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Zoom CFO Kelly Steckelberg reacts to Q1 earnings: We are investing in innovation - YouTube
Channel: CNBC Television
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kelly you are kind of the holdout or the
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the good example of what's gone on this
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earnings season where your numbers are
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coming in better than the street was
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anticipating and you're getting higher
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for the year this is coming as there is
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maybe some less demand or less less
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growth in terms of what people are going
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to be doing for zoom but you guys have
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managed to really adjust what's the
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message that you would be sending to
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investors right now on how to value zoom
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in the post-pandemic world
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well we are successfully transitioning
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from having been the killer meetings app
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to being an indispensable platform that
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our customers use across all aspects of
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their business as you as you said our
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customers are looking to digitally
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transform how work is done
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and to that end we continue to innovate
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and our platform is expanding with
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things like zoom events
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zoomed phone we just last quarter
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released zoom contact center which will
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continue to evolve how our customers
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engage with their customers and we're
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really excited about this and we're very
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proud of our quarter as you said we had
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revenue of over 1.07 billion dollars and
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non-gaap operating margins of 37
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and free cash flow of 47
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yeah the stock has done come down pretty
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precipitously though we're looking at
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this year-to-date chart of down 49 and i
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think it's down
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more than 80 percent from the highs and
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that this is again another stock that
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did so well during the pandemic and
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obviously you guys are looking for your
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new plan the guidance that you're giving
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better than anticipated is is that
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really a signal to investors that this
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is a bet on that working from home or
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the working the hybrid work situation
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continuing
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we believe that the future of work has
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changed forever we hear from our
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customers that they want to ensure that
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their employees are productive but
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employees want more flexibility than
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ever as well and in order to do that our
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customers are coming and looking to zoom
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to help them transform how they're going
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to work with their employees and that
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means most of them need a zoom meetings
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license but beyond that even more
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importantly they need things like zoom
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room these are conference room solutions
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so that every experience they have with
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someone who's in the office is inclusive
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also zoom phone which allows them to
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have their phone number with them
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wherever they go it's our cloud pbx
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solution you can have it on your mobile
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device you can have it on your desktop
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and then you combine all of that also
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with zoom events which is our event
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solution as we see
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not only work transforming into this
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hybrid environment but also events for
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organizations that want to bring
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together their customers and their
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employees and they want to have that
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in-person experience but they also want
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the leverage and the reach that they've
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enjoyed over the last two years by
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having a virtual component to it as well
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and
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oh go ahead
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having the opportunity to have that all
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natively built on an integrated platform
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is just so so powerful and and that's
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what the future of this platform and
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what this company looks like
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you you kept your cost under control in
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a tough inflationary environment how do
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you continue to do that what's the
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biggest thing you have to get your arms
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around in this environment wages
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well we are actually continuing to hire
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we are really investing in innovation
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and our r d team as well as sales
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capacity on a global basis but we've
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always been a company that has taken
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profitability very seriously we are very
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frugal at our heart and so we focus on
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areas where we can invest but doing it
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in really the right way we have gross
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margins we announced this last quarter
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of 78
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and that's due to our devops team really
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focusing on building out capabilities in
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our own data centers that provide our
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service as efficiently as possible
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and then we look to attract talent
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anywhere in the world that we can and
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doing that in a very effective way so
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that we can have the best talent but but
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really still contributing to our bottom
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line we only got about 45 seconds left
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you did say that the russia ukraine war
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affected you in europe what what and how
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how did that happen
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so we are seeing headwinds in europe in
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general especially in the online segment
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of our business and i think it's coming
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from uncertainty in the economy there as
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well as we are supporting those people
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in ukraine by giving we've looked at the
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40 minute limit there and giving away
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the service for free and then of course
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are continuing to watch the sanctions
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and the impacts that they're having from
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a russia perspective
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