win7字体放大不放大窗口_放大不确定的未来-CSDN博客

win7字体放大不放大窗口

介绍 (Introduction)

A little while back, I wrote an article for Data Driven Investor. It addressed a subject that one might rightly say should be off-limits for public discussion today, and the title of the article was pretty straightforward, posing a simple question: “Can There Be a Positive Side to the Pandemic for Companies?.” This is a topic that seems verboten, unseemly, unethical, and just downright wrong on the surface. And yet, the question is a very real, very vital one today. And more importantly, the topic just might provide you with insights — for your investing, for your career, and maybe even your own business.

不久前，我为Data Driven Investor写了一篇文章。它解决了一个主题，今天人们可以正确地说该主题应被禁止进入公众讨论范围，并且该文章的标题非常简单，并提出了一个简单的问题：“ 公司大流行能否给公司带来积极的一面？。” 这是一个看起来固执，不道德，不道德，表面上完全错误的话题。然而，今天的问题是一个非常现实，非常重要的问题。而且更重要的是，该主题可能会为您提供见解-投资，职业甚至事业。

The coronavirus pandemic is indeed wreaking havoc — still — across society. Here in early September 2020, the U.S. alone has now reached grim milestones, with now over 6 million confirmed COVID-19 cases (see Figure 1: Confirmed COVID-19 Infections in the United States as of September 2020) and over 180,000 deaths from the coronavirus (see Figure 2: Confirmed COVID-19 Deaths in the United States as of September 2020). Small business people are throwing in the towel each and every day, unable to cope with the changes the pandemic has wrought, And yet, has not the pandemic actually been good — in some cases very good — for certain businesses?

冠状病毒的流行的确肆虐- 还是 -全社会。在2020年9月上旬，仅美国一个国家就已经达到了严峻的里程碑，目前已确认的COVID-19感染病例超过600万( 见图1： 截至2020年9月，美国确诊的COVID-19感染病例)，死于该病的死亡人数超过180,000。冠状病毒( 参见图2：截至2020年9月在美国确认的COVID-19死亡 )。小型企业的每一个人每天都在忙着毛巾，无法应对流行病所造成的变化，然而，对于某些企业来说，流行病实际上不是很好吗？在某些情况下是很好吗？

Figure 1 — Confirmed COVID-19 Infections in the United States as of September 2020

图1 —截至2020年9月在美国的确诊COVID-19感染

Image for post — **Source:** **资料来源：《** Our World in Data ( 我们的数据世界》 ( https://ourworldindata.org/covid-cases?country=~USA); Used with permission. https://ourworldindata.org/covid-cases?country=~USA )；经许可使用。

Figure 2 — Confirmed COVID-19 Deaths in the United States as of September 2020

图2 —截至2020年9月美国确诊的COVID-19死亡

Yes, we can all identify certain products and services that have fared well — and some very well — in 2020 thanks to increased demand for what they were selling to the American public during the pandemic. We have all become “germaphobic,” so sales of every kind of antiseptic wipe and hand sanitizer has been through the roof! Restaurants have been closed and/or open just for take-out for long stretches. And even now, those that are open are operating with limited seating capacities for dining. This means that food delivery services have done very well and seen record volume over the past six months. With the need for all the signage to both direct traffic in every public space and to warn us to be socially distant and to wash our hands, small and large printing businesses have seen a rash of new business. And if you thought your calling in life was to make masks, well, the pandemic has made your business thrive! Finally, plexiglass was a mundane item until about six months ago, and now, it is everywhere, and the companies behind it literally can’t make, cut, and install it fast enough!

是的，由于在大流行期间向美国公众出售的产品和服务的需求不断增加，我们都能确定某些产品和服务在2020年的销售情况非常好 ，有些则很好。我们都变成了“大同性恋”，因此各种杀菌擦拭布和洗手液的销售量都很高。餐馆已经关闭和/或开放只是为了长时间外卖。即使到了现在，那些开放的餐厅在用餐的座位上也有限。这意味着送餐服务做得很好，并且在过去六个月中创下了创纪录的数量。由于所有标牌都需要直接在每个公共空间中流通，并警告我们远离社会并洗手，大小型印刷企业都涌现出许多新业务。而且，如果您认为生活中的呼唤是制造口罩，那么，大流行使您的生意蒸蒸日上！最终，直到大约六个月前，有机玻璃才成为世俗的物品，而如今，它已无处不在，其背后的公司实际上无法足够快地制造，切割和安装它！

瞬间变焦 (The Zoom for the Moment)

However, if there is one thing, one area, and one company that has benefited more from the pandemic than any other, there is only one choice. That company is Zoom, and “zooming” has rapidly become the online platform for getting people together today. And when your company name has become a verb, you know that you have arrived! Yes, there are other online meeting platforms out there — and they are backed by the biggest names in tech. Cisco owns and offers Webex. Microsoft offers both Skype and Microsoft Teams. Google offers Google Meet. And Facebook now offers Messenger Rooms. And yet it is Zoom, an independent company that only really offers one product right now, the Zoom meeting platform, that seems to have won the online meeting battle to date!

但是，如果只有一件事，一个领域和一家公司从这种大流行中获得的利益大于其他任何一种，那么只有一种选择。该公司就是Zoom，“ zooming”已Swift成为当今人们聚在一起的在线平台。当您的公司名称成为动词时，您就知道已经到了！是的，那里还有其他在线会议平台，并且得到了科技界知名人士的支持。思科拥有并提供Webex 。 Microsoft提供Skype和Microsoft Teams 。 Google提供Google Meet 。而且Facebook现在提供Messenger Rooms 。然而，是Zoom，一家独立的公司，目前只真正提供一种产品，Zoom会议平台，迄今为止似乎赢得了在线会议之战！

Zoom has emerged from not total obscurity, but from aiming at a narrow target market (enterprise customers) to suddenly being used by everyone for everything. I chronicled the company’s sudden, startling growth in both uses and users in April in my article for The StartUp entitled, Zooming Ahead: The Explosive Growth of Zoom During the Pandemic. And yes, explosive is about the only adjective capable of capturing just what had happened to the company in the first months of the coronavirus pandemic. As you can see in Figure 3 (Growth in Daily Zoom Users [in Millions], December 2019 to April 2020) below, based on user data provided by Zoom, the number of users on its platform has grown exponentially since the coronavirus pandemic forced us to find new ways to do all sorts of things online that we formerly did in person. Consider the fact that Zoom had 10 million daily users in December 2019. By March 2020, when the push for quarantining and social distancing pushed many meetings online, their daily user numbers had mushroomed to 100 million! And then in just one month, Zoom saw its number of daily users double to approximately 200 million! Alltold, that meant that Zoom’s daily user count increased by almost 3000% in just a little over one quarter!

Zoom并不是从完全模糊的地方出现，而是从瞄准狭窄的目标市场(企业客户)到突然被所有人使用。我在4月份的《 The StartUp 》一文中记录了该公司在使用和用户方面的惊人惊人增长，其标题为“ 向前放大：大流行期间Zoom的爆炸式增长” 。是的，炸药是唯一能够捕捉到该公司在冠状病毒大流行的头几个月中发生的一切的形容词。如您在下面的图3( 每日Zoom用户的增长 ( 百万)，2019年12月至2020年4月 )中所见，基于Zoom提供的用户数据，自从冠状病毒大流行迫使我们以来，其平台上的用户数量呈指数增长寻找新的方式来在线进行我们以前亲自做的各种事情。考虑一下事实，Zoom在2019年12月的每日用户为1000万。到2020年3月，隔离和社会隔离的推动使许多会议在网上进行，其每日用户数量猛增到1亿！然后在短短一个月内，Zoom的每日用户数量翻了一番，达到约2亿！ Alltold，这意味着Zoom的每日用户数仅在四分之一多的时间内增长了近3000％！

Figure 3 — Growth in Daily Zoom Users (in Millions), December 2019 to April 2020

图3 — 2019年12月至2020年4月每日变焦用户的增长(百万)

All of this growth has seemingly come as a bit of a surprise to the company and its leaders, as Zoom CEO Eric S. Yuan recently commented that:

正如Zoom首席执行官Eric S. Yuan 最近评论的那样，所有这些增长似乎对该公司及其领导者来说都有些意外。

“Our platform was built primarily for enterprise customers,” explains Yuan. “We did not design the product with the foresight that, in a matter of weeks, every person in the world would suddenly be working, studying, and socializing from home. We now have a much broader set of users who are utilizing our product in a myriad of unexpected ways, presenting us with challenges we did not anticipate when the platform was conceived.”

“我们的平台主要是为企业客户构建的，”袁说。 “我们设计产品的初衷并不是在短短几周内，全世界每个人都会突然在家工作，学习和社交。 现在，我们有更多的用户在以各种意想不到的方式使用我们的产品，这给我们带来了平台构想时无法预料的挑战。”

And so how does all of this user growth translate for Zoom on the top-line (in terms of revenue growth) and to its bottom-line, the company’s profitability? Zoom recently released its financial results for its most recent fiscal quarter, ended July 31, 2020. Now from an accounting standpoint, what Zoom released were numbers for the second quarter of its 2021 fiscal year, so it does get a bit confusing for the layperson. However, as can be seen in Figure 4 (Zoom Revenue Growth Over the Company’s Most Recent 10 Quarters) below, what is not confusing at all is that Zoom has been able to leverage all of that user growth to produce dramatic financial results for the company. In terms of overall revenue, Zoom has put together a record that very few firms have ever matched:

那么，所有这些用户增长如何将Zoom的营收(就收入增长而言)转化为公司的盈利能力(对营收而言)？ Zoom最近发布了其截至2020年7月31日的最近一个财政季度的财务业绩。现在，从会计角度来看，Zoom发布的是其2021财年第二季度的数字，因此对于非专业人士确实有些困惑。但是，如下面的图4( Zoom在公司最近10个季度的收入增长 )所示，丝毫不令人困惑的是，Zoom能够利用所有用户增长为公司产生可观的财务业绩。就总收入而言，Zoom创造了一项记录，这是很少有公司能与之匹敌的：

Growing revenue by 10 times over the past ten quarters;
在过去的十个季度中，收入增长了十倍；
Almost tripling revenue over the past two quarters; and
过去两个季度的收入几乎翻了三倍；和
More than doubling revenue quarter over quarter so far for the company’s FY2021 (encompassing results from February 1, 2020 through July 31, 2020)
到目前为止，该公司2021财年的收入环比增长了一倍以上(涵盖2020年2月1日至2020年7月31日的业绩)

Figure 4 — Zoom Revenue Growth Over the Company’s Most Recent 10 Quarters

图4 —公司最近10个季度的收入增长

And the bottom-line results were just as remarkable for Zoom. According to the company’s most recent revenue/earnings announcement:

底线结果对于Zoom来说同样出色。根据公司最新的收入/收益公告：

“GAAP (Generally accepted accounting principles) net income attributable to common stockholders for the quarter was $185.7 million, or $0.63 per share, compared to GAAP net income attributable to common stockholders of $5.5 million, or $0.02 per share in the second quarter of fiscal year 2020.”

“ GAAP( 公认会计准则 )本季度归属于普通股股东的净收入为1.857亿美元(合每股0.63美元)，相比之下，GAAP普通股股东应占的净收入为550万美元(合每股0.02美元) 2020年。”

And when you produce net income numbers like those, that also means that your cash flow and cash positions are also — well — incredible. According to that same earnings statement, the company’s net cash provided by operating activities reached $401.3 million for the quarter just ended, as compared to $31.2 million in the second quarter of 2020. Likewise, Zoom’s free cash flow for the quarter reached $373.4 million, as compared to $17.1 million for the same quarter in 2020. And totalling all of its cash, cash equivalents and marketable securities — the common way of saying its “cash on hand,” Zoom $1.5 billion in cash assets as of July 31st.

而且，当您产生这样的净收入数字时，这也意味着您的现金流和现金状况也令人难以置信。根据同一份损益表，该公司在刚刚结束的季度中，经营活动提供的净现金达到4.013亿美元，而2020年第二季度为3120万美元。同样，Zoom的本季度自由现金流达到了3.734亿美元，相比之下，2020年同期为1,710万美元。其现金，现金等价物和有价证券的总和-这是“手头现金”的通用表达方式，截至7月31日，其现金资产为15亿美元。

Zoom attributed a great deal of its revenue and earnings success to its growth not just in individual and small business users who opt to use the paid version versus the free version of their platform. In fact in their earnings announcement, they highlighted the fact that as of the end of July 2020, the company had 370,200 customers with more than 10 employees, which represented a year-over-year growth of 458% in such corporate and institutional customers.

Zoom将其大量收入和收益成功归功于其增长，而不仅仅是选择使用付费版本与免费版本的个人和小型企业用户。实际上，在他们的收益公告中，他们强调了一个事实，即截至2020年7月，该公司拥有370,200名客户和10多名员工，在这类公司和机构客户中，同比增长了458％。

So how has this impacted Zoom’s stock you might ask? As you can see in Figure 5 (Zoom Stock Performance for Calendar Year 2020 through September 1st) below, as one might expect for Zoom, the user growth has meant some pretty hefty returns for those who invested in their stock! If you held Zoom stock on January 1st of this year, it was worth $68.80 a share. On September 1st, the shared price stood at $457.69.Now, one can look back and say, “Gee, if only I had known that there was a pandemic coming and people everywhere would be quarantined…”, it would have been a “no-brainer” to buy Zoom stock before all of “this” started. However, that’s not realistic, of course (even though that would have meant a year-to-date return of just over 665% on your money!

那么，这可能对您可能要问的Zoom的股票有何影响？正如您在下面的图5( Zoom 2020日历年到9月1日 )中看到的那样，正如人们可能对Zoom所期望的那样，用户的增长对那些投资其股票的人来说意味着相当可观的回报！如果您在今年1月1日持有Zoom股票，那么它的价值为每股68.80美元。 9月1日，共享价格为457.69美元。现在，人们可以回首说：“ 天哪，只要我知道大流行来临，到处都会隔离人们…… ”，这将是“没有。 -brainer”在所有“ this”开始之前购买Zoom股票。然而，这并不现实，当然，(尽管这将意味着你的钱从年初至今回报的刚刚超过665％！

Figure 5 — Zoom Stock Performance for Calendar Year 2020 through September 1st

图5 — 2020年日历年到9月1日的缩放股票性能

分析 (Analysis)

Overall, the trajectory for Zoom seems to be onward and upward, as companies, colleges and schools, and more importantly, individuals, seem to be adapting to holding meetings, classes and all forms of gatherings online. And one thing is for certain, even after the pandemic is gone, the “new normal” ways of doing things are likely to be ingrained in us and in our organizations. Thus, even when it may be safe to gather in person, many, many things and events that would have necessitated a physical meeting way back in 2019 will now be done through online meetings. And Zoom, seemingly more than any other company, seems to be well positioned for that “new normal.”

总体而言，Zoom的轨迹似乎是向上和向上的，因为公司，大学和学校，更重要的是个人，似乎正在适应于举行会议，课堂和各种形式的在线聚会。可以肯定的是，即使在流行病消失之后，“新常态”的做事方式仍可能在我们和我们的组织中根深蒂固。因此，即使可以安全地亲自聚会，现在仍需要通过在线会议来完成许多事情和事件，这些事情和事件原本需要在2019年进行一次物理会议。而且，Zoom似乎比其他任何一家公司都更适合该“新常态”。

Now yes, there have been a few — but really surprisingly few hiccups — along the way as Zoom has grown in use in everything from corporate meetings to online education to yes, birthday parties and family gatherings. Yes, we have seen sometimes funny, but sometimes downright disturbing — and arguably criminal — instances of “Zoom Bombing,” where unauthorized people enter into Zoom meetings or classes. And yes, late last month when Zoom had a major outage, just as many children were going online for elementary and secondary school classes and colleges and universities were beginning remote learning, this was cause for significant concern across the education community. Still, for a technology company that has seen its user base and its use rise so fast, not just in the U.S., but around the world, what it has been able to pull off over the last 6 months — both from an operations and from a financial perspective — has been quite amazing.

现在是的，随着Zoom在公司会议，在线教育，是的，生日聚会和家庭聚会等各种活动中得到越来越广泛的使用，一路走来，但打really的次数却很少。是的，我们看到过“搞笑爆炸 ”有时很有趣，但有时却很令人不安，甚至可以说是犯罪的，在这种情况下，未经授权的人员参加了Zoom会议或课堂。是的，在上个月末Zoom 发生重大停电之时，正当许多孩子上小学和中学的网络时，而大学也开始远程学习时，这引起了整个教育界的极大关注。不过，对于一家不仅在美国而且在世界范围内看到其用户群和使用量增长如此Swift的技术公司，在过去的6个月中，无论是从运营还是从财务角度-十分惊人。

However, as a management consultant and professor, Zoom’s sudden growth leads to what is always the most important strategic question facing any organization, no matter how large or how small it may be and whatever field it may be in — that is: What’s next? Zoom faces one of the better, but yet most daunting of corporate strategic challenges, namely how to manage great success. There are, of course, a number of traps that the company can fall into at this point around questions like:

但是，作为一名管理顾问和教授，Zoom的突飞猛进导致始终是任何组织面临的最重要的战略问题，无论它有多大或多小，以及它处于哪个领域，即： 下一步是什么？ Zoom面临着企业战略挑战中较好但最艰巨的挑战之一，即如何管理巨大的成功。当然，公司目前有很多陷阱可以解决，例如：

What to do with all that cash?;
用所有现金怎么办？
How can we monetize the platform better?; and
我们如何更好地通过该平台获利？和
How can we convert free users to paid users?
我们如何将免费用户转换为付费用户？

Overall however, I think there are two principal strategic concerns at this juncture. The first is the pressure that they will face just because they have had such a meteoric rise in the wake of the pandemic, which was, one has to readily admit, an “harmonic convergence”-level meeting of having the absolute right service to offer to the world at absolutely the right time. So, this leads to questions such as:

总体而言，我认为在此关头有两个主要的战略问题。首先是他们将因大流行而Swift崛起而面临的压力，这是人们必须容易接受的一次“和谐融合”级别的会议，要求提供绝对正确的服务在绝对合适的时间向世界展示。因此，这会导致诸如以下问题：

How do we best manage all of the growth that has occurred?;
我们如何最好地管理已经发生的所有增长？
How can we keep pace — technologically, operationally, and human resource-wise — with the needs we have today and what is likely to be ahead in our company’s future?; and perhaps the most important question
我们如何才能在技术，操作和人力资源方面跟上我们今天的需求以及我们公司未来的未来可能与时俱进？也许是最重要的问题
How can we possibly meet investors’ expectations for our company in the months and years ahead after the run we have had over the past year — and particularly since March 2020?
在过去一年中，尤其是自2020年3月以来，在接下来的几个月和几年中，我们如何才能满足投资者对我们公司的期望？

The second main strategic concern that I would have for Zoom looking ahead would be in the nature of the marketplace that they are competing in today. They are fast-becoming a commodity product (yes, “Zoom” and “Zooming” to online meetings what Kleenex is to facial tissues). And in what still is a crowded marketplace with major, fierce competitors like Microsoft, Cisco, Google and Facebook that you know are plowing a ton of money into their online meeting platforms, both technologically and marketing-wise, you instinctively know that the commanding position you have today will weaken in the days to come. This can lead to pressure — both internally and from investors — on management to try and “hit the second home run” for the company.

对于Zoom来说，我要面对的第二个主要战略问题是他们今天所竞争的市场的本质。他们正在Swift成为一种商品(是的，“缩放”和“缩放”到在线会议上，而面巾纸对面巾纸来说就是)。在仍然充满人头major动的市场中，您知道，微软，思科，谷歌和Facebook等主要，激烈的竞争对手正向其在线会议平台投入大量资金，无论是从技术角度还是从营销角度而言，您本能地都知道主导地位今天的你会在以后的日子里变得虚弱。这可能会给公司内部和投资者带来压力，迫使他们试图“击中公司的第二本垒打”。

Often, this is a trap for many companies that have an unbelievable first run, much like great movies that then have mediocre (or worse) sequels. Think Marc Andreesen and Netscape after they invented the first Web browser… Think any company that has had a huge hit, be it a fad that fit the times or an innovation that matched the technology, the operative question is always: So what’s next? That is the big danger facing Zoom. Having become the go-to online platform, the question internally for management — and externally for all of us — is how do they top what they have already done? And when non-pandemic conditions doe return, whether in 2021, 2022, 2023, or beyond, what is their role and where is their platform. These are the kind of questions that yes, should keep their upper management — and investors in Zoom — up at night.

通常，这对于许多首发令人难以置信的公司来说是一个陷阱，就像伟大的电影之后却表现平平(或更糟)的续集一样。想想马克·安德森 ( Marc Andreesen)和网景(Netscape)在他们发明了第一个Web浏览器之后……想想任何一家受到巨大欢迎的公司，无论是顺应时代的潮流还是与技术相适应的创新，可操作的问题始终是： 那么下一步是什么？ 那是Zoom面临的最大危险。在成为了首选的在线平台之后，内部对管理层(对于我们所有人而言)的问题是，他们如何超越已完成的工作？当非大流行性疾病再次出现时，无论是在2021年，2022年，2023年或以后，它们的作用是什么，平台在哪里。这些问题是的，应该让他们的高层管理人员和Zoom的投资者在晚上保持忙碌。

Still, Zoom has seen a remarkable rise, and yes, it has come in a remarkable time, as unquestionably, the COVID-19 pandemic has been good — very good — for the acceleration of their business! Theirs is a remarkable story of having the right solution in place at the right time — an unexpected time for sure — that has helped “grease the wheels” of not just the American economy, but the American education system and indeed, much of these same things globally as well. It is a remarkable story, and it will be interesting to see if Zoom, over the long term, enters the Microsoft realm or joins the ranks of Netscape and other “one hit technology wonders.” The future is unwritten, and what Zoom’s management does today will go a long way towards saying whether the company joins the ranks of the tech elite or ends up on the proverbial “ash heap of history.”

尽管如此，Zoom取得了令人瞩目的飞跃，是的，它已经来了一段非凡的时代，毫无疑问，COVID-19大流行对于加速其业务发展一直是有益的- 非常好 ！他们的故事是一个非凡的故事，它在正确的时间(肯定是出乎意料的时间)制定了正确的解决方案，这不仅为美国经济，而且为美国教育体系乃至很多这些“相同的事物”提供了“便利”全球范围内的事情。这是一个了不起的故事，从长远来看，Zoom是否会进入Microsoft领域或加入Netscape和其他“一个热门技术奇迹”行列，将是一个有趣的故事。未来是不成文的，Zoom管理层今天的所作所为将大大有助于说明该公司是否加入了技术精英行列，或者最终陷入了众所周知的“历史堆积”。

关于大卫·怀尔德 (About David Wyld)

David Wyld (dwyld@selu.edu) is a Professor of Strategic Management at Southeastern Louisiana University in Hammond, Louisiana. He is a management consultant, researcher/writer, publisher, executive educator, and experienced expert witness.

David Wyld ( dwyld@selu.edu )是路易斯安那州哈蒙德东南路易斯安那大学战略管理学教授。他是管理顾问，研究员/作家，出版商，执行教育者和经验丰富的专家证人。

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