Zoom Communications, Inc. Class A Common Stock Zoomtopia 2026 Investor Session

Okay. All right. Hello everyone, and welcome to our investor session at Zoomtopia 2026. We are so happy to have everyone here in the room, and also on the virtual audience. Hope you guys got to experience the keynote and all the exciting things happening there. For those of you here today, hope you enjoyed the nice lunch with a view. We have a packed agenda for you all today. First, Michelle, our CFO, will touch on Zoom's strategy, vision, priorities, and progress, and connect that to what you all care about, our growth, our ability to generate cash and return capital for shareholders. Then Graeme, our Chief Sales Officer, will take us through the first priority of elevating our core business with AI. Chris Morrissey, our GM of Customer Experience, will take us through all the exciting things in his world.

Russell Dicker, our Chief Product Officer, will come on to take us through the new AI revenue streams. At the end, we will host an executive panel where we will bring on Eric, our CEO, Kim, our CMO, and then bring back Michelle, Graeme, and Russell. A few notes on the Q&A. We will be doing most of the Q&A during the Q&A session. We may have some time after each of the speakers to take one to two questions, but that will just depend on how the timing progresses. During the Q&A session, if you are in the virtual audience, please submit questions on the Q&A function over Zoom, and we will try our best to get to those. The market just closed, and this presentation will soon be available on the investor relations website, investors.zoom.us. The presentation does include non-GAAP metrics.

Please see an appendix for a reconciliation to GAAP. These metrics should not be considered as a substitute for GAAP. During this webinar and in this deck, we will be making forward-looking statements. Please be familiar with this slide. Forward-looking statements are only predictions that are based on what we believe today, and actual results may differ materially. Please see our filings for a detailed list of risk factors. Zoom assumes no obligation to update any forward-looking statements we may make on today's webinar. With that, I will turn the discussion over to Michelle.

All right. Click this. Let's see. Hopefully, I will get the right direction. Welcome, everybody. Hopefully, everybody had a great time up at the keynote. Really our intention in the keynote was simple: breathe life into the system of action. We actually debuted our system of action vision with our investors in February earnings, and it takes a little bit to sort of get the message out. Really our intention with the entire Zoomtopia presentation was to breathe life into it, help you understand where we are going as a company. I am excited to be here with all of you. We have some new stuff that we are going to give you. More evidence and proof of where we are going and our progress. Then we are going to update our long-term guidance. With that, let's dive right in. I have three sections that I am going to talk about.

The first is just get us all grounded on Zoom. Where is it going? What are its priorities? How are those changing as we pivot into the next fiscal year? What, in my opinion, were the big things that were announced this morning for investors to think about? The bulk of what I am going to talk about is progress. Progress that we have made against revenue growth, progress that we have made towards durable vectors as part of that, and then the financials. Then I am going to wrap up with that long-term guidance. So this is a bit of a refreshed visual, but it really paints the picture of where the company is going. This system of action that I think Eric has this great way that humans connecting and communicating, that will never change. That is durable. That is what will give us that sort of conversation.

That is where work begins. Look, it is no matter whether it is a sales call or a customer support call or just a team interaction. But look, clearly you heard the centerpiece of today's dialogue was that unified context layer, that that is what is underlying all of this, getting smarter, learning more about you, and connecting dots on your behalf. But look, as the CFO, and I said this in a customer panel afterwards, conversation and context are great, but what really matters is the ability to get it to completion, because that is what drives business value for your customers, whether it is improving revenue rates or driving better CSAT or getting cost downs or people more productive, right? So I love this idea. It plays out, as you can see on the bottom, across all of our products.

Look, the thing I think maybe the takeaway here for investors, too, and I think you see this in our ability to announce today what we did with unified context layer, is that it is built on one platform of AI, meaning we build the AI once, and it replicates across all of our products, and it enables things like the context layer. All right. So if that is where we are going, let us get down into, okay, in a world where you guys see a lot of different companies, right, why does Zoom have a structural advantage in an AI world? Look, first and foremost, it starts with the rich context and the conversations. We own so much of the world's dialogue, and in those dialogues is hidden meaning and tone and decisions and follow-ups and discussion and the richness of that. So that is, to us, where it starts.

But we are not stopping there. It is about taking them into a system of action, improving business value. That is really number 2. Hopefully you can begin to see, in Russell's presentation, where he sort of stitched so many different products in that scenario together, that being in adjacent markets in an AI world that have natural synergies is proven to be a really good place for us to be in being able to deliver that value. Zoom has always had an open ecosystem kind of approach to it. It started with, you can come to Zoom even if you are not on our meetings. We are sort of embracing those customers and whatever technology they own, and that is just as important, if not more important, in an AI world. So you saw us talk a lot about headless and MCPs and announcements, in regards to APIs. That is all part of this.

That gets down to that deployment flexibility, being able to say, "We're going to meet customers where they are, whether they're in the Zoom product, or whether they want to take Zoom AI and their Zoom data and be able to move that in a headless scenario." Of course, you'd be remiss if you didn't talk about trust. I love the fact that we talked about new announcements in the Zoomtopia around trust. We hear that we win with customers around trust because we give, this is sort of the finance person's definition of it, but we give more knobs and dials in order to allow our customers to use AI as they see fit. It's the reason that we win in industries like banking, it's the reason that we win in industries like cyber. All right. Every single time I get in front of you guys, I want to talk about our business priorities.

These are the structural durable drivers of what will drive our revenue growth acceleration. Let me talk about how they've changed a little bit. You're getting the preview to FY 2028. Let me start at sort of Disco's most accelerated, or biggest revenue drivers, to sort of emerging, just so you sort of follow the frame. Elevating the core with AI. You heard today, we're not just sitting still on Meetings. We're continuing to innovate and reinvent how meetings happen. We didn't talk a lot about Events, but there's some very cool stuff happening in Events of being able to take a live event where we have a lot of market share and debut it and share it out in different ways.

The first priority is really elevate the core with AI, make sure we're not stopping there. Okay? Then you get into the second business priority, which is really around accelerating those line of business solutions, the vertical solutions. In many ways, no different. We've been talking about customer experience with our investors, and it continues to be a huge priority for this company. What we wanted to do in this 28 version is begin to sharpen the other lines of business that we're going to go after. Hopefully not a surprise that we're going after that sales piece with our acquisition of Common Room. Many of you asked, when we acquired Common Room, we already had ZRA. You did Common Room. What's your level of ambition? We did a fast follow of announcing Engage and Forecast right after in September.

Hopefully gives you a picture of where we're going. On the HR audience, think of this as things like Workvivo and BrightHire. Really the central theme is conversations where we think we have a unique opportunity to provide additional value. The third priority is sort of our most emergent area, which is drive new AI work streams that are sort of outside of this vertical targeted line of business. That's things like Minos and ZoomMate that we've been talking to investors about, and we've added things like Zoom as a service. A lot of what we talked about today in the keynote. All right. I wanted to give investors a takeaway slide. A lot of the keynote had a sort of conversational flow about it. I wanted to give you just a tear-away slide of everything that we announced.

To me, the big headliner was the context layer. Another big headline, moving into it is not just in the Zoom service, but Meeting and that deployment flexibility that I talked about. Lots of innovation in lines of business and Events, and of course, in the core Meeting. If that is where we are going, and that is the durable reason that Zoom exists and succeeds in an AI world, those are our business priorities. Let us get into talking about the progress that we have made in the last year. This is my report card to all of you. I have to say, I am proud when I look at this. I just passed my 2-year mark at Zoom. This revenue growth acceleration, let me start there. I think when we started, we were talking about numbers in the 2%.

In our last half, we passed 5%. So some really good progress, and we will have a milestone moment as a company of crossing $5 billion. So clearly, revenue growth acceleration, and I am going to go deep here, so I will leave it just at that. Look, it is not just about revenue growth acceleration. We got to do it while also holding profitability. I am proud to say Zoom has best-in-class profitability, and we have even been growing off of that while we drove that revenue growth acceleration. Look, I think back at, I see several faces that I met with when I first started. It kind of gave me a healthy push on capital return to shareholders, shareholder return. I am pleased to say that I think we have made a lot of progress in that. We have made our buyback programs much more predictable and structural in nature.