Adapting to EndureWhy We're Here| want to take you back to early 2000, when | was CFO at PayPal...
=
It was March 2000. We had closed $100M at $500M.
=
A month later, the Nasdaq experienced a sharp decline. It

bounced back a little in mid-year, and then sank dramatically by=Michael Moritz quickly provided the Sequoia perspective:=

It was a get-real moment for the team. We had 7 months ofrunway left. So we:«Ran cost exercises in opex*

Turned product market fit into a business
June 2000 introduced fees
GM?% - fraud, instant ACH innovation=

Eventually reached nearly $250M revenue in 2002, profitable andgenerating cash. Market cap north of $18, acquisition of $1.58.

=

Today PayPal is worth $90B, with $25B in annual revenue and=$48 in pre-tax net income.
Needed to survive, needed to focus, needed to innovate.

Given the market tumult of the last week and ongoing macroeconomic
pressures, we felt it would be valuable to bring our community offounders together to share insight into what is happening and why, andmore importantly, what it means for you about the road ahead.

This is not a time to panic. It is a time to pause and reassess.

What We'll Cover

Why Wee HereThe Macro Environment

Rockton
Kevinkaty

The Public Markets

JettWang

What History Tells Us

DougLeone

How to Emerge Stronger

Atreatin

Leading From the Front

Cart Eschenbach.

Whats Next

RoviotBota«What we'll cover:©

The Sequoia perspective is rooted in our ability to connect experiences

and information from across our business lines (SCGE, Heritage, Early,

and Growth) and the experience that comes from having maneuvered
through similarly challenging momentsoverour 50 year history.

©

You will hear from various members of the Sequoia team today, including

partners Doug Leone, Alfred Lin, and Carl Eschenbach, as well as Kevin
Kelly and Jeff Wang from our Heritage and Global Equities teams, whowill share what theyre seeing take place in the macro environment andpublic markets.

© Asyou will hear from Kevin and Jeff, the cost of capital has

fundamentally increased. Over the past two years, monetary policy

loosened to avert an economic disaster in the midst of the pandemic.
Negative real interest rates led to effortless fundraising for growth‘companies and record valuation levels. Given the circumstances, thatwas perfectly rational. But now rates are rising, money is no longer free,©

and that has massive implications for valuations and fundraising.

The financial markets are a barometer on the real economy. The

valuation swings we all see are a reflection of uncertainty about demand,changing labor market conditions, supply chain uncertainties, and war.
©

These are all factors that will ultimately affect your businesses.

Manyofyou have had to navigate the headwinds and tailwinds arisingfrom the pandemic over the last two years. Others are just early in theirjourney, and this may be thefirst of many bumps experienced.

©

Regardless, webelieve this is a Crucible Moment, one that will present
challenges and opportunities for many of you. First and foremost, wemust recognize the changing environment and shift our mindset torespond with intention rather than regret.
© We foresaw someof this when we first published our Black Swan memoat the start of COVID in early 2020. What we got wrong then wasmonetary and fiscal policy response that followed and the distortion fieldthat created. This time, many of those tools have been exhausted. And
sustained inflation, and geopolitical conflicts further limit the ability fora
quick-fix policy solution. As such, we do not believe that this is going to
be another steep correction followed by an equally swift V-shaped
recovery like we saw at the outset of the pandemic. We expect the‘market downturn to impact consumer behavior, labor markets, Supply
chains and more. It will be a longer recovery and while we can't predict
how long, we can advise you on ways to prepare and get through to theother side.

Fe

COVID fiscal mandate: massive monetary stimulus

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COVID fiscal mandate: massive monetary stimulus©

In response to COVID, governments around the world embarked on a

‘combination of extraordinary fiscal and monetary stimulus to fill a

massive demand hole created by the pandemic. This helped prevent an©

extremely severe recession, but came with consequences.

During the pandemic, this money printing revealed itself in asset prices,

especially in companies perceived to be beneficiaries of themes likeremote work and e-commerce acceleration.

©

As the economy reopened, this liquidity creation manifested itself in©

supply chain challenges and price pressures as demand overwhelmed
supply.
Inflationary trends have accelerated since early 2022, with the war inbottlenecks and distortions throughout the real economy, leading to

Ukraine exacerbating the supply chain complexities and commodity pricesqueeze. At this point we've all seen the various charts showing inflationinflation is the increasing long-term expectations for inflation as‘spiking in recent months. More important than the moment in time
expressed by the bond market- where 5 year forward inflation
expectations are at the highest levels in decades.

The new Fed mandate: control inflation, tighten liquidity conditions

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This matters because the Federal Reserve has two jobs: maximize‘employment and manage price stability. Inflation running high and‘sub-4% unemployment fueled a growing perceptionofeconomic

overheating and increasing sense that the Fed was under-performing on©

akey pillar of its mandate.

Then the Fed pivoted to tighter money this chart shows expectations
for year-end 2022 Fed Funds - 10xing since September as the expected#0f rate hikes in 2022 went from sub-1 to >9. This implies an abrupt

increase in the cost of money and tightening of economic conditions.

Beyond hiking rates, the Fed is also planning to shrink ts balance sheet -further contracting liquidity in the system.

When capital was free, the best performing companies were
capital consumptive.
AAs capital has gotten expensive, these have become the worst

Capital was free.
Now it's expensive.

PEON Companies:
What are the other implications of capital being expensive?

Given every dolar is more precious than it was, how are you‘going to change your priorities?

«Capital was free. Now i's expensive.

© Asthis pivot was digested by the markets, the best performing assets‘when rate expectations were falling - including technology,
biotechnology, and recent IPOs
- have been the worst performing assets.

Simply put, the world s reassessing how business models fare in a world
companies for profits many years into the future. My partner Jeff wil
describe this in further detail momentarily.
© This would matter less iitwas solely about new multiples ascribed to‘each dollar of revenue. However, market indicators, including broader
eaquity prices, high yield spreads, and the yield curve, are beginning to
flash warning signs of further economic deterioration... so it might notjust be a question of valuations resetting.
© Wearejustbeginningtoseehowtheincreasing costof money flows
where capital has a cost and reconsidering how much credit to givethrough to impact the real economy. To give just one example in the

housing sector. In the last 6 months, due to the changing cost of money,

anew mortgage is 67% more expensive for the same house—the largest

percentage shock in 50 years and putting housing affordability back tolevels last seen at the peak of the housing boom. For this reason, publicmarkets are already anticipating a severe slowdown in housing activity©

with homebuilders down ~30% from their highs.

Undoubtedly, calls like this one are happening across sectors in responseto recent market dynamics. If you're stepping back and thinking twice,its not just you. Belt tightening and priority reassessment will have©
©

second- and third-order effects,asone company’s Costs represent‘someone elses revenue
or purchasing power.
Since we're in the early innings of the initial shock flowing through to the.
real economy, backward-looking fundamentals can paint a particularly
unreliable picture regarding what's to come. The economy is set to slow,
and at this point its a debate about magnitude.

EhWe're experiencing the 3rd largest Nasdaq drawdown in 20 yrs

We are experiencing the 3rd largest Nasdaq drawdown in 20 years

©

©

©
©

It's been an incredibly volatile last 6 months in the tech market

What we're experiencing nowis the third largest Nasdaq drawdown overthe last 20 years

While its not quite 2001 or 2008, the Nasdaq is down 28% since lastNovember

Atahigh level, the market isnt as challenged as it was in during the com
crash or the global financial crisis, but the story underneath the surface

is more revealing when you look beyond the mega caps

61% of all software, internet and fintech companies are trading
below pre-pandemic 2020 prices

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pre-pandemic 2020 prices©

Non mega capstocksare down meaningfully more than the Nasdaq©

Asoftoday, more than 60%ofall software, internet, and fintech©

They've lost more than two years of stock price appreciation©

‘companiestradefor below their pre-pandemic 2020 stock prices
That's despite many
ofthesecompaniesmore than doubling bothrevenue and profitability

1/3 are trading below COVID lows, when uncertainty and fear

was peaking

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Even more sobering, nearly one-third of these companies not only trade

below their pre-pandemic stock prices, but they are now trading below
the bottoms reached during March 2020 at the height
offear of the

COVID-19 pandemic©
©

©

The market is now pricing in lower values for manystocks than in March

2020 at atimeofpeak uncertainty

Aswe all know, the market bounced back quickly from thoselowswith

the help of an unprecedented combination of monetary and fiscal policy

Now with both those tools being withdrawn and moving from tailwinds toheadwinds, the market is clearly indicating that the valuation frameworkover the last two years is no longerrelevantwith the removal of freemoneyGrowth at all costs is no longer being rewarded

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©
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The era of being rewarded for hypergrowth at any costs is quickly

coming to an end

EV/Revenue multiples across software have been cut in half overthe

last 6 months and now trade below the 10-year average

Growth-adjusted multiples have fallen even further and are well below

the 10-year average and pushing the 10-year lows

With the macro uncertainty around inflation, interest rates, and war,

investors are looking for companies that can produce near-term certainty

Capital is becoming more expensive while the macro is becoming lesscertain, leading to investors de-prioritizing and paying up less for growthFocus is shifting to companies with profitability

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The focus on near-term momentum is often shifting toward companies

Who can demonstrate current profitability©

While the Nasdaq is down, Morgan Stanley's unprofitable tech index is©

With the costofcapital (both debt and equity) rising, the market isdown 64%

signaling a strong preference for companies who can generate cash
todayCheap capital is not coming to the rescue

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«Cheap capital is not coming to the rescue© Andunlike
prior periods,sourcesof cheap capitalarenotcomingtosave
the day© Crossoverhedge funds, which have been very active in private investingover thelastfewyearsand havebeenoneofthelowestcostsourcesof

capital, are tendingtowounds in their public portfolios which have been
hit hard© Manydon'tevenhavethecapacityto invest, as the drawdown in their
public portfolios has created an imbalanceintheir hybrid funds where

their private investments (which have not beenas dramatically markeddown) represent morethan the maximum private capacity within theirfundsMedium to long-term: durable growth with improving
profitability is always the path

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Medium to long-term: durable growth is always the path©

These are toughmarketsto navigate. It's not just valuation but also real‘economy risk with a weakening consumer that is weaning itselfoff fiscal

stimulus while simultaneously dealing with rising inflation©

But, what works in any market, is consistent growth and disciplined

financial management that translates into improving margins.

ServiceNow, like the example Roelof shared on PayPal, has continued tocompound revenue at 30%+ over the last decade and each year©

consistently improved free cash flow margins

It might not translate into your valuation overnight, but over the medium

and long-term, disciplined, durable growth is always rewarded andtranslates into meaningful value appreciation

What History Tells Us

==ATES607

Pandemic
Too much stimuli

War

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Thepain©

Lived through the 2000 and 2008 crashes. In the past two years the

pandemic forced the govt to stimulate. The war has impacted gas prices.

Supply chain issues raising prices all led to inflation. The only way to stop
inflation is to stop purchasing, less money to buy, shrinks economy.

Recovery will be long

«Recovery will be long©

That cycle will take a while and hard to peg itto a specific time horizon.

But it won't be quick.

seavona:

Who survives?

Adaptability“Tr It is not thesurvive, nor
one mosathe+ Adaptabilty
1. Must be adaptable. “It is not the strongest of the species that survive,

nor the most intelligent, but the one most responsive to change.”

Survival of the Quickest

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Survival of the Quickest©
2.Companies who move the quickest have the most runway and aremost likely to avoid the death spiral.
©

Do the cut exercise (projects, R&D, marketing, other expenses). It doesn't‘mean you have to pull the trigger, but that you are ready to do it in thenext 30 days if needed.

©

In 2008 all companies that cut were efficient and better.

©

Don't view cut as a negative, but as a way to conserve cash and run
faster.

Choices

What decisions doyou plan to make.

_

What decisions do you
wish you had made.

«Choices© 3.Whatdecisionsdo you plan to make and what decisions do you wish
you had made. When you have just 6 months of cash left, focus becomesincredible. Get that focus now regardless of how much you have in thebank.

Opportunities“You cannot overtake 15 cars in sunny
weather... but you can when it’s raining.”«Opportunities© 4."You cannot overtake 15 cars when it is sunny but you can when it'sraining.” There is opportunity ahead. Recognize it.

Who survives?

Embrace reality
Adeniquichy

Who wins?

Pain of discipline < pain of regret

Emerge stronger

Who doesn't just survive but win?

©

o
©

©

The founders/ CEOs who face reality, adapt fast, have discipline rather

than regret.

Itieasier to preserve cash when you have more than six months left.
Recruiting is about to get easier. All the FANG have hiring freezes.

Look at this as a time of incredible opportunity. You play your cards rightand you will comeout as a strong entity.

How to Emerge SL LT

What do you do at a crucible moment?

+

What do you do at a Crucible Moment?
© Itis hard to predict the future, but whatever happens, we want to give
You a framework to emerge from any Crucible Moment stronger> You know things are not quite right© Youknow the decisions that you make will be pretty consequential> And you know you might be in fora fight“Chance only favors the prepared mind”——«Chance only favors the prepared mind.

©

°
°

©
©

Who wins in a fight?

I'm told that WeCrashed was a great mini-series and many of you have‘watched it...but having all the money is not really the right lesson.

If the one with all the money is the one that wins, how could Zappos go

up against Amazon and win the shoe category? How could DoorDash‘come from behind and emerge as the market leader beating UberEats?

The one who is best prepared for the fight.

AtSequoia,webelievethat the onewhowins istheonemost

prepared.

SeongHow do you ~~.

How do you prepare?

©

We've come up with a framework that I've used throughout a few sticky©

1998 - Russian Ruble crisis @ LinkExchange©

2001 - Dotcom bust @ Zappos and Tellme Networks©

2008- Financial crisis @ Zappos©

2020 - Pandemic working with many of you

situations and have refinedover the years.

Prepare your mind
Prepare your teamHow do you
prepare?

Prepare your company«How do you prepare?

©

We have a simple checklist:

=

=

=

You have to prepare yourself

You have to prepare your teamYouhave to prepare your company

PrepareConfront your reality
Confront your fear

Your Mind

Courage over fear

Crisis => Opportunity«Prepare your Mind
© Confront your reality= Thefirst steps the hardest. Every crash starts with founders notconfronting reality.
= As the founder, as the CEO, you have to be the one to confront
reality. There is only so much that your team or your board will
push back.
= There is probably no better illustration of the first three bullets.
here than Admiral James Stockdale.
Stockdale Paradox: Admiral Jim Stockdale. You might
have read about him in Jim Colins book, Good to Great.
© He was the highest-ranking US military officer held as a
POW during the Vietnam War from 1965 to 1973.
«He was tortured over and over again, but he made it outof there, while many didn't. When you ask him who didn't
make it out, he retorts, “The blind optimist..they were the‘ones who said, ‘We'regoing to be out by Christmas.’ And

Christmas would come, and Christmas would go. Thentheyd say, We're going to be out by Easter” And Easter‘would come, and Easter would go. And thenThanksgiving, and then it would be Christmas again. And
they died of a broken heart.”«He would go on to tell many of his fellow prisoners, weare not getting out by Christmas, deal with it.

©

©
©

Confront your fear
= Now that you've confronted your reality, you have to prevent
yourself from spinning into a negative cycle.
= 1n1998, | was CFO of LinkExchange and we were attempting totake the company public, but on 8/31/1998, the market dropped
100 points an hour. That would be a big deal today, but it was aneven bigger deal back then. There was a Russian Ruble crisis andit would take down LTCM, a hedge fund started by Nobel prize
winning professor, that would require the Fed Chairman Alan
Greenspan to convene a number of banks to bail them out. So,
we had to shelf the IPO.
= Without the IPO we were quickly going to run out of cash. | wasworking so hard, LTCM wasn't my fault, and | startedtofeel bad
for myself and that went dark fast, which was preventing me fromsolving the problem at hand.
= Had to snap out of it to figure out howto get us out of ourpredicament.
Courage over Fear
= Courage is a decision. So choose courage. Whatever we arefacing today, it can't be any worse than the uncertainty
we facedat the beginning of the pandemic. We will prevail.
Crisis > Opportunity.
= Crisis > Opportunity= The traditional chinese character for crisis: Weidi.
= The components are Danger + Change Point. JFK took somelicense in calling it Danger + Opportunity and now itis a very
popular meme.
= The factis that there is danger and change point is moreinteresting. With a change point, the strong can become weak
and the weak can become strong. The once coveted growthstocks are being dumped and the value stocks are being
coveted. The slower growing companies that were doing it
profitably now have the financial flexibility to take advantage ofthe pullback from cash burning companies.
= That change point is what allows for the opportunity, if you see
the opportunity clearly and are prepared to cease the moment.

Start with Why

Reaffirm your mission and values——| showcase your leadership

Align your teamAsk for commitment«Prepare your teamoStart with Why©

Reaffirm your Mission/Valuesw

This is really importantto the missionaries you've hired. The.
mercenaries are the first to decamp. When we couldn't go public
at LinkExchange, the mercenaries were the first to leave and that==©

happened at Airbnb and DoorDash.

After 9/11, when sales went to zero at Zappos, the mercenaries
fled to larger companies such as Nordstroms or Amazon.

This happens again and again. Make sure you keep the
missionaries.

Showcase your Leadership

=
=

=
=

Know your audience: customers, employees, investors, etc.
They are all looking to be reminded why they joined yourvision of the future

They are all looking to you for direction
They are all looking to you for decisive action© Align your team©

Ask for Commitment=

Time to get your team's commitmentforthe path forward

or...politely ask them to lighten the lifeboat

PrepareCash & cash flow
Create financial degrees of freedomYour Company

Concentrate investments in your future
Constraints = Creativity«Prepare your company©

Cash & Cash Flow=

Almost every company has a daily sales or metrics dashboard,but Zappos had a daily cash, cash flow, and cash runway reportbecause we almost went out of cash in 2001 after 9/11, and thatreport really helped us through the 2008 downturn©

Create Financial Degrees of Freedom=

Best: earn more from customers«

Airbnb - pivoted to longer-term stayse

Zappos - increased selection & AOV«Tellme - improved product & increased automation=

Good: improve your unit economics=

OK: cut excess, should have done that

© Airbnb - cut marketing«Tellme - improve ROI«Zappos - payback on first order*

Airbnb - forced to cut (pandemic)«Tellme - forced to cut (3x, better if 1x)«Zappos - forced to cut (2001) /proactively cut (2008)«=

Allof them found they were more efficient the day after
making the changes
If Necessary: raise equity or debt, even if it is expensive«Survival >> Terms You Don't Like*

Airbnb - 10% debt deal©

©

DoorDash - 2 very difficult rounds© Zappos - debt and equity deals
Concentrate investments in your future= You won't be able to cut your way to a business= Youstil have to focus on your future= Focus on the most important and leveraged investments«Move back from the undisciplined pursuit of more
© Airbnb cut everything and most of the product, butinvested more in core hosting and longer-term stays© Zappos cut marketing but invested in customer service,selection, and engineering
Constraints > Creativity= Power of AND vs. Either/Or Thinking= When you recognize your constraints, you can focus more on
coming up with a better solution than throwing money at the
problem.
= Due to lack of funding, Zappos:«Forced to grow with LTV/CAC payback on first order+ Created its own gift card program«Created its own store credit program for returns+ Extended terms from merchants from net 30 to net 90days+ Found brand marketing programs such as advertising inthe shoe bins for insanely low prices

Board update
April5.

&+

Airbnb April 5, 2020 BoardUpdate (exampleofBrian preparing himself, his‘team and his company)©

Let me take you back to Sunday, April 5. You might ask why would Airbnb

have a board meeting on Sunday, well this was April 5, 2020.
©

We had been having Sunday board meetings since March 8, 2020, whenthe Black Swan Memo was published.

©

Founder Brian had seen 30% YoY growth in January, to a flat YoY growthin February, to a down 30% YoY in March, to having over 80% ofbookings in April canceled. He knew April would be bad.

©

Brian presented these slides before the board meeting to get alignment.

ProblemOnce in a generation crisis
Make sure Airbnb is around for future generations&«

Airbnb Siide: Problem© Were faced with a once in a generation crisis for a travel company© Why are we here: To make sure Airbnb is around for generations

Principles

Be decisive!
Preserve cash

Act with all stakeholders in mind
Emerge as role models, not villains
Play to win 2021 travel season

Don't trade in the future&

Airbnb Side: Principles© These principles would be used to manage through the entirety of thepandemic

We need to do four things
Raise money
Manage our stakeholders
Diversify our businessCut costs®
«

Airbnb Slide: We Need To Do Four Things©
Simple and clear©
They did all four things and emerged as a much stronger company

em

“Change is inevitaple
Growth is optiong+ Change,
wha areyouroptions‘The only thing constant is change. Growth is your choice.

sequoia

Wishful thinking is a waste of time.
Don't sit around talking about ‘the goodole days’ with hope they'll return.

Wishful thinking is a waste
oftime.

sequoia

This is the age of instability wheremanaging change is everyone's job.
Think of it as your personal assignment.

Managing change is everyone's job. As a leader: It's your personal

assignment.

“If the world outside your company ischanging faster than the world inside
your company, the ends gears

Communicate
Conviction
Confidence

Leadership

Calmness

Principles
Be authentic
Be human

Balance optimism and realism«Leadership Principles©

©

The four C's, Communication with Conviction with Confidence with

Calmness

Effective communication internal is keytosuccess©

Remain authentic©

Balanceofoptimism and realism

Strategies for
Uncertain Times

Simplicity scales, complexity doesn't
Speed is one of the greatest business strategies
Double down on your top talent‘Alignment over agreement
Tighten up value proposition to drive sales
If its not one of these, is fluff:- Drives revenue growth- Saves money (strong ROI)- Reducerisk

Strategies for Uncertain Times© Simplicity scales, complexity doesn't© Speed - one of the greatest business strategy© Double down on your top talent© Seekalignment, not agreement© Tighten up value proposition/solve real problems= Three reasons why people buy regardless of market conditions(enterprise POV):«Drive growth«Save money (real, hard ROI)© Reducerisk«Everything else is fluffy

Push vs. Pull Leadership

Pus

PULL
Le}

Motivational = PushingoInspirational = Pulling«Pushy. Pull Leadership©

Leadership modes:=
Motivational & Pushing=Inspirational & Pulling (get alignment
on mission and values, yourteam doesn't want to let you down)=

Be both motivational and inspirational. Flex as needed depending on
the moment.

©

Whats next?
Our intention in gathering today is not to be a beacon of gloom. Far fromit,we believe the best, most ambitious, most determined of you will
use this moment to rise to the occasion and build something truly
remarkable. That was true for Cisco after the crash in 1987, Google and
PayPal in 2000 after the dot-com bust, Airbnb in 2008 in midst of thefinancial crisis, DoorDash in 2020 during the health pandemic.
But we also believe that winning in the years ahead is going to depend‘on making hard, decisive choices - confronting uncomfortable challenges
that may have been masked during the exuberance and distortions offree capital over the past two years.
The primary goal of this session is to shift our collective mindset. We areata moment of uncertainty and change - a Crucible Moment where yourdecisions will have a major bearing on the outcome for your company.

Upcoming Breakouts for Early and Growth.

Forecasting &Runway Extension

Scenario PlanningLspasrshin in
Uncertain Times

Puncrsisingin
Difficult Markets

What's next?

©

Similar to 2020, we will organize breakout sessions over the coming‘weeks on actionable topics such as fundraising/capital strategy,

extending your runway, forecasting and leading through downturns. Stay
tuned for an email with more information on those sessions and how you

can sign up.
©

Turn to each other and harness the Sequoia community. Connect with©

Control what you can control. Be steady but decisive. And mosteach other so you can learn from and support each other.
importantly, build a sustainable business where you are in control of yourdestiny.

S10 V0).gi