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Zoom Video Communications, Inc. (ZM) SEC Filing 10-K Annual Report for the fiscal year ending Wednesday, January 31, 2024

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Zoom Video Communications, Inc.

HISTORY TOOLS
CIK: 1585521 Ticker: ZM

Exhibit 99.1
Zoom Video Communications Reports Fourth Quarter and Fiscal Year 2024 Financial Results
•Fourth quarter total revenue of $1,146.5 million, up 2.6% year over year as reported and 2.7% in constant currency; full fiscal year total revenue of $4,527.2 million, up 3.1% year over year as reported and 3.8% in constant currency
•Fourth quarter Enterprise revenue of $667.3 million, up 4.9% year over year; full fiscal year Enterprise revenue of $2,619.3 million, up 8.7% year over year
•Fourth quarter operating cash flow of $351.2 million, up 66.0% year over year; full fiscal year operating cash flow of $1,598.8 million, up 23.9% year over year; full fiscal year operating cash flow margin of 35.3%
•Authorization to repurchase up to $1.5 billion of Zoom’s Class A common stock
San Jose, California – February 26, 2024 – Zoom Video Communications, Inc. (NASDAQ: ZM), a platform delivering limitless human connection, today announced financial results for the fourth quarter and fiscal year ended January 31, 2024.

"In FY24, we unveiled Zoom AI Companion, our generative AI digital assistant, aimed at boosting productivity, enhancing team effectiveness, and fostering skill development across the Zoom platform. We're committed to democratizing AI accessibility, offering it to all our customers regardless of business size, included at no extra charge with a paid license,” stated Eric S. Yuan, Zoom's founder and CEO. "Our team is dedicated to platform-wide innovation, introducing hundreds of new features, including those for Zoom Contact Center, which redefine the gold standard for customer experience. While delivering innovation for our customers, we also drove robust profitability and grew free cash flow, up 24.1% year over year to $1,471.9 million for the full fiscal year, representing a free cash flow margin of 32.5%.”
Fourth Quarter Fiscal Year 2024 Financial Highlights:
•Revenue: Total revenue for the fourth quarter was $1,146.5 million, up 2.6% year over year. After adjusting for foreign currency impact, revenue in constant currency was $1,147.9 million, up 2.7% year over year. Enterprise revenue was $667.3 million, up 4.9% year over year, and Online revenue was $479.2 million, down 0.5% year over year.
•Income (Loss) from Operations and Operating Margin: GAAP income from operations for the fourth quarter was $168.5 million, compared to GAAP (loss) from operations of $(129.9) million in the fourth quarter of fiscal year 2023. After adjusting for stock-based compensation expense and related payroll taxes, litigation settlements, net, acquisition-related expenses, and restructuring expenses, non-GAAP income from operations for the fourth quarter was $443.7 million, compared to non-GAAP income from operations of $404.8 million in the fourth quarter of fiscal year 2023. For the fourth quarter, GAAP operating margin was 14.7% and non-GAAP operating margin was 38.7%.
•Net Income (Loss) and Diluted Net Income (Loss) Per Share: GAAP net income attributable to common stockholders for the fourth quarter was $298.8 million, or $0.95 per share, compared to GAAP net (loss) attributable to common stockholders of $(104.1) million, or $(0.36) per share in the fourth quarter of fiscal year 2023.
Non-GAAP net income for the fourth quarter was $444.0 million, after adjusting for stock-based compensation expense and related payroll taxes, litigation settlements, net, (gains) losses on strategic investments, net, acquisition-related expenses, restructuring expenses, income tax benefits from discrete activities, undistributed earnings attributable to participating securities, and the tax effects on non-GAAP adjustments. Non-GAAP net income per share was $1.42. In the fourth quarter of fiscal year 2023, non-GAAP net income was $366.6 million, or $1.22 per share.
•Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of January 31, 2024 was $7.0 billion.
•Cash Flow: Net cash provided by operating activities was $351.2 million for the fourth quarter, compared to $211.6 million in the fourth quarter of fiscal year 2023, up 66.0% year over year. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $332.7 million, compared to $183.3 million in the fourth quarter of fiscal year 2023, up 81.5% year over year.

The following information was filed by Zoom Video Communications, Inc. (ZM) on Monday, February 26, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Zoom Video Communications, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2024 10-K Annual Report includes:

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Inside Zoom Video Communications, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Balance Sheet Components
Balance Sheet Components (Tables)
Balance Sheet Components - Additional Information (Details)
Balance Sheet Components - Other Assets, Noncurrent (Details)
Balance Sheet Components - Prepaid Expenses And Other Current Assets (Details)
Balance Sheet Components - Schedule Of Accrued Expenses And Other Current Liabilities (Details)
Balance Sheet Components - Schedule Of Other Liabilities Non Current (Details)
Balance Sheet Components - Schedule Of Property And Equipment (Details)
Business Combinations
Business Combinations (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Narratives (Details)
Goodwill And Intangible Assets - Schedule Of Amortization Expense (Details)
Goodwill And Intangible Assets - Schedule Of Finite-Lived Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill (Details)
Goodwill And Intangible Assets - Schedule Of Indefinite-Lived Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of The Net Income (Loss) Before Provision Of Income Taxes (Details)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Position (Details)
Income Taxes - Schedule Of Current And Deferred Income Tax Provision (Details)
Income Taxes - Schedule Of Provision For Income Taxes (Details)
Income Taxes - Significant Components Of Deferred Income Tax Assets (Details)
Insider Trading Arrangements
Investments
Investments (Tables)
Investments - Additional Information (Details)
Investments - Schedule Of Strategic Investments (Details)
Investments - Summary Marketable Securities (Details)
Investments - Summary Of Contractual Maturities Of Marketable Securities (Details)
Net Income Per Share Attributable To Common Stockholders
Net Income Per Share Attributable To Common Stockholders (Tables)
Net Income Per Share Attributable To Common Stockholders - Narrative (Details)
Net Income Per Share Attributable To Common Stockholders - Schedule Of Computation Of Basic And Diluted Net Income Per Share (Details)
Net Income Per Share Attributable To Common Stockholders - Summary Of Potential Shares Of Common Stock Excluded From Computation Of Diluted Net Income (Loss) Per Share Attributable To Common Stockholders (Details)
Operating Leases
Operating Leases (Tables)
Operating Leases - Additional Information (Details)
Operating Leases - Schedule Of Future Minimum Lease Payments Included In Measurement Of Operating Lease Liabilities (Details)
Operating Leases - Schedule Of Supplemental Balance Sheet Information (Details)
Operating Leases - Schedule Of Supplemental Cash Flow Information (Details)
Pay Vs Performance Disclosure
Restructuring Activities
Restructuring Activities (Tables)
Restructuring Activities - Additional Information (Details)
Restructuring Activities - Schedule Of Restructuring Costs (Details)
Restructuring Activities - Schedule Of Restructuring Reserve (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Deferred Contract Acquisition Costs (Details)
Revenue Recognition - Remaining Performance Obligation (Details)
Revenue Recognition - Summary Disaggregation Of Revenue By Region (Details)
Schedule Ii: Valuation And Qualifying Accounts
Schedule Ii: Valuation And Qualifying Accounts (Details)
Stockholders' Equity And Equity Incentive Plans
Stockholders' Equity And Equity Incentive Plans (Tables)
Stockholders' Equity And Equity Incentive Plans - Additional Information (Details)
Stockholders' Equity And Equity Incentive Plans - Fair Value Of Espp Purchase Rights Assumptions (Details)
Stockholders' Equity And Equity Incentive Plans - Schedule Of Stock By Class Reserved For Future Issuance (Details)
Stockholders' Equity And Equity Incentive Plans - Summary Of Restricted Stock Units Activity Under Equity Incentive Plan (Details)
Stockholders' Equity And Equity Incentive Plans - Summary Of Stock Option Activity Under Equity Incentive Plan (Details)
Stockholders' Equity And Equity Incentive Plans - Summary Of Stock-Based Compensation Expense By Line Item (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Business And Significant Accounting Policies
Summary Of Business And Significant Accounting Policies (Policies)
Summary Of Business And Significant Accounting Policies (Tables)
Summary Of Business And Significant Accounting Policies - Accounts Receivable Allowance For Credit Loss Rollforward (Details)
Summary Of Business And Significant Accounting Policies - Accounts Receivable, Allowance For Credit Loss (Details)
Summary Of Business And Significant Accounting Policies - Additional Information (Details)
Summary Of Business And Significant Accounting Policies - Schedule Of Property And Equipment (Details)
Ticker: ZM
CIK: 1585521
Form Type: 10-K Annual Report
Accession Number: 0001585521-24-000030
Submitted to the SEC: Fri Mar 01 2024 6:30:11 PM EST
Accepted by the SEC: Mon Mar 04 2024
Period: Wednesday, January 31, 2024
Industry: Computer Programming Data Processing

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