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Zoom Video Communications Inc (NASDAQ: ZM)
Q1 2020 Earnings Call
Jun 6, 2019, 5:00 p.m. ET
Contents:
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Prepared Remarks
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Questions and Answers
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Call Participants
Prepared Remarks:
Kelly Steckelberg -- Chief Financial Officer
(Starts abruptly) first functions to effectively operate as a public company.
Non-GAAP operating income was $8 million translating into a 6.7% non-GAAP operating margin for the first quarter. This was 8 percentage points improvement versus the modest non-GAAP operating loss in Q1 of last year. Non-GAAP earnings per share in Q1 was $0.03, on approximately 290 million of non-GAAP, weighted average shares outstanding and adjusting for undistributed earnings. Non-GAAP EPS increased $0.03 from Q1 of last year.
Turning to the balance sheet. We ended Q1 with approximately $737 million in cash, cash equivalents and marketable securities, which is up from $176 million at the end of Q4. The significant increase in cash was due primarily to $543 million of net proceeds from our IPO and our growth in cash flow from operations.
Deferred revenue at the end of the quarter grew to $149 million, up 108% year-over-year. Our remaining performance obligations or RPO totaled approximately $377 million, up 127% year-over-year. We expect to recognize approximately 64% of the current RPO as revenue over the next 12 months compared to 68% in Q1 last year. We were pleased with the non-current RPO growth which signals growing long-term customer commitments to our platform.
Operating cash flow was $22 million in Q1, up from $3 million in the same period a year ago. Free cash flow was $50 million in Q1, compared to negative $1 million in the same
period a year ago. Both of these results reflect higher profitability and growth in deferred revenue.
Before I provide the outlook for Q2 and the full year, let me reiterate our investment strategy to drive our growth initiatives. As evidenced from our past results, we have both a highly efficient business model and a proven track record of running the business in a disciplined manner. The end result has been rapid top line growth combined with positive non-GAAP operating income and free cash flow.
Our customers' happiness and the rapid adoption of the Zoom platform are our top priorities, and we believe our focus on investing in the business will drive increased market share and future revenue growth.
Now turning specifically to the second quarter guidance. For the second quarter of fiscal 2020, we expect revenue in the range of $129 million to $130 million. We expect non-GAAP operating income to be in the range of $2 million to $3 million, with non-GAAP earnings per share of $0.01 to $0.02 based on approximately 301 million shares outstanding. For the full year of fiscal 2020, we expect revenue to be in the range of $535 million to $540 million. We expect non-GAAP operating income in the range of breakeven to $3 million. This forecast includes the impact in Q3 of our premier user event, Zoomtopia. Non-GAAP earnings per share is expected to be in the range of $0.02 to $0.03, based on approximately 301 million shares outstanding.
In closing, Q1 was a great start to our fiscal year. We had strong execution during our first quarter as a public company, and I would like to thank the entire Zoom team for their hard work. We delivered a combination of triple digit top line growth, increased profitability and positive free cash flow. We're also pleased with the high rate at which customers are embracing our platform. We believe this trust from customers and partners for Zoom will help drive additional growth. I'm excited about our execution this past quarter and the opportunity ahead for Zoom, and I look forward to sharing our progress with you.
With that, let's open it up for questions. If you have not enabled your video, please do so now for the interactive portion of this meeting. Matt, please queue-up our first question.
Questions and Answers:
Operator
Our first question is from Meera Marshall with Morgan Stanley. Meera, you are unmuted.
Meera Marshall -- Morgan Stanley -- Analyst
Great. Thank you and congrats on the quarter and thanks for the question. You gave a lot of detail on the revenue mix. But maybe versus expectations, what was the biggest source of surprise during the quarter, was that kind of new customer adds, faster deployments of new products? And then, maybe turning to new products, understanding that it's still early, but just any further details on the Zoom Phone traction and whether any of the upside guide to the fiscal '20 guidance is due to kind of Zoom Phone expectations? That's it from me. Thanks.
Eric S. Yuan -- Founder and Chief Executive Officer
Yes, sure. So from product side, customer side, we do not see the biggest surprise and we work so hard to make sure the customer happy. And one thing probably I'd like to highlight is Zoom Phone and we announced that back in January and we do have some early adopters like (inaudible) in the licenses. I think that is something I think probably we have us more in the future. Other than that, I think we be just focus on our customer and product experience.
Kelly Steckelberg -- Chief Financial Officer
I think we are also excited about the continued progress we're making the up market, as you saw our customers in that segment grew more quickly than our general customer base, which we continue to be really excited about. We had a really large financial services organization become a customer this quarter which we're really happy about.
Eric S. Yuan -- Founder and Chief Executive Officer
Yes.
Meera Marshall -- Morgan Stanley -- Analyst
Thank you, guys.
Eric S. Yuan -- Founder and Chief Executive Officer
Thank you. Next question, Matt, please.
Operator
Our next question is from Brad Zelnick with Credit Suisse. Brad, you are unmuted.
Brad Zelnick -- Credit Suisse -- Analyst
Great. Nice to see you all and Eric, nice to see all happy you are and congratulations on (inaudible). For Q1, as a public company, I have one question for you, Eric, and one follow-up for Kelly. For Eric, I appreciate that the IPO had to have been a fantastic branding event for you. Is there any discernible impact in terms of customer adds, free to page conversion or even top of funnel development that you've noticed since becoming a public company?
Eric S. Yuan -- Founder and Chief Executive Officer
Yes, so, Brad. First of all, I like your words, watch your back on. Thank you. I think since we became a public company, I would say very little has changed and maybe it's too early to tell, but for sure I'd say our Company, the brand is getting much better, but from our existing installed base, after we became a public company I do receive so many emails from our customers and really expressed all of the appreciation for what we did before with them, right. And I think branding perspective, it certainly help us a lot. But it's too early to tell. Maybe one more quarter, I can share with you more.
Brad Zelnick -- Credit Suisse -- Analyst
Great. And Kelly for you, if we look at your sales and marketing expense relative to the new customer adds, it would seem that you're losing some productivity per customer. How much of that is related to Zoom Phone and how should we think about your productivity moving forward?
Kelly Steckelberg -- Chief Financial Officer
Yes. So we are really focused this year on continuing to hire international and for Zoom Phone. So you are going to see some impact initially as it takes a while for all those reps to get ramped. And I think when you start to get to the back half of this year, early next year, you should see that taking hold.
Brad Zelnick -- Credit Suisse -- Analyst
Great, thank you so much.
Eric S. Yuan -- Founder and Chief Executive Officer
Thanks. Matt, next question please.
Operator
Our next question is from (inaudible) with Bank of America Merrill Lynch. (inaudible), you are unmuted.
Unidentified Participant
Zoom team, thank you so much. Very happy to be joining your video conference call. I had two questions for you. One, with respect to the quarter, what were the one or two largest deals the Company landed in the quarter and what were the competitive dynamics and also the nature of the (inaudible) IT infrastructure against which you were able to win this big deployment? And secondly, could you just talk about the overlap on the phone side? How our customers making the phone decision? Is it in conjunction with the video decision or as a separate stand-alone capability? How are they making that evaluation? Thank you so much and congrats.
Eric S. Yuan -- Founder and Chief Executive Officer
Yes. Better off, first question, you know, feel free to tell me about some lot, the customer who we acquired in Q1. I think if you look at it a competitive landscape, in Q1 I do not think there are any changes because most of our legacy players received old solution with old architecture and I did not see anything new from our legacy competitors in terms of innovation or innovative go-to market model and everything else I think remains the same.
Kelly Steckelberg -- Chief Financial Officer
So we were really excited. We had four deals in the quarter that were over $1 million ARR and unfortunately we can't disclose the names of most of those, but one of them is a really exciting large financial institution that we're thrilled to have as a new customer and a couple of them were upsells. So positive traction I would say on all fronts in that area.
Unidentified Speaker
And I think Cash's thought was on the decision to -- for the
Unidentified Speaker
...for the Zoom Phone, what drives that decision making.
Eric S. Yuan -- Founder and Chief Executive Officer
So, for -- when we look at our go-t-market strategy for our Zoom Phone (inaudible) we focus on our existing installed base because they already trust us, they already use the video, they already use the voice, they really like our quality. You know, customer told us, hey you just add a phone number, right? Then they do not even use any other phone system. Customer like the quality, unified collaborating experience and ease of use and plus some innovative features like seamlessly (inaudible) phone call to the video call and the customer really like that experience.
Unidentified Participant
Great. Thanks.
Unidentified Speaker
Matt, next question please.
Operator
Our next question is from Sterling Auty with JPMorgan. Sterling, you're unmuted.
Sterling Auty -- JPMorgan -- Analyst
All right, thanks. Hi guys. Eric, one of the questions that I consistently got through the IPO and post is the direction of the UCaaS space and specifically with the launch of Zoom Phone, it looks like you are actually on a competitive direction with ring essentially yet you announced the extension of your partnerships and I also get questions over whether you need to actually own some of the technology that you see out of slack. So just directionally, how do you see your partnership and competition and directionally what technologies you need to own versus partner going forward?
Eric S. Yuan -- Founder and Chief Executive Officer
Yeah, Sterling. That's a good question. So if you look what's happening in those -- in the industry and also when we cover the customers, let's thing Slack, for example, Slack and Zoom I think are the best partners, and a lot of the companies standardize on Slack and Zoom, right? It's almost -- it's just become a standard, right? It's very important. But if look at UC space like video and phone, and we started from building a platform and our first application built upon that platform is video conferencing. And for (inaudible) realized our voice or IP (ph) quality is not a very hard for us to add a phone system. In terms of phone system we do our own technology, from (inaudible) up. It's more than architecture compared to any other phone system, right? We build it from (inaudible) and the customer really liked that experience, you know, from a phone to the video and video to the phone is one unified collaborating experience.
Sterling Auty -- JPMorgan -- Analyst
Great. And maybe just one follow-up. I do get questions over the US-China relations and things that are happening from that perspective. Given the large R&D presence that you have in China, has anything changed in terms of how you're managing that aspect of the business?
Eric S. Yuan -- Founder and Chief Executive Officer
I don't think anything is changed, especially if you look at our core R&D down here in our headquarter in office in San Jose, and across -- we're seeing a lot of other companies who might have office there. I think we do not have enormous revenue. We do not have a (inaudible) there in China and I think I do not think there is any impact. So we have very, very good process here in terms of how to manage an offshore team and we have a high confidence. I do not think there are any changes in Q1.
Sterling Auty -- JPMorgan -- Analyst
Great, thank you.
Unidentified Speaker
Next question, Matt, please.
Operator
Our next question is from Matt Hedberg with RBC. Matt, you are unmuted.
Matthew Hedberg -- RBC Capital -- Analyst
Hey guys, thanks for taking our questions and I'd love this new interface, hopefully other companies will maybe embrace the same idea for earnings calls. Kelly, I want to start with you. Obviously, stellar results on the top line and bottom line. And you've got a lot of success in international regions. Can you walk us through how you think about balancing growth profitability? I guess specifically, how do you think about deploying direct sales reps out into field especially if you're having more success in larger deals?
Kelly Steckelberg -- Chief Financial Officer
So we are really focused on investing in both R&D as well as sales and marketing, continuing to build out the product as well as expanding internationally. And if you look at our overall sales hires for this year, about half of them are international, which means as a percentage those sales reps are going to grow much more quickly than the US-based reps since we have so many more here today. So I think we mentioned this on the road show, but we recently hired a new Head of International, Abe Smith, and he is really helping accelerate our business there. So I think you'll continue to see strong results there.
Matthew Hedberg -- RBC Capital -- Analyst
That's great and then maybe as a follow-up, in addition to the RingCentral partnership, salesforce.com is a good partner for you guys as well and participated in the IPO. Can you talk a little bit about that relationship? How embedded is it today because it seems like there's obviously a logical integration point between those two -- between yourself and Salesforce.
Eric S. Yuan -- Founder and Chief Executive Officer
Yeah. So Matt, you are right on. We are huge fan of salesforce.com service. Our team and we live within the Salesforce platform, but quite often when you use (ph) Salesforce and Zoom, the integration is not seamless. Our sales (ph) manager really want to understand what's going on for the Zoom meetings with the customer with the prospect and we need to go back to the Zoom and what if we -- after the meeting is over, we automatically add a transcription (ph) (inaudible), right? With that the customer can live within a salesforce portal. I think we're going to do more partnership integrations with Saleforce.com. We truly believe I think the sales team in the future, they are going to use that live within Salesforce or they can use Zoom, but they do not feel like they are using two different solutions. Right? Seamless integration can truly have sales productivity.
Matthew Hedberg -- RBC Capital -- Analyst
Thank you.
Operator
Our next question is from Pat Walravens with JMP. Pat, you are unmuted.
Patrick Walravens -- JMP Securities -- Analyst
Great, thank you and congratulations to you guys. Eric, my question is for you, which is I love your whole focus on delivering happiness. And I'm wondering, given how fast you are growing, how are you going to make sure that your employees stay happy so they can keep your customers happy, that's the first part. And the second part is, is there as much of an opportunity around Zoom Phone as there was around meetings? The meetings area is such a disaster before you guys came along. I'm not sure there is a same level of -- right? And I'm not sure there is the same level of pain around the phone. So those are my two (inaudible) questions.
Eric S. Yuan -- Founder and Chief Executive Officer
So, Pat, first of all, I think that you are really my man (ph) , very well and the first question about the company culture. If there is one thing that keeps me up in the night is about company culture. Before I have (inaudible) people, I think I can't remember most of the employees name, I never spent a minute on the people related issues. It's (inaudible) great. For now we have almost 2,000 employees and quite often I need to spend time to deal with those people who might have integrity (ph) issues or maybe set to harassment and we need to let them go, right? it's not that easy. However, we try all we can to make sure we have open, transparent culture.
We've just hired our Chief People Officer. We just launched the employee survey, trying to understand where we came improve. So we are very paranoid. We do all we can to make sure every employee is happy every morning. If they are not happy, we would like them to stay at home to figure out the root of cause and and either tell us what had happened and help us fix the problem. Again, this is not very easy. We keep an eye on that. We take it to that, we're versus (inaudible) --
Patrick Walravens -- JMP Securities -- Analyst
Yeah, sorry.
Eric S. Yuan -- Founder and Chief Executive Officer
Then your second question, you're right. Before we build out the Zoom platform, I (inaudible) before, right? I did not see a single happy (inaudible) customer. You're so right. But when (inaudible) phone system sustain, you (inaudible) today. Most of them are still using like very complex older fashion on-prem systems, for the phone system, very harder to maintain and also quality is not as great. The process, it's through the phone system like Pat I call you, we still talk over the phone. We really cannot (inaudible) experience. But Zoom can fully help that. And if you (inaudible) Zoom phone system, I call your phone number, one more click, we can (inaudible) to a video experience seamlessly. I think the customer really likes that.
Unidentified Speaker
Alright. Next question please, Matt.
Patrick Walravens -- JMP Securities -- Analyst
Thank you.
Operator
Our next question is from Alex Kurtz with KeyBanc. Alex, you are unmuted.
Unidentified Speaker
He is still on mute, Matt.
Kelly Steckelberg -- Chief Financial Officer
He is still on mute.
Operator
We can't seem to unmute Alex right now. Alright, Alex, we will come back to you. Our next question is with from Tom Roderick with Stifel.
Alex Kurtz -- KeyBanc -- Analyst
Hi there.
Unidentified Speaker
There you go. Great.
Kelly Steckelberg -- Chief Financial Officer
Hi Alex.
Alex Kurtz -- KeyBanc -- Analyst
Sorry about that. Hey, guys. So just on the Cisco front, they've made a some big efforts in the last six months, they revamped platform, the Webex platform, they have done some integration at a high level. They've added some AI functions, so at least from a marketing perspective that's been out in the marketplace. I'm just wondering, during the quarter has there been any change in their competitive posture, especially in the Global 2000? Then I had a follow-up question for Kelly.
Eric S. Yuan -- Founder and Chief Executive Officer
I think the Cisco is the right. They made it (inaudible) in 2000 AI, but we already started AI effort two years ago and like the first feature were announced almost two years now, right? So which is meeting transcription, to (inaudible) AI platform after the meeting is over, we can automatically generate meeting transcription. (inaudible) as well because we already started it two years ahead of any other competitors.
Alex Kurtz -- KeyBanc -- Analyst
Okay. Then Kelly, just around the Zoom Phone contributions, the updated view for the fiscal year I guess at this point we're not calling out any kind of like contribution at this point. Right?
Kelly Steckelberg -- Chief Financial Officer
That's right. We're really excited about the momentum that we saw in Q1, but we're still at such an early phase that we expect it to have kind of minimal overall contribution the way that we're forecasting it for the full year.
Alex Kurtz -- KeyBanc -- Analyst
Okay, all right, thank you.
Unidentified Speaker
Thank you. Next question please, Matt.
Operator
Our next question is from Tom Roderick with Stifel. Tom, you are unmuted now.
Tom Roderick -- Stifel -- Analyst
Hey, thanks for the (inaudible) the question and congratulations on the IPO. I'll (inaudible) Matt's earlier comment with regards to kudos on the format. I think this means you can't make faces at us when you don't like our questions anymore. Maybe good or maybe bad for you. Eric, I'm going to start with you just on the topic of the IPO and thinking back to when you started this, the days of bootstrapping this Company, you probably didn't foresee the day when you'd have over $700 million of cash in your balance sheet. So, a bit of an embarrassment of riches.
What do you do with all that? And I know, the easy answer is everything. But I'm sure the backdrop of that is investors probably want to understand, is this certainly make you an acquisitive company, do you want to accelerate the advertising in international markets? As you have this big pile of cash, how do you think about how you want to deploy it and how you focus your resources?
Eric S. Yuan -- Founder and Chief Executive Officer
So, Tom, you can ask this question to my wife as well because I have no idea how to spend money. I would like to refer to our CFO.
Kelly Steckelberg -- Chief Financial Officer
It's funny. Well, I think it's probably thanks to Eric that we have this cash because of what he just said, but we are continuing to invest certainly as I said mentioned before in R&D and sales market. Those are two key focus areas and then while we haven't been acquisitive historically, Eric and I have talked a lot about this that we will keep looking for companies that we think could elevate our Company in terms of technology or potentially personnel that were needed. So I think we're keeping our options open at this point.
Tom Roderick -- Stifel -- Analyst
Fair enough. Okay, good. Quick follow-up from me, just in terms of the enterprise selling motion here. And looking at the numbers, I mean the number of customers you've landed greater than 10 employees up over 80%, but the enterprise contribution there, up over 120%. So as we think about the selling motion, as you get reps out of the field, as you deploy more product, can you just talk about how that selling motion has changed and how you'd like to further change that as you add a layer more product in to the mix? Thank you.
Kelly Steckelberg -- Chief Financial Officer
Yes. So certainly our enterprise cycles differ from like our SMB approach and it's really -- it's because we've seen a wide range of selling cycles in the enterprise, for example, one of our largest customers went from beginning to end in six weeks. That was really a forward-looking CIO that embraced the need to digitize their platform. I will say that is not typical though. Most of our enterprise customers, they are -- what should we expect more traditionally they have a proof of concept, they have pretty extensive user acceptance testing. I think what happens is once it's in the hands of the users though and they see if there is a lever, assume that drives the demand, which then from that stage usually goes pretty quickly to close.
Eric S. Yuan -- Founder and Chief Executive Officer
And in particular for every enterprise customers, normally we start of from land and expand -- experience. We never wanted to let enterprise deploy Zoom with a full-sided deployment on the way. We like this bottom-up approach. That's why it will take some time, but it's very healthy if you look at our pipeline.
Tom Roderick -- Stifel -- Analyst
Great.
Unidentified Speaker
Thanks, Tom. Next question please.
Operator
Our next question is from (inaudible) with Bernstein. (inaudible), you are unmuted.
Unidentified Participant
Eric, Kelly, Tom, hi, congratulations on the successful IPO. Very nicely to see you on the first earnings webinar.
Kelly Steckelberg -- Chief Financial Officer
Thank you.
Unidentified Participant
I have a question on your strategy for capturing market in industry verticals, I know, for example, healthcare, telemedicine, very rapidly growing field. I understand from people in the industry that Zoom is really one of the only platforms aside from typical (inaudible) that ties in with the existing major electronic medical records. There seems to be maybe an under-appreciated mode in that industry. How should we think about other examples such as that in different industry verticals? And how you think about developing those in the (inaudible)?
Eric S. Yuan -- Founder and Chief Executive Officer
I think that you are right. (inaudible) to vertical industry opportunity, huge opportunity. However, we just cannot (inaudible) on that. Reason why, look at our video collaboration, the full system, also the huge opportunity, (inaudible) $43 billion opportunity. For now, we also wanted to explore some ideas. That's the reason why we introduced the marketplace. Mix will focus on our platform to led third-party partners, developers to build up applications based on our platform, but however, whenever we are ready, I mean (inaudible) on both video conferencing and a phone system and (inaudible) on those vertical industries, huge opportunity. You are right.
Unidentified Participant
And that makes lot of sense. And I was wondering have you guys had any work regarding -- work on quantifying how expansive Zoom is? It seems like Zoom is very kind of similar to a lot of other industry changing companies where a company come then with better products, easier to use, lower cost adoption, superior functionality. Is there any sense you have for just how much that's increasing the usage of video conferencing among (inaudible) workers or what multiple that is on legacy? How it's for video conference?
Unidentified Speaker
So you look at it, the (inaudible) workers today worldwide, more than one billion (inaudible) workers. For today, if you look to the video usage, it is still very small. I think it's just a (inaudible) $43 billion market. As long as we do not lose our focus, I think it will keep us busy for next several years.
Unidentified Participant
It's a huge opportunity. So, congratulations. Best wishes.
Unidentified Speaker
Thank you. Next question please, Matt.
Operator
Our next question is from Jonathan Kees with Summit Insights Group. Jonathan, you are unmuted now.
Jonathan Kees -- Summit Insights Group -- Analyst
Great. Thanks for taking my question. I hope you can hear me here. I'm having trouble with my video here. Congratulations on the quarter and I just -- I guess, wanted to ask more of a modeling question. You talked about for the quarter -- for the year the top line and bottom line, just curious how we should think about cash flow at the very least if you can give us direction in terms of CapEx? And how we should model that for the year? Thanks.
Kelly Steckelberg -- Chief Financial Officer
Yes, thanks for the question, Jonathan. We are not going to provide guidance around cash flow. But given the opportunity that you're seeing in the top line, I think you should think about that there is a positive impact on cash flow due to that. And given that we're a SaaS business and what you can see is happening also with the change in deferreds, I think you should think about that and what the impact it's having on cash.
Eric S. Yuan -- Founder and Chief Executive Officer
Also, please let me know your mailing address. I will mail you our new camera.
Jonathan Kees -- Summit Insights Group -- Analyst
Okay. Great. I look forward to it. We don't normally have video meetings. If I can sneak in one another question, this is more of a high level. I guess I'm trying to reconcile the $43 billion TAM, you know, talking with UCaaS peers, they are also pretty excited about the extensive TAM and how it's untapped and there is -- it's just a lot of potential upwards. I guess the TAMs that they talk about and obviously this is for the voice, but also includes the contact center and even video. The TAMs that they've talked about, this even includes RingCentral. If you include contact center and maybe when you can get up to like around $40 billion TAM, I guess I'm just trying to reconcile if you can help me here between the TAM that you talk about and the TAM that your peers talk about.
Kelly Steckelberg -- Chief Financial Officer
Yes, mean, the way that we -- what we did was we looked at IDC's approach and it's even a bigger TAM of like $60 billion but we looked at it and back down into the areas we could address with our platform today and it estimates by 2022 it's going to be at that $43 billion number. And I think the other thing you should think about, which I don't know if you mentioned exactly which you're talking about, but it's also Zoom Rooms, which is a really important part of our platform and addressing the whole conference room is something that has Zoom can do very uniquely because of our hardware agnostic approach that there is a significant opportunity there that I'm not sure any of our competitors are addressing completely or maybe talking about and we're super excited about that opportunity.
Unidentified Speaker
Okay, Matt, next question, please.
Jonathan Kees -- Summit Insights Group -- Analyst
Thank you.
Operator
Actually, that is our last question.
Eric S. Yuan -- Founder and Chief Executive Officer
Okay, right. Wonderful.
Unidentified Speaker
Well, thank you everyone. Thank you for joining us by video. That's great. And we will look forward to speaking to you guys again. Thank you.
Kelly Steckelberg -- Chief Financial Officer
Thank you.
Eric S. Yuan -- Founder and Chief Executive Officer
Yes, by the way, please do send us a feedback. We really wanted to leverage Zoom webinar for the future earnings call. Thank you so much for the time. I really appreciate.
Kelly Steckelberg -- Chief Financial Officer
Thank you.
Unidentified Speaker
Thank you very much.
Duration: 0 minutes
Call participants:
Kelly Steckelberg -- Chief Financial Officer
Eric S. Yuan -- Founder and Chief Executive Officer
Unidentified Speaker
Meera Marshall -- Morgan Stanley -- Analyst
Brad Zelnick -- Credit Suisse -- Analyst
Unidentified Participant
Sterling Auty -- JPMorgan -- Analyst
Matthew Hedberg -- RBC Capital -- Analyst
Patrick Walravens -- JMP Securities -- Analyst
Alex Kurtz -- KeyBanc -- Analyst
Tom Roderick -- Stifel -- Analyst
Jonathan Kees -- Summit Insights Group -- Analyst
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