Unit Economics

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X	Y	Z	AA	AB	AC	AD	AE	AF	AG	AH	AI	AJ	AK	AL	AM	AN	AO	AP	AQ	AR	AS	AT	AU	AV	AW	AX	AY	AZ	BA	BB	BC	BD	BE	BF	BG	BH	BI	BJ
1	ZM						thousands	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	2022	Run-Rate	Run Rate
2	CAC	18,420	2022 S&M (6 mos lag)/Enterprise cust net adds				Total Revenue	663,520	777,196	882,485	956,237	1,021,495	1,050,756	1,071,376	4,099,864	4,285,504	16,399,456
3	ARPU (per month)	851	2022 Rev from enterprise cust/Enterprise cust				Revenue share enterprise customers	42%	44%	44%	45%	46%	49%	50%	48%	50%	48%
4	Churn (per month)	-2.50%	>130% Net Dollar Expansion 12 quarters in a row				Revenue enterprise customers	278,678	341,966	388,293	430,307	469,888	514,870	535,688	1,950,753	2,142,752	7,803,011
5	Gross Margin	74%	2022 Reported
6	Annual Discount Rate	15%	my hurdle				Sales & Marketing	159,173	190,157	214,018	245,667	271,179	293,698	325,415	921,021	1,084,716	1,174,792
7	COGS (per month)	219					Attributed to enterprise customers	159,173	190,157	214,018	245,667	271,179	293,698	325,415	921,021	1,084,716	1,174,792
8	Monthly Discount Rate	1.17%					% of revs	24%	24%	24%	26%	27%	28%	30%	100%	100%	15%
9
10	LTV per subscriber	56,524					Enterprise customers	100	122	141	160	173	184	191
11	LTV:CAC	3.07					Net Adds	23	22	19	19	13	11	7	50	28	200
12	CAC/ARPU*GM (payback period months)	29.1
13	NPV per user	39,265
14	IRR	5.22%	Excludes last period with terminal value
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16		Time 0	Year	1											2												3												4												5
17			Jan	Feb	Mar	Apr	May	June	July	August	September	October	November	December	January	February	March	April	May	June	July	August	September	October	November	December	January	February	March	April	May	June	July	August	September	October	November	December	January	February	March	April	May	June	July	August	September	October	November	December	January	February	March	April	May	June	July	August	September	October	November	December
18			1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27	28	29	30	31	32	33	34	35	36	37	38	39	40	41	42	43	44	45	46	47	48	49	50	51	52	53	54	55	56	57	58	59	60
19	CAC	-18,420	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
20	ARPU		851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851	851
21	COGS		-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219	-219
22	Monthly Cash Flow	-18,420	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632	632
23	Remaining fraction of users		100%	103%	105%	108%	110%	113%	116%	119%	122%	125%	128%	131%	134%	138%	141%	145%	148%	152%	156%	160%	164%	168%	172%	176%	181%	185%	190%	195%	200%	205%	210%	215%	220%	226%	232%	237%	243%	249%	256%	262%	269%	275%	282%	289%	296%	304%	311%	319%	327%	335%	344%	352%	361%	370%	379%	389%	399%	409%	419%	429%
24	Net Cash Flow	-18,420	632	648	664	681	698	715	733	752	770	790	809	830	850	872	894	916	939	962	986	1011	1036	1062	1089	1116	1144	1172	1202	1232	1263	1294	1326	1360	1394	1428	1464	1501	1538	1577	1616	1657	1698	1740	1784	1829	1874	1921	1969	2018	2069	2121	2174	2228	2284	2341	2399	2459	2521	2584	2648	2714
25	Present Value		625	633	642	650	659	667	676	685	694	703	712	722	731	741	750	760	770	780	790	801	811	822	833	844	855	866	877	889	901	912	924	937	949	961	974	987	1000	1013	1026	1040	1053	1067	1081	1095	1110	1124	1139	1154	1169	1185	1200	1216	1232	1248	1264	1281	1298	1315	1332	1350
26	Discounted Revenue as % of starting value		99%	100%	101%	103%	104%	106%	107%	108%	110%	111%	113%	114%	116%	117%	119%	120%	122%	123%	125%	127%	128%	130%	132%	133%	135%	137%	139%	141%	142%	144%	146%	148%	150%	152%	154%	156%	158%	160%	162%	164%	167%	169%	171%	173%	175%	178%	180%	182%	185%	187%	190%	192%	195%	197%	200%	203%	205%	208%	211%	213%
27	Sum of PV	56,524
28	Less: Initial Outlay (CAC)	(18,420)
29	NPV excluding residual value	38,104
30
31	ROI	207%
32
33	Residual Value Calculation
34	K	48,046
35	Discounted Residual Value	1,161
36	NPV	39,265
37
38
39	Total Customers	191,000
40	NPV/Customer	39,265
41	Present value of current customer base	7,499,599,245
42	Multiple	16.67
43	Capitalization	125,018,319,407
44
45	Market Cap	25,364,768,175
46	Cash	5,419,000,000
47	Debt	85,000,000
48	Enterprise Value	20,030,768,175
49	Under(over) valued	524%
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