Zoom Communications, Inc. · NASDAQ:ZM

Zoom Communications — Q1 2027 Earnings Presentation

20 slides from Zoom Communications's earnings presentation, May 21, 2026

1. Slide 1: Zoom Communications Q1 FY27 Earnings

   Zoom Communications Q1 FY27 Earnings May 21, 2026 © 2026 Zoom Communications, Inc.

2. Slide 2: Use of non-GAAP financial measures

   In addition to the financials presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation includes the following non-GAAP metrics: Revenue in Constant Currency, non-GAAP gross profit, non-GAAP gross Use of margin, non-GAAP R&D expense, non-GAAP S&M expense,

3. Slide 3: Safe Harbor Statement

   This presentation and the accompanying oral presentation contain express and implied “forward-looking statementsˮ within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom's financial outlook for the second quarter of fiscal year 2027 and full fi

4. Slide 4: Elevating Workplace with AI

   Elevating Workplace with AI Q1 win & boomerang: ● 15/20 top wins included Workplace or Phone Government ● Zoom Phone ARR grew mid-teens YoY Contractor AIC paid MAUs 184% YoY My Notes licensed MAUs surpassed 1.5 million © 2026 Zoom Communications, Inc.

5. Slide 5: Driving growth of new AI products

   Driving growth of new AI products Q1 wins Ongoing AI Innovation ZVA Receptionist Custom AI for Zoom Phone Companion Zoom AI Services Seer by Workvivo © 2026 Zoom Communications, Inc.

6. Slide 6: Scaling AI-first customer experience

   Scaling AI-first customer experience ZCX ARR continued to accelerate in high-double-digit YoY growth 9/10 top ZCX deals involved paid AI Launched CX Insights in March Q1 AI-driven ZCX wins © 2026 Zoom Communications, Inc.

7. Slide 7: Revenue acceleration in Q1

   Revenue acceleration in Q1 Total Revenue1 Enterprise Revenue (in millions) (in millions) 5.5% 7.2% Online Average Monthly Churn2 © 2026 Zoom Communications, Inc. For endnote descriptions, see final slide

8. Slide 8: Continued growth in the up-market and internationally

   Continued growth in the up-market and internationally # of Customers Contributing >$100k Revenue by Region2 in TTM Revenue (in millions) YoY Growth APAC 8% 6% EMEA 5% 99% TTM Net Dollar Expansion Rate for Enterprise Customers1 1 pt YoY Americas 5% © 2026 Zoom Communications, Inc. For endnote descri

9. Slide 9: Strong, improved profitability

   Strong, improved profitability Non-GAAP % of Revenue +450 bps GAAP Operating Margin YoY Profitability Metrics +130 bps Non-GAAP1 GAAP Gross Margin 76.3% 77.6% 77.9% 76.3% 77.9% Non-GAAP Gross Margin 79.2% 79.8% 80.0% 79.8% 79.9% Operating Margin GAAP Operating Margin 20.6% 26.4% 25.2% 20.0% 25.1% YoY

10. Slide 10: Growth in deferred revenue and RPO

    Growth in deferred revenue and RPO Total RPO1 YoY Growth Current2 & Non-Current RPO YoY Growth (in millions) (in millions) Total RPO Total RPO 11% 11% 42% 39% Unbilled Non-Current RPO 14% 19% 58% 61% Deferred Revenue Current RPO 5% 6% © 2026 Zoom Communications, Inc. For endnote descriptions, see fin

11. Slide 11: Strong cash flow, ~$7.7B cash balance

    Strong cash flow, ~$7.7B cash balance1, continued execution of share buyback in Q1 Share Repurchases ($) Under pre-existing $3.7B authorization Operating Cash Flow $522M OCF Margin 42.1% 50 bps YoY Free Cash Flow2 $500M FCF Margin 40.4% 100 bps YoY 40.4M # of shares repurchased since Q1 FY25 © 2026

12. Slide 12: Q2 & raised fiscal year 2027 outlook

    Q2 & raised fiscal year 2027 outlook Outlook1 Q2 FY27 FY27 Revenue $1,265  $1,270 million $5,080  $5,090 million Revenue $1,262  $1,267 million $5,062  $5,072 million Constant Currency) Non-GAAP Operating $508  $513 million $2,065  $2,075 million Income Weighted Average Share 304 million 304 m

13. Slide 13: © 2026 Zoom Communications, Inc.

    © 2026 Zoom Communications, Inc.

14. Slide 14: Thank you

    Thank you © 2026 Zoom Communications, Inc.

15. Slide 15: Appendix

    Appendix © 2026 Zoom Communications, Inc.

16. Slide 16: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation $ in Thousands) Q1 FY26 Q1 FY27 Gross Profit Total Revenue $1,174,715 $1,239,006 GAAP Gross Profit $896,313 $964,719 (+) Stock-based compensation expense and related payroll taxes $31,988 $23,603 (+) Acquisition-related expense $1,783 $1,886 Non-GAAP Gross Profit $93

17. Slide 17: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation $ in Thousands except EPS Q1 FY26 Q1 FY27 Income from Operations Total Revenue $1,174,715 $1,239,006 GAAP Income from operations $241,592 $310,473 (+) Stock-based compensation expense and related payroll taxes $216,730 $189,172 (+) Acquisition-related expense $9,004

18. Slide 18: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation $ in Thousands) Q1 FY26 Q1 FY27 Free Cash Flow Cash Flow from Operations $489,261 $521,610 (-) Purchases of PPE $25,910 $21,113 Free Cash Flow $463,351 $500,497 Operating Cash Flow Margin 41.6% 42.1% Free Cash Flow Margin 39.4% 40.4% Net cash used in investing ac

19. Slide 19: Historic Metrics

    Historic Metrics $ in millions) Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Revenue $1,162.5 $1,177.5 $1,184.1 $1,174.7 $1,217.2 $1,229.8 $1,247.0 $1,239.0 Y/Y growth 2.1% 3.6% 3.3% 2.9% 4.7% 4.4% 5.3% 5.5% GAAP Income (loss) from operations $202.4 $182.8 $225.1 $241.6 $321.7 $3

20. Slide 20: Endnotes

    Endnotes Revenue acceleration in Q1 Strong, improved profitability 1. Not drawn to scale. Zoom defines revenue in constant currency as GAAP revenue adjusted for 1. See appendix for a reconciliation of non-GAAP to GAAP financial measures. revenue reported in currencies other than United States dollars

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