Zoom Video Communications, Inc. (NASDAQ: ZM), today announced
financial results for the first fiscal quarter ended April 30,
2022.
“In Q1, we launched Zoom Contact Center, Zoom Whiteboard and
Zoom IQ for Sales, demonstrating our continued focus on enhancing
the customer experience and promoting hybrid work. We believe these
innovative solutions will further expand our market opportunity for
future growth and expansion with customers,” said Zoom founder and
CEO, Eric S. Yuan. “Additionally in Q1, we delivered revenue of
over one billion dollars driven by ongoing success in Enterprise,
Zoom Rooms, and Zoom Phone, which reached 3 million seats during
the quarter. We also maintained strong profitability and cash flow,
including 17% in GAAP operating margin, approximately 37% non-GAAP
operating margin, approximately 49% operating cash flow margin, and
over 46% adjusted free cash flow margin.”
First Quarter Fiscal Year 2023 Financial
Highlights:
- Revenue: Total
revenue for the first quarter was $1,073.8 million, up 12% year
over year.
- Income from Operations and
Operating Margin: GAAP income from operations for the
first quarter was $187.1 million, compared to GAAP income from
operations of $226.3 million in the first quarter of fiscal year
2022. After adjusting for stock-based compensation expense and
related payroll taxes, litigation settlements, net, and
acquisition-related expenses, non-GAAP income from operations for
the first quarter was $399.6 million, compared to non-GAAP income
from operations of $400.9 million in the first quarter of fiscal
year 2022. For the first quarter, GAAP operating margin was 17.4%
and non-GAAP operating margin was 37.2%.
- Net Income and Diluted Net
Income Per Share: GAAP net income attributable to common
stockholders for the first quarter was $113.6 million, or $0.37 per
share, compared to GAAP net income attributable to common
stockholders of $227.4 million, or $0.74 per share in the first
quarter of fiscal year 2022.Non-GAAP net income for the first
quarter was $315.8 million, after adjusting for stock-based
compensation expense and related payroll taxes, litigation
settlements, net, losses on strategic investments, net,
acquisition-related expenses, undistributed earnings attributable
to participating securities, and the tax effects on non-GAAP
adjustments. Non-GAAP net income per share was $1.03. In the first
quarter of fiscal year 2022, non-GAAP net income was
$402.1 million, or $1.32 per share.
- Cash and Marketable
Securities: Total cash, cash equivalents, and marketable
securities, excluding restricted cash, as of April 30, 2022
was $5.7 billion.
- Cash Flow: Net cash
provided by operating activities was $526.2 million for the first
quarter, compared to $533.3 million in the first quarter of
fiscal year 2022. Adjusted free cash flow, which is net cash
provided by operating activities less purchases of property and
equipment, plus litigation settlement payments, net, was
$501.1 million, compared to $454.2 million in the first
quarter of fiscal year 2022.
Customer Metrics: Drivers of total revenue
included acquiring new customers and expanding across existing
customers. At the end of the first quarter of fiscal year 2023,
Zoom had:
- Approximately 198,900 Enterprise
customers, up 24% from the same quarter last fiscal year.
- A trailing 12-month net dollar
expansion rate for Enterprise customers of 123%.
- 2,916 customers contributing more than
$100,000 in trailing 12 months revenue, up approximately 46% from
the same quarter last fiscal year.
Financial Outlook: Zoom is providing the
following guidance for its second quarter fiscal year 2023 and its
full fiscal year 2023.
- Second Quarter Fiscal Year 2023: Total
revenue is expected to be between $1.115 billion and $1.120 billion
and non-GAAP income from operations is expected to be between
$360.0 million and $365.0 million. Non-GAAP diluted EPS is expected
to be between $0.90 and $0.92 with approximately 308 million
non-GAAP weighted average shares outstanding.
- Full Fiscal Year 2023: Total revenue is
expected to be between $4.530 billion and $4.550 billion. Full
fiscal year non-GAAP income from operations is expected to be
between $1.480 billion and $1.500 billion. Full fiscal year
non-GAAP diluted EPS is expected to be between $3.70 and $3.77 with
approximately 309 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
May 23, 2022 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 for you. Zoom is a space where you can connect to
others, share ideas, make plans, and build toward a future limited
only by your imagination. Our frictionless communications platform
is the only one that started with video as its foundation, and we
have set the standard for innovation ever since. That is why we are
an intuitive, scalable, and secure choice for large enterprises,
small businesses, and individuals alike. Founded in 2011, Zoom is
publicly traded (NASDAQ:ZM) and headquartered in San Jose,
California. Visit zoom.com and follow @zoom.
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 second quarter of fiscal year 2023 and full fiscal year 2023,
Zoom’s market position, opportunities, and growth strategy, product
initiatives and go-to market motions and the expected benefits
resulting from the same, and market trends. In some cases, you can
identify forward-looking statements by terms such as “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,”
“project,” “will,” “would,” “should,” “could,” “can,” “predict,”
“potential,” “target,” “explore,” “continue,” or the negative of
these terms, and similar expressions intended to identify
forward-looking statements. By their nature, these statements are
subject to numerous uncertainties and risks, including factors
beyond our control, that could cause actual results, performance or
achievement to differ materially and adversely from those
anticipated or implied in the statements, including: declines in
new customers and hosts, renewals or upgrades, difficulties in
evaluating our prospects and future results of operations given our
limited operating history, competition from other providers of
communications platforms, continued uncertainty regarding the
extent and duration of the impact of COVID-19 and the responses of
government and private industry thereto, including the potential
effect on our user growth rate as the impact of the COVID-19
pandemic tapers, particularly as users return to work or school or
are otherwise no longer subject to limitations on in-person
meetings, 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, failures in internet infrastructure or interference with
broadband access which could cause current or potential users to
believe that our systems are unreliable, market volatility, and
global security concerns and their potential impact on regional and
global economies and supply chains. Additional risks and
uncertainties that could cause actual outcomes and results to
differ materially from those contemplated by the forward-looking
statements are included under the caption “Risk Factors” and
elsewhere in our most recent filings with the Securities and
Exchange Commission (the “SEC”), including our annual report on
Form 10-K for the fiscal year ended January 31,
2022. 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, 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. 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, gains/losses on strategic
investments, net, litigation settlements, net, income tax benefits
from discrete activities, and undistributed earnings attributable
to participating securities. Zoom excludes gains on strategic
investments, net because given the size and volatility in the
ongoing adjustments to the valuation of our strategic investments,
we believe that excluding these gains or losses facilitates a more
meaningful evaluation of our operational performance. Zoom excludes
income tax benefits from discrete activities, including the income
tax benefit related to the release of the US federal and state
valuation allowance, because of their nonrecurring nature. 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, Adjusted Free Cash Flow and Adjusted Free Cash
Flow Margin. Zoom defines free cash flow as GAAP net cash provided
by operating activities less purchases of property and equipment.
Zoom defines adjusted free cash flow as free cash flow plus
litigation settlement payments, net. Zoom adds back litigation
settlement payments, net because they are not part of Zoom's
ongoing operating activities, and the consideration of measures
that exclude such payments can assist in the comparison of cash
generated from operations in different periods which may or may not
include such payments and assist in the comparison with the results
of other companies in the industry. Zoom considers free cash flow
and adjusted free cash flow to be liquidity measures that provide
useful information to management and investors regarding net cash
provided by operating activities and cash used for investments in
property and equipment required to maintain and grow the
business.
Customer Metrics
Zoom defines a customer as a separate and distinct buying
entity, which can be a single paid host or an organization of any
size (including a distinct unit of an organization) that has
multiple paid hosts. Zoom defines Enterprise customers as distinct
business units who have been engaged by either Zoom’s direct sales
team, channel partners or independent software vendor partners.
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 Contacts
Public Relations
Colleen RodriguezHead of Global Public Relations and Executive
Communicationspress@zoom.us
Investor Relations
Tom McCallumHead of Investor Relationsinvestors@zoom.us
Zoom Video Communications,
Inc.Condensed Consolidated Balance
Sheets(In thousands)
|
|
As of |
|
|
April 30,2022 |
|
January 31,2022 |
Assets |
|
(unaudited) |
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
1,407,305 |
|
|
$ |
1,062,820 |
|
Marketable securities |
|
|
4,318,974 |
|
|
|
4,356,446 |
|
Accounts receivable, net |
|
|
483,879 |
|
|
|
419,673 |
|
Deferred contract acquisition costs, current |
|
|
211,575 |
|
|
|
199,266 |
|
Prepaid expenses and other current assets |
|
|
142,545 |
|
|
|
145,602 |
|
Total current assets |
|
|
6,564,278 |
|
|
|
6,183,807 |
|
Deferred contract acquisition
costs, noncurrent |
|
|
161,315 |
|
|
|
164,714 |
|
Property and equipment,
net |
|
|
240,611 |
|
|
|
222,354 |
|
Operating lease right-of-use
assets |
|
|
92,036 |
|
|
|
95,965 |
|
Strategic investments |
|
|
343,160 |
|
|
|
367,814 |
|
Goodwill |
|
|
27,607 |
|
|
|
27,607 |
|
Deferred tax assets |
|
|
419,979 |
|
|
|
382,296 |
|
Other assets, noncurrent |
|
|
107,727 |
|
|
|
106,761 |
|
Total assets |
|
$ |
7,956,713 |
|
|
$ |
7,551,318 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
22,506 |
|
|
$ |
7,841 |
|
Accrued expenses and other current liabilities |
|
|
500,101 |
|
|
|
430,415 |
|
Deferred revenue, current |
|
|
1,286,403 |
|
|
|
1,141,435 |
|
Total current liabilities |
|
|
1,809,010 |
|
|
|
1,579,691 |
|
Deferred revenue,
noncurrent |
|
|
44,644 |
|
|
|
38,481 |
|
Operating lease liabilities,
noncurrent |
|
|
80,201 |
|
|
|
85,018 |
|
Other liabilities,
noncurrent |
|
|
74,971 |
|
|
|
68,110 |
|
Total liabilities |
|
|
2,008,826 |
|
|
|
1,771,300 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
299 |
|
|
|
299 |
|
Additional paid-in capital |
|
|
3,831,060 |
|
|
|
3,749,514 |
|
Accumulated other comprehensive loss |
|
|
(45,237 |
) |
|
|
(17,902 |
) |
Retained earnings |
|
|
2,161,765 |
|
|
|
2,048,107 |
|
Total stockholders’
equity |
|
|
5,947,887 |
|
|
|
5,780,018 |
|
Total liabilities and
stockholders’ equity |
|
$ |
7,956,713 |
|
|
$ |
7,551,318 |
|
Note: The amount of unbilled accounts receivable included within
accounts receivable, net on the condensed consolidated balance
sheets was $68.6 million and $59.7 million as of April 30,
2022 and January 31, 2022, respectively.
Zoom Video Communications,
Inc.Condensed Consolidated Statements of
Operations(Unaudited, in thousands, except share
and per share amounts)
|
|
Three Months Ended April 30, |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
$ |
1,073,800 |
|
|
$ |
956,237 |
|
Cost of revenue |
|
|
261,821 |
|
|
|
264,994 |
|
Gross profit |
|
|
811,979 |
|
|
|
691,243 |
|
Operating expenses: |
|
|
|
|
Research and development |
|
|
144,291 |
|
|
|
65,175 |
|
Sales and marketing |
|
|
362,783 |
|
|
|
245,667 |
|
General and administrative |
|
|
117,840 |
|
|
|
154,089 |
|
Total operating expenses |
|
|
624,914 |
|
|
|
464,931 |
|
Income from operations |
|
|
187,065 |
|
|
|
226,312 |
|
Losses on strategic investments,
net |
|
|
(36,404 |
) |
|
|
— |
|
Other (expense) income,
net |
|
|
(6,989 |
) |
|
|
2,619 |
|
Income before provision for
income taxes |
|
|
143,672 |
|
|
|
228,931 |
|
Provision for income
taxes |
|
|
30,014 |
|
|
|
1,400 |
|
Net income |
|
|
113,658 |
|
|
|
227,531 |
|
Undistributed earnings
attributable to participating securities |
|
|
(18 |
) |
|
|
(148 |
) |
Net income attributable to
common stockholders |
|
$ |
113,640 |
|
|
$ |
227,383 |
|
|
|
|
|
|
Net income per share
attributable to common stockholders: |
|
|
|
|
Basic |
|
$ |
0.38 |
|
|
$ |
0.77 |
|
Diluted |
|
$ |
0.37 |
|
|
$ |
0.74 |
|
Weighted-average shares used
in computing net income per share attributable to common
stockholders: |
|
|
|
|
Basic |
|
|
299,147,105 |
|
|
|
293,794,778 |
|
Diluted |
|
|
306,614,220 |
|
|
|
305,412,419 |
|
Zoom Video Communications,
Inc.Condensed Consolidated Statements of Cash
Flows(Unaudited, in thousands)
|
|
Three Months Ended April 30, |
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from
operating activities: |
|
|
|
|
Net income |
|
$ |
113,658 |
|
|
$ |
227,531 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
Stock-based compensation expense |
|
|
209,363 |
|
|
|
98,969 |
|
Amortization of deferred contract acquisition costs |
|
|
56,780 |
|
|
|
37,766 |
|
Losses on strategic investments, net |
|
|
36,404 |
|
|
|
— |
|
Depreciation and amortization |
|
|
15,280 |
|
|
|
10,663 |
|
Provision for accounts receivable allowances |
|
|
13,097 |
|
|
|
4,055 |
|
Non-cash operating lease cost |
|
|
5,451 |
|
|
|
4,274 |
|
Amortization on marketable securities |
|
|
3,604 |
|
|
|
5,596 |
|
Other |
|
|
12,730 |
|
|
|
270 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
|
(83,605 |
) |
|
|
(75,665 |
) |
Prepaid expenses and other assets |
|
|
(27,235 |
) |
|
|
(29,975 |
) |
Deferred contract acquisition costs |
|
|
(65,690 |
) |
|
|
(47,813 |
) |
Accounts payable |
|
|
11,153 |
|
|
|
1,592 |
|
Accrued expenses and other liabilities |
|
|
78,236 |
|
|
|
88,656 |
|
Deferred revenue |
|
|
152,974 |
|
|
|
210,896 |
|
Operating lease liabilities, net |
|
|
(6,049 |
) |
|
|
(3,513 |
) |
Net cash provided by operating activities |
|
|
526,151 |
|
|
|
533,302 |
|
Cash flows from
investing activities: |
|
|
|
|
Purchases of marketable securities |
|
|
(611,662 |
) |
|
|
(1,425,451 |
) |
Maturities of marketable securities |
|
|
609,327 |
|
|
|
291,047 |
|
Purchases of property and equipment |
|
|
(25,038 |
) |
|
|
(79,074 |
) |
Purchases of strategic investments |
|
|
(11,750 |
) |
|
|
(6,500 |
) |
Purchases of intangible assets |
|
|
(3,211 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(42,334 |
) |
|
|
(1,219,978 |
) |
Cash flows from
financing activities: |
|
|
|
|
Cash paid for repurchases of common stock |
|
|
(132,412 |
) |
|
|
— |
|
Proceeds from employee equity transactions remitted to employees
and tax authorities, net |
|
|
(4,086 |
) |
|
|
(9,984 |
) |
Proceeds from exercise of stock options |
|
|
3,255 |
|
|
|
3,368 |
|
Other |
|
|
— |
|
|
|
337 |
|
Net cash used in financing activities |
|
|
(133,243 |
) |
|
|
(6,279 |
) |
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash |
|
|
(9,425 |
) |
|
|
— |
|
Net increase (decrease) in
cash, cash equivalents, and restricted cash |
|
|
341,149 |
|
|
|
(692,955 |
) |
Cash, cash equivalents, and
restricted cash – beginning of period |
|
|
1,073,353 |
|
|
|
2,293,116 |
|
Cash, cash equivalents, and
restricted cash – end of period |
|
$ |
1,414,502 |
|
|
$ |
1,600,161 |
|
Zoom Video Communications,
Inc.Reconciliation of GAAP to Non-GAAP
Measures(Unaudited, in thousands, except share and
per share amounts)
|
|
Three Months Ended April 30, |
|
|
|
2022 |
|
|
|
2021 |
|
GAAP income from
operations |
|
$ |
187,065 |
|
|
$ |
226,312 |
|
Add: |
|
|
|
|
Stock-based compensation expense and related payroll taxes |
|
|
212,862 |
|
|
|
104,375 |
|
Litigation settlements, net |
|
|
(4,226 |
) |
|
|
66,916 |
|
Acquisition-related expenses |
|
|
3,934 |
|
|
|
3,284 |
|
Non-GAAP income from
operations |
|
$ |
399,635 |
|
|
$ |
400,887 |
|
GAAP operating margin |
|
|
17.4 |
% |
|
|
23.7 |
% |
Non-GAAP operating margin |
|
|
37.2 |
% |
|
|
41.9 |
% |
|
|
|
|
|
GAAP net income attributable
to common stockholders |
|
$ |
113,640 |
|
|
$ |
227,383 |
|
Add: |
|
|
|
|
Stock-based compensation expense and related payroll taxes |
|
|
212,862 |
|
|
|
104,375 |
|
Litigation settlements, net |
|
|
(4,226 |
) |
|
|
66,916 |
|
Losses on strategic investments, net |
|
|
36,404 |
|
|
|
— |
|
Acquisition-related expenses |
|
|
3,934 |
|
|
|
3,284 |
|
Undistributed earnings attributable to participating
securities |
|
|
18 |
|
|
|
148 |
|
Tax effects on non-GAAP adjustments |
|
|
(46,846 |
) |
|
|
— |
|
Non-GAAP net income |
|
$ |
315,786 |
|
|
$ |
402,106 |
|
|
|
|
|
|
Net income per share - basic
and diluted: |
|
|
|
|
GAAP net income per share - basic |
|
$ |
0.38 |
|
|
$ |
0.77 |
|
Non-GAAP net income per share - basic |
|
$ |
1.06 |
|
|
$ |
1.37 |
|
GAAP net income per share - diluted |
|
$ |
0.37 |
|
|
$ |
0.74 |
|
Non-GAAP net income per share - diluted |
|
$ |
1.03 |
|
|
$ |
1.32 |
|
|
|
|
|
|
GAAP and non-GAAP
weighted-average shares used to compute net income per share -
basic |
|
|
299,147,105 |
|
|
|
293,794,778 |
|
GAAP and non-GAAP
weighted-average shares used to compute net income per share -
diluted |
|
|
306,614,220 |
|
|
|
305,412,419 |
|
|
|
|
|
|
Net cash provided by operating
activities |
|
$ |
526,151 |
|
|
$ |
533,302 |
|
Less: Purchases of property and equipment |
|
|
(25,038 |
) |
|
|
(79,074 |
) |
Free cash flow (non-GAAP) |
|
$ |
501,113 |
|
|
$ |
454,228 |
|
Add: Litigation settlement payments, net |
|
|
— |
|
|
|
— |
|
Adjusted free cash flow
(non-GAAP) |
|
$ |
501,113 |
|
|
$ |
454,228 |
|
Net cash used in investing
activities |
|
$ |
(42,334 |
) |
|
$ |
(1,219,978 |
) |
Net cash used in financing
activities |
|
$ |
(133,243 |
) |
|
$ |
(6,279 |
) |
Operating cash flow margin
(GAAP) |
|
|
49.0 |
% |
|
|
55.8 |
% |
Adjusted free cash flow margin
(non-GAAP) |
|
|
46.7 |
% |
|
|
47.5 |
% |
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