Zoom Communications: 1Q27 Results: Consistent Beats & Execution

研报英文原文证据摘录

Zoom Communications: 1Q27 Results: Consistent Beats & Execution

d volatility data from the options market as of 21 View descriptions of Risk Rewards Themes here

May 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either

three-months’ or one-years’ time. View explanation of Options Probabilities methodology here

BULL CASE $132.00 BASE CASE $105.00 BEAR CASE $71.00

16x FY28e bull FCF (~6.5x EV/FY28e Rev) 13.5x FY28e base case FCF (~5x EV/FY28e 9x FY28e bear case FCF (~3x EV/FY28e

Rev) Rev)Platform expansion and enterprise growth

take hold as SMB churn normalizes. Able to Leverages position to maintain share of Churn challenges linger and start to show in

grow closer to mid-single to high digits on growing market and brand value to sell new Enterprise; macro remains longer than

success of new products like Contact products, though macro near-term headwind expected headwind. Growth sees little

Center, expansion of Phone and Rooms to multiple / growth. Able to maintain LSD% upside as sales environment becomes more

within existing customers, and video to MSD% 2-year CAGR through FY28 as competitive with refreshed offerings from

conferencing share gains. Sees early success investments in S&M show traction and new large vendors, churn picks given weaker

towards monetizing AI. Does not see products like Phone and Contact Center see macro & competition; upsell / new product

meaningful incremental disruption from traction, expanding ARPU and helping to traction limited. Sees pricing pressure as a

competition and online stabilizes and offset lower growth in more mature product result of competition, limiting ability to

returns to growth. Using 16x FY28e bull categories (Meetings).