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Chris Zeoli ⚡️
VC in SF. Ex-. Food, outdoors & tech. Penn/Wharton educated, New York raised. Optimizing for happiness.
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Chris Zeoli ⚡️ 6h
Replying to @ericsyuan @zoom_us
Wow gave me a follow! 🤩Guess he could tell that I was a fan of his business ☺️ 🥳 Congrats on what I’m sure will be an exciting IPO!
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Chris Zeoli ⚡️ 11h
Replying to @d_mccar
(Will buy some zoom that is)
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Chris Zeoli ⚡️ 11h
Replying to @d_mccar
Haha! Pagerduty, Tenable, Elastic, Zoom, Servicenow, Twilio, Proofpoint, Tableau, 2U, Splunk, Zendesk, teladoc. Personal portfolio of >35% arr growth, high s&m efficiency, >115% net retention (looks like those cohorts), 8-19X curr ARR, <11X NTM ARR, near FCF b/e. EST 5y cagr >30%
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Chris Zeoli ⚡️ 12h
Replying to @d_mccar
I’d suspect that too! It always is great to see customer segmentation data and get to cut it yourself — always insights to gain. Perhaps the company will post something to its investor relations section (ideally a deck that shows new logos by q and cohorts).
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Chris Zeoli ⚡️ 12h
Replying to @d_mccar
140% net dollar retention though! Can roughly calc net new ARR and payback from the S&M spend and approximate inc expansion. The growth and financial profile are pretty spectacular, enough for me to want in. But for going public, I’d like to see more data too, I agree.
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Chris Zeoli ⚡️ 16h
Replying to @chriszeoli
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Chris Zeoli ⚡️ Mar 22
Replying to @chriszeoli
3// also of note, the Company spends $6 on S&M per $1 spent on R&D. Clearly the product team is super efficient. Effective and massive S&M budget of $300m+ run rate —> 120% growth with 140% annual net expansion. Ridiculous execution 📈
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Chris Zeoli ⚡️ Mar 22
Replying to @arjunsethi
Dat P&L tho, a stunner! 🏆
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Chris Zeoli ⚡️ Mar 22
Replying to @chriszeoli
2// margin and it’s the only one in 2019 that’s FCF+ — so undoubtedly an A++ financial profile and probably the closest thing to venture growth rates in the public markets (will be #1 in the Bessemer cloud index of 49 recent software companies by 50% over the #2 (Elastic)).
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Chris Zeoli ⚡️ Mar 22
1// Of all the S-1s this year (Uber, Lyft, Pagerduty, Slack, etc.) & the 17 others in SaaS in 2018, Zoom is #1 in growth rate by a wide margin (120% growth, next closest is Slack and Pagerduty in 50s%; for 2018, Elastic at 70%). It’s also #1 in 2019 for profit margin by a large..
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Chris Zeoli ⚡️ Mar 22
Replying to @Austen @nabeel @afc
Yes Alex Clayton is king of S-1s for SaaS
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Chris Zeoli ⚡️ Mar 21
Replying to @polina_marinova
hey nothing wrong with being the de-facto first place to go to for great knowledge!
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Chris Zeoli ⚡️ Mar 21
Replying to @jasonlk @Recode
Looks like just one year though (though quite a big discrepancy)
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Chris Zeoli ⚡️ Mar 20
Replying to @chriszeoli
You can grow margins way faster than revenue growth once you’ve reached market dominance / scale in SaaS
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Chris Zeoli ⚡️ Mar 20
One reason SaaS is a superb investment class is it’s one of the only industries where a business can have 15-20+ years of FCF margin expansion. Insanely high incremental gross margin of ~70-80% —> more fcf at scale. Ie J&J or McDonalds could never improve margins as much over 20y
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Chris Zeoli ⚡️ Mar 20
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Chris Zeoli ⚡️ retweeted
Garry() Mar 20
Replying to @garrytan
Startups die when they keep raising money but then burn the $ on valueless things: leaky bucket customer acquisition, business class flights, building products and features that nobody wants. Tactically founders need to be driven by "is there a ROI?" on every decision.
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Chris Zeoli ⚡️ Mar 19
Garry Tan is the man
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Chris Zeoli ⚡️ retweeted
Charlie Bilello Mar 18
Nasdaq 100 Index, Total Returns... 2009: +55% 2010: +20% 2011: +4% 2012: +18% 2013: +37% 2014: +19% 2015: +10% 2016: +7% 2017: +33% 2018: +0.04% 2019 YTD: +16%
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Chris Zeoli ⚡️ retweeted
Jason ✨𝕊𝕒𝕒𝕊𝕥𝕣𝔼𝕦𝕣𝕠𝕡𝕒✨ Lemkin 🦄 Mar 16
Shopify ecosystem a lot like where Salesforce was around 2006 Just more SMB And bigger
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