Muji
I think we can only speculate the answers to your questions. I wonder the same thing because I have been trying to pay a lot more attention to where growth is coming from (As Bear pointed out above).
So this is only speculation because I have not seen it addressed anywhere, but you asked:
1) why the enormous sandbag in op loss guidance for Q2?
I think they realized in this uncertain environment they had to conserve cash. So maybe not a sandbag so mush as a change in priorities. But how did they pivot so fast? That leads to your second question and more speculation.
2) what happened w/ the plans for that $17-19M+ in expected spend, between guide (-35-33M) and actual (-15.4M)?
They still derive something like 78% of their revenue from customers that have ARR less than $50k (This is from the Q122 conference call). I infer from this that they spend a lot on advertising campaigns (like Super Bowl ad). So it could be they dialed back the advertising spend in this quarter and instead concentrated on bigger customer wins that are done with sales people that are already on payroll. This is the only way I can figure that they can dial back OpEx costs so rapidly. Again, this is speculation, which brings us to your final question.
3) why no mention of this adj in CC? or any questions on it at all?
I think a lot of analysts are terrible. I would have loved to have this question asked so we would not have the need to speculate.
- Justin