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1、 2024 Zoom Video Communications,Inc.Zoom Video CommunicationsQ2 FY25 EarningsAugust 21,2024 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:Reven

2、ue 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

3、 as 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

4、.Other 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

5、metrics 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 Communicat

6、ions,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 third quarter of fiscal year 2025 and ful

7、l 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,and the expected benefits of such initiatives

8、.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 iden

9、tify 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,incl

10、uding: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

11、 on our business,including inflation and market volatility,lengthening 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

12、 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 stat

13、ements 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 10Q for the fiscal quarter ended April 30,2024.Forward-looking statements speak only as of the date the statements a

14、re 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 respect to future events.Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were

15、made,except as required by law.Safe Harbor Statement 2024 Zoom Video Communications,Inc.Reimagine teamwork withEcosystemAPIsSDKsAppsApp MarketplaceWorkflowsAn open collaboration platform with AI CompanionDocsVisitor ManagementWorkspaceReservationSchedulerClipsNotesWorkvivoDigital SignageRoomsWhitebo

16、ardMail&CalendarPhoneTeam Chat Meetings 2024 Zoom Video Communications,Inc.Zoom DocsSupercharge Zoom Workplace collaboration with AI-first docs that transform meeting content into actionable documents,wikis,and projects Do your best work with your AI assistant,AI CompanionAI-firstAt no additional co

17、st with paid plansMaximize meeting effectiveness and collaboration Built for Zoom MeetingsGet your work done in one placeAll-in-oneReduce silos and optimize team collaborationTeam collaboration 2024 Zoom Video Communications,Inc.CX&EX EvolutionZoom is primed to lead the wayRecording,Quality Manageme

18、nt,Analytics,WFM Contact Center,Dialer,IVR,CTICCaaS,WEM,Multi-channelBringing together the complete customer and employee experienceCCaaS,Video&Kiosk interactions,bridging back office SEM on phone,chat,meetings to seamlessly support customersUCaaS,Chat,Video,Meetings Agent ExperienceCustomer Experie

19、nceEmployeeExperienceCloud Contact Center(CCaaS)Phase driven by move to cloud,application consolidation,and adoption of multi-channel experiencesAI-Powered Total ExperienceAI-infused unified“Total Experience”platform to support your brand.Empowering&connecting all customers,agents,and employeesOn-Pr

20、emises Contact CenterLarge amount of on-premises point solutions lightly integrated.Voice-centric and disjointed experiences.PBX,Web conferencing,Meetings 2024 Zoom Video Communications,Inc.Our roadmap for AI Companion*included with the paid services assigned to Zoom accountsEnhances your capabiliti

21、esSimplifies your workdaythrough AI-driven information flowwith generative AIAvailable nowPerforms your tasksautomatically on your behalfAvailable soonAvailable laterTrustedBuilt on a foundation of trust,security and responsible AIIncluded for allPaid users benefit from the added capabilities of AI

22、Companion at no additional cost*Proven low latency and high accuracy results through our FEDERATED modelWork seamlessly across Zoom today and with other applications in the futureHigh-performingOpen 2024 Zoom Video Communications,Inc.Customer traction in Q2 demonstrates our platform evolutionA major

23、 North American telcoA leading Southeast Asian bankA famed European auto companyZoom Workplace Contact CenterVideo SDKWorkvivoContact Center Zoom Workplace 2024 Zoom Video Communications,Inc.Reached 1.2 million customer accounts enabling Zoom AI CompanionProduct only in market for 11 months69 Workvi

24、vo customers with 100k+ARR100%YoY growthSurpassed 1,100 Zoom Contact center customers100%YoY growthQ2 Milestones 2024 Zoom Video Communications,Inc.Continued top-line expansion in Q2 with positive trends in Enterprise and OnlineEnterprise Revenue(in millions)Total Revenue(in millions)Online Average

25、Monthly Churn14%2%For endnote descriptions,see final slide 2024 Zoom Video Communications,Inc.Continued growth in the up-market For endnote descriptions,see final slide#of Customers Contributing$100k in TTM Revenue7%TTM Net Dollar Expansion Rate for Enterprise Customers198%Enterprise Customers2 191.

26、6k 2024 Zoom Video Communications,Inc.Continued growth in Americas,FX headwinds in APACRevenue1(in millions)YoY GrowthAmericas3%APAC2%For endnote descriptions,see final slide EMEA0%2024 Zoom Video Communications,Inc.Q2 FY25 expenses and marginsFor endnote descriptions,see final slide GAAPResultsYr/Y

27、rNon-GAAP1ResultsYr/YrRevenue$1,163 million2%$1,163 million2%Gross Profit75.5%111 bps)78.6%178 bps)R&D Expense17.8%94 bps10.4%123 bpsS&M Expense30.9%193 bps)23.3%90 bpsG&A Expense9.4%194 bps)5.7%76 bpsOperating Income17.4%181 bps39.2%136 bps)Effective Tax Rate25.2%210 bps)19.6%108 bpsEPS Diluted$0.7

28、019%$1.394%2024 Zoom Video Communications,Inc.Growing Deferred Revenue and RPOFor endnote descriptions,see final slide Total RPO1(in millions)YoY GrowthDeferred Revenue3%Unbilled11%YoY GrowthCurrent RPO10%Non-Current RPO5%Current2&Non-Current RPO(in millions)59%41%40%60%Total RPO 8%Total RPO8%2024 Z

29、oom Video Communications,Inc.Strong cash flow,$7.5B cash balance1,and actively repurchasing sharesFor endnote descriptions,see final slide Shares repurchased in Q2Operating Cash Flow(in Millions)4.8millionFree Cash Flow2(in Millions)26%34%2024 Zoom Video Communications,Inc.Q3 and Fiscal Year 2025 ou

30、tlookOutlook1Q3 FY25FY25Revenue$1,160$1,165 million$4,630$4,640 millionTotal Revenue Constant Currency)$1,162$1,167 million$4,641$4,651 millionNon-GAAP Operating Income$438$443 million$1,790$1,800 millionWeighted Average Share Count314 million316 millionNon-GAAP EPS$1.29$1.31$5.29$5.32Free Cash Flow

31、2-$1,580$1,620 millionFor endnote descriptions,see final slide$1.06 billion authorized share repurchase remaining as of 7/31/24(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 202

32、4 Zoom Video Communications,Inc.GAAP to Non-GAAP Reconciliation$in Thousands)Q2 FY24Q2 FY25H1 FY24H1 FY25Gross ProfitTotal Revenue$1,138,676$1,162,520$2,244,040$2,303,754GAAP Gross Profit$872,117$877,431$1,713,534$1,745,363(+)Stock-based compensation expense and related payroll taxes$40,590$33,940$8

33、0,710$69,299(+)Acquisition-related expense$2,066$1,834$3,623$3,639(+)Restructuring expenses$24-$7,119-Non-GAAP Gross Profit$914,797$913,205$1,804,986$1,818,301GAAP Gross Margin76.6%75.5%76.4%75.8%Non-GAAP Gross Margin80.3%78.6%80.4%78.9%R&D ExpensesGAAP R&D$191,802$206,756$401,073$412,314(-)Stock-ba

34、sed compensation expense and related payroll taxes$83,266$82,737$162,577$168,158(-)Acquisition-related expense$4,090$3,369$8,476$6,786(-)Restructuring expenses$327-$19,629-Non-GAAP R&D$104,119$120,650$210,391$237,370S&M ExpensesGAAP S&M$373,373$358,770$795,877$706,778(-)Stock-based compensation expe

35、nse and related payroll taxes$96,351$85,784$205,743$167,448(-)Acquisition-related expenses$2,022$1,787$3,206$3,549(-)Restructuring expenses$911-$32,930-Non-GAAP S&M$275,911$271,199$553,998$535,781G&A ExpensesGAAP G&A$129,324$109,535$329,224$220,879(-)Stock-based compensation expense and related payr

36、oll taxes$49,113$41,650$98,338$82,080(-)Litigation settlements,net-$1,750$52,500$1,750(-)Acquisition-related expense$6,750$3,821$8,474$7,538(-)Restructuring expenses$373-$13,315-Non-GAAP G&A$73,088$65,814$156,597$133,011 2024 Zoom Video Communications,Inc.GAAP to Non-GAAP Reconciliation$in Thousands

37、 except EPSQ2 FY24Q2 FY25H1 FY24H1 FY25Operating ProfitTotal Revenue$1,138,676$1,162,520$2,244,040$2,303,754GAAP Operating Profit$177,618$202,370$187,360$405,392(+)Stock-based compensation expense and related payroll taxes$269,320$244,111$547,368$486,985(+)Litigation settlements,net-$1,750$52,500$1,

38、750(+)Acquisition-related expense$14,928$10,811$23,779$21,512(+)Restructuring expenses$187-$72,993-Non-GAAP Operating Profit$461,679$455,542$884,000$912,139GAAP Operating Margin15.6%17.4%8.3%17.6%Non-GAAP Operating Margin40.5%39.2%39.4%39.6%Net IncomeGAAP net income attributable to common stockholde

39、rs$181,974$219,015$197,418$435,323(+)Stock-based compensation expense and related payroll taxes$269,320$244,111$547,368$486,985(+)Litigation settlements,net-$1,750$52,500$1,750(+)Acquisition-related expenses$14,928$10,811$23,779$21,512(+)Restructuring expenses$187-$72,993-(+)Losses(gains)on strategi

40、c investments$31,670$3,107$33,945$20,461(-)Tax effects on non-GAAP adjustments$24,800$32,659$97,297$58,870Non-GAAP net income$409,565$436,421$762,816$862,739Earnings Per ShareGAAP net income per share diluted$0.59$0.70$0.65$1.38Non-GAAP net income per share diluted$1.34$1.39$2.50$2.74Weighted Averag

41、e SharesGAAP and Non-GAAP weighted-average diluted305,932,596314,027,192305,054,771314,696,351 2024 Zoom Video Communications,Inc.GAAP to Non-GAAP Reconciliation$in Thousands)Q2 FY24Q2 FY25H1 FY24H1 FY25Free Cash FlowCash Flow from Operations$335,971$449,334$754,458$1,037,525(-)Purchases of PPE$46,6

42、00$84,234$68,426$102,742Free Cash Flow$289,371$365,100$686,032$934,783Operating Cash Flow Margin29.5%38.7%33.6%45.0%Free Cash Flow Margin25.4%31.4%30.6%40.6%Net Cash Used in Investing Activities$19,360$540,910$500,146$648,734Net Cash Used in)Provided by Financing Activities$34,439$256,265$41,458$398

43、,716$in Thousands)Q2 FY25Y/Y growthH1 FY25Y/Y growthRevenue in Constant CurrencyGAAP revenue$1,162,5202.1%$2,303,7532.7%(+)Constant currency impact$3,5730.3%$5,9240.3%Revenue in constant currency(non-GAAP$1,166,0932.4%$2,309,6772.9%2024 Zoom Video Communications,Inc.Historic MetricsFor endnote descr

44、iptions,see final slide$in millions)Q3 FY23Q4 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Revenue$1,101.9$1,117.8$1,105.4$1,138.7$1,136.7$1,146.5$1,141.2$1,162.5Y/Y growth5%4%3%4%3%3%3%2%GAAP Income(loss)from operations$66.5$129.9$9.7$177.6$169.4$168.5$203.0$202.4Stock-based compensation and relat

45、ed payroll taxes,acquisition-related expenses,restructuring expenses,and net litigation settlements$314.4$534.7$412.6$284.1$277.8$275.2$253.6$253.2Non-GAAP income from operations$380.9$404.8$422.3$461.7$447.1$443.7$456.6$455.5Operating Cash Flow$295.3$211.6$418.5$336.0$493.2$351.2$588.2$449.3Capital

46、 Expenditures$22.7$28.3$21.8$46.6$40.0$18.5$18.5$84.2Free Cash Flow$272.6$183.3$396.7$289.4$453.2$332.7$569.7$365.1Deferred Revenue$1,354.2$1,308.4$1,366.1$1,369.8$1,315.9$1,270.4$1,352.2$1,406.7Unbilled Accounts Receivable$82.4$91.6$107.1$115.6$132.3$124.8$137.7$119.9RPO$3,245.9$3,434.5$3,482.2$3,5

47、04.4$3,571.7$3,574.8$3,665.7$3,778.3Y/Y growth32%30%16%9%10%4%5%8%Customers$100K TTM Revenue3,2863,4713,5803,6723,7313,8103,8833,933Y/Y growth31%27%23%18%14%10%8%7%Revenue%from Customers$100K TTM Revenue27%28%29%29%29%30%30%31%Pre-Transition Enterprise Customers1209,300213,000215,900218,100219,70022

48、0,400-Post-Transition Enterprise Customers-191,000191,600Revenue%from Enterprise Customers56%57%57%58%58%58%58%59%TTM Net$Expansion Rate for Enterprise Customers117%115%112%109%105%101%99%98%Online Average Monthly Churn3.1%3.4%3.1%3.2%3.0%3.0%3.2%2.9%2024 Zoom Video Communications,Inc.EndnotesContin

49、ued top-line expansion in Q2 with positive trends in Enterprise and Online1.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 agreeme

50、nts 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 n

51、otified 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 calculat

52、e the online average monthly churn.Continued growth in the up-market1.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

53、 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,inclu

54、ding 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 t

55、he 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.2.The number of customers is rounded down to the nearest hundred.Zoom defines Enterprise

56、customers as distinct business units who have been engaged by either our direct sales team,resellers,or strategic partners.All other customers that subscribe to our services directly through our website are referred to as Online customers.Enterprise Customers are rounded down to the nearest hundred.

57、Continued growth in Americas,FX headwinds in APAC1.Subtotals revenue and revenue percent have been rounded.Q2 FY25 expenses and margins1.See appendix for a reconciliation of non-GAAP to GAAP financial measures.Growing Deferred Revenue and RPO1.Remaining performance Obligations RPO)consists of both b

58、illed 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,$7.5B cash balance,and actively repurchasi

59、ng 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 less purchases of p

60、roperty and equipment.Q3 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,although it is important

61、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.Enterprise Customers are

62、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.