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Buy: Ringcentral Inc. (NYSE: RNG) Buy: Target: Upside: $317 $410 29% Buy: RingCentral Inc. (NYSE: RNG) | Ring Central Inc. | Central Ring UND Communications and Technology Sectors F Sector Heads: Zachary Halperin, Jacob Hochheiser Senior Analysts: Adrian Erazo, Jamie Geen, Vincent Huang, Alex Rivera NVESTMENT I Junior Analyst: Olu Alamutu, Kathryn Bamman, Alyssa Chillemi, Nicholas Mucci LNGHAMTON B Executive Summary Recommendation Key Statistics BUY: RNG Market Cap: $28.71 Bn EV: $29.53 Bn CEO: David Gandler ECTOR Current Price: Target Price: Upside: Revenue: 1.18 Bn S $317.30 $410 29% 52 Wk Range: 202.59 – 449.00 Short Interest Ratio: 5.86% Beta: 0.80 OMMUNICATIONS OMMUNICATIONS Historical Performance Investment Thesis | C RNG vs. S&P Indexed Performance UND F 350 COVID-19 and Work-From-Home are catalysts for UCaaS adoption 300 250 200 Launch of GLIP will help RingCentral reach a larger base of users NVESTMENT I 150 100 50 Aggressive partnership strategy will stimulate growth 0 LNGHAMTON March 12, 2018 January 12, 2019 November 12, 2019 September 12, 2020 B RNG S&P 2 Company Overview Description Products RingCentral is a leading provider of global enterprise cloud UCaaS allowing for team messaging, communications, video meetings, collaborations and contact video meetings, and cloud phone system center SaaS Uses differentiated open platform API to enable seamless UCaaS made for larger businesses with integration with third party applications locations around the world Meeting solution with team messaging The UCaaS business model operates as a unified platform that that enables smart video meetings and allows all MVP communications on one device broader collaboration market for free Leading UCaaS Provider Geographical Revenue Breakdown | Ring Central Inc. | Central Ring UND 22% 28% 8% F RingCentral Mitel 8x8 North America NVESTMENT Vonage I International Microsoft Zoom 92% LNGHAMTON B 2017 2020 UCaaS Industry Competitors Microsoft- Microsoft Teams focuses on telephony as well as team and personal meetings and messaging. Microsoft Teams has integrations with Office 365 services. 8x8- focus on enterprise telephony, meetings, personal and team meetings, messaging, and contact center services. 8x8 has geographic diversity and works with Microsoft Teams. Zoom- offers Zoom Chat and Phone, and focuses on meetings, enterprise telephony and messaging. Cisco- has a Webex suite focused on services for meetings, telephony, messaging, workstream collaboration and contract centers. Gartner Industry Rankings Non-zero-sum industry Trends | Ring Central Inc. | Central Ring Frequent RNG partnerships between • Shift from on-premise telephony UND systems to cloud based F UCaaS and other UCaaS, Tech, and Comms companies communication systems • Mobility between devices (desktop NVESTMENT I to smartphones, plug-ins as well) • Integrate UC capabilities with business and communication LNGHAMTON applications B Investment Thesis Launch of Glip Pro Glip will help Adoption of Work-From- RingCentral’s strategic RingCentral reach a Anywhere has led partnerships give it wider base of users, companies to shift from exclusive access to 40% acting as a direct feeder on-premise telephony of customers migrating for the company’s core systems to cloud-based to cloud-based offering, while lower UCaaS communication systems | Ring Central Inc. | Central Ring acquisition costs UND F Cloud-based Strategic UCaaS adoption Partnerships NVESTMENT I LNGHAMTON B Cloud-based UCaaS adoption Adoption of Work-From-Anywhere Model Cloud-Based Revenues vs On-Premise UCaaS Revenues The emergence of Work-From-Anywhere has led $35.0 Cloud-Based organizations to shift away from legacy on-premise $30.0 11% communication providers to cloud-based solutions. $25.0 CAGR $20.0 $15.0 As the UCaaS industry leader, RingCentral is poised to benefit On-Premise $10.0 from an estimated ~445 million business telephony customers $5.0 that will migrate toward cloud-based communication systems. -7% $- 2019 2020 2021 2022 2023 2024 CAGR Cloud-Based Revenues On-Premise Revenues Global UCaaS Market Size ($ in billions) Unified Communications Installed Users Worldwide | Ring Central Inc. | Central Ring $160 450.0 Cloud-Based UND F $140 400.0 350.0 15% $120 300.0 CAGR $100 250.0 NVESTMENT $80 200.0 I On-Premise $60 150.0 100.0 $40 50.0 -7% $20 0.0 CAGR 2019 2020 2021 2022 2023 2024 LNGHAMTON $0 Total Installed Users - Cloud Total Installed Users - On-Prem B 2020 2021 2022 2023 2024 2025 Launch of Glip Glip is a free video and messaging solution with a robust set of collaboration tools Feature-rich Freemium offering Top-of-Funnel Feeder for RingCentral Office Suite RingCentral recently launched Glip, a feature-rich video and messaging solution providing premium level features for free, including unlimited meeting duration and unlimited users. Glip has seamless transitions between devices and integrated team messaging to increase collaboration and boast productivity. Glip Pro+ users have access to business tools, analytics, and additions integrations | Ring Central Inc. | Central Ring Growth Strategy UND F Glip enables Freemium Differentiated offering with offering builds a NVESTMENT RingCentral to I reach a much Pro level loyal customer • Glip Pro provides a direct on-ramp to seamlessly upgrade a wider base of features to base that feed users attract new into to core business from freemium to the company’s flagship product users product • Lowers cost of customer acquisition LNGHAMTON B Strategic Partnerships Notable Partnerships International Opportunity • Partnership introduced RingCentral’s platform as the Only Partnerships International exclusive UCaaS provider to Avaya’s installed base of +100 give access to expansion million users still on-premise communication systems. ~8% 110mn expected to of revenue International be a key derived outside customers growth driver North America • Partnered to create “Unify Office”, a co-branded UCaaS solution, the exclusive UCaaS offering for Atos products, which has a total installed base of 40 million users. On-Premise Unified Communications Market | Ring Central Inc. | Central Ring 3.61% 9.64% UND 24.10% Ring Central’s strategic F • Introduced a new co-branded cloud solution called 9.64% partnerships give them “Rainbow Office” in Q1 2021. Giving RingCentral exclusive access to 180 million access to Alcatel’s 40 million on-premise customer base. PBX seats out of the 12.05% NVESTMENT estimated 445 million I 24.10% total, 42% of available 16.87% seats worldwide. • Expanded existing partnership making RingCentral the lead offering for AT&T’s UCaaS enterprise solution, accelerating Cisco Avaya LNGHAMTON Mitel NEC B RingCentral’s presence in the large enterprise market. Atos Alcatel Lucent Valuation Football Field Assumptions Current Price: Target Price: Terminal Growth $317 $410 WACC: Rate: 5.44% DCF 4% Gordon Growth Terminal Multiple: EV/NTM Rev: Exit Multiples 10x 25.4x Comps Bull vs. Bear | Ring Central Inc. | Central Ring EV/ FWD Revenue $500.00 UND F $450.00 $400.00 EV/ TTM Revenue $350.00 $300.00 $250.00 NVESTMENT I 52 Week Range $200.00 $150.00 $100.00 Analyst Consensus $50.00 $- April 11, 2018 April 11, 2020 April 11, 2022 LNGHAMTON 150 200 250 300 350 400 450 500 550 B Investment Risks RNG Competes Against Competitors with Greater Firms and Analysts agree that there is room in the Resources industry for multiple winners Partners could develop cloud capabilities R&D and CapEx requirements are not feasible near term | Ring Central Inc. | Central Ring UND F Limited international exposure creates sensitivity to US Ring is expanding footprint internationally by creating market multiple partnerships NVESTMENT I LNGHAMTON B Buy: Target: Upside: $317 $410 29% Thank You! Questions? | Ring Central Inc. | Central Ring UND F NVESTMENT I LNGHAMTON B Revenue Build USD ($) in Thousands 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Subscriptions 612,888 817,811 1,086,276 1,433,884 1,835,372 2,294,215 2,753,058 3,166,017 3,482,618 3,761,228 4,024,514 4,265,984 4,479,284 % growth 33.4% 32.8% 32.0% 28.0% 25.0% 20.0% 15.0% 10.0% 8.0% 7.0% 6.0% 5.0% % of reveneue 91% 91% 92% 92% 92% 91% 90% 89% 88% 86% 85% 84% 83% Other 60,736 85,047 97,381 128,543 169,677 223,973 291,165 378,515 484,499 605,623 726,748 835,760 919,336 % growth 40.0% 14.5% 32.0% 32.0% 32.0% 30.0% 30.0% 28.0% 25.0% 20.0% 15.0% 10.0% % of reveneue 9% 9% 8% 8% 8% 9% 10% 11% 12% 14% 15% 16% 17% Revenue 673,624 902,858 1,183,657 1,562,427 2,005,049 2,518,188 3,044,223 3,544,531 3,967,117 4,366,851 4,751,262 5,101,745 5,398,620 25% 24% 24% 22% 20% 17% 14% 11% 9% 8% 7% 5% | Ring Central Inc. | Central Ring UND F NVESTMENT I LNGHAMTON B Income Statement REVENUE BUILD USD ($) shares in Thousands, $ in Thousands 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Revenue Subscriptions $ 612,888 $ 817,811 $ 1,086,276 $ 1,433,884 $ 1,835,372 $ 2,294,215 $ 2,753,058 $ 3,166,017 $ 3,482,618 $ 3,761,228 $ 4,024,514 $ 4,265,984 $ 4,479,284 Other 60,736 85,047 97,381 128,543 169,677 223,973 291,165 378,515 484,499 605,623 726,748 835,760 919,336 Total Revenues 673,624 902,858 1,183,657 1,562,427 2,005,049 2,518,188 3,044,223 3,544,531 3,967,117 4,366,851 4,751,262 5,101,745 5,398,620 Cost of revenues Total cost of revenues 157,129 231,043 323,607 397,147 509,655 640,087 773,798 900,969 1,008,384 1,109,991 1,207,703 1,296,790 1,372,252 % percent of sales 23.3% 25.6% 27.3% 25.4% 25.4% 25.4% 25.4% 25.4% 25.4% 25.4% 25.4% 25.4% 25.4% Gross profit 516,495 671,815 860,050 1,165,281 1,495,394 1,878,101 2,270,425 2,643,562 2,958,733 3,256,860 3,543,559 3,804,955 4,026,368 Research and development 101,042 136,363 189,484 240,153 300,757 327,364 304,422 283,563 317,369 349,348 380,101 408,140 431,890 % percent of sales 15.0% 15.1% 16.0% 15.4% 15.0% 13.0% 10.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% Sales and marketing 329,116 439,100 583,773 687,468 882,221 1,108,003 1,339,458 1,559,594 1,745,531 1,921,415 2,090,555 2,244,768 2,375,393 | Ring Central Inc.
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