(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | |||||||||
(Address of principal executive offices and zip code) | |||||||||||
( | |||||||||||
(Registrant's telephone number, including area code) | |||||||||||
Not Applicable | |||||||||||
(Former name or former address, if changed since last report) | |||||||||||
___________________________________ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange of which registered | ||||||||||||
Exhibit No. | Description of Exhibit | ||||
99.1 | |||||
104 | Cover page interactive data file (embedded within the Inline XBRL document) |
Zscaler, Inc. | ||||||||
February 29, 2024 | /s/ | Remo Canessa | ||||||
Remo Canessa | ||||||||
Chief Financial Officer |
Date: | Thursday, February 29, 2024 | ||||
Time: | 1:30 p.m. PT | ||||
Webcast: | https://ir.zscaler.com | ||||
Dial-in: | To join by phone, register at the following link: (https://register.vevent.com/register/BI45a87c0b9073459091dc36cc599cf993). After registering, you will be provided with a dial-in number and a personal PIN that you will need to join the call. |
ZSCALER, INC. | |||||||||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
January 31, | January 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenue | $ | 524,999 | $ | 387,598 | $ | 1,021,702 | $ | 743,146 | |||||||||||||||
Cost of revenue (1) (2) | 117,199 | 87,604 | 228,593 | 164,301 | |||||||||||||||||||
Gross profit | 407,800 | 299,994 | 793,109 | 578,845 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing (1) (2) | 276,481 | 235,945 | 543,592 | 464,781 | |||||||||||||||||||
Research and development (1) (2) | 122,181 | 85,765 | 235,720 | 160,711 | |||||||||||||||||||
General and administrative (1) | 54,595 | 43,522 | 105,311 | 87,678 | |||||||||||||||||||
Total operating expenses | 453,257 | 365,232 | 884,623 | 713,170 | |||||||||||||||||||
Loss from operations | (45,457) | (65,238) | (91,514) | (134,325) | |||||||||||||||||||
Interest income | 28,385 | 12,669 | 54,327 | 20,534 | |||||||||||||||||||
Interest expense (3) | (3,605) | (1,333) | (6,764) | (2,664) | |||||||||||||||||||
Other income (expense), net | 172 | 141 | (1,040) | (722) | |||||||||||||||||||
Loss before income taxes | (20,505) | (53,761) | (44,991) | (117,177) | |||||||||||||||||||
Provision for income taxes (4) | 7,964 | 3,692 | 16,961 | 8,438 | |||||||||||||||||||
Net loss | $ | (28,469) | $ | (57,453) | $ | (61,952) | $ | (125,615) | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.19) | $ | (0.40) | $ | (0.42) | $ | (0.87) | |||||||||||||||
Weighted-average shares used in computing net loss per share, basic and diluted | 148,951 | 144,511 | 148,287 | 144,001 |
Cost of revenue | $ | 13,434 | $ | 9,595 | $ | 26,389 | $ | 18,256 | |||||||||||||||
Sales and marketing | 65,855 | 55,213 | 124,523 | 110,682 | |||||||||||||||||||
Research and development | 44,120 | 29,380 | 85,163 | 54,613 | |||||||||||||||||||
General and administrative | 22,127 | 17,330 | 42,190 | 36,603 | |||||||||||||||||||
Total | $ | 145,536 | $ | 111,518 | $ | 278,265 | $ | 220,154 |
Cost of revenue | $ | 2,717 | $ | 2,175 | $ | 5,434 | $ | 4,114 | |||||||||||||||
Sales and marketing | 226 | 178 | 452 | 356 | |||||||||||||||||||
Research and development | 140 | 198 | 233 | 633 | |||||||||||||||||||
Total | $ | 3,083 | $ | 2,551 | $ | 6,119 | $ | 5,103 |
(3) Includes amortization of debt issuance costs as follows: | $ | 978 | $ | 973 | $ | 1,955 | $ | 1,945 |
(4) Includes tax expense associated with the integration of a business acquisition as follows: | $ | — | $ | — | $ | 3,259 | $ | — |
ZSCALER, INC. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(in thousands) | |||||||||||
(unaudited) | |||||||||||
January 31, | July 31, | ||||||||||
2024 | 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,438,586 | $ | 1,262,206 | |||||||
Short-term investments | 1,021,218 | 838,026 | |||||||||
Accounts receivable, net | 479,611 | 582,636 | |||||||||
Deferred contract acquisition costs | 125,591 | 115,827 | |||||||||
Prepaid expenses and other current assets | 77,702 | 91,619 | |||||||||
Total current assets | 3,142,708 | 2,890,314 | |||||||||
Property and equipment, net | 294,495 | 242,355 | |||||||||
Operating lease right-of-use assets | 87,804 | 70,671 | |||||||||
Deferred contract acquisition costs, noncurrent | 255,883 | 259,407 | |||||||||
Acquired intangible assets, net | 22,540 | 25,859 | |||||||||
Goodwill | 92,415 | 89,192 | |||||||||
Other noncurrent assets | 38,381 | 30,519 | |||||||||
Total assets | $ | 3,934,226 | $ | 3,608,317 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 17,137 | $ | 18,481 | |||||||
Accrued expenses and other current liabilities | 68,217 | 64,975 | |||||||||
Accrued compensation | 137,362 | 136,800 | |||||||||
Deferred revenue | 1,316,416 | 1,281,143 | |||||||||
Operating lease liabilities | 44,773 | 34,469 | |||||||||
Total current liabilities | 1,583,905 | 1,535,868 | |||||||||
Convertible senior notes, net | 1,141,011 | 1,134,159 | |||||||||
Deferred revenue, noncurrent | 185,759 | 158,533 | |||||||||
Operating lease liabilities, noncurrent | 47,906 | 41,917 | |||||||||
Other noncurrent liabilities | 16,789 | 12,728 | |||||||||
Total liabilities | 2,975,370 | 2,883,205 | |||||||||
Stockholders’ Equity | |||||||||||
Common stock | 150 | 147 | |||||||||
Additional paid-in capital | 2,114,041 | 1,816,915 | |||||||||
Accumulated other comprehensive loss | (3,009) | (1,576) | |||||||||
Accumulated deficit | (1,152,326) | (1,090,374) | |||||||||
Total stockholders’ equity | 958,856 | 725,112 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,934,226 | $ | 3,608,317 |
ZSCALER, INC. | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(in thousands) | |||||||||||
(unaudited) | |||||||||||
Six Months Ended | |||||||||||
January 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net loss | $ | (61,952) | $ | (125,615) | |||||||
Adjustments to reconcile net loss to cash provided by operating activities: | |||||||||||
Depreciation and amortization expense | 29,361 | 25,241 | |||||||||
Amortization expense of acquired intangible assets | 6,119 | 5,103 | |||||||||
Amortization of deferred contract acquisition costs | 61,504 | 46,053 | |||||||||
Amortization of debt issuance costs | 1,955 | 1,945 | |||||||||
Non-cash operating lease costs | 21,633 | 14,988 | |||||||||
Stock-based compensation expense | 269,570 | 214,911 | |||||||||
Accretion of investments purchased at a discount | (9,582) | (1,433) | |||||||||
Unrealized (gains) losses on hedging transactions | 2,841 | (696) | |||||||||
Deferred income taxes | (1,437) | 9 | |||||||||
Other | 1,403 | (784) | |||||||||
Changes in operating assets and liabilities, net of effects of business combinations | |||||||||||
Accounts receivable | 102,374 | 40,800 | |||||||||
Deferred contract acquisition costs | (67,744) | (64,202) | |||||||||
Prepaid expenses, other current and noncurrent assets | 2,660 | (7,800) | |||||||||
Accounts payable | (2,412) | 5,228 | |||||||||
Accrued expenses, other current and noncurrent liabilities | 6,020 | 5,899 | |||||||||
Accrued compensation | 562 | (17,651) | |||||||||
Deferred revenue | 62,477 | 90,862 | |||||||||
Operating lease liabilities | (22,477) | (14,920) | |||||||||
Net cash provided by operating activities | 402,875 | 217,938 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Purchases of property, equipment and other assets | (59,553) | (43,883) | |||||||||
Capitalized internal-use software | (17,816) | (15,623) | |||||||||
Payments for business acquisitions, net of cash acquired | (4,377) | — | |||||||||
Purchase of strategic investments | (2,000) | (1,200) | |||||||||
Purchases of short-term investments | (761,796) | (513,743) | |||||||||
Proceeds from maturities of short-term investments | 594,687 | 586,801 | |||||||||
Proceeds from sale of short-term investments | 2,105 | — | |||||||||
Net cash provided by (used in) investing activities | (248,750) | 12,352 | |||||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from issuance of common stock upon exercise of stock options | 3,848 | 2,104 | |||||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 18,407 | 11,410 | |||||||||
Other | — | (2) | |||||||||
Net cash provided by financing activities | 22,255 | 13,512 | |||||||||
Net increase in cash and cash equivalents | 176,380 | 243,802 | |||||||||
Cash and cash equivalents at beginning of period | 1,262,206 | 1,013,210 | |||||||||
Cash and cash equivalents at end of period | $ | 1,438,586 | $ | 1,257,012 |
ZSCALER, INC. | |||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
January 31, | January 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenue | $ | 524,999 | $ | 387,598 | $ | 1,021,702 | $ | 743,146 | |||||||||||||||
Non-GAAP Gross Profit and Non-GAAP Gross Margin | |||||||||||||||||||||||
GAAP gross profit | $ | 407,800 | $ | 299,994 | $ | 793,109 | $ | 578,845 | |||||||||||||||
Add: Stock-based compensation expense and related payroll taxes | 13,434 | 9,595 | 26,389 | 18,256 | |||||||||||||||||||
Add: Amortization expense of acquired intangible assets | 2,717 | 2,175 | 5,434 | 4,114 | |||||||||||||||||||
Non-GAAP gross profit | $ | 423,951 | $ | 311,764 | $ | 824,932 | $ | 601,215 | |||||||||||||||
GAAP gross margin | 78 | % | 77 | % | 78 | % | 78 | % | |||||||||||||||
Non-GAAP gross margin | 81 | % | 80 | % | 81 | % | 81 | % | |||||||||||||||
Non-GAAP Income from Operations and Non-GAAP Operating Margin | |||||||||||||||||||||||
GAAP loss from operations | $ | (45,457) | $ | (65,238) | $ | (91,514) | $ | (134,325) | |||||||||||||||
Add: Stock-based compensation expense and related payroll taxes | 145,536 | 111,518 | 278,265 | 220,154 | |||||||||||||||||||
Add: Amortization expense of acquired intangible assets | 3,083 | 2,551 | 6,119 | 5,103 | |||||||||||||||||||
Non-GAAP income from operations | $ | 103,162 | $ | 48,831 | $ | 192,870 | $ | 90,932 | |||||||||||||||
GAAP operating margin | (9) | % | (17) | % | (9) | % | (18) | % | |||||||||||||||
Non-GAAP operating margin | 20 | % | 13 | % | 19 | % | 12 | % |
ZSCALER, INC. | |||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
January 31, | January 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Non-GAAP Net Income per Share, Diluted | |||||||||||||||||||||||
GAAP net loss | $ | (28,469) | $ | (57,453) | $ | (61,952) | $ | (125,615) | |||||||||||||||
Stock-based compensation expense and related payroll taxes | 145,536 | 111,518 | 278,265 | 220,154 | |||||||||||||||||||
Amortization expense of acquired intangible assets | 3,083 | 2,551 | 6,119 | 5,103 | |||||||||||||||||||
Amortization of debt issuance costs | 978 | 973 | 1,955 | 1,945 | |||||||||||||||||||
Provision for income taxes (1) | — | — | 3,259 | — | |||||||||||||||||||
Non-GAAP net income | $ | 121,128 | $ | 57,589 | $ | 227,646 | $ | 101,587 | |||||||||||||||
Add: Non-GAAP interest expense related to the convertible senior notes | 359 | 360 | 718 | 719 | |||||||||||||||||||
Numerator used in computing non-GAAP net income per share, diluted | $ | 121,487 | $ | 57,949 | $ | 228,364 | $ | 102,306 | |||||||||||||||
GAAP net loss per share, diluted | $ | (0.19) | $ | (0.40) | $ | (0.42) | $ | (0.87) | |||||||||||||||
Stock-based compensation expense and related payroll taxes | 0.91 | 0.72 | 1.75 | 1.42 | |||||||||||||||||||
Amortization expense of acquired intangible assets | 0.02 | 0.02 | 0.04 | 0.03 | |||||||||||||||||||
Amortization of debt issuance costs | 0.01 | 0.01 | 0.01 | 0.01 | |||||||||||||||||||
Provision for income taxes (1) | — | — | 0.02 | — | |||||||||||||||||||
Non-GAAP interest expense related to the convertible senior notes | — | — | — | — | |||||||||||||||||||
Adjustment to total fully diluted earnings per share (2) | 0.01 | 0.02 | 0.04 | 0.07 | |||||||||||||||||||
Non-GAAP net income per share, diluted | $ | 0.76 | $ | 0.37 | $ | 1.44 | $ | 0.66 | |||||||||||||||
Weighted-average shares used in computing GAAP net loss per share, diluted | 148,951 | 144,511 | 148,287 | 144,001 | |||||||||||||||||||
Add: Outstanding equity incentive awards | 4,670 | 2,605 | 4,226 | 3,229 | |||||||||||||||||||
Add: Convertible senior notes | 7,626 | 7,626 | 7,626 | 7,626 | |||||||||||||||||||
Less: Antidilutive impact of capped call transactions (3) | (2,093) | — | (1,254) | — | |||||||||||||||||||
Weighted-average shares used in computing non-GAAP net income per share, diluted | 159,154 | 154,742 | 158,885 | 154,856 |
ZSCALER, INC. | |||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
January 31, | January 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Calculated Billings | |||||||||||||||||||||||
Revenue | $ | 524,999 | $ | 387,598 | $ | 1,021,702 | $ | 743,146 | |||||||||||||||
Add: Total deferred revenue, end of period | 1,502,175 | 1,111,880 | 1,502,175 | 1,111,880 | |||||||||||||||||||
Less: Total deferred revenue, beginning of period | (1,399,544) | (1,005,713) | (1,439,676) | (1,021,123) | |||||||||||||||||||
Calculated billings | $ | 627,630 | $ | 493,765 | $ | 1,084,201 | $ | 833,903 | |||||||||||||||
Free Cash Flow | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 142,069 | $ | 89,481 | $ | 402,875 | $ | 217,938 | |||||||||||||||
Less: Purchases of property, equipment and other assets | (30,894) | (18,681) | (59,553) | (43,883) | |||||||||||||||||||
Less: Capitalized internal-use software | (10,387) | (7,982) | (17,816) | (15,623) | |||||||||||||||||||
Free cash flow | $ | 100,788 | $ | 62,818 | $ | 325,506 | $ | 158,432 | |||||||||||||||
Free Cash Flow Margin | |||||||||||||||||||||||
Net cash provided by operating activities, as a percentage of revenue | 27 | % | 23 | % | 39 | % | 29 | % | |||||||||||||||
Less: Purchases of property, equipment and other assets, as a percentage of revenue | (6) | % | (5) | % | (6) | % | (6) | % | |||||||||||||||
Less: Capitalized internal-use software, as a percentage of revenue | (2) | % | (2) | % | (2) | % | (2) | % | |||||||||||||||
Free cash flow margin | 19 | % | 16 | % | 32 | % | 21 | % |
Cover Page |
Feb. 29, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 29, 2024 |
Entity Registrant Name | Zscaler, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38413 |
Entity Tax Identification Number | 26-1173892 |
Entity Address, Address Line One | 120 Holger Way |
Entity Address, City or Town | San Jose |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95134 |
City Area Code | 408 |
Local Phone Number | 553-0288 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.001 Par Value |
Trading Symbol | ZS |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001713683 |
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