related expense$(1,724)$(3,717)(-)Restructuring expenses$(12,942)-Non-GAAP G&A$83,509$67,197 2024 Zoom Video Communications,Inc.GAAP to Non-GAAP Reconciliation($in Thousands except EPS)Q1

31、 FY24Q1 FY25Operating ProfitTotal Revenue$1,105,364$1,141,234GAAP Operating Profit$9,742$203,022(+)Stock-based compensation expense and related payroll taxes$278,048$242,874(+)Litigation settlements,net$52,500-(+)Acquisition-related expense$8,851$10,701(+)Restructuring expenses$73,180-Non-GAAP Opera

32、ting Profit$422,321$456,597GAAP Operating Margin0.9%17.8%Non-GAAP Operating Margin38.2%40.0%Net IncomeGAAP net income attributable to common stockholders$15,444$216,308(+)Stock-based compensation expense and related payroll taxes$278,048$242,874(+)Litigation settlements,net$52,500-(+)Acquisition-rel

33、ated expenses$8,851$10,701(+)Restructuring expenses$73,180-(+)Losses(gains)on strategic investments$(2,275)$(17,354)(-)Tax effects on non-GAAP adjustments$(72,497)$(26,211)Non-GAAP net income$353,251$426,318Earnings Per ShareGAAP net income per share diluted$0.05$0.69Non-GAAP net income per share di

34、luted$1.16$1.35Weighted Average SharesGAAP and Non-GAAP weighted-average diluted304,115,913315,360,678 2024 Zoom Video Communications,Inc.GAAP to Non-GAAP Reconciliation($in Thousands)Q1 FY24Q1 FY25Free Cash FlowCash Flow from Operations$418,487$588,191(-)Purchases of PPE$(21,826)$(18,508)Free Cash

35、Flow$396,661$569,683Operating Cash Flow Margin37.9%51.5%Free Cash Flow Margin35.9%49.9%Net Cash Used in Investing Activities$(480,786)$(107,824)Net Cash(Used in)Provided by Financing Activities$7,019$(142,451)($in Thousands)Q1 FY25Y/Y growthRevenue in Constant CurrencyGAAP revenue$1,141,2343.2%(+)Co

36、nstant currency impact$2,3460.3%Revenue in constant currency(non-GAAP)$1,143,5803.5%2024 Zoom Video Communications,Inc.Historic Metrics($in millions)Q2 FY23Q3 FY23Q4 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Revenue$1,099.5$1,101.9$1,117.8$1,105.4$1,138.7$1,136.7$1,146.5$1,141.2Y/Y growth8%5%4%3%4%3%3%

37、3%GAAP Income(loss)from operations$121.7$66.5($129.9)$9.7$177.6$169.4$168.5$203.0Stock-based compensation and related payroll taxes,acquisition-related expenses,restructuring expenses,and net litigation settlements$272.0$314.4$534.7$412.6$284.1$277.8$275.2$253.6Non-GAAP income from operations$393.7$

38、380.9$404.8$422.3$461.7$447.1$443.7$456.6Operating Cash Flow$257.2$295.3$211.6$418.5$336.0$493.2$351.2$588.2Capital Expenditures$(27.8)$(22.7)$(28.3)$(21.8)$(46.6)$(40.0)$(18.5)$(18.5)Free Cash Flow$229.4$272.6$183.3$396.7$289.4$453.2$332.7$569.7Deferred Revenue$1,401.1$1,354.2$1,308.4$1,366.1$1,369

39、.8$1,315.9$1,270.4$1,352.2Unbilled Accounts Receivable$70.6$82.4$91.6$107.1$115.6$132.3$124.8$137.7RPO$3,213.0$3,245.9$3,434.5$3,482.2$3,504.4$3,571.7$3,574.8$3,665.7Y/Y growth37%32%30%16%9%10%4%5%Customers$100K TTM Revenue3,1163,2863,4713,5803,6723,7313,8103,883Y/Y growth37%31%27%23%18%14%10%8%Reve

40、nue%from Customers$100K TTM Revenue26%27%28%29%29%29%30%30%Pre-Transition Enterprise Customers1204,100209,300213,000215,900218,100219,700220,400-Post-Transition Enterprise Customers-191,000Revenue%from Enterprise Customers54%56%57%57%58%58%58%58%TTM Net$Expansion Rate for Enterprise Customers120%117

41、%115%112%109%105%101%99%Online Average Monthly Churn3.6%3.1%3.4%3.1%3.2%3.0%3.0%3.2%For endnote descriptions,see final slide 2024 Zoom Video Communications,Inc.EndnotesContinued Enterprise growth and Online stabilization1.Currency Impact is a non-GAAP metric.See appendix for a reconciliation of non-

42、GAAP to GAAP financial measures.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 act

43、ual exchange rates in effect during the respective periods.2.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 O

44、nline 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

45、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

46、average monthly churn.Continued growth in number of up-market customers1.The number of customers is rounded down to the nearest hundred.Zoom defines Enterprise customers as distinct business units who have been engaged by either our direct sales team,resellers,or strategic partners.All other custome

47、rs that subscribe to our services directly through our website are referred to as Online customers.Enterprise Customers are rounded down to the nearest hundred.2.Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue(“ARR”)from Enterprise customers

48、 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

49、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 peri

50、od 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

51、months.Continued growth in Americas,FX headwinds in APAC1.Subtotals revenue and revenue percent have been rounded.Q1 FY25 expenses and margins1.See appendix for a reconciliation of non-GAAP to GAAP financial measures.Growing future revenue under contract1.Remaining performance Obligations(RPO)consis

52、ts of both billed considerations and unbilled considerations that we expect to recognize as revenue.Subtotals have been rounded.2.Current RPO refers to the portion of total RPO which we expect to recognize as revenue over the following 12 months period.Strong cash flow and$7.4B cash balance1,while a

53、ctively repurchasing shares1.Cash balance refers to cash,cash equivalents and marketable securities,excluding restricted cash at the end of the period.2.See appendix for a reconciliation of non-GAAP to GAAP financial measures.Zoom defines free cash flow as net cash provided by operating activities l

54、ess purchases of property and equipment.Q1 and Fiscal Year 2025 outlook1.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,althoug

55、h it is important to note that these factors could be material to Zooms results computed in accordance with GAAP.2.Free cash flow is a non-GAAP financial metric.Zoom defines free cash flow as net cash provided by operating activities less purchases of property and equipment.Historic Metrics1.Enterpr

56、ise Customers are rounded down to the nearest hundred.During Q1 FY25,in order to enhance customer experience and improve efficiency,we transitioned approximately 26,800 Enterprise customers with lower MRR away from working with direct sales teams,resellers,or strategic partners.These customers are now considered Online customers and no longer included in our Enterprise customer total as of April 30,2024.The impact of this transition did not have a material impact on the percent of revenue from Enterprise and Online customers,net dollar expansion rate,or Online average monthly churn.