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Zoom Video Communications reports Financial Results

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Zoom Video
  • Second quarter total revenue of $1,138.7 million, up 3.6% year over year as reported and 4.5% in constant currency
  • Second quarter Enterprise revenue of $659.5 million, up 10.2% year over year
  • Second quarter GAAP operating margin of 15.6% and non-GAAP operating margin of 40.5%
  • Second quarter operating cash flow of $336.0 million, up 30.6% year over year
  • Number of customers contributing more than $100,000 in trailing 12 months revenue up 17.8% year over year

Zoom Video Communications, Inc. (NASDAQ: ZM), today announced financial results for the second fiscal quarter ended July 31, 2023.

“Our mission of delivering limitless human connection remains core as we continue to innovate and expand our platform to help bring value and enhanced productivity to our customers with new AI features like Zoom IQ Meeting Summary and Team Chat Compose, as well as Intelligent Director. I’m also proud of the team for reinventing modern customer experiences with Zoom Virtual Agent and Zoom Contact Center, which surpassed 500 customers in Q2,” said Eric S. Yuan, Zoom Founder, and CEO. “In addition to delivering innovation to our customers, in Q2 we delivered GAAP EPS of $0.59 and non-GAAP EPS of $1.34, both up meaningfully year over year. With this strong operating discipline, we grew operating cash flow by 31% year over year to $336 million.”

Second Quarter Fiscal Year 2024 Financial Highlights:

  • Revenue: Total revenue for the second quarter was $1,138.7 million, up 3.6% year over year. After adjusting for foreign currency impact, revenue in constant currency was $1,148.9 million, up 4.5% year over year. Enterprise revenue was $659.5 million, up 10.2% year over year, and Online revenue was $479.2 million, down 4.3% year over year.
  • Income from Operations and Operating Margin: GAAP income from operations for the second quarter was $177.6 million, compared to GAAP income from operations of $121.7 million in the second quarter of fiscal year 2023. 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 $461.7 million, compared to non-GAAP income from operations of $393.7 million in the second quarter of fiscal year 2023. For the second quarter, GAAP operating margin was 15.6% and non-GAAP operating margin was 40.5%.
  • Net Income and Diluted Net Income Per Share: GAAP net income attributable to common stockholders for the second quarter was $182.0 million, or $0.59 per share, compared to GAAP net income attributable to common stockholders of $45.7 million, or $0.15 per share in the second quarter of fiscal year 2023.Non-GAAP net income for the second quarter was $409.6 million, after adjusting for stock-based compensation expense and related payroll taxes, (gains) losses on strategic investments, net, acquisition-related expenses, restructuring expenses, litigation settlements, net, undistributed earnings attributable to participating securities, and the tax effects on non-GAAP adjustments. Non-GAAP net income per share was $1.34. In the second quarter of fiscal year 2023, non-GAAP net income was $323.5 million, or $1.05 per share.
  • Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of July 31, 2023 was $6.0 billion.
  • Cash Flow: Net cash provided by operating activities was $336.0 million for the second quarter, compared to $257.2 million in the second quarter of fiscal year 2023, up 30.6% year over year. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $289.4 million, compared to $229.4 million in the second quarter of fiscal year 2023, up 26.2% year over year.

Customer Metrics: Drivers of total revenue included acquiring new customers and expanding across existing customers. At the end of the second quarter of fiscal year 2024, Zoom had:

  • Approximately 218,100 Enterprise customers, up 6.9% from the same quarter last fiscal year.
  • A trailing 12-month net dollar expansion rate for Enterprise customers of 109%.
  • 3,672 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 17.8% from the same quarter last fiscal year.
  • Online average monthly churn of 3.2% for the second quarter, down 40 bps from the same quarter last fiscal year.
  • The percentage of total Online MRR from Online customers with a continual term of service of at least 16 months was 72.8%, up 340 bps year over year.

Financial Outlook: Zoom is providing the following guidance for its third quarter of fiscal year 2024 and its full fiscal year 2024.

  • Third Quarter Fiscal Year 2024: Total revenue is expected to be between $1.115 billion and $1.120 billion and revenue in constant currency is expected to be between $1.117 billion and $1.122 billion. Non-GAAP income from operations is expected to be between $400.0 million and $405.0 million. Non-GAAP diluted EPS is expected to be between $1.07 and $1.09 with approximately 309 million weighted average shares outstanding.
  • Full Fiscal Year 2024: Total revenue is expected to be between $4.485 billion and $4.495 billion and revenue in constant currency is expected to be between $4.516 billion and $4.526 billion. Full fiscal year non-GAAP income from operations is expected to be between $1.685 billion and $1.695 billion. Full fiscal year non-GAAP diluted EPS is expected to be between $4.63 and $4.67 with approximately 308 million 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 August 21, 2023 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/

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