Hi Smorg,
I see RNG being a useful guide for where ZM might be able to take their PBX offering. I like the 50B TAM RNG states in their Q4FY20 CC.
Y-Charts has RNG with Full Year Gross Margins of 72%. Oddly, I didn’t see them list GM in the Notes at RingCentral IR so I found it elsewhere.
It’s higher than I thought and would be pleased if Zm GM was no more effected than if they were able to push out their PBX with that margin.
Is it lazy of me to ask for your thoughts on Possible margin effects Zm may experience related to their PBX offering growing as a percent of sales?