the latest in earnings

CMF_muji · October 28, 2019, 2:57am

the latest in earnings
Aug/Sep 2019

Hey Fools. I have been extremely busy the past few months after a busy summer, so my activity around investing has been very low. I haven’t been following stocks for the past few months, so wasn’t really paying attention as my hypergrowth/SaaS focused port took a nose dive in September and October. I am sure it was a fun time watching the huge drops in real-time. I’m still up YTD but… ouch.

So needless to say, I was very very behind in following my companies and on this board (still have 2003 posts to catch up on). AYX is typically first of my companies to release, and their earnings will be here Halloween Night.BUT FIRST, I needed to catch up on the prior earnings – way overdue as the next earnings period has already begun. So… here is my recap of Aug/Sept earnings, and a few events since (eg new products announced, especially Okta and Elastic). Better late than never! I’m skipping adding in my positions and my pontifications in this writeup as I don’t have time. I need to catch up in a hurry!

Shout out this post goes to Starrob for his amazing earnings call and Q&A writeups on a wide slice of hypergrowth SaaS companies. He has gotten better and better at boiling the essence down, while explaining terms along the way. Anywhere you see “CC recap (Starrob)” you know it is a good read. So kudos to him. You need a TMF newsletter membership to see them, as he posts them in the Premium board for our companies.

Prior reports:

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…

NOTE on my NOTES below: ^^ is “accelerating”, and !! is an especially important/impressive bit IMHO.

Summary:

CRWD = sub rev +98% !!, custs +24% SEQ !!, $NER >120%
SMAR = sub rev +56%, custs >100k +128%, $NER 134%
ZS = rev +53%, $NER 118%
MDB = sub rev +71% !!, Atlas +240% !!, custs +103% !!, $NER >120%
ESTC = sub rev +63% CCURR, SaaS rev +77% CCURR, $NER >130%
OKTA = sub rev +51%, custs >100k +46%, $NER 118%
TTD = rev +42%, income +45%, CTV +250%, Audio +270%
ROKU = rev +59% ^^, platform rev +86% !!, accts +39% !!, stream hrs +72% !!
SQ = adj rev +46%, sub rev +87%, GPV +25%
SHOP = rev +48%, sub rev +38%, GMV +51%, GPV +61% !!
TWLO = organic rev +56%, $NER 140%
AYX = rev +59%, adj GM 91%, $NER 133%, custs +34%
TLRA = rev +47%, CTV rev +133% [watch list]

Earnings:

======================
CRWD - Q220 (see Q120 at bottom)

PR: https://ir.crowdstrike.com/news-releases/news-release-detail…
Fool recap: https://www.fool.com/premium/coverage/investing/2019/09/06/c…
CC transcript: https://seekingalpha.com/article/4290066-crowdstrike-holding…

Revenue 108.1M +94%

Sub Rev 97.6M +98% !!
Int’l 28M (26% of ttl)
ARR 423.8M +104% !!
Gross Margin 70.2% +710bp
Sub Margin 74% +400bps
Op Loss 50.6M (vs 30.4M)
… op loss/rev 47% (vs 55%)
Opex 220M +52%
Adj Loss -23.1M (vs -30.4M)
Adj EPS -0.18 (vs -0.69)
FCF -29.2M
Custs 3789 +730 +24% seq !!
Cash 826.8M
$NER >120%

large increase in volume coming from AWS Marketplace as workloads move into cloud
50% of sub custs have 4+ modules - 1st covers costs, each add’l is high margin
launched Falcon Fund w/ partner Accel, for early stage investment
launched CrowdScore, to score real-time threats with analytics/AI
initiatives in 2017 showing in margin growth
new partnership with Zscaler (see ZS)

Swipe at recent VM acquire of Carbon Black in the Q&A by CEO: “And at the end of the day lots of companies that don’t have necessarily security DNA are acquiring these companies. I think when you look at CrowdStrike, you look at our DNA, every day we wake up and we think about how do we protect customers from being breached and do we build the best endpoint technology? And that’s what we’re going to continue to focus on.”

My stance: Explosion of cloud & IOT endpoints is fueling a huge wave. So much so that they grew its customer base by 24% SEQUENTIALLY! Massive, massive growth on this cloud platform that can scale and keep up. New AI initiatives are a must-do to stay a top player. AI creates a virtuous circle - their entire platform then gets stronger with more customers and more data to analyze. They have dropped 50% from highs, luckily my position was quite small. But execution looks strong, margins are rising.

======================
SMAR

PR: https://investors.smartsheet.com/press-releases/press-releas…
Fool recap: https://www.fool.com/premium/coverage/investing/2019/09/05/w…
CC transcript: https://www.fool.com/premium/coverage/earnings/call-transcri…

Revenue 64.6M +53%

Sub Rev 58.3M +56%
Svc Rev 6.3M +29%
Int’l 13.5M (21% of ttl)
Billings 79.5M +52%
Op Loss -20.9M (vs -13M)
… op loss/rev 32% (vs 31%)
Adj EPS -0.08 (vs -0.12)
Gross Margin 82%
Sub GM 88%
FCF -7.3M (vs -4.2M)
Cash 561M

Custs 82k +1900

Custs >5k 7673 +55% (70% of ttl)
Custs >50k 635 +113% (31% of ttl)
Custs >100k 226 +128% (20% of ttl)
Users 5.4M
Empl 1350
ACV 2972 +48%
$NER 134%

FedRAMP approved in Aug
3rd annual ENGAGE conf 9/30-10/3
1/3rd of new custs from 10000ft acquisition (May 2019)
equity raise in June added +$380M cash
now 7 Accelerators (turnkey apps for specific vertical), more coming at ENGAGE

My stance: Customers continue to grow spend, with larger customers growing more. Losses are not reducing with scale, which is a bit concerning. One of my lower tier that I may switch to a higher conviction.

======================
ZS - Q419

PR: https://ir.zscaler.com/news-releases/news-release-details/zs…
Fool recap: https://www.fool.com/premium/coverage/investing/2019/09/11/z…
Fool recap: https://www.fool.com/premium/coverage/investing/2019/09/12/z…
CC transcript: https://www.fool.com/premium/coverage/earnings/call-transcri…
CC recap: https://discussion.fool.com/4056/zs-q4-2019-cc-notes-34292634.as…
Tedyun take: https://discussion.fool.com/4056/zs-q4-2019-earnings-8211-ticker…

Revenue 86.1M +53%
Billings 125.8M +32%
Deferred 251.2M +53%
RPO 554M +39%
Op Loss -7.9M (vs -7.9M)
… op loss/rev 9% (vs 14%)
Adj EPS 0.07 (vs -0.01)
Gross Margins 81%
Opx 62.2M +31%
FCF 7.6M (vs 11.9M)
$NRR 118%
Custs 3900

Global 2000 custs 400 +33%
Empl 1480
Cash 365M

billings had difficult comp
seeing some large deals taking longer to close
new President Go-To-Market and Chief Revenue Officer, Dali Rajic
ZPA is 14% of rev +400bps, 1/2 coming from ZIA custs
have over 100 of Fortune 500 as custs
investing in channel partnerships, contribute >50% of rev
NA/SA 51% of rev, EMEA 41%, APJ 8%
big drivers remain Office 365, SD-WAN, move to cloud

New Partnership w/ CRWD (Sept 2019): https://ir.zscaler.com/news-releases/news-release-details/zs…

My stance: Zscaler is transformative to a company’s network layout, and typically involves C-suite decision to engage. Customers and deal sizes are rising, which is slowing sales cycle. New CRO in place to help improve sales process. It remains one of the stickiest SaaS services.

======================
MDB - Q220

PR: https://investors.mongodb.com/file/Index?KeyFile=399468696
Fool recap (Innovator): https://www.fool.com/premium/coverage/investing/2019/09/06/m…
CC transcript: https://www.fool.com/earnings/call-transcripts/2019/09/04/mo…
CC recap (Starrob): https://discussion.fool.com/4056/mongodb-q2-fy2020-prepared-rema…
CC highlights (Sparks): https://www.fool.com/premium/coverage/investing/2019/09/18/m…

Revenue 99.4M +67%

Sub rev 94.2M +71% !!
– Atlas +240% !!
… Atlas now 37% of ttl !! (vs 18%)
Svc rev 5.2M +15%
Op Loss -37.7M (vs -27.1M)
… op loss/rev 38% (vs 46%)
Adj Loss -14.7M (vs 17.5M)
Adj EPS -0.26 (vs -0.34)
Cash 436.6M
Debt 223.4M
FCF -13.8M (vs -18M)
… fcf loss/rev 14% (vs )
Gross Margins 70% +200bp
Stock compensation 17.7M +92%
Custs 15k +103% !!
Custs > 100k 622 +42%
Atlas custs 13.2k +149% !!
$NER >120% (for 18Qs)

3 prong sales approach - field sales channel, inside sales channel (automation/Atlas), self-serv channel
expanded Atlas on Azure, now avail via Marketplace
last Q expanded w partnership Google GCP, so now have presence on 3 major domestic platforms
v4.2 adds distributed transactions and field level encryption
new products Atlas Data Lake and Atlas Full-Text Search [see my writeup on new search products and v4.2 features https://discussion.fool.com/mdb-getting-into-search-34232660.asp… ]
currently are integrating Realm (recently acquired mobile/sync db) w/ Stitch serverless platform [see my writeup on Realm https://discussion.fool.com/mdb-goes-mobile-34194422.aspx?sort=w… ]

My stance: MDB! MDB! There are a lot of exclamations in the notes as they are batting it out of the park. New search products are exciting new direction, but those products go up against Amazon/AWS and Elastic - who aren’t going to cede much. It now offers SaaS hosting on all 3 major cloud platforms.

======================
ESTC - Q120

PR: https://ir.elastic.co/file/Index?KeyFile=399380814
Fool recap: https://www.fool.com/investing/2019/08/29/why-elastic-is-soa…
CC transcript: https://www.fool.com/earnings/call-transcripts/2019/08/29/el…

Revenue 89.7M +58.4% (+62% CCURR)

Sub rev 82.4M +60% (+63% CCURR)
– SaaS Sub rev 17.6M +71% (+77% CCURR)
Svcs rev 7.3M +45%
Int’l 40.3M (45% of ttl)
Billings 89.4M +51% (+53% CCURR)
Deferred 169.8M +64%
RPO 363M +59%
Adj Op Loss -23.3M
… adj op loss/rev -27%
Adj EPS -0.32
Gross Margins 80.2%
Svcs Gross Margins -4.7%
FCF -3.3M (vs -4.8M)
$NER >130% (for 12Qs)
Cash 315M
Custs 8800 +700 +8.6% seq
Custs <100K 475 +8% seq
Empl 1600 +158

released v7.2 of Elastic Stack

Elastic SIEM product beta w/ Kibana interface (free w/ basic sub [not open source], ML enhancements with paid licenses)
Elastic App Search went GA, added connectors to Atlassian products
improved Kubernetes monitoring
new Metrics Explorer UI, for interactive analysis of infrastructure metrics

released v7.3 of Elastic Stack

Elastic Maps went GA for visualizing geospatial data (free w/ basic sub [not open source])
new Continuous Data Frames in beta, to allow real-time pivots, enables new ML techniques
add ML anomaly detection to Elastic SIEM
Kerberos SSO

acquired Perched cybersecurity training/consulting (focused on Elastic Stack)

New Product (Jun 2019): Elastic SIEM https://www.elastic.co/blog/introducing-elastic-siemd

interactive workspace for security teams to triage events and perform initial investigations

Network Viewer - monitor network activity
Timeline Event Viewer - search interface, gather & store evidence, pin/annotate events

Elastic Cloud now on Azure (Sept 2019)
Elastic Cloud now GA on Google Cloud Marketplace (Oct 2019), w/ consolidated billing

Subsequent release v7.4: https://ir.elastic.co/file/Index?KeyFile=400014035

Elastic Maps now available in Elastic SIEM
new ML techniques built on Continuous Data Frames added in v7.3
adds Beats monitoring to more AWS services

New Product (Oct 2019): Elastic Endpoint Security https://ir.elastic.co/file/Index?KeyFile=400363372

combines Elastic SIEM with Endgame EPP just acquired
eliminating per-endpoint pricing!! only cost is for Elastic Stack – that is one way to stand out from competition like Crowdstrike, CarbonBlack, Cylance, et al, which all have per-endpoint pricing
https://www.elastic.co/products/endpoint-security

My stance: Elastic keeps iterating on products, and executing. It now offers SaaS hosting on all 3 major cloud platforms. They are improving upon their existing ML capabilities. They are incredibly serious about cybersecurity market, and are folding Endgame into the Elastic Stack completely. Removing per-endpoint pricing is a serious play as they go head-to-head with Crowdstrike and Carbon Black.

======================
OKTA - Q220

PR: https://investor.okta.com/news-releases/news-release-details…
Fool recap: https://www.fool.com/premium/stock-advisor/coverage/18/cover…
CC transcript: https://www.fool.com/earnings/call-transcripts/2019/08/28/ok…
CC recap (Starrob): https://discussion.fool.com/4056/okta-q2-2020-earnings-prepared-…
CC highlights (Sparks): https://www.fool.com/premium/coverage/investing/2019/09/10/o…

Revenue 140.5M +49%

Sub Rev 132.5M +51%
Int’l +45% (16% of ttl)
Billings 155.8M +42%
RPO 913.6M +68% !!
Op Loss -43.6M (vs -38.4M)
… op loss/rev 31% (vs 40%)
Adj Loss -5.5M (vs -16.4M)
Adj EPS -0.05 (-0.15)
FCF -4.3M (vs -11.3M)
… fcf loss/rev 3% (vs 12%)
Gross Margins 77.2% +390bps
Sub Margins 82.6% +230bps
Cash 557M
Custs 7000 +450 +7%
Custs >100k 1200 +46% !!
Opex 145M +38%
Empl +40%
$NER 118%

RPO grows faster due to larger new deals, longer terms (bigger customers)
value of top 20 custs has doubled YoY
value of top 25 new contracts in Q has doubled YoY
signed Fortune 50 this Q, biggest customer yet
expect FCF to swing pos this FY
new cust event Okta Showcase in SF 10/10
expect to further ramp up headcount in 2H
new product Access Gateway going GA on 11/1

Okta Showcase writeup: https://www.brianmadden.com/opinion/Okta-identity-news-from-…

New partnership w/ Atlassian: https://investor.okta.com/news-releases/news-release-details…

New Product (May 2019): ThreatInsight - cybersecurity initiatives over their global client base
https://www.okta.com/security-blog/2019/05/prevent-large-sca…

global blacklisting of malicious IPs
global network intelligence to identify bad actors and add to ThreatInsight pool
customer’s auth services can auto-block against that pool
sees large-scale attacks like DDoS, password spraying, high rate of login failure
can push alerts to syslog tools for customer monitoring or action handling
malicious actors caught pre-auth, so prevents account lockout from attacks

New Product (Oct 2019): Security Insights
https://investor.okta.com/news-releases/news-release-details…

builds on ThreatInsight announced in May
UserInsight = reports on suspicious activity by users
HealthInsight = enables customized dynamic security recommendations for admins

New Product (Oct 2019): DynamicScale
https://investor.okta.com/news-releases/news-release-details…

allows scaling to handle surges & traffic spikes
handles up to 500k auths/min

My stance: The big customers are showing up, new deals get larger and larger and customers spending more and more. Total spend of top 20 custs has doubled YoY. Like ZS, larger up-front deals are muting $NER. They are maturing into the next phase, w improving margins. As long as growth > opex, I am content. One growth disappointment is int’l rev growth dropped from 60% to 48% in one Q, was hoping it continued to outpace. On the product side, Okta is getting VERY serious about using AI over their service’s security, and are exposing new AI driven security features into their products with ThreatInsight and now SecurityInsight further extending its admin features.

======================
TTD - Q219

PR: http://investors.thetradedesk.com/news-releases/news-release…
Fool recap (Munarriz): https://www.fool.com/investing/2019/08/09/the-beat-is-the-me…
CC transcript: https://www.fool.com/earnings/call-transcripts/2019/08/08/th…
CC recap (Starrob): https://discussion.fool.com/4056/the-trade-desk-q2-2019-qa-notes…
CC Q&A (Starrob): https://discussion.fool.com/4056/i-am-glad-i-did-the-qampa-becau…
Ethan take: https://discussion.fool.com/ttd-earnings-call-34269102.aspx
Sean take: https://discussion.fool.com/my-key-takeaways-from-the-earnings-c…
TMF1000 recap: https://discussion.fool.com/4056/ttd-page-1-34275236.aspx

Revenue 159.9M +42.4%
Income 27.8M +45%
Adj EPS 0.95 +58%
FCF -.83M (vs -6.1M)
Cust retention >95% (for 22Qs)
Cash 231M

Mobile Video spend +50%
Mobile in-app spend +63%
Connected TV (CTV) spend grew 2.5x YoY
Audio spend +270% YoY
Data spend +80%
Cross-device spend +250%

EMEA growing, Madrid and Paris had record spend
APAC business is growing rapidly; Vietnam +125% YoY; Hong Kong, Jakarta, Sydney had record spend
continue to expand SE Asia supply; predict SE Asia will be all-programmatic before US
partnering with Amazon Publisher Services (APS) to bring CTV programmatic demand on Amazon Fire to its 3rd party providers (Discovery, NBC, ESPN)
Unified ID continues to take off, gain more partners using it

My stance: Status quo of a quarter. Mobile has a long way to go, and CTV and Audio are just getting started. Has a new norm of sub-50% revenue growth now. It seems like it is moving into more mature phase now like WDAY, NOW or VEEV (income expansion vs hypergrowth).

======================
ROKU - Q219

PR: https://ir.roku.com/static-files/df3d060c-0975-4903-83d3-0e1…
Fool recap (Sparks): https://www.fool.com/investing/2019/08/07/roku-earnings-reve…
Fool take (Cop): https://www.fool.com/investing/2019/08/12/roku-continues-to-…
Fool take (Vena): https://www.fool.com/investing/2019/08/08/roku-soars-10-on-a…
Fool take (Munarriz): https://www.fool.com/investing/2019/08/08/3-reasons-roku-sto…
CC transcript: https://www.fool.com/earnings/call-transcripts/2019/08/07/ro…
CC recap (Starrob): https://discussion.fool.com/4056/roku-q2-earnings-conference-cal…

Jackstraw take: https://discussion.fool.com/revisiting-roku-34270227.aspx
Nilvest take: https://discussion.fool.com/roku-delivers-monster-earning-342686…
BreakerJohn take: https://discussion.fool.com/4056/roku-q2-19-ticker-take-34269847…
Historical numbers: https://discussion.fool.com/4056/34268247.aspx
TMF1000 recap: https://discussion.fool.com/4056/-roku-roku-122539.aspx?mid=3429…

Revenue 250.1M +59% ^^

Platform Rev 167.7M +86% !! (67% of rev)
Player Rev 82.4M +24% !!
… highest Player Rev growth in 9Q
Gross Profit 114M +47%, adj +66%
… adj removes one-time benefit last yr
Op Loss -10.4M (vs -0.1M)
EBITDA 11.1M +56%
EPS -0.08 (vs -0.22)
Gross Margins 45.7% -391bps
Platform GM 65.4%
Player GM 5.5%
Opex 125M +60%
FCF -9.1M
Cash 386.5M

Active Accts 30.5M +39% !! +4.8% seq
… avg acct streaming >3h/d
Stream Hrs 9.4B +72% !! +5.6% seq
ARPU 21.06 +27%, +10.5% seq !!
… +88% last 2yr
Ad impressions >+100%
Cash 387M

revenue can be lumpy as deals can change Q to Q - unexpected rev lead to increased guidance
player/hardware ASP continues to drop to allow Active Accts to grow; gameplan of little profit from hardware working
new deal w/ Walmart for branded products using Roku
increased FY outlook for >$1B rev +46%
int’l “still wide open”; no clear leader, just starting to focus on it
1 in 3 smart TVs sold in US use Roku
don’t want to increase # of ad breaks but rather improve effectiveness
testing new ad formats like interactive video ads that can trigger email/SMS
Disney+ and Apple TV+ will both be avail

Take on Walmart branded products (Vena): https://www.fool.com/investing/2019/08/11/the-blockbuster-an…
Thoughts on product lines (Starrob): https://discussion.fool.com/4056/a-couple-of-things-1-anyone-tha…

is a play on smarter TV and ads, not products
new audio product line, now compete w/ Sonos

New Products (Sep 2019): audio products, against Amazon/ Sonos
https://www.fool.com/investing/2019/09/09/rokus-new-smart-so…

smart soundbar (up against Amazon)
wireless subwoofer (up against Sonos)

Acquisition (Oct 2019): DataXu for $150M: https://www.fool.com/investing/2019/10/23/roku-makes-a-big-a…

DSP is new related market direction for Roku, compete with TTD
DataXu and TTD were 2 3rd-party DSP platforms allowed to buy ads on Amazon Fire

My stance: CTV is hot. 24% more players drove 39% more accts which drove +72% more stream hrs, creating more ad impressions >+100%, which drove more platform rev +86%. New streaming channels (Disney+, AppleTV+) only strengthen. Move into Sonos product line is great natural progression into other streaming markets. Adding.

======================
SQ - Q219

PR: https://s21.q4cdn.com/114365585/files/doc_financials/2019/Q2…
Fool recap: https://www.fool.com/premium/coverage/investing/2019/08/01/s…
Cochrane take: https://discussion.fool.com/square-reports-2019-q2-earnings-3426…
CC & transcript: https://seekingalpha.com/article/4280490-squares-sq-ceo-jack…

Adj Rev 563M +46%

Sub Rev 251M +87% !!
Hardware Rev 22M +21%
Card Rev 260M, adj 135M (w/o bitcoin)
Loss -7M
… -5M from Eventbrite stock markdown
Adj EBITDA 105M +54%
Adj Opex $467M +47%
Cash $1.7B

GPV 26.8B +25%
… large sellers 54% of total, vs 50% last yr
Cash rev 260M
… 125M of it from bitcoin rev, for 2M of net profit
… 3.5M active custs used Cash Card in June
Capital loan vol 78K for $528M +36%
… avg loan ~$6800

Doordash buying Caviar for $410M in cash/stock (bought 2014 for $90M)
launched Orders API for 3rd party integration from other retail systems
launched Order Manager (over Orders API) to integrate with 20 diff delivery app/services
ROI on new sellers is payback in 3Q, 3-4x return in 3yr

CEO: “To increase our focus, we decided to sell our Caviar business to DoorDash. This enables us to focus on serving restaurant and food sellers through a platform approach, specifically our orders API and Square for Restaurants.”

Acquire Third Party Trade, backend APIs to allow creating brokerage apps: https://discussion.fool.com/4056/square-acquires-brokerage-api-3…

Deutsche Bank Tech Conf (Starrob): https://discussion.fool.com/4056/deutsche-bank-2019-technology-c…

Cash App adds free stock trades: https://www.theverge.com/2019/10/24/20930659/square-cash-app…

unlike RobinHood app, allows fractional shares

My stance: Losing Caviar is a good idea; let others do the hard work of delivery, and instead tie to all participants. Moves with Cash app to be stock brokerage app (against Robinhood) w/ fractional shares is fantastic pivot - exposing another ‘underbanked’ market. Don’t own it at this point, but it seems like is adding features to fuel the next phase up into Paypal-like market cap. For now, I remain in smaller names.

======================
SHOP - Q219

PR: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001594805/8f974860…
Fool recap (Guardian): https://www.fool.com/investing/2019/08/01/shopify-shines.asp…
Fool recap (Vena): https://www.fool.com/investing/2019/08/01/shopify-soars-reco…
CC transcript: https://www.fool.com/premium/coverage/earnings/call-transcri…
CC recap (Starrob): https://discussion.fool.com/4056/shopify-q2-2019-prepared-remaks…
Ant take: https://discussion.fool.com/shopify-q2-2019-results-34263103.asp…

Revenue 362M +48%

Sub Rev 153M +38%
– MRR 47M +34%
— Plus MRR 12.4M
… 26% of MRR (vs 23%)
Merch Sol Rev 208.9M +56%
EPS -0.26

GMV 13.8B +51%
GPV 5.8B +61% !!
… 42% of GMV (vs 40%)
Gross Profit 204.8M +50%
Shopify Capital >$630M merchant cash advances
Shopify Shipping 42% merchants use +900bps
App Store 2900 +200

facilitates 5% of retail e-commerce in US (behind AMZN and EBAY)
avg >$1B/week in GMV
recently held Shopify Unite conf
debuted Shopify Fulfillment Network - AI driven fulfillment centers, w/ smart inventory allocation, intelligent order routing
spending $1B over 5y to improve fulfillment network
Shopify Plus overhauled to better focus on overseeing multiple locations, releasing later this year
expanding product view capabilities for 3D, AR, 360deg views
expanded Shopify Flow workflow manager to oversee and automate tasks
released next gen of Shopify POS system
11 new languages added w/ support for local currencies (18 total)
3D getting good engagement, making customers twice as likely to buy
improved order customization features, allowing post-purchase and upsell capabilities
improved check-out customization features, allowing recurring payments
allow any payment merchants to use Shopify Capital

Shopify Unite product announcements (Vena): https://www.fool.com/investing/2019/06/19/5-must-see-announc…

My stance: SHOP doing everything right. GPV rising faster than GMV. But in the SaaS downturn, I am moving those funds into smaller SaaS with more hypergrowth - esp those at the edge of profitability.

======================
TWLO - Q219

PR: https://www.sec.gov/Archives/edgar/data/1447669/000144766919…
Fool recap: https://www.fool.com/investing/2019/08/08/in-the-hunt-for-sa…
CC transcript: https://www.fool.com/earnings/call-transcripts/2019/08/01/tw…
CC recap (Starrob): https://discussion.fool.com/4056/twilio-q2-2019-earnings-prepare…
Raw numbers (RGB): https://discussion.fool.com/twlo-financials-2019q2-update-342627…

Revenue 275.0M +86%, +18% seq

Base Rev 256.7M +90%, +16% seq
… organic TWLO +56%, SEND +28%
Loss -93M (vs -24M)
EPS -0.72
Adj Income +1.5M
EPS +0.03
Gross Margins 59%
Opex 243.7M +140%

Custs 161869

Top 10 custs 13% of ttl (vs 17%)
$NER 140% (vs 137%, but -700bp seq)

Share count +34% YoY (+11% seq) due to SendGrid acq
focused on Flex, cross-selling TWLO-SEND, expanding IoT offerings
now hitting $1b run rate
SEND had difficult compare (GDPR bump last yr)
added Automation & Email Testing in SendGrid Email Campaigns
announced Trust Onboard feature in IoT SIMs to accelerate IoT time to market, integrate w/ Azure IoT
joined ATIS industry org to combat robocalling
new BoD Jeff Immelt (help w global expansion)
dev conf SIGNAL 8/6-8/8

Signal PRs: https://discussion.fool.com/twlo-signal-press-releases-34268773…

Thoughts on Immelt (TMFMileHigh): https://www.fool.com/investing/2019/07/15/why-investors-shou…

CEO interview & notes (1hr video): https://discussion.fool.com/4056/one-hour-interview-with-ceo-jef…

My stance: SEND provided missing piece of communication to TWLO product line. They are focused on cross-sell as low hanging fruit, but I expect tech/product synergies from here as well. Flex and IoT are providing ancillary markets. I continue to hold them due to their respectable & ethical mgmt making sound decisions that maintain the health of their market.

======================
AYX - Q219

PR: https://investor.alteryx.com/news-and-events/press-releases/…
Fool recap: https://www.fool.com/premium/coverage/investing/2019/08/01/a…
Fool recap: https://discussion.fool.com/4056/alteryx-q2-ticker-guide-take-34…
CC transcript: https://www.fool.com/earnings/call-transcripts/2019/07/31/al…
CC notes (Freshpaint): https://discussion.fool.com/a-few-notes-i-made-after-going-throu…
CC recap (Starrob): https://discussion.fool.com/4056/alteryx-q2-2019-prepared-remark…
CC Q&A (Starrob): https://discussion.fool.com/4056/alteryx-q2-2019-qa-34266355.asp…
CC thoughts (Starrob): https://discussion.fool.com/4056/i-was-going-to-simply-review-so…
Market thoughts (DatabaseBob): https://discussion.fool.com/4056/hi-harley-i-wanted-to-touch-on-…

Revenue 82.0M +59%

Int’l 24.3M +58% (30% of total)
Op Loss -8.3M (vs -3.4M)
… op loss/rev 10% (vs 6.7%)
Loss -3.2M
Adj Income +0.9M
Adj EPS 0.01
Adj Gross Margins 91% !!
Opex 73.4M +61%

Custs 5278 +34%, +6% seq
$NER 133% !!

$NER in Global 2000 143% !!
Cash 426.8M
Empl 1076 +60%, +15% seq

held Inspire event this Q
early days in Intl growth (EMEA now, adding Asia and LatAm)
continue to focus on Global 2000
have 33% as custs from Global 2000, but believe only <1% of potential users
1/2 of new custs in Global 2000 are int’l
deals getting bigger, >$1M doubled, >$250k deals +50%
heavy opex due to headcount incr and scaling up int’l, plus Inspire conf
ClearStory acq closed

My stance: Strong revenue growth, customer growth, $NER, margins. Deals getting bigger, and int’l just starting. Not excited to see Opex growing faster than revenue however; it’s due to the huge additions to headcount, and customer conference timing.

======================
CRWD - Q120

PR: https://ir.crowdstrike.com/news-releases/news-release-detail…
Fool recap: https://www.fool.com/premium/coverage/investing/2019/07/19/c…
Fool recap: https://www.fool.com/premium/coverage/investing/2019/07/23/c…
CC & transcript: https://seekingalpha.com/article/4275914-crowdstrike-holding…
Force highlights: https://discussion.fool.com/cwrdq120-results-packing-a-punch-342…
Bear highlights: https://discussion.fool.com/thanks-for-hitting-the-highlights-ma…

Revenue 96.1M +103% !!

Sub Rev 86M +116% !!
Svcs Rev 10.1 +34%
ARR 364.6M +114%
Adj Loss -22.1M
Adj EPS -0.47
Opex +52%
CFFO 1.4M swung pos
FCF -16.1M
GM 69.5% +1050bps
Sub GM 73% +1100bps

Custs 3059 +549 +21.9% seq !!
$NER 147% !!

launched Falcon Mobile for Android/iOS

My stance: Strong initial performance after IPO. Massive amount of new customers.

======================
TLRA - Q219

Fool recap: https://www.fool.com/pwa/investing/2019/08/06/telarias-growt…
CC transcript: https://www.fool.com/pwa/earnings/call-transcripts/2019/08/0…

Revenue 18.2M +47%

CTV Rev 7.1M +133% !!
… 39% of ttl, +1500bps YoY
Mobile & Desktop +19%
EBITDA 1M (vs -1.1M) swung pos
Gross Profit 14.7M +31%
Gross Margin 81%
eCPM 15.41 +33%, +20.6% seq !!

New partners signed: MLB.tv, Fox News, ABC News, Sinclair’s NewsON (170 local TV stations covering 83% of US pop), Bell Canada
Major sat/media carriers in Brazil, Indonesia, Philippines, Thailand
CTV University program has connected with >1k leading media buyers and planners, for education on making programmatic CTV an integral part of media strategy

My stance: Watching this seller-side on CTV, as basket with TDD and ROKU. Haven’t acted yet.

-muji
long most of these