Hi Ethan, what a great and helpful write-up. Thanks. Since you asked for comments:
Shopify: As you know I exited for the same reasons you did. Growth seemed to be slowing shockingly. I think they can not count on Shopify Plus to carry the ball for the whole company because it’s not at all clear that huge internationals will count on this little company to do their websites. Of course, I could be completely wrong.
Companies executing incredibly: I agree with you on Alteryx and Zscaler and Okta, although I’m a little more hesitant on long range for Okta than you are.
Twilio: I think that belongs in the Companies executing incredibly category too. They had a blow-out quarter. On revenue growth: If you actually look at Base Revenue growth excluding Uber, that was in the mid 60% range, and that number has been in the low and mid 60% range over the last eight quarters, so as we scale this business we maintain consistently high revenue growth.
Gross Margins – stable at 55% (We remained focused growing the business long-term rather than maximizing gross margin in the near term. In the long-term we feel very comfortable with our long-term gross margin model of 60% 65%).
Dollar-Based Net Expansion Rate of 137%, up from 131% a year ago and from 132% sequentially. It was 145% excluding Uber.
They are another company that no one can currently compete with.
No problems with your categorization of Mongo and Pivotal.
I agree that Nutanix is misunderstood. I think that a lot of trading is taken over now by robo-computers that just see the headline figures and don’t look under them.
Nothing wrong with Pure, I just had better places for my money (all of the above)
Best,
Saul