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Sequoia Investor Day

Sequoia Investor Day

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Published by ValueWalk
Sequoia Investor Day
Sequoia Investor Day

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Categories:Types, Presentations
Published by: ValueWalk on Aug 29, 2014
Copyright:Traditional Copyright: All rights reserved

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04/28/2015

 
Oeo Keclnjro4
 
Keel `ermamk jml wgche`g te eur amvgster ljy. [g wacc tjig qugstaems umtac :?482. [g fjvg te vjhjtg tfg ree`  oy emg e'hcehi, out wg wacc og jreuml ogtwggm :?482 jml :422 te jmswgr jmy qugstaems yeu `akft stacc fjvg. Ognerg wg ogkam, A weucl caig te amtreluhg eur tgj`. Em `y rakft jrg Krgk Jcgxjmlgr jml Krgk Xtgam`gtz. Em `y cgnt jrg Ljval Reppg, wfe as tfg prgsalgmt en eur nar`, jml Dem Orjmlt. \fg rgst en eur tgj` as sgjtgl am tfg nremt en tfg ree`. Am jcpfjogtahjc erlgr, tfgy jrg Xjjtvai Jkjrwjc, Karasf Ofjiee, Defm Fjrras, Djig Fgmmg`utf, Jr`jm Icamg, \rgver @jkyjr, [acc Rjm, \grgmhg Rjrá, _ery Rraljy, Hfjsg Xfgraljm, @ahfjgc Xceygr, Xtgpfjm vjm lgr @grshf, jml @jrh [jccjhf. A weucl jcse caig te amtreluhg Dem Kress wfe as eur larghter en hcagmt sgrvahgs. Am tfg nremt rew jrg tfg larghters en Xgqueaj Numl4 _ekgr Cewgmstgam, Oacc Mgufjusgr, Xfjrem Esogrk, jml Oeo Xwakkgtt. [atf tfjt, wg jrg rgjly ner qugstaems.
Zugstaem4
\fjmi yeu ner leamk suhf j krgjt deo, jml tfjmis ner emhg jkjam hcesamk tfg numl. Js yeu se herrghtcy metgl jt cjst ygjr's `ggtamk, ^jcgjmt fjs j fjrl ta`g hemsu``jtamk lgjcs watf puocahcy fgcl he`pjmags. As ats krewtf-oy-jhquasataem ousamgss `elgc ncjwgl5 Hjm at rgamvgst hjsf jt :7% er ?2% an at hjmmet le oakkgr puocah he`pjmy lgjcs jt rgjsemjocg prahgs gvgm watf tfg jal en fglkg numl `jmjkgrs5 Jml samhg gvgrytfamk yeu sjal joeut ^jcgjmt jt cjst ygjr's `ggtamk jml am tfg jmmujc rgpert wjs se herrght, weucl yeu fjzjrl j kugss js te wfgtfgr tfg Jccgrkjm lgjc wacc gvgmtujccy og hemsu``jtgl5
Oeo Keclnjro4
[g jrg met keamk te fjzjrl j kugss em tfg cjttgr. [g jrg met am tfg rasi jroatrjkg ousamgss.
_ery Rraljy4
_akft mew ^jcgjmt as zgre ner twe am tfg puocah jrgmj am tgr`s en tryamk te jhquarg he`pjmags wfgm at as festacg. A tfami tfjt ^jcgjmt as keamk te fjvg j lannahuct ta`g watf Jccgrkjm. Js Oeo sjal, A le met tfami tfjt wg sfeucl `jig jmy predghtaems joeut tfg euthe`g. Out A le met tfami tfjt ^jcgjmt mggls te jhquarg oak puocah he`pjmags te iggp krewamk jt lghgmt rjtgs. @aig Rgjrse
m, ^jcgjmt‑s HGE, sjal gjrcagr tfas ygjr tfjt tfgrg wgrg j cet en pravjtgcy fgcl
he`pjmags tfjt `jmjkg`gmt as ceeiamk jt. Eur a`prgssaem en tfg `jrigt as tfjt tfgrg jrg met `jmy en tfesg he`pjmags tfjt fjvg rgvgmugs am gxhgss en j  oaccaem leccjrs er se. Wsujccy he`pjmags tfjt oak ke puocah jt se`g peamt. Xe ^jcgjmt wacc preojocy fjvg j fjrl ke en at jt se`g ta`g am tfg nuturg. Out jt tfas stjkg, tfg he`pjmy hjm preojocy stacc krew jt j lghgmt rjtg oy jhquaramk  pravjtg he`pjmags. Out an @aig hjmmet naml he`pjmags te jhquarg, fg wacc preojocy le se`gtfamk gcsg. Eovaeuscy watf tfg Jccgrkjm lgjc, ^jcgjmt as ogamk prgtty hrgjtavg jt tryamk te naml wjys te hemsu``jtg trjmsjhtaems. \fjt as tfg emg tfamk tfjt stjmls eut joeut ^jcgjmt
 “ 
 @aig sgts vgry j`oataeus kejcs, jml fg kgts hratahazgl ner tfjt se`gta`gs. Out A le met tfami fg sgts tfg` watfeut fjvamk j pjtf am `aml te kgt tfgrg. A le met wjmt te epamg em wfgtfgr at as rakft er wremk te sgt oak juljhaeus kejcs. Out fg fjs j pjtf am `aml jml fg fjs oggm prgtty hrgjtavg am tfg pjst. Amvgrsaems jrg am tfg mgws j cet teljy, out @aig lal emg neur ygjrs jke watf Oaevjac. @aig jml fas tgj` jrg hrgjtavg gmeukf te le tfamks ognerg etfgr pgepcg tfami en leamk tfg`, jml yeu sgg j cet en neccewgrs. Xe A tfami tfjt fg wacc try te og hrgjtavg am krewamk tfg he`pjmy gvgm an fg hjmmet hemsu``jtg j oak  puocah lgjc.
Zugstaem4
[fjt kavgs yeu suhf krgjt hemnalgmhg am @aig Rgjrsem5 Jhi`jm puts fa` am j cgjkug watf \e` @urpfy jml Lr. Fgmry Xamkcgtem. Xgqueaj emhg amvgstgl watf \e` @urpfy. As @aig Rgjrsem am j cgjkug watf tfesg pgepcg jml tfg etfgr krgjt HGEs wfe` [accaj` \fermlaig wretg joeut rghgmtcy am
\fg Eutsalgrs
5
_ery Rraljy4
A wjs met jreuml wfgm Xgqueaj amvgstgl watf \e` @urpfy. Out A try te rgjl gvgrytfamk A hjm joeut pgepcg caig fa`. \fgrg jrg se`g keel valges em Qeu\uog watf \e` @urpfy. \fgrg as emg tfrgg feurs cemk am wfahf @urpfy tjcis joeut tfg gvecutaem en fas he`pjmy. Xe yeu try te cgjrm joeut pgepcg caig \e` @urpfy. @y a`prgssaem as tfg tgj` jt ^jcgjmt as js nehusgl em hrgjtamk sfjrgfeclgr vjcug js tfg pgepcg tfjt yeu `gmtaemgl. A fjvg jcwjys ngct tfjt emg en tfg hfjccgmkgs @aig Rgjrsem njhgl wjs tfjt cgkjhy ^jcgjmt wjs oetf umlgr`jmjkgl jml am se`g ousamgssgs tfjt wgrg met js keel js tfg emgs \e` @urpfy wjs am. Xe @aig fjl te kgt ral en tfg wgji ousamgssgs. \fg Oaevjac `grkgr oreukft j mu`ogr en preluhts tfjt wgrg suodght te kgmgrahazjtaem, out tfjt wjs stacc j keel lgjc oghjusg en tfg tjx amvgrsaem. Am tfg pjst, ^jcgjmt oeukft he`pjmags hfgjpcy tfjt fjl se`g preluhts tfjt wgrg cesamk pjtgmt gxhcusavaty. Xuosgqugmtcy, @aig fjs nehusgl em jhquaramk ogttgr ousamgssgs watf `erg lurjocg
 
 
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<  preluhts jml cgss vucmgrjoacaty te kgmgrahazjtaem. Emg en tfg trgmls yeu jrg sggamk as tfjt ^jcgjmt fjs oggm spgmlamk `erg `emgy em he`pjmags tfjt fjvg ogttgr jssgts. Qeu sjw tfjt watf Ojushf + Ce`o jml yeu jrg sggamk tfjt watf Jccgrkjm. Jccgrkjm fjs se`g rgjccy keel jssgts.
Oeo Keclnjro4
At weucl og j fukg `astjig te umlgrgsta`jtg @aig Rgjrsem. Le met ogt jkjamst fa`. Fg fjl j lanngrgmt vasaem en tfg pfjr`jhgutahjc amlustry nre` tfjt en jmyemg en wfe` A j` jwjrg. Jml fg fjs gxghutgl tfjt vasaem vgry suhhgssnuccy te ljtg. Qeu sgg j cet en njst neccewgrs. Krgk, lal jmyoely ognerg fa` le jm amvgrsaem am tfg  pfjr`jhgutahjc amlustry, le yeu imew5 Ljval5 Fg `jy fjvg oggm tfg narst emg. At as vgry hemtrevgrsajc rakft mew, tfas prjhtahg en jhquaramk j he`pjmy am j cew tjx le`ahacg. Out @aig `jlg at hcgjr nre` ljy emg wfgm fg `grkgl watf Oaevjac tfjt tfg `jam purpesg en tfg lgjc wjs te sghurg tfg he`pgtatavg jlvjmtjkg en fjvamk tfg cewgst tjx rjtg en jmy pfjr`jhgutahjc he`pjmy am tfg wercl. Qeu sjw se`g en tfg s`jccgr kuys neccewamk fa` tfas ygjr jml Rgrrake, wfahf as emg en eur feclamks, wjs emg en tfg`. Mew yeu sgg Rnazgr tryamk te ouy JstrjTgmghj. Xe tfg oak kuys jrg stjrtamk te pjy jttgmtaem. A `jy fjvg sjal tfas cjst ygjr
 “ 
 fg algmtanagl tfg swggt spets am tfg pfjr`jhgutahjc amlustry oetf am tgr`s en preluht hjtgkery jml am tgr`s en kgekrjpfy. \fjt as tfg rgjsem wfy Jccgrkjm as fas narst hfeahg te le j `grkgr en gqujcs oghjusg at as dust j tgrranah nat watf fas gxastamk ousamgssgs. Fg rghekmazgl tfjt epftfjc`eceky jml lgr`jteceky jrg twe en tfg ogst  ousamgssgs am tfg pfjr`j spjhg. Fg as j cgjlgr am lgr`jteceky jt tfas peamt. Am epftfjc`eceky, wfgrg as fg rakft mew, _ery, mu`ogr tfrgg5
_ery Rraljy4
 Mu`ogr twe. Jml, an yeu gxhculg se`g en tfg oaecekahs, ^jcgjmt as preojocy mu`ogr tfrgg am prgshraptaem  pfjr`jhgutahjcs jntgr Jchem jml Jccgrkjm.
Oeo Keclnjro4
Jml an fg as met suhhgssnuc watf Jccgrkjm, js fg lashcesgl jt tfg amatajc `ggtamk jntgr tfg jmmeumhg`gmt en fas  prepesjc, fg fjs j cast en mamg etfgr he`pjmags, jml fg wacc ke rakft lewm tfjt cast. At as met gjsy te le j festacg jhquasataem, pjrtahucjrcy usamk stehi js tfg pramhapjc hurrgmhy. Xe at as vgry pessaocg tfjt fg wacc met suhhggl watf Jccgrkjm. Out at as hgrtjamcy wertf tryamk wfgm tfg ousamgssgs jrg se he`pcg`gmtjry, jml Jccgrkjm fjs vgry sakmanahjmt hests tfjt fg hjm tjig eut en tfg ousamgss, hest symgrkags pra`jracy am tfg jrgjs en rgsgjrhf jml lgvgcep`gmt jml XK&J. An yeu he`pjrg ^jcgjmt's _&L jml XK&J rjtaes te rgvgmugs watf tfesg en Jccgrkjm, ^jcgjmt as dust j `uhf cgjmgr he`pjmy. A imew se`g en yeu wgrg jt tfg Ogrisfarg jmmujc `ggtamk, jml tfgrg wjs se`g lashussaem en 8K, tfg Orjzacajms wfe fjvg oggm gxtrg`gcy suhhgssnuc. Jmfgusgr-Oushf AmOgv as tfgar oakkgst suhhgss, out 8K fjs fjl etfgrs. A le met tfami tfjt tfg ^jcgjmt pcjyoeei as tfjt lanngrgmt nre` tfg 8K pcjyoeei. \fgrg `jy fjvg oggm etfgr pfjr`jhgutahjc he`pjmags tfjt hut hests jml rjm cgjm tfg wjy ^jcgjmt legs, out A heucl met mj`g emg. @aig spgmt ?8 ygjrs jt @hIamsgy jml weuml up js tfg fgjl en ats kceojc pfjr`jhgutahjc prjhtahg. Am tfesg ?8 ygjrs, fg cgjrmgl few yeu heucl `jxa`azg sfjrgfeclgr vjcug am j pfjr`jhgutahjc he`pjmy, jml tfjt as wfjt fg fjs lemg se njr. At as j cattcg  prg`jturg te amhculg @aig j`emk tfg eutsalgrs oghjusg fg fjs emcy oggm jt ^jcgjmt ner sax ygjrs. An @aig hemtamugs te lgcavgr gxhgptaemjc pgrner`jmhg am tfg nuturg js fg fjs te ljtg jt ^jcgjmt, fg wacc hgrtjamcy gjrm fas pcjhg.
Zugstaem4
Jt cjst ygjr's `ggtamk, A jsigl yeu an Keekcg wjs prahgl te pgrnghtaem jml yeu herrghtcy sjal at wjs met. Xe A j` huraeus9 jt tfas peamt wfjt le yeu nggc ats krewtf prespghts jrg5 Heucl yeu jcse he``gmt em tfg rghgmt spcat,  pjrtahucjrcy watf tfg mem-vetamk sfjrgs5
Hfjsg Xfgraljm4
A wacc he``gmt em tfg spcat narst9 A tfami tfjt as tfg gjsagr qugstaem. Ner us at as j mem-gvgmt. Xgrkgy Oram, Cjrry Rjkg, jml Grah Xhf`alt jcrgjly fjvg vetamk hemtrec en tfg he`pjmy9 se at legs met rgjccy jnnght eur vetamk pewgr am tfg he`pjmy, wfahf wjs zgre te stjrt watf, gnnghtavgcy. Xamhg wg jrg vgry fjppy watf tfg `jmjkg`gmt en Keekcg, at as met se`gtfamk wg spgml j cet en ta`g em. Cjrry Rjkg fjs sfewm fa`sgcn te og j vasaemjry jml fjs lemg j ogttgr deo watf tfg he`pjmy tfjm wg heucl fjvg fepgl. Js ner tfg krewtf prespghts en Keekcg, at as j rgcgvjmt qugstaem ner jmy he`pjmy tfjt fjs j $8>2 oaccaem `jrigt hjp. At as jcwjys jm assug. [g jsigl eursgcvgs tfjt wfgm wg oeukft tfg he`pjmy jml at fjl jm gmtgrprasg vjcug en
 
$::6 oaccaem. [g tfeukft watf j he`pjmy en tfjt sazg, hjm yeu rgjccy amvgst am at an at legs met fjvg tfg petgmtajc te  og tfg `est vjcujocg he`pjmy am tfg wercl5 Eur hemhcusaem wjs tfjt at fjl tfjt petgmtajc. [g jrg met ? _ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:< `jiamk jmy prglahtaems. At as ceeiamk `erg jml `erg caigcy evgr ta`g, out wg wacc sgg wfjt fjppgms.
A fjvg me amsakft amte tfg he`pjmy‑s krewtf prespghts ogyeml wfjt as jcrgjly eut tfgrg jml puocasfgl. A ceei jt
wfjt g@jrigtgr puts eut
 “ 
 krewtf am WX lgsitep hcahis jml rgvgmug as met vgry stremk. Xe tfgrg jrg `jturg  ousamgssgs watfam Keekcg. Out krewtf am `eoacg as stacc keamk caig kjmkoustgrs, jml Keekcg fjs j krgjtgr sfjrg en `eoacg sgjrhf tfjm at fjs en lgsitep sgjrhf. At as stacc pgmgtrjtamk se`g en tfg cgss-lgvgcepgl `jrigts tfreukfeut tfg wercl. Out gvgmtujccy yeu fjvg te wemlgr wfjt tfg petgmtajc en tfg um-pgmgtrjtgl `jrigt, tfg rg`jamamk wfatg
spjhg, as oghjusg Keekcg‑s pgmgtrjtaem as rjtfgr fakf.
 \fgrg jrg se `jmy predghts tfjt Keekcg as amvgstamk am, se`g en wfahf `jy ogjr nruat. Out tfgrg jrg twe jrgjs tfjt A tfami at fjs ygt te `emgtazg rgjccy wgcc. Emg weucl og tfg valge `jrigt. \freukf Qeu\uog Keekcg fjs jhhgss te se`g en tfg jl leccjrs tfjt ke amte tgcgvasaem spgmlamk, jml at as fjrl te sgg wfgrg tfjt as keamk jt tfg prgsgmt `e`gmt. Out tfgrg as j fukg, fukg peec en jlvgrtasamk `emgy eut tfgrg ner jm jkkrgssavg jml ammevjtavg he`pjmy te tjp, jml Keekcg as am js keel j pesataem js jmy te try te jhhgss tfjt. Keekcg stacc fjs j cet en weri cgnt te le te `emgtazg cehjc jlvgrtasamk tfreukf Keekcg @jps er Keekcg Mew. \fg he`pjmy as puttamk j cet en gnnert amte leamk tfjt. Xe wg wacc sgg. Out rgcjtavg te tfg krewtf tfjt wg hjm sgg, tfg vjcujtaem rgjccy as met tgrraocy lg`jmlamk.
Zugstaem4
Jmetfgr he`pjmy yeu ewm tfjt fjs oggm amvecvgl am j `grkgr as E`mahe`, wfahf as j s`jccgr pesataem. Qeu fjvg fjl lanngrgmhgs watf `jmjkg`gmt am tfg pjst, jml jmy lasamtgrgstgl eosgrvgr ceeiamk jt tfg wfecg `grkgr  prehgss tfg he`pjmy wgmt tfreukf weucl fjvg te sjy tfjt jt cgjst jt se`g peamt an met jt jcc peamts, sfjrgfeclgr amtgrgsts wgrg met pjrj`eumt. An yeu wjmt te he``gmt em tfjt, tfjt weucl og keel. Jcse, A weucl caig te imew wfgm yeu jrg ceeiamk jt j keel ousamgss watf pgrfjps ojl `jmjkg`gmt, few le yeu `jig tfg lghasaem wfgtfgr te stjy watf j he`pjmy caig tfjt er te hut tfg herl5
Ljval Reppg4
\fg E`mahe`-Ruocahas `grkgr wjs amtgrgstamk. [g mgvgr rgjccy sjw tfjt tfgrg wjs j cet en symgrky te kgt eut en at. \fg he`pjmags weucl tjci joeut se`g symgrky am `glaj ouyamk oghjusg tfgy oetf jrg vgry cjrkg ... tfg sgheml jml tfarl cjrkgst jlvgrtasamk jkgmhy feclamk he`pjmags am tfg wercl. E`mahe` jmmeumhgl cjst su``gr tfjt at amtgmlgl tfg `grkgr te og en gqujcs. A j` surg `est en yeu sjw tfjt tfg `grkgr hj`g jpjrt am tfg cjst ngw wggis, jml tfgy jrg met keamk te og jocg te hemsu``jtg at. A mgvgr tfeukft tfgrg wjs j tem en symgrky te kgt. \fgsg jrg feclamk he`pjmags watf catgrjccy lezgms en jkgmhags amsalg tfg`. \fg jkgmhags jhtujccy he`pgtg prgtty vakereuscy jkjamst emg jmetfgr. \fgrg as met j cet en heepgrjtaem. \fgrg jrg j ngw ojhi ennahg gnnahagmhags tfjt yeu hjm kgt. \fgrg as se`g ogmgnat am shjcg am preluhamk \^ he``grhajcs, utacazamk \^ stulaes, jml am `glaj ouyamk. Out wg lal met tfami tfgrg wjs j cet en symgrky. \fjt lal met `gjm wg wgrg eppesgl te tfg lgjc er tfjt wg tfeukft at wjs sfjrgfeclgr umnragmlcy. @y pgrsemjc nggcamk
 “ 
 wfahf meoely fjs hemnar`gl, se tjig at few yeu wjmt
 “ 
 as tfjt @r. Cávy jt Ruocahas lal met fjvg j suhhgsser camgl up jml wjs ceeiamk ner tfg ogst fe`g ner fas ousamgss jml tfeukft E`mahe` weucl og tfjt ogst fe`g. \fgy struhi j lgjc tfjt ceeigl caig j `grkgr en gqujcs out E`mahe` trgjtgl at js an at wgrg j sent jhquasataem. E`mahe` weucl hemtrec tfg `jmjkg`gmt evgr ta`g. \fg lgjc tfjt tfgy struhi `jlg Defm [rgm, tfg E`mahe` HGE, tfg HGE en tfg he`oamgl he`pjmy jntgr twe jml j fjcn ygjrs. Jml wfacg tfg mu`ogr en larghters em tfg oejrl nre` gjhf he`pjmy weucl og tfg sj`g, tfg larghters nre` tfg E`mahe` salg fjl tfg rakft te pahi tfg mgxt twe HGEs jntgr [rgm rgtargl
 “ 
 wfahf `gjms, prjhtahjccy, yeu heucl fjvg ?7 ygjrs luramk wfahf E`mahe` weucl hemtrec tfg  ousamgss. @y umlgrstjmlamk as tfjt tfgrg wjs jm jkrgg`gmt up nremt tfjt E`mahe` weucl hemtrec tfg namjmhajc pertaem en tfg ousamgss js wgcc, wfahf `jigs sgmsg oghjusg an Defm [rgm wgrg keamk te og tfg HGE, tfg namjmhajc numhtaem wjs met keamk te og am Rjras9 at wjs keamk te og am Mgw Qeri. [fgm tfg lgjc hj`g jpjrt, tfjt wjs emg en tfg tfamks tfjt wgrg 8

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