Zoom(US:ZM)2024-02-25 16:00Revenue Performance - Fourth quarter total revenue was $1,146.5 million, up 2.6% year over year; full fiscal year total revenue was $4,527.2 million, up 3.1% year over year[6] - Enterprise revenue for the fourth quarter was $667.3 million, up 4.9% year over year; full fiscal year Enterprise revenue was $2,619.3 million, up 8.7% year over year[6] - Revenue for the three months ended January 31, 2024, was $1,146,457 thousand, a 2.9% increase from $1,117,803 thousand in the same period of 2023[34] - GAAP revenue for the three months ended January 31, 2024, was $1,146,457, representing a year-over-year growth of 2.6%[39] - Full fiscal year 2025 total revenue is expected to be approximately $4.600 billion, with non-GAAP income from operations expected between $1.720 billion and $1.730 billion[14] Profitability - Non-GAAP net income for the fourth quarter was $444.0 million, or $1.42 per share, compared to $366.6 million, or $1.22 per share in the same quarter last year[5] - Full fiscal year non-GAAP net income was $1,608.0 million, or $5.21 per share, up from $1,329.0 million, or $4.37 per share in fiscal year 2023[9] - Net income for the three months ended January 31, 2024, was $298,832 thousand, compared to a net loss of $104,050 thousand in the same period of 2023[34] - Non-GAAP income from operations for the three months ended January 31, 2024, was $443,749, up from $404,832 in the same period of 2023[38] - Non-GAAP net income for the three months ended January 31, 2024, was $443,971, compared to $366,554 in the same period of 2023[38] Cash Flow and Liquidity - Operating cash flow for the fourth quarter was $351.2 million, up 66.0% year over year; full fiscal year operating cash flow was $1,598.8 million, up 23.9% year over year[6] - Cash flows from operating activities for the year ended January 31, 2024, totaled $1,598,836, an increase from $1,290,262 in the previous year[36] - Free cash flow (non-GAAP) for the year ended January 31, 2024, was $1,471,883, compared to $1,186,436 for the previous year[38] - Cash and cash equivalents increased to $1,558,252 thousand as of January 31, 2024, from $1,086,830 thousand as of January 31, 2023, indicating improved liquidity[32] - The company experienced a net cash increase of $67,253 for the three months ended January 31, 2024, compared to a decrease of $5,845 in the same period of 2023[36] Customer Metrics - Zoom had approximately 220,400 Enterprise customers at the end of the fourth quarter, up 3.5% year over year[14] - The trailing 12-month net dollar expansion rate for Enterprise customers was 101%[14] - The net dollar expansion rate is calculated based on the annual recurring revenue (ARR) from Enterprise customers, which reflects the growth in existing customer accounts[28] - The online average monthly churn rate is calculated based on the monthly recurring revenue (MRR) from Online customers, providing insights into customer retention[29] Strategic Investments and Stock Repurchase - Zoom's Board of Directors authorized a stock repurchase program of up to $1.5 billion of its outstanding Class A common stock[15] - The strategic investments increased to $409,222 thousand as of January 31, 2024, compared to $398,992 thousand as of January 31, 2023, indicating ongoing investment in growth opportunities[32] Balance Sheet Highlights - The total current assets increased to $7,926,219 thousand as of January 31, 2024, from $6,356,412 thousand as of January 31, 2023, representing an increase of 24.7%[32] - Total liabilities decreased slightly to $1,910,387 thousand as of January 31, 2024, from $1,921,458 thousand as of January 31, 2023[32] Operating Margins - The company reported a GAAP operating margin of 14.7% for the three months ended January 31, 2024, compared to a negative margin of 11.6% in the same period of 2023[38] - The company reported a non-GAAP operating margin of 38.7% for the three months ended January 31, 2024, up from 36.2% in the same period of 2023[38]