ZEN has historically reported non-GAAP gross margins above 80%, which is driven by their software subscription operating model. Not surprisingly, non-GAAP gross margin remained very strong at 82%, even improving ~1 point from the year ago period. The company reported revenue growth of 28% yoy to $407 million, which beat consensus expectations for $404.5 million. Financial ReviewĮven though the Q2 earnings report was somewhat irrelevant given the pending takeout, trends during the quarter were quite good. However, while the shareholder approval meeting has yet to confirm the transaction, I believe ZEN could have received a higher offer. ![]() Given the stock currently trades around $75.50 and Q2 demonstrated ongoing strong results, I find it difficult to believe anything but a successful acquisition will occur. Since this takeout was first announced on June 24, investors had been questioning if the $77.50 takeout price was a lowball offer, especially considering the stock had traded above that level for most of 2019-current period. While the company posted a Rule of 40 score of 34% during Q2, the 5.5x forward revenue implied multiple now seems a little cheap. In my opinion, this quarter all but confirmed the pending acquisition will close in Q4 (as expected). However, with the pending acquisition by Hellman & Friedman and Permira expected to close in Q4, investors may be wondering if the $77.50 takeout price is too cheap. An annual increase of $21,600 for 45 agents.Zendesk ( NYSE: ZEN) reported a better than expected Q2, with revenue growing 28% yoy and FCF margin coming in at 10%. These features are included in the 'Collaboration' add-on which is approx $25 per agent per month making a total of $124 per agent per month. ![]() Light agent accounts are unlimited in number.Īnother feature that comes with Light Agents is Side Conversations which also has great potential value to improve ticket resolution effectiveness. This is a very useful feature since everyone at GitLab can then easily help Support with tickets and see customer issues without needing to use a shared account. The limitation is that they can only leave 'internal notes' and not 'public replies'. The Light Agents feature allows anyone at GitLab to have a special limited 'Agent' account so they can sign into Zendesk and view tickets. (The 'Productivity Pack is included with Enterprise so is not needed as an add-on.) Option 2 - Enterprise + Light agents and Side Conversations add-on Assuming 45 agents that's an annual increase of $8,100. So that's a $15 per month agent increase. To include the same features we currently have and the additional features listed above, list price is: $99 per agent per month.
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