the latest in earnings

May/Jun 2020

Took me a while to get through earnings reports – it’s been a busy life the past few months. I am amazed at how well the market is doing (frothy) even as our country is so wracked in turmoil. It’s been difficult to balance doing so well this year in the market, while 150k are dead in the US (so far) and countless more lives are in socioeconomic upheaval.

This is not going away any time soon. And while that is not good for our country or our world, … well, for our style of SaaS investing, that is probably going to continue to help buoy our companies even further as the needs around digital transformation and app economy and cloud use and remote working and analytics and cybersecurity that every enterprise is facing. I’m up 85% YTD, after being over 105% before hitting this latest pull back. The S&P500 is -1% YTD. It feels like we’re playing the DON’T PASS bar in craps against the rest of the crowd.

PRIOR REPORTS

Feb/Mar 2020: https://discussion.fool.com/the-latest-in-earnings-34452755.aspx…
Nov/Dec 2019: https://discussion.fool.com/the-latest-in-earnings-34388629.aspx…
Aug/Sep 2019: https://discussion.fool.com/the-latest-in-earnings-34329275.aspx…
May/Jun 2019: https://discussion.fool.com/the-latest-in-earnings-34231103.aspx…
Feb/Mar 2019: https://discussion.fool.com/the-latest-in-earnings-34161547.aspx…
Oct/Nov 2018: https://discussion.fool.com/earnings-boil-downs-thus-far-3406063…

SUMMARY

LVGO = rev +115%, op margin +33pp, opex +50%, custs +77%, $NER 110%
DDOG = rev +87%, custs +49%, custs>100k +89%, $NER >130%
ROKU = rev +55%, platform rev +73%, accts +37% ^^, stream hrs +49%, ARPU 28%
OKTA = sub rev +48%, custs +28%, custs>100k +38%, $NER +121%
ZM = rev +169% !!, custs +354% !!, $NER >130%
AYX = rev +43%, custs +30%, $NER 128%
COUP = sub rev +45%, op inc +577%, opex +14%
ZS = rev +40%, op inc +36%, $NER 119%
NET = rev +48%, opex +35%, custs +40%, custs>100k +65%, $NER 117%
FSLY = rev +38%, opex +41%, $NER 133%

And a few others I’ve taken note of, just to quickly check in:

WORK = rev +50%, custs +14%, custs>100k +49%, $NER 132%
MDB = rev +46%, sub rev +49%
TWLO = organic rev +48%, opex +34%, custs +23%, $NER 143%
DOCU = rev +39%, $NER 119%
ESTC = rev +57% CCURR, SaaS rev +120%, custs +40%, custs>1M +67%, $NER >130%
BILL = rev +46%, sub rev +44%, tx rev +106% !!, custs +28%, $NRR 118% ^^
SHOP = rev +47%, sub rev +34%, GMV +46%
MELI = rev +71% CCURR (wow), TPV +82%, GMV +34%
SE = rev +58%, ecommerce rev +115%, opex +70%, gaming paying users +73%
PINS = rev +35%, opex +69%

HOLDINGS

CRWD 15% … sold some
ZM 14%
DDOG 13%
OKTA 13% … sold some
FSLY 12% new
AYX 11% … sold some
LVGO 10% new
NET 9%
COUP sold
ROKU sold

EARNINGS

LVGO: https://discussion.fool.com/livongo-q120-recap-34525093.aspx
DDOG: https://discussion.fool.com/datadog-q120-recap-34526222.aspx
ROKU: https://discussion.fool.com/roku-q120-recap-34526659.aspx
OKTA: https://discussion.fool.com/okta-q121-recap-34527400.aspx
ZM: https://discussion.fool.com/zoom-q121-recap-34529119.aspx
AYX: https://discussion.fool.com/alteryx-q120-and-its-new-apa-platfor…
COUP: https://discussion.fool.com/coupa-q121-recap-34550573.aspx
ZS: https://discussion.fool.com/zscaler-q320-recap-34562296.aspx
NET: https://discussion.fool.com/cloudflare-q120-recap-34566684.aspx
FSLY: https://discussion.fool.com/fastly-q120-recap-its-potential-3456…

I’ve said all I can say in those!

-muji

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muji

Great summary as usual.

It appears that BILL, TWLO and/or WORK have comparable or better numbers/prospects than NET,assuming that WORK will be boosted by the current WFH trends. I’m interested in how you discriminate among these kinds of alternatives.

Thanx for any insight.

Dag nabbit, I missed including CRWD, my top holding. Thanks to silverfox for pointing out my glaring omission.

Here again is the summary and all the earnings writeups from this season.

Gonna be an exciting few weeks as they all starting reporting, mostly starting Aug 4-5-6 next week.

SUMMARY

CRWD = sub rev +89%, op margin +22pp, open +66%, custs 105% !!, $NER >120%
LVGO = rev +115%, op margin +33pp, opex +50%, custs +77%, $NER 110%
DDOG = rev +87%, custs +49%, custs>100k +89%, $NER >130%
ROKU = rev +55%, platform rev +73%, accts +37% ^^, stream hrs +49%, ARPU 28%
OKTA = sub rev +48%, custs +28%, custs>100k +38%, $NER +121%
ZM = rev +169% !!, custs +354% !!, $NER >130%
AYX = rev +43%, custs +30%, $NER 128%
COUP = sub rev +45%, op inc +577%, opex +14%
ZS = rev +40%, op inc +36%, $NER 119%
NET = rev +48%, opex +35%, custs +40%, custs>100k +65%, $NER 117%
FSLY = rev +38%, opex +41%, $NER 133%

WRITEUPS

CRWD: https://discussion.fool.com/crowdstrike-q121-recap-34536496.aspx…
LVGO: https://discussion.fool.com/livongo-q120-recap-34525093.aspx
DDOG: https://discussion.fool.com/datadog-q120-recap-34526222.aspx
ROKU: https://discussion.fool.com/roku-q120-recap-34526659.aspx
OKTA: https://discussion.fool.com/okta-q121-recap-34527400.aspx
ZM: https://discussion.fool.com/zoom-q121-recap-34529119.aspx
AYX: https://discussion.fool.com/alteryx-q120-and-its-new-apa-platfor…
COUP: https://discussion.fool.com/coupa-q121-recap-34550573.aspx
ZS: https://discussion.fool.com/zscaler-q320-recap-34562296.aspx
NET: https://discussion.fool.com/cloudflare-q120-recap-34566684.aspx
FSLY: https://discussion.fool.com/fastly-q120-recap-its-potential-3456…

-muji
long all those but ZS, ROKU, COUP

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