Non-GAAP  Income (Loss) from Operations and Non-GAAP Operating Margin. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue. In Q4 of fiscal 2019, total revenue of $86.1 million rose 53%, 4% above the consensus estimate of $82.8 million. Zscaler, Inc.Second Quarter Fiscal 2019 Financial ResultsExplanation of Non-GAAP Financial Measures. We believe that this adjustment is necessary in order to provide meaningful comparison between periods. Zscaler enables the world’s leading organizations to securely transform their networks and applications for a mobile and cloud-first world. A live webcast of the conference call will be accessible from the Zscaler website at ir.zscaler.com. (2) We define pro forma non-GAAP net income (loss) per share attributable to common stockholders as the weighted-average shares used in computing the GAAP net loss per share attributable to common stockholders plus a pro forma adjustment to give effect to the automatic conversion of our redeemable convertible preferred stock into 72,500,750 shares of common stock as though the conversion had occurred as of the beginning of the periods presented. We believe that free cash flow and free cash flow margin are meaningful indicators of liquidity information to management and investors about the amount of cash generated from our operations that, after the investments in property, equipment and other, and capitalized internal-use software, can be used for strategic initiatives. 2019. The company reported a non-GAAP … We define calculated billings as total revenue plus the change in deferred revenue in a period. Zscaler Reports Second Quarter Fiscal 2019 Financial Results Revenue: $74.3 million, an increase of 65% year-over-year. Zscaler Reports Fourth Quarter and Fiscal 2019 Financial Results Fourth Quarter Fiscal 2019 Financial Highlights. Calculated billings in any particular period aims to reflect amounts invoiced for subscriptions to access our cloud platform, together with related support services related to our new and existing customers. 2020. ZSCALER, INC.Explanation of Non-GAAP Financial Measures. For fiscal 2019, the company lifted its total revenue outlook to the range of $298 million to $300 million from the prior range of $289 million to $291 million. We define pro forma non-GAAP net income (loss) per share attributable to common stockholders, diluted, as the weighted-average shares used in computing the GAAP net loss per share attributable to common stockholders, diluted, plus a pro forma adjustment to give effect to the automatic conversion, upon the closing of our initial public offering on March 20, 2018, of our redeemable convertible preferred stock into 72,500,750 shares of common stock as though the conversion had occurred as of the beginning of the periods presented. Upon the closing of our initial public offering on March 20, 2018, all our outstanding shares of redeemable convertible preferred stock automatically converted into 72,500,750 shares of common stock on a one-to-one basis. The cloud security company's non-GAAP earnings per share was $0.07 in Q4 compared to a net loss per share of $0.01 in the fourth quarter of fiscal 2018. (2) The sum of the non-GAAP per share attributable to common stockholders of individual line items excluded from our non-GAAP net income (loss) may not total to the non-GAAP net income (loss) per share attributable to common stockholders due to rounding. The income tax benefit related to stock-based compensation and included in the GAAP provision for income taxes was not material for all periods presented. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business. ZSCALER, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands) (unaudited) Three Months Ended. Do the numbers hold clues to what lies ahead for the stock? Year Ended. Used in more than 185 countries, Zscaler operates a multi-tenant distributed cloud security platform, protecting thousands of customers from cyberattacks and data loss. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. In particular, free cash flow is not a substitute for cash used in operating activities. Non-GAAP  Income (Loss) from Operations and Non-GAAP Operating Margin. Guidance for non-GAAP financial measures excludes stock-based compensation expense, amortization expense of acquired intangible assets and certain litigation-related expenses. Calculated Billings. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business. Any other trademarks are the properties of their respective owners. We define non-GAAP net income (loss) per share attributable to common stockholders, diluted, as non-GAAP net income (loss) divided by the weighted-average diluted shares outstanding, which includes the dilutive effect of potentially diluted common stock equivalents outstanding during the period. A reconciliation of the Company's historical non-GAAP financial measures to their most directly comparable financial measure stated in accordance with GAAP has been included in this press release. Zscaler Inc. For our U.S. entities, we do not include the impact of income taxes on the non-GAAP items due to our continued history of non-GAAP losses and full valuation allowance. Income... Full Year Fiscal 2019 Financial Highlights. Story continues. Find detailed stats on Zscaler revenue on Craft. ZSCALER, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands) (unaudited) Three Months Ended Nine Months Ended April 30, April 30, 2019 2018 2019 2018 Revenue $ 79,128 $ 49,163 $ 216,728 $ 134,000 Non-GAAP Gross Profit and Non-GAAP Gross Margin GAAP gross profit $ … We define free cash flow margin as free cash flow divided by revenue. However, the company's fourth quarter 2019 earnings results beat market's estimates. 34% YoY growth. Pro Forma Non-GAAP Net Income (Loss) per Share Attributable to Common Stockholders, Diluted. We also exclude certain litigation-related expenses consisting of professional fees and related costs incurred by us in defending against significant claims that we deem not to be in the ordinary course of our business and, if applicable, accruals related to estimated losses in connection with these claims. ZSCALER, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands) (unaudited) Three Months Ended. We estimate the tax effect of these items on our non-GAAP results and may adjust our GAAP provision for income taxes, if such effects have a material impact to our non-GAAP results. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. At the time of my article (in December 2018), Zscaler was trading around $40 a share and had just come out of a quarter (Q1 2019) growing revenue at 59%, billings at 55% and deferred revenue at 68%. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Zscaler services are 100 percent cloud-delivered and offer the simplicity, enhanced security and improved user experience that traditional appliances are unable to match. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. Zscaler will host a conference call for analysts and investors to discuss its fourth quarter fiscal 2019 earnings results and outlook for its first quarter of fiscal 2020 and full year fiscal 2020 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). We define non-GAAP income (loss) from operations and non-GAAP operating margin as GAAP loss from operations and GAAP operating margin, respectively, excluding stock-based compensation expense, amortization expense of acquired intangible assets and certain litigation-related expenses. For the second quarter of fiscal 2019, we expect: Total revenue of $65 to $67 million Non-GAAP loss from operations of $1 to $3 million Pro forma non-GAAP net loss per share of $0.00 to $0.02, assuming approximately 122 to 123 million common shares outstanding Calculated billings in any particular period aims to reflect amounts invoiced for subscriptions to access our cloud platform, together with related support services related to our new and existing customers. Revenue: $302.8 million, an increase of 59% year-over-year. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. ", Fourth Quarter Fiscal 2019 Financial Highlights, Full Year Fiscal 2019 Financial Highlights. July 31, July 31, 2019. Zscaler Inc Q4 2019 Earnings Call Sep 10, 2019, 4:30 p.m. Free Cash Flow and Free Cash Flow Margin. April 30, April 30, 2020. Calculated Billings. For the first quarter of fiscal 2020, we expect: For the full year fiscal 2020, we expect: These statements are forward-looking and actual results may differ materially. Zscaler annual revenue increased from $302.8 million in 2019 to $431.3 million in 2020, a (42.4%) increase. The difference between our GAAP and non-GAAP income tax expense primarily represents the excess tax deduction of stock-based compensation recognized in foreign jurisdictions. Achieved FedRAMP authorization for Zscaler Internet Access™-Government (ZIA™-Government), becoming the first secure internet and web gateway solution to earn FedRAMP certification and to satisfy the strict requirements of the recently released Trusted Internet Connection 3.0 Initiative. Annual stock financials by MarketWatch. Questions regarding Financial Information and Corporate Governance. We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and amortization expense of acquired intangible assets.  (1)  Includes stock-based compensation expense as follows: (2)  Includes amortization expense of acquired intangible assets as follows:   (3) Includes certain litigation-related expenses as follows: (1) We use our GAAP provision for income taxes for purposes of determining our non-GAAP income tax expense. Non-GAAP operating income between zero and $2 million, and non-GAAP earnings per share between $0.01 and $0.02. Fiscal 2020 won't be quite as impressive. Revenue … Zscaler Reports Fourth Quarter and Fiscal 2019 Financial Results, Accretion of Series C and D redeemable convertible preferred stockÂ, Net loss attributable to common stockholders, Net loss per share attributable to common stockholders, basic and dilutedÂ, Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and dilutedÂ, Prepaid expenses and other current assets, Deferred contract acquisition costs, noncurrent, Accrued expenses and other current liabilities, Accumulated other comprehensive income (loss), Total liabilities and stockholders’ equity. Additional information will also be set forth in other filings that we make with the SEC from time to time. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. For the third quarter of fiscal 2019, we expect: These statements are forward-looking and actual results may differ materially. Learn more at zscaler.com or follow us on Twitter @zscaler. We define non-GAAP net income (loss) per share attributable to common stockholders, diluted, as non-GAAP net income (loss) divided by the weighted-average diluted shares outstanding, which includes the dilutive effect of potentially diluted common stock equivalents outstanding during the period. "Our strong fiscal 2019 results demonstrate our ability to drive growth and profitability while investing in our business, as we continue to see enterprises transforming their network and security to realize the benefits of the cloud," said Jay Chaudhry, Chairman and CEO of Zscaler. In particular, free cash flow is not a substitute for cash used in operating activities. Total revenue of $74 million to $75 million, Non-GAAP income from operations of $0 million to $1 million, Pro forma non-GAAP earnings per share of $0.01 assuming approximately 135 million common shares outstanding, Total revenue of $289 million to $291 million, Non-GAAP income from operations of $11 million to $13 million, Pro forma non-GAAP earnings per share of $0.11 to $0.13, assuming approximately 135 million common shares outstanding. Investor Relations Contact:Bill Choi, CFAVice President, Investor Relations(669) 255-0767ir@zscaler.com. View the latest ZS financial statements, income statements and financial ratios. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. We define free cash flow as net cash provided by operating activities less purchases of property, equipment and other, and capitalized internal-use software. Accordingly, a reconciliation for non-GAAP income (loss) from operations and non-GAAP net income (loss) per share is not available without unreasonable effort. We define non-GAAP net income (loss) as GAAP net loss plus stock-based compensation expense, amortization expense of acquired intangible assets, certain litigation-related expenses, accretion of Series C and Series D redeemable convertible preferred stock and income tax effects generated by intangible assets acquired in business acquisitions. Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Share Attributable to Common Stockholders, Diluted. Any other trademarks are the properties of their respective owners. Listeners may log on to the call under the "Events & Presentations" section and select "Q2 2019 Zscaler Earnings Conference Call" to participate. Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth from time to time in our filings and reports with the Security Exchange Commission (SEC), including our Quarterly Report on Form 10-Q for the three months ended April 30, 2019 filed on June 5, 2019, as well as future filings and reports by us, copies of which are available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We define non-GAAP income (loss) from operations and non-GAAP operating margin as GAAP loss from operations and GAAP operating margin, respectively, excluding stock-based compensation expense, amortization expense of acquired intangible assets and certain litigation-related expenses. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our limited operating history; our ability to identify and effectively implement the necessary changes to address execution challenges; risks associated with managing our rapid growth; our limited experience with new product and subscription and support introductions and the risks associated with new products and subscription and support offerings, including the discovery of software bugs; our ability to attract and retain new customers; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support; rapidly evolving technological developments in the market for network security products and subscription and support offerings; length of sales cycles; and general market, political, economic and business conditions. We define non-GAAP net income (loss) as GAAP net loss plus stock-based compensation expense, amortization expense of acquired intangible assets, certain litigation-related expenses and accretion of Series C and Series D redeemable convertible preferred stock. Nine Months Ended. Adjustments to reconcile net loss to cash provided by operating activities: Amortization of acquired intangible assets, Amortization of deferred contract acquisition costsÂ, Accretion of purchase discounts, net of amortization of investment premiums. Initiated the Zscaler Academy World Tours, eleven secure cloud transformation events planned in multiple locations around the world, providing customers and prospects hands-on labs, best practices and customer case studies. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. ET. Stock-based compensation expense is excluded primarily because they are non-cash expenses that management believes are not reflective of our ongoing operational performance. Zscaler forecasts total revenue between $131 million to $133 million for the first quarter of fiscal 2021 and between $580 million … Zscaler (NASDAQ: ZS) stock tumbled more than 15% as the earnings outlook was weaker than the market's expectations. "We are seeing success in disrupting the traditional network security market, with a globally distributed cloud security platform that consistently applies policies and protections no matter the device or location. We typically invoice our customers annually in advance, and to a lesser extent quarterly in advance, monthly in advance or multi-year in advance. Zscaler provided the following guidance for the fourth quarter of fiscal 2019: Revenue between $81 million and $83 million, up 45.9% year over year at the midpoint. Vice President, Investor Relations Zscaler revenue for the quarter ending January 31, 2021 was $0.157B, a … Zscaler provided the following guidance for the fourth quarter of fiscal 2019: Revenue between $81 million and $83 … ©2008-2021 Zscaler, Inc. All rights reserved. Zscaler grew revenue by 59% in fiscal 2019. Learn more at zscaler.com or follow us on Twitter @zscaler. We are increasingly viewed as a strategic foundation to our customers' network and security transformation towards a cloud and mobile first world. Zscaler will host a conference call for analysts and investors to discuss its second quarter fiscal 2019 earnings results and outlook for its third quarter of fiscal 2019 and full year fiscal today at 1:30 p.m., Pacific time (4:30 p.m. Eastern time). A live webcast of the conference call will be accessible from the Zscaler website at ir.zscaler.com. SAN JOSE, Calif., Sept. 10, 2019 (GLOBE NEWSWIRE) -- Zscaler, Inc. (Nasdaq: ZS), the leader in cloud security, today announced financial results for its fiscal fourth quarter and fiscal year ended July 31, 2019. Upon the closing of our initial public offering on March 20, 2018, all our outstanding shares of redeemable convertible preferred stock automatically converted into 72,500,750 shares of common stock on a one-to-one basis. Revenue: $86.1 million, an increase of 53% year-over-year. The company expects: Revenue between $395 million and $405 million, up 32% at the midpoint. Currently, the difference between our GAAP and non-GAAP income tax expense represents the excess tax deduction of stock-based compensation recognized in foreign jurisdictions and any income tax benefits associated with business combinations. Deferred revenue surged to $369.8 million as of July 31, 2020, an increase of 47% year-over-year. Investor Relations Contact:Bill Choi, CFA A telephone replay of the conference call will be available at approximately 4:30 p.m. PT, September 10 through September 14, 2019 by dialing (888) 203-1112 or (719) 457-0820 and entering the passcode 2789187. We typically invoice our customers annually in advance, and to a lesser extent quarterly in advance, monthly in advance or multi-year in advance. We believe that free cash flow and free cash flow margin are meaningful indicators of liquidity information to management and investors about the amount of cash generated from our operations that, after the investments in property and equipment and capitalized internal-use software, can be used for strategic initiatives. Zscaler (ZS) delivered earnings and revenue surprises of 66.67% and 6.32%, respectively, for the quarter ended July 2020. A telephone replay of the conference call will be available at approximately 4:30 p.m. PT, February 28 through March 4, 2019 by dialing (888) 203-1112 or (719) 457-0820 and entering the passcode 7725301. In FY 19, the company brought in revenue of $302.8 million. Zscaler services are 100 percent cloud-delivered and offer the simplicity, enhanced security and improved user experience that traditional appliances are unable to match. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Deferred revenue: $251.2 million as of July 31, 2019, an increase of 53% year-over-year. (669) 255-0767ir@zscaler.com. Zscaler: The Only Leader in the 2020 Gartner Magic Quadrant for Secure Web Gateways Get the Report Learn how Global 2000 C-level IT and security leaders drove digital transformation. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Amortization expense of acquired intangible assets is excluded because these are considered by management to be outside of the Company's core business operating performance. Listeners may log on to the call under the "Events & Presentations" section and select "Q4 2019 Zscaler Earnings Conference Call" to participate. Adjusted earnings guidance for the full year is raised to the range of $0.16 to $0.18 per share from the previous range of $0.11 to $0.13 per share. Its flagship services, Zscaler Internet Access™ and Zscaler Private Access™, create fast, secure connections between users and applications, regardless of device, location, or network. Full Year Fiscal 2019 Financial Highlights. Zscaler™, Zscaler Internet Access™, and Zscaler Private Access™, ZIA™ and ZPA™ are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Pro Forma Non-GAAP Net Income (Loss) per Share Attributable to Common Stockholders, Diluted. The income tax benefit included in the GAAP provision for income tax reported for fiscal Q1 FY19 was $0.3 million and not material for all other periods presented. Amortization expense of acquired intangible assets is excluded because these are considered by management to be outside of the Company's core business operating performance. Used in more than 185 countries, Zscaler operates a multi-tenant distributed cloud security platform, protecting thousands of customers from cyberattacks and data loss. Deferred revenue: $251.2 million as of July 31, 2019, an increase of 53% year-over-year. For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures" section of this press release. Total revenue of $395 million to $405 million (32% growth) In Q4 2018, guidance was for FY 2019 revenue of $255 million (mid-point), up from $190.2 in FY 2018. ©2008-2021 Zscaler, Inc. All rights reserved. Zscaler believes that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to the Company’s financial condition and results of operations. We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and amortization expense of acquired intangible assets. Stock-based compensation expense is excluded primarily because they are non-cash expenses that management believes are not reflective of our ongoing operational performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. "I am also excited to welcome Dali Rajic as our new President Go-to-Market and Chief Revenue Officer and look forward to working together to scale our business to capture our significant market opportunity. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. 2018. We also exclude certain litigation-related expenses consisting of professional fees and related costs incurred by us in defending against significant claims that we deem not to be in the ordinary course of our business and, if applicable, actual losses and accruals related to estimated losses in connection with these claims. We estimate the tax effect of these items on our non-GAAP results and may adjust our GAAP provision for income taxes, if such effects have a material impact to our non-GAAP results. Its flagship services, Zscaler Internet Access™ and Zscaler Private Access™, create fast, secure connections between users and applications, regardless of device, location, or network. (2) We define pro forma non-GAAP net income (loss) per share attributable to common stockholders as the weighted-average shares used in computing the GAAP net loss per share attributable to common stockholders plus a pro forma adjustment to give effect to the automatic conversion of our redeemable convertible preferred stock into 72,500,750 shares of common stock as though the conversion had occurred as of the beginning of the periods presented. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue. Revenue … Additional information will also be set forth in other filings that we make with the SEC from time to time. Changes in operating assets and liabilities, net of effects of business acquisitions: Prepaid expenses, other current and noncurrent assets, Accrued expenses, other current and noncurrent liabilities, Purchases of property, equipment and other, Payments for business acquisitions, net of cash acquired, Proceeds from maturities of short-term investments, Proceeds from sale of short-term investments, Proceeds from initial public offering, net of underwriting discounts and commissions, Payments of offering costs related to initial public offering, Proceeds from issuance of common stock upon exercise of stock options, Proceeds from issuance of common stock related to early exercised stock options, Proceeds from issuance of common stock under the employee stock purchase plan, Repayments of notes receivable from stockholders, Net increase (decrease) in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash at beginning of period, Cash, cash equivalents and restricted cash at end of period, GAAP net loss attributable to common stockholders, Accretion of Series C and D redeemable convertible preferred stock, Non-GAAP net income (loss) attributable to common stockholders, GAAP net loss per share attributable to common stockholders, diluted, Non-GAAP net income (loss) per share attributable to common stockholders, diluted, Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, diluted, Weighted-average shares used in computing GAAP net loss per share attributable to common stockholders, diluted, Pro forma adjustment to reflect assumed conversion of our convertible preferred stock as of the beginning of the period, Weighted-average shares used in computing pro forma non-GAAP net income (loss) per share attributable to common stockholders, diluted, Pro forma non-GAAP net income (loss) per share attributable to common stockholders, diluted, Add: Total deferred revenue, end of period, Less: Total deferred revenue, beginning of period, Net cash provided by operating activities, Total revenue of $89 million to $90 million, Non-GAAP loss from operations of $1 million to breakevenÂ, Total revenue of $395 million to $405 million, Non-GAAP income from operations of $13 million to $18 million, Non-GAAP earnings per share of $0.12 to $0.15, assuming approximately 140 million common shares outstanding.
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