Zoom Video Communications, Inc. (ZM) Citi 2022 Global Technology Conference Transcript

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Zoom Video Communications, Inc. (NASDAQ:ZM) Citi 2022 Global Technology Conference September 7, 2022 1:45 PM ET

Company Participants

Kelly Steckelberg – Chief Financial Officer

Conference Call Participants

Tyler Radke – Citigroup Inc.

Tyler Radke

Good afternoon, everybody. My name is Tyler Radke welcome to day one of the – now we’re on of the Citi Technology Conference. And for the afternoon session, we’re happy to have Zoom in-person. We have the CFO, Kelly Steckelberg, joining with us, and it’s nice to be doing this in-person, as good as Zoom technology work.

Kelly Steckelberg

Thank you.

Tyler Radke

Good to see familiar faces. So Kelly, I think investors are pretty familiar with who Zoom is as a company. I’m sure we’ve all used Zoom, but it does seem like there’s kind of multiple storylines at the company. You have an Enterprise business that’s still delivering pretty solid growth, but you also have an online or more SMB business that’s starting to see some headwinds – can you just kind of paint a picture on how do you expect those two businesses to kind of evolve over time? And how investors should think about kind of a normalized growth rate at Zoom post this pandemic that we’ve all gone through.

Kelly Steckelberg

Yes. So just to paint the picture, I remind everybody, before the pandemic, we had our online segment of the business, it was about 20% of the business. And at that point, it really served as a funnel to our direct sales organization. That’s really what it was designed for. And then during the pandemic, we saw such an increase in demand that very, very quickly, it grew to be over 60% of our business.

So massive explosion then, of course, the company grew 10 times during that period of time. So in

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