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I'm surprised by the negative comments on Zoom's profitability. The return on sales/marketing investment is exceptional. Net income is a poor indicator of high growth SaaS company health.

See this deck for a detailed view on SaaS metrics that shows the cashflow benefit of investing in quality growth. https://www.slideshare.net/DavidSkok/the-saas-business-model...

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This is dead on. What's interesting is that capital flows strongly underprice this in late-stage companies (until they're 12 months from an IPO) and even pre-indexation. It's exactly why I started this - https://lembascapital.com/strategy/.

If you read any of SEG's quarterly benchmarks, you'll see that a company like Zoom really does stand on its own. You can see that here: https://softwareequity.com/research/

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