calendly.

com/mattmarine
 Dear Zoom Stockholders,
Thank you for supporting Zoom and our
philosophy of customer and employee
happiness.
Nearly 10 years ago, we created Zoom to
build a better, simpler and more efficient
video communications platform. Today,
that platform is serving a critical role in
helping hundreds of millions of people
around the world stay connected during a
global health crisis. We are facing unprecedented challenges from
the COVID-19 pandemic – and navigating this process has been
humbling – giving us a newfound appreciation for what it means to
be a video communications technology provider in times of need.
To help alleviate some of the communication disruption caused by
COVID-19, we removed the 40-minute limit on free meetings in
China – where the outbreak began— and have done the same for
over 100,000 K-12 schools across 25 countries, including the
United States, Australia, Canada, Germany, Italy, the United
Kingdom, and others. Overnight, usage of Zoom ballooned, far
surpassing what we expected when we first announced in late
February our desire to help everyone stay connected. In April of this
year, we reached more than 300 million daily meeting participants,
free and paid, an incredible increase compared to the 10 million
daily meeting participants we served in December 2019.
We feel privileged to be the video communications platform of
choice for our customers and to be able to support communities
around the world, connecting doctors and patients; teachers and
students; businesses and consumers; colleagues, teammates,
friends, and families during this time of social isolation. We are also
incredibly proud of our efforts to maintain uninterrupted, reliable,
and high-quality services amid record usage. This has been a
tremendous undertaking for our leadership team and our
approximately 2,700 Zoom employees.
Our platform was built primarily for enterprise customers – large
institutions with full IT support and established protocols for security
and privacy. And in those use cases, we have excelled. Thousands
of enterprises around the world have done in-depth security reviews
of our user, network, and data center layers and confidently
continue to use Zoom for full deployment. We have consistently
received high scores across customer review sites, such as Gartner
Peer Insights, TrustRadius, and G2 Crowd. This includes recognition
as a 2020 Gartner Peer Insights Customers’ Choice for Meeting
Solutions and a TrustRadius Top Rated Web Conferencing Software.
Over the past few weeks, we have also been gratified to see many
valued enterprise customers offer their thanks and support for
Zoom, both through private communications and public statements
and video testimonials.
However, we could not have predicted all of the use cases and
nuances that would emerge as hundreds of millions of new
consumer users adopted Zoom, or the various related questions and
issues that subsequently arose out of their use of Zoom’s services.
While our platform has always included many features designed to
keep users and their meetings secure and private, we have had to
quickly adapt to the new global reality and the new uses cases it has
created.
Since these issues emerged, we have transparently and timely
addressed specific issues related to these new use cases, as well as
other items raised by dedicated journalists and security researchers.
We have issued multiple product updates to help enhance security
features, clarified facts around our platform encryption and privacy
policies, and provided guides to educate users on how to secure
their meetings. In addition, we are currently focusing our engineering
resources exclusively on security and privacy matters and actively
soliciting feedback from our customers and industry experts.
Specifically, we have brought on board Facebook’s former Chief
Security Officer Alex Stamos as a security advisor, brought on Luta
Security to help us enhance our bug bounty programs, and launched
our CISO Council, which is comprised of leading CISOs across
industries. Everything we are doing is with the mindset of further
improving our privacy and security, and our services overall.
Our vision of an empowering video communications platform that
enables users to accomplish more has not changed, nor have our
values of delivering happiness and caring for all our customers, our
employees, and our communities. And while we recognize that there
is still much work to be done, we are now, more than ever,
committed to carrying out those visions and living up to those values.
It is this same steadfast devotion to our users that enabled us to
deliver remarkable results for our first year as a public company.
Our total revenue for fiscal year 2020 grew 88% year-over-year to
$623 million. GAAP net income attributable to common
stockholders for the fiscal year was $22 million, or $0.09 per share,
compared to $0 million, or $0.00 per share in the prior year. And our
net cash provided by operating activities was $152 million in 2020,
compared to $51 million in the prior year.
This rare combination of strong top line growth, profitability, and
cash flow margin is truly unique. The key to achieving these results
is our ability to attract new customers to our platform while retaining
and growing with existing customers, as well as our ROI-focused
business model. For instance:


The high level of satisfaction and trust customers have in
Zoom was evident in our trailing 12-month net dollar
expansion rate in customers with more than 10
employees, which was more than 130% for the seventh
consecutive quarter and our Net Promoter Score, which
remained above 70 in Q4.


Our continued up-market expansion resulted in 641
customers with more than $100,000 dollars in trailing 12-
months revenue, up 86% year-over-year.


In total, we exited the year with 81,900 customers that
have more than 10 employees. This is an increase of
31,100 new customers, or 61% year-over-year.
I would also like to thank each of our Zoom employees for their
substantial contributions to these strong results, and for building
Zoom into a special company through caring for our customers,
community, company, and each other.
These are unprecedented and uncertain times. But our execution
this past year has laid a strong foundation for growth in FY’21. As
long as we together remain focused on creating a culture built
around happiness and caring, we will position Zoom for future
success.
Looking forward,
Eric S. Yuan
Founder & CEO
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