WRT the Brians' analysis of ZM: You said there was lots of competition, but you didn't discuss why that competition isn't bridging Zoom's moat. I understand that MSFT Teams is a serious alternative. yet you didn't mention it at all.
Conor Mac's avatar
Future tip, could be useful to tag the brian's here @brianstoffel @brianferoldi or post this as a comment under their memo!

Also, welcome to Commonstock Russ :)
Brian Stoffel's avatar
Great point @russabbott. We mentioned competition in the "risks" section, but didn't talk about TEAMS specifically. We believe $ZM's dollar-based expansion rate among large customers fully includes the effects of competition -- as companies defecting would lower the figure, while companies adding more ZM services adds to the figure (and widens the moat)