*********Note: Compound Annual Growth Rate (CAGR). ********Note: Current market capitalization is as of June 1, 2022, at market close. Current EV / EBITDA is as of June 1, 2022, at market close.
*******Note: Earnings before interest, taxes, depreciation, and amortization (EBITDA). ******Note: We assess historical EBITDA margins after adding back operations-related stock-based compensation expenses to reported GAAP operating profit, plus reported GAAP depreciation and amortization. *****Note: We assess historical gross margins after adding back cost-of-goods sold (COGS)-related stock-based compensation expenses to reported GAAP gross profit. Please note that this definition of ARPU excludes knowledge workers who do not pay to use Zoom. ****Note: We define ARPU as the average revenue per paying user, or, put differently, the average annual spending per knowledge worker who pays to use Zoom. ***Note: Our historical estimates and forecasts for global knowledge workers excludes knowledge workers residing in mainland China. The first four lines of outputs within this column are ARK’s own estimates. **Note: The actual results of Zoom’s operations in 2021 correspond to results as of the end of their 2022 fiscal year. All other figures are rounded to the displayed first digit. *Note: With the exception of results and estimates for the 2021 calendar year, all percentages and multiples are rounded to the displayed second digit for simplicity and are consistent with reasonable variance in the forecast.
For informational purposes only and should not be considered investment advice, or a recommendation to buy, sell, or hold any particular security. Please see additional disclosures below on forecasts and hypothetical performance. Forecasts are inherently limited and cannot be relied upon as a basis for making an investment decision and are built on our modeling that reflect our biases and long-term positive view of the company.
Please note, however, that there are multiple discrete outcomes within our ten thousand simulations that could correspond to the bull and bear price targets. In the table above, we share the average outputs of all scenarios from our ten thousand simulations that correspond to the 25th and 75th percentile share price within a one percentage point deviation. Source: ARK Investment Management LLC, 2022
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