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Equity Research Report | 09/24/19 EQUITY RESEARCH REPORT | 09/24/19 Recommendation: SELL ZOOM VIDEO Business Rating: 6 COMMUNICATIONS, INC. (Ticker: ZM) Security Rating: 3 BUSINESS RATING SECURITY RATING SELL BUY NEGATIVE POSITIVE d POTENTIAL FOR RETURN RISK LIMITED SIGNIFICANT LOW HIGH d Industry: Software Sector: Technology Stock Price: $82.62 (09/23/19) Jarvis Rank: 964 (09/21/19) (Data as of 09/23/19 unless specified) Fwd (TTM) $744.8M Enterprise Value: $21.9B Market Cap: $22.6B Revenue: ($463.7M) 29.40x Revenue Growth Fwd (TTM) EV/Sales: TTM Gross Margin: 80.9% +118.2% (47.10x) (YoY): Share Performance TTM Operating +33.3% 1.8% RSI: 41.42 since listing: Margin: Dollar based net 52 week high $107.34 52 week low $59.94 >130.0% expansion rate Insider Transactions: Insiders have bought or acquired 7.1mn shares since the IPO WHY WE RATE ZOOM VIDEO (ZM) A SELL • Zoom is one of the most richly valued stocks traded, with a Grab-and-Go Fwd EV/Sales multiple of 29.40x. While their growth has been THESIS exceptional, the market has already priced it in with high premiums An investment in Zoom is a play on the growing market for cloud-based • ZM shares fell after the latest earnings release despite the meeting solutions backed by the company beating estimates and raising guidance. The market secular trend of businesses likely expects near-perfect results, and downside risks may be undergoing digital transformation. too high Zoom is cloud-native collaboration • The lock-up period for IPO subscribers and Class B platform offering video meetings, conference room solutions, and shareholders to sell their shares is yet to pass, which adds cloud phone calling. Continued additional downside risks as the price has increased product differentiation through significantly and shareholders may wish to exit their positions innovation & strategic partnerships • Microsoft Teams presents a long-term threat, as it’s bundled is key to its future growth. with Office 365 Premium, making it a free solution instantly available to Microsoft’s vast pool of customers; it is also the company’s fastest-growing app • Although an excellent video conferencing platform and business, ZM’s current valuation indicates a greater downside than upside; we recommend a SELL “Seeking Equity Returns 1 from High Yield Bonds” 0.94 EQUITY RESEARCH REPORT | 09/24/19 SUMMARY OF THE BUSINESS AND THE INDUSTRY ◼ Business1 Zoom Video Communications provides a video-first communications platform that connects people through Grab-and-Go video, voice, chat, and content sharing. It enables face- TALKING POINTS to-face video experiences for up to 1,000 users in a single meeting across separate devices and geographies. WHAT WE LIKE WHAT WE DON’T LIKE The platform features a cloud-native architecture that has been optimized for dynamically processing and Excellent product Expensive valuation delivering high-quality video and audio with scalability and service quality multiples and seamless integration. Zoom’s services are sold as Viral marketing and Lack of a comprehensive separate products or catered solutions for specific and collaborative industries such as healthcare, education, government, sales approach software ecosystem and finance. Key products include: Profitability and Enterprise-level competition will Zoom Meetings & Chat positive FCF increase with Microsoft Zoom Meetings is the company’s primary product generation and Cisco’s offerings offering that provides HD video, voice, chat, and content sharing facilities across multiple devices and conference room systems for enterprise video conferencing. • HD Video and Audio: Allows for up to 1,000 video participants and 49 videos on a single screen • Built-in Collaboration Tools: Participants can share screens simultaneously and co-annotate during a meeting • Security: Offers end-to-end encryption, role-based user security, password protection, waiting rooms, and the ability to place attendees on hold • Recordings and Transcripts: Meetings can be recorded and stored locally or to the cloud with searchable transcripts • Team Chat: Enables users to chat individually or in groups, access a searchable chat history, and share files across the same platform • Streamlined calendaring: Supports scheduling and initiating meetings from Outlook, Gmail, and iCal • Offered as free and paid solutions; the Pro version has a base monthly subscription fee of $14.99/mo per host or $149.90/year per host for an annual subscription o Optional additions include Zoom Rooms, Cloud Recording, and Room Connectors that are charged separately Zoom Rooms 1 https://www.zoom.us/ “Seeking Stocks that can 2 Double in 2-3 Years” 0.94 EQUITY RESEARCH REPORT | 09/24/19 Zoom Rooms integrates existing or new conference rooms with the Zoom platform seamlessly through a combination of hardware and software for a monthly subscription fee. • Zoom Rooms software can be downloaded for Mac/Windows/iPad/Android Tablets and can be up and running in a few minutes; hardware such as screens, cameras, computers, speakers, and mics can be configured with the software • Offers one-click proximity, integrated A/V, ability to share multiple screens and room deployment and management through a single software solution • Priced at $49.00/mo for a monthly subscription; $499.00/yr for an annual subscription o Additional features include an H.323/SIP Connector that integrates with existing standardized conference room systems o Cloud Recording, Large Meeting, and Webinar functionalities are charged separately Zoom Phone Zoom Phone is a cloud solution for phones that unifies traditional phone functionalities with the cloud capabilities and functionality of the Zoom platform. • Unified app for video, voice, messaging, and meetings that can also make and receive calls over Wi-Fi and cellular connections (with caller ID, call recording, voicemails) • Secure HD Audio provides clarity for all business interactions • Connects with native apps for Windows, macOS, iOS, and Android • Supports popular desk phone systems like Polycom and Yealink Zoom Video Webinars The company’s webinar-specific product that offers HD video and audio, on-demand viewing, live broadcasting, event assistance, full-featured host controls, and reporting and analytics. • Users can set up private group panelist chat settings, Q&A sessions, virtual hand-raising for attendees, and more • Webinars integrate with leading CRM platforms and marketing automation systems (Salesforce, Marketo, etc.) • Allows for monetization of Webinars through PayPal via Zapier Zoom App Marketplace & Developers The Zoom App Marketplace is the company’s proprietary marketplace for third-party applications that integrate with Zoom functionalities. They provide extensive documentation, tools, and a community forum to promote developers to create apps that integrate with the platform. Customers Customers vary in size, from individuals to global Fortune 50 organizations. They span across all major industries. Zoom has expanded to the healthcare industry and educational institutions after being certified as FERPA and HIPAA compliant. Currently, Zoom has over 66,300 customers with more than ten employees, and 466 customers with more than $100,000.0 in revenue. No individual customer represented more than 5.0% of revenue in FY2019. • Case Study: National Australia Bank “Seeking Stocks that can 3 Double in 2-3 Years” 0.94 EQUITY RESEARCH REPORT | 09/24/19 NAB is Australia’s largest business bank, with 33,000 employees serving 9.0mn customers at more than 900 locations. It was seeking collaboration technology in 2018 to drive its digital transformation. After testing several services in low bandwidth environments, it found that Zoom consistently outperformed the competition while solving challenges in communicating across their branch network. Zoom was also selected due to its integration with Microsoft Teams and Office 365. The platform’s ability to support company-wide all-hands meetings on video, where the CEO could connect face to face with the global employee base was a key selection factor. Zoom Rooms were added, which significantly lowered the costs of building video-enabled conference rooms, allowing NAB to scale even to small remote branches. • Case Study: Uber Technologies Uber has completed more than 10.0bn trips and is committed to building a platform that enables safe, efficient movement of people worldwide. Uber needed a scalable platform to manage communications for over 20,000 employees in 60 countries. Zoom was deployed in 2014 and was able to match their swift growth, with thousands of Zoom licenses added each year. They also established 2,000 Zoom Rooms and averaged 14.0mn Zoom meeting minutes a month in 2018. Sales & Marketing The sales model combines viral demand generation through their free Zoom Meeting platform, with a sales approach optimized for each customer opportunity. Their approach integrates direct sales reps, online channels, resellers, and strategic partners. The marketing team’s objective is to create a preference for the Zoom brand by leveraging their viral growth, building awareness, and engaging users in person. Marketing is complemented with online and out-of-home advertising. The company participates in a variety of marketing and customer events and hosts Zoomtopia, its annual user conference. Zoom’s “Land and Expand” growth strategy has been successful, which involves introducing customers to core functions on its platform and then upselling other products and services. They’ve maintained a net dollar-based expansion rate of over 130.0% in the
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