ZS Q1 2023

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Earnings

Zscaler posted a clean beat across the board in its fiscal first quarter of 2023, with revenue climbing 54.2% year over year to $355.55 million against a consensus estimate of $343.89 million, while non-GAAP EPS of $0.29 topped the $0.26 estimate by … Read more Zscaler posted a clean beat across the board in its fiscal first quarter of 2023, with revenue climbing 54.2% year over year to $355.55 million against a consensus estimate of $343.89 million, while non-GAAP EPS of $0.29 topped the $0.26 estimate by 11.54%, underscoring the company's ability to grow rapidly while expanding profitability. The key driver was accelerating vendor consolidation, as enterprises under pressure from an elevated threat environment moved to standardize on zero trust architecture, boosting deferred revenue to $1.01 billion and lifting operating cash flow to $128.46 million, or 36% of revenue. Non-GAAP net income more than doubled to $44.00 million from $21.00 million a year ago, reflecting meaningful operating leverage even as the company continued to invest aggressively. The strong results were tempered, however, by a cautious outlook, as management flagged that deals are taking roughly four months longer to close than usual, sending shares lower after hours. For the full fiscal year, Zscaler guided for revenue of approximately $1.52 billion to $1.53 billion and non-GAAP EPS of $1.23 to $1.25.