Investor Presentaiton
RECONCILIATION OF NON-GAAP
(Dollars in Thousands)
GAAP subscription revenue
GAAP total revenue
FY17
FY18
FY19
FY20
FY21
$89,836
$113,008
$122,482
$171,106
$164,805 $206,555
$234,989 $276,057
$242,340
$305,420
GAAP cost of subscription revenue
$22,840
$31,077
$42,993
$53,036
$58,808
Subtract:
Stock-based compensation expense
(326)
(747)
(1,967)
(2,772)
(4,849)
Amortization of acquired intangibles
(715)
(2,056)
(2,250)
(1,776)
(1,692)
Internal-use software
(520)
(1,134)
(1,286)
(2,560)
(1,781)
New headquarters costs
Non-GAAP cost of subscription revenue
$21,279
$27,140
$37,490
(75)
$45,853
$50,486
$64,846
$91,200
$118,399
$141,876
$174,650
Gross profit
Add:
Stock-based compensation expense
909
2,868
7,867
10,037
Amortization of acquired intangibles
715
2,056
2,250
1,776
520
Internal-use software
1,134
1,260
2,560
14,801
1,692
1,781
New headquarters costs
Non-GAAP gross profit
$66,990
$97,258
$129,776
169
$156,418
$192,924
GAAP operating loss
($39,033)
($38,078)
($70,417)
($85,665)
($73,862)
Add / (Subtract):
Stock-based compensation expense
Amortization of acquired intangibles
Internal-use software
4,383
715
(1,743)
8,990
25,357
2,056
2,250
45,046
1,776
59,283
1,692
8
(962)
(1,946)
Charitable donations
1,000
(2,428)
1,000
482
New headquarters costs
Certain litigation
Non-GAAP operating loss
Non-GAAP subscription gross margin
Non-GAAP gross margin
($35,678)
($27,024)
($42,772) ($40,307)
3,252
($11,063)
Source: Zuora
For a more detailed discussion of our Non-
GAAP Financial Measures, refer to Item 7.
Management's Discussion and Analysis of
Financial Condition and Results of
Operations of Zuora's Form 10-K filed with
the SEC on March 31, 2021.
Forward-looking non-GAAP measures
relating to fiscal years 2022 and beyond
represent targets and are based on internal
forecasts subject to significant uncertainty.
We are unable to provide a full reconciliation
of such measures to GAAP measures
without unreasonable effort as we cannot
predict the amount or timing of future GAAP
results. In addition, we have not provided
reconciliations for ARR Growth, Net Dollar
Retention, or the Rule of 40 metrics that are
described in this presentation because these
metrics do not have comparable GAAP
measures.
76%
78%
77%
78%
79%
59%
57%
55%
57%
63%
Non-GAAP operating margin
(32%)
(16%)
(18%)
(15%)
(4%)
Net cash (used in) provided by operating activities
($24,975)
($24,776) ($23,581)
($3,590)
$11,286
Subtract:
Purchases of property and equipment, net of insurance recoveries
Free cash flow
(3,776)
Free cash flow margin
($28,751)
(25%)
(4,698) (13,412)
($29,474) ($36,993)
(17%)
(16%)
(21,424)
($25,014)
(9%)
(12,156)
($870)
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