Zoom Video Communications, Inc. (NASDAQ: ZM), a leading provider of
video-first unified communications, today announced financial
results for the third fiscal quarter ended October 31, 2020.
“We remain focused on the communication needs of our customers
and communities as they navigate the current environment and adapt
to a new world of work from anywhere using Zoom. We aspire to
provide the most innovative, secure, reliable, and high-quality
communications platform to help people connect, collaborate, build
and learn on Zoom,” said Zoom founder and CEO, Eric S. Yuan.
“Strong demand and execution led to revenue growth of 367%
year-over-year with solid growth in non-GAAP operating income and
cash flow in our third fiscal quarter. We expect to strengthen our
market position as we finish the fiscal year with an increased
total revenue outlook of approximately $2.575 billion to $2.580
billion for fiscal year 2021, or approximately 314% increase
year-over-year.”
Third Quarter Fiscal Year 2021 Financial
Highlights:
- Revenue: Total revenue for the third quarter
was $777.2 million, up 367% year-over-year.
- Income (Loss) from Operations and Operating
Margin: GAAP income from operations for the third quarter
was $192.2 million, compared to GAAP loss from operations of
$1.7 million in the third quarter of fiscal year 2020. After
adjusting for stock-based compensation expense and related payroll
taxes, and acquisition-related expenses, non-GAAP income from
operations for the third quarter was $290.8 million, up from $21.3
million in the third quarter of fiscal year 2020. For the third
quarter, GAAP operating margin was 24.7% and non-GAAP operating
margin was 37.4%.
- Net Income and Net Income Per Share: GAAP net
income attributable to common stockholders for the third quarter
was $198.4 million, or $0.66 per share, compared to GAAP net income
attributable to common stockholders of $2.2 million, or $0.01 per
share in the third quarter of fiscal year 2020.Non-GAAP net income
for the quarter was $297.2 million, after adjusting for stock-based
compensation expense and related payroll taxes, acquisition-related
expenses, and undistributed earnings attributable to participating
securities. Non-GAAP net income per share was $0.99. In the third
quarter of fiscal year 2020, non-GAAP net income was
$25.2 million, or $0.09 per share.
- Cash: Total cash,
cash equivalents, and marketable securities, excluding restricted
cash, as of October 31, 2020 was $1.9 billion.
- Cash Flow: Net cash
provided by operating activities was $411.5 million for the third
quarter, compared to $61.9 million in the third quarter of
fiscal year 2020. Free cash flow, which is net cash provided by
operating activities less purchases of property and equipment, was
$388.2 million, compared to $54.7 million in the third
quarter of fiscal year 2020.
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 2021,
Zoom had:
- Approximately 433,700 customers with
more than 10 employees, up approximately 485% from the same quarter
last fiscal year.
- 1,289 customers contributing more than
$100,000 in trailing 12 months revenue, up approximately 136% from
the same quarter last fiscal year.
- A trailing 12-month net dollar
expansion rate in customers with more than 10 employees above 130%
for the 10th consecutive quarter.
Financial Outlook: Zoom is providing the
following guidance for its fourth quarter fiscal year 2021 and its
full fiscal year 2021. Zoom's revenue outlook takes into
consideration the demand for remote work solutions for businesses.
It also assumes increased churn in the fourth quarter when compared
to historic churn levels due to a higher percentage of customers
who purchased monthly subscriptions.
- Fourth Quarter Fiscal Year 2021: Total
revenue is expected to be between $806.0 million and $811.0 million
and non-GAAP income from operations is expected to be between
$243.0 million and $248.0 million. Non-GAAP diluted EPS is expected
to be between $0.77 and $0.79 with approximately 306 million
non-GAAP weighted average shares outstanding.
- Full Fiscal Year 2021: Total revenue is
expected to be between $2.575 billion and $2.580 billion. Non-GAAP
income from operations is expected to be between $865.0 million and
$870.0 million. Non-GAAP diluted EPS is expected to be between
$2.85 and $2.87 with approximately 300 million non-GAAP 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 30, 2020 at 2:30 p.m. Pacific Time / 5:30 p.m.
Eastern Time to discuss the company’s financial results and
business highlights. Investors are invited to join the Zoom Video
Webinar by visiting: https://investors.zoom.us/
About Zoom
Zoom Video Communications, Inc. (NASDAQ: ZM) brings teams
together to get more done in a frictionless and secure video
environment. Our easy, reliable, and innovative video-first unified
communications platform provides video meetings, voice, webinars,
and chat across desktops, phones, mobile devices, and conference
room systems. Zoom helps enterprises create elevated experiences
with leading business app integrations and developer tools to
create customized workflows. Founded in 2011, Zoom is headquartered
in San Jose, California, with offices around the world. Visit
zoom.com and follow @zoom_us.
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 our financial outlook for the
fourth quarter of fiscal year 2021 and full fiscal year 2021,
Zoom’s growth strategy and business aspirations for its video-first
unified communications platform, its market position, and the
continued impact of COVID-19 on its business and operations. 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,
continued uncertainty regarding the extent and duration of the
impact of COVID-19 and the responses of government and private
industry thereto, as well as 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, and failures in internet infrastructure or interference
with broadband access which could cause current or potential users
to believe that our systems are unreliable. 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 quarter ended July 31, 2020. 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 Margins.
Zoom defines non-GAAP income from operations as income from
operations excluding stock-based compensation expense and related
payroll taxes, expenses related to charitable donation of common
stock and acquisition-related expenses. Zoom excludes stock-based
compensation expense and expenses related to charitable donation of
common stock because they are non-cash in nature and excluding
these expenses 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. 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,
expenses related to charitable donation of common stock,
acquisition-related expenses, and undistributed earnings
attributable to participating securities. 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.
In order to calculate non-GAAP net income per share, basic and
diluted, Zoom uses a non-GAAP weighted-average share count. Zoom
defines non-GAAP weighted-average shares used to compute non-GAAP
net income per share, basic and diluted, as GAAP weighted average
shares used to compute net income per share attributable to common
stockholders, basic and diluted, adjusted to reflect the common
stock issued in connection with the IPO, including the concurrent
private placement, that are outstanding as of the end of the period
as if they were outstanding as of the beginning of the period for
comparability.
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 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.
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 calculates net dollar expansion rate as of a period end by
starting with the annual recurring revenue (“ARR”) from all
customers with more than 10 employees 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.
We then calculate the ARR from these 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.
Press Relations
Colleen RodriguezGlobal Public Relations Lead for
Zoompress@zoom.us
Investor Relations
Tom McCallumHead of Investor Relations for
Zoominvestors@zoom.us
|
|
Zoom Video Communications, Inc.Condensed
Consolidated Balance Sheets(Unaudited, in
thousands) |
|
|
|
As of |
|
|
October 31,2020 |
|
January 31,2020 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
730,506 |
|
|
$ |
283,134 |
|
Marketable securities |
|
1,141,425 |
|
|
572,060 |
|
Accounts receivable, net |
|
280,896 |
|
|
120,435 |
|
Deferred contract acquisition costs, current |
|
126,001 |
|
|
44,885 |
|
Prepaid expenses and other current assets |
|
345,448 |
|
|
75,008 |
|
Total current assets |
|
2,624,276 |
|
|
1,095,522 |
|
Deferred contract acquisition
costs, noncurrent |
|
160,142 |
|
|
46,245 |
|
Property and equipment,
net |
|
108,077 |
|
|
57,138 |
|
Operating lease right-of-use
assets |
|
63,008 |
|
|
68,608 |
|
Goodwill |
|
24,340 |
|
|
— |
|
Other assets, noncurrent |
|
70,468 |
|
|
22,332 |
|
Total assets |
|
$ |
3,050,311 |
|
|
$ |
1,289,845 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
12,666 |
|
|
$ |
1,596 |
|
Accrued expenses and other current liabilities |
|
565,520 |
|
|
122,692 |
|
Deferred revenue, current |
|
835,762 |
|
|
209,542 |
|
Total current liabilities |
|
1,413,948 |
|
|
333,830 |
|
Deferred revenue,
noncurrent |
|
18,935 |
|
|
20,994 |
|
Operating lease liabilities,
noncurrent |
|
60,522 |
|
|
64,792 |
|
Other liabilities,
noncurrent |
|
56,988 |
|
|
36,286 |
|
Total liabilities |
|
1,550,393 |
|
|
455,902 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock |
|
— |
|
|
— |
|
Common stock |
|
284 |
|
|
277 |
|
Additional paid-in capital |
|
1,086,459 |
|
|
832,705 |
|
Accumulated other comprehensive income |
|
1,317 |
|
|
809 |
|
Retained earnings |
|
411,858 |
|
|
152 |
|
Total stockholders’
equity |
|
1,499,918 |
|
|
833,943 |
|
Total liabilities and
stockholders’ equity |
|
$ |
3,050,311 |
|
|
$ |
1,289,845 |
|
|
|
|
|
|
|
|
|
|
Note: The amount
of unbilled accounts receivable included within accounts
receivable, net on the condensed consolidated balance sheets was
$21.9 million and $12.5 million as of October 31, 2020 and
January 31, 2020, 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, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenue |
|
$ |
777,196 |
|
|
$ |
166,593 |
|
|
$ |
1,768,883 |
|
|
$ |
434,407 |
|
Cost of revenue |
|
258,727 |
|
|
30,845 |
|
|
554,705 |
|
|
82,849 |
|
Gross profit |
|
518,469 |
|
|
135,748 |
|
|
1,214,178 |
|
|
351,558 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
42,582 |
|
|
17,573 |
|
|
111,705 |
|
|
46,410 |
|
Sales and marketing |
|
190,157 |
|
|
96,048 |
|
|
470,886 |
|
|
239,741 |
|
General and administrative |
|
93,488 |
|
|
23,806 |
|
|
227,856 |
|
|
63,264 |
|
Total operating expenses |
|
326,227 |
|
|
137,427 |
|
|
810,447 |
|
|
349,415 |
|
Income (loss) from
operations |
|
192,242 |
|
|
(1,679 |
) |
|
403,731 |
|
|
2,143 |
|
Interest income and other,
net |
|
1,779 |
|
|
4,209 |
|
|
9,650 |
|
|
9,674 |
|
Net income before (benefit
from) provision for income taxes |
|
194,021 |
|
|
2,530 |
|
|
413,381 |
|
|
11,817 |
|
(Benefit from) provision for
income taxes |
|
(4,621 |
) |
|
319 |
|
|
1,675 |
|
|
1,851 |
|
Net income |
|
198,642 |
|
|
2,211 |
|
|
411,706 |
|
|
9,966 |
|
Undistributed earnings
attributable to participating securities |
|
(202 |
) |
|
(4 |
) |
|
(531 |
) |
|
(2,493 |
) |
Net income attributable to
common stockholders |
|
$ |
198,440 |
|
|
$ |
2,207 |
|
|
$ |
411,175 |
|
|
$ |
7,473 |
|
|
|
|
|
|
|
|
|
|
Net income per share
attributable to common stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.70 |
|
|
$ |
0.01 |
|
|
$ |
1.46 |
|
|
$ |
0.03 |
|
Diluted |
|
$ |
0.66 |
|
|
$ |
0.01 |
|
|
$ |
1.38 |
|
|
$ |
0.03 |
|
Weighted-average shares used
in computing net income per share attributable to common
stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
284,783,006 |
|
|
273,316,850 |
|
|
282,564,481 |
|
|
219,295,445 |
|
Diluted |
|
299,258,765 |
|
|
292,771,122 |
|
|
297,605,941 |
|
|
241,512,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zoom Video Communications, Inc.Condensed
Consolidated Statements of Cash Flows(Unaudited,
in thousands) |
|
|
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
198,642 |
|
|
$ |
2,211 |
|
|
$ |
411,706 |
|
|
$ |
9,966 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
93,925 |
|
|
21,795 |
|
|
179,557 |
|
|
46,532 |
|
Amortization of deferred contract acquisition costs |
|
30,500 |
|
|
9,913 |
|
|
71,281 |
|
|
25,939 |
|
Charitable donation of common stock |
|
— |
|
|
— |
|
|
23,312 |
|
|
— |
|
Provision for accounts receivable allowances |
|
5,259 |
|
|
1,283 |
|
|
20,218 |
|
|
3,976 |
|
Depreciation and amortization |
|
7,587 |
|
|
4,415 |
|
|
19,401 |
|
|
11,589 |
|
Non-cash operating lease cost |
|
2,585 |
|
|
1,724 |
|
|
7,182 |
|
|
4,840 |
|
Remeasurement gain on equity investment |
|
— |
|
|
— |
|
|
(2,538 |
) |
|
— |
|
Other |
|
1,689 |
|
|
(1,063 |
) |
|
3,717 |
|
|
(1,577 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
6,809 |
|
|
(1,525 |
) |
|
(190,117 |
) |
|
(36,886 |
) |
Prepaid expenses and other assets |
|
5,471 |
|
|
1,158 |
|
|
(48,258 |
) |
|
(22,439 |
) |
Deferred contract acquisition costs |
|
(52,504 |
) |
|
(17,124 |
) |
|
(266,294 |
) |
|
(50,824 |
) |
Accounts payable |
|
(2,098 |
) |
|
1,665 |
|
|
8,773 |
|
|
(1,118 |
) |
Accrued expenses and other liabilities |
|
1,853 |
|
|
18,562 |
|
|
203,919 |
|
|
53,485 |
|
Deferred revenue |
|
114,451 |
|
|
20,345 |
|
|
633,600 |
|
|
76,579 |
|
Operating lease liabilities, net |
|
(2,699 |
) |
|
(1,429 |
) |
|
(3,678 |
) |
|
(4,724 |
) |
Net cash provided by operating activities |
|
411,470 |
|
|
61,930 |
|
|
1,071,781 |
|
|
115,338 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Purchases of marketable securities |
|
(531,227 |
) |
|
(150,620 |
) |
|
(1,016,109 |
) |
|
(629,107 |
) |
Maturities of marketable securities |
|
119,269 |
|
|
113,200 |
|
|
406,607 |
|
|
164,140 |
|
Sales of marketable securities |
|
— |
|
|
— |
|
|
36,897 |
|
|
— |
|
Purchases of property and equipment |
|
(23,264 |
) |
|
(7,195 |
) |
|
(58,517 |
) |
|
(28,132 |
) |
Sales of property and equipment |
|
297 |
|
|
— |
|
|
297 |
|
|
— |
|
Cash paid for acquisition, net of cash acquired |
|
— |
|
|
— |
|
|
(26,486 |
) |
|
— |
|
Purchase of equity investment |
|
— |
|
|
(3,000 |
) |
|
(8,000 |
) |
|
(3,000 |
) |
Purchase of convertible promissory note |
|
— |
|
|
— |
|
|
(5,000 |
) |
|
— |
|
Purchase of intangible assets |
|
(2,891 |
) |
|
— |
|
|
(4,385 |
) |
|
— |
|
Collections of employee loans |
|
— |
|
|
— |
|
|
1,319 |
|
|
— |
|
Net cash used in investing activities |
|
(437,816 |
) |
|
(47,615 |
) |
|
(673,377 |
) |
|
(496,099 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
Proceeds from employee equity transactions to be remitted to
employees and tax authorities, net |
|
17,176 |
|
|
48,547 |
|
|
251,641 |
|
|
48,547 |
|
Proceeds from exercise of stock options, net of repurchases |
|
6,424 |
|
|
3,393 |
|
|
23,841 |
|
|
5,584 |
|
Proceeds from issuance of common stock for employee stock purchase
plan |
|
— |
|
|
— |
|
|
20,760 |
|
|
— |
|
Proceeds from initial public offering and private placement, net of
underwriting discounts and commissions and other offering
costs |
|
— |
|
|
(455 |
) |
|
— |
|
|
542,492 |
|
Net cash provided by financing activities |
|
23,600 |
|
|
51,485 |
|
|
296,242 |
|
|
596,623 |
|
Net (decrease) increase in
cash, cash equivalents, and restricted cash |
|
(2,746 |
) |
|
65,800 |
|
|
694,646 |
|
|
215,862 |
|
Cash, cash equivalents, and
restricted cash – beginning of period |
|
1,031,474 |
|
|
216,030 |
|
|
334,082 |
|
|
65,968 |
|
Cash, cash equivalents, and
restricted cash – end of period |
|
$ |
1,028,728 |
|
|
$ |
281,830 |
|
|
$ |
1,028,728 |
|
|
$ |
281,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
GAAP income (loss) from operations |
|
$ |
192,242 |
|
|
$ |
(1,679 |
) |
|
$ |
403,731 |
|
|
$ |
2,143 |
|
Add: |
|
|
|
|
|
|
|
|
Stock-based compensation expense and related payroll taxes |
|
97,131 |
|
|
22,948 |
|
|
188,979 |
|
|
48,079 |
|
Charitable donation of common stock |
|
— |
|
|
— |
|
|
23,312 |
|
|
— |
|
Acquisition-related expenses |
|
1,398 |
|
|
— |
|
|
6,340 |
|
|
— |
|
Non-GAAP income from
operations |
|
$ |
290,771 |
|
|
$ |
21,269 |
|
|
$ |
622,362 |
|
|
$ |
50,222 |
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable
to common stockholders |
|
$ |
198,440 |
|
|
$ |
2,207 |
|
|
$ |
411,175 |
|
|
$ |
7,473 |
|
Add: |
|
|
|
|
|
|
|
|
Stock-based compensation expense and related payroll taxes |
|
97,131 |
|
|
22,948 |
|
|
188,979 |
|
|
48,079 |
|
Charitable donation of common stock |
|
— |
|
|
— |
|
|
23,312 |
|
|
— |
|
Acquisition-related expenses |
|
1,398 |
|
|
— |
|
|
6,340 |
|
|
— |
|
Undistributed earnings attributable to participating
securities |
|
202 |
|
|
4 |
|
|
531 |
|
|
2,493 |
|
Non-GAAP net income |
|
$ |
297,171 |
|
|
$ |
25,159 |
|
|
$ |
630,337 |
|
|
$ |
58,045 |
|
|
|
|
|
|
|
|
|
|
Net income per share - basic
and diluted: |
|
|
|
|
|
|
|
|
GAAP net income per share - basic |
|
$ |
0.70 |
|
|
$ |
0.01 |
|
|
$ |
1.46 |
|
|
$ |
0.03 |
|
GAAP net income per share - diluted |
|
$ |
0.66 |
|
|
$ |
0.01 |
|
|
$ |
1.38 |
|
|
$ |
0.03 |
|
Non-GAAP net income per share - basic |
|
$ |
1.04 |
|
|
$ |
0.09 |
|
|
$ |
2.23 |
|
|
$ |
0.22 |
|
Non-GAAP net income per share - diluted |
|
$ |
0.99 |
|
|
$ |
0.09 |
|
|
$ |
2.12 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
GAAP weighted-average shares
used to compute net income per share - basic |
|
284,783,006 |
|
|
273,316,850 |
|
|
282,564,481 |
|
|
219,295,445 |
|
Add: |
|
|
|
|
|
|
|
|
Non-GAAP unweighted adjustment for common stock issued in
connection with IPO |
|
— |
|
|
— |
|
|
— |
|
|
50,116,650 |
|
Non-GAAP weighted-average
shares used to compute net income per share - basic |
|
284,783,006 |
|
|
273,316,850 |
|
|
282,564,481 |
|
|
269,412,095 |
|
|
|
|
|
|
|
|
|
|
GAAP weighted-average shares
used to compute net income per share - diluted |
|
299,258,765 |
|
|
292,771,122 |
|
|
297,605,941 |
|
|
241,512,569 |
|
Add: |
|
|
|
|
|
|
|
|
Non-GAAP unweighted adjustment for common stock issued in
connection with IPO |
|
— |
|
|
— |
|
|
— |
|
|
50,116,650 |
|
Non-GAAP weighted-average
shares used to compute net income per share - diluted |
|
299,258,765 |
|
|
292,771,122 |
|
|
297,605,941 |
|
|
291,629,219 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities |
|
$ |
411,470 |
|
|
$ |
61,930 |
|
|
$ |
1,071,781 |
|
|
$ |
115,338 |
|
Less: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
(23,264 |
) |
|
(7,195 |
) |
|
(58,517 |
) |
|
(28,132 |
) |
Free cash flow (non-GAAP) |
|
$ |
388,206 |
|
|
$ |
54,735 |
|
|
$ |
1,013,264 |
|
|
$ |
87,206 |
|
Net cash used in investing
activities |
|
$ |
(437,816 |
) |
|
$ |
(47,615 |
) |
|
$ |
(673,377 |
) |
|
$ |
(496,099 |
) |
Net cash provided by financing
activities |
|
$ |
23,600 |
|
|
$ |
51,485 |
|
|
$ |
296,242 |
|
|
$ |
596,623 |
|
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