Q2 revenue in 2021 was USD 1 billion, and net profit increased by 71% year-on-year From Zoom earnings

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In the early morning of August 31, Beijing time, video conferencing software developer zoom announced the company’s second quarter financial report of fiscal year 2022 today. The report shows that zoom’s total revenue in the second quarter was US $1021.5 million, an increase of 54% compared with us $663.5 million in the same period last year; The net profit was US $317.1 million, compared with us $186 million in the same period last year; The net profit attributable to common shareholders of the company was US $316.9 million, an increase of 71% compared with us $185.7 million in the same period last year.

Zoom’s second quarter results exceeded Wall Street analysts’ expectations, but its outlook for adjusted earnings per share in the third quarter did not meet expectations, resulting in a sharp drop in its after hours share price of more than 10%.

Performance summary:

In the fiscal quarter ended July 31, 2021, zoom’s net profit was $317.1 million, compared with $186 million in the same period last year; The net profit attributable to the company’s common shareholders was US $316.9 million, an increase of 71% compared with us $185.7 million in the same period last year; Diluted earnings per share were $1.04, compared with $0.63 in the same period last year.

Not in accordance with U.S. GAAP (excluding equity incentive expenses and related payroll taxes, M & a related expenses, strategic investment income, undistributed earnings from participating securities and expenses related to common stock charitable donations), zoom’s adjusted net profit in the second quarter was $415.1 million and diluted earnings per share was $1.36, In contrast, the adjusted net profit for the same period last year was $274.8 million and diluted earnings per share was $0.92, which exceeded analysts’ previous expectations. According to the data provided by Yahoo Finance Channel, 21 analysts had expected zoom’s second quarter earnings per share to reach $1.16 on average.

Zoom’s total revenue in the second quarter was $1021.5 million, an increase of 54% compared with $663.5 million in the same period last year, which also exceeded analysts’ expectations. According to the data provided by Yahoo Finance Channel, 21 analysts had expected zoom’s second quarter revenue to reach $99096 million on average.

Zoom’s revenue cost in the second quarter was $261.3 million, compared with $192.2 million in the same period last year. Zoom’s gross profit in the second quarter was $760.2 million, compared with $471.2 million in the same period last year.

Zoom’s operating expenses in the second quarter were $465.6 million, compared with $283.1 million in the same period last year. Among them, R & D expenditure was US $82.3 million, compared with us $42.7 million in the same period last year; Sales and marketing expenditure was US $271 million, compared with us $159 million in the same period last year; General and administrative expenditure was $112 million, compared with $81.2 million in the same period last year.

Zoom’s operating profit in the second quarter was $294.6 million, compared with $188.1 million in the same period last year. Not in accordance with U.S. GAAP (excluding equity incentive expenses and related payroll taxes, M & a related expenses, and expenses related to common stock charitable donations), zoom’s adjusted operating profit in the second quarter was $424.7 million, compared with $277 million in the same period last year. Zoom’s operating profit margin in the second quarter was 28.8%, and the adjusted operating profit margin not in accordance with U.S. GAAP was 41.6%.

Executive comments:

“In the second quarter, we achieved quarterly revenue of $1 billion for the first time, while delivering strong profitability and cash flow.” Yuan Zheng, founder and CEO of zoom, said“ The second quarter also marked several milestones in our expansion beyond the UC platform. We launched zoom apps, directly introduced more than 50 applications into the zoom experience, and launched an integrated digital activity service zoom events. Today, we are a global brand with more than 500000 customers and more than 10 employees, and we believe that this will put us in a very favorable position to support organizations and individuals when they want to re imagine work, communication and collaboration. “

Customer indicators:

The drivers of total revenue include new customer acquisition and expansion of existing customer base. By the end of the second quarter of fiscal year 2022, zoom had:

– the total number of customers with more than 10 employees is about 504900, an increase of about 36% compared with the same period last year;

– 2278 customers contributed more than $100000 in revenue in the past 12 months, an increase of about 131% compared with the same period last year;

– the net dollar expansion rate of customers with more than 10 employees in the past 12 months exceeded 130% for the 13th consecutive quarter.

Cash related messages:

Zoom’s net cash from business operations in the second quarter was $468 million, compared with $401.3 million in the same period last year. Zoom’s free cash flow in the second quarter was $455 million, compared with $373.4 million in the same period last year.

As of July 31, 2021, the total amount of cash, cash equivalents and marketable securities held by zoom was US $5.1 billion.

Performance Outlook:

Zoom predicts that the total net revenue in the third quarter of fiscal year 2022 is expected to reach US $1.015 billion to US $1.020 billion, exceeding analysts’ expectations; The operating profit not in accordance with US GAAP is expected to reach US $340 million to US $345 million; Diluted earnings per share not in accordance with U.S. GAAP is expected to reach US $107 to US $1.08 (the total weighted average number of shares outstanding is about 309 million shares), which is lower than analysts’ expectations. According to the data provided by Yahoo Finance Channel, 21 analysts had expected zoom’s third quarter earnings per share to reach $109 on average, and 21 analysts expected zoom’s third quarter revenue to reach $1.01 billion on average.

Zoom also expects that the total net revenue in fiscal year 2022 is expected to reach US $4.005 billion to US $4.015 billion, of which the value is in line with analysts’ expectations; The operating profit not in accordance with GAAP is expected to reach US $1.500 billion to US $1.510 billion, and the diluted earnings per share not in accordance with GAAP is expected to reach US $4.75 to US $4.79, exceeding analysts’ expectations. According to the data provided by Yahoo Finance Channel, 25 analysts had expected zoom’s annual earnings per share to reach $4.67 on average, and 27 analysts expected zoom’s annual revenue to reach $4.01 billion on average.

Stock price response:

On the same day, zoom shares rose $6.69, or 1.96%, to close at $347.50 in regular trading on NASDAQ. In the subsequent after hours trading as of 5:29 p.m. Eastern time on Monday (5:29 a.m. Beijing time on Tuesday), zoom’s share price fell sharply by $36.38, or 10.47%, to $311.12. In the past 52 weeks, zoom’s highest price was $588.84 and its lowest price was $273.20（ Sina Technology Tang Feng) read more: zoom financial report: Q1 zoom net profit in 2020 was US $27 million, a year-on-year increase of 134 times. Tencent Financial Report: Tencent’s total revenue in the fourth quarter of 2012 was RMB 12.153.1 billion, a year-on-year increase of 53.4%. Singapore Airlines’ profit in the Q1 financial quarter of 2014 was US $27.92 million, a year-on-year decrease of 71%. China Unicom financial report: China Unicom’s operating revenue in 2012 was RMB 248.93 billion, and its net profit was RMB 7.1 billion. Sogou financial report diagram : Q4 Sogou’s net profit in 2018 was USD 26.4 million, with a year-on-year increase of 71%. Ctrip’s financial report diagram: Q3 Ctrip’s operating profit in 2014 decreased by 71% year-on-year. Apple’s financial report: Q1 Apple’s revenue in 2014 was USD 45.646 billion, with a year-on-year increase of 4.5%. 7-day chain hotel’s financial report: the total net revenue of Q4 7-day hotel in 2012 reached RMB 696 million, with a year-on-year increase of 27.6%. Bentley automobile’s financial report: the operating profit in the first half of 2021 reached 178 million Sales volume increased to 700 million euros in the first half of the year, 199 36 krypton advertising increased by 58% in the first quarter of fiscal year 2021, and the gross profit margin increased significantly. Baishi financial report: Q1 revenue in 2021 was 6.496 billion yuan, and the net loss was 604.5 million yuan. Full text of JD logistics IPO prospectus: the revenue in the first three quarters of 2020 reached 49.5 billion yuan. JD financial report: the revenue in the first quarter of 2021 was 203.2 billion yuan, a year-on-year increase of 39% Tencent Financial Report: Q3 Tencent net profit in 2018 was 19.71 billion yuan, a year-on-year increase of 15% Amazon 2020 Q4 financial report: the annual revenue of Amazon cloud services (AWS) reached US $45.4 billion

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