Zoom Video Communications,Inc。(ZM) 首席执行官 Eric Yuan 在 2020年 第一季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年06月07日 · 93 次阅读

Zoom Video Communications, Inc. (NASDAQ:ZM) Q1, 2020 Earnings Call June 6, 2019 5:00 PM ET

Zoom Video Communications,Inc。(纳斯达克股票代码:[ZM])2020年第一季度收益电话会议2019年6月6日美国东部时间下午5:00


Tom McCallum - Head of Investor Relations.
Eric Yuan - Founder and Chief Executive Officer
Kelly Steckelberg - Chief Financial Officer

  • 汤姆麦卡勒姆 - 投资者关系主管。
  • Eric Yuan - 创始人兼首席执行官
  • Kelly Steckelberg - 首席财务官


Meta Marshall - Morgan Stanley
Brad Zelnick - Credit Suisse
Kasthuri Rangan - Bank of America Merrill Lynch
Sterling Auty - JP Morgan
Matt Hedberg - RBC
Pat Walravens - JMP
Alex Kurtz - KeyBanc
Tom Roderick - Stifel
Zane Chrane - Bernstein
Jonathan Kees - Summit Insights Group

  • Meta Marshall - 摩根士丹利
  • Brad Zelnick - 瑞士信贷
  • Kasthuri Rangan - 美国银行美林证券
  • Sterling Auty - 摩根大通
  • 马特赫德伯格 - RBC
  • Pat Walravens - JMP
  • Alex Kurtz - KeyBanc
  • Tom Roderick - Stifel
  • Zane Chrane - 伯恩斯坦
  • Jonathan Kees - Summit Insights Group


Hello, everyone. And welcome to Zoom's First Quarter Fiscal Year 2020 Earnings Release. I'd like to remind everyone that this conference is going to be recorded. At this time, I'd like to turn the floor over to Tom McCallum, Head of Investor Relations.

大家好。 欢迎来到Zoom的2020财年第一季度财报发布。 我想提醒大家,这次会议将被记录下来。 在这个时候,我想谈谈投资者关系负责人汤姆麦卡勒姆。


Thank you, Matt. Hello, everyone and welcome to Zoom's earnings webinar for the first quarter fiscal 2020. Joining me today will be Zoom's President and CEO, Eric Yuan, and Zoom CFO, Kelly Steckelberg. Our earnings press release was issued today after the market closed and maybe downloaded from the zoom.com site on the Investor Relations page. Also on this page you will be able to find a copy of today's prepared remarks and slide deck of financial highlights that along with the earnings press release include a reconciliation of GAAP to non-GAAP financial results.
During this call we will make forward-looking statements about our future financial performance and other future events or trends, including guidance. These statements are only predictions that are based on what we believe today, and actual results may differ materially. These forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could affect our financial results and the performance of our business and which we discuss in detail in our filings with the SEC, including today’s earnings press release and the risk factors and other information contained in the final prospectus relating to our initial public offering. Zoom assumes no obligation to update any forward-looking statements we may make on today’s call.
And with that, let me turn it over to Eric.

谢谢你,马特。各位大家好,欢迎来到Zoom的2020财年第一季度盈利网络研讨会。今天加入我的是Zoom的总裁兼首席执行官Eric Yuan和Zoom CFO,Kelly Steckelberg。我们的盈利新闻稿是在市场关闭后于今天发布的,可能会从投资者关系页面上的zoom.com网站下载。同样在此页面上,您将能够找到今天准备好的评论和财务亮点幻灯片的副本,以及收益新闻稿,其中包括GAAP与非GAAP财务结果的对帐。

在本次电话会议中,我们将对未来的财务业绩和其他未来事件或趋势(包括指导)做出前瞻性陈述。这些陈述只是基于我们今天所相信的预测,实际结果可能会有重大差异。这些前瞻性陈述受风险,不确定性,假设和其他可能影响我们财务业绩和业务表现的因素的影响,我们在向美国证券交易委员会提交的文件中详细讨论,包括今天的盈利新闻稿和风险因素以及与我们首次公开发售有关的最终招股说明书中包含的其他信息。 Zoom没有义务更新我们在今天的电话会议上发表的任何前瞻性陈述。


Eric Yuan

Thank you, Tom. Thank you all. So, first of all, welcome to all of you joining us on today’s Zoom video webinar. I really appreciate. And hopefully after the webinar all of you can give us some feedback and of course we really want to leverage our platform for the future earnings call. Like a brag, I like you all what you brag on. Please tell about what you brag on. So this is our first earnings announcement as a public company and I am pleased to report that we delivered revenue of $122 million for the first quarter, an increase of 103% year-over-year.
In addition to tremendous growth at scale, we are also pleased that our highly efficient business model and disciplined investments contributed to positive profitability and free cash flow. Our strong first quarter results are evidence that organizations are turning to Zoom as a strategic technology partner to help them increase communications and collaboration.
Since this is our first earnings call as a public company, I would like to take a step back to share how Zoom’s video first approach delivers happiness to our customers. First, we deliver a single, easy to use platform. Second, we are 100% Cloud-Native and hardware agnostic. Third, we offer high quality service globally. Fourth, we offer robust mobile functionality. Fifth, we are developer friendly with open APIs also with the market place. We believe the growth opportunity for Zoom is significant. Based on IDC estimates the markets opportunity at TAM is huge, $43 billion dollar market by 2022. But we believe that it is even larger than that as we are in the early stages of video becoming the new voice.
Our platform is fundamentally transforming the way organizations of all sizes communicate. Zoom is enabling far greater effectiveness and intimacy in human-to-human interactions over a distance, and we are witnessing the rapid adoption of Zoom for diverse use cases that were not possible with legacy technology. So let me give you an example of how our customers leverage Zoom platform. One company Ciena, networking systems, services and Software Company has been a Zoom customer, happy customer for the last two years. They have built up to a full site deployment of Zoom including Zoom Rooms, Zoom Webinar and our premium audio.
They have transformed how they conduct business and communicate with a video first culture. They are currently doing more than 10 million minutes a month on Zoom platform. When faced with replacing their legacy very complex PBX infrastructure, they turned to Zoom and Ciena was very impressed with capabilities of Zoom Phone system. So we closed a deal with Ciena in Q1 that brings their Zoom Phone licenses to 5,000 users, while significantly expanding the use of the Zoom platform within their organization. This is a great example of the trust customers have in Zoom.
Now let me discuss a few recent business and technology highlights that further reinforce our long-term growth opportunity. First, we announced that our FedRAMP authorization has been approved, with the sponsorship of the US Department of Homeland Security. This authorization allows US Federal Government agencies and contractors to securely use Zoom for video meetings, API integrations, and more.




我们的平台从根本上改变了各种规模的组织的沟通方式。 Zoom可以在远距离的人与人之间的交互中实现更高的效率和亲密度,我们正在目睹Zoom对于传统技术无法实现的各种用例的快速采用。那么,让我举一个例子,说明我们的客户如何利用Zoom平台。一家公司Ciena,网络系统,服务和软件公司一直是Zoom客户,过去两年的客户满意。他们已经建立了Zoom的全站点部署,包括Zoom Rooms,Zoom Webinar和我们的高级音频。

他们改变了他们开展业务的方式并与视频第一文化进行了沟通。他们目前每月在Zoom平台上的工作时间超过1000万分钟。当面对替换他们传统的非常复杂的PBX基础设施时,他们转而使用Zoom和Ciena对Zoom Phone系统的功能印象深刻。因此,我们在第一季度与Ciena达成协议,将其Zoom Phone许可证带给了5,000名用户,同时显着扩大了其组织内Zoom平台的使用范围。这是客户对Zoom的信任的一个很好的例子。


Second, we continued to build out our best of breed partnerships with deeper relationships like HP, Salesforce.com and Slack. Many companies, they standardize on Zoom and Slack platform, that sort of like standard for collaboration. Third, we continued to enhance our core technologies that have disrupted the video communications market. During the Enterprise Connect in March, we announced additional Smart features to Zoom meetings such as real-time transcriptions. And fourth, we continue to enhance and extend the reach of Zoom Phone. We announced new features that enable Zoom Phone to elevate voice calls to Zoom Video meetings seamlessly, a bring your own carrier service and a new beta for Zoom Phone service for both the UK and Australia.
In summary, I’d like to thank our nearly 2,000 Zoom employees around the globe for an exceptional performance in our first quarter as a public company. Our industry leading, video-first architecture, viral adoption model, and large TAM, were also positive factors to our remarkable results this quarter. It was a great start for the year, and we are excited about the growth opportunities in front of us. We truly believe zoom is well positioned to capitalize on the transformation of how companies communicate and collaborate with their employees, partners and customers.
In many ways we are helping to drive this transformation. The strategy that we have employed over the years to make our customers happy with a frictionless communications platform is working, and it continues to deliver remarkable results.
With that, let me turn things over to Kelly.

其次,我们继续与惠普,Salesforce.com和Slack等更深层次的合作关系建立我们最好的合作伙伴关系。许多公司,他们标准化Zoom和Slack平台,这有点像协作的标准。第三,我们继续加强破坏视频通信市场的核心技术。在3月份的Enterprise Connect期间,我们宣布了其他智能功能来缩放会议,例如实时转录。第四,我们继续增强和扩展Zoom Phone的范围。我们发布了新功能,使Zoom Phone能够无缝地将语音呼叫提升到Zoom Video会议,为英国和澳大利亚带来自己的运营商服务和Zoom Phone服务的新测试版。




Kelly Steckelberg

Thank you, Eric. And welcome to everyone joining us. Let me start by first reviewing financial results for Q1 and then I will discuss our outlook for Q2 and the full fiscal year. As Eric discussed, total revenue grew 103% year-over-year in the first quarter, to $122 million. Some of the key drivers of our revenue performance were our acquisition of new customers and the execution of our land and expand strategy with existing customers. Specifically, the year-over-year increase in revenue was split between subscription services provided to new customers which accounted for approximately64% of the increase while the remaining 36% increase was due to subscription services for existing customers.
Here are some key customer metrics in Q1 that drove these results. We had over 58,500 customers with more than 10 employees, up nearly 86% year-over-year. We aren't just adding a large volume of new customers though. We are also winning larger customers as a result of our enterprise focus. For example, we are excited to announce, we added new customers including DocuSign and FICO. And customers of all size are deploying more Zoom products and users within their organizations as they realize the power of our platform. During the first quarter, we expanded our relationship with customers including Ciena and Take-Two Interactive.
The combination of our land and expand strategy, along with our growing enterprise focus, resulted in 405 customers with more than $100,000 in revenue over the last 12 months, up 120% year-over-year. Overall, we have a loyal customer base, as evidenced by an exceptional net dollar expansion rate that has consistently been over 130% for the fourth consecutive quarter. Geographic expansion is another driver of our strong revenue growth as we continue to enjoy high demand and growth globally. Revenue in Q1 from the Americas was up 98% year-over-year and was approximately 80% of revenue.
Our APAC and EMEA revenue combined grew 127% year-over-year. We believe that this is only the beginning of a tremendous opportunity to bring the Zoom platform to customers around the world. To achieve this, we will make additional investments to expand our global footprint and drive additional growth.
Now turning to profitability. Here you can see we were profitable from both a GAAP and non-GAAP perspective, but I will focus on our non-GAAP results, which exclude stock-based compensation expense. Non-GAAP gross margin in the first quarter was up 17 basis points to 80.9%, compared to 80.7% in Q1 last year. Our non-GAAP gross margin reflects some additional investments to increase the redundancy of our infrastructure. For the full year, we expect non-GAAP gross margins to be at the low-end of our long-term target range of 80% to 82%.
R&D expense in Q1 was $13 million and represented approximately 10% of total revenue. R&D remains a major investment area as we expand our platform with new features and capabilities every quarter. Approximately one-third of our workforce is R&D, however, it is lower as a percentage of revenue because we have a highly efficient global R&D model.


以下是第一季度推出这些结果的一些关键客户指标。我们拥有超过58,500名客户,员工超过10人,同比增长近86%。我们不仅仅是增加了大量的新客户。由于我们的企业重点,我们也赢得了更大的客户。例如,我们很高兴地宣布,我们增加了新客户,包括DocuSign和FICO。各种规模的客户都在组织中部署更多Zoom产品和用户,因为他们意识到我们平台的强大功能。在第一季度,我们扩大了与客户的关系,包括Ciena和Take-Two Interactive。





Sales and marketing expense for Q1 was $61 million, representing approximately 50% of total revenue. While we expect to realize leverage in sales and marketing over the long-term, we are currently focused on adding sales capacity to drive growth and capture the large TAM in front of us. These investments include ramping key strategic initiatives such as expanding our global footprint and building out our initial sales coverage for Zoom Phone.
G&A expense in Q1 was $16 million and represented 13% of total revenue. This includes costs associated with expanding our corporate functions to effectively operate as a public company. Non-GAAP operating income was $8 million translating to a 6.7% non-GAAP operating margin for the first quarter. This was 8 percentage points improvement versus the modest non-GAAP operating loss in Q1 last year. Non-GAAP earnings per share in Q1 were $0.03, on approximately 290 million of non-GAAP, weighted average shares outstanding and adjusting for undistributed earnings. Non-GAAP EPS increased three cents from Q1 of last year.
Turning to the balance sheet. We ended Q1 with approximately $737 million in cash, cash equivalents and marketable securities which is up from $176 million at the end of Q4. The significant increase in cash was due primarily to$543 million of net proceeds from our IPO and our growth in cash flow from operations. Deferred revenue at the end of the quarter grew to $149 million, up 108% year-over-year. Our remaining performance obligations or RPO totaled approximately $377 million, up 127% year-over-year.
We expect to recognize approximately 64% of the current RPO as revenue over the next 12 months compared to 68% in Q1 last year. We were pleased with the non-current RPO growth which signals growing long-term customer commitments to our platform.
Operating cash flow was $22 million in Q1, up from $3 million in the same period a year ago. Free cash flow was $15 million in Q1, compared to negative $1 million in the same period a year ago. Both of these results reflect higher profitability and growth in deferred revenue.
Before I provide the outlook for Q2 and the full year, let me reiterate our investment strategy to drive our growth initiatives. As evident from our past results, we have both a highly efficient business model, and a proven track record of running the business in a disciplined manner. The end result has been rapid top line growth combined with positive non-GAAP operating income and free cash flow. Our customers’ happiness and the rapid adoption of the Zoom platform are our top priorities, and we believe our focus on investing in the business will drive increased market share and future revenue growth.
Now turning specifically to the second quarter guidance. For the second quarter of fiscal 2020, we expect revenue in the range of $129 million to $130 million. We expect non-GAAP operating income to be in the range of $2 million to $3 million, with non-GAAP earnings per share of $0.01 to $0.02 based on approximately 301 million shares outstanding.

第一季度的销售和营销费用为6100万美元,约占总收入的50%。虽然我们期望在长期内实现销售和营销的杠杆作用,但我们目前专注于增加销售能力以推动增长并在我们面前捕获大型TAM。这些投资包括扩大关键战略计划,例如扩大我们的全球业务范围,以及建立我们对Zoom Phone的初始销售覆盖范围。







For the full year of fiscal 2020, we expect revenue to be in the range of $535 million to $540 million. We expect non-GAAP operating income in the range of breakeven to $3 million. This forecast includes the impact in Q3 of our premier user event, Zoomtopia. Non-GAAP earnings per share are expected to be in the range of $0.02 to $0.03, based on approximately 301 million shares outstanding.
In closing, Q1 was a great start to our fiscal year. We had strong execution during our first quarter as a public company, and I would like to thank the entire Zoom team for their hard work. We delivered a combination of triple digit top line growth, increased profitability and positive free cash flow. We're also pleased with the high rate at which customers are embracing our platform. We believe this trust from customers and partners for Zoom will help drive additional growth. I'm excited about our execution this past quarter and the opportunity ahead for Zoom, and I look forward to sharing our progress with you.
With that, let's open it up for questions. If you have not enabled your video, please do so now for the interactive portion of this meeting. Matt, please queue-up our first question.





[Operator Instructions]
Our first question is from Meta Marshall with Morgan Stanley. Meta you are unmuted.


我们的第一个问题来自Meta Marshall与摩根士丹利。 Meta你没有静音。


Great, thank you and congrats on the quarter and thanks for the question. You gave a lot of detail on the revenue mix, but maybe versus expectations what was the biggest source of surprise during the cusp that quarter was a new customer adds, faster deployments, new products. And then maybe turn into new products, understanding it's so early but just any further details on Zoom phone traction and whether any of the upside guide to the fiscal 2020 guidance is due to kind of Zoom phone expectations? That's it for me. Thanks.

太棒了,谢谢你,并祝贺这个季度,并感谢你提出这个问题。 您提供了很多有关收入组合的详细信息,但也许与预期相比,在该季度的新增客户增加,更快部署,新产品的尖端中,最大的惊喜来源是什么。 然后可能会变成新产品,了解它是如此早,但只是关于Zoom手机牵引力的任何进一步细节以及2020财年指导的任何上行指南是否归因于Zoom手机的期望? 这对我来说。 谢谢。


Yes. Sure. So from product side, customer side, we do not see the biggest surprise and we work over so hard to make sure the customer happy. And one thing probably I'd like to highlight is Zoom phone and we announced that back in January and we do have some early adopters like a Ciena admission right, they put 5,000 licenses, I think this is something I think the probably we have us more in the future. Other than that I think we just focus on our customer and the product experience.

是。 当然。 因此,从产品方面,客户方面来看,我们并没有看到最大的惊喜,我们努力工作以确保客户满意。 有一件事我想强调的是Zoom手机,我们在1月份宣布,我们确实有一些早期采用者,如Ciena入场权,他们提出了5000个许可证,我认为这是我认为可能我们有我们的 未来更多。 除此之外,我认为我们只关注客户和产品体验。


I think we're also excited about the continued progress we're making in the up market, as you saw our customers in that segment grew more quickly than our general customer base, which we continue to be really excited about. We had a really large financial services organization become a customer this quarter which were really happy about.

我认为我们对于我们在高端市场取得的持续进展感到非常兴奋,因为您看到我们在该领域的客户增长速度超过了我们的总体客户群,我们仍然非常兴奋。 我们有一个非常大的金融服务组织成为本季度的客户,非常高兴。


Our next question is from Brad Zelnick with Credit Suisse. Brad you are unmuted.

我们的下一个问题来自瑞士信贷的Brad Zelnick。 布拉德,你是无声的。


Great. Nice to see you all and Eric nice to see how happy you are, congratulations on great quarter for Q1 as a public company. I have one question for you Eric and one follow-up for Kelly. For Eric, I appreciate that the IPO had to --have been fantastic branding events for you. Is there any discernible impact in terms of customer ads, free to paid conversion or even top of funnel development that you've noticed since becoming a public company?

非常好。 很高兴见到你们,Eric很高兴看到你们有多开心,祝贺Q1作为一家上市公司在第一季度表现出色。 我有一个问题,Eric和Kelly的一个跟进。 对于Eric,我很欣赏IPO必须 - 为您提供了很棒的品牌推广活动。 在成为上市公司之后,您在注意到的客户广告,免费付费转换甚至是漏斗开发方面是否有任何明显的影响?


Yes. So, Brad, first of all, I like with your back on, thank you. I think since we became a public company I would see very little has changed and maybe it's too early to tell, but of course sure I think our company the brand is getting much bigger from our existing installed base, after became a public company I do receive so many emails from our customers and it really expressed the all the appreciation for whatever it did before with them right. And I think from branding perspective it has certainly helped us a lot.
But it's too early to tell, maybe one more quarter I can share with you more.

是。 所以,布拉德,首先,我喜欢你的背,谢谢。 我认为,自从我们成为一家上市公司后,我发现很少有变化,也许现在还为时过早,但当然我认为我们公司的品牌从我们现有的安装基地变得更大,成为我做的上市公司之后 收到来自我们客户的大量电子邮件,它真的表达了对它之前所做的一切的赞赏。 我认为从品牌推广的角度来看,它确实帮助了我们很多。



Great and Kelly for you, if we look at your sales and marketing expense relative to the new customer ads, it would seem that you're losing some productivity per customer. How much of that is related to Zoom phone and how should we think about your productivity moving forward?

伟大和凯利,如果我们看看你的销售和营销费用相对于新的客户广告,你似乎会失去一些客户的生产力。 有多少与Zoom手机有关,我们应该如何考虑您的生产力?


Yes. So we are really focused this year on continuing to hire in international and for Zoom phone. So you are going to see some impact initially as it takes a while for all those reps to get ramped. And I think when you start to get to the back half of this year early next year you should see that taking hold.

是。 因此,我们今年真正专注于继续在国际和Zoom手机上招聘。 因此,您最初会看到一些影响,因为所有这些代表需要一段时间才能获得提升。 而且我认为,当你明年年初开始到今年下半年时,你应该看到这一点。


Our next question is from cash Kasthuri Rangan with Bank of America Merrill Lynch. Kash you are unmuted.

我们的下一个问题是现金Kasthuri Rangan和美国银行美林证券。 Kash你没有静音。


Hey, Zoom team, thank you so much. I'm very happy to be joining your video conference call. I had two questions for you. One with respect to the quarter what were the one or two largest deals the company landed in the quarter? And what were the competitive dynamics and also the nature of the topology of the customers, IT infrastructure against which you were able to win this a big deployment? And secondly, you just talked about the overlap on the phone side, how our customers making the phone decision? Is it in conjunction with the video decision or as a separate standalone capability? How are they making that evaluation? Thank you so much and congrats.

嘿,Zoom团队,非常感谢你。 我很高兴参加你的视频电话会议。 我有两个问题要问你。 关于本季度该公司在本季度进行的一项或两项最大交易是什么呢? 什么是竞争动态以及客户拓扑的本质,IT基础设施是否能够赢得这个大型部署? 其次,您刚刚谈到了手机端的重叠,我们的客户如何做出决定? 它是与视频决策结合还是作为单独的独立功能? 他们如何进行评估? 非常感谢你,恭喜你。


Yes. So about your first question, feel free to tell me about some large customer required in Q1. I think you look at a competitive landscape in Q1, I do not think there are any changes because most of our legacy players still with old solution with old architecture. And I didn't see anything new from our legacy competitors in terms of innovation or some innovative go-to-market model and everything else I think it remains the same.

是。 关于你的第一个问题,请随时告诉我第一季度所需的一些大客户。 我认为你看看第一季度的竞争格局,我认为没有任何变化,因为我们的大多数传统玩家仍然使用旧架构的旧解决方案。 而且我没有看到我们的传统竞争对手在创新或创新的市场推广模式方面有任何新的东西以及其他我认为保持不变的东西。


So we were really excited. We had four deals in the quarter that were over a $1 million ARR and unfortunately can't close the names of most of those, but one of them is a really exciting large financial institution. We're thrilled to have as a new customer and a couple of them were up sells. So positive traction I would say on all fronts in that area.

所以我们真的很兴奋。 我们在本季度有四笔超过100万美元ARR的交易,不幸的是无法关闭其中大部分的名称,但其中一个是一个非常令人兴奋的大型金融机构。 我们很高兴能够成为一个新客户,其中有几个是卖得出去的。 因此,我会在该领域的所有战线上说出积极的牵引力。


I think Kash was on the decision to --

我认为Kash决定 -


Yes, for the second question, Zoom phone, what drive that decision-making?



So for -- when we look at our go-to-market strategy for our Zoom phone system, we focus on our existing installed base because they already trust us, plus they all use of video, they all use the voice. They realize our quality. Customer told us, hey, you just added a phone number right, they do not even use any other phone system. Customer like the quality, a unified collaboration experience and ease of use and plus some individual features like seamlessly obligate your phone call to the video call and the customer really like that experience.

因此,当我们看看我们的Zoom手机系统的市场推广策略时,我们专注于我们现有的已安装基础,因为他们已经信任我们,而且他们都使用视频,他们都使用语音。 他们意识到我们的品质 客户告诉我们,嘿,你刚刚添加了一个电话号码,他们甚至没有使用任何其他电话系统。 客户喜欢质量,统一的协作体验和易用性,以及一些个人功能,如无缝地拨打电话到视频通话,客户非常喜欢这种体验。


Our next question is from Sterling Auty with JP Morgan. Sterling you're unmuted.

我们的下一个问题来自Sterling Auty和JP Morgan。 英镑你没有静音。


Alright, thanks. Hi, guys. Eric, one of the questions that I consistently got through the IPO and post is the direction of the [Ucash] stage and specifically with a lot punches Zoom phone it looks like you are actually in a competitive direction with RingCentral yet you announced the extension of your partnership. And also get questions over whether you need to actually own some of the technology that you see out of Slack. So just directionally how do you see your partnership and competition in directionally what technologies you need to own versus partner going forward?

好的,谢谢。 嗨,大家好。 Eric,我一直通过首次公开募股和帖子获得的一个问题是[Ucash]阶段的方向,特别是大量的冲击Zoom手机看起来你实际上是在与RingCentral的竞争方向但你宣布扩展 你的伙伴关系 并且还会对是否需要实际拥有Slack中看到的某些技术提出疑问。 因此,从方向上看,您如何看待您的合作伙伴关系以及您需要拥有哪些技术与合作伙伴未来的竞争?


Yes. Sterling, that's a great question. So if you look at it what's happening in those -- in the industry and also when we talk with customers they take a Slack upon Zoom, Slack and Zoom I think the best of partners and a lot of companies standardized on Slack and Zoom, right. It's almost just become a standard right. It's very important but we look at it user space like a video and a phone and we started from building a platform and our first application good upon that platform is video conferencing and however customer realized our voice over IP quality, it's not very hard for us to edit a phone system into module phone system, we build our own technology from the ground up, it's modern architecture compared with any other phone system right.
We did it from the group up and customer really like that experience from a phone to the video and video to the phone is one unified collaborating space.

是。 斯特林,这是一个很好的问题。 因此,如果你看一下那些行业中正在发生的事情 - 在行业中,当我们与客户交谈时,他们采取Slack on Zoom,Slack和Zoom我认为最好的合作伙伴和许多公司标准化Slack和Zoom,对吧。 它几乎只是一个标准的权利。 这非常重要,但我们将其视为用户空间,如视频和手机,我们从构建平台开始,我们的第一个应用程序在该平台上是视频会议,但客户意识到我们的IP语音质量,对我们来说并不是很难 为了将电话系统编辑成模块电话系统,我们从头开始构建自己的技术,它的现代架构与任何其他电话系统相比都是正确的。



Alright, great. Maybe just one follow-up. I do get questions over the US-China relations and things that are happening from that perspective given the large R&D presence that you have in China, does anything change in terms of how you're managing that aspect of the business?

好的,太好了。 也许只是一个后续行动。 鉴于您在中国拥有大量的研发实力,在管理这方面的业务方面有什么变化,我确实对美中关系以及从这个角度发生的事情提出疑问吗?


I don't think anything change especially if you look at our whole R&D down here in our headquarter office in San Jose. And then plus we're similar to a lot of other companies who might have office there. I think we do not have enough revenue. We do not have a big business there in China. And I think --I do not think there's any impact right. So we have very, very good, the process here in terms of how to manage office or team and we have a high confidence. I do not think there are any changes in Q1.

如果你在我们位于圣何塞的总部办公室看看我们的整个研发,我认为没有任何改变。 然后加上我们和其他可能在那里任职的公司相似。 我认为我们没有足够的收入。 我们在中国没有大企业。 而且我认为 - 我认为没有任何影响力。 因此,我们在如何管理办公室或团队方面拥有非常非常好的流程,我们对此充满信心。 我认为第一季度没有任何变化。


Our next question is from Matt Hedberg with RBC. Matt, you are unmuted.

我们的下一个问题来自Matt Hedberg和RBC。 马特,你是无声的。


Hey, guys. Thanks for taking our questions and I love this new interface, hopefully other companies will maybe embrace the same idea for earnings calls. Kelly, I want to start with you, obviously, stellar results from the top line and bottom line and you've got a lot of success in international regions. Can you walk us through how you think about balancing growth and profitability? And I guess specifically how do you think about deploying direct sales reps out into the field? Especially as you're having more success in larger deals.

大家好。 感谢您提出我们的问题,我喜欢这个新的界面,希望其他公司可能会接受同样的收益电话创意。 凯莉,我想从你开始,很明显,从顶线和底线获得了出色的成绩,你在国际上取得了很大的成功。 您能告诉我们您如何平衡增长和盈利能力吗? 我想你具体考虑如何将直接销售代表部署到现场? 特别是当您在更大的交易中获得更多成功时。


Yes. So we are really focused on investing in both R&D, as well as sales and marketing canoeing to build out the product, as well as expanding internationally. And if you look at our overall sales hires for this year about half of them are international which means as a percentage those sales reps are going to grow much more quickly than the US-based reps we have so many more here today. So I think we mentioned this on the roadshow but we recently hired a new Head of International, Abe Smith and he's really helping accelerate our business there. So I think you'll continue to see strong results there.

是。 因此,我们真正专注于投资研发,以及销售和营销皮划艇以构建产品,以及扩展国际。 如果你看一下我们今年的整体销售人员,其中大约一半是国际销售,这意味着销售代表的比例将比我们今天在这里有更多的美国销售代表快得多。 所以我想我们在路演中提到了这一点,但我们最近聘请了一位新的国际负责人,Abe Smith,他真的帮助加快了我们在那里的业务。 所以我认为你会继续看到那里的强劲成果。


That's great. And then maybe as a follow-up, in addition to the RingCentral partnership, Salesforce.com is a good partner of you guys as well and participates in the IPO. Can you talk a little bit about that relationship and how embedded is it today? Because it seems like there's obviously a logical integration point between those two -- between yourself and Salesforce?

那很棒。 然后可能作为后续行动,除了RingCentral合作伙伴关系,Salesforce.com也是你们的好伙伴,并参与IPO。 你能谈谈这种关系以及它今天的嵌入程度吗? 因为看起来这两者之间显然存在逻辑集成点 - 在您自己和Salesforce之间?


Yes. So, Matt, you are right on. We are huge fan of Salesforce.com service. Our team and I believe within the Salesforce platform but quite often when you use a Salesforce and a Zoom, the integration do not stimulus. Our system manager really wants to understand what's going on for the Zoom meetings with the customer with the prospect. And they need to go back to the Zoom and what a week our meetings over, we automatically edit a transcription back to Salesforce portal, right. With that customer can leave within Salesforce portal. I think we have to do need more partnership, integrations with Salesforce.com which we truly believe I think the sales team in the future, they are going to either live within salesforce or they can use Zoom, but they do not feel like -- they are using two different solutions right. Some of these integrations can truly help the sales productivity.

太好了,好的。 然后就成本计划而言,你可能已经准备好了这个问题,但是我们考虑这些季度的1000万美元机会的时机是什么时候?...


Our next question is from Pat Walravens with JMP. Pat you are unmuted.

我们的下一个问题来自Pat Walravens和JMP。 Pat你没有静音。


Great, thank you and congratulations you guys. Eric my question is for you which is, I love your whole focus on delivering happiness. And I'm wondering given how fast you're growing how are you going to make sure that your employee stay happy so they can keep your customers happy? That's the first part. And the second part is there as much of an opportunity around Zoom phone as there was around meetings? Because just our -- the meetings areas such a disaster before you guys came along. I'm not sure the same level of, yes, right. And I am not sure there is same level of pain around the phone. So those are my two happiness questions.

太好了,谢谢你们,祝贺你们。 埃里克我的问题是给你的,我喜欢你全心全意地提供快乐。 我想知道你的成长有多快你如何确保你的员工保持快乐,这样他们才能让你的顾客满意? 这是第一部分。 第二部分是围绕Zoom会议的机会吗? 因为只有我们 - 在你们出现之前,会议区域就像这样的灾难。 我不确定相同的水平,是的,是的。 而且我不确定手机周围是否有同样的疼痛程度。 那些是我的两个幸福问题。


Yes. So, Pat, first of all, I think you are reading my mind very well and the first question about a company culture, if there's a one thing that keeps me up in the night is about a company culture. Before we have 1000 people I think I can remember most of the employees name. I never spend a minute on the people related issues, experience is great for now we have almost a 2,000 employees, quite often I need to spend time to deal with those people, you might have greater issues or maybe a sexual harassment and we needed that let them go right.
It's not that easy, however, we try to do all we can to make sure that open, transparent culture. We just hired our Chief People Officer. We just launched the employee survey try to understand where we can improve. So we are very paranoid. We do all we can to make sure every employee happy every morning. If they are not happy we would like them to stay at home to figure out a root cause and either tells us what had happened and helps us to fix the problem. Again this is something not very easy. We keep an eye on that. We take it to that very, very seriously.
Regarding your question, you're right. Before we build another Zoom platform, I build web as before right. I did not see a single happy web at customer, you're so right but when it comes to a phone system, you look a lot in device today, most of them are still using like complex old-fashioned on-prem systems but for the full system, and were hard to maintain and also quality not as great. Plus the phone system like a Pat I call you, we still talk on the phone, really cannot upgrade of video experience, but Zoom can truly have that and if you deploy Zoom phone system, I'll call your phone number one more click we can upgrade to a video experience seamlessly. I think the customers really like that.





Our next question is from Alex Kurtz with KeyBanc. Alex you are unmuted.

我们的下一个问题来自Alex Kurtz和KeyBanc。 亚历克斯你没有静音。


Sorry about that. So, hey, guys. So just on the on the Cisco front, they've made some big efforts in the last six months to revamp the platform, the WebEx platform. They've done some integration at a high level. They've added some AI functions at least from a marketing perspective that's been out in the marketplace. So I'm just wondering during the quarter has there been any change in their competitive posture especially in the Global 2000. Then I had a follow-up question for Kelly.

对于那个很抱歉。 所以,嘿,伙计们。 因此,就思科方面而言,他们在过去六个月中为改造平台WebEx平台做了大量工作。 他们在高层次上做了一些整合。 至少从营销角度来看,他们已经添加了一些人工智能功能。 所以我只是想知道在本季度他们的竞争态势是否有任何变化,特别是在全球2000年。然后我有一个关于凯利的后续问题。


I think Cisco right on. They made -- I assume right decision to put on AI, but we already started AI effort two years ago. And like first feature were announced almost two years now right, so which is meeting transcription to lever AI platform after the meeting is over we can automatically generate the meeting transcription. We are going to [adopt] on that as well because we already started at two years ahead of any other competitors.

我认为思科正确。 他们做了 - 我假设正确决定加入AI,但两年前我们已经开始了人工智能。 并且像第一个功能已经宣布差不多两年了,所以会议结束后会议转录到杠杆AI平台,我们可以自动生成会议转录。 我们也将[收养]因为我们已经比任何其他竞争对手提前两年开始了。


Okay then Kelly just around the Zoom phone contribution to the updated view for the fiscal year. I guess at this point we're not calling out any kind of like contribution at this point right?

好吧,然后Kelly围绕Zoom手机对本财年更新视图的贡献。 我想在这一点上我们现在还没有提出任何类似的贡献吗?


That's right. We're really excited about the momentum that we saw in Q1 but we're still at such an early phase that we expect it to have kind of minimal overall contribution the way that we're forecasting it for the full year.

那就对了。 我们对第一季度看到的势头感到非常兴奋,但我们仍然处于这样一个早期阶段,我们预计它会像我们预测全年那样最小的整体贡献。


Our next question is from Tom Roderick with Stifel. Tom you are unmuted now.

我们的下一个问题来自Tom Roderick和Stifel。 汤姆,你现在已经取消了。


Hey, thanks for the [chat], that's a question and congratulations on the IPO. I'll second Matt's earlier comment with regards to kudos on the format. I think this means you can't make faces at when you don't like our questions any more. May be good or may be bad for you. Eric, I'm going to start with you just on the topic of the IPO and taking back to when you started this the days of bootstrapping this company. You probably didn't foresee today when you have over $700 million cash in your balance sheet. So a bit of an embarrassment of riches. What do you do with all? I know the easy answer is everything but I'm sure as a backdrop of that is investors probably want to understand it just suddenly made you an acquisitive company. Do you want to someone rate the advertising and international markets as you have this big pile of cash? How do you think about -- how you want to deploy it now you focus your resources?

嘿,感谢[聊天],这是一个问题,并对IPO表示祝贺。 我将在Matt之前发表的关于该格式的荣誉的评论。 我想这意味着当你不再喜欢我们的问题时,你无法面对面。 可能是好的或可能对你不好。 埃里克,我将首先介绍一下IPO的主题,并回顾一下当你启动这个公司的时候。 你今天可能没有预见到资产负债表中有超过7亿美元的现金。 所以有点尴尬的财富。 你怎么办? 我知道简单的答案就是一切,但我确信作为背景,投资者可能想要理解它只是突然让你成为一个贪得无厌的公司。 你想拥有这么多现金,你想要有人评价广告和国际市场吗? 您如何看待 - 现在如何集中资源,您希望如何部署它?


So, Tom, you can ask these questions to my wife as well because I have a no idea how to spend money. I would like to refer to our CFO.

所以,汤姆,你也可以向我的妻子提出这些问题,因为我不知道如何花钱。 我想提及我们的首席财务官。


That's funny. Well, I think it's probably thanks to Eric that we have this cash because of what he just said, but we are continuing to invest, Tom. Certainly as I said mentioned before in R&D and sales marketing. Those are the two key focus areas and then while we haven't been acquisitive historically, Eric and I have talked a lot about this that we will keep looking for companies that we think could elevate our company in terms of technology or potentially personnel if that were needed. So we're keeping our options open at this point.

那很好笑。 嗯,我认为这可能要归功于埃里克,因为他刚才所说的我们有现金,但是我们继续投资,汤姆。 正如我之前在研发和销售营销中提到的那样。 这是两个关键的重点领域,然后我们在历史上一直没有贪得无厌,Eric和我已经谈了很多关于这一点的事情,我们将继续寻找那些我们认为可以在技术或潜在人员方面提升我们公司的公司 需要。 所以我们在这一点上保持我们的选择。


Fair enough, okay, good. Quick follow-up from me just in terms of the enterprise selling motion here and looking at the numbers, I mean the number of customers you've landed greater than 10 employees up over 80% but the enterprise contribution, they're up over after 120%. So as we think about the selling motions you get reps out of the field as you deploy more products. Can you just talk about how that selling motion has changed and how you'd like to further change that as you added layer more product in to the next? Thank you.

很公平,好吧,好。 我在这里快速跟进企业销售动议并查看数字,我的意思是你的员工人数超过10人,超过80%,但是企业的贡献,他们已经过了120%。 因此,当我们考虑销售动作时,您会在部署更多产品时将代表转出现场。 您能谈谈销售动议如何变化以及您希望如何进一步改变这一点,因为您将更多产品添加到下一个产品中? 谢谢。


Yes. So certainly our enterprise cycles differ from like our SMB approach. And it's really interesting as we've seen a wide range of selling cycles in the enterprise. For example, one of our largest customers went from beginning to end in six weeks that was really a forward-looking CIO that embraced the need to digitize their platform. I will say that is not typical though. Most of our enterprise customers, they are what you expect more traditionally they have a proof-of-concept. They have pretty extensive user acceptance testing. I think what happens is once it's in the hands of the users though and they see there's a love for Zoom that drives the demand which then from that stage usually goes pretty quickly to close.

是。 当然,我们的企业周期与SMB方法不同。 而且我们在企业中看到了广泛的销售周期,这真的很有趣。 例如,我们最大的客户之一在六周内从头到尾进行了一次真正具有前瞻性的CIO,其中包括对其平台进行数字化的需求。 我会说这不是典型的。 我们的大多数企业客户都是您期望的更传统的他们有概念验证。 他们有广泛的用户验收测试。 我认为发生的事情是,一旦它掌握在用户手中,他们就会看到对Zoom的热爱推动了需求,然后从那个阶段开始通常会很快关闭。


Yes. And in particular for every enterprise customers normally we started from land and expand experience, right. We never wanted to let enterprise customer deploy Zoom with a full site is [brought on the one]. We like this bottom-up approach. That's why it will take some time but it's very healthy if you look at our pipeline.

是。 特别是对于每个企业客户而言,我们通常从土地开始并扩展经验。 我们从来没有想让企业客户部署一个完整的网站缩放[引入一个]。 我们喜欢这种自下而上的方法。 这就是为什么它需要一些时间,但如果你看看我们的管道它是非常健康的。


Our next question is from Zane Chrane from Bernstein. Zane, you're unmuted.

我们的下一个问题是来自伯恩斯坦的Zane Chrane。 赞恩,你是无声的。


Can you hear me? Okay, great. Eric, Kelly, Tom, hi. Congratulations on the successful IPO, very nice to see you on the first earnings webinar. I have a question on your strategy for capturing marketing industry verticals. I know for example healthcare, telemedicine very rapid growing field. I understand from people in the industry that Zoom is really one of the only platforms; it's not for typical finance that ties in with the existing major electronic medical records. That seems to be maybe an underappreciated mode in that industry. How should we think about other examples such as that they have been in different industry verticals and how do you think about developing those industry strategies?

你能听到我吗? 好,太棒了。 埃里克,凯莉,汤姆,嗨。 祝贺IPO成功,很高兴在第一次收入网络研讨会上见到你。 我对您的营销行业垂直战略提出了疑问。 我知道例如医疗保健,远程医疗非常快速增长的领域。 我从业内人士了解到,Zoom确实是唯一的平台之一


I think you are right on; it comes to vertical industry opportunity, huge opportunity. However, we just cannot speak on that. The reason why, if you look at our video collaboration, the full system also the huge opportunity back to the $43 billion opportunity. For now, we also wanted to explore some ideas. That's the reason why we introduced the marketplace, make sure it speaks about our platform to let us sort of partners developers to build those application force based on our platform for whoever whenever we are ready. I mean you want a number on both video conferencing and a full system and are in working to top down on those vertical industries, huge opportunity you are right on. Is there any question?



And I was running have you guys had any work, doing work on quantifying how TAM expanded Zoom? It seems like Zoom is very kind of similar to a lot of other industries changing companies where a company comes in with a better product, easier to use, lower cost reduction, superior functionality. Is there any sense you have forged how much that's increasing the usage of video conferencing among knowledge workers or what multiple that is on legacy habits for video conferencing?

我跑步了你们有没有工作,在量化TAM如何扩展Zoom? 看起来Zoom非常类似于许多其他行业改变公司,公司提供更好的产品,更易于使用,降低成本,优越的功能。 你有没有意识到,在知识工作者中增加视频会议的使用量或视频会议的传统习惯有多少?


So you look at the knowledge workers today worldwide more than 1 billion knowledge workers, but today if you look at the video usage, it is still very small. I think I just spoke on today's TAM, $43 billion of market size; we do not lose the focus I think it will keep us very busy next several years.

所以你看看今天全世界知识工作者超过10亿的知识工作者,但今天如果你看一下视频的用法,它仍然很小。 我想我刚刚谈到今天的TAM,430亿美元的市场规模


A huge opportunity, so congratulations, best wishes.



Our next question is from Jonathan Kees with Summit Insights Group. Jonathan, you are unmuted now.

我们的下一个问题来自Summit Insights Group的Jonathan Kees。 乔纳森,你现在已经取消了。


Great. Thanks for taking my question. I hope you can hear me here. I'm having trouble with my video here. Congratulations on the quarter. And I just, yes, I wanted to ask more of a modeling question. You've talked about for the quarter -- for the year, the top line and bottom line, just curious how we should think about cash flow. At the very least you can give us direction in terms of CapEx. And, yes, how we should model that for the year? Thanks.

非常好。 谢谢你提出我的问题。 我希望你能在这里听到我的声音。 我在这里遇到了我的视频问题。 恭喜本季度。 我只是,是的,我想问更多的建模问题。 你已经谈到了本季度 - 今年的最高线和底线,只是好奇我们应该如何看待现金流。 至少,您可以根据资本支出向我们提供方向。 而且,是的,我们应该如何对今年的模型进行建模? 谢谢。


Yes. Thanks for the question. We are not going to provide guidance around cash flow but given the opportunity that you're seeing in the top line, I think you should think about that there is a positive impact on cash flow due to that. And given that we're assesses in what you can see is happening also with the change in defers, I think you should think about that and what the impact it's having on cash.

是。 谢谢你的提问。 我们不打算围绕现金流量提供指导,但考虑到您在顶线看到的机会,我认为您应该考虑由此产生的现金流量会产生积极影响。 考虑到我们对你所看到的事情进行评估也会随着延期的变化而发生,我认为你应该考虑一下这个问题以及它对现金的影响。


Yes. Also please let me know your mail address. I will mail you our new camera.

是。 另外,请告诉我您的邮件地址。 我会把你的新相机邮寄给你。


Okay, all right, I look forward, yes; we don't normally have video meetings. If I can sneak in one another question, this is more of a high-level. I guess I'm trying to reconcile the $43 billion TAM, talking with your task peers they're also pretty excited about the expansive TAM and how it's untapped and they're just a lot of potential upwards. I guess the TAM that they talk about and obviously this is for the voice, but also includes like contacts and even video. The TAM that they've talked on this even includes RingCentral, if you include contact center and maybe video you can get up to like around $40 billion in TAM.
I guess I'm just trying to reconcile if you can help me here between the TAM that you talked about and the TAM that your peers talk about.



Yes. I mean the way that we, what we did we looked at IDC's approach and it's even a bigger TAM of like $60 billion but we looked at it and back down into the areas we could address with our platform today. And it is estimate by 2020 it's going to be at that $43 billion number. And I think the other thing you should think about which I don't know if you mentioned exactly as you talk about but also Zoom rooms which are a really important part of our platform and addressing the whole conference room is something that Zoom can do very uniquely because of our hardware agnostic approach. That there's a significant opportunity there that I'm not sure any of our competitors are addressing completely or maybe talking about and are --we're super excited about that opportunity.
End of Q&A

是。 我的意思是我们的方式,我们做了什么,我们看了IDC的方法,它甚至是600亿美元的更大的TAM,但我们看了它,然后回到我们今天用我们的平台解决的领域。 估计到2020年它将达到430亿美元的数字。 而且我认为你还应该考虑另一件我不知道的事情,如果你提到的正确的话,还有Zoom房间,它们是我们平台的一个非常重要的部分,并且可以解决整个会议室的问题。 因为我们的硬件不可知方法而独特。 那里有一个重要的机会,我不确定我们的任何一个竞争对手是在完全解决,也可能是在谈论并且是 - 我们对这个机会非常兴奋。



That is last question.


Eric Yuan

Okay, wonderful. Well, thank you everyone. Thank you for joining us by video. That's great and we will look forward to speaking to you guys again. Thank you.

好的,太好了。 好的,谢谢大家。 感谢您通过视频加入我们。 那很好,我们期待再次与你们交谈。 谢谢。

Kelly Steckelberg

Thank you.


Eric Yuan

By the way, please do send out your feedback. We really want to leverage Zoom Webinar for the future earnings call. Thank you so much for time. I really appreciate. Thank you very much.

顺便问一下,请发送您的反馈意见。 我们真的想利用Zoom Webinar来进行未来的收益电话会议。 非常感谢你的时间。 我真的很感激。 非常感谢你。


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