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Zoom Video Communications Reports Fourth Quarter and Fiscal Year 2021 Financial Results

Fourth quarter total revenue of $882.5 million, up 369% year-over-year; full fiscal year total revenue of $2,651.4 million, up 326% year-over-year



Fourth quarter GAAP income from operations of $256.1 million, up 2327% year-over-year; full fiscal year GAAP income from operations of $659.8 million, up 5097% year-over-year



Fourth quarter non-GAAP income from operations of $360.9 million, up 839% year-over-year; full fiscal year non-GAAP income from operations of $983.3 million, up 1009% year-over-year



Fourth quarter operating cash flow of $399.4 million, up 993% year-over-year; full fiscal year operating cash flow of $1,471.2 million, up 869% year-over-year

SAN JOSE, Calif., March 01, 2021 (GLOBE NEWSWIRE) -- Zoom Video Communications, Inc. (NASDAQ: ZM), a leading provider of video-first unified communications, today announced financial results for the fourth quarter ended JanuaryA 31, 2021.a??The fourth quarter marked a strong finish to an unprecedented year for Zoom. In FY2021, we significantly scaled our business to provide critical communications and collaboration services to our customers and the global community in response to the pandemic. We are humbled by our role as a trusted partner and an engine for the modern work-from-anywhere environment. Our ability to rapidly respond and execute drove strong financial results throughout the year,a?? said Eric S. Yuan, Founder and Chief Executive Officer of Zoom. a??As we enter FY2022, we believe we are well positioned for strong growth with our innovative video communications platform, on which our customers can build, run, and grow their businesses; our globally recognized brand; and a team ever focused on delivering happiness to our customers.a??Fourth Quarter Fiscal Year 2021 Financial Highlights:

Revenue: Total revenue for the quarter was $882.5 million, up 369% year-over-year.



Income from Operations and Operating Margin: GAAP income from operations for the quarter was $256.1 million, compared to GAAP income from operations of $10.6 million in the fourth quarter of fiscal year 2020. After adjusting for stock-based compensation expense and related payroll taxes, and acquisition-related expenses, non-GAAP income from operations for the fourth quarter was $360.9 million, up from $38.4 million in the fourth quarter of fiscal year 2020. For the fourth quarter, GAAP operating margin was 29.0% and non-GAAP operating margin was 40.9%.



Net Income and Net Income Per Share: GAAP net income attributable to common stockholders for the quarter was $260.4 million, or $0.87 per share, compared to GAAP net income attributable to common stockholders of $15.3 million, or $0.05 per share in the fourth quarter of fiscal year 2020.

Non-GAAP net income for the quarter was $365.4 million, after adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, and undistributed earnings attributable to participating securities. Non-GAAP net income per share was $1.22. In the fourth quarter of fiscal year 2020, non-GAAP net income was $43.2A million, or $0.15 per share.



Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of JanuaryA 31, 2021 was $4,244.7 million.



Cash Flow: Net cash provided by operating activities was $399.4 million for the quarter, compared to $36.6 million in the fourth quarter of fiscal year 2020. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $377.9A million, compared to $26.6A million in the fourth quarter of fiscal year 2020.

Full Fiscal Year 2021 Financial Highlights:

Revenue: Total revenue for the fiscal year was $2,651.4 million, up 326% year-over-year.



Income from Operations and Operating Margin: GAAP income from operations for the fiscal year was $659.8 million, compared to GAAP income from operations of $12.7 million for fiscal year 2020. After adjusting for stock-based compensation expense and related payroll taxes, expenses related to charitable donation of common stock, and acquisition-related expenses, non-GAAP income from operations for the fiscal year was $983.3 million, up from $88.7 million for fiscal year 2020. For the fiscal year, GAAP operating margin was 24.9% and non-GAAP operating margin was 37.1%.



Net Income and Net Income Per Share: GAAP net income attributable to common stockholders for the fiscal year was $671.5 million, or $2.25 per share, compared to GAAP net income attributable to common stockholders of $21.7 million, or $0.09 per share for fiscal year 2020.

Non-GAAP net income for the fiscal year was $995.7 million, after adjusting for stock-based compensation expense and related payroll taxes, expenses related to charitable donation of common stock, acquisition-related expenses, and undistributed earnings attributable to participating securities. Non-GAAP net income per share was $3.34. In fiscal year 2020, non-GAAP net income was $101.3 million, or $0.35 per share.



Cash Flow: Net cash provided by operating activities was $1,471.2 million for the fiscal year, compared to $151.9 million for fiscal year 2020. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $1,391.2 million, compared to $113.8 million for fiscal year 2020.


Customer Metrics:A Drivers of total revenue included acquiring new customers and expanding across existing customers. At the end of the fourth quarter of fiscal year 2021, Zoom had:
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